Eagle Materials Inc (EXP) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to Eagle Materials' Third Quarter of Fiscal 2023 Earnings Conference Call. This call is being recorded. (Operator Instructions)

大家好，歡迎來到 Eagle Materials 2023 財年第三季度收益電話會議。此通話正在錄音中。 （操作員說明）

At this time, I would like to turn the call over to Eagle's President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead, sir.

此時，我想將電話轉給 Eagle 的總裁兼首席執行官邁克爾哈克先生。哈克先生，請繼續，先生。

Thank you, Drew. Good morning. Welcome to Eagle Materials' Conference Call for our Third Quarter for Fiscal 2023. This is Michael Haack. Joining me today are Craig Kesler, our Chief Financial Officer; and Bob Stewart, Executive Vice President of Strategy, Corporate Development and Communications.

謝謝你，德魯。早上好。歡迎來到 Eagle Materials 的 2023 財年第三季度電話會議。我是 Michael Haack。今天加入我的是我們的首席財務官 Craig Kesler；戰略、企業發展和傳播執行副總裁鮑勃·斯圖爾特 (Bob Stewart)。

We are glad you could be with us today.

我們很高興你今天能和我們在一起。

There will be a slide presentation made in connection with this call. To access it, please go to eaglematerials.com and click on the link to the webcast. While you're accessing the slides, please note that the first slide covers our cautionary disclosure regarding forward-looking statements made during this call. These statements are subject to risks and uncertainties that could cause results to differ from those discussed during the call. For further information, please refer to this disclosure, which is also included at the end of our press release.

將進行與此次電話會議相關的幻燈片演示。要訪問它，請訪問 eaglematerials.com 並單擊網絡廣播鏈接。當您訪問幻燈片時，請注意第一張幻燈片涵蓋了我們在本次電話會議期間所做的前瞻性陳述的警告性披露。這些陳述存在風險和不確定性，可能導致結果與電話會議期間討論的結果不同。有關更多信息，請參閱本披露，該披露也包含在我們的新聞稿末尾。

I want to start my comments today by stating that this was a tremendous quarter for Eagle Materials financially, operationally and strategically. Financially, we achieved record revenues, up 10% year-on-year, exceptional margins of 31%, EPS growth of 26% which reflects the strength of our businesses and our continued pricing opportunities in every segment. This EPS growth also reflects our exceptional cash flows in excess of our operating growth and improvement needs. This enabled us to repurchase over $100 million in company shares this quarter, bringing our total cash return to shareholders over the last 3 years to nearly $1 billion.

我想在今天開始我的評論，從財務、運營和戰略上來說，這對 Eagle Materials 來說是一個巨大的季度。在財務上，我們實現了創紀錄的收入，同比增長 10%，利潤率高達 31%，每股收益增長 26%，這反映了我們的業務實力和我們在每個細分市場的持續定價機會。每股收益的增長也反映了我們超常的現金流量超過了我們的運營增長和改進需求。這使我們能夠在本季度回購超過 1 億美元的公司股票，使我們在過去 3 年中向股東的現金回報總額達到近 10 億美元。

Operationally, we achieved the best safety performance in company history in terms of both recordable injury rate and lost time injury rate. This achievement is one that I'm most proud of as the result stems from years of focus from every employee at Eagle to ensure that we have a culture of protecting each other and caring for our fellow employees.

在運營方面，我們在可記錄工傷率和損失工時工傷率方面均取得了公司歷史上最好的安全績效。這一成就是我最引以為豪的成就，它源於 Eagle 每位員工多年來的專注，以確保我們擁有一種相互保護和關心同事的文化。

We have consistently been well below industry averages on this metric, but this year, we truly separated ourselves from our peers. I am proud of the Eagle team, the progress we have made and want to personally thank everyone for their focus to achieve this result.

在這一指標上，我們一直遠低於行業平均水平，但今年，我們真正脫穎而出。我為 Eagle 團隊和我們所取得的進步感到自豪，並想親自感謝大家為取得這一成果所付出的努力。

We are also making progress across the board on our company's strategic priorities. One I would highlight today that I have also talked about in the past is an important environmental and operational priority for us, our rollout of Portland Limestone Cement or PLC. This priority enables us to make our scarce clinker go further in cement production and it reduces our carbon intensity. Adaption and adoption are not immediate because there are operational investments and state DOT approvals needed. Two quarters ago, I shared that almost 15% of our cement sales were PLC. I'm happy to state that approximately 30% of our construction-grade cement sold this quarter was PLC. This progress has given us confidence that we can make a full conversion to PLC for all construction grades by 2025.

我們還在公司的戰略重點方面取得全面進展。我今天要強調的一個是我過去也談到過的一個重要的環境和運營優先事項，即我們推出波特蘭石灰石水泥或 PLC。這一優先事項使我們能夠使我們稀缺的熟料在水泥生產中走得更遠，並降低我們的碳強度。適應和採用不是立竿見影的，因為需要運營投資和州 DOT 批准。兩個季度前，我分享了我們近 15% 的水泥銷售額來自 PLC。我很高興地指出，本季度我們銷售的建築級水泥中約有 30% 是 PLC。這一進展使我們有信心到 2025 年我們可以將所有建築等級完全轉換為 PLC。

Very shortly, we'll be more formally updating our progress, goals and long-term aspirations on this and other matters in our forthcoming updated environmental and social disclosure report.

很快，我們將在即將發布的更新環境和社會披露報告中更正式地更新我們在這個問題和其他問題上的進展、目標和長期願望。

Now let me turn to the coming year. I entered the year very optimistic about the prospects for Eagle Materials, notwithstanding some of the obvious uncertainties about the calendar 2023 macro backdrop. Current business conditions are exceptional and provide a foundation for this year. I can say that our record results this quarter would have been even better if we did not see exceptionally wet weather, particularly in December, across the entire Heartland network.

現在讓我談談來年。儘管 2023 年日曆宏觀背景存在一些明顯的不確定性，但我對 Eagle Materials 的前景非常樂觀。目前的商業環境非常好，為今年奠定了基礎。我可以說，如果我們沒有在整個 Heartland 網絡看到異常潮濕的天氣，尤其是 12 月，我們本季度的創紀錄業績會更好。

As a reminder, wet weather does not imply demand destruction, it just means interruption and delay. Notwithstanding these temporary conditions, cement demand is strong, leaving us in a relatively sold out position with virtually no opportunity to build an inventory position. On the Light side of the business, our Wallboard operations remain busy. Current home construction activity remains robust. The number of multifamily units under construction, for example, is at the highest level since 1973. Of course, the key question today on many of our minds is around what the uncertainty and housing activity ahead will mean.

