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（紐約證券交易所代碼：ABM）於週五公佈了第二季度財務業績。以下是公司第二季度財報電話會議的文字記錄。

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此內容由 Benzinga API 提供。有關全面的財務數據和文字記錄，請訪問 https://www.benzinga.com/apis/。

View the webcast at https://viavid.webcasts.com/starthere.jsp?ei=1759506&tp_key=d15e068a75

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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 報告稱 2026 年第二季度業績強勁， organic revenue 增長 6.1%，新銷售訂單達到創紀錄的 12 億美元。

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

主要增長領域包括技術解決方案和航空，半導體行業的 WGM Star 收購貢獻顯著。

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

運營改善導致利潤率和自由現金流增加，預計在財政年度下半年將進一步增長。

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

儘管在增長領域保持戰略投資，公司仍專注於將槓桿率降低到三倍以下，目標在年末實現。

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

管理層強調了人工智能倡議和嚴格成本管理的積極影響，提升了未來的可擴展性和盈利能力。

Full Transcript

完整記錄

OPERATOR

操作員

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.

歡迎參加 ABM Indus 2026 年第二季度財報電話會議。此次會議所有參與者均為聽眾模式，問答環節將在正式演示後進行。如果在會議期間需要操作員協助，請在電話鍵盤上按星號 0。請注意，此會議正在錄音。現在我將把電話交給您的主持人，投資者關係高級副總裁 Paul Goldberg。

Please go ahead.

請繼續。

Paul Goldberg (Senior Vice President of Investor Relations)

Paul Goldberg（投資者關係高級副總裁）

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，歡迎參加 ABM 2026 年第二季度財報電話會議。我是 Paul Goldberg，ABM 的投資者關係高級副總裁。今天與我一起的是我們的總裁兼首席執行官 Scott Salmiers，以及我們的執行副總裁兼首席財務官 David Orr。請注意，今天早些時候我們發佈了新聞稿，宣佈了 2026 年第二季度的財務業績和前景。該新聞稿及相關幻燈片演示文稿可在我們的網站 abm.com 上找到。在 Scott 和 David 的準備發言後，我們將進行問答環節。

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.

但在開始之前，我想提醒您，今天的電話會議和演示文稿中包含預測、估計和其他前瞻性聲明。我們使用的 “估計”、“預計” 等類似表達旨在識別這些聲明，並代表我們對未來的當前判斷。雖然我們認為這些判斷是合理的，但這些聲明本質上受到風險和不確定性的影響，可能導致我們的實際結果與預期有重大差異。

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.

這些因素在伴隨我們演示文稿的幻燈片中以及我們向 SEC 提交的文件中進行了描述。在本次電話會議期間，將會呈現某些非 GAAP 財務信息。歷史非 GAAP 數字與 GAAP 財務指標的對比將在演示文稿結束時以及公司網站的投資者標籤下提供。現在我將電話交給 Scott。大家早上好，感謝您加入我們討論 ABM 2026 年第二季度的財務業績。

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.

我們度過了一個強勁的季度。organic revenue 增長為 6.1%，我特別高興地報告，我們上半年的新銷售訂單達到了 12 億美元，創下了 ABM 的新紀錄。技術解決方案和航空領域的 organic growth 尤其強勁，而在 M 和 D 方面，我們看到了健康的基礎 organic 需求，WGM Star 收購的表現良好，對該部門的業績貢獻顯著。

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.

教育領域持續穩步增長，B&I 的 organic growth 持平。B&I 受到第二季度退出一家大型英國客户的影響，以及我們決定退出其他幾個客户，尤其是在西海岸，商業房地產市場尚未完全復甦，給市場帶來了壓力。暫時從收入的角度來看，我們的運營執行也表現良好。利潤率環比改善，自由現金流在上半年相比去年顯著上升，這讓我非常滿意。

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，形勢令人振奮。我們預計 ATS 和 M 和 D 的交易量將顯著上升，尤其是 ATS 的服務組合應隨着項目管道的成熟而改善，積壓執行將逐步增加。此外，我們的成本控制和價格上漲措施正在取得成效。綜合來看，我們預計這些驅動因素將在下半年顯著提升收益和利潤率。

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.

儘管近期宏觀經濟環境仍然動態變化，ABM 在能源基礎設施、半導體和機場現代化等領域提供了引人注目的長期增長機會，同時也擁有穩定可預測的收入流，這一直是 ABM 的基礎。結合我們強大的運營文化，ABM 在捕捉未來長期增長機會方面處於良好位置。

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.

讓我分享更多。在商業和工業領域，優質辦公市場的復甦持續獲得動力。儘管如前所述，西海岸市場仍然存在一些疲軟，但美國的辦公租賃接近 2019 年的水平。第一季度的淨吸收量顯著轉正，是自 2020 年以來最強勁的，優質空置率持續收緊。新供應仍然極為有限，建築管道幾乎比 2020 年的峯值低 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.

對優質資產的追求動態繼續偏向於 ABM 所專注的優質資產類型，我們預計這將對下一個層級的高質量建築產生積極的溢出效應。這一動態正在轉化為實際的成果。去年，我們被選中為美國最大銀行在紐約市的新總部提供服務，最近又與另一家領先的商業銀行簽署了一項重要的新設施合同。

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.

