NWPX Infrastructure Inc (NWPX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the NWPX Infrastructure second quarter 2025 earnings call. (Operator Instructions)

大家好，歡迎參加 NWPX Infrastructure 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott Montross, CEO. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹主持人、執行長 Scott Montross。謝謝您，先生。你可以開始了。

Good morning, and welcome to Northwest Pipe Company's Second quarter 2025 earnings conference call. My name is Scott Montross, and I am President and CEO of the company. I'm joined today by Aaron Wilkins, our Chief Financial Officer. By now, all of you should have access to our earnings press release, which was issued yesterday, August 7, 2025, at approximately 4 PM Eastern Time. This call is being webcast and is available for replay.

早安，歡迎參加西北管道公司 2025 年第二季財報電話會議。我叫斯科特‧蒙特羅斯 (Scott Montross)，是該公司的總裁兼執行長。今天和我一起參加的是我們的財務長 Aaron Wilkins。到目前為止，大家都應該可以看到我們的收益新聞稿，該新聞稿於昨天（2025 年 8 月 7 日）美國東部時間下午 4 點左右發布。本次通話正在進行網路直播，可重播。

As we begin, I'd like to remind everyone that the statements made on this call regarding our expectations for the future are forward-looking statements, and actual results could differ materially. Please refer to our most recent Form 10-K for the year ended December 31, 2024, and in our other SEC filings for a discussion of such risk factors that could cause actual results to differ materially from our expectations. We undertake no obligation to update any forward-looking statements.

首先，我想提醒大家，本次電話會議中關於我們對未來的預期的陳述是前瞻性的陳述，實際結果可能會有重大差異。請參閱我們截至 2024 年 12 月 31 日的最新 10-K 表格以及我們向美國證券交易委員會提交的其他文件，以了解可能導致實際結果與我們的預期存在重大差異的風險因素。我們不承擔更新任何前瞻性陳述的義務。

Thank you all for joining us today. I'll begin with a review of our second quarter performance and outlook for 2025. Aaron will then walk you through our financials in greater detail. We are pleased to report on the continued strong momentum in the second quarter in which we achieved record-setting performance. These results reaffirmed the strength of our strategic plan and disciplined execution.

感謝大家今天的參與。我將首先回顧我們第二季度的業績以及對 2025 年的展望。然後 Aaron 將向您更詳細地介紹我們的財務狀況。我們很高興地報告，第二季我們繼續保持強勁勢頭，取得了創紀錄的業績。這些結果再次證明了我們的策略計劃和嚴格執行的實力。

Before diving into the financials, I want to highlight a pivotal shift that reflects our strategic direction, our recent rebranding to NWPX Infrastructure. This new corporate identity reflects our growth in the water infrastructure sector, removing geographic and product constraints while positioning us as a national solutions-driven infrastructure provider.

在深入研究財務狀況之前，我想先強調反映我們策略方向的關鍵轉變，即我們最近更名為 NWPX Infrastructure。這個新的企業形象反映了我們在水利基礎設施領域的成長，消除了地理和產品限制，同時將我們定位為國家解決方案驅動的基礎設施提供者。

With an expanded portfolio that now goes beyond Steel Pressure Pipe, we've defined our segment naming convention with Water Transmission Systems or WTS, replacing engineered Steel Pressure Pipe, SPP, while retaining the Northwest Pipe branding for our suite of engineered Water Transmission System products to preserve our strong market recognition. Our Precast Infrastructure and Engineered Systems segment name remains unchanged. We are confident in our trajectory and our ability to scale our success under the NWPX infrastructure banner.

隨著產品組合的擴大，現在已超越鋼製壓力管道，我們已將我們的細分市場命名約定為輸水系統或 WTS，以取代工程鋼製壓力管道、SPP，同時保留西北管道品牌作為我們工程輸水系統產品套件的品牌，以保持我們強大的市場認知度。我們的預製基礎設施和工程系統部門名稱保持不變。我們對我們的發展軌跡以及在 NWPX 基礎設施旗幟下擴大成功的能力充滿信心。

Now turning to our second quarter results. Net sales of $133.2 million reached a new quarterly high under our current configuration of the company, increasing 2.8% over the prior year in demonstrating strong operational execution and demand across both of our business segments. Our performance was driven by continued momentum in our Water Transmission business and record performance from our Precast segment. That translated into healthy margins, driving profitability of $0.91 per diluted share for the quarter. Through the disciplined working capital management, we delivered positive free cash flow of $3.1 million in the first half of 2025 versus negative $14.4 million the first half of 2024, a positive swing of $17.6 million, reinforcing our financial strength and positioning us for continued momentum through the remainder of the year.

現在來看看我們的第二季業績。1.332 億美元的淨銷售額在目前的公司配置下創下了季度新高，比上年增長了 2.8%，證明了我們兩個業務部門強大的營運執行力和需求。我們的業績受到水輸送業務持續成長動能和預製件部門創紀錄業績的推動。這轉化為健康的利潤率，推動本季每股獲利達到 0.91 美元。透過嚴格的營運資本管理，我們在 2025 年上半年實現了 310 萬美元的正自由現金流，而 2024 年上半年為負 1,440 萬美元，正向波動為 1,760 萬美元，增強了我們的財務實力，並為我們在今年剩餘時間內繼續保持發展勢頭了基礎。

To further break down our segment level results. Revenue from our WTS segment totaled $84.6 million down 5.5% year over year, primarily due to lower production volumes resulting from the mix of projects produced in the second quarter.

進一步細分我們的細分級別結果。我們的 WTS 部門收入總計 8,460 萬美元，年減 5.5%，主要原因是第二季生產的專案組合導致產量下降。

The decline in WTS net sales was partially offset by higher realized selling prices also largely due to changes in product mix. Encouragingly, the impact of new trade policies that led to various customer-related shipping delays in the first quarter has largely subsided. Through this period of market uncertainty, our team has remained highly effective, actively engaging with our customers, executing disciplined pricing strategies in securing increased volume of bids.

WTS 淨銷售額的下降被更高的實際銷售價格部分抵消，這在很大程度上也歸因於產品組合的變化。令人鼓舞的是，導致第一季各種與客戶相關的運輸延誤的新貿易政策的影響已基本消退。在市場不確定的時期，我們的團隊仍保持高效，積極與客戶接觸，執行嚴格的定價策略，以確保增加投標量。

Our WTS backlog, including confirmed orders significantly improved by over 20% to $348 million as of June 30 from $289 million as of March 31 and was consistent with levels as of June 30 last year. We expect third quarter to be the largest bidding quarter of the year, and we continue to anticipate full year 2025 bidding levels to be in line with or modestly higher than 2024.

我們的 WTS 積壓訂單（包括已確認訂單）從 3 月 31 日的 2.89 億美元大幅改善了 20% 以上，截至 6 月 30 日達到 3.48 億美元，與去年 6 月 30 日的水平一致。我們預計第三季將成為今年最大的競標季度，我們繼續預計 2025 年全年的競標水準將與 2024 年持平或略高。

Now turning to our Precast segment. Precast revenue grew 21.5% year over year to a new quarterly record of $48.6 million. This growth was fueled by sustained momentum on the residential side of our Geneva business, where strong demand drove higher production and shipment levels, while overall volume remains solid. Gains were partially tempered by the slower to improve results in the nonresidential construction related portion of our Precast business, as broader macroeconomic headwinds, including effects from the new trade policies and persistently high interest rates continue to impact commercial construction activity.

