Arcosa Inc (ACA) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Arcosa Fourth Quarter and Full Year 2023 earnings conference call. My name is Todd, and I will be your conference coordinator today as a reminder, today's call is being recorded.

早安，女士們、先生們，歡迎參加 Arcosa 第四季和 2023 年全年收益電話會議。我叫托德，今天我將擔任你們的會議協調員，提醒一下，今天的通話正在錄音。

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.

現在我想將電話轉給主持人，Arcosa 投資者關係總監 Erin Drabek。德拉貝克女士，您可以開始了。

Good morning, everyone, and thank you for joining our this fourth quarter and full year 2023 earnings call. With me today are Antonio Carideo, 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 dot arcosa.com. A replay of today's call will be available for the next two weeks and instructions for accessing the replay number are included in the press release a replay of the webcast will be available for one year on our website under the News and Events tab.

大家早安，感謝您參加我們的第四季和 2023 年全年財報電話會議。今天與我在一起的有總裁兼執行長 Antonio Carideo 和財務長 Gail Peck。在他們準備好的發言之後將舉行問答環節。昨天的新聞稿副本和今天上午電話會議的幻燈片簡報已發佈在我們的投資者關係網站上。Ir 點 arcosa.com。今天的電話會議將在接下來的兩週內重播，新聞稿中包含有關訪問重播號碼的說明，網絡廣播的重播將在我們網站的“新聞和活動”選項卡下提供一年。

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.

今天的評論和簡報幻燈片包含未按照公認會計原則準備的財務指標。非公認會計原則財務指標與最接近的公認會計原則財務指標的調節表包含在投影片簡報的附錄中。

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 K expected to be filed later today. I would now like to turn the call over to Antonio.

此外，今天的電話會議還包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與此類前瞻性陳述有重大差異。請參閱該公司向 SEC 提交的文件，以了解有關這些風險和不確定性的更多信息，包括我們昨天提交的新聞稿以及預計今天晚些時候提交的 10 K 表格。我現在想把電話轉給安東尼奧。

Thank you, and good morning, and thank you for joining us to discuss our fourth quarter and full year 2023 results and the outlook for 2024. I will start with a few key messages 2023, representing another solid year of operational and financial performance for Arcosa. Our success reflects the effective execution of our strategy and the talented, our and dedication of our outstanding team. Normalizing for the sale of storage, the storage tank business Arcosa generated double digit growth in revenue and adjusted EBITDA for 2023, outpacing the guidance we set at the beginning of the year. Additionally, we drove solid improvement in adjusted EBITDA margin, reflecting a favorable pricing environment, increased operational leverage in our Transportation Products business and the benefit of wind at our back spreads.

謝謝您，早安，感謝您與我們一起討論我們的 2023 年第四季和全年業績以及 2024 年展望。我將從 2023 年的一些關鍵資訊開始，這代表著 Arcosa 又一個營運和財務表現穩健的一年。我們的成功體現了我們策略的有效執行以及我們優秀團隊的才華、奉獻精神。隨著儲存銷售的正常化，儲罐業務 Arcosa 實現了兩位數的收入成長，並在 2023 年調整了 EBITDA，超過了我們年初設定的指導。此外，我們推動了調整後 EBITDA 利潤率的穩定改善，這反映出有利的定價環境、運輸產品業務營運槓桿的增加以及風電對我們回差價差的好處。

Finally, we reported 50% increase in full year operating cash flow that helped fund key growth initiatives. Strategically, we continue to advance our objectives and position our portfolio for sustainable long-term growth following the divestiture of the salt storage starting business in the fourth quarter of 2022, we redeployed a portion of the sale proceeds to strengthen our Construction Products segment. Over the past year, we closed six bolt-on acquisitions, expanding our geographic presence in key natural and recycled aggregates markets, including Florida, and enhancing our capabilities in Crane shorts. Consistent with our disciplined approach approach to capital allocation. These strategic acquisitions were completed at attractive valuations.

最後，我們報告全年營運現金流成長了 50%，為關鍵成長計畫提供了資金。從策略上講，繼2022 年第四季剝離鹽儲存起始業務後，我們繼續推進我們的目標，並將我們的投資組合定位為可持續的長期成長，我們重新部署了部分銷售收益，以加強我們的建築產品部門。在過去的一年裡，我們完成了六項補強收購，擴大了我們在包括佛羅裡達州在內的主要天然和再生骨材市場的地域影響力，並增強了我們在起重機短缺方面的能力。與我們嚴格的資本配置方法一致。這些策略收購是以有吸引力的估值完成的。

We also progressed on several important organic initiatives, which included the expansion of our specialty plastic capacity, completion of our new Concord facility in Florida as well as the build-out of our wind tower facility in New Mexico, which we expect will deliver its first our midyear.

我們還在幾項重要的有機舉措上取得了進展，其中包括擴大我們的特種塑料產能、完成佛羅裡達州新康科德工廠以及擴建新墨西哥州風塔工廠，我們預計該工廠將交付第一座工廠我們的年中。

Looking broadly at , our 2023 performance, our growth businesses benefited from healthy market fundamentals, proactive pricing actions and reduced inflationary pressures as the year progressed, our cyclical businesses performed well, led by our Transportation Products business, where adjusted EBITDA more than doubled Operationally, our wind tower business outperformed our expectations in 2023 and achieved EBITDA profitability for the year, exclusive of back spreads, reflecting our focus on optimizing our production and managing costs as we prepare for an anticipated multiyear upcycle.

縱觀我們2023 年的業績，我們的成長業務受益於健康的市場基本面、積極的定價行動和通膨壓力的減輕，我們的週期性業務表現良好，其中運輸產品業務為主導，調整後的EBITDA 成長了一倍多我們的風塔業務在2023 年的表現超出了我們的預期，並實現了當年的EBITDA 盈利能力（不包括回差利差），這反映出我們在為預期的多年升級週期做準備時專注於優化生產和管理成本。

Turning to our fourth quarter results on slide 11. Consolidated adjusted EBITDA grew 38% on revenue growth of 17%, similar to our full year results. Growth was driven by increased across all three segments. Q4 adjusted EBITDA margin gained 220 basis points year over year, benefiting from higher barge and rail component production, increased volume in utility structures and a favorable impact from wind tax credits. We ended the year with a strong balance sheet and ample liquidity, providing the flexibility to invest in growth initiatives while returning cash to shareholders.

轉向幻燈片 11 上的第四季業績。合併調整後 EBITDA 成長 38%，營收成長 17%，與我們的全年業績類似。成長是由所有三個細分市場的成長所推動的。第四季調整後 EBITDA 利潤率年增 220 個基點，受益於駁船和鐵路零件產量的增加、公用事業結構產量的增加以及風電稅收抵免的有利影響。我們以強勁的資產負債表和充足的流動性結束了這一年，為投資成長計畫提供了靈活性，同時向股東返還現金。

I will now turn over the call to Gail to discuss our segment performance, and then I will return to update you on our 2024 outlook. Gale?

