Summit Materials Inc (SUM) 2023 Q1 法說會逐字稿

Hello, we are now ready to begin the Summit Materials First Quarter 2023 Conference Call. I'll now hand the call over to Andy Larkin, Vice President of Investor Relations. Andy, you may begin.

您好，我們現在準備開始峰會材料 2023 年第一季度電話會議。我現在將把電話轉給投資者關係副總裁安迪·拉金 (Andy Larkin)。安迪，你可以開始了。

Hello, and welcome to the Summit Materials First Quarter 2023 Results Conference Call. Yesterday afternoon, we issued a press release detailing our financial and operating results. Today's call is accompanied by an investor presentation and supplemental workbook, highlighting key financial and operating data. All of these materials can be found on our Investor Relations website.

您好，歡迎參加峰會材料 2023 年第一季度業績電話會議。昨天下午，我們發布了一份新聞稿，詳細介紹了我們的財務和運營業績。今天的電話會議還附有投資者介紹和補充工作手冊，重點介紹了關鍵的財務和運營數據。所有這些材料都可以在我們的投資者關係網站上找到。

Management's commentary in response to questions on today's call may include forward-looking statements, which, by their nature, are uncertain and outside of Summit Materials control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ in a material way. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of Summit Material's latest annual report on Form 10-K, which is filed with the SEC.

管理層在回答今天電話會議問題時的評論可能包括前瞻性陳述，這些陳述本質上是不確定的，並且超出了 Summit Materials 的控制範圍。儘管這些前瞻性陳述基於管理層當前的預期和信念，但實際結果可能存在重大差異。有關可能導致實際結果不同的一些因素的討論，請參閱 Summit Material 向 SEC 提交的最新 10-K 表格年度報告的風險因素部分。

You can find reconciliations of the historical non-GAAP financial measures discussed in today's call in our press release.

您可以在我們的新聞稿中找到今天電話會議中討論的歷史非公認會計準則財務指標的調節表。

Today, I'm joined by Summit CEO, Anne Noonan and our new Chief Financial Officer, Scott Anderson. Anne will provide a brief business update, Scott will review our financial performance, and then we'll conclude our prepared remarks. Please limit your ask to one question and return to the queue so we can accommodate as many analysts as possible in the time we have available. I'll now turn the call over to Anne.

今天，Summit 首席執行官 Anne Noonan 和我們新任首席財務官 Scott Anderson 也出席了會議。安妮將提供簡短的業務更新，斯科特將審查我們的財務業績，然後我們將結束我們準備好的發言。請將您的提問限制為一個問題，然後返回隊列，以便我們在可用時間內容納盡可能多的分析師。我現在將電話轉給安妮。

Thanks, Andy, and hello to everyone joining today's call. Before I start, I wanted to publicly thank Brian Harris for his graciousness and generosity during this leadership transition. I also want to welcome Scott to these quarterly calls. As he settles into the CFO role, he is making an immediate and positive impact on our business, and we look forward to more fully introducing him to the investor community in the weeks and months that follow.

謝謝安迪，並向參加今天電話會議的所有人問好。在開始之前，我想公開感謝布萊恩·哈里斯在這次領導層過渡期間的仁慈和慷慨。我還想歡迎斯科特參加這些季度電話會議。當他擔任首席財務官一職時，他將對我們的業務產生直接而積極的影響，我們期待在接下來的幾周和幾個月內將他更全面地介紹給投資者群體。

Now as you saw in our press release yesterday, our record first quarter results clearly indicate that we have a head start to 2023 as we enter our prime construction season. This progress was not limited to just our financial results but extended to our safety performance as well.

正如您在昨天的新聞稿中看到的那樣，我們創紀錄的第一季度業績清楚地表明，隨著我們進入黃金建設季節，我們在 2023 年取得了領先優勢。這一進步不僅限於我們的財務業績，還擴展到我們的安全績效。

Through March, our forward-looking metrics are flashing green, and most of our lagging metrics are trending in the right direction. Recordable incidents are down year-on-year, and we are leveraging new technologies to make continuous safety improvement, and we are tracking ahead of our 2023 goals.

整個三月份，我們的前瞻性指標呈綠色閃爍，而我們的大多數滯後指標都朝著正確的方向發展。可記錄事故數量同比下降，我們正在利用新技術不斷改進安全，並正在朝著 2023 年的目標前進。

Our success, as always, will depend on our safety leadership across our footprint and more importantly, the buy-in from all Summit employees. As we aspire towards a zero-harm culture, I'm confident in our great people who spearhead those efforts and deliver ongoing successes on the safety front.

我們的成功一如既往，將取決於我們在整個業務範圍內的安全領導力，更重要的是，取決於所有 Summit 員工的支持。當我們渴望建立零傷害文化時，我對我們偉大的員工充滿信心，他們帶頭努力並在安全方面取得持續的成功。

Moving to Slide 4 for our first quarter financial review where I'll highlight a few items but ask Scott to cover our results in more detail.

