Concrete Pumping Holdings Inc (BBCP) 2026 Q2 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 second quarter end of April 30, 2026.

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 4 月 30 日之第二季財務業績。

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

今天與會者包括 Concrete Pumping Holdings 執行長 Bruce Young、財務長 Iain Humphries，以及公司對外投資人關係總監 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.

在我們進一步開始之前，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》所作之「安全港」聲明，其中包含對前瞻性陳述的重要警示。

Cody, please go ahead.

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. 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 because of new information, future events or otherwise.

謝謝。我想提醒各位，為了讓大家更了解我們的營運情況，我們在本次電話會議中將就本公司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。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的任何意圖或義務。

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.

在今天的電話會議中，我們也將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA、淨負債與自由現金流，我們認為這些指標可為投資人提供有用資訊。我們已在今日發布的新聞稿或公司網站上的投資人簡報中，提供關於這些非 GAAP 財務衡量指標的進一步資訊，以及與可比 GAAP 指標的調節表。

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 to the company's website.

我也想提醒各位，本次電話會議將於今晚稍後提供重播。網路直播重播亦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 strong second quarter with revenue increasing 14% year over year and adjusted EBITDA growing 17%, driven by continued momentum across our US operations, disciplined operational execution throughout the organization, and favorable end-market activity in several of our key geographies.

謝謝你，Cody，各位下午好。我們對第二季的強勁表現感到滿意：營收年增 14%，調整後 EBITDA 成長 17%。這主要受惠於我們美國業務持續的動能、全組織嚴謹的營運執行，以及我們若干關鍵地區終端市場活動的有利表現。

This quarter was also highlighted by the early April closing on the Templant Hire acquisition in the UK. Importantly, this acquisition represents an important step in executing our strategy to build a diversified multi-service platform supporting the construction and infrastructure sectors. Templant is a high-quality business with strong leadership, and we see clear opportunities to accelerate growth and provide long-term sustainable value for our shareholders.

本季另一項重點是我們於 4 月初提前完成英國 Templant Hire 的收購交割。重要的是，此次收購是我們執行策略的重要一步，旨在打造一個支援建築與基礎建設產業的多元化、多服務平台。Templant 是一家高品質企業，具備強而有力的領導團隊；我們看見明確機會可加速成長，並為股東創造長期且可持續的價值。

Returning to our execution in the second quarter, our performance was led by continued strength in commercial and infrastructure construction activity across a wide variety of industries, including education, healthcare, energy, infrastructure, and of course, data centers. Growth across these projects, particularly in data centers, remains healthy and continues to support improved utilization levels throughout our US concrete pumping and Eco-Pan operations.

回到第二季的執行面，我們的表現主要由商業與基礎建設建築活動在多元產業中的持續強勁所帶動，包括教育、醫療保健、能源、基礎建設，當然還有資料中心。這些專案的成長，尤其是資料中心，仍然健康，並持續支撐我們美國混凝土泵送與 Eco-Pan 營運的使用率提升。

In addition to the growing data center activity, we are also seeing solid demand across public infrastructure-related projects, including roads, bridges, and education, construction. Overall, the environment for larger-scale commercial and infrastructure projects remains exciting and continues to play into our competitive advantage as the largest concrete pumping service provider in the US.

除了資料中心活動增加之外，我們也看到公共基礎建設相關專案的穩健需求，包括道路、橋梁與教育建設。整體而言，大型商業與基礎建設專案的環境仍令人振奮，並持續強化我們作為美國最大混凝土泵送服務供應商的競爭優勢。

We also benefited from generally favorable weather conditions across our US markets during the first half of the year, which supported improved activity levels compared to the prior-year period. Combined with continued price discipline and solid operational execution, these factors contributed to a strong margin performance and another quarter of healthy free cash flow generation.

