Construction Partners, Inc. (ROAD) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Construction Partners second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Rick Black, Investor Relations. Please go ahead.

各位好，歡迎參加 Construction Partners 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在很榮幸為各位介紹投資人關係部的 Rick Black。請開始。

Thank you, operator, and good morning, everyone. We appreciate you joining us for the Construction Partners conference call to review second 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. Information recorded on this call speaks only as of today, May 8, 2026. Please be advised that any time-sensitive information may no longer be accurate as of the date of any replay listening or transcript reading.

謝謝，接線員，各位早安。感謝各位參加 Construction Partners 的電話會議，一同回顧 2026 財政年度第二季的業績。本次會議亦同步網路直播，可透過 constructionpartners.net 投資人關係專區之「活動與簡報」頁面中的音訊連結收聽。今日（2026 年 5 月 8 日）通話中所記錄之資訊僅以今日為準。請注意，任何具時效性的資訊，在日後重播收聽或閱讀逐字稿時，可能已不再準確。

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

我也要提醒各位，今日討論中凡非歷史事實之陳述，包括對預期、未來事件或未來財務表現的陳述，均屬《1995 年私人證券訴訟改革法》安全港條款所界定的前瞻性陳述。我們在今日電話會議中將作出前瞻性陳述，而其本質具有不確定性，且不在公司控制範圍內。

Actual results may differ materially. Please refer to our earnings press release for our disclosure on forward-looking statements. These factors and 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. 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.

實際結果可能出現重大差異。關於前瞻性陳述之揭露，請參閱我們的財報新聞稿。上述因素以及其他風險與不確定性，已在公司向美國證券交易委員會（SEC）提交的文件中詳加說明。管理層亦將提及非 GAAP 指標，包括調整後淨利、調整後 EBITDA 以及調整後 EBITDA 利潤率。與最接近 GAAP 指標之調節表可於我們財報新聞稿末尾查閱。Construction Partners 不承擔公開更新或修訂任何前瞻性陳述之義務。

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

接下來我想把電話交給 Construction Partners 的執行長 Jule Smith。Jule？

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

謝謝你，Rick，各位早安。感謝各位參加今天的電話會議。今天與我一同出席的有：我們的財務長 Greg Hoffman，以及執行董事長 Ned Fleming。

I'd like to begin by thanking our approximately 7,000 employees for their hard work and excellence in achieving a great second quarter, exceeding profitability expectations and growing backlog, which allows us to meaningfully raise our outlook for FY '26. While the financial results of focusing on our family of company's culture are hard to measure, we know that building a great culture does have a real impact on bottom line results. At CPI, we hold ourselves accountable by constantly measuring several key areas of cultural health.

我想先感謝我們約 7,000 名員工的辛勤付出與卓越表現，讓我們在第二季取得亮眼成績，不僅獲利超出預期，未完成訂單（backlog）也持續成長，使我們得以大幅上調 2026 財年的展望。雖然聚焦於我們「公司大家庭」文化所帶來的財務成果不易量化，但我們知道，打造優秀文化確實會對最終盈餘產生實質影響。在 CPI，我們透過持續衡量多項文化健康的關鍵面向來自我要求。

First, we focus on keeping a low turnover of employees, which increases the experience and stability of our workforce. Second, we strive to lower benefit costs, so we maximize the take-home pay to our employees' families. This helps us attract the most talented folks to our teams across all 110 local markets. And finally, every year, we survey all 7,000 employees for honest and candid feedback, which gives us vision on how to improve and innovate as a company. Maintaining this focus on our culture will continue to drive performance and produce great results.

第一，我們著重維持較低的員工流動率，以提升人力的經驗與穩定性。第二，我們致力於降低福利成本，讓員工家庭能獲得更高的實領薪資。這有助於我們在超過 110 個在地市場的各個團隊中，吸引最優秀的人才。最後，每年我們都會對全體 7,000 名員工進行調查，蒐集真誠且坦率的回饋，讓我們看見公司如何改進與創新。持續聚焦於企業文化，將繼續驅動績效並帶來優異成果。

In Q2, we grew revenue, adjusted EBITDA and backlog. Favorable weather in the quarter provided the ability to advance work efficiently and exceed expectations. We play an outdoor game. And when we have dry weather, we can work more days and consequently increase our volumes. Looking at the cost environment during Q2, energy volatility had a limited impact on results due to the protection of the liquid asphalt index on more than 80% of our total revenue, the physical hedging of diesel fuel and the oil price hedging mechanism inherent to our vertical integration at the liquid asphalt terminals. Today, we source more than 50% of our liquid AC needs internally. As we look to the future relative to building our backlog, our pass-through cost model reacts quickly to rising commodity prices.

第二季我們的營收、調整後 EBITDA 與未完成訂單均有所成長。本季有利的天候讓我們能更有效率地推進工程並超越預期。我們從事的是戶外的工作。當天氣乾燥時，我們能工作更多天，因此也能提高施工量。就第二季的成本環境而言，能源價格波動對結果影響有限，原因包括：超過 80% 的總營收受到液態瀝青指數的保護、柴油燃料的實體避險，以及我們在液態瀝青終端的垂直整合所內含的油價避險機制。目前我們超過 50% 的液態 AC（瀝青膠結料）需求由內部供應。展望未來，在建立未完成訂單方面，我們的成本轉嫁（pass-through）模式能快速反映大宗商品價格上漲。

Turning now to the demand environment. Construction project demand throughout our footprint remains strong for both public infrastructure work as well as commercial development for new construction. Our teams are actively bidding and building a wide range of commercial projects. A few examples to highlight. In Texas, Four Star Paving is working on a portfolio of eight data center projects totaling approximately $100 million of contract value.