這些勝利反映了辦公市場復甦的強勁以及世界級客户對 ABM 的信心。轉向半導體領域，半導體建設可能成為 21 世紀美國製造業最引人注目的增長故事之一。自 2020 年以來，已宣佈超過 6450 億美元的私人投資，涉及 140 多個項目，主要承諾來自於台積電、美光、英特爾、三星和德州儀器等公司。

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 的收購顯著增強了我們在半導體制造環境中的存在，收益已經在第二季度顯現，我們獲得了數千萬美元的新業務，並在我們的半導體市場及其他領域實現了高雙位數的有機收入增長。半導體、電子商務增長和美國製造業回流繼續支持該領域的健康需求，這將繼續帶來益處。

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.

在航空領域，基本面依然強勁。TSA 的通行量接近每日 300 萬名乘客，休閒需求保持強勁。機場基礎設施投資處於高位，老化的航站樓推動了持續的現代化管道，而我們在奧蘭多國際機場、邁阿密國際機場和拉瓜迪亞 B 航站樓的近期勝利反映了這一管道的強勁。儘管燃料成本上升可能會給我們的航空客户帶來一些短期挑戰，但這一業務的長期發展趨勢是積極的，我們的新機會管道也在不斷演變。

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

在教育領域，數據講述了一個引人注目的故事。美國的 K12 學校平均年齡為 49 年。每年有 850 億美元的修復和現代化資金缺口，而高等教育建設支出在該領域仍接近創紀錄水平。這些動態應該會為 ABM 服務創造持久的長期需求。我們強勁的客户留存率和 ABM 績效解決方案的提供使我們能夠捕捉到這一機會的越來越大份額，而我們最近獲得的 2500 萬美元底特律公立學校合同就是一個具體的證明。

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.

在技術解決方案方面，電池儲存安裝在 2025 年增長了 52%，人工智能正在全球以雙位數的速度加速數據中心建設，微電網正成為現代電網的基礎設施。這正是 ATS 最具差異化的地方，處於能源韌性、電氣化和人工智能基礎設施的交匯點。與一家大型零售商的另一項微電網勝利，以及本季度預訂的各種其他能源儲存和基礎設施項目，證明了我們相信這一領域將進入多年的增長週期。

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.

現在，展望今年剩餘時間，我們預計技術解決方案將因更高的交易量和改善的組合而取得強勁業績。M 和 D 也預計將交付強勁的結果，因為新業務持續上線，WGM Star 逐步提升。教育領域將繼續保持穩健。由於客户退出，包括我之前提到的大型英國客户，B&I 收入在下半年可能會有所減緩。在航空領域，儘管航空旅行需求依然強勁，我們正在關注燃料成本上升對航空客户的潛在影響。

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.

總體而言，儘管我們的最終市場仍然大體向好，我們繼續密切關注不斷變化的宏觀經濟環境。我們仍然專注於將槓桿降低到三倍以下，保持對資本配置的嚴格管理，並根據我們的全年展望進行執行，以保持專注和財務紀律。接下來，我將把時間交給 David。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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%.

謝謝 Scott，大家早上好。讓我們從第 6 頁開始。收入同比增長 8.4%，達到 23 億美元的第二季度記錄，主要得益於 6.1% 的有機增長和 2.3% 的收購貢獻，主要是 WGM Star 的合併。有機增長是自 2022 年第三季度以來我們交付的最強勁的，技術解決方案和航空領域在各個細分市場中領先。技術解決方案的收入增長了 27%，航空增長了 20%，製造和分銷增長了 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.

教育增長了 2%，而 B&I 基本持平。總體而言，我們對業務的增長軌跡感到滿意，反映了我們最終市場的韌性和多樣性，以及我們在銷售、人才和行業專業知識方面的投資，這些投資幫助我們實現了上半年創紀錄的新銷售訂單 12 億美元。轉到第 7 頁，本季度淨收入為 4310 萬美元，或每股稀釋收益 0.73 美元，而去年同期為 4220 萬美元，或每股稀釋收益 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.

調整後的淨收入為 5290 萬美元，或每股稀釋收益 0.90 美元，而去年為 5410 萬美元，或每股稀釋收益 0.86 美元。這些同比變化主要反映了更高的利息和攤銷費用，部分被較低的税費和每股公司成本抵消。每股收益因我們最近的股票回購活動而有所提升。調整後的 EBITDA 較去年增加 580 萬美元，達到 3170 萬美元。各個細分市場的經營利潤率同比增加 20 個基點，達到 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.

細分利潤率下降了 60 個基點，主要反映了去年在 M 和 D 以及 B 和 I 領域上線的合同的影響，以及與 WGM Star 收購相關的更高攤銷費用。我們預計在第三和第四季度，由於 ATS 的改善組合以及我們持續的價格上漲和成本措施，利潤率將健康地逐季改善。現在讓我們開始討論細分業績，從第 8 頁開始。B&I 的收入與去年基本持平，為 10 億美元。

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.

這一業績主要受到我們英國市場整體強勁表現的推動，部分被一家大型英國客户在季度中期退出的影響所抵消，以及其他一些客户退出的影響，尤其是在西海岸。展望未來，我們預計下半年的增長將放緩，主要是由於之前提到的客户退出的全面影響。運營利潤為 7670 萬美元，利潤率為 7.6%，而去年分別為 8300 萬美元和 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.

這一利潤率變化主要反映了合同組合的變化，以及為支持長期增長而增加的銷售資源投資。利潤率在季節性上提高了 10 個基點，因為我們在成本和價格上漲措施上持續取得進展。航空收入增長了 20%，達到 3.108 億美元，得益於健康的旅行需求和新合同的增加，特別是我們新的希思羅合同。展望下半年，儘管有機增長將保持強勁，但與第二季度相比將有所放緩，因為我們將迎來去年第三季度上線的幾份大型合同的週年。

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.

