Granite Construction Inc (GVA) 2023 Q1 法說會逐字稿

Good morning. My name is Andrea, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Inc. 2023 First Quarter Conference Call. This call is being recorded. (Operator Instructions)

早安.我叫安德里亞，今天我將擔任你們的會議主持人。現在，我歡迎大家參加 Granite Construction Inc. 2023 年第一季電話會議。此通話正在錄音。 （操作員說明）

It is now my pleasure to turn the floor over to Vice President of Investor Relations, Mike Barker. Please go ahead.

現在我很高興將發言權交給投資者關係副總裁 Mike Barker。請繼續。

Good morning, and thank you for joining us. I'm pleased to be here today with President and Chief Executive Officer, Kyle Larkin. Our Chief Financial Officer, Lisa Curtis, is recuperating from a minor unplanned medical procedure and is unable to join us today. We're happy to report that Lisa is doing well, and she'll be back with us soon.

早安，感謝您加入我們。我很高興今天能與總裁兼執行長凱爾·拉金 (Kyle Larkin) 共聚一堂。我們的財務長麗莎·柯蒂斯 (Lisa Curtis) 正在從計劃外的輕微醫療手術中恢復，今天無法加入我們。我們很高興地報告麗莎狀況良好，她很快就會回來和我們在一起。

Please note that today's earnings presentation will be available on the Events and Presentations page of our Investor Relations website. We begin today with a brief discussion regarding forward-looking statements and non-GAAP measures. Some of the discussion today may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

請注意，今天的收益演示將在我們投資者關係網站的活動和演示頁面上提供。今天我們首先簡要討論前瞻性陳述和非公認會計準則措施。今天的一些討論可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These forward-looking statements are estimates reflecting the current expectations and best judgment of senior management regarding the future events, occurrences, opportunities, targets, growth, demand, strategic plans, circumstances, activities, performance, shareholder value, outcomes, outlook, guidance, objectives, committed and awarded projects, or CAP, and results. Actual results could differ materially from statements made today. Please refer to Granite's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these forward-looking statements.

這些前瞻性陳述是反映高階管理層對未來事件、事件、機會、目標、成長、需求、策略計劃、情況、活動、績效、股東價值、結果、前景、指導、目標、承諾和獲獎項目（CAP）和結果。實際結果可能與今天的聲明有重大差異。請參閱 Granite 最近的 10-K 和 10-Q 文件，以了解可能影響這些前瞻性聲明的風險因素的更完整描述。

The company assumes no obligation to update forward-looking statements, except as required by law. Certain non-GAAP measures may be discussed during today's call and from time to time by the company's executives. These include, but are not limited to, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted earnings per share.

除法律要求外，本公司不承擔更新前瞻性陳述的義務。公司高層可能會在今天的電話會議上不時討論某些非公認會計原則措施。這些包括但不限於調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的淨利潤和調整後的每股收益。

The required disclosures regarding our non-GAAP measures are included as part of our earnings press releases and in company presentations, which are available on our website, graniteconstruction.com, under Investor Relations.

有關我們的非公認會計原則措施的必要披露已包含在我們的收益新聞稿和公司演示文稿中，這些內容可在我們的網站 Graniteconstruction.com 的投資者關係下找到。

We will also be discussing comparable results, which excludes the effects of Granite Inliner, which was sold in March 2022.

我們還將討論可比較的結果，其中不包括 2022 年 3 月出售的 Granite Inliner 的影響。

Now I'd like to turn the call over to Kyle Larkin.

現在我想把電話轉給凱爾拉金 (Kyle Larkin)。

Good morning, and welcome to our first quarter conference call. The typical winter quarter is often a slower one for Granite as many of our businesses are seasonal.

早上好，歡迎參加我們的第一季電話會議。對於 Granite 來說，典型的冬季通常會比較緩慢，因為我們的許多業務都是季節性的。

Early in the year, many of our locations are focused on maintenance and preparing for the construction season while waiting for cold and wet weather to pass. As everyone is aware, the first quarter of 2023 was not a typical winter quarter. Extreme weather events occurred across the country, with the Western U.S. particularly impacted. Atmospheric River became a familiar term of art and these storms, hitting one after another, traveled across the country bringing extreme weather with them. Many of our home markets were in the path of these storms with historic precipitation across Nevada, Utah and Arizona and even more intense impacts in California.

今年年初，我們的許多地點都專注於維護和為施工季節做準備，同時等待寒冷和潮濕的天氣過去。眾所周知，2023 年第一季並不是典型的冬季。全國各地都發生了極端天氣事件，其中美國西部受到的影響尤其嚴重。 「大氣河」成為一個熟悉的藝術術語，這些風暴接二連三地席捲全國，帶來了極端天氣。我們的許多國內市場都在這些風暴的路徑上，內華達州、猶他州和亞利桑那州出現了歷史性的降水，加州的影響甚至更為嚴重。

For context, in the Wasatch Mountains of Utah, snowpack more than doubled historical averages and the same was seen in the Northern Sierra. The Southern Sierra received nearly 300% of normal snow totals while many locations from Southern California, New Central California collected more than 150% of normal rainfall totals.

就背景而言，在猶他州瓦薩奇山脈，積雪量是歷史平均水平的兩倍多，北山脈的情況也是如此。南山脈的降雪量接近正常水平的 300%，而南加州和新中加州的許多地區的降雪量則超過正常水平的 150%。

All of this precipitation, delayed work while causing true hardship to many of our home market communities as well as many of our employees. It also impacted our revenue and growth projections for the quarter. This is obviously unfortunate, but as said in the last call, if it's going to rain, we want it to rain early in the year during our slowest quarter.

所有這些降水都延誤了工作，同時給我們的許多國內市場社區以及我們的許多員工帶來了真正的困難。它也影響了我們本季的營收和成長預測。這顯然是不幸的，但正如上次電話會議中所說，如果要下雨，我們希望在今年最慢的季度儘早下雨。

As I will discuss today, opportunities also arise with the extreme weather. With the good weather in April in most of our regions, our teams are starting to catch up on planned construction, and we are confident that we have the capacity to deliver on our growth expectations this year despite the poor weather for the first quarter.

正如我今天將討論的，極端天氣也會帶來機會。由於四月大部分地區天氣良好，我們的團隊開始趕上計劃的施工，儘管第一季天氣不佳，但我們有信心有能力實現今年的成長預期。

Now let's jump into the Construction segment and the performance of our operating groups. Although the weather did not cooperate in Q1, the market is strong, as illustrated by the substantial growth of our CAP this quarter to $5.1 billion. This is an increase of $619 million and 14% from the fourth quarter and a record CAP total for Granite.

現在讓我們進入建築領域和我們營運團隊的表現。儘管第一季天氣不佳，但市場依然強勁，本季我們的 CAP 大幅成長至 51 億美元就說明了這一點。這比第四季增加了 6.19 億美元，成長了 14%，創下了 Granite CAP 總額的紀錄。

The growth in CAP during the first quarter of 2023 built upon our momentum from the several most recent quarters. This is strategic growth. We are winning work while being selective in our bidding. We are pursuing fewer jobs while still winning more work at higher margins than the prior year. This trend is a really nice result for our pursuit teams across the company.