我們也受惠於今年上半年美國各市場整體較為有利的天候條件，使活動水準較去年同期有所改善。再加上持續的價格紀律與穩健的營運執行，這些因素共同促成強勁的毛利率表現，以及又一季健康的自由現金流產生。

Outside of these areas of strength, broader construction trends remain relatively consistent with what we had discussed last quarter. Heavy commercial activity continues to hold up reasonably well, while more interest rate-sensitive segments, including office and portions of light commercial construction, remains subdued as customers continue to navigate elevated finance cost and economic uncertainty.

除上述強勢領域之外，整體建築趨勢大致與我們上季討論的情況一致。重型商業活動仍維持相對良好；而對利率更敏感的領域，包括辦公室以及部分輕型商業建築，仍然低迷，因客戶持續面對偏高的融資成本與經濟不確定性。

Residential construction activity also remains challenged. Elevated mortgage rates and affordability pressures continue to weigh on new home construction activity. And while we continue to believe the long-term housing fundamentals remain favorable, near-term demands remain soft. Infrastructure activity in the US continues to be generally strong as the underlying bidding environment and project activity remained healthy, particularly across larger scale and longer duration projects.

住宅建築活動同樣仍具挑戰。偏高的房貸利率與可負擔性壓力持續抑制新屋開工活動。雖然我們仍相信長期住宅基本面依然有利，但短期需求仍偏弱。美國的基礎建設活動整體仍普遍強勁，因為整體投標環境與專案活動保持健康，尤其是在規模較大、工期較長的專案上。

Our Eco-Pan Concrete Waste Management Services business again delivered a strong quarter, continuing to benefit from healthy underlying construction activity, pricing execution, and ongoing penetration into new customer accounts. Eco-Pan remains a highly complimentary service offering to our concrete pumping operations and continues to demonstrate active through cycle characteristics.

我們的 Eco-Pan 混凝土廢棄物管理服務業務本季再次交出強勁成績，持續受惠於健康的建築活動基本面、價格執行，以及持續滲透新客戶帳戶。Eco-Pan 與我們的混凝土泵送業務高度互補，並持續展現跨景氣循環的特性。

Turning to our UK operations, market conditions remain more challenging. Elevated interest rates, inflationary pressures, and broader economic uncertainty continue to impact commercial construction activity, while public infrastructure funding dynamics also remain less favorable than what we experienced in the US. Despite these conditions, infrastructure-related activity in areas such as energy projects and HS2 construction remains relatively resilient, and we continue to focus on disciplined cost management and operational execution within the region.

談到英國業務，市場狀況仍較具挑戰。偏高的利率、通膨壓力與更廣泛的經濟不確定性持續影響商業建築活動；同時，公共基礎建設資金的動態也不如我們在美國所見那般有利。儘管如此，能源專案與 HS2 建設等領域的基礎建設相關活動仍相對具韌性，我們也持續專注於該地區嚴謹的成本管理與營運執行。

We're also pleased with the progress of our recent strategic acquisitions, including our Republic of Ireland expansion and entry into the UK temporary power market. While the near-term acquisition revenue contribution remains modest, we are encouraged by the strategic positioning these investments provide and the opportunities they create to further expand our platform and grow organically over time.

我們也對近期策略性收購的進展感到滿意，包括拓展愛爾蘭共和國市場，以及進入英國臨時電力市場。雖然短期內收購帶來的營收貢獻仍屬有限，但我們對這些投資所帶來的策略定位及其創造的機會感到鼓舞，這將有助於我們進一步擴大平台，並隨時間推進實現有機成長。

Overall, we are encouraged by our first-half performance, and we believe the second quarter further demonstrates the strength of our operating model, our disciplined execution, and the benefits of our scale and marketing position. As a result of our performance in current market trends, we are raising our full-year outlook while remaining focused on operational discipline, free cash flow generation, and long-term value creation.