運營利潤為 1630 萬美元，利潤率為 5.3%，而去年分別為 1650 萬美元和 6.3%。利潤和利潤率受到天氣相關的額外成本、某些合同範圍變更以及季度內由 TSA 驅動的運營中斷的壓力，以及新希思羅合同的啓動成本。轉到第 9 頁，M&D 的收入為 4.638 億美元，同比增長 17%，其中有機增長為 7%，WGM Star 收購帶來的增長為 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.

強勁的有機增長得益於最近的合同贏得，特別是在技術領域，以及該細分市場持續的客户擴展。運營利潤為 4060 萬美元，利潤率為 8.8%，而去年分別為 3990 萬美元和 10%。如預期，利潤率在同比基礎上季節性提高了 20 個基點。利潤率的變化反映了去年獲得的新合同組合，這些合同有助於推動有機增長。

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%.

利潤率還受到與 WGM Star 收購相關的 400 萬美元額外攤銷費用的影響。排除額外攤銷後，利潤率為 9.6%，我們認為這更好地反映了該細分市場的長期盈利能力和利潤率特徵。教育收入增長 2%，達到 2.322 億美元，主要得益於價格上漲。該細分市場的運營表現強勁，運營利潤增長 19%，達到 1640 萬美元，利潤率擴大 100 個基點，達到 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.

這一改善得益於勞動效率的提高和有效的價格管理。我們的教育團隊繼續高效執行，並贏得了重要的新業務，例如來自底特律公立學校系統的大型 ABM 績效解決方案合同，該合同將在第四季度全面上線。我們還擴大了與邁阿密大學的合作範圍，這是一家長期且重要的客户。展望未來，我們預計在第三季度利潤率將改善，這一季度通常是教育技術解決方案的季節性強勁期。

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.

第二季度收入為 2.673 億美元，同比增長 27%，其中有機增長為 22%，收購帶來的增長為 6%。有機增長反映了我們數據中心市場的強勁活動，以及電池儲能系統和 HVAC 項目活動的強勁增長。此外，我們在第二季度與一家大型零售商簽訂了重要的新微電網業務，這支持了我們對下半年強勁表現的預期。在收入和組合方面，運營利潤為 1680 萬美元，利潤率為 6.3%，而去年分別為 1340 萬美元和 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.

利潤的增長主要得益於顯著的量增長，利潤率主要反映了服務組合的變化，設計和工程的比重較小，而設備密集型基礎設施項目服務的比重較大，以及持續的增長投資。我們預計服務組合將在下半年改善，這與我們在技術解決方案中的歷史表現節奏一致。現在轉到第 10 頁，我們在季度末的總債務為 19 億美元，其中包括 2300 萬美元的備用信用證。

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.

我們的總債務與經調整的 EBITDA 比率為 3.2 倍。可用流動資金為 6.14 億美元，其中包括 9500 萬美元的現金及現金等價物。正如預期，WGM Star 收購使得第二季度的槓桿率超過了 3 倍，我們預計在財年結束前將其降回 3 倍以下。第二季度的經營現金流為 6620 萬美元，自由現金流為 2240 萬美元。在前六個月，經營現金流為 1.282 億美元，自由現金流為 7120 萬美元，而去年同期的現金使用為 7390 萬美元，自由現金流為負 10780 萬美元。

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.

在前六個月約 1.8 億美元的同比改善是由於強勁的營運資本管理努力和我們 ERP 穩定化的持續進展。現在轉向資本配置，正如所提到的，我們專注於將槓桿率降低到 3 倍以下，因此我們近期的優先事項是償還債務，但在潛在的價值創造機會出現時將保持靈活。季度末，現有授權下剩餘 8900 萬美元。

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.

本季度的利息支出為 2810 萬美元，比去年增加 420 萬美元，反映出由於我們收購 WGM Star 而導致的平均債務餘額增加。轉向我們 2026 財年的展望，如 Scott 所提到的，儘管我們對終端市場的相對健康感到鼓舞，但我們也意識到更廣泛的經濟不確定性。因此，我們維持之前溝通的 2026 財年調整後每股收益展望。作為提醒，我們全年有機收入增長展望為 3% 到 4%，我們現在預計將處於該範圍的高端。

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 以及技術解決方案預計將超過該範圍，而 B&I 和教育預計將低於該範圍。WGM Star 的收購預計將帶來大約一個百分點的收入增長，使總增長達到我們 4% 到 5% 範圍的高端。預計 2026 財年各部門的運營利潤率將處於 7.8% 到 8% 範圍的低端，利潤率擴張主要集中在下半年，主要受益於 ATS 的改善組合和銷量。

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.

現在預計利息支出將達到約 1.1 億美元，原因是利率高於預期。我們計劃通過額外的成本措施來抵消這一不利因素。在不考慮任何特殊項目（包括可能延長的工作機會税收抵免計劃）的情況下，我們的正常税率仍預計為 29% 到 30%。我們對現金生成的進展感到滿意，並對我們的預期充滿信心。作為提醒，我們預計 2026 年的自由現金流約為 2.5 億美元，未考慮轉型和整合成本、最終的 ravenvolt 收益和任何額外的重組費用。

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.

