Arcosa Inc (ACA) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Arcosa, Inc. First Quarter 2023 Earnings Conference Call. My name is Shelby, and I will be your conference call coordinator today. As a reminder, today's call is being recorded. Now I would like to turn the call over to your host, Erin Drabek, Director of Investor Relations for Arcosa. Ms. Drabek, you may begin.

女士們先生們，早上好，歡迎來到 Arcosa, Inc. 2023 年第一季度收益電話會議。我叫謝爾比，今天我將擔任你們的電話會議協調員。提醒一下，今天的通話正在錄音中。現在我想把電話轉給你的主持人，Arcosa 投資者關係總監 Erin Drabek。 Drabek 女士，您可以開始了。

Good morning, everyone, and thank you for joining Arcosa's First Quarter 2023 Earnings Call. With me today are Antonio Carrillo, President and CEO; and Gail Peck, CFO. A question-and-answer session will follow their prepared remarks. A copy of yesterday's press release and the slide presentation for this morning's call are posted on our Investor Relations website, ir.arcosa.com.

大家早上好，感謝您參加 Arcosa 的 2023 年第一季度財報電話會議。今天和我在一起的是總裁兼首席執行官 Antonio Carrillo；和首席財務官 Gail Peck。問答環節將遵循他們準備好的發言。我們的投資者關係網站 ir.arcosa.com 上發布了昨天新聞稿的副本和今天上午電話會議的幻燈片演示。

A replay of today's call will be available for the next 2 weeks. Instructions for accessing the replay number are included in the press release. A replay of the webcast will be available for 1 year on our website under the News and Events tab.

在接下來的 2 週內可以重播今天的電話會議。新聞稿中包含訪問重播號碼的說明。網絡廣播的重播將在我們網站的“新聞和事件”選項卡下提供 1 年。

Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the appendix of the slide presentation. In addition, today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Please refer to the company's SEC filings for more information on these risks and uncertainties, including the press release we filed yesterday and our Form 10-Q expected to be filed later today.

今天的評論和演示幻燈片包含未根據 GAAP 編制的財務措施。非 GAAP 財務指標與最接近的 GAAP 指標的對賬包含在幻燈片演示的附錄中。此外，今天的電話會議包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述受風險和不確定因素的影響，可能導致實際結果與此類前瞻性陳述存在重大差異。有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括我們昨天提交的新聞稿和預計將於今天晚些時候提交的 10-Q 表格。

I would like to now turn the call over to Antonio.

我現在想把電話轉給安東尼奧。

Thank you, Erin. Good morning, thank you for joining us to discuss our first quarter results and our updated outlook for 2023.

謝謝你，艾琳。早上好，感謝您加入我們討論我們的第一季度業績和我們對 2023 年的最新展望。

I will start with a few key messages. Arcosa delivered outstanding first quarter results driven by strong financial and operational performance from all 3 business segments. In what remains a challenging macroeconomic environment, the entire Arcosa team executed exceptionally well, operating efficiently and generating record adjusted EBITDA. Over the past several years, we have undertaken several strategic actions to simplify our portfolio and position our businesses to achieve sustainable long-term growth. Our first quarter results demonstrate the success of our strategy, with both our growth and cyclical businesses generating strong results.

我將從幾個關鍵信息開始。在所有 3 個業務部門強勁的財務和運營業績的推動下，Arcosa 在第一季度取得了出色的業績。在仍然充滿挑戰的宏觀經濟環境中，整個 Arcosa 團隊表現出色，高效運營並創造了創紀錄的調整後 EBITDA。在過去的幾年裡，我們採取了多項戰略行動來簡化我們的產品組合併定位我們的業務以實現可持續的長期增長。我們的第一季度業績證明了我們戰略的成功，我們的增長業務和周期性業務都產生了強勁的業績。

Construction Products led the performance in the first quarter. Excluding the gain on a land sale, adjusted EBITDA increased to 32%. Robust pricing more than offset lower overall volumes and contributed to impressive unit profitability gains. We plan to remain focused on value over volume, staying disciplined on price and effectively combating inflationary pressures.

建築產品在第一季度引領業績。不計土地出售收益，調整後的 EBITDA 增至 32%。穩健的定價不僅抵消了整體銷量的下降，還促進了令人印象深刻的單位盈利能力增長。我們計劃繼續專注於價值而不是數量，在價格上保持紀律並有效應對通脹壓力。

Our first quarter results also highlighted the potential of our cyclical business. In Transportation Products, we improved margins by 450 basis points as volumes increased and created significant operating leverage. Our backlog for our barge business at the end of the first quarter is at the highest level in 3 years and now provides production visibility into 2024. Likewise, in wind towers, our backlog is expanding, and this sets the stage for significant upside potential in 2024 and beyond due to the multiyear tailwinds provided by the Inflation Reduction Act.

我們第一季度的業績也凸顯了我們週期性業務的潛力。在運輸產品方面，我們將利潤率提高了 450 個基點，因為銷量增加並創造了顯著的運營槓桿。我們在第一季度末的駁船業務積壓處於 3 年來的最高水平，現在提供了到 2024 年的生產可見性。同樣，在風塔方面，我們的積壓正在擴大，這為顯著的上行潛力奠定了基礎2024 年及以後，由於通貨膨脹減少法案提供的多年順風。

During the quarter, we signed a multiyear agreement to produce wind towers and announced an investment in the brownfield facility in New Mexico, which should start production in mid-2024. Looking ahead to the balance of the year, Arcosa remains well positioned for continued solid financial performance. Even as we increase our investment in organic initiatives, the strength of our balance sheet enables us to pursue potential acquisitions that meet our financial criteria and are complementary to our existing operations.

在本季度，我們簽署了一項生產風塔的多年協議，並宣布投資新墨西哥州的棕地工廠，該工廠將於 2024 年年中投產。展望今年餘下時間，Arcosa 仍處於有利地位，可繼續保持穩健的財務業績。即使我們增加了對有機計劃的投資，我們資產負債表的實力也使我們能夠進行符合我們財務標準並與我們現有業務互補的潛在收購。

We recently closed on 2 bolt-on acquisitions that further expand our Construction Products portfolio, our recycled aggregates producer in Arizona and our shoring manufacturing in Houston. These acquisitions, while relatively small individually, are significant in that they broaden our presence and capabilities in 2 major southern markets. With our market-leading positions and opportunities across our portfolio to capitalize on increased infrastructure spending, I am very optimistic about our future.

我們最近完成了 2 項補強收購，進一步擴大了我們的建築產品組合、我們在亞利桑那州的再生骨料生產商和我們在休斯敦的支柱製造商。這些收購雖然單獨規模相對較小，但意義重大，因為它們擴大了我們在 2 個主要南方市場的影響力和能力。憑藉我們在整個投資組合中的市場領先地位和機會來利用增加的基礎設施支出，我對我們的未來非常樂觀。

Gail will now provide detail on our financial results for the first quarter and I will return to discuss our updated outlook. Gail?

蓋爾現在將提供我們第一季度財務業績的詳細信息，我將回來討論我們最新的展望。蓋爾？

Thank you, Antonio. I'll begin on Slide 11 to discuss our first quarter segment results. In Construction Products, revenues increased 12%, primarily due to higher pricing in the quarter, which more than offset overall organic volume decline. Recent acquisitions contributed approximately 1/4 of the revenue growth largely attributable to RAMCO, which we acquired last May.

謝謝你，安東尼奧。我將從幻燈片 11 開始討論我們第一季度的業績。在建築產品方面，收入增長了 12%，這主要是由於本季度定價較高，這大大抵消了整體有機銷量的下降。最近的收購貢獻了大約 1/4 的收入增長，這主要歸因於我們去年 5 月收購的 RAMCO。

Adjusted segment EBITDA increased 85% year-over-year or $35 million due to the $22 million land sale gain in our natural aggregates business and healthy improvement in unit profitability. Excluding the land sale gain as well as freight and delivery from revenues, first quarter adjusted EBITDA margins increased 370 basis points to 26.5% for the segment. This is the first time we have reported margins, excluding freight, which is a pass-through cost in our construction materials businesses and dilutes reported margins. Higher diesel, process fuels and cement prices increased segment cost of sales by approximately $5 million, or 3% during the quarter. This is down from the inflationary cost impact in the fourth quarter of 2022 as diesel prices have moved lower from the peak last year.

