Concrete Pumping Holdings Inc (BBCP) 2023 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' financial results for the first quarter ended January 31, 2023. Joining us today are Concrete Pumping Holdings' CEO, Bruce Young; CFO, Iain Humphries; and company's External Director of Investor Relations, Cody Slach.

大家下午好，感謝您參加今天的電話會議，討論 Concrete Pumping Holdings 截至 2023 年 1 月 31 日的第一季度財務業績。今天加入我們的是 Concrete Pumping Holdings 的首席執行官 Bruce Young；首席財務官伊恩漢弗萊斯；以及公司的投資者關係外部總監 Cody Slach。

Before we go further, I'd like to turn the call over to Mr. Slach to read the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

在我們進一步討論之前，我想把電話轉給 Slach 先生閱讀公司在 1995 年私人證券訴訟改革法案含義內的安全港聲明，該聲明提供了有關前瞻性聲明的重要警告。科迪，請繼續。

Thank you. I'd like to remind everyone that in the course of this call, to give you a better understanding of our operations, we will be making certain forward-looking statements regarding our business and outlook. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from such statements.

謝謝。我想提醒大家，在本次電話會議期間，為了讓您更好地了解我們的運營，我們將就我們的業務和前景做出某些前瞻性陳述。這些陳述受許多風險和不確定因素的影響，可能導致實際結果與此類陳述存在重大差異。

For information concerning these risks and uncertainties, see Concrete Pumping Holdings' annual report on Form 10-K, quarterly report on Form 10-Q and other publicly available filings with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

有關這些風險和不確定性的信息，請參閱 Concrete Pumping Holdings 的 10-K 表格年度報告、10-Q 表格季度報告以及向美國證券交易委員會提交的其他公開文件。公司不承擔更新或修改任何前瞻性陳述的任何意圖或義務，無論是由於新信息、未來事件或其他原因。

On today's call, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, net debt and free cash flow, which we believe provide useful information for investors. We provide further information about these non-GAAP financial measures and reconciliations to the comparable GAAP measures in our press release issued today or the investor presentation posted on the company's website.

在今天的電話會議上，我們還將參考某些非 GAAP 財務指標，包括調整後的 EBITDA、淨債務和自由現金流，我們認為這些指標可為投資者提供有用的信息。我們在今天發布的新聞稿或公司網站上發布的投資者介紹中提供了有關這些非 GAAP 財務措施和與可比 GAAP 措施的調節的更多信息。

I'd like to remind everyone that this call will be available for replay later this evening. A webcast replay will also be available via the link provided in today's press release as well as on the company's website. Additionally, we have posted an updated investor presentation on the company's website.

我想提醒大家，今晚晚些時候可以重播此電話會議。還可以通過今天新聞稿中提供的鏈接以及公司網站提供網絡直播重播。此外，我們還在公司網站上發布了最新的投資者介紹。

Now, I would like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young. Bruce?

現在，我想把電話轉給混凝土泵送控股公司的首席執行官 Bruce Young。布魯斯？

Thank you, Cody, and good afternoon, everyone. I am pleased to report that our first quarter of 2023 is off to a strong start with 10% revenue growth, which marks our 6th consecutive quarter of double-digit consolidated revenue growth. This consisted of growth across all segments and was driven by continued market share gains through organic growth and contributions from accretive acquisitions. Our results were in line with our expectations for the quarter and would have exceeded expectations if we had not experienced abnormally severe winter weather in the U.S. and U.K. markets.

謝謝科迪，大家下午好。我很高興地報告，我們 2023 年第一季度開局良好，收入增長 10%，這標誌著我們連續第 6 個季度實現兩位數的合併收入增長。這包括所有細分市場的增長，並受到通過有機增長和增值收購的貢獻持續增加市場份額的推動。我們的業績符合我們對本季度的預期，如果我們沒有經歷美國和英國市場異常惡劣的冬季天氣，我們的業績會超出預期。

Now turning to our individual reporting segments. Our U.S. pumping business increased 7% in the first quarter, driven by our recent strategic acquisitions and strong performance in our commercial end market. We were successful in growing our commercial market share through continued organic growth and successful -- successfully integrating our acquisitions completed in 2022. Of note, our national footprint and breadth of service offerings continues to position us well to win large, complex projects with our customers.

現在轉向我們的各個報告部分。在我們最近的戰略收購和商業終端市場的強勁表現的推動下，我們的美國泵送業務在第一季度增長了 7%。我們通過持續的有機增長成功地擴大了我們的商業市場份額，並成功地整合了我們在 2022 年完成的收購。值得注意的是，我們在全國的足跡和廣泛的服務範圍繼續使我們能夠與客戶一起贏得大型、複雜的項目.

Some examples of these projects include office buildings, data centers, chip plants, electric vehicle facilities, battery plants, warehouses and distribution centers within our commercial end market. For reference, in the construction of an average sized battery plant, there is as much concrete as 2 50-story buildings. And similarly, in an average sized chip plant, there is as much concrete as 4 50-story buildings.

這些項目的一些例子包括辦公樓、數據中心、芯片廠、電動汽車設施、電池廠、我們商業終端市場的倉庫和配送中心。作為參考，在建造一個中等規模的電池廠時，混凝土的用量相當於 2 棟 50 層的建築。同樣，在一個中等規模的芯片工廠中，混凝土的數量相當於 4 棟 50 層的建築。

Turning to infrastructure. Our expanded U.S. national footprint continued to drive results as it allowed us to capture more revenue from public project investments. We will continue to work to win projects in the state and local levels and look forward to renewed investment in the U.S. with the enactment of the federal statute regarding the CHIPS Act and the Infrastructure Investment and Jobs Act. However, at this time, we have yet to see any meaningful new projects emerged that are directly related to the new legislation and projected outlook is somewhat difficult to estimate.

