Knife River Corp (KNF) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Knife River Corporation second quarter results conference call. (Operator Instructions) Also know that this call is being recorded on Tuesday, August 5, 2025.

女士們、先生們，早安，歡迎參加 Knife River Corporation 第二季業績電話會議。（操作員指示）另請注意，此通話將於 2025 年 8 月 5 日星期二錄製。

And I would like to turn the conference over to Nathan Ring, CFO. Please go ahead.

我想將會議交給財務長 Nathan Ring。請繼續。

Thank you, and welcome to everyone joining us for the Knife River Corporation Second Quarter Results Conference Call. My name is Nathan Ring, Chief Financial Officer of Knife River, and I'm joined by our President and Chief Executive Officer, Brian Gray. Today's discussion will contain forward-looking statements about future operational and financial expectations. Actual results may differ materially from those projected in today's forward-looking statements.

謝謝大家，歡迎大家參加 Knife River Corporation 第二季業績電話會議。我叫 Nathan Ring，是 Knife River 的財務官，和我一起出席會議的還有我們的總裁兼執行長 Brian Gray。今天的討論將包含有關未來營運和財務預期的前瞻性陳述。實際結果可能與今天的前瞻性陳述中預測的結果有重大差異。

For further detail, please refer to today's earnings release and the risk factors disclosed in our most recent filings with the SEC, which are available on our website and the SEC website. Except as required by law, we undertake no obligation to update our forward-looking statements.

欲了解更多詳情，請參閱今天的收益報告和我們最近向美國證券交易委員會提交的文件中披露的風險因素，這些文件可在我們的網站和美國證券交易委員會網站上查閱。除法律要求外，我們不承擔更新前瞻性聲明的義務。

During this presentation, we will make references to certain non-GAAP information. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure in today's earnings release and investor presentation. These materials are also available on our website.

在本次演示中，我們將參考某些非 GAAP 資訊。這些非 GAAP 指標的定義與今天的收益報告和投資者報告中最直接可比較的 GAAP 指標相符。這些資料也可在我們的網站上找到。

Brian will begin today's call with an overview of our second quarter 2025 results, followed by a segment recap and an update on our competitive edge plan. Following his remarks, I will provide a product line summary, a capital update and a review of our 2025 financial guidance. At the conclusion of our prepared remarks, we will open the line for a question-and-answer session.

布萊恩將在今天的電話會議上首先概述我們的 2025 年第二季業績，然後回顧各個部門並更新我們的競爭優勢計劃。在他演講之後，我將提供產品線摘要、資本更新以及我們 2025 年財務指導的回顧。在我們準備好的演講結束後，我們將開放問答環節。

With that, I'll now turn the call over to Brian.

說完這些，我現在將電話轉給布萊恩。

Thank you, Nathan. Good morning, everyone, and thank you for joining us. Before I talk about our all-time record backlog and the progress we're making on our growth strategies, I want to address the slower start to the first half of 2025. Simply put, we had unfavorable weather throughout most of our footprint, and we had fewer projects to bid and build in Oregon.

謝謝你，內森。大家早安，感謝大家的收看。在談論我們創紀錄的積壓訂單和我們在成長策略上的進展之前，我想先談談 2025 年上半年的起步較慢的問題。簡而言之，我們大部分業務所在地的天氣都不太好，我們在俄勒岡州投標和建設的項目也較少。

Let me start with weather, where we had a difficult time getting out in the field to begin working through our record backlog. Rain plagued our operations throughout the Central segment in pockets of Montana and Wyoming. In key markets across those regions, it rained on nearly 40% of available workdays, impacting revenue, volumes and gross profit. Not only did weather negatively affect our construction revenue and materials volumes, it also impacted our Energy Services operations as we reduced shipments of liquid asphalt.

首先要說的是天氣，我們很難到現場開始處理積壓的紀錄。降雨影響了我們在蒙大拿州和懷俄明州部分中部地區的運作。在這些地區的關鍵市場，近 40% 的工作日遭遇降雨，影響了收入、銷售和毛利。天氣不僅對我們的建築收入和材料量產生了負面影響，也影響了我們的能源服務業務，因為我們減少了液態瀝青的出貨量。

As we've discussed on previous earnings calls, we had favorable weather the past two construction seasons, but this year, it's causing substantial disruptions for our crews as they try to get to work. I'd like to pause for just a moment here and also recognize the tragic flooding that occurred in Texas over the fourth of July weekend. Torrential rain overwhelmed rivers and claimed innocent lives.

正如我們在之前的財報電話會議上所討論的那樣，過去兩個施工季節的天氣狀況良好，但今年，天氣狀況卻給我們的施工人員上班帶來了很大的干擾。我想在這裡暫停一下，同時也要了解一下 7 月 4 日週末德克薩斯州發生的悲慘洪水。暴雨淹沒了河流，奪走了無辜者的生命。

Our hearts go out to the families who are coping with that loss. I'd also like to thank first responders for their heroic actions. Thankfully, our Texas team members were all safe. They are actively repairing our Honey Creek quarry operations where floodwaters washed out our access roads.

我們向遭受損失的家庭表示深切慰問。我還要感謝第一批救援人員的英勇行為。值得慶幸的是，我們德州隊的成員都安全。他們正在積極修復被洪水沖毀的 Honey Creek 採石場通道。

In addition, the rail line servicing authority was damaged and is currently under reconstruction. Sales volumes will be down for the third quarter at Honey Creek as repairs are made, but we expect to see strong demand once we start selling materials there again. This impact has been included in our revised guidance. The other factors for our slower start to the year was project availability in Oregon.

此外，鐵路線路服務機構遭到損壞，目前正在重建。由於維修工作正在進行，Honey Creek 第三季的銷售量將會下降，但我們預計，一旦我們再次開始在那裡銷售材料，需求就會強勁。這項影響已納入我們修訂後的指南中。導致我們今年開局放緩的另一個因素是俄勒岡州的專案可用性。

On both the public and private side, we continue to see work being delayed. Over the past few years, the state DOT has heavily invested in several mega projects that are over budget. This has diverted funding from paving work we typically perform. The state legislature has been called in a special session later this month to address additional DOT funding, which we're watching closely.

無論是公共部門還是私營部門，我們都看到工作被推遲。過去幾年，該州交通部對幾個超出預算的大型項目進行了巨額投資。這轉移了我們通常進行的鋪路工程的資金。本月晚些時候，州立法機構將召開特別會議，討論交通部額外資金問題，我們對此密切關注。

On the private side, macroeconomic factors, including uncertainty around tariffs and high interest rates continue to affect Oregon's manufacturing and import export industries, prolonging delays on private projects. We continue to rightsize our crews and equipment pool in Oregon and have been mobilizing our teams to where the work is, as we manage through the current demand environment.

在私人方面，包括關稅不確定性和高利率在內的宏觀經濟因素繼續影響俄勒岡州的製造業和進出口業，延長了私人項目的延誤。我們將繼續調整俄勒岡州的工作人員和設備庫規模，並調動我們的團隊前往工作地點，以應對當前的需求環境。

To provide some year-over-year context in Oregon, our aggregates volumes were down about 25% in the first half or approximately 1.2 million tons. This is having a direct impact on our consolidated financial results. Over 50% of Knife River's EBITDA variance for the quarter, for the year-to-date and to our updated guidance is directly related to Oregon. That said, we still expect the state to be a solid contributor.

為了提供俄勒岡州的一些同比情況，我們的骨材產量在上半年下降了約 25%，約 120 萬噸。這對我們的合併財務表現產生了直接影響。本季、年初至今以及與我們的最新指引相比，Knife River 的 EBITDA 差異的 50% 以上與俄勒岡州直接相關。儘管如此，我們仍然期望國家能夠做出堅實的貢獻。

We anticipate Oregon's EBITDA margin, which has been Knife River's North Star for the past decade, will continue to be accretive to our overall results for the year. And while Oregon has its challenges at the moment, there are many good things happening in our other 13 states.

我們預計俄勒岡州的 EBITDA 利潤率（過去十年來一直是 Knife River 的北極星）將繼續增加我們今年的整體業績。儘管俄勒岡州目前面臨挑戰，但我們其他 13 個州也發生了很多好事。

Let me start with the West, where we got off to a faster start in California, Hawaii and Alaska. Aggregate volumes were up almost 60% this quarter, Alaska, while ready-mix volumes were up in both Hawaii and Alaska. In California, asphalt volumes were up along with contracting services revenue, which improved 30% over last year.

讓我先從西部開始，加州、夏威夷和阿拉斯加的起步更快。本季阿拉斯加的混凝土總量增加了近 60%，而夏威夷和阿拉斯加的預拌混凝土總量均有所成長。在加州，瀝青產量和承包服務收入均增加，比去年增加了 30%。

We expect contracting services will continue to have a strong year in California, and we further expect volumes in all product lines to be up in California, Hawaii, and Alaska. I've stated several times that these states, which make up our legacy Pacific segment, have historically been a top contributor for Knight River. It's exciting to see their progress on our competitive edge initiatives.

我們預計承包服務在加州今年將繼續保持強勁成長，我們進一步預期加州、夏威夷州和阿拉斯加州所有產品線的銷售量都將上升。我曾多次表示，這些構成我們傳統太平洋部分的州歷來是 Knight River 的最大捐助者。看到他們在我們的競爭優勢計劃上取得進展，我們感到非常興奮。

Finally, in the West, the state of Washington recently increased its transportation funding by over $2 billion, and we are seeing more opportunities to bid bridge work in that market out of our prestressed division. Switching to Mountain. We anticipate another solid year. As you can see in our quarterly and year-to-date performance, work was affected by our ability to get in the field due to weather and project timing, both causing a delayed start to the construction season.

最後，在西部，華盛頓州最近增加了 20 多億美元的交通運輸資金，我們看到我們的預力部門在該市場競標橋樑工程的機會越來越多。切換到山地。我們期待又一個豐收的一年。正如您在我們的季度和年初至今的業績中所看到的，由於天氣和專案時間安排，我們無法進入現場，從而影響了工作，導致施工季節的開始延遲。

Also causing lower revenue and profitability this quarter is the lack of asphalt paving in Montana as the DOT is spending a larger portion of its budget on bridge structures, but this region has all-time record backlog, the DOT budgets are strong, and we continue to see more opportunities to bid private work. Idaho approved funding during the quarter focused on relieving congestion, and we are seeing shovel-ready projects already coming up for bid. We're currently working on the $95 million farmworoad projects in Boise, and recently secured a $54 million interchange project in that same market.

本季收入和盈利能力下降的另一個原因是蒙大拿州缺乏瀝青路面，因為交通部將其預算的很大一部分花在了橋樑結構上，但該地區的積壓工作量創歷史新高，交通部預算強勁，而且我們繼續看到更多競標私人工程的機會。愛達荷州在本季度批准了用於緩解交通擁堵的資金，我們看到一些準備開工的項目已經開始招標。我們目前正在博伊西開展價值 9,500 萬美元的農地道路項目，最近又在同一市場獲得了價值 5,400 萬美元的立交項目。

In Central, the acquisition of Strata drove record second quarter volumes, revenue and EBITDA, and our quarterly results could have been even better, if not for the rain. The integration of state is going well. And the guidance we provided earlier this year related to Strata remains on track. In North Dakota, the state passed a spending bill in the second quarter that allocates $800 million a year over the next two years for road construction projects. This work is right in our wheelhouse.

在中部地區，對 Strata 的收購推動了第二季度的銷售、收入和 EBITDA 創下新高，如果不是因為下雨，我們的季度業績可能會更好。國家一體化進程進展順利。我們今年早些時候提供的有關 Strata 的指導仍然有效。在北達科他州，該州在第二季度通過了一項支出法案，在未來兩年內每年撥款 8 億美元用於道路建設項目。這項工作完全在我們的掌控之中。

Meanwhile, we are also seeing exceptional infrastructure investment in Texas. We are preparing for a $118 million multiyear highway project in College Station, where we are a material supplier and paving subcontractor. Our Texas team also landed a $33 million pave subcontract for a highway project in Madison County. Even though these projects are larger in size than traditional projects in our backlog, they are work we typically perform and have similar risk profiles.

