Willdan Group, Inc. (WLDN) 2026 Q3 法說會逐字稿

Greetings. Welcome to the Willdan Group third quarter financial year 2026 financial results conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Al Kaschalk, Vice President. Thank you. You may begin.

各位好。歡迎參加 Willdan Group 2026 財年第三季財務業績電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給副總裁 Al Kaschalk。謝謝。您可以開始了。

Thank you, Bill. Good afternoon, everyone, and welcome to Willdan Group's third quarter 2026 earnings call. Joining our call today are Mike Bieber, President and Chief Executive Officer; and Creighton Early, Executive Vice President and Chief Financial Officer.

謝謝你，Bill。各位下午好，歡迎參加 Willdan Group 2026 年第三季財報電話會議。今天與會的還有總裁兼執行長 Mike Bieber，以及執行副總裁兼財務長 Creighton Early。

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 IR website. 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 unless otherwise specified.

我們在電話會議中的發言將同時包含 GAAP 與非 GAAP 的財務結果。GAAP 與非 GAAP 指標之間的調節表可在今日新聞稿與簡報投影片中找到，以上資料皆可於我們的投資人關係網站取得。請注意，除非另有說明，我們在事先準備的發言中所討論的營收、調整後 EBITDA 與調整後 EPS 的年對年評論或差異，均以實際基礎計算。

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 risks and uncertainties.

我們將就公司表現發表前瞻性陳述。這些陳述係基於我們目前對情勢的看法。雖然我們未來可能選擇在某個時間點更新這些前瞻性陳述，但我們不承擔任何更新義務。如我們向 SEC 提交的文件所述，由於風險與不確定性，實際結果可能與前述陳述存在重大差異。

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

接下來我把電話交給 Mike，他將從投影片第 2 頁開始。

Thanks, Al, and good afternoon or evening to everyone on the call. We had a strong operational performance in Q3.

謝謝你，Al，也向所有參與電話會議的各位說聲下午好或晚上好。我們在第三季展現了強勁的營運表現。

In the third quarter, contract revenue and net revenue each grew 18% to $215 million and $112 million, respectively. Organic net revenue growth was a healthy 12% and was a stronger 17% in our energy segment. Adjusted EBITDA increased 22% year over year to $28.3 million, and our adjusted EBITDA margin expanded to 25.2% of net revenue.

在第三季，合約營收與淨營收分別成長 18%，達到 2.15 億美元與 1.12 億美元。有機淨營收成長維持在健康的 12%，而在我們的能源事業部門則更強勁，達到 17%。調整後 EBITDA 年增 22% 至 2,830 萬美元，調整後 EBITDA 利潤率擴大至淨營收的 25.2%。

Our margin has expanded by more than 80 basis points year over year. We've achieved this kind of double-digit growth all year long, which has led us to a record nine-month performance in 2026.

我們的利潤率年對年擴大超過 80 個基點。我們全年都達成這種雙位數成長，帶動 2026 年前九個月創下歷史新高的表現。

Two important things have happened since our last call. First, on October 30th, we closed the acquisition of Mantis Innovation, which significantly scales our commercial and industrial energy management business. Second, with nine strong months behind us and Mantis now closed, we are raising our full year 2026 targets again. And today, we are introducing preliminary 2027 targets that call for continued double-digit growth.

自上次電話會議以來，有兩件重要的事情發生。第一，我們於 10 月 30 日完成對 Mantis Innovation 的收購，這大幅擴大了我們的商用與工業能源管理業務規模。第二，在前九個月強勁表現的基礎上，且 Mantis 交易已完成，我們再次上調 2026 全年目標。此外，今天我們也提出 2027 年初步目標，預期將延續雙位數成長。

Before I move on, I want to congratulate our team on excellent business execution and thank our customers for entrusting us with some of their most difficult challenges. On slide 3, back in 2024, I talked about our strategy to significantly increase our presence in the commercial market to balance our customer exposure.

在我繼續之前，我要祝賀我們的團隊展現卓越的業務執行力，並感謝客戶將其最具挑戰性的課題交由我們處理。在投影片第 3 頁，回到 2024 年，我曾談到我們的策略：大幅提升在商業市場的布局，以平衡我們的客戶曝險。

We believed then that a broader customer base would add stability, create new growth opportunities, and support higher margins. That strategy has been effective. Just two years ago, commercial work was about 7% of our business. Today, it's about a quarter of our work.

當時我們相信，更廣泛的客戶基礎將提升穩定性、創造新的成長機會，並支持更高的利潤率。這項策略已證明有效。就在兩年前，商業業務約占我們業務的 7%。如今約占我們業務的四分之一。

And with Burton and Mantis acquisitions on a full-year pro forma basis, commercial work is equally balanced with work for state and local governments and utilities. We've now achieved what we set out to do. Grow an equal third leg of the stool that diversifies our risk and leads to more consistent results.

若以 Burton 與 Mantis 收購案的全年擬制（pro forma）基礎來看，商業業務已與州與地方政府及公用事業客戶的業務達到同等平衡。我們現在已達成原先設定的目標。建立第三支同等重要的支柱，以分散風險並帶來更一致的成果。

Commercial end markets have the additional benefit of growing faster than our company average and providing higher margins. Compared with two years ago, on a pro forma basis, Willdan now has no customers over 10% of revenue, and our work now covers all 50 states. We've significantly reduced our customer concentration risk and heavy concentration of work in California and New York.

商業終端市場還有額外優勢：其成長速度高於公司平均，且提供更高的利潤率。與兩年前相比，若以擬制基礎計算，Willdan 目前已沒有任何單一客戶占營收超過 10%，且我們的業務已涵蓋全美 50 州。我們已大幅降低客戶集中風險，以及在加州與紐約的業務高度集中。

On slide 4, we've now finished the HSR process with financing in place and we closed the Mantis transaction last Friday. Mantis is headquartered in Houston, has more than 220 employees across the country. It provides energy management services primarily to large commercial and industrial customers, C&I customers. These energy services include efficiency, procurement, consulting, and controls.

在投影片第 4 頁，我們已完成 HSR 程序並已備妥融資，上週五完成 Mantis 交易交割。Mantis 總部位於休士頓，在全國各地擁有超過 220 名員工。其主要為大型商業與工業客戶（C&I 客戶）提供能源管理服務。這些能源服務包括效率提升、採購、顧問諮詢與控制系統。

As you can see on the slide, Mantis adds an almost entirely new list of blue-chip clients to Willdan, including Sabey, DataBank, Chobani, Hershey, Frito-Lay, Molson Coors, and ASSA ABLOY. For 2026, Mantis is expected to generate about $120 million in contract revenue. The accountants have taken a closer look at the components that build up net revenue. And under that new guidance, we now expect Mantis to add about $75 million in net revenue, not the $120 million as previously communicated.