轉向基礎設施。我們擴大的美國國家足跡繼續推動業績增長，因為它使我們能夠從公共項目投資中獲得更多收入。我們將繼續努力贏得州和地方層面的項目，並期待隨著有關 CHIPS 法案和基礎設施投資和就業法案的聯邦法規的頒布，在美國重新投資。然而，目前，我們還沒有看到任何與新立法直接相關的有意義的新項目出現，預計前景有些難以估計。

During the first quarter, our residential end market remained relatively stable due to the ongoing structural supply-demand imbalance that continues to unwind. We recognize the affordability-driven challenge has come from the housing market. And as expected, the moderate change in residential volume in the first quarter was absorbed by other higher-margin work. For example, as a percentage of our total revenue, our residential work volumes trade at 300 basis points with the growth in our commercial market, which typically carries higher margins compared to other end markets. The change in the distribution of our revenue by end market illustrates the advantages of our diverse offering and agility in our fleet management approach.

在第一季度，由於持續的結構性供需失衡繼續緩解，我們的住宅終端市場保持相對穩定。我們認識到負擔能力驅動的挑戰來自住房市場。正如預期的那樣，第一季度住宅量的溫和變化被其他利潤率較高的工作所吸收。例如，作為我們總收入的百分比，我們的住宅工作量隨著我們商業市場的增長而以 300 個基點交易，與其他終端市場相比，商業市場通常具有更高的利潤率。我們終端市場收入分配的變化說明了我們多樣化產品的優勢和我們車隊管理方法的敏捷性。

In our U.K. segment, despite foreign exchange headwinds, U.S. dollar revenues increased 6% compared to the prior year quarter. And excluding the FX translation impact, revenue grew by 18%. Our team continues to secure energy, road and rail projects in addition to the work we have previously announced with the concrete intensive high-speed railway project, HS2, which is expected to last beyond 2030. In Eco-Pan, our Concrete Waste Management business, we continue to deliver exceptional organic revenue with growth of 32% in Q1 2023 compared to the same year ago quarter, driven by our expanded sales team and the value of our enhanced service offering.

在我們的英國分部，儘管存在外匯逆風，但美元收入與去年同期相比增長了 6%。排除外匯換算的影響，收入增長了 18%。除了我們之前宣布的混凝土密集高速鐵路項目 HS2 的工作外，我們的團隊繼續確保能源、公路和鐵路項目的安全，該項目預計將持續到 2030 年以後。在 Eco-Pan，我們的混凝土廢物管理業務，在我們擴大的銷售團隊和增強的服務價值的推動下，我們在 2023 年第一季度繼續實現卓越的有機收入，與去年同期相比增長 32%。

Going forward, we expect to maintain Eco-Pan's double-digit organic revenue growth given our continued investment in our team and equipment, its penetration in the market and the continued evolution of the methods used in the concrete construction projects to contain concrete washout material. Shifting to the cost side of the business, as was the case last quarter, our team continues to recalibrate our rates successfully across all business segments. Consequently, we have largely offset higher input costs that remain persistent in our margin dollars that are in line with our expectations if we remove the inflationary pressures. As a result, we continue to realize the expected equipment return on investment for the same volume of work performed. So in summary, we had another great quarter that continues to show the strength of our business.

展望未來，鑑於我們對團隊和設備的持續投資、市場滲透以及混凝土建築項目中使用的包含混凝土沖刷材料的方法的不斷發展，我們預計 Eco-Pan 的收入將保持兩位數的有機增長。轉向業務的成本方面，就像上個季度的情況一樣，我們的團隊繼續成功地重新調整所有業務部門的費率。因此，如果我們消除通脹壓力，我們在很大程度上抵消了較高的投入成本，這些成本在我們的保證金美元中仍然存在，這符合我們的預期。因此，我們繼續實現相同工作量的預期設備投資回報。因此，總而言之，我們有另一個偉大的季度繼續展示我們的業務實力。

I will let Iain walk through more details on our financial results before I return to provide some concluding remarks. Ian?

在我返回提供一些總結性評論之前，我會讓伊恩詳細介紹我們的財務結果。伊恩？

Thanks, Bruce, and good afternoon, everyone. In the first quarter, revenue increased 10% to $93.6 million compared to $85.4 million in the same year ago quarter. The double-digit revenue growth was a result of volume growth from recent acquisitions, solid organic growth in Eco-Pan and continued pricing improvements. Revenue in our U.S. Concrete Pumping segment mostly operating under the Brundage-Bone brand increased approximately 7% to $67.2 million compared to $63 million in the same prior year quarter. Excluding the acquisition of Coastal, and I guess the backdrop of the adverse effect of severe winter weather, especially in comparison to the unseasonably warm and dry weather experienced in the same prior quarter last year, revenue was largely in line with the same year ago quarter on an organic basis.

謝謝，布魯斯，大家下午好。第一季度，收入增長 10% 至 9360 萬美元，而去年同期為 8540 萬美元。兩位數的收入增長得益於近期收購帶來的銷量增長、Eco-Pan 穩健的有機增長以及持續的定價改善。我們美國混凝土泵送部門的收入主要以 Brundage-Bone 品牌運營，與去年同期的 6300 萬美元相比增長了約 7% 至 6720 萬美元。不包括對 Coastal 的收購，我猜是在嚴冬天氣不利影響的背景下，尤其是與去年同期異常溫暖乾燥的天氣相比，收入與去年同期基本持平在有機的基礎上。

For our U.K. operations, operating largely under the Camfaud brand, revenue improved 6% to $12.7 million compared to $12 million in the same year ago quarter. When excluding the foreign exchange translation effects from the weakening British pound, revenue for our U.K. operations increased approximately 18% in the first quarter. Revenue in our U.S. Concrete Waste Management Services segment, operating under the Eco-Pan brand, increased 32% to $13.8 million in the first quarter. The strong increase in revenue was driven by our continued investment in our team and equipment, sustained improvement in pricing and the organic growth in Pan pickup volume.

