Arcosa Inc (ACA) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Arcosa Inc second-quarter 2024 earnings conference call. My name is Britney, and I will be your conference call coordinator today. As a reminder, today's call is being recorded.

早安，女士們、先生們，歡迎參加 Arcosa Inc 2024 年第二季財報電話會議。我叫布蘭妮，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。

I would now 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 us. Today, we will discuss Arcosa's second-quarter 2024 earnings results as well as provide a strategic update.

大家早安，感謝您加入我們。今天，我們將討論 Arcosa 2024 年第二季的獲利結果並提供策略更新。

With me today are Antonio Carrillo, President and CEO; Gail Peck, CFO; and Reid Essl, Group President for Construction Materials. Antonio will begin with some brief comments on our second quarter results and strategic update. Gail will provide additional details on our financial results and guidance. Then Antonio will discuss the Stavola acquisition and other portfolio enhancing actions we announced yesterday before we open the call for questions.

今天與我在一起的有總裁兼執行長安東尼奧·卡里略 (Antonio Carrillo)；蓋爾‧佩克，財務長； Reid Essl，建築材料集團總裁。安東尼奧將首先對我們第二季度的業績和策略更新進行一些簡短的評論。蓋爾將提供有關我們財務業績和指導的更多詳細資訊。然後，在我們開始提問之前，安東尼奧將討論我們昨天宣布的斯塔沃拉收購和其他投資組合增強行動。

A copy of the press release issued yesterday and a slide presentation for this morning's call are posted on our Investor Relations website, ir.arcosa.com. A replay of today's call will be available for the next two weeks. 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.

昨天發布的新聞稿副本和今天上午電話會議的幻燈片演示已發佈在我們的投資者關係網站 ir.arcosa.com 上。今天的電話會議將在接下來的兩週內重播。新聞稿中包含存取重播號碼的說明。網路廣播的重播將在我們網站的「新聞和活動」標籤下提供，為期一年。

Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP. Reconciliations of non-GAAP 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 GAAP 衡量標準與最接近的 GAAP 衡量標準的對帳包含在幻燈片簡報的附錄中。

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-Q expected to be filed later today.

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。有關這些風險和不確定性的更多信息，請參閱公司向 SEC 提交的文件，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-Q 表格。

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

我現在想把電話轉給安東尼奧。

Thank you, Erin, and good morning, everyone. It's an exciting time for Arcosa. Our second quarter was highlighted by several events, which on a combined basis demonstrate the steady advancement of our long-term strategic vision to grow in attractive markets and to reduce the complexity and cyclicality of our business.

謝謝你，艾琳，大家早安。對阿科薩來說，這是一個令人興奮的時刻。我們在第二季度發生了幾起事件，這些事件綜合起來表明我們的長期策略願景正在穩步推進，即在有吸引力的市場中發展並降低業務的複雜性和週期性。

Let's start on slide 4. Yesterday we announced strong financial results, posting record quarterly revenues and adjusted EBITDA, while expanding adjusted EBITDA margins. We also raised the low end of our 2024 full year adjusted EBITDA range. Importantly, we ended the quarter with a healthy balance sheet.

讓我們從幻燈片 4 開始。昨天，我們宣布了強勁的財務業績，公佈了創紀錄的季度收入和調整後 EBITDA，同時擴大了調整後 EBITDA 利潤率。我們也上調了 2024 年全年調整後 EBITDA 範圍的下限。重要的是，我們在本季結束時擁有健康的資產負債表。

We also announced value-enhancing portfolio actions to accelerate our long-term strategy. We have entered into an agreement to acquire Stavola for $1.2 billion, the largest acquisition in Arcosa's history. As a leading aggregate-centric and vertically-integrated construction materials company, Stavola expands our geographic footprint into the nation's largest MSA, with increased exposure to lower-volatility infrastructure-led end markets.

我們也宣布了增值投資組合行動，以加速我們的長期策略。我們已達成協議，將以 12 億美元收購 Stavola，這是 Arcosa 史上最大的收購案。作為一家領先的以骨材為中心的垂直一體化建築材料公司，Stavola 將我們的地理足跡擴展到全國最大的 MSA，並增加了對波動性較低的基礎設施主導的終端市場的投資。

We also executed a definitive agreement to divest our steel components business and completed the sale of other non-core assets for a total consideration of $137 million. Pro forma for the transaction as of June 30, Construction Products would represent 65% of Arcosa's adjusted EBITDA on an LTM or last 12-month basis. And consolidated pro forma LTM adjusted EBITDA margin would expand approximately 220 basis points.

我們還簽署了一項最終協議，剝離我們的鋼鐵零件業務，並完成了其他非核心資產的出售，總代價為 1.37 億美元。截至 6 月 30 日的交易預計，建築產品將佔 Arcosa LTM 或過去 12 個月調整後 EBITDA 的 65%。預計 LTM 調整後 EBITDA 利潤率將擴大約 220 個基點。

As we discuss these important announcements, you will hear three major themes today that align with our strategic vision. First, our businesses have strong momentum. Second, with the divestitures we announced, we are taking decisive actions to optimize our portfolio and enhance the quality of our earnings.

當我們討論這些重要公告時，您今天將聽到與我們的策略願景一致的三個主要主題。一是業務發展勢頭強勁。其次，透過我們宣布的資產剝離，我們正在採取果斷行動來優化我們的投資組合併提高我們的獲利品質。

And third, with a great team, strong market fundamentals, good cash flow visibility and a solid track record, the time is right that Arcosa is ready to take on a transformational acquisition and temporarily increase our leverage. I will discuss the acquisition and divestitures in more detail later, but let me give you some additional color on how our businesses are performing.

第三，憑藉優秀的團隊、強大的市場基礎、良好的現金流可視性和良好的業績記錄，Arcosa 準備進行轉型性收購並暫時提高我們的槓桿率的時機已經成熟。稍後我將更詳細地討論收購和剝離，但讓我對我們的業務表現進行一些補充說明。

Turning to slide 6. Second quarter consolidated revenues increased 14%, and adjusted EBITDA grew 31%, reflecting 230 basis points of margin expansion. On an organic basis, we generated strong double-digit adjusted EBITDA growth, led by the market recoveries underway in our cyclical businesses and operating improvements in our specialty materials and utility structures business.

轉到投影片 6。第二季合併營收成長 14%，調整後 EBITDA 成長 31%，反映出利潤率擴張 230 個基點。在有機基礎上，我們實現了強勁的兩位數調整後 EBITDA 成長，這主要得益於週期性業務的市場復甦以及特種材料和公用事業結構業務的營運改善。

This was augmented by the accretive contribution from recent acquisitions, including Ameron Pole Products, which we acquired in April, and several aggregate the bolt-ons which we completed in Florida, Texas and Arizona last year. The integration of Ameron is progressing well, and we are pleased with the complementary fit within our existing footprint.

最近的收購增加了這項貢獻，包括我們四月收購的 Ameron Pole Products，以及我們去年在佛羅裡達州、德克薩斯州和亞利桑那州完成的幾項補充。亞美隆的整合進展順利，我們對現有業務範圍內的互補配合感到滿意。

Also of note, we delivered the first wind towers from our new plant in Belen, New Mexico, which is performing in line with expectations and should become less dilutive to margin as deliveries ramp up. Our aggregates business continues to benefit from strong pricing momentum during the quarter, which together with disciplined cost control, compensated for volume headwinds due to elevated rainfall, particularly in Texas.

另外值得注意的是，我們從新墨西哥州貝倫的新工廠交付了第一座風塔，該工廠的表現符合預期，隨著交付量的增加，對利潤率的稀釋應該會減少。我們的骨材業務繼續受益於本季強勁的定價勢頭，再加上嚴格的成本控制，彌補了由於降雨量增加（特別是在德克薩斯州）造成的產量不利因素。

Our strong performance in the second quarter demonstrates the strength of our infrastructure-led company, which has benefited from increased scale and more resilient platforms. We're very pleased with our year-to-date results and the underlying trends in our businesses remain very positive.

我們第二季的強勁表現證明了我們以基礎設施為主導的公司的實力，這得益於規模的擴大和更具彈性的平台。我們對今年迄今為止的業績感到非常滿意，我們業務的基本趨勢仍然非常積極。

As you can see, we had an extremely productive second quarter. I would like to recognize all our employees for delivering a fantastic quarter while, at the same time, executing on the transformative transactions. I see all the work that is behind these accomplishments and want to thank everyone for their incredible commitment to this great company.

正如您所看到的，我們的第二季度非常富有成效。我要感謝我們所有的員工，他們在執行變革性交易的同時，交付了出色的季度業績。我看到了這些成就背後的所有工作，並感謝每個人對這家偉大公司的難以置信的承諾。

I would like to turn over the call to Gail to discuss our second quarter results in more detail. Gail?