整體而言，我們對上半年表現感到鼓舞，並認為第二季進一步展現了我們營運模式的強韌性、嚴謹的執行力，以及規模與市場地位所帶來的效益。基於我們的表現與目前市場趨勢，我們上調全年展望，同時仍聚焦於營運紀律、自由現金流產生與長期價值創造。

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

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 second-quarter results. Revenue increased 14% to 106.8 million, compared to $94 million in the prior-year quarter. The increase was driven by higher US commercial and infrastructure activity, particularly to large scale data center and infrastructure projects, along with price improvements, organic volume growth in Eco-Pan, and generally more favorable weather conditions across our US markets.

謝謝你，Bruce，各位下午好。我們直接進入第二季業績。營收年增 14% 至 1.068 億，較去年同期的 9,400 萬增加。成長主要來自美國商業與基礎建設活動提升，特別是大型資料中心與基礎建設專案，以及價格改善、Eco-Pan 的有機量成長，並且美國各市場整體天候條件較為有利。

Revenue in our US concrete pumping segment, which operates primarily under the Brundage-Bone brand, increased 15% to $71.5 million compared to $62.1 million in the prior-year quarter.

我們美國混凝土泵送業務部門（主要以 Brundage-Bone 品牌營運）的營收較去年同期的 6,210 萬美元成長 15%，達到 7,150 萬美元。

Commercial and infrastructure activity benefited from continued strength in large scale projects, including data centers, roads, bridges, education, warehousing, and energy-related projects. These gains were partially offset by continued softness and light commercial construction and subdued residential demand due to elevated interest rates and broader economic uncertainty.

商業與基礎建設活動受惠於大型專案持續強勁，包括資料中心、道路、橋梁、教育、倉儲以及能源相關專案。然而，這些成長部分被輕型商業建築持續疲弱，以及在利率高企與更廣泛的經濟不確定性下住宅需求低迷所抵銷。

Revenue in our concrete waste management services segment operating under the Eco-Pan brand increased 13% to $20.3 million compared to $18.1 million in the prior-year quarter. Growth was driven by organic volume increases, continued penetration into new customer accounts, and pricing improvements, reflecting the continued strength and scalability of the business.

我們以 Eco-Pan 品牌營運的混凝土廢棄物管理服務部門營收較去年同期的 1,810 萬美元成長 13%，達到 2,030 萬美元。成長動能來自有機量增、持續滲透新客戶帳戶以及價格改善，反映該業務持續的強勁表現與可擴展性。

Turning to our UK operations. Revenue increased 8% to $14.9 million compared to $13.8 million in the prior-year quarter. Excluding the $600,000 beneficial impact of foreign currency translation and the $1.4 million contribution from recent acquisitions, underlying commercial construction activity remains soft amid elevated interest rates, inflationary pressures, and economic uncertainty in the UK.

接著談我們的英國業務。營收較去年同期的 1,380 萬美元成長 8%，達到 1,490 萬美元。若排除外幣換算帶來的 60 萬美元正面影響，以及近期併購貢獻的 140 萬美元，在英國利率高企、通膨壓力與經濟不確定性之下，基礎的商業建築活動仍然疲弱。

At a consolidated level, second quarter gross margin increased modestly to 38.6% compared to 38.5% in the prior-year quarter. Strong revenue growth and pricing execution helped offset continued inflationary pressures, including higher repair maintenance cost, wear and part inflation, and the impact of tariffs on certain replacement parts. General and administrative expenses increased to $29.2 million compared to $27.9 million in the prior-year quarter. However, as a percentage of revenue, G&A improved to 27.3% compared to 29.7% in the prior-year quarter, reflecting continued operating leverage and discipline cost management.

在合併層面，第二季毛利率小幅提升至 38.6%，去年同期為 38.5%。強勁的營收成長與定價執行，有助於抵銷持續的通膨壓力，包括較高的維修保養成本、耗材與零件通膨，以及關稅對部分替換零件的影響。一般及行政費用增加至 2,920 萬美元，去年同期為 2,790 萬美元。然而，以營收百分比計，G&A 改善至 27.3%，去年同期為 29.7%，反映持續的營運槓桿與嚴謹的成本管理。

Net income attributable to common shareholders in the second quarter increased to $2.1 million, or $0.04 per diluted share, compared to a net loss of $400,000, or $0.01 per diluted share in the prior-year quarter. Consolidated adjusted EBITDA increased 17% to $26.4 million compared to $22.5 million in the year-ago quarter. Adjusted EBITDA margin improved 80 basis points to 24.7% from 23.9%, and the increase was primarily driven by higher revenue and improved operating leverage.