調整後的分部 EBITDA 同比增長 85% 或 3500 萬美元，原因是我們的天然骨料業務獲得了 2200 萬美元的土地銷售收益以及單位盈利能力的健康改善。從收入中剔除土地銷售收益以及運費和交付費用後，該部門第一季度調整後的 EBITDA 利潤率增長了 370 個基點，達到 26.5%。這是我們第一次報告不包括運費的利潤率，運費是我們建築材料業務的轉嫁成本，會稀釋報告的利潤率。本季度柴油、工藝燃料和水泥價格上漲使分部銷售成本增加了約 500 萬美元，即 3%。這低於 2022 年第四季度的通脹成本影響，因為柴油價格已從去年的峰值回落。

Turning to natural aggregates. We continue to experience broad pricing strength across our markets with average organic pricing up more than 20% in the first quarter. Volumes were down low double digits, primarily due to weakness in single-family residential and wet weather that impacted volumes early in the quarter. This decline was partially offset by increased volume for public and private non-residential activity given the successful transition of volume in certain markets. Due to our disciplined pricing strategy, we expanded unit profitability in the first quarter and achieved higher year-over-year margins, excluding the land sale gain.

轉向天然骨料。我們繼續在我們的市場中體驗廣泛的定價優勢，第一季度平均有機定價上漲超過 20%。成交量下降了兩位數，主要是由於單戶住宅疲軟和潮濕天氣影響了本季度初的成交量。鑑於某些市場的交易量成功轉型，公共和私人非住宅活動的交易量增加部分抵消了這一下降。由於我們嚴格的定價策略，我們在第一季度擴大了單位盈利能力並實現了更高的同比利潤率，不包括土地銷售收益。

In recycled aggregates, strength in Texas DOT work drove substantially higher organic volumes in our Houston and Dallas operations. However, unusually wet weather in Southern California adversely impacted the contribution from RAMCO during the quarter. First quarter pricing gains were healthy, leading to solid margin improvement year-over-year for recycled aggregates. Within Specialty Materials, slightly higher volumes and double-digit pricing increases in lightweight aggregates led to mid-single-digit top line revenue growth. Volumes were mixed in our other specialty product lines. Demand for industrial and flooring plaster remained strong, and we achieved solid first quarter pricing improvements. However, volumes were impacted by labor availability challenges we are working to solve.

在再生骨料中，德州 DOT 工作的優勢推動了我們休斯頓和達拉斯業務的有機產量大幅增加。然而，南加州異常潮濕的天氣對 RAMCO 在本季度的貢獻產生了不利影響。第一季度的定價收益是健康的，導致再生骨料的利潤率同比穩步提高。在特種材料中，輕質骨料的銷量略有增加和兩位數的價格上漲導致收入實現中等個位數的增長。我們其他專業產品線的銷量參差不齊。對工業和地板石膏的需求依然強勁，我們在第一季度實現了穩固的價格改善。但是，數量受到我們正在努力解決的勞動力可用性挑戰的影響。

In addition, the wet weather in California also had an impact, constraining specialty volumes serving the agricultural market. Overall, we saw roughly flat EBITDA year-over-year and lower margins in the first quarter for Specialty Materials. Finally, our trench shoring business reported a 6% increase in revenues on higher volumes and contribution from the Houston acquisition that closed during the quarter. Order inquiry levels were healthy and our backlog remains supportive for growth in 2023.

此外，加利福尼亞的潮濕天氣也產生了影響，限制了服務於農業市場的特種產品數量。總體而言，我們看到特種材料第一季度的 EBITDA 同比大致持平，利潤率較低。最後，我們的戰壕支撐業務報告稱，由於本季度完成的休斯頓收購交易量和貢獻增加，收入增長了 6%。訂單詢價水平健康，我們的積壓訂單仍然支持 2023 年的增長。

Moving to Engineered Structures. Slide 12 shows the impact of the storage tanks business that was sold in October 2022 on the prior period results. This quarter, we recognized an additional $6.4 million gain on the divestiture, which has been excluded from adjusted segment EBITDA and related to the settlement of certain contingencies. During the first quarter, adjusted EBITDA for our utility wind and related structures businesses increased 24%, outpacing revenues, primarily due to higher volumes in utility structures where the demand environment continues to be favorable. In addition, we recognized $3.2 million of net benefit from the advanced manufacturing production tax credit provided for in the Inflation Reduction Act, which helped offset the anticipated decrease in wind tower profitability. The 180 basis points of margin expansion reflects the benefit of the tax credit, as well as incremental improvement in utility and related structures, which is notable given the strong performance in the prior year period.

轉向工程結構。幻燈片 12 顯示了 2022 年 10 月出售的儲罐業務對前期業績的影響。本季度，我們確認了額外的 640 萬美元資產剝離收益，該收益已被排除在調整後的分部 EBITDA 之外，並且與某些或有事項的結算有關。第一季度，我們的公用事業風能和相關結構業務的調整後 EBITDA 增長了 24%，超過了收入，這主要是由於需求環境持續有利的公用事業結構的銷量增加。此外，我們從《降低通貨膨脹法》中規定的先進製造業生產稅收抵免中獲得了 320 萬美元的淨收益，這有助於抵消風塔盈利能力的預期下降。利潤率擴大 180 個基點反映了稅收抵免的好處，以及公用事業和相關結構的逐步改善，考慮到去年同期的強勁表現，這一點值得注意。

As previously announced, we received wind tower orders of approximately $800 million during the quarter for delivery in 2024 to 2028. Since the passage of the IRA in August 2022, we have received over $1.1 billion in wind tower orders. We also had robust order activity in utility structures, resulting in backlog at the end of the quarter for utility wind and related structures of $1.5 billion up from $671 million at the start of the year.

正如之前宣布的那樣，我們在本季度收到了約 8 億美元的風塔訂單，將於 2024 年至 2028 年交付。自 2022 年 8 月 IRA 通過以來，我們已收到超過 11 億美元的風塔訂單。我們在公用事業結構方面也有強勁的訂單活動，導致本季度末公用事業風能和相關結構的積壓訂單從年初的 6.71 億美元增加到 15 億美元。

Turning to Transportation Products on Slide 13, segment revenues were up 43%, driven by solid volume growth in both our barge and steel components businesses. Adjusted segment EBITDA increased over 100% and margins expanded to 13.4%, reflecting the significant operating leverage inherent in these businesses. We received barge orders of $122 million during the quarter, representing a book-to-bill of 1.8. These orders, primarily for hopper barges, extend our backlog into 2024. We ended the quarter with total barge backlog of $279 million and we expect to deliver approximately 70% during 2023.

轉向幻燈片 13 上的運輸產品，分部收入增長了 43%，這得益於我們的駁船和鋼鐵零部件業務的穩健增長。調整後的分部 EBITDA 增長超過 100%，利潤率擴大至 13.4%，反映出這些業務固有的顯著經營槓桿。本季度我們收到了 1.22 億美元的駁船訂單，訂單出貨率為 1.8。這些訂單主要針對料斗駁船，將我們的積壓訂單延長至 2024 年。截至本季度末，我們的駁船積壓訂單總額為 2.79 億美元，我們預計在 2023 年交付約 70%。

I'll conclude on Slide 14 with some comments on our cash flow and balance sheet position. We ended the quarter with net debt to adjusted EBITDA of 1.1x and available liquidity of $624 million. We have no outstanding borrowings on our revolver and no near-term material debt maturities. Our healthy balance sheet and ample liquidity continue to provide flexibility for our capital allocation strategy. Working capital consumed about $55 million of cash flow in the first quarter, an increase year-over-year primarily due to the timing of strategic steel purchases.

