Knife River Corp (KNF) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Knife River Corporation's third quarter results conference call.

女士們、先生們，早安，歡迎參加 Knife River 公司第三季業績電話會議。

(Operator Instructions)

（操作說明）

This call is being recorded on Tuesday, November 4, 2025.

本次通話於2025年11月4日星期二進行錄音。

I would now like to turn the conference over to Nathan Ring. Please go ahead.

現在我將把會議交給內森·林格。請繼續。

Thank you and welcome to everyone joining us for the Knife River Corporation third quarter results conference call.

感謝各位參加 Knife River 公司第三季業績電話會議，歡迎各位參加。

My name is Nathan Ring, Chief Financial Officer of Knife River, and I'm joined by our President and Chief Executive Officer, Brian Gray.

我是 Knife River 的財務長 Nathan Ring，與我一同出席的還有我們的總裁兼執行長 Brian Gray。

Today's discussion will contain forward-looking statements about future operational and financial expectations.

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。

Actual results may differ materially from those projected in today's forward-looking statements.

實際結果可能與今天發布的預測性聲明中所描述的結果有重大差異。

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.

更多詳情請參閱我們今天發布的收益報告以及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的網站上查閱。

Except as required by law, we undertake no obligation to update our forward-looking statements.

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.

在本次示範中，我們將提及某些非GAAP資訊。這些非GAAP指標的定義和與最直接可比較的GAAP指標的調整，已在今天的獲利報告和投資者簡報中公佈。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 third 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.

Brian 將在今天的電話會議上首先概述我們 2025 年第三季的業績，然後回顧各業務板塊並更新我們的競爭優勢計劃。在他發言之後，我將提供產品線概述、資本更新以及對我們 2025 年財務指引的回顧。

At the conclusion of our prepared remarks, we will open the line for a question-and-answer session.

在我們發言結束後，我們將開放問答環節。

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

接下來，我將把電話交給布萊恩。

Thank you, Nathan. Good morning everyone and thank you for joining us. The third quarters typically our most profitable, and we're pleased to report record financial results.

謝謝你，內森。各位早安，感謝各位的參與。第三季通常是我們獲利最高的季度，我們很高興地宣布創紀錄的財務表現。

Our revenue of $1.2 billion and adjusted EBITDA of $273 million were all-time quarterly highs thanks to strong contributions from our recent acquisitions. M&A is a core component of our competitive edge strategy to drive long-term value.

由於近期收購帶來的強勁貢獻，我們的營收達到 12 億美元，調整後 EBITDA 達到 2.73 億美元，均創歷史季度新高。併購是我們提升競爭優勢、創造長期價值的核心策略組成。

Another pillar of our edge plan is to optimize prices and control costs. I'd like to thank our Knife River team members for making important strides in this area during the quarter. Their efforts helped us grow just the EBITDA margin to 22.7% for the quarter, and equally impressive, we also improved gross margins across our Aggregates, Ready-Mix, and Asphalt product lines. We did all this while facing headwinds that we didn't have last year, including wet weather, a sluggish Oregon economy, and less asphalt paving across our segments. Delivering improved results in adverse conditions points to the fundamental strength of our business. Even without the addition of Strata Corporation, which is our largest acquisition ever, our third quarter revenue and adjusted EBITDA would have been records. Looking ahead, we're excited about our future. We're still in the early innings of our self-help initiatives, and we certainly expect the organic business to continue to grow as we fully implement dynamic pricing and operational improvements. We will also continue to pursue strategic acquisitions, and our team currently has multiple deals in the pipeline. We have record third quarter backlog with more pull through of higher margin asphalt paving materials than we did last year, and our states continue to invest in public infrastructure at record levels.

我們優勢策略的另一個支柱是優化價格和控製成本。我要感謝 Knife River 團隊成員在本季在這個領域取得的重要進展。他們的努力使我們本季的 EBITDA 利潤率成長至 22.7%，同樣令人印象深刻的是，我們的骨材、預拌混凝土和瀝青產品線的毛利率也得到了提高。我們克服了去年沒有遇到的種種不利因素，包括潮濕的天氣、俄勒岡州經濟低迷以及我們各個路段瀝青鋪設減少等，才完成了所有這些工作。在不利條件下取得更好的業績，體現了我們業務的根本實力。即使不計入 Strata Corporation 的收購（這是我們有史以來最大的一筆收購），我們第三季的營收和調整後的 EBITDA 也將創下紀錄。展望未來，我們對未來充滿期待。我們的自助計劃仍處於起步階段，我們當然期望隨著動態定價和營運改善的全面實施，有機業務能夠繼續成長。我們將繼續尋求策略性收購，目前我們的團隊有多項交易正在籌備中。第三季我們的積壓訂單創歷史新高，高利潤瀝青鋪路材料的銷售量比去年同期有所增加，各州繼續以創紀錄的水平投資公共基礎設施。

All in all, we expect a combination of our edge strategy and market fundamentals will continue to allow us to achieve profitable growth for our shareholders.

總而言之，我們預期憑藉我們的優勢策略和市場基本面，我們將繼續為股東實現獲利成長。

As we look more closely at our third quarter results, I'll start with an update on Oregon. We don't typically provide financial results for an individual state, but there's been a lot of attention on Oregon, so I wanted to follow-up with some additional detail.

在更仔細地審視我們第三季的業績時，我將首先介紹俄勒岡州的最新情況。我們通常不提供單一州的財務業績，但俄勒岡州受到了很多關注，所以我希望補充一些細節。

During the quarter, I'm pleased to say we saw year over year improvements in the state.

我很高興地告訴大家，本季該州的情況比前一年有所改善。

As previously reported, this market was down in the first half of the year, and during that time, we moved quickly to right size our team and reposition our crews to where the work is.

正如之前報導的那樣，今年上半年市場低迷，在此期間，我們迅速調整了團隊規模，並將我們的工作人員重新部署到有工作的地方。

We continue to optimize pricing and control costs, and we benefited from the financial contributions of recent acquisitions. In addition, we began to see aggregate volumes improve as third-party sales resumed on several jobs that had been delayed earlier in the year.

我們持續優化定價並控製成本，同時也受惠於近期收購帶來的財務效益。此外，隨著年初被推遲的幾個項目的第三方銷售恢復，我們開始看到總銷量有所改善。

Finally, our current contracting services backlog in Oregon is approximately 90% of where it was last year at this time. These factors led to third quarter financial results in Oregon, that were higher than last year, suggesting that headwinds are beginning to calm.

最後，我們在俄勒岡州目前的承包服務積壓量約為去年同期的 90%。這些因素導致俄勒岡州第三季的財務表現高於去年同期，顯示不利因素開始減弱。

In addition, the recent passing of a 10-year, $4.3 billion transportation funding package helped provide additional clarity in Oregon. While not the long-term fix lawmakers originally proposed, we expect the bill at a minimum will help maintain current funding levels and improve upcoming bid schedules at the local agencies.

此外，最近通過的為期 10 年、總額 43 億美元的交通運輸資金方案也為俄勒岡州帶來了更多清晰的指引。雖然這並非立法者最初提出的長期解決方案，但我們預計該法案至少將有助於維持目前的資金水平，並改善地方機構即將進行的招標安排。

Half of the funding is earmarked for cities and counties for the types of projects we most often perform. The other half of the new revenue stream will be added to Oregon's DOT budget.

一半的資金將指定用於城市和縣，用於我們最常進行的專案類型。新增收入的另一半將納入俄勒岡州交通部的預算。

Total funding for the next biennium is now projected to be $6.1 billion, slightly below the record $6.2 billion from the previous two-year cycle.

預計下一個兩年期的總資金為 61 億美元，略低於上一個兩年創紀錄的 62 億美元。

Given the new funding or improving aggregate sales management's commitment to keeping costs in check, and ongoing contributions from M&A, we expect the stabilization to continue and currently anticipate overall 2026 results in Oregon will be similar to this year.

鑑於新的資金投入或銷售管理層對控製成本的承諾不斷提高，以及併購帶來的持續貢獻，我們預計這種穩定局面將繼續下去，目前預計俄勒岡州 2026 年的整體業績將與今年類似。

Switching from Oregon to Mountain, this segment remains one of the fastest growing areas in our footprint, and we continue to enjoy record backlog here. However, third quarter results were impacted by less Asphalt paving; related to project timing, type of work, competitive bid dynamics, and delays caused by weather and project phasing. We experienced more scheduling delays this year than last year. The overall decrease in Asphalt paving in the segment not only impacted contracting services, but it also had a ripple effect through Hot mix Asphalt, aggregates and the utilization of our equipment pool. Fortunately, this work remains in our backlog, and we continue to add paving tons for next year. DOT budgets are strong, the backlog is at record levels, and we've added capacity in an effort to capture even more work heading into 2026.

