Cardinal Infrastructure Group Inc (CDNL) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cardinal Infrastructure Group first quarter 2026 earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to Emily Lear, Director of Investor Relations. Please go ahead.

各位女士、先生，早安，歡迎參加 Cardinal Infrastructure Group 2026 年第一季財報電話會議與網路直播。(接線員指示) 請注意，今日會議將被錄音。現在我將把電話交給投資人關係總監 Emily Lear。請開始。

Good morning, everyone, and welcome to Cardinal Infrastructure Group's first quarter 2026 earnings conference call and webcast. I'm pleased to be here today to discuss our results with Jeremy Spivey, Cardinal's Chairman and Chief Executive Officer; Benji Wood, Chief Operating Officer; and Mike Rowe, Chief Financial Officer. Please note, there are accompanying slides available on the Events and Presentations section of our website. Today's call will present certain non-GAAP financial measures. For more information about these non-GAAP financial measures and the reconciliation to the most comparable GAAP measure, please see our earnings release.

各位早安，歡迎參加 Cardinal Infrastructure Group 2026 年第一季財報電話會議與網路直播。我很高興今天與 Cardinal 董事長兼執行長 Jeremy Spivey、營運長 Benji Wood，以及財務長 Mike Rowe 一同向各位說明我們的業績。請注意，我們網站「活動與簡報」(Events and Presentations) 專區提供隨附投影片。今日電話會議將呈現若干非 GAAP 財務衡量指標。關於這些非 GAAP 財務衡量指標及其與最可比 GAAP 指標之調節，請參閱我們的財報新聞稿。

Today's call will also include forward-looking statements as defined by the United States securities laws. These statements relate to future events, operating results or financial performance and are subject to risks and uncertainties that could cause actual results to differ materially.

今日電話會議亦將包含依美國證券法定義之「前瞻性陳述」。這些陳述涉及未來事件、營運結果或財務表現，並受風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

Cardinal Infrastructure Group undertakes no obligation to publicly update or revise any forward-looking statements, except as legally required, whether due to new information, future developments or otherwise. Information regarding these factors that may cause actual results to differ materially from these forward-looking statements is available in the company's SEC filings. With that, I'll turn the call over to Jeremy.

除法律要求外，Cardinal Infrastructure Group 不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來發展或其他原因。有關可能導致實際結果與這些前瞻性陳述出現重大差異之因素資訊，可於公司向 SEC 提交之文件中查閱。接下來我把電話交給 Jeremy。

Thank you, Emily. Good morning, everyone, and thank you for joining us today. Before I dive into the quarter, I would like to welcome and introduce a new team member to the call. Benji Wood, our Chief Operating Officer, is joining us out of our Atlanta, Georgia operation. For those new to the Cardinal story, Benji led A.

謝謝你，Emily。各位早安，感謝今天加入我們。在我深入說明本季之前，我想先歡迎並介紹一位新團隊成員加入本次電話會議。我們的營運長 Benji Wood 正從喬治亞州亞特蘭大據點與會。對於剛認識 Cardinal 的各位，Benji 曾在 A.

L. Grading as a Vice President and Operator and joined Cardinal as COO of the combined company when we closed the ALGC acquisition in February. I'll talk about how we further vertical integration in our core markets and then hand it off to Benji to cover our M&A strategy. Mike will finish things up with a recap of financials and an update on our outlook for 2026.

L. Grading 擔任副總裁兼營運主管，並在我們於 2 月完成 ALGC 收購後，以合併後公司之營運長身分加入 Cardinal。我將談談我們如何在核心市場進一步推動垂直整合，接著交由 Benji 說明我們的併購（M&A）策略。Mike 將以財務回顧作結，並更新我們對 2026 年的展望。

We reported very strong financial and operating results for the first quarter. Revenue grew approximately 105% year-over-year with organic growth of approximately 64% and backlog ended the quarter at $854 million, an all-time high. These are exceptional numbers, and they are the result of years of building this platform and a team that executes relentlessly at every level. I want to start by thanking everyone at Cardinal for what you delivered this quarter. Growth in the quarter was broad-based with continued strength in residential paired with expanding contributions from commercial, manufacturing and industrial work across all our markets.

我們在第一季繳出非常強勁的財務與營運成果。營收年增約 105%，其中有機成長約 64%；期末在手訂單（backlog）達 8.54 億美元，創歷史新高。這些都是卓越的數字，來自於多年打造此平台，以及一支在各層級都持續強力執行的團隊。我想先感謝 Cardinal 全體同仁在本季的交付成果。本季成長動能廣泛，住宅業務持續強勁，同時商業、製造與工業工程在我們所有市場的貢獻也持續擴大。

The bidding environment across our footprint remains active with strong project flow giving us increased visibility into the second half of the year and into 2027.

我們營運版圖內的投標環境仍然活躍，強勁的專案流量讓我們對今年下半年以及 2027 年的能見度提高。

Beyond the headline growth, our operations are performing at a high level across the entire platform. Our crews did incredible work in Q1, executing safely through a higher-than-average number of winter weather events across the Southeast. We completed multiple projects in the quarter ahead of schedule and ahead of bid margin, including a commercial site where we completed on-site utilities approximately 2 months early, an industrial project where in-house rock blasting drove an early pad delivery and a second consecutive on-time delivery for a national grocery customer.

