RECONCILIATION OF ORGANIC REVENUE GROWTH
(In thousands, except for percentages) (Unaudited)

The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and year ended December 31, 2023.

		For the quarter ended December 31, 2023							For the year ended December 31, 2023
		$				%			$				%
GAAP revenue growth		$	489,399			16.6	%		$	1,506,753			13.6	%
Incremental revenues from acquisitions			(10,863	)		(0.4	)%			(107,133	)		(1.0	)%
Organic revenue growth, a non-GAAP measure		$	478,536			16.2	%		$	1,399,620			12.6	%

EMCOR GROUP, INC.
RECONCILIATION OF 2023 AND 2022 NON-GAAP MEASURES
(In thousands, except for percentages and per share data) (Unaudited)

In our press release and related presentation, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the years ended December 31, 2023 and 2022. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures for such periods.

	For the years ended December 31,
	2023			2022
GAAP operating income	$	875,756		$	564,877
Impairment loss on long-lived assets		2,350			—
Non-GAAP operating income	$	878,106		$	564,877

	For the years ended December 31,
	2023			2022
GAAP operating margin	7.0	%		5.1	%
Impairment loss on long-lived assets	0.0	%		—	%
Non-GAAP operating margin	7.0	%		5.1	%

	For the years ended December 31,
	2023				2022
GAAP net income	$	632,994			$	406,122
Impairment loss on long-lived assets		2,350				—
Tax effect of impairment loss on long-lived assets		(651	)			—
Non-GAAP net income	$	634,693			$	406,122

	For the years ended December 31,
	2023				2022
GAAP diluted earnings per common share	$	13.31			$	8.10
Impairment loss on long-lived assets		0.05				—
Tax effect of impairment loss on long-lived assets		(0.01	)			—
Non-GAAP diluted earnings per common share	$	13.34			$	8.10

_________

Amounts presented in this table may not foot due to rounding.

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