我將在幻燈片 14 的結尾對我們的現金流和資產負債表狀況發表一些評論。本季度末，我們的調整後 EBITDA 淨債務為 1.1 倍，可用流動資金為 6.24 億美元。我們的循環貸款沒有未償還的借款，也沒有短期到期的重大債務。我們健康的資產負債表和充足的流動性繼續為我們的資本配置策略提供靈活性。第一季度營運資金消耗了約 5500 萬美元的現金流，同比增長主要是由於戰略性鋼鐵採購的時機。

As our growth businesses continue to expand and our cyclical businesses recover, we expect working capital to be a use of cash for the year. Capital expenditures were $44 million, up $19 million from the prior year, reflecting progress on the organic projects in Construction Products and Engineered Structures, including the purchase of a brownfield property for our New Mexico wind tower facility. We are revising our full year CapEx guidance to $185 million to $210 million up from the previous range of $140 million to $160 million to reflect the new wind tower investment.

隨著我們的成長型業務繼續擴張和我們的周期性業務復甦，我們預計營運資金將成為今年的現金用途。資本支出為 4400 萬美元，比上一年增加 1900 萬美元，反映了建築產品和工程結構有機項目的進展，包括為我們的新墨西哥風塔設施購買棕地資產。我們正在將我們的全年資本支出指導從之前的 1.4 億至 1.6 億美元修改為 1.85 億至 2.1 億美元，以反映新的風塔投資。

Our range now anticipates $85 million to $100 million of growth CapEx in 2023. Free cash flow for the quarter was $6.8 million, down from $19 million in the prior year, largely due to the increase in net capital expenditures. In our calculation of free cash flow, we have netted proceeds from the sale of property and other assets against capital expenditures as the cash received from these asset sales is typically used to fund replacement reserves and equipment.

我們現在預計 2023 年資本支出將增長 8500 萬至 1 億美元。本季度的自由現金流為 680 萬美元，低於去年同期的 1900 萬美元，這主要是由於淨資本支出的增加。在我們計算自由現金流時，我們將出售財產和其他資產的收益與資本支出相抵，因為從這些資產出售中收到的現金通常用於為更換儲備和設備提供資金。

I will now turn the call back over to Antonio for an update on our 2023 outlook.

我現在將把電話轉回給安東尼奧，了解我們 2023 年展望的最新情況。

Thank you, Gail. As we indicated in our fourth quarter call, we expect 2023 will be a transition year from a financial standpoint. We anticipate our growth businesses will benefit from generally solid back fundamentals for our cyclical businesses undergo significant manufacturing ramp-up and experience gradual improvement before achieving stronger profitability in 2024.

謝謝你，蓋爾。正如我們在第四季度電話會議中指出的那樣，我們預計 2023 年將是財務角度的過渡年。我們預計我們的增長業務將受益於普遍穩固的基本面，因為我們的周期性業務在 2024 年實現更強的盈利能力之前經歷了顯著的製造增長和逐步改善。

Please turn to Slide 16. We're raising slightly our 2023 revenue guidance to $2.25 billion at the midpoint, which represents an increase of 10% compared to 2022 normalizing for the sale of the storage tank business. Based on the outperformance in the first quarter and our expected expectations for improved profitability in our cyclical businesses due to the anticipated tax credits from wind towers, we're increasing our 2023 adjusted EBITDA guidance to $358 million at the midpoint, up from the prior midpoint of $325 million. This revised guidance includes estimated net wind power credits of approximately $20 million at the midpoint, which were not included in our previous range. Further clarification from the IRS on this tax credit is still pending.

請轉到幻燈片 16。我們將 2023 年的收入預期略微上調至中點 22.5 億美元，與 2022 年正常化的儲罐業務銷售相比增長了 10%。基於第一季度的出色表現以及我們對風塔的預期稅收抵免導致周期性業務盈利能力提高的預期，我們將 2023 年調整後的 EBITDA 指引從之前的中點提高到 3.58 億美元的中點3.25億美元。修訂後的指南包括中點估計的約 2000 萬美元的淨風力發電信貸，這不包括在我們之前的範圍內。美國國稅局對該稅收抵免的進一步澄清仍在等待中。

Please turn to Slide 17. To review the outlook for our growth businesses. We believe Construction Products remains well positioned to capitalize on continued significant better and safe investment in highway and other infrastructure projects. Infrastructure lending activities accelerating across many of our markets, while pricing momentum remains favorable for both natural and recycled aggregates. Although the housing market continues to show weakness across our markets, we are optimistic that improved pricing and demand for infrastructure projects should compensate the volume declines in housing.

請轉到幻燈片 17。回顧我們增長業務的前景。我們相信建築產品仍然處於有利地位，可以利用對公路和其他基礎設施項目的持續顯著改善和安全投資。我們許多市場的基礎設施貸款活動都在加速，而定價勢頭仍然有利於天然和再生骨料。儘管整個市場的房地產市場繼續表現疲軟，但我們樂觀地認為，基礎設施項目的定價和需求的改善應該可以彌補住房銷量的下降。

As we look further ahead, we believe that with stronger pricing a recovery in housing, infrastructure spending and inflation receding, our Construction segment should be in great shape to continue to grow and improve margins over time.

展望未來，我們相信，隨著住房定價的強勁復甦、基礎設施支出和通脹的消退，我們的建築部門應該會保持良好的狀態，隨著時間的推移繼續增長並提高利潤率。

Turning to Engineered Structures. The overall outlook for this segment remains favorable, driven by ongoing utility infrastructure investment, healthy Department of Transportation [spending] in Florida and other southern states and the ongoing wireless -- 5G wireless buildup. In the electric utility sector, major CapEx spending programs remain centered on grid-hardening enhancing reliability and connecting new sources of renewable energy to the grid. The (inaudible) are also beginning to accelerate their planning to bring new sources of power to supply the nation's growing fleet of electric vehicles. The breadth of these CapEx initiatives is evident in the continued expansion of our utility structures backlog.

轉向工程結構。在持續的公用事業基礎設施投資、佛羅里達州和其他南部各州健康的交通部 [支出] 以及正在進行的無線 - 5G 無線建設的推動下，該細分市場的總體前景仍然看好。在電力行業，主要的資本支出計劃仍然集中在加強電網以提高可靠性以及將新的可再生能源接入電網上。 （聽不清）也開始加快他們的計劃，以引入新的能源來為全國不斷增長的電動汽車車隊供電。這些資本支出計劃的廣度在我們公用事業結構積壓的持續擴展中顯而易見。

Shifting now to our cyclical businesses on Slide 18. Market dynamics impacting our wind tower business and transportation segments are improving, supporting our view that these businesses are entering these early stages of our cyclical (inaudible). In wind tower, the 10-year PTC extension included in the official reduction act provided significant planning certainty to the industry. This long-term certainty is accelerating demand for wind towers which we expect to continue to grow as projects get underway. The $800 million of wind tower orders were received in the first quarter marked the single largest quarterly total for wind tower orders in Arcosa's history.

現在轉向我們在幻燈片 18 上的周期性業務。影響我們的風塔業務和運輸部門的市場動態正在改善，支持我們的觀點，即這些業務正在進入我們週期性（聽不清）的這些早期階段。在風塔方面，官方削減法案中包含的 10 年 PTC 延期為行業提供了重要的規劃確定性。這種長期的確定性正在加速對風塔的需求，我們預計隨著項目的進行，風塔的需求將繼續增長。第一季度收到了 8 億美元的風塔訂單，這是 Arcosa 歷史上單季度最大的風塔訂單。

To meet these new demands, as I mentioned earlier, we recently announced the expansion of our wind tower manufacturing capacity in New Mexico, where we are investing to strategically supply major wind projects in that region. This manufacturing facility is expected to commence production in mid-2024. We reiterate our view that 2023 will represent a transition year from our wind towers business given the production ramp-up in our 2 operational facilities, an additional start-up costs at the new plant. In 2024, we should experience progressively improving profitability from increased volumes, additional production from the plant in New Mexico as well as higher volume-driven tax credit benefits.