第二季歸屬普通股股東的淨利增加至 210 萬美元，或稀釋後每股 0.04 美元；去年同期為淨損 40 萬美元，或稀釋後每股損失 0.01 美元。合併調整後 EBITDA 成長 17% 至 2,640 萬美元，去年同期為 2,250 萬美元。調整後 EBITDA 利潤率提升 80 個基點至 24.7%（由 23.9% 上升），增幅主要由較高營收與營運槓桿改善所帶動。

Within our US concrete pumping business, adjusted ABITDA increased 23% to $15.6 million compared to $12.7 million in the prior-year quarter. In the UK business, adjusted EBITDA was $3.1 million compared to $3.2 million, reflecting inflationary pressures in labor, fuel, and repair maintenance costs.

在我們美國混凝土泵送業務中，調整後 ABITDA 較去年同期的 1,270 萬美元成長 23%，達到 1,560 萬美元。在英國業務方面，調整後 EBITDA 為 310 萬美元，去年同期為 320 萬美元，反映勞動力、燃料以及維修保養成本的通膨壓力。

In our US concrete waste management services business, adjusting EBITDA increased 16% to $7.7 million, driven by strong operating leverage on higher volumes and pricing.

在我們美國混凝土廢棄物管理服務業務中，調整後 EBITDA 成長 16% 至 770 萬美元，主要受惠於在更高出貨量與更佳定價下所展現的強勁營運槓桿。

Turning to liquidity, as of April 30, 2026, total debt outstanding was $425.6 million, with net debt of $386.9 million, representing a net leverage ratio of approximately 3.8x adjusted EBITDA. We ended the quarter with approximately $346.3 million of available liquidity, which includes cash on hand and availability under our ABL facility and provides substantial financial flexibility.

就流動性而言，截至 2026 年 4 月 30 日，未償還總債務為 4.256 億美元，淨負債為 3.869 億美元，淨槓桿比率約為調整後 EBITDA 的 3.8 倍。我們在季末擁有約 3.463 億美元的可用流動性，包括手上現金以及 ABL 額度下的可用額度，提供相當充足的財務彈性。

Regarding capital allocation, during the second quarter, we repurchased approximately 392,000 shares for $2.6 million at an average price of $6.68 per share. Since initiating the program in 2022, we have repurchased approximately 5.9 million shares for $38.1 million, with $11.9 million remaining under the current authorization through December of 2026. We continue to view the share repurchase program as a flexible and opportunistic use of capital.

在資本配置方面，第二季我們以每股平均 6.68 美元回購約 39.2 萬股，總金額 260 萬美元。自 2022 年啟動該計畫以來，我們已回購約 590 萬股，總金額 3,810 萬美元；在目前授權（至 2026 年 12 月）下尚餘 1,190 萬美元額度。我們仍將股票回購計畫視為一項具彈性且可把握時機的資本運用方式。

Turning to our outlook for fiscal 2026. And based on our strong first-half performance and continued momentum across our US operations, we are raising our full-year revenue outlook to a range of $410 million to $425 million compared to our prior range of $390 million to $410 million. We are also raising our adjusted EBITDA outlook to a range of $98 million to $105 million from a prior range of $90 million to $100 million.

接著談我們對 2026 會計年度的展望。基於上半年強勁表現以及美國業務持續的動能，我們將全年營收展望上調至 4.10 億至 4.25 億美元，先前區間為 3.90 億至 4.10 億美元。我們也將調整後 EBITDA 展望上調至 9,800 萬至 1.05 億美元，先前區間為 9,000 萬至 1.00 億美元。

And lastly, we are also increasing our free cash flow expectation to be at least $45 million from our prior expectation of approximately $40 million.

