Astec Industries, Inc. (ASTE) 2026 Q1 法說會逐字稿

Hello, and welcome to the Astec Industries first-quarter 2026 earnings call. As a reminder, this conference call is being recorded. It is my pleasure to introduce your host, Steve Anderson, Senior Vice President of Administration and Investor Relations. Mr. Anderson, you may begin.

您好，歡迎參加 Astec Industries 2026 年第一季財報電話會議。提醒各位，本次電話會議將被錄音。很榮幸為各位介紹今天的主持人：行政與投資人關係資深副總裁 Steve Anderson。Anderson 先生，您可以開始了。

Thank you, and good morning. Joining me on today's call are Jaco van der Merwe, our Chief Executive Officer; and Brian Harris, our Chief Financial Officer. In just a moment, I'll turn the call over to Jaco to provide his comments, then Brian will summarize our financial results. For your convenience, a copy of our press release and presentation have been posted on our website under the Investor Relations tab at www.astecindustries.com.

謝謝，各位早安。今天與我一同參與電話會議的有：我們的執行長 Jaco van der Merwe，以及我們的財務長 Brian Harris。稍後我會把電話會議交給 Jaco 發表評論，接著由 Brian 彙總我們的財務結果。為方便各位，我們的新聞稿與簡報已張貼於公司網站 www.astecindustries.com 的「投資人關係」分頁。

Turning to slide 2. I'll remind you that our discussion this morning may contain forward-looking statements that relate to the future performance of the company, and these statements are intended to qualify for the Safe Harbor liability established by the Private Securities Litigation Reform Act. Factors that can influence our results are highlighted in today's financial news release and others are contained in our filings with the US Securities and Exchange Commission.

請看第 2 張投影片。提醒各位，我們今天上午的討論可能包含與公司未來表現相關的前瞻性陳述，且這些陳述旨在符合《私人證券訴訟改革法》所建立的「安全港」責任保護。可能影響我們業績的因素已在今日的財務新聞稿中重點說明，其他因素則載於我們向美國證券交易委員會提交的申報文件中。

We also refer to various US GAAP and non-GAAP financial measures, which management believes provide useful information to investors. These non-GAAP measures have no standardized meaning prescribed by US GAAP and are, therefore, unlikely to be comparable to the calculation of similar measures of other companies. We do not intend these items to be considered in isolation or as a substitute to the related GAAP measures. A reconciliation of GAAP to non-GAAP results are included in our news release and the appendix of our slide presentation.

我們也會提及各項美國 GAAP 與非 GAAP 財務衡量指標，管理層認為這些指標能為投資人提供有用資訊。這些非 GAAP 指標在美國 GAAP 下沒有規定的標準化定義，因此很可能無法與其他公司類似指標的計算方式相比。我們不打算讓這些項目被單獨看待，或作為相關 GAAP 指標的替代。GAAP 與非 GAAP 結果的調節表已包含在我們的新聞稿以及投影片簡報的附錄中。

And now turning to slide 3. I will turn the call over to Jaco.

現在請看第 3 張投影片。我將把電話會議交給 Jaco。

Thank you, Steve. Good morning, everyone, and thank you for joining us. On slide 4, we highlight our first quarter and trailing 12-month performance. Net sales for the quarter increased 20.3% and stood at approximately $1.47 billion on a trailing 12-month basis from a combination of organic growth and inorganic contributions.

謝謝你，Steve。各位早安，感謝各位加入我們。在第 4 張投影片中，我們重點說明第一季以及過去 12 個月的表現。本季淨銷售額成長 20.3%；以過去 12 個月計算，淨銷售額約為 14.7 億美元，成長來自有機成長與非有機貢獻的組合。

Adjusted EBITDA for the quarter was $30.3 million with an adjusted EBITDA margin of 7.6%. On a trailing 12-month basis, adjusted EBITDA and adjusted EBITDA margin were $136 million and 9.2%, respectively. Positive free cash flow afford us opportunity to invest in organic and inorganic growth opportunities. And in the first quarter, we generated $32.6 million of free cash flow.

本季調整後 EBITDA 為 3,030 萬美元，調整後 EBITDA 利潤率為 7.6%。以過去 12 個月計算，調整後 EBITDA 與調整後 EBITDA 利潤率分別為 1.36 億美元與 9.2%。正向的自由現金流讓我們有機會投資於有機與非有機的成長機會。第一季我們創造了 3,260 萬美元的自由現金流。

Our Infrastructure Solutions segment continues to see healthy demand for asphalt plants and concrete plants and the outlook remains positive. Challenging markets for forestry and mobile paving equipment persisted. However, we are pleased to see a recent uptick in backlog for these products.

我們的基礎建設解決方案（Infrastructure Solutions）事業部門持續看到瀝青廠與混凝土廠的健康需求，展望仍然正向。林業與移動式鋪路設備市場仍具挑戰。不過，我們很高興看到這些產品的在手訂單近期有所回升。

The total segment backlog increased $37 million (sic - see slide 4, "$36.2 million"), including $17 million contributed by CWMF, which joined Astec on January 1. The backlog for Materials Solutions increased $110 million or 87% from a balance of organic and inorganic contributions. Given the stability of federal funding, healthy state budgets and incremental business from data centers and onshoring activities, we expect positive multiyear demand for Astec products in both segments. Parts and service sales increased $24 million or 19.7% versus the first quarter prior year and remained at approximately 37% as a percentage of total sales for both periods.

事業部門在手訂單總額增加 3,700 萬美元（原文如此—見第 4 張投影片「3,620 萬美元」），其中 1,700 萬美元來自 CWMF 的貢獻；CWMF 已於 1 月 1 日加入 Astec。材料解決方案（Materials Solutions）的在手訂單增加 1.10 億美元或 87%，來自有機與非有機貢獻的平衡。鑑於聯邦資金的穩定性、健康的州政府預算，以及來自資料中心與回流設廠（onshoring）活動的增量業務，我們預期 Astec 兩大事業部門的產品將呈現多年期的正向需求。零件與服務銷售額較去年第一季增加 2,400 萬美元或 19.7%，且兩期皆維持約占總銷售額的 37%。

Q1 profitability was lower than planned, reflecting a combination of timing effects and near-term cost pressures from tariffs, freight and sales mix. Overall expenses were also impacted by the ConExpo trade show that occurs once every three years. We are, however, encouraged by increased backlog in each segment, and we expect better quarters ahead. As such, we are maintaining our full year 2026 adjusted EBITDA guidance range of $170 million to $190 million.