我想將電話轉給蓋爾，更詳細地討論我們第二季的業績。蓋爾？

Thank you, Antonio. Good morning, everyone. I'll begin on slide 8. Starting with Construction Products, second quarter revenues increased 4% year-over-year. On a freight-adjusted basis, revenues increased 6%, with growth split evenly between organic and acquisition contribution.

謝謝你，安東尼奧。大家早安。我將從幻燈片 8 開始。從建築產品開始，第二季營收年增 4%。在運費調整後的基礎上，營收成長了 6%，其中有機成長和收購貢獻的成長各佔一半。

Second quarter adjusted segment EBITDA increased 22%, primarily due to the accretive impact of recent acquisitions and the operating improvements in our Specialty Materials and trench shoring businesses. Freight-adjusted segment EBITDA margin expanded to 28%, up 360 basis points year-over-year and 160 basis points sequentially from the first quarter.

第二季調整後的部門 EBITDA 成長了 22%，這主要是由於最近收購的增值影響以及我們特種材料和溝渠支撐業務的營運改善。運費調整後的部門 EBITDA 利潤率擴大至 28%，較去年同期成長 360 個基點，較第一季連續成長 160 個基點。

Turning to our aggregates business, which includes both natural and recycled aggregates, pricing momentum remained strong with average organic pricing up low double digits in the second quarter. The contribution from acquisitions was accretive to overall average selling prices.

談到我們的骨材業務，包括天然骨材和再生骨材，定價勢頭依然強勁，第二季平均有機價格上漲了兩位數。收購的貢獻增加了整體平均售價。

Total volumes were down low single digits and organic volumes were down mid-single digits. Elevated rainfall constrained volume in the quarter. However, demand has been favorable when weather conditions are normal. The accretive impact of recent acquisitions and modest organic growth resulted in low double-digit adjusted EBITDA growth, accompanied by higher margin year-over-year.

總銷量下降了低個位數，有機銷量下降了中個位數。降雨量增加限制了本季的銷售量。然而，當天氣條件正常時，需求一直有利。近期收購和適度有機成長的增值影響導致調整後 EBITDA 低兩位數成長，同時利潤率較去年同期提高。

Within specialty materials, freight-adjusted revenues increased low double digits, driven by strong pricing gains in lightweight aggregates and higher volume and pricing in plaster. Operational improvements in this business resulted in higher adjusted EBITDA and contributed approximately half of the year-over-year margin improvement for the segment.

在特種材料領域，由於輕質骨材價格強勁增長以及石膏產量和定價的增加，運費調整後的收入增長了兩位數。該業務的營運改善帶來了更高的調整後 EBITDA，並貢獻了該部門同比利潤率改善的約一半。

Revenues in our trench shoring business increased on higher volumes. Operating improvements resulted in higher adjusted EBITDA and margin expansion.

我們的溝槽支撐業務的收入隨著產量的增加而增加。營運改善帶來了更高的調整後 EBITDA 和利潤率擴張。

Moving to Engineered Structures, revenues increased 33% due to higher utility structure in wind tower volumes and the contribution from the recently acquired Ameron business, which drove about one-third of the increase.

轉向工程結構，由於風塔容量的公用事業結構提高以及最近收購的 Ameron 業務的貢獻，收入增長了 33%，這推動了約三分之一的增長。

Adjusted segment EBITDA grew 48%, outpacing the increase in revenues, and margin expanded 160 basis points. Strong organic growth in both wind towers and utility structures was supplemented by the accretive impact of Ameron during the period.

調整後部門 EBITDA 成長 48%，超過營收成長，利潤率成長 160 個基點。在此期間，風塔和公用設施結構的強勁有機成長得到了亞美隆的增值影響的補充。

Organic margin was up approximately 110 basis points year-over-year and roughly 300 basis points sequentially, due to improved margin within utility and related structures and less dilutive impact from the ramp-up at our two new facilities in New Mexico and Florida. Order activity in utility structures remains healthy with attractive margins.

有機利潤率年增約 110 個基點，較上季成長約 300 個基點，原因是公用事業及相關結構的利潤率提高，以及新墨西哥州和佛羅裡達州兩個新工廠產能擴張帶來的稀釋性影響較小。公用事業結構中的訂單活動保持健康，利潤率相當有吸引力。

In wind towers, we did not book any new orders during the quarter, but we continue to have active discussions with our customers on future needs. We ended the quarter with a backlog for utility, wind and related structures of $1.3 billion and expect to deliver 37% during the remainder of this year. Finally, we recognized a gain of $7.5 million from the sale of a non-operating facility that supported a previously divested business. This gain has been excluded from adjusted segment EBITDA.

在風塔方面，我們本季沒有預訂任何新訂單，但我們繼續與客戶就未來需求進行積極討論。本季結束時，我們在公用事業、風能和相關結構方面的積壓金額為 13 億美元，預計在今年剩餘時間內交付 37%。最後，我們確認出售支援先前剝離業務的非營運設施獲得了 750 萬美元的收益。該收益已不包括在調整後的部門 EBITDA 中。

Turning to Transportation Products. Segment revenues were roughly flat as higher barge revenue was mostly offset by lower Steel Components revenue. Barge revenues increased 4%, driven by higher hopper barge volumes. Adjusted segment EBITDA increased 7% and margin expanded by 90 basis points. As expected, margin declined sequentially from the first quarter as one of our barge facilities prepared to change over to tank barge production.

轉向運輸產品。分部收入大致持平，因為駁船收入的增加大部分被鋼鐵零件收入的減少所抵消。由於漏斗駁船運量增加，駁船收入增加了 4%。調整後的部門 EBITDA 成長 7%，利潤率擴大 90 個基點。正如預期的那樣，由於我們的一個駁船設施準備轉向罐駁船生產，利潤率比第一季連續下降。

During the quarter, we received barge orders totaling approximately $33 million, primarily for tank barges, representing a book-to-bill of 0.4. Orders for liquid barges continue to demonstrate momentum for a third consecutive quarter and inquiry activity remains solid. Our total barge backlog at the end of the quarter was $252 million, roughly flat at the start of the year, and we expect to deliver approximately 70% during the remainder of 2024.

本季度，我們收到的駁船訂單總額約為 3,300 萬美元，主要是油罐駁船，訂單出貨比為 0.4。液體駁船訂單連續第三個季度持續呈現成長勢頭，詢盤活動依然強勁。截至本季末，我們的駁船積壓總額為 2.52 億美元，與年初基本持平，我們預計在 2024 年剩餘時間內交付約 70%。

I'll take a moment to briefly address our cash flow and balance sheet position. Year-to-date, we have generated $119 million of operating cash flow, which is down $36 million year-over-year due to increased working capital requirements primarily related to higher receivables as our cyclical businesses ramp up. Year-to-date capital expenditures were $102 million, up slightly from the prior year. This translated into year-to-date free cash flow of $24 million, down $58 million from the prior period.

我將花點時間簡要介紹我們的現金流量和資產負債表狀況。年初至今，我們已產生 1.19 億美元的營運現金流，年減 3,600 萬美元，原因是營運資金需求增加，這主要與週期性業務成長帶來的應收帳款增加有關。年初至今的資本支出為 1.02 億美元，比上年略有增加。這意味著年初至今的自由現金流為 2,400 萬美元，比上一期減少 5,800 萬美元。

We are maintaining our full year CapEx guidance of $190 million to $205 million. We ended the quarter with a healthy balance sheet to support the acquisition of Stavola, with net debt to adjusted EBITDA of 1.5 times and available liquidity of $393 million.

我們維持 1.9 億至 2.05 億美元的全年資本支出指引。本季末，我們擁有健康的資產負債表來支持收購 Stavola，淨債務與調整後 EBITDA 比率為 1.5 倍，可用流動資金為 3.93 億美元。

I'll conclude on slide 9 with some comments on our increased 2024 guidance. We are very pleased with our year-to-date results. Our businesses are healthy and performing well. Accordingly, we tightened our full year 2024 revenue guidance range and raised the low end of our adjusted EBITDA guidance range.

我將在投影片 9 中對我們增加的 2024 年指導方針進行一些評論。我們對今年迄今的業績感到非常滿意。我們的業務健康且表現良好。因此，我們收緊了 2024 年全年收入指引範圍，並提高了調整後 EBITDA 指引範圍的下限。

The new adjusted EBITDA midpoint of $430 million represents 24% growth year-over-year, adjusting for the gain on land sale, with 120 basis points of anticipated margin expansion. And this revised guidance is before any adjustment for the newly announced strategic actions.

新調整後的 EBITDA 中點為 4.3 億美元，年增 24%（根據土地出售收益進行調整），預計利潤率將擴大 120 個基點。此次修訂後的指導意見是在對新宣布的策略行動進行任何調整之前的。

I'll now turn it back to Antonio for further discussions on yesterday's announcement.