為了滿足這些新需求，正如我之前提到的，我們最近宣布擴大我們在新墨西哥州的風塔製造能力，我們正在投資戰略性地供應該地區的主要風能項目。該製造工廠預計將於 2024 年中期開始生產。我們重申我們的觀點，即 2023 年將是我們風塔業務的過渡年，因為我們 2 個運營設施的產量增加，新工廠的額外啟動成本。到 2024 年，我們應該會通過增加產量、新墨西哥州工廠的額外產量以及更高的產量驅動的稅收抵免優惠來逐步提高盈利能力。

Turning to Slide 19. Our barge business is also experiencing steady improvement fundamentals. In the past 2 quarters, we received barge orders totaling more than $250 million, underscoring the significant pent-up demand in this market. With the new production process that places steel plate with lower price coil, we have revised the cost of [interest] and generated new barge orders. Supported by the consistent improvement in orders and the high level of inquiries, we're optimistic that the long-awaited recovery in the barge market is beginning to take hold.

轉到幻燈片 19。我們的駁船業務基本面也在穩步改善。在過去的兩個季度中，我們收到了總計超過 2.5 億美元的駁船訂單，凸顯了該市場被壓抑的巨大需求。隨著新的生產工藝將鋼板放在價格較低的捲材中，我們已經修改了 [利息] 的成本並產生了新的駁船訂單。在訂單持續改善和詢價量高的支持下，我們樂觀地認為駁船市場期待已久的複蘇開始站穩腳跟。

Although steel price volatility remains a drag on new orders, we are seeing some customers increase their barge price expectations, recognizing persistent elevated steel pricing and ongoing inflationary pressures. Given the strong demand, we will continue to focus on selling our available capacity at attractive margins. Despite signs of a slowdown in the economy, the bank for steel components products have remained resilient, aided by higher utilization in North American railcars and growth in new railcar deliveries. Going forward, we anticipate a moderation in our top line within this business due to the more challenging delivery comparisons as the year progresses, but the overall outlook remains supportive for growth this year.

儘管鋼鐵價格波動仍然拖累新訂單，但我們看到一些客戶提高了對駁船價格的預期，因為他們認識到鋼鐵價格持續上漲和持續的通脹壓力。鑑於強勁的需求，我們將繼續專注於以有吸引力的利潤率出售我們的可用產能。儘管有經濟放緩的跡象，但在北美鐵路車利用率提高和新鐵路車交付量增長的幫助下，鋼鐵零部件產品銀行仍保持彈性。展望未來，由於隨著時間的推移交付比較更具挑戰性，我們預計該業務的收入將有所放緩，但總體前景仍然支持今年的增長。

Please turn to Slide 20. Arcosa's sustainability initiatives represent the foundational element of our commitment to build long-term stakeholder value, and I am pleased to announce the recent publication of our third annual sustainability report. This comprehensive report explains how we are incorporating sustainability into our business strategy and daily operations, and how we are continuing to build our sustainability progress in pursuit of our long-term ESG goals. I am proud of our collective efforts to strengthen our safety culture, reduced our greenhouse emissions and support our communities to help build a more sustainable future.

請轉到幻燈片 20。Arcosa 的可持續發展計劃代表了我們致力於建立長期利益相關者價值的基本要素，我很高興地宣布我們最近發布了第三份年度可持續發展報告。這份綜合報告解釋了我們如何將可持續發展納入我們的業務戰略和日常運營，以及我們如何繼續推進可持續發展進程以實現我們的長期 ESG 目標。我為我們加強安全文化、減少溫室氣體排放和支持我們的社區幫助建設更可持續的未來而做出的集體努力感到自豪。

In closing, 2023 is off to a great start, and I'm excited about the many opportunities across our portfolio that will drive our financial performance, not only this year but into 2024 and beyond. Now I would like to open the call for questions.

最後，2023 年有了一個良好的開端，我對我們投資組合中的許多機會感到興奮，這些機會將推動我們的財務業績，不僅在今年，而且在 2024 年及以後。現在我想打開問題的電話。

(Operator Instructions) And we'll take our first question from Julio Romero with Sidoti & Company.

（操作員說明）我們將從 Julio Romero 和 Sidoti & Company 提出我們的第一個問題。

Antonio and Gail, I was hoping you could talk about the progress on the rollout of the redesign barge product, did you just coil steel and how that's performing so far?

安東尼奧和蓋爾，我希望你們能談談重新設計的駁船產品推出的進展情況，你們剛剛捲鋼了嗎？到目前為止它的表現如何？

Sure, Julio, thank you for the question. As I mentioned in the previous call, it's -- last year 2022, the prices between coil and plate started to diverge significantly. Historically, there's $150 a ton difference between a ton of plate and a ton of coil.

當然，胡里奧，謝謝你提出這個問題。正如我在之前的電話會議中提到的那樣——去年 2022 年，卷材和中厚板的價格開始出現顯著差異。從歷史上看，一噸中厚板和一噸卷材每噸相差 150 美元。

Last year, that number was almost at $1,000. And that's when we started looking at the opportunity to redesign dry cargo barges with coil. We worked on it in the second half. And in the summer, we launched our first coil barge, and that generated significant demand for the barges, mostly the orders in the fourth quarter came from coil.

去年，這個數字幾乎達到了 1,000 美元。就在那時，我們開始尋找機會重新設計帶線圈的干貨駁船。我們在下半場努力了。夏季，我們推出了第一艘鋼捲駁船，這對駁船產生了巨大的需求，第四季度的訂單大部分來自鋼捲。

Throughout this quarter, we continue to offer our customers. Now the beauty of this is that we can offer coil barges or plate barges and we'll shift our production and our sales depending on that difference in prices. This year steel price start coming -- the last few years, steel prices have been going up in the second half. Coil prices went down and this year started coming up. So that gap has strong some, but we have the ability now to move between the two.

在本季度，我們繼續為客戶提供服務。現在，這樣做的好處是我們可以提供卷材駁船或板材駁船，我們將根據價格差異改變我們的生產和銷售。今年鋼價開始來了——這幾年，下半年鋼價一直在上漲。卷材價格下跌，今年開始上漲。所以這個差距有一些很大，但我們現在有能力在兩者之間移動。

Probably the biggest message for you is this gives us flexibility in manufacturing flexibility for sale, but also of leverage between suppliers of steel because we can now shift suppliers based on the difference in that price. So things are going well. The barge is fully designed and we are building barges today with coil.

可能對您來說最大的信息是，這使我們在製造銷售方面具有靈活性，但也使鋼鐵供應商之間具有槓桿作用，因為我們現在可以根據價格差異轉移供應商。所以事情進展順利。駁船經過全面設計，我們今天正在建造帶線圈的駁船。

Okay. Really helpful there. And I guess just thinking about the order trends in the barge business, you had 2 straight quarters of $100 million plus in orders. But you also talked about the steel is still suppressing orders to an extent. So just talk about how you're managing the current trend line in steel over the last few months and how we should think about the variability in the barge business, if steel continues on that trend line?

好的。那裡真的很有幫助。而且我想只要考慮駁船業務的訂單趨勢，您的訂單連續兩個季度超過 1 億美元。但是您也談到了鋼鐵在一定程度上仍然在壓制訂單。那麼，請談談您在過去幾個月中如何管理當前的鋼鐵趨勢線，以及如果鋼鐵繼續沿著該趨勢線發展，我們應該如何考慮駁船業務的變化？

Yes. I think the most important message here is that the inquiries are tremendously strong. So we have a very strong -- we feel the market needing these barges. And I think what you're seeing with these orders, these orders even though coil has been cheaper than plate, that we sold a few barges with coil and some models with plate.

是的。我認為這裡最重要的信息是查詢非常強烈。所以我們有一個非常強大的 - 我們覺得市場需要這些駁船。而且我認為你在這些訂單中看到的，這些訂單即使卷材比板材便宜，我們也賣掉了幾艘帶捲材的駁船和一些帶板材的型號。

The price point of this barge is much higher than it was prior to the steel price ramp up. So I think our customers, as I mentioned it in the script, some of our customers are moving their price points to the barges because they really need barges or what we perceive in the market.

這艘駁船的價格遠高於鋼鐵價格上漲之前的價格。所以我認為我們的客戶，正如我在腳本中提到的那樣，我們的一些客戶正在將他們的價格點轉移到駁船上，因為他們真的需要駁船或我們在市場上看到的東西。

So I think we'll -- I don't know about this quarter and the next, it might not be a straight line. But I'm confident we will continue to get barge orders based on the inquiry levels we see. What I also mentioned is we're going to be, as we sell more barges, of course, capacity gets tighter, we're going to be focusing like in every other business in our margins.

