Concrete Pumping Holdings Inc (BBCP) 2026 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, 2026. Joining us today are Concrete Pumping Holdings CEO, Bruce Young; CFO, Iain Humphries; and the company's External Director of Investor Relations, Cody Slach.

各位下午好，感謝各位參與今天的電話會議，討論 Concrete Pumping Holdings 截至 2026 年 1 月 31 日止第一季的財務業績。今天與會者包括 Concrete Pumping Holdings 執行長 Bruce Young；財務長 Iain Humphries；以及公司外部投資人關係總監 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 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

在我們繼續之前，我想先把電話交給 Slach 先生，宣讀公司依據 1995 年《私人證券訴訟改革法》所定義的「安全港」聲明，其中包含對前瞻性陳述的重要警示。Cody，請開始。

Thank you. I'd like to remind everyone that during 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。我想提醒各位，在本次電話會議中，為了讓各位更了解我們的營運，我們將就本公司的業務與展望作出若干前瞻性陳述。這些陳述受到多項風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。

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 available filings with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise.

關於這些風險與不確定性的資訊，請參閱 Concrete Pumping Holdings 的 Form 10-K 年度報告、Form 10-Q 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。本公司不承擔亦不表示有任何意圖或義務，因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述。

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. I'd like to remind everyone that this call will be available for replay later this evening.

在今天的電話會議中，我們也會提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、淨負債與自由現金流，我們認為這些指標能為投資人提供有用資訊。我們在今日發布的新聞稿或公司網站上張貼的投資人簡報中，提供了關於這些非 GAAP 財務衡量指標的更多資訊，以及與可比 GAAP 指標的調節表。提醒各位，本次電話會議將於今晚稍後提供重播。

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.

網路直播重播也可透過今日新聞稿所提供的連結，以及公司網站取得。此外，我們已在公司網站上發布更新版的投資人簡報。

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

現在我想把電話交給 Concrete Pumping Holdings 的執行長 Bruce Young。Bruce？

Thank you, Cody, and good afternoon, everyone. We were pleased with our first-quarter results, which represented a promising start to the year. Revenue increased 5% year-over-year with adjusted EBITDA up 6%, driven by a return to growth in our US concrete pumping operations, solid execution across the organization and continued discipline around pricing and cost management.

謝謝你，Cody，各位下午好。我們對第一季的業績感到滿意，這代表今年有一個令人鼓舞的開端。營收年增 5%，調整後 EBITDA 年增 6%，主要受惠於我們美國混凝土泵送業務重回成長、全組織的穩健執行，以及在定價與成本管理方面持續保持紀律。

The quarter was led by renewed growth in our commercial end market where activity improved year-over-year -- in particular, demand for large-scale data center projects has remained strong across several of our core geographies and continues to be a meaningful driver of growth for the business.

本季主要由我們商用終端市場的再度成長所帶動，相關活動較去年同期改善——尤其是大型資料中心專案的需求，在我們幾個核心地區仍維持強勁，並持續成為推動業務成長的重要動能。

These projects benefit from our scale, fleet depth and ability to reliably service complex high-volume pours, and we believe we are well positioned to continue supporting this activity. We also benefited from more favourable weather patterns during the quarter compared to the prior year quarter. Combined with strength in pricing, these factors contributed to improved performance and a solid quarter of free cash flow generation. Outside of data centers, the broader commercial end market continues to reflect the trends we have seen in recent quarters.

這些專案受益於我們的規模、車隊深度，以及可靠服務複雜且高量澆置作業的能力；我們相信公司已具備良好條件，可持續支援此類活動。相較於去年同期，本季我們也受惠於較為有利的天候型態。再加上定價走強，這些因素共同促成績效提升，並帶來穩健的自由現金流產生。除資料中心之外，更廣泛的商用終端市場仍反映出我們近幾季所見的趨勢。

Heavy commercial activity remains relatively resilient while more interest rate sensitive segments such as office construction, continue to experience softness as developers remain cautious in the current rate environment.