2023 年第一季 CAP 的成長建立在最近幾季的勢頭之上。這就是策略成長。我們在投標時有選擇性地贏得了工作。我們追求的工作減少了，但仍以比前一年更高的利潤贏得了更多工作。對於我們整個公司的追求團隊來說，這種趨勢確實是一個很好的結果。

I believe that we have a significant opportunity in this strong market environment to continue building high-quality CAP throughout the remainder of 2023. In the California Group, we ended the quarter with another record CAP of $1.9 billion. This reflects a 10% increase from the group's fourth quarter CAP and a 29% increase over the same period of the prior year.

我相信，在這個強勁的市場環境中，我們有一個重大機會，可以在 2023 年剩餘時間內繼續建立高品質的 CAP。在加州集團，我們在本季結束時創下了 19 億美元的 CAP 紀錄。這反映了該集團第四季CAP成長10%，比去年同期成長29%。

Despite the deficit in the proposed California budget, bidding activity in the state remains robust aided by the Federal Infrastructure Bill or IIJA. IIJA funds a variety of projects and creates a variety of opportunities for us. One IIJA opportunity that at first glance would appear to be outside our traditional transportation scope includes middle mile broadband projects.

儘管擬議的加州預算存在赤字，但在聯邦基礎設施法案（IIJA）的幫助下，該州的招標活動仍然強勁。 IIJA 資助各種計畫並為我們創造各種機會。乍一看，IIJA 的一個機會似乎超出了我們傳統的交通範圍，其中包括中英里寬頻專案。

Although these projects sound as though they would be outside of our core capabilities, they offer scopes of work to align well with our construction expertise. In the first quarter, we were awarded 3 middle mile broadband infrastructure projects where our scope of work consists primarily of excavation.

儘管這些項目聽起來似乎超出了我們的核心能力，但它們提供的工作範圍與我們的建築專業知識非常吻合。第一季度，我們獲得了 3 個中英里寬頻基礎設施項目，我們的工作範圍主要包括挖掘。

These projects added $132 million to California's CAP. In these projects, fiber optic cables are laid in conduits, connecting global Internet networks to local networks across the State of California. While each state is different, California is moving quickly to capitalize on the funding provided by the IIJA for these types of projects, and Granite is well positioned to partner with Caltrans to construct them. Our long partnership with Caltrans and local municipalities also allowed Granite to participate in emergency storm response across the Golden State.

這些項目為加州的 CAP 增加了 1.32 億美元。在這些項目中，光纖電纜鋪設在管道中，將全球互聯網網路與加州的本地網路連接起來。雖然每個州的情況各不相同，但加州正在迅速採取行動，利用 IIJA 為此類項目提供的資金，而 Granite 完全有能力與加州交通局合作建造這些項目。我們與加州交通局和當地市政當局的長期合作關係也使花崗岩能夠參與整個金州的緊急風暴響應。

And amidst a record rainfall, Granite was tapped by Caltrans for critical response projects throughout California in the first quarter and we secured approximately $100 million of emergency work with $18 million of revenue recognized in the first quarter. We are proud to support our communities with timely, high-quality work when and where the need is the greatest.

在創紀錄的降雨量中，加州交通局在第一季度聘請 Granite 在整個加州進行關鍵響應項目，我們獲得了約 1 億美元的緊急工作，並在第一季度確認了 1,800 萬美元的收入。我們很自豪能夠在最需要的時間和地點為我們的社區提供及時、高品質的工作。

Moving to the Mountain Group, our largest group by revenue in 2022, we increased CAP by $364 million or 34% since year-end with a 40% increase since the first quarter of 2022. CAP increase in the first quarter was led by the Alaska region with an increase of $215 million, largely from 2 best value projects booked in the quarter.

轉向我們 2022 年收入最大的集團 Mountain Group，我們自年底以來將 CAP 增加了 3.64 億美元，即 34%，自 2022 年第一季以來增加了 40%。第一季 CAP 增長由阿拉斯加領銜地區增加了2.15 億美元，主要來自本季預訂的2 個最佳價值項目。

In recent years, Alaska's funding has been limited due to decreases in oil production and a challenging tourism industry. New federal funding for infrastructure has increased opportunities in Alaska, including and best value procurement work.

近年來，由於石油產量下降和旅遊業面臨挑戰，阿拉斯加的資金有限。新的聯邦基礎設施資金增加了阿拉斯加的機會，包括最有價值的採購工作。

Utah region, including the Salt Lake City market, continues to be a highlight in the diverse Mountain Group adding $160 million to its CAP during the quarter. Salt Lake City has been a growing market for several years and has been one of Granite's key home markets for decades.

包括鹽湖城市場在內的猶他州地區繼續成為多元化 Mountain Group 的一大亮點，本季其 CAP 增加了 1.6 億美元。鹽湖城多年來一直是一個不斷成長的市場，幾十年來一直是 Granite 的主要國內市場之一。

Last year, we announced significant material investments in the area, and we expect our Utah business to grow along with the local economy.

去年，我們宣佈在該地區進行重大實質投資，我們預計我們的猶他州業務將與當地經濟一起成長。

Finally, the Central Group continued to grow CAP in its home markets, led by the Federal division in Arizona region. In Arizona, the Phoenix and Tucson markets led by the influx of new residents have been among the fastest-growing economies in the country. The state is investing heavily in infrastructure to support its growth, and we are seeing that dynamic in our CAP portfolio.

最後，在亞利桑那州地區聯邦部門的帶領下，Central Group 繼續在國內市場發展 CAP。在亞利桑那州，鳳凰城和圖森市場在新居民湧入的帶動下，已成為全國成長最快的經濟體之一。該州正在大力投資基礎設施以支持其成長，我們在 CAP 投資組合中看到了這種動態。

In the Federal division, the CAP increase was primarily driven by the recently announced $126 million contract awarded by the Naval Facilities Engineering Systems Command, or NAVFAC, for the construction of buildings and infrastructure to support the relocation of U.S. Marines to Marine Corps Base Camp Blaz and Guam. Granite has been working on various projects in the construction of Camp Blaz for over a decade.

在聯邦部門，CAP 的成長主要是由海軍設施工程系統司令部(NAVFAC) 最近宣布的1.26 億美元合約推動的，該合約用於建造建築物和基礎設施，以支援美國海軍陸戰隊搬遷到海軍陸戰隊布拉茲大本營和關島。十多年來，Granite 一直致力於 Camp Blaz 建設中的各種專案。

Given the high level of government funding available, our Federal division has numerous significant opportunities to build this portfolio with several different branches of the federal government. As I take a step back and look across Central Group, the transformation over the last 3 years has been impressive.

鑑於可用的政府資金水準很高，我們的聯邦部門有許多重要的機會與聯邦政府的幾個不同部門建立這項投資組合。當我退後一步審視尚泰集團時，我發現過去三年的轉變令人印象深刻。

The vertically integrated Arizona region is capitalizing on a booming market, Texas region has been very successful in winning projects in its home markets, the Illinois region has built an impressive CAP portfolio in the Chicago area and the Federal division continues to expand relationships across multiple agencies. Overall, despite the slow start of the year, the near- and longer-term prospects for all of our groups are bright.

