ABM Indus (NYSE: ABM) reported second-quarter financial results on Friday. The transcript from the company's second-quarter earnings call has been provided below.

ABM Indus（纽约证券交易所代码：ABM）于周五公布了第二季度财务业绩。以下是公司第二季度财报电话会议的文字记录。

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Summary

摘要

ABM Industries reported strong Q2 2026 results with organic revenue growth of 6.1% and new sales bookings reaching a record $1.2 billion.

ABM Industries 报告称 2026 年第二季度业绩强劲， organic revenue 增长 6.1%，新销售订单达到创纪录的 12 亿美元。

Key growth areas include technical solutions and aviation, with significant contributions from the WGM Star acquisition in the semiconductor sector.

主要增长领域包括技术解决方案和航空，半导体行业的 WGM Star 收购贡献显著。

Operational improvements led to increased margins and free cash flow, with expectations for further growth in the second half of the fiscal year.

运营改善导致利润率和自由现金流增加，预计在财政年度下半年将进一步增长。

The company remains focused on reducing leverage below three times by year-end, despite maintaining strategic investments in growth areas.

尽管在增长领域保持战略投资，公司仍专注于将杠杆率降低到三倍以下，目标在年末实现。

Management highlighted positive impacts from AI initiatives and disciplined cost management, enhancing future scalability and profitability.

管理层强调了人工智能倡议和严格成本管理的积极影响，提升了未来的可扩展性和盈利能力。

Full Transcript

完整记录

OPERATOR

操作员

Greetings and welcome to the ABM Indus second quarter 2026 earnings call. this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Paul Goldberg, Senior Vice President of Investor Relations.

欢迎参加 ABM Indus 2026 年第二季度财报电话会议。此次会议所有参与者均为听众模式，问答环节将在正式演示后进行。如果在会议期间需要操作员协助，请在电话键盘上按星号 0。请注意，此会议正在录音。现在我将把电话交给您的主持人，投资者关系高级副总裁 Paul Goldberg。

Please go ahead.

请继续。

Paul Goldberg (Senior Vice President of Investor Relations)

Paul Goldberg（投资者关系高级副总裁）

Good morning everyone and welcome to ABM SECond quarter 2026 earnings call. My name is Paul Goldberg and I'm the Senior Vice President of Investor Relations at ABM. With me today are Scott Salmiers, our President and Chief Executive Officer, and David Orr, our Executive Vice President and Chief Financial Officer. Please note that earlier this morning we issued our press Release announcing our SECond quarter 2026 financial results and outlook. A copy of that release and an accompanying slide presentation can be found on our website abn.com after Scott and David's prepared remarks, we will host the Q and A session.

大家早上好，欢迎参加 ABM 2026 年第二季度财报电话会议。我是 Paul Goldberg，ABM 的投资者关系高级副总裁。今天与我一起的是我们的总裁兼首席执行官 Scott Salmiers，以及我们的执行副总裁兼首席财务官 David Orr。请注意，今天早些时候我们发布了新闻稿，宣布了 2026 年第二季度的财务业绩和前景。该新闻稿及相关幻灯片演示文稿可在我们的网站 abm.com 上找到。在 Scott 和 David 的准备发言后，我们将进行问答环节。

But before we begin, I would like to remind you that our call and presentation today contains predictions, estimates and other forward looking statements. Our words of these estimate, expect and similar expressions are intended to identify these statements and they represent our current judgment of what the future holds. While we believe them to be reasonable, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially.

但在开始之前，我想提醒您，今天的电话会议和演示文稿中包含预测、估计和其他前瞻性声明。我们使用的 “估计”、“预计” 等类似表达旨在识别这些声明，并代表我们对未来的当前判断。虽然我们认为这些判断是合理的，但这些声明本质上受到风险和不确定性的影响，可能导致我们的实际结果与预期有重大差异。

These factors are described in a slide that accompanies our presentation as well as our filings with the SEC. During the course of this call, certain non GAAP financial information will be presented. A reconciliation of historical non GAAP numbers to GAAP financial measures is available at the end of the presentation and on the company's website under the Investor tab. And with that I would like to now turn the call over to Scott. Good morning everyone and thank you for joining us to discuss ABM's SECond quarter fiscal 2026 results.

这些因素在伴随我们演示文稿的幻灯片中以及我们向 SEC 提交的文件中进行了描述。在本次电话会议期间，将会呈现某些非 GAAP 财务信息。历史非 GAAP 数字与 GAAP 财务指标的对比将在演示文稿结束时以及公司网站的投资者标签下提供。现在我将电话交给 Scott。大家早上好，感谢您加入我们讨论 ABM 2026 年第二季度的财务业绩。

We had a strong quarter. Organic revenue growth came in at 6.1% and I'm especially pleased to report that our first half new sales bookings reached $1.2 billion, a new record for ABM. Organic growth was especially strong in technical solutions and aviation, while on M and D we saw healthy underlying organic demand complemented by the WGM Star acquisition which is performing well and adding meaningfully to the segment's results. Right out of the gate.

我们度过了一个强劲的季度。organic revenue 增长为 6.1%，我特别高兴地报告，我们上半年的新销售订单达到了 12 亿美元，创下了 ABM 的新纪录。技术解决方案和航空领域的 organic growth 尤其强劲，而在 M 和 D 方面，我们看到了健康的基础 organic 需求，WGM Star 收购的表现良好，对该部门的业绩贡献显著。

Education continued to post steady growth and B&I was flat organically. B&I was impacted by the exit of a large UK client during the SECond quarter and by our decisions to exit several other clients, especially on the west coast where commercial real estate markets have yet to fully recover, creating pressure in the market. Stepping back from the top line for a moment, we also executed well operationally. Margins improved sequentially and free cash flow was up significantly in the first half compared to last year, which I'm very pleased with.

教育领域持续稳步增长，B&I 的 organic growth 持平。B&I 受到第二季度退出一家大型英国客户的影响，以及我们决定退出其他几个客户，尤其是在西海岸，商业房地产市场尚未完全复苏，给市场带来了压力。暂时从收入的角度来看，我们的运营执行也表现良好。利润率环比改善，自由现金流在上半年相比去年显著上升，这让我非常满意。

As we look ahead to the SECond half, the setup is compelling. We expect volume to ramp meaningfully in both ATS and M and D, and service mix within ATS in particular should improve as the project pipeline matures and our backlog execution ramps sequentially layered. On top of that, our cost discipline and price escalation actions are gaining traction. Taken together, we expect these drivers to produce a significant step up in both earnings and margin as we move through the back half of the year.

展望下半年，形势令人振奋。我们预计 ATS 和 M 和 D 的交易量将显著上升，尤其是 ATS 的服务组合应随着项目管道的成熟而改善，积压执行将逐步增加。此外，我们的成本控制和价格上涨措施正在取得成效。综合来看，我们预计这些驱动因素将在下半年显著提升收益和利润率。

While the near term macroeconomic environment remains dynamic, ABM operates in markets that offer a compelling combination of SECular growth opportunities in areas like energy infrastructure, semiconductors and airport modernization alongside the steady predictable revenue streams that have always been ABM's foundation. When taken together with the strong operating culture we have in place, ABM is well positioned to capture the long term growth opportunities ahead.

尽管近期宏观经济环境仍然动态变化，ABM 在能源基础设施、半导体和机场现代化等领域提供了引人注目的长期增长机会，同时也拥有稳定可预测的收入流，这一直是 ABM 的基础。结合我们强大的运营文化，ABM 在捕捉未来长期增长机会方面处于良好位置。

So let me share more. Within business and industry, the prime office recovery continues to gain traction. Although as mentioned, the market is still experiencing some softness on the West Coast, U.S. office leasing is approaching 2019 levels. Net absorption turned significantly positive in the first quarter, the strongest since 2020, and prime vacancy rates continue to tight. New supply remains extremely limited with the construction pipeline nearly 90% below its 2020 peak.

让我分享更多。在商业和工业领域，优质办公市场的复苏持续获得动力。尽管如前所述，西海岸市场仍然存在一些疲软，但美国的办公租赁接近 2019 年的水平。第一季度的净吸收量显著转正，是自 2020 年以来最强劲的，优质空置率持续收紧。新供应仍然极为有限，建筑管道几乎比 2020 年的峰值低 90%。

The flight to quality dynamic continues to favor exactly the types of prime assets where ABM is concentrated and we expect to see positive spillover into the next tier of high quality buildings. This dynamic is translating into real winds. Last year we were selected to service the new headquarters of the nation's largest bank here in New York City, and we recently followed that with a significant new facilities contract with another of the nation's leading commercial banks.

对优质资产的追求动态继续偏向于 ABM 所专注的优质资产类型，我们预计这将对下一个层级的高质量建筑产生积极的溢出效应。这一动态正在转化为实际的成果。去年，我们被选中为美国最大银行在纽约市的新总部提供服务，最近又与另一家领先的商业银行签署了一项重要的新设施合同。

These wins reflect both the strength of the office recovery and the confidence that world class clients are placing in ABM. Turning to M and D the semiconductor buildout may turn out to be one of the most compelling growth stories in American manufacturing in 21st century. Over 645 billion in private investment has been announced across 140 plus projects since 2020, with major commitments from companies such as TSMC, Micron, Intel, Samsung and Texas Instruments.

这些胜利反映了办公市场复苏的强劲以及世界级客户对 ABM 的信心。转向半导体领域，半导体建设可能成为 21 世纪美国制造业最引人注目的增长故事之一。自 2020 年以来，已宣布超过 6450 亿美元的私人投资，涉及 140 多个项目，主要承诺来自于台积电、美光、英特尔、三星和德州仪器等公司。

The WGM Star acquisition has significantly strengthened our presence in semiconductor fabrication environments and the benefits are already becoming evident during the SECond quarter we SECured tens of millions of dollars in new business and delivered high double digit organic revenue growth across our semiconductor market and beyond. Semiconductors, e commerce growth and U.S. Manufacturing reshoring continue to support healthy demand across the segment which will continue to benefit.