同時，我們也看到德州在基礎建設方面的投資十分出色。我們正在為位於大學城的一項耗資 1.18 億美元的多年期高速公路項目做準備，我們是該項目的材料供應商和鋪路分包商。我們的德州團隊還獲得了麥迪遜縣高速公路計畫 3300 萬美元的鋪路分包合約。儘管這些項目比我們積壓的傳統項目規模更大，但它們是我們通常執行的工作，並且具有相似的風險狀況。

And finally, at Energy Services, volumes increased year-over-year with the acquisition of Albina asphalt and the addition of our new polymer-modified liquid asphalt plant in South Dakota. Wet weather in the Midwest and economic challenges in Oregon negatively impacted financial results in this segment for the quarter. However, we expect EBITDA margin at Energy Services to continue to be accretive to Knife River again this year.

最後，在能源服務方面，隨著收購 Albina 瀝青以及在南達科他州增加新的聚合物改質液體瀝青工廠，產量較去年同期成長。中西部地區的潮濕天氣和俄勒岡州的經濟挑戰對該部門本季的財務表現產生了負面影響。然而，我們預計能源服務部門的 EBITDA 利潤率今年將繼續為 Knife River 帶來成長。

Looking ahead, we have many opportunities across our company as we move into the second half of the year. We have record backlog, a strong demand for our products and several exciting edge updates. Our second quarter backlog of $1.3 billion is the highest of any quarter in Knife River history. And this wasn't just delayed work being pushed forward.

展望未來，隨著下半年的到來，我們公司將面臨許多機會。我們擁有創紀錄的積壓訂單、對我們產品的強勁需求以及幾項令人興奮的優勢更新。我們第二季的訂單積壓金額為 13 億美元，是 Knife River 史上最高的季度。這不僅僅是推遲的工作被推進了。

We secured $650 million in new projects during the quarter, a $250 million increase from the same time last year. Record DOT budgets are driving record backlog. Approved budgets in Knife River states are growing 14% from fiscal year 2026, compared to just 3% for the US average. Our 14 states also have about 60% of IIJA funding still to spin, and we expect IIJA to continue to positively impact our markets well past the builds expiration.

本季我們獲得了 6.5 億美元的新項目，比去年同期增加了 2.5 億美元。創紀錄的交通部預算正在推動創紀錄的積壓工作。刀河各州批准的預算從 2026 財年起將增加 14%，而美國平均僅 3%。我們的 14 個州還有大約 60% 的 IIJA 資金尚未到位，我們預計 IIJA 將在建設到期後繼續對我們的市場產生積極影響。

As we enter our busiest quarter, we have a lot of work that should carry us through this year and into 2026. We expect our record backlog to drive volume growth across all product lines in the second half of this year. On top of strong budgets and record backlog, we also remain focused on our competitive edge strategy of EBITDA margin improvement, discipline, growth and excellence.

當我們進入最繁忙的季度時，我們有很多工作要做，這些工作將持續到今年並延續到 2026 年。我們預計創紀錄的訂單量將推動今年下半年所有產品線的銷售成長。除了強勁的預算和創紀錄的積壓訂單外，我們還將繼續專注於我們的競爭優勢策略，即 EBITDA 利潤率的提高、紀律、成長和卓越。

We are committed to achieving our long-term goal of 20% adjusted EBITDA margin, and we see multiple paths to get there. One of those paths is growth, and we have acquired two aggregates led companies since the first quarter. In May, we purchased Kramer trucking executing in St. Cloud, Minnesota. Kramer provides infill growth for us in the central part of the state.

我們致力於實現 20% 調整後 EBITDA 利潤率的長期目標，並且我們看到了實現這一目標的多種途徑。其中一條途徑就是成長，自第一季以來，我們已經收購了兩家以聚合為主的公司。五月，我們收購了位於明尼蘇達州聖克勞德的 Kramer 貨運公司。克萊默為我們在該州中部地區提供了填充增長。

It has 90 gravel sites to support our current footprint, along with a strategically located Granite quarry on Interstate 94 that can serve the suburbs of Minneapolis. Then in July, we acquired High Desert Aggregates and Paving in Bend Oregon. This population has grown 8% in the last five years, and we expect this market to continue to grow faster than the national average.

它擁有 90 個礫石場來支持我們目前的足跡，同時在 94 號州際公路上還有一個位置優越的花崗岩採石場，可以為明尼阿波利斯郊區提供服務。隨後在七月，我們收購了位於俄勒岡州本德市的 High Desert Aggregates and Paving。在過去五年裡，這一人口成長了 8%，我們預計這個市場將繼續以高於全國平均的速度成長。

High Desert adds aggregate reserves, along with downstream asphalt production and paving to help serve this area. Both these acquisitions align with our growth strategy, they are negotiated deals infilling our midsized high-growth markets. They are aggregate flat and they are able to quickly integrate into our system. We have maintained an active deal pipeline and will continue to pursue acquisitions, as well as organic growth opportunities that fit our strategic goals.

High Desert 增加了骨材儲備，以及下游瀝青生產和鋪路，以幫助服務該地區。這兩次收購都符合我們的成長策略，它們都是透過談判達成的，旨在填補我們中型高成長市場。它們是聚合平面，能夠快速融入我們的系統。我們一直保持著活躍的交易管道，並將繼續尋求符合我們策略目標的收購以及自然成長機會。

We also continue to invest in long-term growth through our process improvement teams, or pit cruises, these crews are focused on self-help through standardization, cost control, price optimization and pushing towards excellence in all we do. The sixth time, we are still in the early stages of many of these initiatives, but we absolutely expect this investment to have a strong and sustainable return for our shareholders. PIT Crews are an important part of our edge strategy.

我們也透過流程改善團隊或維修站巡查繼續投資於長期成長，這些團隊專注於透過標準化、成本控制、價格優化進行自助，並推動我們所做的一切追求卓越。這是第六次了，我們仍處於許多舉措的早期階段，但我們絕對希望這項投資能為我們的股東帶來強勁而可持續的回報。PIT 團隊是我們優勢策略的重要組成部分。

Another integral part of our strategy is materials pricing. In the second quarter, our teams improved pricing on aggregates, ready-mix and asphalt. Nathan will talk more about this in his remarks, but we continue to gain traction with the implementation of our dynamic pricing initiative, along with new and improved technology to support it.

我們策略的另一個重要組成部分是材料定價。在第二季度，我們的團隊提高了骨材、預拌混凝土和瀝青的定價。內森將在他的演講中詳細討論這一點，但我們將繼續透過實施動態定價計劃以及支持該計劃的新的和改進的技術來獲得動力。

All told, we have a lot of high-quality work in front of us, a proven strategy and positive market fundamentals. We have a record backlog of $1.3 billion that has secured work with dedicated public funding. There is bipartisan support at the federal, state and local levels to continue the build-out of America's infrastructure. This is exactly the type of work we perform. We also continue to drive pricing improvements on construction materials as we roll out our commercial excellence initiatives.

總而言之，我們面前有大量高品質的工作、經過驗證的策略和積極的市場基本面。我們擁有創紀錄的 13 億美元積壓訂單，這些訂單已透過專案公共資金獲得保障。聯邦、州和地方各級政府都支持繼續建設美國的基礎設施。這正是我們所從事的工作類型。在推行商業卓越計畫的同時，我們也將持續推動建築材料價格的改善。

And finally, we have an incredible team that's laser focused on working safely, controlling our costs and becoming best-in-class in everything we do. All of this gives me great confidence in our ability to deliver long-term value for our shareholders.

最後，我們擁有一支出色的團隊，他們專注於安全工作、控製成本並在我們所做的每一件事上都做到最好。所有這些都讓我對我們為股東創造長期價值的能力充滿信心。

With that, I will turn the call over to Nathan.

說完這些，我會把電話轉給 Nathan。

Thank you, Brian. As we review our product lines, the wet weather during the quarter and the Oregon economy put downward pressure on our financial results. Generally speaking, impacts from rain caused lower volumes and challenging operating conditions, leading to higher per unit fixed costs and compressed margins in our product lines.

謝謝你，布萊恩。當我們回顧我們的產品線時，本季的潮濕天氣和俄勒岡州的經濟給我們的財務表現帶來了下行壓力。總體而言，降雨的影響導致產量下降和營運條件惡化，從而導致我們產品線的單位固定成本上升和利潤率壓縮。

Additionally, the softening in Oregon shifted Knife River's overall revenue mix away from this higher margin market, which also impacted gross margins in our product lines. Beginning with contracting services, we saw an 8.5% decline in revenue for the quarter compared to last year. With a return to normal weather, we expect to get back in the field and focus on our core paving projects.

此外，俄勒岡州的疲軟導致 Knife River 的整體收入結構偏離了這個利潤率較高的市場，這也影響了我們產品線的毛利率。從承包服務開始，我們發現本季的收入與去年相比下降了 8.5%。隨著天氣恢復正常，我們期望重返現場並專注於我們的核心鋪路專案。

As we look forward, we are encouraged to see that the states where we operate have DOT budgets growing faster than the US average, and that 10 of our 14 states are forecasting record DOT budgets for 2026. Our backlog continues to be primarily public work at about 90%, with approximately 80% expected to be completed within the next 12 months.

展望未來，我們很高興地看到，我們營運所在州的交通部預算成長速度快於美國平均水平，並且我們營運的 14 個州中有 10 個州預測 2026 年的交通部預算將創歷史新高。我們的積壓工作仍主要是公共工程，約佔 90%，其中約 80% 預計將在未來 12 個月內完成。

Moving to asphalt. The delays we experienced in contracting services also impacted asphalt revenue, with volumes declining 9% for the quarter compared to the previous year. However, we were able to improve gross profit per ton by almost 8% as we maintain pricing discipline despite lower demand.

轉向瀝青。我們在簽訂服務合約時遇到的延誤也影響了瀝青收入，本季的銷量與前一年相比下降了 9%。然而，儘管需求下降，我們仍保持定價紀律，因此每噸毛利提高了近 8%。

We were also able to increase third-party sales within the quarter. And as paving work picks up in the second half, we anticipate that volumes will improve for the remainder of the year and that full year volumes will be in line with last year at comparable pricing.

我們也能夠在本季增加第三方銷售額。隨著下半年鋪路工程的回升，我們預計今年剩餘時間的銷售量將會提高，並且全年銷售量將與去年持平，價格可比。

Aggregate revenue increased for the quarter compared to last year, benefiting from the acquisition of Strata and our continued pricing initiatives, which resulted in higher prices of almost 12%. However, as a result of headwinds previously mentioned, we experienced lower volumes along with production costs not fully absorbed into inventory, both of which had an impact on gross margin for the quarter.

本季總收入較去年同期有所增加，得益於對 Strata 的收購以及我們持續的定價舉措，價格上漲了近 12%。然而，由於前面提到的不利因素，我們的產量下降，生產成本沒有完全吸收到庫存中，這兩者都對本季的毛利率產生了影響。

Looking ahead with the recent addition of Strata and continued self-help from the pit crew, we believe aggregate volumes and gross profit will keep improving, and we expect full year results for volume to be up mid-single digits and pricing to be up high single digits.

展望未來，隨著 Strata 的加入以及維修站工作人員的持續自助，我們相信總銷量和毛利將繼續改善，我們預計全年銷量將增長中等個位數，價格將增長高個位數。

Ready-mix volume and price improved for the quarter compared to the prior year, resulting in a 15% increase in revenue. Our Central segment saw the largest volume increase related to the recent acquisition of Strata and West saw higher demand in Hawaii and Alaska. We also continue to benefit from dynamic pricing in this product line with an 8% price increase over last year.

本季預拌混凝土的產量和價格與去年同期相比有所改善，導致收入增加了 15%。由於最近收購了 Strata，我們的中部地區的銷量增幅最大，而西部地區的夏威夷和阿拉斯加的需求也隨之增加。我們也繼續受惠於該產品系列的動態定價，價格比去年上漲了 8%。

However, gross margin was affected by the revenue shift, I mentioned earlier as we had less overall volumes from the higher-margin Oregon market. Guidance for ready-mix includes volume increases of low double digits and pricing increases of mid-single digits.

