TIC Solutions Inc (TIC) 2026 Q1 法說會逐字稿

Hello, and welcome everyone joining today's TIC Solutions' first-quarter 2026 earnings call. (Operator Instructions) Please note this call is being recorded, and we are standing by should you need any assistance.

各位好，歡迎大家參加今天 TIC Solutions 2026 年第一季財報電話會議。(接線員指示) 請注意，本次通話將被錄音；如您需要任何協助，我們將隨時待命。

It is now my pleasure to turn the meeting over to Andrew Shen with Investor Relations. Please go ahead.

現在我很榮幸將會議交給投資人關係部的 Andrew Shen。請開始。

Thank you, operator. Good morning everyone, and thank you for joining the call.

謝謝，接線員。各位早安，感謝各位參加本次電話會議。

Joining me this morning is Ben Heraud, our Chief Executive Officer; Kristin Schultes, our Chief Financial Officer; and Robert Franklin, Executive Chairman.

今天早上與我一同出席的有：我們的執行長 Ben Heraud；財務長 Kristin Schultes；以及執行董事長 Robert Franklin。

I would now like to remind you that certain statements in the company's earnings press release and on this call are forward-looking statements that 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.

我現在想提醒各位，公司財報新聞稿以及本次電話會議中的某些陳述屬於前瞻性陳述，係基於對公司未來表現、預期事件或趨勢，以及其他非歷史事實事項的期望、意圖與預測。這些陳述並非對未來表現的保證，且受已知與未知之風險、不確定性及其他因素影響，可能導致實際結果與此等前瞻性陳述所明示或暗示者存在重大差異。

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, May 6, 2026, and we undertake no obligation to update any forward-looking statements we may make except as required by law.

我們在新聞稿及向美國證券交易委員會（SEC）提交的文件中，已詳述可能導致未來結果與我們預期不同的重大風險。我們的陳述截至今日（2026 年 5 月 6 日）為止；除法律要求外，我們不承擔更新任何我們可能作出的前瞻性陳述之義務。

As a reminder, we have posted a presentation detailing our first-quarter financial performance on the Investor Relations page of our website at ticsolutions.com.

提醒各位，我們已在 ticsolutions.com 網站的投資人關係頁面上，發布一份說明第一季財務表現的簡報。

Our comments today will also include non-GAAP financial measures and other key operating metrics. The required reconciliations of non-GAAP financial metrics can be found in our press release and in our presentation.

我們今天的評論也將包含非 GAAP 財務衡量指標及其他關鍵營運指標。非 GAAP 財務指標所需的調節表可在我們的新聞稿及簡報中找到。

For the purpose of this call, we refer to our segments as Inspection and Mitigation, or I&M; Consulting Engineering, or CE; and Geospatial, or GEO. Any reference to combined results reflects a non-GAAP combined view of legacy Acuren and legacy NV5 where applicable for period-to-period comparability. More details on the calculation of the combined results are included in the presentation.

就本次電話會議而言，我們將事業部門稱為：檢測與減緩（Inspection and Mitigation，或 I&M）；顧問工程（Consulting Engineering，或 CE）；以及地理空間（Geospatial，或 GEO）。任何提及「合併結果」之處，係指在適用情況下，為了期間對期間可比性而提供的 legacy Acuren 與 legacy NV5 的非 GAAP 合併觀點。關於合併結果計算方式的更多細節已包含於簡報中。

It's now my pleasure to turn the call over to Ben.

現在我很榮幸將電話會議交給 Ben。

Thank you, Andrew, and good morning, everyone. Before I begin, I want to say how proud I am to lead this talented organization. Over the past several months, I've seen strong support from our leaders across the business and from the field and technical professionals who serve our clients every day.

謝謝你，Andrew，各位早安。在我開始之前，我想說能夠領導這個才華洋溢的組織，我深感自豪。過去幾個月，我看到來自全公司各部門領導者，以及每天服務客戶的第一線與技術專業人員的強力支持。

We started 2026 with healthy momentum across the business. First-quarter results reflect the strength of our combined platform, the resilience of our recurring and non-discretionary services, and the demand drivers that support TIC Solutions. This includes aging infrastructure, increasing energy demand, increasing data consumption, and the digitization of the physical world. We believe these megatrends will continue to drive demand across our business and expand the need for technical services that enable us to turn data into solutions for our clients.

我們以良好的動能展開 2026 年，整體業務表現健康。第一季結果反映了我們整合平台的實力、我們經常性與非可自由裁量服務的韌性，以及支撐 TIC Solutions 的需求驅動因素。這些因素包括基礎設施老化、能源需求增加、資料消耗增加，以及實體世界的數位化。我們相信這些巨型趨勢將持續推動我們各項業務的需求，並擴大對技術服務的需求，使我們能將資料轉化為客戶的解決方案。

These tailwinds inform our strategic priorities: winning in essential high-demand end markets and geographies, expanding our role across the asset lifecycle and client relationships, and driving higher value growth through technical differentiation and disciplined capital allocation.

這些有利因素也形塑了我們的策略優先事項：在關鍵且高需求的終端市場與地理區域取得勝利、擴大我們在資產生命週期與客戶關係中的角色，以及透過技術差異化與嚴謹的資本配置來推動更高價值的成長。

These priorities are supported by the breadth of our business. Through Consulting Engineering, we help clients plan, design, and commission critical assets and infrastructure. Through Inspection and Mitigation, we help clients maintain asset integrity, reduce downtime, and address reliability needs. Through Geospatial, we help clients capture, process, and interpret asset and location data at scale. Together, these capabilities position TIC Solutions as a lifecycle partner rather than a point solution provider.

這些優先事項由我們業務的廣度所支撐。透過顧問工程，我們協助客戶規劃、設計並試運轉關鍵資產與基礎設施。透過檢測與減緩，我們協助客戶維持資產完整性、降低停機時間並滿足可靠性需求。透過地理空間，我們協助客戶以規模化方式擷取、處理並解讀資產與位置資料。綜合而言，這些能力使 TIC Solutions 成為資產生命週期的合作夥伴，而非僅提供單點解決方案的供應商。

Our 2026 operating objectives are directly aligned with these strategic priorities. First, to win in essential high-demand end markets and geographies, we are focused on driving organic growth across the platform. This means expanding scope and market share and pursuing attractive opportunities to sell additional capabilities.

我們 2026 年的營運目標與上述策略優先事項直接一致。第一，為在關鍵且高需求的終端市場與地理區域取勝，我們聚焦於推動整體平台的有機成長。這意味著擴大服務範圍與市占率，並把握具吸引力的機會銷售更多附加能力。

Second, to expand our role across the asset lifecycle and client relationships, we are strengthening organizational alignment and cross-segment collaboration. That includes improving how we manage accounts, deploy resources, support our field and technical teams, and bring our capabilities together for our clients.

第二，為擴大我們在資產生命週期與客戶關係中的角色，我們正在強化組織一致性與跨部門協作。這包括改善我們管理客戶帳戶、調度資源、支援第一線與技術團隊的方式，並為客戶整合我們的各項能力。

Third, to drive higher value growth, we are focused on margin expansion and disciplined capital allocation. That means maintaining pricing discipline, improving utilization, managing costs, enhancing service mix, and directing capital toward the highest value opportunities.

第三，為推動更高價值的成長，我們聚焦於利潤率擴張與嚴謹的資本配置。這意味著維持定價紀律、提升稼動率、控管成本、優化服務組合，並將資本導向最高價值的機會。

In the quarter, we saw growth across transportation, infrastructure, utilities, manufacturing, midstream energy, and data center end markets. We remain focused on converting these trends into sustainable, attractive, and profitable growth.