現在轉向我們的預製部分。預製件營收年增 21.5%，達到 4,860 萬美元的季度新高。這一成長得益於日內瓦業務住宅方面的持續成長勢頭，強勁的需求推動了更高的產量和出貨量，而整體銷量依然保持穩健。由於更廣泛的宏觀經濟逆風（包括新貿易政策和持續的高利率的影響）繼續影響商業建築活動，我們的預製業務中非住宅建築相關部分的業績改善較慢，部分抑制了收益。

However, we are continuing to see some signs of improvement at a modest rate. The Dodge Momentum Index grew 6.8% in June due to steadily improving nonresidential construction activity but expected weaker consumer spending and travel demand as well as funding uncertainty may still be muting projects going into the planning queue. However, the Dodge Momentum Index was 20% higher in June of 2025 versus last year, signaling year over year growth in nonresidential construction planning. The commercial sector was up 11% versus the prior year, while the institutional sector was up 46%, albeit compared to a weak June in 2024. On the pricing front, the residential portion of our Precast business saw positive momentum related to continued strong demand at Geneva.

然而，我們繼續看到一些溫和改善的跡象。由於非住宅建築活動穩步改善，道奇動量指數 6 月上漲 6.8%，但預計消費者支出和旅遊需求減弱以及資金不確定性可能仍會抑制進入規劃隊列的項目。然而，2025 年 6 月的道奇動量指數比去年高出 20%，顯示非住宅建築規劃較去年同期成長。商業部門較上年增長 11%，而機構部門增長 46%，儘管與 2024 年 6 月的疲軟相比。在定價方面，由於日內瓦的需求持續強勁，我們的預製業務的住宅部分呈現出積極勢頭。

However, these pricing gains were partially offset by the slower to improve demand and pricing in our nonresidential business, reflecting the more cautious environment. As of June 30, our Precast order book was $56 million, down from the near record levels of $64 million as of March 31, and $62 million as of June 30, 2024.

然而，這些價格上漲被非住宅業務需求和定價改善較慢所部分抵消，反映出更為謹慎的環境。截至 6 月 30 日，我們的預製訂單金額為 5,600 萬美元，低於 3 月 31 日的 6,400 萬美元和 2024 年 6 月 30 日的 6,200 萬美元的接近歷史最高水準。

On the residential side of our business, Geneva order activity remains strong with bookings coming in at an elevated rate in volume being fulfilled more quickly, which helps explain why the current order book appears lighter versus the prior year. Additionally, a notable portion of the order book stem from the nonresidential side of our Precast business, signaling improving momentum and strengthening demand throughout the remainder of 2025.

在我們業務的住宅方面，日內瓦的訂單活動依然強勁，預訂量以更快的速度增加，這有助於解釋為什麼當前的訂單量與前一年相比有所減少。此外，訂單中很大一部分來自我們預製業務的非住宅方面，這表明 2025 年剩餘時間內發展勢頭將有所改善，需求將增強。

Our consolidated gross profit in the second quarter was $25.4 million, down 1.7% year over year resulting in a gross margin of 19% compared to 19.9% in the prior year. Our WTS gross margin of 17.8% declined by approximately 120 basis points over last year due to lower production volumes and the associated decline in overhead absorption.

我們第二季的綜合毛利為 2,540 萬美元，年減 1.7%，毛利率為 19%，而去年同期為 19.9%。由於產量下降以及隨之而來的間接費用吸收下降，我們的 WTS 毛利率為 17.8%，比去年下降了約 120 個基點。

This was largely driven by the mix of projects we produced during the quarter, though the impact was partially offset by improved selling prices. It is, however, important to note that our WTS margin is up 230 basis points sequentially over the first quarter of 2025, with positive momentum that is continuing to build.

這主要是由於我們本季進行的專案組合所致，但其影響因銷售價格提高而部分抵銷。然而，值得注意的是，我們的 WTS 利潤率在 2025 年第一季環比上漲了 230 個基點，並且積極勢頭仍在持續增強中。

Our Precast gross margin of 21.2% decreased by approximately 90 basis points over last year, primarily due to changes in product mix. Margins in our residential construction business at Geneva improved year over year, supported by strong demand and operational efficiency. This strength was offset by the slower to improve portion of our nonresidential commercial construction side of our business, which has been more affected by the Fed stance on monetary policy and the uncertainty around trade policy. However, our Precast gross margin did improve 220 basis points sequentially over the previous quarter. The improvement was modest on the nonresidential side, but more substantial on the residential portion.

我們的預製件毛利率為 21.2%，較去年同期下降約 90 個基點，主要原因是產品結構的變化。受強勁需求和營運效率的推動，日內瓦住宅建築業務的利潤率逐年提高。這一優勢被我們非住宅商業建築業務改善較慢的部分所抵消，該部分受到聯準會貨幣政策立場和貿易政策不確定性的影響更大。不過，我們的預製件毛利率確實比上一季提高了 220 個基點。非住宅方面的改善幅度不大，但住宅部分的改善幅度較大。

Next, I'd like to discuss progress on our product spread strategy. In the second quarter, we bid on $14.9 million worth of projects outside of Texas and successfully booked $2.5 million in new orders, supporting our efforts to enhance capacity utilization, and maximize operational efficiencies at our Precast plans.

接下來我想討論一下我們的產品推廣策略的進展。在第二季度，我們競標了德州以外價值 1,490 萬美元的項目，並成功獲得了 250 萬美元的新訂單，支持了我們提高產能利用率和最大限度提高預製計畫營運效率的努力。

In addition, we booked approximately 632,000 of Park related projects at the Geneva plants in Utah. Our 2025 goal is to book $3 million of Park related products at Geneva. As part of our third component of our product spread strategy, we've also begun expanding Park and other free cash related products to additional legacy locations positioning us to broaden our market reach and long-term growth.

此外，我們還在猶他州日內瓦工廠預訂了約 632,000 個 Park 相關項目。我們 2025 年的目標是在日內瓦預訂價值 300 萬美元的公園相關產品。作為我們產品推廣策略的第三部分，我們也開始將 Park 和其他免費現金相關產品擴展到更多傳統地點，從而拓寬我們的市場範圍和長期成長。

Our goal for 2025 remains to book over $12 million in Park related and other Precast projects outside of Texas with further benefits to come in 2026 and beyond. With respect to our broader growth strategy, we remain focused on both organic growth and M&A, though we are currently prioritizing organic expansion due to lack of viable acquisition candidates.

我們 2025 年的目標仍然是在德克薩斯州以外的公園相關項目和其他預製項目中預訂超過 1200 萬美元，並在 2026 年及以後獲得更多收益。就我們更廣泛的成長策略而言，我們仍然專注於有機成長和併購，儘管由於缺乏可行的收購候選人，我們目前優先考慮有機擴張。

While our disciplined acquisition criteria remains unchanged, we would consider a single location Precast facility if it strategically strengthens our presence in targeted geographies. That said, we remain well positioned to move quickly should a larger, more impactful acquisition opportunity arise. Ideally, any such opportunity would enhance our manufacturing capacity in operational efficiency while also broadening our geographic footprint and expanding our product offerings.

