Willdan Group Inc (WLDN) 2025 Q3 法說會逐字稿

Greetings and welcome to the Willdan Group third-quarter fiscal year 2025 financial results conference call.

各位來賓，歡迎參加 Willdan 集團 2025 財年第三季財務業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Al Kaschalk. Please go ahead, Al.

現在我很高興將電話交給主持人阿爾·卡沙爾克。請繼續，艾爾。

Thank you, [Kevin]. Good afternoon, everyone. Welcome to Willdan Group's third-quarter 2025 earnings call.

謝謝你，[凱文]大家下午好。歡迎參加 Willdan 集團 2025 年第三季財報電話會議。

Joining our call today are Mike Bieber, President and Chief Executive Officer; and Kim Early, Executive Vice President and Chief Financial Officer.

今天參加我們電話會議的有總裁兼執行長麥克·比伯，以及執行副總裁兼財務長金·厄爾利。

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in the presentation slides, all of which are available on our website.

我們的電話會議演講將包括GAAP和非GAAP財務表現。GAAP 和非 GAAP 指標之間的調整表可在今天的新聞稿和簡報中找到，所有這些都可以在我們的網站上找到。

Please note that year-over-year commentary or variances on revenue, adjusted EBITDA, and adjusted EPS discussed during our prepared remarks are on an actual basis.

請注意，我們在準備好的發言稿中討論的同比收入、調整後 EBITDA 和調整後 EPS 的評論或差異均以實際為基礎。

We will make forward-looking statements about our performance. These statements are based on how we see things today. While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risk and uncertainties.

我們將對公司業績做出前瞻性聲明。這些說法是基於我們今天看待事物的方式。雖然我們將來可能會選擇更新這些前瞻性聲明，但我們不承擔任何更新的義務。正如我們在提交給美國證券交易委員會的文件中所述，由於風險和不確定性，實際結果可能與預期有重大差異。

With that, I hand the call over to Mike, who will begin on slide 2.

隨後，我把電話交給麥克，他將從第二張投影片開始。

Thanks, Al. Good afternoon.

謝謝你，艾爾。午安.

The third quarter of 2025 marks another milestone in Willdan's growth. In the third quarter, we continued to execute very well, delivering results that exceeded the Street expectations and our own forecasts across all key metrics.

2025 年第三季標誌著 Willdan 發展歷程中的另一個里程碑。第三季度，我們繼續保持了良好的執行力，在所有關鍵指標上都取得了超出華爾街預期和我們自身預測的業績。

Against a strong Q3 last year, net revenue grew by 26% year over year, driven by an outstanding 20% organic growth rate. 2025 will mark the fourth consecutive year that we've produced double-digit organic growth. Margins also continue to expand in Q3, concurrently with significant investments for our future.

繼去年第三季強勁成長之後，淨收入年增26%，這主要得益於高達20%的內生成長率。 2025年將是我們連續第四年達到兩位數的內生成長。第三季利潤率也持續擴大，同時，我們對未來進行了大量投資。

With electric load growth expected to increase over the next decade, driven by data centers and electrification, Willan's unique capabilities and execution position us well to sustain long-term growth. As a result, we are again raising our full-year financial targets, which Kim will present a little later.

預計未來十年，受資料中心和電氣化推動，電力負荷將持續成長，Willan 憑藉其獨特的能力和執行力，能夠很好地維持長期成長。因此，我們再次提高了全年財務目標，金稍後會公佈具體目標。

Turning to slide 3, Willdan delivers a broad range of energy and infrastructure solutions to utilities, commercial customers, and state and local governments. On the left side of the slide, the Energy segment makes up about 85% of our revenue, while our Engineering & Consulting work makes up about 15%.

翻到第 3 張投影片，Willdan 為公用事業公司、商業客戶以及州和地方政府提供廣泛的能源和基礎設施解決方案。在幻燈片的左側，能源業務占我們收入的約 85%，而工程和諮詢業務約佔 15%。

On the right side, demand remains healthy across all customer groups. The 15% of work for commercial customers is mostly centered around electricity usage at data centers, where AI-driven load growth is creating significant demand. Willdan is helping technology clients navigate energy constraints, optimize infrastructure, and meet aggressive power requirements.

右側方面，所有客戶群的需求依然保持健康。15% 的商業客戶工作主要集中在資料中心的用電方面，人工智慧驅動的負載成長正在創造巨大的需求。Willdan 正在幫助科技客戶應對能源限制、優化基礎設施並滿足嚴格的電力需求。

Our utility business makes up about 41% of revenue and continues to perform well. Most of our utility contracts are three to five years in duration, funded by ratepayer fees, and continue to provide a strong foundation of recurring revenue. The size of our long-term utility programs is generally increasing across the country, as energy efficiency can be viewed as a power resource.

