Orion Group Holdings Inc (ORN) 2026 Q1 法說會逐字稿

Good day and welcome to the Orion Group Holdings first-quarter 2026 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

各位早安，歡迎參加 Orion Group Holdings 2026 年第一季財務業績電話會議。（接線員指示）請注意，本活動將被錄音。

I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead, ma'am.

現在我想把會議交給 Orion 投資人關係部的 Margaret Boyce。女士，請開始。

Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings' first-quarter 2026 financial results. We issued our earnings release after market last night. It's available in the Investor Relations section of our website at oriongroupholdingsinc.com.

謝謝您，接線員，也謝謝各位今天加入我們，一同討論 Orion Group Holdings 2026 年第一季財務業績。我們已於昨晚收盤後發布財報新聞稿，可在我們網站 oriongroupholdingsinc.com 的投資人關係（Investor Relations）專區查閱。

I'm here today with Travis Boone, Chief Executive Officer of Orion; and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions.

今天與我一同出席的有 Orion 執行長 Travis Boone，以及財務長 Alison Vasquez。今天的電話會議中，管理團隊將先發表準備好的談話，之後我們將開放提問。

Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the Federal Securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts are forward-looking statements.

在開始之前，我想提醒各位，今天的評論將包含依據聯邦證券法規所定義的前瞻性陳述。前瞻性陳述通常可由 will、be、intend、believe、expect、anticipate 等字眼或其他類似用語辨識。非歷史事實的陳述即屬前瞻性陳述。

Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K.

我們的實際財務狀況與營運結果，可能與此等前瞻性陳述所預期者存在重大差異。可能導致我們的結果與這些前瞻性陳述出現重大差異的因素，已載於我們向 SEC 提交的文件中，包括 Form 10-Q 與 10-K 報告。

With that, I'll turn the call over to Travis. Travis, please go ahead.

接下來，我把電話交給 Travis。Travis，請開始。

Thank you, Margaret, and good morning, everyone. Thank you for joining us today to discuss our first-quarter 2026 results. We delivered a solid start to the year, supported by disciplined operational performance and a healthy $24 billion pipeline of opportunities. This translated into top- and bottom-line growth and good cash flow generation.

謝謝你，Margaret，各位早安。感謝各位今天加入我們，一同討論 2026 年第一季業績。我們在今年開局表現穩健，得益於嚴謹的營運執行，以及健康的 240 億美元機會管線。這帶動了營收與獲利的成長，並帶來良好的現金流創造。

Our teams continue to execute at a high level, positioning us well for the remainder of 2026. In our Marine segment, demand for mission-critical maritime infrastructure continues to build, particularly across defense and port modernization projects. With the Iran conflict and disruption of traffic through the Strait of Hormuz, American Naval superiority in domestic energy and petrochem security are front and center. These are meaningful drivers of public and private maritime build-outs that Orion is well positioned for.

我們的團隊持續以高水準執行，讓我們在 2026 年剩餘期間具備良好態勢。在海事（Marine）事業部，對關鍵任務型海事基礎設施的需求持續升溫，特別是在國防與港口現代化專案方面。隨著伊朗衝突以及霍爾木茲海峽航運受阻，美國海軍優勢、國內能源與石化安全成為焦點。這些因素正成為公私部門海事建設的重要驅動力，而 Orion 具備良好條件把握相關機會。

On another note related to the conflict in the Middle East, you may have heard that the administration paused the Jones Act related to the disruption in the Strait of Hormuz. This is a temporary pause specifically related to the transportation of bulk petroleum and fertilizer products.

另外，關於中東衝突的相關議題，各位可能已聽說政府因霍爾木茲海峽受阻而暫停《瓊斯法案》（Jones Act）的相關規定。此為臨時性暫停，且僅針對散裝石油與肥料產品的運輸。

Previous administrations have made similar actions related to emergencies or disasters. While this limited pause of the Jones Act does not impact our business, we are strongly opposed to any and all Jones Act modifications. It does not align with the America First approach the administration has so publicly promoted, and this action has had little to no impact on reducing fuel prices in the United States.

過去的政府也曾因緊急事件或災害採取類似措施。雖然這次對《瓊斯法案》的有限暫停不影響我們的業務，但我們強烈反對任何及所有對《瓊斯法案》的修改。這與政府公開倡導的「美國優先」方針不一致，而且此舉對降低美國燃油價格幾乎沒有影響。

The President's 2027 budget proposal released earlier this month includes a $1.5 trillion defense budget, a historic increase to fund the expansion and modernization of US shipyards, dry docks, and waterfront infrastructure, alongside expanding investment in maritime security and uninterrupted global transportation lanes. This budget prioritizes investment in hard assets tied to US national security, a central theme to Orion's long-range growth outlook.

本月稍早公布的總統 2027 年預算提案包含 1.5 兆美元的國防預算，為歷史性增幅，用以資助美國造船廠、乾塢與濱水基礎設施的擴建與現代化，同時加大對海事安全與全球運輸航道不中斷的投資。該預算優先投入與美國國家安全相關的硬體資產，這也是 Orion 長期成長展望的核心主題。

Our commercial clients are signaling a growing need for investments that increase energy security and supply diversification, particularly in North America. Buoyed by elevated product prices that support investment economics, we are seeing an acceleration of early work to support energy, chemical and petrochemical projects that include meaningful marine infrastructure to increase export capacity.