我現在將其轉回給安東尼奧，以進一步討論昨天的公告。

Thank you, Gail. Let's now move to yesterday's strategic announcements, which optimize our portfolio and enhance the quality of our earnings. First, on slide 11, we are excited to announce the $1.2 billion acquisition of Stavola, a leading provider of construction materials with a strong position in its core New York, New Jersey markets, the nation's largest MSA. The acquisition enhances our construction products platform with high-margin vertically-integrated aggregates and asphalt operations.

謝謝你，蓋爾。現在讓我們看看昨天的策略公告，這些公告優化了我們的投資組合併提高了我們的獲利品質。首先，在幻燈片 11 上，我們很高興地宣布以 12 億美元收購 Stavola，這是一家領先的建築材料供應商，在其紐約、新澤西州核心市場（美國最大的 MSA）擁有強大的地位。此次收購增強了我們的建築產品平台，包括高利潤的垂直整合骨材和瀝青業務。

With LTM adjusted EBITDA of $100 million, the purchase price represents 12 times gross multiple and 10.7 times net multiple, including expected net tax benefits. Based on Stavola's financial attributes, we expect the acquisition to be immediately accretive to free cash flow per share, neutral to cash EPS in 2025, and accretive to cash EPS in 2026. HSR and regulatory approvals have been obtained, and we anticipate the transaction will close in the fourth quarter.

LTM 調整後 EBITDA 為 1 億美元，購買價格相當於總市盈率的 12 倍和淨市盈率的 10.7 倍，其中包括預期的淨稅收優惠。根據 Stavola 的財務屬性，我們預計此次收購將立即增加每股自由現金流，對 2025 年現金每股收益呈中性，並在 2026 年增加現金每股收益。已經獲得 HSR 和監管部門的批准，我們預計該交易將在第四季度完成。

Turning to slide 12. Stavola is aggregates-led, which is an attribute that we prioritize in an acquisition screening. Aggregates provide 56% of adjusted EBITDA, and the FOB asphalt operations are highly integrated with its hard rock quarries.

轉到投影片 12。斯塔沃拉是以聚合為主導的，這是我們在收購篩選中優先考慮的屬性。骨材佔調整後 EBITDA 的 56%，FOB 瀝青業務與其硬岩採石場高度整合。

Stavola's industry-leading adjusted EBITDA margin of roughly 35% on an LTM basis is highly accretive to the Construction Products segment and to Arcosa overall, demonstrating a strong competitive advantage. The company has been in business for close to 80 years and has built a strategic network of five hard rock quarries and three recycled aggregates facilities that produce approximately 5.7 million tons annually.

Stavola 的調整後 EBITDA 利潤率處於行業領先地位，按 LTM 計算約為 35%，這對建築產品部門和 Arcosa 整體而言具有很高的增值性，展示了強大的競爭優勢。該公司已經營近 80 年，並建立了由 5 個硬岩採石場和 3 個再生骨材設施組成的戰略網絡，年產量約 570 萬噸。

They also have 12 strategically located asphalt plants, which for the most part deliver their products FOB to plant. The company has approximately 350 million tons of estimated hard rock reserves. Stavola brings a talented and experienced management team who will continue to run the company, and we look forward to welcoming them to the Arcosa family.

他們還擁有 12 個地理位置優越的瀝青廠，大部分產品以離岸價格運送到工廠。該公司預計硬岩儲量約3.5億噸。Stavola 帶來了一支才華橫溢、經驗豐富的管理團隊，他們將繼續經營公司，我們期待歡迎他們加入 Arcosa 大家庭。

Turning to slide 14. We're also optimizing our portfolio in other ways. Reducing the complexity and cyclicality of our portfolio has been a pillar of our long-term strategy since inception. Yesterday, we announced the sale of our steel components, one of our cyclical businesses that primarily serves the North American railcar industry to Stellex Capital Management.

轉到投影片 14。我們也以其他方式優化我們的產品組合。自成立以來，降低投資組合的複雜性和週期性一直是我們長期策略的支柱。昨天，我們宣布將鋼鐵零件出售給 Stellex Capital Management，這是我們的週期性業務之一，主要服務於北美軌道車行業。

With the LTM 2024 revenues of about $150 million, our Steel Components business was small and not core to Arcosa. Following the COVID downturn, -- the business ran roughly at breakeven EBITDA levels in 2021 and returned to profitability as market conditions improve, with LTM 2024 adjusted EBITDA margin dilutive to both Transportation Products segment and to Arcosa overall. The transaction is expected to close in the third quarter.

2024 年 LTM 營收約為 1.5 億美元，我們的鋼鐵零件業務規模較小，並非 Arcosa 的核心業務。在新冠疫情低迷之後，該業務在 2021 年大致處於盈虧平衡 EBITDA 水平，並隨著市場狀況改善而恢復盈利，2024 年 LTM 調整後的 EBITDA 利潤率稀釋了運輸產品部門和整個 Arcosa 業務。該交易預計將於第三季完成。

I want to personally thank all the employees of our Steel Components business for the incredible work they have done over many years. I have had the privilege to get to know many of our employees in Pennsylvania, and they will be missed by the Arcosa team. At the same time, we found a new owner with a focus on the rail market, who will be able to support the goals of this business. I look forward to seeing all the great things you will achieve in the future.

我想親自感謝我們鋼部件業務的所有員工多年來所做的令人難以置信的工作。我有幸認識了賓州的許多員工，Arcosa 團隊將會想念他們。同時，我們找到了一位專注於鐵路市場的新所有者，他將能夠支持這項業務的目標。我期待看到您未來取得的所有偉大成就。

In addition to selling the Steel Components business, we continued pruning our portfolio in the second quarter. First, we sold a non-operating facility in Engineered Structures. We also sold a subscale asphalt business, which was operating at a loss. Total consideration for the three divestitures was $137 million, and will be used to reduce debt. As we continue focusing on our margin, during the quarter, we also closed a small underperforming aggregate operations in West Texas and redeployed the equipment to other locations.

除了出售鋼鐵零件業務外，我們還在第二季度繼續精簡我們的投資組合。首先，我們出售了工程結構的非營運設施。我們還出售了一家規模較小的瀝青業務，該業務處於虧損狀態。三項資產剝離的總代價為 1.37 億美元，將用於減少債務。隨著我們繼續關注利潤率，在本季度，我們也關閉了西德州表現不佳的小型整體業務，並將設備重新部署到其他地點。

Turning to slide 15, let me add some additional color on the strategic rationale for the transactions. Stavola is an excellent fit for us and a key to our overall strategy of growing in attractive markets. It's a transformative acquisition, not only in terms of scale but also in terms of our geographic footprint, which upon closing will include a sizable presence in the largest MSA in the country. The company is well positioned in this stable infrastructure-led market with facilities ideally located to service approximately 85% of New Jersey's population.

轉向投影片 15，讓我對交易的策略原理添加一些額外的說明。Stavola 非常適合我們，也是我們在有吸引力的市場中發展的整體策略的關鍵。這是一項革命性的收購，不僅在規模方面，而且在我們的地理足跡方面，收購完成後將包括在該國最大的 MSA 中擁有相當大的業務。該公司在這個穩定的基礎設施主導市場中處於有利地位，其設施地理位置優越，可為新澤西州約 85% 的人口提供服務。

Additionally, we believe this acquisition will provide a platform for future growth opportunities that represent an attractive valuation for a scaled aggregates-led business with premium financial attributes. These transactions demonstrate our commitment to increasing our exposure to higher value-add Construction Products while simplifying and optimizing the portfolio to reduce higher earnings -- to produce higher earnings and profitability.

此外，我們相信此次收購將為未來的成長機會提供一個平台，對於具有優質金融屬性的規模化聚合主導業務而言，這代表著有吸引力的估值。這些交易表明我們致力於增加對高附加價值建築產品的投資，同時簡化和優化投資組合以減少更高的收益，從而產生更高的收益和盈利能力。

Slide 16 shows Arcosa's expanded geographic footprint, including Stavola. We will now operate in 13 of the top 50 MSAs, up from only five in 2018.

投影片 16 顯示了 Arcosa 擴大的地理足跡，包括 Stavola。我們現在將在排名前 50 的 MSA 中的 13 個開展業務，而 2018 年只有 5 個。

Moving to slide 17. You can see the breakdown of Stavola demand drivers. The company is over-indexed in -- or to infrastructure demand, both in aggregates and asphalt, providing stable demand.

轉到投影片 17。您可以看到 Stavola 需求驅動因素的細分。該公司對基礎設施需求（骨材和瀝青）的指數過高，從而提供了穩定的需求。

Slide 18 shows how the acquisition enhances our Construction Products portfolio. The pro forma portfolio mix has aggregates and aggregates-based products accounting for 76% of the segment's LTM revenues. On a pro forma basis, our Construction Products -- adjusted segment EBITDA margin expands by nearly 260 basis points to 26.1%. We're taking strategic actions that are expected to drive strong sustainable growth.