雖然我們嚴格的收購標準保持不變，但如果單一地點的預製工廠能夠從策略上加強我們在目標地區的影響力，我們也會考慮。話雖如此，如果有更大、更有影響力的收購機會出現，我們仍然可以迅速採取行動。理想情況下，任何這樣的機會都將提高我們的製造能力和營運效率，同時擴大我們的地理覆蓋範圍並擴大我們的產品供應。

Next, I'd like to summarize our outlook for the third quarter of 2025. In our WTS business, we anticipate revenue and margins to remain in line with or exceed those of the second quarter of 2025. For production levels are expected to increase modestly, which should contribute to improved overhead absorption. We entered 2025 with a solid backlog in place and continue to expect strong bidding activity in the second half of the year. Full year bidding levels are currently projected to be modestly higher than those of 2024, reinforcing our confidence in another strong year of performance for WTS.

接下來，我想總結我們對2025年第三季的展望。在我們的 WTS 業務中，我們預計營收和利潤率將與 2025 年第二季持平或超過此水準。預計生產水準將適度增加，這將有助於提高間接成本的吸收。我們進入 2025 年時已有大量積壓訂單，並預計下半年的競標活動將繼續強勁。目前預計全年投標水準將略高於 2024 年，這增強了我們對 WTS 再次強勁業績的信心。

In our Precast segment, our healthy and growing order book, coupled with anticipated higher production levels and better absorption supports our expectations for Precast revenue to remain strong in the third quarter of 2025 with continued margin improvement versus the first two quarters of 2025.

在我們的預製件部門，我們健康且不斷增長的訂單，加上預期更高的生產水平和更好的吸收能力，支持了我們對預製件收入在 2025 年第三季度保持強勁的預期，並且利潤率將比 2025 年前兩個季度繼續提高。

On a consolidated basis, we expect revenues for the third quarter of 2025 to modestly improve from the third quarter of 2024. For the second half of the year, we continue to expect WTS revenues and margins to be similar to 2024 levels Precast revenue also being similar to 2024 levels, but with improved margins.

從綜合來看，我們預計 2025 年第三季的營收將較 2024 年第三季略有改善。對於下半年，我們繼續預期 WTS 的收入和利潤率將與 2024 年的水平相似，預製收入也將與 2024 年的水平相似，但利潤率將提高。

In closing, I want to thank our talented team at NWPX infrastructure for their strong execution of our strategy and unwavering commitment to safety. Looking ahead, we're optimistic about the improving bidding environment and the strengthening order book as we move through the remainder of 2025.

最後，我要感謝 NWPX 基礎設施的優秀團隊，感謝他們強有力地執行我們的策略並堅定不移地致力於安全。展望未來，我們對 2025 年剩餘時間內投標環境的改善和訂單量的加強感到樂觀。

Looking ahead, our priorities are to: one, maintain a safe workplace where our employees are proud to work; two focus on margin over volume; three, intensify our efforts on strategic acquisition opportunities to grow the company; four, implement continued cost reductions and efficiencies at all levels of the company; and number five, in the absence of M&A opportunities to return value to our shareholders through share repurchases.

展望未來，我們的首要任務是：第一，維護一個讓員工感到自豪的安全工作場所；第二，注重利潤而不是產量；第三，加大策略收購機會的力度，以促進公司發展；第四，在公司各個層面持續降低成本、提高效率；第五，在沒有併購機會的情況下，透過股票回購為股東帶來回報。

I will now turn the call over to Aaron, who will walk through our financials in greater detail.

現在我將把電話轉給 Aaron，他將更詳細地介紹我們的財務狀況。

Thank you, Scott, and good morning, everyone. Before I begin, I'd like to highlight our continued focus on enhancing shareholder returns, consistent with our capital allocation strategy.

謝謝你，斯科特，大家早安。在開始之前，我想強調我們繼續專注於提高股東回報，這與我們的資本配置策略一致。

Through July 31, the final trading day in our most recent Rule 10b5-1 trading plan we repurchased approximately 363,000 shares or approximately $15 million worth of our common stock for an average price of $41.21 per share. This represents 3.6% of the ending shares outstanding at March 31, 2025. Given the health of our balance sheet, we believe it is prudent to continue to take advantage of market opportunities for future share repurchases, while also continuing to invest strategically to grow our business.z

截至 7 月 31 日，即我們最新的 10b5-1 規則交易計劃的最後一個交易日，我們以每股 41.21 美元的平均價格回購了約 363,000 股或價值約 1500 萬美元的普通股。這佔 2025 年 3 月 31 日期末流通股數的 3.6%。鑑於我們資產負債表的健康狀況，我們認為繼續利用未來股票回購的市場機會是明智之舉，同時繼續進行策略性投資以發展我們的業務。

Next, I'll turn to our second quarter profitability. Consolidated net income was $9.1 million or $0.91 per diluted share compared to $8.6 million or $0.86 per diluted share in the second quarter of 2024. Second quarter consolidated net sales increased 2.8% to $133.2 million compared to $129.5 million in the year ago quarter.

接下來，我將談談我們第二季的獲利能力。合併淨收入為 910 萬美元，即每股攤薄收益 0.91 美元，而 2024 年第二季為 860 萬美元，即每股攤薄收益 0.86 美元。第二季綜合淨銷售額較去年同期的 1.295 億美元成長 2.8%，達到 1.332 億美元。

Sales for the Water Transmission Systems segment decreased 5.5% to $84.6 million compared to $89.5 million in the second quarter of 2024. The decline was driven by a 10% reduction in tonnes produced, resulting from changes in project timing, partially offset by a 4% increase in selling price per ton due to changes in product mix. Precast segment sales in the second quarter increased 21.5% to a record $48.6 million compared to $40 million a year ago.

水傳輸系統部門的銷售額為 8,460 萬美元，較 2024 年第二季的 8,950 萬美元下降 5.5%。產量下降的原因是專案時間表的變化導致產量減少了 10%，但產品結構變化導致每噸售價上漲 4%，部分抵消了這一影響。預製件部門第二季銷售額成長 21.5%，達到創紀錄的 4,860 萬美元，而去年同期為 4,000 萬美元。

Performance was driven by a 13% increase in volume shipped as demand in our Geneva operations in Utah remain strong and a 7% increase in selling prices due to changes in product mix. As a reminder, the products we manufacture are unique. Shipment volumes in the case of Precast, production volumes in the case of WTS and the corresponding average sales prices for both segments do not always provide comparable metrics between periods, which are highly dependent on the composition of each segment's product mix.

由於我們位於猶他州日內瓦的業務需求保持強勁，出貨量增長了 13%，並且由於產品結構的變化導致銷售價格上漲了 7%，因此業績有所增長。提醒一下，我們生產的產品是獨一無二的。預製件的出貨量、WTS 的生產量以及兩個部門相應的平均銷售價格並不總是能提供不同時期的可比指標，這在很大程度上取決於每個部門的產品組合組成。

Our second quarter consolidated gross profit decreased 1.7% to $25.4 million or 19% of sales compared to $25.8 million or 19.9% of sales in the second quarter of 2024. WTS gross profit decreased 11.3% to $15.1 million or 17.8% of segment sales compared to gross profit of $17 million or 19% of segment sales in the second quarter of 2024 primarily due to decreased production volume as well as changes in product mix.