除了亮眼的成長數字之外，我們整個平台的營運表現也維持在高水準。第一季期間，東南部遭遇高於平均的冬季天候事件次數，我們的工班仍在確保安全的前提下完成了令人驚豔的工作。本季我們完成多個專案，不僅提前於工期，也優於投標毛利率（bid margin），包括：一個商業基地專案，我們將現場公用設施工程提前約 2 個月完成；一個工業專案，透過自有的岩石鑽爆作業提前交付整地平台；以及為某全國性雜貨客戶連續第二次準時交付。

We also delivered a complex residential project on schedule for a large regional developer that is new to Cardinal as we continue to attract new residential developers and grow our share in core markets. These outcomes are generated by self-performing the full scope and from running a workforce trained to execute across multiple trades. ALGC and the talent that came with the acquisition are already making strong contributions. The integration is on track. The business is operating at a high level, and the acquisition thesis is playing out in real time as we expected.

我們也如期為一位大型區域型開發商完成一個複雜的住宅專案；該客戶是 Cardinal 的新客戶，顯示我們持續吸引新的住宅開發商，並在核心市場提升市占。這些成果來自於我們自營（self-perform）完整工作範疇，以及培訓能跨多工種執行的勞動力。ALGC 以及隨收購加入的人才已開始做出強勁貢獻。整合作業按計畫推進。業務運作維持高水準，而收購論點也如我們預期般正在即時驗證。

Benji will walk you through ALGC and our broader acquisition framework in a few minutes. But I will say upfront that this is the strongest possible validation we could have asked for of the playbook we built in the Carolinas and are now applying in Georgia. We quickly deployed adjacent crews in drilling and blasting and paving, immediately reducing our reliance on subcontractor services.

Benji 稍後將向各位說明 ALGC 以及我們更廣泛的收購框架。但我先說，這是我們在卡羅來納州建立、並正應用到喬治亞州的作業手冊（playbook）所能獲得的最強力驗證。我們迅速部署鑽孔與爆破、以及鋪面等相鄰工班，立即降低對分包商服務的依賴。

Backlog in Atlanta is growing nicely as is our customer base. Cardinal's performance-oriented safety-first culture and operational playbook have been well absorbed, and we are excited to support this business as it continues to grow.

亞特蘭大的在手訂單成長良好，我們的客戶基礎也在擴大。Cardinal 以績效為導向、以安全為先的文化與營運作業手冊已被良好吸收，我們也很期待在該業務持續成長的過程中提供支持。

As I mentioned, backlog entered the quarter at an all-time high of $854 million. This is up 60% year-over-year and up 30% organically with ALGC contributing just over $160 million to the total year-over-year and up 30% organically with ALGC contributing just over $160 million to the total. Even more encouraging than the year-over-year growth is the pace at which our backlog is diversifying.

如我所提，在手訂單於本季開始時達到歷史新高 8.54 億美元。這較去年同期成長 60%，有機成長 30%，其中 ALGC 對年增總額貢獻略高於 1.6 億美元，且有機成長 30%，其中 ALGC 對總額貢獻略高於 1.6 億美元。比起年增幅度更令人振奮的是，我們在手訂單多元化的速度。

Throughout the quarter, both new and recurring customers consistently told us that our ability to deliver self-performed turnkey site development is exactly what they have been looking for. We added strong volumes of work across single-family homes, multifamily and retail developments as well as campus buildouts for global overnight delivery and logistics customer in a large format regional convenience and fueling site operator.

整個季度中，新客戶與回流客戶都持續告訴我們：我們能提供自營的一站式（turnkey）基地開發交付，正是他們一直在尋找的能力。我們在獨棟住宅、多戶住宅與零售開發等領域新增了可觀的工作量，同時也取得全球隔夜配送與物流客戶的園區建置（campus buildouts）專案，以及某大型區域型便利商店與加油站營運商的大型據點開發專案。

Shortly after the quarter, we announced further expansion into the mission-critical end market with our first data center in a $24 million contract under which we will self-perform all services with completion expected in 2027. These are sophisticated customers who clearly see the value and differentiation that Cardinal brings to the market.

在季度結束後不久，我們宣布首次進軍資料中心，進一步擴展至關鍵任務（mission-critical）終端市場；該合約金額為 2,400 萬美元，我們將自營所有服務，預計於 2027 年完工。這些都是成熟且要求嚴格的客戶，他們清楚看見 Cardinal 為市場帶來的價值與差異化。

Our strong start to the year, the visibility provided by our record backlog and our confidence in executing our growth strategy have given us the conviction to raise our full year 2026 revenue guidance. We are increasing our guidance from a midpoint of $672 million to a midpoint of $680 million and continue to expect adjusted EBITDA margins above 20% for the full year, with a clear path to further expansion over the medium term.

我們今年強勁的開局、創紀錄在手訂單所提供的能見度，以及對成長策略執行的信心，使我們有把握上調 2026 全年營收指引。我們將指引中位數由 6.72 億美元上調至 6.80 億美元，並仍預期全年調整後 EBITDA 利潤率高於 20%，且在中期具備進一步擴張的清晰路徑。

Underpinning these results and our 2026 outlook is the strength of our platform. Vertical integration is the foundation of how we operate and the workforce required to deliver it is what makes the model so difficult to replicate. Vertical integration means we self-perform and deliver the full civil scope on every project. clearing, erosion control, drilling and blasting, grading, wet utility installation and paving, all with our own crews and our own equipment. When we self-perform every trade with our own workforce, there are no handoffs or delays waiting on subcontractor availability. Each service flows directly into the next without a gap waiting for itself to mobilize.