轉到幻燈片 4，進行我們第一季度的財務回顧，我將重點介紹一些項目，但請 Scott 更詳細地介紹我們的結果。

First and foremost, adjusted EBITDA of $41.2 million is a nearly 80% increase year-on-year, and corresponds with a 420 basis point improvement to our adjusted EBITDA margins. Strong [mid-teens] are better, pricing growth across all lines of business was the primary catalyst that drove record first quarter net revenue and our outstanding profit performance in the quarter.

首先也是最重要的是，調整後 EBITDA 為 4120 萬美元，同比增長近 80%，相當於我們調整後 EBITDA 利潤率提高了 420 個基點。強勁[十幾歲]更好，所有業務線的定價增長是推動第一季度創紀錄的淨收入和本季度出色利潤表現的主要催化劑。

In fact, 20.6% organic aggregates pricing growth is the largest year-over-year quarterly growth rate in our history. Our teams flawlessly executed on

事實上，20.6% 的有機總定價增長是我們歷史上最大的同比季度增長率。我們的團隊完美地執行了

our January 1 pricing actions in all markets. This, in combination with increased contribution from our operational centers of excellence is fueling our margin recovery. Our fast start to the year, along with the improved outlook for demand and pricing, has prompted us to raise our adjusted EBITDA outlook for the full year. I'll go into more detail for you momentarily, but in short and consistent with our playbook, we are controlling our controllables and well positioned to deliver strong financial results amidst ongoing uncertainties in the marketplace.

我們 1 月 1 日在所有市場的定價行動。再加上我們卓越運營中心的貢獻不斷增加，正在推動我們的利潤率恢復。我們今年的快速開局，以及需求和定價前景的改善，促使我們上調了全年調整後的 EBITDA 前景。我將立即為您詳細介紹，但簡而言之，根據我們的劇本，我們正在控制我們的可控因素，並處於有利位置，可以在市場持續存在的不確定性中提供強勁的財務業績。

One major way that we're controlling what we can is on Slide 5, where we provided glimpse into one of our unique self-help margin opportunities, our aggregate center of excellence. If you recall, our North Star cash gross margin target for our ag business is 60% on a trailing 12-month basis. We closed last year at 48.5% and are intently focused on closing that gap in 2023.

我們控制能力的一個主要方式是在幻燈片 5 中，我們在其中展示了我們獨特的自助利潤機會之一，即我們的綜合卓越中心。如果您還記得的話，我們農業業務的 North Star 現金毛利率目標是過去 12 個月的 60%。我們去年的收盤價為 48.5%，並致力於在 2023 年縮小這一差距。

Here, our center of excellence led by our East region president, Bart Boyd, is holding multiple on-site continuous improvement events monthly. These events aim to diagnose sources of operational inefficiencies, design and implement customized corrective actions and measure progress against clear objectives. This Summit capability is rather new, yet we are already making significant progress. For one, we are identifying common themes across our quarries. These include modernizing long-term mine planning, focusing on yield optimization, conducting maintenance blitzes, debottlenecking plants and better utilizing automation.

在這裡，我們的卓越中心由東部地區總裁 Bart Boyd 領導，每月舉辦多次現場持續改進活動。這些活動旨在診斷運營效率低下的根源，設計和實施定制的糾正措施，並根據明確的目標衡量進展情況。峰會功能相當新，但我們已經取得了重大進展。其一，我們正在確定採石場的共同主題。其中包括現代化長期礦山規劃、專注於產量優化、進行維護閃電戰、消除工廠瓶頸以及更好地利用自動化。

By identifying common operational pain points across our footprint, we can lift and shift proven solutions to deliver tangible results more quickly. For the quarries that have recently undertaken these CI events, overall equipment effectiveness is up on average 7% and tons per hour is up more than 9% versus baseline levels. And this has translated into approximately $3 million in productivity savings, helping to offset input cost inflation.

通過識別我們足跡中常見的運營痛點，我們可以提升和轉變經過驗證的解決方案，以更快地交付切實的成果。對於最近開展這些 CI 活動的採石場來說，整體設備效率與基準水平相比平均提高了 7%，每小時的噸數提高了 9% 以上。這已轉化為約 300 萬美元的生產力節省，有助於抵消投入成本的上漲。

Let's be clear, we are still in the early innings on our operational excellence journey, but we are organized and incentivized around this strategic imperative and very encouraged by the progress to date. And this progress is enterprise-wide and in every line of business.

讓我們明確一點，我們仍處於卓越運營之旅的早期階段，但我們圍繞這一戰略要務進行組織和激勵，並對迄今為止取得的進展感到非常鼓舞。這種進步是整個企業範圍內的各個業務領域的進步。

In cement, for example, we are in the process of installing a new innovative waste fuel technology in our Davenport facility. This fuel flex system will be the first pre-commercial installation in the world and a first-of-its-kind technology within the United States. Construction is currently underway, and the equipment will be commissioned in early 2024.

