Construction Partners, Inc. (ROAD) 2026 Q1 法說會逐字稿

Greetings and welcome to the Construction Partners first quarter earnings conference call. At this time, all (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce the Rick Black, Investor Relations. Please go ahead.

各位來賓，歡迎參加建築合作夥伴公司第一季財報電話會議。此時此刻，所有（操作說明）再次提醒，本次會議正在錄影。現在我很高興向大家介紹投資者關係部門的里克布萊克。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you for joining us for the Construction Partners conference call to review first quarter fiscal 2026 results. This call is also being webcast and can be accessed through the audio link on the events and presentations page of the Investor Relations section of Constructionpartners.net.

謝謝接線員，大家早安。感謝您參加 Construction Partners 的電話會議，共同回顧 2026 財年第一季業績。本次電話會議也將進行網路直播，可透過 Constructionpartners.net 網站投資者關係版塊的活動和演示頁面上的音訊鏈收聽。

Information recorded on this call speaks only as of today, February 5, 2026. Please be advised that any time sensitive information may no longer be accurate as to the date of any replay listening or transcript reading.

本次通話記錄的資訊僅代表截至 2026 年 2 月 5 日的情況。請注意，任何有時效性的信息，例如重播收聽或文字稿閱讀的日期，可能不再準確。

I would also like to remind you that the statements made in today's discussion that are not historical facts, including states of expectations for future events or future financial performance are forward-looking statements may pursuant to the safe harbor's provision of the private securities litigation Reform Act of 1995.

我還要提醒各位，今天討論中作出的非歷史事實的陳述，包括對未來事件或未來財務業績的預期，均為前瞻性陳述，可能符合 1995 年私人證券訴訟改革法案的安全港條款。

We will be making forward-looking statements as part of today's call that by their nature are uncertain and outside of the company's control. Actual results may differ materially. Please refer to our earnings press release for disclosure on forward-looking statements.

在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明本質上具有不確定性，並且超出公司的控制範圍。實際結果可能與實際情況有重大差異。有關前瞻性陳述的披露信息，請參閱我們的盈利新聞稿。

These factors, as well as other risks and uncertainties are described in detail in the company's filings with the securities and exchange commission. Management will also refer to non-GAAP measures, including adjusted net income and adjusted EBITDA and adjusted EBITDA margin.

這些因素以及其他風險和不確定性在公司向證券交易委員會提交的文件中均有詳細描述。管理階層也將參考非GAAP指標，包括調整後的淨收入、調整後的EBITDA和調整後的EBITDA利潤率。

Reconciliations to the nearest GAAP measures can be found at the end of our earnings press release. Construction Partners assumes no obligation to publicly update or revise any forward-looking statements.

與最接近的 GAAP 指標的調整表可在我們的獲利新聞稿末尾找到。Construction Partners 不承擔公開更新或修改任何前瞻性聲明的義務。

And with that, I would now like to turn the call over to Construction Partners CEO Jules Smith. Jule?

接下來，我將把電話交給建築合作夥伴公司執行長朱爾斯史密斯。朱爾？

Thank you, Rick, and good morning, everyone. We appreciate you joining us for today's call. With me this morning is Greg Hoffman, our Chief Financial Officer; and Ned Fleming, our executive Chairman.

謝謝你，里克，大家早安。感謝您參加今天的電話會議。今天早上和我在一起的有我們的財務長格雷格·霍夫曼和我們的執行董事長內德·弗萊明。

I'd like to begin by thanking the approximately 7,000 employees across our family of companies for their hard work, expertise, and dedication to both safety and operational excellence.

首先，我要感謝我們旗下各公司約 7,000 名員工的辛勤工作、專業技能以及對安全和卓越營運的奉獻精神。

Our people are at the heart of everything we do and they are also the stewards of our unique and strong family of company's culture one of our key competitive advantages as we continue to grow throughout the Sunbelt.

我們的員工是我們一切工作的核心，他們也是我們獨特而強大的公司文化的守護者，這是我們在整個陽光地帶持續發展壯大的關鍵競爭優勢之一。

Thanks to their efforts, along with favorable weather during the quarter. We delivered a strong start to fiscal 2026. It's exceeding our expectations and prompting us to raise our outlook for the year.

多虧了他們的努力，以及本季有利的天氣。我們在2026財年取得了強勁的開局。它超出了我們的預期，促使我們提高了對今年的預期。

First quarter revenue increased 44%. While adjusted EBITDA increased 63% compared to the prior year. Adjusted EBITDA margin reached 13.9%, the highest first quarter margin in our history. We also closed the quarter with a project backlog of $3.09 billion underscoring the robust demand across our markets.

第一季營收成長44%。調整後 EBITDA 比上年增長 63%。調整後 EBITDA 利潤率達到 13.9%，創下公司史上第一季利潤率新高。本季末，我們的專案積壓額達到 30.9 億美元，凸顯了我們各個市場的強勁需求。

Project demand throughout our footprint remains strong. On the commercial side of the business, steady project bidding is supported by ongoing pro -- population migration to the Sunbelt, reshoring trends as more manufacturing and supply chain capacity moved back to the United States.

我們業務覆蓋範圍內的專案需求依然強勁。在商業方面，穩定的專案投標得益於持續的利好因素——人口向陽光地帶遷移，以及隨著更多製造業和供應鏈能力回流美國而出現的回流趨勢。

And the continued buildout of AI infrastructure. Our teams are actively bidding and building a wide range of commercial projects to reflect these macro trends. A few examples to highlight. In Southern Oklahoma, we are currently negotiating contracts. To provide work for large national retailer.

以及人工智慧基礎設施的持續建設。為了反映這些宏觀趨勢，我們的團隊正在積極投標並建立各種商業項目。以下幾個例子值得一提。目前，我們正在俄克拉荷馬州南部洽談合約。為一家大型全國性零售商提供工作機會。

On a new distribution warehouse in a food manufacturing facility in Ardmore. In central Texas, north of Austin, we're currently working on a facility to provide power to data centers in the area of one of the magnificent Seven. In Santa Rosa County, in the panhandle of Florida.