我們的商業客戶正釋出訊號，顯示對提升能源安全與供應多元化的投資需求日益增加，尤其是在北美。在產品價格維持高檔、支撐投資經濟性的背景下，我們看到為能源、化工與石化專案提供前期工作（early work）的速度正在加快；這些專案包含具重要意義的海事基礎設施，以提升出口能力。

With the addition of J.E. McAmis in February and continued investment in our people and fleet, our team is well positioned to deliver the maritime infrastructure projects critical to our national defense strategy and commercial resilience.

隨著我們於 2 月併入 J.E. McAmis，並持續投資於人才與船隊，我們的團隊已具備良好條件，交付對國防策略與商業韌性至關重要的海事基礎設施專案。

Turning to Concrete, this team delivered a fantastic quarter across all key metrics with strong revenue and impressive adjusted EBITDA expansion. Registering a 1.1 times book-to-bill in the quarter and executing with excellence, concrete is firing on all cylinders. Data center development continues to be a primary pillar for this business. Investment by hyperscalers and green lining of projects continues to advance at a very brisk pace.

談到混凝土（Concrete）事業部，該團隊本季在所有關鍵指標上都交出亮眼成績，營收強勁，調整後 EBITDA 也顯著擴張。本季接單/出貨比（book-to-bill）達 1.1 倍，且執行表現卓越，混凝土業務可說是火力全開。資料中心開發仍是此業務的主要支柱。超大規模雲端業者（hyperscalers）的投資與專案核准（green lining）仍以非常快的速度推進。

In the quarter, data centers accounted for around 40% of concrete revenues. And with the current composition of backlog and pipeline, we believe data centers will continue to be a central driver of profitable growth for our Concrete segment going forward. We also continue to see growing opportunities across our other sectors, including advanced manufacturing, transportation and cold storage. Investments in these areas are driven by reshoring of manufacturing around long-term domestic production strategies, increasing demand for expanded distribution and fulfillment networks and a favorable regulatory environment.

本季資料中心約占混凝土營收的 40%。依目前在手訂單（backlog）與機會管線的組成，我們認為資料中心未來仍將是混凝土事業部獲利成長的核心驅動力。我們也持續在其他領域看到更多機會，包括先進製造、運輸與冷鏈倉儲。這些領域的投資動能來自製造業回流（reshoring）與長期國內生產策略、對擴大配送與履約網路的需求提升，以及有利的監管環境。

With our recent expansion into site civil, earthwork and underground utilities, we are seeing the size and scale of concrete pursuits and awards increase while also enhancing execution certainty and control for our clients and our own delivery teams. All in all, an outstanding quarter of bookings, execution and teamwork for our concrete team.

隨著我們近期擴展至場地土木（site civil）、土方工程（earthwork）與地下管線（underground utilities），我們看到混凝土投標與得標的規模與量體持續提升，同時也為客戶與我們的交付團隊提高執行確定性與掌控度。總體而言，對混凝土團隊來說，這是一個在接單、執行與團隊合作方面都非常出色的季度。

Our backlog is growing and our pursuit pipeline remains healthy with broad-based opportunities across both segments as we move through the year. Our $24 billion pursuit pipeline is currently evenly distributed over time with roughly $8 billion in opportunities for 2026, $8 billion in 2027 and $8 billion in 2028 and beyond. At the end of the quarter, backlog stood at $668 million and included almost $220 million in new awards and change orders booked in the quarter.

隨著年度推進，我們的在手訂單持續成長，投標機會管線也維持健康，兩大事業部皆有廣泛的機會。我們 240 億美元的投標管線目前在時間分布上相當平均：2026 年約 80 億美元、2027 年約 80 億美元，以及 2028 年及以後約 80 億美元。季度末在手訂單為 6.68 億美元，其中包含本季入帳的近 2.2 億美元新得標與變更單（change orders）。

Representative awards included a couple of midsized port modernization and dredging projects, a bridge project for an Army base, a couple of good wins for the McAmis team and a nice mix of concrete projects. We've continued the bookings momentum into April and have been awarded well over $200 million in new work that is not yet under contract, so it is not in our backlog, including a $100 million port renovation project, a $40 million dredging project and a $24 million data center project. These new awards set us up nicely for a strong second quarter. With growing backlog and a robust pipeline, we are pleased to reaffirm our full-year 2026 guidance.

具代表性的得標案包括數個中型港口現代化與疏浚專案、一個陸軍基地的橋梁專案、McAmis 團隊的幾項不錯勝利，以及多元組合的混凝土專案。我們在 4 月延續接單動能，已獲得遠超過 2 億美元的新工作，但尚未簽約，因此尚未計入在手訂單；其中包括 1 億美元的港口整修專案、4,000 萬美元的疏浚專案，以及 2,400 萬美元的資料中心專案。這些新得標讓我們為強勁的第二季奠定良好基礎。隨著在手訂單增加且管線強勁，我們很高興重申 2026 全年財測指引。

I'll now turn it over to Alison to discuss our financials. Alison?