例如，在水泥領域，我們正在達文波特工廠安裝新型創新廢物燃料技術。該燃料彈性系統將是世界上第一個預商業安裝，也是美國首創的技術。目前施工正在進行中，設備將於2024年初投入使用。

When complete, fuel flex will allow Davenport to reduce its fossil fuel consumption by at least 50% and move Summit that much closer to achieving its carbon reduction commitment. At the same time, by replacing coal and pet coke with alternative fuels, we will drive significant cost savings for our business and increase our overall competitiveness in the marketplace.

完成後，燃料彈性將使達文波特減少至少 50% 的化石燃料消耗，並使 Summit 更接近實現其碳減排承諾。與此同時，通過用替代燃料替代煤炭和石油焦，我們將大大節省我們的業務成本，並提高我們在市場上的整體競爭力。

Projects like these are underway across our footprint, and they are feeding our collective confidence that the unique self-help margin opportunities that we talk about are materializing. Our teams are working hard to gain ground operationally, deliver substantive cost savings and take strides towards our Elevate Summit EBITDA margin target of 30%.

類似的項目正在我們的足跡中展開，它們增強了我們的集體信心，讓我們相信我們所談論的獨特的自助利潤機會正在實現。我們的團隊正在努力爭取運營方面的進展，實現實質性成本節約，並朝著我們的 Elevate Summit EBITDA 利潤率目標 30% 邁進。

Before passing to Scott, let's look at our Elevate Summit scorecard on Slide 6. Leverage remains well ahead of the Elevate Summit targets, providing ample firepower to pursue portfolio optimizing transactions. ROIC at 9.6% is up 50 basis points sequentially and up 120 basis points from year ago levels as our materials-led strategy coupled with a sharp focus on improving asset efficiency has put the Elevate Summit ROIC target of at least 10% within reach.

在交給 Scott 之前，讓我們看一下幻燈片 6 上的 Elevate Summit 記分卡。槓桿率仍然遠遠領先於 Elevate Summit 目標，為追求投資組合優化交易提供了充足的火力。 ROIC 為9.6%，比上一季度上升50 個基點，比去年同期上升120 個基點，這是因為我們以材料為主導的戰略，再加上對提高資產效率的高度重視，使Elevate Summit 的ROIC 目標至少達到10% 成為可能。

And finally, our first quarter boosted our trailing 12-month adjusted EBITDA margin to 22.8%, up 70 basis points sequentially and 30 basis points year-on-year. With each of these metrics either ahead of target or moving in the right direction, it supports the view that our strategy is working. We have transitioned towards a more materials-led portfolio with 71% of our trailing 12-month adjusted EBITDA generated by our upstream businesses.

最後，我們第一季度將過去 12 個月調整後 EBITDA 利潤率提高至 22.8%，環比增長 70 個基點，同比增長 30 個基點。這些指標要么超前於目標，要么朝著正確的方向發展，都支持我們的戰略正在發揮作用的觀點。我們已轉向更加以材料為主導的投資組合，過去 12 個月調整後 EBITDA 的 71% 由上游業務產生。

And where we choose to have a downstream presence, we have advantaged assets leading market positions and attractive profitability profiles. From continued and diligent execution of our 4 strategic pillars: market leadership, asset-light, sustainability and innovation, we are on a pathway towards a more economically durable and profitable organization. With that, let me hand it to Scott to review our financial performance. Scott?

在我們選擇開展下游業務的地方，我們擁有領先的市場地位和有吸引力的盈利能力的優勢資產。通過持續、勤勉地執行我們的四大戰略支柱：市場領導地位、輕資產、可持續性和創新，我們正在走向一個更經濟、更持久、更盈利的組織。接下來，讓我將其交給斯科特來審查我們的財務業績。斯科特？

Thank you, Anne. And let me start by saying how generally excited I am to be joining everyone here today. I know Anne has promoted a strong level of shareholder engagement and transparency and my plan is to fully embrace that approach as we move forward.

謝謝你，安妮。首先我要說的是，今天能加入這裡的大家是多麼興奮。我知道安妮提高了股東參與度和透明度，我的計劃是在我們前進的過程中充分採用這種方法。

Let's turn now to Slide 8 to review business segment results for the quarter. In our West segment, which includes Salt Lake City, net revenue was negatively impacted by wet and cold conditions in Utah as well as softer residential demand. These factors more than offset pricing acceleration across all lines of business and very strong volume growth in asphalt.

現在讓我們轉向幻燈片 8 來回顧本季度的業務部門業績。在包括鹽湖城在內的西部地區，淨收入受到猶他州潮濕和寒冷的天氣以及住宅需求疲軟的負面影響。這些因素足以抵消所有業務線的定價加速和瀝青銷量的強勁增長。

Adjusted EBITDA was comparable to the prior year period as positive price cost offset lower volumes. Out in our East segment, net revenue was up 7.7% as increased greenfield contribution, strong public activity in Kansas and favorable weather in the Southeast fueled 18.1% organic aggregates volume growth. Aggregates pricing momentum continued across each market with strong double-digit gains in the Carolinas and Missouri, followed by high single-digit growth in all other markets.