對於我們的英國業務，主要以 Camfaud 品牌運營，收入增長 6% 至 1270 萬美元，而去年同期為 1200 萬美元。如果排除英鎊疲軟帶來的外匯換算影響，我們英國業務的收入在第一季度增長了約 18%。我們以 Eco-Pan 品牌運營的美國混凝土廢物管理服務部門的收入在第一季度增長了 32%，達到 1380 萬美元。收入的強勁增長得益於我們對團隊和設備的持續投資、定價的持續改善以及 Pan 皮卡銷量的有機增長。

We are extremely pleased by our team's dedicated efforts and execution to successfully sell the value of Eco-Pan offering. Returning to our consolidated results. Gross margin in the first quarter was 39% compared to 39.9% in the same year ago quarter. The slight margin decrease is directly related to continued inflationary pressures, particularly in diesel fuel price. To provide an order of magnitude versus last year's quarter, we estimate gross margin in the first quarter was impacted by more than $1 million or approximately 150 basis points due to the higher cost of diesel fuel.

我們對我們的團隊為成功銷售 Eco-Pan 產品的價值而付出的努力和執行力感到非常高興。回到我們的綜合結果。第一季度的毛利率為 39%，而去年同期為 39.9%。利潤率的小幅下降與持續的通脹壓力直接相關，尤其是柴油燃料價格。為了提供與去年同期相比的數量級，我們估計第一季度的毛利率受到超過 100 萬美元或大約 150 個基點的影響，原因是柴油成本較高。

General and administrative expenses in Q1 were $27 million compared to $26.7 million in the same year ago quarter. In the first quarter, we experienced lower amortization cost of intangibles, but this was more than offset by primarily headcount and labor cost increases from recent acquisitions. As a percentage of revenue, G&A costs were 28.9% in the first quarter compared to 31.3% in the same year ago quarter. This is illustrative of our operating efficiencies as we scale both organically and through M&A regardless of the operating environment.

第一季度的一般和行政費用為 2700 萬美元，而去年同期為 2670 萬美元。在第一季度，我們的無形資產攤銷成本較低，但這被近期收購帶來的主要員工人數和勞動力成本增加所抵消。第一季度 G&A 成本佔收入的百分比為 28.9%，而去年同期為 31.3%。這說明了我們的運營效率，因為無論運營環境如何，我們都通過有機和併購進行擴展。

Net income available to common shareholders in the first quarter increased to $6 million or $0.11 per diluted share compared to $0.7 million or $0.01 per diluted share in the same year ago quarter. The improvement was a result of the $2.3 million improvement in gross profit due to contributions from both acquired revenue and organic growth and a favorable change in the fair value of warrants. Consolidated adjusted EBITDA in the first quarter increased 7% to $25 million compared to $23.3 million in the same year ago quarter. Adjusted EBITDA margin declined slightly to 26.8% compared to 27.3% in the same year ago quarter.

第一季度普通股股東可獲得的淨收入增加至 600 萬美元或稀釋後每股收益 0.11 美元，而去年同期為 70 萬美元或稀釋後每股收益 0.01 美元。這一改善是由於收購收入和有機增長的貢獻以及認股權證公允價值的有利變化導致毛利潤增加 230 萬美元。第一季度合併調整後的 EBITDA 增長 7% 至 2500 萬美元，而去年同期為 2330 萬美元。調整後的 EBITDA 利潤率從去年同期的 27.3% 略微下降至 26.8%。

In our U.S. Concrete Pumping business, adjusted EBITDA improved 1% to $14.7 million compared to $14.5 million in the same year ago quarter, driven by our revenue growth. In our U.K. business, adjusted EBITDA was $3.2 million, which is largely in line with the same year ago quarter as strong revenue growth was offset by inflationary pressures primarily in diesel fuel costs. In our U.S. Concrete Waste Management business, adjusted EBITDA improved 33% to $6.5 million compared to $4.9 million in the same year ago quarter.

在我們的美國混凝土泵送業務中，在我們收入增長的推動下，調整後的 EBITDA 增長 1% 至 1,470 萬美元，而去年同期為 1,450 萬美元。在我們的英國業務中，調整後的 EBITDA 為 320 萬美元，與去年同期基本持平，因為強勁的收入增長被主要是柴油成本的通脹壓力所抵消。在我們的美國混凝土廢物管理業務中，調整後的 EBITDA 增長了 33%，達到 650 萬美元，而去年同期為 490 萬美元。

Now turning to liquidity. On January 31, 2023, we had total debt outstanding of $425 million or net debt of $421 million. We had approximately $110 million in liquidity as of January 21, 2023, which includes cash on the balance sheet and availability from our ABL facility. As a reminder, we have no near-term debt maturities with our senior notes and asset-based lending facility (technical difficulty).

現在轉向流動性。 2023 年 1 月 31 日，我們的未償債務總額為 4.25 億美元或淨債務為 4.21 億美元。截至 2023 年 1 月 21 日，我們擁有大約 1.1 億美元的流動資金，其中包括資產負債表上的現金和我們 ABL 設施的可用性。提醒一下，我們的優先票據和基於資產的借貸便利（技術困難）沒有短期債務到期。

Ladies and gentlemen, kindly stay connected, we have lost the line of the management. We will be connecting back soon. Please stay connected. Thank you.