然而，毛利率受到了收入變化的影響，正如我之前提到的，因為我們從利潤率更高的俄勒岡市場獲得的總銷量較少。預拌混凝土的指導包括低兩位數的銷售成長和中等個位數的價格成長。

Moving from operations to administration. SG&A increased $9.7 million for the quarter compared to the previous year and was in line with our expectations. The quarterly variance was primarily due to additional overhead costs of $10.6 million that came with the acquisitions we have made during the last 12 months.

從營運轉向管理。本季銷售、一般及行政費用較上年同期增加 970 萬美元，符合我們的預期。季度差異主要是由於我們在過去 12 個月內進行的收購產生了 1060 萬美元的額外間接費用。

As anticipated, we also had higher business development costs of $1.9 million, which was offset by higher gains on asset sales. In previous quarters, we talked about a step up in SG&A of $20 million for this year related to business development costs and edge initiatives that we expect will help the company grow and improve margins.

正如預期的那樣，我們的業務開發成本也增加了 190 萬美元，但被資產出售收益的增加所抵消。在前幾個季度，我們談到今年銷售、一般及行政費用將增加 2,000 萬美元，用於業務開發成本和優勢舉措，我們預計這將有助於公司成長並提高利潤率。

We also noted this amount will be front loaded to the beginning of 2025, and we have spent approximately $14 million on this step up through the first half. For the full year, we believe SG&A is still in line with what we had shared with you in the prior quarter, which is an increase of mid-single digits over 2024 SG&A, plus this $20 million step-up and the additional overhead from our acquisitions.

我們也注意到，這筆款項將在 2025 年初預付，截至上半年，我們已為此花費了約 1,400 萬美元。就全年而言，我們認為銷售、一般及行政費用 (SG&A) 仍與我們在上一季與您分享的情況一致，即比 2024 年銷售、一般及行政費用 (SG&A) 增加中等個位數，再加上這 2000 萬美元的增幅和我們收購產生的額外管理費用。

For our capital allocation, we continue to put our balance sheet to work in maintaining and growing operations. Through the first half of 2025, we have spent $111 million maintaining, improving and replacing our plant and equipment. And for the full year, we anticipate our maintenance capital expenditures, will still be 5% to 7% of revenue.

對於我們的資本配置，我們繼續利用資產負債表來維持和發展業務。到 2025 年上半年，我們已花費 1.11 億美元用於維護、改進和更換我們的工廠和設備。我們預計全年維護資本支出仍將佔收入的 5% 至 7%。

We have also invested $620 million in acquisitions, growth projects and reserve replacements that fit our vertically integrated aggregates-led strategy. In addition, we have $50 million approved for organic projects, which put our total growth spend at $670 million for 2025. Any additional acquisitions or new organic projects would be incremental to these amounts.

我們也投資了 6.2 億美元用於符合我們垂直整合集料主導策略的收購、成長項目和儲備替代。此外，我們還批准了 5000 萬美元用於有機項目，這使我們 2025 年的總成長支出達到 6.7 億美元。任何額外的收購或新的有機項目都會增加這些金額。

We ended the quarter with nearly $1.4 billion of long-term debt, which includes $183 million borrowed on the revolver, putting our net leverage position at 3.1 times. Keep in mind, this is at the peak of our seasonal borrowing needs, and we anticipate the revolver will be fully repaid by year-end.

本季末，我們的長期債務接近 14 億美元，其中包括循環信貸借入的 1.83 億美元，使我們的淨槓桿率達到 3.1 倍。請記住，這是我們季節性借貸需求的高峰期，我們預計循環信貸將在年底前全部償還。

Based on our current EBITDA guidance, we expect that the net leverage position should end the year below our long-term target of 2.5 times, keeping additional capacity for future strategic investments. As we consider our first half results and look at the remainder of the year, we are lowering the midpoint of our adjusted EBITDA guidance by $55 million.

根據我們目前的 EBITDA 指導，我們預計今年年底淨槓桿率將低於我們 2.5 倍的長期目標，從而為未來的策略投資保留額外的能力。當我們考慮上半年業績並展望今年剩餘時間時，我們將調整後的 EBITDA 指引中點下調 5,500 萬美元。

About 75% of that reduction is related to the first half headwinds of a softer Oregon market than wet weather. In the second half, we expect continued softness in Oregon and a lower EBITDA contribution from Energy Services to be largely offset by recapturing preproduction costs, taking advantage of paving opportunities and benefiting from our recent acquisitions.

其中約 75% 的減幅與俄勒岡州上半年市場疲軟而非潮濕天氣的不利因素有關。下半年，我們預計俄勒岡州的持續疲軟和能源服務部門的 EBITDA 貢獻下降將在很大程度上被收回預生產成本、利用鋪路機會和受益於我們最近的收購所抵消。

Our updated guidance includes consolidated revenue between $3.1 billion and $3.3 billion, adjusted EBITDA between $475 million and $525 million, including geographic segments and Corporate Services between $425 million and $465 million, and energy services between $50 million and $60 million.

我們的最新指引包括綜合收入在 31 億美元至 33 億美元之間，調整後的 EBITDA 在 4.75 億美元至 5.25 億美元之間，其中地理分部和企業服務在 4.25 億美元至 4.65 億美元之間，能源服務在 5000 萬美元至 6000 萬美元之間。

With the exception of the flooding in Texas and the Oregon economy, both of which are included in this update, guidance is based on normal weather, economic and operating conditions. The fundamentals of our business are strong with roads in need of repair and funding to support our work at all-time highs, creating robust and ongoing demand for our services and materials.

除德克薩斯州的洪水和俄勒岡州的經濟（這兩者都包含在本次更新中）外，指導均基於正常的天氣、經濟和運營條件。我們的業務基礎強勁，需要維修的道路和支持我們工作的資金處於歷史最高水平，為我們的服務和材料創造了強勁而持續的需求。

We believe we are well positioned to succeed with the continued implementation of our self-help initiatives and add strategy, and we are excited about our future.

我們相信，透過繼續實施我們的自助計劃和附加策略，我們有能力取得成功，我們對我們的未來充滿期待。

I would now like to open the call for questions.

現在我想開始提問。

(Operator Instructions) Brent Thielman, DA Davidson.

（操作員指示）Brent Thielman，DA Davidson。

Hey, thanks, good morning, team, I guess. Appreciate the the bridge and the walk on the revisions to to guide was hoping maybe just in regard to the Oregon market. Ative ly what you're sort of expecting here into the second half of the year, what are the green shoots that could happen in that market, Brian and then just wanted to confirm that. Strata this year.

嘿，謝謝，早安，團隊，我想。欣賞這座橋和步行指南的修改，希望可能只是針對俄勒岡市場。您對今年下半年有什麼預期，這個市場可能會出現哪些復甦跡象，布萊恩，我只是想確認一下。今年分層。

Yeah, good morning, Brent. Yes, I'll answer that first one is the integration of Strata is going as planned. It's going actually very good. And so that original guidance we gave back three months ago of an increase of $45 million is still on track. As far as Oregon, yeah, I mean, a couple of things have changed since the last time we talked, Brent, the the Oregon legislature was trying to pass a comprehensive. Transportation funding bill.

是的，早上好，布倫特。是的，我的回答是，首先 Strata 的整合正在按計劃進行。事實上一切進展順利。因此，我們三個月前給出的最初增長 4500 萬美元的指導仍然在進行中。就俄勒岡州而言，是的，我的意思是，自從我們上次談話以來，一些事情發生了變化，布倫特，俄勒岡州立法機構正試圖通過一項全面的法案。交通運輸資金法案。

We were hopeful for that and unfortunately, after a year of work on that, they closed the legislature without passing a long term comprehensive funding bill. And so since then the governor has called the legislature back into special session at the end of this month.

我們對此充滿希望，但不幸的是，經過一年的努力，他們卻沒有通過一項長期綜合撥款法案就關閉了立法機構。因此，州長於本月底召集立法機關再次召開特別會議。

Frankly, I don't think that is going to have any kind of positive impact on us as far as paving work that we do in the state of Oregon this year. It's frankly going to be too late.

坦白說，就我們今年在俄勒岡州進行的鋪路工作而言，我認為這不會對我們產生任​​何積極影響。坦白說，現在已經太晚了。

I think it really is to avoid layoffs of DOT workers. And so they can continue to work through the winter and plow in the snow. So I think, we are hopeful the state of Oregon, their roads and bridges are in very poor shape.

我認為這確實是為了避免 DOT 工人被解僱。這樣他們就可以在整個冬天繼續工作並在雪地裡犁地。所以我認為，我們對俄勒岡州充滿希望，他們的道路和橋樑狀況很差。

They have got to do something just like every state has gone through trying to find funding through gas taxes and other registration fees. And very hopeful that they will accomplish that, more comprehensively, possibly the special session, but most likely next year. The roads need fixed in Oregon, and so this is something they cannot kick the can down the road very long or this is going to result in even higher costs. So that's on the DOT side of it, Brent. Also, since we last talked, we had a number of projects that were on.

他們必須採取一些措施，就像每個州都嘗試透過汽油稅和其他註冊費來尋找資金一樣。非常希望他們能夠更全面地實現這一目標，可能是在特別會議上，但最有可能是在明年。俄勒岡州的道路需要修繕，所以他們不能把這個問題拖太久，否則會導致更高的成本。這就是交通部方面的事情，布倫特。此外，自從我們上次談話以來，我們已經開展了一些專案。

We were told that those projects would start sometime in June or July, and as we are here this morning in August, only one of that list of projects has started again. And so most of those projects are still on pause. Only one has been canceled. One has started, the rest of them are still on hold. And so that is a change since we last talked and it's been baked into our guidance, as Nathan mentioned, or as I mentioned, more than 50%. Of our revision to our guidance is because of Oregon. More than 50% of our quarterly and year-to-date variances is also from Oregon, so it's definitely having an impact on us.

我們被告知這些項目將在六月或七月的某個時候啟動，但當我們今天早上來到八月時，名單上只有一個項目已經啟動。因此大多數項目仍處於暫停狀態。只有一個被取消了。一個已經開始，其餘的仍處於暫停狀態。這是我們上次談話以來發生的變化，它已經融入我們的指導中，正如 Nathan 所提到的，或者正如我所提到的，超過 50%。我們對指導意見的修改是因為俄勒岡州。我們季度和年初至今的差異中有超過 50% 也來自俄勒岡州，因此這肯定會對我們產生影響。

Okay, yeah, appreciate that, Brian. And yeah and then on the, I mean, good to see the record backlog here there's some comments here margins maybe somewhat lower. Is that a consequence of the work you're taking? Is it more competitive? I was just wondering around what what factors might drive lower margins there.

好的，是的，非常感謝，布萊恩。是的，然後，我的意思是，很高興看到這裡的記錄積壓，這裡的一些評論利潤率可能略低。這是你所從事的工作的結果嗎？是不是更有競爭力？我只是想知道哪些因素可能會導致利潤率下降。

Yeah, part of that is, I mean, just as we shift revenue from regions, as Oregon has been the North Star as it relates to our margins, and I mean there's a lot of, good things happening in Oregon still, and there's still going to be a creative to our overall margins, but as we shift revenue from Oregon into other regions, that's part of that lower margin in our backlog. And then just some of those larger jobs that we picked up, multi-year projects, when you pick up those larger jobs, Brent, sometimes they come at lower margins, but also those larger jobs have a lot of opportunities for value engineering and bonus potential. And so we're excited about our $1.3 billion backlog, but that'd be a reason for those slightly lower margins in our backlog.

是的，部分原因是，我的意思是，就像我們將收入從各個地區轉移一樣，俄勒岡州一直是我們利潤率的北極星，我的意思是俄勒岡州仍然有很多好事發生，並且仍然會對我們的整體利潤率產生創造性的影響，但隨著我們將收入從俄勒岡州轉移到其他地區，這是我們積壓訂單利潤率較低的一部分。然後是我們承接的一些較大的工作，多年期項目，當你承接這些較大的工作時，布倫特，有時它們的利潤率較低，但這些較大的工作也有很多價值工程和獎金潛力的機會。因此，我們對 13 億美元的積壓訂單感到非常興奮，但這也是積壓訂單利潤率略低的原因。

Okay, last one, I mean, the aggregate ASP really impressive here, particularly relative to what what we've seen around the industry, I guess your views on sustaining that. I see your outlook, for the year, but, do you chalk it up to just the discipline that's happening, at the ground and and focus on price, dynamic pricing is it mix this quarter, just any help there would be good.