調整後的 EBITDA 與去年同期相當，因為積極的價格成本抵消了銷量的下降。在我們的東部部分，由於綠地貢獻增加、堪薩斯州強勁的公共活動以及東南部有利的天氣推動有機骨料銷量增長 18.1%，淨收入增長了 7.7%。每個市場的總體定價勢頭仍在繼續，卡羅萊納州和密蘇里州出現強勁的兩位數增長，隨後所有其他市場均出現高個位數增長。

Volume and pricing growth, together with a benefit from 2022 divestitures helped drive adjusted EBITDA up $10.7 million year-on-year to [$18.9 million] and increased adjusted EBITDA margin by 850 basis points year over year. And while Q1 is traditionally a light volume quarter, we are please by the recent progress of our East segment and anticipate it being a major contributor towards achieving our growth and margin goals.

銷量和價格的增長，加上 2022 年資產剝離帶來的好處，推動調整後 EBITDA 同比增長 1,070 萬美元，達到 [1,890 萬美元]，調整後 EBITDA 利潤率同比增長 850 個基點。雖然第一季度傳統上是銷量較低的季度，但我們對東部部門最近取得的進展感到高興，並預計它將成為實現我們的增長和利潤目標的主要貢獻者。

Finally, on Cement, our continental team is executing on multiple fronts, including value pricing where our January 1 pricing action saw strong traction. Further growth was sourced from Green America recycling, a key growth driver and margin enhancer for our cement business. These factors drove net revenue up more than 17% and increased adjusted EBITDA by $5 million in the quarter.

最後，在水泥方面，我們的大陸團隊正在多個方面執行任務，包括價值定價，我們 1 月 1 日的定價行動受到了強烈關注。進一步的增長來自綠色美國回收，這是我們水泥業務的關鍵增長動力和利潤提升因素。這些因素推動本季度淨收入增長超過 17%，調整後 EBITDA 增加 500 萬美元。

Turning to Slide 9 for pricing by line of business and the headline message from us remains the same. We are executing on our pricing plan in all markets and all lines of business. Aggregates pricing in Q1 was an all-time Summit-high as 2022 carryover pricing combined with January 1 pricing actions to drive a 20.5% year-on-year increase. By market, notably, Texas registered the strongest pricing gains as the market moved on price in January of this year versus April in the prior year.

請參閱幻燈片 9，了解按業務線劃分的定價，我們的標題信息保持不變。我們正在所有市場和所有業務領域執行我們的定價計劃。第一季度的骨料定價創峰會歷史新高，2022 年結轉定價加上 1 月 1 日的定價行動推動同比增長 20.5%。值得注意的是，從市場來看，德克薩斯州的價格漲幅最為強勁，因為與去年 4 月相比，今年 1 月份的市場價格走勢有所變化。

Elsewhere, Utah also delivered aggregates pricing growth in excess of 20%. The time series pricing chart is especially useful in understanding our pricing cadence for this year as the pricing comps get incrementally more difficult in the back half. Nevertheless, we now expect aggregates pricing growth to approach that double-digit range for the full year.

在其他地方，猶他州的總價格增長也超過 20%。時間序列定價圖表對於了解我們今年的定價節奏特別有用，因為定價比較在後半段變得越來越困難。儘管如此，我們現在預計全年總定價增長將接近兩位數。

For Cement, pricing sustained its momentum, increasing nearly $19 per ton or 14.8% year-on-year in the first quarter. We continue to face and therefore, price through higher import costs, including kiln fuels. Ongoing inflation, together with sold-out supply conditions have prompted a midyear increase of $10 a ton.

對於水泥而言，價格保持增長勢頭，第一季度每噸上漲近 19 美元，同比上漲 14.8%。因此，我們繼續面臨包括窯爐燃料在內的進口成本上升的問題。持續的通貨膨脹，加上供應售罄的情況，促使年中每噸價格上漲 10 美元。

This pricing approach is consistent with our value pricing principles and reflects the value we bring to the market through the highest caliber product quality, customer service and supply reliability. Downstream, passing along higher cement cost, ready-mix prices increased by 15.2%, with both Houston and Salt Lake delivering mid-teens or better pricing gains relative to Q1 2022.

這種定價方法符合我們的價值定價原則，反映了我們通過最高質量的產品質量、客戶服務和供應可靠性為市場帶來的價值。在下游，由於水泥成本上漲，預拌混凝土價格上漲了 15.2%，休斯頓和鹽湖城的價格漲幅較 2022 年第一季度為 15.2% 或更高。

So far, even with residential demand softening, our ready-mix pricing has persisted, supported by our go-to-market approach that emphasizes an enhanced customer experience as well as higher quality mixes for our customers. On asphalt, price grew 24.5% in Q1, the strongest growth rate in Summit's history and emblematic of strong demand backdrop we're seeing in our public end markets, especially in North Texas.