女士們，先生們，請保持聯繫，我們失去了管理層的支持。我們很快就會連接回來。請保持聯繫。謝謝。

Thank you for patiently holding. Ladies and gentlemen, we have the management's line reconnected. Over to you, gentlemen.

感謝您的耐心等待。女士們，先生們，我們已經重新接通了管理層的電話。交給你們了，先生們。

Hello. Thanks. This is Iain Humphries. Apologies for the drop in the line. I'm not sure where we drop, but I will start from our consolidated adjusted EBITDA. In the first quarter, which increased 7% to $25 million compared to $23.3 million in the same year ago quarter, adjusted EBITDA margin declined slightly to 26.8% compared to 27.3% in the same year ago quarter. In our U.S. Concrete Pumping business, adjusted EBITDA improved 1% to $14.7 million compared to $14.5 million in the same year ago quarter, driven by our revenue growth.

你好。謝謝。這是伊恩漢弗萊斯。抱歉掉隊。我不確定我們下降的地方，但我將從我們的綜合調整後 EBITDA 開始。第一季度，與去年同期的 2330 萬美元相比增長 7% 至 2500 萬美元，調整後的 EBITDA 利潤率從去年同期的 27.3% 略微下降至 26.8%。在我們的美國混凝土泵送業務中，在我們收入增長的推動下，調整後的 EBITDA 增長 1% 至 1,470 萬美元，而去年同期為 1,450 萬美元。

In our U.K. business, adjusted EBITDA was $3.2 million, which is largely in line with the same year quarter as strong revenue growth was offset by inflationary pressures, primarily in diesel fuel costs. For our U.S. Concrete Waste Management business, adjusted EBITDA improved 33% to $6.5 million compared to $4.9 million in the same year ago quarter. Turning to liquidity. As at January 31, 2023, we had total debt outstanding of $425 million or net debt of $421 million. We had approximately $110 million in liquidity as of January 31, 2023, which includes cash on the balance sheet and availability from our ABL facility.

在我們的英國業務中，調整後的 EBITDA 為 320 萬美元，與去年同期基本持平，因為強勁的收入增長被通脹壓力（主要是柴油燃料成本）所抵消。對於我們的美國混凝土廢物管理業務，調整後的 EBITDA 增長 33% 至 650 萬美元，而去年同期為 490 萬美元。轉向流動性。截至 2023 年 1 月 31 日，我們的未償債務總額為 4.25 億美元或淨債務為 4.21 億美元。截至 2023 年 1 月 31 日，我們擁有大約 1.1 億美元的流動資金，其中包括資產負債表上的現金和我們 ABL 設施的可用性。

As a reminder, we have no near-term debt maturities with our senior notes and asset-based lending facility maturing in 2026. We remain in a strong cash flow position -- cash flow and liquidity position, which provides further optionality to pursue value-added investment opportunities like accretive M&A and continued investment in our Eco-Pan and concrete pumping fleet to support the overall long-term growth strategy. In the first quarter of 2023, the company repurchased 760,000 shares for $4.9 million. As of January 31, 2023, we had approximately $12.4 million remaining under the share repurchase authorization.

提醒一下，我們的優先票據和基於資產的借貸工具將於 2026 年到期，因此我們沒有短期債務到期。我們仍處於強勁的現金流狀況——現金流和流動性狀況，這為追求價值提供了更多選擇——增加了投資機會，例如增值併購和對我們的 Eco-Pan 和混凝土泵送機隊的持續投資，以支持整體長期增長戰略。 2023 年第一季度，公司以 490 萬美元回購了 760,000 股股票。截至 2023 年 1 月 31 日，我們在股份回購授權下剩餘約 1240 萬美元。

Our fiscal year 2023 financial outlook remains unchanged. As a reminder of our 2023 previously stated guidance, we continue to expect fiscal year revenue to range between $420 million and $445 million, adjusted EBITDA to range between $125 million and $135 million and free cash flow, which we define as adjusted EBITDA less net replacement CapEx, less cash paid for interest to range between $65 million and $75 million. Operationally and financially, we have a solid foundation and we have confidence in executing our growth strategy.

我們 2023 財年的財務前景保持不變。作為對我們之前公佈的 2023 年指引的提醒，我們繼續預計本財年收入將在 4.2 億美元至 4.45 億美元之間，調整後的 EBITDA 將在 1.25 億美元至 1.35 億美元之間，自由現金流定義為調整後的 EBITDA 減去淨替代品資本支出，減去為利息支付的現金，介於 6500 萬至 7500 萬美元之間。在運營和財務方面，我們擁有堅實的基礎，我們有信心執行我們的增長戰略。

With that, I will now turn the call back over to Bruce.

有了這個，我現在將把電話轉回布魯斯。

Thanks, Iain. In summary, the strength of our business was once again on display for this first quarter. We are very pleased with another record quarter driven by double-digit top and bottom line growth and expansion in every segment. We continue to prove out the compelling business proposition of our high-value service and the necessity of our mission-critical service offering in the construction industry, which positions us well for 2023 and beyond. As we think about where our business is positioned, we have high conviction that commercial and infrastructure will continue to have strong demand due to factors we are experiencing today.