第一季獲利低於原先規劃，反映時點效應與短期成本壓力（來自關稅、運費與銷售組合）。整體費用也受到每三年舉辦一次的 ConExpo 展會影響。然而，我們對各事業部門在手訂單的增加感到鼓舞，並預期未來季度表現將更佳。因此，我們維持 2026 全年調整後 EBITDA 指引區間為 1.70 億至 1.90 億美元。

On slide 5, we reiterate our dedication to creating value for all stakeholders by delivering consistency, profitability, and growth. Driven by our Astec Build to Connect way of doing business, we create consistency through our constant interaction with customers, execution of our operational excellence initiatives and the delivery of superior products to our customers. As our historical adjusted EBITDA margin in the middle column shows, we have increased profitability in each of the last three years.

在第 5 張投影片中，我們重申致力於透過提供一致性、獲利能力與成長，為所有利害關係人創造價值。在 Astec「Build to Connect」的營運方式驅動下，我們透過與客戶的持續互動、推動營運卓越計畫，以及向客戶交付優質產品來建立一致性。如中間欄所示的歷史調整後 EBITDA 利潤率，我們在過去三年每一年都提升了獲利能力。

Growth provides scale and scale enhances profitability. We are making strides in growing aftermarket parts and service sales, consummating acquisitions, developing new products and leveraging the technology and digital connectivity we bring to the market. Our plans to grow are well underway, and we are excited about our future.

成長帶來規模，而規模能提升獲利能力。我們在擴大售後市場零件與服務銷售、完成併購、開發新產品，以及運用我們帶給市場的技術與數位連結能力方面持續取得進展。我們的成長計畫已在積極推進中，並對未來感到振奮。

On slide 6, we provide an update on the integration of our most recent acquired companies. On July 1, 2025, we acquired TerraSource, which boasts the flagship brands of Gundlach, Jeffrey Rader, Pennsylvania Crusher and Elgin. And effective January 1, 2026, we welcomed the dedicated employees of CWMF to the Astec family. Both organizations are highly respected and are strong culture fits for Astec. We are off to a great start.

在第 6 張投影片中，我們提供近期收購公司整合進度更新。2025 年 7 月 1 日，我們收購了 TerraSource，其旗下擁有 Gundlach、Jeffrey Rader、Pennsylvania Crusher 與 Elgin 等旗艦品牌。並且自 2026 年 1 月 1 日起，我們歡迎 CWMF 盡職的員工加入 Astec 大家庭。兩個組織都備受尊敬，且在文化上與 Astec 高度契合。我們已取得良好開局。

Many integration processes are now complete, including the seamless addition of new employees to our payroll, benefits and e-mail systems. We have successfully integrated all finance functions and have aligned all sales territories. Additional implementations completed or in process include product branding and the identification of cross-selling and procurement opportunities. We are also assessing manufacturing optimization and sharing of best practices and product designs. Our joint teams work well together, and we anticipate many benefits in 2026.

目前許多整合流程已完成，包括將新員工無縫納入我們的薪資、福利與電子郵件系統。我們已成功整合所有財務職能，並完成所有銷售區域的對齊。其他已完成或正在進行的導入項目包括產品品牌整合，以及交叉銷售與採購機會的辨識。我們也在評估製造最佳化，以及最佳實務與產品設計的分享。我們的聯合團隊合作順暢，並預期在 2026 年帶來多項效益。

Please turn to slide 7. As you know, Astec is well positioned to capitalize on the robust road construction and aggregate sectors across the United States, where approximately 80% of our revenues are generated.

請翻到第 7 張投影片。如各位所知，Astec 已做好準備，把握美國各地強勁的道路建設與骨材（aggregate）產業機會；我們約 80% 的營收來自美國。

Steady federal funding for US infrastructure provides stability for our customers and in turn, Astec and our stakeholders. In 2022, Congress passed the five-year infrastructure bill valued at $347.5 billion. According to the American Road and Transportation Builders Association, $261 billion or 75% of those funds have been allocated as of February 28, 2026. These formula funds for highways and bridges have enabled more than 116,500 new products across our country.

美國基礎建設的穩定聯邦資金為我們的客戶帶來穩定性，進而也為 Astec 與我們的利害關係人帶來穩定。2022 年，國會通過為期五年的基礎建設法案，金額為 3,475 億美元。根據美國道路與運輸建設者協會（American Road and Transportation Builders Association），截至 2026 年 2 月 28 日，其中 2,610 億美元或 75% 的資金已完成分配。這些用於公路與橋梁的公式型資金（formula funds）已促成全國超過 116,500 個新產品。

Additionally, the total value of state and local government transportation contract awards was $152.2 billion in 2025, which was up from $132.2 billion in 2024. This was a new record.

此外，2025 年州與地方政府交通運輸合約授標總額為 1,522 億美元，高於 2024 年的 1,322 億美元。這創下新紀錄。

The existing five-year bill is set to expire on September 30, 2026. The renewal of the bill has bipartisan support. This is evidenced by the stance of key members of the House Transportation and Infrastructure and the Senate Environment and Public Work Committees.

現行的五年期法案預計將於 2026 年 9 月 30 日到期。該法案的續期獲得兩黨支持。這可從眾議院運輸與基礎建設委員會以及參議院環境與公共工程委員會關鍵成員的立場看出。

Transportation Secretary, Sean Duffy, summarized it well when he said, it is one of the unique spaces in government where we work together because safety is not red or blue issue, it's an American issue. Congress has recently finalized transportation funding legislation for the rest of fiscal year 2026 and is focused on passing a timely, comprehensive surface transportation reauthorization bill.

運輸部長 Sean Duffy 說得很到位：這是政府中少數幾個我們能夠攜手合作的獨特領域之一，因為安全不是紅或藍的議題，而是美國人的議題。國會近期已完成 2026 會計年度剩餘期間的運輸資金立法，並正著重於及時通過一項全面的地面運輸再授權法案。

Sector developments such as these benefit Astec, a company dedicated to the rock to road industry. Continued improvements in infrastructure supports ongoing demand for our equipment, parts and digital solutions. Our strong reputation in aggregates as well as road and bridge construction drive steady growth.

此類產業發展有利於 Astec——一家致力於「從岩石到道路」產業的公司。基礎建設的持續改善支撐了對我們設備、零件與數位解決方案的持續需求。我們在骨材以及道路與橋梁建設方面的強大聲譽，推動穩健成長。

On slide 8, we show first quarter implied orders and book-to-bill ratios. Organic results exclude the impact of the CWMF acquisition and orders prior to the first quarter of 2025 exclude the impacts of the TerraSource acquisition. Implied orders of $397 million compared to a strong fourth quarter of $465 million.