提醒一下，潮濕的天氣並不意味著需要破壞，它只是意味著中斷和延遲。儘管存在這些臨時情況，但水泥需求強勁，使我們處於相對售罄的狀態，幾乎沒有機會建立庫存。在業務的 Light 方面，我們的 Wallboard 業務仍然很忙。當前的房屋建築活動依然強勁。例如，在建多戶住宅的數量處於 1973 年以來的最高水平。當然，今天我們許多人關心的關鍵問題是未來的不確定性和住房活動意味著什麼。

Let me offer the following perspectives on these uncertainties. First, as I have stated before, geography matters. Our enviable U.S. Heartland system that we have built will serve us well in the coming years. Specifically for cement, it is hard to see a scenario where U.S. cement demand would decline for us over the midterm. This stems from the fact that state and federal allocations to fund infrastructure are well underway and give better visibility into the next 3-year demand picture. There are a few cement substitutes existing today or on the horizon that would fundamentally change this picture over this time frame.

讓我就這些不確定性提出以下觀點。首先，正如我之前所說，地理位置很重要。我們建立的令人羨慕的美國中心地帶系統將在未來幾年為我們提供良好的服務。特別是對於水泥，很難看到美國水泥需求在中期下降的情況。這源於這樣一個事實，即州和聯邦對基礎設施的資金分配正在順利進行，並且可以更好地了解未來 3 年的需求情況。今天或即將出現的一些水泥替代品將在這段時間內從根本上改變這一局面。

U.S. cement manufacturers will work to make their precious clinker go further and to be put to the highest and best use. These efforts will not add up to enough additional supply to alter the supply-demand fundamentals in front of us in the midterm.

美國水泥製造商將努力使他們寶貴的熟料走得更遠，並得到最高和最好的利用。這些努力不會增加足夠的額外供應來改變中期我們面前的供需基本面。

As the U.S. cement supply, I see very little that would material change the supply tension in relation to demand for the U.S. Heartland. Barriers to capacity addition are very high for the U.S. cement industry, both in terms of permitting and construction cost. Even if this were not the case, no new builds or plant expansions could change this picture over the midterm time frame, even if the project did not commenced tomorrow.

作為美國的水泥供應，我認為很少會實質性地改變與美國腹地需求相關的供應緊張局勢。在許可和建設成本方面，美國水泥行業增加產能的障礙非常高。即使情況並非如此，也沒有新的建築或工廠擴建可以在中期時間框架內改變這種情況，即使該項目明天沒有開始。

High cost imports will increasingly be required to meet U.S. demand as they have in the past. Again, for a well-positioned Heartland producer, imports to one degree or another will support pricing in the U.S. Heartland as transportation is very expensive and is expected to remain so.

與過去一樣，將越來越需要高成本進口來滿足美國的需求。同樣，對於處於有利位置的 Heartland 生產商而言，某種程度的進口將支持美國 Heartland 的定價，因為運輸非常昂貴並且預計將保持這種情況。

Now let's turn the discussion to the uncertainties for the other half of our business, specifically Gypsum Wallboard. Gypsum Wallboard is used in single and multifamily residential construction, repair and remodeling and commercial construction, but most significant among these is residential construction.

現在讓我們將討論轉向我們另一半業務的不確定性，特別是石膏牆板。石膏牆板用於單戶和多戶住宅建築、維修和改造以及商業建築，但其中最重要的是住宅建築。

Mortgage rates are key in modulating demand. It is welcome to see that we are off the mortgage rate highs that we saw last quarter. I think Fed Chairman, Powell may have expressed the uncertainty right now the best when he said and I quote, "I don't think anyone knows whether we're going to have a recession or not. And if we do, whether it's going to be deep one or not." Many economic scenarios imply a sizable and sustained gap between supply and demand for housing over the midterm, mainly driven by household growth and demolition older housing stock.

抵押貸款利率是調節需求的關鍵。很高興看到我們脫離了上個季度的抵押貸款利率高點。我認為美聯儲主席鮑威爾可能已經表達了現在最好的不確定性，他說，我引用，“我認為沒有人知道我們是否會陷入衰退。如果我們知道，它是否會繼續是否深沉。”許多經濟情景表明，中期住房供需之間存在相當大且持續的缺口，這主要是受家庭增長和拆除舊住房存量的推動。

The outlook for repair and remodel demand seems especially well supported with record homeowner equity by the average age of the U.S. housing stock and by the number of single-family homes entering their prime remodeling years. With higher interest rates, homeowners may be inclined to stay put and improve their homes. The bottom line for Light side demand is that there is cause for optimism for the midterm and the long term as it relates to housing construction activity. It is the near term where we see some obvious uncertainty around home buyer demand and homebuilder activity.

維修和改造需求的前景似乎特別受到美國住房存量平均年齡和進入主要改造年份的單戶住宅數量創紀錄的房主資產的支持。隨著利率上升，房主可能傾向於留在原地並改善他們的房屋。輕型需求的底線是，有理由對中期和長期感到樂觀，因為它與住房建設活動有關。在短期內，我們看到購房者需求和房屋建築商活動存在一些明顯的不確定性。

If we turn to the Gypsum Wallboard supply side, we see limits to manufacturing supply response broadly in the industry due to raw material supply limitations. As we have emphasized before, we are insulated from the negative implications of this broad and important trend. We are in fact beneficiaries of it. As we own many decades of natural gypsum and our one plant that uses synthetic gypsum has a secure and very long-term supply agreement.

如果我們轉向石膏牆板供應方面，我們會發現由於原材料供應限制，行業內製造業供應響應普遍受到限制。正如我們之前強調的那樣，我們不會受到這一廣泛而重要趨勢的負面影響。我們實際上是它的受益者。由於我們擁有數十年的天然石膏，而我們一家使用合成石膏的工廠簽訂了一份安全且非常長期的供應協議。

There is another aspect of the industry supply situation as important to understand and history is instructive here. In 1998 through 2000 and in 2005 through 2006 time frames, we saw increasing pricing for Gypsum Wallboard. In both cases, shortly thereafter, we saw significant price deflation. In 2021 through 2022, we have again seen pricing progress and it raises the question among the servers about what is ahead for Wallboard pricing at this time. In those prior periods, increasing demand was also met with significant industry capacity expansion, which culminated gypsum as the market demand began waning.

了解行業供應情況的另一個方面也很重要，歷史在這方面具有指導意義。在 1998 年到 2000 年以及 2005 年到 2006 年的時間範圍內，我們看到石膏牆板的價格不斷上漲。在這兩種情況下，此後不久，我們都看到了顯著的價格通縮。從 2021 年到 2022 年，我們再次看到了定價進展，這在服務器中提出了一個問題，即此時 Wallboard 定價的前景如何。在之前的那些時期，不斷增長的需求也伴隨著顯著的行業產能擴張，隨著市場需求開始減弱，石膏達到了頂峰。

In the case of post 2005 and 2006, we, in fact, entered the longest and deepest housing construction recession in U.S. history as massive capacity was being added to take advantage of synthetic gypsum, which was believed at the time would be plentiful and cheap. This assumption about synthetic gypsum proved to be wrong for several reasons. One reason is the retirement of coal-fired power plant, which is continuing. And the other reason is the greater use among power plants of lower-cost natural gas, which does not need to be scrubbed, hence, does not produce the synthetic gypsum.

