Martin Marietta Materials Inc (MLM) 2023 Q4 法說會逐字稿

Welcome to Martin Marietta's Fourth Quarter and Full Year 2023 Earnings Conference Call. (Operator Instructions). As a reminder, today's call is being recorded and will be available for replay on the company's website.

歡迎參加 Martin Marietta 的 2023 年第四季和全年財報電話會議。 （操作員說明）。提醒一下，今天的通話正在進行錄音，並將在公司網站上重播。

I will now turn the call over to your host, Ms. Jacklyn Rooker, Martin Marietta's Director of Investor Relations. Jacklyn, you may begin.

現在我將電話轉給主持人 Jacklyn Rooker 女士，她是 Martin Marietta 的投資者關係總監。傑克林，你可以開始了。

Good morning, and thank you for joining Martin Marietta's Fourth Quarter and Full Year 2023 Earnings Call. With me today are Ward Nye, Chairman and Chief Executive Officer; and Jim Nickolas, Executive Vice President and Chief Financial Officer.

早安，感謝您參加 Martin Marietta 的 2023 年第四季和全年財報電話會議。今天與我在一起的有董事長兼執行長沃德‧奈 (Ward Nye)；和吉姆·尼古拉斯，執行副總裁兼財務長。

Today's discussion may include forward-looking statements as defined by the United States securities laws in connection with future events, future operating results or financial performance. Like other businesses, Martin Marietta is subject to risks and uncertainties that could cause actual results to differ materially. We undertake no obligation, except as legally required to publicly update or revise any forward-looking statements, whether resulting from new information, future developments or otherwise.

今天的討論可能包括美國證券法定義的與未來事件、未來營運績效或財務績效有關的前瞻性陳述。與其他企業一樣，馬丁·瑪麗埃塔也面臨風險和不確定性，可能導致實際結果出現重大差異。除非法律要求公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來發展或其他原因，我們不承擔任何義務。

Please refer to the legal disclaimers contained in today's earnings release and other public filings, which are available on both our own and the Securities and Exchange Commission's website. We have made available during this webcast and on the Investors section of our website, supplemental information that summarizes our financial results and trends.

請參閱今天的收益報告和其他公開文件中包含的法律免責聲明，這些聲明可以在我們自己的網站和美國證券交易委員會的網站上找到。我們在本次網路廣播期間以及我們網站的投資者部分提供了總結我們財務表現和趨勢的補充資訊。

As a reminder, all financial and operating results discussed today are for continuing operations. In addition, non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure in the appendix to the supplemental information as well as our filings with the SEC and are also available on our website.

提醒一下，今天討論的所有財務和經營業績都是針對持續經營業務的。此外，非 GAAP 衡量標準已在補充資訊附錄以及我們向 SEC 提交的文件中定義並與最直接可比較的 GAAP 衡量標準進行了協調，也可在我們的網站上取得。

Ward and I will begin today's earnings call with a discussion of our 2023 financial highlights and operating performance. Jim Nickolas will then review our financial results and capital allocation in more detail. After which, Ward will conclude with end market trends and our 2024 outlook. A question-and-answer session will follow. Please limit your Q&A participation to 1 question.

沃德和我將在今天的財報電話會議開始時討論我們 2023 年的財務亮點和經營業績。然後吉姆·尼古拉斯將更詳細地審查我們的財務表現和資本配置。之後，Ward 將總結終端市場趨勢和我們的 2024 年展望。隨後將進行問答環節。請將您參與的問答限制為 1 個問題。

I will now turn the call over to Ward.

我現在將把電話轉給沃德。

Jacklyn, thank you. Good morning, and thank you so much for joining today's teleconference. I'm pleased to report 2023 was the safest and most profitable year in Martin Marietta's history. We delivered both record financial performance, eclipsing $2.1 billion in adjusted EBITDA and also world-class safety results, achieving a world-class total injury incident rate for the third year in a row and a world-class lost-time incident rate for the seventh consecutive year.

傑克林，謝謝你。早安，非常感謝您參加今天的電話會議。我很高興地向您報告，2023 年是 Martin Marietta 史上最安全、最賺錢的一年。我們實現了創紀錄的財務業績（超過21 億美元的調整後EBITDA）和世界一流的安全業績，連續第三年實現世界一流的總傷害事故率，並連續第七年實現世界一流的損失時間事故率連續一年。

This year was also highlighted by several portfolio enhancing transactions significantly strengthening both the durability of our business and our balance sheet and which cumulatively positions us well to continue delivering sustainable growth. Our 2023 achievements were accomplished despite a macroeconomic environment encumbered by restrictive monetary policy, a housing slowdown and heightened geopolitical tensions, that our team was able to successfully overcome these challenges further underscores the continued success of our strategic operating analysis and review or SOAR plan, the vitality of our purposely curated geographic footprint, our team's steadfast execution of our proven value over volume commercial strategy and the resiliency and earnings power of our aggregates led business.

今年的亮點還包括幾項投資組合增強交易，這些交易顯著增強了我們業務和資產負債表的持久性，使我們能夠繼續實現可持續增長。儘管宏觀經濟環境受到限制性貨幣政策、房地產市場放緩和地緣政治緊張局勢加劇的影響，我們仍取得了2023 年的成就，我們的團隊能夠成功克服這些挑戰，進一步強調了我們的戰略運營分析和審查或SOAR 計劃的持續成功，我們精心策劃的地理足蹟的活力，我們的團隊堅定執行我們經過驗證的價值超過數量的商業戰略，以及我們以總量為主導的業務的彈性和盈利能力。

Subsequent to year-end, on January 12, we closed the acquisition of Albert Fry & Sons, a leading aggregates producer in Colorado, expanding our aggregates platform in the high-growth Denver metropolitan area. More recently, on February 11, 2024, we entered into a definitive agreement to acquire the Alabama, South Carolina, South Florida, Tennessee and Virginia aggregates operations of Blue Water Industries, a closely held pure-play aggregates producer with a portfolio of 20 active operations and attractive Southeast markets, including Nashville, Knoxville and Miami, consistent with our SOAR plan upon closing of the Blue Water Industries acquisition, which is expected to occur later this year, subject to regulatory approvals and customary closing conditions.

年底後的 1 月 12 日，我們完成了對科羅拉多州領先骨材生產商 Albert Fry & Sons 的收購，從而擴大了我們在高速增長的丹佛大都會區的骨料平台。最近，2024 年2 月11 日，我們簽訂了一項最終協議，收購Blue Water Industries 的阿拉巴馬州、南卡羅來納州、南佛羅裡達州、田納西州和弗吉尼亞州的骨料業務。Blue Water Industries 是一家少數人持股的純骨材生產商，擁有20 家活躍的骨材生產商。業務和有吸引力的東南市場，包括納許維爾、諾克斯維爾和邁阿密，符合我們在完成Blue Water Industries 收購後的SOAR 計劃，預計將於今年稍後進行，但須獲得監管部門的批准和慣例成交條件。

These 2 pure-play aggregates transactions will not only add approximately 1 billion tons of high-quality reserves in specific SOAR targeted markets, but also enhance the product mix of our portfolio. Assuming these transactions have closed on January 1, 2024, we would have expected these 2 acquisitions to generate approximately $180 million of adjusted EBITDA in 2024, more than offsetting the adjusted EBITDA divested in the February 9, 2024, sale of the company's South Texas Cement and related concrete business.

這兩項純粹的總交易不僅將為特定 SOAR 目標市場增加約 10 億噸優質儲量，而且還將增強我們投資組合的產品組合。假設這些交易於2024 年1 月1 日結束，我們預計這兩項收購將在2024 年產生約1.8 億美元的調整後EBITDA，超過抵銷2024 年2 月9 日出售該公司南德州水泥公司剝離的調整後EBITDA及相關具體業務。

As we turn the page to 2024, favorable commercial dynamics underpinned by our value over volume pricing strategy and giving effect to the recently closed Colorado acquisition and Texas divestiture, we expect to deliver consolidated adjusted EBITDA of $2.24 billion at the midpoint. However, assuming these transactions and the recently announced Blue Water Industries acquisition had all been completed as of January 1, 2024, we would have expected the new portfolio to generate adjusted EBITDA of $2.37 billion in 2024 at the midpoint.

當我們翻過這一頁到2024 年時，我們的價值超過批量的定價策略以及最近完成的科羅拉多州收購和德克薩斯州剝離的實施支撐了有利的商業動態，我們預計將在中點實現22.4 億美元的綜合調整後EBITDA。然而，假設這些交易和最近宣布的 Blue Water Industries 收購已於 2024 年 1 月 1 日全部完成，我們預計新投資組合將在 2024 年中產生 23.7 億美元的調整後 EBITDA。

Before discussing our full year 2023 results, I'll highlight a few notable takeaways from our record fourth quarter. Aggregates pricing increased 15%, driving product line gross profit of $328.6 million, a year-over-year increase of 36.8% and gross profit per ton of $7.04, a year-over-year increase of 39.8%, both fourth quarter records. While aggregate shipments decreased 2.1%, these financial results clearly demonstrate the success of our sales team's commitment to receiving appropriate commercial consideration for our valuable and long-lived reserves, the primary and disproportionate organic earnings growth driver of our business.

在討論 2023 年全年業績之前，我將重點介紹我們創紀錄的第四季度的一些值得注意的要點。骨材定價上漲15%，帶動產品線毛利達3.286億美元，年增36.8%，每噸毛利7.04美元，年增39.8%，均創第四季紀錄。雖然總出貨量下降了2.1%，但這些財務表現清楚地表明，我們的銷售團隊致力於為我們寶貴且長期的儲備獲得適當的商業考慮，這是我們業務的主要且不成比例的有機收入增長動力。

Turning now to our full year 2023 results. As previously noted, we established new financial records in each of the following year-over-year metrics. Consolidated total revenues of $6.8 billion, a 10% increase. Consolidated gross profit of $2 billion, a 42.1% increase. Earnings per diluted share from continuing operations of $19.32, a 41% increase. Adjusted EBITDA of $2.1 billion, a 33% increase and aggregates gross profit per ton of $6.93, a 46.4% increase. Moreover, we successfully implemented midyear price increases across the majority of our markets as we endeavor to pass through persistently high cost inflation.

現在轉向我們 2023 年全年業績。如前所述，我們在以下各項同比指標中都創造了新的財務記錄。綜合總收入達 68 億美元，成長 10%。綜合毛利20億美元，成長42.1%。持續經營業務攤薄後每股收益為 19.32 美元，成長 41%。調整後 EBITDA 為 21 億美元，成長 33%，每噸總毛利為 6.93 美元，成長 46.4%。此外，我們在努力應對持續高企的成本通膨的同時，成功地在大多數市場實施了年中漲價。

Shifting now to our full year 2023 operating performance beginning with aggregates. Aggregate shipments declined 4.3%, the combined result of our value over volume strategy and softer demand in certain Midwest and Southwest markets, partially offset by continued strength in key Southeast markets. Aggregates pricing increased to 18.9% or 17.2% on a mix-adjusted basis as pricing fundamentals remain attractive.

現在轉向我們的 2023 年全年營運業績，從總量開始。總出貨量下降 4.3%，這是我們的價值超過數量策略以及某些中西部和西南市場需求疲軟的綜合結果，但部分被主要東南市場的持續強勁所抵消。由於定價基本面仍然有吸引力，綜合定價在混合調整後升至 18.9% 或 17.2%。

Texas cement shipments decreased 3.4% to 4 million tonnes. Pricing increased 22% or 21.6% on a mix-adjusted basis, driven by favorable supply-demand dynamics in the Dallas–Fort Worth metroplex. Turning to our targeted downstream businesses. Ready-mixed concrete shipments decreased 12.1%, but that reduction was largely driven by the April 2022 divestiture of the company's Colorado and Central Texas concrete businesses. Pricing increased a robust 20.4%. Asphalt shipments increased 3.5% and pricing increased 6.7%.

德州水泥出貨量下降 3.4%，至 400 萬噸。在達拉斯沃斯堡大都會有利的供需動態的推動下，混合調整後的價格上漲了 22% 或 21.6%。轉向我們的目標下游業務。預拌混凝土出貨量下降 12.1%，但下降主要是由於該公司 2022 年 4 月剝離科羅拉多州和德克薩斯州中部混凝土業務。定價大幅上漲 20.4%。瀝青出貨量成長 3.5%，價格成長 6.7%。

Before providing end market trends and our 2024 outlook, Jim will now discuss our full year financial results, Jim?

