Arcosa, Inc. (ACA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Arcosa, Inc first-quarter 2026 earnings conference call. My name is Chloe, and I will be your conference call coordinator today. As a reminder, today's call is being recorded.

各位女士、先生，早安，歡迎參加 Arcosa, Inc 2026 年第一季財報電話會議。我是 Chloe，今天將擔任本次電話會議的協調人。提醒各位，今天的電話會議將被錄音。

Now I would like to turn the call over to your host, Erin Drabek, Vice President of Investor Relations for Arcosa. Ms. Drabek, you may begin.

現在我想把電話會議交給今天的主持人——Arcosa 投資人關係副總裁 Erin Drabek。Drabek 女士，請開始。

Good morning, everyone, and thank you for joining Arcosa's first-quarter 2026 Earnings Call. With me today are Antonio Carrillo, President and CEO; and Gail Peck, CFO. A question-and-answer session will follow their prepared remarks. A copy of the press release issued yesterday and a slide presentation for this morning's call are posted on our Investor Relations website, ir.arcosa.com.

各位早安，感謝各位參加 Arcosa 2026 年第一季財報電話會議。今天與我一同出席的有總裁暨執行長 Antonio Carrillo，以及財務長 Gail Peck。在他們的準備發言之後，將進行問答環節。我們昨日發布的新聞稿以及今天早上電話會議的簡報投影片，已張貼於我們的投資人關係網站 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. Today's comments and presentation slides contain financial measures that have not been prepared in accordance with GAAP.

今天電話會議的重播將在未來兩週內提供。如何撥打重播電話的說明已包含在新聞稿中。網路直播的重播將在我們網站「新聞與活動」分頁下提供一年。今天的評論與簡報投影片包含未依 GAAP 編製的財務衡量指標。

Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the appendix of the slide presentation. In addition, today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

非 GAAP 財務衡量指標與最接近 GAAP 指標之調節表，已收錄於簡報投影片的附錄中。此外，今天的電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述受風險與不確定性影響，可能導致實際結果與該等前瞻性陳述存在重大差異。

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.

請參閱公司向 SEC 提交的文件，以取得關於這些風險與不確定性的更多資訊，包括我們昨日提交的新聞稿，以及預計於今日稍晚提交的 Form 10-Q。

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

現在我想把電話會議交給 Antonio。

Thank you, Erin. Good morning, everyone, and thank you for joining us for a discussion of our first-quarter results and 2026 outlook. I am very pleased with our performance. We kicked off the year with strong results, made meaningful progress on our strategic transformation, and increased our full year guidance for continuing operations.

謝謝你，Erin。各位早安，感謝各位加入我們，一同討論第一季業績以及 2026 年展望。我對我們的表現非常滿意。我們以強勁的成果揭開新年度序幕，在策略轉型上取得實質進展，並上調持續營運的全年財測指引。

In the first-quarter, we delivered adjusted EBITDA growth of 10% from continuing operations, double our revenue growth, and expanded margin by 100 basis points. The strong performance was driven by robust double-digit topline growth and strong margin uplift in utility structures. Despite typical seasonality and winter weather impacts, construction products contributed solid results.

第一季，我們的持續營運調整後 EBITDA 年增 10%，為營收成長的兩倍，且利潤率擴張 100 個基點。強勁表現主要來自公用事業結構（utility structures）業務的雙位數營收成長與顯著的利潤率提升。儘管存在典型季節性與冬季天候影響，建築產品仍貢獻穩健成果。

And we were pleased to see performance improved as the quarter progressed. Importantly, we recently reached a key milestone in our transformation. On April 1, we announced the completion of the $450 million barge divestiture, a pivotal step in simplifying our portfolio. Now with two segments, we're fully focused on construction products and engineered structures, both well positioned to benefit from infrastructure investment and power market tailwinds in the US.

我們也很高興看到，隨著季度推進，表現持續改善。更重要的是，我們近期在轉型上達成一項關鍵里程碑。4 月 1 日，我們宣布完成 4.5 億美元的駁船（barge）業務出售，這是精簡投資組合的重要一步。目前我們僅有兩個事業部門，將全力聚焦於建築產品與工程結構，兩者皆具備良好定位，可受惠於美國基礎建設投資以及電力市場的順風趨勢。

We intend to use the net proceeds from the barge sale to reinvest in our growth platforms and manage our debt. In March, we completed a $60 million acquisition of a natural aggregates operation located in Florida with accretive margins that enhance our platform in this attractive market. We continue to have an active bolt-on M&A pipeline complemented by a healthy set of high-return organic growth projects.

我們計畫將駁船出售的淨收益用於再投資成長平台並管理債務。3 月，我們完成以 6,000 萬美元收購佛羅里達州一處天然骨材（natural aggregates）營運據點，該標的具備增厚（accretive）的利潤率，可強化我們在此具吸引力市場的平台。我們持續擁有活躍的補強型併購（bolt-on M&A）案源，同時也有一系列健康的高報酬有機成長專案相互搭配。

Our balance sheet is in great shape. And at the end of the first-quarter, pro forma for the barge divestiture, net debt-to-adjusted EBITDA decreased to 1.9 times, slightly below our target range, providing for both flexibility and capacity to support continued growth. Turning to the outlook. Our full year 2026 guidance now reflects continuing operations only.

我們的資產負債表狀況非常良好。第一季末，若以駁船出售進行備考（pro forma）調整，淨負債對調整後 EBITDA 倍數降至 1.9 倍，略低於我們的目標區間，為持續成長提供彈性與承載能力。接著談展望。我們 2026 年全年指引現已僅反映持續營運。

At the midpoint of our guidance range, we expect adjusted EBITDA of $565 million, up $22.5 million from our previous guidance range, representing 11% growth year-over-year. In Construction Products, our demand outlook remains broadly consistent with the start of the year with new uncertainty created by the conflict in the Middle East, which commenced the day after our February earnings call.

以指引區間中位數計算，我們預期調整後 EBITDA 為 5.65 億美元，較先前指引區間上調 2,250 萬美元，代表年增 11%。在建築產品方面，我們的需求展望大致與年初一致，但中東衝突帶來新的不確定性；該衝突於我們 2 月財報電話會議隔日爆發。

While geopolitical volatility is elevated and oil prices have risen sharply, we have not seen that translate into weaker demand in our construction footprint. Within engineered structures, our first-quarter performance in utility structures exceeded expectations. Momentum has been building in the demand environment for some time, and this strength is aligned with the excellent commercial and operational execution by our team, driving record margin performance in the quarter.