在阿德莫爾一家食品製造廠新建的配送倉庫。在德州中部，奧斯汀以北，我們目前正在建造一個設施，為七大城市之一的資料中心提供電力。在佛羅裡達州狹長地帶的聖羅莎縣。

We have just completed work on a large distribution facility for a leading soft drink bottle. This new facility will bring in 350 to 400 new jobs to the area. Fuelling growth that will create more demand for our services. Finally, in York, South Carolina, we are currently working on a large site we're contract for a new data center in the greater Charlotte metro area.

我們剛完成了一個大型軟性飲料瓶配送中心的建造工作。這座新工廠將為該地區帶來 350 至 400 個新的就業機會。促進成長，從而創造對我們服務更大的需求。最後，在南卡羅來納州約克市，我們目前正在建造一個大型場地，這是我們與夏洛特大都會區簽訂合約建設的新資料中心。

These are just a few examples of the approximately 1000 commercial sector projects we will participate in building this year across our eight states and over 110 local markets. On the public side, both the federal and state governments to keep growing economies in the Sunbelt.

以上僅是我們今年將在八個州和 110 多個地方市場參與建設的約 1000 個商業領域項目中的幾個例子。在公共方面，聯邦政府和州政府都應保持陽光地帶經濟成長。

In Q1, we have seen strong public contract bidding throughout our eight states and expect total federal, state, and local contract awards and FY26 to increase approximately 10% to 15% over FY25.

第一季度，我們在八個州都看到了強勁的公共合約投標，預計 2026 財年聯邦、州和地方合約授予總額將比 2025 財年增長約 10% 至 15%。

This is particularly true for the small and medium sized recurring maintenance projects for state DOTs, cities and counties that represent a majority of our work. On Capitol Hill, both houses of Congress continue to work with Secretary Duffy On completing a five-year reauthorization of the surface Transportation Program by September 30.

對於州交通部、城市和縣的中小型定期維護項目而言，情況尤其如此，這些項目占我們工作的大部分。在國會山，國會兩院繼續與達菲部長合作，爭取在 9 月 30 日前完成地面交通運輸計畫的五年重新授權。

We expect eyes in the shape of this bill to be known this spring. From what we have heard so far, we expect the reauthorization to provide a significant increase in the annual funding amount going to the states by per capita formula, which is good news for CPI.

我們預計今年春天就能見到這種形狀的眼睛。根據我們目前所聽到的消息，我們預計重新授權將按人均公式大幅增加撥給各州的年度資金數額，這對消費者物價指數 (CPI) 來說是個好消息。

Both the administration and many members of the congressional Transportation Committees. Have stated that they believe the formula method to the states is the best means to prioritize hard infrastructure investments needed to support a growing economy and to ensure timeliness in building these projects.

政府和國會交通委員會的許多成員都持相同觀點。他們表示，他們認為向各州提交公式是優先考慮支持經濟成長所需的基礎設施投資以及確保這些項目按時完工的最佳方法。

Turning to our growth strategy. We began fiscal 2026 with two large and strategically important acquisitions. That were completed in October in Houston and in Daytona Beach, Florida. Both businesses now have been fully integrated and are operating well.

接下來談談我們的成長策略。我們在 2026 財年開始時完成了兩項規模龐大且具有重要策略意義的收購。這兩個項目分別於10月份在休士頓和佛羅裡達州代托納海灘竣工。兩家公司現已完全整合，運作良好。

Earlier this week, we announced another acquisition in Houston. GMJ Paving Company, a leading asphalt paving contractor focused on public infrastructure projects across the greater Houston metro area.

本週早些時候，我們宣佈在休士頓完成了另一項收購。GMJ 鋪路公司是一家領先的瀝青鋪路承包商，專注於大休士頓地區的公共基礎設施專案。

GMJ's hot mix asphalt plant located in Baytown on the east side of Houston Expands our coverage of this major metropolitan market and complements our existing Houston assets exceptionally well.

GMJ位於休士頓東部貝城的瀝青攪拌站擴大了我們對這個主要都市市場的覆蓋範圍，並與我們現有的休士頓資產形成了非常好的互補。

This acquisition represents our 12 hot mix plant in the Houston market further strengthen our geographic footprint and providing incremental throughput opportunities. In our nearby liquid asphalt terminal at the Houston port.

此次收購使我們在休士頓市場的熱拌瀝青廠數量達到 12 家，進一步鞏固了我們的地理佈局，並提供了額外的產能機會。在我們附近的休士頓港液態瀝青碼頭。

Last August, we made our first entry into the Houston market with our acquisition of Durwood Greene Construction. And then we significantly expanding, expanded operations in October to the acquisition of Vulcan's asphalt construction assets in Houston.

去年八月，我們透過收購 Durwood Greene Construction 公司首次進軍休士頓市場。然後，我們在 10 月大幅擴張，收購了 Vulcan 在休士頓的瀝青建築資產。

With the addition of GMJ, we are further strengthening our market position and expanding our team with highly skilled, experienced operators. Who bring deep local market knowledge and strong customer relationships.

GMJ 的加入將進一步鞏固我們的市場地位，並擴充我們的團隊，吸收更多技術精湛、經驗豐富的操作人員。他們擁有深厚的本地市場知識和強大的客戶關係。

This positions us well to serve one of the most dynamic and rapidly growing markets in the country. Expanding our footprints into new markets while gaining market share, exemplifies our model and underscores a core element of our growth strategy. Entering the right markets with the right partners.

這使我們能夠更好地服務於國內最具活力和成長最快的市場之一。在拓展新市場的同時獲得市場份額，反映了我們的模式，也突顯了我們成長策略的核心要素。選擇合適的合作夥伴進入合適的市場。

Currently, we see a very robust pipeline of acquisition opportunities across our existing footprint and surrounding states, and we continue to have dialogue with a number of sellers as they determine the best future for their businesses and their valuable workforce.