接下來我把時間交給 Alison，請她說明我們的財務表現。Alison？

Thanks, Travis. We're pleased to report first quarter revenue of $216 million, GAAP net income of $4.7 million, adjusted EBITDA of $8.7 million and adjusted EPS of $0.05 per share. As compared to the first quarter of 2025, these results represent a 15% growth in revenue, 7% growth in adjusted EBITDA attributable to strong momentum and expansion of services in our Concrete segment and solid, consistent, predictable project execution across the company.

謝謝你，Travis。我們很高興報告第一季營收為 2.16 億美元，GAAP 淨利為 470 萬美元，調整後 EBITDA 為 870 萬美元，調整後每股盈餘（EPS）為每股 0.05 美元。相較於 2025 年第一季，這些結果代表營收成長 15%，調整後 EBITDA 成長 7%，主要歸因於混凝土事業部服務的強勁動能與擴張，以及公司整體穩健、一致且可預期的專案執行。

Before turning to segment performance, I want to briefly highlight a change to our segment reporting this quarter. We have revised our presentation to begin reporting three segments: Marine, Concrete, and Corporate. We believe this disaggregation of corporate out of the results of Marine and Concrete will provide greater transparency into the underlying financial performance of each segment and is much more consistent with how we manage the business.

在轉向各事業部表現之前，我想先簡要說明本季我們事業部報告的一項變更。我們已修訂呈現方式，開始報告三個事業部：海事（Marine）、混凝土（Concrete）以及公司（Corporate）。我們相信，將公司部門自海事與混凝土的結果中拆分出來，將能更清楚地揭示各事業部的基礎財務表現，且更符合我們管理業務的方式。

Prior results have been recast to conform to the current presentation, and we've included a full recast of FY 2025 in our investor presentation posted on our website. Our Marine segment reported revenue of $110 million and adjusted EBITDA of $12 million, representing an 11% margin compared to $127 million in revenue and adjusted EBITDA of $17 million in the first quarter of 2025.

先前期間的結果已重新編列以符合目前的呈現方式，我們也已在公司網站上發布的投資人簡報中，納入對 2025 財年的完整重編。海事事業部本季營收為 1.10 億美元，調整後 EBITDA 為 1,200 萬美元，利潤率為 11%；相較之下，2025 年第一季營收為 1.27 億美元、調整後 EBITDA 為 1,700 萬美元。

These decreases were primarily due to the ramp down of several large projects and early starts on new projects kicking off. Our Concrete business had a standout first quarter, as Travis talked about, reporting revenue of $106 million and adjusted EBITDA of $8.6 million, representing an 8% margin as compared to revenue of $61.5 million and adjusted EBITDA of $2.8 million in the prior year quarter.

上述下滑主要是由於數個大型專案進入收尾降載，以及新專案啟動初期的提前開工所致。正如 Travis 所提到的，我們的混凝土業務第一季表現亮眼，營收為 1.06 億美元、調整後 EBITDA 為 860 萬美元，利潤率為 8%；相較去年同期營收 6,150 萬美元、調整後 EBITDA 280 萬美元。

These results represent a high watermark for both revenue and adjusted EBITDA and are the direct result of outstanding productivity, execution and momentum. We also benefited from the expansion of services that Travis mentioned earlier.

這些結果創下營收與調整後 EBITDA 的高水位，直接反映出卓越的生產力、執行力與動能。我們也受惠於 Travis 先前提到的服務範圍擴張。

From a balance sheet perspective, we ended the quarter with just over $70 million of debt that included $53 million of outstanding borrowings under the UMB credit facility, which we used to fund the McAmis acquisition in the quarter. Our net leverage remains at a healthy level, providing meaningful balance sheet flexibility as we look ahead. All in all, we are pleased to reiterate our full year 2026 guidance initiated last month. That's it for me. Back to you, Travis.

就資產負債表而言，本季末我們的負債略高於 7,000 萬美元，其中包含在 UMB 信貸額度下尚未償還的借款 5,300 萬美元；我們在本季使用該借款為 McAmis 收購案提供資金。我們的淨槓桿仍維持在健康水準，為未來提供相當的資產負債表彈性。整體而言，我們很高興重申上月提出的 2026 全年指引。我就說到這裡。交回給你，Travis。

Thanks, Alison. As we move through the year, our focus remains on executing our work safely, maintaining discipline across the organization and delivering consistent results. I want to thank our shareholders for their continued support and recognize our teams across the business whose work every day drives our performance. Before I open the call for Q&A, I'd like to encourage our stockholders to cast your votes and participate in our virtual annual meeting coming up on May 19. You can find the details in our proxy materials and on our website.

謝謝你，Alison。隨著我們推進今年的工作，我們的重點仍是安全執行、在全組織維持紀律，並交付一致的成果。我想感謝股東持續的支持，也肯定公司各團隊每天的努力推動了我們的表現。在我開放問答之前，我想鼓勵各位股東投票並參與我們 5 月 19 日即將舉行的線上年度股東大會。相關細節可在委託書資料以及我們的網站上查詢。

Finally, I'd also like to take this opportunity to recognize and thank Tom Amonett and Peggy Foran for their service on our Board. Each of them will be retiring from our Board at the annual meeting, at which time the size of our Board will decrease from 8 directors to 6 directors. With that, I'd like to open it up for questions. Operator?