儘管地緣政治波動升高且油價大幅上漲，我們尚未看到這些因素轉化為我們建築業務版圖中的需求走弱。在工程結構方面，我們第一季於公用事業結構的表現超出預期。需求環境的動能已累積一段時間，而此一強勁態勢也與團隊卓越的商務與營運執行相一致，推動本季創下紀錄的利潤率表現。

As a result, we have raised our expectations for the balance of the year. Reflecting on our journey as a stand-alone public company, we have never been better positioned. Our objective at the time of the spin-off was to grow in attractive markets while simplifying the portfolio and reducing cyclicality. We have succeeded in doing this while strengthening our margin profile and enhancing the company's overall resilience.

因此，我們上調了對今年其餘期間的預期。回顧我們作為獨立上市公司的歷程，我們從未像現在這樣具備更佳的定位。在分拆（spin-off）之初，我們的目標是在具吸引力的市場中成長，同時精簡投資組合並降低景氣循環性。我們已成功達成上述目標，同時強化利潤結構並提升公司整體韌性。

Across our simplified portfolio, we are aligned to capitalize on durable multiyear US infrastructure-related tailwinds. We're confident that these advantages, combined with disciplined capital deployment and consistent execution, position us to deliver continued shareholder value creation.

在精簡後的投資組合中，我們已對準可把握美國基礎建設相關、具持久性的多年期順風趨勢。我們相信，這些優勢結合嚴謹的資本配置與一貫的執行力，將使我們能持續為股東創造價值。

I will now turn the call over to Gail to provide additional details on our first-quarter segment results.

接下來我把電話會議交給 Gail，請她提供第一季各事業部門業績的更多細節。

Thank you, Antonio. Good morning, everyone. My comments today will focus on continuing operations. First-quarter results for the barge business are included in discontinued operations, and we have eliminated segment reporting for transportation products. Starting with construction products. First-quarter results finished largely in line with our expectations, overcoming a slow start to the quarter due to severe winter weather across our footprint in January.

謝謝你，Antonio。各位早安。我今天的評論將聚焦於持續營運。駁船業務第一季的結果列於停業單位（discontinued operations），我們也已取消運輸產品（transportation products）的部門別揭露。先從建築產品開始。第一季結果大致符合我們的預期，並克服了因 1 月我們營運版圖遭遇嚴峻冬季天候而導致的季度初期放緩。

Segment revenues increased 5% and adjusted segment EBITDA decreased slightly. Adjusted EBITDA growth in aggregates and trench shoring was offset by pronounced seasonality in asphalt and lower cost absorption in specialty materials. For aggregates, freight-adjusted revenues increased roughly 6%, driven by 2% pricing growth and 4% volume.

部門營收成長 5%，調整後部門 EBITDA 小幅下降。骨材與溝槽支撐（trench shoring）的調整後 EBITDA 成長，被瀝青業務明顯的季節性以及特殊材料較低的成本吸收所抵銷。就骨材而言，運費調整後營收約成長 6%，主要由 2% 的價格成長與 4% 的銷量成長所帶動。

Adjusted cash gross profit margin increased 220 basis points and adjusted cash gross profit per ton increased 7%. Performance this quarter was led by our Texas region, which benefited from favorable weather in February and March that more than offset the harsh winter conditions throughout the quarter in our East region.

調整後現金毛利率提升 220 個基點，調整後每噸現金毛利成長 7%。本季表現由德州地區領先，該地區在 2 月與 3 月受惠於有利天候，足以抵銷我們東部地區整季嚴寒冬季條件的影響。

Turning to specialty materials and asphalt. Revenues decreased 4%, primarily due to lower asphalt volumes. Revenues for specialty materials increased slightly, driven by higher lightweight aggregates volume. Costs were higher year-over-year due to planned maintenance downtime at one of our lightweight plants and a larger seasonal impact from asphalt.

接著談特殊材料與瀝青。營收下降 4%，主要因瀝青銷量較低。特殊材料營收小幅增加，係由較高的輕質骨材（lightweight aggregates）銷量所帶動。成本年增，原因包括我們其中一座輕質工廠的計畫性維修停機，以及瀝青較大的季節性影響。

The result was lower adjusted EBITDA for the quarter. We expect to see earnings growth and margin improvement for both product lines for the remainder of the year. Finally, our trench shoring business completed another strong quarter of growth with both revenues and adjusted EBITDA up about 26%. Record order levels converted into higher volumes, and customer sentiment remains very positive.

因此，本季調整後 EBITDA 較低。我們預期今年剩餘期間，兩條產品線的獲利將成長且利潤率將改善。最後，我們的溝槽支撐業務再度完成強勁的成長季度，營收與調整後 EBITDA 皆成長約 26%。創紀錄的訂單水準轉化為更高的出貨量，且客戶情緒仍然非常正向。

Moving to engineered structures. Segment revenues increased 4%, led by mid-teen growth in our utility and related structures businesses, more than compensating for lower wind tower revenues, which were expected. Utility structures revenue accelerated north of 15%, supported by both volume and pricing. Significant margin expansion drove a 21% increase in adjusted segment EBITDA.

接著談工程結構業務。分部營收成長4%，主要由我們公用事業及相關結構業務達到十幾%的成長所帶動，足以抵銷風電塔營收下滑（此為預期之內）。公用事業結構營收加速成長至15%以上，受惠於出貨量與定價雙雙提升。顯著的利潤率擴張帶動調整後分部EBITDA成長21%。

Segment margin increased to a record 21.1%, up 300 basis points year-over-year due to strong utility structures performance. During the quarter, the team successfully executed strategic capacity expansion projects to drive volume and accelerate the delivery of more favorable product mix. We ended the quarter with record backlog for utility and related structures of $558 million, up 28% from the start of the year.

分部利潤率提升至創紀錄的21.1%，年增300個基點，主要因公用事業結構表現強勁。本季團隊成功執行策略性產能擴充專案，以提升產量並加速交付更有利的產品組合。本季末公用事業及相關結構在手訂單達5.58億美元，較年初成長28%，創新高。

Order activity continued to be strong and included a couple of orders for long-term projects that extend into 2028. Customer reservations, which are not included in reported backlog, are also robust. For wind towers, we received orders of $43 million during the quarter for delivery in 2026 and 2027. We ended the quarter with backlog of $600 million and expect to recognize 36% in 2026 and 59% in 2027.

