Summary Conclusion This quarter's results significantly exceeded expectations, with the core drivers coming from strong growth in infrastructure services (especially data centers) and the booking of early land development profits.

Key Data Revenue from the three major service segments grew 20%, and operating profit grew nearly 30%; Q1 infrastructure services revenue was nearly $950 million, and key infrastructure services revenue within the BOE segment was $580 million, with full-year growth expected to exceed 60%.

Business Progress Data center leasing revenue more than tripled year-over-year; a partnership with Meta to recruit and train data center technicians is viewed as a long-term sustainable project; the Pierce acquisition performed in line with expectations, with 2026 revenue expected to exceed $600 million.

Guidance and Outlook Full-year EPS guidance was raised from $7.30-$7.60 to $7.60-$7.80 (midpoint growth of over 20%); growth expectations for Advisory and BOE's SOP were raised to high-teens and approximately 25%, respectively, but the pace of growth in the second half is expected to slow due to base effects.

Risks/Highlight Signals Management's tone was positive, emphasizing that the transaction pipeline is stronger than expected and has not been affected by rising interest rates; at the same time, they are cautiously controlling AI usage costs, expecting that efficiency gains will take several years to become significant.