垂直整合的亞利桑那州地區正在利用蓬勃發展的市場，德克薩斯州地區在其本土市場上贏得了非常成功的項目，伊利諾伊州地區在芝加哥地區建立了令人印象深刻的CAP 投資組合，聯邦部門繼續擴大與多個機構的關係。總體而言，儘管今年開局緩慢，但我們所有集團的近期和長期前景都是光明的。

We have successfully grown our CAP during the quarter, and I believe we will continue to grow quality CAP in 2023 as further projects funded by the IIJA are released for bid.

我們在本季度成功提高了 CAP，我相信，隨著 IIJA 資助的更多項目開始招標，我們將在 2023 年繼續提高品質 CAP。

Now on to the Materials segment. While the first quarter of the year is generally a slower time for our Materials business, this quarter was particularly difficult. In too many of our markets in the Western U.S., wet and cold weather prevented us from delivering the results that we expected to start the year.

現在進入材料部分。雖然今年第一季對我們的材料業務來說通常是一個緩慢的時期，但這個季度尤其困難。在美國西部的許多市場中，潮濕和寒冷的天氣使我們無法實現年初預期的表現。

We entered 2023 with healthy order volumes that many projects were disrupted. Overall, weather has improved significantly across our footprint in April. Our teams are off and running following the wet first quarter, and I expect them to make a lot of progress towards our projections during the second quarter.

進入 2023 年，我們的訂單量良好，但許多項目都中斷。整體而言，四月我們足跡的天氣明顯改善。在潮濕的第一季之後，我們的團隊已經開始運轉，我預計他們在第二季將在實現我們的預測方面取得巨大進展。

Last year, I spoke about several investments in the materials business. These included new reserves, a liquid asphalt terminal and automation projects at multiple aggregate plants.

去年，我談到了材料業務的幾項投資。其中包括新儲備、液體瀝青終端和多個集料廠的自動化項目。

In 2023, we have continued investing in our materials business through small bolt-on transactions in Nevada and the Pacific Northwest. The Brunswick Canyon quarry, an Asphalt plant in Carson City, Nevada, purchased in Q1, supports Granite's vertically integrated home market in Northern Nevada.

2023 年，我們透過內華達州和太平洋西北地區的小型補充交易繼續投資我們的材料業務。第一季購買的位於內華達州卡森市的 Brunswick Canyon 採石場是一家瀝青廠，為 Granite 在內華達州北部的垂直整合國內市場提供支援。

We also recently announced the purchase of Coast Mountain Resources in April, an aggregate vendor for our Pacific Northwest region. These bolt-on transactions of materials assets are representative of the acquisitions that I expect us to continue to pursue to grow our materials business and work to further develop and vertically integrate our home markets.

我們最近也宣佈在 4 月收購 Coast Mountain Resources，這是我們太平洋西北地區的總供應商。這些材料資產的補充交易代表了我希望我們繼續進行的收購，以發展我們的材料業務，並努力進一步開發和垂直整合我們的國內市場。

Now I'll turn it over to Mike to review our financial performance.

現在我將把它交給麥克來審查我們的財務表現。

Thanks, Kyle. As we discussed, the weather interrupted operations and materials sales. Despite this start to the year, we remain optimistic for 2023. Our record CAP at the end of the quarter, the strong public market environment and outstanding orders in our Materials business support our 2023 guidance that we provided last quarter.

謝謝，凱爾。正如我們所討論的，天氣中斷了營運和材料銷售。儘管今年開局如此，我們對 2023 年仍持樂觀態度。本季末創紀錄的 CAP、強勁的公開市場環境和材料業務的未完成訂單支持了我們上季度提供的 2023 年指導。

After the first quarter, we have ground to make up, but that work is in full swing with the relatively dry April we have experienced. We believe we have the capacity and resources to meet our revenue guidance of $3.4 billion to $3.6 billion and our adjusted EBITDA margin guidance of 7.5% to 9%.

第一季過後，我們還有地方需要彌補，但隨著我們經歷的相對乾燥的四月，這項工作正在緊鑼密鼓地進行中。我們相信，我們有能力和資源來實現 34 億至 36 億美元的收入指引和 7.5% 至 9% 的調整後 EBITDA 利潤率指引。

In the first quarter, comparable revenue, which excludes revenue from Granite Inliner in the first quarter of 2022, decreased $58 million, while gross profit decreased $28 million.

第一季的可比收入（不包括 2022 年第一季 Granite Inliner 的營收）減少了 5,800 萬美元，毛利減少了 2,800 萬美元。

In the construction segment, comparable revenue declined $42 million year-over-year to $503 million. This decrease was primarily due to lower revenue in the Central Group of $49 million with multiple projects being completed over the last year as newer, lower risk profile projects come online.

在建築領域，可比營收年減 4,200 萬美元，至 5.03 億美元。這一下降主要是由於中央集團的收入減少了 4,900 萬美元，隨著更新的、風險較低的專案上線，去年完成了多個專案。

The Central Group has done a great job of transforming and building CAP within its home markets over the last year, and these projects are now ramping up. Comparable construction revenue in the Mountain and California groups increased slightly year-over-year during the quarter. I believe these increases would have been much larger but for the weather impacts.

去年，中央集團在國內市場的 CAP 轉型和建設方面做得非常出色，這些項目現在正在加速推進。本季度，山區和加州集團的可比建築收入較去年同期略有成長。我相信，如果沒有天氣的影響，這些增幅會更大。

If the weather cooperates, we expect to see solid year-over-year revenue increases from these groups in the second quarter and through the second half of the year. Construction segment gross profit and gross profit margin decreased $22 million year-over-year to $37 million and 7.3%, respectively. Construction gross profit was impacted by the weather as well as a write-down on the I-64 high-rise bridge project in Virginia. The I-64 project is winding down but we experienced additional cost to maintain the project schedule.

如果天氣好的話，我們預計這些集團的營收將在第二季和下半年實現穩健的年成長。建築業務毛利和毛利率分別較去年同期下降 2,200 萬美元至 3,700 萬美元和 7.3%。建築毛利受到天氣以及維吉尼亞州 I-64 高層橋樑工程減記的影響。 I-64 專案即將結束，但我們為了維持專案進度而付出了額外的成本。

This caused a negative impact to gross profit in the quarter of $11 million, an impact after noncontrolling interest of $6 million. In the Materials segment, comparable revenue decreased $16 million year-over-year to $57 million with gross profit decreasing $6 million to a loss of $4 million.

這對本季毛利造成了 1,100 萬美元的負面影響（扣除非控制權益 600 萬美元後）。在材料部門，可比收入年減 1,600 萬美元，至 5,700 萬美元，毛利減少 600 萬美元，虧損 400 萬美元。

The decreases in revenue and gross profit were similarly driven by weather-related volume decreases in both aggregates and asphalt sales of 21% and 39%, respectively. With better weather, we expect these volume challenges to reverse course in the second quarter with strong order volumes.

收入和毛利的下降同樣是由與天氣相關的骨材和瀝青銷量分別下降 21% 和 39% 造成的。隨著天氣好轉，我們預計這些數量挑戰將在第二季扭轉，訂單量強勁。

At the end of the quarter, our cash and marketable securities totaled $256 million. During Q1, we typically use cash as many regions across the company are largely shut down due to cold and wet weather. This year, extreme weather prevented projects and materials plants from generating cash. This was compounded by the timing and collection of claims and outstanding retention balances.