接單活動持續強勁，並包含數筆延伸至2028年的長期專案訂單。客戶預留量（未納入已揭露的在手訂單）同樣強勁。就風電塔而言，本季我們取得4,300萬美元訂單，預計於2026年與2027年交付。本季末在手訂單為6.00億美元，預期其中36%於2026年認列、59%於2027年認列。

I'll now provide some comments on our cash flow performance and balance sheet position. During the quarter, we generated $58 million of operating cash flow from continuing operations, which compared favorably to last year's $21 million use of cash. The increase was driven by higher earnings and a $53 million reduction in the use of cash for working capital.

接下來我將就我們的現金流表現與資產負債表狀況提供一些說明。本季我們自持續營運產生5,800萬美元的營運現金流，較去年同期使用現金2,100萬美元的情況明顯改善。增加主要來自獲利提升，以及營運資金現金使用減少5,300萬美元。

CapEx for continuing operations for the first-quarter was $44 million compared to $33 million in the prior year period, which reflects increased investment in our core growth platforms. Free cash flow from continuing operations was $21 million, up from negative $49 million in the prior period. Additional cash activity in the quarter included the investment of $60 million for the bolt-on natural aggregates acquisition and $18 million of share repurchase to offset dilution.

第一季持續營運資本支出（CapEx）為4,400萬美元，較去年同期的3,300萬美元增加，反映我們對核心成長平台的投資加大。持續營運自由現金流為2,100萬美元，較前期的負4,900萬美元改善。本季其他現金活動包括：投入6,000萬美元進行補強型（bolt-on）天然骨材收購，以及回購1,800萬美元股份以抵銷稀釋。

Our balance sheet and liquidity position were enhanced by the barge sale. Pro forma for the April 1 closing, net debt-to-adjusted EBITDA is 1.9 times compared to 2.3 times at quarter end. This reflects $370 million of estimated after-tax net proceeds, of which $83 million was used to prepay a portion of the outstanding term loan balance in April.

我們的資產負債表與流動性狀況因駁船出售而獲得強化。以4月1日完成交割為基礎的備考（pro forma）數據顯示，淨負債／調整後EBITDA為1.9倍，較季末的2.3倍下降。這反映估計稅後淨收益3.70億美元，其中8,300萬美元已於4月用於提前償還部分未償還的定期貸款餘額。

Pro forma liquidity is estimated at $1.1 billion, including full availability under our $700 million revolver. I'll wrap up with guidance updates on a few items to reflect continuing operations now that the barge divestiture has closed. We now expect full year CapEx of $215 million to $240 million, a slight reduction from the prior range.

備考流動性估計為11億美元，包含我們7.00億美元循環信貸（revolver）的全額可用額度。最後我將就幾項指引更新作結，以反映駁船資產剝離完成後的持續營運狀況。我們目前預期全年CapEx為2.15億至2.40億美元，較先前區間略為下調。

We anticipate a full year effective tax rate of 16% to 18%, down 1.5 points due to a lower expected state tax rate for continuing operations. The first-quarter tax rate of 5.3% was favorably impacted by onetime discrete items. So our guidance implies a quarterly effective rate slightly above the top end of the range for the balance of the year.

我們預期全年有效稅率為16%至18%，較先前下調1.5個百分點，原因是持續營運預期州稅率較低。第一季稅率5.3%受到一次性離散項目（onetime discrete items）的有利影響。因此，我們的指引意味著今年剩餘期間的季度有效稅率將略高於區間上緣。

And finally, we anticipate the full year corporate cost impact to adjusted EBITDA to be approximately $60 million at the midpoint of our guidance range, roughly flat with 2025 as we offset barge stranded costs.

最後，我們預期全年公司層級成本對調整後EBITDA的影響，在指引區間中點約為6,000萬美元；由於我們抵銷駁船業務的擱置成本（stranded costs），因此與2025年大致持平。

I will now turn the call back to Antonio for more discussion on our 2026 outlook.

接下來我把電話交回Antonio，請他進一步說明我們對2026年的展望。

Thank you, Gail. We have started the year on solid footing, completing the barge divestiture, delivering strong financial and operational results and raising guidance. As a result, Arcosa is well positioned to deliver another year of record financial results for our two remaining segments. Our outlook for the year has improved, driven by the strength in utility structures as well as solid execution in the first-quarter.

謝謝你，Gail。我們以穩健的態勢展開新年度，完成駁船資產剝離、交出強勁的財務與營運成果，並上調指引。因此，Arcosa已具備良好條件，讓我們兩個剩餘分部在今年再創財務紀錄。在公用事業結構強勁表現以及第一季扎實執行的帶動下，我們對今年的展望已改善。

At the midpoint of our guidance range, we anticipate revenues of $2.65 billion, up 6% year-over-year and adjusted EBITDA of $565 million, up 11% year-over-year. We expect margin to expand to a record 21.3%. In construction products, we anticipate another record year of revenues and adjusted segment EBITDA. In our guidance range, we continue to expect mid-single-digit adjusted EBITDA growth for the segment.

以指引區間中點計算，我們預期營收為26.5億美元，年增6%；調整後EBITDA為5.65億美元，年增11%。我們預期利潤率將擴張至創紀錄的21.3%。在建築產品方面，我們預期營收與調整後分部EBITDA將再創新高。在我們的指引區間內，我們仍預期該分部調整後EBITDA將呈現中個位數成長。

For the aggregates business, we are incorporating low single-digit volume growth and mid-single-digit pricing improvement consistent with our February guidance. On the cost side, we're managing increases in oil-related inputs. We're actively deploying fuel surcharges and loading fees in the aggregates operations to combat higher diesel costs and the asphalt pricing is indexed to changes in liquid AC.

就骨材業務而言，我們納入低個位數的出貨量成長，以及與2月指引一致的中個位數價格改善。在成本端，我們正管理與油品相關投入成本的上升。我們在骨材營運中積極採用燃料附加費與裝載費，以因應柴油成本上升；瀝青定價則與液態AC的變動連動（indexed）。

We're maintaining strong pricing discipline to support solid unit profitability gains consistent with actions we took to address high inflation. Our 2026 outlook is underpinned by infrastructure and heavy nonresidential demand. In Texas, our largest market, we delivered above-average volume and pricing gains in the quarter, driven by healthy demand and favorable weather conditions in much of February and March.

我們維持嚴謹的定價紀律，以支撐穩健的單位獲利提升，並與我們先前為因應高通膨所採取的措施一致。我們對2026年的展望以基礎建設與重型非住宅需求為支撐。在我們最大的市場德州，本季在健康需求與2月及3月多數時間有利天候的帶動下，我們交出高於平均的出貨量與價格成長。

While highway lettings have been trending off peak levels recently in Texas, the outlook for state spending growth over the next several years is very positive. In New Jersey, our second largest regional market, the demand outlook is also favorable, as both the Department of Transportation and the Transit Authority have approved budget increases for 2026.