WGM Star 的收购显著增强了我们在半导体制造环境中的存在，收益已经在第二季度显现，我们获得了数千万美元的新业务，并在我们的半导体市场及其他领域实现了高双位数的有机收入增长。半导体、电子商务增长和美国制造业回流继续支持该领域的健康需求，这将继续带来益处。

In aviation, the fundamentals remain strong. TSA throughput is running close to 3 million passengers per day and leisure demand remains robust. Airport infrastructure investment is at elevated levels as aging terminals drive a sustained modernization pipeline and our recent wins at Orlando International, Miami International and LaGuardia Terminal B reflect the strength of that pipeline. While rising fuel costs will likely create some near term challenges for our airline clients, the long term trajectory of this business is positive and our pipeline of new opportunities continues to evolve.

在航空领域，基本面依然强劲。TSA 的通行量接近每日 300 万名乘客，休闲需求保持强劲。机场基础设施投资处于高位，老化的航站楼推动了持续的现代化管道，而我们在奥兰多国际机场、迈阿密国际机场和拉瓜迪亚 B 航站楼的近期胜利反映了这一管道的强劲。尽管燃料成本上升可能会给我们的航空客户带来一些短期挑战，但这一业务的长期发展趋势是积极的，我们的新机会管道也在不断演变。

In education, the numbers tell a compelling story. K12 schools in this country average 49 years in age. There is an $85 billion annual funding gap for repair and modernization and higher education construction spending in that area continues at near record levels. These dynamics should create durable long term demand for ABM services. Our strong retention rates and ABM performance solutions offering position us to capture an increasing share of this opportunity and our recently awarded $25 million Detroit Public Schools contract is a tangible demonstration of and in technical solutions the tailwinds are as strong as we have seen nationwide, battery

在教育领域，数据讲述了一个引人注目的故事。美国的 K12 学校平均年龄为 49 年。每年有 850 亿美元的修复和现代化资金缺口，而高等教育建设支出在该领域仍接近创纪录水平。这些动态应该会为 ABM 服务创造持久的长期需求。我们强劲的客户留存率和 ABM 绩效解决方案的提供使我们能够捕捉到这一机会的越来越大份额，而我们最近获得的 2500 万美元底特律公立学校合同就是一个具体的证明。

storage installations were up 52% in 2025, AI is accelerating data center construction at double digit pace globally and micro grids are becoming essential infrastructure for the modern electric grid. This is precisely where ATS is most differentiated, sitting at the interSECtion of energy resiliency, electrification and AI infrastructure. Another recent micro grid win with a major big box retailer along with a variety of other energy storage and infrastructure projects booked this quarter are proof points of what we believe will be a multi year growth cycle for this segment.

在技术解决方案方面，电池储存安装在 2025 年增长了 52%，人工智能正在全球以双位数的速度加速数据中心建设，微电网正成为现代电网的基础设施。这正是 ATS 最具差异化的地方，处于能源韧性、电气化和人工智能基础设施的交汇点。与一家大型零售商的另一项微电网胜利，以及本季度预订的各种其他能源储存和基础设施项目，证明了我们相信这一领域将进入多年的增长周期。

Now, looking specifically at the remainder of the year, we expect strong results in technical solutions driven by higher volume and improved mix. M and D is also expected to deliver robust results as new business continues to come online and WGM Star ramps up. Education will continue to be solid. B&I revenue will likely moderate in the back half of the year due to client exits, including the large UK client I previously discussed. And in aviation, while air travel demand remains robust, we are watching the potential impact of rising fuel costs on our airline clients.

现在，展望今年剩余时间，我们预计技术解决方案将因更高的交易量和改善的组合而取得强劲业绩。M 和 D 也预计将交付强劲的结果，因为新业务持续上线，WGM Star 逐步提升。教育领域将继续保持稳健。由于客户退出，包括我之前提到的大型英国客户，B&I 收入在下半年可能会有所减缓。在航空领域，尽管航空旅行需求依然强劲，我们正在关注燃料成本上升对航空客户的潜在影响。

Overall, though our end markets remain largely constructive and we continue to closely monitor the evolving macroeconomic environment. We remain focused on reducing leverage to below three times, maintaining a disciplined approach to capital allocation and executing against our full year outlook as we operate with focused and financial discipline. With that, I'll turn it over to David.

总体而言，尽管我们的最终市场仍然大体向好，我们继续密切关注不断变化的宏观经济环境。我们仍然专注于将杠杆降低到三倍以下，保持对资本配置的严格管理，并根据我们的全年展望进行执行，以保持专注和财务纪律。接下来，我将把时间交给 David。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Thanks Scott and good morning everyone. Let's start on slide 6. Revenue grew 8.4% year over year to a SECond quarter record of 2.3 billion, driven by 6.1% organic growth and a 2.3% contribution from acquisitions, primarily WGM Star Consolidated. Organic Growth was the strongest we've delivered since Q3 of 2022 with technical solutions and Aviation leading the way by segment. Technical Solutions grew revenue 27%, aviation was up 20% and manufacturing and distribution grew 17%.

谢谢 Scott，大家早上好。让我们从第 6 页开始。收入同比增长 8.4%，达到 23 亿美元的第二季度记录，主要得益于 6.1% 的有机增长和 2.3% 的收购贡献，主要是 WGM Star 的合并。有机增长是自 2022 年第三季度以来我们交付的最强劲的，技术解决方案和航空领域在各个细分市场中领先。技术解决方案的收入增长了 27%，航空增长了 20%，制造和分销增长了 17%。

Education grew 2% while B& I was essentially flat. Overall, we remain pleased with the growth trajectory of the business, reflecting the resiliency and diversity of our end markets as well as our investments in sales, talent and industry expertise which helped deliver record first half new sales bookings of 1.2 billion. Turning to Slide 7, net income for the quarter was 43.1 million or $0.73 per diluted share, compared to 42.2 million or $0.67 per diluted share in the prior year period.

教育增长了 2%，而 B&I 基本持平。总体而言，我们对业务的增长轨迹感到满意，反映了我们最终市场的韧性和多样性，以及我们在销售、人才和行业专业知识方面的投资，这些投资帮助我们实现了上半年创纪录的新销售订单 12 亿美元。转到第 7 页，本季度净收入为 4310 万美元，或每股稀释收益 0.73 美元，而去年同期为 4220 万美元，或每股稀释收益 0.67 美元。

Adjusted net income was 52.9 million or $0.90 per diluted share versus 54.1 million or $0.86 per diluted share last year. These year over year changes primarily reflect higher interest and amortization expense offset by lower tax expense and corporate costs per share measured were boosted by our recent share repurchase activities. Adjusted EB&ITDA increased 5.8 million over the prior year to 1 31.7 million. Segment operating margin increased 20 basis points sequentially to 7.3% on a year over year basis.

调整后的净收入为 5290 万美元，或每股稀释收益 0.90 美元，而去年为 5410 万美元，或每股稀释收益 0.86 美元。这些同比变化主要反映了更高的利息和摊销费用，部分被较低的税费和每股公司成本抵消。每股收益因我们最近的股票回购活动而有所提升。调整后的 EBITDA 较去年增加 580 万美元，达到 3170 万美元。各个细分市场的经营利润率同比增加 20 个基点，达到 7.3%。

Segment margin decreased 60 basis points, primarily reflecting the impact of contracts that came online last year in M and D and B and I, as well as higher amortization expense related to the WGM Star acquisition. We expect healthy sequential margin improvement in the third and fourth quarters driven by improved mix in ATS and our ongoing price escalation and cost actions. Now let's turn to segment performance beginning with slide 8. B&I revenue was essentially flat with last year at 1 billion.

细分利润率下降了 60 个基点，主要反映了去年在 M 和 D 以及 B 和 I 领域上线的合同的影响，以及与 WGM Star 收购相关的更高摊销费用。我们预计在第三和第四季度，由于 ATS 的改善组合以及我们持续的价格上涨和成本措施，利润率将健康地逐季改善。现在让我们开始讨论细分业绩，从第 8 页开始。B&I 的收入与去年基本持平，为 10 亿美元。

This performance was driven by overall strength in our UK markets, partially offset by the mid quarter exit of a large UK based client and the impact of certain other client exits, particularly on the west coast. Looking forward, we expect growth to moderate in the back half of the year, primarily due to the full run rate impact of the previously mentioned client exits. Operating profit was $76.7 million and margin was 7.6% compared to $83 million and 8.2% respectively last year.

这一业绩主要受到我们英国市场整体强劲表现的推动，部分被一家大型英国客户在季度中期退出的影响所抵消，以及其他一些客户退出的影响，尤其是在西海岸。展望未来，我们预计下半年的增长将放缓，主要是由于之前提到的客户退出的全面影响。运营利润为 7670 万美元，利润率为 7.6%，而去年分别为 8300 万美元和 8.2%。

This margin change primarily reflects shifts in contract mix along with increased investments in sales resources to support long term growth. Margin improved 10 basis points sequentially as we continue to make progress on our cost and price escalation actions. Aviation revenue grew 20% to $310.8 million supported by healthy travel demand and the ramp of new contract wins, particularly our new Heathrow contract. Looking to the back half of the year, organic growth will remain strong but moderate from Q2 as we anniversary several large contracts that were brought on in Q3 of last year.

这一利润率变化主要反映了合同组合的变化，以及为支持长期增长而增加的销售资源投资。利润率在季节性上提高了 10 个基点，因为我们在成本和价格上涨措施上持续取得进展。航空收入增长了 20%，达到 3.108 亿美元，得益于健康的旅行需求和新合同的增加，特别是我们新的希思罗合同。展望下半年，尽管有机增长将保持强劲，但与第二季度相比将有所放缓，因为我们将迎来去年第三季度上线的几份大型合同的周年。

Operating profit was $16.3 million with a margin of 5.3% compared to $16.5 million and 6.3% last year. Profit and margin were pressured by incremental weather related cost, certain contract scope changes and TSA driven operational disruptions during the quarter as well as by ramp up costs for the new Heathrow contract. Turning to slide 9M&D generated $463.8 million in revenue, a 17% increase year over year including organic growth of 7% and 9% growth from the WGM Star acquisition.