從俄勒岡州到山區，這個區域仍然是我們業務範圍內成長最快的區域之一，我們在這裡繼續保持著創紀錄的訂單積壓量。然而，第三季業績受到瀝青鋪路工程減少的影響；這與專案進度、工作類型、競爭性投標動態以及天氣和專案分階段造成的延誤有關。今年我們遇到的行程延誤比去年更多。該領域瀝青鋪路總量的下降不僅影響了承包服務，而且還對熱拌瀝青、骨材和我們設備池的利用產生了連鎖反應。幸運的是，這項工作仍在我們的待辦事項清單中，我們明年將繼續增加鋪路工程量。交通部預算充足，積壓訂單達到歷史最高水平，我們增加了產能，以期在 2026 年獲得更多工作機會。

Continuing with our segments recap, let me move to the West. Since I already touched on Oregon, I'll focus on California, Hawaii, and Alaska. In these states, we saw healthy demand with pricing discipline and strong execution driving our results. We'd increased ready mix volumes and pricing in California where we added capacity and improved delivery efficiency. We also had higher contracting revenue margin in California, where we continue to see strong public agency demand. In Hawaii and Alaska, we had increased Aggregates and Ready-Mix volumes, and we stand to benefit in both states from some large impact projects that are just beginning construction.

繼續我們的分期回顧，接下來讓我們移步西部。既然我已經談到了俄勒岡州，那麼我將重點放在加州、夏威夷州和阿拉斯加州。在這些州，我們看到了健康的需求，定價紀律和強大的執行力推動了我們的表現。我們在加州增加了預拌混凝土的產量和價格，因為我們增加了產能並提高了配送效率。我們在加州的合約收入利潤率也更高，因為我們持續看到公共機構的強勁需求。在夏威夷和阿拉斯加，我們的骨材和預拌混凝土數量有所增加，這兩個州的一些大型項目剛開始建設，我們將從中受益。

With the stabilization in Oregon, we are optimistic about continued growth in the West in 2026.

隨著俄勒岡州局勢趨於穩定，我們對2026年西部地區的持續成長持樂觀態度。

In the central segment, our results were supported by the integration of Strata, which contributed to volume and marginal improvement. Third quarter revenue in EBITDA were up substantially, and EBITDA margin was 23%, an all-time record. The strong quarter in central could have been even better if not for the rain. The wet weather we reported in the second quarter continued in the third, particularly in July and September, which delayed projects and negatively impacted operating conditions. Still, we achieved a record quarter and are excited about the year ahead. Backlog in this segment is up 83% year over year, driven primarily by an increase in Texas.

在中心區域，Strata 的整合為我們的業績提供了支持，這有助於提高銷售量並實現邊際改善。第三季 EBITDA 營收大幅成長，EBITDA 利潤率達 23%，創歷史新高。如果不是因為下雨，中部地區的強勁表現本來可以更好。第二季出現的潮濕天氣在第三季仍在持續，尤其是在7月和9月，這導致工程延誤，並對營運條件產生了負面影響。儘管如此，我們還是取得了創紀錄的季度業績，並對未來一年充滿期待。該領域的積壓訂單年增 83%，主要原因是德州的訂單增加。

We are seeing strong commercial and public work opportunities in our Texas footprint, and our teams there have secured major highway projects in the College Station area.

我們在德克薩斯州的業務範圍內看到了強勁的商業和公共工程機會，我們在那裡的團隊已經獲得了大學城地區的主要高速公路項目。

In North Dakota, we're also set up favorably for 2026 with new infrastructure funding driving bidding opportunities and supporting the Knife River and Strata combined operations. The North Dakota State DOT intends to bid about $750 million of construction work in 2026, which is more than twice the $345 million it put out for bid in 2025.

在北達科他州，我們也為 2026 年做好了有利準備，新的基礎設施資金推動了投標機會，並支持了 Knife River 和 Strata 的聯合運營。北達科他州交通部計劃在 2026 年招標約 7.5 億美元的建設項目，是 2025 年招標金額 3.45 億美元的兩倍多。

Throughout the central segment, our markets appear poised for growth, and our expanded teams are working closely together.

在中部地區，我們的市場似乎已做好成長準備，我們擴大的團隊正在緊密合作。

And finally, at Energy Services, the segment delivered a strong quarter with revenue of 34% and EBITDA up 18%, primarily due to the acquisition of Albina Asphalt and the new polymer modified Liquid Asphalt plant in South Dakota. The segment continues to benefit from vertical integration and discipline bidding and is on track to have another solid year.

最後，能源服務部門本季業績強勁，營收成長 34%，EBITDA 成長 18%，主要歸功於收購 Albina Asphalt 以及在南達科他州新建的聚合物改質液態瀝青廠。該業務板塊持續受益於垂直整合和嚴格的競標機制，並有望再創佳績。

While 2025 has had its share of challenges, we continue to focus on our edge strategy and the opportunities we have to improve our performance and finish the year strong. As mentioned, edge includes acquisition growth, which contribute to our improved results for the quarter.

儘管 2025 年面臨許多挑戰，但我們將繼續專注於我們的優勢策略和我們所擁有的機會，以提高我們的業績並強勢收官。如前所述，優勢包括收購成長，這有助於我們本季業績的改善。

M&A will remain an integral part of our strategy, and our corporate development team continues to add quality opportunities to the pipeline. We are focused on aggregates led, margin of creative targets in our mid-sized high growth markets. But M&A is just one component of edge. During the quarter, our process improvement teams and field personnel were also hard at work, implementing efficiencies across our operations. At the same time, our sales teams continue to emphasize our dynamic pricing model, helping to better capture the full value of our products. These tandem efforts resulted in third quarter improvements to our Aggregates, Ready-Mix, and Asphalt gross margin. While we're improving our processes, we are also improving our safety performance. I'm proud of the advances our team continues to make on the ‘I Choose Safety’ program. We believe a safe and engaged team is vital to our success. Combined, we expect each of the ongoing efforts in our competitive edge plan will help drive consistent EBITDA growth and enable us to achieve our long-term goal of 20% adjusted EBITDA margin.

併購仍將是我們策略的重要組成部分，我們的企業發展團隊將繼續為專案儲備增加高品質的收購機會。我們專注於中型高成長市場中以創意目標為主導的骨材供應和利潤率。但併購只是競爭優勢的一個組成部分。本季度，我們的流程改善團隊和現場人員也努力工作，在我們的營運中實施提高效率的措施。同時，我們的銷售團隊繼續強調我們的動態定價模式，以幫助更好地實現我們產品的全部價值。這些協同努力使得我們第三季的骨材、預拌混凝土和瀝青毛利率有所提高。在改善流程的同時，我們也提升了安全績效。我為我們的團隊在「我選擇安全」專案上不斷取得的進展感到自豪。我們相信，安全且積極的團隊對我們的成功至關重要。我們預計，競爭優勢計畫中的每項持續努力都將有助於推動 EBITDA 的持續成長，並使我們能夠實現 20% 的調整後 EBITDA 利潤率的長期目標。

Before I turn the call over to Nathan, I'd like to take just a moment to reinforce our track record of meeting our goals. In our 30-year history, we've had 4 distinct periods. The first was to build scale, the second was to enhance our vertical integration and generate industry leading return on invested capital, the third was to position Knife River to become an independent publicly traded company, and the fourth is where we are today, implementing our competitive edge strategy in an effort to grow EBITDA and improve margins. We accomplished our goals in each of the first 3 phases, and we are on track to meet our edge goals as well. Over the past 3 years on a trailing 12-month basis, we have grown revenue by 22%, adjusted EBITDA by 56%, and adjusted EBITDA margin by 320 basis points. Edge is working and the fundamentals of our business are only getting stronger.

在將電話交給內森之前，我想花一點時間重申我們實現目標的過往記錄。在我們30年的發展歷程中，我們經歷了4個截然不同的時期。第一個目標是擴大規模，第二個目標是加強垂直整合，實現行業領先的投資回報率，第三個目標是使 Knife River 成為一家獨立的上市公司，而第四個目標是我們今天所處的階段，即實施我們的競爭優勢戰略，以期提高 EBITDA 並改善利潤率。我們在前三個階段都實現了目標，我們正朝著實現最終目標穩步前進。過去 3 年，以過去 12 個月計算，我們的營收成長了 22%，調整後 EBITDA 成長了 56%，調整後 EBITDA 利潤率成長了 320 個基點。Edge策略行之有效，我們業務的基本面也越來越穩固。

All of this gives me great confidence that our dedicated team members will continue delivering profitable growth and create long-term value for our shareholders. With that, I'll turn the call over to Nathan.

這一切都讓我深信，我們敬業的團隊成員將繼續實現獲利成長，並為我們的股東創造長期價值。接下來，我將把電話交給內森。

Thank you, Brian. As we take a closer look at our financial results, you'll see that it was also a positive turning point in the year for our materials product lines. In particular, Aggregates, Ready Mix, and Asphalt saw marginal improvement over the third quarter last year.