綜合來看，我們繼續預計全年調整後每股收益將在 3.85 美元到 4.15 美元之間。此外，在過去六個月中，我們積極實施了對保險計劃的運營和流程改進。我們相信這些變化最終將使我們更好地預測前一年自保調整的年末影響。因此，我們 2026 財年的展望不再排除這些調整的預期影響，我們認為這將為我們未來的展望提供更大的可預測性和透明度。

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

那麼，我將把時間交還給 Scott 進行結束髮言。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

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.

謝謝你，David。最後，我對 ABM 的現狀感到滿意。我們在增長，我們在產生現金，我們的終端市場大體上是積極的。我們還有更多的工作要做，特別是在推動持續的利潤改善方面。但發展軌跡是積極的，下半年的機會讓我們能夠展示我們仍然是資本的有序管理者。短期內，這意味着專注於去槓桿化。長期來看，這意味着繼續塑造我們的投資組合，並在 ABM 可以成為客户更為綜合和重要的供應商的領域進行投資，從而創造最大的股東價值。

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.

最後，我想花一點時間感謝我們的團隊。每天有超過 10 萬人為我們的客户提供服務，他們的承諾使 ABM 的長期故事成為可能。接下來，我們將開放提問環節。

OPERATOR

操作員

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.

謝謝。如果您想提問，請在電話鍵盤上按星號 1。確認音將表示您的線路已進入提問隊列。如果您想將問題從隊列中移除，可以按星號 2。對於使用揚聲器設備的參與者，可能需要在按星號鍵之前先拿起聽筒。

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,

為了讓儘可能多的問題得到回答，我們要求每位參與者保持一個問題和一個後續問題。謝謝。我們的第一個問題來自 William Blair 的 Tim Mulrooney，請問您的問題。

Tim Mulrooney (Equity Analyst)

Tim Mulrooney（股票分析師）

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。我想問一下你們的電力解決方案業務，目前似乎運行得相當火熱，預計下半年會有更多微電網活動。但具體到第二季度，是否有任何大型項目，比如電池儲能系統，或者其他對我們在季度中看到的 22% 的有機增長數字有顯著貢獻的項目？

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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。謝謝你的提問。我們在電池儲能方面的季度表現非常好。正如你提到的，有幾個大型項目。而且，這些項目的特徵略有不同。對吧？它們在設備和基礎設施方面投入較大，利潤率相對較低，因為項目中涉及了大量設備。但我們看到這種勢頭不僅在下半年繼續，實際上還會加大我們更傳統的微電網工作，包括開關設備和發電機的工作。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

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，我再給你補充一點，從高層次來看，當你看我們的 ATS 項目工作時，可以將其視為兩個階段。一個是設計和工程，另一個是實際施工。實際施工的利潤率低於設計和工程。因此，當你看這個季度的組合時，利潤率方面，我們在實際施工的部分佔比很大。

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

我們認為在下半年，我們會有更多的設計和工程工作，你會看到下半年的利潤率上升，如果這對你有所幫助的話。是的，這非常有幫助。實際上，我本來還想問關於利潤率軌跡和組合的問題，但我很感激。

Tim Mulrooney (Equity Analyst)

Tim Mulrooney（股票分析師）

the color there, Scott.

謝謝你的解釋，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.

謝謝你。大衞，也許我會在技術解決方案方面跟進一些其他問題。我注意到你在幻燈片中強調了本季度更高的暖通空調項目活動。我們都知道，目前暖通空調技術人員在全國範圍內對數據中心建設項目的需求非常高。

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築環境中，改造方面的工作有所增加，因為可能有一些你通常會在這些工作中競爭的公司現在只專注於新的數據中心建設。你是否看到更多的機會出現？

David Orr (Executive Vice President and Chief Financial Officer)

大衞·奧爾（執行副總裁兼首席財務官）

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.

我會説我們在各個領域都很強勁。我認為我們沒有看到某個特定領域比其他領域更強。顯然，數據中心非常強勁，但我認為我們現在看到的是一種廣泛的增長。蒂姆。

Tim Mulrooney (Equity Analyst)

蒂姆·穆爾羅尼（股票分析師）

Okay, thank you.

好的，謝謝。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自 Truist 證券的賈斯珀·比夫。請繼續提問。

Jasper Biff (Equity Analyst)

賈斯珀·比夫（股票分析師）

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。我知道你們今天大幅提高了有機增長的預期。但這仍然暗示下半年會有一些減速。聽起來在各個細分市場，除了由於一些客户退出而導致的 BNI，其他方面的情況大多超出了這個範圍。我想知道第二季度的平穩增長是否反映了 BNI 客户退出的全部影響，或者這個細分市場在接下來的兩個季度可能會進一步減速。

Thank you.

謝謝。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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，賈斯珀，你的電話線路不好。也許你可以重複一下那個問題。希望能更清楚地傳達。我們幾乎聽不見。

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。希望這次好一些。是的，好的，太好了。我的問題是關於 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穩增長是否反映了客户退出的全部影響。或者這個細分市場在接下來的兩個季度可能會進一步減速，因為你們可能會看到你們所提到的退出的全部影響。是的，也許我可以為你詳細分析一下 BNI。我認為我們看到的壓力主要來自我們提到的 TFL 退出，這個影響相當顯著。

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.

然後我們提到的另一個部分是西海岸。也許我可以給你更多關於我們如何看待那個市場以及發生了什麼的背景。如果你查看洛杉磯、舊金山、西雅圖等城市的空置率，給你一個背景，它們可能是紐約市的兩到三倍。如果你考慮這些市場，西海岸相對技術密集，而東海岸則是銀行和法律。

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.