目前，我們在現有業務範圍及週邊各州擁有非常強勁的收購機會，並且我們正與許多賣家進行對話，幫助他們確定企業及其寶貴員工的最佳未來。

We believe our model as a family of companies with a strong organizational culture makes us the acquirer of choice in our industry. We also remain focused on organic growth as a strong driver of building shareholder value. This quarter, we will bring online an HMA Greenfield in Georgia.

我們相信，我們作為擁有強大組織文化的公司家族的模式，使我們成為業內首選的收購方。我們仍專注於內生成長，將其視為提升股東價值的強大驅動力。本季度，我們將在喬治亞州啟動一個 HMA Greenfield 計畫。

This new facility will serve the dynamic Brunswick, Georgia market with its port facility, immigration to the Golden Isles regions of South Georgia. As a key part of our organic growth. There are several more grain field facilities that we plan to bring online later this year and early next year.

這座新設施將服務於充滿活力的喬治亞州布倫瑞克市場，該市場擁有港口設施，並為喬治亞州南部黃金群島地區的移民提供服務。這是我們有機成長的關鍵組成部分。今年稍後和明年年初，我們計劃啟用更多糧食田間設施。

Before turning the call over to Greg, I want to reiterate the vision we shared last October to our Road 2030 growth plan. This plan outlines our path to again, double the size of the company to revenue of more than $6 billion by 2030, utilizing the same strategy we have successfully executed for over two decades.

在將電話交給格雷格之前，我想重申我們去年十月分享的「2030 年發展之路」計畫的願景。該計劃概述了我們如何利用過去二十多年來成功執行的相同策略，在 2030 年前將公司規模再次擴大一倍，實現 60 億美元的收入。

The plan also targets EBITDA margin growth to approximately 17% and is expected to generate more than $1 billion EBITDA dollars annually. And finally, we're excited about the start of this fiscal year as we prepare for a busy work season, building on a record backlog. I'd like now to turn the call over to Greg.

該計劃還旨在將 EBITDA 利潤率提高到約 17%，預計每年可產生超過 10 億美元的 EBITDA 收入。最後，我們對本財年的開始感到興奮，因為我們正在為繁忙的工作季做準備，並在此基礎上繼續推進創紀錄的積壓工作。現在我想把電話交給格雷格。

Thank you, Jule, Good morning, everyone. Jule mentioned we had a strong start to our fiscal year, which I will review in more detail before discussing a raised outlook range, and then we will open the call to questions. I'll start with a review of our key performance metrics for the first quarter of fiscal 2026.

謝謝你，朱爾。大家早安。Jule提到我們本財年開局強勁，我將在討論提高預期範圍之前更詳細地回顧一下，然後我們將開放問答環節。我將先回顧我們 2026 財年第一季的關鍵績效指標。

Revenue was $809.5 million an increase of 44% compared to last year. The breakdown of this revenue growth was 3.5 -- 3.5% organic growth and 40.6% acquisitive. Gross profit in the first quarter was $121.5 million. An increase of approximately 58% compared to last year.

營收為 8.095 億美元，比去年成長 44%。此營收成長構成如下：3.5%－3.5%來自內生成長，40.6%來自收購成長。第一季毛利為1.215億美元。與去年相比成長約 58%。

As a percentage of total revenues, gross profit was 15% compared to 13.6% last year. General and administrative expenses as a percentage of total revenue in the first quarter decreased to 7.7% compared to 7.9% last year. Net income was $17.2 million and adjusted net income was $26.4 million. Earnings per diluted share for adjusted net income was $0.47.

毛利佔總收入的百分比為 15%，而去年為 13.6%。第一季一般及行政費用佔總營收的比例下降至 7.7%，去年同期為 7.9%。淨收入為 1720 萬美元，調整後淨收入為 2,640 萬美元。調整後淨利潤的稀釋後每股收益為 0.47 美元。

Adjusted EBITDA was $112.2 million an increase of 63% compared to last year. Adjusted EBITDA margin was 13.9% compared to 12.2% last year. You can find GAAP to non-GAAP reconciliations of net income and adjusted EBITDA financial measures at the end of today's earnings release.

調整後 EBITDA 為 1.122 億美元，比去年成長 63%。調整後的 EBITDA 利潤率為 13.9%，而去年同期為 12.2%。您可以在今天發布的獲利報告末尾找到 GAAP 與非 GAAP 淨收入和調整後 EBITDA 財務指標的調整表。

Turning now to the balance sheet We had $104 million of cash and cash equivalents. And $163 million available under our credit facility on December 31, net of reduction for outstanding letters of credit. As of the end of the quarter, our debt to trailing 12 months EBITDA ratio was 3.18 times.

現在來看資產負債表，我們有1.04億美元的現金及現金等價物。截至 12 月 31 日，我們的信貸額度下可用資金為 1.63 億美元，扣除未償信用證的減少額後。截至本季末，我們的債務與過去 12 個月 EBITDA 比率為 3.18 倍。

We remain on pace with our strategy of reducing the leverage ratio to approximately 2.5 times by late 2026 to support sustained profitable growth. To that end, we anticipate cash flow, generate to effectively fund this week's GMJ paving acquisition without the need for additional long-term debt.

我們將繼續按計畫推進策略，力爭在 2026 年底前將槓桿率降低至約 2.5 倍，以支持持續獲利成長。為此，我們預計現金流將足以有效地為本週的 GMJ 鋪路收購提供資金，而無需額外的長期債務。

Demonstrating the strength of cash flow from our operating model. In the first quarter of fiscal 2026, cash flow from operations was $82.6 million. Up from $40.7 million in Q1 of fiscal 2025. We expect to convert 75% to 85% Of EBITDA cash flow from operations in fiscal year '26.

