Granite Construction Inc (GVA) 2025 Q3 法說會逐字稿

Good morning. My name is Steve, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Incorporated 2025 third quarter conference call. This call is being recorded. (Operator Instructions)

早安.我叫史蒂夫，今天我將擔任你們的會議主持人。此時此刻，我謹代表 Granite Construction Incorporated 公司歡迎各位參加 2025 年第三季電話會議。本次通話正在錄音。（操作說明）

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

現在我很高興將發言權交給投資人關係副總裁麥克巴克。

Good morning and thank you for joining us. I'm pleased to be here today with President and Chief Executive Officer, Kyle Larkin; and Executive Vice President and Chief Financial Officer, Staci Woolsey. Please note that today's earnings presentation will be available on the Events and Presentations page of our Investor Relations website.

早安，感謝各位的參與。今天我很高興能與總裁兼首席執行官凱爾·拉金以及執行副總裁兼首席財務官斯泰西·伍爾西一起在這裡。請注意，今天的收益報告將在我們投資者關係網站的「活動與演示」頁面上提供。

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.

今天我們首先簡要討論前瞻性陳述和非GAAP指標。今天的一些討論可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。

Forward-looking statements are estimates reflecting the current expectations and best judgment of senior management regarding 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.

前瞻性陳述是反映高階管理層對未來事件、情況、機會、目標、成長需求、策略計畫、環境、活動、績效、股東價值、結果、展望、指導、目標、已承諾和已授予的項目或資本資產定價及結果的當前預期和最佳判斷的估計。實際結果可能與今天所作的聲明有重大差異。

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. 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.

有關可能影響這些前瞻性聲明的風險因素的更完整描述，請參閱 Granite 最新的 10-K 和 10-Q 文件。除法律要求外，本公司不承擔更新前瞻性聲明的義務。公司高層可能會在今天的電話會議中以及不時地討論某些非GAAP指標。

These include, but are not limited to, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and cash growth problem. 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.

這些問題包括但不限於：調整後 EBITDA、調整後 EBITDA 利潤率、調整後淨收入、調整後每股盈餘和現金成長問題。有關我們非GAAP指標的必要揭露資訊已包含在我們的獲利新聞稿和公司簡報中，這些內容可在我們的網站 graniteconstruction.com 的「投資者關係」欄位下找到。

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

現在我想把電話交給凱爾拉金。

Good morning. Before turning to our third quarter results, I wanted to highlight our most recent acquisition, Cinderlite, discuss how it aligns with our broader investment strategy and our commitment to deploying capital in ways to support growth and enhance shareholder value.

早安.在介紹我們第三季業績之前，我想重點介紹我們最近收購的 Cinderlite 公司，並討論它如何與我們更廣泛的投資策略以及我們致力於以支持成長和提高股東價值的方式部署資本的承諾相一致。

In 2022, we introduced an investment framework that is designed to guide our investment decision-making from how we allocate CapEx to M&A and help drive margins and revenue growth across our existing businesses.

2022年，我們推出了一項投資框架，旨在指導我們的投資決策，從資本支出分配到併購，並幫助推動我們現有業務的利潤率和收入成長。

This investment framework is anchored by two pillars, support and strengthen and expand and transform. When we are assessing investments that are designed to support and strengthen our business, we are focusing on our growth competencies and our home markets.

此投資框架由兩大支柱構成：支持和加強，以及擴展和轉型。在評估旨在支持和加強我們業務的投資時，我們專注於我們的成長能力和本土市場。

These types of investments include automation projects, new plants, aggregate reserves and bolt-on acquisitions that complement our vertically-integrated model. Since launching this framework, we relied on it to assess and ultimately acquire a number of bolt-on acquisitions to support our strategy.

這些類型的投資包括自動化項目、新工廠、總儲備和補充性收購，以完善我們的垂直整​​合模式。自從推出該框架以來，我們依靠它來評估並最終完成一系列補充收購，以支持我們的策略。

In 2023, we acquired the Brunswick Canyon Court, an asphalt plant in Carson City Nova. This added 17 million tons of reserves and expanded our vertically integrated footprint in Northern Nevada. We then acquired Coast Mountain Resources in British Columbia, introducing the potential to barge 40 million tons of high-quality reserves salt to support our Pacific Northwest operations.

2023年，我們收購了位於新斯科細亞省卡森市的布倫瑞克峽谷法院瀝青廠。這增加了 1700 萬噸儲量，並擴大了我們在內華達州北部的垂直整合業務範圍。隨後，我們收購了位於不列顛哥倫比亞省的 Coast Mountain Resources 公司，從而有可能用駁船運輸 4,000 萬噸優質鹽儲備，以支持我們在太平洋西北地區的業務。

This year, we added Papich Construction to bolster our California operations while also adding 40 million tons of reserves. Under the expanded transform pillar over the last 2-years, we've applied our investment framework as we build out our Southeastern platform with the acquisitions of Waymon Roberts, Memphis Stone & Gravel, Dickerson and Bowen and just recently at the beginning of the third quarter, Warren Paving. We are excited about our Southeastern platform. It is a high-quality and profitable vertically-integrated business with numerous opportunities for growth and further expansion.

今年，我們收購了 Papich Construction 公司，以加強我們在加州的業務，同時也增加了 4,000 萬噸儲量。在過去兩年的擴展轉型支柱下，我們運用投資框架，透過收購 Waymon Roberts、Memphis Stone & Gravel、Dickerson 和 Bowen，以及最近在第三季初收購 Warren Paving，建構了我們的東南平台。我們對我們的東南平台感到非常興奮。這是一個高品質、高利潤的垂直整合型企業，擁有眾多成長和進一步擴張的機會。

We expect to grow the platform organically with targeted investments to expand its distribution network, perhaps to the addition of more aggregate yards who by purchasing other strategic assets that will bring further capabilities to the platform. We also expect to build upon the Southeastern platform with M&A that will expand our footprint into new geographies and enable us to leverage the high-quality areas and distribution network of Warren Paving.