运营利润为 1630 万美元，利润率为 5.3%，而去年分别为 1650 万美元和 6.3%。利润和利润率受到天气相关的额外成本、某些合同范围变更以及季度内由 TSA 驱动的运营中断的压力，以及新希思罗合同的启动成本。转到第 9 页，M&D 的收入为 4.638 亿美元，同比增长 17%，其中有机增长为 7%，WGM Star 收购带来的增长为 9%。

The strong organic growth was driven by recent contract wins, particularly in the technology SECtor along with continued client expansions across the segment. Operating profit was 40.6 million with a margin of 8.8% compared to 39.9 million and 10% last year. As anticipated, margin increased 20 basis points sequentially on a year over year basis. The margin change reflects the mix of newer contracts SECured last year that are helping to drive organic growth.

强劲的有机增长得益于最近的合同赢得，特别是在技术领域，以及该细分市场持续的客户扩展。运营利润为 4060 万美元，利润率为 8.8%，而去年分别为 3990 万美元和 10%。如预期，利润率在同比基础上季节性提高了 20 个基点。利润率的变化反映了去年获得的新合同组合，这些合同有助于推动有机增长。

Margin was also impacted by 4 million in incremental amortization expense connected with the WGM Star acquisition. Excluding incremental amortization, margin was 9.6% which we believe better reflects the underlying long term earnings, power and margin profile of the segment. Education revenue rose 2% to $232.2 million primarily driven by escalations. The segment delivered strong operating performance with operating profit increasing 19% to 16.4 million and margin expanding 100 basis points to 7%.

利润率还受到与 WGM Star 收购相关的 400 万美元额外摊销费用的影响。排除额外摊销后，利润率为 9.6%，我们认为这更好地反映了该细分市场的长期盈利能力和利润率特征。教育收入增长 2%，达到 2.322 亿美元，主要得益于价格上涨。该细分市场的运营表现强劲，运营利润增长 19%，达到 1640 万美元，利润率扩大 100 个基点，达到 7%。

This improvement was driven by enhanced labor efficiency and effective escalation management. Our education team continues to execute at a high level and win meaningful new business such as a large ABM Performance Solutions contract from the Detroit Public School System which will come fully online in the fourth quarter. We also expanded our scope with the University of Miami, a long standing and important client. Looking ahead, we expect margin to improve in the third quarter which is always a seasonally strong period for education technical solutions.

这一改善得益于劳动效率的提高和有效的价格管理。我们的教育团队继续高效执行，并赢得了重要的新业务，例如来自底特律公立学校系统的大型 ABM 绩效解决方案合同，该合同将在第四季度全面上线。我们还扩大了与迈阿密大学的合作范围，这是一家长期且重要的客户。展望未来，我们预计在第三季度利润率将改善，这一季度通常是教育技术解决方案的季节性强劲期。

Second quarter revenue was 267.3 million up 27% year over year including 22% organic growth and 6% from acquisitions. Organic growth reflected robust activity in our data center markets as well as strong growth in battery energy storage system and HVAC project activity. Additionally, we booked significant new microgrid business in the SECond quarter with a major big box retailer which supports our expectations for a strong SECond half. In terms of revenue and mix, operating profit was 16.8 million with a margin at 6.3% compared to 13.4 million and 6.4% last year.

第二季度收入为 2.673 亿美元，同比增长 27%，其中有机增长为 22%，收购带来的增长为 6%。有机增长反映了我们数据中心市场的强劲活动，以及电池储能系统和 HVAC 项目活动的强劲增长。此外，我们在第二季度与一家大型零售商签订了重要的新微电网业务，这支持了我们对下半年强劲表现的预期。在收入和组合方面，运营利润为 1680 万美元，利润率为 6.3%，而去年分别为 1340 万美元和 6.4%。

The increase in profit was driven by significant volume growth margin primarily reflected service mix that was less weighted to design and engineering and more weighted to equipment intensive infrastructure, project services as well as ongoing investments in growth. We expect the service mix to improve in the back half of the year as has been our historical performance cadence within technical solutions. Now turning to Slide 10, we ended the quarter with total indebtedness of 1.9 billion, including 23 million in standby letters of credit.

利润的增长主要得益于显著的量增长，利润率主要反映了服务组合的变化，设计和工程的比重较小，而设备密集型基础设施项目服务的比重较大，以及持续的增长投资。我们预计服务组合将在下半年改善，这与我们在技术解决方案中的历史表现节奏一致。现在转到第 10 页，我们在季度末的总债务为 19 亿美元，其中包括 2300 万美元的备用信用证。

Our total debt to pro forma adjusted Debitda ratio was 3.2 times. Available liquidity stood at 614 million, including 95 million in cash and cash equivalents. As expected, the WGM Star acquisition pushed leverage above three times in the SECond quarter and we expect to work it back down under three times by the end of our fiscal year. Second quarter cash from operations was 66.2 million and free cash flow was 22.4 million. For the first six months, cash flow from operations was 1.28.2 million and free cash flow Was $71.2 million versus a use of cash of $73.9 million and negative free cash flow of $107.8 million in the prior year period.

我们的总债务与经调整的 EBITDA 比率为 3.2 倍。可用流动资金为 6.14 亿美元，其中包括 9500 万美元的现金及现金等价物。正如预期，WGM Star 收购使得第二季度的杠杆率超过了 3 倍，我们预计在财年结束前将其降回 3 倍以下。第二季度的经营现金流为 6620 万美元，自由现金流为 2240 万美元。在前六个月，经营现金流为 1.282 亿美元，自由现金流为 7120 万美元，而去年同期的现金使用为 7390 万美元，自由现金流为负 10780 万美元。

This year over year improvement of approximately $180 million during the first six months was driven by strong working capital management efforts and continued progress on our ERP stabilization. Now turning to capital allocation, as mentioned, we're focused on reducing our leverage below three times and as such our near term priority is debt repayment but will remain flexible as potential value creation opportunities present themselves. At quarter end, $89 million remained under our existing authorization.

在前六个月约 1.8 亿美元的同比改善是由于强劲的营运资本管理努力和我们 ERP 稳定化的持续进展。现在转向资本配置，正如所提到的，我们专注于将杠杆率降低到 3 倍以下，因此我们近期的优先事项是偿还债务，但在潜在的价值创造机会出现时将保持灵活。季度末，现有授权下剩余 8900 万美元。

Interest expense in the quarter was $28.1 million, up $4.2 million from last year, reflecting larger average debt balances driven by our WGM Star acquisition. Turning to our fiscal 2026 outlook on Slide 11, as Scott noted, while we remain encouraged by the relative health of our end markets, we're mindful of broader economic uncertainty. Accordingly, we're maintaining our previously communicated fiscal 2026 adjusted EPS outlook. As a reminder, our full year Organic revenue growth outlook is 3 to 4% and we now expect to be toward the higher end of that range.

本季度的利息支出为 2810 万美元，比去年增加 420 万美元，反映出由于我们收购 WGM Star 而导致的平均债务余额增加。转向我们 2026 财年的展望，如 Scott 所提到的，尽管我们对终端市场的相对健康感到鼓舞，但我们也意识到更广泛的经济不确定性。因此，我们维持之前沟通的 2026 财年调整后每股收益展望。作为提醒，我们全年有机收入增长展望为 3% 到 4%，我们现在预计将处于该范围的高端。

Aviation, M and D and Technical Solutions are expected to grow above that range, while B&I and Education are projected to be below that range. The WGM Star acquisition is expected to deliver approximately one additional point of revenue growth, bringing total growth to the high end of our 4% to 5% range. Segment operating margin is expected to be toward the low end of our range of 7.8 to 8% for fiscal 2026 with margin expansion weighted toward the back half of the year, primarily driven by improved mix and volume in ATS.

航空、M 和 D 以及技术解决方案预计将超过该范围，而 B&I 和教育预计将低于该范围。WGM Star 的收购预计将带来大约一个百分点的收入增长，使总增长达到我们 4% 到 5% 范围的高端。预计 2026 财年各部门的运营利润率将处于 7.8% 到 8% 范围的低端，利润率扩张主要集中在下半年，主要受益于 ATS 的改善组合和销量。

Interest expense is now forecast to be approximately 110 million driven by higher than forecasted interest rates. We plan to offset this headwind with additional cost actions. Our normalized tax rate before any discrete items, including the possible extension of the Work Opportunity Tax Credit Program is still expected to be 29 to 30%. We feel good about our progress generating cash and are confident in our expectations. And as a reminder, we expect free cash flow of approximately $250 million in 2026 before the impact of transformation and integration costs, the final ravenvolt earnout and any incremental restructuring.

现在预计利息支出将达到约 1.1 亿美元，原因是利率高于预期。我们计划通过额外的成本措施来抵消这一不利因素。在不考虑任何特殊项目（包括可能延长的工作机会税收抵免计划）的情况下，我们的正常税率仍预计为 29% 到 30%。我们对现金生成的进展感到满意，并对我们的预期充满信心。作为提醒，我们预计 2026 年的自由现金流约为 2.5 亿美元，未考虑转型和整合成本、最终的 ravenvolt 收益和任何额外的重组费用。

Putting it all together, we continue to expect full year adjusted EPS to be in the range of $3.85 to $4.15. In addition, we've been actively implementing operational and process improvements to our insurance program over the last six months. We believe these changes will ultimately enable us to better predict the end year impact of prior year self insurance adjustments. As such, our full year fiscal 2026 outlook no longer excludes the expected impacts of such adjustments, which we believe provides greater predictability and transparency in our outlook going forward.