最後，我也想藉此機會表揚並感謝 Tom Amonett 與 Peggy Foran 在董事會的服務。兩位都將在年度股東大會時自董事會退休，屆時董事會規模將由 8 位董事縮減為 6 位。接下來我想開放提問。接線員？

(Operator Instructions) Tomo Sano, JPMorgan.

（接線員指示）JPMorgan 的 Tomo Sano。

So I'd like to ask about the guidance. Given the solid start of the first quarter and the positive project updates in April, there was no upward revisions to your full year guidance. Is this due to conservative assumptions in your outlook? Or does it reflect some lag in the Marine segment despite the strong performance in Concrete? Could you elaborate on the key factors behind maintaining the current guidance, please?

我想請教關於指引的問題。鑑於第一季有穩健的開局，以及 4 月專案更新偏正面，但你們並未上修全年指引。這是因為展望中採用了較保守的假設嗎？還是反映出海事事業部相較混凝土的強勁表現仍有些落後？能否請你們說明維持目前指引的關鍵因素？

Sure. I'll start and Travis can fill in. I would say, I mean, we just initiated the guidance last month, and we had a pretty good view. I think we continue to have a good view -- we have -- given what Travis talked about in the call with regards to bookings post end of the quarter with the $200 million plus, especially more heavily weighted toward Marine, we're feeling more confident with just kind of what that path looks like as things come into focus.

當然。我先回答，Travis 也可以補充。我會說，我們其實上個月才剛提出指引，當時我們的能見度已相當不錯。我認為我們現在仍有良好的能見度——考量到 Travis 在電話會議中提到的、季末後新增訂單超過 2 億美元，且更偏向海事業務，我們對於隨著情況逐步明朗、未來路徑大致會如何發展，感到更有信心。

But I would say from a first quarter perspective, the results came in pretty much right in line with what we expected from a profitability perspective. So we felt like it was prudent just to kind of hold where we are. And then as the year plays out, we'll see as those cards get debt.

但我會說，就第一季而言，從獲利能力角度看，結果基本上與我們預期相符。因此我們認為審慎起見，先維持目前水準。接下來隨著年度進行，我們會再觀察情勢如何發展。

Yes, Tomo, we generally, we want to underpromise and overdeliver. So we're going to take a conservative approach to things like this generally, and we're going to hold the line for now and see how things progress over the next quarter or two.

是的，Tomo，我們一般希望「少承諾、多交付」。因此對這類事情我們通常會採取較保守的作法，先維持現狀，看看接下來一到兩季的進展。

And if you could talk about adjusted EBITDA margins contracted year-over-year in the faster quarters. But could you elaborate on your concrete plans for the margin recovery after second quarters, please?

另外，調整後 EBITDA 利潤率在較快的季度中呈現年對年收縮。但能否請你們說明第二季之後利潤率回升的具體計畫？

I would say that the margin impacts were attributable to just to the phasing of kind of where we are on projects, specifically in Marine. I mean, I assume that we're talking about Marine, which had -- the margins came down in that business during the quarter. But really, just as a I think, attributable to just phasing of where we are on projects.

我會說，利潤率的影響主要歸因於專案進度所處階段的差異，特別是在海事業務。我想我們談的是海事，該業務本季利潤率確實下滑。但這主要就是因為專案所處階段的「時點／分期」因素。

As we wrapped up many projects toward the end of last year, a lot of goodness will generally come into the numbers we're kicking off. And as we kick off new projects, we generally are a bit more conservative in where we kind of set the stakes initially. So I would say that it's really kind of more of a timing item. We don't see -- we aren't seeing any signals that there would be any consistent or persistent margin degradation over time. If anything, we're seeing the opposite just with just the pipeline and the number of opportunities that we're seeing on the horizon.

由於我們在去年底完成了許多專案，通常那些較好的效益會在我們啟動新專案時逐步反映在數字上。而在新專案啟動時，我們一般會在初期對設定的目標更為保守。因此我會說，這更多是時間點的問題。我們沒有——我們並未看到任何訊號顯示利潤率會隨時間出現持續或結構性的惡化。若有的話，反而是相反的情況，因為從管線與我們看到的機會數量來看，前景相當不錯。

And then I mean, concrete had a pretty monster step-up in their EBITDA contribution for the quarter. I'll say that we benefited in our concrete business from good weather. We -- a lot of times, we'll talk about bad weather, but I mean, this is a quarter where we benefited from good strong momentum throughout the quarter, good strong utilization and activity throughout the quarter that was not interrupted by weather.

另外，混凝土在本季的 EBITDA 貢獻確實大幅躍升。我會說，我們的混凝土業務受惠於良好的天候。我們——很多時候會談到惡劣天候，但這一季我們受益於整季強勁的動能、良好的設備／人力利用率與活動量，且未受到天候干擾。

And as the concrete projects get larger, we have opportunities to keep our teams on programs to allow them just to have consistent utilization and execution over time, which ultimately serves to lift the margins as there are all those starts and stops. So there weren't -- I wouldn't say there are any big good guys that helped concrete in the quarter. I would say that the margins that they delivered were really a product of just really strong execution, good momentum, uninterrupted momentum. And I mean, thanks to the skies, too.