就 2005 年和 2006 年後的情況而言，我們實際上進入了美國歷史上最長、最嚴重的住房建設衰退，因為大量產能正在增加以利用合成石膏，當時人們認為合成石膏既豐富又便宜。由於多種原因，這種關於合成石膏的假設被證明是錯誤的。原因之一是燃煤電廠的退役仍在繼續。另一個原因是發電廠更多地使用成本較低的天然氣，不需要洗滌，因此不會生產合成石膏。

In recent years, we have not seen material capacity expansion. In fact, we have observed significant capacity constraints, stemming from the ability to secure enough raw materials economically for a new plant or to expand the production of existing plants. This is a key factor shaping the outlook that I think is unappreciated today. I should also add that for our Wallboard businesses, we will benefit from the tailwinds we have not seen for a while. Notably, in the lower cost of natural gas and OCC inputs, both of which should -- provide some margin support. Regardless of what 2023 brings, I have confidence that Eagle Materials is positioned well to succeed. I believe this for the following reasons.

近年來，我們沒有看到材料產能擴張。事實上，我們已經觀察到嚴重的產能限制，這是由於無法經濟地為新工廠確保足夠的原材料或擴大現有工廠的生產。這是塑造我認為今天未被重視的前景的關鍵因素。我還應該補充一點，對於我們的牆板業務，我們將受益於我們有一段時間沒有看到的順風。值得注意的是，天然氣和 OCC 輸入的成本較低，這兩者都應該提供一些利潤支持。無論 2023 年會發生什麼，我都相信 Eagle Materials 有能力取得成功。我相信這一點，原因如下。

First, we know how to navigate uncertainty. We have proved this by being one of the very few in our space that has navigated the longest and deepest construction recession in U.S. history and remain profitable every year. This is largely attributable to our low-cost producer positions which are highly sustainable and from a competitive standpoint are arguably widening.

首先，我們知道如何駕馭不確定性。我們已經證明了這一點，我們是我們所在領域中為數不多的經歷過美國歷史上最長、最嚴重的建築業衰退並且每年都保持盈利的公司之一。這在很大程度上歸因於我們高度可持續的低成本生產商地位，從競爭的角度來看，可以說正在擴大。

Our pretax margins are in vicinity of 25% for the enterprise and the gap with the competition is widening.

我們的企業稅前利潤率在25%左右，與競爭對手的差距正在拉大。

Second, our businesses are strong cash flow generators. Our strategic decision-making is heavily focused on making the best use of this cash.

其次，我們的業務是強大的現金流產生者。我們的戰略決策主要集中在充分利用這些現金上。

The third reason for my confidence, we are good capital allocators. We are highly committed to growth believing growth in the core that meets our strategic and financial return criteria. We have tripled the size of the heavy side of our business in recent years. And as I commented earlier, returned nearly $1 billion to shareholders through share repurchases and dividends over the last 3 years.

我有信心的第三個原因是，我們是優秀的資本配置者。我們高度致力於增長，相信核心增長符合我們的戰略和財務回報標準。近年來，我們的業務規模擴大了兩倍。正如我之前評論的那樣，過去 3 年通過股票回購和股息向股東返還近 10 億美元。

Our return on equity stands in the vicinity of 30% today and remains industry-leading.

今天，我們的股本回報率接近 30%，並且仍然處於行業領先地位。

With that, let me turn it over to Craig for a financial review of our quarter.

有了這個，讓我把它交給克雷格來對我們的季度進行財務審查。

Great. Thank you, Michael. Third quarter revenue was a record $511 million, an increase of 10% from the prior year. Excluding the acquired business in Northern Colorado, revenue was up 8%. The increase reflects higher cement and Wallboard sales prices as well as increased Wallboard sales volume. The strong fundamentals in both Cement and Wallboard contributed to record EPS during the quarter. Diluted earnings per share was $3.20, a 26% increase from the prior year. This increase also reflects our reduced share count resulting from our share repurchase program.

偉大的。謝謝你，邁克爾。第三季度收入達到創紀錄的 5.11 億美元，比上年增長 10%。不包括在北科羅拉多州收購的業務，收入增長了 8%。這一增長反映了水泥和牆板銷售價格的上漲以及牆板銷量的增加。水泥和牆板的強勁基本面促成了本季度創紀錄的每股收益。每股攤薄收益為 3.20 美元，比上年增長 26%。這一增長也反映了我們的股票回購計劃導致我們的股票數量減少。

Fully diluted shares were down 10% from the prior year and down nearly 30% from the peak in 2015.

完全攤薄後的股價較上年下降 10%，較 2015 年的峰值下降近 30%。

Turning now to segment performance. In our heavy materials sector, which includes our Cement and Concrete and Aggregates segments, revenue increased 3%, reflecting higher cement sales prices and revenue from the acquired business in Northern Colorado, partially offset by lower cement sales volume resulting from difficult weather conditions and much lower inventory levels during this quarter.

現在轉向細分性能。在我們的重材料部門，包括我們的水泥和混凝土以及骨料部門，收入增長了 3%，反映了水泥銷售價格的上漲以及來自北科羅拉多州收購業務的收入，部分被惡劣的天氣條件和許多因素導致的水泥銷量下降所抵消本季度庫存水平較低。

Cement prices increased 13% and sales volume were also down 13%. Operating earnings declined 11%, reflecting lower sales volume and higher costs, partially offset by higher cement prices.

水泥價格上漲 13%，銷量也下降 13%。營業收入下降 11%，反映出銷量下降和成本上升，部分被水泥價格上漲所抵消。

Moving to the Light Materials sector on the next slide. Revenue in our Light Materials sector increased 23%, driven by higher Wallboard sales prices and sales volume. Operating earnings in the sector increased 51% to $95 million as higher net sales prices helped offset higher input prices.

轉到下一張幻燈片的輕材料部門。在牆板銷售價格和銷量增加的推動下，我們的輕質材料部門的收入增長了 23%。由於更高的淨銷售價格幫助抵消了更高的投入價格，該行業的營業利潤增長了 51% 至 9500 萬美元。

Looking now at our cash flow, which remains strong. And as Michael highlighted in his remarks, we continue to generate very strong cash flow and allocate capital in a disciplined way. During the quarter, operating cash flow improved 7% to $180 million and capital spending decreased from $28 million to $18 million. We also repurchased approximately 824,000 shares of our common stock for $103 million and paid our quarterly dividend, returning a total of $113 million to shareholders during the quarter.