截至本季末，我們的現金和有價證券總額為 2.56 億美元。在第一季度，我們通常使用現金，因為公司的許多地區由於寒冷和潮濕的天氣而基本上關閉。今年，極端天氣導致工程和材料工廠無法產生現金。索賠的時間表和收取以及未清保留餘額使情況變得更加複雜。

Historically, our cash decreases in the first half of the year and we generate cash in the second half of the year. We expect a similar pattern this year as operations get back to work. As I mentioned, despite a challenging first quarter, we are not changing our guidance for 2023 nor our targets for 2024. We expect revenue to grow in 2023 and 2024. Our CAP balance at the end of the quarter and bidding opportunities over the remainder of 2023 strengthen our expectations for growth.

從歷史上看，我們的現金在上半年減少，下半年產生現金。我們預計今年隨著營運恢復正常，也會出現類似的情況。正如我所提到的，儘管第一季充滿挑戰，但我們不會改變2023 年的指導，也不會改變2024 年的目標。我們預計2023 年和2024 年收入將成長。我們在本季末的CAP 餘額以及剩餘時間內的投標機會2023 年增強了我們的成長預期。

Our guidance of 7.5% to 9% adjusted EBITDA margin in 2023 and 9% to 11% in 2024 is unchanged. Our CAP is growing and is of higher quality with higher margins that we believe support our expectations.

我們對 2023 年調整後 EBITDA 利潤率 7.5% 至 9% 和 2024 年 9% 至 11% 的指引保持不變。我們的 CAP 正在成長，品質更高，利潤率更高，我們相信這支持了我們的預期。

Now I'll turn it back over to Kyle.

現在我會把它轉回給凱爾。

Thanks, Mike. I'll close with the following points. The weather was extreme and it was a tough first quarter. While unfortunate, the wet first quarter does not change any of our expectations for 2023 or 2024. If anything, the continued growth of high-quality CAP strengthens our belief and our confidence that we are executing on our strategic plan.

謝謝，麥克。我將以以下幾點作為結束語。天氣極端惡劣，第一季的情況非常艱難。不幸的是，潮濕的第一季並沒有改變我們對 2023 年或 2024 年的任何預期。如果有什麼變化的話，高品質 CAP 的持續成長增強了我們對執行策略計畫的信念和信心。

The growth of our CAP and the opportunities that we see in front of us bolster our confidence in the overall market. I believe we will see bidding opportunities continue to grow as more projects are led. The impact of the IIJA is still in the early stages as agencies work through the process of bringing more projects to bid. This is a really good sign for Granite and the entire industry.

我們 CAP 的成長以及我們所看到的機會增強了我們對整個市場的信心。我相信，隨著更多項目的開展，我們將看到投標機會繼續成長。 IIJA 的影響仍處於早期階段，因為各機構正在努力招標更多項目。對於 Granite 和整個產業來說，這確實是一個好兆頭。

I'm really pleased that we have closed on 2 materials bolt-on transactions. These transactions provide additional materials resources to support growth in these home markets and are aligned with our strategic plan.

我真的很高興我們已經完成了兩筆材料補強交易。這些交易提供了額外的材料資源來支持這些國內市場的成長，並且符合我們的策略計畫。

Lastly, I want to reiterate how thankful I am to work alongside our employees at Granite, knowing that we are part of an organization that is instrumental in helping our home market communities, overcome challenges that arise during severe weather events like those we encountered in the first quarter.

最後，我想重申，我非常感謝能夠與 Granite 的員工一起工作，因為我知道我們是一個組織的一部分，該組織有助於幫助我們的國內市場社區，克服在惡劣天氣事件（例如我們在第一季度。

Operator, I will now turn it back to you for questions.

接線員，我現在將其轉回給您提問。

(Operator Instructions) And the first question comes from Steven Ramsey of Thompson Research Group.

（操作員說明）第一個問題來自湯普森研究小組的史蒂文·拉姆齊（Steven Ramsey）。

Maybe to start with on the CAP growth in the quarter both year-over-year and sequential, how much of that was a delay of burning off work in the first quarter and how much of that was fundamental market strength and adding new jobs at good margins?

也許可以從本季同比和環比的 CAP 成長開始，其中有多少是第一季燒毀工作的延遲，有多少是基本市場實力和新增就業機會的良好成長利潤？

Steven, it's Kyle. So thanks for the question. The big kind of changes that our teams have done a really nice job of picking up more work. And it's not the fundamental shift just associated with the weather in Q1. So we feel really good about what our teams have been accomplishing over the last couple of quarters.

史蒂文，我是凱爾。謝謝你的提問。我們的團隊在承擔更多工作方面做得非常出色，這是一項巨大的變化。這不僅僅是與第一季天氣相關的根本性變化。因此，我們對我們的團隊在過去幾季所取得的成就感到非常滿意。

They've done a really nice job, really improving on the CAP, and we saw that in Q1 really start to build, and we're continuing to see it build in April. So as we mentioned in our remarks, we're picking up more work with higher margins.

他們做得非常好，確實改進了 CAP，我們在第一季看到它真正開始構建，並且我們將在 4 月繼續看到它的構建。正如我們在評論中提到的，我們正在以更高的利潤進行更多的工作。

If I had to estimate, I'd say there's about $100 million worth of work that shifts from Q1 into the following quarters and the year for us to hit our guidance this year. So if you kind of do the math, it suggests we have outgrown our CAP quite a bit. So that would indicate that we're really well positioned moving forward.

如果我必須估計的話，我會說有大約 1 億美元的工作從第一季轉移到接下來的季度和今年，以便我們能夠達到今年的指導。因此，如果你算一下，就會發現我們的 CAP 已經超出了相當大的範圍。因此，這表明我們確實處於向前發展的有利位置。

Also on the CAP that I'll mention is we did pick up about $100 million of emergency work and we burned $18 million of that in the first quarter. The balance of that $82 million is not in our CAP because those are contracts. The way they're put out, they're not to exceed contracts. They're not included in our CAP today. So if you put the two together, our CAP is actually closer to about $5.2 billion. We expect those projects as emergency projects to burn quicker than our typical projects.

關於 CAP，我還要提到的是，我們確實完成了約 1 億美元的緊急工作，但我們在第一季度燒掉了其中 1800 萬美元。這 8,200 萬美元的餘額並不在我們的 CAP 中，因為這些都是合約。按照它們的發布方式，它們不會超出合約範圍。它們不包含在我們今天的 CAP 中。因此，如果將兩者加在一起，我們的 CAP 實際上更接近 52 億美元左右。我們預計這些作為緊急項目的項目會比我們的典型項目燃燒得更快。

That's great color. And then on the materials acquisitions, clearly seems to fit the strengths and targets. Are you tracking other opportunities that fit the same profile as these building on existing strength?

那顏色真棒。然後在材料收購上，顯然似乎符合優勢和目標。您是否正在追蹤與這些基於現有實力的機會具有相同特徵的其他機會？

And then maybe on the acquisitions that you closed, are these margin accretive or neutral? And will the operations of these acquired plants work better as a part of the VI model?