在提供終端市場趨勢和我們的 2024 年展望之前，吉姆現在將討論我們的全年財務業績，吉姆？

Thank you, Ward, and good morning, everyone. As Ward mentioned, we completed the sale of our South Texas cement plant and related concrete operations last week on February 9. While these businesses were classified as held for sale on the balance sheet as of December 31, revenues and profits from these operations through the divestiture date are included in the earnings from continuing operations.

謝謝沃德，大家早安。正如沃德所提到的，我們上週於2 月9 日完成了南德克薩斯水泥廠和相關混凝土業務的出售。雖然截至12 月31 日這些業務在資產負債表上被列為持有待售，但這些業務的收入和利潤透過剝離日期包含在持續經營收益中。

Accordingly, the revenues and profits from these assets are included in both 2023 as reported earnings from continuing operations and in our 2024 earnings guidance through the February 9 close date. The revenues and profits from the Colorado assets acquired on January 12, 2024 also are included in our forward earnings guidance. Lastly, the Blue Water Industries transaction has not yet closed and remain subject to customary closing conditions and regulatory review. Accordingly, the contributions from the pending acquisitions are not included in our 2024 earnings guidance. That said, we will provide updated earnings guidance after closing Blue Water transaction, which is expected to occur later this year.

因此，截至 2 月 9 日截止日期，這些資產的收入和利潤均包含在 2023 年報告的持續經營收益中，也包含在我們的 2024 年收益指引中。 2024 年 1 月 12 日收購的科羅拉多州資產的收入和利潤也包含在我們的預期獲利指引中。最後，Blue Water Industries 的交易尚未完成，仍需遵守慣例成交條件和監管審查。因此，未決收購的貢獻不包含在我們的 2024 年獲利指引中。也就是說，我們將在完成 Blue Water 交易後提供最新的獲利指引，預計該交易將於今年稍後進行。

The Building Materials business posted full year 2023 revenues of $6.5 billion, an increase of 10.3% and gross profit of $1.9 billion, a notable 43.7% increase year-over-year, both new records.

建築材料業務公佈2023年全年營收為65億美元，成長10.3%，毛利為19億美元，較去年同期大幅成長43.7%，均創歷史新高。

The aggregates business achieved all-time record revenues in 2023, growing 10.9% to $4.3 billion. Gross profit increased 40.1% to $1.4 billion, and gross margin increased 660 basis points to 32%. Again, both all-time records. Now pricing growth more than offset lower shipments, further demonstrating how the disciplined execution of our value over volume, commercial strategy, yields, higher profits and higher margins even without the benefit of growing volumes.

2023 年，骨材業務收入創歷史新高，成長 10.9%，達到 43 億美元。毛利成長 40.1%，達到 14 億美元，毛利率成長 660 個基點，達到 32%。再一次，兩項歷史記錄。現在，定價成長足以抵銷出貨量的下降，進一步表明，即使沒有銷售成長的好處，我們的價值、商業策略、產量、更高的利潤和更高的利潤率也能嚴格執行。

Our Texas Cement business extended its track record of outstanding performance and once again delivered record top and bottom line results. Revenues increased 17% to $725.5 million and gross profit increased 64.6% to $333.6 million, driven primarily by favorable supply-demand dynamics in the Dallas–Fort Worth metroplex and energy cost tailwinds.

我們的德州水泥業務延續了其出色的業績記錄，並再次實現了創紀錄的營收和利潤。營收成長 17%，達到 7.255 億美元，毛利成長 64.6%，達到 3.336 億美元，這主要受到達拉斯-沃斯堡大都會有利的供需動態和能源成本的推動。

As a reminder, the new finish mill at our Midlothian, Texas plant in North Texas is expected to be fully operational in the third quarter of 2024, adding approximately 450,000 tons of incremental high-margin annual production capacity.

需要提醒的是，我們位於德州北部的中洛錫安工廠的新精軋機預計將於 2024 年第三季全面投入運營，新增約 45 萬噸高利潤年產能。

Turning to our targeted downstream businesses. Our Concrete revenues increased 5.9% to $1 billion and gross profit increased 44.2% to $102 million, driven primarily by pricing gains and mega project contributions, which more than offset higher upstream raw material and delivery costs. Asphalt and paving revenues increased 12.6% to $887.1 million. Gross profit increased 34.7% to $109 million. The result of strong demand and lower bitumen costs. Magnesia Specialties full year revenues increased 3.8% to $315.4 million, while gross profit increased 6.9% to $97.1 million. Strong pricing and energy cost tailwinds more than offset weaker demand in certain magnesia end markets, including TPO roofing and cobalt mining.

轉向我們的目標下游業務。我們的混凝土收入成長 5.9%，達到 10 億美元，毛利成長 44.2%，達到 1.02 億美元，這主要是由定價收益和大型專案貢獻推動的，這足以抵消上游原材料和交付成本的上升。瀝青和鋪路收入成長 12.6%，達到 8.871 億美元。毛利成長 34.7%，達到 1.09 億美元。這是強勁需求和較低瀝青成本的結果。 Magnesia Specialties 全年營收成長 3.8%，達到 3.154 億美元，毛利成長 6.9%，達到 9,710 萬美元。強勁的定價和能源成本推動因素足以抵消某些鎂砂終端市場（包括 TPO 屋頂和鈷開採）需求疲軟的影響。

We continue to balance our long-standing disciplined capital allocation priorities to responsibly grow our business. In 2023, we invested $650 million of capital into our business and returned $324 million to shareholders through both an increased dividend and share repurchases. Since our repurchase authorization announcement in February of 2015, we have returned a total of $2.6 billion to shareholders through both dividends and share repurchases.

我們繼續平衡長期嚴格的資本配置優先事項，以負責任的方式發展我們的業務。 2023 年，我們向業務投資了 6.5 億美元，並透過增加股利和股票回購向股東返還 3.24 億美元。自 2015 年 2 月宣布回購授權以來，我們已透過股利和股票回購向股東返還了總計 26 億美元的資金。

Our net debt-to-EBITDA ratio was 1.4x as of December 31, assuming The Albert Frei & Sons and Blue Water Industries acquisitions and South Texas Cement and related concrete operations divestiture were effective as of January 1, 2024, after giving effect to the impacts of these transactions, our net debt-to-EBITDA ratio would have been 1.85x, just below our targeted range of 2 to 2.5x, which would provide ample dry powder to take advantage of additional value-enhancing acquisitions. With that I'll put the call back to Ward to discuss end market trends.

截至12 月31 日，我們的淨債務與EBITDA 比率為1.4 倍，假設阿爾伯特·弗雷父子公司(Albert Frei & Sons) 和Blue Water Industries 的收購以及南德克薩斯水泥及相關混凝土業務剝離於2024 年1 月1 日生效，受這些交易的影響，我們的淨債務與EBITDA 比率將為1.85 倍，略低於我們2 至2.5 倍的目標範圍，這將為利用額外的增值收購提供充足的乾粉。之後，我將回電給沃德，討論終端市場趨勢。

Jim, thanks so much. We're enthusiastic about Martin Marietta's prospects in 2024 and beyond. We anticipate healthy demand in public and heavy nonresidential construction will largely offset softness in the residential sector and expected moderation in light nonresidential construction.

吉姆，非常感謝。我們對 Martin Marietta 在 2024 年及以後的前景充滿熱情。我們預計公共和大型非住宅建築的健康需求將在很大程度上抵消住宅領域的疲軟和輕型非住宅建築的預期放緩。

However, anticipated decreases in mortgage rates should provide tailwinds in residential demand and an uptick in single-family home construction as evidenced by recent Starts data. As you've heard us say for years in this business, where you are matters. And Martin Marietta is uniquely positioned to capitalize on these long-term secular trends.

然而，正如最近的開工數據所證明的那樣，預期抵押貸款利率的下降應該會推動住宅需求和單戶住宅​​建設的增加。正如您多年來在這個行業聽到我們所說的那樣，您所在的位置很重要。馬丁瑪麗埃塔 (Martin Marietta) 擁有獨特的優勢，可以利用這些長期趨勢。

Infrastructure activity is expected to remain resilient as funds from the Infrastructure Investment and Jobs Act or IIJA, along with record state Department of Transportation or DOT budgets, as well as voter-approved state and local transportation-related ballot initiatives coalesce this for years of steady investment and demand. The value of state and local government highway, bridge and tunnel contract awards, a leading indicator for our future product demand, grew 8% to $113 billion in 2023.

基礎設施活動預計將保持彈性，因為《基礎設施投資和就業法案》(IIJA) 提供的資金、創紀錄的州交通部或DOT 預算，以及選民批准的州和地方交通相關投票倡議將多年來的穩定結合起來。投資和需求。州和地方政府授予的公路、橋樑和隧道合約價值（我們未來產品需求的領先指標）到 2023 年成長了 8%，達到 1,130 億美元。

According to the American Road and Transportation Builders Association or ARTBA, Texas, Colorado, California, Georgia and Florida, key Martin Marietta states are among some of the largest growing markets based on contract awards. Importantly, our investment in our nation's infrastructure continues to maintain broad bipartisan support. During the November 2023 election, voters approved 88% of transportation-related state and local ballot initiatives, representing approximately $7 billion of additional infrastructure funding.

根據美國道路和交通建築商協會 (ARTBA) 的數據，德克薩斯州、科羅拉多州、加利福尼亞州、喬治亞州和佛羅裡達州的主要馬丁瑪麗埃塔州是合約授予量最大的成長市場之一。重要的是，我們對國家基礎設施的投資繼續保持兩黨的廣泛支持。在 2023 年 11 月的選舉期間，選民批准了 88% 與交通相關的州和地方投票倡議，相當於約 70 億美元的額外基礎設施資金。

We expect this enhanced level of federal, state and local infrastructure investment will yield steady, multiyear demand in this important aggregates-intensive often countercyclical end market.

我們預計，聯邦、州和地方基礎設施投資水準的提高將為這個重要的總量密集、往往是反週期的終端市場帶來穩定的多年需求。

Moving to nonresidential and starting with heavy industrial, strong demand for large manufacturing and heavy side energy projects is expected to counterbalance ongoing moderation in warehouse and data center construction from its COVID peak. Construction spending from manufacturing in the United States continues to trend positively with the December seasonally adjusted annual rate of spending for 2023 at $214 billion, a 61% increase from the December 2022 value of $133 billion.

轉向非住宅領域，從重工業開始，對大型製造業和重型能源項目的強勁需求預計將抵消倉庫和資料中心建設從新冠疫情高峰期持續放緩的影響。美國製造業的建築支出持續呈現正面趨勢，2023 年 12 月經季節性調整的支出年率為 2,140 億美元，比 2022 年 12 月的 1,330 億美元成長 61%。

Manufacturing projects continue to be supported by health demand from the ongoing reshoring of critical product supply chains, including semiconductors and electric vehicle battery manufacturing. As an example, in the fourth quarter of 2023, Toyota announced an $8 billion expansion to the battery manufacturing campus in North Carolina, bringing their total investment to approximately $14 billion. This incremental investment solidifies North Carolina is Toyota's central hub for lithium ion battery production in North America with this campus having over 7 million square feet. Importantly, our quarries are well positioned to supply the aggregates needs for this type of multiyear project.

製造項目繼續受到關鍵產品供應鏈（包括半導體和電動汽車電池製造）持續回流的健康需求的支持。例如，2023 年第四季度，豐田宣布斥資 80 億美元擴建北卡羅來納州的電池製造園區，使總投資達約 140 億美元。這項增量投資鞏固了北卡羅來納州作為豐田在北美鋰離子電池生產中心的地位，該園區面積超過 700 萬平方英尺。重要的是，我們的採石場能夠滿足此類多年期計畫的骨材需求。

Shifting to light nonresidential, while demand remained resilient through 2023 despite higher interest rates, high office vacancy rates and tighter commercial lending additions, we expect 2024 demand in this segment to moderate as it generally follows single-family residential development with a lag.