综合来看，我们继续预计全年调整后每股收益将在 3.85 美元到 4.15 美元之间。此外，在过去六个月中，我们积极实施了对保险计划的运营和流程改进。我们相信这些变化最终将使我们更好地预测前一年自保调整的年末影响。因此，我们 2026 财年的展望不再排除这些调整的预期影响，我们认为这将为我们未来的展望提供更大的可预测性和透明度。

And with that, I'll hand it back over to Scott for closing remarks.

那么，我将把时间交还给 Scott 进行结束发言。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Thanks David. In closing, I'm pleased with where ABM stands. We are growing, we are generating cash and our end markets are largely constructive. We have more work to do, particularly in driving consistent margin improvement. But the trajectory is positive and the back half of the year gives us real opportunity to demonstrate that we remain disciplined stewards of capital. Near term that means staying focused on deleveraging. Longer term it means continuing to shape our portfolio and invest in areas where ABM can become a more integrated and important supplier to our clients and generate the most shareholder value.

谢谢你，David。最后，我对 ABM 的现状感到满意。我们在增长，我们在产生现金，我们的终端市场大体上是积极的。我们还有更多的工作要做，特别是在推动持续的利润改善方面。但发展轨迹是积极的，下半年的机会让我们能够展示我们仍然是资本的有序管理者。短期内，这意味着专注于去杠杆化。长期来看，这意味着继续塑造我们的投资组合，并在 ABM 可以成为客户更为综合和重要的供应商的领域进行投资，从而创造最大的股东价值。

Lastly, I want to take a moment to thank our team. More than 100,000 people show up every day and deliver for our clients and their commitment is what makes ABM's long term story possible. With that we'll open up the line for questions.

最后，我想花一点时间感谢我们的团队。每天有超过 10 万人为我们的客户提供服务，他们的承诺使 ABM 的长期故事成为可能。接下来，我们将开放提问环节。

OPERATOR

操作员

Thank you. If you'd like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key.

谢谢。如果您想提问，请在电话键盘上按星号 1。确认音将表示您的线路已进入提问队列。如果您想将问题从队列中移除，可以按星号 2。对于使用扬声器设备的参与者，可能需要在按星号键之前先拿起听筒。

To allow for as many questions as possible, we ask that you each keep one question and one follow up. Thank you. Our first question comes from the line of Tim Mulrooney with William Blair, please. Your question,

为了让尽可能多的问题得到回答，我们要求每位参与者保持一个问题和一个后续问题。谢谢。我们的第一个问题来自 William Blair 的 Tim Mulrooney，请问您的问题。

Tim Mulrooney (Equity Analyst)

Tim Mulrooney（股票分析师）

Scott. David, good morning. Morning. So I wanted to ask about your power solutions business here, which seems to be running pretty hot right now with more micro grid activity, I guess expected in the back half here. But on the second quarter specifically, were there any really large projects in there like the battery storage system or anything else that had a significant contribution to that 22% organic growth number we saw in the quarter?

Scott，David，早上好。早上好。我想问一下你们的电力解决方案业务，目前似乎运行得相当火热，预计下半年会有更多微电网活动。但具体到第二季度，是否有任何大型项目，比如电池储能系统，或者其他对我们在季度中看到的 22% 的有机增长数字有显著贡献的项目？

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Yeah. Hey, Tim, it's David. Thanks for the question. We did have a really good quarter on the battery energy storage side. There was a couple of large projects as you mentioned. And you know, those projects carry a little bit different profile. Right. They're heavy on equipment, heavy on infrastructure, and the margins are a little less just because you've got so much equipment going into the jobs. But we see that momentum continuing on not only those jobs in the second half, but really ramping up our more traditional microgrid work for switchgear and generators in the second half as well.

是的，Tim，我是 David。谢谢你的提问。我们在电池储能方面的季度表现非常好。正如你提到的，有几个大型项目。而且，这些项目的特征略有不同。对吧？它们在设备和基础设施方面投入较大，利润率相对较低，因为项目中涉及了大量设备。但我们看到这种势头不仅在下半年继续，实际上还会加大我们更传统的微电网工作，包括开关设备和发电机的工作。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Yeah, and Tim, just to just give you a little more build out on that and I'll go super high level on this, but when you look at our ATS project work, you can almost think of it in two phases. It's like the design and the engineering and then it's the turning the wrenches part. And the turning the wrenches part is lower margin than designing and engineering. So when you look at the mix for this quarter, when you look at margin, we were heavily weighted towards the turning of the wrenches part.

是的，Tim，我再给你补充一点，从高层次来看，当你看我们的 ATS 项目工作时，可以将其视为两个阶段。一个是设计和工程，另一个是实际施工。实际施工的利润率低于设计和工程。因此，当你看这个季度的组合时，利润率方面，我们在实际施工的部分占比很大。

And we think in the back half. Well, we know in the back half we're going to have a lot more of the designing and engineering and you'll see the margins ramp in the back half, if that helps a little bit. Yeah, that's really helpful. That was actually my other question I was going to ask about the margin trajectory in the mix, but I appreciate

我们认为在下半年，我们会有更多的设计和工程工作，你会看到下半年的利润率上升，如果这对你有所帮助的话。是的，这非常有帮助。实际上，我本来还想问关于利润率轨迹和组合的问题，但我很感激。

Tim Mulrooney (Equity Analyst)

Tim Mulrooney（股票分析师）

the color there, Scott.

谢谢你的解释，Scott。

Thank you. And David, maybe I'll follow up with something else in technical solutions. I Noticed in your slides you highlighted higher H Vac project activity in the quarter. Now H Vac technicians we all know right now are in such a high demand nationwide for data center construction projects.

谢谢你。大卫，也许我会在技术解决方案方面跟进一些其他问题。我注意到你在幻灯片中强调了本季度更高的暖通空调项目活动。我们都知道，目前暖通空调技术人员在全国范围内对数据中心建设项目的需求非常高。

I'm curious if you're seeing more work kind of crop up in the building environment on the retrofit side because perhaps some other companies that you'd normally compete with on these jobs are now just solely focused on new data center construction. Are you seeing more opportunities open up?

我很好奇你是否看到在建筑环境中，改造方面的工作有所增加，因为可能有一些你通常会在这些工作中竞争的公司现在只专注于新的数据中心建设。你是否看到更多的机会出现？

David Orr (Executive Vice President and Chief Financial Officer)

大卫·奥尔（执行副总裁兼首席财务官）

I would say we're strong across the board. I don't think we're seeing one particular segment versus the other. Obviously data centers are really strong, but I think we're seeing it kind of broad based right now. Tim.

我会说我们在各个领域都很强劲。我认为我们没有看到某个特定领域比其他领域更强。显然，数据中心非常强劲，但我认为我们现在看到的是一种广泛的增长。蒂姆。

Tim Mulrooney (Equity Analyst)

蒂姆·穆尔罗尼（股票分析师）

Okay, thank you.

好的，谢谢。

OPERATOR

操作员

Thank you. Our next question comes from the line of Jasper Biff with Truist Securities. Please proceed with your question.

谢谢。我们的下一个问题来自 Truist 证券的贾斯珀·比夫。请继续提问。

Jasper Biff (Equity Analyst)

贾斯珀·比夫（股票分析师）

Hey, good morning guys. I know you raised the organic growth quite a bit today. Still implies like a little bit of deceleration in the back half of the year. It sounds like at the segment level things are mostly running ahead of that range with the exception of BNI due to some client exits. I guess I'm wondering if the flat growth in the second quarter reflects the full impact of those client exits in bni or maybe the segment would decelerate a bit more in the next two quarters.

早上好，大家。我知道你们今天大幅提高了有机增长的预期。但这仍然暗示下半年会有一些减速。听起来在各个细分市场，除了由于一些客户退出而导致的 BNI，其他方面的情况大多超出了这个范围。我想知道第二季度的平稳增长是否反映了 BNI 客户退出的全部影响，或者这个细分市场在接下来的两个季度可能会进一步减速。

Thank you.

谢谢。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Hey Jasper, you're calling from a bad line. Maybe you could just repeat that question. Hopefully it'll come across clearer. We hardly heard it,

嘿，贾斯珀，你的电话线路不好。也许你可以重复一下那个问题。希望能更清楚地传达。我们几乎听不见。

Sorry. Hopefully this is better. Yeah. Okay, great. Okay. Yeah, so my question was on bni. You mentioned some client exits in the quarter. I was wondering if the flat growth in the second quarter reflected the full impact of the client exits. Or maybe the segment would decelerate a bit more in the next two quarters as you, I guess, see the full impact of the exits you talked about. Yeah, maybe I'll just break down BNI for you. I think the majority of the pressure that we're seeing was that the TFL exit that we talked about and that was pretty significant.

抱歉。希望这次好一些。是的，好的，太好了。我的问题是关于 BNI 的。你提到在本季度有一些客户退出。我想知道第二季度的平稳增长是否反映了客户退出的全部影响。或者这个细分市场在接下来的两个季度可能会进一步减速，因为你们可能会看到你们所提到的退出的全部影响。是的，也许我可以为你详细分析一下 BNI。我认为我们看到的压力主要来自我们提到的 TFL 退出，这个影响相当显著。

And then the other part of it that we talked about a little bit was the West Coast. And maybe I'll just give you a little bit more background on the way we see that market and what's going on. And if you were to look at vacancy rates in cities like LA, San Francisco, Seattle, to give you context, they're probably two or three times worse than New York City. If you were to think about those markets, think west coast is kind of tech heavy, whereas east coast is banking legal.

然后我们提到的另一个部分是西海岸。也许我可以给你更多关于我们如何看待那个市场以及发生了什么的背景。如果你查看洛杉矶、旧金山、西雅图等城市的空置率，给你一个背景，它们可能是纽约市的两到三倍。如果你考虑这些市场，西海岸相对技术密集，而东海岸则是银行和法律。

And from a Return to work standpoint also, as you guys know, like west coast, when it comes to the tech sector, they're not returning to work the same way financial services and legal is. So we're seeing pressure in those markets. And what ends up happening with that pressure is competitors will start, especially when it's prolonged the way it's been prolonged for the LAst couple of years. Competitors start making pricing decisions and margin decisions that just don't meet our economic thresholds.