雖然德州的公路標案釋出量（highway lettings）近期自高峰回落，但未來數年州政府支出成長的展望仍非常正面。在我們第二大區域市場新澤西，需求展望同樣有利，因為交通運輸部與捷運管理局均已核准2026年預算增加。

We're ramping up for the spring construction season after a very cold start to the year. We believe there is pent-up demand as customers are ready to start their projects and make repairs caused by the harsh winter weather. There is also progress in advancing a multiyear surface transportation reauthorization with initial language expected to be released by the House Transportation and Infrastructure Committee later this month.

在年初極度寒冷之後，我們正為春季施工旺季加速準備。我們認為存在被壓抑的需求，客戶已準備啟動專案並修復嚴冬造成的損害。此外，多年期地面運輸法案再授權（surface transportation reauthorization）也有進展，眾議院運輸與基礎建設委員會預計將於本月稍晚公布初步條文。

Within heavy nonresidential, volumes continue to benefit from data center development, reshoring activities in certain areas, and overall demand for new power generation. Additionally, we see continued momentum related to LNG opportunities in the Gulf Coast. Residential remains challenged by affordability, and the recent rise in oil prices has weakened consumer confidence.

在重型非住宅領域，出貨量持續受惠於資料中心開發、部分地區的回流生產（reshoring）活動，以及整體新發電需求。此外，我們也看到與墨西哥灣沿岸LNG機會相關的動能持續。住宅端仍受可負擔性影響而承壓，而近期油價上升也削弱了消費者信心。

With a soft start to the spring selling season, we see residential volume recovery pushing out to 2027, and anticipate flat to slightly down residential volume in aggregates this year. We service attractive markets and expect our footprint to benefit when the housing market recovers. In summary, our construction outlook continues to be supported by infrastructure and heavy nonresidential activity in 2026.

由於春季銷售旺季開局偏弱，我們認為住宅端出貨量復甦將延後至2027年，並預期今年骨材的住宅出貨量持平至小幅下滑。我們服務的市場具吸引力，並預期當房市復甦時，我們的布局將受益。總結而言，我們對2026年的建築業務展望仍持續受到基礎建設與重型非住宅活動的支撐。

With the winter season behind us, we're optimistic about a solid construction activity in the quarters ahead, led by healthy demand fundamentals in our largest markets. Moving next to engineered structures. We had an excellent start to the year, exceeding expectations for the segment, with outperformance driven by utility structures, our largest business in the segment.

隨著冬季已過，我們對未來幾季建築活動維持穩健感到樂觀，主要由我們最大市場的健康需求基本面所帶動。接著談工程結構業務。我們今年開局表現非常出色，該分部超出預期，優於預期主要由分部內最大業務—公用事業結構—所帶動。

Regarding the market outlook, conditions remain very healthy. As we have discussed before, the expansion of data centers and the rise in electricity consumption across the US continues to drive a significant and sustained increase in power demand. Our utility customers have made large multiyear capital commitments to power investments along with ongoing efforts to modernize the grid.

就市場展望而言，整體狀況仍非常健康。如同我們先前所討論，資料中心擴張以及全美用電量上升，持續推動電力需求顯著且持續的增加。我們的公用事業客戶已就電力投資做出大型多年期資本承諾，同時也持續推動電網現代化。

As a result, our backlog continues to increase and we are optimizing pricing. We're successfully addressing the recently implemented steel tariffs. Previously, we were exempt from Section 232, as we source our steel from the US for the manufacture of utility structures in Mexico to be sold in the US Effective April 6, these imported structures are subject to a new 10% steel tariff on the full value of the finished products.

因此，我們的在手訂單持續增加，我們也正在優化定價。我們已成功因應近期實施的鋼鐵關稅。先前我們獲豁免於《232條款》，因為我們從美國採購鋼材，在墨西哥製造公用事業結構件並銷售至美國；自4月6日起，這些進口結構件須就成品的全額價值課徵新的10%鋼鐵關稅。

We have contractual protection in place to effectively pass through the impact. We're optimistic that the joint review of the USMCA later this year will create certainty in the commercial relationships between US and Mexico and avoid tariffs on products made in Mexico that comply with USMCA and are made of US steel. We're advancing several high-return investments in utility structures to align capacity with strong demand, while at the same time, focusing on efficiencies and throughput enhancements within our footprint.

我們已建立合約性保障機制，可有效將影響轉嫁。我們樂觀預期，今年稍晚對《美墨加協定》（USMCA）的聯合審查將為美墨之間的商業關係帶來確定性，並避免對在墨西哥製造、符合USMCA且使用美國鋼材的產品課徵關稅。我們正推進多項公用事業結構件的高報酬投資，以使產能與強勁需求相匹配，同時也聚焦於我們既有據點內的效率與產出吞吐量提升。

We're ahead of schedule with the conversion of the Illinois wind tower plant, which had been idle for several years to a utility pole plant. With critical equipment being installed and commercial success filling our backlog, we now expect to produce large utility poles from this facility by the end of the second-quarter. Our new galvanizing facility in Mexico completed its first dip in April, and we should be commercially operational in the second-quarter as well.

我們將伊利諾伊州風塔工廠（該廠已閒置數年）改造為電力桿工廠的進度超前。隨著關鍵設備正在安裝、且商業上的成功使在手訂單持續充實，我們目前預期可在第二季末前於該廠開始生產大型電力桿。我們在墨西哥的新鍍鋅廠於4月完成首次下鍍，我們也應可在第二季投入商業營運。

Our expectations are that the expected cost savings from the galvanizing facility will help offset start-up costs in Illinois. Additionally, planning continues for the transition of a second wind tower facility in Oklahoma to produce utility poles. In that plant, current wind tower backlog extends through 2027. We can run both product lines in parallel, and we expect to be moving our people to produce utility poles as wind tower orders are fulfilled.

我們預期，鍍鋅廠帶來的預期成本節省將有助於抵銷伊利諾伊州的啟動成本。此外，我們也持續規劃將奧克拉荷馬州第二座風塔設施轉型為生產電力桿。在該工廠，目前風塔在手訂單已延續至2027年。我們可讓兩條產品線並行運作，並預期在風塔訂單履約完成的同時，逐步調整人力以生產電力桿。

Within wind towers, which represent roughly 10% of full year total company revenues, the team performed well while transitioning to lower volumes. We now have three customers in our backlog with the orders received in the quarter, and we're planning for a volume recovery back to 2025 levels next year based on the backlog already in place.