我們希望透過有針對性的投資來擴大平台的分銷網絡，從而實現平台的有機成長，或許還會增加更多的骨料堆場，並透過收購其他策略資產來為平台帶來更多能力。我們也希望透過併購來鞏固東南平台，將我們的業務拓展到新的地區，並使我們能夠利用 Warren Paving 的高品質區域和分銷網絡。

Most recently, in early October, we announced our newest acquisition of Cinderlite, a well-established construction materials, landscape supply and transportation company based in Carston City, Nevada. Cinderlite operates five aggregate quarries and one recycling yard and its operations are supported by a fleet of trucks and drivers. The acquisition complements our existing operations in Northern Nevada and expands our reach in a high-growth region.

最近，在 10 月初，我們宣布收購了 Cinderlite，這是一家位於內華達州卡斯頓市的成熟的建築材料、景觀供應和運輸公司。Cinderlite 經營五個骨材採石場和一個回收場，其營運由一支卡車和司機隊伍提供支援。此次收購是對我們現有在內華達州北部業務的補充，並擴大了我們在高成長地區的業務範圍。

The acquisition adds approximately 100 million tons of aggregate reserves and an annual production volume at 975,000 tons, significantly enhancing our material reserve base in the area. These acquisitions reflect our disciplined approach to M&A, targeting high-quality material focused businesses that strengthen our vertically-integrated model and support long-term growth in line with our 2027 financial targets.

此次收購將新增約 1 億噸骨材儲量和 97.5 萬噸年產量，顯著增強我們在該地區的物質儲量基礎。這些收購體現了我們嚴謹的併購策略，目標是高品質的材料相關企業，以加強我們的垂直整​​合模式，並支持符合我們 2027 年財務目標的長期成長。

Since 2021, we have more than doubled our average reserves to a current total of approximately 2.1 billion tons for the full year of our acquisitions. We have increased aggregate production to approximately 25 million tons from 16 million tons in 2021. These investments have allowed us to increase Materials segment cash gross profit margin from 18% in fiscal year 2022 to 29% through the first 9-months of 2025. The progress has been tremendous, and we are excited to see materials become a larger component of our business. We continue to evaluate bolt-on opportunities to complement our operations and unlock synergies.

自 2021 年以來，我們的平均儲量增加了一倍多，目前全年收購總量約為 21 億噸。我們的骨材產量已從 2021 年的 1,600 萬噸增加到約 2,500 萬噸。這些投資使我們能夠將材料部門的現金毛利率從 2022 財年的 18% 提高到 2025 年前 9 個月的 29%。進展非常顯著，我們很高興看到材料在我們業務中扮演越來越重要的角色。我們將繼續評估各種補充機會，以完善我們的營運並釋放協同效應。

Looking ahead, we'll also continue to evaluate investment opportunities to allow us to expand and transform our business by entering new geographies and building new very integrated platforms. We believe our disciplined approach to growth, grounded in our investment framework and supplemented with our operational excellence positions Granite to deliver consistent profitability and sustainable value creation for years to come.

展望未來，我們將繼續評估投資機會，以便透過進入新的地域和建立高度一體化的新平台來擴展和轉型我們的業務。我們相信，我們嚴謹的成長策略，以我們的投資框架為基礎，並輔以我們卓越的運營，使 Granite 能夠在未來幾年內持續盈利並創造可持續的價值。

Now let's discuss our third quarter results, starting with the Materials segment. The Materials segment delivered an exceptional quarter, impressive growth on both the top and bottom line of our legacy business was bolstered by the inclusion of Warren Paving and Papich Construction for the last 2-months of the quarter.

現在讓我們來討論一下第三季的業績，先從材料業務板塊開始。材料業務部門本季表現出色，我們傳統業務的營收和利潤均實現了令人矚目的成長，這得益於本季最後兩個月 Warren Paving 和 Papich Construction 的併入。

As I talk with our teams, I am encouraged that demand remains strong, led by the public market. I believe this environment should support volume growth both in aggregate and asphalt in the 2026 with orders as at the end of the third quarter, outpacing the prior year.

與團隊交流後，我感到鼓舞的是，在公開市場的帶動下，市場需求依然強勁。我認為，在這種環境下，到 2026 年，骨材和瀝青的銷售量都將成長，截至第三季末的訂單量將超過前一年。

Our Materials business has shown strong improvement in a relatively short period of time following our realignment to place materials experts and charge and materials business and centralized management functions, such as sales and quality control.

在進行重組，設立材料專家和主管材料業務及集中管理職能（如銷售和品質控制）之後，我們的材料業務在相對較短的時間內取得了顯著改善。

We have made tremendous progress, but there's more to do to grow revenue and improve profitability in the segment from capital projects, including investments in aggregate plant automation and aggregate and asphalt plant efficiency to bolt-on acquisitions like Cinderlite to implementation of value-enhancing pricing across our geographies, I believe our materials business will continue to transform over the upcoming quarters and years.

我們取得了巨大的進步，但要提高該業務板塊的收入和盈利能力，還有更多工作要做，包括投資骨料廠自動化和提高骨料及瀝青廠效率等資本項目，以及收購 Cinderlite 等公司，並在我們各個地區實施增值定價策略。我相信，在未來的幾個季度和幾年裡，我們的材料業務將繼續轉型。

Now let's move to the Construction segment. We had another strong quarter with gains in revenue, gross profit and CAP. We ended the quarter with record high CAP and entered it with a new record high CAP of $6.3 billion despite the third quarter being our highest revenue current quarter. This underscores both the strength of the market and the talent of our project pursuit teams. We remain focused on best value projects, which now represent a significant portion of our cap.