現在看看我們的現金流，它仍然很強勁。正如邁克爾在講話中強調的那樣，我們繼續產生非常強勁的現金流，並以有紀律的方式分配資本。本季度，經營現金流增加 7% 至 1.8 億美元，資本支出從 2800 萬美元減少至 1800 萬美元。我們還以 1.03 億美元的價格回購了大約 824,000 股普通股，並支付了季度股息，本季度向股東返還了總計 1.13 億美元的資金。

Year-to-date, we have repurchased approximately 2.5 million shares or 6.5% of our outstanding. We currently have 8.3 million shares remaining under our current repurchase authorization.

年初至今，我們已經回購了大約 250 萬股股票，占我們已發行股票的 6.5%。根據我們目前的回購授權，我們目前還有 830 萬股股票。

Finally, a look at our capital structure. At December 31, 2022, our net debt-to-cap ratio was 47% and our net debt-to-EBITDA leverage ratio remains at 1.4x. We ended the quarter with $61 million of cash on hand. Total committed liquidity at the end of the quarter was approximately $675 million, and we have no meaningful near-term debt maturities, providing us with substantial financial flexibility.

最後，看看我們的資本結構。截至 2022 年 12 月 31 日，我們的淨債務與市值比率為 47%，我們的淨債務與 EBITDA 槓桿比率保持在 1.4 倍。我們在本季度結束時手頭現金為 6100 萬美元。本季度末承諾的流動資金總額約為 6.75 億美元，我們沒有有意義的短期債務到期日，這為我們提供了巨大的財務靈活性。

Thank you for attending today's call. Drew, we'll now move to the question and answer session.

感謝您參加今天的電話會議。 Drew，我們現在進入問答環節。

(Operator Instructions) The first question comes from Trey Grooms with Stephens.

（操作員說明）第一個問題來自 Trey Grooms 和 Stephens。

Nice work in the quarter, especially given these weather headwinds. And on that, first on -- for Cement, I guess, the volume there in the quarter, weather was obviously an issue, and I think it was pretty well expected. But Craig, you mentioned lower inventory as well. Can you help us understand maybe the -- how much that really impact and how much impacted the quarter? How much was weather? And then will these lean inventory levels continue to impact your year-over-year volume going forward? Or with the lower volume in the quarter, were you able to build some inventory and maybe help mitigate the impact there as we move into the...

本季度的表現不錯，尤其是考慮到這些天氣逆風。關於這一點，首先——對於水泥，我猜，本季度的產量，天氣顯然是一個問題，我認為這是意料之中的。但是克雷格，你也提到了較低的庫存。您能否幫助我們了解 - 真正影響了多少以及對本季度的影響有多大？天氣如何？然後這些精益庫存水平會繼續影響您未來的同比銷量嗎？或者在本季度銷量較低的情況下，您是否能夠建立一些庫存，並可能在我們進入……時幫助減輕那裡的影響？

Good question, Trey. Yes, in terms of this quarter, I think it's a pretty unique comparison, both in terms of weather patterns and inventory levels of where we were a year ago versus this year. If you recall, last winter really was late to start and allowed us to really sell through the entire month of December. And then this year, the weather pattern is a little different in December. And we just didn't have near the inventory levels. So I think just a unique comparison year-over-year for this quarter. I think we get back more into our typical cadence where volume growth is tough to come by as we are and remain sold out, but I don't think you'll continue to see this type of variance in the sales volume as the inventory issue is kind of just a one quarter thing.

問得好，特雷。是的，就本季度而言，我認為這是一個非常獨特的比較，無論是天氣模式還是一年前與今年的庫存水平。如果您還記得的話，去年冬天確實起步較晚，讓我們在 12 月的整個月都在銷售。今年 12 月的天氣模式略有不同。而且我們只是沒有接近庫存水平。所以我認為本季度只是一個獨特的同比比較。我認為我們更多地回到了我們的典型節奏，在這種節奏中很難像現在這樣實現銷量增長並且仍然售罄，但我認為你不會繼續看到這種銷量差異作為庫存問題只是四分之一的事情。

Got it. Okay. That's super helpful. And then kind of still sticking with Cement. So you guys have January price increases that have been in place now here in your Cement market, I guess, for a few weeks now. Is there any early read on maybe even directionally on how those increases are going thus far?

知道了。好的。這非常有幫助。然後仍然堅持使用 Cement。所以你們現在在你們的水泥市場上有 1 月份的價格上漲，我猜，已經持續了幾個星期了。是否有關於這些增長到目前為止如何進行的早期閱讀，甚至是定向閱讀？

Yes. Trey, this is Michael. When you look at the supply-demand dynamics, we have implemented double-digit price increases across our network. We're still working through with some customers, but with the supply-demand dynamics, that's what we're expecting.

是的。特雷，這是邁克爾。當您查看供需動態時，我們已經在我們的網絡中實施了兩位數的價格上漲。我們仍在與一些客戶合作，但根據供需動態，這正是我們所期待的。

The next question comes from Brent Thielman with D.A. Davidson.

下一個問題來自 D.A. 的 Brent Thielman。戴維森。

Great quarter as well. Craig, the earnings contribution from the joint venture was pretty strong, I guess, really snapped back despite the headwind on volume. Is there anything in particular to point to there?

很棒的季度。克雷格，合資企業的盈利貢獻相當強勁，我猜，儘管銷量不利，但確實迅速回升。有什麼特別要指出的嗎？

Yes. I think, look, as we said in the last couple of quarters, we had some operational issues there that we believe we had turned the quarter on and when these businesses and the operations start to become more consistent, you see a turnaround pretty quick in terms of profitability. So that the operation has seemed to make that term.

是的。我認為，就像我們在過去幾個季度所說的那樣，我們在那裡遇到了一些運營問題，我們認為我們已經打開了這個季度，當這些業務和運營開始變得更加一致時，你會看到很快出現轉變盈利能力方面。使操作似乎使該術語。

Okay. Great. And then I guess, back to Trey's question, realizing the supply/demand dynamics. I'm just curious, I mean is this harsher winter sort of impede your ability to realize these sort of new year price increases in Cement in the short term? Or I mean, how do you think about that?

好的。偉大的。然後我想，回到 Trey 的問題，實現供需動態。我只是好奇，我的意思是這個更嚴酷的冬天是否會阻礙你在短期內實現這些新年水泥價格上漲的能力？或者我的意思是，你怎麼看？

No. When we look at it, we went into the winter time frame and the fall time frame have very low inventory levels. And so the weather really, as I said in my comments, it's really delays the use of that product with it. So we don't see any impact going forward for that winter weather issue with it. Supply and demand fundamentals will drive the business.

