Concrete Pumping Holdings Inc (BBCP) 2025 Q3 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 third quarter ended July 31, 2025. Joining us today are Concrete Pumping Holdings CEO Bruce Young; CFO, Iain Humphries; and the 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，討論混凝土泵送控股截至 2025 年 7 月 31 日第三季度的財務業績。今天與我們一起出席的有 Concrete Pumping Holdings 執行長 Bruce Young、財務長 Iain Humphries 以及公司外部投資者關係總監 Cody Slach。

Before we go further, I would 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 1,995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

在我們進一步討論之前，我想將電話轉給斯拉赫先生，讓他閱讀公司在 1995 年《私人證券訴訟改革法案》含義內的安全港聲明，該聲明對前瞻性陳述提供了重要的警告。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，在本次電話會議中，為了讓大家更了解我們的營運情況，我們將對我們的業務和前景做出一些前瞻性的陳述。這些聲明受到許多風險和不確定性的影響，可能導致實際結果與這些聲明有重大差異。

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 four statements, whether it is 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 表年度報告、10-Q 表季度報告以及向美國證券交易委員會 (SEC) 提交的其他公開文件。本公司不承擔更新或修改任何四項聲明的意圖或義務，無論其是由於新資訊、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 for 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公認會計準則財務指標，包括調整後的 EBITDA、淨債務和自由現金流，我們相信這些資訊為投資者提供了有用的資訊。我們在今天發布的新聞稿中提供了有關這些非 GAAP 財務指標以及與可比 GAAP 指標的對帳的更多信息，該新聞稿已發佈在公司網站上供投資者介紹。

I'd like to remind everyone 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 to the company's website. Now, I would like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young. Bruce?

我想提醒大家，今晚晚點可以重播這通通話。您還可以透過今天的新聞稿中提供的連結以及公司網站觀看網路直播重播。此外，我們已在公司網站上發布了更新的投資者介紹。現在，我想將電話轉給 Concrete Pumping Holdings 的執行長布魯斯楊 (Bruce Young)。布魯斯？

Thank you, Cody, and good afternoon, everyone. In the third quarter, our results demonstrated the resilience and adaptability of our business model through ongoing macroeconomic headwinds and localized weather-related disruptions. Our discipline focused on cost management, fleet optimization, and strategic pricing helped buffer against top line volume softness.

謝謝你，科迪，大家下午好。第三季度，我們的業績證明了我們的商業模式在持續的宏觀經濟逆風和局部天氣幹擾下的韌性和適應性。我們專注於成本管理、車隊優化和策略定價，這有助於緩解營業額疲軟的影響。

Despite the market pressures, we remain committed to generating healthy, free cash flow, maintaining flexibility, and deploying capital thoughtfully to position the company for stronger performance as market conditions improve. Now turning to specific comments on my segment with our US concrete pumping business, we continue to experience construction softness across a variety of commercial work, especially in more interest rate sensitive like commercial projects.

儘管面臨市場壓力，我們仍然致力於創造健康的自由現金流，保持靈活性，並周到地部署資本，以使公司在市場條件改善時獲得更強勁的業績。現在談談我對美國混凝土泵送業務部分的具體評論，我們繼續經歷各種商業工程的建設疲軟，特別是在對利率更敏感的商業項目中。

Larger commercial projects such as data centre's and warehouses remain durable but continue to move at a slower pace given the uncertain economic backdrop. Similar to last quarter, volume demand in our residential and market remained largely resilient against some pricing pressure in the mountain region and Texas, and we experienced continued softness in other US regions due to market uncertainty and elevated interest rate environment.

資料中心和倉庫等大型商業項目仍然具有持久性，但鑑於不確定的經濟背景，其進展速度持續放緩。與上一季類似，我們的住宅和市場批量需求在山區和德克薩斯州承受一定價格壓力的情況下仍保持了較大的彈性，而由於市場不確定性和利率上升環境，我們在美國其他地區持續經歷了疲軟。

Our residential and market mix remained at 32% of total revenue on a trailing 12 month basis. We still expect the structural supply demand imbalance in housing will continue to support medium to long-term home building activity, and we believe the Federal Reserve's path to interest rate reduction should continue to support this and markets growth.