本季我們在運輸、基礎建設、公用事業、製造業、中游能源以及資料中心等終端市場均見到成長。我們仍專注於將這些趨勢轉化為可持續、具吸引力且具獲利性的成長。

With that framework in mind, I'll walk through the performance across our segments and highlight where we're seeing progress against these priorities. Consulting Engineering delivered strong performance in the quarter, with revenue increasing 9.5% year over year. We experienced broad-based revenue growth, offsetting pressure from timing in LNG engineering and power delivery. Adjusted gross profit increased 11% year over year and adjusted gross margin expanded 60 basis points, reflecting strong execution, improving mix, and continued demand for high-value technical services.

在此架構下，我將說明各事業部門的表現，並重點分享我們在這些優先事項上的進展。顧問工程本季表現強勁，營收年增 9.5%。我們經歷了廣泛的營收成長，抵銷了 LNG 工程與電力輸送業務在時點上的壓力。調整後毛利年增 11%，調整後毛利率擴張 60 個基點，反映出強勁的執行力、組合改善，以及對高價值技術服務的持續需求。

Data centers were the largest driver of growth in the first quarter, supported by hyperscaler and mission-critical infrastructure activity across both domestic and international operations. AI, cloud adoption, and enterprise digitization continue to increase demand for data consumption storage and mission-critical uptime.

資料中心是第一季成長的最大驅動因素，受惠於超大規模業者（hyperscaler）與關鍵任務基礎設施活動，涵蓋國內與國際營運。AI、雲端採用，以及企業數位化持續推升對資料消耗、儲存與關鍵任務不中斷運作（uptime）的需求。

Our focus is on capturing that demand where we have the right capabilities, client relationships, and return profile. Consulting Engineering also saw broad-based growth across several core capabilities, including civil program management, geotechnical and materials testing, and buildings. Overall, Consulting Engineering's first-quarter performance demonstrates the value of technical capabilities we offer across infrastructure and the built environment. The segment continues to benefit from durable demand trends tied to aging infrastructure, infrastructure investment, and growth in key regional markets.

我們的重點是在我們具備適當能力、客戶關係與報酬特性之處，掌握這些需求。顧問工程在多項核心能力上也呈現廣泛成長，包括土木專案管理、岩土與材料測試，以及建築相關業務。整體而言，顧問工程第一季的表現展現了我們在基礎建設與建成環境（built environment）所提供技術能力的價值。該部門持續受惠於與基礎設施老化、基礎設施投資，以及關鍵區域市場成長相關的長期需求趨勢。

Our performance also shows the operating leverage that can come from better utilization, focused execution, and delivery of higher-value services.

我們的表現也顯示，透過更佳的稼動率、聚焦的執行，以及交付更高價值的服務，可帶來營運槓桿效益。

Geospatial also performed well, growing 4.5%, supported by strong commercial and utility demand, healthy fleet utilization, and continued interest in Geospatial digital transformation solutions.

地理空間業務同樣表現良好，成長 4.5%，受惠於強勁的商業與公用事業需求、健康的機隊稼動率，以及市場對地理空間數位轉型解決方案的持續興趣。

The team continues to pursue technically complex work across multiple markets and geographies. Recent examples include deep-sea hydrographic survey work tied to rare earth minerals and advanced LiDAR and imagery opportunities internationally. These demonstrate the breadth of our capabilities and the ability to scale and apply specialized technical expertise across borders.

團隊持續在多個市場與地理區域追求技術複雜度高的工作。近期例子包括與稀土礦物相關的深海水文測量工作，以及國際上的先進 LiDAR 與影像機會。這些案例展現了我們能力的廣度，以及跨境擴大規模並運用專業技術專長的能力。

We are also advancing our GeoAI efforts with a focus on improving processing efficiency, automating workflows, and expanding higher-value analytics. We look forward to discussing these capabilities in more detail at our Investor Day, including how they support our broader Geospatial platform over time.

我們也正推進 GeoAI 相關工作，重點在於提升處理效率、自動化工作流程，並擴展更高價值的分析能力。我們期待在投資人日更深入討論這些能力，包括它們如何隨時間推進以支援我們更廣泛的地理空間平台。

Quarter-end total backlog within Consulting Engineering and Geospatial was $1.12 billion, up approximately 14% from $983 million at the prior-year quarter-end. This backlog expansion, combined with the solid commercial execution, supports our confidence in continued momentum and near-term outlook. Inspection and Mitigation delivered a steady result, with revenue essentially flat year over year.

季末時，顧問工程與地理空間業務的在手訂單總額為11.2億美元，較去年同期季末的9.83億美元增加約14%。在手訂單的擴張，加上穩健的商業執行，支撐我們對持續動能與短期展望的信心。檢測與減緩（I&M）交出穩健表現，營收基本上與去年同期持平。

While results were below our long-term expectations for the segment, the team remained focused on margin integrity, disciplined staffing, and prioritizing higher-quality, higher-margin opportunities. In the first quarter, our call-out and outage activity increased moderately, helping offset lower sustaining capital work and continued pressure in certain regions.

儘管該事業部門的結果低於我們的長期預期，團隊仍專注於維持毛利率的完整性、嚴謹的人力配置，並優先選擇品質更高、毛利率更高的機會。第一季，我們的緊急出勤（call-out）與停機（outage）活動溫和增加，有助於抵銷維持性資本工作量下降，以及特定地區持續的壓力。

Performance was stronger in areas such as industrial rope access, containment, and in-lab services, and we're focused on replicating that execution more consistently across the I&M footprint through disciplined opportunity selection, stronger local accountability, and a higher mix of high-value technical services.

在工業繩索作業（rope access）、圍堵（containment）與實驗室內（in-lab）服務等領域表現更為強勁；我們正透過嚴謹的機會選擇、更強的在地責任制，以及提高高價值技術服務的占比，致力於在整個I&M版圖更一致地複製這樣的執行力。

Inspection and Mitigation demand continues to vary by end-market and geography. Customer focus on throughput, uptime, and critical integrity work remains intact, but broader market uncertainty is creating more variability in customer decisions around planned outages and scheduled maintenance, including timing, scope, and duration.

檢測與減緩（I&M）的需求仍會因終端市場與地理區域而有所差異。客戶對產能（throughput）、稼動率（uptime）與關鍵完整性（integrity）工作的重視依然不變，但更廣泛的市場不確定性，正使客戶在規劃停機與排程維護的決策上出現更大變動，包括時點、範圍與期間。

In the quarter, certain planned outage work shifted from the second quarter to the third quarter, and some work was resized as customers remained selective on near-term spending. Performance pressure remains concentrated in the Gulf Coast, where LNG construction timing and several 2025 site losses continue to weigh on year-on-year growth. We are managing through these dynamics while expanding in areas we have a proven track record and pursuing new white-space opportunities.

本季，部分原訂第二季的停機工作移轉至第三季，且在客戶對短期支出仍較為審慎的情況下，部分工作規模也被縮減。績效壓力仍主要集中在墨西哥灣沿岸（Gulf Coast），當地LNG建設時程與數個2025年案場流失，持續拖累年對年成長。我們在因應這些動態的同時，也在我們具備良好實績的領域擴張，並追求新的白地（white-space）機會。

We continue to execute on the operating model changes we outlined last quarter, with a focus on regional accountability, cost control, and more consistent opportunity sourcing. As discussed on the previous call, we have strengthened regional leadership in the segment and are adding both new and returning leaders in key areas to drive operational efficiency and commercial focus.

我們持續推動上季所說明的營運模式調整，重點在於區域責任制、成本控管，以及更一致的機會來源開發。如同前次電話會議所述，我們已強化該事業部門的區域領導團隊，並在關鍵領域增補新任與回任的領導者，以提升營運效率與商業聚焦。

As we move through the year, we expect I&M performance to benefit from normal seasonality, outage activity, and stronger conversion of commercial opportunities, while remaining disciplined on margin and work selection.