而隨著混凝土專案規模變大，我們有機會讓團隊持續投入同一套計畫，從而在一段時間內維持穩定的利用率與執行，最終有助於提升利潤率，因為不會出現那麼多的啟停。因此我不會說本季混凝土有什麼單一的重大利多因素；我會說他們交出的利潤率，主要來自非常強的執行力、良好的動能、不中斷的動能。當然，也要感謝老天賞臉。

Aaron Spychalla, Craig-Hallum.

Craig-Hallum 的 Aaron Spychalla。

First for me, good to hear the order activity continuing to pick up into April. You noted seeing acceleration for early work on the energy and petrochem side. Just can you talk a little bit about the time line from that early work and when those could maybe turn into project awards? And just any thoughts on what those could look like size-wise, content-wise?

我先問第一個問題：很高興聽到訂單活動在 4 月仍持續升溫。你們提到在能源與石化端看到前期工作加速。能否談談從這些前期工作到可能轉為正式專案得標的時間軸？以及你們對其規模、內容可能長什麼樣子，有沒有任何想法？

I think we're just -- we're seeing a fair amount of activity. I think increased urgency to get projects breaking ground and getting going and there's, I think, a lot more conversation about, I think the sort of disruption in the global energy world has woken some things up as well as kind of, I think, probably put some -- like I said, put some urgency into getting projects underway.

我認為我們只是——我們看到相當多的活動。我認為為了讓專案破土動工並啟動，緊迫感提高了；而且我認為，全球能源領域的那種擾動也喚醒了一些事情，同時也——如我所說——為推動專案上馬注入了一些緊迫感。

Yes. And generally, as we start seeing the early signals of projects coming to us. And so this is, I mean, mostly on the marine side where we're seeing our larger commercial clients begin the signals of greenlighting projects -- and there may be a period of three months, six months or a year. But I would say as we look out on the horizon, there will be certain projects that will move forward very quickly.

是的。整體而言，當我們開始看到專案向我們釋出早期訊號時也是如此。也就是說，主要是在海事端，我們看到較大型的商業客戶開始釋出核准專案（greenlighting projects）的訊號——可能會有三個月、六個月或一年的期間。但我會說，放眼未來，會有某些專案非常快速地往前推進。

And there will also be another set of projects that will move forward to try to get the permitting and all the things that they need to do within this administration. So I think that also -- I mean, there are some time lines that are in there. But we do have a good number of clients and programs that we see with the momentum picking up. And on those that are quite serious and are more advanced from a permitting perspective, we would expect those to move forward more quickly.

同時也會有另一批專案會往前推進，試圖在本屆政府任內完成許可申請以及他們需要做的所有事項。所以我認為這也——我的意思是，裡面確實存在一些時間表。但我們確實看到不少客戶與計畫的動能正在加速。對於那些相當認真、且在許可層面更為成熟的案子，我們預期它們會更快推進。

And then maybe second, you kind of highlighted an uptick in activity with the Department of Water and the Coast Guard. Can you just guys talk a little bit about what some of those opportunities look like and how you're thinking about timing on those as well?

另外第二點，你提到與水務部門以及海岸防衛隊的活動有所升溫。你們能否談談這些機會大概長什麼樣子，以及你們對其時程的看法？

The uptick in -- on the President's budget Yes, sorry. Yes, on the President's budget, there were quite a few -- it was a huge uplift in the budget for military. Now of course, the President's budget is a -- the way it works in reality, it's a bit of a wish list that still has to get put in place by Congress.

關於升溫——是指總統預算，是的，抱歉。是的，關於總統預算，軍事預算有相當多——幅度非常大的提升。當然，總統預算在——實務上它的運作方式是，它有點像願望清單，仍需要國會將其落實。

And so I would say it's directionally, that's the way the administration would like to see things go. And so we'll see how it plays out. But it is good signs, good indicators of what is likely to come out of Congress, assuming they can get a budget passed.

所以我會說，方向上這就是本屆政府希望事情發展的方向。我們會看看最後如何演變。但這是好的跡象、好的指標，顯示在假設他們能通過預算的前提下，國會很可能會推出什麼。

Yes. And I mean, even just putting the proposal out there for $1.5 trillion, I mean we're at $900 million now. So even if it goes up to $1 trillion, that's still a very large increase. We would expect to benefit from that, especially with just the emphasis on naval superiority, naval dominance, marine infrastructure resilience. Those are all themes that are central to this budget and I mean, really kind of to the world that we're living in right now, so it's very much accentuated by what's going on in the Middle East.

是的。而且我的意思是，即便只是提出 1.5 兆美元的提案——我們現在是 9 億美元。所以就算提高到 1 兆美元，那仍是非常大的增幅。我們預期會從中受益，尤其是對海軍優勢、海上主導地位、海事基礎設施韌性的強調。這些都是該預算的核心主題，而且也確實與我們當下所處的世界高度相關；因此，中東正在發生的事情也讓這些主題更加凸顯。

Understood. And then maybe one last for me. Just with higher fuel prices, some of the kind of tariff developments on maybe Section 232 expansions. Just any margin or backlog sensitivity, any actions you might be taking there on the business side of things?