如投影片所示，Mantis 為 Willdan 帶來幾乎全新的藍籌客戶名單，包括 Sabey、DataBank、Chobani、Hershey、Frito-Lay、Molson Coors 以及 ASSA ABLOY。2026 年，預期 Mantis 將創造約 1.2 億美元的合約營收。會計團隊已更深入檢視構成淨營收的各項組成。依據新的指引，我們目前預期 Mantis 將貢獻約 7,500 萬美元的淨營收，而非先前所溝通的 1.2 億美元。

That change also means that Mantis' margin will be accretive to Willdan's and will be about 35% adjusted EBITDA to net revenue. Strategically, Mantis has a strong management team, a differentiated set of capabilities, and longstanding relationships with blue-chip commercial and industrial clients.

這項變更也意味著，Mantis 的利潤率將對 Willdan 具增益（accretive），其調整後 EBITDA 對淨營收的比率約為 35%。從策略面來看，Mantis 擁有強大的管理團隊、差異化的能力組合，以及與藍籌商業與工業客戶長期建立的關係。

Next on slide 5. We've had another strong stretch of contract wins, and here are six notable examples since our last earnings call. For the New York Power Authority, NYPA, we were awarded a 10-year multiple award IDIQ contract with a total budget of about $3.3 billion. This represents the recompete for one of our largest contracts.

接著看投影片第 5 頁。我們又取得一波強勁的合約得標，以下列出自上次財報電話會議以來六個值得注意的案例。針對紐約電力局（NYPA），我們獲得一份為期 10 年的多家得標 IDIQ 合約，總預算約 33 億美元。這是我們最大合約之一的續約競標（recompete）。

We perform $50 million to $60 million per year of work for NYPA on a variety of energy-related projects in New York, and this vehicle will support continuation and further program growth. There was a press release today about this. Secondly, Con Edison and National Grid decided to combine several existing smaller programs into one contract and award us a $25 million per year. Energy efficiency and electrification program serving gas and electric customers in downstate New York.

我們每年為 NYPA 在紐約執行約 5,000 萬至 6,000 萬美元的各類能源相關專案，而此合約載體將支持既有業務延續並推動計畫進一步成長。我們今天也就此發布了新聞稿。第二，Con Edison 與 National Grid 決定將數個既有較小的計畫整併為一份合約，並授予我們每年 2,500 萬美元的能源效率與電氣化計畫，服務紐約州下州地區的天然氣與電力客戶。

This work will include our existing Con Edison multifamily and small business work and add National Grid. This is the 17th year in a row supporting Con Edison's energy efficiency program and is a significant expansion of the work we're currently performing.

此項工作將包含我們既有的 Con Edison 多戶住宅與小型企業業務，並新增 National Grid。這是我們連續第 17 年支持 Con Edison 的能源效率計畫，亦是對我們目前執行工作的重要擴張。

For Menlo Digital, we were awarded a $20 million substation project, which is 50 megawatts in size. For Bodkin, in Texas, we were awarded a $16 million, 75-megawatt battery energy storage system. I mentioned in the last call how popular these BESS projects are becoming because they provide owners reserved grid capacity, higher grid resiliency, and improved power quality.

針對 Menlo Digital，我們獲得一項 2,000 萬美元的變電站專案，規模為 50 兆瓦。針對德州的 Bodkin，我們獲得一項 1,600 萬美元、75 兆瓦的電池儲能系統。我在上次電話會議提到，這些 BESS 專案正變得越來越受歡迎，因為它們可為業主提供預留的電網容量、更高的電網韌性，以及改善的電力品質。

Lastly, we were awarded two projects in California for $9 million and $8 million, respectively. One is a solar and HVAC project, and the other is a solar BESS project. It was another strong quarter full of new wins and the pipeline solid heading into the end of the year.

最後，我們在加州分別獲得兩個專案，金額分別為 900 萬美元與 800 萬美元。其中一個是太陽能與 HVAC 專案，另一個是太陽能 BESS 專案。這又是一個充滿新得標的強勁季度，且在邁向年底之際，我們的案源管線依然穩健。

On slide 6, there are some macro trends that are fundamentally reshaping the energy sector and creating opportunities for Willdan. First, artificial intelligence is driving data center development. Second, a changing climate is bringing hotter summers, more wildfires, and more severe storms. Third, new technologies like batteries, solar, and digital controls are being connected to a grid that in many places is 50 to 100 years old.

在第 6 張投影片上，有一些宏觀趨勢正在從根本上重塑能源產業，並為 Willdan 創造機會。第一，人工智慧正在推動資料中心的開發。第二，氣候變遷帶來更炎熱的夏季、更多野火，以及更嚴重的風暴。第三，電池、太陽能與數位控制等新技術，正被接入在許多地區已有 50 到 100 年歷史的電網。

And fourth, inflation and global conflict are raising the cost of commodities and power equipment. These four trends are having a profound, probably once in a generation, impact on the energy sector. We've been talking for the past 11 quarters about the return to electric load growth. Driven by the confluence of data centers, electrification, and more extreme weather patterns.

第四，通膨與全球衝突正在推升大宗商品與電力設備的成本。這四大趨勢正對能源產業造成深遠影響，可能是「一代一次」的變化。過去 11 個季度，我們一直在談電力負載成長的回歸。其動能來自資料中心、電氣化，以及更極端的天氣型態等多重因素的匯聚。

This is making Willdan services more valuable to customers. There is a massive need for reinvestment in the utility and power equipment space. But the trend that has emerged as the most important to our customers, regulators, and now even the public, is energy affordability. While the average retail electricity rate rose by 5% year over year, many specific locations in the grid have increased by more than 30% in the same period.

這使得 Willdan 的服務對客戶更具價值。公用事業與電力設備領域存在龐大的再投資需求。但對我們的客戶、監管機構，乃至於現在的公眾而言，最重要、也最突出的趨勢是能源可負擔性。雖然平均零售電價年增 5%，但電網中的許多特定地區在同一期間的漲幅超過 30%。

Residential heating oil prices have increased 75% year over year. The factors described on this slide have converged to make power affordability the most important consideration for most Willdan clients. Communities and policymakers want load growth, but not at the expense of customer bills.