過去 12 個月，我們的住宅和市場組合仍佔總收入的 32%。我們仍然預期住房的結構性供需失衡將繼續支持中長期住房建設活動，我們認為聯準會的降息路徑應該會繼續支持這項活動和市場成長。

Additionally, on the infrastructure side, our national footprint continues to allow us to gain market share as previously allocated funding moves into project starts. Finally, higher than normal rainfall in our central and south-eastern regions further disrupted revenue in our US concrete pumping business.

此外，在基礎設施方面，隨著先前分配的資金投入到計畫啟動，我們的全國覆蓋範圍繼續使我們獲得市場份額。最後，我們中部和東南部地區的降雨量高於正常水平，進一步影響了我們美國混凝土泵送業務的收入。

Moving to our UK operations, the impacts of interest rates and economic uncertainty weighed more heavily on commercial project volume than we had experienced last quarter. However, infrastructure remains resilient in the UK, particularly with continued growth in HS2 construction, and a long construction runway remaining to project completion.

轉向我們的英國業務，利率和經濟不確定性對商業項目數量的影響比我們上個季度經歷的更為嚴重。然而，英國的基礎設施仍然具有彈性，特別是隨著 HS2 建設的持續增長，以及工程完工還剩下很長的施工時間。

We expect our infrastructure business, both in the UK and the US to remain robust in fiscal year, 2025 due to the funding environment in the UK as well as opportunities domestically from the conversion of allocated budget funding into project starts within the infrastructure Investment and Jobs Act.

我們預計，由於英國的融資環境以及《基礎設施投資與就業法案》中將分配的預算資金轉化為項目啟動所帶來的國內機遇，我們在英國和美國的基礎設施業務在 2025 財年將保持強勁增長。

In our US concrete waste management business, we continue to increase revenue due to both volume and pricing growth despite broader market headwinds. I will now let Iain address our financial results in more detail before I return to provide some concluding remarks. Iain?

在我們的美國混凝土廢棄物管理業務中，儘管面臨更廣泛的市場阻力，但由於銷售和價格的成長，我們的收入仍在繼續增加。現在，我將讓伊恩更詳細地介紹我們的財務業績，然後我回來發表一些總結性言論。伊恩？

Thanks, Bruce, and good afternoon, everyone. Moving right into our results in the third quarter. Revenue was $103.7 million to $109.6 million in the prior year quarter. As Bruce mentioned, the decreased revenue was mostly attributable to a volume decline in our US concrete pumping segment due to the continued softness in US commercial construction volume and some adverse weather disrupting several of our US regional markets.

謝謝，布魯斯，大家下午好。直接進入我們第三季的業績。營收為 1.037 億美元，而去年同期為 1.096 億美元。正如布魯斯所提到的，收入下降主要是由於美國商業建築量持續疲軟以及一些惡劣天氣擾亂了我們的幾個美國區域市場，導緻美國混凝土泵送部門的銷量下降。

Revenue on a US concrete pumping segment, mostly operating under the Brundage-Bone brand was $69.3 million compared to $75.2 million in the prior year quarter. We estimate adverse weather in our central and southeast regions impacted our third quarter revenue by approximately $2 million.

美國混凝土泵送部門（主要以 Brundage-Bone 品牌營運）的收入為 6,930 萬美元，去年同期為 7,520 萬美元。我們估計中部和東南部地區的惡劣天氣對我們第三季的收入影響了約 200 萬美元。

Revenue in a year's concrete waste management services segment, operating under the Eco-Pan brand, increased 4% to $19.3 million compared to $18.5 million in the prior year quarter. This organic increase was driven by robust plan pick up volumes and sustained improvement in pricing.

以 Eco-Pan 品牌營運的混凝土廢棄物管理服務部門的年度收入與去年同期的 1,850 萬美元相比成長 4%，達到 1,930 萬美元。這一有機成長是由強勁的計劃提貨量和持續的定價改善所推動的。

For UK operations, operating under the camper brand, revenue was $15.1 million compared to $15.9 million in the same [Q2] quarter due to lower volumes caused by a general slowdown in commercial construction work, mostly due to the impact from high interest rates.