了解。那最後一個問題。隨著燃料價格走高，以及可能像是第 232 條擴大適用等關稅方面的發展。就毛利或在手訂單（backlog）的敏感度而言，你們是否有任何看法？在業務端你們會採取哪些行動？

The fuel side is something we're watching. I mean we tend to build in contingency in our bids and things like that for fuel spikes. And we buy in advance on parts of our business where we burn a lot of fuel, things like that. So we're generally at the moment, okay. We're watching it close.

燃料這一塊我們正在觀察。我的意思是，我們通常會在投標與類似事項中納入燃料飆升的備援（contingency）。而且在我們某些燃料消耗很大的業務上，我們會提前採購，諸如此類。所以目前整體來說還可以。我們會密切關注。

It is something that if it becomes a very long-term situation with high fuel prices, we could see some minor impacts, but it's -- right now, we're in a kind of watch-and-see mode and make sure we're protecting ourselves as much as we can.

如果高油價變成非常長期的狀況，可能會看到一些輕微影響，但——目前我們處於觀望模式，並確保盡可能保護自己。

And then just anything on maybe like steel or anything coming out of the Section 232 expansions?

那關於像鋼材之類、或第 232 條擴大適用所帶來的影響，有沒有什麼要補充的？

We talked a lot about tariffs, I don't know, about a year ago. And we're generally in pretty good shape with how we bid and bid our work to be, again, either with contingencies in place or we have locked in prices. So we're generally in pretty good shape on the tariff side of things.

我們大概在一年前談了很多關稅。我們在投標方式與報價上整體而言狀況不錯——同樣地，要嘛已經設有備援條款，要嘛我們已鎖定價格。所以在關稅這一塊，我們整體而言狀況相當不錯。

Min Cho, Texas Capital.

Min Cho，Texas Capital。

Congratulations on your standout quarter for Concrete. And I understand that weather was helped you guys a little bit here. But just given the level of backlog that you have, do you feel like this level of revenue and margins are sustainable in the intermediate term, again, assuming that kind of taking weather out of it?

恭喜你們混凝土業務（Concrete）交出亮眼的一季。我也理解天氣在這裡對你們有些幫助。但考量你們目前的在手訂單水位，假設把天氣因素排除，你們覺得這樣的營收與毛利率水準在中期是否可持續？

Yes. I think the -- between the backlog and the activity we're seeing and the kind of outreach we're getting from owners as well as our general contractor partners, it seems to be like it's going to continue. We don't see a cliff coming or a slowdown happening there. It seems it's very, very active at the moment, a lot of activity that we expect to see coming in throughout the year.

是的。我認為——在手訂單、我們看到的活動量，以及我們從業主與總承包商合作夥伴那裡收到的接洽來看，感覺會持續下去。我們沒有看到斷崖式下滑或放緩的跡象。現在看起來非常、非常活躍，我們預期全年都會有大量活動持續進來。

That's excellent. Obviously, EBITDA of about $9 million, clearly suggesting back half weighted outlook. So can you just talk about like what specific drivers, maybe volume, mix or margins that gives you the most confidence in achieving this guidance and where you could see some risk to -- the greatest risk or greatest upside?

這很棒。顯然，約 900 萬美元的 EBITDA，清楚顯示展望偏向下半年權重。你能否談談讓你最有信心達成這項指引的具體驅動因素——例如量、組合或毛利率——以及你認為最大的風險在哪裡，或最大的上行空間在哪裡？

Yes. I think it's a timing thing as far as our marine business, a little light this quarter just with timing of projects and things like that as far as -- and then concrete really kicking hard in this quarter. And I think we'll see as far as the confidence goes between the backlog and the projects we've won already in the first month of second quarter here.

是的。我認為就我們的海事業務而言，這一季稍微偏淡主要是時點問題，與專案時程等因素有關——然後混凝土在本季強力啟動。至於信心來源，我認為在手訂單以及我們在第二季第一個月已經拿下的專案，都支撐了我們的信心。

It's been pretty active quarter this second quarter, and we're very confident in the pipeline and backlog we should be able to build this year and work we can deliver in the latter half of the year. I know it's not unlike probably different reasons, but 2024 was a pretty similar year, a little lighter first half and a pretty heavy second half. It's looking to be a similar type sort of shape to the graph as a couple of years ago for different reasons.

第二季目前相當活躍，我們對今年能建立的案源管線（pipeline）與在手訂單非常有信心，也對下半年能交付的工作量很有信心。我知道這可能原因不同，但 2024 年其實也很類似：上半年較淡、下半年相當重。就不同原因而言，看起來會呈現與幾年前相似的曲線形狀。

Yes. Excellent. And then just finally, Alison, what was J.E. McAmis' contribution to adjusted EBITDA in the quarter?

是的，很好。最後，Alison，J.E. McAmis 在本季對調整後 EBITDA 的貢獻是多少？

It contributed positively. But I would say that their contribution was more in opportunity pursuit and building backlog for the future. They won some really nice awards that they'll continue to execute through 2026 and into 2027. And very importantly, they have been very integral in supporting some other really interesting opportunities that we're looking at.