在風塔業務方面（約占公司全年總營收的10%），團隊在轉向較低出貨量的過程中表現良好。本季新增訂單使我們的在手訂單中目前有三位客戶；基於既有在手訂單，我們正規劃明年出貨量可回升至2025年的水準。

With power demand rising and wind energy remaining competitive source of generation, we're optimistic that there will be demand for wind towers after the tax credits expire. With two of our four wind tower plants under active conversion to produce utility structures, Arcosa will be well positioned to deliver strong returns on the capital invested in the wind business while retaining a great optionality to further expand capacity for utility poles if demand continues to strengthen.

隨著用電需求上升、且風能仍具競爭力作為發電來源，我們樂觀認為在稅收抵免到期後，風塔仍將有需求。由於我們四座風塔工廠中有兩座正積極轉型以生產公用事業結構件，Arcosa將能在保留未來若需求持續走強、可進一步擴充電力桿產能之高度彈性的同時，為投入風電業務的資本帶來強勁報酬。

Our first-quarter beat and guidance raise highlights the significant strength in utility structures that serve as a backbone of the grid modernization. Electricity demand is expanding at a pace not seen in a generation. We now anticipate segment adjusted EBITDA growth of approximately 10% at the midpoint of our guidance range with utility structures more than compensating for a transition year in wind towers.

我們第一季的優於預期表現與上調財測，凸顯作為電網現代化骨幹的公用事業結構件具備顯著強勁動能。用電需求正以一代人未見的速度擴張。我們目前預期，在財測區間中點，分部調整後EBITDA將成長約10%，其中公用事業結構件的貢獻將足以彌補風塔在轉型年度的影響。

As it relates to our capital allocation priorities, we have an active pipeline of additional bolt-on opportunities, both in natural and recycled aggregates, and expect to deploy capital towards the highest value opportunities. While not reflected in our midpoint of our guidance, we are confident that we can execute on several bolt-ons this year.

就資本配置優先順序而言，我們在天然與再生骨材兩方面皆有活躍的追加併購（bolt-on）機會管線，並預期將資本投入於價值最高的機會。雖然這些尚未反映在我們財測中點，但我們有信心今年能執行數項追加併購。

In closing, we're entering the second-quarter with strong momentum and improved balance sheet and additional confidence underpinned by increasing our guidance. The divestiture of our barge business is a significant milestone in our company's evolution and will sharpen our focus on our key growth businesses. We remain proactive in our value creation strategy and are always seeking for ways to deliver more value for our stakeholders. I'm extremely proud of our team's excellent start to the year.

最後，我們帶著強勁動能進入第二季，資產負債表也更為改善；在上調財測的支撐下，我們更具信心。出售我們的駁船業務是公司演進的重要里程碑，將使我們更聚焦於關鍵成長業務。我們持續以創造價值為策略主軸並保持積極主動，並始終尋求為利害關係人帶來更多價值的方法。我為團隊今年優異的開局感到非常自豪。

We're now ready for your questions.

我們現在準備回答各位的提問。

(Operator Instructions) Julio Romero, Sidoti & Company.

（接線員指示）Julio Romero，Sidoti & Company。

JulSo on utility structures and maybe the engineered structures segment overall, the segment margins are very strong here in the first-quarter, at a record level, I believe. Can you just help us understand what's driving the margin strength, particularly how much of that is driven by utility structures? And just help us think about how sustainable that margin performance is for the balance of '26?

Jul所以就公用事業結構件，以及或許整體工程結構分部而言，本季第一季的分部毛利率非常強勁，據我所知應是創紀錄水準。能否請你協助我們理解推動毛利率走強的因素，特別是其中有多少是由公用事業結構件所帶動？也請協助我們思考，這樣的毛利率表現對於2026年剩餘期間的可持續性如何？

So let me give you some color. I think we mentioned in our scripts, but the two businesses, let's say, it's a K-shape segment. Utility structures are going up pretty significantly. And as we've mentioned before, we expect the wind to come down given that we see 2026 as a transition year. So utility structures has been overcompensating for the reduction in wind.

我補充一些背景說明。我想我們在講稿中有提到，這兩項業務可以說呈現K型走勢。公用事業結構件顯著上升。而如同我們先前提過的，鑑於我們將2026年視為轉型年，我們預期風塔業務會下滑。因此，公用事業結構件已足以超額彌補風塔下滑的影響。

As Gail mentioned, our revenues went up over 15% in the quarter. And margins were extremely strong. Our team performed incredibly well. As volumes come up and we've been able to tweak our capacity across our footprint, the margin has continued to go up. So it was mainly driven by utility structures. On the wind side, I also mentioned we expect this to be a transition year.

如Gail所提，我們本季營收成長超過15%。而毛利率非常強勁。我們的團隊表現極為出色。隨著出貨量上升，且我們得以在既有據點內微調產能配置，毛利率也持續提升。因此主要是由公用事業結構件所驅動。至於風塔方面，我也提到我們預期今年會是轉型年。

In the second half of the year, we're going to start ramping up, because we already have the backlog in 2027 to go back to 2026 levels. So ideally, as the year goes by, we should continue to see utility structures continue to perform and accelerate, and wind should, at the end of the year, start accelerating to be able to fulfill our strong 2027 backlog.

在今年下半年，我們將開始拉升產能，因為我們已擁有2027年的在手訂單，可使出貨量回到2026年的水準。因此理想情況下，隨著年度推進，我們應會持續看到公用事業結構件維持良好表現並加速，而風塔則在年底開始加速，以便履行我們強勁的2027年在手訂單。

And Julio, I think you asked for some guidance as we look forward in the sustainability of the margin. As you pointed out, the segment did report record margins in the quarter. So fantastic performance. Really, all the businesses were in line with our expectations and the outperformance was utility driven. So as we look through the balance of the year, we have raised our margin expectations for the year versus where we were here in February.

Julio，我想你也在詢問我們對未來毛利率可持續性的看法。如你所指出，該分部本季確實繳出創紀錄的毛利率。因此表現非常出色。整體而言，各項業務都符合我們的預期，而超預期的部分主要由公用事業所帶動。因此展望今年剩餘期間，相較於2月時的看法，我們已上調本年度的毛利率預期。

You can see that in the guide with the EBITDA. The incremental margin on that EBITDA raise is pretty strong. So we do have some -- we are ramping up our Clinton, as we mentioned, that will be operational at the end of the second-quarter. But we do still have some start-up costs that we'll incur in Q2, along with some continuing start-up costs on the galvanizer.