我們的公用事業業務約佔收入的 41%，並且持續表現良好。我們的大部分公用事業合約期限為三到五年，資金來自用戶所支付的費用，並持續為我們提供穩定的經常性收入基礎。在全國範圍內，我們的長期公用事業項目的規模普遍都在擴大，因為能源效率可以被視為一種能源資源。

Work for state and local governments makes up 44% of revenue and continues to grow organically at a double-digit pace. Demand from our government customers remains solid and the outlook is positive. Most of our government work is funded through user fees and municipal bonds, which have remained healthy.

為州和地方政府工作的收入佔總收入的 44%，並且繼續以兩位數的速度自然增長。來自政府客戶的需求依然強勁，前景樂觀。我們的政府工作資金大多來自使用者費用和市政債券，而這兩個資金來源一直保持健康。

On slide for, our upfront policy, forecasting, and data analytics work informs our strategy and helps us navigate market change.

在幻燈片中，我們的前期政策、預測和數據分析工作為我們的策略提供信息，並幫助我們應對市場變化。

In our upfront work, we see particular demand for studies on the impacts of electricity load growth. That work is growing at about 50% organically year over year. Those market changes led us to the APG acquisition that provides power engineering solutions to data center clients, hyperscalers, and other commercial customers. I'm pleased to report that APG is collaborating very effectively with the rest of Willdan and has already won record backlog that we expect will propel more than 50% growth by APG in 2026.

在我們的前期工作中，我們發現對電力負荷成長影響的研究需求特別迫切。這項工作每年自然增長約 50%。這些市場變化促使我們收購了 APG，該公司為資料中心客戶、超大規模資料中心和其他商業客戶提供電力工程解決方案。我很高興地報告，APG 與 Willdan 的其他部門合作非常有效，並且已經贏得了創紀錄的積壓訂單，我們預計這將推動 APG 在 2026 年實現 50% 以上的增長。

In other parts of engineering, we saw strong execution and growth, with both commercial and municipal customers.

在其他工程領域，我們看到了強勁的執行力和成長勢頭，客戶涵蓋商業和市政客戶。

In program management, we performed above our plan on utility programs and building energy programs for cities, demonstrating this model, in an example:

在專案管理方面，我們在城市公用事業專案和建築節能專案上超額完成了計劃，這充分證明了該模式的有效性，例如：

We are hired by technology hyperscalers to identify the optimal sites for data centers. Willdan provides clients consulting, engineering, and project management to supply the electricity that powers those centers. The new generation of data centers usually requires high-voltage power, often hundreds of megawatts, with a dedicated utility scale substation and utility interconnect. After a data center is built, Willdan provide its energy optimization inside the data center, as we have done for many years.

我們受聘於科技超大規模企業，負責尋找資料中心的最佳選址。Willdan 為客戶提供諮詢、工程和專案管理服務，以供應為這些中心供電的電力。新一代資料中心通常需要高壓電力，功率通常達數百兆瓦，並配備專用公用事業規模的變電站和公用事業互連設施。資料中心建成後，Willdan 將像我們多年來一直在做的那樣，在資料中心內部提供能源優化服務。

Each step with the customer informs the next step. This model extends across all of our service lines.

與客戶合作的每個步驟都會為下一步提供資訊。這一模式適用於我們所有的服務線。

On slide 5, we have a strong pipeline of opportunities that we are converting into contracts. The pipeline remains solid, heading into 2026.

在第 5 張投影片中，我們展示了大量正在轉化為合約的機會。到2026年，管道建設依然穩固。

Here are just a few examples we converted since our last conference call.

以下是我們自上次電話會議以來轉化的一些案例。

For Alameda County, California, we won a two-year $97 million project to design and implement energy and infrastructure upgrades, accounting infrastructure throughout San Francisco's East Bay.

我們為加州阿拉米達縣贏得了一個為期兩年、價值 9700 萬美元的項目，負責設計和實施能源和基礎設施升級，以及舊金山東灣的會計基礎設施。

For a confidential client, we won two substations for solar storage projects worth a combined $21.7 million in Oregon and Georgia.

我們為一位保密客戶贏得了俄勒岡州和喬治亞州兩個太陽能儲能專案的變電站，總價值達 2,170 萬美元。

For a confidential client in Texas, we won a $14 million substation project for a solar energy storage system and a $7.8 million greenfield substation project.

我們為德州的一位保密客戶贏得了一個價值 1,400 萬美元的太陽能儲能係統變電站專案和一個價值 780 萬美元的新變電站專案。

In Utah, we want a $3.6 million project to expand an existing substation.

在猶他州，我們希望投資 360 萬美元來擴大現有的變電站。

I'll note that projects two through five on the table were all led by our recent APG acquisition. They're doing very well.