重型商用活動仍相對具韌性，而對利率更敏感的區塊（例如辦公室建設）則持續疲弱，因開發商在目前利率環境下仍保持審慎。

Turning to residential. Conditions were largely unchanged from prior quarters. Elevated interest rates and affordability constraints continue to weigh on homebuilding activity and volumes in this end market remains soft. While we continue to believe in the long-term fundamentals of housing given structural supply-demand imbalances, near-term conditions remain challenging. Infrastructure activity was also generally consistent with recent trends.

接著談住宅市場。整體狀況與前幾季大致相同。偏高的利率與可負擔性限制持續壓抑住宅建築活動，該終端市場的量能仍然疲弱。雖然基於結構性的供需失衡，我們仍看好住宅市場的長期基本面，但短期狀況依然具挑戰。基礎建設活動整體也大致符合近期趨勢。

We continue to closely monitor public infrastructure spending, particularly as the current federal funding bill approaches its expiration in September, that said, it is important to remember that the infrastructure funding is not an on and off switch. Historically, when a new funding bill is not immediately in place, extensions of existing programs are often implemented typically adjusted for inflation. As a result, bidding activity and project starts tend to continue. Given this dynamic, our national footprint, we remain optimistic on the overall infrastructure backdrop.

我們持續密切關注公共基礎建設支出，特別是現行聯邦撥款法案將於 9 月到期；不過，重要的是要記住，基礎建設資金並非「一開一關」的開關。歷史上，當新的撥款法案未能立即到位時，通常會實施既有計畫的延長，且多半會依通膨進行調整。因此，投標活動與專案開工往往仍會持續。基於此一特性以及我們的全國性布局，我們對整體基礎建設環境仍保持樂觀。

Our Eco-Pan Waste Management Services business again delivered a strong quarter, continuing to demonstrate the ability and densification benefits it brings to the platform. Demand remains healthy, supported by both volume and pricing and Eco-Pan continues to perform excellently even as the broader construction markets remain mixed.

我們的 Eco-Pan 廢棄物管理服務業務本季再度交出強勁表現，持續展現其為平台帶來的能力與密度化效益。需求仍然健康，並同時受到量與價的支撐；即使整體建築市場表現分歧，Eco-Pan 仍持續有優異表現。

Moving to our UK operations. The impacts of interest rates and economic uncertainty continue to weigh heavily on commercial project volumes. However, infrastructure remains resilient in the UK, particularly with energy projects and the continued demand in HS2 construction and the long construction runway remaining to the project completion.

接著談我們的英國業務。利率與經濟不確定性的影響仍對商用專案量造成沉重壓力。然而，英國的基礎建設仍具韌性，特別是能源專案，以及 HS2 建設的持續需求，且距離專案完工仍有很長的施工期。

Finally, we remain on track with our capital investment plans we discussed last quarter. Our focus on fleet management, efficiency and disciplined capital allocation remains unchanged, and we believe these investments will continue to enhance our competitive positioning, support margins, and drive long-term shareholder value. Overall, we are encouraged by the start of the year and believe the first-quarter reinforces the strength of our operating model, the benefits of our scale and our ability to perform across a range of market conditions.

最後，我們仍按計畫推進上季所討論的資本投資方案。我們對車隊管理、效率提升與審慎資本配置的聚焦不變；我們相信這些投資將持續強化我們的競爭定位、支撐利潤率，並推動長期股東價值。整體而言，我們對今年的開局感到鼓舞，並認為第一季再次印證了我們營運模式的強韌、規模帶來的效益，以及我們在各種市場條件下的執行能力。

I will now turn the call over to Iain to walk through financial results in more detail. Ian?

接下來我將把電話交給 Iain，請他更詳細說明財務結果。Iain？

Thanks, Bruce, and good afternoon, everyone. Moving directly into our first-quarter results. Revenue increased 5% to $90.6 million compared to $86.4 million in the prior year quarter. The increase was driven by higher US commercial and infrastructure volumes, particularly in data center-related projects, favourable weather patterns and continued strength in pricing within our US Concrete Pumping and Eco-Pan segments.