謝謝你，布萊恩。當我們仔細審視我們的財務表現時，你會發現，對於我們的材料產品線而言，這也是本年度的一個積極轉折點。特別是，骨材、預拌混凝土和瀝青的銷售量較去年第三季略有成長。

In Aggregates, prices increased 8% and margins improved 50 basis points. As we mentioned last quarter, we anticipated that the early season pre-production work and our team's ongoing efforts to create operating efficiencies would begin to produce improved financial results. We're taking these efficiencies and scaling them.

骨材價格上漲 8%，利潤率提高 50 個基點。正如我們上個季度所提到的，我們預計季前準備工作以及我們團隊為提高營運效率而持續進行的努力將開始產生更好的財務表現。我們正在將這些效率提升措施推廣應用。

As we assess our operations, we believe the upside in margins for aggregates provides one of the most compelling opportunities for earnings growth.

在評估我們的營運情況時，我們認為骨材利潤率的提升為獲利成長提供了最具吸引力的機會之一。

Volumes also increased in the quarter thanks to contributions from Strata, as well as Alaska and Hawaii.

由於 Strata 以及阿拉斯加和夏威夷的貢獻，本季銷量也有所成長。

Looking at the full year, we expect volumes to be flat as a result of the increased rainfall and less paving work performed earlier in the year. We anticipate that pricing will remain strong and increase high single-digits for the full year.

從全年來看，由於降雨量增加以及年初鋪設路面的工作量減少，我們預計全年的工程量將保持穩定。我們預計全年價格將保持強勁，並實現高個位數成長。

Switching to Ready Mix, we had one of our best quarters ever. We had price increases of almost 6%, volumes were up 16%, and margins improved 160 basis points over the third quarter last year.

改用預拌混凝土後，我們迎來了有史以來業績最好的一個季度。我們的價格上漲了近 6%，銷量成長了 16%，利潤率比去年第三季提高了 160 個基點。

Much of the improvement comes from our dynamic pricing model along with operating efficiencies at the batch plants and product delivery.

大部分改進都得益於我們的動態定價模式，以及配料廠和產品交付的營運效率的提高。

Volumes were up mainly due to the addition of Strata's 24 Ready-Mix plants and also because of increased commercial work in Alaska, California, and Hawaii. We expect full year volumes to be up by low double-digits and pricing to increase mid-single-digits.

產量增加主要是由於 Strata 新增了 24 家預拌混凝土廠，以及阿拉斯加、加州和夏威夷的商業業務增加。我們預計全年銷量將達到兩位數低成長，價格將達到個位數中成長。

The Asphalt product line was directly impacted by less paving work in contracting services. Almost 70% of Asphalt volumes are sold internally, and internal sales were down approximately 7% for the quarter.

瀝青產品線直接受到承包服務中鋪路工作減少的影響。瀝青銷量的近 70% 為內部銷售，而本季內部銷售額下降了約 7%。

Prices were also down compared to last year, directly related to lower Liquid Asphalt input costs.

與去年相比，價格也有所下降，直接與液態瀝青投入成本的降低有關。

Despite the lower volumes in pricing, we have been able to manage our cost structure and slightly improve margins over the third quarter of last year.

儘管銷量下降導致價格走低，但我們仍然能夠控製成本結構，並且與去年第三季相比，利潤率略有提高。

For the full year, we expect volumes and pricing to be down by low single-digits.

我們預計全年銷售和價格將出現個位數百分比的下降。

In contracting services, the revenue and gross profit declines were largely related to less paving work for the quarter. Our contracting services margin was also down, due to slightly lower margin available on the backlog work we performed, fewer project bonus opportunities because of the type of work, and delays in job site challenges from adverse weather.

在承包服務方面，收入和毛利的下降主要是由於本季鋪路工作量減少所致。由於我們完成的積壓工作利潤率略低、由於工作類型導致專案獎金機會減少，以及惡劣天氣造成的工地挑戰導致工期延誤，我們的承包服務利潤率也下降了。

Looking ahead, our backlog is 32% higher than last year, with significantly more paving work secured, and we are also seeing additional paving jobs in the upcoming bid schedule from what we did at this time last year.

展望未來，我們的積壓訂單比去年同期增加了 32%，鋪路工程的承接量也顯著增加，而且在即將到來的投標計劃中，我們還看到了比去年同期更多的鋪路工程。

Even though the expected margin in our backlog is slightly lower year over year, we expect this will be more than offset by the anticipated benefit of additional volumes of upstream, higher margin materials.

儘管我們積壓訂單的預期利潤率較去年同期略有下降，但我們預計上游高利潤材料額外供應帶來的預期收益將足以抵銷此影響。

Moving to SG&A. The increase over the third quarter last year is primarily related to overhead that came with acquisitions we have made in the last 12 months.

移至銷售、一般及行政管理部門。與去年第三季相比的成長主要與過去 12 個月內收購帶來的管理費用有關。

Although costs are higher year over year, they are coming in lower than we had forecast, partly due to the benefit of higher gains recognized on the sale of assets and lower payroll incentives. As we look forward, we anticipate that fourth quarter SG&A will be higher than last year by mid single-digits plus increases from the recent acquisitions.

儘管成本逐年上升，但仍低於我們的預期，部分原因是資產出售收益增加和工資激勵措施減少。展望未來，我們預期第四季銷售、一般及行政費用將比去年同期高出個位數百分比，再加上近期收購帶來的成長。

As we look at our balance sheet, we ended the quarter with a net leverage position of 2.6 times and $457 million of borrowing capacity on the revolver.

從我們的資產負債表來看，本季末我們的淨槓桿比率為 2.6 倍，循環信貸額度為 4.57 億美元。

For capital deployment, we have invested $664 million on growth initiatives through the third quarter, including acquisitions, aggregates expansion, and greenfield projects.

在資本部署方面，截至第三季度，我們已投資 6.64 億美元用於成長計劃，包括收購、骨材擴張和新建項目。

For the remainder of 2025, we expect to spend approximately $32 million on organic growth projects.

在 2025 年剩餘的時間裡，我們預計將在有機成長項目上投入約 3,200 萬美元。

For maintenance and improvement, we continue to expect capital expenditures to be between 5% and 7% of revenue for the full year. Our balance sheet remains strong, with available financial capacity for future acquisitions and new organic growth opportunities, which would be incremental to our outline capital program.

對於維護和改進，我們預計全年資本支出仍將佔收入的 5% 至 7%。我們的資產負債表仍然穩健，擁有足夠的財務能力進行未來的收購和新的內生成長，這將增加我們現有的資本計畫。

As we consider the full year, we are narrowing our financial guidance. Our updated guide is based on normal weather, economic, and operating conditions for the remainder of the year and includes consolidated revenue between $3.1 billion and $3.15 billion and adjusted EBITDA between $475 million and $500 million.

考慮到全年情況，我們正在縮小財務預期範圍。我們更新後的業績指南是基於今年剩餘時間的正常天氣、經濟和營運狀況，其中包括合併收入在 31 億美元至 31.5 億美元之間，調整後 EBITDA 在 4.75 億美元至 5 億美元之間。

Our teams have done an excellent job managing through the challenges we face this year, and the third quarter results proved that the fundamentals of our operations are strong. Our edge strategy is working. The markets we operate in have solid public funding. Our pit crew initiatives are producing financial results, and we believe Knife River is well positioned to deliver long-term value to our shareholders for years to come.

我們的團隊在應對今年面臨的挑戰方面做得非常出色，第三季的業績證明我們營運的基本面很強勁。我們的優勢戰略正在奏效。我們所處的市場擁有雄厚的公共資金支持。我們的維修團隊措施正在產生財務成果，我們相信 Knife River 已做好充分準備，在未來幾年為股東創造長期價值。

I would now like to open the call for questions.

現在我來接受提問。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，現在開始問答環節。

(Operator Instructions)

（操作說明）

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, thanks. Good morning, guys.

嘿，謝謝。各位早安。

Morning, Brent.

早上好，布倫特。

Hey, maybe just Brian on, I guess shorter term question just kind of backing into the math for, the fourth quarter.

嘿，也許只有布萊恩會問，我想問的是一個短期問題，只是倒推一下第四季的數學計算。

With the with the revised guidance here implies, decent year on year growth and EBITDA. I just wanted to maybe get a little more context of what you're seeing on the ground right now that you kind of gives you confidence in that year-on-year growth range. I know you know there's been challenges through the year and delays and pushouts with weather, but any more context that would be helpful.

根據修訂後的指引，這意味著同比和 EBITDA 將實現良好的成長。我只是想了解你目前在實地觀察到的情況，以及是什麼讓你對同比增速有信心。我知道您也知道今年以來遇到了很多挑戰，天氣原因導致工期延誤和推遲，但如果能提供更多背景資訊就更好了。

No, I appreciate that, Brent. And so, yeah, 3 factors really, the Oregon stabilization and their ability to actually produce more profit for the third quarter, that momentum will continue. That stabilization in Oregon will continue. A few of those jobs we talked about earlier in the year that were delayed have resumed construction and so. That is part of the fourth quarter guide. The other thing is our record backlog and the additional paving that we have in our backlog. With favorable weather, and I would say that we had a good October as far as weather and so we also have 2 more months left.