接著談需求環境。在我們的營運版圖內，建設專案需求依然強勁，無論是公共基礎建設工程，或是新建案的商業開發皆然。我們的團隊正積極投標並承作各式各樣的商業專案。舉幾個例子說明。在德州，Four Star Paving 正在進行一組共 8 個資料中心專案的組合，合計合約金額約 1 億美元。

In Tennessee, our new acquisition, Four Star Paving currently is working on 12 warehouse projects in the dynamic Metro Nashville market, totaling a contract value of approximately $28 million. And in Alabama, Wiregrass Construction is working on a Mag 7 data center in the Northeast region of the state valued at approximately $4 million.

在田納西州，我們新收購的 Four Star Paving 目前正在充滿活力的大納什維爾都會市場承作 12 個倉儲專案，合計合約金額約 2,800 萬美元。而在阿拉巴馬州，Wiregrass Construction 正在該州東北部承作一個「Mag 7」資料中心專案，價值約 400 萬美元。

Taken together, these projects reflect an expanded backlog and pipeline of opportunities entering the second half of our fiscal year. These are just a few examples of the approximately 1,000 commercial sector projects we will participate in building this year across our eight and over 110 local markets.

綜合來看，這些專案反映出在本財政年度下半年開始之際，我們的未完成訂單與機會管線均有所擴大。以上僅是我們今年將在八個州、超過 110 個在地市場中，參與承作約 1,000 個商業領域專案中的少數例子。

On the public side, both the federal and state governments are continuing their investment in infrastructure to keep up with the growing economies in the Sunbelt. This is particularly true with the small- and medium-sized recurring maintenance projects fora state DOTs, cities and counties that represent a majority of our work. Some examples new public projects include -- in the Houston area, Burwood Green has won several multimillion-dollar projects, which are part of the city's infrastructure preparations for the upcoming FIFA World Cup this summer.

在公共部門方面，聯邦與州政府持續加大基礎建設投資，以跟上陽光帶（Sunbelt）經濟成長的步伐。這在各州交通部（DOT）、城市與郡縣所主導的小型與中型、可重複的例行維護專案上尤其明顯，而這些專案構成我們工作量的大宗。一些新的公共專案例子包括——在休士頓地區，Burwood Green 贏得了數個數百萬美元等級的專案，屬於該市為今年夏天即將到來的 FIFA 世界盃所做的基礎建設準備之一部分。

North Carolina, Fred Smith Company won a contract for multiple road widenings and improvements valued at approximately $150 million to prepare for the US opens returned to Pinehurst in 2029. And in the Florida Panhandle, CWR is working on a taxiway reconstruction project at Eglin Air Force Base added approximately $27 million. These projects represent just a few of the different type of public projects we are working on today. With respect to federal funding for the Surface Transportation program, we continue to engage in productive discussions with key members of Congress regarding reauthorization.

在北卡羅來納州，Fred Smith Company 贏得一份包含多項道路拓寬與改善工程的合約，價值約 1.5 億美元，以因應 2029 年美國公開賽重返 Pinehurst 的準備工作。在佛羅里達狹長地帶（Panhandle），CWR 正在 Eglin 空軍基地進行一項滑行道重建專案，新增金額約 2,700 萬美元。這些專案僅代表我們目前承作之各類公共專案中的一小部分。就地面運輸（Surface Transportation）計畫的聯邦資金而言，我們持續與國會關鍵成員進行具建設性的討論，以推動重新授權。

Encouragingly, both parties and both chambers are actively working to release a markup of the bill this month to advance a new five-year authorization somewhere in the $500 billion to $600 billion range. This would represent a substantial increase in investment in our nation's transportation infrastructure.

令人鼓舞的是，兩黨以及參眾兩院都在積極推動於本月公布法案的修訂版本（markup），以推進一項新的五年期授權，規模約在 5,000 億至 6,000 億美元之間。這將代表我國交通運輸基礎建設投資的大幅提升。

Turning to our growth strategy. Last month, we completed our latest strategic acquisition with the purchase of Four Star Paving, the premier commercial paving contractor in the Nashville Metro area. I want to welcome all the great folks at Four Star Paving to the CPI family of companies. Their assets and customer relationships across Central Tennessee will serve as a valuable extension of our platform company in the state, PRI.

接著談我們的成長策略。上個月，我們完成最新一項策略性併購，收購 Four Star Paving——納什維爾都會區首屈一指的商業鋪路承包商。我想歡迎 Four Star Paving 的所有優秀夥伴加入 CPI 的公司大家庭。他們在田納西州中部的資產與客戶關係，將成為我們在該州平台公司 PRI 的重要延伸。

Four Star represents our fourth acquisition in fiscal 2026 and our 17th since the beginning of fiscal 2024, underscoring the continued momentum of our disciplined M&A strategy. These acquisitions are all fully integrated and meaningfully contribute to the growth of our financial results. Today, the generational transition of family companies continues in our industry, and we have a robust pipeline of attractive acquisition opportunities across our existing footprint and adjacent states.

Four Star 代表我們在 2026 會計年度的第四起收購，也是自 2024 會計年度開始以來的第 17 起，凸顯我們嚴謹併購策略持續推進的動能。這些收購案皆已全面整合，並對我們財務成果的成長做出實質貢獻。目前，家族企業的世代交替在本產業仍在持續，我們在既有版圖及鄰近州別擁有強勁的優質收購機會管線。

We remain in active dialogue with a number of prospective sellers. We also remain focused on organic growth as a strong driver of shareholder value. Our new Gastonia, North Carolina greenfield will begin operations this quarter and soon will be servicing a large $60 million contract expanding and widening 85 through Gaston County near Charlotte. As a key part of our organic growth, there are several more greenfield facilities that we plan to bring online later this year and early next year.