我們第二季的綜合毛利潤下降 1.7% 至 2,540 萬美元，佔銷售額的 19%，而 2024 年第二季為 2,580 萬美元，佔銷售額的 19.9%。WTS 毛利下降 11.3% 至 1,510 萬美元或占分部銷售額的 17.8%，而 2024 年第二季的毛利為 1,700 萬美元或占分部銷售額的 19%，這主要是由於產量下降以及產品結構變化。

Free cash gross profit increased 16.7% to $10.3 million or 21.2% of segment sales from $8.9 million or 22.1% of segment sales in the second quarter of 2024, primarily due to changes in product mix. Selling, general and administrative expenses declined by less than 1% to $12.1 million compared to $12.2 million in the second quarter of 2024 as lower professional fees and incentive compensation expense was partially offset by higher base compensation.

自由現金毛利從 2024 年第二季的 890 萬美元（佔分部銷售額的 22.1%）增加 16.7% 至 1,030 萬美元（佔分部銷售額的 21.2%），這主要是由於產品組合的變化。銷售、一般及行政開支為 1,210 萬美元，較 2024 年第二季度的 1,220 萬美元下降不到 1%，因為較低的專業費用和激勵薪酬開支被較高的基本薪酬部分抵消。

As a percent of sales, our SG&A improved to 9.1% from 9.4% in the prior year. For the full year 2025, we now estimate our consolidated selling, general and administrative expenses to be in the range of $50 million to $51 million. Depreciation and amortization expense in the second quarter of 2025 was $4.9 million compared to $4.7 million in the year ago quarter.

作為銷售額的百分比，我們的銷售、一般及行政費用從上一年的 9.4% 提高到 9.1%。對於 2025 年全年，我們目前估計綜合銷售、一般和行政費用將在 5,000 萬美元至 5,100 萬美元之間。2025 年第二季的折舊和攤提費用為 490 萬美元，去年同期為 470 萬美元。

For the full year, we continue to expect depreciation and amortization expense to be approximately $18 million to $20 million. Interest expense decreased to $0.8 million from $1.8 million in the second quarter of 2024 due primarily to a decrease in average daily borrowings. The full year 2025, we continue to expect interest expense of approximately $3 million. Our second quarter income tax expense was $3.4 million resulting in an effective income tax rate of 27.5%, which was primarily impacted by nondeductible permanent differences.

就全年而言，我們繼續預計折舊和攤提費用約為 1,800 萬至 2,000 萬美元。利息支出從 2024 年第二季的 180 萬美元減少至 80 萬美元，主要原因是平均每日借款減少。2025 年全年，我們預計利息支出仍約為 300 萬美元。我們第二季的所得稅費用為 340 萬美元，導致有效所得稅率為 27.5%，這主要受到不可扣除的永久性差異的影響。

This compares to $2.9 million in the year ago quarter, or an effective income tax rate of 25.5%, which was also impacted by nondeductible permanent differences. We continue to expect our tax rate for full year 2025 within the range of 24% to 26%.

相比之下，去年同期的所得稅率為 290 萬美元，有效所得稅率為 25.5%，這也受到了不可扣除的永久性差異的影響。我們繼續預計 2025 年全年的稅率將在 24% 至 26% 之間。

Next, I will transition to our financial condition. For the second quarter, net cash provided by operating activities was $5.4 million compared to $22.3 million in the second quarter of 2024. The $16.9 million decline was primarily due to changes in working capital.

接下來我來談談我們的財務狀況。第二季度，經營活動提供的淨現金為 540 萬美元，而 2024 年第二季為 2,230 萬美元。1,690 萬美元的下降主要是由於營運資金的變化。

Our capital expenditures for the second quarter was $3.5 million compared to $6.1 million in the second quarter of 2024. For the full year 2025, we continue to expect CapEx in the range of $19 million to $22 million, including about $5 million for various investment projects. Most notably to support Precast product spread as well as initiatives to grow both our Park and Geneva businesses to $100 million top line in the near term.

我們第二季的資本支出為 350 萬美元，而 2024 年第二季為 610 萬美元。對於 2025 年全年，我們預計資本支出將在 1,900 萬美元至 2,200 萬美元之間，其中包括約 500 萬美元用於各種投資項目。最值得注意的是支持預製產品的傳播以及在短期內將我們的公園和日內瓦業務增長到 1 億美元營業額的計劃。

Accordingly, we produced positive second quarter free cash flow of $1.9 million compared to $16.2 million in the year ago quarter. For full year 2025, we continue to anticipate free cash flow to range between $23 million and $30 million. Strengthening consistent cash generation remains a top priority for our leadership team which is focused on driving growth both organically and through prospective M&A as appropriately valued opportunities arise.

因此，我們第二季的自由現金流為 190 萬美元，去年同期為 1,620 萬美元。對於 2025 年全年，我們繼續預期自由現金流將在 2,300 萬美元至 3,000 萬美元之間。加強持續的現金創造仍然是我們領導團隊的首要任務，該團隊專注於推動有機成長以及在出現適當估值機會時透過未來的併購來推動成長。

As of June 30, 2025, we had $30.6 million of outstanding borrowings on our credit facility leaving approximately $93 million in additional borrowing capacity on our credit line. Our balance sheet remains healthy with ample liquidity to execute our capital allocation priorities.

截至 2025 年 6 月 30 日，我們的信貸額度上有 3,060 萬美元的未償還借款，我們的信貸額度上還有大約 9,300 萬美元的額外借款能力。我們的資產負債表保持健康，並擁有充足的流動性來執行我們的資本配置優先事項。

To close, we are very proud of our strong execution we delivered in the second quarter, resulting in record setting results. Our performance highlights the strength and adaptability of our business model and reinforces our confidence in our ability to drive continued momentum through the remainder of 2025 and beyond. We thank our employees for their unwavering focus on safety and operational excellence, which has been instrumental in achieving these results. We also appreciate the continued confidence and support of our shareholders as we execute our long-term strategy.

最後，我們對第二季度的出色執行感到非常自豪，並取得了創紀錄的業績。我們的業績凸顯了我們商業模式的優勢和適應性，並增強了我們對在 2025 年剩餘時間及以後繼續保持成長勢頭的能力的信心。我們感謝員工對安全和卓越營運的堅定關注，這對我們取得這些成果至關重要。我們也感謝股東在我們執行長期策略時給予的持續信任和支持。

I will now turn it over to the operator to begin the question-and-answer session.

現在我將把麥克風交給接線員，開始問答環節。

(Operator Instructions)

（操作員指示）

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

I guess the first question would just be on Precast. It seems like somewhat kind of bifurcated market trends you're experiencing there. It sounds like residential fairly healthy for you, somewhat surprising in this climate, but nonres is working against you to some degree.

我想第一個問題就是關於 Precast 的。看起來你們正在經歷某種分裂的市場趨勢。聽起來居住對你來說相當健康，在這種氣候下有點令人驚訝，但非居住對你來說在某種程度上是不利的。

So I don't know, Scott, if you can talk about whether you're seeing any inflection points on the weaker side of the Precast business, whether there's some kind of pent-up optimism that maybe something turns there in the second half based on inquiries, customer conversations, be curious there.