然後也許在您完成的收購中，這些利潤是增值還是中性？作為 VI 模型的一部分，這些收購的工廠的運作是否會更好？

Yes. I mean, I think the answer on these 2 recent acquisitions being Brunswick Canyon in Carson City, Nevada. That's a really nice kind of bolt-on acquisition, low execution risk for us. It's going to allow us to really engage in the 395 Corridor and the U.S. 50 Corridor, down in Minden, Gardnerville, Carson City, Dayton, even supply and aggregates and asphalt up into the Tahoe Basin. And that's just a really nice bid into a very strong business we have in Northern Nevada.

是的。我的意思是，我認為最近兩次收購的答案是內華達州卡森城的布倫瑞克峽谷。這是非常好的補強收購，對我們來說執行風險很低。這將使我們能夠真正參與 395 走廊和美國 50 走廊，包括明登、加德納維爾、卡森城、代頓，甚至是太浩盆地的供應、骨料和瀝青。這對於我們在內華達州北部擁有的非常強大的業務來說是一個非常好的出價。

So that's just a perfect kind of bolt-on for our vertically integrated business. We also have our other one we just announced, which is Coast Mountain Resources. And that's just another really nice fit into our existing VI business up in the Pacific Northwest, where we were purchasing aggregates from Coast Mountain Resources for parts of our business up in Washington.

因此，這對於我們的垂直整​​合業務來說是一種完美的補充。我們也剛剛宣布了另一個計劃，即 Coast Mountain Resources。這只是我們在太平洋西北地區現有的 VI 業務的另一個非常好的契合點，我們從 Coast Mountain Resources 購買骨料，用於我們在華盛頓的部分業務。

So we think that their good VI model fits, but also is going to allow us to grow our business and pick up more construction work in addition to materials.

因此，我們認為他們良好的 VI 模型很適合，而且還將使我們能夠發展我們的業務，並承擔除材料之外的更多建築工作。

And I guess I'll just add on. I mean this is certainly the type of acquisitions that we're looking at as a company. They fit our business very nicely. You start to put together reserve expansions we did last year in Utah, a liquid Asphalt terminal in Bakersfield, these 2 recent materials acquisitions.

我想我會補充一下。我的意思是，這肯定是我們作為一家公司正在考慮的收購類型。它們非常適合我們的業務。你開始把我們去年在猶他州貝克斯菲爾德的一個液體瀝青碼頭所做的儲備擴張放在一起，這是最近的兩次材料收購。

We're making reinvestments in our materials business that we haven't made in quite some time that's certainly going to pay off for us. Longer term, nothing has changed from our investment framework. We're still looking at some geographic expansions of transformation, but we want to make sure we're really staying focused on strengthening, growing our existing home markets today.

我們正在對材料業務進行再投資，這是我們已經很長時間沒有進行的投資了，這肯定會為我們帶來回報。從長遠來看，我們的投資框架沒有任何變化。我們仍在考慮轉型的一些地理擴張，但我們希望確保我們真正專注於加強和發展我們今天的現有國內市場。

Next question comes from Brent Thielman of D.A. Davidson.

下一個問題來自 D.A. 的 Brent Thielman。戴維森。

Yes. Kyle, any anecdotal detail you can give us about the CAP, I guess, added in the last quarter or even the last few quarters in terms of the quality of work and as we think about Granite kind of burning through some of this, the rest of the year into next year, are these less competitive jobs? Are the bid margins that much more attractive than what you've seen historically? How does it all sort of align with your 2024 ambitions for profitability for the business?

是的。凱爾（Kyle），您可以向我們提供有關CAP 的任何軼事細節，我猜，是在上個季度甚至最後幾季在工作品質方面添加的，當我們想到Granite 正在燃燒其中的一些時，其餘的從今年到明年，這些工作的競爭力是否較弱？出價利潤比您歷史上看到的更具吸引力嗎？這一切與您 2024 年的業務獲利目標是否相符？

Yes. It aligns really nicely. I mean if you kind of go back a few years, our CAP was made up of a lot of risky work and we went out and very methodically and strategically said we're going to go get the right kind of CAP in our business. We're going to move away from high-risk design-build type projects, really focus on 100% design bid build and then also we want to do the best value, we'll focus on CMGC and progressive design build.

是的。它非常對齊。我的意思是，如果你回顧幾年，我們的 CAP 是由大量有風險的工作組成的，我們走出去，非常有條理和戰略性地表示，我們將在我們的業務中獲得正確類型的 CAP。我們將擺脫高風險的設計建造類型項目，真正專注於 100% 設計投標建造，然後我們也希望實現最佳價值，我們將專注於 CMGC 和漸進式設計建造。

And that has really been a shift. And if you go back, the big test for us was, can we replace these big risky mega projects with work that we can deliver and be successful at that we've proven we've been able to do in our business across the West.

這確實是一個轉變。如果你回去的話，對我們來說最大的考驗是，我們能否用我們能夠交付並取得成功的工作來取代這些高風險的大型項目，我們已經證明我們能夠在整個西方的業務中做到這一點。

And the CAP that you see today really reflects that. We've demonstrated that we can do it. And so now we have record CAP in terms of quantity, and we believe it's the best quality CAP we've had in a long, long time. And so our margins are up. The CAP that we have has less risk than we've seen. And so we feel really good.

您今天看到的 CAP 確實反映了這一點。我們已經證明我們可以做到。因此，現在我們在數量方面創下了 CAP 的紀錄，我們相信這是我們長期以來擁有的品質最好的 CAP。所以我們的利潤率上升了。我們現有的 CAP 風險比我們所看到的要小。所以我們感覺非常好。

And that's really what's driving the confidence in our numbers as we move forward. Obviously, we had wet weather in Q1, and we can't control that. But our story and what we're focused on as a company hasn't changed. And it's really just more of a timing issue for us. We feel even better after our CAP numbers came in.

這確實是推動我們前進的數位信心的原因。顯然，第一季天氣潮濕，我們無法控制。但我們的故事和我們作為一家公司所關注的重點並沒有改變。對我們來說，這實際上只是一個時間問題。 CAP 數據出來後，我們感覺好多了。

Yes. And Kyle, obviously, moving past ORP is big part of the story change to -- you mentioned some of I-64 related headwinds this quarter. Is that near its completion? Just maybe a status update on the performance of the other ongoing projects in the portfolio and I guess, where that whole portfolio stands now?

是的。顯然，凱爾 (Kyle) 超越 ORP 是故事變化的重要組成部分——您提到了本季與 I-64 相關的一些不利因素。這已經接近完成了嗎？也許只是投資組合中其他正在進行的項目的績效狀態更新，我想整個投資組合現在處於什麼位置？

Yes. And so we don't have a portfolio, which is the good news. But we still have a project of significance with I-64. And obviously, we're disappointed that the forecast couldn't hold. But our team is working really hard to get that project wrapped up per the plan.