不，我很感激，布倫特。所以，是的，實際上有三個因素：俄勒岡州的經濟趨於穩定，以及他們第三季實際創造更多利潤的能力，這種勢頭將會持續下去。俄勒岡州的局勢將會繼續穩定。今年早些時候我們討論過的一些延期工程已經復工復產了。這是第四季業績指引的一部分。另一件事是我們創紀錄的積壓工程，以及我們積壓的額外鋪路工程。如果天氣晴好的話，我覺得十月的天氣不錯，所以我們還有兩個月的時間。

That begins to change on us, but if we get a couple more weeks of good weather, that gives us confidence we can get that work done. And so really, it's the turn, the stabilization in Oregon, the strong backlog that we've got that has additional pull through of those higher margin asphalt paving materials and then, normal weather and we had a good month in October.

情況開始發生變化，但如果再有幾週的好天氣，我們就有信心完成這項工作。所以，關鍵在於俄勒岡州的市場轉機和穩定，我們積壓的大量訂單進一步拉動了利潤更高的瀝青鋪路材料的需求，再加上正常的天氣，我們在十月份度過了一個不錯的月份。

Got it, and I appreciate all the detail on kind of what's going on in Oregon, I guess, Brian, the-- I think you said you anticipated results would be similar in 2026 to what you should see this year. What you, what are you looking for over the next several months that might dictate maybe a maybe something more than stable, maybe possibly some sort of rebound in Oregon next year just curious kind of the things you're looking at, that that might drive that.

明白了，我很感謝你詳細介紹俄勒岡州的情況，布萊恩，我想你說過你預計 2026 年的結果會與今年的結果類似。在接下來的幾個月裡，你希望看到什麼，才能讓俄勒岡州明年的經濟出現比穩定更穩定的局面，甚至可能出現某種程度的反彈？我只是好奇你在關注哪些因素，哪些因素可能會推動經濟復甦。

Yeah, I'm real pleased, Brent, with the management's reaction and quickly right sizing to the new level of work there repositioning crews within the state where we're busier and there's pockets within Oregon that are still healthy. Obviously the Portland market is a large driver of our volumes and so we're still looking for some additional market stability in there, I think. The trade talks that are going on has an impact on that Portland economy with the imports and along with some of the larger employers in the state that are impacted by tariffs and so I think looking for some stability there, the governor needs to sign, which we fully anticipate will happen, the transportation bill. We need to see the bid lettings come out that that 50% that's going to the counties and cities that we expect will benefit us. We're heading into our busier time of the year as far as bidding, so looking for some stability there. So there's still, I mean, I think that there's a lot of positive signs in Oregon over the last 90 days and I think we want to see that momentum continue into next year and then, when we get to February, we'll get a better guide, but at this point in time with what we see, we feel comfortable that Oregon is stabilized and that results next year in 2026 should be flat with this year.

是的，布倫特，我對管理層的反應非常滿意，他們迅速調整人員規模以適應新的工作水平，重新部署了州內業務繁忙地區的員工，俄勒岡州內還有一些業務仍然健康的地區。顯然，波特蘭市場是我們銷售的主要驅動力，因此我認為我們仍在尋求該市場的一些額外穩定性。正在進行的貿易談判對波特蘭的經濟產生了影響，進口商品受到衝擊，而且該州一些大型雇主也受到關稅的影響。因此，我認為為了穩定經濟，州長需要簽署交通法案，我們完全預期州長會簽署法案。我們需要看到招標結果出來，確保那 50% 的份額分配給我們預期會讓我們受益的縣市。我們即將進入一年中投標最繁忙的時期，所以需要一些穩定性。所以，我的意思是，我認為過去 90 天裡俄勒岡州有很多積極的跡象，我們希望看到這種勢頭延續到明年，然後，到了二月份，我們會得到更好的指導，但就目前我們所看到的，我們感到俄勒岡州已經穩定下來，明年（2026 年）的結果應該與今年持平。

Okay, this last one, on strata realized that conditions have been sort of atrocious in that that region, probably tough to get to that $45 million dollar bogey for this year, but maybe kind of what's under the hood that you're seeing that you really like about that business and. As we think about, a year where we don't have some of these challenges from weather is $45 million sort of contribution to EBITDA from that business still very reasonable to you.

好的，最後一個問題，關於地層，我們意識到該地區的狀況相當糟糕，今年可能很難達到 4500 萬美元的目標，但也許你看到的是你真正喜歡這個行業的內在因素。我們設想，如果某一年沒有天氣帶來的這些挑戰，那麼該業務對 EBITDA 的貢獻將達到 4500 萬美元，這對您來說仍然非常合理。

Yeah, Brent, we're very pleased with what we've seen, extremely pleased with the integration that our team and their teams are coming together as one. You look at the DOT budget in North Dakota, more than double than what we had this year, and we are well positioned to take advantage of that. You look at our Ready-Mix results for this quarter, and Strata is a large contributor to that success. And so, they absolutely are performing as we had modeled as we anticipated, with the one exception that you mentioned was a very wet summer for those guys. But other than weather, they absolutely are on track both to capture the synergies that we modeled, the volumes are in line with what we modeled, and it's really performing very well. We're excited about next year with the North Dakota bid lighting schedule coming up.

是的，布倫特，我們對目前的情況非常滿意，尤其對我們團隊和他們團隊的融合程度感到非常滿意。你看看北達科他州交通部的預算，比我們今年的預算多了一倍多，我們完全有能力利用這一點。看看我們本季的預拌混凝土業績，Strata 就是這項成功的重要貢獻者。所以，他們的表現完全符合我們的預期，正如我們之前預測的那樣，唯一的例外就是你提到的那個非常潮濕的夏天。除了天氣因素外，他們絕對按計劃實現了我們預測的協同效應，銷量也與我們的預測相符，而且表現確實非常好。我們對明年北達科他州的照明工程招標計劃感到非常興奮。

Okay great. Thanks guys.

好的，太好了。謝謝各位。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my question today. I just want to dig a little bit more into backlogs. I had a nice increase, very solid contribution from public, as is typical, but could you give a little bit more color in two different buckets. One, the type of projects, really more colors specifically on contracting, and then the type of products, asphalt type jobs, and what this means for margins overall on a go forward basis.

您好，感謝您今天回答我的問題。我只是想更深入地研究一下積壓的工作。我的收益有所增長，公眾貢獻非常穩定，這很正常，但您能否從兩個不同的方面再詳細解釋一下？第一，專案類型，特別是承包方面的顏色，以及產品類型，瀝青類工程，以及這對未來整體利潤率的影響。

Thank you.

謝謝。

Thanks, Kathryn. Yeah, let me start with the margins in our backlog. Nathan mentioned that we have slightly lower margins, and I'll start by saying that we, I'm very proud of our team, so we have industry leading margins to begin with, and I know that the margins that we have in our backlog that come from our pull through of the downstream materials. So, when we're doing asphalt paving and we have a lot of asphalt paving in our backlog, Kathryn, I'll talk about that next, but that more than offsets, those margins in aggregates, those margins in asphalt that's not part of contracting services, those margins more than offset the slight decline that we have in our backlog margins. So if you look at it from an enterprise level, from a consolidated level. Our backlog has more gross profit in it than it has in the past, even with the slightly lower margins in contracting services more than offset by the benefits we get of higher volumes of asphalt paving because of that pull through of the higher margin of material. So, Nathan also mentioned that we have significantly more asphalt paving in our backlog, and you know we did not secure the amount of work that we had anticipated for this year and we also didn't perform it, partly because of weather, partly because of delays. The good news is that backlog, I mean, it is still that work is still in our backlog, and so we have significantly more asphalt paving with those higher margin pull through that will benefit the asphalt, the liquid asphalt, the equipment pool, the aggregates business line. Just to put it in perspective, the mountain region today, I'm sorry, the end of September, so the end of the quarter, has 23% more backlog of asphalt paving than we've performed all of this year in the mountain region.