對於以露營車品牌運營的英國業務而言，收入為 1510 萬美元，而同期 [Q2] 為 1590 萬美元，原因是商業建築工程普遍放緩導致銷量下降，這主要是由於高利率的影響。

Foreign exchange translation was approximately a 500 basis point benefit to revenue in the quarter. Returning to our consolidated results, the third quarter gross margin declined 160 basis points to 39% from 40.6% a year ago. While ongoing cost control initiatives help support margin performance, they could not fully offset the impact from lower revenue volumes and fleet utilization as we deliberately continue to invest in our equipment and people in the present software market.

外匯折算為本季營收帶來了約 500 個基點的收益。回到我們的合併結果，第三季毛利率從一年前的 40.6% 下降 160 個基點至 39%。雖然正在進行的成本控制舉措有助於支持利潤率表現，但它們無法完全抵消收入量和車隊利用率下降帶來的影響，因為我們在當前軟體市場中有意繼續投資於我們的設備和人員。

As the construction market recovers, however, we expect to have an outsized benefit from these investments. As a result, we would expect to see bottom line expansion through improved fleet utilization and higher efficiencies of pumping volumes.

然而，隨著建築市場的復甦，我們預期這些投資將帶來巨大的收益。因此，我們期望透過提高車隊利用率和提高泵送量效率來實現利潤的擴大。

General and administrative expenses in the third quarter declined slightly to $27.5 million compared to $27.9 million in the prior year quarter. As a percentage of revenue, [GED] cost for 26.5% in the third quarter when compared to 25.5% in the prior year quarter.

第三季的一般及行政開支略微下降至 2,750 萬美元，而去年同期為 2,790 萬美元。作為收入的百分比，[GED] 第三季的成本為 26.5%，而去年同期為 25.5%。

Net income available to common shareholders in the third quarter was $3.3 million, or $0.07 per diluted share compared to net income available to common shareholders of $7.1 million or $0.13 per diluted share in the prior year quarter.

第三季普通股股東可獲得的淨利為 330 萬美元，即每股攤薄收益 0.07 美元，而去年同期普通股股東可獲得的淨利潤為 710 萬美元，即每股攤薄收益 0.13 美元。

Consolidated adjusted EBITDA in the third quarter was $26.8 million, compared to $31.6 million in the same year to go quarter. An adjusted EBITDA margin was 25.8% compared to 28.8% in the per year quarter. In our US concrete pumping business, adjusted EBITDA declined to $15.6 million, compared to $20.3 million in the same EQ quarter.

第三季合併調整後 EBITDA 為 2,680 萬美元，而去年同期為 3,160 萬美元。調整後的 EBITDA 利潤率為 25.8%，而去年同期為 28.8%。在我們的美國混凝土泵送業務中，調整後的 EBITDA 下降至 1,560 萬美元，而同期為 2,030 萬美元。

In our UK business, adjusted EBITDA was $3.9 million, compared to $4.2 million in the same year to go quarter. And for our year concrete waste management services business, adjusted with that increased 3% to $7.4 million compared to $7.2 million in the same year to go quarter.

在我們的英國業務中，調整後的 EBITDA 為 390 萬美元，而去年同期為 420 萬美元。而對於我們今年的混凝土廢棄物管理服務業務，調整後的營收成長了 3%，達到 740 萬美元，而去年同期的營收為 720 萬美元。

Turning now to liquidity, July 31, 2025, we had total debt outstanding of $425 million, and net debt of $384 million. This equates to a net debt to even the leverage ratio of approximately 3.8 times. We had approximately $358 million of availability at the end of July, which includes cash on the balance sheet and availability from our ABL facility.

現在談到流動性，截至 2025 年 7 月 31 日，我們的未償債務總額為 4.25 億美元，淨債務為 3.84 億美元。這相當於淨債務與槓桿比率約為3.8倍。截至 7 月底，我們有大約 3.58 億美元的可用資金，其中包括資產負債表上的現金和 ABL 設施的可用資金。

Now moving on to our share buyback plan, during the third quarter, we repurchased approximately $593,000 shares for $3.8 million on an average price of $6.40 per share. Since the buyback was initiated in 2022, we have repurchased over $4.6 million shares, or approximately $30 million of our stock, with $20 million remaining in the authorized plan through December of 2026.