投影片 18 顯示了此次收購如何增強我們的建築產品組合。預計投資組合包含聚合產品和基於聚合的產品，佔該部門 LTM 收入的 76%。根據預計，我們的建築產品部門調整後的 EBITDA 利潤率擴大了近 260 個基點，達到 26.1%。我們正在採取策略行動，預計將推動強勁的永續成長。

This acquisition and the divestiture of Steel Components underscores this as shown on slide 19. At the time of our separation in 2018, Construction Products accounted for about one-third of total Arcosa EBITDA. Pro forma for the Stavola acquisition and the sale of Steel Components, Construction Products will account for roughly two-thirds of our total adjusted EBITDA. This marks an important inflection point in our business as these strategic actions accelerate the execution of our long-term vision shown on slide 20. Today, we have added a fifth pillar to our strategy, our commitment to a healthy balance sheet through prudent deleveraging. This will be our priority in the near term.

此次收購和 Steel Components 的剝離強調了這一點，如幻燈片 19 所示。2018 年我們分拆時，建築產品業務約佔 Arcosa EBITDA 總額的三分之一。預計收購 Stavola 和銷售鋼鐵零件、建築產品將占我們調整後 EBITDA 總額的約三分之二。這標誌著我們業務的一個重要轉折點，因為這些策略行動加速了幻燈片 20 所示長期願景的執行。今天，我們在策略中增加了第五個支柱，即我們致力於透過審慎的去槓桿化來維持健康的資產負債表。這將是我們近期的首要任務。

As shown on Slide 21, over the past six years, we have strategically invested to expand our Construction Products business, both in terms of product lines and geographic regions, because we are attracted to the long-term market fundamentals, sustainable competitive advantages and the fragmented industry structure.

如投影片21 所示，在過去六年中，我們策略性地投資以擴大我們的建築產品業務，無論是在產品線還是地理區域方面，因為我們被長期的市場基本面、可持續的競爭優勢和產業結構分散。

To-date, we have invested approximately $1.5 billion focused on aggregates-led opportunities. We have purchase price of $1.2 billion, Stavola nearly doubles that investment in Construction Products. This transformational acquisition will increase our leverage beyond our targeted range in the near term.

迄今為止，我們已投資約 15 億美元，並專注於以總量為主導的機會。我們的收購價格為 12 億美元，斯塔沃拉幾乎是建築產品投資的兩倍。此次變革性收購將使我們的槓桿率在短期內超出我們的目標範圍。

So I would like to take a few minutes to discuss why this is the right time for Arcosa to take on this acquisition and temporarily increase our leverage. First, as our recent results demonstrate, each one of our businesses are performing well. The outlook for our growth businesses is bright with healthy market fundamentals and increased infrastructure spending.

因此，我想花幾分鐘時間討論為什麼現在是 Arcosa 進行此次收購並暫時增加我們影響力的最佳時機。首先，正如我們最近的結果所表明的那樣，我們的每項業務都表現良好。由於健康的市場基本面和基礎設施支出的增加，我們的成長業務前景光明。

Furthermore, our cyclical businesses are seeing positive market indicators, and we anticipate a multiyear up cycle for both wind towers and barges, supported by our current backlog visibility. Taken together, we have good line of sight to increase cash flow generation, which gives us confidence to take on additional financing.

此外，我們的週期性業務正在看到積極的市場指標，並且在我們當前的積壓訂單可見性的支持下，我們預計風塔和駁船將出現多年的上升週期。總的來說，我們有良好的視野來增加現金流的產生，這讓我們有信心進行額外的融資。

Second, for the past two years, we have made sizable investments in growth capital expenditures. Most of these projects are complete or on track to be completed by the end of the year. As these plants ramp up, they will start contributing to our organic growth and provide incremental cash flow. At the same time, we plan to reduce growth CapEx in the near term and focus on reducing debt. We also have opportunities to generate cash by focusing on working capital reductions.

其次，過去兩年，我們在成長資本支出方面進行了大量投資。這些項目大部分已完成或預計在今年年底前完成。隨著這些工廠的擴建，它們將開始為我們的有機成長做出貢獻並提供增量現金流。同時，我們計劃在短期內減少成長資本支出，並專注於減少債務。我們還有機會透過專注於減少營運資本來產生現金。

Third, we have successfully completed many acquisitions over the past six years. We have an experienced team and improved systems that allow for effective integration. An opportunity of this size does not come around often and Arcosa is in a healthy financial position to take advantage and grow our platform. The purchase price for Stavola will be paid in cash, and we have committed financing in place. For permanent financing, we plan to tap the long-term straight debt market.

第三，過去六年我們成功完成了許多收購。我們擁有經驗豐富的團隊和改進的系統，可以實現有效的整合。如此規模的機會並不常見，而 Arcosa 的財務狀況良好，可以利用並發展我們的平台。Stavola 的收購價格將以現金支付，我們已承諾融資到位。對於永久性融資，我們計劃利用長期直接債務市場。

On a pro forma basis, our leverage ratio is 3.7 times, and we are focused on delevering the balance sheet. We have a proven track record of paying down debt quickly following execution of acquisitions, as you can see on slide 22. With debt reduction as a near-term capital allocation priority, our goal is to return to our targeted ratio of 2 times to 2.5 times net leverage within 18 months of the acquisition closing date. We're financially disciplined and firmly committed to maintaining a healthy balance sheet.

依照預計，我們的槓桿比率為3.7倍，我們的重點是去槓桿化資產負債表。正如您在幻燈片 22 中看到的那樣，我們在執行收購後迅速償還債務方面擁有良好的記錄。將減少債務作為近期資本配置的優先事項，我們的目標是在收購交割日後 18 個月內恢復到 2 倍至 2.5 倍淨槓桿率的目標比率。我們遵守財務紀律，並堅定致力於維持健康的資產負債表。

Before opening the call for Q&A, let me return to my primary message, which is that our strategy is working, and we continue to focus on profitable and sustainable growth. In almost six years, Arcosa has made significant progress. We are pleased with our results for the first half of 2024, and we are well positioned to create additional long-term value for all our stakeholders. As I reflect on how far we've come and the initiatives we have underway for 2024 and beyond, I am the most excited, I have ever been about the future potential of Arcosa.

在開始問答之前，讓我回到我的主要訊息，即我們的策略正在發揮作用，我們將繼續專注於獲利和永續成長。在近六年的時間裡，Arcosa 取得了重大進展。我們對 2024 年上半年的業績感到滿意，並且我們有能力為所有利害關係人創造額外的長期價值。當我反思我們已經取得的進展以及我們為 2024 年及以後採取的舉措時，我對 Arcosa 的未來潛力感到非常興奮。

We're now ready to take your questions. Operator?

我們現在準備好回答您的問題。操作員？

(Operator Instructions)

（操作員說明）

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Hi, great. Thank you very much. Congratulations on everything all around here. -- Wanted to ask you, on the acquisition, as far as the market location, I know it is getting into a little more of a market, but is there a further opportunity to maybe consolidate around that market? Is this going to be a platform to do so? I know you have some deleveraging to do in the medium term. But how do we think about this longer term and how it fits into the portfolio? Thanks.

嗨，太好了。非常感謝。祝賀這裡的一切。 ——想問一下，關於收購，就市場定位而言，我知道它正在進入更多的市場，但是否還有進一步的機會圍繞該市場進行整合？這會成為一個這樣做的平台嗎？我知道從中期來看你需要採取一些去槓桿化措施。但我們如何看待這個長期目標以及它如何融入投資組合？謝謝。

Yes, I'll give you some color, Ian. It's a very stable market. When you look at the financials over a long period of time, are very stable, with high margins, a very good market. This company has done a great job expanding over the last several years. And there are opportunities to consolidate not only in the main market of the New York, New Jersey area, but they also have other quarries around it.

是的，我會給你一些顏色，伊恩。這是一個非常穩定的市場。當你觀察很長一段時間內的財務狀況時，你會發現它們非常穩定，利潤率很高，是一個非常好的市場。這家公司在過去幾年的擴張工作非常出色。而且不僅在紐約、新澤西地區的主要市場有整合的機會，而且他們周圍還有其他採石場。

So there are opportunities. One thing that's very interesting when you look at the competitors in the region, you have many of the big guys around it, which is something we like to compete against some of the larger peers. But there are also some smaller bolt-on opportunities for the future. As I said before, our priority right now is deleveraging, and that's going to be our focus.

所以有機會。當你觀察該地區的競爭對手時，有一件非常有趣的事情，你周圍有很多大公司，這就是我們喜歡與一些較大的同行競爭的地方。但未來也存在一些較小的補充機會。正如我之前所說，我們現在的首要任務是去槓桿，這將是我們的重點。

And there are opportunities to grow organically, and implement some other actions to improve efficiency, et cetera. But also to learn from this company. This company has done a fantastic job and there are things we can bring to them, but there are also things we can learn from them. So very excited about it.