不。當我們看它時，我們進入了冬季時間框架，而秋季時間框架的庫存水平非常低。因此，正如我在評論中所說，天氣真的會延遲該產品的使用。因此，我們認為它不會對冬季天氣問題產生任何影響。供需基本面將推動業務發展。

Okay. And then just one on Wallboard. Michael, I appreciate your -- sort of your comments around advantaged cost structure, those sorts of things, all very valid. Have you seen any disruption either lean of competing assets within your footprint, those that just can't be as cost competitive in this environment? Just wondering if you've seen any sort of changes in competitive dynamics around your markets you play in, in the Wallboard business?

好的。然後只有一個在牆板上。邁克爾，我很欣賞你——你對優勢成本結構的評論，這些都是非常有效的。您是否看到過您足跡內競爭資產的任何破壞，這些資產在這種環境中不能具有成本競爭力？只是想知道您是否在牆板業務中看到您所在市場的競爭動態發生了任何變化？

No. When you look at how Eagle is structured, we're not dependent on any third parties for our raw material supply. We're located in the Sunbelt regions. I love where we're located. I love how we control our own cost structure with it. We don't have any plant that is disadvantaged in any way to compete in these markets.

不。當您查看 Eagle 的結構時，我們的原材料供應不依賴任何第三方。我們位於陽光地帶地區。我喜歡我們所在的地方。我喜歡我們如何用它來控制我們自己的成本結構。我們沒有任何工廠在這些市場競爭中處於不利地位。

The next question comes from Anthony Pettinari with Citi.

下一個問題來自花旗的 Anthony Pettinari。

On Cement, it sounds like the demand outlook is pretty positive despite past issues. And I'm just wondering, understanding you don't always know your Cement is going. Are you starting to see IIJA spending flow through and volumes? And are you seeing that maybe replace weaker residential activity? Or just wondering sort of the end markets and that infrastructure impact?

在水泥方面，儘管過去存在問題，但聽起來需求前景相當樂觀。我只是想知道，了解您並不總是知道您的 Cement 正在運行。您是否開始看到 IIJA 支出流量和數量？你是否看到這可能會取代較弱的住宅活動？或者只是想知道終端市場和基礎設施的影響？

Yes, Anthony, good question. Look, the infrastructure spending is supported in a couple of different ways. There's no doubt state spending has taken the bulk of the financing effort over the last several years, and that has continued to remain very robust in our markets. To your point, you have federal spending that is on top of that going forward. It's hard to parse out exactly what's funding an individual project sometimes. But anecdotally, you are starting to hear that those monies are starting to impact planning and individual projects. So that side of the business continues to do very, very well. I'll point out, we also continue to see recovery and strength in the private nonresidential construction activity, especially around this -- around some of these very, very large projects that are just starting to get underway.

是的，安東尼，問得好。看，基礎設施支出以幾種不同的方式得到支持。毫無疑問，在過去幾年中，國家支出佔據了大部分融資努力，並且在我們的市場中繼續保持非常強勁的勢頭。就您的觀點而言，您的聯邦支出是最重要的。有時很難準確分析出是什麼為單個項目提供資金。但有趣的是，您開始聽說這些資金開始影響規劃和個別項目。所以這方面的業務繼續做得非常非常好。我要指出的是，我們還繼續看到私人非住宅建築活動的複蘇和強勁，尤其是圍繞這一點——圍繞這些剛剛開始進行的非常非常大的項目中的一些。

Okay. That's very helpful. And then just a quick one on the Wallboard Paperboard side. I mean the decline in OCC late last year was pretty dramatic, and I'm just wondering what you thought maybe drove that and the sustainability of that? And if you can just kind of remind us maybe the margin benefit that you could accrue from there? And what the sort of lag is there?

好的。這很有幫助。然後在 Wallboard Paperboard 一側快速進行一次。我的意思是，去年年底 OCC 的下降非常顯著，我只是想知道你認為可能是什麼推動了它以及它的可持續性？如果你能提醒我們，也許你可以從那裡獲得利潤？那裡有什麼樣的滯後？

Yes. So as you saw this quarter, the lag is pretty quick within the paper business itself. So that contributed to a large majority of the improvement the profitability in the Paper business. It then does take a quarter or 2 lag into the Wallboard business. But what has been a headwind in what I'm going to say, Calendar '22, fiscal '23, has certainly turned around from OCC prices as we look forward into Calendar '23 and our fiscal '24. A lot of international reasons why OCC prices go up and down relates to generation and overseas purchases. But business spike that we saw a year ago, probably wasn't sustainable, and these are a little bit more normal levels.

是的。因此，正如您在本季度看到的那樣，造紙業務本身的滯後速度非常快。因此，這在很大程度上促進了造紙業務盈利能力的提高。然後它確實需要四分之一或兩個滯後於牆板業務。但是，在我要說的 Calendar '22，'23 財政年度，隨著我們期待 Calendar '23 和我們的財政年度 '24，OCC 價格肯定已經發生了逆轉。 OCC 價格上漲和下跌的許多國際原因都與發電和海外採購有關。但是我們一年前看到的業務高峰可能是不可持續的，這些都是更正常的水平。

The next question is from Jerry Revich with Goldman Sachs.

下一個問題來自高盛的 Jerry Revich。

I'm wondering if you could just talk about Cement margins when your footprint was smaller. Some 20 years ago, you folks were able to get that business up to 30% margins. And I'm wondering with the price increases that you have in place now, do you think you could approach that level of margin in this cycle?

我想知道當您的足跡較小時，您是否可以只談論水泥利潤率。大約 20 年前，你們這些人能夠使該業務獲得高達 30% 的利潤率。我想知道你們現在的價格上漲，你們認為你們可以在這個週期中接近那個利潤率水平嗎？

Yes, Jerry. Look, I would say the acquisitions that we've made over the last decade or so and the improvements that we've continued to make in the network, whether that's from a distribution perspective or just operating efficiencies, I think we actually have a lower cost system today than where we were in prior cycles, in many different ways, again, logistically and operationally. End of the day, that's what we can focus on, and that's how we can improve margins.

是的，傑瑞。看，我想說我們在過去十年左右進行的收購以及我們在網絡中繼續進行的改進，無論是從分銷的角度還是僅僅是運營效率，我認為我們實際上有一個較低的今天的成本系統與我們之前週期中的成本系統相比，在許多不同的方面，同樣，在後勤和運營方面。歸根結底，這是我們可以關注的重點，也是我們提高利潤率的方式。

And Craig, maybe just to sharpen the pencil a little bit there. You spoke about pricing actions you've taken, can you talk about just the level of inflation that you're expecting in Cement, just to put us into context for us the level of margin expansion that's feasible in Calendar '23.

還有克雷格，也許只是把鉛筆削尖一點。你談到了你採取的定價行動，你能談談你對水泥的預期通脹水平嗎，只是為了讓我們了解 Calendar '23 中可行的利潤率擴張水平。

Yes. As we've been saying in the last couple of quarters, we do continue to see some inflation pressures still around Cement energy prices and Cement that's generally solid fuels and electricity. So we expect that to continue into fiscal 2024. Now the pricing that we have in place should more than offset with that like we have done here in fiscal '23. But I think we'll continue to see some inflation around energy and cement.