在第 8 張投影片中，我們展示第一季推算訂單與接單出貨比（book-to-bill）。有機結果不包含 CWMF 收購的影響，而 2025 年第一季之前的訂單不包含 TerraSource 收購的影響。推算訂單為 3.97 億美元，相較於強勁的第四季 4.65 億美元。

On a year over year basis, implied orders increased $85 million or 27.2% from a combination of organic and inorganic contributions. Book-to-bill ratios in each segment exceeded 100%.

以年對年來看，推算訂單增加 8,500 萬美元或 27.2%，來自有機與非有機貢獻的組合。各事業部的接單出貨比均超過 100%。

On slide 9, we are pleased to report that our backlog grew to $549 million compared to $403 million for the same period in 2025. This was an overall increase of $146 million or 36%. The backlog in Infrastructure Solutions segment increased $37 million or 13%, primarily due to increases in asphalt plants, mobile paving and forestry equipment and a $17 million contribution from the newly acquired CWMF. Backlog in the Materials Solutions segment increased $110 million or 87% over the same period the prior year from a combination of legacy and inorganic contributions.

在第 9 張投影片中，我們很高興報告，我們的在手訂單（backlog）增至 5.49 億美元，較 2025 年同期的 4.03 億美元增加。整體增加 1.46 億美元或 36%。基礎建設解決方案事業部的在手訂單增加 3,700 萬美元或 13%，主要由瀝青廠、行動鋪路與林業設備的增加所帶動，並包含新收購的 CWMF 貢獻的 1,700 萬美元。材料解決方案事業部的在手訂單較前一年同期增加 1.10 億美元或 87%，來自既有業務與非有機貢獻的組合。

To recap, our backlog is the total amount of confirmed orders supported by signed contracts. We are pleased with the order activity in both of our segments. And now I will turn the call over to our Chief Financial Officer, Brian Harris.

總結而言，我們的在手訂單是指由已簽署合約支持的已確認訂單總額。我們對兩個事業部的接單活動感到滿意。接下來我將把電話會議交給我們的財務長 Brian Harris。

Thank you, Jaco, and good morning. I'll now discuss our consolidated results for the first quarter, provide segment-specific details and review our liquidity and leverage. Our financial performance for the first quarter and on a trailing 12-month basis is presented on slide 11.

謝謝你，Jaco，大家早安。我將說明我們第一季的合併業績，提供各事業部的細節，並回顧我們的流動性與槓桿。第一季以及過去 12 個月（TTM）的財務表現列於第 11 張投影片。

Consolidated net sales for the quarter increased 20.3% compared to the same quarter the prior year and grew 11.5% on a trailing 12-month basis. Most of the growth was attributable to the legacy Materials Solutions business and inorganic growth in both segments. Parts and service represented 36.9% of net sales, which compared to 37.1% in the first quarter of 2025.

本季合併淨銷售額較前一年同期增加 20.3%，以過去 12 個月計則成長 11.5%。大部分成長來自材料解決方案既有業務，以及兩個事業部的非有機成長。零件與服務占淨銷售額 36.9%，相較於 2025 年第一季的 37.1%。

As Jaco mentioned, first quarter expenses from the ConExpo trade show and freight, duty and tariff expenses impacted first quarter profitability and margins. As a result, operating adjusted EBITDA declined $4.9 million versus the same period the prior year.

如 Jaco 所提，ConExpo 展會的第一季費用，以及運費、關稅與關稅（tariff）相關費用，影響了第一季的獲利能力與利潤率。因此，營運調整後 EBITDA 較前一年同期減少 490 萬美元。

For the trailing 12 months, adjusted EBITDA grew $7.7 million or 6%. Adjusted EBITDA margins for the quarter and trailing month period declined by 310 basis points and 50 basis points, respectively. Based on the aforementioned factors, adjusted earnings per share for the quarter were $0.54 compared to $0.91 in the first quarter of 2025, while down only slightly on a trailing 12-month basis.

以過去 12 個月計，調整後 EBITDA 增加 770 萬美元或 6%。本季與過去 12 個月期間的調整後 EBITDA 利潤率分別下降 310 個基點與 50 個基點。基於上述因素，本季調整後每股盈餘為 0.54 美元，較 2025 年第一季的 0.91 美元下降；但以過去 12 個月計僅小幅下滑。

Moving to our Infrastructure Solutions on slide 12. Net sales in this segment were $237 million for the first quarter of 2026 compared to $236 million for the same period in 2025. Our newly acquired business performed as expected, while their contributions were partially offset by legacy equipment volumes that measured to a strong performance the prior year and shortfalls related to timing differences. For the trailing 12-month period, net sales of $858.4 million were down 1.5% compared to the prior year.

接著看第 12 張投影片的基礎建設解決方案事業部。該事業部 2026 年第一季淨銷售額為 2.37 億美元，較 2025 年同期的 2.36 億美元略增。我們新收購的業務表現符合預期，但其貢獻部分被既有設備銷量所抵銷；既有設備在前一年同期表現強勁，且另有因時點差異造成的缺口。以過去 12 個月計，淨銷售額為 8.584 億美元，較前一年下降 1.5%。

Segment operating adjusted EBITDA for the Infrastructure Solutions segment was $34.8 million for the first quarter of 2026 compared to a strong same quarter comparison in 2025. The $8.1 million difference resulted primarily from higher exhibits and promotional costs, along with increases in freight, duty, and tariffs.

基礎建設解決方案事業部 2026 年第一季的事業部營運調整後 EBITDA 為 3,480 萬美元，較 2025 年同期強勁的比較基期為低。差異 810 萬美元主要來自更高的展覽與推廣成本，以及運費、關稅與關稅（tariff）的增加。

For the trailing 12-month period, the difference in segment adjusted EBITDA was $12.6 million for a decline of 9.1%. Adjusted EBITDA margin stood at 14.7% for the quarter and the 12-month periods, respectively.

以過去 12 個月計，事業部調整後 EBITDA 的差異為 1,260 萬美元，下降 9.1%。本季與過去 12 個月期間的調整後 EBITDA 利潤率分別為 14.7%。

Our Materials Solutions segment is shown on slide 13. We were pleased to see the continued resurgence of our Materials Solutions legacy products during the first quarter. Net sales included organic and inorganic contributions and combined for an increase of $65.9 million or 70.6% over the first quarter in 2025. For the trailing 12-month period, net sales increased $164.8 million or 36.3%.