到目前為止，即使住宅需求疲軟，我們的預混定價仍然持續存在，這得益於我們強調增強客戶體驗以及為客戶提供更高質量的產品組合的市場策略。瀝青價格在第一季度增長了 24.5%，這是 Summit 歷史上最強勁的增長率，也像徵著我們在公共終端市場（尤其是北德克薩斯州）看到的強勁需求背景。

Shifting to volumes on Slide 10, where first quarter organic aggregates volumes were down 3.4%, a sequential improvement from second half 2022 run rate levels as volume growth in each of our East region markets mostly offset declines in our West region. Cement volumes were slightly down in Q1, which is traditionally our lightest volume quarter of the year and reflects, in part, lower import volumes versus the prior year.

轉向幻燈片10 上的銷量，第一季度有機骨料銷量下降3.4%，較2022 年下半年運行率水平環比有所改善，因為我們每個東部地區市場的銷量增長大部分抵消了西部地區的銷量下降。第一季度的水泥銷量略有下降，傳統上這是我們一年中銷量最輕的季度，部分原因是進口量較上年有所下降。

Ready-mix volumes declined 19.3% organically, only a modest rate of deterioration relative to what we witnessed in Q4 of 2022. We have seen more pressure in Salt Lake City, while Houston has held up relatively well and better than national trends. Asphalt on the other hand, is beginning to feel the flow-through from increased public activity, particularly in repair and rebuild work.

預拌混凝土銷量有機下降了19.3%，與我們在2022 年第四季度看到的情況相比，下降幅度不大。我們看到鹽湖城面臨更大的壓力，而休斯頓的情況相對較好，優於全國趨勢。另一方面，瀝青開始感受到公共活動增加的影響，特別是在修復和重建工作中。

Organic volumes were up 38.7%, a sharp reversal from prior trends. And remember, our largest asphalt concentration is in North Texas where TxDOT funding and activity is robust and poised for continued growth.

有機銷量增長了 38.7%，與之前的趨勢急劇逆轉。請記住，我們最大的瀝青集中地位於德克薩斯州北部，那裡的 TxDOT 資金和活動強勁，並有望持續增長。

Turning now to gross margins on Slide 11. While cost remains stubbornly elevated, the compounding impacts of our previous pricing actions, along with operational improvements has set us on the path towards margin recovery and eventually sustainable expansion.

現在轉向幻燈片 11 上的毛利率。雖然成本仍然居高不下，但我們之前的定價行為以及運營改進的複合影響使我們走上了利潤恢復和最終可持續擴張的道路。

As you can see, the first quarter was the second consecutive quarter of gross margin expansion, up approximately 280 basis points from the prior year as well as an improvement in sequential growth. This is proof we are executing with more agility and while market conditions remain dynamic, we have the capability to drive towards and consistently achieve that positive price/cost relationship.

正如您所看到的，第一季度是毛利率連續第二個季度增長，比上年同期增長約 280 個基點，環比增長也有所改善。這證明我們的執行更加敏捷，儘管市場狀況保持動態，但我們有能力推動並持續實現積極的價格/成本關係。

By line of business, aggregates gross margins bucked the overall trend, declining to 35%. Here, we are still feeling the brunt of higher variable costs, specifically higher equipment rental, labor as well as repair and maintenance costs remain the most elevated. Further impacts were from unfavorable geographic mix as lower volumes from our high-margin West segment resulted in mix headwinds in the quarter.

從業務來看，總毛利率逆勢下降至35%。在這裡，我們仍然感受到較高的可變成本的衝擊，特別是較高的設備租賃、勞動力以及維修和維護成本仍然最高。進一步的影響來自不利的地理組合，因為我們高利潤的西部部門的銷量下降導致本季度出現混合阻力。

For Cement, cash gross profit margins were positive in Q1 at 9.6%, a first quarter high watermark for our business. Gross margins were bolstered by a combination of factors, including strong pricing growth, favorable year-on-year distribution costs and a greater contribution from high-margin Green America recycling.

對於水泥來說，第一季度現金毛利率為正，達到 9.6%，這是我們業務第一季度的高水位。毛利率受到多種因素的推動，包括強勁的價格增長、有利的同比分銷成本以及高利潤的 Green America 回收的更大貢獻。

As you know, we target sustainable Cement EBITDA margins above 40% on a trailing 12-month basis, and we'll rely on gross margin expansion to provide the primary thrust for us to achieve that North Star Cement target.

如您所知，我們的目標是過去 12 個月的可持續水泥 EBITDA 利潤率超過 40%，我們將依靠毛利率擴張為我們實現北極星水泥目標提供主要推動力。

First quarter product margins increased 80 basis points to 12.4%, driven by asphalt gross margins, which expanded significantly on both strong pricing growth that we mentioned earlier as well as a slight cost moderation relative to the prior year period. Ready-mix gross margins were up on a per unit basis as price net of cost was positive but when factoring in down volumes, ready-mix gross margins were down modestly in Q1.