轉向輕型非住宅，儘管利率上升、辦公室空置率較高和商業貸款增加收緊，但到2023 年需求仍保持彈性，但我們預計2024 年該領域的需求將放緩，因為它通常落後於單戶住宅開發。

Given the structural housing deficit and favorable population trends in key Martin Marietta markets, we fully expect the affordability-driven single-family residential slowdown will recover as interest rates decline further and monthly mortgage payments become relatively more affordable. Although there's still near-term uncertainty, we're encouraged by recent trends in single-family housing starts, a leading indicator of aggregate demand which were 1 million units in December, an increase of 16% from a year ago.

鑑於馬丁瑪麗埃塔主要市場的結構性住房赤字和有利的人口趨勢，我們完全預計，隨著利率進一步下降以及每月抵押貸款支付變得相對更容易負擔，由負擔能力驅動的單戶住宅放緩將會復甦。儘管短期內仍存在不確定性，但單戶住宅開工量的最新趨勢令我們感到鼓舞，單戶住宅開工量是總需求的領先指標，12 月份為 100 萬套，同比增長 16%。

Looking ahead, we expect 2024 to be another record year for Martin Marietta. As previously mentioned, we anticipate flat aggregate shipments as infrastructure and large-scale nonresidential projects should largely offset softness in the residential and light nonresidential sectors. With steady product demand supporting favorable commercial dynamics and the disciplined execution of our value over volume strategy, we expect double-digit aggregates pricing growth to overcome inflationary pressures and lead to expanded gross margins and unit profitability growth, combined with contributions from our cement, downstream and Magnesia Specialties businesses and contributions from our recently acquired Colorado assets, we are confident in our expectations for consolidated adjusted EBITDA of $2.24 billion at the midpoint.

展望未來，我們預計 2024 年將是馬丁瑪麗埃塔再創紀錄的一年。如前所述，我們預計總出貨量將持平，因為基礎設施和大型非住宅項目將在很大程度上抵消住宅和輕型非住宅領域的疲軟。由於穩定的產品需求支持有利的商業動態以及嚴格執行我們的價值超過數量策略，我們預計兩位數的總定價增長將克服通脹壓力，並導致毛利率擴大和單位盈利能力增長，再加上我們的水泥、下游的貢獻和 Magnesia Specialties 業務以及我們最近收購的科羅拉多州資產的貢獻，我們對綜合調整後 EBITDA 中位數 22.4 億美元的預期充滿信心。

To conclude, we're extremely proud of our record-setting performance in 2023. We demonstrated our ability to successfully navigate another challenging macroeconomic environment and deliver superior returns for shareholders. As we begin the new year, our teams remain committed to employee health and safety, commercial and operational excellence, sustainable business practices and the execution of our SOAR 2025 initiatives as we build the safest, best-performing and most durable aggregates-led public company.

總而言之，我們對 2023 年創紀錄的業績感到非常自豪。我們證明了我們有能力成功應對另一個充滿挑戰的宏觀經濟環境，並為股東帶來豐厚的回報。在新的一年開始之際，我們的團隊將繼續致力於員工健康和安全、卓越的商業和營運、可持續的業務實踐以及SOAR 2025 計劃的執行，打造最安全、績效最佳和最持久的骨材主導型上市公司。

We look forward to continuing our strong momentum in driving responsible and profitable growth in 2024 and beyond. If the operator will now provide the required instructions, we'll turn our attention to addressing your questions.

我們期待在 2024 年及以後繼續保持強勁勢頭，推動負責任和獲利的成長。如果接線員現在提供所需的說明，我們將專注於解決您的問題。

(Operator Instructions) Your first question is from Trey Grooms from Stephens.

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

You guys have been quite busy and first wanted to congratulate you and the team on the recent acquisition announcement, they look like great assets and a great fit for you guys.

你們一直很忙，首先想祝賀你們和團隊最近宣布的收購，他們看起來是很棒的資產，非常適合你們。

Thank you very much. It was a busy weekend, I'll tell you that.

非常感謝。這是一個忙碌的周末，我告訴你。

Yes, bet it was. On that note, Jim, and you touched on it, but could you -- could you help us with a bit more detail on how to bridge the guide for the full year? Maybe help us understand and quantify what is included, what is not included as we look at the guide for '24?

是的，我打賭是的。關於這一點，吉姆，你談到了這一點，但是你能幫助我們提供更多有關如何銜接全年指南的細節嗎？當我們查看 24 小時指南時，也許可以幫助我們理解和量化包含哪些內容、不包含哪些內容？

Yes, sure. Happy to do that. So we've closed now on 2 transactions, the acquisition of Albert Frei. And that -- you can think about that maybe between $40 million and $45 million of EBITDA coming from that business. And then we've also closed the divestiture of our South Texas Cement and Ready Mix business. And you can think about that as around $170 million of EBITDA that was divested. So those are coming out of what you would have seen may be from the 2023 view. The Blue Water acquisition, call it, $135 or so million of EBITDA that is not. That would be a full year run rate view that is not included in our guide. We will, of course, include that when that closes, we'll update our guidance for that additional EBITDA at that point. But hopefully, that provides the necessary ins and outs for you to make that work.

是的，當然。很高興這樣做。現在我們已經完成了兩筆交易，即收購 Albert Frei。你可以想像一下，該業務可能帶來 4,000 萬至 4,500 萬美元的 EBITDA。然後我們也完成了南德州水泥和預拌粉業務的剝離。您可以將其視為被剝離的約 1.7 億美元 EBITDA。因此，這些結果可能是您從 2023 年的角度看到的。 Blue Water 收購案的 EBITDA 約為 1.35 億美元，但事實並非如此。這將是我們的指南中未包含的全年運行率視圖。當然，我們會在交易結束後更新我們對額外 EBITDA 的指導。但希望這為您提供了實現這一目標所需的細節。

Yes. That's super helpful. Got it. And 1 more, if I could. I'm located not too far from some of your locations. And it's no secret January weather was tough, particularly here in the South where we aren't used to snow and ice or sub-freezing temps for long periods of time. Can you help us on maybe how to think about that in 1Q? And anything else to note that maybe we should be aware of as we think about this first quarter.

是的。這非常有幫助。知道了。如果可以的話，還有 1 個。我的位置離你們的一些地點不太遠。眾所周知，一月份的天氣很惡劣，尤其是在南方，我們不習慣長時間的冰雪或零度以下的氣溫。您能幫助我們在第一季如何思考這個問題嗎？在我們思考第一季時，也許我們應該注意其他任何需要注意的事情。

Trey, thanks a lot. I mean, that's a really good question because as you recall, last year in Q1 weather was actually disproportionately good. And I think when people saw Q1 numbers, they thought, wow, that's really something. And you know what I've long said, the first quarter can largely be made or broken by the last 2 weeks in March. But if you do have really challenging weather in January and February, it can put you back a little bit. So to that end, you should expect a different cadence. I'm going to turn to Jim and ask him to give you some more detail on what that cadence will likely look like this year. So Jim back to you for a moment on that please.

特雷，非常感謝。我的意思是，這是一個非常好的問題，因為正如您所記得的那樣，去年第一季的天氣實際上非常好。我認為當人們看到第一季的數據時，他們會想，哇，這真的很了不起。你知道我早就說過的，第一季的成敗很大程度取決於三月的最後兩週。但如果一月和二月的天氣確實非常惡劣，那麼它可能會讓你的心情稍微有點糟糕。因此，為此，您應該期待不同的節奏。我將去找吉姆，請他向您提供有關今年節奏的更多詳細資訊。那麼吉姆請回覆您一下。

Yes. So Q1 2023, as Ward mentioned, was unseasonably good. That year Q1 represented 15% of our gross profit. I'm speaking on a consolidated basis. So it's not a product by product, but on a consolidated basis, 15% of gross profits were earned in Q1. Again, it's a lower profit quarter. So small changes can have big percentage impacts. And then pointing out, as you did the weather this year is worse in Q1. I'm now going to guess around 11.5% of our gross profits would occur in Q1 of this year. So that's about a 350 basis point drop. I would say with Q2, 3 and 4 would each be about a little bit more than 1 percentage points increasing versus what they were last year. Again, that's percentages of total yearly profits. Does that help?

是的。因此，正如沃德所說，2023 年第一季的表現異常出色。那年第一季占我們毛利的 15%。我是在綜合基礎上說的。因此，這不是按產品分類，而是在綜合基礎上，第一季獲得了 15% 的毛利。同樣，這是一個利潤較低的季度。因此，微小的變化可能會產生很大的影響。然後指出，正如您所做的那樣，今年第一季的天氣更糟。我現在猜測今年第一季我們毛利的 11.5% 左右。所以下降了大約 350 個基點。我想說，與去年相比，第二季、第三季和第四季的增幅均略高於 1 個百分點。同樣，這是佔年度利潤總額的百分比。這樣有幫助嗎？

Yes, sir. I got it. That's super helpful.

是的先生。我得到了它。這非常有幫助。

Just 1 bit more color on that. So obviously, January was a really challenging month for customers and everyone else as you would imagine, February, as we've seen good weather come through, the business has done what we would have thought. So I think that's important to note as a footnote to what Jim just took you through. Trey, thanks for the question.

只是多了一點顏色。顯然，一月份對於客戶和其他所有人來說都是一個真正具有挑戰性的月份，正如你所想像的那樣，二月份，隨著我們看到好天氣的到來，業務已經完成了我們的預期。所以我認為這一點很重要，作為吉姆剛剛向您介紹的內容的腳註。特雷，謝謝你的提問。

Your next question is from Stanley Elliott from Stifel.

您的下一個問題來自 Stifel 的 Stanley Elliott。

Ward, Jim, congratulations on another successful year. Ward, maybe a good time to get an update on how you guys are thinking about SOAR 2025. I mean you effectively doubled the market cap since that came out in 2020, 2021, any comments on, I guess, the execution thus far, maybe how are you thinking about recent future and future portfolio moves and maybe tie that back into your commercial efforts?

沃德、吉姆，祝賀又一個成功的一年。 Ward，也許是了解你們如何看待SOAR 2025 的最新情況的好時機。我的意思是，自2020 年、2021 年發布以來，你們的市值實際上已經翻了一番，我想，對迄今為止執行的任何評論，也許您如何看待最近的未來和未來的投資組合動向，並可能將其與您的商業努力聯繫起來？

Stanley, thanks for the question. You're right. I mean, we've been really disciplined, very thoughtful in each of our SOAR 5 year increments. So if you go back in time and remember the first one came out in 2010, and that was through '15. Then in '15, we did SOAR 2020 then most recently, again, very cleverly SOAR 2025. And we've been able in each of those to effectively double our market cap. And we're almost there now.

史丹利，謝謝你的提問。你說得對。我的意思是，我們在每一個 SOAR 5 年增量中都非常自律、深思熟慮。所以如果你回顧過去並記得第一部作品是在 2010 年推出的，那是在 15 年。然後在 15 年，我們進行了 SOAR 2020，最近又非常巧妙地進行了 SOAR 2025。我們在每一個方面都能夠有效地將我們的市值翻倍。現在我們已經快到了。

And obviously, we still have some track ahead of us in SOAR 2025. I would say a couple of things. One, the commercial execution that you've seen has focused on is something that we will continue to be focused on. I think you see it in what we've given relative to our guide this year. Again, we're looking at ASP increases at 11% at the midpoint. And again, I think it's important to state Stanley, that does not contemplate mid-years. That's the same type of conversation we had in 2023 as well. And you'll recall that we came back and actually had mid-years in more than half of our markets. So again, we'll come back and revisit that at half year and see where that is.

顯然，我們在 SOAR 2025 中仍有一些進展。我想說幾件事。第一，您所看到的商業執行是我們將繼續關注的重點。我想您可以從我們今年提供的指南中看到這一點。同樣，我們預計平均售價將成長 11%。再說一次，我認為重要的是要聲明史丹利，他沒有考慮年中的情況。我們在 2023 年也進行過同類型的對話。您會記得，我們​​回來後，實際上我們一半以上的市場都經歷了年中。所以，我們將在半年後再次回顧這一點，看看它在哪裡。

The other thing that I think is important to keep in mind is you've seen what I think is a lot of very productive, very appropriate M&A. I think it's totally consistent with what we've sent to the market. We are an aggregates-led business. And part of what I moved by, if we look at simply what's occurred so far this year, 2 large transactions with assets coming into the organization, obviously, Blue Water still has some time to go through the Hart-Scott process.