所以，史考特，我不知道您是否可以談談，根據詢問、客戶對話等，您是否看到預製業務較弱的一面出現任何拐點，是否存在某種被壓抑的樂觀情緒，認為下半年可能會出現一些轉機，對此保持好奇。

Yeah. I think, Brent, the -- obviously, the trade policy thing I think put a little bit of a dent into the nonresidential side of the Precast business at the beginning of the year and it slowed things down, but we're now seeing an order rate that's picking up on the nonresidential side and gaining strength and kind of getting back to a relatively normal pace and level, which we haven't seen for some period of time.

是的。布倫特，我認為，顯然，貿易政策在年初對預製業務的非住宅方面造成了一些影響，並減緩了業務發展速度，但我們現在看到非住宅方面的訂單率正在上升，並且正在增強，並逐漸恢復到相對正常的速度和水平，這是我們一段時間以來沒有見過的。

And when you look at the Dodge Momentum Index, I mean, that kind of an indication of what the non-res thing is going to do over the next -- well, it's stuff that's going into planning now and usually gets into the production process about a year from now. But it looks like it's really starting to gain strength now. The revenue levels on the nonres are really starting to come up as we speak -- as we went into the July time frame, the revenue levels were at a normal level with improving margins. So we're pretty confident that nonres is going to be pretty strong through the rest of the year after the first half.

當您查看道奇動量指數時，我的意思是，它可以表明非房地產項目在未來將會發生什麼——嗯，這些項目現在正在規劃中，通常會在大約一年後進入生產過程。但現在看起來它確實開始增強了。正如我們所說，非不動產的收入水平確實開始上升——進入 7 月份，收入水平處於正常水平，利潤率也在提高。因此，我們非常有信心，非房地產行業在上半年之後的今年剩餘時間內將保持強勁成長。

And just to speak to the Geneva piece, yes, the Geneva piece is really, really strong. It's been really strong. I think one of the interesting things about Geneva is, is it looks like the order book is a little bit down for all of Precast. But Geneva is burning through the order book that they're getting much quicker than they normally have because of the amount of orders. I think right now, as far as yards produced and shipped were about 16 or so percent ahead of where we were last year at Geneva at this time. So that continues to have strength.

就日內瓦部分而言，是的，日內瓦部分確實非常強大。它確實很強大。我認為日內瓦的一個有趣之處是，看起來所有 Precast 的訂單量都有點下降。但由於訂單量龐大，日內瓦的訂單消耗速度比平常快得多。我認為，就目前而言，生產和運輸的碼數比去年日內瓦同期的水平高出約 16％。因此，這種力量將繼續維持下去。

We expect the non-res based on what we're seeing right now for the increase in their order book and what's happening with the margins there strengthen as we get through the back half of the year. And I think the momentum index is just kind of an affirmation of that at this point.

根據我們目前看到的情況，非住宅訂單量將會增加，而且隨著下半年的到來，其利潤率也會提高。我認為動量指數目前只是對此的一種肯定。

And so Scott, to the degree that we see this sort of ramp up in the nonres piece, which I think is more associated with Park. Would that be an accelerant for your margins here in the second half?

因此，斯科特，就我們在非資源類文章中看到的這種增長而言，我認為這與帕克更相關。這是否會對您下半年的利潤率起到促進作用？

Yeah, we expect the margins to improve in the second half, mainly due to the recovery and the growth of the nonresidential side business.

是的，我們預計下半年利潤率將會提高，這主要歸功於非住宅業務的復甦和成長。

And then I appreciated the comments on WTS for the second half. Bidding plan that third quarter sounds pretty strong. Any indications or early indications on 2026, just as we try to think about the sustainability of WTS contributions into next year or even Scott growth potential for the business in the next year?

然後我很欣賞 WTS 後半部分的評論。第三季的競標計畫聽起來相當強勁。當我們試圖思考 WTS 貢獻在明年的可持續性，甚至 Scott 在明年的業務成長潛力時，有沒有什麼跡像或早期跡象表明 2026 年的情況？

Yeah. I think what we're seeing is a market that as we go forward to 2026 that is at least equal to what we've seen in 2024 and 2025 with the potential of some of the IIJA funding kicking in toward later in the year.

是的。我認為，隨著 2026 年的到來，我們所看到的市場至少會與 2024 年和 2025 年的市場相當，部分 IIJA 資金有可能在今年稍後投入使用。

I mean some of the IIJA-funded projects like sites reservoir in California starting to be more and more talked about. So that could give the end of the year a little bit of a boost and there's other projects going on right now, Brent that are IIJA funded the Eastern New Mexico Rural Water District is another one that continues to produce segments and jobs for us.

我的意思是，一些由 IIJA 資助的項目，例如加州的 Sites 水庫，開始越來越受到關注。因此，這可能會為年底帶來一點推動，目前還有其他項目正在進行中，由 IIJA 資助的布倫特項目、新墨西哥州東部農村供水區是另一個繼續為我們創造就業機會的項目。

So what I think is you see a year that is similar to '24 and '25, although it looks like '25 is going to be a little bit bigger than what we saw in 2024 based on what we're seeing right now. But you see a year in '26 that starts out like that with the potential of getting stronger later in the year.

因此，我認為你會看到 2025 年與 2024 年和 2025 年類似，儘管根據我們目前看到的情況，2025 年似乎會比 2024 年稍微大一點。但你會看到，26 年的開局就是這樣，而且在年末有變得更強的潛力。

Sorry, last one just on some of the investments, it sounds like maybe more of a push for organic investments in the business here. You talked about some of that CapEx going to product spread initiatives, I guess anything else to call out that you're looking at internally in terms of focus and CapEx here in the next kind of 12, 18 months, Scott.

抱歉，最後一條只是關於一些投資，聽起來可能更像是在推動這裡的業務有機投資。您談到了部分資本支出將用於產品推廣計劃，我想您還想指出未來 12 到 18 個月內在內部關注的重點和資本支出方面有什麼需要注意的嗎，斯科特。

Besides, obviously, M&A opportunities that we continue to look at. I think the idea is what we call product spread. Obviously, that started with the idea of taking the products from Park and being able to produce them at Geneva, which is happening all the time.

此外，顯然我們仍在繼續關注併購機會。我認為這個想法就是我們所說的產品傳播。顯然，這始於從 Park 獲取產品並在日內瓦進行生產的想法，而這個想法一直在發生。

Now with more along the lines of, okay, what kind of Precast products can we do at what steel at the Water Transmission Systems plants. And right now, we're in the process of doing projects out of the Tracy facility, which, obviously, when we bought them, had some Precast structure there, but it was just very niche type stuff.

現在我們可以更了解，我們可以在輸水系統工廠使用什麼鋼材生產什麼樣的預製產品。目前，我們正在特雷西工廠外進行一些項目，顯然，當我們收購它們時，那裡有一些預製結構，但只是非常小眾的東西。

We're doing some projects out of there now with the idea of also starting to do some of the projects out of our Portland plant that kind of fit. And some of the initial investment, Brent, are more informs because it's going to be ready mix, port type stuff to begin with because, as you know, we make cement for cement mortar lining and coding at our steel pressure pipe plants, but we don't have aggregate adding capabilities to make the concrete. So initially, it's going to start with ready mix and it starts with Tracy and with Portland, but also the idea of spreading that Precast product to additional legacy Water Transmission Systems plants.