支撐這些成果與我們 2026 年展望的，是我們平台的實力。垂直整合是我們營運方式的基礎，而能交付垂直整合所需的勞動力，正是此模式難以被複製的關鍵。垂直整合意味著我們在每個專案上自營並交付完整的土木工程範疇：清理、侵蝕控制、鑽孔與爆破、整地、濕式公用管線（wet utility）安裝與鋪面工程，全部由我們自有工班與自有設備完成。當我們以自有勞動力自營每一道工種時，就不會有交接，也不會因等待分包商可用性而延誤。每項服務可無縫銜接到下一項，不會出現等待動員的空窗期。

That ability yields 6 to 8 weeks of schedule compression, which is why customers return to us project after project with over 80% of our customers recurring in nature. Raleigh, which grew over 40% organically again this quarter, is the clearest example of the model running at full scale in the Carolinas.

這項能力可帶來 6 到 8 週的工期壓縮，因此客戶一個專案接著一個專案回流與我們合作；我們超過 80% 的客戶屬於回流客戶。羅利（Raleigh）本季再度實現超過 40% 的有機成長，是此模式在卡羅來納州以完整規模運行的最清楚例證。

In our newer markets, Charlotte and Greensboro, we are in the early innings of building out the labor force, the density and the equipment needed to execute on these turnkey projects. Both of these markets are dilutive to consolidated margins currently, but have significant runway ahead. As we progress through the busy spring and summer, leverage across our portfolio improves, allowing our margins to scale in year.

在我們較新的市場——夏洛特（Charlotte）與格林斯伯勒（Greensboro）——我們仍處於建立勞動力、提升密度以及配置執行這些交鑰匙專案所需設備的早期階段。目前這兩個市場對合併毛利率具有稀釋效應，但未來仍有顯著的成長跑道。隨著我們進入繁忙的春夏旺季，整體投資組合的槓桿效益提升，使我們的利潤率得以在年度內擴張。

Longer term, as these markets mature and we are able to deploy our full playbook and vertical integration capabilities, we expect margins in these markets to expand meaningfully. Delivering turnkey site infrastructure at this level requires a workforce that can execute every trade at high quality on schedule and across multiple geographies at once.

從長期來看，隨著這些市場成熟，且我們能夠部署完整的作戰手冊與垂直整合能力，我們預期這些市場的利潤率將顯著擴張。要以此水準交付交鑰匙場址基礎設施，需要一支能在多個地理區域同時作業、按期且以高品質完成各工種的勞動隊伍。

Across our industry, the availability of skilled labor is the primary constraint on growth. We have built a workforce ahead of demand in our culture, commitment to safety and competitive wages enable us to recruit at a pace. Most of our peers do not match, proven by what we believe is one of the largest-owned wet utility labor forces in the country.

在整個產業中，熟練技術勞工的供給是成長的主要限制因素。我們在需求到來之前就先行建立勞動隊伍；憑藉我們的企業文化、對安全的承諾以及具競爭力的薪資，使我們能以同業多數無法匹敵的速度招募人才。這也體現在我們所認為的：我們擁有全美規模最大的自有濕式公用事業（wet utility）勞動隊伍之一。

Our workforce is the direct product of how we run the business. We equip our crews with the right tools and resources deliver training that prepares them for any project and power field teams to make decisions and we lead with safety so people look forward to coming to work.

我們的勞動隊伍是我們經營方式的直接成果。我們為工班配備合適的工具與資源，提供能讓他們勝任任何專案的訓練，賦能現場團隊做出決策，並以安全為先，讓大家期待來上班。

That culture produces crews that execute complex projects quickly and to the high standards our customers expect. And it is exactly why we are winning new work in adjacent end markets, including the data center contract we announced in mid-April. This same dynamic explains how we have broadened our end market mix so quickly.

這樣的文化孕育出能快速執行複雜專案、並達到客戶所期待高標準的工班。這也正是我們能在相鄰終端市場贏得新案源的原因，包括我們在四月中旬宣布的資料中心合約。同樣的動能也解釋了我們如何能如此迅速地擴大終端市場組合。

Pre-IPO, Cardinal was approximately 75% residential focus. In just a few short months, we reduced that to 65% and as customers continue to ask Cardinal to take on more of the complex multi-trade work that our platform is built to deliver. Alongside our organic investments, we look to strategic M&A to help us build density across core markets. and to continue deploying the Cardinal playbook across the Southeast.

在 IPO 之前，Cardinal 約有 75% 的業務聚焦住宅。僅在短短幾個月內，我們將其降至 65%；且隨著客戶持續要求 Cardinal 承接更多我們平台所擅長交付的複雜多工種工作。除有機投資外，我們也尋求策略性併購（M&A），以協助我們在核心市場建立更高密度，並持續在美國東南部推行 Cardinal 作戰手冊。

With that, I'll turn it over to Benji.

接下來我把時間交給 Benji。

Thank you, Jeremy, and good morning, everyone. I appreciate the opportunity to introduce myself and walk you through how Cardinal thinks about growth through acquisitions. The perspective I bring this morning is grounding and having been on both sides of the table. I helped run AL Grady as Vice President, prior to Cardinal's acquisition, and now sit as Cardinal's Chief Operating Officer. I went through Cardinal's diligence and acquisition process firsthand.

謝謝你，Jeremy，各位早安。很感謝有機會自我介紹，並帶各位了解 Cardinal 如何看待透過併購實現成長。我今天帶來的觀點更貼近實務，因為我曾在談判桌的兩側都待過。在 Cardinal 收購之前，我曾以副總裁身分協助經營 AL Grady，而現在我擔任 Cardinal 的營運長（COO）。我親身經歷了 Cardinal 的盡職調查與收購流程。

And are now a part of the team responsible for operating platform that continues to grow through M&A.

而現在我也是負責營運這個持續透過併購成長的平台之團隊成員。

What attracted me to Cardinal is simple. The culture is built around the same values that built ALGC. The team is the most disciplined acquirer I've seen in this space, and the platform Jeremy has built is what I wanted to be a part of and help grow across the Southeast.