好的，最後一個，我的意思是，這裡的總體 ASP 確實令人印象深刻，特別是相對於我們在行業中看到的情況，我猜您對維持這種狀況有何看法。我明白您對今年的展望，但是，您是否將其歸因於正在發生的紀律，在實地和關注價格方面，動態定價是本季度的組合，任何幫助都會很好。

Yeah, no, I think I definitely want to give credit to our team and our discipline in implementing dynamic pricing that is gaining traction.

是的，不，我認為我絕對要讚揚我們的團隊和我們在實施動態定價方面所採取的紀律，這種做法正在獲得越來越多的關注。

The addition of strata has helped our average selling price. And so, and then as I mean our average selling price does include freight, does include, different product mix, and so you know we did raise our guidance from mid single digit pricing because of the continued momentum that we're seeing in dynamic pricing. We raised that up to high single digits, so we are very pleased with those fundamentals, Brent, that will last for a long time. I mean that is a very positive sign for our aggregate division.

分層的增加有助於提高我們的平均售價。所以，我的意思是，我們的平均售價確實包括運費，包括不同的產品組合，所以你知道，由於我們在動態定價中看到的持續勢頭，我們確實將我們的指導價格從中等個位數提高了。我們將其提高到高個位數，因此我們對布蘭特原油的基本面感到非常滿意，這種基本面將持續很長時間。我的意思是，這對我們的整體部門來說是一個非常積極的信號。

Okay, very good. I'll pass.

好的，非常好。我會通過。

Thank you.

謝謝。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

Hi, thank you for taking my questions today. Wanted to follow up on your Strata Albina acquisitions and just in terms of how are they performing in the quarter.

您好，感謝您今天回答我的問題。想要跟進您對 Strata Albina 的收購情況以及他們在本季度的表現如何。

Really focusing on their organic volume and pricing for both of those acquisitions and you've given some color in terms of how they'll contribute going forward, but they're pulling the shrink a little bit more in terms of clarification and quantifying the impact going forward for both.

真正關注這兩次收購的有機銷售和定價，你已經對他們未來將如何做出貢獻給出了一些說明，但他們在澄清和量化未來對兩者的影響方面做得還不夠。

Thank you.

謝謝。

Yeah, thank you, Kathryn. No, we we're very excited and pleased with the progress we're making on both of those acquisitions. The integration is going well. They are a they're, materials led businesses that fit very well in our edge strategy.

是的，謝謝你，凱瑟琳。不，我們對這兩次收購所取得的進展感到非常興奮和高興。整合進展順利。他們是一家以材料為主導的企業，非常適合我們的優勢策略。

They both have contributed to our seasonality in the first half of the year. As Strata is located in the northern part of our footprint. And so that has added to our seasonality both in the first quarter, which we only had them for a couple of weeks in the first quarter, but certainly adds to our seasonality in the second quarter, as does albino asphalt.

它們都對我們上半年的季節性做出了貢獻。由於 Strata 位於我們業務範圍的北部。因此，這增加了我們第一季的季節性，我們在第一季只有幾週的時間有這種產品，但無疑增加了我們第二季的季節性，白化瀝青也是如此。

I mean, they're selling liquid asphalt for asphalt paving projects in the Pacific Northwest, and so they have added to our seasonality. We don't provide specific guidance and financial results for individual business units, but I think it is helpful to provide some color and direct, just directionally the impact that those two companies are having on us. So the revenue from these two operations, Strata and Albina for the 2nd quarter, accounted for about 8% of our total revenue for the quarter.

我的意思是，他們正在向太平洋西北地區的瀝青鋪路計畫銷售液態瀝青，因此他們增加了我們的季節性。我們沒有為各個業務部門提供具體的指導和財務結果，但我認為提供一些細節和指導是有幫助的，只是從方向上說明這兩家公司對我們的影響。因此，第二季 Strata 和 Albina 這兩項業務的收入約占我們該季度總收入的 8%。

Keeping in mind they are more seasonal again, so they're going to ramp up even more in the 3rd and 4th quarters, I think putting that another way, Katherine, if you just look at our consolidated revenue for Knife River, it would have been down 5% for the quarter without the impact of Albina and strata's revenue. So again, strata and Albina accounted for about 8% of our revenue for the quarter.

請記住，它們再次變得更加季節性，因此它們將在第三和第四季度進一步增加，我想換句話說，凱瑟琳，如果你只看我們 Knife River 的綜合收入，如果沒有 Albina 和 strata 收入的影響，本季度的收入將下降 5%。因此，strata 和 Albina 再次占我們本季營收的 8% 左右。

And without those sales, our organic revenue would have been down about 5%. I'll just end by adding this a tiny bit more maybe color and detail around the volumes of strata.

如果沒有這些銷售，我們的有機收入將下降約 5%。最後，我只想在層體周圍添加一點點顏色和細節。

As they're aggregates led and they have a large ready mix presence. And so just the impact of those two business units. Both of them are about 10% of our annual sales. If you look at our annualized sales last year, strata for aggregates volumes and for RMix volumes would be about 10% of Knife Riverse Consolidated.

因為它們以骨材為主，並且擁有大量的預拌混凝土。這就是這兩個業務部門的影響。它們都占我們年銷售額的10%左右。如果您查看我們去年的年化銷售額，骨材銷量和 RMix 銷量的分層約為 Knife Riverse Consolidated 的 10%。

Annualized volumes. So that gives you a little bit of flavor on the impact that those volumes that we've been added back in March are having on our overall consolidated financial statements. Did that answer your question, Katherine?

年化交易量。這樣您就可以稍微了解我們在三月新增的那些數量對我們的整體合併財務報表的影響。這回答了你的問題嗎，凱瑟琳？

Yes, it did. And then on a go forward basis, how do you think about the magnitude of the contribution for Q3, which you had noted is, a higher relative, contribution that annualized.

是的，確實如此。然後，從未來來看，您如何看待第三季的貢獻幅度？您已經注意到，第三季的貢獻相對年化程度較高。

Yeah, I think it, it's going to be, right now they've made up 8% in the quarter. They are more seasonal, so I see that ticking up.

是的，我認為會的，目前他們本季的增幅已經達到了 8%。它們更具季節性，所以我看到這種情況正在增加。

You know that would be similar in line with the kind of the aggregates and ready mix contribution in that 10% range. I think as you look at our, we reconfirmed the guidance that we provided on Strata. That's in that 9 10% of our overall EBITDA for the year. And so I think, if you look at margins and contributions from those two acquisitions going forward, we've publicly stated in the past that Albina until it becomes fully integrated into our energy services model, probably slightly diluted and on the strata acquisition we've mentioned in the past that that's going to be accretive to our margins. So I think looking forward going forward as far as EBITDA contribution into the second half of the year that might provide you some additional color.

您知道這與 ​​10% 範圍內的骨材和預拌混凝土的貢獻類似。我認為，當您看到我們時，我們再次確認了我們在 Strata 上提供的指導。這占我們今年整體 EBITDA 的 9-10%。因此，我認為，如果您看一下這兩次收購的利潤率和貢獻，我們過去曾公開表示，在 Albina 完全融入我們的能源服務模式之前，可能會略微稀釋，而我們過去提到的分層收購將會增加我們的利潤率。因此，我認為展望下半年的 EBITDA 貢獻可能會為您提供一些額外的資訊。

Okay, and just to clarify, I believe you said this earlier, prepared commentaries or follow up, but part of the reason for the aggregate pricing raised guidance is in part due to these two acquisitions. Is that correct in hearing that?

好的，只是為了澄清一下，我相信您之前說過，準備好了評論或後續行動，但整體定價指引上調的部分原因部分是由於這兩次收購。聽起來這樣對嗎？

Yeah, for strata, yes, Albino is strictly liquid asphalt supplier, and so, but yes, all piece of that is from strata, but a bigger, larger piece is just the continued traction and implementation of our dynamic pricing throughout all of our regions.

是的，對於地層來說，是的，Albino 是嚴格的液體瀝青供應商，所以，但是，是的，所有這些都來自地層，但更大、更大的部分只是我們所有地區持續的牽引和實施動態定價。

Very pleased with the progress we're making in that initiative.

我們對該計劃所取得的進展感到非常高興。

Okay, great. And then following up on Oregon, I appreciate the color that you had previously on that, but just the clarification on the public side, we've seen a lot of states, many states over the past several years come to a head with funding.

好的，太好了。然後是關於俄勒岡州的後續問題，我很欣賞您之前對此的闡述，但只是從公眾角度澄清一下，我們看到很多州，過去幾年裡很多州都面臨資金短缺的問題。

Infrastructure in particular Several, including Tennessee, where we're based, that had a reckoning moment where they had the overall infrastructure fundings worked out well, where do you put Oregon in terms of that journey towards the reckoning of reassessing infrastructure funding for the state?

特別是基礎設施，包括我們所在的田納西州在內的幾個州都經歷了一個清算時刻，他們的整體基礎設施資金已經得到很好的利用，那麼在重新評估該州基礎設施資金的過程中，您如何看待俄勒岡州？

Yeah, I think the good news is that Everybody understands the need for the funding. I think the hard part is where is it going to come from? And whether it's gas tax or registration fees and the accountability of the current dollars that are going into ODOT from the gas taxes, they've got some challenges. They have several large mega projects that are over budget, and so I think that they need to get some. Some better trust with the legislatures and the general public, but there's no doubt that the roads, everybody on both sides of the aisle, there's bipartisan support. The taxpayers understand the need for infrastructure investment, and so they're going through that process right now, I think, like I mentioned, there was a lot of hope and a lot of traction that they would get that done about a month ago. They've been working on it for a full year. They had roadshows across the state.

是的，我認為好消息是每個人都明白資金的必要性。我認為困難的部分是它將從哪裡來？無論是汽油稅還是登記費，以及汽油稅流入俄勒岡州交通部 (ODOT) 的資金的責任，他們都面臨著一些挑戰。他們有幾個大型項目超出了預算，所以我認為他們需要得到一些。有些人更信任立法機構和公眾，但毫無疑問，道路上、過道兩邊的每個人都得到了兩黨的支持。納稅人了解基礎設施投資的必要性，所以他們現在正在經歷這個過程，我認為，就像我提到的那樣，大約一個月前，人們對他們完成這項工作抱有很大的希望和動力。他們已經為此工作了整整一年。他們在該州各地舉辦了巡迴演出。

They built the momentum and support that people understood the need for infrastructure investment, but unfortunately they did not get it across the finish line and so, we will be paying close attention.

他們建立了勢頭並提供了支持，讓人們了解基礎設施投資的必要性，但不幸的是，他們未能實現目標，因此，我們將密切關注。

Special session that's been called for later this month and then the results of that will continue to work during the offseason to get something more meaningful passed. So you're right, Catherine, every state goes through this cycle. Fortunately for us, we have many states that have been successful, whether that's North Dakota or Texas or Washington, Idaho. I mean, that is more than offsetting what's going on in Oregon. I mean, just to remind you, we are in 14 states and Oregon is one, and we'll talk a lot about it probably today because the impact it's having, but we have record backlog and the fundamentals are the same in Oregon as they are in other states. The roads need to be repaired.

本月晚些時候將召開特別會議，會議結果將在休賽期繼續發揮作用，以通過更有意義的事情。凱瑟琳，你說得對，每個州都會經歷這個週期。對我們來說幸運的是，我們有許多州都取得了成功，無論是北達科他州、德克薩斯州還是華盛頓州、愛達荷州。我的意思是，這足以抵消俄勒岡州正在發生的事情。我的意思是，只是提醒你，我們在 14 個州，俄勒岡州是其中之一，我們今天可能會談論很多關於它的事情，因為它的影響，但我們有創紀錄的積壓，俄勒岡州的基本情​​況與其他州相同。這些道路需要修繕。

We just need to find the funding to get it and and we'll get that done in Oregon.