我們現在正在那裡進行一些項目，同時也想開始在波特蘭工廠進行一些合適的項目。布倫特，一些初始投資更有資訊量，因為它將是預拌的、港口類型的東西，因為如你所知，我們在鋼壓力管道廠生產用於水泥砂漿襯裡和編碼的水泥，但我們沒有添加骨料的能力來製造混凝土。因此，最初，它將從預拌混凝土開始，從特雷西和波特蘭開始，同時也考慮將預製產品推廣到其他傳統的輸水系統工廠。

So that's really going to be the focus of organic growth. And as we acquire additional Precast facilities, which we will eventually do here when something comes up that makes sense, we would also look at moving those Park type products to those additional Precast facilities that are in different geographies and that don't have a product like that in those geographies at this point.

所以這確實將成為有機成長的重點。當我們收購更多的預製設施時，當有意義的事情出現時，我們最終會在這裡做，我們也會考慮將這些公園類型的產品轉移到位於不同地區的額外預製設施，而這些地區目前還沒有這樣的產品。

And that's part of the thing with our product spread, Brent. We have a group that works on just product spread. And they're focused on looking at bidding on Park products in the Southeast, in California, in the central part of the country. And really, what that starts to do is it serves as a proxy for we're looking at acquiring a Precast plant, right, because we can get a really two for one there, you get the Precast product and then you can add the Park product.

這就是我們的產品範圍的一部分，布倫特。我們有一個專門負責產品傳播的團隊。他們專注於美國東南部、加州和中部地區的公園產品競標。實際上，它開始的作用是，它代表我們正在考慮收購一家預製工廠，因為我們可以在那裡真正做到買一送一，先獲得預製產品，然後可以添加公園產品。

And ultimately, the product portfolio grows at that facility wherever it is. And that was a lot of words about a lot of things. So I don't know if I specifically answered your question, what you wanted it.

最終，無論工廠位於何處，產品組合都會不斷擴大。上面有很多關於很多事情的話語。所以我不知道我是否具體回答了你的問題，你想要什麼。

Julio Romero, Sidoti.

胡里奧·羅梅羅、西多蒂。

So I wanted to start on the Water Transmission Systems segment. Very nice performance there in the quarter. You mentioned strong execution and the trade policy is something that you seem to be managing through pretty well here. Can you maybe help us understand some of the trade and tariff impacts that you called out in the first quarter and help us kind of better understand how they've improved from the first quarter?

所以我想從水傳輸系統領域開始。本季的表現非常出色。您提到了強有力的執行，而且貿易政策似乎您在這裡管理得很好。您能否幫助我們了解您在第一季提到的一些貿易和關稅影響，並幫助我們更好地了解它們與第一季相比有何改善？

Right. So what we had in the first quarter where some of the administration's trade policies prevented us from being able to recognize some of the revenue and gross profit in the first quarter that we would have normally done. So what we -- obviously, when we talked about this in the first quarter call, we said we would get a little bit of a bit of that back in second quarter, which it looks like we got some of it back in the second quarter, maybe a little bit of it will come back in the third quarter. So it's kind of getting peanut buttered across those quarters.

正確的。因此，我們在第一季遇到的情況是，政府的一些貿易政策使我們無法實現通常在第一季實現的部分收入和毛利。所以，顯然，當我們在第一季的電話會議上談論這個問題時，我們說過我們會在第二季度收回一點點，看起來我們在第二季度收回了一部分，也許在第三季度還會收回一點點。因此，這在這些地區就像是被花生醬包裹了一樣。

The way it's being managed now and the place where it's most evident is in our SLRC Mexico facility. And the SLRC Mexico facility, where we have those tariffs in play, they're being passed on. And quite frankly, I think what's happened is everybody's got so used to doing these tariffs at this point that it's becoming more of a nonevent.

目前的管理方式和最明顯的地方是我們的 SLRC 墨西哥工廠。而我們在 SLRC 墨西哥工廠實施的這些關稅正在被轉移。坦白說，我認為現在的情況是，每個人都已經習慣了徵收這些關稅，因此這已經變得越來越不重要了。

Now at the same time, we are booking, as we talked about, work from our SLRC facility shipping into Canada to which there is no tariff. And as I mentioned during the last call, we had a job that was $24 million, $25 million. And now we've booked another job that's a substantial size job into Canada from that same facility. So that's really where the only impact is. And I think longer term, the idea of you look at SLRC and go, well, God, if these trade policies are going to remain in place for a long period of time.

現在，正如我們所談到的，我們正在預訂從我們的 SLRC 設施運往加拿大的工作，而加拿大沒有關稅。正如我在上次通話中提到的那樣，我們有一項價值 2400 萬至 2500 萬美元的工作。現在，我們又從同一家工廠預訂了另一份在加拿大的規模相當大的工作。所以這確實是唯一的影響。我認為從長遠來看，如果你看看 SLRC，就會想，天哪，如果這些貿易政策要長期維持下去的話。

What does that mean for the SLRC facility. Well, the thing to note is that our fully burdened cost at our SLRC facilities action of what it is at other plants, and we could be competitive in either way. So that won't that won't affect us that much. The other thing is, is we still work on getting the inclusion from the government, which is I don't know why they use the word inclusion. It's really an exclusion.

這對 SLRC 設施意味著什麼？嗯，需要注意的是，我們 SLRC 設施的全部負擔成本與其他工廠的一樣，而且我們在任何方面都具有競爭力。所以這不會對我們造成太大影響。另一件事是，我們仍在努力爭取政府的包容，我不知道他們為什麼要使用包容這個詞。這確實是一種排除。

But to get us exempted from those tariffs because all of that product is from steel that's mine melted in the US moved over into Mexico, formed into Water Transmission Systems and shipped back. And what it does is give the customers and the consumers in the United States to lower the lowest cost of ownership right? So eventually, I think that's going to sink in. And ultimately, we probably get an inclusion from that.

但是，我們之所以能夠免除這些關稅，是因為所有這些產品都是由美國礦山熔化的鋼材運往墨西哥，加工成輸水系統，然後再運回。它的作用是讓美國的客戶和消費者降低最低的擁有成本，對嗎？所以最終，我認為這將會深入人心。最終，我們可能會從中得到一個結論。

But in the meantime, we continue to ship into Canada. We continue to get projects that are -- we're capable of doing and still producing solid margins. And all it's done is -- I don't mean the use of a term that's being used a lot right now, it's redistricting us a little bit on where we get jobs and where we're putting jobs. And because we have six main Steel Pressure Pipe plants, we have such utility to do those things that ultimately is become kind of a mood point.

但同時，我們繼續向加拿大發貨。我們繼續獲得我們有能力完成的項目，並且仍然產生可觀的利潤。它所做的就是——我不是指現在經常使用的術語，而是它重新劃分了我們從哪裡獲得工作以及在哪裡提供工作。因為我們有六個主要的鋼壓力管廠，所以我們有這樣的效用去做這些事情，最後成為一種情緒點。

Great. Really helpful context there. And I wanted to talk a little bit about what you mentioned about markets seeming to accept the tariff situation, and that's kind of what it is.