我現在將把電話轉給蓋爾，討論我們的部門業績，然後我將回來向您介紹我們 2024 年展望的最新情況。大風？

Thank you, Antonio. I'll begin on Slide 12 to discuss fourth quarter segment results. In Construction Products revenues increased 7%, primarily due to higher pricing across our aggregates and Specialty Materials businesses and both organic and acquisition related volume growth in our shoring business.

謝謝你，安東尼奧。我將從投影片 12 開始討論第四季的業績。建築產品收入成長了 7%，主要是由於我們的骨材和特殊材料業務的定價較高，以及我們的支撐業務的有機和收購相關數量的增長。

On a freight-adjusted basis, segment revenues increased 10% year over year adjusted segment EBITDA increased 7%, reflecting strong pricing gains as well as operational improvements in our specialty materials business. Excluding land sales from both quarters, adjusted segment EBITDA increased 14% year over year. And freight adjusted segment EBITDA margin improved 90 basis points, driven by unit profitability gains and reduced inflationary pressures.

在運費調整後的基礎上，部門營收年增 10%，調整後部門 EBITDA 成長 7%，反映出強勁的定價收益以及我們特種材料業務的營運改善。不包括兩個季度的土地銷售，調整後的部門 EBITDA 年成長 14%。在單位獲利能力成長和通膨壓力減輕的推動下，貨運調整後部門 EBITDA 利潤率提高了 90 個基點。

Turning to natural aggregates, average organic pricing was up low double digits year over year on a freight-adjusted basis with pricing gains across our footprint. Pricing strength was notable in the quarter, especially when compared to strong pricing growth achieved in last year's fourth quarter volumes increased low single digits, led by our Texas region, which benefited from favorable weather compared to last year, an uptick in residential activity and the contribution of the new greenfield location in central Texas. For the full year, organic pricing grew in the mid 10s, positioning us well for continued pricing momentum in 2024.

談到天然骨料，在運費調整後的基礎上，平均有機價格同比增長了兩位數，我們的足跡遍布定價收益。本季的定價優勢引人注目，特別是與去年第四季度實現的強勁定價增長相比，成交量增長了低個位數，其中以德克薩斯州地區為首，該地區受益於與去年相比有利的天氣、住宅活動的增加以及德克薩斯州中部新綠地位置的貢獻。全年來看，有機定價成長了 10 多歲，這為我們在 2024 年持續保持定價勢頭做好了準備。

Full year natural aggregates volumes were roughly flat with the prior year as volume as the volume increase in the back half of the year offset a first half decline in recycled aggregates. We achieved broad-based pricing strength that more than offset a roughly 20% volume decline resulting in strong product unit profitability gains and margin expansion.

全年天然骨材產量與去年大致持平，因為下半年產量的增加抵消了上半年再生骨材的下降。我們實現了廣泛的定價優勢，抵消了約 20% 的銷售下降，從而實現了強勁的產品單位獲利能力成長和利潤率擴張。

Earlier in the quarter, we entered the central Florida Recycling market with a small acquisition and the integration is progressing smoothly.

本季早些時候，我們透過小型收購進入佛羅裡達州中部回收市場，整合進展順利。

Within Specialty Materials, we continue to see healthy demand, particularly for our plaster and lightweight product lines, which had solid pricing gains during the quarter. Adjusted EBITDA margin improved year over year, positively impacting the segment margin by roughly 35 basis points as we continue to focus on operational improvements and increased throughput in our plaster facility.

在特種材料領域，我們繼續看到健康的需求，特別是對我們的石膏和輕質產品線，該產品線在本季的價格上漲。調整後的 EBITDA 利潤率同比有所改善，對部門利潤率產生了約 35 個基點的積極影響，因為我們繼續專注於營運改善和石膏工廠吞吐量的提高。

Finally, our trench shoring business reported a 14% increase in revenues on higher organic volumes as well as contribution from the Houston acquisition completed in the first quarter margin expanded nicely and order levels remained healthy.

最後，我們的溝渠支撐業務報告稱，由於有機銷量增加，以及第一季完成的休士頓收購的貢獻，收入增長了 14%，利潤率良好增長，訂單水平保持健康。

Moving to Engineered Structures on Slide 13. Revenues for our utility, wind and related structures businesses increased 15%, largely due to higher volumes in utility structures. Adjusted segment EBITDA for these businesses increased 89% and margin expanded 530 basis points. During the quarter, we recognized $10.6 million in AMP. tax credits resulting in full year net tax credits of $25 million, exceeding the high end of our expectations by about $3 million (sic - news release, "$17 million to$22 million") due to additional guidance issued by the IRS in December.

轉到投影片 13 上的工程結構。我們的公用事業、風能和相關結構業務的收入成長了 15%，這主要是由於公用事業結構銷售增加。這些業務的調整後部門 EBITDA 成長了 89%，利潤率成長了 530 個基點。本季度，我們確認了 1060 萬美元的 AMP。由於美國國稅局(IRS) 12 月發布的額外指導，稅收抵免導致全年淨稅收抵免達到2500 萬美元，超出我們預期的上限約300 萬美元（原文如此- 新聞稿，“1700 萬美元至2200 萬美元”）。

This guidance allowed the recognition of tax credits for towers started in 2022 and delivered in 2023. Fourth quarter margin for our utility structures business improved both year-over-year and sequentially from the third quarter. We expect customer mix to remain a headwind in the first half of 2024, but we remain focused on continuing to enhance margins in this business. We ended the year with combined backlog for utility wind and related structures of $1.4 billion, more than double our backlog at the end of 2022.

該指南允許對 2022 年開始並於 2023 年交付的塔樓進行稅收抵免。我們的公用事業結構業務第四季的利潤率較去年同期和第三季較上季都有所提高。我們預計 2024 年上半年客戶結構仍將是不利因素，但我們仍專注於持續提高該業務的利潤率。截至年底，我們的公用事業風電及相關結構的積壓訂單總額為 14 億美元，是 2022 年底積壓訂單的兩倍多。

Turning to Transportation Products on Slide 14, revenues were up 49% and volumes and pricing increased across the segment, led by our barge business. Adjusted segment EBITDA increased 67%, resulting in margin expansion of 150 basis points despite some additional costs incurred by the barge business early in the quarter to address low river water low water levels. We received barge orders of $86 million during the quarter, all for 24 delivery, which substantially filled our planned production capacity for the year. We ended the year with barge backlog of $254 million, up 13% year over year.

轉向幻燈片 14 上的運輸產品，在我們的駁船業務的帶動下，整個細分市場的收入增長了 49%，銷量和價格也有所增加。儘管駁船業務在本季初為解決河水低水位問題而產生了一些額外成本，但調整後的部門 EBITDA 成長了 67%，利潤率擴大了 150 個基點。本季我們收到了8,600萬美元的駁船訂單，全部24艘交付，基本上滿足了我們今年的計畫產能。截至年底，我們的駁船積壓金額為 2.54 億美元，年增 13%。

I'll conclude on Slide 16. With some comments on our cash flow and balance sheet position. During the quarter, we generated $10 million of free cash flow, up from a deficit of $60 million in last year's fourth quarter, driven by a combination of stronger net earnings and lower working capital requirements, adjusted for the buildup of the wind tower tax credit for the full year, free cash flow increased 37% to $94 million. Capital expenditures in 2023 were $204 million, in line with the midpoint of our annual guidance during the year, we invested significantly to complete several key organic growth initiatives across Engineered Structures & Construction Products.