我們仍與多位潛在賣方保持積極對話。我們也持續聚焦於有機成長，作為推動股東價值的重要驅動力。我們位於北卡羅來納州加斯托尼亞（Gastonia）的新建綠地據點將於本季開始營運，並將很快為一項 6,000 萬美元的大型合約提供服務，該合約內容為在夏洛特附近的加斯頓郡（Gaston County）擴建並拓寬 85 號州際公路。作為我們有機成長的關鍵一環，我們計畫在今年稍晚及明年初再讓數個綠地設施上線營運。

Before turning the call over to Greg, I want to reiterate that our family of companies is now in our busy work season, executing on a record backlog and continuing to deliver excellence to our customers in both the public and private markets. As reflected in our revised guidance, we expect fiscal year 2026 to be another strong year, reinforcing our confidence in achieving our ROAD 2030 growth plan to double the size of the company generate $1 billion of annual EBITDA and expand EBITDA margins to approximately 17%.

在把電話會議交給 Greg 之前，我想再次強調，我們的企業家族目前正處於繁忙的施工旺季，正執行創紀錄的在手訂單，並持續在公共與民間市場為客戶交付卓越成果。如我們修訂後的財測所示，我們預期 2026 會計年度將是另一個強勁年度，進一步強化我們對達成 ROAD 2030 成長計畫的信心：公司規模倍增、每年創造 10 億美元 EBITDA，並將 EBITDA 利潤率擴大至約 17%。

And with that, I'd like to now turn the call over to Greg. Greg?

那麼，接下來我想把電話會議交給 Greg。Greg？

Thanks, Jule, and good morning, everyone. As Jule mentioned, we reported a strong second quarter, maintaining the outperformance we experienced in Q1 to start the year. I will review the quarter in more detail before discussing our raised outlook ranges. I'll start with a review of our key performance metrics for the second quarter of fiscal 2026.

謝謝你，Jule，各位早安。如 Jule 所提到，我們公布了強勁的第二季表現，延續了我們在第一季開年所展現的超預期表現。在討論我們上調後的展望區間之前，我會先更詳細回顧本季表現。我先從回顧 2026 會計年度第二季的關鍵績效指標開始。

Revenue was $769.2 million, an increase of 35% compared to last year. The breakdown of this revenue growth was 11% organic and 24% acquisitive. For the fiscal 2026 year, we continue to anticipate organic growth of approximately 7% to 8%. Gross profit in the second quarter was $98.9 million, an increase of approximately 39% compared to last year. As a percentage of total revenues, gross profit was 12.9% compared to 12.5% last year.

營收為 7.692 億美元，較去年成長 35%。這項營收成長的拆解為：有機成長 11%，併購貢獻 24%。就 2026 會計年度全年而言，我們仍預期有機成長約 7% 至 8%。第二季毛利為 9,890 萬美元，較去年增加約 39%。以總營收百分比計，毛利率為 12.9%，去年為 12.5%。

General and administrative expenses as a percentage of total revenue in the second quarter were 8.3% in FY '26 and 8.2% in FY '25. Net income was $9.2 million and adjusted net income was $10.4 million. Earnings per diluted share for adjusted net income was $0.18. Adjusted EBITDA was $93.3 million, an increase of 35% compared to last year. Adjusted EBITDA margin for the quarter was 12.1%. You can find GAAP to non-GAAP reconciliations of net income and adjusted EBITDA financial measures at the end of today's earnings release.

第二季一般及行政費用占總營收比重，2026 會計年度為 8.3%，2025 會計年度為 8.2%。淨利為 920 萬美元，調整後淨利為 1,040 萬美元。調整後淨利的稀釋後每股盈餘為 0.18 美元。調整後 EBITDA 為 9,330 萬美元，較去年成長 35%。本季調整後 EBITDA 利潤率為 12.1%。您可在今日財報新聞稿末尾找到淨利與調整後 EBITDA 等財務指標由 GAAP 至非 GAAP 的調節表。

Turning now to the balance sheet. We had $77 million of cash and cash equivalents and $150 million available under our credit facility at March 31, net of a reduction for outstanding letters of credit. As of the end of the quarter, our debt to trailing 12-month EBITDA ratio was 3.23x. We remain on pace with our strategy of reducing the leverage ratio to approximately 2.5x to support sustained profitable growth.

接著看資產負債表。截至 3 月 31 日，在扣除未償信用狀所致的減額後，我們持有 7,700 萬美元的現金及約當現金，且在我們的授信額度下尚有 1.5 億美元可用額度。截至本季末，我們的負債對過去 12 個月 EBITDA 比率為 3.23 倍。我們仍按計畫推進將槓桿比率降至約 2.5 倍的策略，以支持持續的獲利成長。

To that end, we anticipate cash flow generated during the third quarter to fund the Four Star Paving acquisition without the need for additional long-term debt. demonstrating the strength of cash flow from our operating model. In the second quarter of fiscal 2026, cash flow from operations was $65.2 million. up from $55.6 million in Q2 of fiscal 2025. We expect to convert 75% to 85% of EBITDA to cash flow from operations in FY '26.

為此，我們預期第三季所產生的現金流將可用於資助 Four Star Paving 的收購，而無需額外增加長期負債，展現我們營運模式所帶來的強勁現金流。在 2026 會計年度第二季，營運活動現金流為 6,520 萬美元，高於 2025 會計年度第二季的 5,560 萬美元。我們預期在 2026 會計年度將 EBITDA 的 75% 至 85% 轉換為營運活動現金流。

These are our new ranges. Revenue in the range of $3.59 billion to $3.65 billion, net income in the range of $159 million to $162 million, adjusted net income in the range of $170.4 million to $174.2 million, adjusted EBITDA in the range of $552 million to $564 million and adjusted EBITDA margin in the range of 15.38% to 15.45%. Lastly, as Jule mentioned, we had a project backlog of $3.14 billion at March 31, 2026. We have approximately 80% to 85% of the next 12 months contract revenue covered in backlog.

以下是我們新的區間。營收區間為 35.9 億至 36.5 億美元，淨利區間為 1.59 億至 1.62 億美元，調整後淨利區間為 1.704 億至 1.742 億美元，調整後 EBITDA 區間為 5.52 億至 5.64 億美元，調整後 EBITDA 利潤率區間為 15.38% 至 15.45%。最後，如 Jule 所提到，截至 2026 年 3 月 31 日，我們的專案在手訂單為 31.4 億美元。未來 12 個月的合約營收約有 80% 至 85% 已由在手訂單覆蓋。

And with that, we will open the call to questions. Operator?