我們只需要找到資金來實現它，我們將在俄勒岡州完成它。

Yeah, actually, as you described, it sounds a little bit like Georgia and what happened where they had a failed referendum and did the same course and which resulted in going back and and overhaul funding.

是的，實際上，正如你所描述的，這聽起來有點像格魯吉亞的情況，他們的公投失敗了，他們採取了同樣的行動，結果又回到原點，徹底改革資金。

All right, thanks very much, and I'll jump back in the queue.

好的，非常感謝，我會重新回到隊列中。

Thank you, Catherine.

謝謝你，凱瑟琳。

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens 公司

Yeah, hey, good morning, everyone.

是的，嘿，大家早安。

Thanks for all the color on this. And there's a lot of moving pieces as we kind of move into the back half of the year. You mentioned strata, you're going to see a pickup here this quarter and continuing into 4 there's some moving pieces around Oregon. I understand all that, but if, is there anything or any way you can help us kind of, maybe fine tune the cadence or seasonality that's in the back half of this year as we look at 3rd quarter and 4th and then understanding not to bring 26 into the picture just yet, but just understanding the increased, seasonality that strata, and, specifically strata brings to the table and this year being really abnormal maybe from a weather standpoint. Is there any way that just kind of pro forma the strata acquisition that we can think about just typical seasonality? I don't know if it's from a, percent of total standpoint for each quarter or just any kind of broad strokes on that because I think we were a little off on calibrating the seasonality, so any help there would be great.

感謝你對此所做的豐富多彩的描述。隨著我們進入下半年，有很多事情正在改變。您提到了地層，您將在本季度看到這裡的回升，並且持續到第四季度，俄勒岡州周圍會出現一些變化。我理解這一切，但是，如果您能以任何方式幫助我們，也許可以微調今年下半年的節奏或季節性，因為我們會關注第三季度和第四季度，然後了解暫時不要將 26 納入考慮範圍，而只是了解地層帶來的增加的季節性，特別是地層帶來的季節性，以及今年從天氣角度來看可能確實不正常的情況。有沒有什麼方法可以讓我們只考慮典型的季節性，即分層收購？我不知道這是從每個季度的總量百分比的角度，還是只是從任何一種廣泛的角度來看，因為我認為我們在校準季節性方面有點偏差，所以任何幫助都會非常有用。

Yeah, I think the thing that compounded that problem more than, anything is the weather that we had in those regions. And so it was wet up in North Dakota and Minnesota and throughout much of our Texas, or sorry, our central footprint, and so that definitely compounded the seasonality, but just the sheer footprint of the strata acquisition. I mean we disclosed in the first quarter that it had about a 2 to 3 -- 200 to 300 basis point impact on our seasonality in Q1, and I would say that that's going to be similar in Q2. I mean maybe 100 to 200 basis points for our seasonality of not just strata, but again albina.

是的，我認為最讓問題更複雜的是這些地區的天氣。因此，北達科他州、明尼蘇達州以及德克薩斯州的大部分地區，或者說，我們的中心區域，都處於潮濕狀態，這無疑加劇了季節性的影響，但這只是地層收購的絕對影響。我的意思是，我們在第一季披露，它對我們第一季的季節性產生了大約 2 到 3 - 200 到 300 個基點的影響，我想說第二季的情況也會類似。我的意思是，我們的季節性可能不只是地層，還有白化，都有 100 到 200 個基點。

There's, we don't really get going on a lot of asphalt paving in the Pacific Northwest until middle part of that second quarter, call it April, beginning of May. So yes, we have added to our seasonality curve going forward that will carry into next year. Compounding the problem this year was just the number of rain days that we lost to production.

直到第二季中期，也就是四月或五月初，我們才開始在太平洋西北地區進行大量的瀝青鋪設工作。是的，我們已經增加了未來的季節性曲線，這將延續到明年。今年，我們因生產損失了大量的雨天，使得問題更加嚴重。

And then just some timing of some asphalt paving projects trade compounded that as well. So looking going forward, assuming normal weather, I think that the new cadence for our seasonality would be reflective of, 1% to 2% off of our five year history in the first quarter and 1 to 2 percentage points less in the second quarter, pushing mostly primarily in the third quarter. With a small pickup in the 4th quarter. So that would, I think that would get into your question.

然後，一些瀝青鋪路計畫交易的時機也加劇了這種情況。因此展望未來，假設天氣正常，我認為我們季節性的新節奏將反映出第一季比五年歷史下降 1% 到 2%，第二季下降 1 到 2 個百分點，主要在第三季下降。第四節略有回升。所以我認為這就涉及到你的問題了。

Yes, yeah, okay, Brian, that's helpful.

是的，是的，好的，布萊恩，這很有幫助。

There was a, there's been a lot of talk about Oregon clearly, and I understand that's important, but also to your point earlier, you guys are in a lot of other places besides Oregon, so you named, Alaska, California, Hawaii, seeing some positives there, but can you maybe talk about, just generally your overall footprint, where you're seeing some of the positives.

顯然，關於俄勒岡州的討論已經很多了，我知道這很重要，但正如你之前所說，除了俄勒岡州之外，你們還去過很多其他地方，比如阿拉斯加、加利福尼亞、夏威夷，在那裡看到了一些積極因素，但你能不能談談你們的整體足跡，談談你們在哪裡看到的一些積極因素。

Again, you name some of these states, but kind of what's driving some of those and maybe across your footprint where you're seeing some strength versus just the headwind that we're seeing in Oregon.

再次，您提到了其中一些州，但是什麼推動了這些州的發展，也許在您的足跡中，您看到了一些優勢，而不是像我們在俄勒岡州看到的逆風。

So I appreciate that and we have, as 90 -- over 90% of our backlog is public funding and so we continue to see record DOT funding in almost all of those states. In fact, if you look at the budgets and you mentioned 2026.

我很感激這一點，因為我們積壓的 90% 以上都是公共資金，因此我們幾乎在所有這些州都看到創紀錄的交通部資金。事實上，如果你看預算，你就會提到 2026 年。

The states that we're in with the exception of Oregon, DOT funding is up 14% in 2026 as far as their budgets, and that compares to the rest of the United States at 3%. And so we do continue to see a lot of, strong funding, strong demand in the public environment, and that is a, that's a large piece of our backlog, over 90%. And as those, the nice thing about that is those are dedicated dollars in a lockbox. And we've not seen even in Oregon through this challenging time, any of those DOT jobs that are in our backlog get canceled and so that is very secure work. But as you mentioned, I mean there's a lot of other things in our material sales.

除俄勒岡州外，我們所在的各州的交通部預算到 2026 年將增加 14%，而美國其他地區的增幅為 3%。因此，我們確實繼續看到大量強勁的資金和公共環境中的強勁需求，而這佔了我們積壓訂單的很大一部分，超過 90%。而這些美元的好處在於，它們都是放在保險箱裡的專用美元。即使在俄勒岡州，在經歷這個充滿挑戰的時期，我們也沒有看到任何交通部積壓的工作被取消，所以這是一項非常有保障的工作。但正如您所說，我們的材料銷售中還有很多其他東西。

About half of our aggregate sales go to third parties to private work, and the majority of our ready mix goes out, and we are up in California, Hawaii, and Alaska in those product lines, for the most part. We are seeing a lot of opportunities.

我們總銷售額的大約一半流向了第三方和私人工程，我們的大部分預拌混凝土都銷往了外地，而我們的產品線主要集中在加州、夏威夷和阿拉斯加。我們看到了很多機會。

We continue to see. Activity up in Alaska around the gold mines. There's a large airport project up there. Tourism in both those states in Hawaii and Alaska are rebounding. We've got a lot of multi-housing commercial work going on in Hawaii. The big job in Hawaii and unfortunately for And continues to be slightly delayed is the large dry dock at Pearl Harbor. We have mobilized a Ready Mix plant on site, but we have not seen any production out of that, and that's pushing out to late 3rd quarter or early 4th quarter. So the legacy Pacific region California, Hawaii, and Alaska are doing well. Idaho has record backlog, and Idaho continues to find funding for public works and continues to let large jobs.

我們繼續觀察。阿拉斯加金礦周圍的活動活躍起來。那裡有一個大型機場計畫。夏威夷和阿拉斯加這兩個州的旅遊業正在復甦。我們在夏威夷正在進行大量的多戶住宅商業工程。夏威夷的一項大工程是珍珠港的大型乾船塢建設，但不幸的是，這項工程仍然略有延誤。我們已經在現場調動了預拌混凝土工廠，但尚未看到任何生產，而且生產要推遲到第三季末或第四季初。因此，傳統的太平洋地區加州、夏威夷和阿拉斯加表現良好。愛達荷州的積壓工程數量創歷史新高，愛達荷州仍在為公共工程尋找資金，並繼續提供大量工作。

There's good private work.

有很好的私人工作。

The semiconductor business is moving into Boise, the data centers in Wyoming, the wind projects in Wyoming, lots of opportunities, frankly, that mountain region is one of our fastest growing regions. Central continues the integration of strata into Knife River's footprint. The funding at the DOT levels and almost all of those states has been positive and in Texas it just continues to see, some large projects that have high pull through of our materials business and in the private development, it's just been strong and throughout that central region. So as far as in markets there are things going on in all of our different markets.

半導體業務正在遷往博伊西，資料中心在懷俄明州，風力發電專案也在懷俄明州，有很多機會，坦白說，山區是我們發展最快的地區之一。中央繼續將地層整合到 Knife River 的足跡中。交通部和幾乎所有州的資金投入都是積極的，在德克薩斯州，一些大型項目對我們的材料業務和私人開發有著很大的推動作用，在整個中部地區，這種勢頭一直很強勁。就市場而言，我們所有不同的市場都在發生一些事情。

Perfect. That's super helpful, Brian. And just if I could touch on one last thing, I'm not sure if you mentioned it, but, two bolt on, acquisitions, if you could maybe touch on those and kind of what they mean to, the strategy and how they fit and then maybe your appetite for net, just, where we are with the strata integration and just where we are and kind of the cycle.

完美的。這非常有幫助，布萊恩。如果我可以談最後一件事，我不確定您是否提到過，但是，兩個附加的收購，如果您可以談談這些以及它們的意義，戰略以及它們如何適應，然後也許是您對網絡的興趣，只是，我們在分層整合方面處於什麼位置，以及我們所處的位置和周期類型。

Thank you.

謝謝。

Yeah, we've been very focused on the strata integration and our COO and I talk about the schedule that we are on as far as integrating strata, and we put together a very detailed schedule of synergies that we expected to get out of that are large.

是的，我們一直非常關注分層整合，我們的營運長和我討論了我們在分層整合方面的計劃，我們制定了一個非常詳細的協同效應計劃，我們預計將從中獲得巨大的協同效應。

For, a 30, 60, 90 day, and 180 day schedule of those energies. I just tell you that I've been very pleased that where we're at and the progress and the traction that we get. We have, we've done over 90 acquisitions, so we have a proven playbook.

例如，這些能量的 30、60、90 天和 180 天計劃。我只是告訴你，我對我們所處的境況以及所取得的進展和動力感到非常高興。我們已經進行了 90 多次收購，因此我們擁有一套行之有效的策略。

The two smaller acquisitions I mentioned, KTE, which is in St. Cloud, Minnesota area, also has Aqua on I-94 that would service the suburbs of Minneapolis, and then the high desert paving operations in central Oregon has both of them are a.

我提到的兩個較小的收購是，位於明尼蘇達州聖克勞德地區的 KTE，也在 I-94 上擁有 Aqua，可以為明尼阿波利斯郊區提供服務，然後是俄勒岡州中部的沙漠高地鋪路業務，它們都是。

High Desert has some asphalt plants and some paving that goes along with it, but those projects are those deals again are in our wheelhouse. They are deals that they are reflective of every deal that we've done since we've spun, negotiated deals in a single digit, multiple that are in mid-size high growth markets. They infill our existing footprints, the materials led, and that we can quickly integrate and capture those synergies. So very excited about those two opportunities and Our pipeline continues to be full. Our business development team is out continually looking at deals that fit that strategy of ours, and we're going to continue to grow, very excited about the progress that we've made and look forward to future announcements.