是的。正如我們在過去幾個季度所說的那樣，我們確實繼續看到圍繞水泥能源價格和通常是固體燃料和電力的水泥仍然存在一些通脹壓力。因此，我們預計這種情況將持續到 2024 財年。現在，我們現有的定價應該足以抵消我們在 23 財年所做的定價。但我認為我們將繼續看到圍繞能源和水泥的一些通貨膨脹。

Super. And then around the volume cadence, to your point on whether your volumes were maybe 5 points lower sequentially than normal seasonality. As we look at the current run rate and running that through with normal seasonality in March and June, it does look like the business shipments are down in the high single-digit range year-over-year. And I just want to make sure there aren't any inventory moving pieces, et cetera, that might skew where that cadence is shaking out just based on normal seasonality off of the past 6 months of performance?

極好的。然後圍繞成交量節奏，關於你們的成交量是否可能比正常季節性連續低 5 個百分點。當我們查看當前的運行率並將其運行到 3 月和 6 月的正常季節性時，看起來企業出貨量同比確實下降了個位數的高位。而且我只是想確保沒有任何庫存移動件，等等，這可能會根據過去 6 個月的表現的正常季節性而扭曲節奏正在搖晃的地方？

Jerry, with one exception there, we've talked a lot about this Portland Cement product that we've begun producing and selling out of our facilities. I think you'll continue to see that ramp up over this coming year, which should give us some incremental volume out of facilities. So you're right, generally, the growth in sales volumes will be tough to come by, given that we're continue to be in sold-out conditions, but we do have one lever to pull around PLC that might be able to offset some of that.

傑里，除了一個例外，我們已經談了很多關於我們已經開始生產並在我們的設施中銷售的波特蘭水泥產品。我認為你會在來年繼續看到這種增長，這應該會給我們帶來一些設施外的增量。所以你是對的，總的來說，鑑於我們繼續處於售罄狀態，銷量的增長將很難實現，但我們確實有一個槓桿可以拉動 PLC，這可能能夠抵消其中一些。

The next question comes from Stanley Elliott with Stifel.

下一個問題來自 Stifel 的 Stanley Elliott。

With past year, a lot of cement markets were on allocation. I mean, do you guys think we're going to see a similar sort of dynamic in Calendar '23? You know you mentioned being sold out. But just curious kind of what you're seeing high level there.

與去年一樣，很多水泥市場都在配置。我的意思是，你們認為我們會在 Calendar '23 中看到類似的動態嗎？你知道你提到過賣完了。但只是好奇你在那裡看到的高水平。

Yes. It's a great question and how the supply and demand is currently right now, I think we're going to be going into this next year, very similar to last year, where we will be -- our key is to keep our plants running and get as much out of each plant as we can because the demand is there. So there will probably be some allocations later in the year as long as this demand profile maintains, which we think is going to maintain this year.

是的。這是一個很好的問題，目前的供需情況如何，我認為我們將在明年進入這個階段，與去年非常相似，我們將在何處 - 我們的關鍵是保持我們的工廠運轉和盡可能多地從每個工廠中獲取，因為那裡有需求。因此，只要這種需求狀況保持不變，今年晚些時候可能會有一些分配，我們認為今年將保持這種狀況。

And could you talk a little bit about what's happening or what you're seeing in the M&A marketplace right now? And maybe kind of the bias of pursuing some -- an acquisition versus buying back your shares here at these levels?

您能否談談目前正在發生的事情或您在併購市場上看到的情況？也許追求一些的偏見 - 收購而不是在這些水平上回購你的股票？

Yes. So we look at everything as we say. We are also very disciplined in, in what we will buy, how it fits into our network. You can see during the past quarters where we have done transactions, where we've extended our distribution footprint, it's -- right now, we would look at anything that comes to the market. It's just when businesses are in sold-out positions, there's not as much on the market. So you can see where we pivoted to the logistics side, like I said, with the Nashville acquisition. We bought aggregates positions in the Denver market. Those are things we look at continuously, and we will continue to look at anything that comes to the market that makes sense for Eagle. It just has to meet our strategic criteria.

是的。所以我們說什麼就看什麼。我們在購買什麼以及它如何融入我們的網絡方面也非常自律。你可以看到在過去的幾個季度裡，我們已經完成了交易，我們已經擴大了我們的分銷足跡，現在，我們會考慮進入市場的任何東西。只是當企業處於售罄狀態時，市場上就沒有那麼多了。所以你可以看到我們在收購納什維爾時轉向了物流方面，就像我說的那樣。我們購買了丹佛市場的綜合頭寸。這些是我們不斷關注的事情，我們將繼續關注市場上對 Eagle 有意義的任何事情。它只需要滿足我們的戰略標準。

The next question comes from Adam Thalhimer with Thompson Davis.

下一個問題來自 Adam Thalhimer 和 Thompson Davis。

Craig, I wanted to follow up on something. I think you said about nonres and particularly like large projects, large nonres projects. Are you seeing that in specific regions? Or are you seeing that everywhere?

克雷格，我想跟進一些事情。我想你說過 nonres 並且特別喜歡大型項目，大型 nonres 項目。你在特定地區看到了嗎？還是你到處都能看到？

Yes, pretty broad-based, Adam. Whether it's the semiconductor facilities, the battery facilities, it's those types of very large onshoring of manufacturing that we've seen in our markets. And again, pretty broad-based.

是的，基礎相當廣泛，亞當。無論是半導體設施、電池設施，還是我們在市場上看到的那些非常大的製造業外包類型。再一次，基礎非常廣泛。

Okay. And then Michael, you made some comments about the lack of new capacity entering the Wallboard market going into this -- a little bit of a soft patch. Are you -- what's the implication of that? Do you actually see pricing even if volumes decline a little bit , do you see the pricing kind of staying flattish?

好的。然後邁克爾，你對進入牆板市場的新產能不足發表了一些評論——這是一個軟補丁。你是——這意味著什麼？即使銷量略有下降，您是否真的看到定價，您是否看到定價保持平穩？

When you look at everything, it's all on the supply and demand criteria with it. And when you -- one of the inputs into that is how much board is going into the market. So I know there's been debate both with analysts and us when we look at different markets on what the capacity of the Wallboard industry is today with it. And we just don't see -- in previous years, we've seen or previous cycles, I should say, not years. We have seen where there's been capacity expansion added, and we are not seeing that capacity expansion added. We also have a Wallboard industry that's much different today than it was in the past with a lot of consolidation that happened since the last cycle with it. So I do see a different animal this time than in previous cycles.