材料解決方案事業部如第 13 張投影片所示。我們很高興看到第一季材料解決方案既有產品持續復甦。淨銷售額包含有機與非有機貢獻，合計較 2025 年第一季增加 6,590 萬美元或 70.6%。以過去 12 個月計，淨銷售額增加 1.648 億美元或 36.3%。

Segment operating adjusted EBITDA for the Materials Solutions segment was $8.9 million for the first quarter of 2026 compared to $5.2 million for the same period in 2025. This is an increase of $3.7 million or 71.2%. For the trailing 12 months, operating adjusted EBITDA increased $22.1 million or 59.6%. Increases were primarily due to the impact of net favorable volume and mix and favorable pricing.

材料解決方案事業部 2026 年第一季的事業部營運調整後 EBITDA 為 890 萬美元，較 2025 年同期的 520 萬美元增加。增加 370 萬美元或 71.2%。以過去 12 個月計，營運調整後 EBITDA 增加 2,210 萬美元或 59.6%。增加主要來自銷量與產品組合的淨正面影響，以及有利的定價。

As with the Infrastructure Solutions segment, higher exhibit and promotional costs, freight, duty, and tariffs were partial offsets. Adjusted EBITDA margin remained at 5.6% for the first quarters of 2025 and 2026, respectively, and grew 140 basis points to 9.6% on a trailing 12-month basis.

與基礎建設解決方案事業部相同，更高的展覽與推廣成本、運費、關稅與關稅（tariff）部分抵銷了上述增幅。調整後 EBITDA 利潤率在 2025 與 2026 年第一季均維持 5.6%，並在過去 12 個月基礎上增加 140 個基點至 9.6%。

Moving to slide 14. Our balance sheet remains strong and is supported by substantial liquidity. At quarter end, we had $73.4 million in cash and cash equivalents, along with $194.1 million in available credit, resulting in total available liquidity of $267.5 million.

接著看第 14 張投影片。我們的資產負債表仍然穩健，並由充足的流動性支撐。截至季末，我們持有 7,340 萬美元的現金及約當現金，另有 1.941 億美元可用授信額度，使可用流動性合計達 2.675 億美元。

Including a draw on our revolving credit facility of approximately $70 million for the purchase of CWMF, net debt to adjusted EBITDA stood at approximately 2.3 times and is within our target range of 1.5 times to 2.5 times. We have the capacity for continued organic and inorganic growth.

包含為收購 CWMF 而自循環信用額度提用約 7,000 萬美元後，淨負債對調整後 EBITDA 約為 2.3 倍，位於我們 1.5 倍至 2.5 倍的目標區間內。我們具備持續推動有機與非有機成長的能力。

As we have previously stated, our 2026 outlook entails the following anticipated full year ranges: adjusted EBITDA of $170 million to $190 million; an effective tax rate between 25% and 28%; capital expenditures between $40 million and $50 million; depreciation and amortization of $55 million to $65 million. And the following quarterly ranges: adjusted SG&A of $70 million to $80 million; interest expense approximately $7 million.

如我們先前所述，我們對 2026 年的展望包含以下預期全年區間：調整後 EBITDA 為 1.70 億至 1.90 億美元；有效稅率介於 25% 至 28%；資本支出介於 4,000 萬至 5,000 萬美元；折舊與攤銷為 5,500 萬至 6,500 萬美元。以及以下季度區間：調整後銷售、一般及行政費用（SG&A）為 7,000 萬至 8,000 萬美元；利息費用約 700 萬美元。

I will now hand the call back to Jaco.

我現在把電話會議交回給 Jaco。

Slide 15 provides an overview of the key investment highlights for Astec. Astec has earned a reputation as a reliable provider of internationally recognized brands and high-quality solutions for our customers, and we take pride in this legacy. Our team maintains strong engagement with customers. From recent discussions, we've observed that customers remain optimistic about ongoing activity in the construction market. We are pleased our commitment to operational excellence is delivering results, and we anticipate further improvement going forward.

第 15 張投影片概述 Astec 的主要投資亮點。Astec 以可靠的供應商形象建立聲譽，提供國際知名品牌與高品質解決方案給客戶，我們以這份傳承為榮。我們的團隊與客戶保持高度互動。從近期的討論中，我們觀察到客戶對建築市場持續的活動仍保持樂觀。我們很高興看到對卓越營運的承諾正在帶來成果，並預期未來將進一步改善。

We are confident our initiatives in manufacturing and procurement are boosting efficiency, which will lead to ongoing gains in adjusted EBITDA. Several exciting opportunities are fueling our growth, including the expansion of our recurring aftermarket parts and service business, which remains a key focus for the Astec team, the development of strong pipeline for innovative products, stability associated with the multiyear federal highway program, along with strong state and local funding for infrastructure projects in the US market, opportunities for growth in both established and emerging international markets and strong inorganic growth opportunities consistent with our financial objectives. As Brian noted, our strong balance sheet gives us flexibility to invest in growth initiatives and manage our leverage efficiently.

我們有信心，我們在製造與採購方面的各項舉措正在提升效率，並將帶來調整後 EBITDA 的持續改善。多項令人振奮的機會正推動我們成長，包括擴大我們的經常性售後零件與服務業務（這仍是 Astec 團隊的重點）、為創新產品建立強勁的產品管線、與多年期聯邦公路計畫相關的穩定性，以及美國市場州與地方對基礎建設專案的強勁資金支持；同時，在成熟與新興的國際市場皆有成長機會，並且存在與我們財務目標一致的強勁非有機成長機會。如 Brian 所提，我們強健的資產負債表讓我們能靈活投資成長計畫，並有效管理槓桿。

Moving on to slide 16. We are excited about our 2026 Investor Day to be held on May 13, 2026. We invite you to join us for this virtual event, which will begin at 8:00 AM Eastern Daylight Time. During the presentation, we will share more about who we are, our next era of growth, industry megatrends, our Build to Connect way of doing business, reasons to invest and our 2030 financial targets.

接著看第 16 頁投影片。我們對將於 2026 年 5 月 13 日舉行的 2026 投資人日感到非常期待。我們誠摯邀請您參加這場線上活動，活動將於美東夏令時間上午 8:00 開始。在簡報中，我們將分享更多關於我們是誰、我們下一個成長時代、產業巨型趨勢、我們的 Build to Connect 經營方式、投資理由，以及我們 2030 年的財務目標。

With that, operator, we are ready for questions.

以上，接線員，我們已準備好回答問題。

(Operator Instructions)

(接線員指示)

Steve Ferazani, Sidoti.

Steve Ferazani，Sidoti。

Jaco, I guess when I look through the numbers, and we obviously expected the higher costs related to ConExpo. But I mean, the surprising number to me was the gross margin. You covered a couple of reasons for it, and I particularly saw in the Infrastructure Solutions side.