我認為需要記住的另一件事是，您已經看到了我認為很多非常有成效、非常合適的併購。我認為這與我們向市場發送的內容完全一致。我們是一家以聚合為主導的企業。我所感動的一部分，如果我們簡單地看一下今年迄今為止發生的事情，兩筆資產進入該組織的大型交易，顯然，藍水公司仍然有一些時間來完成哈特-斯科特流程。

But we'll close on that transaction between Blue Water and what we've done without Frei & Sons, those are 2 pure-play aggregates businesses. And what I'm particularly moved by as well, if we look at our pipeline, that's what our pipeline looks like too. I do believe our company is positioned from a quality growth perspective and a very compelling and it's an overused term, but I almost think unique position as well. So will commercial discipline be a piece of it? You bet.

但我們將完成 Blue Water 之間的交易以及我們在沒有 Frei & Sons 的情況下所做的交易，這是兩家純粹的聚合業務。我特別感動的是，如果我們看看我們的管道，我們的管道也是這樣的。我確實相信我們公司的定位是從品質成長的角度來看的，並且非常引人注目，這是一個被過度使用的術語，但我幾乎認為也是獨特的定位。那麼商業紀律會成為其中的一部分嗎？你打賭。

Well, operational excellence be a piece of it. And we think it will continue to be, particularly as we bring these businesses into our hold. But again, our ability to do shareholder value increasing transactions, we think here in the near term, medium term and long term is a fundamental differentiator for our business. And if we think about what value creation looks like for Martin Marietta and its shareholders, we think those are the key drivers. But Stanley, I hope that's helpful in response to your question.

嗯，卓越營運是其中的一部分。我們認為這種情況將會持續下去，特別是當我們將這些業務納入我們的掌控之中時。但同樣，我們認為在短期、中期和長期內，我們進行增加股東價值的交易的能力是我們業務的根本差異化因素。如果我們考慮馬丁瑪麗埃塔及其股東的價值創造是什麼樣的，我們認為這些是關鍵驅動因素。但是史丹利，我希望這對回答你的問題有所幫助。

Your next question is from Anthony Pettinari from Citi.

您的下一個問題來自花旗銀行的 Anthony Pettinari。

The gross profit per ton guidance of $8.40, I think, implies cost per ton up maybe mid-single digit year-over-year, if I got that right. And I'm just wondering if you could bridge that between maybe some of your different cost inputs and any kind of assumptions around cost categories and maybe energy for the balance of the year.

我認為，每噸毛利為 8.40 美元，這意味著每噸成本可能會比去年同期上漲中個位數（如果我沒猜錯的話）。我只是想知道您是否可以在一些不同的成本投入和有關成本類別以及今年剩餘時間的能源的任何類型的假設之間建立橋樑。

Happy to take. I'll ask Jim to go through and give you a bucket by bucket view. But overall, you're entirely right. If we're just looking at general inflation, it's going to be in the mid- to high single digits range. That can obviously move around a little bit, but there are some components of our business that are seeing higher pieces of inflation. I think it's important to say that labor is actually not one of those. Those numbers continue to be in a very comfortable place, both for our workforce and for our company, but let Jim take you through some of the puts and takes on some of the other inputs.

很高興接受。我會請吉姆過去並為您提供一桶一桶的視圖。但總的來說，你是完全正確的。如果我們只考慮整體通膨，它將處於中高個位數範圍內。顯然，這可能會略有波動，但我們業務的某些組成部分的通膨率正在上升。我認為重要的是要說勞動其實不是其中之一。對於我們的員工和我們的公司來說，這些數字仍然處於一個非常舒適的位置，但讓吉姆帶您了解一些看跌期權和接受一些其他投入。

Yes, you're right. It's about 7% inflation on the COGS -- on the aggregates business, COGS per ton. So here are the items that are above 7% or north of 7%. Oil lubricants, we're expecting to be up quite a bit explosive, still remain high. The parts and equipment for the plants, also (inaudible) ZIP code -- so those are the areas that are pushing it above 7%, areas that are pushing it below 7% are, as Ward mentioned, labor, which is our biggest cost component and also diesel, electricity, nat gas. Those are not expected to be headwinds in 2024. So those are the large buckets, I would say, that are deviating from the 7%, some are more than 7%, others are well below the 7%. But on a blended basis, that's where we're ending up.

你是對的。就骨材業務而言，每噸銷貨成本的通膨率約為 7%。以下是高於 7% 或高於 7% 的項目。潤滑油，我們預計會有相當大的爆炸性上漲，但仍然保持在高位。工廠的零件和設備，還有（聽不清楚）郵遞區號——所以這些是推動成本高於7% 的領域，推動成本低於7% 的領域是勞動力，正如沃德所提到的，這是我們最大的成本組件以及柴油、電力、天然氣。預計這些在 2024 年不會成為逆風。所以我想說，這些都是偏離 7% 的大桶，有些超過 7%，有些則遠低於 7%。但在混合的基礎上，這就是我們最終的結果。

Got it. Got it. And the assumption for diesel is just current prices or...

知道了。知道了。柴油的假設只是當前價格或...

There's a smidge of a headwind in for diesel, not much of current spot prices.

柴油有一點阻力，但目前現貨價格不大。

We hope we've been a bit punitive to ourselves. We'll see how that plays out, Anthony.

我們希望我們對自己有一點懲罰。我們會看看結果如何，安東尼。

Your next question is from Angel Castillo from Morgan Stanley.

您的下一個問題來自摩根士丹利的安吉爾·卡斯蒂略。

Just was curious on the recent acquisitions. I was wondering if you could help us quantify a little bit more or give us a little bit more color as to kind of upside opportunity on the pricing side as you look at those assets in those regions in terms of bringing those more -- to the value over volume strategy?

只是對最近的收購感到好奇。我想知道您是否可以幫助我們更多地量化，或者給我們更多關於定價方面的上行機會的信息，因為您會考慮這些地區的這些資產，以將更多的資產帶入市場。價值超過數量的策略？

Well, look, if we look at the overall businesses and looking at the prior business in Colorado, they were doing somewhere between 3.5 million and 4 million tons [per stone prem]. Denver is a very attractive marketplace. We'll have to see how that plays out. But you can go back over time and get a good sense of commercially at least how we've approached those markets. As you can imagine, the barriers to some degree of entry and hard rock can be quite high in a number of markets.

嗯，看，如果我們看看整體業務並看看科羅拉多州之前的業務，他們的產量在 350 萬噸到 400 萬噸之間（每塊石材）。丹佛是一個非常有吸引力的市場。我們得看看結果如何。但隨著時間的推移，你可以對商業有一個很好的了解，至少我們是如何進入這些市場的。正如您可以想像的那樣，在許多市場中，某種程度的進入和硬搖滾的壁壘可能相當高。

So we feel very good about our team in Colorado. They're very cost conscious. They're very commercially focused. And we think the marketplace in Denver will continue to be very attractive for an extended period of time. Keep in mind, if we go back -- let's call it, 13 years. We had no significant business at all in Colorado. We look up and down the Front Range today. We're the clear leader in aggregates up down the I-25 corridor.

所以我們對科羅拉多州的團隊感覺非常好。他們非常注重成本。他們非常注重商業。我們認為丹佛的市場在很長一段時間內將繼續極具吸引力。請記住，如果我們回到過去——我們稱之為 13 年前。我們在科羅拉多州根本沒有什麼重要的業務。今天我們在弗蘭特山脈（Front Range）上下巡視。在 I-25 走廊上，我們在總量上處於明顯領先地位。

Remember, that's where 80-plus percent the population in Colorado lives. And again, the biggest piece of it being in Denver. And now between the Walstrum Quarry, which we picked up and our Spec Agg Quarry, a very attractive position in that marketplace. If we go and look at Blue Water, obviously, that transaction has not closed. We're going through the Hart-Scott process soon and we're hoping to have that done half year-ish; heavy on the ish, by the way. It could clearly push into the second half of the year. If we look at the overall tonnage, that's going to be around 13 million tons of stone. But importantly, if you look at the markets which gives us a nice footprint, these are markets that we've long talked about wanting to have a natural position. And so certainly, we find ourselves in Nashville. Certainly, we find ourselves in Knoxville. Now we find ourselves in a much more significant way in South Florida and around Miami.

請記住，科羅拉多州 80% 以上的人口居住在那裡。再說一次，其中最大的部分是在丹佛。現在，我們收購的 Walstrum 採石場和我們的 Spec Agg 採石場之間，在該市場中處於非常有吸引力的位置。如果我們去看看藍水，顯然，這筆交易還沒結束。我們很快就會經歷哈特-斯科特流程，我們希望能在半年內完成；順便說一句，很重。顯然可能會延到今年下半年。如果我們看一下總噸位，大約有 1300 萬噸石頭。但重要的是，如果你看看那些給我們留下了良好足跡的市場，你會發現這些市場是我們長期以來一直在談論的希望擁有自然地位的市場。當然，我們發現自己在納許維爾。當然，我們發現自己在諾克斯維爾。現在，我們發現自己在南佛羅裡達州和邁阿密週邊地區處於更重要的地位。

So if you go back and take a look at the slide presentation that we gave to the analysts and investors in February of 2021, we talked about a series of markets that we wanted to enter. We talked about Northern California, Southern California, Arizona, in and around Austin, Texas. We talked about Middle Tennessee, we talked about South Florida, and we talked about in Northern Virginia.

因此，如果您回頭看一下我們在 2021 年 2 月向分析師和投資者提供的幻燈片演示，我們討論了一系列我們想要進入的市場。我們討論了北加州、南加州、亞利桑那州、德克薩斯州奧斯汀及其周邊地區。我們談論了田納西州中部，我們談論了南佛羅裡達州，我們談論了弗吉尼亞州北部。

We are literally in a place now that we're putting checks in most of those boxes. So again, if you take a look at the overall pricing at these facilities relative to our corporate average, it's modestly below our corporate average. So again, I'm hoping I'm giving you something directionally that you can work with. But that gives you a sense of the market, it gives you a sense of the overall volume. I do think we will operationally bring increased efficiencies to these markets, and we're thrilled to, #1, have already brought the Frei team into the Martin Marietta fold, and we look forward to bringing the Blue Water team into our organization as well. So hopefully, Angel, that response to your question.

現在我們確實已經到了這樣的境地：我們正在對大多數盒子進行檢查。所以，如果你看看這些設施相對於我們公司平均水平的整體定價，你會發現它略低於我們公司平均水平。再說一次，我希望我能給你一些你可以使用的有方向性的東西。但這讓你對市場有一個感覺，它讓你對整體成交量有一個感覺。我確實認為我們將提高這些市場的營運效率，我們很高興，#1，已經將 Frei 團隊納入 Martin Marietta 團隊，我們期待將 Blue Water 團隊也納入我們的組織。希望天使能夠回答你的問題。

Your next question is from Jerry Revich from Goldman Sachs.

您的下一個問題來自高盛的傑瑞·雷維奇（Jerry Revich）。

I'm wondering if we just take a step back, historically, in a [flat end demand] environment, the industry has realized 4 points of price or less. And obviously, we're putting up much better performance here in the price cost spread widening. As you think about what the industry learned over the course of the hyperinflation period, I guess, do you think the fear of inflation stays with the industry beyond this year? Or could we return to slower pricing cadence in '25 towards that historical rate. I know it's super early, but I feel like the industry got burned with inflation, (inaudible) on the upside. I'm wondering -- does that change the mindset for obviously, you folks and others in your markets?

我想知道我們是否退後一步，從歷史上看，在[終端需求平坦]的環境下，行業已經實現了4點或更少的價格。顯然，在價格成本差擴大的情況下，我們在這裡表現得更好。當您思考該行業在惡性通貨膨脹時期學到的東西時，我想，您認為今年之後該行業是否仍會擔心通貨膨脹？或者我們是否可以在 25 年恢復較慢的定價節奏，以達到歷史水平。我知道現在還為時過早，但我覺得這個行業因通貨膨脹而受到損害，（聽不清楚）上漲。我想知道——這顯然會改變你們以及市場上其他人的心態嗎？

Well, Jerry, the only thing I can speak to is Martin Marietta, of course. And I would say several things. One, obviously, inflation has moved significantly over the last couple of years. And we took the actions that were smart and prudent to protect our company as that went up. Secondly, at least here in our company, we recognize that having these long-lived reserves is significant. We're sitting here today at current extraction rates with reserves in excess of 70 years.