當您查看所有內容時，它都取決於供需標準。當你 - 其中一個輸入是有多少董事會進入市場。所以我知道，當我們觀察不同的市場時，我們和分析師一直在爭論牆板行業今天的產能是多少。我們只是沒有看到——在前幾年，我們已經看到或以前的周期，我應該說，而不是幾年。我們已經看到增加了容量擴展的地方，但我們沒有看到增加的容量擴展。我們還有一個牆板行業，今天與過去大不相同，自上一個週期以來發生了很多整合。所以這次我確實看到了與之前週期不同的動物。

And then lastly, your Wallboard cost per unit went down a little bit sequentially in Q3. Do you think that trend can continue with gas prices coming down?

最後，您的每單位牆板成本在第三季度環比下降了一點。您認為這種趨勢會隨著汽油價格的下降而繼續下去嗎？

Yes, very observant, Adam. Yes. On a sequential basis, we did see energy prices come down, and that was a good sign. Natural gas has certainly been under pressure over the last couple of months and more importantly here in the last few weeks. So -- and look, I'll also tell you at a freight level, we saw freight tick down just slightly. That doesn't happen very often. So yes, we saw again some of those would have been headwinds this year starting to turn around.

是的，非常細心，亞當。是的。在連續的基礎上，我們確實看到能源價格下降，這是一個好兆頭。天然氣在過去幾個月肯定承受壓力，更重要的是在過去幾週在這裡。所以 - 看，我也會在運費水平上告訴你，我們看到運費略有下降。這種情況並不經常發生。所以，是的，我們再次看到其中一些本來會是不利因素的因素在今年開始好轉。

The next question comes from Philip Ng with Jefferies.

下一個問題來自 Jefferies 的 Philip Ng。

Well, Michael, it's great to hear that in the medium term, you don't expect volumes to be down in Cement. Any color on how to think about Wallboard in the near term, call it, Calendar year 2023, just given the tougher housing backdrop? At least what we're hearing is maybe backlogs will carry the industry through the early part of the calendar year. But any color on year and how you're thinking about the shape of the year in terms of Wallboard demand.

好吧，邁克爾，很高興聽到中期而言，您預計水泥的銷量不會下降。考慮到更艱難的住房背景，關於如何在短期內考慮 Wallboard 的任何顏色，稱之為 2023 日曆年？至少我們所聽到的是，積壓的訂單可能會使該行業度過今年的早些時候。但是一年中的任何顏色以及您如何根據牆板需求考慮當年的形狀。

Yes, Phil, it's a great question. When I look at it in my comments, I'll point to some things in the comment is, we're monitoring the near term very closely. As said, we have a great foundation going into this year with it. Demand has been consistently strong with it. However, we do monitor as you guys do, housing starts, everything else with it. Our concern more is around the near term than the midterm or the long term. But right now, demand is strong, and we're going to be positioning the company that if that does change, we could react quickly to that. But right now, we are producing what we can produce for the near-term demand, and then we'll see where the market takes us.

是的，菲爾，這是一個很好的問題。當我在評論中查看它時，我會指出評論中的一些事情是，我們正在密切關注近期情況。如前所述，我們有一個很好的基礎進入今年。需求一直很強勁。但是，我們會像你們一樣監控房屋開工以及其他一切。我們更關心的是近期而不是中期或長期。但現在，需求強勁，我們將為公司定位，如果情況確實發生變化，我們可以迅速做出反應。但現在，我們正在生產我們可以為近期需求生產的產品，然後我們將看到市場將我們帶向何方。

And on that note, Michael, you guys have some of the lowest cost Wallboard facilities out there. If you guys had a pivot on the cost side, what are some of the things you can do just given your low-cost profiles already?

關於這一點，邁克爾，你們那裡有一些成本最低的牆板設施。如果你們在成本方面有一個支點，那麼在給定低成本配置文件的情況下，您可以做哪些事情？

Yes. So how we run all of our facilities. We monitor each of the facilities. We know which ones -- which market it is with it. We've been very flexible with Wallboard. It's not a very cost-intensive input business. We've been able to modulate with the demand just by ship structures and everything to be able to satisfy that and not add a significant cost to the operation with it. So we watch that closely for each of the markets, each of our plants serve and then we modulate as needed. But right now, where I won't leave you is demand has been strong. So we're prepared for those if those happen, but we haven't implemented those.

是的。那麼我們如何運行我們所有的設施。我們監控每個設施。我們知道哪些 - 它與哪個市場有關。我們對 Wallboard 非常靈活。這不是一項成本非常高的投入業務。我們已經能夠僅通過船舶結構和所有能夠滿足需求的需求進行調整，而不會給運營增加大量成本。因此，我們密切關注每個市場，我們每個工廠的服務，然後我們根據需要進行調整。但現在，我不會離開你的地方是需求一直很強勁。因此，如果發生這些情況，我們已經做好了準備，但我們還沒有實施。

Got you. And just one last quick one for me. So Craig, on the energy front, help us think through the step-up, I guess, for Calendar 2023. Because you're hedged a bit on nat gas and then solid fuel prices, I think, for Cement. I think the you have the ability to kind of hold on to prices for a full year, but I think it starts resetting fairly soon. So just give us a little color on how you're set up currently.

明白了對我來說只是最後一個快速的。因此，克雷格，在能源方面，幫助我們考慮 2023 年日曆的升級。因為你對天然氣和固體燃料價格進行了一些對沖，我認為是水泥。我認為你有能力將價格保持一整年，但我認為它很快就會開始重置。因此，請簡單介紹一下您目前的設置方式。

Yes. So for fiscal '24 on the cement side for solid fuels, most of our prices are effectively locked in for the year, albeit at higher prices than where we were this past year. And we have a good hedge position within -- for natural gas, again, which is more within the Paper and Wallboard segments. And -- but we're not overly hedged. So we are enjoying some of these lower prices and expect to continue to enjoy them at the lower levels.

是的。因此，對於固體燃料水泥方面的 24 財年，我們的大部分價格都有效地鎖定了這一年，儘管價格高於去年的價格。我們在天然氣方面有很好的對沖頭寸，同樣，它更多地在紙張和牆板領域。而且——但我們並沒有過度對沖。因此，我們正在享受其中一些較低的價格，並希望繼續以較低的價格享受它們。

Any color on how hedged you are for nat gas?

關於您對天然氣的對沖程度有何看法？

It's around 30% or so as we go into fiscal '24.

當我們進入 24 財年時，它大約是 30% 左右。

The next question comes from Tyler Brown with Raymond James.

下一個問題來自 Tyler Brown 和 Raymond James。

A couple of questions on the Wallboard side, but I got to go back to the Wallboard margins. Can you just help us maybe parse a little more specifically the impact of OCC on that 400 basis points? Maybe what percent of your costs are Paper and Wallboard? And given that OCC prices remain pretty low, and I know there's a lag, can we see even more help as we kind of move into fiscal Q4?