謝謝你，凱瑟琳。好的，讓我先從我們待辦事項清單中的邊際效益說起。Nathan 提到我們的利潤率略低，首先我要說的是，我為我們的團隊感到非常自豪，所以我們本來就擁有行業領先的利潤率，而且我知道我們積壓訂單中的利潤率來自於我們對下游材料的拉動。所以，當我們進行瀝青鋪路工程，並且積壓了很多瀝青鋪路工程時，凱瑟琳，我接下來會談到這一點，但這些積壓工程的利潤，包括骨料的利潤和不屬於承包服務的瀝青利潤，足以抵消我們積壓工程利潤的輕微下降。所以，如果你從企業層面，從整合層面來看。雖然承包服務的利潤率略有下降，但由於瀝青鋪路量增加，材料利潤率提高，因此我們積壓的訂單的毛利比過去更高，但這點下降被瀝青鋪路量增加帶來的好處完全抵消了。所以，內森也提到，我們積壓的瀝青鋪設工程量要大得多，而且你知道，我們今年並沒有獲得預期的工作量，也沒有完成這些工作，部分原因是天氣，部分原因是延誤。好消息是，積壓的工作，我的意思是，這些工作仍然在我們的積壓工作中，因此我們有更多利潤更高的瀝青鋪路工程，這將有利於瀝青、液態瀝青、設備池和骨料業務線。為了讓大家更清楚地了解情況，截至今天（抱歉，是九月底，也就是本季末），山區瀝青鋪設工程的積壓量比我們今年在山區完成的工程量還要多出 23%。

So that's one data point to kind of give you some context in our backlog. The central region, we obviously picked up some very large jobs. Their backlog is up 83% in the central region, and they have more than 2 times. The amount of asphalt paving in their backlog that they'll perform next year than they had in their backlog a year ago. So, and that's just two data points to kind of reemphasize the amount of substantially more asphalt paving that we have in that backlog. So the slightly lower margins does not concern me at all. Because of the strong benefit that we'll receive from the downstream higher margin material. So, and the last point I'd make is we're really just entering the busiest time of the year for us as it relates to bidding. And so we have 32% more backlog than we did a year ago, and we're heading into the heart of our bidding season with some strong DOT budgets, most of them at record or near record levels.

這是能讓你對我們待辦事項有所了解的一個數據點。在中部地區，我們顯然承接了一些非常大的工程。他們在中部地區的積壓訂單增加了 83%，而且數量是原來的兩倍多。他們明年將完成的瀝青鋪設工程量比一年前的積壓工程量要多。所以，以上只是兩個數據點，旨在再次強調我們積壓的瀝青鋪設工程量非常大。所以略低的利潤率我一點也不擔心。因為我們將從下游高利潤材料中獲得巨大的利益。最後，我要說的最後一點是，我們即將進入一年中最繁忙的投標時期。因此，我們的積壓訂單比一年前增加了 32%，而且我們即將進入投標季的高峰期，交通部的一些預算非常強勁，其中大部分都達到了創紀錄或接近創紀錄的水平。

So, I really like the position that we're in right now, Kathryn, as it really for our backlog.

所以，凱瑟琳，我真的很喜歡我們目前所處的境地，因為這對我們的積壓工作來說真的很有利。

Okay, great.

好的，太好了。

Thank you. And then if you were to look at it once again just kind of a follow on with that backlog.

謝謝。然後，如果你再看一遍，你會發現這只是對先前積壓工作的後續。

How do you feel about your backlog, the mix of your backlog today versus say a year ago? I mean, are you kind of with that balance?

您對目前的待辦事項清單有何看法？與一年前相比，目前的待辦事項清單組成有何不同？我的意思是，你覺得這種平衡可以接受嗎？

What are some differences in type of mix that you're seeing today? And it's not a year ago, even 6 months ago, is there anything changing in terms of that mix?

如今你看到的混音類型有哪些不同？一年前，甚至六個月前，這種組合方面有什麼變化嗎？

Yeah, I think the change is what I mentioned is we have a lot more of that higher margin pull through of materials in our backlog. The other thing that's changed is we've added some larger jobs over the last couple of quarters, and so our burn rate has changed over a year ago, and so we typically burn about 90% of our backlog off in 12 months, and so, with the larger amount of backlog we have. Some of those larger jobs are multi-year jobs, and so you know that burn rate now is at 77%, but if you do the math, I mean we still have an 11% increase in expected revenue in our backlog, even with that lower burn rate. And so stronger revenues projections with a larger percentage of that work being directed towards asphalt paving, which does benefit our downstream materials in asphalt aggregates.

是的，我認為變化正如我所提到的，就是我們積壓訂單中高利潤率的物料訂單量大大增加。另一件發生變化的是，在過去的幾個季度裡，我們增加了一些較大的項目，因此我們的資金消耗速度與一年前相比發生了變化，我們通常會在 12 個月內完成大約 90% 的積壓項目，因此，隨著我們積壓項目的增多，情況也發生了變化。有些較大的項目是多年期項目，所以你知道現在的資金消耗率是 77%，但如果你計算一下，我的意思是，即使資金消耗率降低，我們的積壓訂單中預期收入仍然增長了 11%。因此，隨著更大比例的工作轉向瀝青鋪路，收入預測將更加強勁，這確實有利於我們在瀝青骨材等下游材料的生產。

Okay, great. Thanks so much. I'll jump back in the queue.

好的，太好了。非常感謝。我重新排隊。

Thanks, Kathryn.

謝謝你，凱瑟琳。

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens Inc.

Good morning, everyone.

各位早安。

Hey, Brian.

嘿，布萊恩。

So, I guess, starting off, asphalt paving in mountain, seeing some challenges there. Sorry if you touched on this, but you mentioned competitive bid dynamics. Is that intensified in this market? Is this, something that's expected to continue? And then also is this isolated to the region or are you seeing it, kind of creeping into other markets or how widespread is it?

所以，我想，首先是在山區鋪設瀝青路面，這其中存在一些挑戰。如果您已經談到這一點，我深表歉意，但您提到了競標動態。在這個市場中，這種情況是否更加嚴重？這種情況預計會持續下去嗎？另外，這種情況是僅限於該地區，還是逐漸蔓延到其他市場？或者說，這種情況的傳播範圍有多廣？

Yeah, great question, Trey, and I would just, I would say that, you know our business is very local. It's a really regional business and so the same headwinds that we faced this year, whether that's timing of work, type of work, phasing of work, whether our lack of asphalt paving, our local competitors would be in the same boat. And so. Yeah, that has slightly changed the bid dynamics in the in the bid room. We've obviously secured our fair share of work, having backlogged that's still up 32% with more asphalt paving, but we didn't do the asphalt paving that we had anticipated and hoped for this year in the mountain region. And then weather certainly impacted us in the central region, specific to the mountain region we talked about this on the last call. I mean there's just, it's really a type of work that was being let out. It's the timing of the work that's getting built and the kind of the phasing of those large heavy civil interstate jobs that started off with a lot of dirt work that has paving in it, and we have a lot of that paving on our books and frankly we thought.

是的，特雷，問得好。我想說的是，你知道，我們的業務非常本地化。這是一個非常區域性的行業，因此我們今年面臨的種種不利因素，無論是工作時間、工作類型、工作階段，還是我們缺乏瀝青鋪路材料，我們的本地競爭對手也會面臨同樣的問題。所以。是的，這稍微改變了競價室裡的競價動態。我們顯然已經獲得了相當一部分工作，積壓的工作量仍然比往年增加了 32%，其中瀝青鋪設工程更多了，但是今年我們在山區並沒有完成我們預期和希望的瀝青鋪設工程量。天氣確實對中部地區造成了影響，特別是我們上次通話中提到的山區。我的意思是，這確實是一種被公諸於世的作品類型。關鍵在於施工進度，以及那些大型重型土木工程（包括公路和高速公路）的施工階段安排。這些工程最初都是以大量的土方工程開始，後來才開始鋪設路面。我們手頭上有很多這樣的鋪路工程，坦白說，我們當時認為…

Some of that work was going to go. There was one job even in Idaho that had 70,000 tons of paving on it that we thought would go this summer. It's gotten pushed a little bit into the fourth quarter depending on weather and then into next year.

其中一些工作將被取消。甚至在愛達荷州，有一個工程需要鋪設 7 萬噸路面，我們原本以為今年夏天就能完工。根據天氣情況，比賽可能會推遲到第四季度，甚至可能推遲到明年。

The location of work, it was not necessarily right in our core markets in the Montana area. We talked about that last time. The type of work again, the DOT, they rotate the dollars between bridges, heavy civil asphalt paving, and so I think this is a temporary problem, challenge that we faced in Montana and frankly pieces of Idaho and Wyoming. So that mountain region. The good news is that mountain region, it has record backlog. I mean it has $100 million or more backlog than it had a year ago. And it's still one of our faster growing regions and so I'm not concerned about the future of that, but we certainly lacked asphalt paving to keep our crews and really to keep the asphalt plant aggregate plants busy. We didn't have that this summer and it's more related to timing type of work than it is a structural issue. In the bedroom we're dynamic. I mean we can move quickly and we've made those adjustments, but the market dynamics as far as new competition has not changed much and our margins are being slightly lower again are more than offset with the benefit of the higher pull through of materials. So not structural, nothing that we can't adapt to and any kind of major problems going forward.