展現我們營運模式的強勁現金流。2026 財年第一季，經營活動產生的現金流量為 8,260 萬美元。高於 2025 財年第一季的 4,070 萬美元。我們預計在 2026 財年，經營活動產生的 EBITDA 現金流將有 75% 至 85% 轉化為現金流。

Turning now to our outlook, we have raised all of our ranges for fiscal year 2026. Revenue in the range of $3.48billion to $3.56 billion. Net income in the range of $154 million to $158 million. Adjusted net income in the range of $163.5 million to $168.7 million. Adjust EBITDA in the range of $534 million to $550 million.

現在來看看我們的展望，我們提高了 2026 財年的所有預期範圍。營收在 34.8 億美元至 35.6 億美元之間。淨收入在 1.54 億美元至 1.58 億美元之間。調整後淨收入在 1.635 億美元至 1.687 億美元之間。調整 EBITDA 至 5.34 億美元至 5.5 億美元。

And adjust EBITDA margin in the range of 15.34% to 15.45%. Our revenue outlook for fiscal 2026 continues to anticipate organic growth of approximately 7% to 8%. Consistent with historical seasonality We anticipate the first half of the fiscal year to contribute approximately 42% of the annual revenue and approximately 34% of the adjusted EBITDA.

將 EBITDA 利潤率調整至 15.34% 至 15.45% 的範圍內。我們對 2026 財年的營收展望仍預期有機成長率約為 7% 至 8%。與歷史季節性規律一致，我們預計本財年上半年將貢獻全年收入的約 42% 和調整後 EBITDA 的約 34%。

In the second half of the year during our peak construction season, we expect to deliver the remaining 58% of revenue and approximately 66% of adjusted EBITDA. Lastly, as Juel mentioned we are project backlog $3.09 billion on December 31, 2025.

在今年下半年施工旺季期間，我們預計將實現剩餘的 58% 的收入和約 66% 的調整後 EBITDA。最後，正如 Juel 所提到的，截至 2025 年 12 月 31 日，我們的專案積壓金額為 30.9 億美元。

We have approximately 80% to 85% of the next 12 months contract revenue covered in backlog. And with that, we'll open the call to questions. Operator.

我們未來 12 個月的合約收入大約有 80% 到 85% 已透過積壓訂單得到保障。接下來，我們將開始接受提問。操作員。

(Operator Instructions).

（操作說明）

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

Hey, good morning, guys, great quarter. Hey Jule, can you get some more color on the acquisition pipeline. You said it was robust. I'm just curious what the mix there is between potential platform deals and potential tuck-ins.

嘿，各位早安，這季度過得很棒。嘿，朱爾，你能詳細介紹一下收購流程嗎？你說它很結實。我只是好奇潛在的平台交易和潛在的補充交易之間的比例是多少。

Yeah, Adam, as you, know, we talked to a lot of folks all the time, and we look at a lot of things. And I would say, we're continuing to be busy with that. We did three platform acquisitions last year. And so that's created a lot of new opportunities in Texas, Oklahoma, and Tennessee. Now that we have a great management team in each state.

是的，亞當，正如你所知，我們一直與很多人交談，我們也考慮了很多事情。我想說，我們目前仍在忙於這項工作。我們去年完成了三項平台收購。因此，這為德克薩斯州、俄克拉荷馬州和田納西州創造了許多新的機會。現在我們每個州都擁有了一支優秀的管理團隊。

So we're busy, but at the same time we pass on a lot of things that aren't a goods strategic cultural fit. So you're going to see us continue to make acquisitions that we think are just compelling and great strategic fits. Adam, why don't I let Ned weigh in on the big picture, as we look toward our strategic growth model.

所以我們很忙，但同時，我們也放棄了很多在策略文化上不合適的東西。所以你們將會看到我們繼續進行我們認為極具吸引力且與策略高度契合的收購。亞當，當我們展望策略成長模式時，不如讓內德從宏觀角度發表意見。

Adam, I would say over the last 25 years, it's active now as it's ever been. I think what you're really starting to see both on the platform side as well as the tuck-in's. I mean, obviously when you do three platforms in a year, it gives you a lot of opportunities for organic growth as well as tuck in acquisitions, but the generational transfer continues to give us operate -- opportunities to do acquisitions both.

亞當，我想說，在過去的25年裡，它一直像以往一樣活躍。我認為你現在真正開始看到的，無論是在平台方面還是在內部方面。我的意思是，很顯然，一年內推出三個平台，會為我們帶來許多自然成長和收購的機會，但代際傳承也繼續為我們帶來營運和收購的機會。

What I would call tuck ends as well as platforms but obviously given last year with the three platforms we've got a lot of tucking acquisitions as in those states as well as a lot of organic growth opportunities in those states. So I would say it's as robust as it's been in 25 years. Maybe, even to some extent because we did three platforms in one year, see we've got more opportunities.

我稱之為“收尾”和“平台”，但顯然，鑑於去年我們有三個平台，我們在這些州進行了很多收尾收購，以及在這些州有很多內生增長機會。所以我覺得它和過去25年一樣堅固耐用。或許在某種程度上，正是因為我們一年內推出了三個平台，所以我們有了更多的機會。

Awesome. Yeah, thanks for that. And then Jule, I wanted to ask you said in your prepared remarks I think you mentioned this a site prep job for data centers. Just wondering, I haven't heard that before, just wondering if you could expand on the size of that project and what your scope might be.

驚人的。是啊，謝謝。然後，朱爾，我想問一下，你在準備好的演講稿中提到過，這是一項資料中心的場地準備工作。我之前沒聽說過這個項目，所以想問問您能否詳細介紹一下這個項目的規模以及您的項目範圍。

Yeah, Adam, we wanted to highlight just a few of the commercial projects we were doing. Currently because we talked about that there's several micro trends that are driving the commercial markets now. Migration to the Sunbelt, but also the reshoring, which is creating a lot of manufacturing facilities, moving back to America, and people wanting to build in America.