你可以從財測中的EBITDA看出來。這次上調EBITDA所對應的增量毛利率相當強勁。如我們提到的，我們正在推進Clinton的產能爬坡，該廠將在第二季末投入營運。但我們在第二季仍會發生一些啟動成本，同時鍍鋅廠也會有部分持續性的啟動成本。

Those will probably hit their peak level in Q2 before they start abating in the back half of the year. So a long-winded way of saying our margin expectation for this segment has increased, and we would see an annual margin in the 20% range sustainable for the year.

這些成本可能會在第二季達到高峰，之後在下半年開始逐步緩解。因此，簡而言之，我們對該分部的毛利率預期已提高，並認為全年約20%區間的年化毛利率可望維持。

Excellent. Really helpful there. And then second question is, you mentioned that customer reservations for utility structures, which aren't included in the backlog, are also robust. Can you maybe expand on that commentary and how those have been trending relative to historical? And then kind of related to that, you also mentioned in the script about advancing several high-return investments related to capacity and utility structures. Does that go beyond the current conversions of Illinois and Tulsa? Yes, that's my two-part question there.

很好。這些說明非常有幫助。第二個問題是，你提到公用事業結構件的客戶預留量（未納入在手訂單）也很強勁。你能否進一步說明這點，以及相較於歷史水準的趨勢如何？另外也相關的是，你在講稿中提到正推進數項與產能及公用事業結構件相關的高報酬投資。這是否超出目前伊利諾伊與Tulsa的轉型計畫？以上是我這個兩段式的問題。

Let me start with the first one. As we've always said, we have long-term contracts with our customers. And as our customers' utilities determine exactly what they need, the designs on the poles, et cetera, that's when we include them in our backlog. So as our backlog grows, normally, the reservations also grow. Normally, the reservation piece is about the same size as our backlog.

讓我先從第一點開始。正如我們一直所說，我們與客戶簽有長期合約。而當客戶的公用事業單位明確決定他們需要什麼、例如電桿上的設計等，我們就會把這些納入我們的在手訂單（backlog）。因此，隨著在手訂單增加，通常預留訂單（reservations）也會增加。一般而言，預留訂單的規模大致與我們的在手訂單相當。

This time, it's probably a little smaller, because we have some additional orders that were outside of our normal contracts. But they normally grow in parallel, both the backlog and the reservations. And we continue to see very strong demand and very strong customer sentiment on what's coming. So very excited about what we're seeing on utility structures.

這一次可能稍微小一些，因為我們有一些額外訂單不在我們一般合約範圍內。但通常在手訂單與預留訂單會同步成長。而且我們持續看到非常強勁的需求，以及客戶對未來需求的情緒也非常正向。所以我們對公用事業結構（utility structures）目前看到的狀況感到非常振奮。

On the two main projects that we have, which are the conversion of the two plants and the galvanizing -- three projects, two conversions and the galvanizing, those are the main projects in utility structures. We do have a lot of smaller projects that Gail mentioned in her script that we are trying to maximize our throughput in our plants; for two things, one is to maximize the margin profile of the products we are producing in a very tight market; and second, to try to increase our throughput. So lots of small projects in addition to the large projects.

就我們的兩個主要專案而言，也就是兩座工廠的轉換以及鍍鋅——其實是三個專案，兩個轉換加上一個鍍鋅——這些是公用事業結構業務的主要專案。此外，Gail 在講稿中提到，我們也有許多較小的專案，目標是盡可能提高工廠的產能利用率；原因有二：第一，在市場非常緊俏的情況下，最大化我們所生產產品的毛利結構；第二，嘗試提升我們的產出量。因此，除了大型專案之外，還有很多小型專案在進行。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

This is Ethan on for Trey. Great job on the quarter. I wanted to touch on maybe your cost outlook. Any more detail on how to think about the energy exposure across your Construction Products business, how you're navigating that? And any expectations on timing impacts on the margin as we progress through the year, and perhaps in the Engineered Structures business as well, any other inflationary inputs that you're looking at would be great.

我是代替 Trey 的 Ethan。本季表現很出色。我想談談你們的成本展望。能否更詳細說明在你們建材產品（Construction Products）業務中，能源曝險的情況該如何理解，以及你們如何因應？另外，隨著今年進行，你們預期對毛利率的影響在時間上會如何反映？以及在工程結構（Engineered Structures）業務方面，若還有其他你們正在關注的通膨投入成本，也請分享，會很有幫助。

Sure. I'll give you conceptually and let Gail give you some numbers. So we use between 10 million and 11 million gallons of diesel in the footprint. And what we've been doing since this conflict started is passing through fuel surcharges and loading fees. So I think we have taken all the actions that we need to take to mitigate all these impacts. And I think we're in good shape.

當然。我先從概念面說明，再請 Gail 提供一些數字。我們在整個營運版圖中每年使用約 1,000 萬到 1,100 萬加侖的柴油。自從這場衝突開始以來，我們一直透過燃油附加費與裝載費（loading fees）來轉嫁成本。因此我認為，我們已採取所有必要行動來緩解這些影響。我認為我們目前狀況良好。

That's on the construction side. On the utility structures and wind, the impact is negligible. We don't have a lot of exposure to diesel. Our main exposure is natural gas. And as you've seen, natural gas, it went up a little bit, but it hasn't had a huge impact. So we don't expect a significant amount of impact there. And I'll let Gail give you some more color.

以上是建材端。在公用事業結構與風電方面，影響可忽略不計。我們對柴油的曝險不大。我們主要的曝險是天然氣。而如你所見，天然氣價格雖然小幅上升，但影響並不大。因此我們不預期那邊會有顯著影響。我再請 Gail 補充更多細節。

Yes. And Antonio mentioned the consumption that we have in aggregates, which is obviously clearly our most intensive diesel user. And so we've seen -- as you've heard from others, we didn't see much impact in Q1 as prices started to spike in March. But we're seeing diesel prices up about $1.50 a gallon in our footprint.

好的。Antonio 提到我們在骨材（aggregates）業務的用量，這顯然是我們柴油使用最密集的部分。因此我們看到——如同你從其他公司聽到的——第一季（Q1）影響不大，因為價格是在 3 月才開始飆升。但我們營運版圖內的柴油價格已上漲約每加侖 1.50 美元。

So if these prices remained at this elevated level, we'd estimate about a 4% to 5% headwind to cash unit profitability for 2026, and that's unabated. So as Antonio just discussed, we have actively implemented surcharges and steps to mitigate that impact. So happy to provide any more color.