關於牆板方面的幾個問題，但我必須回到牆板邊緣。你能幫我們更具體地分析一下 OCC 對這 400 個基點的影響嗎？也許您的成本中有多少百分比是紙張和牆板？鑑於 OCC 價格仍然很低，而且我知道存在滯後，我們能否在進入第四財季時看到更多幫助？

Yes. So in terms of the lower OCC price, they really didn't have much of an impact on the Wallboard business. As I said, it manifests itself first within the paper business as they're purchasing on a daily basis. The shift to the pricing to the ultimate Wallboard business happens over a 1-, 2-quarter lag. So that margin improvement that we saw this quarter didn't really have much to do with OCC. That is still yet to come for the Wallboard business.

是的。因此，就較低的 OCC 價格而言，它們確實對牆板業務沒有太大影響。正如我所說，它首先體現在紙業中，因為他們每天都在採購。向最終牆板業務定價的轉變發生在 1、2 個季度的滯後時間。因此，我們在本季度看到的利潤率改善與 OCC 並沒有太大關係。對於牆板業務來說，這還沒有到來。

Okay. That's super helpful. And I don't want to be super near-term focused, and I think there's some questions out there, want to talk about Wallboard volume. But just any color on how January is tracking, volume is still positive? It just seems like if you use normal seasonality, Wallboard volumes could be down year-over-year in Q4. Just any color over there.

好的。這非常有幫助。而且我不想過於關注近期，我認為那裡有一些問題，想談談牆板量。但是關於 1 月份的追踪情況，只是任何顏色，成交量仍然是積極的？看起來如果你使用正常的季節性因素，第四季度的 Wallboard 銷量可能會同比下降。那邊的任何顏色。

Yes. Look, I think as we said, I think Michael's comments, our orders and shipments have remained steady during the quarter and even here into a little bit of early January. So as Michael has been saying, we haven't seen any change in that.

是的。看，我認為正如我們所說，我認為邁克爾的評論、我們的訂單和出貨量在本季度一直保持穩定，甚至在 1 月初也是如此。正如邁克爾所說，我們沒有看到任何變化。

Okay. And just my last one here, just a big picture question. It kind of comes again back to this idea around Wallboard margins more in the intermediate term. But doesn't the outlook look pretty good there? I mean, one, you've still got the OCC benefit kind of on the come. They're saying what looks to be kind of lower for longer.

好的。這是我的最後一個問題，只是一個大問題。在中期，它又回到了圍繞牆板利潤率的想法。但是那裡的前景不是很好嗎？我的意思是，第一，你仍然可以獲得 OCC 福利。他們說的是看起來更低的時間更長。

Two, freight rates have peaked in the near term. In my view, they're going to be deflationary in '23. Three, diesel and gas prices are both fading. And four, I think labor starts to disinflate as the year goes on. I mean doesn't that lend itself to durability around margins at a minimum or ability to, I guess, at a minimum, at least absorb any pricing weakness that may be on the horizon in Wallboard?

二是運價近期見頂。在我看來，他們將在 23 年出現通貨緊縮。三是柴油和天然氣價格雙雙走低。第四，我認為隨著時間的推移，勞動力開始下降。我的意思是，這是否不會至少有助於保證利潤率的持久性，或者我想至少能夠吸收 Wallboard 可能出現的任何定價弱點？

Yes. Look, Tyler, I think you pointed out some very good positive trends for the industry and for us. I would add to that, just again, for our unique position and the surety around supply of gypsum that we have. So many of these things that you were mentioning were macro more general ideas. But as it relates to Eagle the other, there's that surety of supply at a reasonable cost for us. So yes, we think our business, our Wallboard business is very well positioned.

是的。聽著，泰勒，我認為你為這個行業和我們指出了一些非常好的積極趨勢。我要再次補充一點，因為我們的獨特地位和我們所擁有的石膏供應的保證。你提到的很多事情都是宏觀的、更籠統的想法。但由於它與 Eagle 相關，因此我們可以以合理的成本保證供應。所以是的，我們認為我們的業務，我們的牆板業務定位非常好。

Next question comes from Keith Hughes with Truist.

下一個問題來自 Keith Hughes 和 Truist。

Most of my questions have been asked, but one quick one on Wallboard. What are you hearing from your distributor customers on how they feel about their inventory positions heading into this season, any kind of indication, light, heavy, just directional counter would be great.

我的大部分問題都已被問到，但 Wallboard 上有一個快速問題。你從你的經銷商客戶那裡聽到了什麼關於他們對進入這個季節的庫存狀況的看法，任何類型的指示，輕的，重的，只是定向計數器都會很棒。

Keith, at the end of the day, there's really not a lot of inventory in the channel. Wallboard is a perishable product. So it degrades if it's kept outside. So you're talking about weeks. So -- and it's always hard at this time of year. You exited the holidays and you're into January where you can have weather disruption. So I don't know there that's much of an issue.

基思，歸根結底，渠道中確實沒有太多庫存。牆板是易腐爛的產品。因此，如果將其放在外面，它會退化。所以你說的是幾週。所以 - 每年的這個時候總是很難。你離開了假期，進入了可能會受到天氣乾擾的一月份。所以我不知道這有什麼大問題。

Okay. And secondly, on Cement and particularly in the JV, the amount of tons has come down the last couple of years. I know you've got the issues we discussed earlier in the last couple of quarters. But longer term, is there any reason it wouldn't get back to the kind of tons we saw a couple of years ago, particularly given the tight market in Texas, you've been discussing?

好的。其次，在水泥方面，尤其是在合資企業中，噸數在過去幾年有所下降。我知道您遇到了我們在過去幾個季度早些時候討論過的問題。但從長遠來看，是否有任何理由不會回到我們幾年前看到的那種噸位，特別是考慮到德克薩斯州的緊俏市場，你一直在討論？

Well, yes, I -- Keith, we need to look at that in 2 different lenses on that. For our manufacturing tons. We've been sold out consistently. And we've talked about some of the operational problems we've had that we think are behind us. So the operational side and the manufacturing tons would be there. We also had a larger side that was a procured material that we are moving, that side has dried up. So the growth tonnage on the procured side where we were buying and reselling will be more consistent with where it's been over this past year.

嗯，是的，我——基思，我們需要從兩個不同的角度來看待它。對於我們的製造噸。我們一直賣光了。我們已經討論了一些我們認為已經過去的運營問題。因此，運營方面和製造噸將在那裡。我們還有一個較大的一側，它是我們正在移動的採購材料，那一側已經乾涸。因此，我們購買和轉售的採購方面的增長噸位將與過去一年的情況更加一致。

This concludes our question-and-answer session. I would like to turn the conference back over to Michael Haack for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Michael Haack 作任何閉幕詞。

Thank you, Drew. We appreciate everybody calling in today, and we'll look forward to talking to you at our next call.

謝謝你，德魯。我們感謝今天的每一位來電，我們期待在下次電話中與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。