是的，亞當，我們想重點介紹我們正在進行的一些商業項目。正如我們之前討論過的，目前有幾個微觀趨勢正在推動商業市場的發展。向陽光地帶的遷移，以及製造業回流，導致大量製造業設施遷回美國，人們希望在美國進行建設。

And so, I just thought, let's give a few highlights of these. And there were, there's a long list to choose from. But data centers are part of that, and we're building more data centers than I had the time to list in the remarks, but it's one part of what we do.

所以，我就想，不如簡單介紹一下其中的一些亮點。確實有很多選擇，名單很長。但資料中心是其中的一部分，我們正在建造的資料中心比我在發言中能列舉的還要多，但這只是我們工作的一部分。

Factories, distribution centers, there's a pretty strong demand for those things in our southern and southeastern markets. So we don't travel around, and specialize in data centers, but they're a big part of what we do.

工廠、配送中心，我們在南部和東南部的市場對這些東西的需求非常旺盛。所以我們雖然不四處奔波，也不專門從事資料中心業務，但資料中心是我們業務的重要組成部分。

And sometimes, like in South Carolina, we're participating more in the site work and it's a larger contract and sometimes we're doing the paving, for a data center just like we do for an Amazon warehouse or a school project.

有時，例如在南卡羅來納州，我們會更參與現場施工，合約金額也更大，有時我們會像為亞馬遜倉庫或學校專案一樣，為資料中心鋪設路面。

So we did want to highlight just some of the commercial projects that are getting bid and built now.

因此，我們想重點介紹一些目前正在招標和建設的商業項目。

Yeah, thank you for detailing that and I will turn it over. Thanks.

是的，謝謝你詳細說明，我會轉交給你。謝謝。

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson 研究小組。

Hi, thank you for taking my questions today. Just first we want to focus on, organic growth, just reconfirm that you had kind of a little bit single around 3.5% organic growth in the quarter, but you also gave guidance for a 7% to 8% organic growth range for the full year. Could you help us bridge what you're seeing today and also how much adverse weather in Q1 may impact -- or may have impacted the quarter.

您好，感謝您今天回答我的問題。首先，我們想專注於有機成長，再次確認一下，你們本季的有機成長率略低於 3.5%，但你們也給出了全年有機成長率在 7% 到 8% 之間的預期。您能否幫助我們分析您今天看到的情況，以及第一季惡劣天氣可能對本季造成的影響（或可能已經造成的影響）？

Thank you.

謝謝。

Yeah, Katherine, good question. Our organic growth expectations for the fiscal year are still 7% to 8%, just as we normally do. In Q1, the difference between our organic growth and what sort of that 7% to 8% range was about $19 million. And when you looked at that, there were two factors that really created that.

是的，凱瑟琳，問得好。我們對本財年的有機成長預期仍維持在 7% 到 8% 之間，與我們往常的預期一致。第一季度，我們的有機成長與 7% 到 8% 的成長率之間的差距約為 1,900 萬美元。當你仔細分析這個問題時，你會發現有兩個因素真正造成了這種情況。

The first is in North Carolina we had about three projects that we expected to do in Q1. They got a late start, just due to the cost not being ready for us. And those are now underway.

首先，我們在北卡羅來納州有大約三個項目，預計在第一季完成。他們開工晚了，只因為成本方面還沒準備好。這些工作現在已經開始了。

The second thing as you can imagine, we in 110 local markets, we have competitive dynamics across the Board some markets are healthy, some markets are more competitive. We had one market where irrational Competition, we said what, let's move equipment and do work at higher margins in some adjacent markets.

第二點，如你所想，我們在 110 個本地市場中，各個市場都存在競爭動態，有些市場發展良好，有些市場競爭更加激烈。我們曾經遇到一個市場競爭不理性，所以我們決定把設備轉移到一些相鄰的市場，在那裡以更高的利潤率開展業務。

We just so happened, where that equipment moved, was, acquisitions we've made in the last 12 months. So that revenue was counted as acquisitive growth. So that happens from time to time. We still anticipate our organic growth being in that normal range for the year.

碰巧的是，這些設備被運送到的地方，正是我們在過去 12 個月內收購的地方。因此，這部分收入被計入了收購成長。這種情況偶爾會發生。我們仍然預計今年的有機成長率將保持在正常範圍內。

Okay, great. Thank you for that. And as you maybe you have been covered about, obviously very active M&A and calendar 2025 and into early '26. Could you give just maybe a little bit more color in terms of your strategy and thoughts in terms of integration and how that has progressed over the past 12 to 15 months.

好的，太好了。謝謝。正如您可能已經了解到的，2025 年及 2026 年初的併購活動顯然非常活躍。能否再詳細闡述您在整合方面的策略和想法，以及過去 12 到 15 個月來的進展？

Thank you.

謝謝。

Yeah Catherine, I, we've done seven acquisitions since the Lone Star acquisition last fall, and integration is a big part of what we do is, Ned has said on these calls before, it's a core competency, that CPI has developed over two decades. And so we have to be good at integrating these companies.

是的，凱瑟琳，自從去年秋天收購 Lone Star 以來，我們已經進行了七次收購，整合是我們工作的重要組成部分，正如內德之前在這些電話會議上所說，這是 CPI 在過去二十年中發展起來的核心競爭力。因此，我們必須擅長整合這些公司。

I would say, for example, in Houston, Derwood Green had done a great job of integrating with Lone Star, our platform company, since August. But then those guys have done a great job of integrating the Vulcan assets in October, and they just had a great day one earlier this week with GMJ.

例如，我想說，在休士頓，自 8 月以來，Derwood Green 與我們的平台公司 Lone Star 的整合工作做得非常出色。但是，他們在 10 月出色地整合了 Vulcan 的資產，而且在本週早些時候與 GMJ 的合作也取得了巨大的成功。

And so as we can integrate these companies in we start to create organic growth opportunities in the future. And we have a great management team in that market, and you can continue to add. That's where We start to compound both the topline and the bottom line and start to make 1 plus 1 equal 2.5, and that's part of our strategy and I would say it's gone well.