Jaco，我想當我檢視這些數字時，我們顯然預期到與 ConExpo 相關的較高成本。但對我來說，令人意外的是毛利率。你提到其中幾個原因，我特別注意到是在基礎建設解決方案（Infrastructure Solutions）那一塊。

Can you sort of give us the buckets on how much of it was inflationary freight pressures versus mix versus timing, et cetera? Or were there any efficiency letdowns in the quarter?

你能否大致拆分一下：其中有多少是通膨造成的運輸費用壓力、多少是產品組合、多少是時點因素等等？或者本季是否有任何效率方面的失誤？

For IS, we definitely saw a different mix this quarter compared to what we saw as a very strong Q1 last year. We did see a lower asphalt plants and parts business during the quarter, which obviously pulled down margins a little bit. When we look at this business, and we've talked about this a lot in the past that if you have one or two plants move out from one quarter to the next, it can make a pretty big difference. So if you take a breakdown there, capital and parts, we saw a reduction in both of those.

就 IS 而言，本季我們確實看到與去年第一季非常強勁的表現相比，產品組合有所不同。本季瀝青廠設備與零件業務較低，這顯然使毛利率略有下滑。我們過去也多次談到，這項業務如果有一到兩座工廠的出貨從一季移到下一季，就可能造成相當大的差異。因此若拆開來看資本設備與零件，我們在這兩者都看到下滑。

Now tariffs did affect them a little bit to a lesser extent than what we've seen on the MS group. So we are managing that going forward. I think I mentioned in prior calls that we moved really quickly when it came to pricing when all the tariffs and those came to light. So some of that is maybe just timing catching up to the pricing. We also have additional pricing that is in the pipeline that should mitigate this in the quarters to come.

關稅確實對他們有一些影響，但程度低於我們在 MS 事業群看到的影響。因此我們正持續管理並因應未來的影響。我想我在先前的電話會議中提過，當關稅等因素浮現時，我們在定價方面反應非常迅速。所以其中一部分可能只是時點上，定價的效果正在追上成本變化。我們也還有額外的調價正在管線中，應可在接下來幾季緩解這些影響。

Because -- yeah, that's -- I mean, probably just the follow-up question, which is given the numbers in Q1, your confidence level to hit those full year targets given the year-over-year difference. If it's pure mix and the timing is you're going to be more plants and parts heavy in 2Q and you got the pricing in, I get it. I'm just trying to see if there's anything else here that should be caused for concern.

因為——是的，這大概就是我的追問：鑑於第一季的數字，以及年對年差異，你們對達成全年目標的信心程度如何？如果純粹是產品組合與時點問題，而第二季會更偏重工廠設備與零件、且你們也已把定價調上去，我可以理解。我只是想確認，是否還有其他需要擔心的地方。

No, look, I mean, look at backlog, we're very encouraged by strong backlog. We have another positive book-to-bill quarter, which is always nice. And we have definitely additional pricing in the pipeline. We're continuously evaluating the cost that's coming from these macro trends. And we are also very encouraged about the work our teams are doing to improve our quality cost and our operational efforts.

沒有。你看，我們看待在手訂單（backlog），對其強勁表現感到非常鼓舞。我們又是一個正向的接單出貨比（book-to-bill）季度，這總是令人欣慰。而且我們確實還有額外的調價在管線中。我們也持續評估這些總體趨勢帶來的成本。同時，我們也對團隊在改善品質成本與營運執行方面所做的工作感到非常振奮。

So Steve, we're obviously still confident. That's why we kept the guidance for the full year. And with that strong backlog, we feel that we have the opportunity to achieve that.

所以 Steve，我們顯然仍然有信心。這也是為什麼我們維持全年指引不變。在強勁的在手訂單支持下，我們認為有機會達成該目標。

So given the -- I mean, we saw the -- how much of the order shift sequentially was seasonality?

那麼就——我的意思是，我們看到——訂單的季對季變動中，有多少是季節性因素？

From an invoicing point of view or a bookings point of view?

你是指從開立發票的角度，還是從接單（bookings）的角度？

The implied orders, the reported implied orders if you will, that just seasonality and timing.

指隱含訂單，也就是你們所揭露的隱含訂單；那只是季節性與時點因素嗎？

Yeah. I mean if you look at implied orders for IS, quarter over quarter, it was pretty flat. Obviously, we have CWMF in that number now. And on MS quarter over quarter, that's where we saw the biggest variance.

是的。如果你看 IS 的隱含訂單，季對季其實相當持平。當然，現在那個數字已包含 CWMF。而 MS 的季對季變化，是我們看到差異最大的地方。

Now those came on top of Q4, which is typically our strongest bookings quarter. But overall backlog, if you look at the backlog and the book-to-bill ratio, both positive in MS and in IS. So that's why we like to give the annual guidance and not try to guide on a quarterly basis. We know we're going to have these quarterly fluctuations.

而且那是在第四季之後；第四季通常是我們接單最強的一季。但整體而言，如果你看在手訂單與接單出貨比，在 MS 與 IS 兩者都呈現正向。因此我們更傾向提供年度指引，而不是嘗試按季度提供指引。我們知道季度之間會出現這些波動。

And if you could just touch on synergy realization. Where you are with integration of the acquisitions and potential synergy realization over the next multiple quarters?

另外想請你談一下協同效益的實現。你們在併購整合的進度如何？以及未來幾季協同效益實現的可能性？

Yeah. We are very happy with the way the integrations are going. From a synergy point of view, the realization is coming through the pipeline now pretty quickly. I will say the synergies on the CWMF acquisition is coming in faster than what we saw on PSG just because it's so close to home. We do business with a lot of the same suppliers.

好的。我們對整合進展的方式非常滿意。從協同效益角度來看，相關效益現在正相當快速地在管線中逐步落地。我會說，CWMF 併購案的協同效益實現速度比 PSG 更快，因為它離我們的核心業務更近。我們與許多相同的供應商往來。

So we're pretty positive there. But the number that we gave the Street for synergies on PSG, we're very confident that over the next 12 months, we're going to realize those.

所以我們對此相當正面。至於我們先前向市場提供的 PSG 協同效益數字，我們非常有信心在未來 12 個月內實現。

And if I could get one more in, in terms of, obviously, you've been generating much stronger parts and aftermarket numbers. Some of that's from the acquisitions. But I know that was a priority when you became CEO, Jaco.