High Desert 有一些瀝青廠和一些與之配對的鋪路工程，但這些項目和交易又在我們的掌控之中。這些交易反映了我們自成立以來在中型高成長市場中達成的每一筆交易，包括個位數交易和多筆交易。它們填補了我們現有的足跡，以材料為主導，我們可以快速整合並捕捉這些協同效應。我對這兩個機會感到非常興奮，我們的管道也一直很滿。我們的業務開發團隊正在不斷尋找符合我們策略的交易，我們將繼續發展，對我們所取得的進展感到非常興奮，並期待未來的公告。

All right. Thanks, Brian. It's all great color. I'll.

好的。謝謝，布萊恩。全部都是漂亮的顏色。患病的。

Good luck. Thank.

祝你好運。感謝。

(Operator Instructions)

（操作員指示）

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Ian.

伊恩。

Alright great thank you very much. Question would be just to return to pricing.

好的，非常感謝。問題只是回到定價問題。

How far along are we?

我們走了多遠？

On the dynamic pricing, if you look at kind of across the portfolio, maybe on a percentage basis, and, just given how strong the quarter was as far as pricing, what kind of explains, I guess the step down that the guy, even though the guy's raised, still kind of assumes a little bit of a step down, so. Wondering what that was and then I just slip them one more is it kind of feeds into this is, you fill up the 20% number again, how are you thinking about that and getting there as far as either timing and then just oregon then just delay the timing of maybe potentially achieving that 20%.

在動態定價方面，如果你看一下整個投資組合，也許是按百分比計算，考慮到本季度的定價表現有多強勁，我想這可以解釋為什麼這個人的股價會下降，即使這個人的股價上漲了，但仍然假設股價會下降一點，所以。想知道那是什麼，然後我再給他們提一個問題，它有點像這樣，你再次填寫 20% 的數字，你是如何考慮這一點的，以及如何在時間上達到這個目標，然後只是俄勒岡州，然後只是推遲可能實現 20% 的時間。

Yes, so you know I think on the pricing.

是的，所以你知道我考慮的是定價。

As far as where we're at with dynamic pricing, it's it's a little bit different like we've talked about in the past.

就我們所處的動態定價而言，它與我們過去談論的有點不同。

I mentioned that strata, I mean, we've honored the pricing and and we've not, we're beginning to implement a dynamic pricing, but. Part of our the fundamental part of dynamic pricing is that we don't send out the price increase letters, and so when we acquired them in March, we will be at the very beginning process of implementing dynamic pricing throughout strata. So that's something that's still upside that we'll see next year.

我提到了分層定價，我的意思是，我們尊重定價，但我們沒有，我們開始實施動態定價，但是。我們動態定價的基本部分之一是我們不會發出漲價信函，因此，當我們在三月獲得它們時，我們將處於在整個階層實施動態定價的最初階段。因此，我們明年仍會看到這項有利因素。

But you know they've got good pricing. It's just a different model. It is more the traditional model, and we'll be moving to dynamic pricing all the way to, the Northwest region where dynamic pricing came from. They're probably in that 8th and 9th ending. And then we've got other segments, other regions, other states that are still in that 2nd and 3rd as we kind of build out our sales team, do training, implement the new tools that we have, the new software that we've got.

但你知道他們的定價很合理。這只是不同的模型而已。它更像是一種傳統模式，我們將一路轉向動態定價，直到動態定價的發源地西北地區。他們可能處於第 8 和第 9 個結局。然後，我們還有其他細分市場、其他地區、其他州，這些仍處於第二和第三位，我們正在組建銷售團隊、進行培訓、實施我們擁有的新工具和新軟體。

But generally speaking, I would say that Knife River, the progress we're making, the traction we're getting with dynamic pricing, the tools that we're putting in place, the dashboards that we are monitoring, I would say that we're 50% of the way there on dynamic pricing. I would say that I'm excited and see the momentum that we are raising our pricing guidance from mid-single up to high single to reflect that traction, but keep in mind, I mean, the 1st and 2nd quarter are not our biggest quarters, and as we look forward in the 3rd quarter and as we look at, the central region coming online with more volumes kind of back to that region mix, those numbers will shift.

但總的來說，我想說，對於 Knife River 來說，我們正在取得的進展、我們在動態定價方面取得的進展、我們正在實施的工具、我們正在監控的儀表板，我想說我們在動態定價方面已經完成了 50%。我想說，我很興奮，看到了我們將定價指導從中單價上調至高單價的勢頭，以反映這種吸引力，但請記住，第一季度和第二季度不是我們最大的季度，當我們展望第三季度時，我們看到中部地區的上線量增加，回到該地區的組合中，這些數字將會發生變化。

And as we look at just our, same source sales, the the the the one product at the same pit, I think high single digits is more reflective than the low double digits that we've seen currently as we look at, the next 6 months, but Those are incredible numbers. I mean, the high single digits for pricing is very positive momentum. It's a key pathway for us to get to that 20% flag that you talked about.

當我們只看同一來源的銷售額，同一個礦井的一種產品時，我認為高個位數比我們目前看到的低兩位數更能反映未來 6 個月的情況，但這些都是令人難以置信的數字。我的意思是，定價的高個位數是一個非常積極的勢頭。這是我們達到您所說的 20% 目標的關鍵途徑。

A big part of our edge strategy is to continue to increase the percent of our revenue into aggregates and to continue to optimize our pricing and maximize the total EBITDA contribution, and aggregates is an important part of that. And you can see that in our, largest acquisition to date, Strata. You can see that in KTE and high desert. We're going to continue to look at those opportunities and so.

我們的優勢策略很大一部分是繼續增加骨材收入的百分比，繼續優化我們的定價，最大化總 EBITDA 貢獻，而骨材是其中的重要組成部分。您可以從我們迄今為止最大的收購 Strata 中看到這一點。您可以在 KTE 和高沙漠中看到這一點。我們將繼續尋找這些機會等等。

I, we've identified a number of different paths to get there to 20%.

我，我們已經確定了多個不同的途徑來實現 20% 的目標。

Oregon is a temporary setback, but that's why we are diverse both geographically and by product lines.

俄勒岡州是一個暫時的挫折，但這就是為什麼我們在地理和產品線方面都多樣化。

We like our strategy and we can get to 20%. With where Oregon is currently at, it ebb and flows. I've mentioned to you, Ian, in the past that I've looked up to the Pacific region, the legacy Pacific, California, Hawaii, Alaska as being one of our North Stars for a long time, and the progress that we're making on our edge strategies and the overall economy in those states, I mean, they're they're, they've had a fantastic year. If you look at the west segment, I mean, it almost completely overshadows what's going on in Oregon, and that's a very positive thing. So. A multiple paths to get to 20%. It's a long term goal that we continue to be focused on. I can tell you that our management team and everybody out in the field at Knife River are laser focused on all aspects of that edge strategy to get to that long term 20% goal.

我們喜歡我們的策略，我們可以達到 20%。俄勒岡州目前的情況是時好時壞。伊恩，我以前曾跟你提過，我一直把太平洋地區、傳統的太平洋地區、加利福尼亞、夏威夷、阿拉斯加視為我們的北極星之一，我們在優勢戰略和這些州的整體經濟方面所取得的進展，我的意思是，他們度過了美好的一年。如果你看一下西部地區，我的意思是，它幾乎完全掩蓋了俄勒岡州正在發生的事情，這是一件非常積極的事情。所以。達到 20% 的途徑有很多。這是我們持續關注的長期目標。我可以告訴你們，我們的管理團隊和 Knife River 現場的每個人都將注意力集中在優勢策略的各個方面，以實現 20% 的長期目標。

All right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Oh hi thanks sorry if some of these questions are are redundant my call was dropped earlier, but I wanted to follow up on contracting services and just the increase in the number of larger jobs in your backlog. Is that just, something that was opportunistic over the the last quarter based. And what was coming up for bid, are you generally seeing larger projects, coming up? Maybe there's a mix shift happening, or is it maybe a change in the overall strategy, to go after larger projects, as opposed to, some of the smaller maintenance work we used to do.

哦，嗨，謝謝，很抱歉，如果這些問題有些是多餘的，我的電話之前就掛斷了，但我想跟進一下承包服務的情況，以及您積壓的大型工作數量的增加情況。這是否只是上個季度的機會？即將進行招標的項目有哪些？您通常會看到更大的項目嗎？也許正在發生混合轉變，或者可能是整體策略的改變，轉向追求更大的項目，而不是我們過去所做的一些較小的維護工作。

Yeah, definitely not a change in strategy. I mean, the majority of our backlog continues to be projects less than $5 million.

是的，絕對不是策略的改變。我的意思是，我們積壓的大部分項目仍然是價值低於 500 萬美元的項目。

This is really a result of DOTs deciding internally to maybe more efficient to manage one larger project and you know have just one set of, you know.

這實際上是 DOT 內部決定的結果，也許更有效地管理一個更大的項目，而且你知道只有一套。

Project schedules and contractors on a site and so we are part of that is maybe trying to get a lot of this IJ money that still there's, almost 50% that needs to be spent through the system in these larger projects and so we are subcontractors on the largest projects that we've taken on the big job that we have in Texas. It's work that we do. It's asphalt paving and supplying materials.

專案進度表和現場承包商，所以我們是其中的一部分，也許試圖獲得大量的 IJ 資金，這些資金仍然有近 50% 需要透過系統花在這些更大的專案上，所以我們是最大的專案的分包商，我們在德州承擔了這項大工程。這是我們所做的工作。是瀝青鋪設及材料供應。

Our risk profile on these projects, I mean, this is something that we've seen coming for a while, Gerri. In fact, we've been talking about it probably for the last 2 or 3 quarters that we see larger projects being led by DOTs, and we will take a look at those. I mean, we've bid some of those as prime contractors, but it's not different type of work. It's not different risk profiles. It really is the work that we do. The nice thing about it is a multi-year project like this, these large projects, we have the ability to, have price protections and pre-purchase and lock in on our pricing and have escalations built into them, but it's also secured backlog for the next couple of years on some of these projects. So you did see a shift in the amount of backlog that we burn in any one year down to that about 80% now.

我們在這些項目上的風險狀況，我的意思是，這是我們已經預見的一段時間了，Gerri。事實上，我們可能在過去的 2 或 3 個季度裡一直在談論這個問題，我們看到更大的專案是由 DOT 領導的，我們會對這些專案進行研究。我的意思是，我們已經作為總承包商競標了其中一些項目，但這並不是不同類型的工作。這並不是不同的風險狀況。這確實是我們所做的工作。它的好處是像這樣的多年期項目，這些大型項目，我們有能力，有價格保護和預購，鎖定我們的定價，並在其中內置升級，但它也確保了未來幾年其中一些項目的積壓。因此，您確實看到我們每年處理的積壓訂單量發生了變化，現在已下降到約 80%。

Okay, that's helpful. Follow up question is just on the weather impacts and how we should think about your ability to recover the volumes that were delayed from the first half of the year. Should we expect some of that to bleed into 2026 and also just was hoping you could. Provide some color on how July has trended, recognizing Texas there was severe flooding, so you've called that out. But other public aggregates and cement companies have spoken to strong demand so far in July, and I'm wondering if you're seeing a similar rebound in markets where weather has not been an issue.

好的，這很有幫助。後續問題只是關於天氣影響以及我們應該如何看待您恢復上半年延遲的產量的能力。我們是否應該預期其中一些會延續到 2026 年，並且只是希望你能做到。請提供一些關於七月份趨勢的信息，並指出德克薩斯州發生了嚴重的洪災，所以您提到了這一點。但其他公共骨材和水泥公司表示，7 月迄今需求強勁，我想知道在天氣不是問題的市場是否也出現了類似的反彈。

Yeah, with the exception of our H1y Creek facility that has been shut down for the majority of all of July and continues to be shut down and will be through. Part of August is that the demand is strong. The backlog is there, the demand is strong.