隨著年度推進，我們預期I&M表現將受惠於正常的季節性、停機活動，以及商業機會更強的轉換，同時在毛利率與工作選擇上維持紀律。

To recap, Consulting Engineering and Geospatial continue to benefit from strong demand and differentiated capabilities, while Inspection and Mitigation remains focused on improving execution, accountability, pricing, and resource deployment. Across the platform, integration is improving how we manage accounts, expand services, and control costs. Together, these actions position us to deliver durable growth, improved profitability, and stronger cash flow over time.

總結而言，顧問工程與地理空間業務持續受惠於強勁需求與差異化能力；檢測與減緩（I&M）則持續聚焦於改善執行、責任制、定價與資源配置。在整個平台層面，整合正改善我們管理客戶、擴展服務與控制成本的方式。綜合上述行動，使我們得以在時間推進下實現更具韌性的成長、提升獲利能力，並強化現金流。

We're looking forward to hosting our Investor Day on Tuesday, May 19, in New York City. We plan to discuss the next phase of the TIC Solutions story, including our long-term growth framework, margin expansion plans, capital allocation priorities, and how stronger execution can create additional value across the business.

我們期待於5月19日（週二）在紐約市舉辦投資人日。我們計畫討論TIC Solutions故事的下一階段，包括我們的長期成長架構、毛利率擴張計畫、資本配置優先順序，以及更強的執行如何在整體業務中創造額外價值。

And with that, I will turn the call over to Kristin to review the financial results for the first quarter, provide an update on integration, and offer more detail on our outlook.

接下來，我將把電話會議交給Kristin，請她回顧第一季財務結果、提供整合進度更新，並更詳細說明我們的展望。

Thank you, Ben, and good morning, everyone. In the first quarter, total revenue was $488 million. On a combined basis, total revenue grew 4.3% year over year, or 3.1% in constant currency. Organic growth on a combined basis was 2.2%.

謝謝你，Ben，各位早安。第一季總營收為4.88億美元。以合併口徑計算，總營收年增4.3%，以固定匯率計算年增3.1%。以合併口徑計算的有機成長為2.2%。

Adjusted gross profit for the quarter was $180 million, up 3.8% from the combined adjusted gross profit of $174 million in the prior-year period, driven primarily by revenue growth and margin expansion in consulting and engineering. Adjusted gross margin was 36.9%, roughly flat compared with the combined margin of 37.1% in the prior-year period, as Consulting Engineering margin expansion was offset by mix and margin pressure in Inspection and Mitigation.

本季調整後毛利為1.80億美元，較去年同期合併調整後毛利1.74億美元增加3.8%，主要由營收成長以及顧問與工程業務的毛利率擴張所帶動。調整後毛利率為36.9%，與去年同期合併毛利率37.1%大致持平，因顧問工程毛利率擴張被檢測與減緩（I&M）的組合與毛利率壓力所抵銷。

Inspection and Mitigation contributed first-quarter revenue of $235 million, up 0.3%, driven by increased call-out and outage work and offset by lower sustaining capital activity. Inspection and Mitigation's adjusted gross margin was 24.4% for the quarter, compared with 25.2% in the prior-year period, reflecting the impact of mix from less sustaining capital work.

檢測與減緩（I&M）第一季營收為2.35億美元，年增0.3%，主要由緊急出勤（call-out）與停機（outage）工作增加所帶動，但被維持性資本活動下降所抵銷。檢測與減緩（I&M）本季調整後毛利率為24.4%，去年同期為25.2%，反映維持性資本工作減少所造成的組合影響。

Consulting Engineering contributed first-quarter revenue of $187 million, up 9.5%. Consulting Engineering's adjusted gross margin was 47.6%, up 60 basis points from 47.0% in the prior-year period, driven by strength in infrastructure and building design and commissioning.

顧問工程第一季營收為1.87億美元，年增9.5%。顧問工程本季調整後毛利率為47.6%，較去年同期47.0%提高60個基點，主要受惠於基礎建設與建築設計及試運轉（commissioning）業務的強勁表現。

Geospatial contributed first-quarter revenue of $66 million, up 4.5%, driven by healthy demand from utility clients. Geospatial’s adjusted margin was 51.0% compared with 54.2% in the prior-year period, impacted by a pilot project that carries a higher proportion of subcontractor costs and a lower gross margin profile. We believe this work is highly strategic and supports higher value growth over time with a key client.

地理空間（Geospatial）第一季營收為6,600萬美元，年增4.5%，主要由公用事業客戶的健康需求所帶動。地理空間的調整後毛利率為51.0%，去年同期為54.2%，受到一項試點專案影響；該專案分包商成本占比較高，毛利率結構較低。我們認為這項工作具有高度策略性，並可在與關鍵客戶合作下，隨時間推進支持更高價值的成長。

Adjusted SG&A for the quarter was $123 million, or 25.2% of revenue. This continues to be a critical focus area as we work to drive SG&A leverage through synergy realization as well as cost discipline in the business.

本季調整後銷售、一般及行政費用（SG&A）為1.23億美元，占營收25.2%。這仍是關鍵聚焦領域，我們將透過協同效益的實現以及業務成本紀律，推動SG&A槓桿效益。

Adjusted EBITDA was $57.7 million compared to combined adjusted EBITDA of $55.6 million in the prior-year period, representing growth in line with the increase in combined revenue. Adjusted EBITDA margin was 11.8% compared to 11.9% a year ago on a combined basis, reflecting a path towards improved operating leverage.

調整後EBITDA為5,770萬美元，去年同期合併調整後EBITDA為5,560萬美元，成長幅度與合併營收增幅一致。調整後EBITDA利潤率為11.8%，去年合併口徑為11.9%，反映我們正走在提升營運槓桿的路徑上。

From a cash flow perspective for the quarter, operating cash flow was $10 million and capital expenditures were $6 million. The operating cash flow reflects the expected seasonality of the business, which includes greater working capital intensity in the first half of the year.

就本季現金流而言，營運現金流為1,000萬美元，資本支出為600萬美元。營運現金流反映業務預期的季節性，其中包含上半年營運資金需求較高的特性。

Moving now to our balance sheet and capital resources. As of March 31, 2026, we had total liquidity of $537 million, including $427 million of cash and $111 million of available capacity under our revolving credit facility.

接著談資產負債表與資本資源。截至2026年3月31日，我們的總流動性為5.37億美元，其中包含4.27億美元現金，以及循環信用額度下可動用額度1.11億美元。

Total term loan debt was $1.6 billion. Our capital allocation priorities remain unchanged. We remain focused on investing organically in the business and using free cash flow to provide additional flexibility for disciplined acquisitions while achieving lower leverage overtime.

定期貸款（term loan）總負債為16億美元。我們的資本配置優先順序維持不變。我們仍專注於對業務進行有機投資，並運用自由現金流在逐步降低槓桿的同時，為審慎的併購提供額外彈性。

Turning to integration, we continue to make great progress capturing the benefits and cost synergies associated with the NV5 combination. Importantly, we are ahead of schedule on synergy actions, with approximately $17 million of the $25 million cost program now actioned on an annualized run rate basis.

談到整合，我們持續在擷取NV5合併所帶來的效益與成本協同方面取得重大進展。重要的是，我們在協同效益行動上進度超前；在2,500萬美元的成本計畫中，約1,700萬美元已在年化執行率（run rate）基礎上完成落地。

We now expect realized savings in 2026 to be roughly $15 million, modestly above the $12.5 million we discussed in previous quarters. These actions are intended to create lasting efficiencies in the combined cost structure and support margin expansion as our business scales.