是的。所以我們沒有投資組合，這是個好消息。但我們還有一個關於 I-64 的重要項目。顯然，我們對預測未能成立感到失望。但我們的團隊正在非常努力地按照計劃完成該專案。

And we expect to be done in the middle of Q3. That's kind of been where we expected that project to finish. But a lot of our costs are really associated with us ensuring that we get that job done in the time frame that we expected in Q3. So it's unfortunate. Obviously, it's impacting our gross profit. It's a full $11 million, but if you back out noncontrolling interest, the impact is around $6 million. So it's unfortunate. But again, you go back to our guidance. We're not changing it. It's not going to keep us from achieving what we believe we can do this year.

我們預計將在第三季中期完成。這就是我們期望該項目完成的地方。但我們的許多成本實際上與我們確保在第三季預期的時間內完成這項工作有關。所以這是不幸的。顯然，這影響了我們的毛利。這總共是 1,100 萬美元，但如果取消非控制權益，影響約為 600 萬美元。所以這是不幸的。但再次，你回到我們的指導。我們不會改變它。這不會阻止我們實現我們相信今年可以做到的事情。

The next question comes from Brian Russo of Sidoti.

下一個問題來自 Sidoti 的 Brian Russo。

Just to reiterate, how much revenue was delayed in the first quarter due to weather that you expect to recapture in the second quarter? Did you say it was $100 million?

重申一下，第一季有多少收入因天氣而延遲，您預計第二季會恢復？你說是一億美元嗎？

Yes. I'd estimate it around $100 million, and that will shift to subsequent quarters.

是的。我估計約為 1 億美元，並將轉移到後續幾季。

Okay. So not all will be done in the second quarter. We should disperse it over, say, second quarter and third quarter during the high construction season?

好的。因此，並非所有工作都會在第二季完成。我們應該把它分散到第二季和第三季施工旺季嗎？

Yes, I think that's fair. I'd go on to Q2, Q3. I mean, obviously, some of this emergency work that we still are going to deliver on that $80 million will happen relatively quickly. We already saw that $18 million burn fairly fast at the tail end of Q1. So I'd expect that to go into Q2, Q3, early Q3, and then -- but the rest of it, I'd just kind of disperse it across.

是的，我認為這是公平的。我會繼續 Q2、Q3。我的意思是，顯然，我們仍將用 8000 萬美元完成的一些緊急工作將相對較快地進行。我們已經看到，第一季末，1800 萬美元的消耗速度相當快。所以我預計這將進入第二季、第三季、第三季初，然後——但剩下的部分，我只是將其分散。

Okay. Great. And then just on the storm work. So it doesn't cannibalize any of those projects that you had planned to do in the first quarter, it really is incremental work above what you had in the backlog, say, as of December?

好的。偉大的。然後就是風暴工作。因此，它不會蠶食您計劃在第一季完成的任何項目，這確實是比您積壓的項目（例如截至 12 月）更多的增量工作？

That's right. It's the incremental work. Our crews have been doing some of the emergency work already. They've been doing it over the last quarter -- in last quarter and this month and that will continue on. But it's not replacing work for us. It's additive in our minds.

這是正確的。這是增量工作。我們的工作人員已經在做一些緊急工作。他們在上個季度和本月一直在這樣做，而且這種情況還會繼續下去。但它並不能取代我們的工作。它在我們的頭腦中是附加的。

And that's why some of the projects we're looking to start earlier shifted to the right a little bit with the weather. So the emergency work is providing kind of a nice bill in the void, but it will be additive.

這就是為什麼我們希望提前開始的一些項目會隨著天氣的變化而稍微向右移動。因此，緊急工作是在虛空中提供一種不錯的帳單，但它將是附加的。

And is the storm restoration work similar margins in the improved backlog that you guys have been kind of conveying for 2023.

你們傳達的 2023 年積壓工作改善情況中的風暴復原工作是否也有類似的利潤。

It's similar. Yes, I would say there's no real deviation in the grand scheme of things. The work consists of mostly slope repairs, roadway reconstructs, drainage, cleanouts, so those types of things, things that have to happen relatively quickly.

很相似。是的，我想說，總體規劃並沒有真正的偏差。這項工作主要包括斜坡修復、道路重建、排水、清理，所以這些類型的事情，必須相對快速地發生。

There's a -- there can be a little bit of a delay in terms of getting paid. In some cases, you have to reconcile time cards and equipment hours and those types of things. So that's the only slight change in emergency work and in the contracting with them not to exceed contracts just as a little bit of a difference versus our typical contracting with local agencies and DOTs.

付款方面可能會稍微延遲一些。在某些情況下，您必須協調考勤卡和設備工作時間以及這些類型的事情。因此，這是緊急工作以及與他們簽訂的合約中唯一的細微變化，即不超出合約範圍，這與我們與當地機構和交通部的典型合約有一點不同。

Okay. Great. And then along with reiterating the 2024 targets on margins, it looks like you still got a $300 million range on the revenue line. And I'm just curious, given what you've seen last year and going into this year, is there -- do you sense that you're trending towards the top end of that range, just given the tailwinds we see in the public market spending and funding environment?

好的。偉大的。然後，除了重申 2024 年的利潤率目標之外，看起來您的收入仍然在 3 億美元的範圍內。我只是好奇，考慮到你去年和今年所看到的情況，考慮到我們在公眾中看到的順風，你是否感覺到你正朝著這個範圍的頂端發展？市場支出和融資環境？

Well, I mean, our CAP is extremely encouraging. I mean we're excited about the CAP. I think the tough part with the CAP and certainly, when you have best value is a lot of these contracts have varying preconstruction services portions of the projects, and they can vary anywhere from a few months to a few years, in some cases, on these reconstructions.

嗯，我的意思是，我們的 CAP 非常令人鼓舞。我的意思是我們對 CAP 感到興奮。我認為 CAP 的困難部分當然是，當你擁有最大價值時，很多這些合約都有不同的專案預施工服務部分，而且它們的期限可能從幾個月到幾年不等，在某些情況下，這些重建。

So it's hard to just convert our CAP into some sort of necessarily revenue. And it also depends on how many different task orders owners are willing to put out within each of those CMGC-type contracts.

因此，很難將我們的 CAP 轉化為某種必然的收入。這也取決於所有者願意在每個 CMGC 類型的合約中發出多少個不同的任務訂單。

But I think we feel like our confidence has only grown as our CAP has increased in order to get to that 2024 number in that range. So we feel really good about that. I think on the EBITDA margin side of things, we're feeling encouraged as well. We are getting more work on bid day. We're seeing that quarter-over-quarter and year-over-year.

但我認為，隨著 CAP 的增加，我們的信心只會增強，才能達到 2024 年該範圍內的數字。所以我們對此感覺非常好。我認為在 EBITDA 利潤率方面，我們也感到鼓舞。投標日我們會做更多的工作。我們看到了季度環比和同比的情況。

And I've mentioned that, I think in the last 3 or 4 calls now, we've seen that really a big shift since 2021. And so that CAP is only getting stronger and stronger by quarter. And so we continue to be focused on getting the right work that's less risky than what we've had in the past.

我已經提到過，我認為在最近的 3 或 4 次電話會議中，我們已經看到自 2021 年以來確實發生了很大的轉變。因此 CAP 只會按季度變得越來越強。因此，我們繼續專注於獲得比過去風險更低的正確工作。

Our execution focus has not changed. We're still extremely focused on operational excellence as an organization. We put our construction playbook in place mid last year, and that's taking hold across our organization. So we expect that is only going to help us execute at a higher level as a company and then we're getting our automation projects in our Materials business online, and we believe that's going to start paying off for us this year and into next year.