好吧，傑瑞，當然，我唯一能說話的是馬丁瑪麗埃塔。我想說幾件事。顯然，過去幾年通膨發生了顯著變化。隨著價格的上漲，我們採取了明智而謹慎的行動來保護我們的公司。其次，至少在我們公司，我們意識到擁有這些長期儲備非常重要。我們今天坐在這裡，以目前的開採率，儲量可超過 70 年。

Something that I think we talk about inside our company as these reserves are worth more tomorrow than they are today. In some geographies, it's very difficult to replicate or replace the reserves. And I think as we think long term, and that's how we tend to think about this business. If we go back to one of the questions that was earlier, they were asking about SOAR and the fact that we look at our business in 5-year increments. But the simple fact is, Jerry, we think about our business in terms of decades, not years, not 5 years, but really decades. And as we look at it through that lens, we recognize that we have the product that is absolutely essential in every form of heavy side development.

我認為我們在公司內部會討論這些儲備，因為這些儲備明天的價值會比今天更高。在某些地區，複製或替代儲量非常困難。我認為，當我們從長遠考慮時，這就是我們看待這項業務的方式。如果我們回到之前的問題，他們會詢問 SOAR 以及我們以 5 年增量來看待我們的業務。但簡單的事實是，傑瑞，我們以幾十年來思考我們的業務，而不是幾年，不是五年，而是真正的幾十年。當我們從這個角度看待它時，我們認識到我們擁有的產品對於每種形式的重側開發都是絕對必要的。

You don't need asphalt in every piece of it. You don't need concrete in every piece of -- but you need the aggregates in absolutely every piece of it. So from our perspective, as we look at what aggregate sells for on a per ton basis and then we consider, one, its vitality to a product or to a project, and its overall cost relative to the project, we think we're actually adding more to an individual project than we're costing a project. That's how we think about what we're doing.

你不需要每一塊都鋪上瀝青。你不需要在每個部分都使用混凝土，但你絕對需要在它的每個部分都使用骨材。因此，從我們的角度來看，當我們查看每噸骨料的售價，然後我們考慮其對產品或項目的活力，以及其相對於項目的總體成本時，我們認為我們實際上為單一項目添加的內容比我們為專案付出的成本還要多。這就是我們思考我們正在做的事情的方式。

So if we go back to the notion of will commercial excellence continue to be a driver for our organization, and I think make our pricing look fundamentally different going forward than it did, say, a decade ago. Yes, I think it probably will. Do I think operationally, we will continue to bring great value to the organization by making our businesses better faster, safer, more efficient, et cetera? Yes, I think we will. But I also think that what you should expect from us, and this ties to a degree to it as well, Jerry, is we will continue to be a very responsible, very visionary acquirer of attractive businesses in attractive geographies. And I think if you take those building blocks that I've taken you through, it gives you a good sense of how to think about the business overall from a commercial perspective.

因此，如果我們回到商業卓越將繼續成為我們組織的驅動力的概念，我認為讓我們的定價看起來與十年前根本不同。是的，我想可能會的。我是否認為在營運上，我們將透過讓我們的業務變得更好、更快、更安全、更有效率等，繼續為組織帶來巨大價值？是的，我想我們會的。但我也認為，傑瑞，您應該對我們抱有期望，這在某種程度上也與之相關，我們將繼續成為一個非常負責任、非常有遠見的收購者，在有吸引力的地區收購有吸引力的企業。我認為，如果你採用了我帶你了解的那些構建模組，它會讓你很好地了解如何從商業角度思考整體業務。

Really appreciate the color. And then you folks have been super busy over Super Bowl weekend. And I'm wondering if you look at the M&A pipeline today now that we're wrapping up the last deal, hopefully, that announced soon. The M&A pipeline from here, Ward, what's the range of outcomes in terms of how much more capital we can deploy over the balance of '24, you predicted '24 was going to be a really active M&A year. And I'm just wondering how much is left or there to do based on what's in the pipeline?

真的很欣賞這個顏色。然後你們在超級盃週末非常忙碌。我想知道您是否專注於今天的併購管道，因為我們正在完成最後一筆交易，希望很快就會宣布。沃德，從這裡開始的併購管道，就我們在 24 年剩餘時間裡可以部署多少資本而言，結果範圍是多少，您預測 24 年將是一個非常活躍的併購年。我只是想知道根據正在進行的工作還剩下多少或還有多少工作要做？

Jerry, that's a great question. So here's the way that I would encourage you to think about it. Let's assume that Frei closed, which it is, and now just assume the Blue Water was closed. We'd be leveraged at about 1.85x. So keep in mind, through a cycle, we like to be leveraged 2 to 2.5x. So we're still, despite that degree of acquisitive activity, we're still below where we would typically like to be.

傑瑞，這是一個很好的問題。所以這是我鼓勵你思考的方式。讓我們假設弗雷關閉了，事實也確實如此，現在假設藍水關閉了。我們的槓桿比率約為 1.85 倍。因此請記住，在一個週期中，我們希望槓桿率達到 2 至 2.5 倍。因此，儘管收購活動達到了一定程度，但我們仍然低於我們通常希望達到的水平。

So my point is this, when we've seen attractive transactions before, we haven't done it a lot, but we've gone over 3 times. We've delevered actually very quickly and easily when we've done that. I continue to believe that there will be more transactional activity this year. I would be disappointed if there's not. You're right on our Q3 call back in November. I said at that time, I thought 2024 would be a pretty busy year. Obviously, we're about 1.5 months into it. It's been a really busy year already. But Jerry, the fact is that I think there's going to be more, I'd be disappointed if there wasn't and you should expect it to be more pure stone type transactions, Jerry.

所以我的觀點是，當我們之前看到有吸引力的交易時，我們做的次數並不多，但我們已經做了超過3次了。當我們這樣做時，實際上我們已經非常快速、輕鬆地去槓桿化了。我仍然相信今年將會有更多的交易活動。如果沒有的話我會很失望。您在 11 月的第三季電話會議中說得對。我當時就說，我覺得2024年會是相當忙碌的一年。顯然，我們已經投入了大約 1.5 個月的時間。這已經是非常忙碌的一年了。但是傑瑞，事實是我認為還會有更多，如果沒有的話我會很失望，你應該期待它是更純粹的石頭類型交易，傑瑞。

Your next question is from Philip Ng from Jefferies.

您的下一個問題來自 Jefferies 的 Philip Ng。

Congrats on a really strong quarter. If I take your guidance, Jim, I think you're calling for flattish volumes for the full year. Not too dissimilar to what you told us back on the 3Q call, but I believe your guide now includes AFS, so that would imply maybe volumes are a little softer, but everything that you mentioned, Ward, sounded pretty constructive. So I just want to make sure we're -- one, we're not overthinking about this. And when you look out to the back half, I mean, you kind of talked about rates coming down, that could be a good guide for housing. Could volumes kind of inflect in the back half and go into 2025? Is there a good way to think about the trajectory for us?

恭喜這個季度的強勁表現。吉姆，如果我接受你的指導，我認為你要求全年銷量持平。與您在3Q 電話會議上告訴我們的內容並沒有太大不同，但我相信您的指南現在包括AFS，因此這意味著成交量可能會有所減弱，但Ward，您提到的所有內容聽起來都非常有建設性。所以我只是想確保我們——一，我們沒有對此想太多。當你展望後半部分時，我的意思是，你談到了利率下降，這可能是住房的一個很好的指南。下半年銷售是否會有所變動並持續到 2025 年？有沒有一個好的方法可以為我們思考軌跡？

Phil, thanks for your question. A couple of things that I would say. #1, you're right. I mean, if we're looking at bringing in Frei, and let's call it, 3.5 million tons, one thing that happened in our sale of the Hunter Cement Plant is we're actually doing some stone production there as well that was going into the cement production. So in fairness, that was probably about 2 million tonnes. So really, if you start taking a look at what went the other way in the 100 transaction, what's going this other way near term and Frei, keep in mind that you've got a fairly seasonally impacted business in Colorado as well. Again, I think it leads you back to that relatively flattish.

菲爾，謝謝你的提問。我想說幾件事。 #1，你是對的。我的意思是，如果我們考慮引進 Frei，我們稱之為 350 萬噸，在我們出售 Hunter 水泥廠時發生的一件事是，我們實際上也在那裡進行一些石材生產，這些生產將進入水泥生產。因此，公平地說，這可能約為 200 萬噸。所以說真的，如果您開始關注 100 筆交易中的其他情況、近期和 Frei 的情況，請記住，您在科羅拉多州的業務也受到相當季節性的影響。再說一遍，我認為這會讓你回到相對平坦的狀態。

So I wouldn't strain too hard on what those numbers look like because there's just enough movement on the surface of it that it could put you in a much more comfortable place (inaudible) look and feel flat. To your point, though, I do believe if we see interest rate reductions and we see a steady, albeit somewhat slow recovery in housing and then what's likely to be degrees of light non-res that comes behind that in the second half of the year. I'm not sure how much is going to push volumes up and half too. I think it certainly could push volumes up and have to. I think what it's really doing is it's setting up 2025 to be even a more productive year. Obviously, on the infrastructure side, we think it's going to be pretty constructive all by itself. I mean if you think about the fact that we're looking at what's happened on highway contract awards and you're looking at basic and LTM from December 2019 through 2023, that's got almost an 11% CAGR involved in it. And then we're looking at our top 10 states and DOT budgets themselves that are up on average, 10%. And here's some percentages to keep in mind.

所以我不會太在意這些數字的樣子，因為它的表面有足夠的運動，它可以讓你處於一個更舒適的地方（聽不清楚），看起來和感覺平坦。不過，就你的觀點而言，我確實相信，如果我們看到利率下調，並且我們看到房地產市場穩步（儘管有些緩慢）復甦，那麼下半年可能會出現輕微的非經濟復甦。我不確定銷量會增加一半。我認為這肯定會推高銷量，而且必須如此。我認為它真正要做的是讓 2025 年成為更有成效的一年。顯然，在基礎設施方面，我們認為它本身就非常具有建設性。我的意思是，如果你考慮一下這樣一個事實：我們正在研究高速公路合約授予方面發生的情況，並且你正在研究2019 年12 月至2023 年的基本和LTM，那麼複合年增長率幾乎為11% 。然後我們看看排名前 10 名的州和交通部預算本身，它們平均增加了 10%。這裡有一些需要記住的百分比。

Texas, which had a really heady budget is up 24%. Florida, which has been at record levels, it's up 9%. North Carolina, our home court is up 11%. Minnesota, when we bought the business there from Tiller several years ago, we said that was a really attractive DOT. It's up about 38%. So again, as we're looking at public, we think that that's going to be pretty compelling. Even as we sit and move to non-res, if we're looking at manufacturing, the reshoring that we mentioned in our opening comments, is pretty significant. We continue to see more activity in that space. I also called out what we're seeing consistently in energy. We got a new battery plant in Kokomo, Indiana. There's some new one coming in the Bowling Green, Kentucky.

預算非常可觀的德克薩斯州增長了 24%。佛羅裡達州的房價上漲了 9%，創下歷史新高。北卡羅來納州，我們的主場上漲了 11%。明尼蘇達州，當我們幾年前從蒂勒那裡購買該業務時，我們說那是一個非常有吸引力的 DOT。上漲了約38%。因此，當我們關注公眾時，我們認為這將非常引人注目。即使我們坐下來轉向非資源，如果我們專注於製造業，我們在開篇評論中提到的回流也是相當重要的。我們繼續看到該領域有更多活動。我還指出了我們在能源方面持續看到的情況。我們在印第安納州科科莫建立了一個新的電池工廠。肯塔基州鮑靈格林球場即將推出新產品。

But what I've been a bit surprised by and I think this may be more geographic intensive as well or sensitive is even in the areas that have had degrees of slowing warehouses and data centers, I mean we've got 4 data centers under construction right now in Eastern Nebraska and Western Iowa. And there's a new one that looks like it's coming online in Covington, Georgia. So again, if we look across our geographic footprint and recognize that we've been very selective in the where. Do I think there's a prospect that you could see some upside in the second half of the year on volumes? Yes, I do.