它帶來了正向貢獻。但我會說，他們的貢獻更多體現在機會追求與為未來建立在手訂單。他們拿下了一些非常不錯的標案，將持續執行到 2026 年並延伸到 2027 年。更重要的是，他們在支援我們正在評估的其他一些非常有意思的機會方面，扮演了非常關鍵的角色。

So I would say that their contribution was meaningful. Like I said, they did contribute from a profit and a revenue perspective, but nominally, but I would say that the meaningful part of their contribution was really in just scaling their true expertise across both projects that we have currently in flight right now and also in guiding, advising and pretty meaningfully supporting some high-value pursuits.

所以我會說，他們的貢獻是有意義的。如我所說，他們確實在獲利與營收層面有所貢獻，但幅度不大；不過我認為他們貢獻中真正有意義的部分，是把他們真正的專業能力擴展到我們目前正在進行中的各個專案，同時也在指導、建議並相當有力地支援一些高價值的爭取案（pursuits）。

Gerry Sweeney, ROTH Capital.

Gerry Sweeney，ROTH Capital。

I may do something blasphemous and just start with concrete, if that's okay. I appreciate the courtesy. Listen, concrete, really, really great quarter, obviously. And I know you're working on the Iowa projects. But I'm really curious as to what's your visibility on data center work.

如果可以的話，我可能要做一件有點「離經叛道」的事，直接先從混凝土開始。我很感謝你們的禮遇。聽著，混凝土這一季真的、真的表現很棒，顯然如此。我也知道你們正在推進愛荷華州的專案。但我真正好奇的是，你們對資料中心相關工程的能見度如何？

Some of our other clients are seeing tons of work coming down the pipe, especially as sort of the build-out of these facilities start to expand. And I'm just curious how much visibility you have? And what's the market opportunity this year into next year and even maybe a little bit forward as we look at these --

我們的其他一些客戶看到有大量工作正在排隊，尤其是當這些設施的建置開始擴張時。我只是好奇你們有多少能見度？以及今年到明年、甚至再往前看一些，市場機會有多大，當我們看這些——

Yes. As we've talked before, but generally speaking, visibility into data centers is pretty minimal until it's kind of go time, right? They're fairly secretive about where they are, what they are, who's doing, whatever. Everything is kind of a big secret until it's go time. And so the visibility is always going to be somewhat limited compared to, say, public sector project in the marine side of the business.

是的。就像我們之前談過的，一般來說，對資料中心的能見度在某種程度上要到「要開工了」才會比較清楚，對吧？他們對於在哪裡、是什麼、誰在做等等都相當保密。基本上一切都是大秘密，直到要開工的時候。所以相較於例如海事業務中公共部門的專案，能見度通常都會比較有限。

However, the activity, as you mentioned, you're hearing is heavy. There's activity really kind of going in several directions. And it seems like there's a lot of big stuff in the works. We're having lots of conversations about really large projects that -- with our key partners and some of the owners that we work with regularly. And it's looking really good for the year for data centers for us.

不過，如你所提到的，你聽到的活動確實很熱絡。活動其實朝好幾個方向在進行，看起來有很多大型案子正在籌備中。我們正與關鍵合作夥伴以及一些我們長期合作的業主，就非常大型的專案進行許多對話。對我們而言，今年資料中心的前景看起來非常好。

And separately, obviously, Iowa was one that you highlighted previously. And I think as you do that and maybe some other projects, does that sort of elevate you in terms of reference projects and just bring you more and more into the circle per se?

另外，顯然愛荷華州是你們先前特別提到的一個。我想當你們完成那個、以及可能其他一些專案時，是否會在參考案例方面提升你們的地位，並且讓你們越來越進入那個圈子（可以這麼說）？

I mean, generally speaking, I mean, Gerry, we've done over 50 data centers now. It's a big -- it's -- we've got a lot of them under our belt. So definitely we're one of the key providers in this space, especially in the Texas market, where there's a lot of them underway and planned. And so definitely, we're kind of -- I wouldn't say we're making decisions with the owners. But I would say we have a seat at the table in a lot of the early conversations.

我的意思是，一般來說，Gerry，我們已經做過超過 50 座資料中心了。這是一個很——我們已經累積了很多經驗。所以我們絕對是這個領域的主要供應商之一，尤其是在德州市場，那裡有很多正在進行和規劃中的案子。所以我們確實——我不會說我們在替業主做決策，但我會說，在很多早期討論中，我們都有一席之地。

Got it. One more question. What about sort of the derivative or knock-on effect? Obviously, as these projects more and more come on to the drawing board and they're hitting sort of shovels in the ground. What does that do to just general capacity in the concrete market and even help margins with other projects? And it's got to be pulling talent and capacity into the data center market and maybe raising pricing or margins in other sectors as well potentially.

了解。再一個問題。那種衍生或連鎖效應呢？顯然，隨著這些專案越來越多被提上規劃、並且開始動工，這對整體混凝土市場的產能會造成什麼影響？是否也會對其他專案的毛利率帶來幫助？這些案子一定會把人才與產能拉向資料中心市場，並可能也推升其他領域的價格或利潤率。

Yes. I think the data center world, I mean, we're seeing it in Texas for sure, where -- and it's not just concrete, but a lot of the trades that are working on these projects, there struggles to find people, find resources, even things like housing and food in some of these more remote areas for the -- all the workers that have to be on these sites.