我將在投影片 16 上進行總結。對我們的現金流量和資產負債表狀況進行一些評論。在本季度，我們產生了1,000 萬美元的自由現金流，高於去年第四季度6,000 萬美元的赤字，這得益於淨利潤增長和營運資金需求降低（根據風塔稅收抵免的積累進行調整）全年自由現金流成長 37%，達到 9,400 萬美元。2023 年的資本支出為 2.04 億美元，與我們當年年度指導的中位數一致，我們進行了大量投資，以完成工程結構和建築產品領域的幾項關鍵有機增長計劃。

Additionally, we have made substantial progress on the wind tower facility in New Mexico since announcing the project at the end of the first quarter, we expect to deploy approximately $15 million of additional CapEx in the first half of the year to complete the project in late third quarter. We also commenced the build-out of a new galvanizing line in one of our utility structures facilities in Mexico to optimize our costs. We anticipate it will be option operational by the end of the year. For modeling purposes, we see full year 2024 CapEx of $175 million to $190 million. This range includes growth CapEx of $55 million to $60 million. That is expected to be more first half weighted. Based on the timing of projects we forecast depreciation, depletion and amortization expense to be in the range of approximately $178 million to $183 million, up $21 million year over year at the midpoint of the range, reflecting the full year impact of large organic projects completed in 2023 and additional investment in 2024. We anticipate a full year 2024 effective tax rate of 17% to 18%, taking into consideration the expected impact from A. and P. tax credits in our wind towers business.

此外，自第一季末宣布該項目以來，我們在新墨西哥州的風塔設施方面取得了實質進展，我們預計將在今年上半年部署約 1500 萬美元的額外資本支出，以在年底完成該項目第三季。我們也開始在墨西哥的一個公用設施設施中建造一條新的鍍鋅生產線，以優化我們的成本。我們預計它將在今年年底前投入營運。出於建模目的，我們預計 2024 年全年資本支出為 1.75 億至 1.9 億美元。該範圍包括 5,500 萬至 6,000 萬美元的成長資本支出。預計上半年比重會更大。根據專案的時間安排，我們預測折舊、消耗和攤銷費用約為 1.78 億美元至 1.83 億美元，該範圍的中點同比增加 2100 萬美元，反映了已完成的大型有機項目對全年的影響2023年追加投資，2024 年追加投資。考慮到 A. 和 P. 稅收抵免對我們風塔業務的預期影響，我們預計 2024 年全年有效稅率為 17% 至 18%。

Wrapping up, we ended the year with net debt to adjusted EBITDA of 1.3 times, up from one times at the end of the third quarter as we borrowed an additional $60 million under our revolving credit facility in December to help fund the Florida Hard Rock acquisition in natural aggregates, we ended 2024 with a strong balance sheet with available liquidity of $523 million and no material near-term debt maturities.

總而言之，我們年底的淨債務與調整後 EBITDA 比率為 1.3 倍，高於第三季末的 1 倍，因為我們去年 12 月根據循環信貸安排額外借入了 6,000 萬美元，為佛羅裡達硬石收購提供資金從自然總量來看，我們到2024 年底的資產負債表強勁，可用流動資金為5.23 億美元，並且沒有重大的近期債務到期。

I will now turn the call back over to Antonio for more discussion on our 2024 outlook.

我現在將把電話轉回安東尼奧，以進一步討論我們 2024 年的展望。

Thank you, Gale, and turning to Slide 18. Looking ahead to 2024, Arcos is well positioned for continued growth. The infrastructure-led demand environment across our portfolio remains favorable, and we expect continued expansion in our growth businesses complemented by improving production volumes in our cyclical business.

謝謝 Gale，請轉到幻燈片 18。展望 2024 年，Arcos 已做好持續成長的準備。我們的投資組合中以基礎設施為主導的需求環境仍然有利，我們預計我們的成長業務將持續擴張，同時週期性業務的產量也會提高。

From a CapEx perspective perspective, we expect another year of significant investment, as Gail mentioned. In addition, for wood wind, our plant in New Mexico and the new galvanizing line in utility structures. We expect to continue to pursue financially accretive acquisitions that strengthen our capabilities and increase our margins.

正如蓋爾所提到的那樣，從資本支出的角度來看，我們預計又一年會出現重大投資。此外，對於木風，我們在新墨西哥州的工廠和公用設施中的新鍍鋅生產線。我們預計將繼續進行財務上增值的收購，以增強我們的能力並提高我們的利潤率。

In summary, we forecast 2024 revenue at the midpoint of our guidance to be $2.59 billion, up 12% compared to 2023. Our 2024 adjusted EBITDA forecast at the midpoint of our guidance is $400 million, up 16% year over year, excluding the $22 million land sale gain recognized in the first quarter of 2023. The midpoint of our adjusted EBITDA guidance implies an adjusted EBITDA margin of 15.4%, up approximately 40 basis points compared to 2023. As we further optimize our profitability.

總之，我們預期 2024 年營收指引中位數將達到 25.9 億美元，比 2023 年成長 12%。我們對 2024 年調整後 EBITDA 的預測為 4 億美元，年增 16%，其中不包括 2023 年第一季確認的 2,200 萬美元土地出售收益。我們調整後 EBITDA 指引的中點意味著調整後 EBITDA 利潤率為 15.4%，比 2023 年上升約 40 個基點。隨著我們進一步優化我們的獲利能力。

Turning to slide 19 to review our outlook for our growth businesses. We anticipate a solid year for our construction products on the and on the demand front, we expect positive contributions from highway and infrastructure project activity as well as growth in heavy industrial construction and multifamily multifamily residential in certain markets. As I noted last quarter, the single-family residential construction market appears to have stabilized, but it's not yet clear when housing starts will return to consistent growth across our construction materials business, we expect overall organic growth to be roughly flat versus prior year. Importantly, inclement weather in January is expected to weigh on first quarter results. We expect our 2023 acquisitions should contribute positively with an accretive accretive of overall margins. Pricing remains attractive, and we continue to be focused on driving unit profitability and margin improvement through 2024. Utility and related structures are poised for a stronger year in 2024, recovering from operational performance challenges in the second half of 2023.