謝謝，伊恩。總而言之，我們的業務實力在第一季度再次展現。我們對另一個創紀錄的季度感到非常高興，該季度由每個細分市場的兩位數收入和利潤增長和擴張推動。我們繼續證明我們高價值服務的引人注目的商業主張以及我們在建築行業提供關鍵任務服務的必要性，這使我們在 2023 年及以後處於有利地位。當我們考慮我們的業務定位時，我們堅信，由於我們今天所經歷的因素，商業和基礎設施將繼續有強勁的需求。

Given elevated interest rates and recent indicators of consumer spending weakening, it is only practical for us to assume our residential business volumes may fluctuate and give up some ground to our commercial and infrastructure business throughout the year. However, this is an example of the agility and resilience of our business model and fleet management where construction volumes change in one region or end market, we adjust our fleet management to ensure we optimize equipment utilization. We remain focused on the execution of our growth strategy to continue driving scale through investing in organic growth and M&A and we believe this is the best path to providing superior shareholder value.

考慮到利率上升和近期消費者支出疲軟的指標，我們只能假設我們的住宅業務量可能會波動，並讓我們的商業和基礎設施業務在全年佔據一些優勢。然而，這是我們的商業模式和車隊管理的敏捷性和彈性的一個例子，當一個地區或終端市場的建築量發生變化時，我們調整我們的車隊管理以確保我們優化設備利用率。我們仍然專注於執行我們的增長戰略，通過投資有機增長和併購繼續擴大規模，我們相信這是提供卓越股東價值的最佳途徑。

With that, I would like to now turn the call back to the operator for Q&A. Back, Ron?

有了這個，我現在想把電話轉回接線員進行問答。回來了，羅恩？

(Operator Instructions) We take our first question from the line of Tim Mulrooney with William Blair.

（操作員說明）我們從 Tim Mulrooney 和 William Blair 那裡提出我們的第一個問題。

This is Sam Kusswurm on for Tim. Bruce, Iain, hope you're all doing well. I guess to start here, I was hoping you could break down the organic growth for us between volume and pricing and if the breakout aligns your expectations or if there are any surprises? And maybe if you could comment more broadly about how your pricing conversations have gone with customers. I believe you set rates at the start of the year. I'm wondering if those conversations were receptive and customers were open to get increases.

這是 Tim 的 Sam Kusswurm。布魯斯，伊恩，希望你們一切都好。我想從這裡開始，我希望你能打破我們在數量和定價之間的有機增長，如果突破符合你的預期，或者是否有任何驚喜？也許你可以更廣泛地評論你的定價對話是如何與客戶進行的。我相信您會在年初設定利率。我想知道這些對話是否可以接受，客戶是否願意接受加價。

Yes, Sam, thanks for the question. In Q1, if you break it down by segment, the growth between price and volume on Eco-Pan was about 50-50 between that segment. I would say for the U.S. segment, it's a little harder to define right now in Q1 just based on some of the changes on. You heard us talk about you've got the impact of weather and the end market change on pricing. So we'll probably see more clarity on the pricing and organic volume for the U.S. pumping side in the second quarter. But as a reminder, the guidance for '23 was around 2% on volume and 2% on price.

是的，山姆，謝謝你的提問。在第一季度，如果按細分市場細分，Eco-Pan 的價格和銷量在該細分市場之間的增長率約為 50-50。我想說的是，對於美國市場，現在根據一些變化在第一季度定義起來有點困難。您聽到我們談論過天氣和終端市場變化對定價的影響。因此，我們可能會在第二季度看到美國泵送方面的定價和有機量更加清晰。但提醒一下，23 年的指導價約為 2% 和 2%。

Got you. That's very helpful. Maybe switching gears to M&A. I wanted to ask about the acquisition of the Cherokee business. I was curious to use the name Cherokee Materials and it seemed like it might be more of a supplier of concrete. Maybe you can clarify me on that and just get more of your thoughts on the acquisition in general.

明白了這很有幫助。也許轉向併購。我想問一下收購切諾基業務的問題。我很好奇使用 Cherokee Materials 這個名字，它似乎更像是一個混凝土供應商。也許你可以就此澄清我的看法，並從總體上了解你對此次收購的更多想法。

Sam, this is Bruce. So Cherokee does own a ready-mix company, a small ready-mix company. We did not buy that part of the business. We bought their concrete pumping business and then a machine that basically blows March, our [beauty bar or molds] to playgrounds and landscaping. But largely what they do outside of that one piece of equipment is very well tucks in with what we do.

山姆，這是布魯斯。所以切諾基確實擁有一家預拌料公司，一家小型預拌料公司。我們沒有購買那部分業務。我們買下了他們的混凝土泵送業務，然後購買了一台基本上可以將我們的 [美容棒或模具] 吹向遊樂場和景觀美化的機器。但在很大程度上，他們在這台設備之外所做的事情與我們所做的事情非常吻合。

Got you. I'll leave it there.

明白了我會把它留在那裡。

We take the next question from the line of Brent Thielman with D.A. Davidson.

我們從 D.A. 的 Brent Thielman 那裡接聽下一個問題。戴維森。

I just -- I wanted to come back to the last question. I think last quarter in the U.S. pumping business, you had priced up something like 14%. And I guess if I fast forward to this quarter, it looks like you're about flat organic. So can we infer that rate up at some degree like that and volume completely offset it, understanding there's a lot of weather in the quarter here? But just trying to flesh that out a little more on the organic side.

我只是 - 我想回到最後一個問題。我認為上個季度在美國的泵送業務中，你已經定價了大約 14%。而且我想如果我快進到這個季度，看起來你是關於平有機的。那麼，我們是否可以推斷出某種程度上的增長率，並且成交量完全抵消了它，了解這裡的這個季度有很多天氣？但只是想在有機方面進一步充實這一點。

Yes. On the organic side, I mean, the pricing recalibration, as Bruce mentioned, I mean, it continues. Obviously, the headwind in the quarter was mostly around the weather. So when you have the weather impact and then you have a change in the end market, like seeing the price pull-through is a little trickier to see just looking at the summary level. But the recalibration of rates, it continues within the team.