是的，除了我們的 H1y Creek 設施，該設施在整個 7 月的大部分時間都處於關閉狀態，並將繼續關閉。8月份的部分原因是需求強勁。積壓訂單仍然存在，需求強勁。

But you know our weather has been mixed, frankly, in July, and we've had very favorable weather in a large portion of our footprint, but there are still pockets that we continue to get rain.

但坦白說，你知道，我們七月的天氣好壞參半，我們大部分地區都經歷了非常好的天氣，但仍有一些地方繼續下雨。

This is the time of year where it's a little bit easier. It dries out faster. It doesn't rain quite as much typically these time of years, so a lot of times they're just, thunderstorms that come through and causing some rain that we can typically work our way through. But the overall demand is strong, and I'm pleased to see what, where we're at on our volumes for July. I think that's reflective when we put our guide together, for this call for in all product lines. I think that is reflect we did take July into consideration for that guidance for the rest of the year.

每年的這個時候都會稍微輕鬆一點。它乾得更快。通常每年這個時候雨水都不會那麼多，所以很多時候只是雷暴雨，帶來一些雨水，我們通常可以設法度過。但整體需求強勁，我很高興看到我們七月份的銷售情況。我認為，當我們將指南放在一起時，這一點就反映了所有產品線的這項要求。我認為這反映出我們確實將 7 月的情況納入了今年剩餘時間的指導範圍。

Okay, thanks, I'll leave it there. I appreciate it.

好的，謝謝，我就不說了。我很感激。

Yes.

是的。

Thank you.

謝謝。

Chris Ellinghaus, Siebert Williams Shank.

克里斯埃林豪斯、西伯特威廉斯尚克。

Hi guys, how are you? Good morning.

嗨，大家好嗎？早安.

Brian, you sort of talked about Oregon and coming back to the legislature. It makes perfect sense that it doesn't aid 2025 very much, but do you expect, sort of Oregon state conditions to revert to normal for 2026?

布萊恩，你談到了俄勒岡州以及重返立法機構的問題。它對 2025 年沒有太大幫助，這是完全合理的，但您是否預計俄勒岡州的情況會在 2026 年恢復正常？

Yeah, I'm hopeful, Chris, but the reality is, and I mean, typically you don't pass comprehensive.

是的，克里斯，我很有希望，但現實是，我的意思是，通常你不會通過綜合考試。

Transportation funding in a short special session. I mean, you would, and so I would suspect that there will be some stopgap funding that they accomplish at the special session and that the legislature meets every year in Oregon, and so they'll be back in session again at the beginning of next year.

在一次短暫的特別會議上，交通運輸資金。我的意思是，你會的，所以我懷疑他們會在特別會議上完成一些臨時資金，並且立法機構每年都會在俄勒岡州開會，所以他們將在明年年初再次開會。

And so I'm more hopeful that they will figure that out. I mean, what I can tell you is again, That the need is there. I mean, there's an analysis that was done by the DOT that identifies, almost $1 billion, $988 million of a shortfall to get the roads and the bridges up to an adequate fair condition.

因此我更加希望他們能夠解決這個問題。我的意思是，我可以再告訴你的是，這種需求是存在的。我的意思是，交通部所做的分析表明，要使道路和橋樑達到良好的狀況，資金缺口接近 10 億美元，即 9.88 億美元。

There's a report out there right now that the DOT, the cycle that they're maintaining and replacing bridges is every 900 years, and these bridges were designed to last 50 to 75 years. So they have to fix this problem. And as Chris, the longer you delay maintaining these infrastructures, the cost of repairs and maintenance just goes up exponentially. A requiring more materials, not good. I'm a taxpayer in Oregon, not good for a taxpayer, but as a construction materials supplier and a contractor that does that type of work, it's going to require even more materials. So this is not a speculative problem. I think the challenge is finding ways to fund the transportation bill, and they will do that. I don't necessarily think they'll do that. At the special session at the end of the month, but they will do that sooner or later. So how does that impact 26 yet, Chris? I mean, I don't know. I would say I'll know more at the end of this month. We'll update everybody at the next quarterly call and we'll know more kind of the progress that we're making in Oregon as far as the DOT funding.

目前有一份報告稱，交通部維護和更換橋樑的周期是每 900 年，而這些橋樑的設計使用壽命為 50 至 75 年。所以他們必須解決這個問題。正如克里斯所說，你拖延維護這些基礎設施的時間越長，維修和維護的成本就會呈指數級增長。A 需要更多材料，不好。我是俄勒岡州的納稅人，這對納稅人來說並不好，但作為從事此類工作的建築材料供應商和承包商，我將需要更多的材料。所以這不是一個推測性的問題。我認為挑戰在於找到為交通法案提供資金的方法，他們會這樣做。我認為他們不一定會這麼做。在月底的特別會議上，但他們遲早會這樣做。那麼這對 26 有何影響，克里斯？我的意思是，我不知道。我想說我會在本月底知道更多。我們將在下次季度電話會議上向大家通報最新情況，我們將進一步了解俄勒岡州在交通部資金方面的進展。

Okay, great, that helps in the quarter.

好的，太好了，這對本季有幫助。

I want to say that.

我想這麼說。

That's masked due to the weather impacts. So could you just sort of, it seems like strata must have been pretty significantly accretive to margins. So can you just sort of talk about what you saw from Strata in the 2nd quarter and how did it match up versus your sort of expectations.

由於天氣影響，這一情況被掩蓋了。那麼，您能否這麼認為，分層似乎一定對利潤產生了相當大的增值作用。那麼，您能否簡單談談您對 Strata 在第二季度的觀察以及它與您的預期相比如何？

Yeah, I mean, other than the impact they had to weather and there was absolutely an impact to strata from weather, but everything else that we're seeing with the integration with their sales volumes, I mean, it's right on plan, and that's why we're maintaining the guidance for strata to continue to contribute that $45 million that's baked into our guide going forward and so the revision to our guide.

是的，我的意思是，除了他們必須承受的天氣影響以及天氣對分層物業絕對有影響之外，但我們看到的與他們的銷售量整合的其他一切都在計劃之中，這就是為什麼我們維持對分層物業的指導，繼續貢獻 4500 萬美元，這筆錢已經納入我們的指導中，因此我們的指導也進行了修訂。

Does not. There is no negative impact and frankly, if you look at our range within our guide, I would say that one of the ways we hit the upside, the high end of that range, is we are excited at what we're seeing at the strata acquisition. There's nothing there that has been alarming. There's no surprises. We can't control the weather, but we can control.

不。沒有任何負面影響，坦白說，如果你看看我們的指南中的範圍，我會說，我們達到上行趨勢、達到該範圍高端的方式之一是，我們對分層收購所看到的情況感到興奮。那裡並沒有什麼令人擔憂的事情。沒有意外。我們無法控制天氣，但我們可以控制。

Our pricing, our bid room strategies of, quality over quantity, all of the edge principles, they've embraced those principles at strata, and it's going, it's on track, Chris, I to say that it's on track.

我們的定價、我們的投標策略、質量重於數量、所有的優勢原則，他們都在各個層面上接受了這些原則，而且一切進展順利，克里斯，我想說一切進展順利。

Okay, can.

好的，可以。

I.

我。

Sneak in one really quick question. Are you guys working on the Micron projects in Idaho?

偷偷問一個很簡單的問題。你們在愛達荷州從事美光公司的專案嗎？

There's probably some opportunities for us.

這對我們來說可能有一些機會。

We are in conversations as they continue to look at, getting that project back on track, and so I would say that we are in conversations with the team at Micron.

我們正在進行對話，他們將繼續關注如何讓這個專案重回正軌，所以我想說我們正在與美光公司的團隊進行對話。

Okay, great.

好的，太好了。

Thanks a bunch. I appreciate it.

非常感謝。我很感激。

Yes.

是的。

Gabe Hajde, Wells Fargo Securities.

富國證券的 Gabe Hajde。

Brian and Nathan, good morning.

布萊恩和內森，早安。

33 questions. One is, and I know there's been a lot of airtime on Oregon and and may be unfair to ask it this way, but can you kind of give us, for this at a state level what is down or what you're projecting it to be down that's embedded in your guidance, year over year.

33個問題。一是，我知道俄勒岡州的報道已經很多了，這樣問可能不太公平，但是您能否告訴我們，在州一級，同比下降幅度是多少，或者您預計下降幅度是多少，這些都體現在您的指導中，是逐年下降的。

And if nothing changes as it relates to funding, perhaps what that kind of, the run rate into 2026, have we seen all the, we'll call it max pain or would there be something in Q1 that would come out of it? I'm assuming that much because of the seasonality of the business.

如果與資金相關的情況沒有任何變化，那麼到 2026 年的運作率會怎麼樣呢？我們是否已經看到了所有，我們稱之為最大痛苦，或者第一季會出現什麼結果？我之所以這麼認為是因為業務的季節性。

Yeah, we don't provide individual state guidance, and I probably won't do that here, Gabe. What I can tell you is that if you look at our variants, the negative variances year over year for the quarter.

是的，我們不提供針對各州的指導，而且我可能也不會在這裡這樣做，加布。我可以告訴你的是，如果你看一下我們的變量，你會發現本季的同比變化是負的。

For the first half of this year. And the update to our guidance, the $55 million reduction in the guidance that we've said that more than 50% of that variance for the quarter for the year and the guide is directly related to what's going on in Oregon. I think there's too many unknowns at this point in time to start speculating what's going to go on in 2026. I can tell you that the list of projects that we have that are on hold, the majority of those, all but one, are still on hold. They've not been canceled.

今年上半年。我們更新了指導意見，將指導意見減少了 5500 萬美元，我們說過，本季度和本年度的差異超過 50%，而指導意見與俄勒岡州的情況直接相關。我認為目前有太多未知數，無法推測 2026 年會發生什麼。我可以告訴你們，我們暫停的項目清單中，除一個項目外，其餘大部分項目仍處於暫停狀態。它們尚未被取消。

And so I think, we'll know more in 3 months and certainly we'll update everybody as far as the progress, on where we're at in Oregon, but I think that's the best way of looking at the impact to Oregon and keep in mind they have industry, they have the highest margins within all of Knife River. There's a lot of very good things that are going on. They are very well equipped in Oregon to deal with the The headwinds there. I can tell you that that management team is right sizing their crews, their equipment. We're mobilizing both crews and equipment to other parts of the company to TRY to keep people busy.

所以我認為，我們會在三個月內知道更多信息，當然，我們會向大家通報進展情況，以及我們在俄勒岡州的情況，但我認為這是看待對俄勒岡州影響的最佳方式，並記住他們有工業，他們在整個刀河地區擁有最高的利潤率。有很多非常好的事情正在發生。俄勒岡州的裝備非常精良，可以應付那裡的逆風。我可以告訴你，管理團隊正在適當地安排他們的人員和設備。我們正在調動工作人員和設備到公司的其他部門，試圖讓人們忙碌起來。

We are managing our way through this temporary short term headwind that we have in Oregon.

我們正在設法克服俄勒岡州面臨的暫時的短期逆風。

Well, I would expect nothing less. You guys are dynamic folks.

好吧，我期望的不多。你們都是充滿活力的人。

Interesting commentary on the on the backlogs you mentioned. I think putting $650 million into the backlog. I'm assuming that was during the second quarter. It was up $250 million.

對於您提到的積壓問題，有有趣的評論。我認為要投入 6.5 億美元來解決積壓問題。我假設那是在第二季。漲幅達 2.5 億美元。

So again, I'm just mathematically I would assume you put $400 million into your backlog in the 2nd quarter of 24, so maybe confirming in nature of a question. Was strata in that already given timing of when you closed it, would it have a material impact on backlog?

所以，我再說一遍，從數學上來說，我會假設你在 24 年第二季度向你的積壓訂單中投入了 4 億美元，所以也許可以確認問題的性質。分層是否已經給出了關閉的時間，這會對積壓產生重大影響嗎？

And then can you talk about maybe just geographically where some of that incremental $250 million is sitting?