但令我有點驚訝的是，我認為這可能也更加地理密集或敏感，即使是在倉庫和資料中心放緩程度的地區，我的意思是我們正在建造 4 個資料中心現在在內布拉斯加州東部和愛荷華州西部。還有一款新產品似乎即將在喬治亞州卡溫頓上線。再說一次，如果我們審視我們的地理足跡，並認識到我們在這些地區的選擇非常嚴格。我認為今年下半年銷售量有可能出現一些上升嗎？是的，我願意。

I think that cadence that Jim spoke to earlier, it's important to keep in mind because clearly, we're not going to have a Q1 this year that looked like Q1 last year. But again, I think Q2, Q3 and Q4 could be attractive, recognizing, hey, pretty heady Q4. We just had this year, too. Again, Phil, I hope that's helpful and constructive on the volumes and what the end users look like.

我認為吉姆早些時候談到的節奏很重要，因為很明顯，我們今年的第一季不會像去年第一季那樣。但同樣，我認為第二季、第三季和第四季可能很有吸引力，意識到，嘿，相當令人興奮的第四季。我們今年也剛過。 Phil，我再次希望這對數量和最終用戶的外觀有所幫助和建設性。

Your next question is from Tyler Brown from Raymond James.

您的下一個問題來自雷蒙德詹姆斯的泰勒布朗。

Jim, I'm curious about the CapEx guide. So it was a little bit higher than maybe we had expected, just considering the South Texas sale -- just curious what all is in that CapEx number. Was there a sizable Midlothian spend in there? May be outside land acquisition. It just seems like 9.5% CapEx to sales feels a bit higher than normal, just particularly considering flattish volume.

吉姆，我對資本支出指南很好奇。因此，考慮到南德克薩斯州的銷售，這個數字可能比我們預期的要高一些——只是好奇資本支出數字到底是什麼。中洛錫安那裡有相當大的支出嗎？可能是外部徵地。銷售額佔 9.5% 的資本支出似乎比正常情況要高一些，特別是考慮到銷量持平。

Yes, good question. Our range is between 8% to 10%, typically, 9% is the most common at the midpoint. But we do have a couple of large projects in there. And you're right, the finish mill 7 is among those that's one of the larger spends in 2024 as we wrap up that project. Another one is our Beckmann plant in San Antonio is getting a significant upgrade there as well. So the 2 largest items that are helping to push it up a little bit more than normal, but still well within the range of what I think is typical for us.

是的，好問題。我們的範圍在 8% 到 10% 之間，通常，9% 是最常見的中間值。但我們確實有幾個大型專案。您是對的，7 號精軋機是我們在 2024 年完成專案時支出較大的專案之一。另一個是我們位於聖安東尼奧的貝克曼工廠也正在進行重大升級。因此，兩個最大的項目有助於將其推高到比正常水平稍高一些，但仍然在我認為對我們來說典型的範圍內。

Tyler, let me add this too because Jim nailed it. He's exactly right. The other thing that we're seeing, though, on occasion, and we've seen it more in the last few months is real estate purchases tends to be highly opportunistic. And when the right real estate shows up, you don't always know when it's going to parachute in, and we have to have the ability to be pretty agile around that. So we're looking at some real estate purchases as well that we think will be important in the near, medium and again, long-term for Martin Marietta, but broadly very much in that range that Jim spoke to, but those are some of the moving parts, both above the water and under the water.

泰勒，讓我也加這個，因為吉姆搞定了。他是完全正確的。不過，我們有時會看到的另一件事是，房地產購買往往是高度機會主義的，而且在過去幾個月中我們看到更多。當合適的房地產出現時，你並不總是知道它什麼時候會空降，我們必須有能力對此非常靈活。因此，我們也在考慮一些房地產購買，我們認為這些房地產對馬丁瑪麗埃塔來說在近期、中期和長期都很重要，但總的來說在吉姆談到的範圍內，但這些是其中的一些水上和水下的運動部件。

Your next question is from Kathryn Thompson from Thompson Research Group.

您的下一個問題來自湯普森研究小組的凱瑟琳湯普森。

A lot of focus on all the great M&A and divestiture activity since November, certainly a busy holiday season through Super Bowl. But one of the changes also too is just in the cadence and the type of flavor of capital expenditure, CapEx as you divest some cement and take on more aggregate-focused assets. Could you walk through what this does for free cash cadence and also how we should think about capital expenditure given the change in mix? And then thoughts on capital allocation going forward given recent activity?

自 11 月以來，尤其是在超級盃期間的繁忙假期期間，所有重大併購和資產剝離活動備受關注。但變化之一也在於資本支出的節奏和類型，資本支出，因為你剝離了一些水泥並承擔了更多以總量為中心的資產。您能否介紹一下這對免費現金節奏有何影響，以及考慮到組合的變化，我們應該如何考慮資本支出？那麼考慮到最近的活動，對未來資本配置的想法是什麼？

So I'm going to start with capital allocation, and then come back to Jim, and he can just talk you through more degrees of CapEx and how things can move around. If you think about the capital allocation, Kathryn, one of the more elegant things about our company is that stays pretty consistent. Our view is our best first dollar spent is on the right transaction. And again, I think our teams are good at that. I think they're good at identifying the deals. I think they're good at going through the contracting process. I think they're good at the integration process. I think they're good at the synergy realization process. So the right transactions will be #1 on capital allocation, #2, and Jim will take you through more specifics, we'll be reinvesting in the business.

因此，我將從資本配置開始，然後回到吉姆，他可以向您介紹更多程度的資本支出以及事情如何發展。凱瑟琳，如果你考慮一下資本配置，我們公司更優雅的事情之一就是保持相當一致。我們的觀點是，我們最好的第一筆錢花在正確的交易上。再說一遍，我認為我們的團隊很擅長這一點。我認為他們很擅長識別交易。我認為他們擅長完成合約流程。我認為他們擅長整合過程。我認為他們擅長實現協同效應。因此，正確的交易將是資本配置的第一，第二，吉姆將帶您了解更多細節，我們將對業務進行再投資。

As you know, if you're in the business of crushing stone, you're in the business of destroying iron. So the fact is we will stay probably in those ranges that Jim spoke about a few minutes ago, but he will go in more detail. And then lastly, is returning of cash to shareholders through 2 things: a meaningful and sustainable dividend, and we say both of those words very intentionally and share buybacks at the right time. So the capital allocation priorities simply do not change. Now more to your question on how does this portfolio evolution that we've seen change the way that we look at CapEx for that average, Jim.

如您所知，如果您從事的是破碎石頭的業務，那麼您從事的就是摧毀鐵的業務。所以事實是我們可能會停留在吉姆幾分鐘前談到的那些範圍內，但他會更詳細地討論。最後，是透過兩件事向股東返還現金：有意義且可持續的股息，我們非常有意地說這兩個詞，並在正確的時間回購股票。因此，資本配置的優先順序根本不會改變。吉姆，現在更多關於我們所看到的投資組合演變如何改變我們看待平均資本支出的方式的問題。

Yes. So I would expect it to go either be very constant with historical levels or maybe a little bit higher as we as we look to replant many of our aggregate plants to keep them efficient and highly automated. So as far as cadence for the year, I would expect it to be similar to last year and the year before Q1 and Q4 a little bit heavier on the CapEx, Q2 and Q3 a little bit lighter. But of course, the things that can throw that out of whack -- on occasion would be the occasional opportunistic generation of land purchase. That would be something that could, of course, (inaudible) percentages and historical patterns out of kilter. But hopefully, that answers the question, Katy.

是的。因此，我預計它要么與歷史水平保持一致，要么可能會更高一點，因為我們希望重新種植許多骨料工廠，以保持它們的高效和高度自動化。因此，就今年的節奏而言，我預計它會與去年相似，第一季和第四季的資本支出會稍重一些，第二季和第三季的資本支出會輕一些。但當然，有時會出現一些機會主義的土地購買行為，這可能會導致這種情況變得不正常。當然，這可能會導致（聽不清楚）百分比和歷史模式失衡。但希望這能回答問題，凱蒂。

And Kathryn, let me add one more note to that as well because keep in mind, when we're doing replants or otherwise, we're doing those because the income rates of return on those projects is so compelling. We almost would feel silly if we didn't do them. At the same time, part of what's so compelling about an aggregates business is we have the capacity if we need to, and we did it in COVID, and we've done it before, to pull back on that CapEx lever if we ever need to. We don't see a need to do that. We think we can do it very constructively.

凱瑟琳，讓我再補充一點，因為請記住，當我們進行重新種植或其他活動時，我們這樣做是因為這些項目的收入回報率非常引人注目。如果我們不這樣做，我們幾乎會覺得自己很傻。與此同時，聚合業務如此引人注目的部分原因在於，如果我們需要的話，我們有能力收回資本支出槓桿，我們在新冠疫情期間做到了這一點，我們以前也這樣做過。到。我們認為沒有必要這樣做。我們認為我們可以非常有建設性地做到這一點。

We think we can do it in a very value-additive way. But again, I think as you just step back from our industry compared to others, and you look at the degrees of agility that we can bring to something like CapEx in a heavy industry is decidedly different and we think it's advantage Martin Marietta. So again, we hope that's responsive to your question. Jim's got one more point.

我們認為我們可以以一種非常增值的方式做到這一點。但我再次認為，當你從我們的行業與其他行業相比時，你會看到我們可以為重工業中的資本支出等領域帶來的敏捷程度，這顯然是不同的，我們認為這是馬丁·瑪麗埃塔的優勢。再次強調，我們希望這能回答您的問題。吉姆還有一分。

One more point, kind of an overall cash perspective, Kathryn. So our operating cash flow grew tremendously this year. I'm comparing year-over-year now. Our CapEx did grow, but our cash conversion ratio improved in '23 over '22 meaningfully. So we're very mindful of our cash flow. We think it's good and getting better even with slightly higher CapEx in 2024. We think that trend will continue.

還有一點，凱瑟琳，從整體現金角度來看。所以今年我們的經營現金流大幅成長。我現在正在逐年進行比較。我們的資本支出確實有所增長，但我們的現金轉換率在 23 年比 22 年有了顯著提高。所以我們非常關注我們的現金流。我們認為，即使 2024 年資本支出略高，情況也不錯，而且會變得更好。我們認為這種趨勢將持續下去。

Okay. Great. And very helpful. And just one quick clarification on guidance on interest expense, that you released today, seeing a little light, but just wanted to hopefully can give a little bit of clarification on your interest expense guidance.

好的。偉大的。而且非常有幫助。您今天發布了關於利息支出指導的一個快速澄清，看到了一點曙光，但只是希望能夠對您的利息支出指導做出一些澄清。

Sure. Yes. It's actually, it's net interest expense. So it's gross interest expense of, call it $160 million; interest income of, call it, $100 million. So net interest expense of about $60 million at the midpoint.

當然。是的。實際上，這是淨利息支出。因此，總利息支出為 1.6 億美元；利息收入，可以這麼說，1億美元。因此淨利息支出中點約為 6,000 萬美元。

Your next question is from Timna Tanners from Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Timna Tanners。

I wanted to follow up a little bit on the benefits you're seeing from IIJA. And any color you can provide on the cadence that you're seeing there and your visibility. We all saw the ARTBA awards data, and it's been quite strong, but kind of leveled off over the last several months. So just wondering if you can provide some more color on what you're seeing there.

我想跟進一下您從 IIJA 中看到的好處。以及您可以根據您在那裡看到的節奏和可見度提供的任何顏色。我們都看到了 ARTBA 獎項數據，該數據相當強勁，但在過去幾個月中趨於平穩。所以只是想知道您是否可以為您在那裡看到的內容提供更多顏色。

Thank you for the question. #1, we are starting to see that weekend to pull through. And what I would say, obviously, when you're looking at what you and I know, is a $1.2 trillion bipartisan law that's the big amount of money. That's $110 billion to roads. It's $66 billion for railroad maintenance. It's $42 billion for port and airport infrastructure. But what's important is to start drilling down and seeing what's going on in many respects on a state-by-state or at times MSA-by-MSA basis. So if we look at where NCDOT is, for example, their budgets up 11%. They're obviously going to see nice federal money flowing through as well. What we're basically seeing is they're increasing infrastructure funding here by $7 billion over the next decade.