我要指出的是，目前討論的第二至第五個項目都是由我們最近收購的 APG 牽頭的。他們做得很好。

On slide 6, in early October, Willdan's E3 subsidiary published new research on electricity load growth. This research forecasts between 0.7- and 1.2terawatt-hours of US electricity load growth over the next 10 years. The drivers are broad-based and extend well beyond the data center load growth now often talked about to include new industrial demand, electric vehicles, and the electrification of building systems.

在第 6 張幻燈片中，10 月初，Willdan 的 E3 子公司發布了關於電力負荷成長的新研究。研究預測，未來 10 年美國電力負載將成長 0.7 至 1.2 太瓦時。驅動因素廣泛，遠遠超出了目前經常談論的資料中心負載成長，還包括新的工業需求、電動車和建築系統的電氣化。

The colors on the bar chart depict the relative proportions of load growth drivers. This load growth is transforming electricity markets from a once-static landscape into a dynamic long-term growth market.

長條圖中的顏色代表了負載成長驅動因素的相對比例。負載成長正在將電力市場從曾經靜態的格局轉變為充滿活力的長期成長型市場。

On slide 7, looking globally, this map demonstrates that current data center electricity load expressed in gigawatts is, by far, the greatest in the United States, right here. The map also puts into perspective just how large Northern Virginia data center electricity load is compared to anywhere else in the world.

從第 7 張投影片來看，這張地圖顯示，目前以吉瓦為單位表示的資料中心用電量，迄今為止最大的是美國，就在這裡。這張地圖也直觀地展示了北維吉尼亞資料中心的用電量與世界其他任何地方相比有多麼龐大。

We've previously talked about our landmark study for Virginia on the impacts of this load, which has led to several more similar studies for data center developers and utilities.

我們之前曾談到我們為維吉尼亞州開展的關於這種負載影響的里程碑式研究，該研究促使資料中心開發商和公用事業公司進行了更多類似的研究。

Willdan is in the right market, at the right time, and is building the right set of capabilities to help clients navigate electricity load growth.

Willdan 進入市場時機恰當，並且正在建立一套合適的能力，以幫助客戶應對電力負載成長。

Utilities are also investing to enhance reliability and flexibility, as more distributed resources come online, requiring significant modernization of aging infrastructure.

隨著更多分散式資源上線，公用事業公司也在加大投資以提高可靠性和靈活性，這需要對老化的基礎設施進行重大現代化改造。

Together, these forces are driving one of the largest infrastructure investment cycles in decades. Willdan is well positioned to help utilities and communities navigate this transformation.

這些因素共同推動了數十年來最大的基礎設施投資週期之一。Willdan 擁有得天獨厚的優勢，可以幫助公用事業公司和社區應對這項轉型。

I'm very pleased with the way our team is performing.

我對我們團隊的表現非常滿意。

Now, Kim, over to you.

現在，金，該你了。

Thanks, Mike. Good afternoon, everyone.

謝謝你，麥克。大家下午好。

Our Q3 results reflect another quarter of significant year-over-year improvement, continuing the trend that began in early 2022.

我們的第三季業績反映了另一個季度同比顯著改善，延續了自 2022 年初開始的趨勢。

Turning to slide 8, for the third quarter of 2025, contract revenue increased 15% year over year to $182 million, while net revenue grew 26% to $95 million. The recent acquisitions brought 6% of that growth, yielding an organic growth rate of 20% for the quarter.

翻到第 8 張投影片，2025 年第三季度，合約營收年增 15% 至 1.82 億美元，而淨收入成長 26% 至 9,500 萬美元。近期收購帶來了 6% 的成長，使本季有機成長率達到 20%。

Growth was broad-based across both segments, led by continued strength in utility programs and double-digit gains in planning and construction management, as well as continuing municipal demand, geographic expansion, and new contract wins.

兩個業務板塊均實現了全面增長，這主要得益於公用事業項目的持續強勁增長、規劃和施工管理業務的兩位數增長，以及市政需求的持續增長、地理擴張和新合約的贏得。

Gross profit for the quarter grew 30% to $67.1 million, up from $51.6 million last year, driven by the revenue growth and solid project execution.

本季毛利成長 30% 至 6,710 萬美元，高於去年的 5,160 萬美元，主要得益於營收成長和專案執行的穩健表現。

Altogether, higher revenues, favorable gross margin, and effective cost control drove a 91% increase in pre-tax income to a record $14.3 million for the quarter.

總體而言，更高的收入、有利的毛利率和有效的成本控制推動稅前收入成長 91%，達到創紀錄的 1,430 萬美元。

We reported a 4% income tax rate for the quarter compared to 2% for the same period last year. So net income, thus, rose to $13.7 million, up 87% from the $7.3 million we reported in Q3 of 2024.

本季所得稅稅率為 4%，而去年同期為 2%。因此，淨收入增至 1,370 萬美元，比 2024 年第三季報告的 730 萬美元成長了 87%。

Adjusted EBITDA reached another new quarterly record of $23.1 million or an adjusted EBITDA margin of 24% of net revenue and up 53% from what was an excellent performance in the quarter a year ago.