在瀝青毛利率的推動下，第一季度產品利潤率增長了80 個基點，達到12.4%，由於我們之前提到的強勁的定價增長以及相對於上年同期的成本略有下降，瀝青毛利率顯著擴大。由於扣除成本的價格為正，預拌混凝土毛利率按單位計算有所上升，但考慮到銷量下降，預拌混凝土毛利率在第一季度小幅下降。

Services margins increased to 10.2%, a 570 basis point improvement from Q1 2022 and the strongest first quarter gross margin performance since 2018.

服務利潤率增至 10.2%，較 2022 年第一季度提高 570 個基點，是 2018 年以來最強勁的第一季度毛利率表現。

Zooming out for a moment, to provide perspective on cost trends, if you recall from February, we said that one of the big swing factors that could move us towards either end of our guide was how cost trend in 2023. Recognizing that we are still early, we have not seen a material or wholesale easing of our input costs. Yes, certain buckets like diesel and liquid asphalt have come off peak levels and that the rate of inflation may have moderated but we still believe our mid- to high single-digit cost inflation estimate is reasonable and appropriate for 2023.

稍微縮小一下範圍，為了提供對成本趨勢的看法，如果您還記得 2 月份的情況，我們說過，可能使我們走向指南兩端的重大搖擺因素之一是 2023 年的成本趨勢。早些時候，我們還沒有看到我們的投入成本出現材料或批發的放鬆。是的，柴油和液體瀝青等某些類別已經脫離峰值水平，通貨膨脹率可能已經放緩，但我們仍然相信，我們對 2023 年中高個位數的成本通脹估計是合理且適當的。

Until we see enough evidence, we believe the higher for longer cost mentality reinforces our managerial approach to control our controllables, and more specifically execute on our commercial and operational excellence plans. I'll wrap up on Slide 12, where we reported Q1 adjusted EBITDA margin up 420 basis points year-on-year to 10.1%, driven primarily by cash gross margin growth as well as tight management of our discretionary spend.

在我們看到足夠的證據之前，我們相信長期成本較高的心態會強化我們控制可控因素的管理方法，更具體地說是執行我們的商業和卓越運營計劃。我將在幻燈片12 上進行總結，其中我們報告第一季度調整後EBITDA 利潤率同比增長420 個基點，達到10.1%，這主要是由現金毛利率增長以及對我們可自由支配支出的嚴格管理推動的。

Adjusted diluted net income and adjusted diluted earnings per share improvement primarily reflects strong operating results, partially offset by higher interest expense versus the year ago period. And finally, for the purposes of calculating adjusted diluted earnings per share, please use a share count of 119.9 million, which includes 118.6 million Class A shares and 1.3 million LP units. With that, I'll now pass it back to Anne for a look ahead.

調整後稀釋淨利潤和調整後稀釋每股收益的改善主要反映了強勁的經營業績，部分被去年同期較高的利息支出所抵消。最後，為了計算調整後的稀釋每股收益，請使用 1.199 億股的股票數量，其中包括 1.186 億股 A 類股和 130 萬股 LP 單位。有了這個，我現在將其傳回給安妮以供展望。

Thank you, Scott. As you can see on Slide 14, yesterday, we upgraded our 2023 adjusted EBITDA guide by increasing each end of the range by $10 million and consequently increasing the midpoint to $510 million. Now the midpoint represents roughly mid-single-digit year-on-year growth on a pro forma basis.

謝謝你，斯科特。正如您在幻燈片 14 中看到的那樣，昨天，我們升級了 2023 年調整後 EBITDA 指南，將範圍的兩端各增加 1000 萬美元，從而將中點增加至 5.1 億美元。現在，按預計計算，中點代表了大約中個位數的同比增長。

Our forecast for nonoperating items as well as G&A have not changed relative to our previous call nor has our expectations for CapEx changed versus what we discussed in February. What has changed, therefore and where we have become incrementally more positive, is our viewpoint on operating conditions, particularly residential demand.

與我們之前的電話會議相比，我們對非運營項目以及一般管理費用的預測沒有改變，我們對資本支出的預期與我們 2 月份討論的相比也沒有改變。因此，我們對運營狀況（尤其是住宅需求）的看法發生了變化，並且變得越來越積極。

Slide 15 details our current outlook assumptions. If you'll allow me, I'd like to take each one by one, starting first with private demand. Our new outlook calls for residential volumes to be down approximately 25% this year, versus down at least 30% in our previous guidance. This view brings us more in line with the consensus forecast from major industry groups and differs from our previous view in 2 ways: first, we're now incorporating a more resilient outlook for Houston, one of our largest residential markets. Here, permit data reveals a shallower trough to the cycle and a local economy that should support a quicker recovery and single-family rebound. In fact, some homebuilders saw record traffic in March. We're more confident that Houston will fare much better than the national trend.