並且有機會進行有機成長，並實施一些其他行動來提高效率等等。也向這家公司學習。這家公司做得非常出色，我們可以為他們帶來一些東西，但也有一些我們可以向他們學習的東西。對此非常興奮。

Okay. Thank you. And then just as far as order inquiries and the backlog in the order book on both sides. On the wind side, are we expecting a pretty large order to be coming your way? And if so, how do we get there or how do you guys get there to seal that deal?

好的。謝謝。然後就訂單查詢以及雙方訂單簿中的積壓情況。在風方面，我們預期你們會收到相當大的訂單嗎？如果是這樣，我們如何到達那裡或你們如何到達那裡以達成交易？

And then on the barge side, in discussions with customers, how are they now talking about steel prices? Are we at a level now where we can maybe reach mid-cycle EBITDA in that barge business? And I think before you've thrown out something north of $50 million as far as of a mid-cycle EBITDA number for that business, maybe $60 million or $70 million. Maybe help us understand where we are in that process as well? Thanks.

然後在駁船方面，在與客戶的討論中，他們現在如何談論鋼材價格？我們現在是否處於可以在駁船業務中達到中期 EBITDA 的水平？我認為，在你為該業務投入超過 5000 萬美元之前，該業務的中期 EBITDA 數字可能是 6000 萬美元或 7000 萬美元。或許也能幫助我們了解我們在這個過程中所處的位置？謝謝。

Sure. Let me start with wind. I've said this a few times, but wind is a business that we don't expect to get $10 million here and $10 million there. It's a very consolidated market. So there's really two big players in the US and some smaller players in terms of customers. And I think, if you think about the Inflation Reduction Act that was passed just a couple of years ago.

當然。讓我從風開始。我已經說過好幾次了，但風能是一項我們不希望在這裡獲得 1000 萬美元、在那裡獲得 1000 萬美元的業務。這是一個非常整合的市場。因此，就客戶而言，美國確實有兩個大玩家和一些較小的玩家。我想，如果你想想幾年前才剛通過的《通貨膨脹削減法案》。

The time to develop projects, and we're spending time with developers and other people talking, that it takes time for these projects to get developed. And normally, when we get orders - large orders for towers, it's not for - New Mexico is specific, because we have a specific order for a specific project. But in general, we get a blank order for a region, for a certain part of the country. And there's many wind farms being built there.

開發專案的時間，我們花時間與開發人員和其他人交談，這些專案的開發需要時間。通常，當我們收到訂單時 - 塔的大訂單，它不是 - 新墨西哥州是特定的，因為我們有針對特定項目的特定訂單。但總的來說，我們會收到針對該國某個地區的空白訂單。那裡正在建造許多風電場。

So, I think as our customers build their book and they get more clarity on the amount of projects and the size of projects, et cetera. We're in discussions with them, as Gail said in her script. And it might not be this quarter or next quarter, but it's going to - we expect - our plan is to continue ramping up our production. As I've said before, we operate a relatively low capacity still.

因此，我認為當我們的客戶編寫他們的書時，他們會更清楚地了解專案的數量和專案的規模等。正如蓋爾在她的劇本中所說，我們正在與他們討論。可能不是本季或下季，但我們預計，我們的計劃是繼續提高產量。正如我之前所說，我們的產能仍然相對較低。

So I think over the next year or so, you should see us get additional backlog. And that's our expectation to get additional backlog over the next year. Right now, we have very good visibility into 2025. So, we are in a really good spot to be able to, we don't want to give away the capacity. I think we have a very nice position to negotiate good agreements with our customers over the next year.

所以我認為在接下來的一年左右，你應該會看到我們有更多的積壓訂單。這就是我們對明年獲得更多積壓訂單的期望。現在，我們對 2025 年的前景非常清楚。因此，我們處於一個非常有利的位置，我們不想放棄能力。我認為我們處於非常有利的位置，可以在明年與客戶談判達成良好的協議。

On barges, Gail mentioned specifically, on liquid barges, we continue to see very robust demand. When you look at the latest report, liquid barge, the fleet for liquid barge is about the same age as the dry cargo. And normally, liquid barge customers are a lot more demanding on the quality and how they keep up their barges. So we're seeing really good things.

在駁船上，蓋爾特別提到，在液體駁船上，我們繼續看到非常強勁的需求。當您查看最新的液體駁船報告時，您會發現液體駁船船隊的船齡與乾貨船隊的年齡大致相同。通常，液體駁船客戶對品質以及如何維護駁船的要求更高。所以我們看到了非常好的事情。

We launched in the last couple of weeks, our first 30K in our plant in Ashland City, that, as Gail mentioned, we have transitioned from dry cargo to liquid cargo. So both of our plants are in their sweet spot of the products they need to be making. I think the mid-cycle, the previous high bar for the business about $120 million in terms of EBITDA, so mid-cycle with something around $60 million or so.

過去幾週，我們在阿什蘭市的工廠推出了第一批 30K，正如蓋爾所提到的，我們已經從乾貨轉向液體貨物。因此，我們的兩家工廠都處於生產所需產品的最佳狀態。我認為在周期中期，以 EBITDA 計算，該業務之前的最高標準約為 1.2 億美元，因此週期中期約為 6000 萬美元左右。

Right now, what we're focused on, again, seeing the demand that's going to come, because of the age of the fleet and the replacement that's needed. And when you see the utilization of the fleet, it's very high. What we want to conserve is our capacity and be able to focus on margins and sell it at a nice place. Steel prices are helping. Steel prices have come down a lot.

現在，我們再次關注的是由於機隊的年齡和所需的更換而即將到來的需求。當你看到機隊的使用率時，你會發現它非常高。我們想要保留的是我們的產能，並且能夠專注於利潤並在一個好的地方出售。鋼材價格有幫助。鋼材價格已經下降很多。

So we are, I think those things are converging for us to continue to focus on gaining market, gaining pricing and margin on the backlog. So I'm not worried that we had a low book-to-bill this quarter. I think we're in a good spot. I think we have really good visibility into 2025. And what we're focused is on making sure that when we get orders, we get the right margin for them.

所以我們，我認為這些事情正在匯聚在一起，讓我們繼續專注於贏得市場、獲得定價和積壓利潤。因此，我並不擔心本季我們的訂單出貨量較低。我認為我們處於一個很好的位置。我認為我們對 2025 年有很好的預見性。我們的重點是確保當我們收到訂單時，我們能夠獲得適當的利潤。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

This is Alex on for Julio. Congrats on the quarter and thanks for taking questions. --

這是亞歷克斯（Alex）替胡里歐（Julio）發言。恭喜本季度，感謝您提出問題。--

Absolutely. On the acquisition, how would you have us think about further portfolio simplification?

絕對地。關於收購，您如何讓我們考慮進一步簡化投資組合？

Well, Alex, I think, it's, as part of our strategy, as I mentioned, is always to simplify and reduce the cyclicality of the company. I think there's always opportunities for simplification. As I've mentioned before, M&A both on the buying and the selling side, sometimes it takes a life of its own, I said it several times. Sometimes you buy things that you want to appear out of nowhere, or sometimes when you want something - it's not available.

好吧，亞歷克斯，我認為，正如我所提到的，作為我們策略的一部分，始終是簡化和減少公司的周期性。我認為總是有簡化的機會。正如我之前提到的，無論是買方還是賣方的併購，有時都需要自己的生命，我說過好幾次了。有時你會突然買一些你想要的東西，或者有時當你想要某樣東西時卻找不到。

Same thing when you want to sell. We need to, every business we've sold, the conditions have to be right. The buyers have to be in the right place. So I think we will continue to simplify the company. But it's going to take some time. And as far as to show you that we are committed, we just sold Steel Components. Two years ago we sold our tank business. So, we'll continue to move that way.

當你想賣的時候也是一樣。我們需要，我們出售的每一項業務，條件都必須合適。買家必須在正確的地方。所以我認為我們將繼續簡化公司。但這需要一些時間。為了向您表明我們的承諾，我們剛剛出售了鋼部件。兩年前，我們賣掉了坦克車業務。因此，我們將繼續朝這個方向前進。

And also, it also depends on the capital allocation. If we simplify the company, we have to have, as we did this quarter when we sold the business, but at the same time, we have places to put it and continue to move our portfolio in the right direction. So it's fine-tuning, I would say, but it's, I think the strategy is working. I think we have some clear path towards continuing to move that way. But it's going to take some time.