因此，隨著這些公司的整合，我們未來將開始創造內生成長機會。我們在該市場擁有一支優秀的管理團隊，您可以繼續增持。正是在這裡，我們開始同時提升營收和利潤，使 1 加 1 等於 2.5，這是我們策略的一部分，我認為它進展順利。

Okay, great. Thanks very much, and I'll hop back in the queue.

好的，太好了。非常感謝，我會重新排隊。

[Andrew Whitman].

[安德魯·惠特曼]

Yeah, great, thanks, for taking my questions. I guess, maybe for Greg, I wanted to ask about the seasonality of the business. We heard your comments here about the first half, second half revenue in EBITDA splits here and obviously the first quarter came in, very strong and ahead of at least the street's expectations, but the ramification of that means that the second quarter guy is wondering if there, if there's something we need to understand there's certainly the weather here in the last couple of weeks in the South has been Particularly notable.

好的，謝謝您回答我的問題。我想，或許是想問格雷格，我來了解這個行業的季節性狀況。我們聽到了您關於上半年和下半年 EBITDA 收入拆分的評論，顯然第一季業績非常強勁，至少超出了華爾街的預期，但這也意味著第二季度的負責人想知道，是否有什麼我們需要了解的地方，尤其是過去幾周南方的天氣，尤其值得關注。

I'm wondering if that's a factor, if there's something else, that explains the second quarter implied guidance there.

我想知道這是否是一個因素，或者是否還有其他原因，可以解釋第二季的業績預期。

Yeah, no, Andy, I think that our what we say a lot is that our first half of the year and second half of the year are very similar year over year, and our weather within each half of that year balances out, you have some good weather, and you have some bad weather.

是的，安迪，我認為我們經常說的是，我們每年的上半年和下半年都非常相似，而且每一半年內的天氣也相互平衡，既有好天氣，也有壞天氣。

I think that we're essentially reiterating what we said from the beginning that, it's going to be a standard year with the expectations that we gave to the market.

我認為我們基本上是在重申我們從一開始就說過的話，那就是，這將是正常的一年，符合我們對市場的預期。

So I don't think there's any negative connotation. I think it's, just reiterating what we said at the beginning of the year.

所以我認為這沒有任何負面含義。我認為這只是重申了我們年初說過的話。

Okay, got it.

好的，明白了。

Sorry, did you want to add that Joel?

抱歉，喬爾，你想補充什麼嗎？

Yeah, I just want to say, we don't try to overthink, things like that, yes, weather was good in the first quarter, we don't know what the second quarter will be, that certainly the last two weeks throughout the Southeast and in Texas, we've had some ice and snow, and so you think, well that should affect January, but when you look, the first two weeks of January were really good.

是的，我只想說，我們不會過度思考這類事情，是的，第一季天氣很好，我們不知道第二季度會是什麼情況，當然，過去兩週整個東南部和德克薩斯州都出現了冰雪天氣，所以你會認為，這應該會影響一月份的天氣，但實際上，一月份的前兩週天氣非常好。

So we're right on kind of plan. And we expect winter weather, in January. If you remember Last January, we had a lot of snow. We even had snow on the beaches in Pensacola. But by the end of the quarter, it turned out to be a really good quarter. So I would just say we don't really, try to overthink it. We're not in any way trying to communicate something about the second quarter. We're just sort of trying to say that's our normal revenue in EBITDA split in the course of a normal year.

所以我們的計劃基本上正確。我們預計一月會迎來冬季天氣。如果你還記得的話，去年一月我們這裡下了很多雪。彭薩科拉的海灘上甚至都下了雪。但到了季度末，結果證明這是一個非常好的季度。所以我覺得我們沒必要想太多。我們絕無意透露任何關於第二季度的資訊。我們只是想說明，這是我們在正常年份中 EBITDA 的正常收入佔比。

Okay. That makes sense. I appreciate that. And then, I guess you had comments on your view on the public sector bidding. I think you said that you expected the awards to be up 10% to 15%.

好的。這很有道理。我很感激。然後，我想您應該對公共部門招標發表了一些看法。我想你說過你預計獎項數量會增加 10% 到 15%。

I don't know if they checked a similar comment on commercial, certainly sounded like, the projects that you're doing are keeping you positive there as well, but did you have a view on where the awards or could be or the increase in backlog could be on the commercial side. Is it the same level of strength? As the public stronger? Just maybe Some context around how you're seeing that developing as the year plays out.

我不知道他們是否查看過類似的商業評論，聽起來你正在進行的項目也讓你保持樂觀，但你對商業方面的獎項或積壓訂單的增加有什麼看法嗎？強度一樣嗎？公眾力量增強了嗎？或許可以談談你如何看待這一年裡事態的發展。

Yeah, Andy, I would say the commercial market we've continued to use the word steady. I would say if anything we feel like this spring and summer could be stronger on the commercial market. But the reality is, when we look at our backlog, it stayed pretty steady. If anything, it's gone up, Gregg. I think a couple percent the public, but the reality is that could be just the acquisitions we made, last spring and summer with Overland and PRI focus a little more on the public side of things.

是的，安迪，我認為在商業市場中，我們一直都在使用「穩定」這個詞。我認為，今年春夏兩季商業市場可能會更加強勁。但實際上，當我們查看積壓訂單時，發現訂單量一直保持穩定。格雷格，如果有什麼變化的話，那就是價格上漲了。我認為大眾佔比可能只有百分之幾，但實際上這可能只是我們去年春夏收購 Overland 和 PRI 的結果，我們更關注的是公共領域。

What we do have is good data on the public awards from ADA, which is look, the state, local, and federal, when you look at the overall contract awards. It's going to be up 10% to 15% this year and that's the data we really go by and what we see.