謝謝，Bruce，各位下午好。我直接進入第一季業績。營收年增 5% 至 9,060 萬美元，去年同期為 8,640 萬美元。成長主要來自美國商用與基礎建設量能提升，尤其是與資料中心相關的專案；較為有利的天候型態；以及我們美國混凝土泵送與 Eco-Pan 事業部門持續強勁的定價表現。

Revenue in our US Concrete Pumping segment, which operates primarily under the Brundage-Bone brand increased 5%, $59.9 million compared to $56.9 million in the prior year quarter, by end market, commercial and infrastructure activity benefited from higher volumes led by data center projects, along with strength in chip plants, education and bridge work. These gains were partially offset by continued softness in light commercial construction and subdued residential demand, largely driven by affordability challenges from elevated interest rates.

我們美國混凝土泵送事業部門（主要以 Brundage-Bone 品牌營運）的營收年增 5%，達 5,990 萬美元，去年同期為 5,690 萬美元；按終端市場來看，商用與基礎建設活動受惠於量能提升，主要由資料中心專案帶動，並同時受益於晶片廠、教育與橋梁工程的強勁需求。上述成長部分被輕型商用建築持續疲弱與住宅需求低迷所抵銷，主要原因是高利率導致可負擔性挑戰。

Revenue in our Concrete Waste Management Services segment, operating under the Eco-Pan brand increased 8% to $18.1 million compared to $16.7 million in the prior year quarter. This growth was driven by organic volume increases and pricing improvements, underscoring the scalability of this business through the cycle due to long-term market demand.

我們混凝土廢棄物管理服務事業部（以 Eco-Pan 品牌營運）的營收較去年同期的 1,670 萬美元成長 8%，達到 1,810 萬美元。此成長主要由有機量增與價格改善所帶動，凸顯在長期市場需求支撐下，該業務具備穿越景氣循環的可擴展性。

Turning to our UK operations, which operates under the Camfaud brand, revenue was $12.5 million compared to $12.8 million in the prior year quarter. The decline was due to a mix of disruptive winter weather and volume-driven weakness in commercial construction activity amid elevated interest rates and economic uncertainty. Foreign exchange translation provided an approximately 570 basis point benefit to revenue during the quarter. At the consolidated level, first-quarter gross margin declined 80 basis points to 35.3% and compared to 36.1% a year ago.

接著看我們以 Camfaud 品牌營運的英國業務，營收為 1,250 萬美元，較去年同期的 1,280 萬美元略降。下滑主要因冬季惡劣天候造成干擾，以及在利率高企與經濟不確定性下，商業建築活動因量縮而走弱的綜合影響。本季外匯換算對營收帶來約 570 個基點的正面貢獻。在合併層級，第一季毛利率下滑 80 個基點至 35.3%，去年同期為 36.1%。

The decrease was primarily attributable to higher commercial insurance costs and an increase in repair and maintenance expenses. General and administrative expenses declined to $27.5 million in the first-quarter compared to $27.8 million in the prior year quarter. As a percentage of revenue, G&A was 30.4% in the first-quarter compared to 32.2% in the prior year quarter, reflecting our continued cost discipline.

下降主要歸因於商業保險成本上升，以及維修與保養費用增加。第一季一般及行政費用（G&A）降至 2,750 萬美元，去年同期為 2,780 萬美元。以營收百分比計，第一季 G&A 為 30.4%，去年同期為 32.2%，反映我們持續的成本紀律。

Net loss attributable to common shareholders in the first-quarter was $2.9 million or $0.06 per diluted share compared to a net loss of $3.1 million or $0.06 per diluted share in the prior year quarter. Consolidated adjusted EBITDA increased 6% to $18 million compared to $17 million in the year ago quarter, with adjusted EBITDA margin remaining consistent at 20%.