現在我們來看建築業板塊。本季業績表現強勁，營收、毛利和資本化率均成長。儘管第三季度是我們本季收入最高的季度，但我們本季末的資本規模仍創歷史新高，並以 63 億美元的資本規模進入新季度，同時本季初的資本規模也創歷史新高。這不僅凸顯了市場的強勁實力，也體現了我們專案拓展團隊的卓越才能。我們仍然專注於最有價值的項目，這些項目目前占我們資本的很大一部分。

These projects allow us to collaborate with owners currently in the process, identify and mitigate risk and deliver work more efficiently. Best high delivery methods like construction manager, a general contractor or progressive design build are especially effective on complex projects.

這些項目使我們能夠與正在進行中的業主合作，識別和降低風險，並更有效率地完成工作。對於複雜的項目，採用施工經理、總承包商或漸進式設計建造等最佳高效交付方式尤其有效。

Our early involvement supports better planning, risk management and cost control. Larger best value projects for open broken into smaller work packages as they are collaboratively reviewed through workshops, allowing for more informed construction of the projects. These projects are generally completed faster and with significantly fewer claims than traditional delivery methods.

我們早期的介入有助於更好地進行規劃、風險管理和成本控制。規模較大的最佳價值項目會被拆分成較小的工作包，並透過研討會進行協作審查，從而實現更明智的專案建設。這些項目通常比傳統交付方式完成得更快，而且索賠也少得多。

While the timing of the construction portion of the best value projects can be difficult to predict, we've constructed more than 90 of them, and our confidence in the benefits of best value contracting continues to grow.

雖然最有價值的項目施工部分的時間安排可能難以預測，但我們已經完成了 90 多個這樣的項目，我們對最有價值的承包優勢的信心也在不斷增強。

In the third quarter, we had a number of projects ramping up, and I believe we should see revenue accelerate in the fourth quarter and into 2026 as these projects move forward. This continues to be the strongest market I have seen in my career. I believe we are positioned to grow our cat portfolio and increase bid day margins in the fourth quarter and in 2026. With this market, I expect to achieve our organic growth targets of 6% to 8% through 2027.

第三季度，我們有許多專案正在加速推進，我相信隨著這些專案的進展，第四季以及到 2026 年，我們的營收將會加速成長。這是我職業生涯中見過的最強勁的市場。我相信我們有能力在第四季和 2026 年擴大我們的巨獸資產組合併提高競標日利潤率。憑藉這個市場，我預計到 2027 年我們將實現 6% 至 8% 的有機成長目標。

Now I'll turn it over to Staci to review our financial performance for the quarter.

現在我將把發言權交給史泰西，讓她來回顧我們本季的財務表現。

Thanks, Kyle. We had an outstanding third quarter. Revenue increased $158 million or 12%. Gross profit increased $58 million or 28%. Adjusted net income improved $33 million or 36%. Adjusted EBITDA improved $67 million or 45%, and we ended the third quarter with year-to-date operating cash flow of $290 million.

謝謝你，凱爾。我們第三季表現出色。營收成長1.58億美元，增幅達12%。毛利成長5,800萬美元，增幅達28%。調整後淨利成長3,300萬美元，增幅36%。調整後 EBITDA 成長 6,700 萬美元，增幅 45%，截至第三季末，年初至今的營運現金流量為 2.9 億美元。

In the Construction segment, revenue increased $82 million or 8% year-over-year to $1.2 billion, driven by the recently acquired Papich Construction and Warren Paving businesses and our record CAP entering the quarter.

在建築業務板塊，營收年增 8,200 萬美元，增幅達 8%，達到 12 億美元，這主要得益於近期收購的 Papich Construction 和 Warren Paving 業務，以及我們本季創紀錄的資本化水準。

Construction segment gross profit improved $22 million to $192 million with a gross profit margin of 17%. This 70 basis points increase is largely due to improved execution and performance across our higher-quality project portfolio.

建築業務部門毛利成長 2,200 萬美元，達到 1.92 億美元，毛利率為 17%。這 70 個基點的成長主要歸功於我們更高品質專案組合的執行和績效的提升。

In the Materials segment, we continue to realize year-over-year cash gross profit margin improvement. In the third quarter, aggregate and asphalt volumes increased 26% and 14%, respectively, over last year, and the newly acquired companies added 1.4 million tons of aggregates and 177,000 tonnes of asphalt. The public market environment drove demand and supported price increases in both aggregates and asphalt.

在材料業務板塊，我們繼續實現同比現金毛利率的提高。第三季度，骨材和瀝青的產量分別比去年同期增加了 26% 和 14%，新收購的公司增加了 140 萬噸骨材和 17.7 萬噸瀝青。公開市場環境推動了骨材和瀝青的需求，並支撐了價格上漲。

The Southeastern platform, including Warren paving, performed better than expected with pricing and volumes leading to a significant increase in not margin in the quarter year-over-year. Through the third quarter, margin increases at the aggregates, asphalt and segment level are all ahead of 2025 expectations.

東南平台（包括沃倫鋪路公司）表現優於預期，定價和銷售導致本季利潤率較去年同期大幅成長。第三季度，骨材、瀝青和細分市場的利潤率成長均超過了 2025 年的預期。

We believe there are opportunities to continue to significantly expand the South East platform by leveraging Warren Paving distribution network and driving further gains in margin. We plan to execute on these opportunities, both through strategic CapEx and through acquisitions. In addition, in our Western footprint, we expect to continue to strengthen our materials segment and vertically integrated businesses through bolt-on transactions, such as the recently acquired Cinderlite business.