偉大的。那裡確實很有幫助。我想稍微談談您提到的市場似乎接受關稅的情況，事實就是這樣。

And just moving along anyway. Did additional maybe tariff announcements in the quarter cause any renewed delays or any changes in customer behavior? And if so, have they extended into July?

無論如何都要繼續前進。本季額外的關稅公告是否會導致新的延誤或客戶行為的改變？如果是的話，那麼延長到 7 月了嗎？

Well, it really didn't change much on customer behavior. I think it caused what I would say is a little bit of freight here internally for a little while, simply because a 25% to 50% thing, right? But the -- it was a change in what the tariffs were applied against right?

嗯，它確實沒有對客戶行為產生太大的改變。我認為這導致了我所說的內部貨運量在一段時間內有所下降，僅僅是因為 25% 到 50% 的事情，對嗎？但是——徵收關稅的對象發生了變化，對嗎？

So it was 25% against -- I can't remember, it was overhead. It was product. It was all those things. So that was on the 25% piece. When it went to 50%, it was just the cost of the steel. So it didn't really have a major impact on anything going forward that we were doing.

所以它是 25% — — 我不記得了，它是間接費用。這是產品。就是所有這些事情。這就是 25% 的部分。當它達到50%時，它就只是鋼材的成本了。因此，它實際上並沒有對我們今後所做的任何事情產生重大影響。

But until we got our heads wrapped around this. There was a little bit of confusion, which, quite frankly, there is always a little bit of confusion at the border with how things are being administered, and we had some details to work out. But again, we have such utility and ability to move things around that it really didn't have a major impact on us.

但直到我們弄清楚了這一點。出現了一些混亂，坦白說，邊境管理方面總是存在一些混亂，我們需要解決一些細節問題。但同樣，我們擁有如此強大的實用性和移動能力，因此它實際上並沒有對我們造成重大影響。

Really helpful there. And then last one, if I could, is just -- following up on Brent's question about Precast and the bifurcated trends you're seeing there on the end markets. I think on nonresidential, you mentioned volume being fulfilled more quickly, I believe. Is that volume leverage, albeit at a lower blended rate in the segment kind of having an impact to what played out in the second quarter?

真的很有幫助。然後最後一個問題，如果可以的話，我只是 - 跟進布倫特關於預製件以及您在終端市場上看到的分歧趨勢的問題。我認為，就非住宅而言，您提到的數量可以更快地滿足。儘管該細分市場的混合利率較低，但銷售槓桿是否會對第二季的表現產生影響？

The volume being consumed more quickly is happening on the residential side at Geneva. They are -- I mean, they're 16% ahead, 16% or 20% ahead on invoicing versus where they were last year. So as far as -- what was the question on the nonresidential side then?

日內瓦居民區的能源消耗速度更快。我的意思是，與去年相比，他們的發票金額增加了 16%，16% 或 20%。那麼——非住宅方面的問題是什麼？

I understand. So residential side had better volume in the quarter. And I guess that offset kind of nonres at the moment. Is that --

我明白。因此本季住宅方面的交易量較好。我想，目前這種抵銷是無效的。那是嗎--

Yeah, at the moment, I think you're looking at it the right way because what we have is a very -- it looks to be a very stable situation at Geneva right now with revenue, production and margins.

是的，目前，我認為你的看法是正確的，因為我們目前在日內瓦的營收、產量和利潤率看起來都非常穩定。

And we're coming into is a situation where the nonresidential is starting to turn up, not only from the perspective of production and revenue but also on the margin side. So we believe that the second half of the year on the Precast business is going to be pretty strong.

我們正面臨這樣一種情況：非住宅用途開始興起，這不僅從生產和收入的角度看是如此，而且從利潤率的角度看也是如此。因此，我們相信下半年預製業務將會非常強勁。

(Operator Instructions)

（操作員指示）

Ted Jackson, Northland Securities.

北國證券公司的泰德傑克森。

Congrats on the quarter. And Aaron, I wanted to call out and say thank you for putting a full cash flow statement in the press release. I know you did that for me.

恭喜本季取得佳績。亞倫，我想大聲感謝你在新聞稿中提供了完整的現金流量表。我知道你這樣做是為了我。

We did do that for you.

我們確實為您做到了這一點。

It was a joke, but it was a joke of serious joke. I know you. A lot of the questions I wanted to ask have been popped through. But I wanted to circle back on the Precast. So Geneva, the residential business, the ability to turn orders is faster than it is in the Park business.

這固然是個玩笑，但卻是個嚴肅的玩笑。我認識你。我想要問的很多問題都已經問了。但我想回到 Precast 上。因此，日內瓦的住宅業務的訂單處理能力比公園業務更快。

So my question -- first question is, what is the time line that it takes from order intake to delivery on average engine and what is it in Park? And has it always been -- the difference always been that way?

所以我的問題——第一個問題是，從訂單到交付普通發動機需要多長時間，以及在 Park 中需要多長時間？而且一直都是這樣——差異一直都是這樣的嗎？

So on the Geneva side, Ted, you're dealing with the Precast Infrastructure products. So could be looking at stuff that's already in inventory because that's a little bit of an inventory business. So it could be as quick as, hey, we get an order today, and we're shipping it tomorrow. If you're looking at something that has to be produced at the Geneva facilities, it could be three or four weeks.

那麼在日內瓦方面，泰德，您正在處理預製基礎設施產品。因此可能會查看已經庫存的物品，因為這有點像庫存業務。所以速度可以很快，例如，嘿，我們今天收到訂單，明天就會出貨。如果您正在尋找必須在日內瓦工廠生產的產品，則可能需要三到四周的時間。

We're pretty careful about measuring and managing the order book and not letting it get too far out in front of us. Because if it gets too far out in front of us, we can't take advantage of increasing pricing when the demand is there. So we are usually managing it to about 1.5 months or 2 months of orders about 2.5 months. On the Park side, you're dealing with kind of a completely different animal. Now you may have some of those Park products that are more generic, say, meter vault or grease traps in stock.

我們非常謹慎地衡量和管理訂單，不會讓它超出我們的預期。因為如果它離我們太遠，我們就無法在有需求的時候利用提高價格的優勢。因此，我們通常會將訂單管理期限控制在 1.5 個月或 2 個月左右，也就是 2.5 個月左右。在公園這邊，你要面對的是一種完全不同的動物。現在，您可能有一些更通用的 Park 產品，例如庫存儀表保險庫或油脂分離器。

But if you're getting stuff that's not in stock, what you're having to do is make sure that you're gathering the components, whether it's valves or meters or fit some kinds of fittings or backflow preventers, and you're installing them in the vault.

但是，如果您收到的物品不在庫存中，您需要做的就是確保收集好組件，無論是閥門還是儀表，還是安裝某些配件或回流防止器，然後將它們安裝在保險庫中。

So generally, Geneva, if it's not a stock item, it could probably be 5, 6 or 7 weeks. But one thing that's affecting the Geneva business is we've got the Exact 2500 up and running there, fully commissioned and it's shipping product in the market and it produces product at a much higher rate than the old transmatic did. So the orders are coming in and being fulfilled much more quickly. And that's what we're talking about on the -- really the velocity of orders and getting orders turned and shipped and invoiced.