因此，如果價格維持在這個較高水準，我們估計 2026 年現金單位獲利能力（cash unit profitability）將面臨約 4% 到 5% 的逆風，且這是在未採取緩解措施（unabated）的情況下。所以如 Antonio 剛才所說，我們已積極導入附加費與相關措施來降低該影響。也很樂意提供更多補充說明。

A couple of additional comments. I mentioned in my script, but we only have one large operation for asphalt in the Northeast, and our prices are indexed to liquid AC costs. So that's something that we're covered. So overall, I think we are in good shape. One more thing that differentiates Arcosa from many of the peers. We don't have ready-mix. We don't distribute our products.

再補充幾點。我在講稿中提到，我們在東北地區只有一個大型瀝青（asphalt）營運據點，而我們的價格是與液態 AC 成本（liquid AC costs）連動指數化。因此這部分我們已有所覆蓋。整體而言，我認為我們狀況良好。另外一點是 Arcosa 與許多同業不同之處。我們沒有預拌混凝土（ready-mix）。我們不做產品配送（distribute）。

We don't deliver them. For the most part, the diesel is consumed inside our facilities. We don't have a large footprint in trucks delivering asphalt or aggregates or ready-mix or cement or anything like that. So we are, I think, a lot more insulated.

我們也不負責交付（deliver）。多數情況下，柴油是在我們的廠內設施中消耗。我們沒有大量卡車車隊去運送瀝青、骨材、預拌混凝土、水泥或其他類似產品。因此我認為我們受到的影響小得多、也更具隔離性。

Got it. That's all very helpful color. So I appreciate that. And maybe shifting gears a little bit back to utility structures. At a higher level, how long of a tail do you think that this level of utility power demand has? I mean you mentioned in the prepared remarks that some of these contracts extend into 2028. So how long of a tail do you think this has? And of course, what are you seeing here that gives you confidence in raising the guide here in the earlier part of the year?

了解。這些補充都非常有幫助。謝謝。那我把話題稍微轉回公用事業結構。從更高層次來看，你認為目前這種公用電力需求水準會持續多久？你在事先準備的談話中提到，有些合約會延伸到 2028 年。所以你認為這波需求的「尾巴」會有多長？當然，你們目前看到哪些訊號，讓你們有信心在年初就上調指引？

Yes. Let me start with your second question. We're raising the guide for two reasons. Performance has been very good. But we have the backlog already in place to support our guidance. So we have a lot of confidence in what our team is doing, and we have the orders to support our guidance. So that's on the guidance piece.

是的。我先回答你的第二個問題。我們上調指引有兩個原因。營運表現非常好。而且我們已經有足夠的在手訂單來支撐我們的指引。因此，我們對團隊的執行非常有信心，也有訂單來支持我們的指引。以上是指引的部分。

On what gives us confidence? So when you look at -- let's go back seven years, six years, there's always this forecast of investment by utilities in the grid. And the forecast has been strong. And that's why we, eight years ago, almost when we spun off, we decided this was going to be one of our growth businesses, because we saw significant investment in utility infrastructure that was coming and it was coming fast.

至於是什麼讓我們有信心？如果回頭看七年前、六年前，市場一直都有公用事業對電網投資的預測。而這些預測一直很強勁。這也是為什麼我們在八年前、幾乎是在分拆（spun off）時，就決定把這個領域作為我們的成長型業務之一，因為我們看到公用事業基礎設施將有大量投資，而且來得又快又急。

But what has happened is that every year since then, things have gotten, let's say, more optimistic about the amount of investment going into the grid. And then AI came and that simply, let's say, supercharged the demand for transmission towers and the investment companies have to do to support growth in power demand.

但實際發生的是，自那之後每一年，對電網投資規模的展望都變得——可以說——更為樂觀。接著 AI 出現，進一步——可以說——大幅推升了對輸電鐵塔的需求，以及投資公司為支撐電力需求成長所必須投入的資本。

So things have gotten -- they were already looking good and they have gotten better. We recently did market studies to support our expansions. We are not doing them blindly. We talk to our customers. We ask about their demand. We ask about their forecast for the next several years. And our forecast suggests that this has a very long tailwind of sustained demand for many years to come. So I think we're in a really strong position.

所以情況變得——原本就很不錯，現在更好了。我們最近做了市場研究來支持我們的擴產。我們不是盲目擴張。我們會與客戶溝通。我們會詢問他們的需求。我們會詢問他們未來幾年的預測。而我們的預測顯示，這將帶來非常長期的順風，未來多年都會有持續性的需求。因此我認為我們處於非常有利的位置。

Min Cho, Texas Capital Securities.

Min Cho，Texas Capital Securities。

First, on the utility structures, Gail, can you break out kind of price versus volume in the quarter? And maybe talk to any change in mix in terms of larger structures or anything like that, that we should be aware of?

首先，關於公用事業結構，Gail，你能否拆解一下本季價格與出貨量（volume）各自的貢獻？另外，能否談談產品組合是否有變化，例如較大型結構的占比提升或其他我們需要注意的地方？

Sure. As we said, we had north of 15% revenue growth in the quarter within the utility structures product line. And really a combination of very favorable volume and price, I would say, with a tilt towards volume, but both are -- just based on the demand environment right now, we're getting a tailwind from both sides of the equation.

當然。如同我們所說，本季在公用事業結構產品線的營收成長超過15%。我會說這主要是非常有利的出貨量與價格共同帶動的結果，且略偏向出貨量，但兩者皆有貢獻——就目前的需求環境而言，我們在這個等式的兩端都受惠於順風。

Product mix, we've done a good job, I would say, from the margin lift with the increase in efficiencies and throughput. We've really worked through, I guess I could say it was lower-priced product, but the market is pretty attractive right now to be able to pull forward some of the improved price in our backlog. So you saw that in the margin lift as well.

在產品組合方面，我認為我們透過效率與產能吞吐量的提升，在毛利率拉升上做得很好。我們確實消化了——我想可以說是較低單價的產品——但目前市場相當有吸引力，使我們能夠把訂單積壓中的部分較佳價格提前反映出來。因此你也在毛利率提升上看到了這點。

Maybe I'd turn it to Antonio just to give you some color on the product type and what's driving demand right now, but we're certainly seeing a movement towards larger tower structures as the increased need for transmission expands.