我們相信，透過利用 Warren Paving 的分銷網絡並進一步提高利潤率，有機會繼續大幅擴展東南平台。我們計劃透過策略性資本支出和收購來把握這些機會。此外，在我們西部的業務範圍內，我們期望透過收購交易（例如最近收購的 Cinderlite 業務）繼續加強我們的材料部門和垂直整合業務。

Turning to cash flow. I am once again pleased by our cash generation. We generated $290 million of operating cash flow through the first 9-months of the year. Historically, the third and fourth quarters are when we have seen the most cash generation as our teams are fully mobilized to project sites and working hard to progress projects before year-end.

接下來談談現金流。我對我們的現金流表現再次感到滿意。今年前 9 個月，我們創造了 2.9 億美元的營運現金流。從歷史數據來看，第三季和第四季是我們現金流最充裕的時期，因為我們的團隊會全面進駐專案現場，努力在年底前推進專案進度。

As expected, the third quarter follows this pattern, and I expect cash generation will also be strong in the fourth quarter, allowing us to surpass our operating cash flow target of 9% of revenue for the year. As of the end of Q3, cash and marketable securities were $617 million, and we had $1.3 billion of debt outstanding.

正如預期的那樣，第三季也遵循了這一模式，我預計第四季度的現金流也將十分強勁，這將使我們能夠超過全年營運現金流佔收入 9% 的目標。截至第三季末，現金及有價證券為 6.17 億美元，未償債務為 13 億美元。

With our cash and marketable securities, revolver availability of $580 million and strong cash flow generation, we remain in a great position to act on future M&A opportunities that may either bolt-on to an existing home market or further expand our geographic footprint. While we will continue to be selective in our pursuits, I expect to achieve our goal of completing several M&A transactions each year. Now let's discuss our guidance for the rest of the year.

憑藉我們的現金和有價證券、5.8 億美元的循環信貸額度以及強勁的現金流，我們仍然處於有利地位，可以抓住未來的併購機會，這些機會既可以鞏固現有的本土市場，也可以進一步擴大我們的地域版圖。雖然我們仍將謹慎選擇收購目標，但我預期我們能夠實現每年完成數筆併購交易的目標。現在讓我們來討論一下今年剩餘時間的指導方針。

As we stated previously, we expected an acceleration of revenue growth in the second half of the year with several projects ramping up. Some anticipated project starts shifted later into the second half of the year. And as a result, we are revising our annual revenue target to a range of $4.35 billion to $4.45 billion.

正如我們之前所說，我們預計下半年隨著多個項目的推進，收入成長將加速。一些原計劃啟動的項目推遲到了下半年。因此，我們將年度營收目標調整為 43.5 億美元至 44.5 億美元。

This target contemplates a busy fourth quarter with increased organic growth, which will position us well for 2026. In addition, due to our strong performance through Q3 and work ahead of us in Q4, we are increasing our adjusted EBITDA margin guidance to a range of 11.5% to 12.5%.

該目標預計第四季度業務繁忙，有機成長將有所提高，這將使我們為 2026 年做好充分準備。此外，由於我們在第三季的強勁表現以及第四季即將開展的工作，我們將調整後的 EBITDA 利潤率預期提高至 11.5% 至 12.5%。

Finally, we expect CapEx this year to be approximately $130 million. On a long-term basis, we believe approximately 3% of revenue remains an appropriate expectation for our annual CapEx. Our annual guidance for SG&A as a percent of revenue of 9% and adjusted effective tax rate in the mid-20s are unchanged.

最後，我們預計今年的資本支出約為 1.3 億美元。從長遠來看，我們認為年度資本支出佔收入的 3% 左右仍然是一個合理的預期。我們對銷售、一般及行政費用佔收入百分比的年度預期為 9%，調整後的實際稅率為 20% 左右，這些預期保持不變。

Now I'll turn it back over to Kyle.

現在我把麥克風交還給凱爾。

Thanks, Staci. I'll close with the following points. Our third quarter continued to demonstrate the strength of our people, the earning power of our strategic plan and our vertically integrated model. We continue to grow a cap, fueled by the public market to federal, state and local levels. As I look at the bidding opportunities ahead of us over the fourth quarter and next 6-months, I believe we have excellent opportunities skilled pursuit teams, improving relationships with our clients to continue to grow CAP and raise margins.

謝謝你，斯泰西。最後，我再補充幾點。第三季繼續展現了我們員工的實力、策略計畫的獲利能力以及垂直整合模式的有效性。我們持續擴大上限，在公開市場的推動下，從聯邦、州到地方層級不斷擴大上限。展望第四季和未來六個月的投標機會，我相信我們擁有優秀的投標團隊，能夠改善與客戶的關係，從而繼續擴大 CAP 並提高利潤率，這為我們提供了絕佳的機會。

While we have some work shift to the right, the quality of the work in our cat portfolio as well as the opportunities ahead of us, only strengthens my belief in being able to meet our growth and margin expectations in our 2027 guidance.

雖然我們的一些工作重心有所轉移，但我們貓科動物投資組合的工作品質以及我們面前的機遇，只會增強我對實現 2027 年增長和利潤率預期目標的信心。

Both our Construction and Materials segments are operating at a high level and expect further gains in the years ahead. The recent acquisitions of Warren Paving, Papich Construction and now Cinderlite demonstrate our commitment to execute M&A to both strengthen our existing markets and to expand into new markets.

我們的建築和材料業務板塊均處於高水準運作狀態，預計未來幾年將進一步成長。最近對 Warren Paving、Papich Construction 以及現在的 Cinderlite 的收購，顯示了我們致力於透過併購來鞏固現有市場並拓展新市場的決心。

We have the financial capacity to act on M&A opportunities that should continue to drive cash flows and build our footprint. And my expectation is that we will continue to complete several acquisitions annually in years to come. Finally, cash and cash generation remains a primary focus throughout the company. As in 2024, we are on track to deliver operating cash flows in excess of our target for 2025 and continue to drive significant shareholder value.