然後您能否從地理位置上談談這 2.5 億美元的增量資金分佈在哪裡？

Yeah, so there is no backlog from strata back in 2 of last year, so that would all be incremental, it's somewhere in that $50 million to $60 million of backlog that we had some strata that we added to our overall backlog. And so the majority of what we picked up, the gain, $250 million -- $250 million increase year over year, you're right, you did the math right. We had very close we gained. $400 million in backlog last year. This year we secured $650 million of new backlog and so I said that right, yeah, and so a lot of that came from some larger projects, two of them down in Texas, one in Idaho. We secured a nice job down at Conley Pacific, down in Southern California. I mean, really it's across the board. If you look at the states that we operate in, they all have very strong DOT funding and so there's a lot of opportunities for us to continue to pick up backlog, and I think one of the upsides and again in our guide is oftentimes this is the time of year we'll start seeing some late jobs come out. The good news for us is we've got capacity to take on more backlog and so we'll continue to look at those opportunities to continue to add more backlog. But it really came from some across all of our footprint, it came from some larger projects that we picked up, down in Texas and Idaho, and then a portion of that did come from Strata.

是的，所以去年 2 月沒有來自分層的積壓，所以這一切都是增量的，積壓金額在 5000 萬到 6000 萬美元之間，我們有一些分層的積壓，我們將其添加到我們的整體積壓中。因此，我們所獲得的大部分收益是 2.5 億美元——同比增長 2.5 億美元，你是對的，你的計算是正確的。去年，我們幾乎完成了 4 億美元的積壓訂單。今年，我們獲得了 6.5 億美元的新積壓訂單，所以我說是的，其中許多來自一些較大的項目，其中兩個在德克薩斯州，一個在愛達荷州。我們在南加州的康利太平洋公司找到了一份不錯的工作。我的意思是，這確實是全面的。如果你看看我們經營的各州，你會發現它們都有非常強大的交通部資金，因此我們有很多機會繼續處理積壓的工作，我認為其中一個好處是，在我們的指南中，通常每年的這個時候我們都會開始看到一些延遲的工作出現。對我們來說，好消息是我們有能力承擔更多的積壓訂單，因此我們將繼續尋找機會繼續增加更多的積壓訂單。但它實際上來自我們所有的足跡，來自我們在德克薩斯州和愛達荷州開展的一些大型項目，其中一部分來自 Strata。

Okay.

好的。

And last one, I may have missed that there's a lot going on this quarter and you throw out a lot of numbers.

最後一點，我可能忽略了本季發生了很多事情，而且你還給出了很多數字。

The acquisition around $450 million I think you said 675 between the other two acquisitions that you've done and and maybe some strategic capital. So I just want to make sure I heard you correctly.

這次收購花費了大約 4.5 億美元，我想您說的是，在您進行的另外兩次收購中，可能還花費了 6.75 億美元，可能還有一些戰略資本。所以我只是想確保我聽清楚了你的意思。

And if I did my math right on these other two deals, is that adding on an annualized basis another $20 million to $25 million of EBITDA?

如果我對另外兩筆交易的計算正確的話，那麼以年率計算，這是否會再增加 2000 萬至 2500 萬美元的 EBITDA？

Yeah, I'll let Nathan take on that question for us. Yeah.

是的，我會讓 Nathan 來回答這個問題。是的。

Gabe, good to hear from you. So from the standpoint of what kind of capital have we invested on the acquisition side, and I'll put that entirely into the growth bucket. So for the course of the year, Strata was the largest piece, as you noted, $454 million was the announced purchase price. We've done other acquisitions since then. So the total is $620 million. Through the year, that's through June that we have spent on growth projects, that's acquisitions, that's growth reserve replacements and organic projects that we have going on elsewhere. We have another That we're looking at for the remainder of the year that relates to an organic project that we have. So if you want to put that whole growth bucket together for 2025, we're looking at $670 million that would be related to that. And then on the maintenance capital, if you want to put the whole capital piece together, we spent about $111 million on maintenance capital. And just like in the past, this year is the same thing we're anticipating that our maintenance capital expenditures would be 5% to 7% of revenue. So those two pieces Gabe would give you an idea of how much we have going invested into the company. And then remember along with that we did take on $500 million of term loan B to help fund the strata acquisition. The rest is funded with internal sources of cash. And so I know you're probably looking at the net leverage wondering if we've got a limitation there, but as we move to the rest of the year and take on the EBITDA as we announced with the midpoint of our guidance and pay off the revolver, we'll be in a net leverage position compared to EBITDA, probably close to 2, leaving additional capacity for us to pursue other acquisitions, greenfield projects this year and into next year.

加布，很高興收到你的來信。因此，從我們在收購方面投入了什麼樣的資本的角度來看，我會將其完全納入成長領域。因此，就全年而言，Strata 是最大的一筆交易，正如您所說，宣布的購買價格為 4.54 億美元。從那時起，我們又進行了其他收購。所以總額是6.2億美元。全年來看，也就是截至 6 月份，我們在成長項目、收購、成長儲備替換和我們在其他地方進行的有機項目上花費了資金。我們還有另一項工作正在考慮，這項工作將在今年剩餘時間內完成，它與我們現有的一個有機項目有關。因此，如果您想將 2025 年的整個成長目標加在一起，我們預計與此相關的成長金額為 6.7 億美元。然後關於維護資本，如果你想把整個資本部分加在一起，我們在維護資本上花費了大約 1.11 億美元。與過去一樣，今年我們預計維護資本支出將佔收入的 5% 至 7%。因此，Gabe 的這兩點可以讓您了解我們將在公司上投入多少資金。然後請記住，我們確實承擔了 5 億美元的定期貸款 B，以幫助資助分層收購。其餘資金由內部現金來源提供。因此，我知道您可能正在關注淨槓桿率，想知道我們是否存在限制，但隨著我們進入今年剩餘時間並承擔 EBITDA（正如我們宣布的指導中點一樣）並償還循環信貸，與 EBITDA 相比，我們將處於淨槓桿率位置，可能接近 2，為我們在今年和明年進行其他收購和綠地項目留下額外的能力。

To help It does.

確實有幫助。

Thank.

感謝。

You.

你。

Thanks.

謝謝。

Ivan Yi, Wolfe Search.

伊凡·易 (Ivan Yi)，沃爾夫搜尋。

Morning guys. Thanks for squeezing me in.

大家早安。謝謝你讓我加入。

Going back to the cadence of guidance, how much revenue are you expecting in 3Q versus 4? You just want to see if we should assume anything outside of normal seasonality there.

回到指導節奏，您預計第三季和第四季的收入是多少？您只是想看看我們是否應該假設任何超出正常季節性的事情。

Yes. We have a -- what is it, we've got a seasonality chart that we take a look at. And so within the first 2 quarters we're generally and I'll take a look at it in terms of EBITDA and revenues relatively close to that. We're probably around 20% for both first quarter and second quarter, about 20% of our revenue and EBITDA comes from that quarter and then close to 80%, almost of our EBITDA comes in that third quarter time frame with the remainder coming in the first quarter.

是的。我們有一個——它是什麼，我們有一個要查看的季節性圖表。因此，在前兩個季度，我們通常會從 EBITDA 和相對接近的收入的角度來看待它。我們第一季和第二季的營收和息稅折舊攤銷前利潤（EBITDA）大概都在 20% 左右，其中約 20% 的收入和息稅折舊攤銷前利潤（EBITDA）來自該季度，接近 80% 的 EBITDA 來自第三季度，其餘部分來自第一季。

And so on a revenue basis, that third quarter is close to 40% of our revenue. And then on an EBITDA basis, about 56% of our EBITDA comes in that third quarter. Does that help?

因此，從收入角度來看，第三季的收入接近我們收入的 40%。然後，以 EBITDA 為基礎，我們的 EBITDA 約有 56% 來自第三季。這樣有幫助嗎？

I'll kind of go through again Yes. For the remainder of the year, we're probably looking at close to 60% I'll say it this way. For the rest of the year, we're looking about 60% of our revenue coming in the third and fourth quarter. That's our historical curve line.

我再說一次是的。對於今年剩餘的時間，我們可能會看到接近 60% 我會這樣說。對於今年剩餘時間，我們預計約 60% 的營收將來自第三季和第四季。這就是我們的歷史曲線。

And then for EBITDA, it's probably closer to 70% of these changes and then with the seasonality changes we've got here, it's probably a little bit higher than what it's been historically with the addition of Strata and Albina.

對於 EBITDA 而言，它可能接近這些變化的 70%，然後隨著我們遇到的季節性變化，它可能比加入 Strata 和 Albina 後的歷史水平略高一些。

That that's very helpful. And then lastly, can you discuss how roughly transportation costs are trending? Also roughly what percent of your shipments are moved on trucks versus rails? Just want to see which mode they're seeing greater pricing increases right now.

這非常有幫助。最後，您能討論一下運輸成本的大致趨勢嗎？另外，你們的貨物透過卡車運輸和鐵路運輸的比例大約是多少？只是想看看他們現在看到哪種模式的價格上漲幅度更大。

Thank you so much.

太感謝了。

Yeah, I can take the overall cost piece of that and then we can get into the transportation component. I would say on the whole, our cost structure, when you're taking a look, whether it's labor, trucking, equipment, getting the energy, on the whole, those are probably mid single digit increases year to year as far as the inputs, what you might be looking at on the other side though is, okay, wait a minute, your cost per unit is going up. That really is a reflection of lower volumes. On fixed cost components. And so even though our input costs are single digits, we've got lower volumes, and we did talk a little bit about weather and that does impact our efficiencies to some degree. And so you can imagine working in the rain is not as cost effective as working in dry weather. And then along with that, we did continue to have some pre-production costs. So on the whole.

是的，我可以把總成本部分算進去，然後我們就可以進入運輸部分。我想說，總的來說，我們的成本結構，無論是勞動力、卡車運輸、設備還是能源，總的來說，就投入而言，這些可能每年都在以中等個位數的速度增長，但另一方面，你可能會看到，好吧，等一下，你的單位成本正在上升。這確實反映了交易量較低。關於固定成本組成部分。因此，儘管我們的投入成本是一位數，但我們的產量較低，而且我們確實談到了一些天氣因素，這確實在一定程度上影響了我們的效率。因此你可以想像，在雨中工作不如在乾燥天氣中工作那麼划算。同時，我們確實繼續有一些前期製作成本。整體來說是這樣。

Input costs still sitting around that mid single digits for the quarter, and I say this is temporary. Our costs per units are higher as far as our production costs. Is it specifically relates to transportation?

本季的投入成本仍然徘徊在個位數中間水平，我認為這只是暫時的。就我們的生產成本而言，我們的單位成本較高。它具體與交通有關嗎？

The majority of our material is still delivered by truck. We do a fair amount of rail in Texas. We do railing operations in Oregon. We've got rail up in Alaska, and the exciting thing about strata adding strata is. They move a lot of their aggregates by rail. They've had a very good strategy on rail for years. And so that those rail movements will continue to increase, but right now the majority of our material is delivered by trucking.

我們的大部分材料仍然透過卡車運送。我們在德克薩斯州擁有大量鐵路線。我們在俄勒岡州從事欄桿業務。我們在阿拉斯加建造了鐵路，分層鋪設的令人興奮的事情是。他們透過鐵路運輸大量貨物。多年來，他們在鐵路方面一直有著非常好的策略。因此鐵路運輸量將繼續增加，但目前我們的大部分物資都是透過卡車運輸的。

Thank you so much.

太感謝了。

Thank you. And at this time, I would like to turn the call back over to Brian Gray.

謝謝。現在，我想把電話轉回布萊恩·格雷。

Yeah, I'd just like to thank you all again for joining us today. Our 2nd quarter was largely impacted by factors out of our control, but we continue to make good progress on our edge initiatives and believe we are well positioned to grow our company and deliver long term value for our shareholders. We appreciate the interest and support and we'll now turn the call back over to the operator.

是的，我只想再次感謝大家今天的參加。我們的第二季度在很大程度上受到了我們無法控制的因素的影響，但我們在優勢舉措方面繼續取得良好進展，並相信我們已做好準備，發展公司並為股東創造長期價值。我們感謝您的關注和支持，現在我們將把電話轉回給接線生。

Thank you.

謝謝。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席，此時我們懇請您斷開線路。