工作地點並不一定位於我們在蒙大拿州的核心市場區域。我們上次就談過這件事了。交通部再次將資金用於橋樑建設、重型土木工程瀝青鋪設等項目，所以我認為這只是我們在蒙大拿州以及愛達荷州和懷俄明州部分地區面臨的一個暫時性問題和挑戰。所以，就是那個山區。好消息是，山區積壓的案件數量創下了歷史新高。我的意思是，它的積壓訂單比一年前增加了1億美元甚至更多。而且它仍然是我們成長最快的地區之一，所以我並不擔心它的未來，但我們確實缺乏瀝青鋪路工程來維持我們的工人隊伍，也確實讓瀝青廠的骨料廠保持忙碌。今年夏天我們沒有遇到這種情況，這更多的是時間安排的問題，而不是結構性問題。在臥室裡，我們充滿活力。我的意思是，我們可以迅速行動，我們也做出了相應的調整，但就新競爭而言，市場動態並沒有發生太大變化，我們的利潤率再次略有下降，但這被材料更高的拉動率帶來的好處完全抵消了。所以這不是結構性問題，沒有什麼是我們無法適應的，未來也不會有任何重大問題。

Yes. Okay, that's helpful. And then on the Ready-Mix business, your margins there are up nicely year over year. I'm sure there's, some benefits from acquisition and whatnot, but as we're thinking about the Ready-Mix business, looking kind of going forward, what's your thoughts around kind of the puts and takes on price costs as you as you look at that? I mean, asphalt kind of, it's facing its headwinds, which we've talked about, but Ready-Mix seems to be performing pretty well, given the tough operating environment that's out there.

是的。好的，這很有幫助。此外，在預拌混凝土業務方面，你們的利潤率逐年穩定成長。我相信收購等等肯定會有一些好處，但是當我們考慮預拌混凝土業務，展望未來時，您如何看待價格成本的優缺點？我的意思是，瀝青產業正面臨一些不利因素，我們已經討論過了，但考慮到目前嚴峻的經營環境，預拌混凝土的表現似乎相當不錯。

No, if you look at our margins of 20% for the quarter, those are going to be industry leading margins. So very proud of the work that our teams are doing. Our pit crews and our dynamic pricings have a lot to do with that success. So obviously Strata is a large contributor to that, but even without strata we had very good numbers in our Ready-Mix business units. So, we do see that momentum carrying into next year. Our dynamic pricing model. Is being embraced both internally and our customers have received that modeling well as long as we're providing the value of the materials through quality and customer service, they will pay the prices that we are asking for our dynamic pricing and you couple that with dispatch efficiencies, some new KPIs and dashboards we're putting in place to help us manage our costs. You look at the purchasing power we have in our regional markets for our input costs. I think I like the position that we're in for Ready-Mix going forward with prices exceeding costs.

不，如果你看看我們本季的利潤率，20%，這將是業界領先的利潤率。我為我們團隊所做的工作感到非常自豪。我們的維修團隊和動態定價機制對我們的成功起了很大的作用。顯然，地層租賃業務對此有很大貢獻，但即使沒有地層租賃業務，我們的預拌混凝土業務部門的業績也非常好。所以，我們預計這種勢頭將延續到明年。我們的動態定價模式。這種模式在公司內部得到了認可，我們的客戶也對此表示贊同。只要我們透過品質和客戶服務提供材料的價值，他們就會支付我們動態定價所要求的價格。再加上出貨效率的提高，以及我們正在實施的一些新的KPI和儀表板，以幫助我們控製成本。你要看看我們在區域市場上的購買力，以及我們投入成本的購買力。我認為，就預拌混凝土的未來發展而言，價格超過成本的局面是件好事。

And if I just sneak one more in there, aggregates pricing very good. There's been, I guess, several of your, larger competitors have been in the market kind of commenting on high level expectations for aggregates around, pricing and volume. It just given the markets you're in, is there anything that maybe you could give us just from a maybe high level standpoint around how to think about pricing or or volume or anything around your aggregates business looking into next year?

如果我再偷偷加一條進去，骨材價格非常優惠。我想，你們的一些規模較大的競爭對手已經在市場上發表了一些評論，表達了對骨材價格和銷量的高期望。鑑於您所在的市場，您能否從宏觀角度談談您明年在骨料業務定價、銷售或其他方面有什麼建議？

Thank you.

謝謝。

Yeah, I would say I've mentioned on previous calls that we think that with our commercial excellence and dynamic pricing model that mid-single-digits for aggregate pricing is something that's sustainable. We've enjoyed high single-digit price increases this year, and that has a lot to do with the acquisition of strata and their pricing cost structure up in that market with the rail. Keep in mind our average selling price includes delivery and freight, and so the addition of strata pushed that up to high single-digits this year, but Trey, our legacy operations are continuing to perform at mid-single-digits, and we do feel like that is sustainable going forward. The volumes, that's been a little bit of a different story this this year.

是的，我曾在之前的電話會議上提到過，我們認為憑藉我們卓越的商業能力和動態定價模式，整體定價保持在個位數中段是可持續的。今年我們享受了接近兩位數的價格漲幅，這很大程度上與收購分契式物業以及鐵路沿線市場的定價成本結構有關。請記住，我們的平均售價包含送貨和運費，因此，今年加入 Strata 後，價格上漲了近幾個百分點，但 Trey，我們的傳統業務繼續保持著中等個位數的增長，我們認為這種增長勢頭能夠持續下去。今年的銷量情況略有不同。

The addition of strata has given us positive volume growth for the quarter. But our legacy operations are still down, and that is primarily due to the again the two factors the less asphalt paving and the pull through that that brings, and then the weather. And so you look at the DOT budgets, you look at our backlog going forward, I look forward to providing specific guidance on volume during the next quarter's call.

新增的層壓板產品使我們本季銷售量實現了正成長。但我們的傳統業務仍停滯不前，這主要是由於兩個因素：一是瀝青鋪設減少及其帶來的拉動效應，二是天氣。因此，請看看交通部的預算，看看我們未來的積壓訂單，我期待在下一季度的電話會議上提供關於訂單量的具體指導。

Okay. Thanks a lot for, all the details, Brian, and best of luck, navigating through the full queue.

好的。布萊恩，非常感謝你提供的所有細節，祝你好運，順利通過漫長的排隊。

All right, thanks Trey.

好的，謝謝特雷。

Thank you.

謝謝。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

You there, Garik?

加里克，你在嗎？

Hi, can you hear me?

你好，你聽得到我說話嗎？

Yeah, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Sorry.

對不起。

You are a little bit garbled. You're a little bit, I can't hear you. I understand you, Garik. Sorry.

你的表達有點含糊不清。你聲音有點小，我聽不見。我明白你的意思，加里克。對不起。

Hey, sorry.

嘿，抱歉。

Okay, is this better? Okay, yeah, apologies. I wanted to ask on the fourth quarter guidance, what's going to have to happen for you to hit the upper end or lower end of the guidance range?

這樣好些了嗎？好的，抱歉。我想問一下關於第四季業績預期，要達到預期範圍的上限或下限，需要滿足哪些條件？

Yeah, I would say that, we, we've based our midpoint on normal weather plus the successful weather that we had, favorable weather for October. So whether in November and December in our footprint, one or two weeks can take us, swing us to the high end or the low end of that. So weather is a big factor on that. I think the continuation of the Oregon stab, stabilizing and that work, that third-party private work continuing into the fourth quarter would be, would help us, and you know we saw that in October and we anticipate that will continue in November and December. We've got some projects with a backlog. We have a lot of work to go perform this year and So I think it really does come down to whether we've got some larger impact projects. We're currently providing a lot of stone on a project down in Southern California called PureRG, the P-209 project in Honolulu at Pearl Harbor.

是的，我想說，我們是根據正常天氣加上十月份的良好天氣（也就是有利天氣）來確定中點的。所以，無論是在 11 月還是 12 月，在我們這裡，一兩週的時間都可能使我們的業績達到高峰或低谷。所以天氣是影響因素之一。我認為俄勒岡州疫情的持續穩定以及第三方私人機構的工作在第四季度繼續進行，將對我們有所幫助。你知道，我們在10月份看到了這一點，我們預計這種情況將在11月和12月繼續下去。我們有一些項目積壓了。今年我們有很多工作要做，所以我覺得關鍵在於我們是否有一些影響更大的專案。我們目前正在為南加州一個名為 PureRG 的項目以及位於檀香山珍珠港的 P-209 項目提供大量石材。

That was supposed to begin pouring concrete to that dry dock facility in the third quarter, and it got pushed to the fourth quarter. We're still not in full production on that, and so that right now could, if they get going and actually exceed their production rates that would push us to the high end.

原計劃在第三季開始為該乾船塢設施澆築混凝土，但後來推遲到了第四季。我們目前還沒有全面投產，所以如果他們開始生產並實際超過他們的生產速度，那可能會把我們推向高端市場。

If it continues to be, slow to get going, that could be on the low end. So there's a few things there, Nathan, did I forget anything that you would want to add?

如果這種情況持續下去，啟動緩慢，那麼這個數字可能會偏低。內森，這裡有些東西，我漏掉了什麼你想補充的嗎？

I think I got most of those.

我覺得我大部分都答對了。

Okay, that's helpful. Follow-up question is just on some of the private construction projects you earlier in the year spoken to non-residential delays in particular. You sound a little bit more positive on that, based on your prepared remarks. Just want to confirm that and if you could speak to some of those projects and trying to come back.