感謝你的提問。 #1，我們開始看到那個週末能夠度過。顯然，當你看看你我所知道的情況時，我想說的是，一項價值 1.2 兆美元的兩黨法律，這是一筆巨款。這相當於 1100 億美元用於道路建設。鐵路維護費用為 660 億美元。港口和機場基礎設施​​耗資 420 億美元。但重要的是開始深入研究，了解各州或有時各州的各個方面的情況。例如，如果我們看看 NCDOT 的情況，他們的預算增加了 11%。顯然他們也會看到大量的聯邦資金流過。我們基本上看到的是，他們將在未來十年內將這裡的基礎設施資金增加 70 億美元。

So again, that starts to give you a good sense of how that money is flowing through. Texas, they're looking for FY '24 to be another record year of lettings. That's going to be at about almost $14 billion. By the way that's up about 15% year-over-year. Their unified transportation plan for FY '24 is expected to exceed $100 billion. Again, that's an 8% increase. So again, the federal funds that are flowing through are a big part of that.

再說一次，這開始讓你很好地了解這筆錢是如何流動的。德州，他們希望 24 財年的出租量再創新高。這將接近 140 億美元。順便說一句，年增約 15%。他們 24 財年的統一交通計畫預計將超過 1,000 億美元。同樣，增幅為 8%。再說一次，流經的聯邦資金是其中很大的一部分。

And particularly moved by what we've seen happen in Florida because again, the recent Florida '24 budget increased to $17 billion. Again, that's an all-time high, over what had been an all-time high last year. But again, as we think about what Florida is able to do because of what they're seeing from IIJA you've got the Moving Florida Forward initiative that was announced in late Q3, that's going to bring $4 billion from general revenue surplus into transportation in that state. And even as we look at what's going on in California, their recently passed FY '24 budget includes $20.5 billion for Caltrans and that's still a 5% year-over-year increase from FY '23.

尤其是我們所看到的佛羅裡達州發生的事情讓我們深受感動，因為最近佛羅裡達州 '24 預算再次增加到 170 億美元。這再次創下歷史新高，高於去年的歷史新高。但同樣，當我們考慮佛羅裡達州能夠做什麼，因為他們從IIJA 中看到了什麼，你已經得到了第三季度末宣布的“推動佛羅裡達州前進”倡議，這將從一般收入盈餘中為交通帶來40 億美元在那種狀態下。即使我們看看加州正在發生的事情，他們最近通過的 24 財年預算也包括為加州交通局提供 205 億美元，這仍然比 23 財年同比增長 5%。

So if we're looking at where the states are, what they're doing with their budgets, how they're taking these funds that are also coming from the federal government. It's a pretty compelling story, as we sit back and look at it. Jim's got a few things, he wants to add as well Timna.

因此，如果我們關注各州的情況、他們的預算用途以及他們如何使用這些同樣來自聯邦政府的資金。這是一個非常引人入勝的故事，我們坐下來看看。吉姆有一些事情，他也想補充給提姆納。

Yes. Our volumes were down 2% for the quarter, but I'll point out our infrastructure volumes were actually up 6%. So we think those are -- we're seeing it's coming through those infrastructure volumes.

是的。本季我們的交易量下降了 2%，但我要指出的是，我們的基礎設施交易量實際上增加了 6%。所以我們認為這些是——我們看到它是透過這些基礎設施量來實現的。

Okay. That's helpful. And just one follow-up on all the M&A discussion. You've highlighted an appetite for bolt-ons -- but obviously, you also highlighted that you have spare bandwidth or capacity, if you will, in your debt leverage. So I'm just wondering for the right deal, are you willing to kind of tap the capital markets? Or is it still just kind of a priority for bolt-ons as you look ahead?

好的。這很有幫助。這只是所有併購討論的一個後續行動。您強調了對附加設備的興趣 - 但顯然，您也強調了您的債務槓桿中有空閒的頻寬或容量（如果您願意的話）。所以我只是想知道，為了達成正確的交易，你們願意利用資本市場嗎？或者，在您展望未來時，它仍然只是補充的優先事項嗎？

For the right transaction, we would certainly do that, Timna. And again, we've demonstrated the capacity if we've done the right transactions to bring down leverage very, very quickly in the organization. So we'll just have to look at them on a transaction-by-transaction basis. But the short answer is a lot of these, if they came along, you're only going to see them once. And it again can be very opportunistic and sitting at 1.85x levered today, even having done all that we will have done this year taking into account Frei and Blue Water. We've got a lot of dry powder right now.

為了正確的交易，我們肯定會這樣做，蒂姆納。再次，我們已經證明，如果我們進行了正確的交易，我們就有能力非常非常快速地降低組織中的槓桿率。因此，我們只需逐筆交易地查看它們即可。但簡短的答案是，其中有很多，如果它們出現，你只會看到它們一次。即使考慮到 Frei 和 Blue Water，我們已經做了今年將要做的所有事情，但今天的槓桿率仍然是 1.85 倍，這又可能是非常機會主義的。我們現在有很多乾粉。

Your next question is from Michael Dudas from Vertical Research.

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

So following on the acquisition opportunities, just 2 thoughts. One, as you're going through your plan to SOAR '25 and maybe beyond, is there a percentage or a mix of aggregates that you're targeting for the contribution for the whole company? And given that you've divested South Texas in a very efficient and cooperative manner with the purchaser, are there opportunities on the sell side that, again, as you move to that mix target or where you want to be that could emerge over the next 6 to 12 months?

因此，關於收購機會，我有兩個想法。第一，當您正在製定 SOAR '25 甚至更遠的計劃時，您針對整個公司的貢獻是否有一個百分比或一個組合？考慮到您已經以非常有效和與買方合作的方式剝離了南德克薩斯州，賣方是否有機會，當您轉向該混合目標或您想要達到的目標時，可能會在下一個目標出現6到12個月？

Mike, thanks for the question. I mean, #1, if we look at where we're going to be after the transactions that we've done, our 2024 pro forma gross profit mix would be at 77% aggregates. I mean, should you expect that number to continue to grow? The answer is yes, you should. But I would say this too, and I think this is so important to state.

麥克，謝謝你的提問。我的意思是，#1，如果我們看看我們完成交易後的情況，我們 2024 年的預計毛利組合將達到 77%。我的意思是，您是否應該期望這個數字繼續增長？答案是肯定的，你應該這樣做。但我也會這麼說，我認為這一點非常重要。

The cement operation that we have in Midlothian, Texas is a fantastic cement business. It's a long way from the Gulf of Mexico, we have our Southwest headquarters in Dallas. We're the largest aggregates producer in Dallas. We're the largest cement producer in Dallas. That business has just from my perspective, eye watering margins, we like the businesses that we have very much. And if we've got the ability, desire and capacity to go and grow our aggregates business, which we do and take that number that I just gave you 77% push that to 80% and then beyond that, frankly, you should expect us to do that.

我們在德州中洛錫安的水泥業務是一家出色的水泥業務。距離墨西哥灣很遠，我們的西南總部位於達拉斯。我們是達拉斯最大的骨材生產商。我們是達拉斯最大的水泥生產商。從我的角度來看，這項業務的利潤率令人瞠目結舌，我們非常喜歡我們擁有的業務。如果我們有能力、願望和能力去發展我們的聚合業務，我們就會這麼做，並將我剛剛給你的數字從 77% 推到 80%，然後超越這個數字，坦白說，你應該期待我們要做到這一點。

If we go back through the way that we've long described ourselves, we've said we're aggregates led, with strategic cement, with targeted downstream. I mean, those are again, very well-conceived, well thought out adjectives before each one of those businesses. And what you're seeing us to this year is totally consistent with an aggregates-led business and building a business that can outperform through cycles and we think that's so vital to what we're doing. And that's part of what's so important about also this value over volume philosophy that we're bringing to our business. So yes, you should expect to see that aggregates number continue to go up. And again, that's very consistent with the pipeline that we're looking at today.

如果我們回顧一下我們長期以來描述自己的方式，我們會說我們是以骨材為主導，以戰略水泥為基礎，以下游為目標。我的意思是，在每一項業務之前，這些都是經過深思熟慮、經過深思熟慮的形容詞。今年你所看到的我們與聚合主導的業務完全一致，並建立一個能夠在整個週期中表現出色的業務，我們認為這對我們正在做的事情非常重要。這也是我們為我們的業務帶來的價值高於數量的理念的重要組成部分。所以，是的，您應該會看到總數繼續上升。再說一次，這與我們今天看到的管道非常一致。

Your next question is from Keith Hughes from Truist.

您的下一個問題來自 Truist 的 Keith Hughes。

So a question on cement and the remaining cement business for '24, what kind of price, volume, expectations do you have in the guide.

因此，關於水泥和 24 年剩餘水泥業務的問題，您對指南中有什麼樣的價格、數量和期望。

I'll give you some of that, Keith. It's getting increasingly challenging for us to give too much granularity around that Cement business because that's the only cement business that we have. So I'm torn between -- I want to make sure I'm transparent giving you everything that you need. I also don't want to put ourselves at a remarkable competitive disadvantage.

我會給你一些，基斯。對我們來說，對水泥業務提供過多的粒度變得越來越具有挑戰性，因為這是我們唯一的水泥業務。所以我左右為難——我想確保我是透明的，為你提供你需要的一切。我也不想讓自己處於顯著的競爭劣勢。

So I'll give you an overall sense -- obviously -- I'll give you what I can with that -- so look, we obviously kept the larger of the 2 Cement businesses, from a volume perspective, it's going to be modestly over 2 million tonnes. From a pricing perspective, we're looking at an increase in North Texas of around $15 per ton. That increase -- if I were you, I'd be modeling that more in an April time frame as opposed to a January time frame.

所以我會給你一個整體的感覺 - 顯然 - 我會給你我能提供的 - 所以看，我們顯然保留了兩個水泥業務中較大的一個，從數量的角度來看，它將是適度的超過200萬噸。從定價角度來看，我們預計北德克薩斯州的價格將上漲約 15 美元/噸。這種增長——如果我是你，我會更多地在四月的時間範圍內而不是一月的時間範圍內進行建模。

Obviously, you saw very attractive margins in that business last year. And what I would suggest to you is our aim would be on a full year basis to maintain the types of margins in that business that you saw in the overall Cement business last year in Texas. So Keith, I hope that gives you broadly what you need.

顯然，去年您在該業務中看到了非常有吸引力的利潤。我向您建議的是，我們的目標是全年保持該業務的利潤率，就像您去年在德克薩斯州整個水泥業務中看到的那樣。基思，我希望這能滿足您的廣泛需求。

Your next question is from Garik Shmois from Loop Capital.

您的下一個問題來自 Loop Capital 的 Garik Shmois。

I wanted to just follow-up on aggregates pricing. The outlook is in line with how you framed it, coming out of the 3Q call, but -- and we appreciate your value over volume strategy, but there was a competitor last week that spoke to both trying to take share this year and pricing maybe a little bit more closely to inflation or the rate of deflation that they were seeing.

我只想跟進整體定價。前景與您在第三季度電話會議中提出的框架一致，但是——我們讚賞您的價值高於銷售策略，但上周有一位競爭對手談到了今年試圖搶佔市場份額和定價的可能性更接近他們所見的通貨膨脹或通貨緊縮率。

I'm wondering if maybe you're seeing a change in the conversations at all with aggregates pricing going into this year? Are those becoming maybe a little bit more difficult? Maybe I'm over thinking here, but I just thought I'd ask the question on how those discussions have been going.

我想知道您是否發現今年的整體定價對話發生了變化？這些是否會變得更加困難？也許我想太多了，但我只是想問一下這些討論進展如何。

No, Garik. It's a fair question. The conversations have actually been pretty constructive with our customers. And keep in mind, several things happen. #1, location is going to matter a lot. #2, relationship is going to matter a lot. #3, I think the swing factor in some places may be what degrees of midyears declined. Again, the only place right now that we've already got stated midyears are in California, where we told people basically we're coming out of the gate in 2024, we're $2 a ton up, and then we're going to do another $2 a ton at midyear.