所以我認為我們會 - 我不知道這個季度和下一個季度，它可能不是一條直線。但我相信，根據我們看到的詢價水平，我們將繼續收到駁船訂單。我還提到的是，隨著我們出售更多的駁船，當然，產能會越來越緊張，我們將像其他所有業務一樣關注我們的利潤率。

So we're not going to give our capacity away, and I think we have -- we're in a great position to manage our capacity and our orders because now we have quite a long visibility until the early part of 2024.

所以我們不會放棄我們的能力，我認為我們已經 - 我們處於管理我們的能力和訂單的有利位置，因為現在我們有相當長的可見性，直到 2024 年初。

And we'll take our next question from Garik Shmois with Loop Capital Markets.

我們將從 Loop Capital Markets 的 Garik Shmois 那裡回答下一個問題。

Congrats on the quarter. Wondering if you could speak a little bit to the margin expansion in the Construction Product segment. Certainly, you're getting a new lease on pricing. Just wondering if you can maybe talk to the sustainability of this type of marketing expansion through the rest of the year?

祝賀這個季度。想知道您是否可以談談建築產品領域的利潤率擴張。當然，您將獲得一份新的定價租約。只是想知道您是否可以在今年餘下的時間裡談談這種營銷擴張的可持續性？

Well, thank you for the question. It's -- I think this industry has always been characterized by this. You saw that you can move pricing even when volumes come down and I think that's been proven with what we're seeing in the market.

嗯，謝謝你的問題。這是 - 我認為這個行業一直以這個為特徵。您看到即使銷量下降也可以調整價格，我認為我們在市場上看到的已經證明了這一點。

I would tell you that we have many touch points to the market. But the area where we're seeing really strength is in the infrastructure side. When some of our businesses have more exposure to housing than others, aggregate is probably the one that has the most. But the ones that have -- but we still saw very significant improvement in pricing in aggregates.

我會告訴你，我們有很多市場接觸點。但我們真正看到實力的領域是在基礎設施方面。當我們的一些企業比其他企業更多地接觸住房時，聚合可能是最多的。但是那些已經 - 但我們仍然看到總量定價有非常顯著的改善。

In recycled aggregates that has less exposure to housing, we saw -- we saw pricing also very strong, but volumes are not as affected as natural aggregates. So our perception and what our goal for this year is to continue to offset volume declines with pricing increases and refocusing our capacity into infrastructure. And I think we'll be able to continue to do that.

在與住房接觸較少的再生骨料中，我們看到——我們看到定價也非常強勁，但數量不像天然骨料那樣受到影響。因此，我們的看法和我們今年的目標是繼續通過價格上漲和將我們的能力重新集中在基礎設施上來抵消銷量下降。我認為我們將能夠繼續這樣做。

It's -- is it going to be a perfect line? Is it going to be choppy? Probably some areas in the country have more higher decline than others in volumes. And in those areas, thats where we're pushing pricing higher. So -- it's -- I think it's a tight model. It's area by are mine by mine, but I'm more confident we can continue to push pricing and offset volume declines.

它——它會是一條完美的路線嗎？會很波濤洶湧嗎？可能該國某些地區的銷量下降幅度大於其他地區。在這些領域，這就是我們推高定價的地方。所以 - 這是 - 我認為這是一個緊湊的模型。它的面積是我的，但我更有信心我們可以繼續推動定價並抵消銷量下降。

Okay, great. I wanted to just follow up real quickly, just on the weather impacts in the quarter. You cited some of the weakness being due to the rains in California. I was wondering maybe is there a way to size the headwind that you saw due to weather, are you seeing any pent-up demand here in the second quarter as a result of some of those project push ups?

好的，太好了。我想快速跟進，只關注本季度的天氣影響。你列舉了一些疲軟是由於加利福尼亞的降雨。我想知道是否有辦法調整您因天氣而看到的逆風，由於其中一些項目的推進，您是否在第二季度看到任何被壓抑的需求？

It's difficult for us to size it, but I'll tell you -- when you look at the numbers in recycled aggregates, which is -- we had 2 impacts in California, one is recycled aggregates and some in specialty materials.

我們很難確定它的大小，但我會告訴你——當你看一下再生骨料的數字時——我們在加利福尼亞有兩個影響，一個是再生骨料，一些是特種材料。

The recycled aggregate is probably the easier one. It's projects -- the pent up demand is hard to measure because policy is delayed and it did about the same demand after the rain recede. But what I can see -- tell you is of all our recycled aggregates in markets, the only one that last, let's say, not in great shape was California. It was clearly tied to the rain that we have there.

再生骨料可能是更容易的一種。這是項目——被壓抑的需求很難衡量，因為政策被推遲了，雨後的需求也差不多。但我能看到的——告訴你的是我們在市場上所有的回收骨料，唯一一個持續時間不佳的是加利福尼亞。這顯然與我們那裡的雨有關。

When the rain receded, we are in great shape, and the volumes are coming very steadily. So nothing wrong with the business. I think it was just a really outstanding rain event. But we are very optimistic about recycled aggregates in California.

雨退去後，我們的狀態很好，成交量也很穩定。所以生意沒有問題。我認為這只是一次非常出色的降雨事件。但我們對加州的再生骨料非常樂觀。

Garik, this is Gail. I guess I would even just add, we did, on the weather topic, we did -- we were sitting here a couple of months ago, January and February, we had certainly had some rain and colder weather here in the Dallas, Texas area.

加里克，這是蓋爾。我想我什至想補充一點，我們確實做到了，關於天氣話題，我們做到了——幾個月前，1 月和 2 月，我們坐在這裡，德克薩斯州達拉斯地區肯定下過雨，天氣更冷.

And I think as we look at the quarter, very pleased to see what March came to bring when we had a very normal weather months for the quarter. And we were pleased to see that the volume pace we had during the month of March. So weather definitely had an impact, as Antonio said. When the skies are clear, things seem to be according to plan from a volume perspective.

我認為，當我們審視本季度時，很高興看到當我們本季度的天氣月份非常正常時，三月份帶來了什麼。我們很高興看到 3 月份的銷量增長速度。因此，正如安東尼奧所說，天氣肯定會產生影響。當天空晴朗時，從成交量的角度來看，事情似乎是按計劃進行的。

And we'll take our next question from Noah Merkousko with Stephens Inc.

我們將接受來自 Stephens Inc. 的 Noah Merkousko 的下一個問題。

Congrats on the strong results. I wanted to start on the wind towers business. You've seen increase in orders there. And I guess, just what's the typical lag in terms of getting an order and to be able to deliver on those? I think you continue to see this year as a transition year for wind. So I guess, is that early '24 that you start to see? And then just given your capacity plans, how much of the backlog can you deliver on in that?

祝賀你取得了優異的成績。我想開始風塔業務。你已經看到那裡的訂單增加了。我想，在獲得訂單和交付訂單方面的典型滯後是什麼？我認為您繼續將今年視為風能的過渡年。所以我猜，你開始看到的是 24 年初嗎？然後根據您的容量計劃，您可以在其中交付多少積壓工作？

Let me start with the first part of the question. And just to reflect on where we are, six months ago this business was not looking pretty. I mean we didn't have orders for 2024 for '23 sorry, for this year, we have no orders. So we took some orders with very low margins to get the year started and keep our people working.

讓我從問題的第一部分開始。只是為了反思我們所處的位置，六個月前這項業務看起來並不漂亮。我的意思是我們沒有 2024 年的 23 年訂單，抱歉，今年我們沒有訂單。因此，我們接受了一些利潤率非常低的訂單，以開始新的一年並讓我們的員工繼續工作。

And as the Inflation Reduction Act, let's say,picks up pace and the projects we've developed we're seeing very strong demand. And I think right now, what you will see is our ability to ramp up will depend on how fast we can hire people. It's really that simple, how fast wen can hire and train our people. And we have orders, I think, for 2023, we're basically set in what we can produce because we're ramping up.