從復工的角度來看，正如你們所知道的，西海岸在技術行業方面，他們的復工情況與金融服務和法律行業並不相同。因此，我們在這些市場上看到壓力。隨着這種壓力的持續，競爭對手開始做出定價和利潤決策，這些決策並不符合我們的經濟標準。

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.

我可以告訴你，我在 ABM 的漫長職業生涯中見過這種情況。這種情況往往是偶發的，並且不可持續。因此，我們看到這種壓力隨着時間的推移而減弱。但現在我們確實看到了一些壓力。如果我將這個季度與去年第三季度進行區分，當時我們做出了一些戰略決策，我們必須看到盈利的路徑。它必須是一個高度戰略性的賬户。這些是去年第三季度與我們現在看到的情況之間的動態。

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，我們做出了這些決策。我們實際上對我們在退出方面所做的決策感到滿意，因為你將在下半年看到 BNI 的運營利潤率上升，我們認為這非常重要。

David Orr (Executive Vice President and Chief Financial Officer)

大衞·奧爾（執行副總裁兼首席財務官）

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.

賈斯珀，我再補充一點關於 BI 未來的情況，TFL 的退出對 BI 下半年的增長影響約為 300 個基點。因此，當我們談論影響的比例時，顯然大部分影響將是由於該合同的退出。

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.

謝謝。那麼你能否提供更多關於你們目前 ERP 進展的細節？你認為在 ERP 實施並在你們的五個細分市場中的三個市場運行時，你們在那裏的利潤機會是什麼？是的，你説得對，三個市場在平台上。我們正在為最後幾個細分市場進行規劃，你知道，基於我們從第一次上線中學到的所有東西，我們會考慮這些。

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.

我認為，機會最終在於可擴展性。你知道，我們預期從 AI 的角度獲得的收益，以及我們如何加載合同，如何處理發票，我們在收款方面的效率。因此，你知道，我們對此保持警惕。但首先要做的就是為下一組完成規劃，我們將在未來的電話中提供清晰的信息。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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，我想説的是，我對完成 ERP 感到興奮的是，我們將擁有一個乾淨的數據集。當你考慮 AI 和所有槓桿時，擁有乾淨的數據以利用你的工具集是非常重要的。我們正在朝這個方向前進。我認為你將在 2027 年和 2028 年看到一些有意義的機會。

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.

隨着我們的數據集成熟，隨着我們的人工智能成熟，我們看到在調度和勞動力管理方面還有很多潛力。我是説，很多令人興奮的舉措即將到來，你知道，我們總是覺得這些事情來得太慢。但我們也意識到節奏和平衡的重要性。我們處於一個長期的局面。

Jasper Biff (Equity Analyst)

賈斯珀·比夫（股票分析師）

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

明白了。謝謝你們回答我的問題，大家。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

Thank you.

謝謝。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自貝爾德的安迪·惠特曼。請繼續提問。

Andy Whitman (Equity Analyst)

安迪·惠特曼（股票分析師）

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，感謝你們回答我的問題。大家，我想首先問一下你們在零售商那裏進行的備用發電機微電網工作。你們有一家大型零售商與您合作，已經安裝這些設備好幾年了。

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.

我想你們至少已經進入了，至少是第二批，可能是第三批那家與您合作的傳統零售商所提供的商店。聽起來，我在這裏聽到有一家新的大型零售商與您簽約。

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，現在我們有這兩家零售商，它們在其商店安裝這些設備的進展如何，無論是對於傳統零售商還是對於這位新客户，以及斯科特，你對這位客户的長期規劃是怎樣的。顯然，你需要提供高質量的工作等等。但這是一個開始，還是這個新客户也會有階段性？

Thank you.

謝謝。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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.

謝謝。安迪，我想説的是，從高層來看，我們認為微電網業務還有很多潛力。對我們來説，這並不一定是逐個客户的情況。最大的挑戰是客户集中度，這是我們不希望出現的。因此，我們非常專注於從業務發展角度出發，拓展並戰略性地爭取更廣泛的客户羣。

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.

所以對我們來説，並不是關於一兩個客户的長期關係，儘管目前我們確實在 1 和 2 這方面佔比較重。但我們正在擺脱這種情況，並對未來一兩年將帶來的變化感到樂觀，尤其是在拓寬視野方面。但與這些其他客户的合作中，我們看到他們的投資組合和項目中有很好的潛力。

David Orr (Executive Vice President and Chief Financial Officer)

大衞·奧爾（執行副總裁兼首席財務官）

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。我想我的後續問題是針對大衞的。我想談談你們調整結果中的前一年自保會計問題。抱歉，我不太明白，如果我理解正確的話，進入這一年時你們不再對此進行調整，這已經是多年來的加回項，今年不會再這樣做。

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.

我聽到你説你在本季度做了一個改變，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變是否有任何影響，我是説你所説的每股收益範圍的名義數字是相同的，但你所做的改變是否有影響？抱歉，你能否再慢一點解釋一下，以便我們都能理解。

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，沒問題。為了提供一些背景，去年第二季度我們與 SEC 進行了溝通，他們強烈建議我們將任何前一年自保的調整記錄在運營收益中。

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.

所以我們這樣做了，快進到今年的財政 26 年的指導中，我們説我們將繼續將這些調整記錄為運營收益。然而，我們並沒有將其納入我們的指導中。對，當時這確實是一個可見性問題。你知道，我們去年有 2300 萬美元的不利調整，我們顯然對此並不滿意。然後，

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.