如果我可以再問一題：就零件與售後市場而言，你們顯然創造了更強勁的零件與售後數字。其中一部分來自併購。但我知道當你成為 CEO 時，Jaco，這就是一項優先事項。

Where are you in that progress? And is there a lot more to go? Or do you feel like you've achieved a lot of what you wanted to?

你們在這方面的進展到哪裡了？還有很大的提升空間嗎？還是你覺得已經達成了你想要的很多目標？

Yeah. No, in my mind, there's a lot more to go. During Q1, which is typically a strong parts quarter for us, we were close to 37% parts and service. Next week, we're going to have our Investor Day where we're going to talk about our aspirations there. But we still see significant opportunity to improve that mix.

是的。不，就我而言，還有很多路要走。在第一季（通常是我們零件業務較強的一季），零件與服務占比接近 37%。下週我們將舉行投資人日，屆時會談到我們在這方面的願景。但我們仍看到顯著的機會來改善這個組合占比。

Steven Ramsey, Thomas (sic - "Thompson") Research Group.

Steven Ramsey，Thomas（原文誤植為「Thompson」）Research Group。

I wanted to start with, obviously, the topic of the day, demand data centers. You cited strong demand from this market. I'm curious if you could ballpark how much of a contributor that was in the quarter and maybe compare that to last year. And then maybe go through your success here, if it's following your customers versus intentional initiatives to capture this demand?

我想先從今天的主題開始：資料中心需求。你們提到來自這個市場的強勁需求。我想請你們大致估算一下，這在本季貢獻了多少，並且或許與去年做個比較。接著也想請你們談談在這方面的成功，是因為跟隨你們的客戶，還是你們有意識地推動一些計畫來掌握這波需求？

Yeah. Steve, good question. The data center demand and actually some of the other demand around chip factories and things like that is obviously something that we are keeping a very close eye on. If you look at our backlog for the MS group, it's up significantly year over year and even during the quarter, it increased nicely. So Steven, we see the benefit from that.

是的。Steve，問得很好。資料中心需求，以及實際上圍繞晶片工廠等其他一些需求，顯然是我們正非常密切關注的事情。如果你看我們 MS 事業群的在手訂單（backlog），年對年大幅上升，甚至在本季期間也有不錯的增加。所以，Steven，我們確實看到了這帶來的效益。

It is a little bit difficult for us to track it specifically just for data centers or other onshoring. What I will say is, obviously, our customers that provides aggregates to these markets are very close to these markets. They typically enjoy the business if they were in a 30- or 50-mile radius from where the construction goes. And we enjoy business with all of those customers. So we see cases where customers need to increase output, some cases, as much as 10 times what they did in prior years just to deal with the demand that's coming from these data centers.

對我們來說，要把它明確地只針對資料中心或其他回流設廠（onshoring）來追蹤，確實有點困難。但我要說的是，顯然，我們那些向這些市場提供骨材（aggregates）的客戶，與這些市場的距離非常近。通常如果他們位於施工地點 30 或 50 英里半徑內，就會受惠於相關業務。而我們也與所有這些客戶都有業務往來。因此我們看到一些案例，客戶為了因應這些資料中心帶來的需求，需要提高產出；有些情況下，甚至要達到過去幾年的 10 倍。

So we don't have a specific number there, Steven. We are looking at a way to try to track that. But I think if you look at the big aggregate suppliers, they are very outspoken about the effect this have. And obviously, we do business with all of those companies and that's where we see the benefit. We have seen some uptick in our industrial heating space that is in the Infrastructure group, also supplying to data centers, but to a much lesser extent than what we've seen on the Materials Solutions side.

所以我們沒有一個具體的數字，Steven。我們正在研究一種方式來嘗試追蹤。但我認為，如果你看大型骨材供應商，他們對這項影響的發言非常明確。而且很明顯，我們與所有這些公司都有業務往來，這也是我們看到效益的地方。我們也在基礎建設事業群的工業加熱領域看到一些上升，該領域也供應資料中心，但相較於我們在材料解決方案（Materials Solutions）端看到的程度要小得多。

Okay. That's very helpful. And I wanted to think about order activity from the perspective of market share and how your orders are comparing to the marketplace. Do you feel like you're tracking the market? Or do you feel like you're gaining share overall or just any pockets of strength within orders?

好的。這非常有幫助。我想從市占率的角度來思考訂單活動，以及你們的接單與市場整體相比如何。你覺得你們是在跟上市場？還是你覺得你們整體正在提升市占，或是在接單上有任何特別強勢的區塊？

Yeah. So I will say we don't feel that we're losing market share anywhere. Obviously, we have various product lines that is in our portfolio. We feel very good about our product portfolio that we have.

是的。所以我要說的是，我們不覺得在任何地方有流失市占。顯然，我們的產品組合中有多條產品線。我們對目前擁有的產品組合感到非常有信心。

And I mean, you joined us on the stage for ConExpo. We were very encouraged by the reaction from the market on all the new products that we showcased at ConExpo. And when you have new products, the positive flow-through typically result in you taking some market share.

而且，我是說，你也和我們一起在 ConExpo 的舞台上。市場對我們在 ConExpo 展示的所有新產品的反應，讓我們非常受到鼓舞。當你有新產品時，正向的帶動效應通常會讓你取得一些市占。

We have, over the last year or two, in the Material Solutions side, put a renewed focus on large system sales. And we are definitely seeing the positive momentum from that product line, and we believe that will continue.

在過去一兩年裡，在材料解決方案這一端，我們重新聚焦於大型系統銷售。我們確實看到該產品線的正向動能，我們相信這將會持續。

Maybe one last comment. The work that we're doing on our digital platform, we are definitely seeing positive reaction from our customer base. We are talking and growing that business significantly through especially our major customers transitioning to one platform. And in various examples, they've chosen us to be that platform provider.

也許最後再補充一點。我們在數位平台上所做的工作，確實看到客戶群的正面反應。特別是透過主要客戶轉移到單一平台，我們正在洽談並大幅成長這項業務。在多個案例中，他們選擇我們作為該平台的提供者。

So -- and that will have a positive effect in the future on equipment sales. It will have a positive effect on our parts and service sales.

所以——這將在未來對設備銷售產生正面影響。也會對我們的零件與服務銷售帶來正面影響。

Okay. That's great. And then last one for me. You had very strong free cash flow in the quarter. It appears like much of that was working capital driven. If you zoom out and look forward, can you give a general view on free cash flow conversion out of EBITDA?

好的。很棒。接著我最後一個問題。你們本季的自由現金流非常強勁。看起來其中很大一部分是由營運資金所驅動。如果把視角拉長並往前看，你能否就自由現金流相對於 EBITDA 的轉換率，給一個大致的看法？

Yeah, Steve, it's Brian here. Thanks for the question. Yes. Look, I think that's going to continue to be pretty strong.