住宅用取暖燃油價格年增 75%。本投影片所描述的因素匯聚，使電力可負擔性成為多數 Willdan 客戶最重要的考量。社區與政策制定者希望負載成長，但不希望以提高用戶帳單為代價。

Willdan sits at the epicenter of this grid challenge, working with all three of our customer groups, utilities, with the planning and energy efficiency programs. State and local governments on siting, permitting, and regulatory frameworks, and commercial clients with energy procurement and efficiency. These trends are all playing towards our strength.

Willdan 位於這項電網挑戰的核心，與我們三類客戶群都密切合作：公用事業客戶，涵蓋規劃與能源效率方案；州與地方政府，涵蓋選址、許可與監管架構；以及商業客戶，涵蓋能源採購與效率提升。這些趨勢都在強化我們的優勢。

Kim, over to you.

Kim，交給你。

Thanks, Mike, and good afternoon, everyone. We delivered another strong quarter with net revenue up 18% and adjusted EBITDA up 22% on healthy demand, disciplined execution and margin expansion.

謝謝你，Mike，各位下午好。在需求健康、執行有紀律以及利潤率擴張的帶動下，我們再度交出強勁的一季：淨營收成長 18%，調整後 EBITDA 成長 22%。

Year-to-date adjusted EBITDA is up 34% and our adjusted EBITDA margin on net revenue has expanded more than 300 basis points. Even after deploying $56 million for acquisition this year, we ended the quarter at 0.2 times net leverage, which positioned us to close the Mantis Innovation acquisition after the quarter ended.

年初至今調整後 EBITDA 成長 34%，且我們以淨營收計的調整後 EBITDA 利潤率擴張超過 300 個基點。即使今年已投入 5,600 萬美元進行併購，我們在本季末的淨槓桿倍數仍為 0.2 倍，這也使我們能在季後完成 Mantis Innovation 的收購。

Turning to the third quarter results on slide 8, contract revenue and net revenue each grew 18% to $215 million and $112 million, respectively. Organic net revenue growth was 12% with the balance of the growth from recent acquisitions, including Burton and Compass.

接著看第 8 張投影片的第三季成果，合約營收與淨營收皆成長 18%，分別達 2.15 億美元與 1.12 億美元。有機淨營收成長為 12%，其餘成長來自近期併購，包括 Burton 與 Compass。

Gross profit grew 23% to $82.5 million and gross margin expanded about 150 basis points to 38.4% of contract revenue. The improvement reflects a favorable revenue mix, including higher incentive revenue under some of our utility programs, and increasing revenue from our LADWP street lighting project.

毛利成長 23% 至 8,250 萬美元，毛利率擴張約 150 個基點至合約營收的 38.4%。此改善反映了有利的營收組合，包括我們部分公用事業方案下較高的獎勵型營收，以及來自 LADWP 路燈專案的營收增加。

Adjusted EBITDA increased 22% to $28.3 million, a 25.2% margin on net revenue up 80 basis points from the year ago quarter. G&A expenses increased 27% to $66.1 million or 30.8% of contract revenue versus 28.7% a year ago.

調整後 EBITDA 成長 22% 至 2,830 萬美元，以淨營收計的利潤率為 25.2%，較去年同期提升 80 個基點。G&A 費用成長 27% 至 6,610 萬美元，或占合約營收的 30.8%，高於去年同期的 28.7%。

Growth from non-cash expenses accounted for most of the increasing percentage of revenue with stock compensation rising 58% to $5.0 million on new grants at a higher stock price and depreciation and amortization increasing 48% to $5.8 million on the acquired intangibles. Salary and benefit costs grew 24% in line with the acquisitions and revenue growth.

非現金費用的增加占了營收占比上升的大部分，其中股票酬勞因以較高股價發放新授予而上升 58% 至 500 萬美元；折舊與攤銷因併購取得的無形資產而增加 48% 至 580 萬美元。薪資與福利成本成長 24%，與併購與營收成長一致。

Interest expense rose 19% to $1.1 million, reflecting increased borrowings to fund the Burton acquisition. A higher stock comp and intangible amortization slowed the pre-tax income growth to 8% over the prior year quarter or $15.4 million.

利息費用上升 19% 至 110 萬美元，反映為資助 Burton 併購而增加的借款。較高的股票酬勞與無形資產攤銷，使稅前所得成長放緩至較去年同期增加 8%，達 1,540 萬美元。

Our effective tax rate rose to 23% from 4% a year ago, reflecting higher pre-tax income and lower discrete benefits from stock option exercises and facility energy efficiency deductions. As a result, net income was $11.9 million or $0.76 per diluted share versus $13.7 million or $0.90 per share a year ago.

我們的有效稅率由去年同期的 4% 上升至 23%，反映較高的稅前所得，以及來自股票選擇權行使與設施能源效率扣除的單筆稅務利益減少。因此，淨利為 1,190 萬美元，或稀釋後每股 0.76 美元；去年同期為 1,370 萬美元，或每股 0.90 美元。

Adjusted earnings per share was $1.20, essentially flat with $1.21 in the prior year, as the higher tax rate offset the 22% growth in adjusted EBITDA. On an operating basis, it was another very good quarter.

調整後每股盈餘為 1.20 美元，與去年同期的 1.21 美元基本持平，因較高的稅率抵銷了調整後 EBITDA 22% 的成長。就營運面而言，這又是一個非常好的季度。

Turning to the year-to-date results on slide 9, for the first nine months, contract revenue grew 18% to $601 million and net revenue grew 17% to $322 million or 21% and 20% growth, respectively, normalizing for last year's extra week. Gross margin expanded 80 basis points to 38.8%, again reflecting a favorable revenue mix and increasing utility revenue.

接著看第 9 張投影片的年初至今結果，前九個月合約營收成長 18% 至 6.01 億美元，淨營收成長 17% 至 3.22 億美元；若將去年多出的一週因素正常化，合約營收與淨營收分別成長 21% 與 20%。毛利率擴張 80 個基點至 38.8%，同樣反映有利的營收組合與公用事業營收增加。

G&A expenses grew 19% in line with contract revenue. Pretax income grew 41% to $41.7 million, helped by the higher gross profit margin, a bit of operating leverage despite the increasing non-cash charges, and the absence of last year's one-time refinancing and lease charges.