那麼，接下來我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

(technical difficulty)

（技術問題）

Kathryn Thompson, Thompson Research Group.

Kathryn Thompson，Thompson Research Group。

I wanted to follow up on -- this has been a fairly active year with M&A. And as we think about modeling for the back half of the year, in light of companies you've acquired, how should we think about contribution from acquisitions, margin profile and any other factor we should think about when taking into account these acquisitions.

我想追問一下——今年併購活動相當積極。當我們思考如何建模下半年時，鑑於你們已收購的公司，我們應該如何看待收購案的貢獻、利潤率輪廓，以及在納入這些收購案時還有哪些其他因素需要考量？

Yes. Kathryn, I'll speak to just the M&A environment since you asked. And call on Ned, who works closely with us on just growth strategy. And then Greg can give you sort of the modeling question. But we've had a busy year with M&A. We continue to talk to a lot of folks in a number of states. I mean, we said that the three platform acquisitions we did last year, would create opportunities in those states. And you saw that happen in Tennessee this past 30 days with Four Star Paving. So we're busy. We're talking to a lot of folks trying to make good decisions.

好的。Kathryn，既然你問到，我先談談併購環境。我也會請 Ned 補充，他在成長策略方面與我們密切合作。接著 Greg 可以回應你關於建模的問題。不過我們今年的併購確實很忙。我們持續與多個州的許多人洽談。我的意思是，我們曾說過去年完成的三個平台型收購，將在那些州創造機會。而你也在過去 30 天看到這件事在田納西州發生，透過 Four Star Paving。所以我們很忙。我們正與許多人洽談，努力做出好的決策。

I'm going to turn the call over to Ned and then Greg.

我把電話會議交給 Ned，然後再交給 Greg。

Thank you, Jule. I think, Kathryn, it's really interesting, having been part of this now for 26 years. We continue to see an industry that's in growth mode. I don't think anybody goes anywhere where they say, Wow, the roads are perfect. And so the demand curve for that with the voters has increased over time. So you've got a large growing industry.

謝謝你，Jule。Kathryn，我認為這很有意思，因為我參與這個產業已經 26 年了。我們持續看到這個產業處於成長模式。我不認為有人去到任何地方會說：哇，道路很完美。因此，選民對此的需求曲線隨時間推移而上升。所以你面對的是一個規模龐大且持續成長的產業。

The demographics are still moving toward the Sunbelt, which is really our focus and will continue to be our focus. We see more and more people moving there, more and more businesses moving there. if you were just to go chart even data centers, more and more data centers moving there, which creates opportunities for us. And you still have an industry that's very fragmented where generational transition is happening and people every year, people are getting older. And so we see more and more opportunities. It's almost amazing.

人口結構仍在持續往陽光帶（Sunbelt）移動，這確實是我們的重點，也將持續是我們的重點。我們看到越來越多人搬到那裡、越來越多企業搬到那裡。即便你只是去看資料中心的數據圖表，也會發現越來越多資料中心移往那裡，這為我們創造了機會。而且這個產業仍然非常分散，正發生世代交替，每一年人們都在變老。因此我們看到越來越多機會。幾乎令人驚訝。

We see a lot of bolt-on opportunities because of the new states that we've entered. We're seeing real benefits in Texas from doing the acquisitions in Houston, and that's just a booming market, both from the standpoint of public services as well as private enterprise and commercial.

由於我們進入了新的州，我們看到很多加掛式（bolt-on）機會。我們在德州確實看到在休士頓進行併購所帶來的實質效益；那是一個蓬勃發展的市場，無論從公共服務或民間企業與商業活動的角度來看都是如此。

And the last piece is there's no technological obsolescence. I mean there are ways for us to utilize, and we're looking at that, utilizing technology and AI, and there's some really terrific benefits for the company, and I think we're way ahead of the curve on all of that. But AI is not going to lay asphalt or pave the road or greater road. So for us, I think we see an environment that's almost better today than it was 25 years ago for growth. And we see a lot of opportunities that we pass on.

最後一點是，沒有技術淘汰的問題。我的意思是，我們有方法可以加以運用——我們也正在研究——運用科技與 AI，這能為公司帶來一些非常出色的效益，而且我認為我們在這方面遠遠走在前面。但 AI 不會去鋪瀝青、也不會去鋪路或整修道路。所以對我們而言，我認為我們看到的成長環境，幾乎比 25 年前還要更好。而且我們也看到很多機會，但我們選擇不做。

So I think as you look to the back half of this year, you'll see us do some acquisitions that we think are strategic where it fits the culture where there are great long-term benefits as we move into those territories, both bolt-ons. We also see new platforms in new states. I don't know that we'll do any of those at this stage of the game, but we certainly see them. So growth is -- good at this stage of gaming continues to be a bright future.

所以我認為，當你看今年下半年，你會看到我們進行一些我們認為具策略性的併購——符合文化契合度，並且在我們進入那些區域時能帶來很好的長期效益，包含加掛式（bolt-ons）。我們也在新州看到新的平台型機會。我不確定在目前這個階段我們是否會做任何一筆，但我們確實看得到。因此成長——在目前這個階段——仍然是光明的未來。

Yes, Kathryn. As far as your modeling questions, so the remaining six months, we'll have about $225 million, $235 million of acquisitive revenue. If you do the math there on the center of our guide, that puts us about right in the heart of that 7% to 8% organic growth with our 11% in Q2. Organic growth, that kind of is a 7% to 8% organic guide all year.