也許我把問題交給Antonio，讓他補充一些產品類型以及目前需求驅動因素的背景；不過我們確實看到，隨著輸電需求擴大，市場正朝向更大型的塔式結構移動。

Yes. So I'll give you color. I think what we've seen over the last several years is a trend toward larger poles. And I would say that's our sweet spot. As a company, we pride ourselves in our engineering capacity and capabilities. And I think that's what our customers value. When you go to smaller poles, they're simpler, they're easier to make, and margins in general are lower.

是的。我來補充一些背景。我認為我們在過去幾年看到的趨勢是朝向更大型的電桿。而我會說那正是我們的強項。作為一家公司，我們以工程設計的產能與能力為傲。我認為這也是客戶所重視的。當你做到較小型的電桿時，它們更簡單、更容易製造，而整體毛利率通常也較低。

We've seen a large move towards larger poles, and that's our sweet spot. And that's why I think Arcosa is in a very strong position, because we are transitioning from a -- we're in a transition year for wind towers. And those towers, as you know, wind towers are very large. So the plants are very nicely suited to transform them into larger utility pole plants, which is what the market needs.

我們看到市場大幅轉向更大型的電桿，而那正是我們的強項。這也是為什麼我認為Arcosa處於非常有利的位置，因為我們正從——風電塔筒正處於轉型年度。而那些塔筒，如你所知，風電塔筒非常巨大。因此這些工廠非常適合改造為更大型的公用事業電桿工廠，而這正是市場所需要的。

And that's what we're doing right now, transforming plants that we had already in place to utility poles. As we move forward, we are very confident in our ability to ramp up Illinois. That's what we do for a living, and then transform Tulsa into another transmission tower plant. And by 2028, we'll only have two wind tower plants left, which gives us great optionality. If the utility pole market continues to accelerate, we'll have a lot of optionality to add capacity if the market continues to grow in that way.

而這正是我們目前正在做的，把既有的工廠改造為生產公用事業電桿。展望未來，我們對於伊利諾伊州工廠的爬坡增產能力非常有信心。這就是我們的本業，接著再把塔爾薩改造成另一座輸電塔工廠。到2028年，我們將只剩兩座風電塔筒工廠，這讓我們擁有很大的選擇彈性。如果公用事業電桿市場持續加速成長，且市場以這種方式持續擴張，我們將有很大的彈性可以增加產能。

Excellent. And I know there's been a push or there's been a lot of discussion about the 765 kV transmission lines, which typically require like larger lattice towers. And I believe Meyer has experience with those towers. But do you have the capability and capacity to be able to produce these types of towers for these extra high-voltage lines?

很好。我知道外界一直在推動或討論765 kV輸電線路，這通常需要更大型的格構式鐵塔。我相信Meyer在這類鐵塔方面有經驗。但你們是否具備能力與產能來生產這些用於超高壓線路的鐵塔？

Yes. For the most part, those lines, as you said, have been lattice. As you know, most of the lattice towers are imported. There's a couple of people developing capacity here in the US, but for the most part, they are imported. We have the engineering capability to do it and are working on it, but we have not sold those towers in the past. But we are actively working with customers on designing and developing them.

是的。就大多數情況而言，如你所說，那些線路一直以來都是格構式。如你所知，多數格構式鐵塔是進口的。美國本土有少數業者正在建置產能，但大多數仍是進口。我們具備工程設計能力，也正在投入相關工作，但過去我們並未銷售過這類鐵塔。不過我們正積極與客戶合作進行設計與開發。

And the plants we have converted, the wind tower plants, have capabilities to build those poles if we get to that point. So I think that's one of the things that Meyer, which is our brand for utility poles, is extremely well suited for those changes that are coming, and we're actively pushing for it.

而我們已完成改造的工廠——也就是風電塔筒工廠——若未來走到那一步，也具備製造那些桿塔的能力。所以我認為這也是Meyer（我們公用事業電桿的品牌）非常適合因應即將到來變化的原因之一，我們也正積極推動。

Excellent. Let's see. I know that you -- obviously, congratulations on the barge sale, strengthened your leverage here. How are you prioritizing your incremental cash? I know that you mentioned M&A and obviously, you're doing the conversions. But if you can just kind of talk about your prioritization there. And I also saw the share repurchases this quarter. So that would be helpful.

很好。我看看。我知道你們——顯然，恭喜完成駁船出售，這也強化了你們的槓桿狀況。你們如何優先配置新增的現金？我知道你們提到併購，當然也在進行產線改造。但如果你能談談你們在這方面的優先順序就更好了。我也看到本季有庫藏股回購。所以若能說明一下會很有幫助。

The share repurchases are normally just opportunistic. We normally try to compensate for the compensation dilution. It's not our main capital deployment. We have no plans to increase our dividend at the moment. We've kept it flat for a long time now. And the reason is we always say that we have more ideas than money, which is a sign of a healthy company.

股票回購通常只是機會性操作。我們通常是為了抵銷員工薪酬造成的稀釋。這不是我們主要的資本配置方向。目前我們沒有提高股利的計畫。我們已經維持固定股利很長一段時間了。原因是我們常說，我們的點子永遠比資金多，這是一家健康公司的象徵。

We have a robust pipeline of bolt-on opportunities, both on the aggregates and recycled aggregates, and that's always been our priority on the inorganic side. And on the utility structures, it's mainly an organic story. We have a lot of opportunities to continue to deploy capital there. So those are our two priorities. How do we continue to increase our footprint on natural aggregates and recycled aggregates, in great locations, with accretive margins, like the acquisition we announced in the first-quarter in Florida.

我們有一條強健的補強型（bolt-on）機會管線，涵蓋天然骨材與再生骨材，而在外部成長（非有機）方面，這一直是我們的優先事項。至於公用事業結構業務，主要是有機成長的故事。我們在那裡有很多機會可以持續投入資本。所以這就是我們的兩大優先事項。我們如何在天然骨材與再生骨材上，於優質地點、以具增益（accretive）的毛利率擴大版圖，例如我們在第一季於佛羅里達州宣布的那筆收購。

And then on the second side is continue to accelerate our transmission tower expansion, so that we can keep up with the market. So I think we have opportunities to deploy the capital. You will see us pay. Gail mentioned, we paid, I think, $83 million in April for our debt. So we will continue to manage our leverage profile as we see fit.

第二個方向則是持續加速我們的輸電塔擴張，以便跟上市場需求。所以我認為我們有部署資本的機會。你也會看到我們償付。Gail提到，我們在4月償還了我記得是8,300萬美元的債務。因此我們會持續視情況管理我們的槓桿水準。

And it does appear that there are no further questions at this time. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

看起來目前沒有其他問題。謝謝。今天的會議到此結束。感謝各位撥冗參與。各位現在可以斷線。