所以我想説的是，作為這一結果，我們在這個項目上進行了真正的投資，特別是投資於尋找減少波動性的方法，以及一些我們認為將導致未來更好可預測性的實際運營改進。具體來説，我們專注於真正與保險相關的項目、重返工作、及時結案、積極的索賠解決、駕駛行為項目。

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.

我們認為，安迪，我們對這些方面的關注將真正使我們能夠更自信地預測未來這種類型的調整。因此，我們現在有信心，在 26 財年的第四季度進行的研究結果可以被納入 385 到 415 的指導範圍內。因此，歸根結底，我們覺得這與透明度有關。

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.

我們將把它納入未來的指導中。我們將從運營上負責，並將其視為與公司其他運營項目一樣。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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。我想説的是，安迪，我認為這是一個相當重要的舉措，因為我認為我們為投資者降低了第四季度的風險，因為在此之前我們沒有將其納入指導中。坦率地説，去年發生的事情是我們在第四季度遭遇了每股收益超過 20 美分的打擊，這對股價的影響並不好。

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，現在我們出來説，你不必擔心第四季度的影響，我們將其納入我們的指導中。我們認為這是對投資者的一個重要聲明。

David Orr (Executive Vice President and Chief Financial Officer)

大衞·奧爾（執行副總裁兼首席財務官）

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，這樣説更有道理，我想可能還有另一種方式。我只是想確認一下我的理解。我認為每個人都能從中受益。聽起來你已經充分縮小了你對這一點的會計處理方式，以及這些程序和所有這些行動，因此，即使在這種情況發生變化時，你認為它們的範圍足夠小，現在的可預測性比以前更強。

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?

所以現在你可以完全將其納入，這個結果很好。這算是一種簡單的看法嗎？

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

David, you nailed it.

大衞，你説得對。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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。這一切都與可預測性有關。我們堅信我們所採取的行動和對該項目的關注使我們具備了這種縮小的能力。

Andy Whitman (Equity Analyst)

Andy Whitman（股票分析師）

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

好的，好的。那我就到此為止，大家祝你們有個愉快的一天。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

Thank you.

謝謝。

OPERATOR

操作員

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.

謝謝。我們的下一個問題來自 Zoe 的 Faiza Alwe。請繼續提問。是的，嗨。非常感謝。我想問一下關於 WGN Star 的情況，知道你們已經擁有它幾個月了，只想瞭解一下最新情況。

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.

我知道你對那裏的機會感覺不錯，但請給我們一些額外的信息，關於你們是否看到競爭環境的變化，以及你們是如何看待是通過新業務增長，還是現有客户增長得更快？我很想聽聽更多關於這方面的情況。

Faiza Alwe (Equity Analyst)

Faiza Alwe（股票分析師）

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.

當然。Faisal。我們對這次收購感到非常興奮，整合進展得非常順利。它們已經開始對我們的半導體領域產生重要貢獻。正如我之前提到的，但讓我重申一下。如果你考慮半導體領域，可以把它想象成一個靶心。我喜歡這樣思考。靶心的中心是製造部分，這部分受到高度保護。

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.

想象一下穿着防護服的人。而靶心的外圈就是設施本身。我們在半導體公司中主要是在這個製造外圈，而 WGN Star 則是在這個製造內圈。兩者的結合使我們成為一種無縫的供應商。根據年對年的數據，在半導體領域，我們的增長翻了一番。

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.

讓我給你一些關於我們在半導體市場表現的統計數據。我們有超過 60 個客户，目前在 300 多個地點。如果你看我們與歐洲製造商的製造能力，我們現在在 75% 的客户中都有業務。當你看 OEM 時，有大約 10 個大型 OEM。我們現在正在與其中 7 個合作。

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.

所以我們覺得在這個領域的定位，以及與客户共同成長的機會，能夠在製造內外共同發展，對我們來説將是巨大的。因此，我可以告訴你，我們在半導體領域看到的持續增長將是兩位數的。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

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，這非常有幫助。我還想跟進一下 BNI 的利潤率，因為你提到過改善的趨勢，聽起來是由於組合的原因。然後你們似乎也在投資銷售資源。所以請給我們更多的視角，關於我們認為 BNI 的利潤率應該處於什麼樣的穩定狀態，單靠組合還有多少機會，或許一旦你們減少銷售投資。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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.

當然。所以你看到我們的利潤率有一些順序上的變化。我們在第一季度和第二季度之間上升了 30 個基點。所以我們看到了一些變化。我認為，基於我們在西海岸做出的具體決策，你會看到 BNI 的收入有所下降。結合 TFL，我們並不指望有正的有機增長。然而，你會看到下半年的利潤率加速。

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.

你會看到我們所做決策的證明，以及我們如何管理業務將會帶來增值的利潤率。因此，我們對 BNI 非常樂觀。

Faiza Alwe (Equity Analyst)

Faiza Alwe（股票分析師）

All right, thank you.

好的，謝謝。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

Thanks, Faiza.

謝謝你，Faiza。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自於 UBS 的 Josh Chen。請繼續提問。

Josh Chen (Equity Analyst)

Josh Chen（股票分析師）

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。感謝你們回答我的問題。顯然，第一季度的有機增長非常強勁，達到 5% 到 6%，你們的指引顯然將其上調至 3% 到 4% 的高端，但我想這是否意味着 BNI 在下半年會放緩？似乎即使在 BNI 方面，仍然有機會達到 4% 以上的年增長率。

Am I on the right track in thinking that way?