从复工的角度来看，正如你们所知道的，西海岸在技术行业方面，他们的复工情况与金融服务和法律行业并不相同。因此，我们在这些市场上看到压力。随着这种压力的持续，竞争对手开始做出定价和利润决策，这些决策并不符合我们的经济标准。

And I'll just tell you, I've seen this before in my long career at ABM and this stuff. It tends to be episodic and it's not sustainable. So we see it waning over time. But right now we're seeing some of that pressure. And if I were to distinguish this quarter versus LAst year when we made some strategic decisions for us, we have to see a path to profitability. It has to be a highly strategic account. Those were the dynamics in Q3 of LAst year versus what we're seeing now.

我可以告诉你，我在 ABM 的漫长职业生涯中见过这种情况。这种情况往往是偶发的，并且不可持续。因此，我们看到这种压力随着时间的推移而减弱。但现在我们确实看到了一些压力。如果我将这个季度与去年第三季度进行区分，当时我们做出了一些战略决策，我们必须看到盈利的路径。它必须是一个高度战略性的账户。这些是去年第三季度与我们现在看到的情况之间的动态。

So we made these decisions. We're actually happy about the decisions we made on the exits because what you will see in BNI in the second half is our operating margins flex up and we feel that's really important.

因此，我们做出了这些决策。我们实际上对我们在退出方面所做的决策感到满意，因为你将在下半年看到 BNI 的运营利润率上升，我们认为这非常重要。

David Orr (Executive Vice President and Chief Financial Officer)

大卫·奥尔（执行副总裁兼首席财务官）

And Jasper, I'll just one more bit of color on that looking forward for BI, the TFL exits accounts for about 300 basis points of growth impact for BI in the back half. So when we talk about the proportion of the impacts, it's clearly the majority of that's going to be because of that contract exit.

贾斯珀，我再补充一点关于 BI 未来的情况，TFL 的退出对 BI 下半年的增长影响约为 300 个基点。因此，当我们谈论影响的比例时，显然大部分影响将是由于该合同的退出。

Thanks. And then could you maybe provide a bit more detail on where you're at with the ERP at this point? What kind of margin opportunity you think you have there with ERP in place and running in I think three of your five segments at this point? Yep, you're right. Three of five on the platform. We're in the planning phases for the last couple segments and you know, based on all the things we learned from the first go lives, we'll be taking that into consideration.

谢谢。那么你能否提供更多关于你们目前 ERP 进展的细节？你认为在 ERP 实施并在你们的五个细分市场中的三个市场运行时，你们在那里的利润机会是什么？是的，你说得对，三个市场在平台上。我们正在为最后几个细分市场进行规划，你知道，基于我们从第一次上线中学到的所有东西，我们会考虑这些。

I think the, I think the opportunities lie ultimately in scalability. You know, what we anticipate paid from an AI perspective and you know, how we, how we load contracts in, how we process the invoicing, you know, our efficiencies in collecting cash. So, you know, we're mindful of that. But first things first is just getting the planning done for the next groups and we'll provide clarity to that in a future call.

我认为，机会最终在于可扩展性。你知道，我们预期从 AI 的角度获得的收益，以及我们如何加载合同，如何处理发票，我们在收款方面的效率。因此，你知道，我们对此保持警惕。但首先要做的就是为下一组完成规划，我们将在未来的电话中提供清晰的信息。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Yeah, and kind of, I would just say what I'm excited about in Terms of getting done with the ERP is we're just going to have a clean data set. And when you think about AI and all the leverage, you know, you, it's so important to have clean data to leverage your tool set on. And we're heading in that direction. And I think you're going to see some meaningful opportunities in 2027, 2028.

是的，我想说的是，我对完成 ERP 感到兴奋的是，我们将拥有一个干净的数据集。当你考虑 AI 和所有杠杆时，拥有干净的数据以利用你的工具集是非常重要的。我们正在朝这个方向前进。我认为你将在 2027 年和 2028 年看到一些有意义的机会。

As our data set matures, as our AI matures, we see there's just a lot of Runway in what we're going to be able to do with scheduling and workforce management. I mean, there's a lot of exciting initiatives coming and you know, we always feel like it can't come soon enough. But we're, we're mindful of the pace and the balance. We're, we're in a long term situation here.

随着我们的数据集成熟，随着我们的人工智能成熟，我们看到在调度和劳动力管理方面还有很多潜力。我是说，很多令人兴奋的举措即将到来，你知道，我们总是觉得这些事情来得太慢。但我们也意识到节奏和平衡的重要性。我们处于一个长期的局面。

Jasper Biff (Equity Analyst)

贾斯珀·比夫（股票分析师）

Got it. Thank you for taking the questions, guys.

明白了。谢谢你们回答我的问题，大家。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Thank you.

谢谢。

OPERATOR

操作员

Thank you. Our next question comes from line of Andy Whitman with Baird. Please proceed with your question.

谢谢。我们的下一个问题来自贝尔德的安迪·惠特曼。请继续提问。

Andy Whitman (Equity Analyst)

安迪·惠特曼（股票分析师）

Great. Good morning and thank you for taking my questions. Guys, I wanted to first ask about the, I guess the standby generator microgrid work that you're doing at the retailers. You've had a large retailer that has been working with you guys to install these for several years now.

很好。早上好，感谢你们回答我的问题。大家，我想首先问一下你们在零售商那里进行的备用发电机微电网工作。你们有一家大型零售商与您合作，已经安装这些设备好几年了。

I think you're on at least, I know you're on your, at least your second, maybe your third kind of tranche of stores that that, that legacy retailer that you've been working with has given you. It sounded like, I guess I heard here that there's a, there's a new large retailer that signed you up.

我想你们至少已经进入了，至少是第二批，可能是第三批那家与您合作的传统零售商所提供的商店。听起来，我在这里听到有一家新的大型零售商与您签约。

And so I'm just trying to understand now that we've got two of these kind of where they are in terms of installing these types of things on their stores, both for the legacy and how much you have with this new customer and how you're thinking, Scott, about the long term with this customer. Obviously you need to deliver quality work and all of that. But is this the beginning or is this new one? Are you expecting that it's likely to have phases as well.

所以我只是想了解一下，现在我们有这两家零售商，它们在其商店安装这些设备的进展如何，无论是对于传统零售商还是对于这位新客户，以及斯科特，你对这位客户的长期规划是怎样的。显然，你需要提供高质量的工作等等。但这是一个开始，还是这个新客户也会有阶段性？

Thank you.

谢谢。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Thanks. Look, I would just say kind of high level, Andy. Like we think there's just a lot more Runway in the microgrid business. And it's for us, it's not necessarily customer by customer. And the big trip is having customer concentration, which you don't want to have. So we're very focused from a business development standpoint of spanning out and strategically going after a broader range of clients.

谢谢。安迪，我想说的是，从高层来看，我们认为微电网业务还有很多潜力。对我们来说，这并不一定是逐个客户的情况。最大的挑战是客户集中度，这是我们不希望出现的。因此，我们非常专注于从业务发展角度出发，拓展并战略性地争取更广泛的客户群。

So it's not about like one or two clients for us, for the long term, although right now we are heavily weighted to 1 and 2. But we're growing out of that and we're optimistic about what the next year or two is going to bring in terms of again broadening that perspective. But with these other clients we see really good Runway in their portfolio and their programs.

所以对我们来说，并不是关于一两个客户的长期关系，尽管目前我们确实在 1 和 2 这方面占比较重。但我们正在摆脱这种情况，并对未来一两年将带来的变化感到乐观，尤其是在拓宽视野方面。但与这些其他客户的合作中，我们看到他们的投资组合和项目中有很好的潜力。

David Orr (Executive Vice President and Chief Financial Officer)

大卫·奥尔（执行副总裁兼首席财务官）

Okay, got it. I guess my follow up question is then for David. So I wanted to just talk about the prior year self insurance accounting here. That's in your adjusted results. I'm sorry, I don't know if I quite followed this as I understood it like going back here, as we came into the year you were no longer adjusting for this and it was going to be, it's been an add back for years. It was not going to be this year.

好的，明白了。我想我的后续问题是针对大卫的。我想谈谈你们调整结果中的前一年自保会计问题。抱歉，我不太明白，如果我理解正确的话，进入这一年时你们不再对此进行调整，这已经是多年来的加回项，今年不会再这样做。

Did I hear you say that you made a change this quarter to putting it back in? I'm sorry, can you just clarify that? And did the change that you made this quarter have any, I mean the nominal number that you're saying in terms of EPS for the range for the year is the same, but was there an impact from the change that you made this quarter? I'm sorry, could you just please explain that maybe more slowly this time so I. We can all understand.

我听到你说你在本季度做了一个改变，把它重新加回去？抱歉，你能否澄清一下？你在本季度所做的改变是否有任何影响，我是说你所说的每股收益范围的名义数字是相同的，但你所做的改变是否有影响？抱歉，你能否再慢一点解释一下，以便我们都能理解。

Yeah, sure Andy, no problem. So just to take a step back for context, right. Last year Q2 we had communications with the SEC and you know, they were strongly advising us to record any prior year self insurance adjustments, you know, above the line as part of our operating earnings.

好的，安迪，没问题。为了提供一些背景，去年第二季度我们与 SEC 进行了沟通，他们强烈建议我们将任何前一年自保的调整记录在运营收益中。

So we did that and you know, fast forward to the guidance for this year for fiscal 26, what we said was we would continue recording those adjustments as part of operating earnings. However, we weren't factoring that into our guidance. Right. And at the time it was really a visibility issue. You know, we had a $23 million adjustment, unfavorable adjustment last year. We were obviously not very pleased with that. And then.