吸引我加入 Cardinal 的原因很簡單。其文化建立在與 ALGC 成功相同的價值觀之上。在這個領域中，這個團隊是我見過最具紀律的收購方；而 Jeremy 所打造的平台，正是我想加入並協助其在美國東南部擴張成長的事業。

The reason is the platform itself across North Carolina, South Carolina and Georgia, Cardinal operates with over 2,500 employees and 160 wet utility-related crews, an all-time high backlog, only one of the fastest-growing construction regions in the United States. The scale and density we've built across this footprint is something a new acquirer would take a decade to replicate.

原因在於平台本身：在北卡羅來納州、南卡羅來納州與喬治亞州，Cardinal 擁有超過 2,500 名員工與 160 支與濕式公用事業相關的工班，手上訂單積壓（backlog）創歷史新高，且位於美國成長最快的建築區域之一。我們在此版圖建立的規模與密度，是新進收購方需要十年才能複製的。

We have two distinct acquisition tracks that solve different problems. Tuck-ins make us deeper and more vertically integrated and in markets where we already operate. We had crews. We build service line gaps and we pull subcontract work back in-house. In Atlanta, that can mean growing our wet utilities labor base and reducing our reliance on third-party offerings like installation of retaining walls, concrete work and paving install over the near term.

我們有兩條不同的併購路徑，用來解決不同問題。補強型併購（tuck-ins）能讓我們在既有營運市場更深化、並提升垂直整合程度。我們已經有工班。我們補齊服務線缺口，並把原本外包給分包商的工作拉回內部執行。以亞特蘭大為例，短期內這可能意味著擴大我們的濕式公用事業勞動力基礎，並降低對第三方服務的依賴，例如擋土牆施工、混凝土工程與鋪面施工等。

Platform deals such as ALGC serve as a geographic expansion engine when Cardinal required us that kept our leadership team in place began integrating us onto their systems and standards and gave us the operational tools to help facilitate increased pace of growth going forward. That is the model. We see the same setup opportunities available in adjacent Southeast states.

像 ALGC 這類平台型交易，則在 Cardinal 需要時扮演地理擴張引擎；Cardinal 收購我們後，保留了我們的領導團隊，開始將我們整合到其系統與標準之中，並提供營運工具，以協助未來提升成長速度。這就是該模式。我們也看到在美國東南部相鄰州份存在同樣的布局機會。

The pipeline today is the most active it has ever been. We have strong tuck-in opportunities around Charlotte, Greensboro and Atlanta and platform-style opportunities under evaluation in adjacent Southeast geographies. We will remain patient and disciplined on price, and we will only pursue deals that meet our criteria.

目前的案源管線（pipeline）是歷來最活躍的一次。我們在夏洛特、格林斯伯勒與亞特蘭大周邊有強勁的補強型機會，同時也在評估美國東南部相鄰地區的平台型機會。我們將在價格上保持耐心與紀律，只會追求符合我們標準的交易。

Our track record speaks for itself. Cardinal has completed 7 acquisitions since 2021, bringing in approximately $310 million in acquired pro forma annual revenue across multiple geographies and end markets. Our target deal economics are outlined on Slide 7. But at a high level, tuck-ins are acquired at around 4x EBITDA and platform acquisitions around 6x EBITDA. Platform acquisitions will be accretive to or in line with our consolidated margin profile.

我們的過往紀錄足以說明一切。自 2021 年以來，Cardinal 已完成 7 起收購，在多個地理區域與終端市場帶入約 3.10 億美元的收購後備考（pro forma）年營收。我們的目標交易經濟性列於第 7 張投影片。概括而言，補強型收購的估值約為 EBITDA 的 4 倍，而平台型收購約為 EBITDA 的 6 倍。平台型收購將對我們的合併利潤率結構具增益（accretive）或至少持平。

And as strong as the margins were at ALGC, we are seeing opportunities in the pipeline with even better margin profiles at multiples consistent with our framework. Cardinal has a defined operating model, growth playbook and acquisition framework. Each has been proven across multiple acquisitions and multiple geographies.

而即便 ALGC 的利潤率已相當強勁，我們仍在管線中看到利潤率更佳、且估值倍數符合我們框架的機會。Cardinal 擁有明確的營運模式、成長作戰手冊與併購框架。這些都已在多起收購與多個地理區域中獲得驗證。

What you should expect from here is consistency. The same discipline applies to a larger and more diversified platform.

接下來各位應該期待的是一致性。同樣的紀律也將適用於一個更大且更多元的平台。

I'll now hand the call over to Mike for a review of the financials and our updated guidance.

接下來我把電話會議交給 Mike，請他回顧財務表現並說明我們更新後的 2026 年指引。

Thank you, Benji, and good morning, everyone. I will begin with a review of our first quarter financial results before covering our updated outlook for 2026. As a reminder, ALGC contributed approximately 6 weeks results to the quarter given our mid-February closing. In total, the first quarter revenue was $168 million, an increase of 105% from the first quarter of 2025, reflecting organic growth of 64%. We delivered this growth despite a higher-than-normal number of coil weather days across our footprint during the quarter, which we manage through schedule flexibility and the ability to redeploy crews across our market as conditions allow.

謝謝你，Benji，各位早安。我將先回顧第一季財務結果，接著說明我們更新後的 2026 年展望。提醒各位，由於我們在二月中旬完成交割，ALGC 在本季貢獻約 6 週的業績。整體而言，第一季營收為 1.68 億美元，較 2025 年第一季成長 105%，其中有機成長為 64%。儘管本季我們營運版圖內出現高於常態的寒冷天候停工日（cold weather days），我們仍達成此成長；我們透過排程彈性以及在條件允許時於各市場間調度工班的能力來因應。

As Jeremy mentioned, this growth was broad-based with all regions and markets driving top line improvement year-over-year.