是的，Kathryn。就你建模的問題而言，接下來六個月，我們大約會有 2.25 億到 2.35 億美元的併購帶來的營收。如果你用我們指引區間的中位數來算，這會讓我們大致落在 7% 到 8% 的有機成長區間，而我們第二季是 11%。有機成長——也就是全年大概是 7% 到 8% 的有機成長指引。

Okay. That's very helpful. And then you touched on in your prepared commentary, some various jobs in major markets, Texas, to Tennessee and along the East Coast. Are you seeing any change in the momentum either positive or negative with that reindustrialization trend? And maybe putting a finer point to it. If you look at the types of jobs that you have in your backlog today, how does it look today versus two years ago?

好的。這非常有幫助。然後你在事先準備的評論中提到，在主要市場有各種不同的案子，從德州到田納西州以及東岸沿線。就再工業化（reindustrialization）趨勢而言，你是否看到動能有任何變化——不論是正面或負面？也許把問題問得更精準一些。如果你看你目前在手訂單（backlog）中的案子類型，跟兩年前相比，現在看起來如何？

Yes, Kathryn. When we look at our backlog, as we've talked about from several years ago, we still have a good breakdown of public and commercial projects, but the commercial projects are much more weighted and favoring manufacturing and corporate centers and warehouses. And so the reindustrialization trend that started with COVID supply chains and that has sped up this past year to 18 months is affecting our opportunities. There's no question. I think Q1, our country had record investment in capital infrastructure, and the Sunbelt states are getting a lot of that investment.

是的，Kathryn。當我們看在手訂單時，如同我們幾年前談過的，我們仍然有公共與商業專案的良好組合，但商業專案的比重更高，且更偏向製造業、企業中心以及倉儲。因此，從 COVID 供應鏈開始的再工業化趨勢，並在過去 12 到 18 個月加速，正在影響我們的機會。毫無疑問。我認為第一季我們國家在資本性基礎建設方面的投資創下紀錄，而陽光帶各州獲得了大量投資。

The article just came out this week at NVIDIA and Corning are investing $2.7 billion in three facilities in North Carolina and Texas. And those are two of our key states, and we're going to look to participate in that investment. So I would say, if you think the reindustrialization is going to be a tailwind for the next several years.

本週剛有一篇報導指出，NVIDIA 與康寧（Corning）將在北卡羅來納州與德州的三座設施投資 27 億美元。而那兩個州都是我們的關鍵州，我們會尋求參與這些投資。所以我會說，如果你認為再工業化在未來幾年會是一股順風。

Rohit Seth, B. Riley Securities.

Rohit Seth，B. Riley Securities。

This is just on the liquid AC and the diesel and the energy shock. Is there any sort of timing delay between when you incur those costs and when you get the rebates from the DOTs on the escalators as we think about going into the third quarter?

這題是關於液態 AC、柴油以及能源衝擊。就我們進入第三季來看，你們在承擔這些成本與從各州交通部（DOTs）透過調整條款（escalators）取得回饋／補貼之間，是否存在任何時間差？

Yes, Rohit. No, actually not. They're settled monthly in the progress payment that we get from the states. So literally, they're taking from the time we bid the job, the date we bid the job, the index then and comparing that to the date we made it. And then in that month, that settlement is done in that month payment.

是的，Rohit。不，實際上沒有。它們會在我們從各州收到的工程進度款中按月結算。所以基本上，他們會從我們投標該案的時間點——投標日期——取當時的指數，並與我們實際執行時的日期做比較。然後在當月，就在當月的付款中完成結算。

Okay. All right. And then just regards to the IIJA reauthorization and your ROAD 2030 target, when you contemplated that ROAD 2030, were you of the view that funding level is going to come out to the $500 billion to $600 billion that you mentioned on the prepared remarks?

好的。了解。另外關於 IIJA 的再授權以及你們的 ROAD 2030 目標，當你們規劃 ROAD 2030 時，你們是否認為資金水準會如你在事先發言中提到的，落在 5,000 億到 6,000 億美元？

Yes, Rohit, that's a good question. And I would say the answer to that is no. We anticipate that each year, the investment in infrastructure at the federal level will go up because it always has. And so -- but we don't assume some 20% to 30% to 40% increase that could be part of this reauthorization that we're hearing in the $500 billion to $600 billion range. That's not something that we model in. It would be nice. I think it would be good for our country. But no, we just assume a normal mid-single-digit bump each year, which is what's happened for the last three decades.

是的，Rohit，這是個好問題。我會說答案是否定的。我們預期聯邦層級每年對基礎建設的投資都會增加，因為一直以來都是如此。所以——但我們不會假設會有 20% 到 30% 到 40% 的增幅，而這可能是我們聽到這次再授權可能帶來、約 5,000 億到 6,000 億美元區間的一部分。那不是我們會納入模型的假設。如果有當然很好。我認為這對我們國家會是好事。但不，我們只是假設每年正常的中個位數增幅，而這正是過去三十年所發生的情況。

Okay, fantastic. And then on the data centers, you mentioned several data centers. Is that becoming a more sizable portion of your book? Like is there a way to frame the size of the impacts relative to the size of the business at the moment?

好的，太棒了。然後關於資料中心，你提到好幾個資料中心。那是否正在成為你們業務中更重要的一部分？例如，有沒有方式可以描述其影響規模，相對於目前整體業務規模而言？

Yes. I would say, Rohit, that it is becoming more of a part of what we do because there's more being built in our markets. And as we get involved with the people building data centers, we build relationships and so that's allowing us to have more opportunity to participate up front and helping them plan their projects and participate in them as they're built. So we see data centers as a really good opportunity across a number of our states for -- I mean, you know the investment they're talking about for the next five years. So these are really nice opportunities for us.

是的。我會說，Rohit，它確實正在成為我們工作內容中更大的一部分，因為我們的市場裡正在興建更多資料中心。而當我們與興建資料中心的人合作時，我們建立起關係，這讓我們有更多機會在前期就參與，協助他們規劃專案，並在建造過程中參與其中。所以我們把資料中心視為在我們多個州都非常好的機會——我的意思是，你也知道他們談到未來五年的投資規模。因此，這些對我們而言都是非常不錯的機會。

(technical difficulty)

(技術性困難)

Andrew Wittmann, Baird.