所以我们这样做了，快进到今年的财政 26 年的指导中，我们说我们将继续将这些调整记录为运营收益。然而，我们并没有将其纳入我们的指导中。对，当时这确实是一个可见性问题。你知道，我们去年有 2300 万美元的不利调整，我们显然对此并不满意。然后，

So what I would say is as a result of that we've made some real investments in this program and specifically investments in to find ways to dampen the volatility and some real operational improvements that we think is going to result in meaningfully better predictability going forward. And specifically we're focused on real insurance related programs, return to work, you know, timely claims closing, aggressive claim settlement, driver behavior programs.

所以我想说的是，作为这一结果，我们在这个项目上进行了真正的投资，特别是投资于寻找减少波动性的方法，以及一些我们认为将导致未来更好可预测性的实际运营改进。具体来说，我们专注于真正与保险相关的项目、重返工作、及时结案、积极的索赔解决、驾驶行为项目。

And we think the combination of our focus on that Andy, is going to really allow us to, to be more confident about predicting this type of adjustment in the future. And as such we're now confident that the results of the study that we'll do this Q4 for the full year of 26 can be captured and contemplated within the guidance of 385 to 415. So at the end of the day, we felt like this is about transparency.

我们认为，安迪，我们对这些方面的关注将真正使我们能够更自信地预测未来这种类型的调整。因此，我们现在有信心，在 26 财年的第四季度进行的研究结果可以被纳入 385 到 415 的指导范围内。因此，归根结底，我们觉得这与透明度有关。

We're going to include it in the guide going forward. We're going to own it operationally and treat it like any other operational program with this company.

我们将把它纳入未来的指导中。我们将从运营上负责，并将其视为与公司其他运营项目一样。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Yeah. And what I would say, Andy, and why I think this is a pretty significant move, is I like to think for investors, we just de risked Q4 because prior to this we didn't have it in the guidance. And again, what happened last year is we had this 20 cent plus hit to EPS in Q4 and it wasn't a great effect on the stock price, to be frank.

是的。我想说的是，安迪，我认为这是一个相当重要的举措，因为我认为我们为投资者降低了第四季度的风险，因为在此之前我们没有将其纳入指导中。坦率地说，去年发生的事情是我们在第四季度遭遇了每股收益超过 20 美分的打击，这对股价的影响并不好。

And, you know, for us to come out now and say, you do not have to worry about the Q4 effect, we are absorbing it into our guidance. We think is, you know, a big statement for investors.

而且，你知道，现在我们出来说，你不必担心第四季度的影响，我们将其纳入我们的指导中。我们认为这是对投资者的一个重要声明。

David Orr (Executive Vice President and Chief Financial Officer)

大卫·奥尔（执行副总裁兼首席财务官）

Yeah, okay, that makes more sense, I guess, maybe another way. I just want to check my understanding for. I think everybody can benefit from this. It sounds like you've sufficiently narrowed the way you're accounting for this and the programs and all these actions so that, that even if there are changes in how this comes through, you think they're narrow enough that it's more predictable now than it used to be.

是的，好的，这样说更有道理，我想可能还有另一种方式。我只是想确认一下我的理解。我认为每个人都能从中受益。听起来你已经充分缩小了你对这一点的会计处理方式，以及这些程序和所有这些行动，因此，即使在这种情况发生变化时，你认为它们的范围足够小，现在的可预测性比以前更强。

And so now you can bake it in there fully baked, which is a good outcome. Is that kind of another simple way of looking at it?

所以现在你可以完全将其纳入，这个结果很好。这算是一种简单的看法吗？

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

David, you nailed it.

大卫，你说得对。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Andy. It's all about predictability. And we really firmly believe that the actions we've taken and the focus on the program gives us that narrowing ability.

安迪。这一切都与可预测性有关。我们坚信我们所采取的行动和对该项目的关注使我们具备了这种缩小的能力。

Andy Whitman (Equity Analyst)

Andy Whitman（股票分析师）

Okay, good. All right, I'm going to leave it there, guys. Have a good day.

好的，好的。那我就到此为止，大家祝你们有个愉快的一天。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Thank you.

谢谢。

OPERATOR

操作员

Thank you. Our next question comes from the line of Faiza Alwe with Zoe. Please proceed with your question. Yes, hi. Thank you so much. I wanted to ask about WGN Star, you know, now that you've owned it for a few months, just wanted to get an update.

谢谢。我们的下一个问题来自 Zoe 的 Faiza Alwe。请继续提问。是的，嗨。非常感谢。我想问一下关于 WGN Star 的情况，知道你们已经拥有它几个月了，只想了解一下最新情况。

I know you sound pretty good about the opportunity there, but just give us some additional color in terms of are you seeing any changes around the competitive environment there and how do you think about are you growing with new business or are you seeing just your existing customers grow a lot faster? Just would love to hear more about that.

我知道你对那里的机会感觉不错，但请给我们一些额外的信息，关于你们是否看到竞争环境的变化，以及你们是如何看待是通过新业务增长，还是现有客户增长得更快？我很想听听更多关于这方面的情况。

Faiza Alwe (Equity Analyst)

Faiza Alwe（股票分析师）

Sure. Faisal. We're thrilled with this acquisition and the integration has gone really, really well. They're already starting to contribute meaningfully to our semiconductor space. And as I think we mentioned in the past. But let me just reiterate. If you think about the semiconductor space and you think of like a bullseye. Right is the way I like to think about it. The center of the bullseye is the fabrication part, which is highly protected.

当然。Faisal。我们对这次收购感到非常兴奋，整合进展得非常顺利。它们已经开始对我们的半导体领域产生重要贡献。正如我之前提到的，但让我重申一下。如果你考虑半导体领域，可以把它想象成一个靶心。我喜欢这样思考。靶心的中心是制造部分，这部分受到高度保护。

Think about people in hazmat suits. And the outside of that bull's eye is the facility itself. We were big with semiconductor companies on the outside of that fab, whereas WGN Star was inside that fab. And the combination of the two is making us a kind of seamless provider. And over, you know, if you look year over year in semiconductor, we've doubled our growth there.

想象一下穿着防护服的人。而靶心的外圈就是设施本身。我们在半导体公司中主要是在这个制造外圈，而 WGN Star 则是在这个制造内圈。两者的结合使我们成为一种无缝的供应商。根据年对年的数据，在半导体领域，我们的增长翻了一番。

Let me just give you some statistics about how we're doing in the semiconductor market. We have over 60 clients. We're at over 300 sites right now. If you were to look at like kind of fab capacity between us and European fab makers, we're in 75% of those clients right now. And when you look at the OEMs, there's kind of like 10 big OEMs. We're doing work with seven of them right now.

让我给你一些关于我们在半导体市场表现的统计数据。我们有超过 60 个客户，目前在 300 多个地点。如果你看我们与欧洲制造商的制造能力，我们现在在 75% 的客户中都有业务。当你看 OEM 时，有大约 10 个大型 OEM。我们现在正在与其中 7 个合作。

So we feel like to be positioned in that space, to be positioned in that space and have that opportunity with the client to grow with them and to grow inside the fab and outside the fab is just going to be tremendous for us. So I can tell you, we see in semiconductor space double digit growth continuing for a while.

所以我们觉得在这个领域的定位，以及与客户共同成长的机会，能够在制造内外共同发展，对我们来说将是巨大的。因此，我可以告诉你，我们在半导体领域看到的持续增长将是两位数的。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Great, that's very helpful. And then I just wanted to follow up on BNI margins because you talked about an improving trajectory, it sounds like from mix. And then you're also investing in sales resources, it sounds like. So just give us a bit more perspective around where do we think sort of steady state B and I margins should be sort of how much opportunity is there just from MIX alone And maybe once you ramp down the sales investment.

很好，这非常有帮助。我还想跟进一下 BNI 的利润率，因为你提到过改善的趋势，听起来是由于组合的原因。然后你们似乎也在投资销售资源。所以请给我们更多的视角，关于我们认为 BNI 的利润率应该处于什么样的稳定状态，单靠组合还有多少机会，或许一旦你们减少销售投资。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Sure. So you saw some sequential movement in our margins. We were up 30 basis points between Q1 and Q2. So we're seeing movement. And I think with the decisions that we've made specifically on the west coast, you'll see some ramp down in revenue in bni. Between that and the tfl, you know, we're not expecting positive organic growth necessarily. However, you're going to see margin acceleration in the back half.

当然。所以你看到我们的利润率有一些顺序上的变化。我们在第一季度和第二季度之间上升了 30 个基点。所以我们看到了一些变化。我认为，基于我们在西海岸做出的具体决策，你会看到 BNI 的收入有所下降。结合 TFL，我们并不指望有正的有机增长。然而，你会看到下半年的利润率加速。

Like you'll see the proof points play out that the decisions we're making and how we're managing the business are going to have accretive margin. So we're really optimistic about bni.

你会看到我们所做决策的证明，以及我们如何管理业务将会带来增值的利润率。因此，我们对 BNI 非常乐观。

Faiza Alwe (Equity Analyst)

Faiza Alwe（股票分析师）

All right, thank you.

好的，谢谢。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Thanks, Faiza.

谢谢你，Faiza。

OPERATOR

操作员

Thank you. Our next question comes from Line of Josh Chen with ubs. Please proceed with your question.

谢谢。我们的下一个问题来自于 UBS 的 Josh Chen。请继续提问。

Josh Chen (Equity Analyst)

Josh Chen（股票分析师）

Hi, good morning, Scott and David. Thanks for taking my questions. So obviously, really strong organic growth in the first half, 5 to 6%, your guide, obviously you're pushing it up to the high end of three to four, but I guess does that DECEL imply the bni, you know, slow down in the second half? It seems like, you know, there may be opportunity even with BNI to still get perhaps above the 4% growth rate for the year.