現在談談我們的股票回購計劃，在第三季度，我們以每股 6.40 美元的平均價格回購了約 593,000 美元的股票，總價值 380 萬美元。自 2022 年啟動回購以來，我們已回購了價值超過 460 萬股的股票，約 3,000 萬美元的股票，截至 2026 年 12 月，授權計畫中還剩餘 2,000 萬美元。

We believe our share buyback plan demonstrates both our commitment to delivering enhanced value to shareholders and our confidence in our long-term strategic growth plan. Moving now into our 2025 full year guidance, which remains unchanged. We expect fiscal year revenue to range between $380 million and $390 million, adjusted EBITDA to range between $95 and $100 million.

我們相信，我們的股票回購計畫既體現了我們致力於為股東創造更高價值的承諾，也體現了我們對長期策略成長計畫的信心。現在進入我們的 2025 年全年指導，該指導保持不變。我們預計本財年營收將在 3.8 億美元至 3.9 億美元之間，調整後的 EBITDA 將在 9,500 萬至 1 億美元之間。

We expect free cash flow, which we define as adjusted EBITDA, less net replacement CapEx, and less cash paid for interest to be approximately $45 million. Despite a challenging macroeconomic backdrop, we're committed to a prudent capital allocation and an opportunistic investment strategy.

我們預計自由現金流（我們將其定義為調整後的 EBITDA）減去淨替代資本支出，減去支付的利息現金）約為 4500 萬美元。儘管宏觀經濟背景充滿挑戰，我們仍致力於審慎的資本配置和機會主義的投資策略。

Combined with our consistent track record of strong unit economics, healthy liquidity, and balance sheet strength, we believe we are well positioned for continued investments in our fleet to strengthen our service offering in anticipation of a market recovery in fiscal 2026 and beyond. With that, I will now turn the call back to Bruce.

結合我們一貫強勁的單位經濟效益、健康的流動性和資產負債表實力的記錄，我們相信，我們已做好準備，繼續投資於我們的機隊，以加強我們的服務，以應對 2026 財年及以後的市場復甦。說完這些，我現在將電話轉回給布魯斯。

Thanks. While end markets have yet to show signs of a sustained recovery, we continue to believe our business is well positioned to benefit when construction activity improves. Over the last several quarters, we have maintained a healthy balance sheet and strong cash generation, reinforcing the stability of our platform.

謝謝。儘管終端市場尚未顯示出持續復甦的跡象，但我們仍然相信，當建築活動改善時，我們的業務將處於有利地位，可以從中受益。在過去的幾個季度中，我們保持了健康的資產負債表和強勁的現金產生能力，增強了我們平台的穩定性。

Our focus remains in the areas within our control, executing against our disciplined growth strategy, maintaining our commercial leadership, and driving efficiencies through operational excellence. With our solid financial position, we have the flexibility to pursue acquisitions when opportunities arise, invest in organic growth initiatives, and deliver superior shareholder value.

我們的重點仍然在我們能控制的領域，執行我們嚴謹的成長策略，保持我們的商業領導地位，並透過卓越的營運提高效率。憑藉穩固的財務狀況，我們可以靈活地在機會出現時進行收購、投資有機成長計劃並提供卓越的股東價值。

The durability of our business model combined with a track record of successfully navigating cycles gives us confidence in our ability to deliver healthy financial and operating results through a variety of environments. These efforts, we believe, set the stage for long-term shareholder value creation.

我們的商業模式的持久性加上成功駕馭週期的記錄使我們有信心在各種環境下實現健康的財務和營運績效。我們相信，這些努力為長期股東價值創造奠定了基礎。

Lastly, on tariffs, we do not anticipate any meaningful direct near-term impact on our business. However, the heightened uncertainty has contributed to delays in customer decision making and a slower pace of commercial project commitments. With that, I would now like to turn the call back over to the operator for Q&A, Joe.

最後，關於關稅，我們預計短期內不會對我們的業務產生任何有意義的直接影響。然而，不確定性的加劇導致客戶決策延遲，商業專案承諾的步伐放緩。說完這些，我現在想把電話轉回接線生喬進行問答。

(Operator Instructions)

（操作員指示）

Andrew Wittmann, Baird.