我這樣想是否正確？

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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，大衞，謝謝你的提問。正如我們所説，顯然下半年的 BNI 放緩主要是由於我們提到的 TFL 退出和 Scott 提到的西海岸的壓力。因此，我認為，從整個財政年度的角度來看，我們預計 BNI 的增長將是持平或略微正增長。從全年來看，我們看到這種減速，顯然需要一些時間來消化這些退出，尤其是 TFL 的退出。

Josh Chen (Equity Analyst)

Josh Chen（股票分析師）

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。然後關於價格上漲。關於這些價格上漲的幅度，你覺得你們的定價是否足以抵消你們所看到的工資通脹？

David Orr (Executive Vice President and Chief Financial Officer)

大衞·奧爾（執行副總裁兼首席財務官）

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，我認為我們很興奮的一件事，實際上是我們安裝的一些新系統帶來的好處，我們對我們的成本基礎有了非常好的可見性，特別是對於一些合同量大的大型集團。因此，B 和 I 是其中的主要部分。所以，你知道，作為我們日常運營的一部分，我們對升級問題有着極大的關注。

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.

我們對捕捉任何我們經歷的成本負擔的路徑感到非常樂觀。這是斯科特提到的動力的一部分，這將繼續在下半年幫助 B 和 I 真正提升順序利潤表現。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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。我想再次強調的是，我對基於人工智能的倡議和升級問題感到非常興奮。這是我們有一個基於人工智能的倡議的地方，我們掃描了合同，生成了升級信函，並通過人工智能的倡議完成了這一過程。所以我認為這些人工智能倡議都在逐漸成熟，雖然需要時間。

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.

但我很高興你提到了升級問題，因為這是我們在人工智能方面所做的事情中，我們非常自豪的一個領域。

Josh Chen (Equity Analyst)

喬什·陳（股票分析師）

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

是的，聽到這些真是好消息。感謝你的解釋，祝你們下半年好運。

OPERATOR

操作員

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

謝謝。我們的下一個問題來自自由資本市場的戴維·西爾弗。請繼續提問。

David Silver (Equity Analyst)

戴維·西爾弗（股票分析師）

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。我想問一下關於 12 億美元新合同贏得的背景。你知道，有幾件事情，但我認為這是一個很大的數字，我認為你們顯然在新業務贏得方面又一次走在了記錄的前面。但我也想説，看到它在季度財報中被強調，這讓我覺得有點不尋常。

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.

然後，你知道，我甚至把它和你提到的可能放棄一些沒有產生足夠利潤或沒有足夠盈利路徑的業務的決定聯繫在一起。

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，如果我們能專注於非 ATS 部分，你們獲得的新業務贏得中，有多少是你們歸因於新業務贏得的增量，或者你們認為是什麼導致了你們贏得新業務的更快節奏？我想我會將其分解為進攻與防守。

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.

你們是否專門針對那些你們希望在戰略上參與的新業務，還是更多的是防守，因為由於地區或公司特定的特徵，他們在尋求你們公司無法接受的讓步或商業條款？

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

所以關於新業務贏得的增量節奏的一些想法，以及從你們的角度來看，背後是什麼？謝謝。

Scott Salmirs (President and Chief Executive Officer)

斯科特·薩爾米爾斯（總裁兼首席執行官）

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。讓我先説一下。你提到我們提到這一點不尋常，但你要知道，我們在第二季度更新上半年的情況是有歷史的，所以我們以前也這樣做過，所以可能並不那麼不尋常。我們對 12 億美元的現狀感到興奮。因為我認為你必須退後一步，看看情緒。對我們來説，客户繼續希望與我們合作。我們在與廣泛的客户羣體進行演示時贏得了這項業務，他們都在對 ABM 説 “是”。所以我們喜歡看到這種積極的趨勢年復一年地增長自己。我會説這更少是防守，更多是戰略。

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.

我們過去談到過我們正在招聘業務發展人才，並且我們正在針對某些領域，當然像陽光帶地區，我們還按行業組和數據中心以及半導體進行目標定位。因此，對我們來説，我只想給你一個證明點，在半導體和數據中心之間。如果你將這兩個小微組結合起來，那就是 ABM 目前收入的 7%。這相當可觀。

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.

這是我們幾年前設定的一個戰略倡議，也是一個將會增長兩位數的細分市場。所以我認為對我們來説，這一切都是戰略性的，當然在銷售追求中總會有防守措施。所以我不會在這裏説 12 億美元完全是戰略性的。兩者之間有一個良好的平衡，但大部分是戰略性的。

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.

戴維·西爾弗（股票分析師）

David Silver (Equity Analyst)

好的，非常感謝你。然後，你知道，這個問題也許你已經在某種程度上提到過，但斯科特，你們公司已經經營了很長時間，並且你們非常小心地按最終市場對業務進行細分，你知道，甚至在其中，你們還以不同的方式對航空業進行細分。

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，作為一家公司，現在是否有必要考慮更地理上的事情？換句話説，你知道，國家某一部分的技術業務可能需要與另一部分不同的戰略。我只是想到了加利福尼亞與德克薩斯州，或者西海岸與非西海岸，僅僅基於你的評論。

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 “偶發性” 這個術語，但我感覺在過去幾年中，這些趨勢並沒有發生太大變化。所以作為一家公司，你知道，擁有非常清晰的全國視野，是否有更明確的地理戰略的角色是有意義的？

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·薩爾米爾斯（總裁兼首席執行官）

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.