如 Jeremy 所提到，這次成長基礎廣泛，所有區域與市場皆推動營收年增。

Raleigh increased revenues over 40%. Charlotte and Greensboro continue to scale quickly and ALGC grew mid-teens against a tougher weather comparison from the prior year. Gross profit for the quarter were $24.9 million or 14.9% compared to $9.9 million and 12.1% in the prior year. Gross margins increased 280 basis points as we realize scale benefits across higher volumes and tightly managed operating cost. Adjusted gross profits were up 107% year-over-year at $34 million compared to $17 million in the prior year with adjusted gross margins expanded approximately 20 basis points year-over-year.

羅利（Raleigh）營收成長超過 40%。夏洛特與格林斯伯勒持續快速擴張，而 ALGC 在去年天候比較基期更嚴峻的情況下，仍達到約十位數中段（mid-teens）的成長。本季毛利為 2,490 萬美元，毛利率 14.9%，相較去年同期為 990 萬美元、毛利率 12.1%。隨著更高的業務量帶來規模效益，且營運成本控管嚴謹，毛利率提升 280 個基點。調整後毛利年增 107% 至 3,400 萬美元，去年同期為 1,700 萬美元；調整後毛利率年增約 20 個基點。

The expansion was meaningful given Q1 seasonal headwinds and the integration activity underway at ALGC. General and administrative expenses for the quarter were $10 million or 6% of revenue. Approximately $3.5 million of the increase is nonrecurring as to acquisition costs and onetime jump from public company readiness calls.

考量第一季的季節性逆風以及 ALGC 正在進行的整合作業，這樣的擴張幅度相當顯著。本季一般及行政費用為 1,000 萬美元，約占營收 6%。其中約 350 萬美元的增加屬一次性項目，主要為併購相關成本以及因上市公司準備工作所產生的一次性費用跳升。

On a continuing basis, G&A was 3.9% of revenue, and we expect that ratio to continue to improve as we move throughout the year. Q1 is our highest G&A expense quarter on our voice revenue quarter. So as we ramp up for the construction season and assort the bulk of the annual public company call including audit and reporting cycle expenses, we expect G&A expense as a percent of revenue to come down in the fourth quarter.

就持續性而言，G&A 佔營收的 3.9%，我們預期隨著今年進展，該比率將持續改善。第一季是我們在語音營收季度中 G&A 費用最高的一季。因此，隨著我們為施工季節加速準備，並承擔年度上市公司電話會議（包含審計與申報週期費用）的大部分成本，我們預期第四季 G&A 費用佔營收的比例將下降。

Adjusted EBITDA for the quarter was $27 million up 84% year-over-year, while adjusted EBITDA margins finished at 16%, down from the prior year. Adjusted EBITDA margins were impacted by timing as winter weather impacted our ability to deploy higher margin work during the quarter and the growth initiatives taking place across our business.

本季調整後 EBITDA 為 2,700 萬美元，年增 84%，而調整後 EBITDA 利潤率為 16%，較去年下降。調整後 EBITDA 利潤率受到時點因素影響，冬季天候影響我們在本季部署較高毛利的工作，以及我們全公司推動的成長計畫。

Cash flow from operating activities in the quarter were $9.3 million, compared to $12.1 million in the prior year. This was driven by increased working capital required for growth, specifically increased billings not yet collected. Capital expenditures were $9.3 million, excluding acquisitions, reflecting the construction of our asphalt manufacturing facility and fleet and equipment investments as we build density in Charlotte, Greensboro, and Atlanta. For the full year of 2026, we are still forecasting CapEx of $58 million, unchanged from our prior guidance.

本季營運活動產生的現金流為 930 萬美元，較去年同期的 1,210 萬美元下降。主要原因是成長所需的營運資金增加，特別是已開立帳單但尚未收款的金額增加。資本支出為 930 萬美元（不含併購），反映我們瀝青製造設施的建置，以及在夏洛特、格林斯伯勒與亞特蘭大提升密度時的車隊與設備投資。對於 2026 全年，我們仍預估資本支出為 5,800 萬美元，與先前指引一致。

Turning to the balance sheet. We ended the quarter at $196 million outstanding on our term loan and nothing drawn on our $75 million revolving credit facility. Debt leverage at quarter-end was approximately 1.2 times and well below our covenant of 2.5 times. The balance sheet remains in strong shape and gives us meaningful capacity to fund our operations capital expenditures and M&A activities.

接著看資產負債表。本季結束時，我們的定期貸款未償餘額為 1.96 億美元，而 7,500 萬美元的循環信用額度未動用。季末槓桿倍數約為 1.2 倍，遠低於我們 2.5 倍的契約限制。資產負債表仍維持強勁，讓我們有相當的能力為營運、資本支出與併購活動提供資金。

Turning to our 2026 guidance. We are increasing revenue to a new range of $675 million to $685 million, up from our prior range of $665 million to $678 million. We are reiterating our adjusted EBITDA margin guidance of 20% plus for the full year. The drivers for the increase are straightforward. Q1 came in ahead of expectations.

接著談 2026 年指引。我們將營收上調至 6.75 億至 6.85 億美元的新區間，高於先前的 6.65 億至 6.78 億美元。我們重申全年調整後 EBITDA 利潤率指引為 20% 以上。上調的驅動因素很直接。第一季表現優於預期。

Backlog of $854 million represents over 12 months of revenue at our current run rate. The bidding environment across our footprint remains robust. ALGC is contributing in a meaningful way, and our vertical integration is allowing us to move faster than ever on more diverse project mix.

