Financial Data and Key Metrics Changes - Third quarter revenue reached $473.9 million, reflecting substantial year-over-year growth, primarily due to two months of NV5's contribution following the acquisition [13][15] - Year-to-date growth for the combined business was approximately 4.7%, with a quarter growth of about 2.4% if the acquisition had occurred on January 1, 2024 [13][19] - Adjusted EBITDA for the third quarter was $77.3 million, representing an adjusted EBITDA margin of 16.3%, compared to $51.3 million with a margin of 16.9% in the prior year [17][19] Business Line Data and Key Metrics Changes - The inspection and mitigation segment generated approximately $293 million in revenue, down about 3% year-over-year, while the consulting engineering segment contributed approximately $122 million during the two-month period, with a potential full quarter revenue of about $189 million, reflecting an 11% increase [15][16] - The geospatial segment contributed about $62 million during the same two-month period, with a potential full quarter revenue of approximately $90 million, up about 4% year-over-year [16] Market Data and Key Metrics Changes - The company reported double-digit growth in the consulting engineering segment, driven by data center work for hyperscaler clients, which more than doubled over the trailing 12 months [8][9] - Infrastructure investments supporting grid modernization and energy transition are creating new opportunities across all three segments, indicating multi-year growth drivers [9][12] Company Strategy and Development Direction - The company aims to expand the markets served and services provided within the TIC and engineering space, focusing on a unified platform dedicated to reliability, innovation, and service excellence [5][6] - The integration of Acuren and NV5 is expected to create synergies and enhance capabilities, allowing the company to serve clients across the full lifecycle of critical assets and infrastructure [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand across core markets and reaffirmed full-year 2025 guidance, expecting revenue in the range of $1.530 billion to $1.565 billion [19][20] - The company anticipates revenue growth of 3% to 5% relative to the 2025 combined company baseline for the following year [19] Other Important Information - The company has increased its cost synergy target from $20 million to $25 million, expected to be fully realized by mid-2027 [21][22] - Total liquidity as of September 30, 2025, was $282.9 million, including cash and cash equivalents of $164.4 million [18] Q&A Session Summary Question: What is the reasonable range for annual free cash flow after integration? - Management highlighted that the business is a high-free cash flow business with low CapEx and high margins, but specific guidance on free cash flow has not been provided [28][29] Question: Is the $400 million revenue target for data centers still in place? - Management confirmed that the data center business has seen over 100% growth year-to-date and remains a significant focus area [30][31] Question: What is the status of exiting lower-margin customer contracts? - Management indicated that the softness in the third quarter was primarily timing-related and that they continue to evaluate relationships for margin improvement [32] Question: How has the government shutdown impacted the geospatial segment? - Management noted limited impact from the government shutdown, with optimism for a quick reopening and resumption of work orders [35][36] Question: What is the outlook for the chemical market and its impact on guidance? - Management expects stabilization in the chemical space and is optimistic about delivering results in Q4 and next year [56][57] Question: What are the drivers for the increased synergy target? - Management clarified that the increased target is purely cost synergies, focusing on back-office support and organizational efficiency [43][44] Question: Where does the company see the most growth opportunities? - Management highlighted the potential in filling white space between segments and expanding in Canada as key growth areas [68][70]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 登录新浪财经APP 搜索【信披】查看更多考评等级 当前，在ESG理念持续深化、市场需求快速迭代的进程中，检验、测试和认证机构发挥着关键作用。它 们通过专业服务助力企业契合可持续发展与合规要求。检验、测试和认证行业的ESG相关业务存在哪些 机遇与挑战？企业应如何顺应ESG政策法规完善与市场需求变化的趋势？AI的发展会对该行业的ESG业 务产生哪些推动？就以上问题，新浪财经对话了国际知名认证机构SGS郝金玉女士。 郝金玉指出，ESG服务领域蕴含着大量商业机遇。全球ESG政策和标准的出台，推动着TIC行业格局变 化和规模增长，ESG服务范围从传统领域拓展到组织治理、人权等多个维度，服务深度也不断增加。但 同时也面临挑战，如ESG数据监测与披露体系要求下，对服务机构的数据质量和可靠性把控难度加大， 且企业ESG需求与行业特点紧密相关，需提供定制化解决方案才能在竞争中胜出。 以下为对话实录： Q1：SGS自1991年进入中国以来，已经在中国大陆设立1 ...