請參閱投影片 19，回顧我們對成長型業務的展望。我們預計我們的建築產品在需求方面將迎來強勁的一年，我們預計高速公路和基礎設施項目活動以及某些市場的重工業建築和多戶多戶住宅的成長將做出積極貢獻。正如我上季度指出的那樣，單戶住宅建築市場似乎已經穩定，但尚不清楚我們的建築材料業務的新屋開工何時會恢復持續增長，我們預計整體有機增長將與去年基本持平。重要的是，一月份的惡劣天氣預計將影響第一季的業績。我們預計 2023 年的收購將為整體利潤率帶來正面貢獻。定價仍然具有吸引力，我們將繼續致力於在 2024 年之前推動單位獲利能力和利潤率的提高。公用事業及相關結構將在 2023 年下半年從營運績效挑戰中恢復，並有望在 2024 年迎來更強勁的一年。

Market conditions remain supportive for continued volume growth. Overall, our utility customers, forward-looking CapEx programs are at higher spending levels with a focus on electric grid hardening initiatives and the ongoing transition to alternative energy sources. Meanwhile, our traffic business should benefit from continued FEDERAL infrastructure spending, particularly within our faster-growing Southeast markets due to the expected to expected customer and product mix in our structures backlog, we anticipate stronger EBITDA in the second half of 2024 relative to the first half. We were pleased with the sequential margin improvement in the fourth quarter and are committed to building on that progress through 2024.

市場狀況仍然支持銷量的持續成長。總體而言，我們的公用事業客戶的前瞻性資本支出計劃處於較高的支出水平，重點是電網強化計劃和向替代能源的持續過渡。同時，我們的交通業務應受益於持續的聯邦基礎設施支出，特別是在我們成長較快的東南市場，由於我們結構積壓中預期的客戶和產品組合，我們預計2024 年下半年的EBITDA 會比上半年更強一半。我們對第四季度利潤率的環比改善感到高興，並致力於在 2024 年之前繼續取得這一進展。

Turning to slide 2023 was a transition year for our wind towers business in which we built backlog in preparation for a multiyear upcycle. Our current backlog of approximately$1 billion provides solid production visibility into 2020. While we did not book any additional orders during the fourth quarter, consumer interest in onshore wind projects remains high and as projects move further along the planning stage inquiries should convert into additional backlog. Meanwhile, we remain focused on the start-up of the New Mexico facility to support the expected production ramp up in 2024 and beyond. As our wind-down production volume scales, we plan to continue to invest to strengthen our capabilities, enhance and enhance our manufacturing flexibility.

轉向幻燈片，2023 年是我們風塔業務的過渡年，我們積壓了訂單，為多年升級週期做準備。我們目前的積壓訂單約為 10 億美元，為 2020 年的生產提供了可靠的可見度。儘管我們在第四季度沒有預訂任何額外訂單，但消費者對陸上風電項目的興趣仍然很高，隨著項目在規劃階段的進一步進展，詢價應該會轉化為額外的積壓訂單。同時，我們仍然專注於新墨西哥工廠的啟動，以支持 2024 年及以後的預期產量成長。隨著我們的產量規模縮減，我們計劃繼續投資以增強我們的能力，增強和增強我們的製造靈活性。

Turning to slide 21, our barge business generated significantly stronger results in 2023 as volume and pricing improve from the 2022 cyclical lows. We remain well positioned for further expansion in 2024 as the market continues to recover, we expect to be selective with our orders, prioritizing those that enhance our profitability and yet generate incremental operating leverage as volume scales. Although steel prices remain elevated. Customers have responded favorably when we are successful with strategic sourcing, evidenced by our 1.2 times book-to-bill in the fourth quarter.

轉向幻燈片 21，隨著數量和價格從 2022 年的周期性低點改善，我們的駁船業務在 2023 年取得了明顯強勁的業績。隨著市場持續復甦，我們仍為2024 年進一步擴張做好了準備，我們預計將有選擇性地訂購訂單，優先考慮那些能夠提高我們盈利能力並隨著銷量規模擴大而產生增量運營槓桿的訂單。儘管鋼材價格仍保持高位。當我們成功進行策略採購時，客戶做出了積極的反應，第四季度的訂單出貨比達到 1.2 倍就證明了這一點。

Additionally, our ability to substitute lower price hot rolled coil for plate steel in the manufacturing process provides manufacturing flexibility, strength in customer demand for barges seven alone in the fourth quarter revenue, which nearly doubled from the prior year, but also in our backlog, which grew 13% year over year in the fourth quarter. We're also encouraged by new liquid barge orders in the fourth quarter, a trend that may point to broadening market demand as we enter 2024.

此外，我們在製造過程中以較低價格的熱軋鋼捲取代鋼板的能力提供了製造靈活性，第四季度收入中客戶對駁船七艘的需求強勁，幾乎比前一年翻了一番，而且在我們的積壓中，第四季年增13%。第四季新的液體駁船訂單也令我們感到鼓舞，這一趨勢可能表明進入 2024 年時市場需求將會擴大。

As a result, we have substantially filled our production capacity for 2024, and we're focused on extending our backlog into 2025. Overall, we expect another strong year for our barge business in 2024 with higher production volume and further improvement in profitability in our steel components business, the outlook remains positive as market demand is expected to be stable.

因此，我們已基本填滿 2024 年的產能，並致力於將積壓訂單延長至 2025 年。總體而言，我們預計 2024 年我們的駁船業務將迎來又一個強勁的一年，產量將增加，鋼部件業務的盈利能力將進一步改善，由於市場需求預計將穩定，前景仍然樂觀。

In addition, we anticipate a more balanced competitive environment for freight railcar copper growth following the favorable outcome of the trade case against China and Mexico, which has positive implications for both the new railcar and maintenance markets. With North American railcar deliveries forecast to remain at stable replacement levels. We anticipate our steel components business will generate further gains in profitability on moderate revenue growth.

此外，在針對中國和墨西哥的貿易案件取得有利結果後，我們預計貨運鐵路車銅成長將面臨更平衡的競爭環境，這對新鐵路車和維修市場都有正面影響。預計北美鐵路車交付量將保持在穩定的替代水平。我們預計我們的鋼鐵零件業務將在收入適度增長的情況下進一步提高獲利能力。

In closing, Arcosa delivered strong financial performance in 2023, and we enter 2024 with positive momentum across our businesses. We remain focused on operational execution, portfolio optimization and capital allocation, both organically and through acquisitions to our growth business. We expect healthy market fundamentals to continue to drive solid results in our both businesses. While our cyclical businesses are poised to benefit from increased production and greater operating leverage, we will continue to advance our strategic objectives while investing to capture future growth opportunities across our portfolio.

最後，Arcosa 在 2023 年實現了強勁的財務業績，我們的業務以積極的勢頭進入 2024 年。我們仍然專注於營運執行、投資組合優化和資本配置，無論是有機的還是透過收購我們的成長業務。我們預期健康的市場基本面將持續推動我們兩項業務取得穩健的績效。雖然我們的周期性業務有望受益於產量的增加和營運槓桿的提高，但我們將繼續推進我們的策略目標，同時進行投資以抓住我們投資組合的未來成長機會。

Operator now would like to open the call for questions.

接線員現在想開始提問。

(Operator Instructions)

（操作員說明）

Our first question comes from Trey Grooms with Stephens. Please go ahead.