8.54 億美元的在手訂單（Backlog）以我們目前的營收運行速度來看，代表超過 12 個月的營收。我們營運版圖內的投標環境仍然強勁。ALGC 正在做出實質貢獻，而我們的垂直整合讓我們能以前所未有的速度推進更為多元的專案組合。

Now that we are past the historically largest quarterly G&A impact of the year as we progress through the construction season with our larger team, refreshed fleet and soon to be running as of plan, our adjusted EBITDA margin profile will step up in hand, and we are confident in our ability to hit our margin target of 20% plus. We are delivering on the strategy we built this business around. Strong organic growth, expanding margins, a solid balance sheet and an acquisition pipeline that gives us multiple paths to compound from here.

隨著我們進入施工季節、團隊規模更大、車隊更新，且很快將依計畫投入運行，我們已經度過一年中歷來 G&A 影響最大的季度；因此，我們的調整後 EBITDA 利潤率輪廓將同步上升，我們也有信心達成 20% 以上的利潤率目標。我們正在落實打造這家公司所依循的策略。強勁的有機成長、擴張的利潤率、穩健的資產負債表，以及一條能讓我們從此持續複利成長、具多種路徑的併購管線。

With that, let's open up to questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instruction)

（接線員指示）

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Congrats on the quarter. For Jeremy and Benji, how do Cardinal and ALGC as a team make each business stronger. And are there early opportunities to cross-sell services between the North Carolina and the ALGC Georgia markets.

恭喜本季表現。想請教 Jeremy 和 Benji，Cardinal 與 ALGC 作為一個團隊，如何讓彼此的業務更強？以及在北卡羅來納與 ALGC 喬治亞市場之間，是否已有早期的服務交叉銷售機會？

Louie, this is Jeremy. I'll speak on behalf of Benji. He's actually on his way here to our office this morning and he's running behind. But yes, the first thing we were able to do with the ALGC acquisition is identify some of the areas we could utilize each other's history. Equipment makeup and services, more importantly across interchange between the two locations.

Louie，我是 Jeremy。我也代表 Benji 回答。他今天早上正在趕來我們辦公室的路上，有點耽擱。不過是的，我們在收購 ALGC 後首先做的事情之一，就是找出可以運用彼此既有經驗的領域。包含設備組合與服務，更重要的是兩地之間的相互調度與交流。

So for instance, ALGC was utilizing third parties for drilling and blasting of rock for certain paving services with subgrade cement stabilization services with subgrade as it relates to pavings. And these are services that we provide across the Carolinas and are able to easily pick up and transport down to the region and into some of the South Carolina regions that ALGC operates and start utilizing those services instantly.

例如，ALGC 先前在某些鋪面服務中，會委外第三方進行岩石鑽孔與爆破，以及與鋪面相關的路基水泥穩定化等服務。而這些正是我們在卡羅來納地區提供的服務，我們可以很容易地調度並運送到該區域，以及 ALGC 營運的部分南卡羅來納地區，並立即開始使用這些服務。

And also from the ALGC side, they possess some equipment that we do not possess in the Carolinas specifically related to grading services. So we were able to utilize and see how we operate and integrate those services real time and put them straight to work. So we've seen almost day one, we were having some synergies as it relates to that.

另外從 ALGC 的角度，他們擁有一些我們在卡羅來納地區沒有的設備，特別是與整地服務相關。因此我們能夠加以運用，並即時觀察我們如何運作與整合這些服務，直接投入作業。所以幾乎從第一天起，我們就在這方面看到一些協同效益。

Great. And my second question. The Raleigh and Atlanta markets, they seem to be your most mature markets. Has the growth in those markets remained in the double digits? And do you expect to hit any type of ceiling in terms of market share gains?

很好。第二個問題。羅利與亞特蘭大市場似乎是你們最成熟的市場。這些市場的成長是否仍維持雙位數？你們是否預期在市占率提升方面會遇到某種天花板？

Or do you see like further runway to expand either in the residential market and the industrial markets?

或者你們是否仍看到在住宅市場與工業市場進一步擴張的空間？

Louie, Mike here. We are absolutely in total confidence that both Raleigh and Atlanta see opportunities for continued growth. We are not concerned about market share with our diversification with our end markets. We are also very happy with the bidding activity in both locations. It's very robust.

Louie，我是 Mike。我們對羅利與亞特蘭大兩地持續成長的機會非常有信心。由於我們終端市場的多元化，我們並不擔心市占率問題。我們也對兩地的投標活動非常滿意。非常強勁。

And we are confident in our ability to keep growing and at the rates we've been achieving and see that continuing forward.

我們有信心能持續成長，並維持我們目前達成的成長速度，且預期未來也會延續。

Yes. And I'll tag on to that, Louie. ALGC is a good for instance. So ALGC has got a significant amount of runway for market share capture and growth with respect to density and integration of services. So there -- we're just now starting to start to integrate all the services that they don't all perform which was a number of them.

是的。Louie，我再補充一下。ALGC 就是一個很好的例子。就密度提升與服務整合而言，ALGC 在市占率擴張與成長方面仍有相當大的跑道。因此我們現在才剛開始整合他們尚未全面提供的一些服務，而這些服務其實不少。

And then as we're integrating those vertical services, we're also adding density to existing services that they already provided. So we're growing the utility division. We're growing the grading division. We're growing all these other services that they had while we're stacking on the vertical services that they didn't sell perform. So pavings are good for instance, and that will be a focus here in that market.