G&A 費用成長 19%，與合約營收成長一致。稅前所得成長 41% 至 4,170 萬美元，受惠於較高的毛利率、儘管非現金費用增加仍出現些許營運槓桿，以及去年一次性再融資與租賃費用不再發生。

We recognized a $3.0 million tax benefit for the nine months compared to a $4.2 million benefit a year ago. Net income rose 32% to $44.7 million, or $2.89 per diluted share, up 28%. Adjusted EBITDA rose 34% to $79.4 million, or 24.7% of net revenue, up from 21.6% a year ago. And adjusted earnings per share grew 25% to $4.18. All are records for a nine-month period.

我們在前九個月認列 300 萬美元的稅務利益，去年同期為 420 萬美元的利益。淨利成長 32% 至 4,470 萬美元，或稀釋後每股 2.89 美元，年增 28%。調整後 EBITDA 成長 34% 至 7,940 萬美元，或占淨營收的 24.7%，高於去年同期的 21.6%。調整後每股盈餘成長 25% 至 4.18 美元。以上皆為九個月期間的歷史新高。

On slide 10, our trailing 12-month results show the consistency of underlying growth of the business and our ability to convert that growth into higher margins. Contract revenue of $774 million was up 19%, net revenue of $411 million up 16%.

在第 10 張投影片，我們過去 12 個月（TTM）的結果顯示業務基本面成長的一致性，以及我們將成長轉化為更高利潤率的能力。合約營收 7.74 億美元，年增 19%；淨營收 4.11 億美元，年增 16%。

But adjusted EBITDA of $99.5 million was up 29%, and adjusted earnings per share of $5.75 reflects a 41% increase. Earnings continue to grow faster than revenue, driven by project management productivity, AI-enabled efficiency, and G&A that grows more slowly than revenue. On slide 11, the consistency of growth in earnings and margins is on display.

但調整後 EBITDA 9,950 萬美元，年增 29%；調整後每股盈餘 5.75 美元，反映 41% 的增幅。在專案管理生產力、AI 賦能的效率提升，以及 G&A 成長慢於營收的帶動下，獲利持續以快於營收的速度成長。在第 11 張投影片中，獲利與利潤率成長的一致性清楚呈現。

Our adjusted EBITDA has grown at a 48% CAGR over the past four years from $23 million in 2022 to the $110 million midpoint of our guidance in 2026. That record has been derived from a combination of organic revenue growth and acquisitions, but also by increasing our adjusted EBITDA margins through a combination of greater project profitability and operating leverage from disciplined cost control.

過去四年，我們的調整後 EBITDA 以 48% 的年複合成長率（CAGR）成長，從 2022 年的 2,300 萬美元提升至 2026 年財測中位數的 1.10 億美元。這項成績來自有機營收成長與併購的組合，同時也透過更高的專案獲利能力與嚴謹成本控管所帶來的營運槓桿，提升調整後 EBITDA 利潤率。

Our long-term goal remains adjusted EBITDA margins in the high 20% range. And the margins of 25.2% in the quarter and 24.7% year-to-date keep us on track to expand from 21.8% in 2025 to about 25% this year. The acquisitions of Burton and Mantis will accelerate our progress toward our high 20s goal.

我們的長期目標仍為調整後 EBITDA 利潤率維持在接近 30%（高 20%）的區間。本季 25.2% 的利潤率以及年初至今 24.7% 的利潤率，讓我們持續按計畫推進，預期可由 2025 年的 21.8% 擴張至今年約 25%。收購 Burton 與 Mantis 將加速我們朝高 20% 目標邁進。

Starting with cash flow and the balance sheet on slide 12. Year-to-date, operating cash flow was $32.9 million compared to $40.1 million a year ago, reflecting a temporary working capital lag in September expected to reverse in Q4. Over the last 12 months, free cash flow was $64.5 million or $4.17 per share.

接著看第 12 頁投影片的現金流與資產負債表。年初至今，營運現金流為 3,290 萬美元，去年同期為 4,010 萬美元，主要反映 9 月營運資金出現暫時性落後，預期將於第四季回轉。過去 12 個月，自由現金流為 6,450 萬美元，或每股 4.17 美元。

On a long-term basis, we expect free cash flow to exceed 70% of adjusted EBITDA aided by the $31 million in deferred tax assets on our balance sheet. We ended the quarter with $23 million in net debt or 0.2 times the trailing 12 months adjusted EBITDA, down from $33 million and 0.3 times at the end of the second quarter. After repaying another $5 million on our revolver, we had approximately $174 million in available liquidity at the end of the quarter, including $85 million on our revolver, our $50 million undrawn delayed draw term loan, and $39 million in cash.

從長期來看，我們預期自由現金流將超過調整後 EBITDA 的 70%，並受惠於資產負債表上 3,100 萬美元的遞延所得稅資產。本季季末，我們的淨負債為 2,300 萬美元，約為過去 12 個月調整後 EBITDA 的 0.2 倍，較第二季季末的 3,300 萬美元與 0.3 倍下降。在再償還循環信貸額度（revolver）5 百萬美元後，季末可用流動性約為 1.74 億美元，包括循環信貸額度中的 8,500 萬美元、5,000 萬美元尚未動用的延遲提用定期貸款，以及 3,900 萬美元現金。

Turning to slide 13. With the closing of the Mantis transaction after the end of the quarter, this slide shows our capitalization on a pro forma basis, including Mantis and the related financing.

接著看第 13 頁投影片。由於 Mantis 交易在季後完成交割，本頁以備考（pro forma）基礎呈現我們的資本結構，包含 Mantis 及相關融資。

After reducing our revolver balance to zero after the September month end. We funded the acquisition of Mantis with a new $250 million term loan and a $35 million draw on our $100 million revolver, bringing total debt to $332 million at the close and net debt to $293 million.

在 9 月月底之後，我們將循環信貸額度餘額降至零。我們以新增 2.5 億美元定期貸款，以及自 1 億美元循環信貸額度中提用 3,500 萬美元來支付收購 Mantis 的資金，使得交割時總負債達 3.32 億美元，淨負債為 2.93 億美元。

This results in net leverage of approximately 2.3 times pro forma trailing 12-month adjusted EBITDA and $154 million in available liquidity for the future. We will focus the majority of our strong free cash flow profile on debt reduction and expect to report a net leverage ratio below 2.0 times the adjusted EBITDA by the end of the third quarter of 2027.

因此，淨槓桿約為備考過去 12 個月調整後 EBITDA 的 2.3 倍，且未來可用流動性為 1.54 億美元。我們將把強勁的自由現金流特性主要用於降債，並預期在 2027 年第三季末前，淨槓桿比率可降至調整後 EBITDA 的 2.0 倍以下。

We're comfortable with the state of our balance sheet after completing the Mantis acquisition and expect to continue to support robust organic growth while exploring smaller acquisition opportunities that expand our markets and accelerate our growth while we reduce leverage.