第一季歸屬普通股股東之淨損為 290 萬美元，或每股稀釋虧損 0.06 美元；去年同期淨損為 310 萬美元，或每股稀釋虧損 0.06 美元。合併調整後 EBITDA 成長 6% 至 1,800 萬美元，去年同期為 1,700 萬美元；調整後 EBITDA 利潤率維持一致為 20%。

We -- within our US Concrete Pumping business, adjusted EBITDA increased 6% to $9.7 million compared to $9.2 million in the prior year quarter. In our US Concrete Waste Management Services business, adjusted EBITDA increased 20% to $6 million compared to $5 million in the prior year quarter, driven by strong operating leverage on higher volumes and pricing. And in the UK operations, adjusted EBITDA was $2.3 million compared to $2.8 million in the prior year quarter.

在我們美國混凝土泵送業務中，調整後 EBITDA 成長 6% 至 970 萬美元，去年同期為 920 萬美元。在我們美國混凝土廢棄物管理服務業務中，調整後 EBITDA 成長 20% 至 600 萬美元，去年同期為 500 萬美元，主要受惠於更高的出貨量與定價帶來的強勁營運槓桿。而在英國業務方面，調整後 EBITDA 為 230 萬美元，去年同期為 280 萬美元。

Turning now to liquidity. As of January 31, 2026, total debt outstanding was $425 million with net debt of $372 million, representing a net leverage ratio of approximately 3.8 times to adjusted EBITDA. We ended the quarter with approximately $350 million of available liquidity, which includes cash on hand and availability under our ABL facility, providing substantial financial flexibility. Regarding capital allocation. During the first-quarter, we repurchased approximately 651,000 shares for $4 million at an average price of $6.21 per share.

接著談流動性。截至 2026 年 1 月 31 日，未償還總債務為 4.25 億美元，淨負債為 3.72 億美元，淨槓桿比率約為調整後 EBITDA 的 3.8 倍。本季末我們約有 3.5 億美元可用流動性，包括手上現金及 ABL 融資額度下的可用額度，提供充足的財務彈性。關於資本配置。第一季期間，我們以每股平均 6.21 美元回購約 651,000 股，總金額 400 萬美元。

Since initiating this program in 2022, we have repurchased approximately 5.6 million shares for $35.5 million, with $14.5 million remaining under the current authorization through December of 2026. We believe our share buyback plan demonstrates both our commitment to delivering enhanced shareholder value and our confidence in our long-term strategic growth plan.

自 2022 年啟動該計畫以來，我們已回購約 560 萬股，總金額 3,550 萬美元；在目前授權下，截至 2026 年 12 月仍剩餘 1,450 萬美元可用額度。我們認為股票回購計畫同時展現我們致力於提升股東價值的承諾，以及對長期策略性成長計畫的信心。

Turning to our outlook for fiscal 2026, which remains unchanged. We continue to expect revenue in the range of $390 million to $410 million and adjusted EBITDA between $90 million and $100 million. Our guidance assumes no meaningful recovery in the construction markets during fiscal 2026. We expect free cash flow, which is defined as adjusted EBITDA less net replacement CapEx and net cash interest to be at least $40 million. This outlook assumes approximately $23 million of net replacement CapEx and $32 million of net cash paid for interest. This excludes the accelerated CapEx pulled forward from fiscal 2027 that was discussed on our prior earnings call.

接著談我們對 2026 會計年度的展望，維持不變。我們仍預期營收介於 3.90 億至 4.10 億美元之間，調整後 EBITDA 介於 9,000 萬至 1.00 億美元之間。我們的指引假設在 2026 會計年度建築市場不會出現顯著復甦。我們預期自由現金流（定義為調整後 EBITDA 減去淨汰換資本支出與淨現金利息）至少為 4,000 萬美元。此展望假設淨汰換資本支出約 2,300 萬美元，以及利息淨現金支付約 3,200 萬美元。此不包含我們在前次法說會中提及、由 2027 會計年度提前至 2026 會計年度的加速資本支出。

As a reminder, we are incorporating accelerated fleet investment into our fiscal 2026 planning. We expect to invest approximately $22 million in fiscal 2026 that has been accelerated from 2027 and this pull forward investment relates to the upcoming 2027 stricter NOx emission standards. Beginning in fiscal 2027, we expect net replacement CapEx to be in the low single-digit percentage of revenue.