我們的執行重點沒有改變。作為一個組織，我們仍然非常注重卓越營運。去年年中，我們制定了施工手冊，並在整個組織中實施。因此，我們預計這只會幫助我們作為一家公司在更高的水平上執行，然後我們將在線材料業務中的自動化項目，我們相信這將在今年和明年開始為我們帶來回報。

So our strategy what we're trying to do, everything is really lining up nicely with where we're headed. It's just unfortunate the weather in Q1 just kind of put everything on a little bit of a pause for us, but we feel like it isn't changing anything that we've been working on.

因此，我們的策略就是我們正在努力做的事情，一切都與我們的前進方向非常吻合。不幸的是，第一季的天氣讓我們的一切都暫停了，但我們覺得這並沒有改變我們一直在努力的任何事情。

The next question comes from Michael Dudas of Vertical Research Partners.

下一個問題來自 Vertical Research Partners 的 Michael Dudas。

Good morning Kyle and Mike and a shout out to Lisa, hope she gets well soon. Kyle, relative to your very strong CAP, a couple of questions. One, you did mention Caltrans and there are some budget issues in California. What's your Sacramento insights or contact saying? And is some of the concern on funding alleviated by SB 1 or the IIJA funding? And regarding the business moving into '23, maybe you could comment a little bit on some of the activity in the private sector customer base and where that stands. We've been hearing some mixed results on heavy and light nonres. I want to see if you have any thoughts on that.

早安，凱爾和麥克，並向麗莎大聲喊叫，希望她早日康復。 Kyle，相對於你非常強大的 CAP，有幾個問題。第一，你確實提到了加州交通局，加州存在一些預算問題。您對薩克拉門託的見解或聯絡人有何看法？ SB 1 或 IIJA 的資金是否緩解了一些對資金的擔憂？關於進入 23 年的業務，也許您可以對私部門客戶群的一些活動及其現狀發表一些評論。我們聽到了一些關於重度和輕度非解析度的混合結果。我想看看你對此有什麼想法嗎？

Yes. I think we highlighted the Caltrans budget issue just because it is out there, and we don't want anybody believing that Caltrans doesn't have funding and there isn't robust market in California. We've actually seen lettings in California increase in terms of awards not decrease.

是的。我認為我們強調加州交通局的預算問題只是因為它已經存在，我們不希望任何人相信加州交通局沒有資金並且加州沒有強勁的市場。事實上，我們已經看到加州的出租租金在獎勵方面增加而不是減少。

So we feel really good about what SB 1 has done for the State of California and the opportunities that are out there as part of that and also the IIJA. So we're seeing a really nice market in California and our CAP increase really kind of reflects that. The private sector has been strong for us, too. I've mentioned before that we don't correlate really strongly with residential. We don't do a lot of residential on the construction side, and we do sell some materials into the residential market like concrete aggregates.

因此，我們對 SB 1 為加州所做的事情以及作為其中一部分以及 IIJA 所提供的機會感到非常滿意。因此，我們在加州看到了一個非常好的市場，我們的 CAP 成長確實反映了這一點。私營部門對我們來說也很強大。我之前提到過，我們與住宅的相關性並不強。我們在建築方面並沒有做很多住宅項目，但我們確實向住宅市場出售一些材料，例如混凝土骨料。

But it's not significant. Again, we correlate more towards transportation. On the private side, we still really -- we see really robust opportunities in mining, rail, industrial projects and solar. And so those parts of our private market continue to remain very strong.

但這並不重要。同樣，我們更多地與交通相關。在私人方面，我們仍然在採礦、鐵路、工業項目和太陽能領域看到了非常強勁的機會。因此，我們私人市場的這些部分繼續保持非常強勁。

And Kyle, my follow-up on the Materials business and the order book you had. You indicated quite strong even with the delays aside. How does the pricing look relative to a year ago and some of the pricing that's been talked about in the California markets from January 1?

凱爾（Kyle），我對材料業務和您的訂單簿的後續。即使不考慮延誤，你的表現也相當強烈。相對於一年前的定價以及 1 月 1 日以來加州市場所討論的一些定價，該定價看起來如何？

How does that look into your book? And are you seeing that hold? And how is the liquid asphalt on the cost side and where you stand on that? Any tailwinds or headwinds that we would anticipate during '23?

您的書對此有何看法？你看到那個堅持了嗎？液體瀝青的成本如何？您對此有何看法？我們預計 23 年期間會出現什麼順風或逆風？

Yes. Well, it's a lot different. I mean, last year in Q1 into Q2 and parts of the year, we saw a big bump in natural gas and diesel, and that had an impact on our Materials business last year and certainly, we're in a different position today. We added an energy escalator last April to help us offset those costs moving forward.

是的。嗯，有很大不同。我的意思是，去年第一季到第二季以及今年的部分時間，我們看到天然氣和柴油的大幅成長，這對我們去年的材料業務產生了影響，當然，我們今天的處境不同。去年四月，我們增加了能源自動扶梯，以幫助我們抵銷未來的這些成本。

So that -- there's no doubt that impacted our Materials business in 2022. But in 2023, we've already seen those costs on liquid asphalt, natural gas and diesel stabilize. They're still elevated but stabilized. And our pricing has been able to hold. So we were expecting that we could keep our pricing up.

因此，毫無疑問，這會影響我們 2022 年的材料業務。但到 2023 年，我們已經看到液體瀝青、天然氣和柴油的成本趨於穩定。它們仍然升高但穩定。我們的定價一直能夠維持。因此，我們希望能夠保持價格上漲。

And so far to date, we've been able to do that. And as we mentioned in the prepared remarks, we're seeing our quarter volumes up. We're seeing our backlog in terms of sales very strong. And so we still feel really good about our materials business. Despite the slow Q1 with the weather, we still feel like we're going to come out of the gate here in Q2 and Q3 very strong for the year.

到目前為止，我們已經能夠做到這一點。正如我們在準備好的評論中提到的，我們看到我們的季度銷量有所增加。我們看到我們的銷售積壓非常強勁。因此，我們仍然對我們的材料業務感覺非常好。儘管第一季因天氣原因進展緩慢，但我們仍然感覺今年第二季和第三季的表現將會非常強勁。

The next question comes from Jerry Revich of Goldman Sachs.

下一個問題來自高盛的傑瑞·雷維奇。

Yes. All the best for Lisa. Kyle, I'm wondering if you could just talk about the economics on the aggregates acquisitions. If you don't mind, what's the synergy value add that you folks are able to add to the equation because you're vertically integrated in those markets versus the stand-alone results.

是的。祝麗莎一切順利。凱爾，我想知道您是否可以談談總量收購的經濟學問題。如果你不介意的話，那麼你們能夠添加到等式中的協同增值是多少，因為與獨立結果相比，你在這些市場中是垂直整合的。

And obviously, the stand-alone aggregates companies trade at the 13 to 17x EBITDA. I'm wondering if you could just talk about, including synergies, how do the multiples compare on the assets that you acquired?