我們擁有足夠的財力來把握併購機會，這將繼續推動現金流並擴大我們的市場份額。我預計未來幾年我們將繼續每年完成幾項收購。最後，現金及現金流的創造仍是公司關注的重點。與 2024 年一樣，我們預計將實現 2025 年超過目標的經營現金流，並繼續為股東創造顯著價值。

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

操作員，現在我把麥克風交還給您，請您提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，地方檢察官戴維森。

Hey, thanks. Good morning.

嘿，謝謝。早安.

Hey, good morning, Ben.

嘿，早上好，本。

Yeah, Kyle, just on the strength of CAP, maybe you could talk about the sources that you're seeing there and it sounds like bidding opportunities are pretty fortuitous over the next several months, maybe quarters. Where do you see that coming from as you sit here today?

是的，Kyle，僅憑 CAP 的實力，或許你可以談談你在那裡看到的資源，聽起來未來幾個月甚至幾季的競標機會相當不錯。你今天坐在這裡，覺得這種情況會從何而來？

Well, I'd say the overall market remains very strong. I think it's been that way now for a while. I think it's supported by the IIJA in our bio market. So we've seen that consistently now for a few years where we're just bidding more work procuring our work and the margins associated with that work continues to improve. I think that's one of the drivers behind our margin expansion in the quarter.

總的來說，我認為整體市場依然非常強勁。我認為這種情況已經持續了一段時間。我認為它得到了國際生物技術產業協會（IIJA）在我們生物市場的支持。所以，我們已經連續幾年看到這種情況：我們不斷投標，爭取更多的工作，而與這些工作相關的利潤率也不斷提高。我認為這是我們本季利潤率擴張的驅動因素之一。

I think our team is just doing a great job of bidding the right projects to and getting the right projects into CAP. I think we see that continuing. We expect our CAP balance to continue to grow in the balance of the year. And so for us to see a sizable increase in Q3. Again, it's our biggest burn revenue quarter.

我認為我們的團隊在投標合適的專案以及將合適的專案納入 CAP 方面做得非常出色。我認為這種情況還會持續下去。我們預計今年剩餘時間內，我們的 CAP 餘額將繼續成長。因此，我們在第三季看到了顯著成長。這又是我們支出最高的一個季度。

based on low bids that we have today, some selections, depending on the timing of the awards, we expect to see our CAP balance continue to grow again nicely in the fourth quarter. So the market is really strong in all our geographies. I would say a reminder, the IIJA will continue to see spend beyond its expiration in 2026.

根據我們目前收到的低價報價，以及一些項目的選擇，根據授標時間，我們預計我們的資本資產餘額將在第四季度繼續穩步增長。因此，在我們所有地區，市場都非常強勁。我想提醒大家，即使 IIJA 在 2026 年到期，其支出仍將持續。

We checked in with Arc of the American Road Transportation Builders Association. And right now, is like the send to date that the IIJA is around 50%. I guess there will continue to be opportunities in the marketplace and beyond its expiration next September. So yes, the markets are healthy, and we think we're going to continue to build a CAP.

我們聯繫了美國道路運輸建設者協會的 Arc 組織。而目前來看，IIJA 的佔比約為 50%。我認為即使明年九月合約到期，市場上仍會存在機會。所以，是的，市場狀況良好，我們認為我們將繼續建立CAP。

Okay. And then I guess, just shorter term in nature, but maybe what specifically is limited some of the conversion of this CAP into revenue and you sound feel confident in acceleration here in fourth quarter, maybe just speak on what you've seen so far?

好的。然後我想，就短期而言，也許具體是什麼限制了部分資本轉化為收入，而你似乎對第四季度的加速增長充滿信心，能不能談談你目前為止看到的情況？

Yeah. We did speak on the last call about acceleration in the back half of the year. It is more weighted to Q4 than Q3. And Q4, we're looking at around an 8% organic growth rate in the quarter. It is a lot stronger than what we've seen certainly so far this year.

是的。我們在上次通話中確實談到了下半年的加速發展問題。第四季比第三季權重更高。第四季度，我們預計該季度有機成長率約為 8%。它比我們今年迄今為止所看到的要強得多。

And with the CAP that we have in place, we think that 8% growth rate organically is going to continue into 2026. So although we're not necessarily giving guidance yet for next year, but I think the way we're looking at it is a growth rate of 8% is pretty realistic as we go into the fourth quarter and into 2026.

在我們現有的 CAP 政策下，我們認為 8% 的有機成長率將持續到 2026 年。因此，雖然我們目前還沒有給出明年的業績指引，但我認為，在我們展望的第四季以及2026年，8%的成長率是相當現實的。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，湯普森研究小組。

Hi, good morning everyone. Wanted to examine the guidance a little bit further reflecting the better EBITDA margin. You called out materials orders and high-quality project portfolio being the drivers of that. Can you talk about the balance of which of these two factors is the greater driver for the margin outlook? And given some of the work maybe has pushed out to next year, I would assume this bodes well for margins in 2026 as well.

大家早安。想進一步研究業績指引，特別是關於更高的 EBITDA 利潤率的說明。你指出，材料訂單和高品質的項目組合是推動這一目標實現的因素。您能否談談這兩個因素中哪一個對利潤率前景的影響更大？考慮到有些工作可能要推遲到明年才能完成，我認為這對 2026 年的利潤率來說也是個好兆頭。

Yeah, that's right. And if you go back to earlier this year, we did expect this year to see margin expansion in both our construction and our Materials segments. And we saw about 1% order in construction between '25, and we're trending ahead of that today. So our teams are just doing a really nice job getting the right work and executing at a high level on that work.