幻燈片 15 詳細介紹了我們當前的前景假設。如果您允許的話，我想一一討論，首先從私人需求開始。我們的新展望要求今年住宅成交量下降約 25%，而我們之前的指導則至少下降 30%。這一觀點使我們更符合主要行業團體的共識預測，並與我們之前的觀點有兩個不同之處：首先，我們現在對休斯頓這一我們最大的住宅市場之一提出了更具彈性的前景。在這裡，許可證數據顯示了周期的低谷較淺，以及當地經濟應該支持更快的複蘇和單戶反彈。事實上，一些房屋建築商在三月份的客流量創下了紀錄。我們更有信心休斯頓的表現將比全國趨勢好得多。

By contrast, Salt Lake City is still seeing deterioration in permit activity. So we factored in a comparatively harder landing and a more delayed recovery for Salt Lake City. In reality, our demand visibility in that market has been impaired by adverse weather conditions. With 45 days of precipitation and more first quarter accumulation, it's very difficult to reliably determine what is weather-related versus truly demand-driven impacts affecting Salt Lake City.

相比之下，鹽湖城的許可證活動仍在惡化。因此，我們考慮了鹽湖城相對較難的著陸和較延遲的恢復。事實上，我們在該市場的需求可見度因惡劣天氣條件而受到損害。由於有 45 天的降水和第一季度更多的降水量，很難可靠地確定影響鹽湖城的與天氣相關的影響和真正由需求驅動的影響。

The second positive factor now incorporated into our outlook is not specific to any one market, but it's trend data observed over the course of the year. From our point of view and what's been corroborated by many of our customers is that the housing market is experiencing very strong demand elasticity. Buyers sitting on the sidelines are quickly reacting to moderately lower interest rates. Based on National Association of Homebuilders data, each 25 basis points decline in 30-year mortgage rates between 6% and 7% could price in an incremental 1.3 million households into the home buying market.

現在納入我們前景的第二個積極因素並不特定於任何一個市場，而是一年中觀察到的趨勢數據。從我們的角度來看，以及我們許多客戶證實的情況是，房地產市場的需求彈性非常強。觀望的買家很快對利率適度降低做出反應。根據全國住宅建築商協會的數據，30 年期抵押貸款利率在 6% 至 7% 之間每下降 25 個基點，就會導致 130 萬戶家庭增加進入購房市場。

This, together with the lock-in effect and record low levels of housing inventory are encouraging signs that single-family construction activity could experience a more swift and more dramatic bounce back, either later this year or in 2024.

再加上鎖定效應和創紀錄的低水平住房庫存，都是令人鼓舞的跡象，表明單戶建築活動可能會在今年晚些時候或 2024 年經歷更迅速、更戲劇性的反彈。

Partially offsetting this optimism is a somewhat more cautious view on nonresidential due exclusively to potential ramification for tightening credit standards. While it's too early to say what this will mean for our business with any level of specificity, so far, we have not seen any impact.

部分抵消這種樂觀情緒的是對非住宅的更加謹慎的看法，完全是由於收緊信貸標準的潛在影響。雖然現在說這對我們的業務意味著什麼還為時過早，但到目前為止，我們還沒有看到任何影響。

Our working assumption is that any impact is likely to be rather insignificant for 2023 and is more likely a 2024 or beyond event. If we were to feel it, it would likely be in light nonresidential construction, particularly in lodging, office and smaller retail build-out.

我們的工作假設是，任何影響在 2023 年都可能相當微不足道，更有可能在 2024 年或以後發生。如果我們能感受到這種影響，很可能是在輕型非住宅建築中，特別是在住宿、辦公和小型零售建築中。

Fortunately, our 2023 outlook doesn't depend on growth from light non-res verticals, and we don't believe these tighter conditions will materially impact the nonres growth verticals on the heavy nonres side. In fact, the momentum on the heavy nonres is picking up with projects in our Kansas and Missouri markets either underway or ready to break ground.

幸運的是，我們 2023 年的前景並不依賴於輕型非雷斯垂直行業的增長，而且我們認為這些收緊的條件不會對重型非雷斯垂直行業的增長產生重大影響。事實上，隨著堪薩斯州和密蘇里州市場的項目正在進行或準備破土動工，重型非住宅的勢頭正在增強。

Simply put, we're monitoring and assessing the risk from bank failures, but we have not changed our overall expectations for the nonresidential end market in 2023.

簡而言之，我們正在監測和評估銀行倒閉的風險，但我們沒有改變對2023年非住宅終端市場的總體預期。

Moving on to public demand, where we are still calling for mid-single-digit volume growth in 2023. However, we are incrementally more positive on that end market, thanks to letting activity that continues to grow and what we expect may be faster flow-through of IIJA dollars to the type of work that benefits Summit Materials. While the data is still early, nearly half of the projects funded by IIJA are being devoted to repair and reconstruction work, a Summit specialty.

轉向公共需求，我們仍然呼籲 2023 年銷量實現中等個位數增長。然而，由於活動持續增長以及我們預期可能會更快流動，我們對終端市場的態度逐漸變得更加積極-通過IIJA 資金資助有利於Summit Materials 的工作類型。雖然數據還處於早期階段，但 IIJA 資助的項目中有近一半致力於修復和重建工作，這是峰會的特色項目。

If this trend persists, which we think it should, it would mean faster acceleration and realization of IIJA dollars to our business.