Andrew Wittmann，Baird。

I guess I just wanted to dig in a little bit more on crude here. Maybe, Greg, first, can you -- can you talk about what the kind of crude energy at liquid asphalt assumptions are in this revised guidance? Obviously, the margin percentage range didn't really change very much, but I still wanted to understand how you're thinking about that? And maybe just to kind of put a stake in the ground, can you talk about quantify maybe the impact year-over-year that those prices did have in the 1 month of the quarter that was affected?

我想我只是想再更深入一點談談原油這塊。也許，Greg，先請你——你能談談在這次修訂後的指引中，對液態瀝青（liquid asphalt）的原油能源假設大概是什麼嗎？顯然，毛利率百分比區間其實沒有太大變化，但我仍想了解你們是如何看待這件事的？另外，為了把基準點釘清楚，你能否量化一下，這些價格在本季中受影響的那 1 個月，對年對年的影響大概是多少？

Yes. Sure. So we're using diesel and natural gas to run our equipment in our plants. Liquid AC just for the audience goes into making hot mix asphalt. Our guide really certainly is cautious, and we're concerned about the future, like everybody is.

是的。當然。我們在工廠使用柴油和天然氣來運轉設備。對聽眾說明一下，液態瀝青（Liquid AC）是用來製作熱拌瀝青（hot mix asphalt）的。我們的指引確實偏保守，我們也和大家一樣，對未來感到擔憂。

But we don't think that it really is going to make a huge difference for us because I think liquid AC and what we have at our terminals is driving a little bit of the offset and maybe what we're seeing in diesel. And then natural gas has been steady. So no increases there that we're having to deal with. It really didn't have much impact, as Jule said in his remarks in the first quarter.

但我們不認為這會對我們造成很大的差異，因為我認為液態瀝青以及我們在終端（terminals）持有的庫存，正在帶來一些抵銷效果，部分抵銷了我們在柴油上看到的變化。而天然氣一直很穩定。所以那邊沒有我們需要面對的漲價。正如 Jule 在第一季的發言中提到的，實際上影響並不大。

But my understanding I mean, presumably use first in, first down accounting on your liquid AC in your terminals. Can you maybe just remind us how many months of production you have there, recognizing that I think you said that you supply about 50% of your own liquid AC. So some of that -- are you bought under contract for the other 50%? Or -- and I know you got pass-through for 80% with the customers. But just trying to understand how the FIFO accounting is a factor, if at all.

但我的理解是，你們在終端的液態瀝青應該是採用先進先出（FIFO）的會計處理。你能否提醒我們，你們那邊大概有幾個月的產量庫存？我知道你們說過大約 50% 的液態瀝青是自供。所以另外那 50%——是透過合約採購嗎？或者——我也知道你們對客戶有 80% 的轉嫁（pass-through）。我只是想了解 FIFO 會計在其中是否、以及在多大程度上會成為一個因素。

Yes. It is, certainly. I mean, if you were following liquids in the quarter, it actually was going down for the first couple of months. In fact, our average pricing in the terminals was less than it was at $9.30 per ton and less than it was this time last year per ton. So kind of what I meant about what I said earlier is that as liquid -- as prices go up, but we have in that terminal, each of those terminals, the value increases. So that's powerful for us. But in terms of -- we have 2, 2.5 months this time of year of availability for liquidity.

是的。確實是。我的意思是，如果你在本季有追蹤液態瀝青的價格，其實前幾個月是在下跌的。事實上，我們終端的平均價格低於每噸 9.30 美元，也低於去年同期的每噸價格。所以我先前的意思是，當液態瀝青——當價格上升時，但我們在終端裡持有的庫存，其價值也會上升。這對我們很有利。但就——我們在每年這個時候，大概有 2 到 2.5 個月的流動性（liquidity）可用。

Okay. And then just maybe a final one. I just wanted to, Jule, get a little bit more sense here as we're getting into the real busy season here. And just maybe you could talk about your April awards. The backlog, I think, sequentially, you had a lot of burn, but kind of sequentially kind of flattish organically. So just as we evolve into the real busy season, just thought I'd have your comments a little bit about what you've seen in April so far, getting a sense there.

好的。然後最後再問一個。Jule，我想在我們進入真正的旺季之際，再多了解一些情況。也許你可以談談你們 4 月的得標情況。我想積壓訂單（backlog）在序列上你們消化了不少，但若看有機成長，序列上大致持平。所以當我們進入真正的旺季時，想請你評論一下截至目前 4 月你看到的狀況，讓我們掌握一下。

And I know you always say that your outlook for backlog is lumpy. Obviously, your quarterly performance since the IPO has been almost entirely up and to the right every quarter. But I just want to kind of get your sense on how the quarter and the year are evolving if your expectation would continue to be for a book-to-bill from here on out for the year over one.

我也知道你一向會說，對積壓訂單的展望是有波動（lumpy）的。顯然，自 IPO 以來，你們的季度表現幾乎每一季都是一路向上。但我想了解你對本季與今年走勢的看法——你是否仍預期從現在起到年底，接單/出貨（book-to-bill）會維持在 1 以上？

Yes, Andy, I mean, as I've said many times, and it continues to be true, we're pleased with the amount of opportunities we have to bid. On the private side in our markets, we're still seeing a good amount of opportunities. And on the public side, our state and local DOT contract awards are going to be up this year. Somewhere between 10% and 15% overall.

是的，Andy，我的意思是，正如我多次說過的，而且現在仍然如此，我們對可供投標的機會數量感到滿意。在我們市場的民間（private）端，我們仍看到相當多的機會。在公共（public）端，我們州與地方交通部（DOT）的合約授標今年會增加。整體大約在 10% 到 15% 之間。

So we're bidding a lot of opportunities. But with the size backlog we have, we can bid patiently, and which we're doing. So I feel like backlog is going to continue to build. Having said that, as we've said now for 20 quarters, historically, backlog has gone down sequentially in our busy work season. But for the last 20 quarters, it's gone up. But it would not surprise us or bother us if in our busy work season, it went down sequentially. That would be just fine. So we hope we have the weather and the opportunity to burn off a lot of backlog in these next two quarters, and we're going to continue to build it.