好的，Steve，我是 Brian。謝謝你的問題。是的。你看，我認為這將會持續相當強勁。

You're right that in the quarter, we did benefit from working capital movement. Our inventory was actually down quite a bit from the year-end position. A lot of that is in raw material, but raw material and finished goods were both down. We had -- Q4 is always a big sales quarter. So we had some good cash collections in Q1 as well.

你說得對，本季我們確實受惠於營運資金的變動。我們的庫存其實較年末水位下降了不少。其中很大一部分在原物料，但原物料與成品都下降了。我們——第四季一向是銷售大季。因此我們在第一季也有一些不錯的現金回收。

I think that trend -- there's a bit of seasonality in the business. So working capital will move up and down during the course of the year. But I think the underlying efficiency of our working capital, our working capital turns certainly improved in the quarter, and we'd expect to see that continue. We have a pretty strong operating cash flow in the quarter and in the balance of the year. So I think conversion ratio will be good.

我認為這個趨勢——這個業務有一些季節性。所以營運資金在一年當中會上下波動。但我認為我們營運資金的底層效率、我們的營運資金周轉率在本季確實改善了，而且我們預期這會持續。我們本季以及今年剩餘期間的營運現金流都相當強勁。所以我認為轉換率會不錯。

(Operator Instructions)

（接線員指示）

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

I guess my first question was for Brian. And I just wanted to go back to the whole discussion around price cost. And you -- I think, were very clear in your prepared remarks about the timing of price traction versus the emerging cost inflation. You use FIFO cost on your balance sheet. So you've got some pretty good visibility, I guess, on what's coming up here over the next couple of quarters.

我想我的第一個問題是問 Brian。我想回到剛才關於價格與成本（price-cost）的整體討論。而且我認為你在事先準備的發言中，對於價格落地的時點相對於新出現的成本通膨，講得非常清楚。你們在資產負債表上使用 FIFO 成本法。所以我想，你們對未來幾季將發生什麼，應該有相當好的能見度。

Can you just talk about what you see coming in the backlog versus the pricing initiatives you have in the marketplace today and how that should play into 2Q or second half? And obviously, you've left the guidance unchanged. So you're expecting some kind of recovery. I'm just trying to get some sense of cadence or timing around those margin dynamics.

你能否談談你在在手訂單中看到的情況，相對於你們目前在市場上的定價措施，這些因素應該如何影響第二季或下半年？而且很明顯，你們維持指引不變。所以你們預期會有某種程度的復甦。我只是想更了解這些毛利動態的節奏或時點。

Yeah. Look, I think if you go back to the Q1 of 2025, we had a gross margin of over 28%. If anything, that was a little bit of an outlier when you look at Q1 historically. And that was because we got ahead of the game, we talked about this before on pricing. And so the tariff situation cost didn't really begin to materialize until April and beyond.

是的。你看，我認為如果回到 2025 年第一季，我們的毛利率超過 28%。若以歷史上的第一季來看，那其實有點偏離常態。那是因為我們在定價上走在前面，我們之前也談過。因此，關稅情勢帶來的成本直到 4 月及之後才真正開始顯現。

So we had a strong comp in Q1 of 2025. Tariffs kicked in this quarter to a greater extent. We did -- we felt, cover a lot of the underlying inflation outside of tariffs with our pricing initiatives. We've got more pricing that we can implement here in the balance of the year. And we're very careful about making sure that we try to anticipate those costs when we quote and the price that we quote that's in our backlog should accommodate our anticipated inflation and tariff increases that are coming.

所以我們在 2025 年第一季有一個很強的比較基期。本季關稅的影響更為明顯。我們確實——我們認為，透過定價措施，我們已經涵蓋了關稅以外的大部分底層通膨。今年剩餘期間我們還有更多定價可以推行。而且我們非常謹慎，確保在報價時能盡量預先反映那些成本；我們在在手訂單中的報價價格，應該能涵蓋我們預期將到來的通膨與關稅上升。

Obviously, freight and duties related to higher diesel and hydrocarbon costs are another factor that's certainly affecting things in the short term and have a little bit of uncertainty in the balance of the year, but we're trying very hard to make sure that when we price our products in the market that we're taking that into account.

顯然，與柴油與碳氫化合物成本上升相關的運費與關稅（duties）也是另一個因素，短期內確實會造成影響；而在今年剩餘期間也存在一些不確定性，但我們正非常努力，確保在市場上為產品定價時把這些因素納入考量。

Right. So just to try to summarize on this, is this something where we're still going to see some year over year margin pressure in 2Q before it's fully normalized in the second half?

了解。所以試著總結一下，這是不是表示我們在第二季仍會看到一些年對年毛利壓力，然後到下半年才會完全回到正常水準？

Yeah. It's possible, but I think Q2, we're going to emerge with stronger margins in the second quarter than we saw in the first.

是的。有可能，但我認為第二季我們的利潤率會比第一季更強。

Okay. Good. I guess second question, maybe for Jaco. How much of a catalyst do you think a highway bill reauthorization will be to just order releases? And I'm just trying to get a sense of from your conversations with your counterparts in the marketplace, if you sense that people are maybe holding off on purchase orders until there is a bill in place.

好的。很好。我想第二個問題可能是問 Jaco。你認為公路法案重新授權對於訂單釋出會有多大的催化作用？我只是想從你與市場上同業的交流中了解，你是否感覺大家可能在法案落地前先暫緩下採購訂單。

Yeah, David, I mean, I will tell you, obviously, everybody knows that there's a lot going on in the world right now. Our industry has been hit with inflationary pressures around, like Brian just said, fuel prices, tariffs, obviously is something. But a highway bill, I will say, for smaller players in the market, typically a highway bill gives a lot of confidence because if you're going to buy an asphalt plant, you want to know that there's going to be three to five years of good funding available.

是的，David，我的意思是，我會告訴你，顯然大家都知道現在世界上有很多事情正在發生。我們這個產業正承受通膨壓力，例如 Brian 剛才提到的燃料價格、關稅，顯然也是其中之一。但我會說，對市場上較小的業者而言，公路法案通常會帶來很大的信心，因為如果你要買一座瀝青廠，你會希望知道未來三到五年會有充足且穩定的資金支持。

Our industry has gone through significant customer consolidation, as you guys know. And I think our bigger customers are better managing their CapEx through different cycles and are maybe less prone to cut spend without the clarity of an infrastructure bill.