完成收購 Mantis 後，我們對資產負債表狀況感到安心，並預期在降低槓桿的同時，持續支持強勁的內生成長，同時尋找可擴大市場並加速成長的小型併購機會。

Now to slide 14. Based on our results, through third quarter and visibility into our book of business, we're raising our full year 2026 targets. We now expect net revenue of $435 million to $445 million, adjusted EBITDA of $109 million to $111 million, and adjusted diluted earnings per share of.

接著看第 14 頁投影片。基於我們截至第三季的表現，以及對在手業務的能見度，我們上調 2026 全年目標。我們目前預期淨營收為 4.35 億至 4.45 億美元，調整後 EBITDA 為 1.09 億至 1.11 億美元，以及調整後稀釋每股盈餘為。

$5.15 to $5.25. This outlook assumes approximately 15.9 million diluted shares and a 0% effective tax rate for the year on GAAP earnings. These numbers include Mantis from October 30 and assume no further acquisitions.

5.15 至 5.25 美元。本展望假設全年約 1,590 萬股稀釋後股數，且 GAAP 盈利的有效稅率為 0%。上述數字自 10 月 30 日起納入 Mantis，並假設不再進行其他收購。

I'll now turn it back to Mike to preview 2027 on slide 15.

接下來我把時間交回給 Mike，請他在第 15 頁投影片預覽 2027 年。

Yeah, thanks, Kim. So on slide 15, with less than two months to go this year and having closed Mantis, let me provide you a preview of what we think 2027 is shaping up to look like.

好的，謝謝你，Kim。那麼在第 15 頁投影片，距離今年結束不到兩個月，且我們已完成 Mantis 交割，我來為各位預覽一下我們認為 2027 年可能呈現的樣貌。

We see a continued strong market for our services and anticipate the kind of continued strong execution you've come to expect. We're working toward becoming a trusted advisor to our clients.

我們看到服務市場將持續強勁，並預期能延續各位已經習以為常的強勁執行力。我們正朝成為客戶值得信賴的顧問（trusted advisor）努力。

I see this in our work, but investors can also see this because more than 80% of our work comes from the same repeat clients. We've now become a trusted expert at helping solve some of the electricity grid constraints in and around our major metropolitan hubs.

我在我們的工作中看得到這一點，而投資人也能看見，因為我們超過 80% 的業務來自同一批回頭客戶。我們如今已成為值得信賴的專家，協助解決主要都會樞紐及其周邊的一些電網容量限制問題。

Coming into 2027, we have a fresh set of new technical capabilities and client relationships, so we'll be focusing on internal cross-collaboration. As a company, we've become far more effective at this collaboration and more of our teams are interdisciplinary than ever before.

進入 2027 年，我們將擁有一套全新的技術能力與客戶關係，因此我們會聚焦於內部的跨團隊協作。以公司整體而言，我們在協作方面已變得更有效率，且跨領域團隊的比例也比以往任何時候都更高。

For clients, that means that we can assemble the kind of national expertise they need for their unique challenge. We think this picture will come together in 2027 such that, for the first time in the company's history, we will achieve $1 billion in contract revenue, implying about 19% annual growth.

對客戶而言，這代表我們能整合他們針對獨特挑戰所需的全國性專業能力。我們認為在 2027 年，這幅圖景將會成形，使我們在公司歷史上首次達成 10 億美元的合約營收，意味著約 19% 的年成長。

That kind of top-line number will be complemented by more than $0.5 billion in net revenue. We're now expecting more than $140 million in EBITDA for 2027, which represents more than 25% annual growth and continued margin improvement over 2026.

這樣的營收規模也將由超過 5 億美元的淨營收相互呼應。我們目前預期 2027 年 EBITDA 將超過 1.4 億美元，代表超過 25% 的年成長，且相較 2026 年利潤率將持續改善。

Our track record of consistent growth shows that we've got the right management team, the right systems and processes, and the right long-term customer relationships to drive us past the billion-dollar revenue milestone in 2027. On the last slide, in summary, we've generated record results this year and are raising our 2026 financial targets again.

我們一貫且持續的成長紀錄顯示，我們具備正確的管理團隊、正確的系統與流程，以及正確的長期客戶關係，足以推動我們在 2027 年跨越 10 億美元營收里程碑。在最後一頁投影片做個總結：我們今年創下紀錄性的成果，並再次上調 2026 年財務目標。

As a reminder, we are on the cusp of achieving an 48% adjusted EBITDA CAGR over the last four years. The Burton and Mantis acquisitions in the last six months have significantly strengthened our capabilities for commercial and industrial customers and have now equally balanced our customer portfolio.

提醒各位，我們正接近在過去四年達成 48% 的調整後 EBITDA 年複合成長率（CAGR）。過去六個月完成的 Burton 與 Mantis 併購，已顯著強化我們服務商業與工業客戶的能力，並使我們的客戶組合如今達到更均衡的配置。

Electric load growth and massive need for grid modernization are driving the majority of our customers to increase spending. We are an excellent cash generator, so we are targeting to reduce our leverage ratio below 2 times by the third quarter next year.

用電負載成長以及電網現代化的龐大需求，正驅動我們多數客戶增加支出。我們具備優異的現金創造能力，因此我們的目標是在明年第三季前將槓桿比率降至 2 倍以下。

And finally, we're introducing preliminary 2027 targets, which continue our double-digit performance and which achieves $1 billion in revenue next year. Operator, let's now open up the call to questions.

最後，我們提出 2027 年初步目標，延續我們的雙位數表現，並在明年達成 10 億美元營收。接線員，現在請開放提問。

(Operator Instructions) Craig Irwin, Roth Capital Partners.

（接線員指示）Craig Irwin，Roth Capital Partners。

Good evening, and thanks for taking my questions. First, congratulations on another really solid quarter in here, impressive execution in this market. The headlines the last few days have been dominated by concerns about data center, right? You're tripling your business at APG, $75 million this year, up from $25 million last year. And Mantis actually brings you some really interesting assets in that market.