所以我們正在投標很多機會。但以我們目前的積壓訂單規模，我們可以更有耐心地投標，而我們也確實如此。因此我覺得積壓訂單會持續累積。話雖如此，正如我們過去 20 個季度一直說的，歷史上在我們的施工旺季，積壓訂單通常會在序列上下降。但過去 20 個季度，它反而是上升的。不過，如果在我們的施工旺季它在序列上下降，這不會讓我們意外，也不會困擾我們。那完全沒問題。所以我們希望接下來兩個季度天氣良好、也有足夠機會去消化大量積壓訂單，同時我們也會繼續累積新的積壓訂單。

Michael Feniger, Bank of America.

Michael Feniger，美國銀行（Bank of America）。

I guess the first question, just with these data centers, obviously, with these mega projects, big projects. Is this changing your overall average project? Does your risk profile, Jules, change at all as maybe you do more private work for these big projects? I'm just kind of putting that in context as we've kind of always known you guys as kind of doing a lot of these smaller scale projects. I'm just kind of curious if the risk profile is evolving with these larger projects.

我想第一個問題是，關於這些資料中心——顯然這些是超大型專案、大型專案。這是否正在改變你們整體的平均專案規模？Jules，當你們為這些大型專案做更多民間工程時，你們的風險輪廓（risk profile）是否有任何改變？我只是想把這放在脈絡裡，因為我們一直以來都認為你們主要做的是較小規模的專案。我只是好奇，隨著這些較大型專案增加，風險輪廓是否正在演變。

Yes, Michael, that's a fair question because, obviously, when I give projects to highlight, I don't necessarily highlight the $2 million or $3 million county resurfacing, but that's still the vast majority of what we do. I don't think our risk profile has gone up. We always have and have had larger projects that we work on, on the commercial side and the public side.

是的，Michael，這是個合理的問題，因為顯然當我舉例強調專案時，我不一定會特別提到 200 萬或 300 萬美元的郡級道路重鋪，但那仍然是我們業務的絕大多數。我不認為我們的風險輪廓有上升。我們一直都有、也一直在做較大型的專案，無論是在商業端或公共端。

But no, our overall average project size really hasn't changed at all other than inflation. So our strategy is still the same. We're going to work on a lot of projects in the $2 million to $3 million range and that have less risk, higher margins. But we are going to continue to do these projects where we have an opportunity to work on data centers in our markets.

但沒有，我們整體的平均專案規模除了通膨因素外，並沒有任何改變。所以我們的策略仍然相同。我們會做很多 200 萬到 300 萬美元區間的專案，這些專案風險較低、毛利較高。但我們也會持續進行這些專案——在我們的市場中，只要有機會參與資料中心的工程，我們就會去做。

Perfect. And Greg, maybe on just the liquid asphalt question with the run-up in diesel. Can you just help us -- some questions we're getting from the audience is from the investor community is there's been periods when you've seen a spike, and we would see it show up in the gross margin at some point in prior periods, we've seen a spike in oil and diesel.

很好。Greg，另外回到液態瀝青的問題，考量柴油價格的快速上漲。你能否協助我們——我們從聽眾、也就是投資人社群那邊收到一些問題：過去曾有一段時間你們看到價格飆升，而我們會在某個時點看到它反映在毛利率上；在先前的期間，我們也看過原油與柴油的飆升。

So I guess, Greg, how have things kind of changed in terms of how you guys have managed liquid asphalt? I think you guys now have terminals, you guys have more storage capabilities. Just help us understand how things have maybe changed versus the last time we've seen spikes in inflation, particularly when it comes to diesel and how we should think about it going forward for you guys now?

所以我想問一下，Greg，你們在液態瀝青的管理方式上，這段時間有哪些變化？我想你們現在有終端站，也有更多的儲存能力。請幫我們理解一下，跟上一次我們看到通膨飆升時相比，特別是柴油方面，情況可能有哪些不同，以及我們接下來應該如何看待你們的狀況？

Yes. Good question. So yes, let me start by just saying we've said for a while, and I'm sure we'll continue to say that when prices go up, there will be a slight headwind. When they go down, there will be a slight tailwind. So certainly not immune, but have evolved to your point, since the last spike, liquid AC certainly terminals and having that essentially inherent hedge in our vertical integration operation, but also a more mature hedging program of for liquid -- I mean, I'm sorry, for diesel and natural gas. So all of those things help. We're not managing to 100% trying to manage 100% of our risk away. We can't do it. But we certainly try to manage some of that risk.

是的。好問題。所以是的，我先從我們講了一段時間、而且我相信我們也會繼續講的開始：當價格上漲時，會有些微的逆風。當價格下跌時，會有些微的順風。所以我們當然不是完全免疫，但如你所說，自上一次飆升以來，我們確實有所演進：在液態瀝青（liquid AC）方面，確實有終端站，並且在我們垂直整合的營運中具備某種內建的避險效果；同時，我們也有更成熟的避險計畫，針對液態——我是說，抱歉，針對柴油與天然氣。所以這些都有幫助。我們並不是要把100%的風險都管理掉。我們做不到。但我們確實會努力管理其中一部分風險。

Helpful. And I guess I'll sneak one more in, Jules. Just if we do wake up in a couple of months and it's a CR, continuing resolution, how do you see DOTs in your state responding? Do they pivot in terms of some of their projects? Do you pivot and say, all right, let's go after more private work? Or do you think it kind of continues to be status quo for a few more months until we hopefully get a actual bill? Just kind of curious how you're thinking about it, how people on the ground are thinking about this as we head into that October time period.