我們的第一個問題來自特雷·格魯姆斯和史蒂芬斯。請繼續。

Hey, good morning, Antonio and Gail. Congrats on a strong finish to the year by e-commerce. You guys continue to execute well on Intermec and nice progress on filling out the Construction Products assets through acquisitions. And until you know, there is a strategic focus to continue to simplify on the overall asset portfolio and simplify the story and you guys have made large strides there, clearly selling the storage tank business as part of that as well. But can you can you update us on kind of where you are in that thought or where your thoughts are on that process and given where we are with the more cyclical businesses starting to kind of start to improve there and just update on those thoughts, please.

嘿，早上好，安東尼奧和蓋爾。祝賀電子商務在這一年取得了圓滿成功。你們繼續在 Intermec 上表現出色，並在透過收購充實建築產品資產方面取得了良好進展。直到你知道為止，戰略重點是繼續簡化整體資產組合併簡化故事，你們已經在這方面取得了長足的進步，顯然也將出售儲罐業務作為其中的一部分。但是，您能否向我們介紹一下您的想法，或者您對該流程的想法，以及考慮到我們所處的位置，週期性較強的企業開始開始改進，請更新這些想法，請。

Sure, Trey. And let me give you the big picture. I think you're absolutely right the way you described it we have and we want to continue to allocate capital into our growth business. As you know, we define our both businesses as of the construction segment and the Engineered Structures we see very good opportunities to continue to redeploy capital. We're building a nice pipeline, strengthening our M&A, a small group that we have internally. So we want to continue to expand our capabilities to redeploy capital that's on the redeployment. And on the simplification, it continues to be a priority for us. As I've said before, M&A has a life of its own it happens when it needs to happen when the business are ready when the market is in the right time. So what I can tell you is we will continue to pursue that simplification. And we will continue to pursue the reallocation of capital, both in construction and engineered structures. So it's top of mind for us and for our Board and for everyone in the company as.

當然，特雷。讓我向您介紹一下整體情況。我認為您所描述的方式絕對正確，我們希望繼續將資本分配到我們的成長業務中。如您所知，我們將我們的兩項業務定義為建築領域和工程結構領域，我們看到了繼續重新部署資本的良好機會。我們正在建立一個良好的管道，加強我們的併購，我們內部擁有一個小團隊。因此，我們希望繼續擴大我們重新部署資本的能力。在簡化方面，它仍然是我們的首要任務。正如我之前所說，併購有自己的生命週期，當需要時、當業務準備就緒、市場時機成熟時，併購就會發生。所以我可以告訴你的是我們將繼續追求這種簡化。我們將繼續尋求建築和工程結構資本的重新分配。因此，這是我們、董事會以及公司每個人的首要考慮因素。

Thanks for the update there. And also maybe switching gears just a little bit. There was some if you could maybe just touch on the demand trends that you're seeing across you mentioned and residential, maybe starting to see some some improvement there. But if you could also maybe touch on the parts of your business, particularly in construction of that kind of touch the nonres and infrastructure. Can you kind of talk about what you're seeing in the demand trends in those end markets as well as we look into '24 for us.

感謝您的更新。也許也可以稍微改一下。如果您能談談您提到的住宅領域的需求趨勢，也許會開始看到一些改善。但如果你也可以觸及你的業務的某些部分，特別是在那種涉及非資源和基礎設施的建設中。您能否談談您在這些終端市場的需求趨勢中所看到的以及我們對 24 世紀的展望。

I mean, as I mentioned on the residential side, we've seen and stabilization of the of the demand, as Gail mentioned, our volumes in the second half of the year were better than the first half plus it last year. So so I think we've seen kind of a bottom and at the same time at the same time, if we see very good progress on very, very strong demand from the infrastructure side. We also see a very nice AI. We expect more on the heavy industrial side. There's a significant trend, a I think, across the country on the industrialization of the whole country, not only it heavy industrial, but also when you see the AI revolution happening, there's going to be a lot of infrastructure that needs to be developed there.

我的意思是，正如我在住宅方面提到的，我們已經看到需求的穩定，正如蓋爾所提到的，我們下半年的銷售量比上半年加上去年要好。因此，我認為，如果我們看到基礎設施方面非常非常強勁的需求取得了非常好的進展，那麼我們已經看到了底部。我們還看到了一個非常好的人工智慧。我們對重工業的預期更高。我認為，整個國家的工業化有一個顯著的趨勢，不僅是重工業，而且當你看到人工智慧革命發生時，那裡將會有很多基礎設施需要開發。 。

There's a lot of this on the energy side, power plants and all sorts of energy related infrastructure. So I'm very optimistic on the industrial side on the and that part of the of the equation. And then multi-family is a regional thing. In some places. We're seeing better trends than in others. So it's a little more spotty. But the good news is since we spun, we've grown our footprint. So now we have a lot more exposure than just Texas. So of course, that creates some variability. But at the same time, we are I think with the acquisitions we've done, we're getting into markets that are very, very attractive. Our payload has a role and really as an example, no, we just to finish right on the floor that we closed in December with the acquisition of the Hard Rock. If you remember in the third quarter, we announced the recycled aggregates in Florida also. So what that proves is that our methods of going and setting a foot somewhere when opportunities start coming to us and we want to continue to build around our footprint.

能源方面有很多這樣的事情，發電廠和各種與能源相關的基礎設施。因此，我對工業方面以及方程式的這一部分非常樂觀。多戶家庭是區域性的事情。在一些地方。我們看到了比其他人更好的趨勢。所以它有點參差不齊。但好消息是，自從我們旋轉以來，我們的足跡已經擴大。所以現在我們的曝光度不僅僅是德克薩斯州。當然，這會產生一些變化。但同時，我認為透過我們所做的收購，我們正在進入非常非常有吸引力的市場。我們的有效載荷有一個作用，實際上作為一個例子，不，我們只是為了完成我們在 12 月收購 Hard Rock 時關閉的地板。如果您還記得在第三季度，我們還宣布了佛羅裡達州的再生骨材。因此，這證明了當機會開始降臨到我們身上並且我們希望繼續圍繞我們的足跡進行建設時，我們就會採取行動並立足於某個地方。

Got it. Perfect. Thank you for taking my questions and good luck for the rest of the year.

知道了。完美的。感謝您回答我的問題，並祝您今年餘下時間一切順利。

Thank you.

謝謝。

Thank you. Our next question comes from Julio Romero with Sidoti & Co., please go ahead by.

謝謝。我們的下一個問題來自 Sidoti & Co. 的 Julio Romero，請繼續。

Good morning, Antonio and again, this is Alex on for Julio morning.

早安，安東尼奧，我是亞歷克斯，為胡里奧早​​上做準備。

Good morning.

早安.

My first question is on the guidance and seasonality. Can you speak to what's expected from guidance from a segment perspective in terms of seasonality? Curious which of the business units are expected to follow a traditional seasonal cadence versus pardon me versus a more sequential ramp as we progress through the year?