我們目前預期2026年已實現的節省金額約為1,500萬美元，略高於我們在前幾季所提到的1,250萬美元。這些行動旨在於合併後的成本結構中建立長期且持續的效率，並在業務規模擴大時支持毛利率擴張。

Now turning to our unchanged outlook. For the second quarter, our guidance reflects revenue of approximately $570 million to $582 million and adjusted EBITDA of approximately $90 million to $96 million. At the midpoint, this implies an adjusted EBITDA margin of approximately 16.1% for the second quarter, which would represent margin expansion year over year.

現在轉到我們維持不變的展望。就第二季而言，我們的指引反映營收約為5.70億至5.82億美元，調整後EBITDA約為9,000萬至9,600萬美元。以中位數計算，這意味著第二季調整後EBITDA利潤率約為16.1%，將代表利潤率較去年同期擴張。

We are reaffirming our previously issued full-year 2026 guidance of $2.15 billion to $2.25 billion of revenue and $330 million to $355 million of adjusted EBITDA. At the midpoint, our guidance implies approximately 4% revenue growth and 10% growth in adjusted EBITDA against our 2025 combined results, with an adjusted EBITDA margin of approximately 15.6% at the midpoint.

我們重申先前發布的2026全年指引：營收21.5億至22.5億美元，調整後EBITDA為3.30億至3.55億美元。以中位數計算，我們的指引意味著相較於2025年合併結果，營收約成長4%，調整後EBITDA成長10%，且中位數的調整後EBITDA利潤率約為15.6%。

By segment, on a combined basis, we expect CE and GEO growth to outpace growth in I&M for the full year. In Inspection and Mitigation, our outlook assumes a back-half weighting, supported by normal seasonality and the anticipated timing of certain outage and sustaining capital work.

按部門來看，在合併基礎上，我們預期CE與GEO的成長將在全年超越I&M的成長。在檢測與緩解（Inspection and Mitigation）方面，我們的展望假設下半年權重較高，並由正常季節性以及某些停機與維持性資本工作預期發生的時點所支撐。

For 2026, we anticipate net interest expense of $95 million to $105 million, cash taxes in the range of $25 million to $35 million, and capital expenditures of $55 million to $65 million. We typically see a working capital build as activity ramps through the first half of the year followed by stronger cash conversion in the second half as collections catch up with revenue. We manage and evaluate free cash flow primarily on a full-year basis, and we continue to expect healthy free cash flow generation over the full year.

對於2026年，我們預期淨利息費用為9,500萬至1.05億美元，現金稅約為2,500萬至3,500萬美元，資本支出為5,500萬至6,500萬美元。我們通常會看到隨著上半年活動升溫而出現營運資金增加，接著在下半年隨著收款追上營收而有更強的現金轉換。我們主要以全年為基礎管理與評估自由現金流，並且我們仍預期全年將有健康的自由現金流產生。

With that, I'll turn the call back to Ben.

接下來，我把電話交回給Ben。

Thank you, Kristin. The first quarter reinforced the resilience of our business model and the benefits of our diversified platform. As discussed at the start of the call, the trends around aging infrastructure, increasing energy demand, increasing data consumption, and the digitization of the physical world continue to support demand for the essential technical services we provide.

謝謝你，Kristin。第一季再次印證了我們商業模式的韌性，以及我們多元化平台所帶來的效益。如同在電話會議一開始所討論的，老化基礎設施、能源需求增加、資料消耗增加，以及實體世界的數位化等趨勢，持續支撐對我們所提供之關鍵技術服務的需求。

As we move through 2026, we remain focused on the strategic priorities that define how we create value, winning in essential high-demand end markets and geographies, expanding our role across the asset lifecycle and client relationships, and driving higher value growth through technical differentiation and disciplined capital allocation. We are seeing progress against our top priorities while recognizing there is more work ahead.

在我們邁入2026年的過程中，我們仍聚焦於界定我們如何創造價值的策略優先事項：在需求強勁且關鍵的終端市場與地理區域中勝出、擴大我們在資產生命週期與客戶關係中的角色，並透過技術差異化與嚴謹的資本配置推動更高價值的成長。我們在最重要的優先事項上看到進展，同時也認知到前方仍有更多工作要做。

I want to close by acknowledging the strength of this organization and the leaders across our business. TIC Solutions has a significant long-term opportunity, supported by a highly engaged team, strong cultural alignment, and essential technical capabilities across resilient end markets. Our teams have continued to execute with discipline and focus, while staying centered on our core purpose of delivering for our clients every day.

我想在結尾肯定本組織的實力，以及我們業務各領域的領導團隊。TIC Solutions擁有顯著的長期機會，背後有高度投入的團隊、強烈的文化一致性，以及在具韌性的終端市場中不可或缺的技術能力作為支撐。我們的團隊持續以紀律與專注執行，同時始終以我們的核心使命為中心：每天為客戶交付成果。

With that, operator, we're ready to open the line for questions.

接下來，接線員，我們準備開放提問。

(Operator Instructions) Chris Moore, CJS Securities.

(接線員指示) Chris Moore，CJS Securities。

So you exited some lower margin customers contracts in Inspection and Mitigation in 2025. Just trying to get a sense if that process is still ongoing in '26.

你們在2025年於檢測與緩解（Inspection and Mitigation）退出了一些低利潤率客戶合約。我只是想了解一下，這個流程在2026年是否仍在進行中。

Yeah. We're still maintaining discipline around our pricing and our approach to the market. We're sort of seeing price increases amongst a number of our contracts, and we will continue to stay disciplined on our pricing model.

是的。我們仍然在定價以及市場策略上維持紀律。我們看到多項合約的價格正在上調，我們也會持續在定價模型上保持紀律。

Got it.

了解。

And look, just to point out, no additional loss sites since last year.

另外補充一下，自去年以來沒有新增虧損據點。

In terms of the 4% organic growth that you're targeting in '26, maybe just from a big picture perspective. Can you walk through the segments or sub-segments and kind of rank those where you have the most visibility for the year and perhaps those where visibility is a little bit more limited at this point in time?

關於你們在2026年所目標的4%有機成長，從較宏觀的角度來看。你能否按部門或子部門帶我們梳理一下，並大致排序哪些領域你們對今年的能見度最高，以及哪些領域在目前這個時間點能見度相對較有限？

Yes. I'll take that. Good morning, Chris. So if we look at our full-year guidance at the midpoint, I think we haven't provided segment-level guidance, but I would tell you that with the visibility that we have that our outlook for growth, Consulting Engineering and Geospatial is higher than I&M.

可以。我來回答。早安，Chris。如果我們看全年指引的中位數，我想我們沒有提供部門層級的指引，但我可以告訴你，以我們目前的能見度來看，我們對成長的展望是：顧問工程（Consulting Engineering）與地理空間（Geospatial）高於I&M。

If we look at what drives confidence in our ability to deliver that, we have backlog within CE and GEO, which provides a lot of visibility. And as we disclosed that, our backlog is up significantly. And also, just with our internal flash and forecasting process within the I&M business, we also have good visibility. And inherently, things are moving, but we have good visibility to kind of what's to come. So this is our high conviction number and feel good about our ability to deliver in '26.

若看是什麼驅動我們對達成的信心，在CE與GEO方面我們有在手訂單（backlog），提供了很高的能見度。而且如我們所揭露的，我們的在手訂單大幅增加。此外，透過I&M業務內部的即時追蹤（flash）與預測流程，我們也有良好的能見度。事情本質上會有變動，但我們對接下來的走向有相當清楚的掌握。因此，這是我們高度確信的數字，並且對我們在2026年交付成果的能力感到有信心。

Terrific. Very helpful. This one may be more for Investor Day, but just last one. Geospatial growth has bounced around a little bit, 4.5% this quarter. It still sounds like lots of opportunities there. Just trying to get a sense for what a reasonable expectation is or a normalized annual growth rate for Geospatial.