嗨，早上好，Scott 和 David。感谢你们回答我的问题。显然，第一季度的有机增长非常强劲，达到 5% 到 6%，你们的指引显然将其上调至 3% 到 4% 的高端，但我想这是否意味着 BNI 在下半年会放缓？似乎即使在 BNI 方面，仍然有机会达到 4% 以上的年增长率。

Am I on the right track in thinking that way?

我这样想是否正确？

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Yeah. Hey, Josh, David, thanks for the question. So, you know, as we said, clearly the DECEL and BNI in the back half is largely driven by the TFL exits we talked about and some of the pressure on the West Coast Scott talked about. So I think, you know, from a, from a full fiscal year perspective, we're looking at more a flat to maybe slightly positive growth for bni. On a full year perspective, we see that deceleration and just, you know, obviously takes a little bit of time to lap that, lap those kind of exits, especially with TFL for the year.

是的。嗨，Josh，大卫，谢谢你的提问。正如我们所说，显然下半年的 BNI 放缓主要是由于我们提到的 TFL 退出和 Scott 提到的西海岸的压力。因此，我认为，从整个财政年度的角度来看，我们预计 BNI 的增长将是持平或略微正增长。从全年来看，我们看到这种减速，显然需要一些时间来消化这些退出，尤其是 TFL 的退出。

Josh Chen (Equity Analyst)

Josh Chen（股票分析师）

Okay, okay. And then on the. Yeah, thank you, David. And then you mentioned price escalations. So I guess in terms of the magnitude of those price escalations, do you feel like your pricing is sufficient to offset whatever you're seeing in terms of wage inflation?

好的，好的。然后关于价格上涨。关于这些价格上涨的幅度，你觉得你们的定价是否足以抵消你们所看到的工资通胀？

David Orr (Executive Vice President and Chief Financial Officer)

大卫·奥尔（执行副总裁兼首席财务官）

Yeah, one of the things I think we're excited about and actually a benefit of some of the new systems we have installed, we've got really good visibility on our cost basis, especially for a lot of the bigger groups that have the high volume of contracts. So B and I being the main one there. So, you know, we've as part of our just core operating day to day, we've got a tremendous focus on escalations.

是的，我认为我们很兴奋的一件事，实际上是我们安装的一些新系统带来的好处，我们对我们的成本基础有了非常好的可见性，特别是对于一些合同量大的大型集团。因此，B 和 I 是其中的主要部分。所以，你知道，作为我们日常运营的一部分，我们对升级问题有着极大的关注。

We feel really good about the path to capturing any cost burdens that we've experienced. And that's part of the momentum, as Scott mentioned, that's going to continue the back half of the year for B and I to really help ramp that sequential margin performance up.

我们对捕捉任何我们经历的成本负担的路径感到非常乐观。这是斯科特提到的动力的一部分，这将继续在下半年帮助 B 和 I 真正提升顺序利润表现。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Yeah. And what I would say that again I get enthusiastic about is kind of AI based initiatives and on escalations. This is one of the places where we had an AI based initiative where we went through, scanned the contracts, generated escalation letters and done this with an AI initiative. So I think that the AI initiatives are all, they're starting to mature, they take time.

是的。我想再次强调的是，我对基于人工智能的倡议和升级问题感到非常兴奋。这是我们有一个基于人工智能的倡议的地方，我们扫描了合同，生成了升级信函，并通过人工智能的倡议完成了这一过程。所以我认为这些人工智能倡议都在逐渐成熟，虽然需要时间。

But this is one area I'm glad you brought up, escalations because this is one area where we're, we're so proud of what we're doing on the AI front.

但我很高兴你提到了升级问题，因为这是我们在人工智能方面所做的事情中，我们非常自豪的一个领域。

Josh Chen (Equity Analyst)

乔什·陈（股票分析师）

Yeah, that's good to hear. Thank you for the color and good luck in the second half.

是的，听到这些真是好消息。感谢你的解释，祝你们下半年好运。

OPERATOR

操作员

Thank you. Our next question comes from the line of David Silver with Freedom Capital Markets. Please proceed with your question.

谢谢。我们的下一个问题来自自由资本市场的戴维·西尔弗。请继续提问。

David Silver (Equity Analyst)

戴维·西尔弗（股票分析师）

Yeah, hi, good morning. I'd like to maybe just ask for a little bit of color behind the $1.2 billion of new contract wins. So, you know, a couple of things, but just, I mean, certainly it's a big number and I think you're on track, you know, clearly for another record in terms of new business wins overall. But I'd also say beyond that, I mean, just seeing it highlighted in a quarterly earnings release, that struck me as a little unusual.

是的，嗨，早上好。我想问一下关于 12 亿美元新合同赢得的背景。你知道，有几件事情，但我认为这是一个很大的数字，我认为你们显然在新业务赢得方面又一次走在了记录的前面。但我也想说，看到它在季度财报中被强调，这让我觉得有点不寻常。

And then, you know, I even wrap it around with the idea that, you know, you highlighted maybe some decisions to walk away from some business that wasn't generating sufficient, you know, profit or path to sufficient profitability.

然后，你知道，我甚至把它和你提到的可能放弃一些没有产生足够利润或没有足够盈利路径的业务的决定联系在一起。

And I guess I just would like to know, I mean, if we could just focus on the non ATS portion of that, you know, how much of the, the new business wins that you're getting or what would you attribute maybe the incremental, the faster pace at which you're winning new business? And I guess I would just break it down as, you know, offense versus defense.

我想知道，如果我们能专注于非 ATS 部分，你们获得的新业务赢得中，有多少是你们归因于新业务赢得的增量，或者你们认为是什么导致了你们赢得新业务的更快节奏？我想我会将其分解为进攻与防守。

I mean, are you out there specifically targeting, you know, business, that new business that, you know, you, you want to be in strategically, or is it more defense where, you know, just due to regional or company specific characteristics, you know, they're, they're looking for concessions or terms of business that you're, you know, as a company, you're just not acceptable.

你们是否专门针对那些你们希望在战略上参与的新业务，还是更多的是防守，因为由于地区或公司特定的特征，他们在寻求你们公司无法接受的让步或商业条款？

So just some thoughts on the incremental pace of new business wins and from your perspective, what's behind that? Thank you.

所以关于新业务赢得的增量节奏的一些想法，以及从你们的角度来看，背后是什么？谢谢。

Scott Salmirs (President and Chief Executive Officer)

斯科特·萨尔米尔斯（总裁兼首席执行官）

Yeah. And let me start with. You had mentioned that it was unusual that we mentioned it, but just so you know, we do have a history in Q2 of updating the first half, so we've done it before, so probably not that unusual. And we're excited about where we are at 1.2 billion. Because I think what you have to do is you have to step back and you have to look at sentiment. Right.

是的。让我先说一下。你提到我们提到这一点不寻常，但你要知道，我们在第二季度更新上半年的情况是有历史的，所以我们以前也这样做过，所以可能并不那么不寻常。我们对 12 亿美元的现状感到兴奋。因为我认为你必须退后一步，看看情绪。对我们来说，客户继续希望与我们合作。我们在与广泛的客户群体进行演示时赢得了这项业务，他们都在对 ABM 说 “是”。所以我们喜欢看到这种积极的趋势年复一年地增长自己。我会说这更少是防守，更多是战略。

And the sentiment from our standpoint is like, clients continue to want to work for us. We're winning this business going through presentations with broad groups of clients who are all saying yes to abm. So we like the fact that we're seeing this positive trend year after year of growing ourselves. And I would say it's less defensive and more strategic.

我们过去谈到过我们正在招聘业务发展人才，并且我们正在针对某些领域，当然像阳光带地区，我们还按行业组和数据中心以及半导体进行目标定位。因此，对我们来说，我只想给你一个证明点，在半导体和数据中心之间。如果你将这两个小微组结合起来，那就是 ABM 目前收入的 7%。这相当可观。

We've talked in the past about how we are hiring business development assets and we're targeting certain areas, certainly like the Sun Belt regions, we've targeted also by industry group and data centers and semiconductor. So it's, you know, for us, like I'll just give you a proof point between semiconductors and data centers. If you combine those two little micro groups, that's 7% of ABM's revenue right now. That's pretty significant.

这是我们几年前设定的一个战略倡议，也是一个将会增长两位数的细分市场。所以我认为对我们来说，这一切都是战略性的，当然在销售追求中总会有防守措施。所以我不会在这里说 12 亿美元完全是战略性的。两者之间有一个良好的平衡，但大部分是战略性的。

It's a strategic initiative that we set out a couple of years ago to accomplish and that's also a segment that's going to grow double digit. So I think for us this has all been strategic and clearly there's always defensive measures in sales pursuit. So I'm not going to sit here and say the 1.2 billion was all purely strategic. There was a nice balance, but the majority of it was strategic.

戴维·西尔弗（股票分析师）

David Silver (Equity Analyst)

好的，非常感谢你。然后，你知道，这个问题也许你已经在某种程度上提到过，但斯科特，你们公司已经经营了很长时间，并且你们非常小心地按最终市场对业务进行细分，你知道，甚至在其中，你们还以不同的方式对航空业进行细分。

Okay, great. Thank you for that. And then, you know, this is a question that maybe you've touched on anecdotally or partially already, but you know, Scott, your company's been in business for a very long time and you've been very careful to segment your business by end market, you know, and even within that, you know, you've segmented aviation in different ways, for example, and other segments.

我只是想知道，作为一家公司，现在是否有必要考虑更地理上的事情？换句话说，你知道，国家某一部分的技术业务可能需要与另一部分不同的战略。我只是想到了加利福尼亚与德克萨斯州，或者西海岸与非西海岸，仅仅基于你的评论。

I'm just wondering, but as a company, does it make sense to maybe think about things more geographically now? In other words, you know, technology business in one part of the country might not be, might require a different strategy than, you know, maybe another part. I'm just thinking California versus Texas or west coast versus non west coast, just based on your comments.