比方說，隨著通貨膨脹減少法案加快步伐，我們已經開發的項目看到了非常強勁的需求。而且我認為現在，您將看到的是我們提升的能力將取決於我們僱用人員的速度。就這麼簡單，我們能以多快的速度僱用和培訓我們的員工。我認為，我們有 2023 年的訂單，我們基本上已經確定了我們可以生產的產品，因為我們正在增加。

For 2024, we are not at capacity by any means. We have a plant that's idle. We have 2 plants that are not operating at full capacity, understanding New Mexico that will start in the second -- around mid-2024 will not be at full capacity. So that is -- I think the message I would like to leave you with is, we're going to be dialing our labor and our capacity based on how we see the orders, with the idea that the capacity we have available, we believe, it's very valuable given the strength of the wind market, and we're going to be focusing on selling it at a nice margin.

對於 2024 年，我們無論如何都不會滿負荷運轉。我們有一個閒置的工廠。我們有 2 家工廠沒有滿負荷運轉，據了解，新墨西哥州將在第二年開始——大約在 2024 年中期將不會滿負荷運轉。那就是——我想我想告訴你的信息是，我們將根據我們對訂單的看法來調整我們的勞動力和我們的能力，我們相信我們有可用的能力，鑑於風力市場的實力，它非常有價值，我們將專注於以可觀的利潤出售它。

We'll ramp up. I think we're happy with where we are. But we are even happier with the capacity we have that we'll be able to sell and focus on increasing margins for '24 and beyond. So this is a 10-year PTC. So that's giving significant visibility to the industry. So I think -- we can think they do have a nice pace.

我們會加速。我認為我們對我們所處的位置感到滿意。但我們對我們擁有的能力感到更加高興，我們將能夠銷售並專注於增加 '24 及以後的利潤。所以這是一個 10 年的 PTC。因此，這為該行業提供了重要的知名度。所以我認為 - 我們可以認為他們的步伐確實不錯。

Got it, that's helpful. And then for my follow-up, continuing to look at the Engineered Structures segment, some really nice margins during the quarter somewhat higher than your typical 12% to 13%, I think you typically look for there? I'm guessing tax credit played a role, but can you help us understand sort of the margin drivers there and again how sustainable this is as we look forward?

明白了，這很有幫助。然後對於我的後續行動，繼續關注工程結構部分，本季度的一些非常好的利潤率略高於通常的 12% 到 13%，我認為你通常在那裡尋找？我猜稅收抵免發揮了作用，但你能幫助我們了解那裡的利潤率驅動因素嗎？正如我們期待的那樣，它的可持續性如何？

I'll take that one. This is Gail. Yes, we had -- pleased with the margin performance, you're right. If you look at the segment year-over-year, you had probably about 170 basis points of margin improvement in the segment.

我會拿那個。這是蓋爾。是的，我們對利潤率表現感到滿意，你是對的。如果您按年查看該細分市場，您可能會發現該細分市場的利潤率提高了大約 170 個基點。

To your point, part of that was the tax credit. We did recognize $3 million of the advanced manufacturing production tax credit. But even outside of that, as I said in my script, we did see margins up against what was a pretty tough comp from last year. So consistent -- we benefit from the long run. So we had some -- your order PAM will vary from quarter-to-quarter.

就您而言，其中一部分是稅收抵免。我們確實承認了 300 萬美元的先進製造業生產稅收抵免。但即使除此之外，正如我在劇本中所說，我們確實看到了與去年相當艱難的比賽相比的利潤率。如此一致——我們從長遠來看受益。所以我們有一些 - 您的訂單 PAM 會因季度而異。

So we had some nice leverage from some longer production runs in the quarter. We expect to continue to have healthy margins throughout the year. I would note, though, from a cadence perspective, and we talked about this a little bit on our last call, as we see we have firm backlog, which gives us very good visibility for the utility structures business, and as we look at our backlog for Q2, notably, we talk about our clients and our big customers.

因此，我們從本季度的一些較長的生產運行中獲得了一些不錯的影響力。我們預計全年將繼續保持健康的利潤率。不過，我要指出的是，從節奏的角度來看，我們在上次電話會議上談到了這一點，因為我們看到我們有大量積壓，這讓我們對公用事業結構業務有了很好的了解，而且當我們看我們的第二季度的積壓，特別是我們談論我們的客戶和大客戶。

As we look at the mix of customers for the second quarter, we expect to have a slightly higher component of bid, which will impact the margin for the second quarter. But full year outlook for the business continues to be very strong -- strong demand drivers. We had nice volume increase in the quarter, expect stronger volumes year-over-year. So outlook from seems favorable. I do want to point out though, as we think about the cadence, we do anticipate a little bit of a step down in Q2 as we progress through the year.

當我們查看第二季度的客戶組合時，我們預計出價的組成部分會略高，這將影響第二季度的利潤率。但該業務的全年前景仍然非常強勁——強勁的需求驅動力。本季度我們的銷量增長不錯，預計銷量同比增長。所以前景似乎是有利的。不過，我確實想指出，當我們考慮節奏時，我們確實預計隨著今年的進展，第二季度會有所下降。

If you think a little beyond than the quarter of this year, I think we're very comfortable where we are for this year. But this segment has always been -- is a combination of 2 businesses. You have Engineered Structures and related, and wind.

如果你考慮的時間比今年第四季度稍晚，我認為我們對今年的情況感到非常滿意。但是這個部分一直是 - 是 2 個業務的組合。你有工程結構和相關的，還有風。

And since (inaudible) 4 or 5 years ago, utility structure has been going up and the wind tower has been coming down. And as wind ramps up again, I think there's going to be a combination of margins that should lead to improvement in margins in this segment. As wind tower ramps up, and we continue to gain momentum on utility. So I think the segment as a whole will start looking very, very nice as we ramp up wind towers.

自從（聽不清）4 或 5 年前以來，公用設施結構一直在上升，而風塔一直在下降。隨著風力再次增強，我認為利潤率的組合應該會導致該領域利潤率的提高。隨著風塔的建設，我們繼續在公用事業上獲得動力。所以我認為隨著風塔的增加，整個部分將開始看起來非常非常好。

Yes. I just might add on that too, it's important to highlight, particularly as we look at '23 and then it helps with Antonio's view of '23 and beyond -- or '24 and beyond, we do still anticipate wind tower to be breakeven from an EBITDA perspective in 2023.

是的。我也可能會補充一點，強調這一點很重要，特別是當我們關注 23 年，然後它有助於安東尼奧對 23 年及以後的看法 - 或者 24 年及以後，我們仍然預計風塔將實現收支平衡2023 年的 EBITDA 觀點。

Ex the tax credit. So the tax credits will certainly help. But we do see breakeven for wind. We did perform a little bit better in the first quarter. But as we've announced the New Mexico facility, we do anticipate additional start-up costs for that facility that will impact wind tower profitability this year.

例如稅收抵免。所以稅收抵免肯定會有所幫助。但我們確實看到風能收支平衡。我們在第一季度的表現確實好一些。但正如我們宣布新墨西哥工廠一樣，我們確實預計該工廠的額外啟動成本將影響今年風塔的盈利能力。

And we'll take our next question from Brent Thielman with D.A. Davidson.

我們將接受 Brent Thielman 和 D.A. 的下一個問題。戴維森。

Hey Antonio, I think a quarter ago, you suggested that you thought the backlog and when it can grow, which was valid. I guess maybe I'll ask you the same question from the standpoint of expectations for wind orders to the rest of the year. I imagine that had another $800 million order (inaudible) out there. But are these levels you anticipate building off of inquiry levels as you've got a lot of available capacity out there elsewhere?

嘿安東尼奧，我想一個季度前，你建議你考慮積壓以及它何時可以增長，這是有效的。我想也許我會從對今年剩餘時間的風電訂單預期的角度問你同樣的問題。我想那裡還有另外 8 億美元的訂單（聽不清）。但是，由於您在其他地方有很多可用容量，因此您預計這些水平是建立在查詢水平之上的嗎？

Yes, it's a good question. Yes, we continue to think prior-levels high. This business is very regional. So depending on where the projects are being developed, you will see the demand. But what's intresting to me, the most interesting, to be absolutely honest, in the price and the speed of this industry, how fast it picked up.