是的，沒錯。回顧今年早些時候，我們確實預期今年建築和材料業務的利潤率都會有所增長。2025 年至 2025 年間，我們看到建築業訂單量增加了約 1%，而如今我們的成長趨勢已經超過了這一水平。所以我們的團隊在分配正確的工作任務和高水準地執行這些任務方面做得非常出色。

And then we had talked before about a 3% margin expansion in our materials business. and we're trending a little bit ahead of that product level. We're sitting right around 4%. So we're well ahead of where we thought we were going to be in 2025 based on margin expansion expectations. So that gives us a lot of confidence as we bridge towards 2027.

先前我們討論過材料業務利潤率成長3%的目標，而目前我們的成長動能略微超過了這個目標。我們目前處於 4% 左右。因此，我們目前的業績遠遠超過了我們根據利潤率擴張預期在 2025 年所預期的水平。因此，這讓我們在邁向 2027 年的道路上充滿信心。

So we have about 1.5% or so of margin expansion from an EBITDA perspective to get to the midpoint of that 13.5% in 2027. I would say we see about 1% still coming from construction. Again, getting strong CAP, getting more margin on bid day and then really focus on operational excellence as we execute on those contracts.

因此，從 EBITDA 的角度來看，我們還有大約 1.5% 的利潤率擴張空間，才能在 2027 年達到 13.5% 的中點。我認為目前仍有大約 1% 的收入來自建築業。再次強調，要獲得強大的CAP，在投標日獲得更高的利潤率，然後在執行這些合約時真正專注於卓越的營運。

And we still believe there's another 3% or better margin expansion in our Materials segment. And of course, as we execute on these strategies within pricing, automation and just performing at a higher level of Materials business by leveraging on (inaudible) playbook, we think that's going to be a -- and when our teams minable do so far in 2025 is right on, again, a little bit better, which gives us a lot of confidence that we're going to execute over the next 2-years towards that midpoint of 13.5%.

我們仍然相信，我們的材料業務板塊還有 3% 或更高的利潤率成長空間。當然，隨著我們在定價、自動化以及透過利用（聽不清楚）策略手冊在材料業務方面執行這些策略，我們認為這將是一個——而且，我們團隊迄今為止在 2025 年取得的成果也確實如此，再次略有進步，這讓我們非常有信心在未來兩年內實現 13.5% 的中點目標。

That's great to hear. Also wanted to stay (inaudible) on the guidance, the operation -- cash flow from operations, that is and the lower CapEx combination. First off, what is driving the upside to operating cash flow.

聽到這個消息真是太好了。還想繼續（聽不清楚）專注於指導方針、營運——即營運現金流以及較低的資本支出組合。首先，是什麼因素推動了經營現金流的成長？

And then when you think about reducing CapEx on a dollar basis, even with a larger base of assets, particularly more material assets from Warren? Maybe share some on how you are adjusting the CapEx outlook for this year and the go-forward CapEx outlook, if I understand being lowered as a percentage of revenue?

那麼，當你考慮以美元為單位減少資本支出時，即使擁有更大的資產基礎，特別是來自沃倫的更多實質資產？能否分享一下您是如何調整今年的資本支出預期以及未來資本支出預期的？如果我理解正確的話，資本支出預期是以收入百分比的形式降低的。

Yeah. Steven, I'll talk a little bit about the operating cash flow guidance first. We were able to achieve some claim settlements earlier this year and have some really good collections. And along with our staying operating cash flow just from our current operations, we've had -- we've been able to achieve higher than our target of 9%. And we think that will push us above the 9% target there.

是的。史蒂文，我先簡單談談經營現金流預期。今年早些時候，我們成功達成了一些索賠和解，收款情況也相當不錯。加上我們目前營運產生的持續營運現金流，我們已經實現了高於 9% 的目標。我們認為這將使我們超過 9% 的目標。

When we talk about CapEx. So we did have -- our original guidance was in the range of about, I think, $140 million to $160 million, which was a bit above the 3% target we talked about in capital allocation, and that included some strategic materials that the timing of that sometimes just shift and also being very diligent and vigilant in looking at what types of investments we're making.

當我們談到資本支出時。所以我們最初的指導範圍大約是 1.4 億美元到 1.6 億美元，這比我們之前談到的資本配置 3% 的目標略高一些，其中包括一些戰略材料，這些材料的發佈時間有時會發生變化，而且我們也會非常認真和警惕地審視我們正在進行的投資類型。

And so some of that has shifted probably to next year. And so we were able to lower that CapEx guidance to about $130 million. That does include the new acquisitions of Warren Paving and Papich construction. So even considering those going forward, we still feel like about 3% is the right target. And occasionally, there will be some one-off things that are a little bit larger as we look at continuing to increase our material reserves and other things like that.

因此，其中一些項目可能要推遲到明年了。因此，我們將資本支出預期下調至約 1.3 億美元。這其中就包括對 Warren Paving 和 Papich Construction 的新收購。所以即使考慮到未來的這些因素，我們仍然認為 3% 左右是一個合適的目標。偶爾，我們會遇到一些規模稍大的一次性項目，例如繼續增加我們的物資儲備等等。

Michael Dudas, Vertical Research Partners.

Michael Dudas，Vertical Research Partners。

Good morning, Kyle, Michael, Staci. Kyle, share some observations you've had Warren and Papich in for about 2-months -- I guess, 3-months now since the close, how do you like the aggregates on the river there, the opportunities that Warren provides you?

早安，凱爾、麥可、史泰西。Kyle，分享一下你對 Warren 和 Papich 的觀察。自從交易完成以來，你已經在那裡待了大約 2 個月——我想應該是 3 個月了——你覺得那裡的河段的骨料怎麼樣？ Warren 為你提供了哪些機會？

And what are you seeing in their operations relative to best practice to what you could do through Granite and is that really -- is that could be a very good platform for you to focus on some of these forward integration and expansions in that market because it seems like there's a lot of demand and opportunity, given that your new found in strength conditioning and not only in the construction but the material side.