不，加里克。這是一個公平的問題。實際上，與我們的客戶的對話非常有建設性。請記住，會發生一些事情。 #1，位置非常重要。 #2，關係非常重要。 #3，我認為某些地方的搖擺因素可能是年中下降的程度。再說一遍，目前我們唯一已經在年中宣布的地方是加州，我們基本上告訴人們我們將在 2024 年走出大門，我們每噸上漲 2 美元，然後我們將年中再漲價 2 美元/噸。

Keep in mind, too, that most of our customers are not the owner. They tend to be a general first-year tier sub, second tier sub, third tier sub, et cetera, and they tend to be cost-plus themselves. And if we're looking at being 10% of the cost of a road, 2% of the cost of a home and somewhere between those 2 numbers on a nonres project, the price of the stone usually isn't why a project goes or why a contractor gets the job.

還要記住，我們的大多數客戶都不是所有者。他們往往是一般的一年級替補、二梯隊替補、三梯隊替補等等，而且他們本身往往是成本加成的。如果我們考慮的是非資源項目中道路成本的 10%、房屋成本的 2% 以及這兩個數字之間的某個值，則石頭的價格通常不是項目進行或實施的原因。為什麼承包商得到這份工作。

But at the same time, we're placing that stone once it goes out of our gate, it can be pretty challenging. So look, do I think -- do I think we will see years and years of price performance like we saw in 2023? No, I don't think that's going to be the norm. Do I think we're trending more towards -- what I think the norm will be from Martin Marietta this year? Yes, I think we probably are. And to me that feels like an appropriate place for us to be given the economy, given the difficulties that you can have in replacing some of these reserves in some of these key markets.

但同時，一旦這塊石頭走出我們的大門，我們就會將其放置起來，這可能非常具有挑戰性。那麼，我認為，我們是否會看到像 2023 年那樣的年復一年的價格表現？不，我不認為這會成為常態。我認為我們是否會更傾向於——我認為今年馬丁瑪麗埃塔（Martin Marietta）的標準是什麼？是的，我想我們可能是。對我來說，考慮到在一些關鍵市場替換部分儲備可能遇到的困難，這對我們來說是一個合適的經濟場所。

Remember, we have some urban quarries and locations that trying to find opportunities to come back behind quarries if they're depleted would be hugely challenging. And building new quarries will put you further away from the city centers and take degrees of efficiency away. So again, I hope that gives you, #1, a philosophy on how we approach it. #2, what our dialogue looks like with our customers; and #3, how I think it's going to play out, at least from Martin Marietta over a period of years.

請記住，我們有一些城市採石場和地點，如果採石場枯竭，試圖尋找機會回到採石場後面將是巨大的挑戰。建造新的採石場將使您遠離市中心並降低效率。再次強調，我希望這能給你，#1，一種關於我們如何處理它的哲學。 #2，我們與客戶的對話是什麼樣的；第三，我認為這將如何發揮作用，至少在馬丁瑪麗埃塔看來是這樣。

No, that's helpful. Just wanted to follow up just quickly just on cement margins, recognizing the increasing importance in size in that segment. With the finish mill coming on later this year, is there any choppiness or inefficiencies that we should be aware of?

不，這很有幫助。只是想快速跟進水泥利潤率，體認到該領域規模日益重要。隨著今年稍後精軋機的投產，我們是否應該注意任何不穩定或低效率的情況？

No, I don't think so. To the extent -- I mean, we're going to be very disciplined about bringing that online. It won't be disruptive to price. We think we'll be able to bring it online gradually in terms of operational approach as well as marketplace impact. It will be very disciplined, and we think it won't be very disruptive at all. So we're not looking for any kind of noticeable effect from external view on this point. And margins should be enhanced when those come online. So we think it's really going to fit the market is sold out by and large, and we think it will fit nicely with the growing demand there.

不，我不這麼認為。在某種程度上——我的意思是，我們將非常嚴格地把它帶到網路上。它不會對價格造成乾擾。我們認為，就營運方法和市場影響而言，我們將能夠逐步將其上線。它將非常有紀律，我們認為它根本不會造成太大的破壞。因此，在這一點上，我們並不想從外部角度尋找任何明顯的影響。當這些產品上線時，利潤率應該會提高。因此，我們認為它確實會適應市場的需求，而且我們認為它會很好地滿足那裡不斷增長的需求。

Your next question is from David MacGregor, Longbow Research.

您的下一個問題來自 Longbow Research 的 David MacGregor。

This is Joe Nolan, on for David. I just had one quick question on the aggregates volumes guidance, you provided up or down 2%. Just within that, what would be the primary drivers that you're monitoring to drive the high end or low end? And just within that, can you talk about how the value over volume strategy might play into that?

我是喬諾蘭，替大衛發言。我只是有一個關於總量指導的簡單問題，你們提供了 2% 的上下浮動。就在此範圍內，您正在監控的推動高端或低端的主要驅動因素是什麼？就在此範圍內，您能否談談價值超過數量的策略可能如何發揮作用？

Yes, happy to. I mean, here's a good way to think of it, and this is not a bad -- laboratory to give it some thoughts. So if we look in Q2, volume is down 2%. So last year, we were at 47.7%. The year just ended 46.6%. If we're really looking at that and saying, what were your swing markets or what are you swing factors? Value over volume was probably modestly over 1 million tons of that.

是的，很高興。我的意思是，這裡有一個很好的思考方式，而且這也不錯——實驗室可以給它一些思考。因此，如果我們觀察第二季度，成交量下降了 2%。去年，我們的比例為 47.7%。剛結束的這一年增長了46.6%。如果我們真正關注這一點並說，你的波動市場是什麼或你的波動因素是什麼？其中價值與數量之比可能略高於 100 萬噸。

So again, if we think -- what we actually had a better return for shareholders. We kept those reserves in the ground or we kept them in stockpiles. We'll sell them another day, we'll sell them for higher. And that was your primary driver. There was some degrees as well chronicle of market softening in degrees of residential and nonres. But the biggest piece of that was value over volume. So if we're looking at what swing factors can be, as Jim pointed out, in the quarter, we saw infrastructure volumes up 6%, that wasn't a surprise, but really it was a nice affirmation of what's happening.

再說一次，如果我們想一想，我們實際上為股東帶來了更好的回報。我們將這些儲備保留在地下或儲存起來。改天我們會賣掉它們，我們會賣得更高。這是你的主要驅動力。住宅和非住宅市場也出現了一定程度的疲軟。但其中最重要的部分是價值超過數量。因此，如果我們看看波動因素可能是什麼，正如吉姆指出的那樣，在本季度，我們看到基礎設施數量增加了6%，這並不令人意外，但實際上這是對正在發生的事情的一個很好的肯定。

So if we continue to see public grow sensibly, if we see res start to do, we're not predicting it, but you can certainly see that res could have a nice recovery beginning in half 2. We think that's important. And again, as we're looking at these mega projects, if we're looking at nonres projects of size and of scale, depending on how some of those play out, it doesn't take a lot of those. I mean, it could take 1 or 2 of those to really change the trajectory of degrees of volume. And obviously, we're still having significant conversations on a number of large nonres projects in the Gulf of Mexico and if some of those go -- I think those are your swing factors, Joe, as you think about volumes. So I hope that helped.

因此，如果我們繼續看到公共成長明智，如果我們看到res 開始這樣做，我們不是在預測它，但你肯定可以看到res 可能會在2 半開始有一個好的復甦。我們認為這很重要。再說一遍，當我們考慮這些大型項目時，如果我們考慮規模和規模的非資源項目，根據其中一些項目的實施情況，並不需要很多項目。我的意思是，可能需要其中一兩個才能真正改變音量的軌跡。顯然，我們仍在就墨西哥灣的一些大型非資源項目進行重要對話，如果其中一些項目成功，我認為這些是你的搖擺因素，喬，當你考慮數量時。所以我希望這有幫助。

Your next question is from Adam Thalhimer from Thompson Davis.

您的下一個問題來自湯普森戴維斯 (Thomson Davis) 的 Adam Thalhimer。

You talked about data center weakness in Q4. That surprised me. What are you seeing going forward there?

您談到了第四季資料中心的弱點。這讓我很驚訝。您對未來有何看法？

Well, I'm not sure it was so much -- I was talking more broadly about what some of the writers have said. I think what I was saying is, in our world, it hasn't been as down as people would have thought. Now keep in mind, it was against a really tough comp. So that's more of than anything else. But if you just look at general trade publications, they're going to say, look, in warehousing and data center, you're going to start to see some moderation simply because the comps were so high.

嗯，我不確定它有這麼多——我更廣泛地談論了一些作家所說的內容。我想我想說的是，在我們的世界裡，它並沒有像人們想像的那麼低落。現在請記住，這是一場非常艱難的比賽。所以這比其他任何事情都重要。但如果你只看一般貿易出版物，他們會說，看，在倉儲和資料中心，你將開始看到一些適度的變化，只是因為比較是如此之高。

I guess my point was not all markets are going to be equal. And I think when we start looking at the southeastern, southwestern and interestingly, these midwestern markets, where there's a lot of data center activity, which was why I was calling out, in particular, part of what's happening in Nebraska and Iowa because those have been actually really resilient markets in that particular space, Adam. So it was something I was really calling out high degrees of weakness. It was more, comps are tough and the overall commentary around that is a little bit softer than in some other areas. But again, I think we're holding up better than most.

我想我的觀點是並非所有市場都是平等的。我認為，當我們開始關注東南部、西南部，有趣的是，這些中西部市場，那裡有很多資料中心活動，這就是為什麼我特別呼籲內布拉斯加州和愛荷華州發生的部分事情，因為這些市場亞當，在這個特定領域其實是非常有彈性的市場。所以這才是我真正要指出的高度弱點。更重要的是，比賽很艱難，圍繞這一點的整體評論比其他一些領域要溫和一些。但我再次認為我們比大多數人堅持得更好。

Okay. And then clients ask me this, I'll just ask you, are we still early and you guys seeing the benefit from IIJA?

好的。然後客戶問我這個問題，我就問你們，我們還早嗎？你們看到 IIJA 的好處了嗎？

Yes. I think -- look, I think if we're talking about that in innings, I mean we're in the very early innings of that. I mean, I think as a practical matter, 2024 is really the first year that we're going to start to see significant stone go aggregates on IIJA. So here's the way I would think of it, Adam. '24 on that is going to be better than '23, '25 is likely to be better than '24, and I think '26 could be better than '25. So in baseball parlance, we're not anywhere near the seventh inning stretch. I mean we're in a very healthy spot right now, and it's likely to be that way for a number of years.

是的。我想——看，我想如果我們在局中討論這個問題，我的意思是我們正處於比賽的早期階段。我的意思是，我認為實際上，2024 年確實是我們將開始在 IIJA 上看到大量石材聚集的第一年。這就是我的想法，亞當。 '24 會比 '23 更好，'25 可能比 '24 更好，我認為 '26 可能比 '25 更好。所以用棒球的話來說，我們還沒有接近第七局。我的意思是，我們現在處於一個非常健康的狀態，而且很可能會持續很多年。

There are no further questions at this time. I will now hand the call back to Ward for the closing remarks.

目前沒有其他問題。現在我將把電話轉回沃德以供結束語。

Again, thank you so much for joining today's earnings conference call. Martin Marietta's impressive 2023 results underscore the durability and resiliency of our aggregate lead business in unparalleled markets and the efficacy of our value over volume market approach. This solid foundation together with our unyielding commitment to enterprise excellence through the execution of our strategic priorities gives us confidence in our ability to continue delivering industry-leading safety, financial and operational performance.

再次非常感謝您參加今天的收益電話會議。 Martin Marietta 令人印象深刻的 2023 年業績突顯了我們在無與倫比的市場中的整體領先業務的持久性和彈性，以及我們價值超過數量市場方法的有效性。這一堅實的基礎加上我們透過執行策略重點來實現卓越企業的堅定承諾，使我們對繼續提供業界領先的安全、財務和營運績效的能力充滿信心。

With our attractive underlying fundamentals, proven strategic priorities and best-in-class teams, we're excited about our prospects for continued sustainable growth and value creation for our shareholders for the foreseeable future. We look forward to sharing our first quarter 2024 results in the spring, as always, we're available for any follow-up questions.

憑藉我們有吸引力的基本面、經過驗證的策略重點和一流的團隊，我們對在可預見的未來持續可持續成長和為股東創造價值的前景感到興奮。我們期待在春季分享 2024 年第一季的業績，一如既往，我們可以回答任何後續問題。

Thank you again for your time and continued support to Martin Marietta.

再次感謝您的寶貴時間以及對馬丁瑪麗埃塔的持續支持。

Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.

女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開連線。