太好了。非常有幫助。這題可能更適合投資人日再談，但最後一題。地理空間（Geospatial）的成長有些波動，本季是4.5%。聽起來那裡仍有很多機會。我想了解一下，對於地理空間而言，合理的期待或常態化的年度成長率大概會是多少？

I think we'll continue to see good growth within it. We're pleased with the performance of Geospatial. We did have a little bit of margin pressure from that one project we pointed out earlier. But for the most part, there's a lot of digitization required around the world, and we have a very scalable platform that we're excited about expanding and growing.

我認為我們會持續看到不錯的成長。我們對地理空間的表現感到滿意。我們確實因為先前提到的那個專案而承受了一些利潤率壓力。但整體而言，全球各地都需要大量的數位化，而我們擁有非常可擴展的平台，我們也很期待持續擴張並推動成長。

Chris, you'll have an opportunity to meet the leader of our Geospatial business in a few weeks at our Investor Day, and he'll speak more to the long-term growth outlook of the segment. But I think what you're seeing in the mid-single digits is the right way to think about it.

Chris，幾週後在我們的投資人日，你將有機會見到我們地理空間業務的負責人，他也會更進一步談到該部門的長期成長展望。但我認為你目前看到的中個位數成長，是一個正確的思考方式。

Tomohiko Sano, JPMorgan.

Tomohiko Sano，摩根大通（JPMorgan）。

I would like to ask about the IM business. Could you quantify the revenue and margin impact of each key head when you talk about? Excluding these, what do you see as the segment's underlying growth and margin potential? And what is your outlook for the recovery? And are there any specific KPIs you are targeting in this business? Thank you.

我想詢問I&M業務。當你們談到各項關鍵逆風時，能否量化每一項對營收與利潤率的影響？若排除這些因素，你們認為該部門的基本面成長與利潤率潛力如何？以及你們對復甦的展望是什麼？另外，在這項業務中你們是否有鎖定任何特定KPI？謝謝。

Yeah. Look, we're tracking a number of KPIs, and I would say we'd point to the Gulf as being an area of focus around improvement. We're seeing month-on-month improvement there. And with the leadership that we put in place earlier in the year, we're now just seeing a very aggressive commercial approach to that business.

是的。我們正在追蹤多項KPI，我會說我們把墨西哥灣（Gulf）視為改善的重點領域。我們看到那裡呈現逐月改善。而且隨著我們在年初所配置的領導團隊到位，我們現在也看到該業務採取非常積極的商務拓展策略。

We talked earlier on the call about some shift with some outage work into Q3 that was known and sort of expected. Some real positive signs also around service line expansion, our rope access group is up 9% and our in-lab work is up 20%. So also, good indications of the business and its potential growth later in the year.

我們在電話會議前面提到，有部分停機（outage）工作轉移到第三季，這是已知且某種程度上在預期之內的。另外也有一些非常正面的跡象，來自於服務線擴張：我們的繩索作業（rope access）團隊成長9%，而我們的實驗室內（in-lab）工作成長20%。因此，這些也都顯示該業務在今年稍晚的成長潛力與良好態勢。

And follow-up on data centers in CE business, what is your outlook for growth in data centers? What proportions of total revenue do you expect like these segments to represent in 2026 and 2027?

另外追問一下 CE 業務中的資料中心部分，您對資料中心的成長前景有何看法？您預期這些區塊在 2026 年與 2027 年將占總營收的多少比例？

Yes. So numbers around 5%. We continue to see very, very nice growth within that business. We remain very excited about it. The US business is starting to really -- efforts that we've put in over the last couple of years are really starting to pay dividends, and that is growing at a really nice clip now.

是的。所以大約是 5% 左右。我們持續看到該業務有非常、非常亮眼的成長。我們對此仍然非常興奮。美國業務也開始真正——我們過去幾年投入的努力正開始帶來成果，而現在成長速度相當不錯。

So it's -- trailing 12 months was around $80 million in revenue, backlogs of a similar amount. So we have a very strong line of sight into a strong year ahead.

所以——過去 12 個月的營收大約是 8,000 萬美元，積壓訂單也有相近的金額。因此我們對未來一年強勁表現有非常清晰的能見度。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson Research Group。

Just first, big picture. You're approaching in June first full year of NV5 and as part of TIC Solutions. How is the integration as we approach the year mark? What has worked and what are areas for continued growth?

先從大方向來看。你們在 6 月將接近 NV5 併入並作為 TIC Solutions 一部分後的第一個完整年度。隨著接近滿一年，整合進展如何？哪些做得很成功？哪些是持續成長的領域？

I'll just sort of start with a high level and then let Kristin get into some more detail. I'd just say, and I've said this before, how pleased I am with the cultural alignment between the two organizations and the general level of excitement around bringing each company's services to their clients. And I think that that's really starting to show in some of the activity we have around service line expansion with our clients.

我先從較高層次說起，然後讓 Kristin 再補充一些細節。我想說的是——我之前也提過——我對兩個組織之間的文化契合度，以及大家對把彼此公司的服務帶給各自客戶的整體熱情感到非常滿意。我認為這點已經開始反映在我們與客戶推動服務線擴張的一些活動上。

So I'll let Kristin dig into it in a bit more detail.

所以我先讓 Kristin 再更深入說明。

Yeah, thanks, Kathryn. I'd love to talk about integration. So just a reminder, we closed in August, and so that's when we'll hit the one-year mark.

好的，謝謝你，Kathryn。我很樂意談談整合。先提醒一下，我們是在 8 月完成交割，所以屆時才會到達滿一年的時間點。

From an integration milestone perspective, look, like I mentioned, we're ahead of schedule on the identification and the action. And we had a few millions of savings in this quarter, and that's going to continue to ramp for the full year, and we expect $15 million of savings to flow through the P&L this year, which is really exciting. I'm proud of the leadership team that we have leading that integration for us.

從整合里程碑的角度來看，如我提到的，我們在辨識與執行行動上都超前進度。本季我們已實現數百萬美元的節省，全年還會持續放大；我們預期今年將有 1,500 萬美元的節省反映在損益表上，這真的令人振奮。我也為帶領整合的領導團隊感到自豪。

And in the quarter, we hit some key milestones. We exited or reduced four sites. We've accomplished 13 to date. I think we've got 40 on our roadmap, and those are either reductions in footprint or exits of sites.

而在本季，我們達成了一些關鍵里程碑。我們退出或縮減了四個據點。截至目前我們已完成 13 個。我想我們的路線圖上總共有 40 個，這些要嘛是縮減使用面積，要嘛是退出據點。

We have added some key leadership additions to the team in different functional areas that are helping drive really creating scalability for this organization as we continue to grow and look to become an even larger organization and continue to grow.

我們也在不同職能領域為團隊補強了一些關鍵領導人才，協助推動、真正打造可擴展性，讓我們在持續成長、並朝向更大型組織發展的同時，能夠繼續擴張。

We have hit some internal system implementation milestones. We've stood up a shared services function within the finance organization and using technology. So lots of good, exciting activity on the integration front.

我們也達成了一些內部系統導入的里程碑。我們在財務組織內建立了共享服務職能並運用科技。因此在整合方面有很多正面、令人振奮的進展。

Obviously, a lot of focus on AI build-out, but also the energy build-out is critical in gaining more headlines. And really, the build-out includes generation, energy storage, and transmission.

顯然，大家很關注 AI 的建置擴張，但能源建置擴張同樣關鍵，也越來越常登上新聞焦點。而所謂的建置擴張包含發電、儲能與輸電。

When you think about those three legs of the stool, how does TIC Solutions play in the energy build-out that's supporting not just only AI but the broad re-industrialization of the US market?