而且，這也取決於資本配置。如果我們簡化公司，我們就必須這樣做，就像我們本季出售業務時所做的那樣，但與此同時，我們有地方可以放置它，並繼續將我們的投資組合朝著正確的方向發展。所以我想說，這是微調，但我認為策略正在發揮作用。我認為我們有一些明確的道路可以繼續朝著這個方向前進。但這需要一些時間。

Okay. Thanks. So I guess to summarize, post-closing capital allocation, you're not ruling out further simplification or M&A, but you are going to be focused on the deleveraging?

好的。謝謝。所以我想總結一下，交割後的資本配置，你不排除進一步簡化或併購，但你會專注於去槓桿化？

I think you should see us focus on deleveraging. We're reducing our growth CapEx, as I mentioned. We're finishing all these plants that we've been building. We're going to reduce our fees. We're not going to reduce maintenance CapEx. And the goal will be to reduce our leverage. And once we do that, we'll be able to continue with our M&A strategy.

我認為你應該看到我們專注於去槓桿化。正如我所提到的，我們正在減少成長資本支出。我們正在完成我們一直在建造的所有這些工廠。我們將減少我們的費用。我們不會減少維護資本支出。我們的目標是減少我們的槓桿作用。一旦我們做到了這一點，我們將能夠繼續我們的併購策略。

Great. Thank you for the context. And just switching gears a little bit. Could you give us an update on IIJA, and any impact or whether you're starting to feel that at this point?

偉大的。謝謝你的背景。只是稍微切換一下。您能否向我們介紹 IIJA 的最新情況以及任何影響，或者您現在是否開始感受到這一點？

Well, it's, anecdotally, as I've said, you, we don't get specific projects that we know exactly where the money is coming from. But anecdotally, we're seeing more and more bidding and letting in many of our states. So I would say it's been slower than expected. But I think little-by-little, we see more and more larger projects being awarded. So I think we're seeing portions of it. I cannot tell you exactly how much of it is coming.

嗯，有趣的是，正如我所說，我們沒有得到具體的項目，我們確切地知道資金來自哪裡。但有趣的是，我們看到許多州的競標和出租活動越來越多。所以我想說它比預期的要慢。但我認為，我們逐漸看到越來越多的大型專案被授予。所以我認為我們看到了其中的一部分。我無法確切地告訴你其中有多少。

But what I can tell you is when you look at the volume reduction this quarter, a lot had to do with weather. As Gail mentioned in her script, when weather is good, the demand is strong. And we continue to see strong demand, across the board in our business and pricing momentum continues to be good. So overall, happy with what we're seeing.

但我可以告訴你的是，當你看到本季的銷量減少時，很大程度上與天氣有關。正如蓋爾在她的劇本中提到的，當天氣好的時候，需求就很強勁。我們繼續看到我們業務的全面強勁需求，定價動能持續良好。總的來說，我們對所看到的感到滿意。

Trey Grooms, Stephens Inc.

特雷·格魯姆斯，斯蒂芬斯公司

Hi, good morning, everyone. It's Trey Grooms. First off, congrats on the Stavola acquisition. It looks like a great fit for you guys. And so we kind of look, -- so as we look at kind of layering in Stavola, I'm guessing that could change the seasonality of your business somewhat. Any color you could give us there as we kind of think about our models?

嗨，大家早安。我是特雷·格魯姆斯。首先，恭喜斯塔沃拉收購。它看起來非常適合你們。因此，當我們研究斯塔沃拉的分層時，我猜這可能會在一定程度上改變您業務的季節性。當我們考慮我們的模型時，你能給我們什麼顏色嗎？

Good morning, Trey. I'll take that. It's Gail. Yes, so operating in the Northeast certainly brings a little bit more seasonality to our construction business. We're accustomed to seasonality as it is today with us on being --our seasonal low point. But as we think about the impact, and we've looked over the last few years, looked at maybe the relative impact on our segment.

早上好，特雷。我會接受的。是蓋爾。是的，所以在東北地區運營肯定會為我們的建築業務帶來更多的季節性。我們已經習慣了季節性，就像今天一樣，我們正處於季節性低點。但當我們考慮影響時，我們回顧了過去幾年，可能考慮了對我們細分市場的相對影響。

I'd say it's probably in Q1 about 175 basis points on average, maybe dilutive to our Q1 segment margin. But as you see the full year margin of 35%, it is absolutely accretive on a full year basis. But you will see that seasonal step-down a little bit more pronounced. Maybe not as pronounced as some of our larger peers that have exposure to colder weather, but it will have an impact.

我想說，第一季平均可能約為 175 個基點，可能會稀釋我們第一季的部門利潤率。但正如你所見，全年利潤率為 35%，這在全年基礎上絕對是增值的。但你會發現季節性下降更加明顯。也許不像我們一些暴露在寒冷天氣下的較大同行那麼明顯，但它會產生影響。

Thanks Gail. That's super helpful. Also, I guess maybe another one for Gail, on the updated guidance. Any color you could give us on the on the cadence for the back half for the legacy business? Clearly, you guys have a lot going on with the portfolio. But outside of the portfolio announcements last night, anything we should be aware of there as we think about kind of the back half and the cadence as it relates to the updated guide?

謝謝蓋爾。這非常有幫助。另外，我想蓋爾可能還會收到一份關於更新後的指南的資訊。您能為我們介紹一下遺留業務後半部的節奏嗎？顯然，你們的投資組合有很多進展。但除了昨晚的投資組合公告之外，當我們思考與更新指南相關的後半部分和節奏時，我們應該注意什麼？

I think as we've always said at the start of the year, our second half was going to be stronger than our first half. We are very pleased with our first half results. But if you look at the implied, you see a slight tick-up at the midpoint in EBITDA for the back half. I would say from a cadence perspective, what may be a little bit more visible than the run rate during the year is just, as we've said.

我認為正如我們在年初時一直所說的那樣，我們的下半年將比上半年更強。我們對上半年的結果非常滿意。但如果你看一下隱含的數據，你會發現後半段的 EBITDA 中點略有上升。我想說，從節奏的角度來看，正如我們所說，比今年的運行率更明顯的只是。

We've been ramping and within Engineered Structures. So you're seeing the ramp-up in our Belen, New Mexico, and you're seeing the ramp-up in our Florida concrete pole plant. So, I would see more of the second half improvement relative to Engineered Structures. Otherwise, I think it's fairly consistent patterns in our quarterly cadence.

我們一直在工程結構領域內不斷進步。因此，您會看到新墨西哥州貝倫的產能增加，以及佛羅裡達州混凝土桿工廠的產能增加。因此，我會看到下半年相對於工程結構的更多改進。除此之外，我認為我們的季度節奏模式相當一致。

Okay. Perfect. And last one from me. Kind of circling back to Stavola, just kind of looking at the New York and New Jersey markets that they operate in. What is the pricing dynamics of that market look like historically? We've heard over the last few years that that pricing has really improved, well, maybe over the last several years with some of these assets kind of changing hands in that market. But anything to add there, maybe how pricing in these markets might compare to the legacy business, or any color? Thank you.

好的。完美的。還有我的最後一張。有點繞回斯塔沃拉，看看他們經營的紐約和新澤西市場。該市場歷史上的定價動態是什麼樣的？在過去幾年中，我們聽說定價確實有所改善，也許在過去幾年中，其中一些資產在該市場上易手。但有什麼要補充的嗎，也許這些市場的定價與傳統業務或任何顏色相比如何？謝謝。

Yes, Trey, I'll take that one. This is Reid. Good morning. You're right, pricing has improved over the last couple of years in that market. As a reminder, the majority of these volumes are hard rock volumes up in that market. So, we would see elevated pricing in line with what would be expected from hard rock, as opposed to some attributes or locations in our legacy portfolio.

是的，特雷，我要那個。這是里德。早安.你是對的，過去幾年該市場的定價有所改善。提醒一下，這些銷量中的大部分都是該市場上的硬搖滾銷售。因此，我們會看到價格上漲，符合硬搖滾的預期，而不是我們傳統投資組合中的某些屬性或地點。

But I'd say, overall, the market has performed well and in line as our other markets have, experiencing a couple of price increases a year. We expect that, and we'll continue to support that going forward as well. So definitely, over the last couple of years, have seen those pricing increases. And with the mix, adding these hard rock locations to our portfolio, we would expect that going forward.

但我想說，總體而言，該市場表現良好，與我們其他市場的表現一致，每年都會經歷幾次價格上漲。我們期待這一點，我們也將繼續支持這一點。因此，在過去幾年中，價格肯定有所上漲。透過混合，將這些硬搖滾地點添加到我們的投資組合中，我們預計未來會發生這種情況。

Disciplined competition up there as well. We like the competitive landscape. Antonio mentioned it in some of his remarks, with some of our larger peers in that market, not only this acquisition, but you've seen some other consolidation in that market recently as well, which we think will bode well for that market going forward.