如各位所知，我們的產業經歷了顯著的客戶整併。我認為我們較大的客戶能在不同景氣循環中更好地管理其資本支出（CapEx），也可能較不會因為缺乏基礎建設法案的明確性就削減支出。

Now what I will say is we are very involved with our trade organizations. We're very involved talking to the respective people involved in creating the highway bill. Just this morning, actually, I received a note from our team at NAPA, the National Asphalt Paving Association. And they think that the first language around the bill could be published as early as May 18. So we're looking forward to that.

我想說的是，我們與產業公會組織的互動非常密切。我們也非常積極與參與制定公路法案的相關人士溝通。其實就在今天早上，我收到我們在 NAPA（全國瀝青鋪路協會，National Asphalt Paving Association）團隊的一則訊息。他們認為，法案的第一版文字最早可能在 5 月 18 日就會公布。所以我們很期待。

We know that there's discussions taking place right now. We know that like we said in the prepared remarks, this is something where government actually works together very well on. So we're positive that we're going to see a bill. Hopefully, it comes sooner than later. The good thing is that funding is available for the full year this year.

我們知道目前正在進行討論。我們也知道，正如我們在事先準備的發言中所說，這是一個政府其實能夠很好合作的議題。因此我們對於會看到法案持正面看法。希望能越快越好。好消息是，今年全年的資金都已到位。

So our customers are busy. They have a lot of work. A highway bill that's focused on roads and bridges, I think, will be a nice injection for '27 and beyond.

所以我們的客戶很忙。他們手上有很多工作。我認為一項聚焦道路與橋樑的公路法案，將會是對 2027 年及之後的一個很好的挹注。

Right. That's great color. Next question I just wanted to ask you around the whole notion of price analytics. And you've been investing in price analytics here. I'm just trying to get a sense of where we are in that journey from a margin development standpoint.

對。這些說明很有幫助。下一個問題我想問的是關於「價格分析」這個概念。你們一直在投資價格分析。我想了解，從利潤率改善的角度來看，我們在這段旅程中目前走到哪裡了。

Do you feel like you're still in the early innings of the kind of the efficacy of that investment? And I guess, at a point in time where we're really trying to sort of wrestle through price cost here, this is a pretty big part of the story. So I'm just trying to get a sense of where you are in that.

你覺得就這項投資的成效而言，我們仍處於早期階段嗎？我想，在我們正努力處理價格與成本拉鋸的這個時間點，這是故事中相當重要的一部分。所以我想了解你們目前的進展。

I will say from a process point of view, we're probably in the best state that Astec has been in for many years. Now on the flip side is, obviously, the variability right now is big. So our teams are continuously looking at movement in prices that we buy versus what we sell for. Our procurement team is very actively renegotiating as tariffs change.

我會說，從流程的角度來看，我們可能處於 Astec 多年來最好的狀態。但另一方面，顯然目前的波動性很大。因此我們的團隊持續關注我們採購價格的變動相對於我們銷售價格的變動。隨著關稅變化，我們的採購團隊也非常積極地重新談判。

I mean as you guys know, there's actually some of the tariffs that should start to lower over coming periods. And getting that thing back from suppliers is a key focus for us.

我的意思是，如各位所知，接下來幾個期間其實有些關稅應該會開始下降。把這部分的降幅從供應商那邊反映回來，是我們的重點工作。

So David, yeah, we feel that we have a good process in place. But the amount of variability that's happening on a daily basis is definitely challenging for the team. But at least we have a team, we have a process and it gives us much better outlook than what we had before.

所以 David，是的，我們覺得已建立了良好的流程。但每天發生的波動幅度確實對團隊是個挑戰。不過至少我們有團隊、有流程，這讓我們的展望比以前好得多。

Okay. Good. I wanted to ask you about Astec Signal. You talked about ConExpo. It was a good reaction there to the new product rollout.

好的。很好。我想問你關於 Astec Signal。你提到 ConExpo。新產品推出在那裡獲得了不錯的反應。

Just trying to get a sense of what kind of reaction you got specifically to the Signal platform. And from that reaction, what's your sense of sort of the ability of that technology to accelerate placement cycles?

我想更具體了解大家對 Signal 平台的反應如何。以及從這些反應來看，你對這項技術加速設備布建／導入週期的能力有何看法？

Yeah. We're very excited about that, David. I mean we are investing significantly in further developing the platform. We're investing in additional manufacturing capability. Next time when you're in Chattanooga, we'll show you that.

是的。David，我們對此非常興奮。我的意思是，我們正大幅投資以進一步開發這個平台。我們也在投資額外的製造產能。你下次來 Chattanooga 時，我們會帶你看看。

We think that this is just starting. We have a really good platform. It's going to provide a lot of benefits both to us and our customers in the future. So overall, reception has been really positive. So we'll talk quite a bit more about Signal during our Investor Day next week as well.

我們認為這才剛開始。我們有一個非常好的平台。未來它將為我們和客戶帶來很多好處。整體而言，市場反應非常正面。我們也會在下週的投資人日更深入談 Signal。

Great. Great. And then last question, Brian, where do you see the balance sheet leverage at year-end based on the guidance you've got right now?

很好。很好。最後一個問題，Brian，依照你們目前的指引，你認為年底資產負債表的槓桿水準會是多少？

Yeah. David, I think if you take the midpoint of the guidance, we should end somewhere around about 1.7 times.

是的。David，我認為如果以指引的中位數來看，我們年底應該會落在大約 1.7 倍左右。

And now I'll turn the call over to Steve Anderson, Senior Vice President of Investor Relations.

接下來我把電話交給投資人關係資深副總裁 Steve Anderson。

Thank you, Rebecca. We appreciate everyone's participation in our conference call this morning, and thank you for your interest in Astec. As today's news release states, the conference call has been recorded.

謝謝你，Rebecca。感謝各位今天早上參與我們的電話會議，也謝謝大家對 Astec 的關注。如同今日新聞稿所述，本次電話會議已錄音。

A replay of this conference call will be available through May 20, 2026. An archived webcast will be available for 90 days. The transcript will be available under the Investor Relations section of the Astec Industries website within the next five business days.

本次電話會議的重播將提供至 2026 年 5 月 20 日。網路直播的存檔將提供 90 天。逐字稿將於未來五個工作天內，公布在 Astec Industries 官網的投資人關係（Investor Relations）專區。

This concludes our call. But as always, feel free to contact me with any additional questions. Thank you. Have a good day.

本次電話會議到此結束。但一如往常，如有任何其他問題，歡迎隨時與我聯繫。謝謝。祝各位有美好的一天。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。