調整後 EBITDA 再次創下季度新紀錄，達到 2,310 萬美元，調整後 EBITDA 利潤率為淨收入的 24%，比去年同期的優異表現增長了 53%。

GAAP diluted earnings per share increased 77% to $0.090 per share, while adjusted earnings per share was up 66% to $1.21 for the quarter compared to $0.073 a year ago.

以美國通用會計準則計算，稀釋後每股盈餘成長77%至每股0.090美元，而調整後每股盈餘較去年同期成長66%至每股1.21美元（去年同期為每股0.073美元）。

Broad-based growth and excellent execution drove a record quarter.

全面成長和出色執行力推動了本季創紀錄的業績。

Now, to slide 9. For the nine months of 2025, contract revenue was up 20% year over year to $508 million, while net revenue increased 27% to $275 million. $14 million of the net revenue growth came from acquisitions over the past year, yielding organic net revenue growth of 21% year to date.

現在，請看第9張投影片。2025年前九個月，合約收入年增20%至5.08億美元，淨收入成長27%至2.75億美元。淨收入成長中有1,400萬美元來自過去一年的收購，使得年初至今的有機淨收入成長率達到21%。

Gross profit increased 31% to $193 million, up from $148 million last year. Pre-tax income grew 77% to $29.7 million. The discrete tax benefits from stock option exercises and 179D energy efficiency deductions allowed for a $4.2 million tax benefit year to date and, thus, a net income of $33.9 million or $2.26 per diluted share through the nine months.

毛利成長 31%，達到 1.93 億美元，高於去年的 1.48 億美元。稅前收入成長77%，達到2,970萬美元。股票選擇權行使和 179D 能源效率扣除所帶來的獨立稅收優惠，使得本年度迄今獲得了 420 萬美元的稅收優惠，因此，前九個月的淨收入為 3,390 萬美元，即每股攤薄收益 2.26 美元。

Adjusted EBITDA rose 52% from $39.1 million in 2024 to $59.5 million or an adjusted EBITDA margin of 21.6% of net revenue. Adjusted earnings per share nearly doubled to $3.34 per share. All are record numbers for a nine-month period. We are on track to exceed our goal of 20% adjusted EBITDA margin in 2025.

經調整的 EBITDA 從 2024 年的 3,910 萬美元成長 52% 至 5,950 萬美元，經調整的 EBITDA 利潤率為淨收入的 21.6%。調整後每股收益幾乎翻了一番，達到每股 3.34 美元。所有這些數字都是九個月內的最高紀錄。我們預計在 2025 年實現超過 20% 的調整後 EBITDA 利潤率目標。

Slide 10 outlines our balance sheet and cash flow metrics. We ended the quarter with only $16 million in net debt, after deploying $33.4 million cash for the recent acquisitions. This brings our trailing 12-month leverage ratio down to 0.2 times adjusted EBITDA compared to 0.3 times at year-end 2024.

第 10 張投影片概述了我們的資產負債表和現金流量指標。本季末，我們的淨債務僅為 1,600 萬美元，此前我們已投入 3,340 萬美元現金用於近期收購。這使得我們過去 12 個月的槓桿率降至調整後 EBITDA 的 0.2 倍，而 2024 年底則為 0.3 倍。

Free cash flow for the first nine months was $34 million, consistent with the $33 million generated for the same period in 2024. On a trailing 12-month basis, our free cash flow was $65 million or an impressive $4.34 per share.

前九個月的自由現金流為 3,400 萬美元，與 2024 年同期產生的 3,300 萬美元基本一致。以過去 12 個月計算，我們的自由現金流為 6,500 萬美元，即每股 4.34 美元，成績斐然。

We had all $100 million available to draw under our revolving credit facility and an available but undrawn $50 million delayed draw term loan, plus $33 million in cash on the balance sheet, giving us $183 million in total available liquidity at quarter end.

我們擁有全部 1 億美元的循環信貸額度可供提取，還有 5000 萬美元的延期提取定期貸款可供提取但尚未提取，加上資產負債表上的 3300 萬美元現金，使我們在季度末擁有 1.83 億美元的可用流動資金。

Our healthy balance sheet, expanded credit facility, and consistent operating performance provide us with the financial flexibility to pursue targeted acquisitions and expanding capabilities in strategic markets, all while maintaining prudent leverage.

我們健康的資產負債表、擴大的信貸額度和持續的經營業績，使我們擁有財務靈活性，可以在策略市場進行有針對性的收購併擴大自身能力，同時保持審慎的槓桿率。

Turning to slide 11, this slide reflects the 20%-plus compound annual growth in revenue we've been able to achieve over the past 15 quarters and the even more enviable growth in the adjusted EBITDA over the same period. The lines reflect the ebbs and flows of our diversified portfolio of projects across sequential quarters but the clear trend across the nearly four-year period is up and to the right.