安德魯威特曼，貝爾德。

Alright, great, thanks for taking my questions this afternoon, guys. Yes, I would just want to ask a little bit more detail on the outlook here. I guess just maybe just in terms of the fourth quarter, just looking at the implied guidance, I understand you don't want to change the ranges because it wasn't a big enough change to do anything here,

好的，太好了，謝謝大家今天下午回答我的問題。是的，我只是想問這裡的前景的更多細節。我想也許只是就第四季度而言，僅從隱含的指導來看，我理解你不想改變範圍，因為這個變化還不夠大，不足以在這裡做任何事情，

But it looks like you're kind of implying that margins might be up if I look at the midpoint in the fourth quarter. I don't know if that's if that's your math as well and given that revenues are going to be down that that seems like it could be tougher. So I just maybe thought you could address that first, and then I want to talk about '26 and beyond.

但如果我看一下第四季的中點，你似乎暗示利潤率可能會上升。我不知道這是否也是你的計算，考慮到收入將會下降，這似乎可能會更加困難。所以我只是想你可以先解決這個問題，然後我想談談 26 年及以後的事情。

Yeah, so on the guidance piece, I mean, as we tightened the range in the last quarter, so we still feel good about the range, and then as quarters three and four are usually quite compatible. There's an extra day in the fourth quarter compared to the third quarter. So we feel good about the range and where the margin profile's trending and the volume in the business for the fourth quarter.

是的，所以在指導方面，我的意思是，由於我們在上個季度收緊了範圍，所以我們仍然對範圍感到滿意，然後第三季度和第四季度通常非常兼容。第四節比第三節多了一天。因此，我們對第四季度的業務範圍、利潤率趨勢和業務量感到滿意。

Got it. Okay, just, and then I noticed the subtlety here. You, you're trying to, it looks like in the commentary on the revenue guide, you're trying to just get everybody framed up here, as to how do we think about the recovery here eventually.

知道了。好的，然後我注意到了這裡的微妙之處。您，您試圖，看起來在收入指南的評論中，您只是試圖讓每個人都陷入困境，至於我們最終如何看待這裡的復甦。

I think last quarter, you're a little bit more optimistic it could happen a little bit earlier here, seems like you pushed it out a little bit or at least a couple of quarters. Bruce, maybe you could just talk about is this what you're seeing in the backlog, is this what you hear from customers, kind of what informs this new view of when, the recovery, positive revenue growth or at least positive volume growth, what informs it this quarter versus prior quarters if anything's different.

我認為上個季度，你對它可能會提前發生持更樂觀的態度，似乎你把它推遲了一點，或者至少推遲了幾個季度。布魯斯，也許你可以談談這是你在積壓訂單中看到的嗎？這是你從客戶那裡聽到的嗎？是什麼讓你對何時復甦、正收入成長或至少正銷售成長有了新的認識？如果有什麼不同，本季與前幾季相比有什麼不同？

Yeah. Thanks, Andy. So some of the things we are seeing that are a little bit more positive, the bidding activity that we have right now is up from what we've seen in previous months slightly. As you know, residential has been fairly resilient for us. We expect it to stay strong through next year.

是的。謝謝，安迪。因此，我們看到的一些情況更加積極，我們目前的競標活動比前幾個月略有增加。如您所知，住宅市場對我們來說具有相當強的彈性。我們預計明年它將保持強勁勢頭。

The infrastructure projects are starting to come a little more rapidly than what we had seen in the past in the US and then of course in the UK with HS2 really kind of hitting its height now and some decent infrastructure projects coming behind that. That looks good as well.

基礎設施項目的進展速度比我們過去在美國和英國看到的要快一些，其中 HS2 現在正處於鼎盛時期，隨後還有一些不錯的基礎設施項目正在推進。看起來也不錯。

The larger commercial projects, data centers, we're seeing, good activity there, chip plants, big warehousing. What we're not seeing a lot of is manufacturing that seems to be a little bit on hold until the tariff talks kind of settle out, but we're becoming more optimistic into next year, but it's really too early to tell just what that's going to look like.