我的第一個問題是關於指導和季節性。您能否從季節性角度談談對細分市場指導的預期？好奇哪些業務部門預計將遵循傳統的季節性節奏，而不是隨著一年的進展而採取更連續的節奏？

Good morning, Alex, this is Gary. I'll take that. That's a good. It's a good question. And as we've said in our comments, as we look to 2024, we see the EBITDA more second half weighted. And there's a few things that are driving that as you're questioning on seasonality. That's certainly one of them. And Q1 is normally our low seasonally slow quarter for construction. And we did have and we commented in the script that we did face some tough weather in January. So we will have that we'll fight that headwind in Q1 along with the normal and weather seasonality that was in construction for sure. Given the outdoor nature of the business. But we thought that weather impacts pretty broadly across our portfolio with freezing temperatures and rain where we had some some downtime in. I'm in actually in our manufacturing facilities, but we'll we'll we'll push through that.

早安，亞歷克斯，我是加里。我會接受的。那很好。這是一個好問題。正如我們在評論中所說，展望 2024 年，我們看到 EBITDA 下半年的權重更大。當你質疑季節性時，有一些因素推動了這一點。那肯定是其中之一。第一季通常是我們建築業季節性放緩的低季。我們確實做到了，我們在劇本中評論說我們在一月份確實面臨著一些惡劣的天氣。因此，我們將在第一季應對逆風以及肯定正在建設的正常和天氣季節性。鑑於該業務的戶外性質。但我們認為天氣對我們的投資組合產生了相當廣泛的影響，冰凍氣溫和降雨導致我們有一些停機時間。我實際上在我們的製造工廠裡，但我們會努力完成這個任務。

But you have the typical seasonality with Q1, and I think we've been pretty it transparent with the large land sale that we had in Q1 last year. So that won't repeat in Q1. And we've given our guidance on impacts, excluding the land sale. So kind of apart from those typical things as I think about the businesses, utility structures is another one where we mentioned the second half stronger than the first half. Maybe I would even go so broad as to say, the engineered segment is going to be more weighted towards the second half. And there's a few things driving that.

但第一季具有典型的季節性，我認為我們去年第一季的大規模土地出售相當透明。所以第一季不會重複這種情況。我們已經給出了影響的指導，不包括土地出售。除了我對企業的看法之外，公用事業結構是我們提到的下半年比上半年更強的另一個結構。也許我甚至會更廣泛地說，工程細分市場在下半年的比重將更大。有一些因素推動了這一點。

First is the fact, as we look at our customer mix in utility structures and how those the project timing and the cadence of that. We see a better mix in the second half than the first half. Still very strong demand drivers, robust outlook for that business, but that's the way it plays out based on the backlog visibility we have today.

首先是事實，當我們審視公用事業結構中的客戶組合以及這些項目的時間表和節奏時。我們看到下半場的組合比上半場更好。需求驅動因素仍然非常強勁，該業務的前景強勁，但這就是我們今天所掌握的積壓訂單情況的結果。

When you think about them and the other impacts to second half for the segment, I would call out the start-up of our new facilities, both the Berlin New Mexico wind tower facility that will be a drag on first half EBITDA contributing in the second half. So that's going to be impactful to the cadence as well as the new concrete poles and facility within utility structures. We finished that in virtually in December of last year. So we will see positive contributions from that accretive to the overall segment in the fourth quarter. But there's going to be a climb associated with the ramp-up of that as well, I think the only other the only other place maybe where you might see a slight second half on step up to first half would be in barge as we continue to ramp the business. But I think those are the general our view of the world as we see it here in February for 2024.

當您考慮它們以及對該細分市場下半年的其他影響時，我會提到我們新設施的啟動，包括柏林新墨西哥州風塔設施，這將拖累上半年的 EBITDA，為下半年做出貢獻一半。因此，這將對節奏以及公用設施內的新混凝土桿和設施產生影響。我們幾乎在去年 12 月就完成了這項工作。因此，我們將在第四季度看到該業務對整個細分市場的積極貢獻。但也會有一個與上升相關的攀登，我認為唯一的另一個地方，也許你可能會看到下半場略有上升到上半場，那就是駁船，因為我們繼續擴大業務。但我認為這些是我們對 2024 年 2 月世界的整體看法。

Let me just complement something that I think Dale mentioned it, but I want to if you think of Arcosa through 2024, as I mentioned, we closed 2023 strong. We enter into 2024. We're ramping up your concrete pole plant. We are ramping up. We already have a but a lot of employees in Berlin. They're starting to contemplate wall plate well plate but we are building a tremendous amount of a cost in the plant as we go through the first half of the year until they start producing and once they start producing efficiencies, very slow climbing. So you have if the new concrete pole plant you have the Berlin plant, you have ramp up in both of the barge plants. You're have a ramp-up in another winter plant. So our cost is building up capacity as we go through the year and carrying all those costs and inefficiencies as we build up and as we exit 2024, we should have a very strong manufacturing capacity and ready for the for the for the upcycle that we expect.

讓我補充一下我認為 Dale 提到的一些內容，但如果你想到 Arcosa 到 2024 年的情況，我想補充一下，正如我提到的，我們在 2023 年表現強勁。我們進入2024年。我們正在擴建您的混凝土桿工廠。我們正在加緊努力。我們在柏林已經有很多員工。他們開始考慮使用壁板井板，但我們在工廠中建立了大量成本，因為我們要經歷今年上半年，直到他們開始生產，一旦他們開始生產效率，就會非常緩慢地上升。因此，如果柏林工廠有新的混凝土桿工廠，那麼兩個駁船工廠的產能都會增加。您正在另一家冬季工廠進行產能提升。因此，我們的成本是在這一年中建立產能，並在我們建立和退出 2024 年時承擔所有這些成本和低效率，我們應該擁有非常強大的製造能力，並為我們期望的升級週期做好準備。

Thank you very much, John Antonio, great contacts and one follow-up. And final question from me on the Engineered Structures segment. Curious about the customer hesitation or general sentiment around final guidelines on the 10% domestic content bonus. And I'm curious just how you expect orders and overall demand to trend after that guidance is finalized?

非常感謝約翰·安東尼奧，良好的聯繫和一次後續行動。我的最後一個問題是關於工程結構部分的。對客戶對 10% 國內內容獎金最終指導方針的猶豫或普遍情緒感到好奇。我很好奇，在該指導意見最終確定後，您預計訂單和整體需求的趨勢如何？

We really don't expect a lot of we have not heard any pushback from our customers at the moment. So AIM, we haven't we don't expect any impact to our guidance or for backlogs with this new guidance. So we're not concerned about it.

我們真的不期望很多，目前我們還沒有聽到客戶的任何反對意見。因此，AIM，我們預計這項新指南不會對我們的指導或積壓工作產生任何影響。所以我們不關心這個。

And I guess I would just add, Alex, as it relates to the IRA, most of the virtually all the impacts related to wind have really played out the way we anticipated. So we're I'm pleased with the way things have rolled out on that side.