當然，這是個好問題。我們確實有地理戰略。我想説，我們按行業組和最終市場進行細分，我們仍然認為這是絕對正確的做法。我們每年都會對這些假設進行戰略性壓力測試。你知道，這是一個管理團隊與我們的董事會一起進行的。因此，我們仍然堅信，與客户細分對齊是最佳的方式。

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.

不過，在這些客户細分中，我們確實有地理重點。也許我之前提到過陽光帶，我們關注我們運營地區的某些增長區域，並根據這些增長區域分配業務發展資產和運營資產。所以我希望你能把它看作是行業組和細分市場的疊加。

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

在這個疊加中，你有一種絕對包含地理態度的方法。

OPERATOR

運營商

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

謝謝。我們的下一個問題來自 Sidoti and Company 的 Mark Riddick。請繼續提問。

Mark Riddick (Equity Analyst)

Mark Riddick（股票分析師）

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。感謝你們回答所有問題。我們今天早上已經討論了很多內容。我想稍微談一下關於預計到年底將槓桿率降低到三倍左右的情況。也許談談你們目前在收購管道中看到的情況，以及如果過去幾個月估值水平有變化的話，你們的舒適度如何，以及你們的胃口如何。

David Orr (Executive Vice President and Chief Financial Officer)

David Orr（執行副總裁兼首席財務官）

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.

謝謝，Mark。David，確實是個合適的問題。正如我們在第一季度所説，我們確實預計由於收購 WGN Star，我們的槓桿率會超過三倍。顯然，我們近期的優先事項仍然是去槓桿，我們預計基於下半年的現金流強勁，到年底能夠降到三倍以下。

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，顯然這並不意味着我們會放棄其他價值創造機會和資本回報。我們只是適當地安排順序。因此，我認為從槓桿的角度來看，再加上我們連續現金流的強勁表現，我們感到非常穩固。Scott，我讓你來評論一下併購管道。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

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，我們繼續監控併購管道。我們認為在今年下半年和明年上半年會有一些有趣的機會。坦率地説，這可能與我們的槓桿率降到三倍以下的時間重合，並且我們非常重視整合的順利進行。因此，我們仍在整合 WGM Star。我認為這一切的交匯可能會對併購方面產生積極影響。

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,

再次強調，更多是在下半年，可能是第四季度或延續到我們的財政第一季度。但你知道，我們在監控這一切，並且在我們參與的地方非常有策略。

Mark Riddick (Equity Analyst)

Mark Riddick（股票分析師）

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.

這很有幫助。然後只是一個快速的跟進。似乎沒有看到戰爭或地緣政治動盪的影響。我想知道你們是否看到任何受到影響的領域，或者這種影響如何影響季度的進展以及進入第三季度的情況，或者你們是否看到任何來自這些方面的情況。謝謝。

Scott Salmirs (President and Chief Executive Officer)

Scott Salmirs（總裁兼首席執行官）

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。我想説的是，我們目前在航空領域看到了一些跡象，特別是在我們的國際業務上，因為航班，國際航班的數量受到了一定壓力，雖然還沒有非常明顯。但正如我們在準備的評論中所説，我們正在關注這一點並保持關注。但 ABM 的一個好處是，即使在這些週期中，我們也能很好地度過，因為我們的靈活勞動力模型以及我們提供的服務大多不是可選擇的。因此，在極端時期我們會受到一些壓力，但我們會挺過來。

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.

運營商

OPERATOR

謝謝。今天早上的最後一個問題來自 Maxim Group 的 Tate Sullivan。請繼續提問。

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

Tate Sullivan（股票分析師）

Tate Sullivan (Equity Analyst)

謝謝。感謝你們之前關於有機增長的評論。這是我們希望看到的加速盈利增長，去年財政年度的增長率為 3.8%。所以我認為你們已經通過 BNI 澄清了這一點。

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.

還有一個快速的問題，David，關於 2.5 億美元的自由現金流指引。你能説一下這具體排除了什麼嗎？你能披露一些數字嗎？

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（執行副總裁兼首席財務官）

David Orr (Executive Vice President and Chief Financial Officer)

好的，排除的金額，當然，Tate。所以排除的項目總共大約為 6500 萬美元的年度基礎上。所以一些剩餘的轉型成本，大約 2000 萬美元。預計的 Ravenvolt 收購的最終收益支付，大約 3000 萬美元，然後與 WGM Star 收購相關的一些收購成本，大約 900 萬美元，8 到 900 萬美元。還有其他任何重組費用，填補這個差距。

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.

所以我想説的是，正如我之前提到的，我們對現金流的狀況感到非常滿意。我們在正常化基礎上大約達到了 40% 的進度。所以大約 1 億美元，250 萬美元的指引。而且你們已經關注這隻股票一段時間了，你們知道 ABM 的現金流大部分傾向於下半年。因此，這使我們在現金流方面處於良好的位置。

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（股票分析師）

Tate Sullivan (Equity Analyst)

好的，謝謝大家。

Okay, thank you all.

運營商

OPERATOR

謝謝，女士們先生們。這結束了我們的問答環節。我將把時間交給 Sommers 先生進行最後的評論。

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（總裁兼首席執行官）

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.

當然。謝謝大家的參與。希望你們能看到大衞和我對未來的樂觀態度，以及下半年的發展情況。期待在第三季度見到大家，祝大家有一個美好的夏天。

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ABM Industries 2026 年第二季度財報電話會議記錄