最後，我們也將自由現金流的預期由先前約 4,000 萬美元上調至至少 4,500 萬美元。

While we remain encouraged by activity levels in large-scale commercial and infrastructure projects, particularly data center-related activity, it is important to note that we began experiencing accelerated growth from these projects during the third quarter of last year. As a result, we expect year-over-year comparisons to reflect some tempered growth during the second half of fiscal 2026.

儘管我們仍對大型商業與基礎建設專案（尤其是資料中心相關活動）的活動水準感到鼓舞，但需要注意的是，我們自去年第三季起便開始從這些專案中經歷加速成長。因此，我們預期在 2026 會計年度下半年，年對年比較將呈現較為溫和的成長。

In addition, based on our first-half performance and current project visibility, we expect revenue and adjusted EBITDA seasonality during fiscal 2026 to be more balanced relative to historical trends. With revenue expectations and to show about a 47% and a 53% split compared to our traditional 45% and 55% split.

此外，基於上半年表現與目前的專案能見度，我們預期 2026 會計年度的營收與調整後 EBITDA 季節性將較歷史趨勢更為均衡，營收預期約呈現 47% 與 53% 的分布，相較於我們傳統的 45% 與 55% 分布。

Importantly, our outlook continues to assume no meaningful recovery in the broader residential or light commercial construction activity during fiscal 2026. We expect free cash flow, defined as adjusted EBITDA less net replacement CapEx and less net cash for interest, to be at least $45 million. This outlook assumes approximately $23 million of net replacement CapEx and $32 million of net cash paid for interest. And this excludes the accelerated CapEx pulled forward from fiscal 2026. Our balance sheet and liquidity position comfortably support this investment strategy.

重要的是，我們的展望仍假設在 2026 會計年度期間，更廣泛的住宅或輕型商業建築活動不會出現顯著復甦。我們預期自由現金流（定義為調整後 EBITDA 減去淨替換性資本支出 CapEx，再減去利息的淨現金支出）至少為 4,500 萬美元。此展望假設淨替換性 CapEx 約 2,300 萬美元，以及利息淨現金支付 3,200 萬美元，且不包含自 2026 會計年度提前拉動的加速 CapEx。我們的資產負債表與流動性部位可充裕支撐此投資策略。

We remain committed to a 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 the market recovery.

我們仍致力於有紀律的資本部署，將槓桿維持在目標區間內，並優先考量投入資本報酬。我們相信，為迎接市場復甦、強化我們的服務供給，我們已具備良好定位。

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

接下來，我把電話交回給 Bruce。

Thanks, Iain. As we move through the remainder of fiscal 2026, we remain encouraged by the momentum we are seeing across the business and the continued resilience of our US markets. While broader construction activity remains mixed, particularly in residential and certain commercial segments, demand tied to large-scale infrastructure and commercial projects continues to support healthy activity levels across our platform.

謝謝，Iain。隨著我們進入 2026 會計年度剩餘期間，我們對全公司所見的動能以及美國市場持續的韌性感到鼓舞。儘管整體建築活動仍呈現分歧，特別是在住宅與部分商業領域，但與大型基礎建設與商業專案相關的需求，仍持續支撐我們平台上的健康活動水準。

Our focus remains on disciplined execution, operational efficiency, pricing discipline, and strategic capital allocation. We believe the actions we have taken over the past several years to strengthen the business, optimize the fleet, and maintain financial flexibility continue to position us well to perform across varying market conditions.

我們的重點仍然放在嚴謹的執行、營運效率、定價紀律，以及策略性的資本配置。我們相信，過去幾年為強化業務、優化車隊並維持財務彈性所採取的行動，將持續使我們在不同的市場環境下都能有良好表現。

We are also pleased with the progress we are making on our strategic growth initiatives, including investing in our fleet and recent acquisitions that expand our geographic reach and service capabilities. Combined with our strong balance sheet and continued free cash flow generation, we believe we remain well positioned to invest in the business, pursue disciplined growth opportunities, and continue creating long-term shareholder value.