我想我只想補充一點，亞歷克斯，因為它與愛爾蘭共和軍有關，幾乎所有與風有關的影響都確實按照我們預期的方式發揮了作用。因此，我對這方面的進展感到滿意。

And we have remember most of our most of our manufacturing with exceptions to plants is in the US. We are very focused on U.S. manufacturing, and that's been our fault.

我們記得，除工廠外，我們的大部分製造業務都在美國。我們非常關注美國製造業，這是我們的錯。

Appreciate that. Thank you very much and that's all for me.

感謝。非常感謝你，這就是我的全部了。

Once again, if you would like to ask a question, please press star one at this time.

再次強調，如果您想提問，請此時按星號一。

Jean Ramirez, D.A. Davidson

讓·拉米雷斯，D.A.戴維森

Hi, good morning. Just looking at the legal challenges to the Frontier project, um, what's the feedback from that customer regarding plans and proposed delivery schedules going forward? How does that look?

早安.只要看看 Frontier 專案面臨的法律挑戰，嗯，該客戶對未來計劃和擬議交付時間表的反饋是什麼？看起來怎麼樣？

But we haven't heard anything. So we are we don't we haven't heard any any feedback from customer or from anything else. So we keep going.

但我們什麼也沒聽到。所以我們沒有聽到任何來自客戶或其他任何地方的回饋。所以我們繼續前進。

Okay, thank you. And just piggybacking off the previous question, so the any divisional inputs from treasury that mentioned your expectations around the credit for the towers, Tom, so there's looking at your guidance for 2024. And so there's no you're not expecting any changes into your guidance as for how you utilize your tax credits?

好的謝謝。湯姆，只是藉用上一個問題，財政部的任何部門意見都提到了您對塔樓信貸的期望，所以我們正在研究您對 2024 年的指導。因此，您是否不希望有關如何利用稅收抵免的指導發生任何變化？

Then I'll take that, Alex. So how we recognize and account for our tax credit, very similar to 2023, and we are rolling those in as a reduction of cost of sales to?

那我就接受這個，亞歷克斯。那麼，我們如何認識和解釋我們的稅收抵免（與 2023 年非常相似），並且我們將這些抵免作為銷售成本的降低來滾動？

No, no, no change in regard to that. And generally, as you think about the tax credit, we really manage the business holistically for on total total total EBITDA and total profitability. But as as as we ramp in wind tower and we expect revenues to grow in wind tower, we would expect the tax credit to grow along with that.

不，不，這方面沒有任何改變。一般來說，當您考慮稅收抵免時，我們實際上會對業務進行整體管理，以實現 EBITDA 總額和總獲利能力。但是，隨著我們加大風塔建設力度，並且預計風塔收入將增長，我們預計稅收抵免也會隨之增長。

Yes, probably yes, there are things, as I've talked about before, that impact the size of the credit. Certainly the wattage of the turbine is it a three section or four section tower. But those things aside, I think generally we can expect to see the tax credit and grow in line with revenue growth.

是的，可能是的，正如我之前談到的，有些事情會影響信貸的規模。當然，渦輪機的瓦數是三段塔還是四段塔。但拋開這些事情不談，我認為一般來說我們可以期望看到稅收抵免並與收入成長保持一致。

All else being equal.

其他條件相同。

So not that impactful to overall margin because it's going to grow in line with revenue, but certainly on it's going to add to our EBITDA growth in 2024 Perfect.

因此，對整體利潤率的影響並不大，因為它會隨著收入的增長而增長，但肯定會增加我們 2024 年 EBITDA 的成長，完美。

Thank you.And just one more for me. Tom, you talked about price momentum going into 2024 for aggregates is are you guys considering any mid-year price increases and normally we do a price increase in the middle of the year.

謝謝你。再給我一份。湯姆，你談到了 2024 年總體價格勢頭，你們是否考慮年中提價，通常我們會在年中提價。

So yes, we expect to continue to raise prices wherever we can.

所以，是的，我們希望盡可能繼續提高價格。

And I'll just say, Alex, at this juncture given it's so early in the year. We don't we don't roll those into our guidance on that, but certainly taking a very price disciplined approach.

我只想說，亞歷克斯，在這個節骨眼上，考慮到今年還這麼早。我們不會將這些納入我們的指導中，但肯定會採取非常嚴格的價格紀律方法。

Perfect. Thank you. I'll jump back in. Thank you.

完美的。謝謝。我會跳回來。謝謝。

Our next question comes from Derek voice with Loop Capital Markets. Please go ahead.

我們的下一個問題來自 Loop Capital Markets 的 Derek 聲音。請繼續。

Well, hi, thanks and congrats on the quarter. I'm hoping first, if you could go through the variance within your revenue guidance, what would have to happen to reach the low end and the high end of the 6% to 18%?

嗯，嗨，感謝並祝賀本季。首先，我希望，如果您能夠解決收入指導中的差異，那麼要達到 6% 至 18% 的低端和高端會發生什麼？

Our range that you bought I'll take that Derek and see if I can pull some of it apart for you, there's a lot of a lot of moving parts, as you know, and I think And yes, as we think about our cyclical businesses and maybe I'll start there, we've got good backlog visibility. So when you think about our barge business, we have $255 million of backlog at the end of 2023. We said that is all for 2020 for delivery, and we've substantially filled our production plant and we're taking order inquiries for 2025 on.

你買的我們的系列 我會拿那個德里克 看看我是否可以為你拆開其中的一些，正如你所知，有很多很多移動部件，我想是的，當我們考慮我們的周期性時企業，也許我會從那裡開始，我們有很好的積壓可見度。因此，當您考慮我們的駁船業務時，到 2023 年底，我們的積壓訂單將達到 2.55 億美元。我們說這都是 2020 年交付的，我們的生產工廠已經基本滿員，我們正在接受 2025 年的訂單詢問。

So you look at the ramp, you look at where we finished 2023. We have our marine components revenue in addition to our backlog so you can be approaching close to 20% revenue growth in the barge business. And with the backlog that is solidified, we feel pretty comfortable about that.

所以你看看坡道，看看我們 2023 年的完成情況。除了積壓訂單之外，我們還有船舶零件收入，因此駁船業務的收入成長可以接近 20%。隨著積壓工作的鞏固，我們對此感到非常滿意。

And likewise, in wind we have good visibility for 2024. And so I don't I don't see any risk to the wind backlog. There's potentially upside if we take additional orders. And I think the focus for us really is on orders for 25 and beyond. And I'll let Antonio comment there on when I wrap up, but not not a lot of risk associated with on the downside on larger wind in potentially some upside, but I'd say somewhat limited on 24 with more growth and 25 for those businesses and utility, same thing we have it. We have a good backlog. We have a shadow backlog that we don't include in reportable backlog, you know, high single digit revenue growth in utility structures. This is and feels comfortable and then on construction. And and we feel very confident in the outlook. The demand outlook, as Antonio said, a rough start with whether we're used to that and we've got some inorganic contributions that we will see in 2024. I think the way maybe to think about top line and construction is we had them close to 7% top line revenue growth last year and maybe 100 basis points or so of that was inorganic. And we could expect maybe a slightly larger inorganic piece in 2024 to get to in that that high single digit area of revenue growth for construction next year. And that is what the one business where we don't have a backlog, but we feel pretty confident in the demand drivers that that we see in the tailwinds from the infrastructure rolling in more and more strongly in 2024.