翻到第 11 張投影片，這張投影片反映了我們在過去 15 個季度中實現了 20% 以上的複合年收入成長，以及同期調整後 EBITDA 更令人羨慕的成長。這些線條反映了我們多元化項目組合在連續季度中的漲跌，但近四年來明顯的趨勢是向上向右。

This record of sustained improvements has been enabled by the strong execution by our management team in a growing market. We've been able to grow and diversify our service offerings to satisfy the increasing demand from utilities, governments, and commercial clients to adapt to the new environment.

在不斷成長的市場中，我們管理團隊的強力執行力使我們得以取得持續進步。為了適應新環境，我們不斷發展壯大，並豐富了我們的服務內容，以滿足公用事業公司、政府和商業客戶日益增長的需求。

On slide 12, building on this multiyear record of performance improvements, we're raising our financial targets for 2025.

在第 12 張投影片中，基於多年來業績不斷提升的記錄，我們提高了 2025 年的財務目標。

Net revenue for the full-year 2025 is now expected to be between $360 million and $365 million. Adjusted EBITDA is now expected in the range of $77 million to $78 million. Adjusted diluted earnings per share is projected to be between $4.10 and $4.20 per share, based on an estimated tax benefit of 10% and 15.2 million shares outstanding. These targets do not include the impact of any future acquisitions.

預計 2025 年全年淨收入將在 3.6 億美元至 3.65 億美元之間。調整後 EBITDA 預計在 7,700 萬美元至 7,800 萬美元之間。根據 10% 的預計稅收優惠和 1520 萬股流通股計算，調整後的稀釋每股收益預計在 4.10 美元至 4.20 美元之間。這些目標不包括任何未來收購的影響。

Wrapping up on slide 13, we're proud of the results we've been able to deliver. We're excited about the potential for the future, as we continue to win new contracts and expand existing ones.

最後，在第 13 張投影片中，我們為我們所取得的成果感到自豪。我們對未來的發展潛力感到興奮，因為我們將繼續贏得新合約並擴大現有合約。

Organic net revenue growth of 20% for the third quarter, the successful completion of recent acquisitions, and excellent free cash flow conversion attest to the record-setting performance for the quarter and the year to date.

第三季有機淨收入成長 20%，近期收購的成功完成，以及出色的自由現金流轉換率，都證明了本季和今年迄今創紀錄的業績。

Our performance and confidence in the future support raising our 2025 financial targets. With low leverage and an experienced and motivated management team, we're well positioned in dynamic and growing markets. We have an active pipeline of strategic acquisition opportunities.

我們的業績和對未來的信心支持我們提高 2025 年的財務目標。憑藉較低的槓桿率和經驗豐富、積極進取的管理團隊，我們在充滿活力和不斷增長的市場中佔據了有利地位。我們擁有大量策略收購機會。

Operator. We're now ready to take questions.

操作員。現在我們可以開始回答問題了。

Certainly. We'll now be conducting a question-and-answer session.

當然。接下來我們將進行問答環節。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Good evening. Thank you for taking my questions. I should start by saying congratulations, another really, just, amazing quarter.

晚安.謝謝您回答我的問題。首先我要說聲恭喜，又是一個非常棒的季度。

Mike, the last few quarters, we've been growing close to double the targeted growth rate that you've had for the last several years. I wanted to ask if you could maybe talk a little bit about what's lifting this customer demand. How do you plan for the capacity to serve these opportunities?

麥克，在過去的幾個季度裡，我們的成長速度幾乎是你過去幾年目標成長率的兩倍。我想請您談談是什麼因素推動了客戶需求的成長。您如何規劃能力來把握這些機會？

The profitability is clearly there. Do you get more picky or more choosy about how you service these customers? Or do you see this as something that can maybe be an opportunity for you to continue over the next number of quarters?

獲利潛力顯而易見。你會對服務這些客戶的方式更加挑剔嗎？或者，您是否認為這可能是您在接下來的幾個季度繼續發展的機會？

That's a big question, Craig. Thanks.

克雷格，這真是個大問題。謝謝。

Well, first, the market's good. You know that. Electricity prices are rising. Demand for electricity is increasing. So the market's good.

首先，市場行情不錯。你知道的。電價正在漲。電力需求正在成長。所以市場行情不錯。

But there's something else going on. Our own performance within that marketplace has improved pretty substantially over the last couple of years, as you mentioned. We're more effective at cross-selling, especially with new acquisitions that we bring in, than we ever have been before. That has led to tens of millions of dollars of new revenue that we had never seen before in our cross-selling evolution, I'll put it.