好的，這很有幫助。後續問題是關於您今年早些時候談到的一些私人建設項目，特別是非住宅項目的延誤情況。根據你事先準備好的發言稿，你對此似乎持更積極的態度。我只是想確認一下，如果您能談談那些項目並嘗試回歸就太好了。

Yeah, there was, close to a dozen projects that we had secured purchase orders actually had begun construction on some of them early in the year. I mean this was back in January, February, then.

是的，我們有近十幾個項目已經獲得了採購訂單，其中一些項目實際上在年初就開始施工了。我的意思是，這事兒發生在1月、2月。

We delayed and so we've talked a lot about that kind of in the first quarter, second quarter, and now here we are in the third quarter. A few of those projects resumed construction and so, I think there's a good slide in our deck that shows that our aggregate volumes in Oregon year over year were down 3%, and if you look at that in the prior quarters, we're down 25% 26% quarter over quarter last in the second quarter.

我們耽擱了一段時間，所以第一季、第二季我們一直在討論這個問題，現在已經是第三季了。其中一些項目已經恢復建設，因此，我認為我們的簡報中有一張很好的幻燈片顯示，我們在俄勒岡州的總銷量同比下降了 3%，如果你看一下前幾季度，我們上個季度（第二季度）的銷量環比下降了 25% 到 26%。

In the first quarter, year over year, we were down 26% also. And for the third quarter we're only down 2%. And so we have seen that begin to stabilize the quarter over quarter comps. I mean some of those headwinds, we were starting to feel those a little bit starting about this time last year, frankly in the fourth quarter. And so that kind of gives me confidence that you know that that aggregate volumes are beginning to stabilize and that we will continue some of that work on that private work and specifically our large market that drives most of the volume for aggregates is in Portland, Oregon and we have a very strong market position and we are seeing some of that work resume construction.

第一季度，與去年同期相比，我們也下降了 26%。第三季我們只下降了 2%。因此，我們看到季度環比數據開始趨於穩定。我的意思是，有些不利因素，坦白說，我們從去年這個時候，也就是第四季開始，就開始感受到了。因此，這讓我有信心，骨材總量開始趨於穩定，我們將繼續進行一些私人項目，特別是我們最大的骨材市場——俄勒岡州波特蘭市，我們在那裡擁有非常強大的市場地位，我們看到一些建築項目正在恢復。

Okay.

好的。

Very good. I appreciate all the color and best of luck.

非常好。我喜歡這些色彩，祝你好運。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

I agree.

我同意。

Thank you on Oregon, can you tell us what the pricing that you realized in the past quarter, just trying to understand this because it's to me it's always been viewed, I guess, as an optimized area which.

感謝您對俄勒岡州的評價，能否告知我們上個季度的定價狀況？我只是想了解一下，因為在我看來，它一直被視為一個優化的地區。

I would imagine the pricing would be more optimized, but maybe kind of give us a little bit of color on that. And then also, on the funding package, right, the funding package is a is a third of what it should have been.

我想定價應該會更加優化，但您能否稍微透露一下這方面的情況？此外，關於撥款方案，撥款方案只有應有金額的三分之一。

So does that then mean, just giving kind of your near-term guidance that we would see like a faster roll off of that business, or was just the business supposed to be up so much.

那麼，這是否意味著，您只是給出了一個近期的指導意見，即我們會看到該業務加速下滑，還是說該業務原本應該大幅增長？

With a $12 billion package and now it's just kind of like you said flatish give or take, versus previously. Thanks. Yeah.

之前推出了價值 120 億美元的方案，但現在的情況就像你說的，與之前相比，基本上已經持平了。謝謝。是的。

Yeah, I'll start with that one.

好的，我就從那個開始。

So, and I'll let Nathan talk about the pricing in Oregon.

那麼，接下來就讓內森來談談俄勒岡州的物價吧。

We don't provide specific pricing results and guidance by state, obviously, but there's certainly momentum and a lot of positive things that come from our dynamic pricing that was really born in that region and so. Good news there as far as the Oregon that's a 10 year bill and it's substantially less than what the legislature wanted. It's substantially less than what is needed to maintain the current level of repair in Oregon, which is not great, and so, to start making progress, I mean they need a lot of funding, additional funding each year.

我們顯然不會提供各州的具體定價結果和指導，但我們的動態定價確實在該地區產生了積極的影響和許多積極的結果。就俄勒岡州而言，這是個好消息，這是一項為期 10 年的法案，而且金額遠低於立法機構的預期。這遠低於維持俄勒岡州目前維修水準所需的資金，而目前的維修水準並不理想。因此，要取得進展，我的意思是，他們需要大量的資金，每年都需要額外的資金。

Going into that, so yeah, it's substantially less really you take, Oregon gets half of that gas tax, the other half of that $4.3 billion. So over 10 years and you start doing the math, it's $430 million if you just did it evenly, it's not always exactly even, half that goes to the states and the other half goes to the cities and counties. To have to go to the cities and counties, we expect that will benefit us beginning next year. Those are real jobs, real benefits in small communities, mid-sized markets that we operate in throughout the entire state, and those are $2 million to $5 million overlay type of projects, some small bridge repairs that are $2 million to $5 million. That is really our bread and butter. We do a lot of that work in a lot of our states, frankly. So that will have an immediate impact to us next year, not as much as we had hoped with a larger bill at $12.1 billion but meaningful that that will help us out. The other half of that revenue stream going to ODOT, I frankly don't see that improving the construction that much.

所以，是的，實際上要少得多，因為俄勒岡州只能拿到一半的燃油稅，也就是43億美元中的另一半。所以，10 年下來，如果你開始計算，平均分配的話，就是 4.3 億美元，但實際上並不總是完全平均分配，一半給各州，另一半給各市縣。我們必須前往各個城市和縣，我們預計這將從明年開始對我們有利。這些都是真正的工作，為我們在全州各地的小社區和中型市場帶來的真正好處，這些都是價值 200 萬至 500 萬美元的翻新工程，以及一些價值 200 萬至 500 萬美元的小型橋樑維修工程。那才是我們真正的命脈所在。坦白說，我們在很多州都做了很多這類工作。因此，這將對我們明年產生直接影響，雖然不像我們希望的那樣，121億美元的法案規模更大，但意義重大，它將對我們有所幫助。坦白說，我認為另一半收入撥給俄亥俄州交通部（ODOT）並不會大大改善施工狀況。

It really is without it they would have had to lay off hundreds of DOT workers that really are maintaining the roads, plowing the snow. So I would say I would look at the $4.3 billion as a stop GAAP at the state level and will require the legislature and the governor and the taxpayers to continue having the conversation of how do we add more dollars to the budget through another transportation bill in order to start making progress on the deferred maintenance that's been happening in Oregon for years. The roads I live there and I can tell you they need fixed, and I'm driving on a lot of very old bridges that are well past their design life. And so the Oregonians, we need to fix this problem.

如果沒有這筆資金，他們就必須解僱數百名負責道路維護和除雪的交通部工人。因此，我認為這 43 億美元可以視為州一級的 GAAP 停止，這將要求立法機構、州長和納稅人繼續討論如何通過另一項交通法案向預算中增加更多資金，以便開始解決俄勒岡州多年來一直存在的延期維護問題。我住在那裡，我可以告訴你，那裡的道路需要維修，而且我經常開車經過很多非常老舊的橋樑，這些橋樑早已超過了其設計使用壽命。所以俄勒岡州的各位，我們需要解決這個問題。

So with that, I'll just turn it over to Nathan to talk about pricing real quick.

那麼，接下來我就把麥克風交給內森，讓他快速談談定價問題。

Good morning, Ian. Good to hear from you. On the pricing first, this is Brian said, I mean, we don't necessarily give the pricing for any particular market, but maybe to help you understand how the markets are performing. So Brian talked a moment ago about some of the key markets that are impacting volumes year by year. If you look at those markets, they are seeing. Pricing improvement over last year. And if you look at Oregon overall, including both the larger key markets where he mentioned in the Portland area, but even the other ones, you'll see that Oregon overall is up in its pricing. So an indication that that dynamic pricing model is working even in those markets where you may see downward volumes.

早上好，伊恩。很高興收到你的來信。首先是關於定價，布萊恩說，我的意思是，我們不一定會給出任何特定市場的定價，但也許是為了幫助你們了解市場的表現。剛才布萊恩談到了一些逐年影響銷售的關鍵市場。如果你看看那些市場，你會發現他們正在經歷什麼。價格較去年有所改善。如果你縱觀整個俄勒岡州，包括他提到的波特蘭地區等較大的主要市場，以及其他地區，你會發現俄勒岡州的整體房價都在上漲。這表明，即使在交易量可能下降的市場中，動態定價模式也是有效的。

Okay, thank you. And then maybe just touch up on M&A, as you look kind of The landscape over the next 12 months, what type of M&A activity do you think?