提醒一下，我們已將加速車隊投資納入 2026 會計年度規劃。我們預期在 2026 會計年度投資約 2,200 萬美元，該投資係自 2027 年提前，與即將於 2027 年實施、更嚴格的 NOx 排放標準相關。自 2027 會計年度起，我們預期淨汰換資本支出將為營收的低個位數百分比。

Our balance sheet and liquidity position comfortably supports this investment strategy. We remain committed to disciplined capital deployment, maintaining leverage within our target range and prioritizing returns on invested capital. We believe we are well positioned to strengthen our service offering in anticipation of a market recovery.

我們的資產負債表與流動性部位可充裕支撐此投資策略。我們仍致力於有紀律的資本運用，將槓桿維持在目標區間內，並優先考量投入資本報酬率。我們相信，在市場復甦前夕，我們已具備良好條件以強化服務供給。

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

接下來，我把電話交回給 Bruce。

Thanks, Ian. As we move through the year, we are encouraged by the momentum we are seeing in the business following a strong start to 2026. While some end markets remain challenged, particularly in residential construction, the return to growth in our commercial operations and continued strength in data center related activity reinforces our confidence in the durability of our platform and our ability to perform across varying market conditions.

謝謝，Ian。隨著我們推進今年的進程，在 2026 年強勁開局之後，我們對業務所展現的動能感到鼓舞。儘管部分終端市場仍具挑戰，尤其是住宅建築，但我們商業業務重回成長，加上資料中心相關活動持續強勁，進一步強化我們對平台韌性以及在不同市場環境下持續表現能力的信心。

Over the last several quarters, we have continued to generate solid free cash flow and maintain a strong balance sheet, preserving the financial flexibility that allows us to operate from a position of strength. This discipline provides the ability to invest through the cycle remain selective and opportunistic and position the company to benefit as construction activity continues to normalize.

過去幾個季度，我們持續創造穩健的自由現金流並維持強健的資產負債表，保有使我們能以優勢地位營運的財務彈性。這份紀律讓我們能在景氣循環中持續投資，保持選擇性與機會主義，並在建築活動持續正常化之際，使公司處於可受益的位置。

Our focus remains squarely on the areas within our control, executing our disciplined growth strategy, maintaining commercial leadership in our core markets efficiency through cost management and fleet optimization and investing strategically in our equipment base as a key source of competitive advantage.

我們的重點仍聚焦於可控範圍：執行有紀律的成長策略、在核心市場維持商業領導地位、透過成本管理與車隊最佳化提升效率，並策略性投資於設備基礎，將其作為競爭優勢的關鍵來源。

We believe these priorities, combined with the benefits of scale and pricing discipline will continue to support margin performance and long-term value creation. With our strong financial position, we retained the flexibility to pursue value accretive acquisitions, invest in organic growth initiatives, and return capital to shareholders when appropriate. We remain disciplined in our approach to M&A, prioritizing opportunities to strengthen our core platform and align with our strategic and financial objectives.

我們相信，這些優先事項，加上規模效益與定價紀律所帶來的好處，將持續支撐利潤率表現與長期價值創造。憑藉強健的財務狀況，我們保有彈性以追求具增值性的併購、投資於有機成長計畫，並在適當時機回饋資本給股東。我們在併購（M&A）方面仍維持紀律，優先考量能強化核心平台並符合策略與財務目標的機會。

The strength of our operating model, diversified end market exposure, and proven ability to navigate cycles gives us confidence in our outlook. We believe we are well positioned to continue executing in the near term while creating meaningful long-term shareholder value as market conditions evolve.