當你把這三個支柱放在一起看時，TIC Solutions 在支援不僅是 AI、也包括美國市場更廣泛再工業化的能源建置擴張中，扮演什麼角色？

Yeah. I mean, they're directly related, aren't they? I mean, the energy demand coming from AI and other areas. The three that you pointed out are areas that we're very well positioned for, power delivery. The engineering work that we do around that, right through from transmission to distribution to substation design.

是的。我的意思是，它們是直接相關的，不是嗎？AI 以及其他領域帶來的能源需求。你提到的這三個領域，都是我們具備很強定位的方向，尤其是電力輸配。我們在這方面所做的工程工作，涵蓋從輸電到配電再到變電站設計。

We actually just were awarded an energy storage project within the consulting and engineering group recently, a first of its kind, which is really exciting. And on the generation side of things, both -- it's an area that our NDT and inspection business works in, and it's actually quite an exciting opportunity we're working on at the moment, bringing together the data center expertise that we have in Engineering, Inspection And Mitigation. So I think we're very well positioned for that growth in that area.

我們其實最近在顧問與工程團隊中剛拿下一個儲能專案，是同類型中的首案，這非常令人振奮。至於發電端，這一塊同時——既是我們 NDT 與檢測業務所涉足的領域，也是我們目前正在推進的一個相當令人興奮的機會：把我們在工程、檢測與緩解（Engineering, Inspection And Mitigation）方面的資料中心專業整合起來。所以我認為我們在該領域的成長上具備非常好的定位。

So if I'm hearing correctly, you're there for the build-out but also for the follow-on inspection work? Is that one way to think about it?

所以如果我理解正確，你們不僅參與建置擴張，也會承接後續的檢測工作？可以這樣理解嗎？

Yes. And also pointing to Geospatial, we fly 150,000 miles of lines every year. That's been growing, and that's recurring work that we do for utilities.

是的。另外也提到地理空間（Geospatial），我們每年會飛行巡檢 150,000 英里的線路。這項業務一直在成長，而且是我們為公用事業客戶提供的經常性工作。

And when you look at, say, 12 months to 18 months from now, where do you see -- and you see kind of the end-market exposure for TIC, what areas do you see growing the most as a percentage of total overall mix? And what may, just by share growth in other markets, may be shrinking?

那如果看未來 12 到 18 個月，你怎麼看——在你們看到 TIC 的終端市場曝險之下，哪些領域在整體組合中占比成長會最大？又有哪些領域可能因為其他市場占比成長，而在占比上相對縮小？

So it's broader, because before, if you -- infrastructure with the mix was 25% and data centers were just 2%, but data centers obviously has grown a bit more than that. So high-level, what are the areas of the greatest growth in terms of mix? And then speak to the margin profile of the growth areas. Thanks very much.

所以範圍更廣，因為以前如果你看——基礎建設在組合中是 25%，資料中心只有 2%，但資料中心顯然已經成長到不只如此。所以從高層次來看，哪些領域在組合占比上的成長最大？另外也請談談這些成長領域的毛利率/利潤率輪廓。非常感謝。

Yes, no worries. I mean, I think I wouldn't point to any areas shrinking, but there's obviously areas that we have more tailwinds and that we're more well positioned for energy, certainly, when you look at both generation and distribution, as I mentioned, we're well positioned for and we do expect to continue to grow.

是的，沒問題。我的意思是，我不會特別指出哪些領域在縮小，但確實有一些領域我們有更強的順風、也更具優勢；能源當然是其中之一，無論是發電端或配電端，如我提到的，我們都具備很好的定位，也預期會持續成長。

The built environment in general is an area that is going very well for us and we will continue to see. And then infrastructure, across all segments, is an area where just with aging infrastructure, the additional demand that is going on it, we just see a lot of tailwinds in that area and we'll continue to grow.

整體建成環境（built environment）對我們而言表現也非常好，我們將持續看到這方面的動能。此外，基礎建設在各個分項中也是一個領域：考量到基礎設施老化，以及其所承受的額外需求，我們看到這方面有很多順風因素，並將持續成長。

Jeff Martin, ROTH Capital Partners.

Jeff Martin，ROTH Capital Partners。

I wanted to dive in a little bit on progress you're making with the initiatives on I&M. And are you seeing an expanding pipeline opportunity there, particularly given the chemicals business appears as though it has the potential to turn around here?

我想更深入了解一下你們在 I&M 相關倡議上的進展。你們是否看到那邊的機會管線在擴大，特別是考量到化學品業務看起來似乎有機會在這裡出現復甦？

Yeah, we've actually had some positive signs on the chemical side recently in our sales pipeline. We sort of talked about the reorganization efforts that we were doing on the US and particularly the Gulf. As I mentioned earlier, I don't want to bang on it about it too much. But I'm just really pleased with the leadership that we have in place and the tone in the meetings. We're definitely taking an aggressive approach to getting to new sites and we have a nice pipeline of opportunities that I see.

是的，我們最近在化學品端的銷售管線確實看到一些正面跡象。我們之前談過在美國、特別是墨西哥灣沿岸所進行的重組工作。如我先前提到的，我不想在這件事上反覆強調太多。但我對我們已到位的領導團隊，以及會議中的氛圍感到非常滿意。我們確實採取更積極的方式去開拓新場址，而我也看到一條不錯的機會管線。

So once we get through this rapid effect of the lost sites in the second half of the year, we're expecting growth. Very pleased with the progress that we've been making with the leadership there.

因此，一旦我們度過今年下半年因流失據點所帶來的快速影響，我們預期將恢復成長。我們對那邊領導團隊所取得的進展感到非常滿意。

And it's great to hear you have not lost additional sites since last quarter.

而且很高興聽到自上季以來你們沒有再流失其他據點。

My follow-up question was on GEO. I know contract renewals on the federal government level are always kind of a tricky point as we transition out of the end of the year. And I know there was a little bit of headwind exiting last year on contract renewals. Just curious if you could give us an update there.

我的追問是關於 GEO。我知道在聯邦政府層級，合約續約在年底交接過渡時期一向都算是比較棘手的點。我也知道去年年底在合約續約方面有一些逆風。想請教你們能否就那邊的情況提供最新進展。

Yeah, we haven't seen any major disruption there. They've sort of been coming in at the expected clip. So I think the bumps in the road that we had in Q4, we're not seeing signs of continuing at the moment.

是的，我們沒有看到任何重大的干擾。續約的進度大致都以預期的節奏進來。所以我認為我們在第四季遇到的那些小波折，目前沒有看到會持續的跡象。

Andy Wittman, Baird.

Andy Wittman，Baird。

So I guess I wanted to just ask a little bit more on the C&I segment. I heard that you call out and the lab testing work was good. That's about half of the segment. So I guess what I'm trying to understand is the, obviously, when you lose a running maintain, you got to go four quarters till the comps ease, and you talked about how that gets better in the fourth quarter.

我想我想再多問一點關於 C&I 部門的情況。我聽到你提到實驗室檢測業務表現不錯。那大約占該部門的一半。所以我想理解的是，顯然當你失去一個 run-and-maintain（運轉與維護）合約時，你得等四個季度，直到比較基期變得容易一些；你也提到第四季會改善。

How much of the kind of softness is just -- the fact that a couple of quarters ago or a quarter ago, you lost some of those contracts, and how much of it is really kind of systemic or uncertain demand? And can you talk about the uncertainty in the demand? Is that just because of volatile oil prices? Is it something else? And what does it take for better visibility to return to that market so that you can have a better sense of the timing and the scope of services that you're likely to do?