那麼，相對於最佳實踐，您在他們的營運中看到了什麼？您能否透過 Granite 實現這些最佳實踐？這是否真的可以成為一個非常好的平台，讓您專注於該市場的一些前向整合和擴張？因為鑑於您在力量訓練領域（不僅在建築方面，而且在材料方面）的新發現，似乎存在著很大的需求和機會。

Yeah. Thanks, Mike. It's a great question. And we're excited about where we're at with Warren and Papich I think the integration so far has gone very well. And both of those businesses I think with warrant paving, we're excited because there's tremendous opportunities in that marketplace.

是的。謝謝你，麥克。這是一個很好的問題。我們對與沃倫和帕皮奇的合作進展感到興奮，我認為到目前為止，整合工作進行得非常順利。我認為這兩家企業都具備鋪路能力，我們對此感到興奮，因為這個市場蘊藏著巨大的機會。

And today, they're already exceeding the deal model in the first 2-months. And I think one of the things that we're seeing down in the Southeast is really, really strong aggregate demand. So it's a significant private investment that we was already taking place in the Southeast, that's proving to be the case. And there's strong demand associated with data center infrastructure improvements and expansion and development. So we're already looking at ways that we can meet that demand.

而如今，他們在前兩個月就已經超越了交易模式的預期。我認為我們在東南部地區看到的一個現像是，總需求非常非常強勁。所以，這筆重要的私人投資已經在東南部展開，事實證明確實如此。資料中心基礎設施的改善、擴建和發展有著強勁的需求。所以我們已經在尋找滿足這項需求的方法了。

Now we have an extremely talented team at Warren Paving, and I get excited and we all get excited working with them because they have lots of ideas on how they can expand that business, increase production, expand their distribution network with yard managing costs and increasing internal sales. So we're here to figure out as we can be for them to those ends. And so we remain really excited about that opportunity and how we can best support and grow other business.

現在，沃倫鋪路公司擁有一支非常有才華的團隊，與他們一起工作讓我感到興奮，我們所有人都感到興奮，因為他們有很多關於如何擴大業務、提高產量、擴大分銷網絡、降低場地管理成本和增加內部銷售的想法。所以我們來這裡是為了盡我們所能幫助他們實現這些目標。因此，我們仍然對這個機會感到非常興奮，並期待如何更好地支持和發展其他業務。

I appreciate that. My follow-up is, Kyle, when you think about your best value -- or your CAP, you've really emphasized over the past several years, you talk about the timing of the preconstruction, construction design and full construction.

我很感激。凱爾，我的後續問題是，當你考慮你的最佳價值——或者你的資本回報率（CAP）時，你在過去幾年裡一直非常強調這一點，你會談到施工前準備、施工設計和全面施工的時間安排。

Where are we in that cycle from say the -- that the contracts that you negotiated 3-years ago are they to the point where we could see some more conversion in construction? Could that be a tailwind for conversion for reveal growth in the next couple of years? And how does that play out as we think about in some of the organic targets that you've put forth for the next couple of years?

我們現在處於這個週期的哪個階段？比如說，你們3年前談判的合約是否已經到了我們可以看到建築業進一步轉型的階段？這能否成為未來幾年提升轉換率的利多因素？那麼，考慮到您為未來幾年提出的一些有機成長目標，這些目標又將如何實現呢？

Yeah. I think that means a good point. If you look at certainly where we are in 2025, that meaningful original guidance had our organic growth rate somewhere around that 6%. We're going to come in just underneath that. And next year, we're already seeing up towards that 8%, as I mentioned previously.

是的。我認為這表示你說得很有道理。如果展望 2025 年，我們最初的預期是我們的有機成長率約為 6%。我們最終的排名會略低於這個數字。正如我之前提到的，明年我們已經看到接近 8% 的成長。

Some of that is coming from the conversion of that CAP and those best value projects. It can take some time to convert from the preconstruction contract into the construction contract. I know there's a few contracts that we'll be converting into construction contracts for 2026. And so that will help drive up that organic growth. So it's always hard to predict the timing of these things, sims these projects that are best value have some challenges.

部分收益來自 CAP 專案的轉化和那些最有價值的專案。從施工前合約到施工合約的轉換可能需要一些時間。我知道有一些合約我們將在 2026 年轉換為施工合約。這樣一來，就有助於推動自然成長。所以，預測這些事情的時機總是很困難，這些最有價值的項目也面臨一些挑戰。

And that's why they're looking for a partner like us to come in and help them navigate some of those challenges. Some can stakeholders. They're working with. It could be a city and there could be a county, it could be a railroad issue. And sometimes that reconstruction services can take more than the typical 2-years that we've talked about.

正因如此，他們才尋求像我們這樣的合作夥伴來幫助他們應對其中的一些挑戰。一些利害關係人。他們正在與…合作。可能涉及城市，也可能涉及縣，也可能涉及鐵路問題。有時，重建服務可能需要超過我們之前提到的通常的兩年時間。

There's actually a couple of contracts that we're looking at today. We've been in preconstruction for 4- and 5-years. So it can take a while to navigate through all those issues as we partner with our clients. And so I think that's going to help drive up that organic revenue growth in '26 and beyond.

今天我們實際上要看兩份合約。我們已經進行了 4 到 5 年的施工前期準備。因此，在與客戶合作的過程中，解決所有這些問題可能需要一段時間。所以我認為這將有助於推動 2026 年及以後的有機收入成長。

Kevin Gainey, Thompson Davis.