但事情遠不止如此。正如您所提到的，過去幾年裡，我們在該市場的表現已經有了相當大的提升。我們在交叉銷售方面比以往任何時候都更有效，尤其是在我們新收購的客戶方面。可以說，這為我們帶來了數千萬美元的新收入，這是我們在交叉銷售發展過程中從未見過的。

Culturally, we've become much better at that. APG and the list of their wins epitomizes that. They've been excellent collaborators. We've got a great pipeline. They're hoping to accelerate and catalyze our growth into 2026. You saw that on the new winds.

從文化角度來看，我們在這方面已經做得好多了。APG及其取得的勝利記錄充分體現了這一點。他們一直是優秀的合作夥伴。我們擁有非常優秀的人才儲備。他們希望加速並促進我們到 2026 年的成長。你從新風中看到了這一點。

That's what's going on. I can't provide you a detailed forecast for 2026. We won't do that until March of this year. But we have been -- we normally guided the Street towards high-single-digit organic growth rates. You're right, we've been about double that, now, for a little while. We're going to do our best to make it as reasonably high as we can.

事情就是這樣。我無法提供2026年的詳細預測。我們要到今年三月才會這樣做。但我們一直以來都是如此——我們通常引導華爾街實現接近兩位數的有機成長率。你說得對，我們已經有一段時間達到這個數字的兩倍左右了。我們會盡力把它定得盡可能高。

You mentioned becoming selective. In certain instances, we have become selective with those projects. We can afford to do so at this point, especially in our commercial work for data centers, where we're choosing to work with certain mid-tier developers that we have very close relationships with, we're working effectively with.

你提到過要有所選擇。在某些情況下，我們對這些項目會採取選擇性做法。目前我們有能力這樣做，尤其是在我們為資料中心的商業工作中，我們選擇與一些與我們關係非常密切的中型開發商合作，我們與他們合作非常有效。

It's a good business environment. It's not competitive. It's directly negotiated work. We are becoming more selective in that area.

這裡的商業環境很好。它不具競爭力。這是直接協商完成的工作。我們在該領域正變得越來越挑剔。

Understood. I'm guessing that you might be referring to APG, which bridges into my next question.

明白了。我猜您指的是 APG，這引出了我的下一個問題。

The work that APG is executing, the work they're winning, the data center work is some of the most exciting projects that Wildan's completing, right now. Can you maybe talk about the ability for other areas of Willdan to supplement the capabilities at APG and the execution capacity there? Is this something that is improving employee utilization and, just, general resource utilization for the company?

APG 正在執行的工作、他們正在贏得的工作、資料中心項目，都是 Wildan 目前正在完成的最令人興奮的項目之一。您能否談談威爾丹其他部門如何補充阿布賈試驗場的能力和執行能力？這是否提高了員工利用率以及公司整體資源利用率？

Yeah. Sure, Craig.

是的。當然可以，克雷格。

Well, first, our upfront consulting work that we do, particularly for the hyperscalers, is feeding into our information that we know where the new data centers are going into. That's useful.

首先，我們前期提供的諮詢服務，特別是針對超大規模資料中心的服務，為我們提供了信息，讓我們知道新的資料中心將建在哪裡。那很有用。

On the back end of that, the work that we had been doing to make data centers more energy efficient, we've been doing that work for a long time. It is useful in our knowledge of working around that environment.

另一方面，我們一直在努力提高資料中心的能源效率，這項工作我們已經做了很長時間了。它有助於我們了解如何在那種環境下工作。

All of those groups are collaborating pretty well. We're also even getting our civil engineering group involved in certain projects. So that's what the landscape looks like, right now.

這些團隊之間的合作都相當不錯。我們甚至讓土木工程團隊參與一些專案。這就是現在的景象。

Okay. The last question, if I may: Other companies in the service sector are talking about difficulty sourcing employees, can you talk about the Willdan workforce? How flexible is the workforce that you've assembled over the last several years? Are you able to develop people up to fill these needs, these opportunities? Do you see this as an impediment to your growth?

好的。最後一個問題，如果可以的話：服務業的其他公司都在談論招募員工的困難，您能談談 Willdan 的員工隊伍情況嗎？過去幾年裡，你們組成的員工團隊的彈性如何？您是否有能力培養人才來滿足這些需求並抓住這些機會？你認為這會阻礙你的發展嗎？

We don't see it as an impediment to growth. Actually, we see ourselves as the employer of choice. We have not had major impediments in hiring employees. I just saw, today, that our employee count, for the first time, has reached over 1,800.

我們不認為這會阻礙成長。事實上，我們把自己視為員工的首選雇主。我們在招募員工方面沒有遇到重大障礙。我今天剛看到，我們的員工人數首次超過了 1800 人。

We're hiring. I think we're doing a very effective job of hiring and retaining key employees.

我們正在招募。我認為我們在招募和留住關鍵員工方面做得非常有效。

I'll note that we have had zero turnover in our senior management team over the last more than two years. We haven't lost a single person.