同樣，2024 年風能見度良好。所以我不認為風積壓有任何風險。如果我們接受更多訂單，可能會有好處。我認為我們的重點確實是 25 件及以上的訂單。當我結束時，我會讓安東尼奧對此發表評論，但並不是沒有太多與大風的下行風險相關的風險，也可能有一些上行風險，但我想說的是，24 的增長會有所限制，25 的成長會有所限制。企業和公用事業，我們擁有相同的東西。我們有很好的積壓。我們有影子積壓，但我們沒有將其納入可報告的積壓中，你知道，公用事業結構中的高個位數收入成長。這是並且感覺舒適然後在施工。我們對前景非常有信心。正如安東尼奧所說，需求前景是一個艱難的開始，我們是否已經習慣了這一點，我們將在 2024 年看到一些無機貢獻。我認為考慮營收和建設的方式可能是，去年我們的營收成長接近 7%，其中 100 個基點左右的成長可能是無機的。我們預計，到 2024 年，可能會有一個稍大的無機部分進入明年建築業收入成長的高個位數領域。這就是我們沒有積壓訂單的一項業務，但我們對需求驅動因素非常有信心，我們在 2024 年基礎設施的推動下看到了越來越強勁的推動力。

But the only thing I would add to Gail's comment is the other thing that we know how to do it. We do it constantly, but ramping up facilities. It's always a risk. There's always things that can happen and we need to hire a lot of people and we need to train people and we need to produce products. And then it's always a risk. It's going to be a heavy lift for the year. But the good news, I think is the demand side. I mean, the demand side is there and it's all up to us to perform well for the year because we have everything to be successful.

但我要在蓋爾的評論中添加的唯一一件事是我們知道如何做的另一件事。我們不斷地這樣做，但不斷增加設施。這始終是一個風險。總是有一些事情可能發生，我們需要雇用很多人，我們需要培訓人員，我們需要生產產品。然後它總是有風險。今年將是個沉重的負擔。但我認為好消息是需求方面。我的意思是，需求面就在那裡，我們今年能否表現出色完全取決於我們，因為我們擁有成功的一切條件。

That's great color. I appreciate that. But I just wanted to follow up on the inorganic growth opportunities. I think just to be clear. First off on the stronger inorganic growth in construction products, that assumes the acquisitions in both the fourth quarter and the recently announced one, I guess that was in the fourth quarter as well in South Florida. So just wanted to confirm that, and that doesn't include any new acquisitions.

那顏色真棒。我很感激。但我只是想跟進無機成長機會。我想只是要說清楚。首先，建築產品的無機成長更加強勁，假設第四季和最近宣布的收購都是如此，我想南佛羅裡達州也是第四季的收購。所以只是想確認一下，這不包括任何新的收購。

And then just as a follow-up to that, just how are you thinking about acquisitions and more broadly within Construction Products, maybe talk about bolt-ons as opposed to new platforms. Are you in the markets that you want to be in now or are there other regions that you want to expand in? And just maybe speak to how that looks in 2024.

然後，作為後續行動，您如何考慮收購以及更廣泛的建築產品領域的收購，也許會談論螺栓而不是新平台。現在您處於您想要進入的市場中，或者是否有其他想要擴展的地區？或許可以談談 2024 年的情況。

You're correctly the guidance from the first slide does not include any new acquisitions. Last year, we had very little organic inorganic, a EBITDA coming from from previous acquisitions. So So this year, we expect a little more because we made them a deal at the end of the year and these acquisitions, it takes time to integrate them. There are some integration costs and things are normally takes a little time for them to start being accretive, but we do expect them to be accretive to our margins in 2024.

您是對的，第一張投影片中的指導不包括任何新的收購。去年，我們的有機無機業務非常少，也就是來自先前收購的 EBITDA。所以今年，我們的期望會更高一些，因為我們在年底與他們達成了一項交易，而這些收購需要時間來整合它們。有一些整合成本，通常需要一些時間才能開始增值，但我們確實預計它們將在 2024 年增加我們的利潤。

And on the future acquisitions, I would say I've said it before. But it's why do we like bigger ones? Of course, we like bigger ones, they're not available. And most of the time when we see something bigger, we'll be interested in that as you've seen some of the multiples that are being paid for the larger ones, one of the things we believe is we believe in buying in a disciplined capital allocation and we're buying these acquisitions at multiples that we believe are good and generate value for our investors. So we'll continue to look for acquisitions on the bolt-on side, larger also, if we can find them at reasonable prices and we are still looking for additional platforms in other regions. We still have several regions we're interested in. We are we do not have a presence.

關於未來的收購，我想說我之前已經說過了。但這就是為什麼我們喜歡更大的？當然，我們喜歡更大的，但沒有。大多數時候，當我們看到更大的東西時，我們會對此感興趣，因為您已經看到了為較大的東西支付的一些倍數，我們相信的一件事是我們相信購買有紀律的股票資本配置，我們以我們認為良好的倍數購買這些收購，並為我們的投資者創造價值。因此，如果我們能以合理的價格找到它們，我們將繼續尋找補充性收購，規模也更大，並且我們仍在其他地區尋找更多平台。我們仍然有幾個感興趣的地區。我們是我們沒有存在。

And so but today, we have a lot more opportunity to redeploy capital than we had five years ago. We were only in Texas today, we can redeploy it in California and Arizona and Texas and Florida along the Gulf Coast in Tennessee. So we are building a nice platform that we can expand and then we need to get good at buying these smaller opportunities at reasonable prices. We also see opportunities to redeploy capital in Engineered Structures. There's gaps in our in our in our approach to a portfolio that we need to feel we can do it organically or inorganically, and we're working both sides of the equation. So so I think you'll see us continue to be active on the M&A front, sounds good.

因此，今天，我們比五年前有更多的機會重新部署資本。我們今天只在德克薩斯州，我們可以將其重新部署到加利福尼亞州、亞利桑那州、德克薩斯州和佛羅裡達州以及田納西州墨西哥灣沿岸。因此，我們正在建立一個可以擴展的良好平台，然後我們需要善於以合理的價格購買這些較小的機會。我們也看到了在工程結構中重新部署資本的機會。我們的投資組合方法存在差距，我們需要感覺我們可以有機或無機地做到這一點，並且我們正在等式的兩邊進行工作。因此，我認為您會看到我們繼續積極參與併購，這聽起來不錯。

Thanks for that, and best of luck.

謝謝你，祝你好運。

Thank you.

謝謝。

We have no further questions at this time. This will conclude the Arcosa Fourth Quarter and Full Year 2023 earnings conference call. We thank you for your participation. You may disconnect at any time.

目前我們沒有進一步的問題。Arcosa 第四季和 2023 年全年財報電話會議至此結束。我們感謝您的參與。您可以隨時斷開連線。