我們現在掌握的是關於 ADA 公共撥款的良好數據，包括州、地方和聯邦層級的撥款，以及整體合約撥款情況。今年預計會上漲 10% 到 15%，這是我們真正依據的數據，也是我們看到的。

Let's see, just final cleanup question from me, Greg, I didn't know if you could quantify how much of that revenue got switched between and that competitive market where you where you move the crews out to the acquired market is that a quantifiable amount of revenue? I'm just kind of curious to help inform the understanding of the quarter a little bit better.

讓我想想，格雷格，我最後一個清理問題，我不知道你是否可以量化有多少收入在競爭市場和收購市場之間轉移，也就是你把人員調到收購市場時，這部分收入是否可以量化？我只是有點好奇，希望能幫助大家更了解這個季度的狀況。

Yeah, Jule, when he addressed that earlier, talked about $19 million of maybe moved into or different addressed in different markets. Now it says [50%, 50%].

是的，朱爾之前談到過，可能有 1900 萬美元被轉移到或以其他方式轉移到不同的市場。現在上面寫著：[50%，50%]。

Okay, great. That's all I wanted to know. Thank you so much.

好的，太好了。我只想知道這些。太感謝了。

Patrick Tyler Brown, Raymond James.

Patrick Tyler Brown，Raymond James。

Hey, good morning, guys. This is Ethan on for Tyler. Alright, yeah, so Greg, I know I'm not a ton has changed on the M&A and a front, but just from a modeling perspective, could you update us on what the M&A and a rollover impact to revenue is in fiscal '26 based on the guidance.

嘿，各位早安。這是伊森替泰勒發言。好的，格雷格，我知道併購方面並沒有太大的變化，但從建模的角度來看，根據指導意見，你能否更新一下併購和滾動對 2026 財年收入的影響？

Yeah, absolutely, Ethan, about $260 million to $280 million. In the remaining three quarters are going to be from acquisitions.

是的，絕對的，伊桑，大約是 2.6 億美元到 2.8 億美元。剩餘三個季度的收入將來自收購。

Okay, great. And then.

好的，太好了。進而。

Ethan, I'm sorry, that does include GMJ, the acquisition we just made recently.

伊森，很抱歉，這其中確實包括 GMJ，也就是我們最近收購的那家公司。

Okay, very helpful. And then Jule, just a bigger picture question, but you guys closed the GMJ acquisition in Houston earlier this week, which I think is maybe the third acquisition in Houston, say the last six months. I was hoping to get a little more color on the evolution of that market.

好的，很有幫助。朱爾，還有一個更宏觀的問題，你們本週稍早完成了對休士頓GMJ的收購，我認為這可能是過去六個月在休士頓的第三次收購。我原本希望能更詳細地了解這個市場的發展歷程。

Could you maybe talk about how the margin profile in Houston has changed or is expected to change versus maybe the Durwood baseline and do you guys see even more M&A and a opportunity in that market longer-term.

您能否談談休士頓的利潤率狀況與杜伍德基準線相比發生了哪些變化，或者預計會發生哪些變化？你們是否認為從長遠來看，該市場會有更多併購和機會？

Yeah, Ethan loves to talk about Houston, we're very pleased with how Brad Green and his management team, Jonathan, Daniel Green, those guys are third generation Houston contractors. And so that management team combined with the Lone Star Management Team. Houston has started off great. They've made a meaningful contribution to this quarter. Those guys did a great job of integrating the Vulcan manage the -- Vulcan workforce into their operation.

是的，伊森很喜歡談論休士頓，我們對布拉德格林和他的管理團隊，喬納森、丹尼爾格林，他們都是休士頓第三代承包商，感到非常滿意。於是，該管理團隊與孤星管理團隊合併了。休士頓開局很棒。他們為本季做出了重要貢獻。那些傢伙在將 Vulcan 管理人員融入他們的營運中做得非常出色。

And then with GMJ the acquisition we made this week, that's an example of where not only is their asphalt plant geographically helps us more on the east side of Houston, but Loopy, Munoz and his family and his business, they really have a strong niche in the public infrastructure paving. They have great relationships with public grading contractors that do work in Texas.

而我們本週收購的 GMJ 公司，不僅體現了其瀝青廠在地理位置上對我們休士頓東部地區更有利，而且 Loopy、Munoz 和他的家人以及他的企業，在公共基礎設施鋪路領域確實擁有強大的市場地位。他們與在德克薩斯州從事公共工程的承包商保持著良好的關係。

And so that's really very complimentary to what Durwood Greene, has historically done. And so this is an example of just adding, not only Management team of workforce, but it's also adding market share in Houston.

所以，這與杜伍德·格林歷來所做的工作非常相稱。因此，這不僅意味著增加管理團隊和員工，也意味著在休士頓增加市場佔有率。

Okay, that's great color. And then just one last one, obviously, Houston's uniquely big compared to some of your other markets, but are there other big metros that you aren't in today that could come together like Houston or did just the stars kind of align there? Could you maybe talk a little bit more about that?

好的，這個顏色真棒。最後一個問題，顯然，休士頓相對於你們的其他一些市場來說規模非常大，但是你們目前還沒有涉足的其他大都市地區，是否有可能像休士頓一樣發展壯大呢？還是說，休士頓的成功只是機緣巧合？能否再詳細談談這方面的情況？

Well, I mean, I think it's, this is Ned, by the way, as a Board and as a company strategically we're always looking for metropolitan areas like Houston. We've historically for the last 25 years invested capital and growth areas. Houston is maybe the second fastest scoring city in the country.

嗯，我的意思是，我認為，順便說一下，我是內德，作為董事會和公司，我們在戰略上一直在尋找像休士頓這樣的大都市地區。過去25年來，我們一直將資本投資於成長領域。休士頓可能是全美得分速度第二快的城市。

So yeah, there are other metropolitan areas that are like that we've identified that will continue to look for the right companies, particularly on the platform side to be able to invest in those areas.