值得一提的是，在過去兩年多的時間裡，我們的高階主管團隊人員流動率為零。我們沒有失去任何一人。

So, no, it's not a major impediment. Look at our website, if you're interested.

所以，不，這並不是什麼重大障礙。如果您有興趣，請訪問我們的網站。

Well, congrats again on another really solid quarter.

再次恭喜你們又取得了非常出色的季度業績。

Thanks, Craig.

謝謝你，克雷格。

(Operator Instructions)

（操作說明）

Tim Moore, Clear Street.

提姆摩爾，克利爾街。

Thanks. Mike and Kim, congratulations on the continued execution and optimizing your funnel to really cross-sell and benefit from this low-power secular theme.

謝謝。Mike 和 Kim，恭喜你們繼續執行並優化銷售漏斗，真正實現交叉銷售，並從這個低功率的世俗主題中獲益。

My first question is really more about risk management and balancing that. It's a good problem to have: to be growing organically as fast as you have in the last few quarters and seemingly for next year.

我的第一個問題其實更多是關於風險管理以及如何平衡風險。這是一個幸福的煩惱：在過去的幾個季度裡，你的有機成長速度如此之快，而且明年似乎也會繼續保持這種成長勢頭。

Can you maybe just give us a little color on -- we know you hired a lot more consultants this year. We know the employee count's up a lot. You're getting inbound inquiries, also, through your project managers. I'm just wondering how you think about accepting larger projects and program management and just making sure that you're staffed without maybe having to pay overtime or onsite costs or actual travel and hotels for maybe a project if you're jumping around?

您能否向我們透露一些細節——我們知道您今年聘請了許多顧問。我們知道員工人數大幅增加。你的專案經理也會收到客戶的諮詢。我只是想知道，如果您要承接更大的專案和專案管理工作，並且需要確保人員配備充足，而無需支付加班費、現場費用或實際的差旅費和酒店費用（如果您經常更換專案），您會如何看待這個問題？

Just give us some color on that to really keep the margin up there.

請給我們一些細節信息，以便我們能夠真正保持利潤率在高位。

Sure. Great question. We don't often get it from investors but it's what we spend most of our time on, day in and day out, Kim and I, on this risk management idea.

當然。問得好。我們很少從投資者那裡得到這種想法，但這是我和 Kim 每天花最多時間研究的風險管理理念。

You're right that you need to look -- when you're growing organically at [28%]-plus, you need to look at the leading indicators to make sure that you're delivering effectively for those clients. We look at everything, from quality to health and safety to other factors. We review them, every week, with every operating unit.

你說得對，你需要關注——當你的有機成長率達到 28% 以上時，你需要專注於領先指標，以確保你有效地為客戶提供服務。我們會考慮所有方面，從品質到健康安全以及其他因素。我們每週都會與每個營運部門一起審查這些內容。

The leading indicators look good. We're not seeing issues that might say that we're taking on too much risk or growing too quickly. But we are growing quickly and we're keeping our eye on that and keeping our eyes wide open.

領先指標看起來不錯。我們目前沒有發現任何顯示我們承擔了過多風險或發展過快的問題。但我們發展迅速，我們會密切關注這一趨勢，並保持高度警覺。

That's how I would describe it. Kim, do you have anything to add?

我會這樣描述它。金，你還有什麼要補充的嗎？

Yeah. The only thing I would add to that, Tim, is that these larger scale projects take a while to develop and it's not necessarily a big surprise to us when we finally get awarded a project. It's not like we're waiting for some envelope to be opened at the end of a process and we don't know what's going to happen there.

是的。提姆，我唯一要補充的是，這些大型專案需要一段時間才能開發完成，所以當我們最終獲得專案時，我們並不一定感到很驚訝。這不像是在等待某個流程結束時打開一個信封，然後我們不知道裡面會發生什麼事。

We're working on developing these projects for quite a long period of time and we can see them coming and we can get a pretty good feel from these clients that we may be in position to win.

我們已經投入相當長的時間開發這些項目，我們可以看到它們的進展，並且從這些客戶那裡我們也能很好地感受到，我們有可能贏得這些項目。

So we're able to look ahead and plan effectively, as well, as to what those risks are and how can we get those staffed and how can we make sure we're prepared to execute when the project finally does get awarded.

因此，我們能夠展望未來並進行有效規劃，了解存在的風險，以及如何配備人員，並確保在專案最終中標時做好執行準備。

Yeah. Kim's right and points out correctly that a lot of these start out as T&M consulting projects. We're developing the project for months in advance.

是的。Kim 說得對，他正確地指出，許多這類項目最初都是以工時計費的諮詢項目。我們提前數月就開始籌備這個計畫。

We're doing all of the engineering. We may, with the client, decide to convert it to a fixed price or fixed unit price contract later on but we're mitigating our risk significantly by working closely with the client upfront in planning.