是的。在有機方面，我的意思是，正如 Bruce 提到的那樣，定價重新校準仍在繼續。顯然，本季度的不利因素主要是天氣。因此，當您受到天氣影響，然後終端市場發生變化時，就像看到價格上漲一樣，僅查看匯總級別就有點棘手。但是利率的重新校準，它在團隊內部繼續。

Okay. Okay, that's great. And then I guess, sticking to that segment, the compression in margins this quarter, I guess, versus the prior year was certainly more severe than what I think you saw last quarter. Is that really just due to adverse weather and ability to get out of work, just not getting the leverage you need and anything else in there to think about in the margins? And I guess just fast forwarding, how do you think about or what should we be thinking about for margins in that segment as we get into the busier period here in the second quarter, third quarter?

好的。好的，那太好了。然後我想，堅持這個細分市場，本季度的利潤率壓縮，我猜，與上一年相比，肯定比我認為你上個季度看到的更嚴重。這真的只是由於惡劣的天氣和失業的能力，只是沒有獲得您需要的槓桿作用以及其他任何需要考慮的因素嗎？而且我想只是快速轉發，當我們進入第二季度，第三季度的繁忙時期時，您如何考慮或我們應該考慮該部分的利潤率？

Yes. I'll take the last part of that question, Brent, first. So on the margin profile, I mean we expect to see the same as we performed in -- even just in last year going forward. So we don't expect any change there. The only real change in the quarter was the severity of the weather that we've seen in the current quarter. And you're right. I mean, any time that you have much colder and much wetter weather across the country, I mean it was really from the mid part of December through the mid part of January.

是的。我先回答這個問題的最後一部分，布倫特。因此，在利潤率方面，我的意思是我們希望看到與我們在未來表現相同的情況——即使只是在去年。所以我們預計那裡不會有任何變化。本季度唯一真正的變化是我們在本季度看到的惡劣天氣。你是對的。我的意思是，任何時候你在全國范圍內遇到更冷和更潮濕的天氣，我的意思是那真的是從 12 月中旬到 1 月中旬。

Obviously, that has an adverse effect slightly on margins. And the last thing you never mentioned, we had it in our prepared remarks, there was about 100 basis point change just in fuel. So from a year-over-year perspective, I mean, the fuel price will start to lap the inflation that we've seen. But the combination of those effects are really what we've seen in the first quarter.

顯然，這對利潤率有輕微的不利影響。你從未提到的最後一件事，我們在準備好的評論中已經提到，僅燃料方面就有大約 100 個基點的變化。因此，從同比的角度來看，我的意思是，燃油價格將開始超越我們所看到的通貨膨脹。但這些影響的結合確實是我們在第一季度所看到的。

Okay. Just last one, great progress again on Eco-Pan. Maybe just a reminder where you've got some density in that business right now and kind of your next markets thought for expansion.

好的。只是最後一個，Eco-Pan 又取得了巨大進步。也許只是提醒您，您現在在該業務中有一定的密度，以及您考慮擴展的下一個市場。

Yes. So obviously, the margins are getting better as we create route density in many of these smaller markets that we started over the last few years are creating that density now as we get enough volume there. So that's been a really good part of the story. We do have a few areas that we're moving into as we speak, but nothing that we want to announce publicly.

是的。很明顯，隨著我們在過去幾年開始的許多較小市場中創造路線密度，利潤率越來越高，現在隨著我們在那裡獲得足夠的數量而創造這種密度。所以這是故事的一個非常好的部分。我們確實有一些我們正在進入的領域，但我們不想公開宣布。

Okay. Fair enough. Appreciate it.

好的。很公平。欣賞它。

We take the next question from the line of Andrew Wittmann with Baird.

我們接聽 Andrew Wittmann 和 Baird 的下一個問題。

Yes, great. I guess I'm just going to have you guys expand a little bit on some prior comments here. But just on the fuel, it kind of feels like as of this fiscal second quarter, you're going to start getting to a pretty neutral position, I think. Iain, maybe you could just comment on that. And do you expect -- I mean your percentage margin guidance for the year is up slightly over the actual '22 results. Do you believe that the second quarter is going to start showing some margin improvement? Or do you think that that's going to come more in the second half of the year?

對，很好。我想我只是想讓你們在這裡對之前的一些評論進行一些擴展。但就燃料而言，我認為從本財年第二季度開始，你將開始進入一個相當中立的位置。伊恩，也許你可以對此發表評論。你是否期望——我的意思是你今年的利潤率指導略高於實際的 22 年結果。您認為第二季度利潤率會開始有所改善嗎？或者你認為下半年會更多嗎？

Yes. Good question, Andy. Yes, I mean, as we've seen before and with our normal seasonality of business, I mean, Q1, as you know, is our slowest and often lowest margin part of our business. So yes, the answer is we expect to see progression on the margin through the year. We still feel good about the guide for the full year in terms of margin performance as well. And back to your comment on fuel, I mean, we are starting to see some stabilization on the diesel fuel price. So we've got that inflation aspect of diesel fuel where we expect to lap that quite soon. So there will be a normalization on the fuel price. We haven't seen it come down yet on pricing, but it certainly is stabilizing, Andy.