而在整合這些垂直服務的同時，我們也在他們原本已提供的既有服務上增加密度。因此我們正在擴大公用事業（utility）事業部。我們正在擴大整地（grading）事業部。我們正在擴大他們原本就有的所有其他服務，同時再疊加他們原本沒有銷售或未自行執行的垂直服務。例如鋪面（paving）就是很好的例子，這也將是該市場的重點。

And then you have to look at the diversification. ALGC was similar to our Raleigh office where they led with residential. They did have some exposure in some other end markets, primarily industrial manufacturing. But there's a whole other host of end markets that they haven't begun to diversify into. So similar to Raleigh, as we look and diversify other end markets, we have a whole world of market share to go capture there.

接著你還要看多元化。ALGC 類似我們的羅利辦公室，主要以住宅市場為主。他們在其他終端市場也有一些曝險，主要是工業製造。但還有一整套其他終端市場，他們尚未開始多元化布局。因此就像羅利一樣，當我們著眼於多元化其他終端市場時，我們在那裡仍有非常大的市占率可去爭取。

So we do not see -- we can't see the light at the end of the tunnel with respect to how we can continue to grow our market share in these two specific markets.

所以我們並不認為——就我們如何在這兩個特定市場持續提升市占率而言，我們看不到隧道盡頭的光。

Great. And one final one before I jump back in the queue. After the initial data center win, how should we think of your data center business? Are you bidding on other data center projects across North Carolina and Georgia and should investors expect other wins across the next couple of years? Or are you going to focus on this one to start and we should wait to see how it does, and then you perhaps will bid on others later.

很好。最後一個問題，之後我再回到排隊序列。在最初拿下資料中心案子之後，我們應該如何看待你們的資料中心業務？你們是否正在北卡羅來納與喬治亞各地投標其他資料中心專案，投資人是否應預期未來幾年還會有其他得標？或者你們會先專注在這一個案子，等看到執行情況後，再於之後投標其他案子？

What's the status of your bidding activity?

你們的投標活動目前狀況如何？

That's a great question, Louie. Our bidding activity is very active. And I'll say with our expansion into the Atlanta market, the Georgia market, which has many more opportunities as it relates to mission-critical projects that's only expanded. And so we're putting an effort and a focus with business development on that end market. We have a lot of opportunities in front of us.

這是個很好的問題，Louie。我們的投標活動非常活躍。我想說，隨著我們擴展到亞特蘭大市場、喬治亞州市場，與關鍵任務（mission-critical）專案相關的機會更多，這只會進一步擴大。因此，我們在該終端市場端，透過業務開發投入努力並聚焦。我們面前有很多機會。

We are focused on execution of the one that we have on our plate right now. And it was -- we spent a little bit of time I spent a lot of time calls with weekly status updates, just making sure there's not something new that we're not used to seeing as it relates to the services that we provide. So we can get ahead of maybe anything that we're not used to seeing.

我們目前專注於執行手上正在進行的那個專案。而且——我們花了一點時間，我自己花了很多時間，每週透過電話進行狀態更新，只是為了確保在我們所提供的服務方面，沒有出現我們不熟悉、以前沒見過的新情況。這樣我們就能提前因應可能出現、我們不習慣看到的任何狀況。

But it sounds like that has gotten quickly on planes and there's a few nuances as it relates to that specific end market, the things that they look forward with safety and some other things, but we're built for that. So we just deployed the additional resources that we have. We send it over there. And everybody gets comfortable when we move forward. So we feel really good about the project we have right now.

不過聽起來那邊很快就上軌道了；就那個特定終端市場而言，有一些細微差異，例如他們在安全以及其他事項上特別重視的點，但我們具備相應能力。所以我們只是部署了我們額外的資源。把人員派過去。然後在我們往前推進時，大家就會更安心。因此，我們對目前手上的專案感覺非常好。

It's going great. We're just getting started with the wet utility installation. And as we said in our release, there's multiple phases there. So we're looking forward to competing with that client on that project.

進展非常順利。我們才剛開始進行濕式公用設施（wet utility）的安裝。而且如同我們在新聞稿中所說，那裡有多個階段。所以我們期待在該專案上與這位客戶競爭後續階段。

And then likewise, we're utilizing that projects, how we're executing and how we're providing for the customer and going out to other customers and other opportunities in other markets and saying we want to track that, and we're actively bidding several. So we'll see where they go. Again, the margin has got to be there for us in any of these end markets that we go into, but we're seeing a lot of activity. We feel really good about the opportunities in for us.

同樣地，我們也會利用這個專案——我們如何執行、如何為客戶提供服務——去向其他客戶、其他市場的其他機會展示，並表示我們希望複製這樣的表現；而我們也正在積極投標好幾個案子。所以我們會看看結果如何。再次強調，無論我們進入哪個終端市場，利潤率都必須對我們有吸引力；但我們確實看到很多活動。我們對眼前的機會感到非常樂觀。

Great. And just to confirm, so the margins are -- that you're seeing are pretty favorable relative to your existing residential and industrial businesses?

很好。我想再確認一下，所以你們看到的利潤率——相較於你們現有的住宅與工業業務——是相當有利的嗎？

Yes. And I'll say -- I've said this on the road on the roadshow and any time I meet it has to be at or better than what we're used to getting on the residential side for us to consider any end market. And so I will say that the margins are at or better than what we're getting with our current customer base on the residential side.