我們營運模式的優勢、多元化的終端市場曝險，以及已被驗證的穿越景氣循環能力，使我們對展望充滿信心。我們相信，隨著市場環境演變，我們已具備良好條件在短期內持續落實執行，同時創造具意義的長期股東價值。

With that, I'd now like to turn the call back over to the operator for Q&A. Jan?

那麼，接下來我想把電話交回給接線員，進行問答環節。Jan？

(Operator Instructions)

(接線員指示)

Sam Kusswurm, William Blair.

Sam Kusswurm，William Blair。

Bruce, Ian. Congrats on the quarter here.

Bruce、Ian。恭喜本季表現。

Thanks, Sam.

謝謝你，Sam。

I guess to start, I wanted to ask a bit more about the momentum you saw in your business this quarter. The midpoint of your guide calls for top line growth of 2% and no meaningful recovery in the construction market, but you have a pretty strong start to the year here. Can you talk more about the end markets, geographies or project types that are surprising you to the positive and if it's really primarily the data center work, was there a significant step-up that you weren't expecting before? Just trying to understand the acceleration a bit more.

我想先從本季你們業務所呈現的動能多問一些。你們指引的中位數預期營收成長2%，且建築市場沒有明顯復甦，但你們今年開局相當強勁。能否多談談哪些終端市場、地理區域或專案類型帶來了超出預期的正面驚喜？如果主要是資料中心相關工作，是否出現了你們先前未預期的顯著加速？我只是想更了解這波加速的原因。

Yes. So there's three things, I think. One, we did have better weather this quarter than we had last year, and so that helped with some of the momentum that we're feeling. We have started this next quarter with fairly good weather as well. So that's helped our Q2 to begin with. The data center work certainly has been stronger for us than we had initially anticipated. And it does appear that there could be greater potential in that as the year plays out, and we're monitoring that very closely.

是的。我想有三個因素。第一，本季天氣比去年好，因此對我們感受到的部分動能有所幫助。我們在下一季開始時天氣也相當不錯。所以這也讓我們第二季一開始就受惠。資料中心的工作量確實比我們原先預期更強。而且看起來隨著今年推進，這方面可能還有更大的潛力，我們正非常密切地監控。

And I guess the third thing is our infrastructure is continuing to do a little bit better as well, with dollars that were set aside for those projects many years ago now coming into play and we're starting to see that momentum. So with those offsetting some of the softness we're seeing in some of the other commercial segments and residential, we're still a little cautious going into the year, but we feel like we have a good start, and we're looking forward to the rest of the year.

第三，我們的基礎建設業務也持續表現得更好一些；多年前為這些專案預留的資金現在開始投入使用，我們也開始看到那股動能。因此，儘管我們在其他部分商用領域與住宅市場看到一些疲軟，但有上述因素抵銷，我們對今年仍稍微謹慎，不過我們覺得開局不錯，也期待接下來的表現。

Great. That's very helpful color. Maybe on the flip side of this, I need to ask about your energy costs. I know it's really early right now in this whole dynamic and a lot seems to be changing every day. But if oil were to stay sticky at, say, $90 a barrel for a while, how should we think about the impact to your margins and your ability to stay within your guidance range for EBITDA, given I think your guidance seems was assuming similar energy costs as last year?

很好。這些補充非常有幫助。從另一個角度，我想問一下你們的能源成本。我知道目前這整個情勢還很早期，而且每天似乎都在變。但如果油價在每桶90美元附近黏著一段時間，我們應該如何看待對你們毛利率的影響，以及在你們的EBITDA指引區間內維持表現的能力？因為我認為你們的指引似乎是假設能源成本與去年相近。

Fuel prices are certainly front of mind for us. We do have fuel surcharges and a lot of our agreements that are left over from the last time we saw price escalation with fuel. And we're also starting to implement fuel surcharges and other areas as well. We do hope is short-lived, no telling just how long we'll deal with that, but we'll do the best we can to recoup some of those additional costs.