所以一般來說，日內瓦，如果不是庫存商品，可能需要 5、6 或 7 週。但有一件事影響了日內瓦的業務，那就是我們已經在那裡安裝了 Exact 2500，並全面投入使用，它正在向市場運送產品，而且它的產品生產率比舊的 transmatic 要高得多。因此訂單的到達和完成速度都更快。這就是我們所談論的——真正的訂單速度以及訂單的周轉、發貨和開票速度。

So was there add-on to that piece, Ted?

那麼，泰德，那件作品還有附加內容嗎？

No, you said the new equipment that's in Park?

不，您說的是公園裡的新設備嗎？

No. The new equipment is in Geneva but the Exact 2500.

不。新設備在日內瓦，但 Exact 2500。

That's where I thought it was going be in Geneva. I just -- I was writing a note and then -- so I kind of just slip. All right.

我以為它將會位於日內瓦。我只是——我正在寫一張便條，然後——所以我有點失言了。好的。

My next question then is when you look at the SPP backlog -- and congratulations on the strength of that. I mean it seems like it's stronger. I mean you didn't expect it to get to fall out of bed or anything, but it's been a little stronger than expected.

那麼我的下一個問題是，當您查看 SPP 積壓時 - 並祝賀其實力雄厚。我的意思是它看起來更強大。我的意思是，你沒想到它會從床上掉下來或發生其他什麼，但它比想像的要強一點。

But we've had -- the price of steel alone has gone up quite a bit, and we'll continue to kind of flow through your P&L as it does so. When you look at our backlog number, and is the increase there driven more by volume or more by price. Can you give us some kind of color in terms of how that -- those 2 metrics are impacting the strength, the continued strength that you're seeing within your backlog for resi?

但我們已經——僅鋼材價格就已經上漲了不少，而且我們會繼續將其計入您的損益表中。當您查看我們的積壓訂單數量時，您會發現其成長主要是由數量推動還是由價格推動。您能否向我們詳細說明這兩個指標是如何影響您在積壓的住宅訂單中看到的強度和持續強度的？

What I would say about the steel price is it's kind of been languishing, right? So for -- it ran up a little bit at the beginning of the year and when the tariff announcements came out and it ran up to [$900 $910, $915] right in. What we're seeing is steel pricing about in the [$875] range, so it's not really having a substantial impact on driving the price of projects. It's good for us when steel prices are higher, but I wouldn't say that the tariffs from the trade policy is driving the steel price up right now, it's pretty light.

我想說的是，鋼鐵價格最近有點低迷，對嗎？因此，對於 — — 它在年初略有上漲，當關稅公告出來時，它就漲到了 [900 美元、910 美元、915 美元]。我們看到鋼材價格大約在 875 美元左右，因此它對項目價格並沒有產生實質的影響。鋼鐵價格上漲對我們來說是好事，但我不會說貿易政策中的關稅正在推高鋼鐵價格，它的影響相當輕微。

So it's just the amount of orders and tons that we're getting into our backlog. And I think the -- the -- when you look at the number of tons that were put in backlog through -- it was this is more of a mid-July number. I think we had put since the beginning of the year, some 40 -- almost 40,000 tons or a little over 40,000 tonnes of projects in backlog. So I would say, in this case, Ted, based on what the steel price is doing in the marketplace right now and the velocity of orders that we have coming in on steel pressure pipe, it's more related to tons.

因此，這只是我們積壓的訂單數量和噸數。我認為，當您查看積壓的噸數時，這更像是 7 月中旬的數字。我認為，自今年年初以來，我們已經積壓了大約 40,000 噸到近 40,000 噸或略多一點的項目。因此我想說，在這種情況下，泰德，根據目前市場上的鋼材價格走勢以及我們收到的鋼製壓力管訂單速度，這與噸位更相關。

Okay. And then, Aaron, I always ask this question. I'm kind of curious as a percentage of your cost kind of what was steel during the quarter?

好的。然後，亞倫，我總是問這個問題。我有點好奇，本季鋼材佔你們成本的百分比是多少？

Yeah, it's still hovering about 30%, Ted.

是的，它仍然徘徊在 30% 左右，泰德。

At this time, I would like to turn the call back over to Mr. Scott Montross for closing remarks.

現在，我想將電話轉回給史考特·蒙特羅斯先生，請他作最後發言。

Yeah. I'd like to thank everybody again for joining us today and just leave you with a few takeaways. -- we're very, very pleased with the operational execution market that's been relatively dynamic so far as we've gone through this year. And ultimately, I think it confirms the strategic choices that we've made over the last several years in the results that we've been able to deliver and really the creation of a more resilient company.

是的。我想再次感謝大家今天的參與，並給你們留下幾點看法。 ——我們對今年迄今相對活躍的營運執行市場感到非常非常滿意。最終，我認為這證實了我們過去幾年所做的策略選擇，證明了我們能夠取得的成果，並真正打造出更具韌性的公司。

And I think that our strong execution is driving revenue growth and positive free cash flow. And I think a lot of that free cash flow, I have to say is related to the Water Transmission Systems business because I think for a lot of years, that business tied up a great deal of cash in the company. And now the focus on cash flow has really turned that Water Transmission business into a cash flow generating machine.

我認為我們強大的執行力正在推動營收成長和正自由現金流。我認為，很大一部分自由現金流與輸水系統業務有關，因為我認為多年來，該業務佔用了公司的大量現金。現在，對現金流的關注已經真正將輸水業務變成了一個現金流產生機器。

So I think the numbers that we're seeing, the backlogs, the order book is really a clear reflection of a healthy demand in performance across both business segments. And I think looking ahead for the remainder of 2025, we expect the bidding in the Water Transmission side of the business to remain robust and with elevated levels versus what we saw in 2024, we expect the order book and backlog to remain strong and build momentum through this first half into the second half of the year and going into 2026.

因此，我認為我們看到的數字、積壓訂單和訂單簿確實清楚地反映了兩個業務部門對業績的健康需求。我認為，展望 2025 年剩餘時間，我們預計水傳輸業務的競標將保持強勁，並且與 2024 年相比水平有所提高，我們預計訂單和積壓訂單將保持強勁，並在上半年、下半年和 2026 年積聚勢頭。

The residential side of our Precast business continues to perform exceptionally well, driving record results in again, we're seeing signs of slow and steady growth on the nonresidential side. And we expect the results to come in for the Precast side of the business in 2025. We expect those results to come in very strong.

我們的預製業務的住宅方面繼續表現優異，再次創下紀錄，我們看到非住宅方面緩慢而穩定的成長跡象。我們預計 2025 年預製業務方面將會取得成果。我們預計這些結果將會非常強勁。

I think in summary, we continue to uphold our core priorities of ensuring the safety of our workforce and driving margin expansion and executing on the strategic growth initiatives and creating long-term value for our shareholders.

總而言之，我認為我們將繼續堅持我們的核心優先事項，即確保員工的安全、推動利潤率擴張、執行策略成長計劃並為股東創造長期價值。

And I'd like to thank everybody again for your time and continued support, and we look forward to speaking with you again in the third quarter call in November. So thank you very much.

我再次感謝大家的時間和持續的支持，我們期待在 11 月的第三季電話會議上再次與您交談。非常感謝。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。