是的，這是個好問題。是的，我們繼續認為先前的水平很高。這項業務非常具有區域性。因此，根據項目的開發地點，您會看到需求。但讓我感興趣的是，最有趣的是，老實說，這個行業的價格和速度，它的回升速度有多快。

When the Inflation Reduction Act was approved in August of last year, I always said it will take plus 18 months for us to start seeing the impact in our specific orders. And that's what I thought at the time. And it surprised us that it's the right factor. Which leads me to believe that many of the projects that are really being developed based on the Inflation Reduction Act passing have really not come to market. So what we're seeing is a project that has been developed before and we're ready -- some what ready.

去年 8 月批准通貨膨脹法案時，我總是說我們需要 18 個月以上才能開始看到我們具體訂單的影響。這就是我當時的想法。令我們驚訝的是，這是正確的因素。這讓我相信，許多真正根據通貨膨脹減少法案的通過而開發的項目實際上並沒有進入市場。所以我們看到的是一個以前開發過的項目，我們已經準備好了——有些已經準備好了。

So what's intresting about this is I think the Inflation Reduction Act, the impact we have, really not seen. We've seen part of the certainty, but we have not seen the impact of new projects, and that's extremely exciting for the future. Is it going to be this fall? Probably not. But we will see that over time. I think we're building this business not for 1 year, for several years. And the 10-year act, I think it gives us a lot of optimism for the future.

因此，有趣的是，我認為《降低通脹法案》對我們產生的影響，真的沒有看到。我們已經看到了部分確定性，但我們還沒有看到新項目的影響，這對未來來說非常令人興奮。會是今年秋天嗎？可能不是。但隨著時間的推移，我們會看到這一點。我認為我們建立這項業務不是一年，而是幾年。而 10 年法案，我認為它讓我們對未來充滿樂觀。

Okay. And I guess that my follow-up is we're all trying to kind of understand the implications of these tax credits to your P&L, which is obviously based on the number of structures you sell, which I know you don't report.

好的。我想我的後續行動是我們都在努力了解這些稅收抵免對您的損益表的影響，這顯然是基於您銷售的結構數量，我知道您沒有報告。

But can you help us understand, giving us some guidance for this year, but can you help us understand, I guess, qualitatively your expectations for structures produced and sold this year relative to last year. This is what we're; trying to understand kind of the future impact as you get in the more robust production years.

但是你能不能幫助我們理解，給我們一些今年的指導，但你能不能幫助我們理解，我猜，你對今年生產和銷售的結構相對於去年的定性期望。這就是我們；隨著您在更強勁的生產年份中獲得，試圖了解未來的影響。

Yes, Brent, I'll try that one. As we've said before, given volume from a competitive perspective, we haven't really elected to do. But I guess that conundrum with this tax credit that's based on volumes.

是的，布倫特，我會試試那個。正如我們之前所說，從競爭的角度考慮數量，我們還沒有真正選擇這樣做。但我猜這個基於數量的稅收抵免的難題。

I'd also point out it's based on units sold and produced. It's also based on the megawatts of the installed turbine at the end of the day. So there's kind of 2 variables that impact it. We've given our best foot forward here with the estimate we have in our EBITDA guidance of about $20 million of incremental EBITDA related to the tax credit.

我還要指出它是基於銷售和生產的單位。它還基於一天結束時安裝的渦輪機的兆瓦數。所以有兩種影響它的變量。我們已經在我們的 EBITDA 指南中做出了最大的努力，估計與稅收抵免相關的 EBITDA 增量約為 2000 萬美元。

So the other thing, I guess, I would mention to kind of help a little bit is we've always said commercially that we would maintain a significant majority of the tax credit. And what we have included in our EBITDA guidance reflects that. So when we refer to the EBITDA pick up, we're talking about a net benefit to EBITDA.

因此，我想，我想提一點幫助的另一件事是，我們一直在商業上表示，我們將維持絕大部分的稅收抵免。我們在 EBITDA 指南中包含的內容反映了這一點。因此，當我們提到 EBITDA 回升時，我們談論的是 EBITDA 的淨收益。

So from an accounting perspective, the gross credit will flow through cost of sales. And anything that we've negotiated commercially would be a slight deduct to revenue. But as we've said, we're retaining the significant majority of the credit. And from a MAP perspective, I think many people are familiar that $0.03 for installed watt, that is the credit that we are a beneficiary of.

因此，從會計角度來看，總信貸將流經銷售成本。我們在商業上談判的任何事情都會輕微減少收入。但正如我們所說，我們保留了絕大部分功勞。從 MAP 的角度來看，我認為很多人都熟悉安裝瓦特 0.03 美元，這是我們受益的信貸。

And today, the average megawatt per installed power is somewhere around 3 million. So I think I'll probably stop there, that's probably the extent of what I could give from a perspective, '23 relative to 2022, a slight decline in volume. But then as we think about our backlog, we certainly -- we had the long-term order with the New Mexico facility that extends our backlog into 2028. Right now, based on the backlog we have in place, '24 and '25 are the higher years. And then you have the New Mexico facility filling out in the last 3 years there, is that's helpful.

而今天，每裝機功率的平均兆瓦約為 300 萬。所以我想我可能會停在那裡，從一個角度來看，這可能是我可以給出的範圍，'23 相對於 2022 年，數量略有下降。但是當我們考慮我們的積壓訂單時，我們當然 - 我們與新墨西哥工廠簽訂了長期訂單，將我們的積壓訂單延長到 2028 年。現在，根據我們現有的積壓訂單，'24 和 '25 是更高的年份。然後你在過去 3 年裡在那裡填寫了新墨西哥州的設施，這有幫助嗎？

Yes. Gail, if I could just quickly follow on that. You've given that there's still some uncertainty still weighing IRS guidelines, you've obviously got these commercial arrangements. Is it fair to kind of think that this outlook you put out for this year just related to the credit kind of your most conservative approach and you're still trying to kind of fine-tune these things?

是的。蓋爾，如果我能快速跟進就好了。你已經知道在權衡美國國稅局的指導方針時仍然存在一些不確定性，你顯然已經有了這些商業安排。認為您今年提出的這種展望僅與您最保守的方法的信用有關並且您仍在嘗試微調這些事情是否公平？

I'd say Brent, I mentioned the variables. Certainly, units produced. We feel pretty good about our backlog. There's always some wiggle room there. Nearer term, we feel a little bit more confident about the size of the turbine. So those things feel relatively certain.

我會說布倫特，我提到了變量。當然，單位生產。我們對我們的積壓感覺很好。那裡總有一些迴旋餘地。近期，我們對渦輪機的尺寸更有信心。所以這些事情感覺相對確定。

I'd say looking at it, could there be a little bit of conservatism since there hasn't been finalization in the rules? Yes, I would say that there is a little bit. But we've really tried to put our best foot forward in giving a sense of what we expect for the year.

我想說看看吧，規則還沒有定稿，能不能保守一點？是的，我會說有一點。但我們確實已竭盡全力表達我們對這一年的期望。

One comment on the tax rate. There are a lot rules that we expect. I think the main thing that we're waiting for -- there's, of course, how it's going to be -- when it starts and things like that.

對稅率的一種評論。我們期望有很多規則。我認為我們正在等待的主要事情 - 當然，它會如何 - 它何時開始以及類似的事情。

But the most important piece is the rule of variable, by America. What does it mean? And that's the piece that we are waiting for that needs to be clarifnied more specifically. And the main reason is that this thing is being bundled between wind and solar, and they are very different industries.

但最重要的一塊是美國的變量規則。這是什麼意思？這就是我們正在等待的內容，需要更具體地加以澄清。主要原因是這個東西被捆綁在風能和太陽能之間，它們是非常不同的行業。

But what we're trying to do here is the wind tower industry, as you saw with the New Mexico plant, there is no capacity. And if not, we can build it. it's something we can do really fast, and we're willing to do it and it's not also someone else, but there is capacity.

但我們在這裡要做的是風塔行業，正如你在新墨西哥州的工廠看到的那樣，沒有產能。如果沒有，我們可以建造它。這是我們可以非常快地做的事情，我們願意去做，而且不是其他人，但有能力。

The solar industry is in a very different position, so I think that's what we are waiting for the IRS to make sure that we put our best argument forward, that these are not the same thing. And I think we're doing that and the industry is doing that.