燃料價格當然是我們最關注的議題之一。我們在許多協議中都有燃料附加費條款，這些多半是上一次燃料價格上漲時留下來的。我們也開始在其他領域導入燃料附加費等措施。我們希望這只是短期現象，但究竟會持續多久也很難說；我們會盡最大努力回收部分新增成本。

Justin Hauke, Baird.

Justin Hauke，Baird。

Great. I guess I was curious, I mean, just given that the guidance doesn't assume any volume growth, but you did talk about volume growth and pricing growth -- of the revenue growth, can you break out kind of the split between those two for the quarter? I'm just trying to, I guess, gauge how much the better weather helped on the volume side.

很好。我有點好奇：既然指引並未假設任何出貨量（量）成長，但你們提到量成長與價格成長——就本季的營收成長而言，能否拆分一下兩者各自的貢獻？我想衡量一下較佳天氣在量的部分到底幫了多少。

Yes, Justin, it was almost split about 2% on the volume side. Like Bruce said, that was in some part due to like more consistent weather and that we've seen that helped us with execution and then the remaining piece of about 3% on price year-over-year.

是的，Justin，量的部分大概接近2%，幾乎是一半一半。如Bruce所說，部分原因是天氣較為穩定一致，這有助於我們的執行；其餘約3%則是價格相較去年同期的成長。

Okay. I guess my second question before I turn it over, I just wanted to understand the language on the CapEx acceleration, which obviously, you talked about that last quarter when you gave the guidance, but there was some additional language where you haven't accelerated anything yet. And I didn't know if that meant that, that was still an option that you may decide not to do that $22 million of investment this year? Or if it just meant in the quarter, none of that had been spent.

了解。在我把問題交出去之前，我的第二個問題是想了解你們對資本支出加速（CapEx acceleration）的措辭。你們上季在給指引時就提過，但這次又多了一些文字，提到你們尚未加速任何事項。我不確定這是否表示今年那2,200萬美元的投資仍是一個選項、你們可能決定不做？還是只是表示本季尚未支出這部分？

Yes. It was just meant in the quarter. We do anticipate spending that this year. Now there may be some concerns with whether or not we can get those trucks delivered before our fiscal year-end, which is in October. And largely, we'll have to have the trucks in place that might be delivered into next year that are 2026 trucks.

是的。那只是指本季而已。我們確實預期今年會支出那筆金額。不過，可能會有一些疑慮在於我們是否能在10月的會計年度結束前收到那些卡車。而且很大一部分可能會是要到明年才交車的2026年款卡車。

But some of the changes that you're hearing or that we're all hearing about the regulation towards trucks, the truck manufacturers are still telling us they're moving forward with the change to the truck into the emissions, which we talked about on our last call being a concern for us because it won't give us the reliability and really the functionality with the stronger horsepower engines that we currently have that won't be available in future.

但你們聽到的、或我們大家聽到的關於卡車法規的變動，卡車製造商仍告訴我們他們會推進卡車排放相關的變更。我們在上次電話會議也談到，這對我們是一項疑慮，因為未來可能無法提供我們目前所擁有的可靠性，以及更高馬力引擎所帶來的功能性，而這些在未來可能不再可得。

So we do anticipate getting out in front of that. Now that has some benefit with the data center growth that we're experiencing, getting those trucks in a little bit earlier to help us with some of that work has been helpful.

因此我們確實預期會提前因應。另外，隨著我們正在經歷的資料中心成長，能更早把這些卡車配置到位以支援部分工作，也帶來了一些好處。

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.

此時，我們的問答環節到此結束。接下來我想把電話交回給Young先生作結語。

Thank you, Bohn. 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 results in June. Thank you.

謝謝你，Bohn。感謝各位收聽今天的電話會議，我們期待在6月公布第二季業績時再與各位交流。謝謝。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。