很有幫助。我想我再偷問一個，Jules。如果我們幾個月後醒來，發現是CR（持續決議案，continuing resolution），你怎麼看你們州內的交通部門（DOT）會如何因應？他們會在某些專案上做調整嗎？你們會不會轉向說，好，那我們去爭取更多民間案源？還是你認為可能會在接下來幾個月維持現狀，直到我們希望能拿到一個真正的法案？只是想了解你怎麼思考、以及第一線的人在我們進入10月那段時間時是怎麼看這件事的。

Yes, Michael, working under a continuing resolution or CR is something that we've done several times in our industry. And it largely feels like business as usual. The states continue to work because they are still funding, and you just fund at the same levels. So if there was to be a continuing resolution this fall going into 2027, it would be at record levels because 2026 is a record investment in infrastructure. And probably the states would continue to do the maintenance jobs, the small- and medium-sized jobs. They may on mega jobs, say, let's wait and see what happens. But for what we do, it's very much business as usual. I'm going to call them -- give it to Ned to.

是的，Michael，在持續決議案（CR）之下運作，是我們這個產業已經做過好幾次的事。整體感覺大致上就是照常運作。各州會持續推進，因為資金仍在，只是以相同的水準撥付。所以如果今年秋天一路到2027年都採持續決議案，那會是在創紀錄的水準，因為2026年是基礎建設投資的歷史新高。而且各州大概會繼續做維護工程、小型與中型工程。至於超大型工程，他們可能會說，先等等看會發生什麼事。但就我們所做的而言，基本上就是照常運作。我把——交給Ned來補充。

It's an interesting question. But if we look at it from a historical perspective, I believe six of the eight years of the Obama administration was continuing resolutions, and we continue to grow this business at over 20% a year. So it's going to be, as Jule said, business as usual. historically, we understand it. The states understand it. Hopefully, this time, we don't anticipate it certainly being the length of time that the last -- the Obama administration had.

這是個有意思的問題。但如果從歷史角度來看，我相信歐巴馬政府八年任期中有六年都是持續決議案，而我們仍然能把這項業務每年成長超過20%。所以就像Jule說的，會是照常運作。從歷史上看，我們理解這種情況。各州也理解。希望這一次，我們不預期它會像上一次——歐巴馬政府那時——持續那麼久。

Adam Thalhimer, Thompson, Davis & Company.

Adam Thalhimer，Thompson, Davis & Company。

Can you provide some additional details on Four Star. I'm curious how it fits in with the existing Tennessee assets and how many employees they have?

你能提供一些關於Four Star的更多細節嗎？我很好奇它如何與田納西州既有資產整合，以及他們有多少名員工？

Yes. Adam, if I remember correctly, there are about 150 employees in Tennessee. And it's a great fit. I'm glad you asked that question. So PRI, our platform company in Tennessee does a lot of public work. There's a lot of payment preservation. And Four Star does a different type of work. We've known Four Star and those guys for years. They're a great FOB customer for us in Nashville, but they are the premier commercial paving contractor in the Nashville Metro area.

是的。Adam，如果我沒記錯的話，田納西州大約有150名員工。而且非常契合。我很高興你問到這個問題。所以PRI——我們在田納西的平台公司——做很多公共工程。有很多路面養護（payment preservation）。而Four Star做的是不同類型的工程。我們認識Four Star和他們那群人很多年了。他們一直是我們在納什維爾很棒的FOB客戶，但他們是納什維爾都會區首屈一指的商業鋪面承包商。

They work about a 70- to 80-mile radius around Nashville. And they just have deep relationships with the developers and general contractors and I mean you know how fast Nashville is growing. So these guys have just built a great reputation and business in that area. So we enjoyed getting to know these guys over the last few years and talking about what it might look like for them to join our family of companies, and we're really excited about what they bring to the table.

他們的作業範圍大約是以納什維爾為中心70到80英里的半徑。他們與開發商和總承包商有非常深厚的關係，而且你也知道納什維爾成長有多快。所以這些人就在那個區域建立了很好的口碑與事業。過去幾年我們很享受與他們加深認識，也討論他們加入我們企業家族後可能會是什麼樣子；我們對他們能帶來的價值感到非常興奮。

Nice. Thanks for that. And then liquid asphalt, you said over 50% supplied internally. Do you have a goal to raise that up? Or is that the right percentage for the business long term?

很好。謝謝你的說明。另外，關於液態瀝青，你提到超過50%是由內部供應。你們有目標要把這個比例再提高嗎？還是從長期來看，這個比例對業務而言就是合適的？

Well, good question. I will, first of all, say, just as I said in my prepared remarks, liquid asphalt, over 80% of our use is indexed. I think people might not realize that, but over half of our private contracts, we have an index. And so we want to make sure and call that out. Liquid asphalt, over half of what we use now is internally sourced and we have -- it's our goal to grow it as part of our vertical integration strategy to enhance and grow our margin profile being able to source more of our liquid internally at the wholesale and pass it through at retail. That's a big part of our strategy. So our goal is to increase that percentage over time.

嗯，好問題。我先說，正如我在事先準備的發言中提到的，液態瀝青方面，我們使用量中超過80%是採指數連動（indexed）。我想大家可能沒有意識到這點，但我們超過一半的民間合約都有指數條款。所以我們想確保把這點講清楚。液態瀝青方面，我們目前使用量中超過一半是內部來源；而且——我們的目標是，作為垂直整合策略的一部分持續擴大，透過能在批發端取得更多內部液態瀝青、並以零售端轉嫁，來強化並提升我們的毛利結構。這是我們策略中很重要的一環。所以我們的目標是隨時間提高這個比例。

There are no further questions at this time. I would like to turn the floor back over to management for closing comments.

目前沒有其他問題。我想把時間交還給管理層作結語。

We want to thank everybody for joining us today, and we look forward to talking in the future.

感謝各位今天加入我們，我們期待未來再與各位交流。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝您的參與。今天的活動到此結束。您可以掛斷電話線，祝您有美好的一天。