好的，謝謝。然後，或許可以稍微談談併購，展望一下未來 12 個月的併購格局，您認為會出現哪些類型的併購活動？

We'd see from you guys and you know where would it be? I mean, would it be infills, would it be new markets, any other kind of color on what you're thinking about as far as future M&A. Thanks.

我們想看看你們怎麼說，你們知道會在哪裡嗎？我的意思是，您指的是填充式開發、新市場開發，還是對未來併購還有其他想法？謝謝。

Yeah, I would say that I'll start with looking just for a second in the rearview mirror and the success that we've had at integrating the acquisitions that we've done when we restarted our program. I really could not be happier with the due diligence process that's being done at the local regional level that then feeds into our integration, and that playbook has worked well for us and gives me good confidence going into next year in that there are more opportunities. Our business corporate development team. I talked about a robust pipeline, and there are ample opportunities in the markets we're currently in. Our number one priority is to continue to infill our existing markets, but also look at markets that are adjacent to our current states.

是的，我想先回顧過去，看看我們在重啟專案後，在整合收購方面的成功。我對當地區域層級所進行的盡職調查流程非常滿意，該流程有助於我們的整合，而且這套方案對我們來說非常有效，也讓我對明年充滿信心，因為明年會有更多機會。我們的企業發展團隊。我談到了強大的產品線，而且在我們目前所處的市場中有很多機會。我們的首要任務是繼續拓展現有市場，同時也要關注與我們現有州相鄰的市場。

We're going to be focused on the higher margin materials led type of companies, specifically aggregates. We continue to like the mid-size high growth markets that we're in.

我們將專注於利潤率較高的材料主導型公司，特別是骨材公司。我們依然看好我們所處的中型高成長市場。

And I would just tell you that with the addition of strata, we've been talking about seasonality in the first quarter and second quarter that I want to level out that seasonality and look at some of the states that we're currently in in the southern part of our footprint along with states that we're not currently in the southern part of our footprint. So I think our strategy has been pretty consistent and clear from when we first laid out our capital deployment strategy. And very happy to report that there are ample opportunities that continue to come our way. All the deals we've done so far have been negotiated deals. They've all been with multiples have been very attractive and kind of meet our discipline modeling criteria. And so I would say that the future is going to look a lot like the past. If you look at the step up this year that we spent in SGA, it was primarily to support. Our M&A activity that $20 million dollar step up in SGA was primarily for M&A and we project that same dollar amount to continue forward in the future years. So I think that would kind of give you an indication of what we're looking at as far as the amount of capital deployment and number of deals we're looking at.

我只想告訴大家，隨著分層的加入，我們一直在討論第一季和第二季的季節性問題，我想消除這種季節性影響，並考察我們目前在業務範圍南部的一些州，以及我們目前不在業務範圍南部的一些州。所以我認為，從我們最初制定資本部署策略以來，我們的策略一直相當一致且清晰。非常高興地報告，我們仍然有很多機會。我們目前為止達成的所有交易都是透過談判達成的。她們都曾與多人交往，非常有吸引力，某種程度上符合我們學科建模的標準。所以我認為，未來會和過去非常相似。如果你看看我們今年在學生會 (SGA) 所取得的進步，你會發現這主要是為了提供支持。我們併購活動中，SGA 增加 2,000 萬美元，主要用於併購活動，我們預計未來幾年這筆金額將繼續保持成長。所以我認為這可以讓你大致了解我們正在關注的資本部署規模和交易數量。

All right, thank you very much.

好的，非常感謝。

(Operator Instructions)

（操作說明）

Ivan Yi, Wolfe Research.

Ivan Yi，Wolfe Research。

Hey, good morning. Thanks for taking my question. First, can you discuss what were organic aggregate volumes and pricing and 3QX, any acquisitions? Thanks.

嘿，早安。謝謝您回答我的問題。首先，您能否談談有機成長總量和定價情況，以及3QX的收購情況？謝謝。

Yeah, I would say so on the pricing, we on the aggregate specifically, and that's where I'll kind of focus on that's the largest piece of the what we all talk about our pricing continues to be at the high single with the addition of strata. Our legacy operations would be in mid single and I think that's a sustainable look ahead.

是的，就定價而言，我同意這種說法，特別是就整體而言，這也是我將重點關注的地方，這是我們都在談論的定價中最重要的一部分，我們的定價仍然是高價單價加上分層地契。我們的傳統業務將處於單邊營運中期，我認為這是一種可持續的未來展望。

We like that mid single and we enjoy that in most all the markets that we're in right now. On a volume we show for the quarter that we were up 4%. I would say that if you look at legacy operations because of the headwinds related to the lack of asphalt paving, whether. And the Oregon headwinds that we faced the first half of this year, we are down, and we continue to be down with those legacy operations. I think you offset that even by looking at our backlog and the local DOT budgets that gives me good hope that that's beginning to turn at the legacy operations and this was some, normal weather, I think you've seen our aggregate business lines performing much better from a volume standpoint.

我們喜歡這種中等價位的單股股票，而且在我們目前所處的絕大多數市場中，我們都很喜歡這隻股票。根據季度成交量來看，我們成長了 4%。我認為，如果你審視一下由於缺乏瀝青鋪設而導致的逆境，那麼傳統運作是否…今年上半年，我們遭遇了俄勒岡州的逆風，我們的業務下滑了，而且由於這些傳統業務的持續下滑，我們的業務也持續下滑。我認為，即使看看我們的積壓訂單和當地交通部的預算，也能抵消這種情況，這讓我很有希望，傳統業務的情況正在開始好轉。而且，這是在正常天氣下，我認為從銷量來看，我們已經看到我們的骨料業務線表現得好得多。

Great, that's helpful and also, we appreciate that you're breaking out the Oregon, volumes by quarter. Any insight into 4Q at all? Have you reached an inflection here given the nice improvement we saw on 3Q?

太好了，這很有幫助，另外，我們也很感謝你們按季度列出了俄勒岡州的銷售量。對第四季的情況有任何了解嗎？鑑於第三季的良好進展，是否已經到了轉折點？

Yeah, I think that, when we say that Oregon has stabilized, I'm certainly looking at what happened in October and what we project, continuing to move forward as I look at and provide a little bit of a look ahead into 2026 and having flat that we do feel good about where we're at in Oregon, really this comes down to the how quick our team was able to navigate these headwinds and change, kind of where crews were stationed and moving the equipment around, right sizing the team and the crews, being creative and finding work that maybe we would traditionally not bid if we had strong DOT budgets.

是的，我認為，當我們說俄勒岡州的情況已經穩定下來時，我當然是在關注10月份發生的事情以及我們的預測，並繼續向前邁進。我展望一下2026年，可以說我們對俄勒岡州目前的狀況感到滿意。這實際上取決於我們的團隊能夠多快地應對這些不利因素和變化，例如調整工作人員的駐紮地點和設備調配，合理調整團隊和工作人員的規模，發揮創造力，找到一些我們通常不會投標的項目，如果我們有充足的交通部預算的話。

We had an acquisition in the in July that performed better than we actually had even modeled and so that's good strong momentum. It's a nice little paving company in Central Oregon. Central Oregon is one of the hottest spots within Oregon. So yeah, there's a number of things that we like that's going on in Oregon that gives us confidence to talk about the stability that that state is now enjoying and then kind of look ahead into '24 or '26.

我們在 7 月完成了一筆收購，其表現甚至比我們之前預測的還要好，這是一個強勁的發展勢頭。這是俄勒岡州中部很不錯的鋪路公司。俄勒岡州中部是俄勒岡州最熱門的地區之一。是的，俄勒岡州正在發生的一些事情讓我們感到欣慰，這讓我們有信心談論該州目前享有的穩定，並展望 2024 年或 2026 年。

Thank you.

謝謝。

Yes.

是的。

Thank you very much. There are no further questions at this time, so I'd like to turn the call back to Mr. Brian Gray for closing comments. Sir, please go ahead.

非常感謝。目前沒有其他問題了，所以我想把電話轉回給布萊恩·格雷先生，請他做總結發言。先生，請繼續。

Just want to thank you all again for joining us today.

再次感謝各位今天蒞臨。

Just equally important, I want to thank our team for delivering record results in the third quarter.

同樣重要的是，我要感謝我們的團隊在第三季取得了創紀錄的業績。

Our edge plan is working. The fundamentals of our business are strong, and we believe we're well positioned for long-term success. We appreciate your continued interest and support, and with that, we'll turn the call back over to the operator.

我們的邊緣防護計劃正在發揮作用。我們公司的基本面很強勁，我們相信我們已做好充分準備，迎接長期的成功。感謝您一直以來的關注與支持，現在我們將把電話轉回給接線生。

Thank you, sir. Ladies and gentlemen. This concludes today's conference call.

謝謝您，先生。女士們，先生們。今天的電話會議到此結束。

Thank you very much for your participation. You may now disconnect.

非常感謝您的參與。您現在可以斷開連線了。