我們看到，大型商業項目、資料中心、晶片工廠和大型倉庫等活動都很活躍。我們並沒有看到很多製造業似乎在關稅談判平息之前處於暫停狀態，但我們對明年變得更加樂觀，但現在判斷情況會如何還為時過早。

Okay, I'll leave it there. Thanks guys.

好的，我就把它留在那裡。謝謝大家。

Thanks, Andy.

謝謝，安迪。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Hey, thanks. Good afternoon, Bruce. Bruce, I was just wondering if you could speak to what you're seeing in the US business relative some of the pricing pressure you've alluded to in the past, whether you're seeing any stabilization in that or does that still exist and still a factor here in the results.

嘿，謝謝。下午好，布魯斯。布魯斯，我只是想知道您是否可以談談您在美國業務中看到的情況，以及您過去提到的一些定價壓力，您是否看到這種壓力有所穩定，或者這種壓力是否仍然存在並且仍然是影響業績的一個因素。

Yeah, that still does exist, and I think the reason for that is with light commercial being off, there are a lot of the competitors that we have are trying to go after more complex projects that they wouldn't have gone after before, putting some pricing pressure on those types of projects and with the softness in some of the markets that we're in with residential, it's caused a little more pricing pressure there.

是的，這種情況仍然存在，我認為原因在於，由於輕型商用項目關閉，我們的許多競爭對手都在嘗試開展以前不會開展的更複雜的項目，這給這些類型的項目帶來了一些價格壓力，而且由於我們所在住宅市場的一些疲軟，這給那裡帶來了更大的價格壓力。

We do expect that we'll see that continue for another six months or so and then as markets start recovering, we think that that will go away.

我們確實預計這種情況將持續六個月左右，然後隨著市場開始復甦，我們認為這種情況將會消失。

And then on the US pumping margins, when we just (technical difficulty). I guess the lower comparisons purely just the underutilization of assets. Are you still battling some cost that you've got to overcome? Is inflation a factor here, or is it, just getting leverage back in the business, see the margins reversed.

然後在美國的抽水利潤率上，當我們只是（技術難度）。我猜想較低的比較純粹是因為資產利用不足。您是否仍在與一些必須克服的成本作鬥爭？通膨是其中一個因素嗎？或者只是業務槓桿的恢復，導致利潤率逆轉。

Yeah, Brian, thanks for the question. Yeah, on the margin profile, I mean, as you would expect that the change in volume, it does put some pressure on that margin profile. I mean, as we mentioned in our prepared remarks, we've been very focused on the cost initiatives to help balance that. Unfortunately, it didn't quite offset the challenge on the margin piece.

是的，布萊恩，謝謝你的提問。是的，就利潤率狀況而言，我的意思是，正如您所預料的那樣，交易量的變化確實會給利潤率狀況帶來一些壓力。我的意思是，正如我們在準備好的發言中提到的那樣，我們一直非常注重成本措施來幫助平衡這一點。不幸的是，它並沒有完全抵消利潤部分的挑戰。

So there is a bit of operating leverage that we've seen right now. But we expect that the other side of that as the volumes improve. The improvement from utilization improves that operating leverage, and we would expect to see, a strong recovery on the benefit of that once the volume piece moves in the positive direction.

因此，我們現在看到了一些經營槓桿。但我們預計，隨著銷量的提高，情況將會改變。利用率的提高提高了經營槓桿率，我們預計，一旦產量朝著正面的方向發展，就會出現強勁的復甦。

But for right now, you're right, that's the current pressure on the margins, but that's also the benefit of the variable nature of our cost base, that we can weather that storm and then obviously, expand the margin profile as utilization and volumes improve.

但就目前而言，您說得對，這是當前利潤率面臨的壓力，但這也是我們成本基礎變動性帶來的好處，我們可以渡過難關，然後顯然隨著利用率和產量的提高，擴大利潤率。

Thanks guys. Understood. I'll pass it on.

謝謝大家。明白了。我會傳達的。

Thank you.

謝謝。

Luke McFadden, William Blair.

麥克法登、威廉布萊爾。

Hi, Bruce and Andy, thanks for taking our questions today. Maybe just tagging off of Andy's question related to the outlook from earlier. If the recovery were to begin in fiscal 2027 in terms of construction markets, should we be interpreting that to mean that growth might continue to be down in 2026?