那裡的競爭也很紀律。我們喜歡競爭格局。安東尼奧在他的一些演講中提到了這一點，與我們在該市場上的一些較大同行一起，不僅是這次收購，而且您最近還看到該市場中的其他一些整合，我們認為這對該市場的未來發展是個好兆頭。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Hi. Thanks. Congratulations on everything. Just on Stavola, wondering if there are any synergies we should anticipate either on the cost side or on the commercial side.

你好。謝謝。祝賀一切。就斯塔沃拉而言，想知道我們是否應該在成本或商業方面預期任何協同效應。

So again, as we've all been saying, really excited about this acquisition. It really is truly an extension of our current footprint geography-wise, obviously, into the largest MSA. And we're excited about adding the management team, the plant locations. We do expect some operational efficiencies, to come from these businesses, but there is currently no overlap with our current portfolio up there.

正如我們一直所說的，我們對這次收購感到非常興奮。顯然，它確實是我們目前在地理上足跡的延伸，成為最大的 MSA。我們很高興能夠增加管理團隊和工廠地點。我們確實期望這些業務能夠提高營運效率，但目前與我們目前的投資組合沒有重疊。

So really incremental volume and incremental benefit to our business. There are some growth opportunities, again, as we touched on earlier in the call that we expect to experience and are looking forward to. The recycling business is a business that we've been very active in, over the last five to six years since becoming Arcosa, and there are some additional expansion opportunities up there in that space.

因此，我們的業務量確實增加了，效益也增加了。正如我們之前在電話會議中提到的那樣，我們期望經歷並期待一些成長機會。自成為 Arcosa 以來，在過去的五到六年裡，我們一直非常活躍於回收業務，而該領域還有一些額外的擴張機會。

Some of the aggregate facilities as well, there's five aggregate locations in the market, I'd say are in the early stages of their ramp-up and newer facilities. So looking forward to the future growth in those areas. And then Greenfield locations potentially in the future, and then some potential consolidation opportunities again as Antonio hit on.

還有一些聚合設施，市場上有五個聚合地點，我想說正處於其升級和更新設施的早期階段。因此期待這些領域的未來成長。然後是格林菲爾德未來可能的位置，然後隨著安東尼奧的出現，再次出現一些潛在的整合機會。

So overall, we do expect some benefit operational efficiencies and some potential, I'd say, overall synergies as we bring the businesses together. But really leveraging this extension to our footprint up in the Northeast market.

因此，總的來說，我們確實期望在我們將業務整合在一起時能夠提高營運效率，並產生一些潛在的整體協同效應。但真正利用這一擴展來擴大我們在東北市場的足跡。

Just one more follow-up on Stavola. As far as the end-markets that that business service, is it any different than the legacy operations, is it a little bit more infrastructure focused, or is it fairly comparable to legacy Arcosa?

只是斯塔沃拉的另一個後續行動。就該業務服務的終端市場而言，它與傳統業務有什麼不同嗎？

Same end-markets, but more heavy emphasis on infrastructure, as noted in the slide deck, 80%, 85% when you look at the aggregates and asphalt markets. There's additional replacement demand as well on the asphalt side of the business. So again similar, but different with more infrastructure-led projects up in that market.

終端市場相同，但更注重基礎設施，如幻燈片所述，當您查看骨材和瀝青市場時，分別為 80%、85%。瀝青業務方面也存在額外的更換需求。再次相似，但與該市場上更多基礎設施主導的項目不同。

One thing - this is Antonio. One thing that's interesting about the market, when you look at all the analysis we did, and we hired consultants to go review the market, it's - the roads are in not a great shape in many of the places. So a lot of it has to do with maintenance, which is something that attracted us. There is also in the region very large infrastructure projects that are happening.

一件事 - 這是安東尼奧。市場上有趣的一件事是，當你查看我們所做的所有分析時，我們聘請了顧問來審查市場，那就是 - 許多地方的道路狀況不佳。所以很多都跟維護有關，這是吸引我們的地方。該地區也正在進行非常大型的基礎設施項目。

That is also very attractive. And then as - Reid mentioned the recycling piece, recycling the raw material for recycling is demolition and replacement. So as that region requires a lot of replacement, we believe there's a good opportunity for us, to grow in the recycling piece also. So I think overall, it fits very, very well.

這也是非常有吸引力的。然後正如-里德提到的回收件，回收原料進行回收就是拆卸和更換。因此，由於該地區需要大量更換，我們相信我們有一個很好的機會在回收領域中也能成長。所以我認為總的來說，它非常非常適合。

I can certainly attest to the maintenance needs in the region? And then just last question, just on Construction Products. Very strong margin expansion in the quarter. Just wondering if you can speak to the sustainability and maybe some of the drivers that benefited 2Q, and how to think about that in the back half of the year?

我當然可以證明該地區的維護需求？最後一個問題，關於建築產品。本季利潤率擴張非常強勁。只是想知道您是否可以談論永續性，也許還有一些第二季受益的驅動因素，以及如何在今年下半年考慮這一點？

Sure. I'll take that, Garik. Good morning. Really very pleased with the margin performance in the segment, both on a year-over-year and sequential basis. As I said in my comments, about half of the year-over-year improvement came from really the good work we've been doing in Specialty Materials, in turning that business around from some operating challenges that we experienced last year. It's never been a demand.

當然。我會接受的，加里克。早安.我們對該部門的利潤率表現非常滿意，無論是同比還是環比。正如我在評論中所說，大約一半的同比改進實際上來自我們在特種材料領域所做的出色工作，使該業務擺脫了去年遇到的一些營運挑戰。這從來都不是一個要求。

We had some labor challenges and some production inefficiencies. We're very pleased with the stride that we have within our Specialty Materials business. Likely some additional opportunity there as we - as these improvements fully take hold. We also saw, a similar vein, we saw good improvement in our shoring products business as well. If you recall, we acquired a Houston manufacturer a little over a year ago. So not inorganic at this point.

我們面臨一些勞動力挑戰和生產效率低下的問題。我們對特種材料業務的進步感到非常滿意。隨著這些改進的全面實施，我們可能還會有一些額外的機會。我們也看到了類似的情況，我們的支撐產品業務也取得了良好的進步。如果你還記得的話，一年多前我們收購了一家休士頓製造商。所以在這一點上還不是無機的。

But really, the integration between the operations and the efficiencies we're seeing there. And then the aggregates business, obviously, the biggest piece of that segment, performed very well. I think the opportunity there would be having it be consistently dry weather. So, we're very optimistic and very pleased with what was a very strong quarter.

但實際上，我們在那裡看到了營運和效率之間的整合。然後，顯然，骨材業務是該細分市場中最大的一塊，表現非常出色。我認為天氣持續乾燥是有可能的。因此，我們對這個非常強勁的季度感到非常樂觀和非常滿意。

Jean Ramirez, D.A Davidson.

讓‧拉米雷斯 (Jean Ramirez)，D.A 戴維森。

Hello everyone. Congrats on the quarter and the acquisition. Reid or anyone, regarding Stavola, could you provide some color around the sustainability of the 35% EBITDA margin versus the last couple of years? And also, could you just give some color on what you expect going forward?

大家好。恭喜本季和收購。里德或任何人，關於斯塔沃拉，您能否就過去幾年 35% 的 EBITDA 利潤率的可持續性提供一些資訊？另外，您能透露一下您對未來的期望嗎？

Sure. I'll take that. The 35% - when you look back over the last couple of years, that margin has been in the low to mid-30s for the business as a whole. And so looking forward, not only what we're seeing in that market today and the LTM performance, but also go forward with what's expected for the balance of this year and into the future, we would expect those margins to remain relatively consistent.

當然。我會接受的。35%——當你回顧過去幾年時，整個企業的利潤率一直在 30 多歲左右。因此，展望未來，不僅是我們今天在該市場看到的情況和 LTM 表現，而且是對今年剩餘時間和未來的預期，我們預計這些利潤率將保持相對穩定。

So yes, it's been a business that has experienced lower volatility in the past. And again, that's what drives us and what attracts us to that market as well as the replacement, and repair side of it. We have a little bit additional visibility because of that, and then would expect those fundamentals to continue.

所以，是的，這是一個過去波動性較低的業務。再說一次，這就是我們的動力，也是吸引我們進入該市場及其更換和維修的原因。因此，我們有一點額外的可見性，然後預計這些基本面將繼續下去。

I'll give you also a little more color. We saw some - when you see the financials of the company in 2023, the year was a little slower than they expected. And we've been in talks with this company for a while. So, we hired consultants to make sure that we understood the reason for 2023 was a little slower than normal. And it had to do with COVID, the DOT, the local DOT, was very slow in issuing the lettings for, and the projects, for the region.