是的。我也想說——我在路演以及每次與人會面時都提過：對我們而言，任何終端市場若要納入考量，其利潤率必須至少與我們在住宅端習慣取得的水準相當，或更好。因此我可以說，目前的利潤率與我們在住宅端現有客戶群所取得的水準相當或更佳。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

This is [Base] on for Brian. I just wanted to ask about your updated revenue guidance, up 50%. How should we think about that split between acquisition contribution and then the cadence of organic growth through the year? And then within that, how are you thinking about growth across your end markets, resi, commercial and DOT work?

我是[Base]，代替 Brian 發問。我想問一下你們更新後的營收指引，上調了 50%。我們應該如何看待其中併購貢獻與全年有機成長節奏之間的拆分？另外，在此之中，你們如何看待各終端市場的成長：住宅、商業以及 DOT（交通部）類型的工程？

In terms of guidance we see absolutely favorable bidding activity right now. Our backlog is very strong. We are -- we did increase it. We see the second quarter being stronger than the first quarter, somewhere in the teens for growth off of the first quarter. So we're still early into the year, but our guidance is favorable and for revenue and with the adjusted EBITDA margin we talked about is still looking good to as well.

就指引而言，我們目前看到投標活動絕對是有利的。我們的在手訂單（backlog）非常強勁。我們——確實上調了指引。我們預期第二季會比第一季更強，較第一季的成長大約在十幾個百分點。所以今年還在早期階段，但我們對營收指引的展望是正面的，而我們先前談到的調整後 EBITDA 利潤率看起來也仍然不錯。

Organic growth is still coming on very strong. Again, we mentioned the activity going on in the bidding and it's robust. Our backlog is still strong. We mentioned 30% growth in backlog organically. So right now, we're very confident in our ability to deliver the growth that we have for the year.

有機成長仍然非常強勁。同樣地，我們提到目前投標活動很活躍，而且相當強健。我們的在手訂單仍然很強。我們提到在手訂單有機成長 30%。因此目前我們對於達成今年的成長目標非常有信心。

And I'll also say that the organic growth opportunity, again, with Charlotte, with Greensboro, with Atlanta, as we look to build density and start to integrate the vertical services that aren't already self-performed in those markets. That will drive a lot of the organic growth across the pipeline. And I forget your other question sorry.

我也想補充，有機成長的機會——同樣地，隨著我們在夏洛特、格林斯伯勒、亞特蘭大等地，持續建立密度並開始整合那些在當地尚未由我們自行施工（self-performed）的垂直服務。這將推動整體管線中的大量有機成長。我忘了你另一個問題，抱歉。

My other question within that was how you're thinking about growth across resi, commercial and DOT type work, but I think you sort of touched on it.

我另一個問題是在此之中，你們如何看待住宅、商業以及 DOT 類型工程的成長，但我想你剛剛多少已經提到了。

Good.

好的。

So yes, I guess my second one is on the asphalt plant. I wondering if you could provide an update on that. I think it was supposed to be or has already commissioned in the second quarter here how...

那我第二個問題是關於瀝青廠。想請問你能否提供最新進度。我記得它原本預計在第二季完成試車啟用，或是已經在第二季啟用了，想了解目前如何……

Yes, I'll give you a quick update on. I actually got some very cool photos right before this call or videos. We are -- we're on first in goal with the start-up of that plant. It's almost fully constructed. There were -- there's a couple of services, electrical and gas with some permitting things that got laid, but they're still on track to be a Q2 start.

好的，我快速更新一下。其實就在這通電話前，我收到了幾張很酷的照片或影片。我們——已經進入最後衝刺階段，準備啟動那座工廠。幾乎已經完全建成。有——有幾項服務項目，像是電力與瓦斯，因為一些許可相關事項而稍有延遲，但仍按計畫在第二季啟動。

I mean the plants almost fully constructed. As I said, we're in the process of taking the recycled asphalt that we had stockpiled and processing that and getting it ready for use. We actually have a very large researching project that sits right adjacent to our plans that we won in Q1. That goes directly in the queue for this plant. So it's still on track.

我的意思是，工廠幾乎已經完全建成。如我所說，我們正在把先前堆放的再生瀝青取出並進行處理，讓它準備好可供使用。我們其實有一個非常大型的再鋪築（resurfacing）專案，就在我們工廠旁邊，我們在第一季贏得的。那個案子會直接排進這座工廠的產能隊列。所以仍然按計畫進行。

It will be open Q2, and it should be any day. So I would hope to provide an update to the market as soon as we hit the on switch.

它會在第二季開放啟用，而且應該就是這幾天。所以我希望一旦我們按下啟動開關，就能盡快向市場提供更新。

Thank you so much. And I am not showing any further questions in the queue. I will turn it back to Jeremy Spivey for closing remarks.

非常感謝。我這邊顯示隊列中沒有其他問題了。我將把時間交回給 Jeremy Spivey 做結語。

Thank you, operator, and thank you all for joining us this morning. I want to thank the Cardinal team for delivering an exceptional first quarter, their execution, their commitment to safety and the pride they bring to their work or what makes this business what it is. We are off to a very strong start in 2026. The platform we have built is performing, our acquisition framework continues to deliver and the runway in front of us is very significant. We look forward to meeting many of you on the road this quarter.

謝謝你，接線員，也謝謝各位今天早上加入我們。我要感謝 Cardinal 團隊在第一季交出卓越表現；他們的執行力、對安全的承諾，以及對工作所帶來的自豪感，正是這門事業之所以成為今天樣貌的原因。我們在 2026 年有一個非常強勁的開局。我們打造的平台正在發揮效能，我們的併購框架持續帶來成果，而我們面前的成長跑道非常可觀。我們期待在本季的行程中與各位中的許多人見面。

Thank you, and have a great day.

謝謝，祝各位有美好的一天。

And thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

也感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。