是的。問得好，安迪。是的，我的意思是，正如我們之前所看到的以及我們正常的業務季節性，我的意思是，如您所知，第一季度是我們業務中最慢且通常利潤率最低的部分。所以是的，答案是我們希望看到全年的邊際增長。就利潤率表現而言，我們仍然對全年指南感到滿意。回到你對燃料的評論，我的意思是，我們開始看到柴油價格有所穩定。因此，我們已經了解了柴油燃料的通貨膨脹方面，我們預計很快就會出現這種情況。因此，燃油價格將正常化。我們還沒有看到它在定價方面有所下降，但它肯定正在穩定，安迪。

Okay. All right. I guess -- and then where do I want to go next? I guess, any comments on the weather in the second quarter, how that's affecting you or not affecting you so far?

好的。好的。我猜——接下來我想去哪裡？我想，關於第二季度天氣的任何評論，到目前為止，這對您有何影響或沒有影響？

To this point, February was about where we expected it to be and March has been kind of back to normal. So we think Q2, we should have very normal revenues as expected.

到目前為止，2 月與我們預期的差不多，3 月已經恢復正常。所以我們認為第二季度，我們應該像預期的那樣有非常正常的收入。

Got it. Okay. I guess yesterday, in Parliament, HS2 came up as a topic and some discussion now of slowing it down due to the inflationary factors that are still common in the global economy right now. I was just wondering if you've had any marching orders or how this factors into your plan either in the near or intermediate term, recognizing that the long-term lots of things could change when you're talking about the plan that is going to go almost another decade under at least the existing plans.

知道了。好的。我想昨天，在議會中，HS2 作為一個話題出現了，並且由於目前全球經濟中仍然普遍存在的通貨膨脹因素，一些關於放慢它的討論現在出現了。我只是想知道你是否有任何行軍命令，或者這在近期或中期如何影響你的計劃，認識到當你談論將要執行的計劃時，長期的很多事情可能會發生變化至少在現有計劃下再過十年。

Yes. So the current projects that we're currently on aren't -- have not been put on hold. This may affect the start-up of additional sections. So if there is an issue, it would be more into next year than this year.

是的。因此，我們目前正在進行的當前項目並未被擱置。這可能會影響其他部分的啟動。所以如果有問題，明年會比今年更嚴重。

Okay. Okay. And then I guess just on residential, can you talk about -- I guess, what does that backlog look like right now, realizing you gave us some detail on the mix percentage change that we'll do the math on in terms of trying to understand how the residential market performed overall. But what's the backlog in that business telling you about the summer build season?

好的。好的。然後我想就住宅而言，你能談談——我想，現在積壓的情況如何，意識到你給了我們一些關於混合百分比變化的細節，我們將根據這些變化進行數學計算了解住宅市場的整體表現。但是，該業務的積壓情況如何告訴您有關夏季建造季節的信息？

Yes. So the backlog tells us that it's going to continue to slow down. But we're very fortunate that our commercial market is becoming much stronger with very large projects. So as you've seen over the last 2 quarters, as it slowed down, we've been able to pick up the commercial and infrastructure to offset that and we think that's going to continue through the year.

是的。所以積壓告訴我們它將繼續放緩。但我們非常幸運，我們的商業市場正在通過非常大的項目變得更加強大。因此，正如您在過去兩個季度看到的那樣，隨著它的放緩，我們已經能夠獲得商業和基礎設施來抵消這一點，我們認為這將持續到今年。

Got it. Okay. I'll leave it there.

知道了。好的。我會把它留在那裡。

(Operator Instructions) We take our next question from the line of Stanley Elliott with Stifel.

（操作員說明）我們從 Stanley Elliott 和 Stifel 那裡接聽我們的下一個問題。

Of the $420 million, $445 million revenue number you guys have out, could you help us or remind us again what is embedded on the residential side? Is that like down 20%, down more, down less? Just trying to kind of triangulate some of the end markets.

在你們給出的 4.2 億美元、4.45 億美元的收入數字中，你們能否幫助我們或再次提醒我們住宅方面嵌入了什麼？那是下降 20%，下降更多，下降更少？只是想對一些終端市場進行三角測量。

Yes. So we haven't really publicly announced where we think that shift will end up. Now as you know, last year, we got to a point where our end market had grown to the point where 37% of our revenue was residential. That's really the highest it's been since the GFC. More normal for us is somewhere between the 25% and 30% of revenue and I think that's where we're going to find ourselves this year.

是的。所以我們還沒有真正公開宣布我們認為這種轉變會在哪裡結束。正如你所知，去年，我們的終端市場已經發展到住宅收入占我們收入的 37%。這確實是自全球金融危機以來的最高水平。對我們來說更正常的是收入的 25% 到 30% 之間，我認為這就是我們今年要找到的地方。

And on the CapEx piece, are you getting better velocity from your OEMs? Are they going to be able to fill all of the requests that you have out? Is there a risk that some of your CapEx has to slip into next year? Just anything you could help us where -- with that would be great.

在資本支出方面，您是否從原始設備製造商那裡獲得了更快的速度？他們是否能夠滿足您提出的所有要求？您的部分資本支出是否有可能不得不拖延到明年？任何你能幫助我們的地方——那就太好了。

There is a possibility that, that may happen. We've done a pretty good job in the U.S. of getting things delivered fairly timely. It's a little more challenging in the U.K. But there could be some slippage, but it won't be a lot.

有可能會發生這種情況。我們在美國做得很好，可以相當及時地交付物品。這在英國更具挑戰性。但可能會有一些下滑，但不會很多。

And with the Eco-Pan business performing as well as it has, are you seeing anything on the competitive landscape, other people moving into the markets? Anything to help us kind of with how that trajectory of the business could ramp?