但是，你知道，你使用了 “偶发性” 这个术语，但我感觉在过去几年中，这些趋势并没有发生太大变化。所以作为一家公司，你知道，拥有非常清晰的全国视野，是否有更明确的地理战略的角色是有意义的？

But you know, you use the term episodic, but you know, my sense is over the past few years, some of these trends have not really changed much. So just as a company and you know, with a, a very clear national view, I mean, what role does maybe a more, you know, discreet, more explicit geographic strategy make sense?

斯科特·萨尔米尔斯（总裁兼首席执行官）

Scott Salmirs (President and Chief Executive Officer)

Sure, that's a good question. We do have a geographic strategy. I would say, look, we segment by industry group by end market and we still feel like absolutely the right way to do it. We pressure test all these assumptions every year strategically. You know, it's a management team with our board of directors. So we still firmly believe by aligning with the customer segment, that's the best way to go.

当然，这是个好问题。我们确实有地理战略。我想说，我们按行业组和最终市场进行细分，我们仍然认为这是绝对正确的做法。我们每年都会对这些假设进行战略性压力测试。你知道，这是一个管理团队与我们的董事会一起进行的。因此，我们仍然坚信，与客户细分对齐是最佳的方式。

Within those customer segments, though, we do have a geographic focus. And maybe earlier I mentioned about the Sun Belt, like we look at the certain growth zones in the places that we operate and we apportion business development assets based on those growth zones, operational assets. So I'd like for you to think about it as the industry groups are kind of and the segments that are the overlay.

不过，在这些客户细分中，我们确实有地理重点。也许我之前提到过阳光带，我们关注我们运营地区的某些增长区域，并根据这些增长区域分配业务发展资产和运营资产。所以我希望你能把它看作是行业组和细分市场的叠加。

And within that overlay you have an approach that absolutely incorporates a geographic attitude.

在这个叠加中，你有一种绝对包含地理态度的方法。

OPERATOR

运营商

Thank you. Our next question comes from the line of Mark Riddick with Sidoti and Company. Please proceed with your question.

谢谢。我们的下一个问题来自 Sidoti and Company 的 Mark Riddick。请继续提问。

Mark Riddick (Equity Analyst)

Mark Riddick（股票分析师）

Hey, good morning. Thanks for taking all the questions. We covered quite a bit already this morning. I did want to touch a little bit on with the expectation of reducing leverage by the end of the year back to three times or so. Maybe talk a little bit about what you're seeing in the acquisition pipeline currently and sort of comfort levels, valuation levels if they change much over the last few months and sort of how your appetite looks there.

早上好。感谢你们回答所有问题。我们今天早上已经讨论了很多内容。我想稍微谈一下关于预计到年底将杠杆率降低到三倍左右的情况。也许谈谈你们目前在收购管道中看到的情况，以及如果过去几个月估值水平有变化的话，你们的舒适度如何，以及你们的胃口如何。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（执行副总裁兼首席财务官）

Thanks, Mark. David, definitely appropriate question. As we said in Q1, we did anticipate our leverage to tick up over three times with the acquisition of WGN Star. Clearly our near term priority remains delevering and we anticipate based on our cash flow strength in the back half to be able to get back down below three times by the end of the year.

谢谢，Mark。David，确实是个合适的问题。正如我们在第一季度所说，我们确实预计由于收购 WGN Star，我们的杠杆率会超过三倍。显然，我们近期的优先事项仍然是去杠杆，我们预计基于下半年的现金流强劲，到年底能够降到三倍以下。

So and obviously that that doesn't mean we're walking away from other value creation opportunities and capital return. We're just sequencing it appropriately, basically. So I think from a, from a leverage perspective and then again based on the strength of our sequential cash flows, we feel, we feel really solid. Scott, I'll let you comment on the M and A pipeline.

所以，显然这并不意味着我们会放弃其他价值创造机会和资本回报。我们只是适当地安排顺序。因此，我认为从杠杆的角度来看，再加上我们连续现金流的强劲表现，我们感到非常稳固。Scott，我让你来评论一下并购管道。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Yeah, so the M and A pipeline, we continue to monitor it. We think there are going to be some, some interesting opportunities in the back half of this year and in the first half of next year. And frankly that could coincide with our leverage going down below 3 and the fact that we very much care about getting integrations. Right. So we're still integrating WGM Star. So I think the confluence of this could be positive from an M and A side standpoint.

是的，我们继续监控并购管道。我们认为在今年下半年和明年上半年会有一些有趣的机会。坦率地说，这可能与我们的杠杆率降到三倍以下的时间重合，并且我们非常重视整合的顺利进行。因此，我们仍在整合 WGM Star。我认为这一切的交汇可能会对并购方面产生积极影响。

Again, more towards the back half and maybe Q4 or dripping into fiscal Q1 for us. But you know, we're monitoring it and again being very strategic about where we play,

再次强调，更多是在下半年，可能是第四季度或延续到我们的财政第一季度。但你知道，我们在监控这一切，并且在我们参与的地方非常有策略。

Mark Riddick (Equity Analyst)

Mark Riddick（股票分析师）

that's helpful. And then just a quick follow up. There was, I guess there wasn't much as far as any effects that you've seen either from the war or, or sort of the geopolitical disruptions. I was wondering if there was any areas that you've seen any influence from that or how that sort of how the pacing through the quarter and into 3Q might be impacted there or if You've seen anything that's come from that. Thanks.

这很有帮助。然后只是一个快速的跟进。似乎没有看到战争或地缘政治动荡的影响。我想知道你们是否看到任何受到影响的领域，或者这种影响如何影响季度的进展以及进入第三季度的情况，或者你们是否看到任何来自这些方面的情况。谢谢。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（总裁兼首席执行官）

Yeah, yeah. So what I would say is where we see a little hint of it right now is in the aviation sector, especially specifically on our international business because flights, there's been pressure on the international flights in terms of volume, hasn't been incredibly material yet. But as we said in the prepared comments, we're just watching it and staying on top of it. But the one great thing about ABM is even in these cycles where

是的，是的。我想说的是，我们目前在航空领域看到了一些迹象，特别是在我们的国际业务上，因为航班，国际航班的数量受到了一定压力，虽然还没有非常明显。但正如我们在准备的评论中所说，我们正在关注这一点并保持关注。但 ABM 的一个好处是，即使在这些周期中，我们也能很好地度过，因为我们的灵活劳动力模型以及我们提供的服务大多不是可选择的。因此，在极端时期我们会受到一些压力，但我们会挺过来。

we get through them pretty well because of our flexible labor model and the fact that the services we perform largely are not discretionary. So we'll definitely, in extreme times we'll get some pressure, but we ride through it.

运营商

OPERATOR

谢谢。今天早上的最后一个问题来自 Maxim Group 的 Tate Sullivan。请继续提问。

Thank you. Our final question this morning comes from the line of Tate Sullivan with Maxim Group. Please proceed with your question.

Tate Sullivan（股票分析师）

Tate Sullivan (Equity Analyst)

谢谢。感谢你们之前关于有机增长的评论。这是我们希望看到的加速盈利增长，去年财政年度的增长率为 3.8%。所以我认为你们已经通过 BNI 澄清了这一点。

Thank you. And thanks for the earlier comments on organic growth. And that's one thing we're looking for accelerating earnings growth from last fiscal year when it was 3.8%. So I think you clear that up with BNI.

还有一个快速的问题，David，关于 2.5 亿美元的自由现金流指引。你能说一下这具体排除了什么吗？你能披露一些数字吗？

And just one quick, David, on, on the cash free cash flow guidance of 250 million. Can you go and what, what does that exclude specifically? And can you disclose some of the figures?

David Orr（执行副总裁兼首席财务官）

David Orr (Executive Vice President and Chief Financial Officer)

好的，排除的金额，当然，Tate。所以排除的项目总共大约为 6500 万美元的年度基础上。所以一些剩余的转型成本，大约 2000 万美元。预计的 Ravenvolt 收购的最终收益支付，大约 3000 万美元，然后与 WGM Star 收购相关的一些收购成本，大约 900 万美元，8 到 900 万美元。还有其他任何重组费用，填补这个差距。

Yep. Excluded amounts, certainly, Tate. So the items that would exclude a total of roughly $65 million on an annual basis. So some remaining transformation costs, about 20 million. The anticipated earn out payment for the Ravenvolt acquisition, the final one, which is roughly $30 million, and then some acquisition costs associated with the WGM star acquisition, about 9 million, 8 to 9 million dollars. And just any other restructuring charges, you know, fill out the gap there.

所以我想说的是，正如我之前提到的，我们对现金流的状况感到非常满意。我们在正常化基础上大约达到了 40% 的进度。所以大约 1 亿美元，250 万美元的指引。而且你们已经关注这只股票一段时间了，你们知道 ABM 的现金流大部分倾向于下半年。因此，这使我们在现金流方面处于良好的位置。

So what I would say is, you know, as I mentioned earlier, we still feel really good about where we're on cash flows. We're at about 40% of our pacing on a normalized basis. So about 100 million out of the $250 million guide. And you've been following the stock for a while. You guys know that our, the majority of the cash flow for ABM is tilted towards the second half of the. So it just puts us in a good position on cash flow for the year.

Tate Sullivan（股票分析师）

Tate Sullivan (Equity Analyst)

好的，谢谢大家。

Okay, thank you all.

运营商

OPERATOR

谢谢，女士们先生们。这结束了我们的问答环节。我将把时间交给 Sommers 先生进行最后的评论。

Thank you. Ladies and gentlemen. That concludes our question and answer session. I'll turn the floor back to Mr. Sommers for any final comments.

Scott Salmirs（总裁兼首席执行官）

Scott Salmirs (President and Chief Executive Officer)

Sure. Thank you. Thanks everybody for participating. Hopefully you can see how optimistic David and I are about where we're heading and what the back half is going to be. So we'll look forward to seeing you in Q3 and have an amazing summer, everybody.

当然。谢谢大家的参与。希望你们能看到大卫和我对未来的乐观态度，以及下半年的发展情况。期待在第三季度见到大家，祝大家有一个美好的夏天。

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