我也會給你多一點顏色。我們看到了一些——當你看到公司 2023 年的財務狀況時，你會發現這一年比他們預期的要慢。我們已經與這家公司進行了一段時間的談判。因此，我們聘請了顧問來確保我們了解 2023 年比正常情況慢一些的原因。這與新冠疫情有關，交通部、當地交通部在為該地區發放租賃和專案方面進展非常緩慢。

So they had a huge backlog of things that were held up, and that held the demand down a little bit. So the margins stayed okay. But the volumes came down quite a bit because of that. So, we proved that with a consultant and checked on all those things. It proved out that they have been telling us exactly what's happening. And as soon as that bottleneck in DOT cleared, I think the volumes came back up.

因此，他們有大量積壓的貨物被擱置，這使得需求下降。所以利潤率保持良好。但因此銷量大幅下降。因此，我們向顧問證明了這一點，並檢查了所有這些事情。事實證明，他們一直在準確地告訴我們正在發生的事情。一旦 DOT 的瓶頸被清除，我認為銷量就會恢復。

And when you see the last 12 months of this - of the $100 million that they produced until June, you can see the business came back very strongly towards 2022 levels. So I think when you see the business over the long period of time, it's very consistent.

當您看到過去 12 個月的情況時（截至 6 月，他們生產了 1 億美元），您可以看到業務非常強勁地恢復到 2022 年的水平。所以我認為當你長期觀察業務時，它是非常一致的。

Thank you so much for that. And staying within Construction Products, what are your expectations for the second half? It seems like there should be some significant pent-up demand in Texas given the adverse weather we had through the first half. And then just a follow-up to that. What are you seeing volumes up materially? And how does that impact any potential price increases through the second half of 2024?

非常感謝你。留在建築產品領域，您對下半年有何期望？鑑於上半年的惡劣天氣，德州似乎應該有一些被壓抑的需求。然後是後續行動。您認為成交量大幅增加是怎麼樣的？這對 2024 年下半年的潛在價格上漲有何影響？

Well, what we said in the past many times, projects, it's not like they can build the road faster. So sometimes you see some additional demand that gets held up by weather in the first half, especially here in Dallas, it was very wet. So, we're seeing very good volumes as we move along the year. I'm not sure how much is pent-up demand versus normal demand.

那麼，我們過去多次說過，項目，並不是說他們可以更快地修路。因此，有時您會看到一些額外的需求受到上半年天氣的影響，特別是在達拉斯，天氣非常潮濕。因此，隨著這一年的發展，我們看到了非常好的銷售量。我不確定被壓抑的需求與正常需求相比有多少。

But it's, projects are needed and the demand is there and the projects are underway. So it's hard to tell you how much really pent-up demand versus just normal demand. And it's not easy to ramp up a project and do it faster, just because we were held up with rain. So I would say, and remember, the rain has two impacts. One is on the projects, of course. But also when you shutdown plants, you have increased costs. You have to carry the cost of the plant while you have it shut it down because of rain. So I think the combination of both things -- should help us.

但事實是，需要項目，需求就在那裡，項目正在進行中。因此，很難告訴您真正被壓抑的需求與正常需求的比例有多少。僅僅因為我們被雨耽擱了，要加快一個專案的進度並加快進度並不容易。所以我想說，請記住，雨有兩個影響。當然，其中之一是關於項目。但當工廠關閉時，成本也會增加。當工廠因下雨而關閉時，你必須承擔工廠的成本。所以我認為這兩件事的結合應該對我們有幫助。

I guess I'd say, as we think about our full year volume outlook, we said at the start of the year we saw kind of flat volumes. And as we had volumes down organically low single in the first quarter and mid-single in the second quarter. And I'd say both those quarters, we had some weather. So, I think on balance, for us, what that would likely mean is we see probably the full year down low single-digits now as compared to flat where we really started the year.

我想我會說，當我們考慮全年銷售前景時，我們在年初表示銷量持平。由於我們第一季的單曲銷量有機下降，第二季度的單曲銷量下降到中檔。我想說的是，這兩個季度，我們都遇到了一些天氣。因此，我認為總的來說，對我們來說，這可能意味著我們現在看到的全年業績可能會低於年初的低個位數。

And to echo Antonio's comments and really kind of put that volume constraining weather related. Of course, on a total volume basis, with the contributions from the acquisitions we did in the back half of the year, announced Stavola here for one quarter, we see total volumes up for the year.

為了呼應安東尼奧的評論，確實將音量限制與天氣相關。當然，在總銷量的基礎上，斯塔沃拉在這裡宣布了一個季度的收購，加上我們在今年下半年進行的收購的貢獻，我們預計今年的總銷量有所上升。

And just to add a little more context, how does that impact your pricing? Are you having any conversations with clients that regarding that for the second half?

再補充一點背景訊息，這對您的定價有何影響？您是否與客戶就下半年的情況進行過任何對話？

We're definitely still having conversations with customers on pricing. We've had many year price increases that have gone out and are still receiving feedback on those to understand the stickiness of them, like everybody is, as of July 1. But pricing conversations are always ongoing, and we'll look to continue those into the expected January 1 increases of next year.

我們肯定仍在與客戶就定價進行對話。我們已經經歷了很多年的價格上漲，但截至 7 月 1 日，我們仍在收到有關價格上漲的回饋，以了解其黏性，就像每個人一樣。但定價對話始終在進行中，我們將在明年 1 月 1 日的預期漲價中繼續進行這些對話。

And as I said in my comments, to echo Reid's remarks, on a year-over-year basis, organically, we saw low double-digit price increases. Q1 was strong, so that will translate into very healthy pricing gains for 2024, and momentum as we set ourselves up for 2025.

正如我在評論中所說，為了呼應里德的言論，與去年同期相比，我們看到了兩位數的低價上漲。第一季表現強勁，因此這將轉化為 2024 年非常健康的定價收益，以及我們為 2025 年設定的動力。

Perfect. And if I could just move one more into -- barge orders. It would seem that with steel prices are down, that should motivate some activity for customers. Yes, how are you thinking about the outlook for barges going forward given that environment?

完美的。如果我能再將一項轉移到——駁船訂單中。看來，隨著鋼材價格的下跌，這應該會刺激客戶的一些活動。是的，在這種環境下，您如何看待駁船的未來前景？

I think you have two things that are converging, as I mentioned before. I think one is the age of the fleet and the really low replacement that has happened over the last several years. And also, that's complemented by high level of barge scrapping. There is some barges that are being refurbished. But overall, I think the environment is very positive for the barge business.

正如我之前提到的，我認為有兩件事正在趨同。我認為其中之一是機隊的年齡以及過去幾年發生的非常低的更換率。此外，駁船報廢率也很高。有一些駁船正在翻新。但總的來說，我認為駁船業務的環境非常正面。

It's lumpy. The backlog is going to be lumpy. We're not going to be getting book-to-bills of one or two every quarter. But I think when you think about the capacity, when you think about the market, when the market is low, our market share goes down because there's other smaller players that are getting orders, and everyone gets a piece of the pie. As the market becomes a little more robust, -- the company that has the most capacity.

它是塊狀的。積壓的訂單將會很混亂。我們不會每季的訂單出貨量達到一到兩個。但我認為，當你考慮產能時，當你考慮市場時，當市場低迷時，我們的市場份額就會下降，因為有其他較小的參與者正在獲得訂單，每個人都得到了一塊蛋糕。隨著市場變得更加強勁，—擁有最大產能的公司。

So I believe as the market is getting more, let's say, the conditions are good for a good replacement market - our biggest goal is to maintain our capacity, and be able to sell it at a really good margins and be disciplined around our order taking. So with steel prices coming down and good demand drivers.

因此，我相信，隨著市場變得越來越多，可以說，條件對於良好的替代市場來說是有利的- 我們最大的目標是保持我們的產能，並能夠以非常好的利潤出售它，並嚴格遵守我們的訂單接受規則。因此，隨著鋼材價格的下降和良好的需求驅動力。

I think we're - if we are patient, we're going to get really good orders. But we have to be patient. And we have good visibility. We're not in a hurry. We have really good visibility. So, we're in a really good position for 2025, to be able to continue to grow the business.

我認為，如果我們有耐心，我們將會得到非常好的訂單。但我們必須要有耐心。而且我們有很好的能見度。我們不著急。我們的能見度非​​常好。因此，到 2025 年，我們處於非常有利的位置，能夠繼續發展業務。

Thank you. We have no further questions in the queue at this time. I'll turn the program back over to Erin Drabek for any additional or closing remarks.

謝謝。目前我們隊列中沒有其他問題。我會將程式轉回給 Erin Drabek，以供補充或結束語。

Thank you for your time and attention today. It is an exciting time for Arcosa and we have a lot of work ahead of us. We thank you for your continued support, and look forward to our next update.

感謝您今天的時間和關注。對於阿科薩來說，這是一個激動人心的時刻，我們還有很多工作要做。感謝您一直以來的支持，並期待我們的下一次更新。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，祝您有美好的一天。