顯然，獨立聚合公司的 EBITDA 為 13 至 17 倍。我想知道您是否可以談談，包括協同效應，您收購的資產的倍數如何比較？

Well, first off, I'm not going to share the multiples that we paid. They're not huge transactions for us, just to put you in some context around Coast Mount Resources. That was about a $27 million acquisition for us on the U.S. dollar basis. Those are really nice vertically integrated deals for us, whether it's the CMR acquisition or Brunswick Canyon in Nevada.

好吧，首先，我不會分享我們支付的倍數。對我們來說，它們並不是一筆巨額交易，只是為了讓您了解 Coast Mount Resources 的一些背景資訊。以美元計算，這對我們來說大約是 2700 萬美元的收購。無論是收購 CMR 還是收購內華達州的 Brunswick Canyon，這些對我們來說都是非常好的垂直整合交易。

So the synergies are really that it's materials, it's attached to a construction business. So that's really where we see the uplift. It allows us to do all the things we want to do to do the vertical integration, and that allows us to schedule our orders, ensure that we have quality aggregates in our business.

所以協同效應其實是它的材料，它附屬於建築業務。這就是我們真正看到提升的地方。它使我們能夠做我們想做的所有事情來進行垂直整合，並且使我們能夠安排訂單，確保我們的業務擁有高品質的聚合。

We can take advantage of recycle opportunities. There's a whole host and there's even some tax advantages. So without getting necessarily in the economics of the deals, I can tell you that, obviously, we wouldn't do them if we didn't think there was value creation for the company. So we feel really good about them.

我們可以利用回收機會。有一個完整的主機，甚至還有一些稅收優惠。因此，在沒有必要了解這些交易的經濟學的情況下，我可以告訴你，如果我們認為不能為公司創造價值，我們顯然不會做這些交易。所以我們對他們感覺很好。

I know the teams are excited to have them as part of their businesses. And again, the integration risk on these are very low. And so it's starting to give us confidence in how we can really strengthen our home market positions, and we want to continue doing this in different parts of our business is an ongoing thing.

我知道團隊很高興讓它們成為他們業務的一部分。同樣，這些的整合風險非常低。因此，它開始讓我們對如何真正加強我們的國內市場地位充滿信心，我們希望在我們業務的不同部分繼續這樣做，這是一個持續的事情。

And Kyle, in terms of the margin progression year-over-year as we think about full year margin guidance, you folks are looking for, call it, 200 basis points of margin expansion. Can we talk about how that looks by quarter? Are you going to be on that pace in the second quarter? How quickly are things coming back off of the depressed first quarter?

凱爾（Kyle），就利潤率逐年增長而言，當我們考慮全年利潤率指導時，你們正在尋找，稱之為，200 個基點的利潤率擴張。我們能談談每季的情況嗎？第二季你會保持這樣的節奏嗎？從第一季的低迷中恢復過來的速度有多快？

Yes. I don't know if I can give you thoughts around by the quarter in terms of the margin progression. I mean certainly, if you go back over the last 3 years, in '21, we were at 12.5%. In '22, 13.7%. In '23, we expect to be 14% or higher. These are all kind of non-ORP numbers.

是的。我不知道我是否可以給你關於本季利潤成長的想法。我的意思當然是，如果你回顧過去三年，21 年，我們的比例是 12.5%。 22 年為 13.7%。 23 年，我們預計該比例將達到 14% 或更高。這些都是非 ORP 數字。

But I think if you look at the full year, we see our margins continue to progress into where we want to be in 2024 quite nicely. I think as you know, I think most of all of our company, we're not -- things are a little focused more around kind of annual results because we do anticipate that we do have weather here and there and other obstacles along the way.

但我認為，如果你看看全年情況，我們會發現我們的利潤率繼續很好地達到我們希望在 2024 年達到的水平。我想如你所知，我認為我們公司的大多數人，我們不是——事情更多地關注年度業績，因為我們確實預計我們確實會遇到天氣和其他障礙。 。

But -- so I think the margin progression is just going to continue through the year and be strongest in Q3 and then kind of go through the normal cycle.

但是，所以我認為利潤率的成長將持續全年，並在第三季達到最強，然後進入正常週期。

Super. In terms of areas where you were weather impacted in the first quarter, does it snap right back into the second quarter because people are trying to make up for lost days? Or does it take time to ramp up into the second quarter just from your activity level standpoint?

極好的。就第一季受到天氣影響的地區而言，第二季是否會因為人們試圖彌補損失的日子而迅速恢復？或者僅從您的活動水平來看，進入第二季度是否需要時間？

I think it snaps back fairly quickly. I mean our Central Group wasn't as impacted purely as our business out in the West. Our Mountain Group is used to the seasonality. They're -- with businesses in Alaska, they're used to cold and wet and snow. And so I think our Mountain Group, this is not an unusual maybe Nevada and Utah, those businesses were impacted with really high snow levels more than normal.

我認為它恢復得相當快。我的意思是，我們的中央集團並沒有像我們在西方的業務那樣受到純粹的影響。我們的山區團隊已經習慣了季節性。他們在阿拉斯加做生意，習慣了寒冷、潮濕和下雪。所以我認為我們的山區集團，這可能並不罕見，也許內華達州和猶他州，這些企業受到比正常水平更高的降雪影響。

But we certainly have the capability in the Mountain Group to deliver on what we were set out to do this year. California was the hardest hit. And if you go back and we look back in the last couple of years and you go back to 2020, what our team needs to do is in line with what we've shown that we've been able to do in the past. So we aren't concerned.

但山區集團當然有能力實現我們今年的目標。加州受災最嚴重。如果你回顧過去幾年，再回到 2020 年，我們團隊需要做的事情與我們過去已經證明的能力是一致的。所以我們不擔心。

I mean obviously, we need weather to cooperate at the end of the year in order for us to continue to deliver. But yes, I think we have the capacity. We have the teams, and we feel like we're -- yes, there's no real reason to change things. It's just a timing issue for us. Things just move from Q1 into the following quarters.

我的意思是，顯然，我們需要天氣在年底進行配合，以便我們能夠繼續交付。但是，是的，我認為我們有能力。我們有團隊，我們覺得我們──是的，沒有真正的理由去改變事情。對我們來說這只是一個時間問題。事情剛從第一季轉移到接下來的幾季。

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

我們的問答環節到此結束。我想將會議轉回凱爾·拉金 (Kyle Larkin) 發表閉幕詞。

Okay. Well, thank you for joining the call today. As always, we want to thank all of our employees for the work they do every day. Nothing is more important than the safety of our employees. This week is construction industry safety week, where annually, we renew our commitment to safety. As a company, we have never been safer, and I look forward to visiting teams across the country to recognize their efforts as we work towards another record-setting safety year in 2023. And thank you for your interest in Granite. We look forward to speaking with you all soon.

好的。好的，感謝您今天加入通話。一如既往，我們要感謝所有員工每天所做的工作。沒有什麼比我們員工的安全更重要。本周是建築業安全週，每年我們都會重申我們對安全的承諾。作為一家公司，我們從未如此安全，我期待著拜訪全國各地的團隊，以認可他們的努力，因為我們正在努力爭取 2023 年又一個創紀錄的安全年。感謝您對 Granite 的興趣。我們期待盡快與大家交談。

The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。