我們也對策略性成長計畫的推進感到滿意，包括對車隊的投資，以及近期擴大我們地理覆蓋與服務能力的收購。結合我們強健的資產負債表與持續創造自由現金流的能力，我們相信我們仍具備良好條件，得以投資於業務、把握有紀律的成長機會，並持續為股東創造長期價值。

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

接下來，我想把電話交回給接線員進行問答。Paul？

(Operator Instructions) Sam Kusswurm, William Blair.

（接線員指示）Sam Kusswurm，William Blair。

Bruce, Iain, first, congrats on a really strong quarter. That was, great to see. In your prepared remarks, you pointed to data centers as kind of being a big contributor to that. I guess, I wanted to ask what percent of your revenue are you currently generating from data centers today and how that compares to both this time last year as well as where you think it can land maybe next year or even by the end of the year.

Bruce、Iain，首先，恭喜你們交出非常強勁的一季，看到這樣的表現很棒。在你們的事先準備發言中，你們提到資料中心似乎是主要貢獻者之一。我想請教的是：目前你們有多少百分比的營收來自資料中心？這與去年同期相比如何？以及你們認為到今年年底、或明年可能會落在什麼水準？

Yeah. Hi, Sam. Good question. So you might remember, last year, the data center activity was quite slow to grow in the first half of the year. So we're probably doing maybe 4% or 5% of our work on either chip plants or data center in the first half of last year. And you probably heard in our prepared remarks that that grew quite nicely through the back half of last year.

是的。嗨，Sam。好問題。你可能記得，去年上半年資料中心的活動成長相當緩慢。所以去年上半年，我們在晶片廠或資料中心的工作占比大概只有 4% 到 5%。你也可能在我們的事先準備發言中聽到，這部分在去年下半年成長得相當不錯。

Today, between data centers and chip plant work, we're probably doing 10% to 12% of revenue on that type of work. So there's been some nice growth acceleration. And obviously, as we mentioned, consistent weather really helps with the continuity of that work and execution.

目前在資料中心與晶片廠相關的工作合計，我們這類型的工作大約占營收的 10% 到 12%。因此成長加速相當明顯。而且如我們所提到的，穩定的天候確實有助於這些工作的連續性與執行。

Obviously, that contributed to the top line, but I also wanted to ask regarding your margins. They also took a pretty nice step up. I was wondering if this is really just due to better leverage on your fleet or if the data center work itself carries a higher margin. Could you maybe just compare that margin for that type of work versus your other commercial work as well as maybe against residential and infrastructure?

很明顯這推動了營收，但我也想問一下你們的利潤率。利潤率也有相當不錯的提升。我想了解這是否主要來自車隊更好的槓桿效益（利用率提升），或是資料中心的工作本身就有較高的利潤率？你能否比較一下這類工作的利潤率與你們其他商業案的差異，以及相對於住宅與基礎建設業務的差異？

Yeah, sure. So on the margins, I mean, you're right. With improved volume comes improved operating leverage through the better utilization of our fleet. And as you'll know, a lot of this work tends to be in remote locations. So it is especially in nature requiring longer equipment. So the pricing reflects that, which helps the margin profile. But again, it's underpinned by a lot of the work that we've done in prior years on that cost base and some real operational discipline and to make sure that we can get the right um pricing and margin profile.

好的，當然。就利潤率而言，你說得沒錯，隨著量的提升，透過車隊更高的利用率，我們的營運槓桿也會改善。而且如你所知，這類工作很多是在偏遠地點，因此在性質上往往需要更長的設備，所以定價會反映這點，進而有助於利潤率表現。不過，這同樣也建立在我們前幾年在成本基礎上所做的許多工作、以及真正的營運紀律之上，確保我們能取得合適的定價與利潤率結構。

I mean, as you heard in our prepared remarks, there's still a challenge around inflation, but the team have done a really nice job getting the pricing right on these projects and making sure we can optimize the operating leverage of the execution that we're delivering.