目前這種偏弱的狀況，有多少只是因為幾個季度前或上一季流失了一些合約所致？又有多少其實是更偏系統性、或需求不確定所造成？另外能否談談需求的不確定性？這只是因為油價波動嗎？還是有其他因素？而要讓這個市場的能見度回升，需要什麼條件，讓你們能更好掌握可能執行服務的時間點與範圍？

Yeah. I mean, you're right. The run and maintain business is our most stable piec,e and it sort of drives some of the more higher-margin work and we need to get back to winning new sites, which sort of talking about the commercial discipline and focus that we've got, I'm confident we'll get back to, especially as we get past the rapid effect of these lost sites.

是的。你的判斷沒錯。run-and-maintain 業務是我們最穩定的一塊，也在某種程度上帶動一些毛利率更高的工作；我們需要回到贏得新據點的節奏。就我們目前所談到的商業紀律與專注度而言，我有信心我們會回到正軌，尤其是在我們度過這些流失據點的快速影響之後。

Talking about uncertainty or volatility. Where we're seeing that is with the outage work, and we called out the shift in some of that work from Q2 to Q3. This is non-discretionary work that needs to be done. So they're going to need to do it at some point, and so we'll expect that work to start to flow in.

至於不確定性或波動性，我們看到的主要是在停機檢修（outage）工作上；我們也提到其中部分工作從第二季移到第三季。

Andy, Good morning. I would just add that we certainly recognize the macro volatility that's out there right now. And I think the structure of our I&M business is fairly diversified compared to some of our other comps. We've got less than 10% of our I&M revenue is outage work, which is 5% of the combined business.

Andy，早安。我補充一下：我們確實認知到目前外部宏觀環境的波動。我認為相較於一些同業，我們的 I&M 業務結構相當多元分散。我們 I&M 營收中，停機檢修工作占比不到 10%，換算到合併後的整體業務約占 5%。

Our refinery oil and gas exposure is less than 50% of our consolidated results as well. So we're potentially less impacted by timing and also less impacted by direct oil prices. But we're focused on staying disciplined with regard to inflation pressures, whether it be with rates and fuel charges and whatnot.

我們在煉油、油氣領域的曝險也不到合併結果的 50%。因此我們可能較不受時點影響，也較不受油價直接影響。但我們會專注於在通膨壓力方面維持紀律，例如費率、燃料附加費等。

Yeah. Just as an addendum to that question, how has the competitive environment evolved against that volatility? Obviously, anytime you're losing sights, that's a competitive dynamic. Has it improved or changed at all since late last year to what you're seeing this year, before that?

好的。作為對那個問題的補充，在這種波動下，競爭環境有什麼演變？顯然，只要你在流失據點，背後就有競爭動態。相較於去年年底，你們今年看到的情況有改善或改變嗎？或在那之前呢？

It sounds like, Ben, you've got some initiatives there, new leadership, talking about kind of motivating the team to get these new sites. What does it take and what's it looking like right now competitively for those?

聽起來 Ben，你們那邊有一些措施、新的領導，並談到如何激勵團隊去拿下新據點。那在競爭上，現在要做到這件事需要什麼？目前競爭態勢看起來如何？

Yeah. Iin some cases, it's getting the culture right in the region, getting some of the leadership back that we had and that they bring work with them. So we've seen some really good initiatives around that. There has been some pricing pressure in the Gulf in particular, I think some of that's short-lived, and we're maintaining our discipline around that. And we've got a good line of sight on some pretty good opportunities.

是的。在某些情況下，是要把區域的文化調整到位，把我們過去擁有的一些領導人才找回來，而他們也會把業務一併帶回來。所以我們在這方面看到一些非常好的推動措施。特別是在墨西哥灣沿岸（Gulf）確實有一些價格壓力；我認為其中一部分是短期的，我們也在這方面維持紀律。而且我們對一些相當不錯的機會有很好的掌握度。

And then maybe just one last question. Just kind of looking at the cash flow statement, Kristin, it looks like, obviously, the first quarter is always seasonally weak, understand that. Just looking in the working capital here, your contract assets were a pretty big consumer of capital.

最後再問一個問題。從現金流量表來看，Kristin，顯然第一季一向有季節性偏弱，這我理解。但看營運資金這一塊，你們的合約資產（contract assets）消耗了相當多的資金。

Is that a result of -- you had a reference to like a larger contract where there is some subcontracted scope. Is that what we're seeing there? Is there like a percentage of completion project that you're using a lot of subcontract labor? And is that why that contract asset is consuming capital right now? And when do you think that account can reverse and start giving you back some of that capital?

這是否是因為——你提到過像是一個較大的合約，其中有一些分包（subcontracted）的工作範圍？我們看到的是這個嗎？是否有某種按完工百分比（percentage of completion）認列的專案，使用了大量分包人力？這是否就是為什麼目前合約資產正在消耗資金？你認為那個科目何時會反轉，開始回吐一些資金？

Yeah, good question, Andy. It was a big focus area of mine as well. I would say that there were a couple larger billings that went out in early April that should have gone out in March, and that was the driver.

是的，問得很好，Andy。這也是我非常關注的重點。我會說有幾筆較大的請款在四月初才開出，但原本應該在三月開出，這就是主要原因。

We've got an isolated list of what those were. If you look at what else went through the cash flow statement in the quarter that was unusual, we did clear out some contingent payments for previous acquisitions, and that impacted the cash during the quarter as well. So the subcontractor cost by nature didn't drive the contract assets, but driving contract assets is a key focus of ours.

我們已經把那些項目整理成一份明確清單。如果你看本季現金流量表中其他不尋常的項目，我們也清償了一些先前併購案的或有對價（contingent payments），這也影響了本季的現金。因此分包商成本本身的性質並沒有推升合約資產，但降低合約資產占用資金是我們的關鍵重點。

Josh Chan, UBS.

Josh Chan，UBS。

So maybe just a strategic one. I guess at the branch level, how would you say your combined company vision is being translated or proliferated at the branch level? Like how would you assess that at the moment?

我這邊可能是一個策略性的問題。我想在分公司（branch）層級，你會怎麼說你們合併後的公司願景是如何在分公司層級被落實或擴散的？你目前會如何評估？

So we have a very -- like a commercial, centralized commercial team that is absolutely focused on educating our branches on what the services they now have their fingertips to take to their clients. So we have a very programmatic approach to that that's driven from the top.

我們有一個非常——偏商務、集中式的商務團隊，專注於教育各分公司：他們現在手上新增了哪些服務，可以帶去提供給客戶。所以我們在這方面採取非常制度化、由上而下推動的方法。

We drive a very entrepreneurial culture throughout the organization. So the leaders at the branch levels are naturally very interested in what they can be bringing to their clients, and that's something that we really cultivate as a business and that's what helps us drive our organic growth.

我們在整個組織中推動非常具企業家精神的文化。因此分公司層級的領導者自然會對能帶給客戶什麼很感興趣；這也是我們作為企業非常重視並培養的方向，而這正是幫助我們推動內生成長的關鍵。

I appreciate that, Ben. And then maybe on Consulting Engineering, obviously, a very good quarter. What's the right run rate for that business in terms of growth? I wonder if you can think about it from a matter of volume or hours plus price. Is that how you think about growth in that business?

謝謝你，Ben。接著談到顧問工程（Consulting Engineering），顯然這是一個非常好的季度。就成長而言，這項業務合理的常態運行水準（run rate）應該是多少？我想知道你是否可以從量（volume）或工時（hours）加上價格（price）的角度來思考。你們是這樣看待這項業務的成長嗎？

I mean, yeah, volume and price, but I would say about half of its fixed fee. We really position ourselves at the higher value end of the work that we do to command solid pricing. And I would expect that the growth path that we've got to continue.