嗨，布魯斯和安迪，感謝你們今天回答我們的問題。也許只是標記一下安迪之前提出的與展望相關的問題。如果建築市場在 2027 財年開始復甦，我們是否應該將其解讀為 2026 年的成長可能會繼續下滑？

I know you're not in a position to be providing guidance for next year. But, just as we kind of think about the shape of the recovery here, as we move to the next, 12 to 18 months.

我知道您無法為明年提供指導。但是，正如我們在這裡思考復甦的形態一樣，隨著我們進入下一個 12 到 18 個月。

Yes, certainly we expect by 2027 things will get better. At this point in time, it's difficult to know when in 2026 that turns, and so we're really not comfortable giving guidance out for '26 yet.

是的，我們當然預計到 2027 年情況會有所改善。目前，很難知道 2026 年何時會出現轉機，因此我們暫時還不方便給出 2026 年的預測。

Sure, of course, makes sense. And then, maybe just one clarify clarification question related to weather. I think the comparable period from last year, whether it caused about a $6 million headwind to the quarter. With that $2 million headwind that you called out for this quarter. Are you saying in total there was an $8 million weather-related headwind for the third quarter of 2025 here?

當然，這當然有道理。然後，也許只有一個與天氣有關的澄清問題。我認為與去年同期相比，這是否為本季造成了約 600 萬美元的逆風。您指出本季存在 200 萬美元的逆風。您是說，2025 年第三季度，天氣相關的不利因素總計達 800 萬美元嗎？

No, it was $2 million in comparison to last year. I mean, last year was also quite bad, but in the months of May and June this year, it was worse than it was in that prior year. So it's the two years, like year over year comparison. I mean, obviously these weather events create some near-term noise that we sort through, so there's a bit of a disruption compared to last year in the months of May and June.

不，與去年相比，這一數字是 200 萬美元。我的意思是，去年的情況也相當糟糕，但今年 5 月和 6 月的情況比前一年更糟。所以這是兩年來逐年比較的結果。我的意思是，顯然這些天氣事件會在短期內造成一些幹擾，我們需要進行整理，因此與去年 5 月和 6 月相比，情況會有些混亂。

Understood. And if I can sneak in just one more here at the end, as we think about some of the heavy construction expected to be built domestically over the next few years, things like semiconductor fabs, data centers, and broader manufacturing, it looks like some of this construction is probably going to congregate in certain geographic markets.

明白了。最後我再偷偷補充一點，當我們考慮未來幾年預計在國內建造的一些大型建築，例如半導體工廠、資料中心和更廣泛的製造業時，看起來其中一些建築可能會聚集在某些地理市場。

I'm just wondering how you currently feel about your geographic footprint and if there are any areas you'd like to have more exposure to in light of some of these trends. Thanks so much.

我只是想知道您目前對您的地理足跡有何感受，以及鑑於這些趨勢，您是否希望更多地接觸哪些領域。非常感謝。

Yeah, that's a really good question. So we currently feel pretty good about our footprint. However, we have expanded our footprint recently to take in projects that were quite sizable in areas we weren't in and we'll continue to do that into the future.

是的，這是一個非常好的問題。因此，我們目前對我們的足跡感覺相當滿意。然而，我們最近擴大了業務範圍，承接了我們未涉足的地區相當大規模的項目，未來我們將繼續這樣做。

Understood. Thanks so much. I'll pass it along.

明白了。非常感謝。我會傳達的。

Thank you. Bye.

謝謝。再見。

Thank you. This concludes our question-and-answer session. At this time I'd like to plan a call back over to Mr. Young for closing your email.

謝謝。我們的問答環節到此結束。這次我想回電給楊先生，讓他結束您的電子郵件。

Thank you, Joe, and thanks everyone. We'd like to thank everyone for listening to today's call, and we look forward to speaking with you when we report our fourth quarter and full fiscal 2025 results in January.

謝謝你，喬，也謝謝大家。我們感謝大家聆聽今天的電話會議，並期待在 1 月份報告第四季度和 2025 財年全年業績時與您交談。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。