太陽能行業處於一個非常不同的位置，所以我認為這就是我們正在等待美國國稅局確保我們提出最好的論據，這些不是一回事。我認為我們正在這樣做，整個行業也在這樣做。

And we'll take our last question from Ian Zaffino with Oppenheimer.

我們將接受 Ian Zaffino 和 Oppenheimer 的最後一個問題。

I just wanted to kind of ask one more question on the tax credits. How do you think about -- and I know you touched on this a little bit, but how are you thinking about pricing in this business? Are you going to price it so that the unit is quite even? And then all your EBITDA would come from the uplift of the AMP? Or do you think you're going to be able -- you're going to run the business as a stand-alone, profitable, and then you'd take the AMP on top of that. I'm just trying to -- I know maybe because thinking about the sharing of this and how it all works. So I'm just trying to understand particularly what your pricing might be, or how you think about the business given that the AMP kind of comes back to (inaudible)?

我只是想再問一個關於稅收抵免的問題。你如何看待 - 我知道你稍微談到了這一點，但你如何考慮這項業務的定價？你要給它定價以使單位相當嗎？然後你所有的 EBITDA 都會來自 AMP 的提升？或者你認為你將能夠——你將作為一個獨立的、有利可圖的公司來經營業務，然後你將把 AMP 放在首位。我只是想——我知道可能是因為考慮到共享以及這一切是如何運作的。所以我只是想特別了解您的定價可能是多少，或者您如何看待 AMP 類型回歸（聽不清）的業務？

Sure. That's -- it's a really good question. And -- and let me split it in 2 pieces. And let's put '23 aside. So 2023, think about the pricing we have for 2023. We priced this thing in almost of last year when the Inflation Reduction Act was being approved. And we thought it would take 12 to 18 months for it to get started.

當然。這是一個非常好的問題。而且 - 讓我把它分成兩部分。讓我們把'23放在一邊。所以 2023 年，想想我們對 2023 年的定價。我們幾乎在去年批准通貨膨脹法案時就給這個東西定價了。我們認為它需要 12 到 18 個月才能開始。

So we priced this year based on the assumptions we need to keep our people, we need to keep the plants operating, we need to keep our capacity because it's going to get really good after 2023. So the pricing this year is not reflective of the way we're pricing our towers going forward. The business needs to be profitable by itself.

所以我們今年的定價是基於我們需要留住員工的假設，我們需要保持工廠的運營，我們需要保持我們的產能，因為它會在 2023 年後變得非常好。所以今年的定價並不能反映我們為未來的塔定價的方式。企業需要自己盈利。

And we will see the tax rate as additive to our margins. Will we be able to keep 100% of it? We've already said we are giving some to our customers, but the majority we will keep. So the idea of the business is to have strong margins in the business and add the tax rate on top of that.

我們將把稅率視為對我們利潤的補充。我們能保留100%嗎？我們已經說過我們會向客戶贈送一些，但我們會保留大部分。因此，企業的想法是在企業中獲得豐厚的利潤，並在此基礎上增加稅率。

Okay, that makes sense. And then on the barge side, can you give us a little bit color between dry and liquid? I don't know if you mentioned that, I can't find it anywhere Maybe you cut some of the dynamics there.

好的，這是有道理的。然後在駁船一側，你能給我們一些介於乾燥和液體之間的顏色嗎？我不知道你是否提到過，我在任何地方都找不到它也許你在那裡削減了一些動態。

Sure. Most of our owners right now are a dry cargo barge. And the market where we are seeing really pent-up demand is in the dry cargo barge. That's the market that's been slower for the longest period of time. That's where the aging of the barges is higher.

當然。我們現在的大多數船東都是一艘乾貨駁船。我們看到真正被壓抑需求的市場是乾貨駁船。那是最長一段時間以來放緩的市場。這就是駁船老化程度更高的地方。

But we are seeing -- so most of the demand we're seeing and most of the barges we're getting are dry cargo. We are getting some smaller liquid barges, I think (inaudible), we call them, those are more for petrochemical. But believe it or not, we're seeing some demand for the larger liquid barges and for some more smaller liquid barges. So we are seeing the markets out there.

但我們看到了——所以我們看到的大部分需求和我們得到的大部分駁船都是乾貨。我們正在獲得一些較小的液體駁船，我認為（聽不清），我們稱它們為石化產品。但不管你信不信，我們看到了對更大的液體駁船和一些更小的液體駁船的需求。所以我們看到了市場。

And when you see the utilization rates of the liquid barges are very high, the fleet is not as old as the dry cargo, but it's getting there. And it's not old on average, but -- you have some very new barges and you have some very old barges. So there is replacement that's going to happen. In the liquid may be not as strong as the dry cargo, but it's happening. So probably over the next year or so where you will see us grow the most is in dry cargo.

當你看到液體駁船的利用率非常高時，船隊不像乾貨船那麼老，但它正在到達那裡。它平均不舊，但是——你有一些非常新的駁船，也有一些非常舊的駁船。所以會有替換發生。在液體中可能不如乾貨強烈，但它正在發生。所以可能在未來一年左右，你會看到我們增長最快的是乾貨。

Okay. And then if I could just sneak one more in. So I guess the way I'm looking at this is construction is doing quite well, barges is really coming out of its trough. Wind towers is really sort of a benefit here. So those are 3 big important growing businesses.

好的。然後，如果我能再偷偷進去一次。所以我想我看待這個的方式是建築做得很好，駁船真的從低谷中出來了。風塔在這裡真的有點好處。所以這些是 3 大重要的成長型企業。

But then you have a couple of other businesses that are much smaller. And especially as these 3 businesses continue get larger, relatively speaking, those other businesses become smaller. I know you got rid of the storage tank business. Are there any plans to get rid of some of these other called noncore businesses? I know you've talked about it before. But given the strength that you're seeing across these other, call it, 3 segments, does that encourage you or kind of increase your desire to shed some of those businesses?

但是你還有其他一些規模小得多的企業。特別是隨著這 3 家企業不斷變大，相對而言，其他企業變得越來越小。我知道你擺脫了儲罐業務。是否有任何計劃擺脫這些其他所謂的非核心業務？我知道你以前談過它。但是考慮到你在這些其他方面看到的力量，稱之為 3 個部分，這是否會鼓勵你或增加你擺脫其中一些業務的願望？

Sure. No, I think we've been very clear that we will simplify the company as the businesses get ready to -- and have become, let's say, in an attractive position to be disposed of. So we have been clear about that.

當然。不，我認為我們已經非常清楚我們將簡化公司，因為企業準備好 - 並且已經成為，比方說，處於一個有吸引力的位置以被處置。所以我們已經很清楚了。

There are certain things that need to happen for each business to be ready. I've been clear that I don't expect to sell them at the peak of their cycles. So I think -- like I've always said, M&A has -- takes a life of its own. But we are -- we're going to continue to push the idea that this company is too complex for our size, and we're going to continue to simplify it, monetize some assets and continue to reinvest in our growth business, especially on M&A and construction and organic in construction and engineered structures. So that's what's going to continue to happen. Timing, I cannot tell you, but it's up there in our main priorities.

每個企業都需要做一些事情才能做好準備。我一直很清楚，我不希望在它們的周期高峰期出售它們。所以我認為——就像我一直說的那樣，併購有其自身的生命。但我們 - 我們將繼續推動這家公司對我們的規模來說過於復雜的想法，我們將繼續簡化它，將一些資產貨幣化並繼續對我們的增長業務進行再投資，特別是在併購和建設以及建築和工程結構的有機發展。所以這就是將要繼續發生的事情。時機，我不能告訴你，但它在我們的主要優先事項中。

Thank you. It appears that we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

謝謝。看來我們現在沒有其他問題了。我現在將把程序轉回給我們的主持人，以徵求任何補充或結束語。

Thank you for joining us today, and we look forward to speaking to you again next quarter.

感謝您今天加入我們，我們期待下個季度再次與您交談。

That concludes today's teleconference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。