我的意思是，對，量和價格，但我會說大約有一半是固定費用（fixed fee）。我們確實把自己定位在所做工作中更高價值的端點，以便取得穩健的定價。而我預期我們會持續沿著既有的成長路徑前進。

We have some really nice tailwinds with that business. I point again to that backlog being up 14%. That's a very strong indicator of the strength of that business right now.

這項業務有一些非常好的順風因素。我再次指出，積壓訂單（backlog）成長了14%。這是目前該業務強勁態勢的一個非常有力指標。

Stephanie Moore, Jefferies

Stephanie Moore，Jefferies

I wanted to maybe circle back to some of the commentary around data centers. Look, I think, obviously, you're seeing some benefits of that growth and those investments that are being made.

我想回到一些關於資料中心的評論。你看，我認為很明顯，你們正在看到那樣的成長以及正在進行的投資所帶來的一些效益。

But could you also talk about what this can mean from a longer-term standpoint and just remind us about -- obviously, there's the build-out opportunity, but then kind of the ongoing opportunity that we could expect to see where you guys would benefit? Because I think there's a little bit of a misunderstanding that there's certainly a long tail here. Thanks.

但你們也能談談，從更長期的角度來看，這可能意味著什麼嗎？也請提醒我們——顯然有建置（build-out）的機會，但接下來我們可以期待看到的、你們會受益的那種持續性機會是什麼？因為我覺得外界有一點誤解，這裡其實確實有很長的長尾效應（long tail）。謝謝。

That's good. And I'm glad you asked that question because. We are really focused on making sure that we're heavily involved in the ongoing operations of data centers. The services that we have position us really well for that, actually.

問得很好。我也很高興你問了這個問題，因為。我們非常專注於確保自己深度參與資料中心的持續營運。我們所提供的服務其實讓我們在這方面具備很好的定位。

So only about 15% of the revenue we do at data centers is associated with ongoing operations right now. But if you think about that, that's growing. And if you think about what happens in these data centers, the technology is changing all the time. And so, as they bring these new servers in, they require engineering, retro-commissioning, CFD, computer fluid dynamics. These are all things that we do, and we're working with our clients ongoing.

所以目前我們在資料中心所做的營收中，只有大約15%與持續營運相關。但如果你想想，那部分正在成長。而且如果你想想這些資料中心裡發生的事，技術一直在變。因此，當他們導入這些新伺服器時，就需要工程服務、再調試（retro-commissioning）、CFD（計算流體力學，computer fluid dynamics）。這些都是我們在做的事情，我們也在與客戶持續合作。

We also have a program management owner's rep service that applies to data centers. So we are very focused in making sure that this isn't a one-off with all the work that we do and that we have a strong tail with each of these sites that we touch.

我們也有一項適用於資料中心的專案管理業主代表（owner's rep）服務。所以我們非常專注於確保我們所做的這些工作不是一次性的，而是我們接觸到的每一個站點都能帶來強勁的長尾效益。

Great, that's really helpful. And then maybe just thinking about -- I guess just thinking about the underlying business, as you think about just what as you think about the cross-selling opportunity, and I know you've touched on this a little bit, but I think if we think back to the original merits of NV5, there were significant cross-selling opportunities.

很好，這真的很有幫助。接著也許再想一下——我想是想一下基本盤業務，當你們思考交叉銷售（cross-selling）機會時，我知道你們已經稍微提到一些，但如果回想NV5最初的優勢，其中就有相當顯著的交叉銷售機會。

So maybe just help us focus on what might be the more immediate benefits that we could start to see. And what actions, and I guess more importantly, what actions have been taken behind the scenes from either management or operations level that allow you to go and capture those revenue synergies? Thanks.

所以也許請協助我們聚焦一下，我們可能會先看到哪些較為即時的效益。以及有哪些行動——我想更重要的是，管理層或營運層面在幕後採取了哪些行動，讓你們能夠去捕捉那些營收協同效益（revenue synergies）？謝謝。

Yes, great. We have a team that actually reports directly to me that's 100% focused on driving cross-selling through the organization. As NV5 had a very strong cross-selling program, and we've extended and improved upon that for the TIC Solutions platform. I would say as we're getting more mature with it, we are starting to see the trends in the areas that we can get more behind and focused on.

好的，很棒。我們有一個團隊實際上是直接向我匯報，100%專注於推動全組織的交叉銷售。NV5原本就有非常強的交叉銷售計畫，而我們已將其延伸並加以強化，用在TIC Solutions平台上。我會說，隨著我們在這方面愈來愈成熟，我們開始看到一些趨勢，知道哪些領域值得我們投入更多資源並更聚焦。

Some examples is we're seeing clients really excited about the fact that we can do materials testing and quality assurance along with our NDT capabilities, so sort of a turnkey approach there. Pipeline and integrity, all segments have exposure there and bringing all the capabilities that we have sort of seamlessly is also something that we're excited about. And then around infrastructure and bridge inspection, that's an area where NV5 has very strong credentials and we're bringing along.

一些例子是，我們看到客戶對於我們能把材料測試（materials testing）與品質保證（quality assurance）結合我們的NDT（非破壞檢測）能力感到非常興奮，因此在那裡形成一種交鑰匙（turnkey）的做法。管線與完整性（pipeline and integrity）方面，各個事業部門都有相關曝險，把我們所有能力以無縫方式整合帶入，也是我們很期待的。另外在基礎建設與橋梁檢測方面，這是NV5具備非常強資歷（credentials）的領域，我們也正把它帶進來。

Rope access and inspection capabilities called out some specific projects last quarter. So just a few examples at a strategic level of where we're seeing opportunity, but I'm really pleased with the activity and the momentum that we're gaining around our cross-selling program right now.

繩索作業（rope access）與檢測能力方面，上季也點出了一些特定專案。所以以上只是幾個策略層面的例子，說明我們看到機會的地方；但我對於目前交叉銷售計畫的活動量與正在累積的動能感到非常滿意。

Stephanie, I would just add that we look at cross-selling more broadly even and see tremendous opportunity for service line expansion within the segment as well. So if you think about rope access, opportunities in lab engineering, crossline within I&M, as well as Geospatial across to Consulting Engineering. So from a broad perspective, tremendous opportunity from a white space perspective within our existing customer base and also within M&A market.

Stephanie，我再補充一點：我們對交叉銷售的看法更廣，也看到在該事業群內擴展服務線（service line expansion）的巨大機會。所以如果你想想繩索作業、實驗室工程（lab engineering）的機會、I&M內部的跨線（crossline），以及從地理空間（Geospatial）延伸到顧問工程（Consulting Engineering）。因此從更宏觀的角度來看，無論是在既有客戶基礎中的白地（white space）機會，或是在併購（M&A）市場中，都有非常可觀的機會。

Thank you, everybody, for the time.

謝謝大家撥冗。

Thank you, Stephanie.

謝謝你，Stephanie。

And it does appear that there are no further questions at this time. I would now like to hand back to Ben for any additional or closing remarks.

看起來目前沒有其他問題。我現在把時間交回給Ben，請他做任何補充或結語。

Well, thanks, everyone, for your questions and for your continued interest in TIC Solutions. We remain focused on growth, execution, and delivering on our commitments. We look forward to seeing you all at our Investor Day later this month, hopefully, and updating you on our progress next quarter.

好的，謝謝各位的提問，也謝謝大家持續關注TIC Solutions。我們仍然專注於成長、執行力，以及兌現我們的承諾。我們期待在本月稍晚的投資人日（Investor Day）與各位見面（希望如此），並在下個季度向各位更新我們的進展。

Thanks, everyone, and have a good day.

謝謝各位，祝大家有美好的一天。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以斷線。