晚安，謝謝讓我提問。首先，恭喜本季再度交出非常穩健的成績，在這個市場中的執行力令人印象深刻。過去幾天的新聞標題多被對資料中心的擔憂所主導，對吧？你們在 APG 的業務規模成長到三倍，今年 7,500 萬美元，高於去年的 2,500 萬美元。而 Mantis 其實也為你們在該市場帶來一些非常有意思的資產。

Mike, you have a real-world level of visibility on the market right now. The customers obviously talk to you daily because you're executing projects for them. Can you maybe talk a little bit about fair expectations for data center that might be included in your guidance for $1 billion in revenue next year? Are you expecting a triple again at APG? Are you expecting Mantis to have a similar growth rate or do you have sort of moderated expectations around that? And how fungible are the resources that you have positioned at data center to address some of these significant problems elsewhere in the grid? Like NYPA, I guess, was a good example that you shared on the call today.

Mike，你目前對市場有非常貼近實務層面的能見度。客戶顯然每天都會跟你們溝通，因為你們正在替他們執行專案。你能否談談，對於明年 10 億美元營收指引中可能包含的資料中心業務，合理的預期應該是什麼？你們是否預期 APG 會再成長三倍？你們是否預期 Mantis 也會有類似的成長率，或是你們對此有較為溫和的預期？另外，你們在資料中心配置的資源可替代性（fungible）有多高，能否用來處理電網其他地方的一些重大問題？例如我想 NYPA 是你們今天在電話會議中分享的一個很好的例子。

Yeah, Craig, this has received obviously a lot of press. I'd characterize it as, the political wave running against data centers.

是的，Craig，這件事顯然獲得了大量媒體報導。我會把它形容為：政治風向正朝著不利於資料中心的方向吹。

Allow supply chain and the labor market to catch up with the current demand for data centers. Remember, demand for these data centers is not wavering, it's not going away. No, we're not expecting a major slowdown and a major change in what's already happening. Our pipeline goes out past 2029 right now on projects that we've been, permitting, evaluating, engineering this year.

讓供應鏈與勞動市場追上目前對資料中心的需求。請記住，對這些資料中心的需求並沒有動搖，也不會消失。不，我們不預期會出現重大的放緩，或對目前正在發生的事情出現重大改變。我們目前的專案管線已延伸到2029年之後，這些都是我們今年一直在進行許可申請、評估與工程設計的專案。

So it's a long time, it's a long-term pipeline. It's receiving a lot of short-term press and we're not expecting any major changes in the data center world. It's a robust market out there.

所以這會是很長一段時間，是長期的專案管線。短期內媒體關注很多，但我們不預期資料中心領域會有任何重大變化。這是一個非常強勁的市場。

More importantly for Willdan though, we're the people that solve grid constraints. And the grid constraints aren't just coming from data centers, it's, climate change I mentioned, electrification. These changes are real across the country.

不過對Willdan更重要的是，我們是解決電網瓶頸的人。而電網瓶頸不只是來自資料中心，還包括我提到的氣候變遷、電氣化等因素。這些改變在全國各地都是真實存在的。

No one factor is driving it. It's multiple factors. The grid is just undersized right now for this modern world that we live in. We're in the business of solving that. And so our utility customers in particular, and even the state and local customers, have high demand for these types of services that look at constraints, evaluate them, help plan for those changes, and alleviate the stress points. Business is good.

沒有任何單一因素在驅動。而是多重因素共同作用。就我們所處的這個現代世界而言，電網目前的容量就是不足。我們的業務就是解決這個問題。因此，特別是我們的公用事業客戶，甚至州與地方政府客戶，對這類服務需求很高：找出瓶頸、評估瓶頸、協助規劃這些變化，並緩解壓力點。生意很好。

I like that. I like that. So second question, if I may. Anyone that knows you knows that you're a very conservative guy. You have ambitious goals and you're about to meet one of those with a billion dollars in revenue, but you plan for a range of scenarios, right?

我喜歡這樣。我喜歡這樣。那麼第二個問題，如果可以的話。任何認識你的人都知道你是個非常保守的人。你有雄心勃勃的目標，而且你即將達成其中一個——營收達到10億美元——但你會針對各種情境做規劃，對吧？

So when I step back and I look at the Mantis acquisition. I find the property extremely interesting for the lack of overlap between your data center customers, the fact that they're mostly unique to each of the two companies, and then the fact that Willdan with APG has significant expertise, a great resume in high voltage.

所以當我退一步看Mantis這筆收購。我覺得這個標的非常有意思，因為你們的資料中心客戶之間幾乎沒有重疊，基本上兩家公司各自的客戶多半是獨特的；再加上Willdan透過APG在高壓領域具備相當深厚的專業與很好的履歷。

While Mantis has a great resume and expertise in medium voltage, can you maybe talk about how transferable these services might be between your customers and whether or not Mantis customers could eventually be served by Willdan? I'm not asking for a timeline or specific impact on the revenue outlook, but the bigger picture as far as whether or not these two. Two key things sort of fit together longer-term.

而Mantis在中壓領域也有很好的履歷與專業，你能否談談這些服務在你們客戶之間的可移轉性有多高，以及Mantis的客戶未來是否可能由Willdan來服務？我不是在問時間表或對營收展望的具體影響，而是更宏觀地看，這兩者是否——兩個關鍵點——在長期上能夠相互契合。

We think there's a great opportunity here for cross-selling. I mentioned that the cross collaboration is going to be a primary focus, especially in the next six months, and we have our kickoff meeting for that in two weeks.

我們認為這裡有很好的交叉銷售機會。我提到過，交叉協作將會是主要重點，尤其是在接下來六個月，我們兩週後就會為此召開啟動會議。

We think there's a great opportunity because Mantis is coming, you're right, with a set of blue-chip clients that is all new to Willdan. There's essentially no overlap there and vice versa. So we've got a great opportunity here to focus on cross-selling all of the capabilities and energy that we provide those types of clients.

我們認為機會很大，因為你說得對，Mantis帶來了一批一流的藍籌客戶，對Willdan而言都是全新的。基本上幾乎沒有重疊，反過來也是如此。因此，我們有很好的機會去聚焦交叉銷售，把我們提供給這類客戶的所有能力與能源相關服務推廣出去。

Excellent. Then last question, if I may. You gave us a preliminary look on '27 as far as revenue, net revenue EBITDA. Is it fair for us to expect your free cash flow generation to more or less track your EBITDA in '27 similarly to the way it's developed in '26?

很好。那最後一個問題，如果可以的話。你們給了我們對於2027年的初步展望，包括營收、淨營收與EBITDA。那我們是否可以合理預期，你們在2027年的自由現金流產生能力，或多或少會跟著EBITDA走，類似於2026年的發展方式？

Yeah, I think that's a fair assumption. Great. That's what we would expect.

是的，我認為這是合理的假設。很好。這也是我們的預期。

So, more than $100 million in cash flow is probably a fair starting point. Is that something that we can say?