是的。我認為資料中心這個世界——我們在德州肯定看到了——而且不只是混凝土，很多參與這些專案的工種都很難找到人、找到資源，甚至在一些較偏遠地區，還會遇到像是住房和餐飲等問題，因為所有工人都必須在這些工地上工作。

And so it's definitely -- there's resource challenges, whether it be people, equipment, materials, whatever. And it's the -- I think the owners are finding a way to make it happen. The owners, the general contractors and the teams on the site are finding ways to make it happen. It's a kind of do or die sort of approach that these owners have and everybody is finding a way.

所以這確實——存在資源方面的挑戰，不論是人力、設備、材料等等。我認為業主正在想辦法讓它成真。業主、總承包商以及現場團隊都在想辦法讓它成真。這些業主採取的是一種「不成功便成仁」的做法，而大家都在想辦法。

Got it. That's it for me. I'm gonna save my marine questions for the follow-up, if that's okay.

了解。我這邊就這些。如果可以的話，我會把海事方面的問題留到追問。

All right. Sounds good. Thanks.

好。聽起來不錯。謝謝。

Liam Burke, B. Riley Securities.

Liam Burke，B. Riley Securities。

Your operating cash flow year-over-year was very strong on what typically would be a slower cash flow quarter. As we look into the balance of the year, is there any priority to delevering even though the balance sheet is still in pretty good shape?

你們的營運現金流年對年非常強勁，而通常這會是一個現金流較慢的季度。展望今年剩餘時間，即使資產負債表仍然相當健康，是否有任何優先事項是要去槓桿？

I think the balance sheet is in good shape. I mean we'll look at opportunities over time. I mean, I would like to potentially carry a little bit less. But I mean, I think we're in a very healthy place. We're right at 1.5 times net leverage. And so I think that's a good place for us to be. We might have opportunities to bring that down, but that's not our highest priority.

我認為資產負債表狀況良好。我們會隨時間推移去看各種機會。我可能希望負債能稍微少一點，但我認為我們目前非常健康。我們的淨槓桿正好在 1.5 倍左右，所以我覺得這對我們來說是個不錯的位置。也許有機會把它降下來，但那不是我們最高優先順序。

I would say our priority in terms of our capital deployment would be in opportunities to expand just our positioning from an organic growth perspective and whether that means some investments in key equipment, key people, key things that we need to be able to ensure that we are well positioned for the pipeline and converting the organic pipeline maintaining that healthy balance sheet and then potentially other options.

我會說，我們在資本部署方面的優先順序，會放在能夠擴大我們定位的機會上，從內生成長的角度來看；不論是投資關鍵設備、關鍵人才、或我們需要的關鍵事項，以確保我們能為案源管線做好布局、把內生管線轉化為實際業績，同時維持健康的資產負債表，然後再考慮其他選項。

But I would say that sitting at a 1.5 times net leverage is a good place for Orion to be, especially with the interest rates that we negotiated earlier this year. And so I think that we're real comfortable right there. And -- but we'll -- it's always something that we factor into -- from a capital allocation strategy. But usually, we find some productive uses and especially in a growing business that will require some amount of working capital contributions, we'll probably tend to run around that 1.5 times, I would expect on a steady state.

但我會說，淨槓桿維持在 1.5 倍是 Orion 很合適的位置，尤其考量到我們今年稍早談下來的利率條件。所以我們對這個水位非常放心。不過——這一直都是我們資本配置策略中會納入考量的事情。但通常我們會找到一些具生產力的用途，尤其是在成長中的業務裡，會需要一定程度的營運資金投入；因此在穩態情境下，我預期我們大概會維持在 1.5 倍左右。

So I would gather with your organic opportunities, plus it sounds like McAmis is coming on very nicely, both from an addition and plus the synergies you're gaining. M&A is not one of the options in terms of allocation.

所以我理解是，除了你們的內生機會之外，聽起來 McAmis 的整合也進展得很順利，不論是新增貢獻或你們取得的綜效。那麼在資本配置上，併購（M&A）不是其中一個選項？

I wouldn't say that. Travis, I mean, well, I'll let you start, Travis, and I'll --

我不會這麼說。Travis，我是說——我先讓你回答，Travis，然後我再——

Yes. Well, she said it. I wouldn't say that. We're going to be -- as far as M&A goes, we're going to be very disciplined about the things we look at, and we'll be -- but if something comes along that makes good sense and is a reasonable bite, we would be -- we might be interested in it.

是的。嗯，她已經說了：我不會這麼說。就 M&A 而言，我們會非常有紀律地看待我們評估的標的；但如果有某個案子出現，確實很合理、而且規模也在可承受範圍內，我們會——我們可能會有興趣。

This concludes our question-and-answer session. I would like to turn the conference back over to Travis Boone for any closing remarks.

問答環節到此結束。我想把會議交回 Travis Boone，請他做任何結語。

Thanks, everyone, for taking the time to join the call today. We look forward to speaking with you in the next quarter.

謝謝各位今天撥冗參加電話會議。我們期待在下一季再與各位交流。

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

本次會議到此結束。感謝各位出席今天的簡報。您現在可以中斷連線。