隨著 Eco-Pan 業務的出色表現，您是否看到競爭格局中有什麼其他人進入市場？有什麼可以幫助我們了解業務軌跡如何發展的嗎？

Yes. So we do have some small copycats that have been around for a few years, nothing that has started over the last couple of years that has been significant towards us. But really, it's a race to market. We've got great relationships. We've got a great team building that out and I think you'll see really good results going forward with that.

是的。所以我們確實有一些已經存在了幾年的小型模仿者，過去幾年開始的對我們來說沒有什麼意義重大。但實際上，這是一場市場競爭。我們有很好的關係。我們有一個很棒的團隊來構建它，我認為你會看到非常好的結果。

And then finally, you all talked about battery plants in some of these larger mega projects, which everybody is excited about. When do you start -- when do you think you're going to start to see not only those breaking ground, but actually when you will start to pump concrete for those projects?

最後，你們都談到了一些更大的大型項目中的電池廠，每個人都對此感到興奮。你什麼時候開始 - 你認為你什麼時候不僅會開始看到那些破土動工，而且實際上什麼時候你會開始為這些項目泵送混凝土？

We've recently received contracts on several of those projects and they'll be breaking ground within this next quarter. So we see the impact of that coming quite strong over the summer and into next year.

我們最近收到了其中幾個項目的合同，它們將在下個季度破土動工。因此，我們看到這種影響在夏季和明年會非常強烈。

We'll take the next question from the line of Steven Fisher with UBS.

我們將從瑞銀集團的 Steven Fisher 那裡接聽下一個問題。

In terms of how you manage the fleet and utilization, to what extent is it getting any easier or harder to maintain utilization that you're targeting? Is it requiring more logistical efforts or costs to keep things at the utilization that you'd like? I'm wondering if there's maybe some costs there that might be flowing into the profit lines that you hadn't anticipated before?

就您如何管理機隊和利用率而言，維持目標利用率在多大程度上變得更容易或更難？是否需要更多的後勤工作或成本來保持您想要的利用率？我想知道是否有一些成本可能會流入您之前沒有預料到的利潤線？

We really haven't had a significant change in the size of fleets in each location. The only thing that might weigh into that is our specialty equipment or placing booms and equipment that we use more high-rise -- on high-rise buildings. There's been a lot more activity with that and it's becoming -- I mean it's all utilized now to the point where we've had to move a little bit of that around. But nothing out of the ordinary outside of that.

每個地點的車隊規模確實沒有發生重大變化。唯一可能影響到這一點的是我們的專業設備，或者我們在高層建築上使用的吊桿和設備。有更多的活動，它正在成為 - 我的意思是它現在都被利用到我們不得不移動一點點的地步。但除此之外沒有任何異常。

Okay. And you talked about your view of customers being able to deliver machines. So I guess I'm curious about your view of supply chain impacts on the broader construction industry and what you're seeing there in terms of how that might be affecting projects or project timing.

好的。你談到了你對客戶能夠交付機器的看法。所以我想我很好奇你對供應鏈對更廣泛建築行業的影響的看法，以及你在那裡看到的可能如何影響項目或項目時間安排。

That's something that we see a little bit of. There are some supplier issues especially when it comes to steel and steel structures, things along those lines. We don't see -- we're not hearing that there's any concerns with any concrete cement aggregates, that sort of thing this year. So for the most part, any jobs that have been delayed because of that have been minor.

這是我們看到的一點點。存在一些供應商問題，尤其是在涉及鋼材和鋼結構時，這些問題。我們沒有看到 - 我們沒有聽說今年對任何混凝土水泥骨料有任何擔憂。因此，在大多數情況下，任何因此而被推遲的工作都是次要的。

Great. And then just lastly, if there's any comments you could have giving a little more color on any momentum within the commercial side of the business, which types of markets are doing? Are you seeing increasing momentum, which ones are sort of holding steady, anything losing momentum?

偉大的。最後，如果有任何評論，您可以對業務商業方面的任何勢頭給出更多的顏色，哪些類型的市場正在做？你看到勢頭增加了嗎，哪些保持穩定，有沒有失去勢頭？

Yes. In our commercial sector, we're gaining positive momentum in nearly every segment. Even hospitality has gotten much better for us this year than what we've seen after it was completely stopped when COVID hit. But the manufacturing facilities and the chip plants, they're all very large and there's large amounts of concrete in those and those projects will run for some period of time. And that's really our sweet spot. That's what we do best at.

是的。在我們的商業領域，我們幾乎在每個領域都獲得了積極的勢頭。甚至今年對我們來說，熱情好客也比我們在 COVID 來襲時完全停止後所看到的要好得多。但是製造設施和芯片廠，它們都非常大，裡面有大量的混凝土，這些項目將運行一段時間。這真的是我們的甜蜜點。這是我們最擅長的。

And so are you not seeing interest rates having any particular impact on -- I know you talked about resi, obviously, but not having any particular impact on the non-resi piece in general?

因此，您是否沒有看到利率對 - 我知道您顯然談到了 resi，但對一般的非 resi 部分沒有任何特別影響？

Not at this point in time. It's actually gotten quite strong and we expect it to continue.

不是在這個時間點。它實際上變得非常強大，我們預計它會繼續下去。

At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Young for closing remarks. Over to you, sir.

至此，我們的問答環節到此結束。我現在想將電話轉回給 Young 先生作結束語。交給你了，先生。

Thank you, Baron. We'd like to thank everyone for listening to today's call and we look forward to speaking with you when we report our second quarter fiscal 2023 results in June. Thank you.

謝謝你，男爵。我們要感謝大家聆聽今天的電話會議，我們期待在 6 月報告 2023 財年第二季度業績時與您交談。謝謝。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。女士們，先生們，今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。