所以，現金流超過1億美元大概是個合理的起點。我們可以這麼說嗎？

Yeah. Well, we said, more than 70% and 70% of that 140 would be 98. So, if you're in the right neighborhood, yeah.

可以。嗯，我們說的是超過70%，而140的70%是98。所以，如果你在差不多的範圍內，是的。

And you guys are conservative, so I like that. Hey, congratulations. Another solid quarter. I'll hop back in the queue.

而且你們一向保守，所以我喜歡這點。嘿，恭喜。又是一個穩健的季度。我回到隊列裡。

Yeah, thanks, Greg.

好的，謝謝你，Greg。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

Thanks, and we appreciate you providing preliminary guidance for next year, and it was nice to see that net debt leverage target for next September or so provided.

謝謝，也感謝你們提供了明年的初步指引，而且看到你們提供了大約到明年九月左右的淨負債槓桿目標也很不錯。

I have a question that is really an industry expertise question. It's a little bit different than the one you just got because mine's been teed up since sunrise yesterday. After the election results, partially due to maybe the outcome in the Texas governor election, and even Ohio, we're getting a lot of calls on this with data center permitting moratoriums and restrictions. I just want to bounce off of you, Mike, if you don't mind sharing.

我有一個問題，這其實是產業專業面的問題。它跟你剛剛收到的那個有點不同，因為我的問題從昨天日出以來就一直被拋出來。選舉結果出來後，部分可能因為德州州長選舉的結果，甚至還有俄亥俄州，我們接到很多電話在問資料中心許可的暫停（moratorium）與限制。Mike，如果你不介意分享的話，我想跟你確認一下。

Can you kind of show me the rough timing on interconnection permitting? Isn't that usually early design phase? I mean, some of these big data centers take 18 to 24 months to construct. So would an interconnection moratorium or a pause, really be for data centers that might not power on until late 2028 anyway, right, because it's early stages. I'm just kind of trying to wrap our head a little bit better around, the delay and it doesn't seem to be impacting next year's power-on queues. Pretty far out anyway. Just if you could share anything on what you're aware of on just interconnection permitting timing?

你能不能大致說一下併網（interconnection）許可的時間點？那通常不是在早期設計階段嗎？我的意思是，有些大型資料中心建造要18到24個月。所以併網暫停或延後，實際上會影響的應該是那些可能要到2028年末才會通電上線的資料中心，對吧，因為還在早期階段。我只是想更好地理解這種延遲；看起來它並沒有影響明年的通電上線排程。反正都排得很遠。如果你能分享任何你所了解的併網許可時程資訊就太好了。

It's a great question. I'm glad you asked it because we just researched this. In fact, one of our people put together a chart on this. By geography.

這是個很好的問題。我很高興你問到，因為我們剛研究過這件事。事實上，我們有位同事還為此整理了一張圖表。按地理區域分類。

And interconnection times by and large across the country take years. It's not months, it's years. It's a multi-year process typically. And so you really start, your other permitting with data centers, you may even design, build, and construct the data center without the interconnect. You may be able to operate that if it has additional power sources which many of these do have the interconnect may be the last thing that happens, but eventually most of these data centers do get connected to the grid. It's just way on down the process And generally does not stop from what we've seen the actual upfront sometimes the design and actual construction of these facilities multi-year.

而全國各地的併網時間大體上都需要好幾年。不是幾個月，是好幾年。通常是一個跨多年的流程。因此，你在資料中心的其他許可流程上，甚至可能在沒有完成併網的情況下就先設計、建造並施工資料中心。如果它有額外電力來源——很多確實有——你可能也能先運作；併網可能是最後才完成的一件事，但最終大多數資料中心都會接入電網。只是會在流程的更後段才發生。而且就我們所見，一般不會阻止前期的設計與實際施工，這些設施本來就是多年的建設期。

Thanks for that. We appreciate it.

謝謝你的說明。我們很感謝。

I just had another question on battery energy storage. It's growing so rapidly. Is there any way you could share maybe what your battery energy storage systems maybe are as a percentage of your revenue this year or maybe how much they've grown over the last year?

我還有另一個關於電池儲能的問題。它成長非常快。你是否能分享一下，今年你們的電池儲能系統業務大概占營收的百分比，或是它在過去一年成長了多少？

Good question. I don't have a number on that. I think it's an interesting question. We'll get back to you offline on it.

好問題。我目前沒有這方面的數字。我覺得這是個很有意思的問題。我們會在會後再私下回覆你。

I'm guessing it's in total 5% or less right now, something like that. You're right, it's growing very quickly. And I just looked at a queue of a bunch of new projects that clients are asking us about. So it's a really interesting area and something that we're very good at. So clients tend to seek out Willdan for that particular expertise.

我猜目前合計大概是 5% 或更低，差不多那樣。你說得對，它成長非常快。而且我剛看了客戶向我們詢問的一堆新專案的排程佇列。所以這是一個非常有趣的領域，也是我們非常擅長的事情。因此客戶往往會因為這項特定專業而找上 Willdan。

That's great. I've noticed in your last couple of presentations that you had that. Yeah, I mean, BESS, I think it's growing 20 to 30%, so I imagine you're doing pretty good with it. But thanks a lot. That's it for my questions. Thanks, Mike.

太好了。我注意到你們最近幾次簡報都有提到這個。是的，我是說，BESS 我認為成長率有 20% 到 30%，所以我想你們在這方面做得相當不錯。不過非常感謝。我的問題就到這裡。謝謝，Mike。

Steven Wahrhaftig, Wedbush Securities.

Steven Wahrhaftig，Wedbush Securities。

All right, thanks for taking the time, guys. I appreciate the questions, and congrats on another very strong quarter. I kind of want to turn my attention to the fiscal year '27 guidance.

好，謝謝各位撥冗。我很感謝你們回答問題，也恭喜再度交出非常強勁的一季表現。我想把焦點轉到 2027 會計年度的指引。

I mean, the numbers themselves are very strong. We're looking at a contract revenue of a billion, net revenue of $500 million, and then very strong EBITDA numbers. I want to get a better understanding of the split between the commercial, the utilities, and the state and local governments into fiscal year '27 because you laid out the long-term. A third or third split between those three businesses. But can we get a better understanding of what your expectations are for fiscal year '27, if that's going to be reaching that long-term target, or what kind of what are you baking in there?