我們負責所有的工程設計工作。我們可能會與客戶協商，以後將其轉換為固定價格或固定單價合同，但透過事先與客戶密切合作進行規劃，我們大大降低了風險。

That's terrific color. I realized the big renewal like the Los Angeles Water and Power Department one. It's pretty well planned out. Just curious about the new first-time ones. That's really helpful.

這顏色真棒。我意識到，像洛杉磯水電局那樣的大規模更新項目也存在問題。計劃得相當周全。只是好奇那些第一次嘗試的新人。這真的很有幫助。

My only other question is, as you cross-sell APG more, that's early innings, E3, software, civil engineering cross-selling, I'm just wondering, does your team -- and maybe Kim, you can speak to this -- do you prefer smaller bolt-on acquisitions or can you really tackle something that's maybe $100-plus million target and integrate it well and still be able to cross-sell it well without maybe taking some staff power off of the cross-selling team that's in the rest of the business, as you really look at commercial electrical engineering or maybe interconnection?

我唯一的另一個問題是，隨著你們更多地交叉銷售APG產品（目前還處於早期階段），E3、軟體、土木工程交叉銷售，我只是想知道，你們的團隊——也許Kim，你可以談談這個問題——你們是更喜歡規模較小的附加收購，還是能夠真正著手處理一個目標金額超過1億美元的項目，並將其很好地整合，同時仍然能夠很好地進行交叉銷售，而不會從其他業務的交叉銷售團隊中抽調人手，尤其是在你們真正關注商業電氣工程或互連領域的時候？

Yeah. I think we've got pretty effective systems and communication devices that we use for the cross-selling activity. And so it's pretty efficient for us as we bring in these bolt-on acquisitions to establish that cross-collaboration.

是的。我認為我們擁有非常有效的系統和通訊設備，用於交叉銷售活動。因此，透過引入這些附加收購來建立跨領域合作，對我們來說效率很高。

But we're definitely prepared to be able to handle a $100 million size group. Just, culturally, we fit that way. Our tools are designed to make sure that we'll be able to cross-collaborate without significant barriers on those projects.

但我們絕對有能力管理一個規模達 1 億美元的集團。從文化角度來說，我們更適合這種方式。我們的工具旨在確保我們能夠在這些專案中進行跨部門協作，而不會遇到重大障礙。

So we definitely keep our eye open for those kinds of opportunities. We plan for that potential acquisition as well.

所以我們一定會密切關注這類機會。我們也為這項潛在的收購做好了準備。

Whenever you make acquisitions of those sites, the leadership on both sides of defense -- our side and the company that's being acquired -- the management teams are usually pretty anxious to get to know each other and to find out what the others are doing and how can we work together on that. That's probably the most exciting piece to most of our teams.

每當收購這些網站時，雙方的領導階層——我們這邊和被收購公司的領導層——管理團隊通常都非常渴望相互了解，了解對方在做什麼，以及我們如何在這方面合作。對我們大多數團隊來說，這可能是最令人興奮的部分。

So we're prepared to do that, for sure.

所以我們已經做好了準備，一定會這麼做。

Thanks for those insights. That's it for my questions.

感謝您提供的這些見解。我的問題就這些了。

[Richard Eisenberg], Private Investor.

[理查艾森伯格]，私人投資者。

Good afternoon, guys. Congratulations on a great quarter.

下午好，各位。恭喜你們本季業績出色。

Thanks, Richard.

謝謝你，理查。

You're welcome.

不客氣。

On the last call, you talked about a potential $100 million contract with the state of New York. Is that still in the negotiation phase? Do you expect to close that? Thank you.

上次通話中，您談到了與紐約州可能簽訂的價值 1 億美元的合約。目前還在談判階段嗎？你預計會關閉那個帳戶嗎？謝謝。

We have several large contracts in New York that we're pursuing. Yes, we remain very optimistic that we're going to be successful on one, if not several, of those opportunities.

我們在紐約有幾份大合約正在洽談中。是的，我們仍然非常樂觀地認為，即使不能抓住所有機會，我們至少也能抓住其中幾個。

I think they're going to help drive 2026 growth.

我認為它們將有助於推動 2026 年的成長。

Thanks a lot, Mike.

非常感謝，麥克。

Thank you.

謝謝。

Thank you. We've reached the end of our question-and-answer session.

謝謝。我們的問答環節到此結束。

I'd like to turn the floor back over for any further closing comments.

我想把發言權交還給各位，請大家再做總結發言。

Well, thank you, all, for attending. We look forward to speaking with you soon.

謝謝各位的出席。我們期待盡快與您聯繫。

Thank you.

謝謝。

Thank you. That does conclude today's teleconference.

謝謝。今天的電話會議到此結束。

You may disconnect your line at this time. Have a wonderful day.

現在您可以斷開線路了。祝您有美好的一天。

We thank you for your participation today.

感謝您今天的參與。