凱文蓋尼，湯普森戴維斯。

Good morning, Kyle, Staci, and Mike. It's a good quarter. Maybe we can start with the guide and how you guys are thinking about both at the top and the bottom line from kind of the low end to the high end and what it would take to get to each?

早安，凱爾、史泰西和麥克。這是一個不錯的季度。或許我們可以從指南開始，談談你們是如何考慮從低端到高端的，以及達到每個目標需要哪些條件的？

For overall guidance, at this point, we feel pretty good about where we're at -- to Q3 now, and we got our final on Q4. I think the challenge for us and the opportunity for us in the fourth quarter always comes down to others. I think that's one of the things that they can help us or hurt us and we'll have to see how things shake out for the full quarter.

就整體方向而言，目前我們對我們所處的位置感覺相當不錯——現在已經是第三季了，我們第四季的最終目標也已經出爐。我認為我們在第四季面臨的挑戰和機會始終取決於其他球隊的表現。我認為這是他們既能幫助我們也能傷害我們的事情之一，我們得看看整個季度會如何發展。

So far in October, the weather has held and in support of what we're trying to do. I think it's just going to continue strong execution by our teams and operations and certainly a lot of momentum to the first three quarters of performing at a high level. So we expect that to continue as well. So I think really, at this point in time, Kevin is going to come down to web.

十月至今，天氣一直不錯，這對我們正在做的事情很有幫助。我認為，這主要得益於我們團隊和營運部門的持續高效執行，以及前三個季度保持高水準的良好勢頭。因此，我們預計這種情況還會持續下去。所以我覺得，到了現在這個階段，凱文很可能會轉向網路領域。

That's always the tricky part with Q4.

第四季總是最棘手的部分。

It is.

這是。

And then -- go ahead.

然後——繼續。

No, I'm turning back to you, Kevin.

不，我要轉身回到你身邊，凱文。

Maybe if we can talk about the organic materials segment and how that performed in the quarter? And how you're taking what you've got with Warren and how you might apply that there to maybe catch them up from like the standpoint of pricing and such any best practice there, too?

或許我們可以聊聊有機材料板塊以及它在本季的表現？你打算如何利用你在華倫累積的經驗，以及如何將這些經驗應用到其他公司，例如在定價等方面幫助他們趕上？這方面有什麼最佳實踐嗎？

Yeah. So far, we're actually pleased with our Materials segment in the quarter and the full year, as I mentioned earlier about the margin expansion. They've done a really nice job. Our teams have done a really as job expanding margins, just on track, a little bit ahead of where we thought we're going to be executing on that strategy, again, around pricing and the automation efforts and generic materials playbook. But we've also seen some nice volume increases.

是的。到目前為止，我們對本季和全年的材料業務板塊表現都比較滿意，正如我之前提到的利潤率擴張。他們做得非常出色。我們的團隊在擴大利潤率方面做得非常出色，一切都在按計劃進行，甚至比我們預期的還要略微提前一些，這再次體現在定價、自動化工作和通用材料手冊等方面。但我們也看到成交量出現了一些不錯的成長。

So we see mid-single-digit volume increases both on aggregate and asphalt. We expect it to be flat, slightly up and it turns out where we're going to be a little bit up in both. And it's also really nice to see that the orders are already up so far in Q3 and where we were certainly last year at the time. I think these are pointing to continued volume growth in our Materials segment into 2026. So that's really good news.

因此，我們看到骨材和瀝青的銷量都出現了中等個位數的成長。我們預期地勢會平穩，略有上升，但結果顯示，地勢在兩方面都會略有上升。令人欣慰的是，第三季的訂單量已經比去年同期有所成長。我認為這些跡象表明，到 2026 年，我們材料業務的銷售將繼續成長。那真是個好消息。

And hopefully, we'll see our private market starts to come back a little bit stronger in '26 and that we continue to drive decreased volumes in the year. So I think we also saw that our pricing decreases helped. So we saw some really nice kind of mid-upper single-digit price increases in 2025. We expect to see kind of mid-single-digit price increases in 2026. And of course, we're working closely with Warren.

希望我們的私人市場在 2026 年能夠開始稍微強勁地復甦，並且我們能夠繼續推動該年度交易量的下降。所以我覺得我們也看到，降價就發揮了作用。因此，我們看到 2025 年的價格出現了非常不錯的中高個位數成長。我們預計 2026 年價格將出現中等個位數的成長。當然，我們也在與沃倫密切合作。

We're working closer with Papich. And we're -- we collect the team trying to figure out how we can leverage those, those same things, pricing, how we can automate some of those facilities how we can leverage our materials playbook and learn from each other just continue to get better. And that's going to allow us to get the additional 3% gross profit margin in our Materials business, including Warren, including Papich to 2027.

我們正在與帕皮奇加強合作。我們正在－我們召集團隊，努力思考如何利用這些資源，例如定價，如何實現部分設施的自動化，如何利用我們的材料手冊，並互相學習，不斷進步。這將使我們的材料業務（包括 Warren 和 Papich）在 2027 年前獲得額外的 3% 毛利率。

Thank you. That was the last question. This concludes the question-and-answer session. I would like to turn the conference back over to Kyle Larkin for any closing remarks.

謝謝。這是最後一個問題。問答環節到此結束。我謹將會議交還給凱爾·拉金，請他作總結發言。

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. I would also like to take this opportunity to welcome our newest team members from Cinderlite. We're excited to have you on the team and look forward to building that together.

好的。謝謝您今天參加電話會議。和以往一樣，我們要感謝所有員工每天的辛勤工作。我也想藉此機會歡迎來自 Cinderlite 的新團隊成員。我們很高興你能加入團隊，期待與你攜手共建未來。

Thank you for joining the call and your interest in Granite. We look forward to speaking with you all soon.

感謝您參加本次電話會議，也感謝您對花崗岩的關注。我們期待盡快與各位交流。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。