是的，我們已經確定了其他一些類似的都市區，它們將繼續尋找合適的公司，尤其是在平台方面，以便在這些地區進行投資。

So I think one of the things historically we've done a really good job of is being in the areas where the demographic growth drives organic growth for the country.

所以我認為，從歷史上看，我們做得非常好的一件事就是身處人口成長能夠推動國家自然成長的地區。

Awesome. Thanks guys, really appreciate the time.

驚人的。謝謝各位，非常感謝你們抽出時間。

All right, thanks Ethan

好的，謝謝伊桑

[Diana, Bank Alliance].

[戴安娜，銀行聯盟]

Hey everyone, this is [Nadita allar on for Mike Fennegar]. Thanks for taking my question. Yeah, you mentioned. Hey, so you mentioned, leverage is currently around, 3.20 times. And you plan to deliver to around 2.5-ish by the end of the year. Could you just talk a bit more about your, confidence in hitting the target.

大家好，這裡是[Nadita allar 代表 Mike Fennegar]。謝謝您回答我的問題。是的，你提到了。嘿，你剛才提到，目前的槓桿率大約是 3.20 倍。你們計劃到年底實現大約 2.5 倍的交付量。能否再詳細談談您對擊中目標的信心？

And also just, could we see you guys doing, more M&A this year and I mean -- I think the answer that would probably be yes just given the strong pipeline, but just curious, with those also mostly be funded by cash from off just like GMJ.

另外，我們能否看到你們今年進行更多併購活動？我的意思是——我認為答案很可能是肯定的，因為你們有強大的項目儲備，但我只是好奇，這些併購活動也大多像GMJ一樣由場外現金提供資金。

Yeah, shared where that's right yeah 3.18 is where we are currently, we're still very positive about hitting that Guidance of getting closer to 2.5 times by the end of the calendar year.

是的，分享一下，沒錯，我們目前的成長率是 3.18 倍，我們仍然非常樂觀地認為，到年底將成長率提高到 2.5 倍左右，能夠實現預期目標。

And I think that what will continue, what you'll see to see continuing is what you'll see in our cash flow is that we've, had $215 million worth of purchase price, and only borrowed 140, and like you said, GMJ, the expectation is that purchase price will be covered in in cash as well.

我認為接下來會繼續發生的事情，也就是你們將會在我們的現金流中看到的情況，就是我們已經籌集了 2.15 億美元的收購價，而只借了 1.4 億美元，正如你所說，GMJ，預計收購價也將以現金支付。

So we keep doing that the business keeps generating cash like it has historically and why and what it does or what it has done throughout the beginning of this year, we should be good with that guidance.

所以，我們繼續這樣做，讓企業像以往一樣持續產生現金流，考慮到它在今年年初的表現，以及它所做的事情，我們應該對這樣的指導感到滿意。

And mandate, I would just reiterate, we're going to continue to look at opportunities. We're going to pass on opportunities that aren't strategically, compelling, but we're not going to, GMJ is a great example of one where we said, look, this is a great opportunity.

我再次重申，我們將繼續尋找機會。我們會放棄一些在策略上不具吸引力的機會，但我們不會放棄一些機會，GMJ 就是一個很好的例子，我們當時說，看，這是一個絕佳的機會。

And so, we're going to continue to make acquisitions. We're going to continue to use cash more and more to pay for those, and so is that EBITDA rolls through the leverage ratio will come down.

因此，我們將繼續進行收購。我們將繼續越來越多地使用現金來支付這些費用，因此 EBITDA 會逐年下降，槓桿率也會隨之下降。

Gotcha. That's super helpful. And just another one guys, we've been sharing a slight change in the tone regarding the reauthorization bill with, some conversations around [CRR] potentially entering the discussion.

明白了。這太有幫助了。各位，還有一件事，我們一直在分享關於重新授權法案的語氣略有變化，一些關於[CRR]可能進入討論的對話。

Just curious what you've, what's the latest on the ground that you guys have been hearing regarding the reauthorization.

我只是好奇你們那邊的狀況，關於重新授權，你們聽到的最新情況是什麼？

Well, as I said in the prepared marks, we feel really good about both houses of Congress, both committees on transportation or working on the reauthorization and the expectation is they'll get that done by September 30.

正如我在準備好的成績單上所說，我們對國會兩院、兩個交通委員會在重新授權方面的工作感到非常樂觀，預計他們將在 9 月 30 日之前完成這項工作。

We like what we're hearing about the size and the scope of it and the fact that its going to be focused more on hard infrastructure coming -- the funds coming into the states through the formula method, so but you know we've had CRs in the past and that's really just a continuation of where we are, but if you look back, what we expect is guided by history over the last two decades.

我們對這項計劃的規模和範圍感到滿意，也對它將更加註重硬性基礎設施建設表示歡迎——資金將透過公式方法流入各州。但是，你知道，我們過去也有持續撥款法案，這其實只是我們現狀的延續。回顧過去，我們的預期是基於過去二十年的歷史經驗。

And when you look at it, they've always reauthorized the five year plan, and they've always reauthorized it for higher than the previous bill. So we fully expect that history will continue to repeat and that we'll get a new surface transportation bill at a higher level, for the next five years.

你看，他們總是會重新批准五年計劃，而且每次重新批准的金額都比之前的法案更高。因此，我們完全預期歷史將會重演，未來五年我們將獲得更高水準的新地面交通法案。

That's super helpful. Thank you, guys. I'll pass it along. Thank you.

這太有幫助了。謝謝大家。我會轉達的。謝謝。

I would like to turn the floor over to management, the closing remarks.

接下來，我想把發言權交給管理階層，請他們作總結發言。

We want to thank everyone for being with us today.

感謝今天到場的每一位。

We look forward to speaking again in the future.

我們期待未來再次交流。

This is the teleconference.

這是電話會議。

You may just connect your lines at this time and thank you for your participation.

現在您可以連接線路了，感謝您的參與。