我是說，這些數字本身非常強勁。我們看到合約營收 10 億美元、淨營收 5 億美元，然後 EBITDA 數字也非常強。我想更了解在 2027 會計年度，商業客戶、公用事業，以及州與地方政府三者之間的占比拆分，因為你們已經提出長期目標。這三個業務各占三分之一、三分之一、三分之一。但我們能否更清楚了解你們對 2027 會計年度的預期：是否會達到那個長期目標，或你們在指引中納入了哪些假設？

No, we're there already on a pro forma basis. So for 2027, it'll be about equal thirds, a third or third for our three customer segments.

不，我們以備考（pro forma）基礎來看已經達到了。所以到 2027 年，我們三個客戶區隔大概會各占三分之一，約略平均分配。

Okay, and then it's supposed to be maintained throughout fiscal year '27, if that's the assumption. And then for that guidance, can we also get a little bit of an understanding of what's going to be between the energy revenue and the rest of the business?

好的，那麼假設是在整個 2027 會計年度都維持這樣的占比。另外，針對這份指引，我們也能否稍微了解一下能源營收與其他業務之間的占比會是如何？

Good question there. From a gross revenue perspective, it's going to revert. Right now, 15% is in our engineering segment, and that's going to shrink to more like 10-ish percent of our total revenue, maybe even a little less than that, with the remainder, 90-plus percent of our revenue being focused on energy and in the energy segment.

這是個好問題。從總營收（gross revenue）的角度來看，會回到原本的結構。目前我們工程事業部占 15%，而這將縮小到更接近總營收的約 10% 左右，甚至可能略低於此；其餘部分，也就是 90% 以上的營收，將聚焦在能源、並歸屬於能源事業部。

Okay, got it. And then specifically on the Mantis acquisition, because you mentioned how it was originally going to be $120 million of contract revenue.

好的，了解。接著具體談 Mantis 的收購案，因為你提到原本預期會有 1.2 億美元的合約營收。

And you mentioned that the margins were a little bit lower from a contract revenue-to-net revenue standpoint, but it's actually going to generate about $75 million of net revenue. Can you kind of give us a better understanding of what your expectations are from an organic basis, what's really going to drive the organic growth, and what's going to be that split between organic and inorganic heading into fiscal year '27 as well?

你也提到從合約營收到淨營收的角度來看，利潤率稍微低一些，但實際上將帶來約 7,500 萬美元的淨營收。你能否更進一步說明你們對有機成長的預期、究竟哪些因素會驅動有機成長，以及在邁向 2027 會計年度時，有機與無機成長的占比大概會是如何？

Sure. We don't have a bottoms-up on that yet. We're just starting our planning process for Willdan and Mantis for 2027. So we're not going to provide specific guidance on that until late February next year. But if you look historically and this trend line is continuing right now, it's a low double-digit type organic growth business. And we'd expect that for the rest of Willdan. We're seeing that right now, and we think that's going to continue. So it's similar to the rest of Willdan.

當然。我們目前還沒有做到自下而上（bottoms-up）的拆解。我們才剛開始針對 Willdan 與 Mantis 的 2027 年規劃流程。因此在明年 2 月底之前，我們不會提供這方面的具體指引。但如果你看歷史表現，而且這條趨勢線目前仍在延續，這是一個有機成長率落在低雙位數的業務。我們也預期 Willdan 其他業務會是如此。我們現在就看到這樣的情況，也認為會持續下去。

Okay, got it. And then just last question from me, specifically on the deleveraging path because it was great to get some color on reaching below 2 times by 3Q27.

好的，了解。最後一個問題，想請教去槓桿（deleverage）的路徑，因為你們提到在 2027 年第三季（3Q27）前降到 2 倍以下，這點提供了很好的資訊。

But as I'm doing the math right and we're getting to around that $100 million of free cash flow, it seems like this is a pretty conservative target. Is that why the timeline is basically the 12 months and not really close to the six to nine months? Because it seems like it's a very strong cash generating business and you can pay down that debt pretty aggressively. But is it more so you're giving yourself wiggle room to do some of those smaller tuck-ins or is there something else that I'm missing?

但我在計算時，如果自由現金流大約可到 1 億美元，看起來這個目標相當保守。這是否就是為什麼時間表是 12 個月，而不是更接近 6 到 9 個月？因為看起來這是一個現金創造能力很強的業務，你們可以相當積極地償還債務。但是否更多是因為你們想保留一些彈性，去做一些較小的補強型併購（tuck-ins），或是我還漏掉了其他因素？

Well, the cash flow is, it's not consistent throughout the year. Our first quarter tends to be a little heavier use of the cash flow and so the first quarter tends to be a little bit weaker.

嗯，現金流並不是全年都一致。我們第一季通常會比較多使用現金流，因此第一季往往會相對弱一些。

And as you'll see this year, in the past couple of years, our fourth quarter tends to be the strongest in terms of the way the cash flow goes, so that's why we're giving ourselves plenty of room there to get through the first quarter, we'll have really good cash flow this fourth quarter, so we only got two months left of that.

而且你會看到今年以及過去幾年，我們第四季在現金流表現上通常是最強的，所以我們才會在那裡給自己留出充足空間，好度過第一季。

Q1 will be a little weaker and then Q2 a little stronger and it's possible that we reach that goal in the second quarter. But again, just trying to be conservative and making.

第一季會稍微弱一些，第二季會稍微強一些，而且我們有可能在第二季就達到那個目標。但同樣地，我們只是想保守一些，並且確保。

Sure, that we've got room there, then by the third quarter, it should be solidly below the 2.0 times mark.

確保我們有足夠的空間；到了第三季，應該就會穩穩地低於 2.0 倍的水準。

Okay, understood. I appreciate the time and congrats again on the results.

好的，明白。感謝你們撥冗，也再次恭喜這次的成果。

Thank you. Great. Thanks, Stephen.

謝謝。很好。謝謝你，Stephen。

This now concludes our question-and-answer session. I would like to turn the floor back over to management for closing remarks.

現在問答環節到此結束。我想把時間交回管理層作結語。

Well, thank you for your interest in Willdan. We appreciate it very much to all our stakeholders out there. And we will talk to you in late February where we'll plan to give full year 2027 guidance.

好的，感謝各位對 Willdan 的關注。我們非常感謝所有利害關係人的支持。我們會在 2 月底再與各位交流，屆時我們計畫提供 2027 全年的完整指引。

Thanks a lot and talk to you then.

非常感謝，到時再談。

Ladies and gentlemen, thank you for your participation today. This concludes today's teleconference call. Please disconnect your lines and have a wonderful day.

各位女士、先生，感謝您今天的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。