如你在我們的事先準備發言中所聽到的，通膨仍然帶來挑戰，但團隊在這些專案的定價上做得非常好，並確保我們能最佳化所交付執行的營運槓桿效益。

Rohan Vasudeva, Baird.

Rohan Vasudeva，Baird。

I think my last question was taken. I wanted to talk about the acquisition of Templant. Can you talk about the multiples you guys made for it? And Templant looks to be a bit different than your traditional core business. Could you could talk about EBITDA margin and the mixed benefits from that acquisition?

我想我最後一個問題已經被問走了。我想談談收購 Templant。你們能談一下這筆交易的估值倍數嗎？另外，Templant 看起來與你們傳統核心業務有些不同。你能否談談 EBITDA 利潤率，以及這項收購帶來的組合效益？

Yeah. So while we don't give the multiple out, it's consistent with what we would have been paying for acquisitions of concrete pumps into the future. Now with the UK being soft with commercial market and we have a really good team of people over there. We looked out to other areas. With the last call, we talked about going into Ireland and expanding our footprint into -- there was some opportunities there. We see this Templant as an opportunity to leverage the service side of the temporary power business. We have really strong leadership in that business that fits very well with us, and we do expect to be able to rapidly grow the temporary power business in the UK going forward.

好的。雖然我們不會公布倍數，但它與我們未來收購混凝土泵送業務時所支付的水準一致。由於英國商業市場偏弱，而我們在那邊有一支非常優秀的團隊，我們也把目光放到其他領域。在上一次電話會議中，我們談到進入愛爾蘭並擴大我們的版圖——那裡有一些機會。我們將這次的 Templant 視為一個機會，能夠運用臨時電力業務的服務端優勢。我們在該業務上有非常強的領導團隊，與我們的契合度很高，我們也預期未來能在英國快速擴大臨時電力業務。

And then my second one was, you have the approval for the $22 million of planned investments that you could pull forward from 2027. So you haven't incurred any of that. Should we expect that all $22 million will happen in the second half? Or could you give some more color around the cadence of those investments?

第二個問題是，你們已獲核准可將原本規劃在 2027 年的 2,200 萬美元投資提前，所以目前你們尚未發生任何相關支出。我們是否應預期這 2,200 萬美元會在下半年全部發生？或你能否提供更多關於這些投資節奏的說明？

Yeah, we're still working on that. Now we are trying to move forward as much equipment into this year and maybe even later next year, at least buying the chassis so that we can -- I think we've talked on calls in the past about the complications of the new emissions and reliability and getting the type of horsepower we need to run our big units. We're fearful that that will take a little while for them to run that out.

是的，我們仍在處理中。目前我們正嘗試把盡可能多的設備採購提前到今年，甚至可能延後到明年稍晚，至少先購買底盤，這樣我們就可以——我想我們過去在電話會議中談過，新排放標準與可靠性方面的複雜性，以及要取得我們大型機組運轉所需的馬力規格。我們擔心供應端要把這些問題解決並順利推出，可能還需要一些時間。

So we're trying to pull forward as much of that as we possibly can. uh We're still trying to sort through how much of that will fall into this year and how much will fall into next year. We'll have more color on that when we announce in Q3.

因此我們正盡可能把這些投資提前。呃，我們仍在釐清其中有多少會落在今年、多少會落在明年。我們在第三季公布時會提供更明確的資訊。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Bruce Young for any closing remarks.

謝謝。目前沒有其他問題。我想把時間交回給 Bruce Young，請他做結語。

Thank you, Paul. I'd like to thank everyone for listening to today's call, and we look forward to speaking with you when we report our third-quarter results in September. Thank you.

謝謝你，Paul。感謝各位收聽今天的電話會議，我們期待在九月公布第三季業績時再與各位交流。謝謝。

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

各位女士、先生，今天的會議到此結束。您現在可以掛線。感謝您的參與。