如果這種趨勢持續下去（我們認為應該如此），這將意味著 IIJA 美元對我們業務的加速和實現。

Let me wrap up our outlook discussion with the price/cost dynamic. As Scott mentioned earlier, higher costs from things like equipment rentals, labor and kiln fuels are still flowing through the P&L, which we contemplated in our revised outlook today. The reality is we must adopt a higher-for-longer cost mentality so we take all the right steps to mitigate their impact. To that end, we are moving forward with a midyear price increase in cement effective July 1, and our value pricing plan includes multiple price increases in each of our lines of business, as warranted by local market conditions and intentionally designed to maintain and extend our positive price net of cost relationship.

讓我用價格/成本動態來結束我們的前景討論。正如斯科特之前提到的，設備租賃、勞動力和窯爐燃料等成本上升仍在損益表中流動，我們在今天修訂後的前景中考慮到了這一點。現實情況是，我們必須採取長期成本更高的心態，因此我們採取一切正確的措施來減輕其影響。為此，我們將推進水泥年中提價，自7 月1 日起生效，我們的價值定價計劃包括根據當地市場狀況，在我們的每項業務中多次提價，並有意旨在維持和擴展我們的業務。扣除成本關係後的正價格。

To sum it up, and I hope what comes across is that we are incrementally more positive on the year ahead. Our bolstered confidence is supported by a fast start to the year and improved outlook for demand, strong year-to-go pricing plans and intense focus on operational excellence initiatives as well as project-specific margin-enhancing activities. In a market that we acknowledge still has plenty of uncertainties, we will emphasize execution. Our teams have a proven track record of managing through difficult times, and we are collectively driven to deliver on or beat our 2023 commitments.

總而言之，我希望我們對未來的一年越來越積極。我們信心的增強得益於今年的快速開局、需求前景的改善、強勁的年度定價計劃以及對卓越運營計劃以及針對特定項目的利潤提升活動的高度關注。在我們承認市場仍然存在大量不確定性的情況下，我們將強調執行力。我們的團隊在度過困難時期方面有著良好的記錄，我們共同努力兌現或超越我們的 2023 年承諾。

I'll close our remarks on Slide 16 by regrounding everyone in our Elevate strategy. Externally, we talk a lot about market dynamics and recent data points, but internally, we don't lose sight of our strategic progress, advancing each priority and strengthening each of our enabling capabilities. We are confident that strategic execution, inclusive of portfolio optimization will over time translate to higher growth and improved profitability. That, in turn, should deliver superior shareholder returns and be rewarded with a more premium market valuation.

我將通過讓每個人重新認識我們的提升策略來結束我們在幻燈片 16 上的發言。在外部，我們談論了很多市場動態和最新數據點，但在內部，我們並沒有忽視我們的戰略進展，推進每個優先事項並加強我們的每個支持能力。我們相信，包括投資組合優化在內的戰略執行將隨著時間的推移轉化為更高的增長和更高的盈利能力。反過來，這應該會帶來卓越的股東回報，並獲得更高的市場估值。

We know we are well on our way towards that future. We have a material-oriented portfolio, advantaged downstream assets, a fortified balance sheet and a high-performance organization capable of powering our progress.

我們知道我們正在邁向這個未來。我們擁有以材料為導向的產品組合、優勢的下游資產、強大的資產負債表和能夠推動我們進步的高績效組織。

Lastly, before taking your questions, I want to extend my gratitude to my Summit colleagues throughout the country and in British Columbia for a strong start both financially and on our safety progress. The race is not yet won, but we certainly have a substantial head start. With that, I'll now ask the operator to open the lines for Q&A.

最後，在回答大家的問題之前，我要向全國和不列顛哥倫比亞省的峰會同事表示感謝，感謝他們在財務和安全方面取得了良好的開端。比賽尚未獲勝，但我們肯定已經取得了巨大的領先優勢。現在，我將要求接線員開通問答線路。

(Operator Instructions) Your first question is from the line of Stanley Elliott with Stifel.

（操作員說明）您的第一個問題來自 Stanley Elliott 和 Stifel 的線路。

Congratulations on the strong start to the year. And you mentioned kind of on the non-res side, that's something we get a lot of questions about, could you maybe talk about your business between light and heavy. And then maybe think about how this cycle is different in terms of just the visibility that you may or may not have on some of these larger projects out there.

祝賀今年的強勁開局。您提到了非資源方面的問題，這是我們收到很多問題的問題，您能否談談您的輕量和重量業務。然後也許可以考慮一下這個週期在您可能或可能不了解其中一些較大項目的可見性方面有何不同。

Yes, Stanley. So if we think about our business between light and heavy, roughly, we're split 50-50. I would say the one divergence from that would be cement where we're more heavily indexed towards the heavy side. So on the heavy side, we're seeing the same trends we talked about last quarter, a lot of projects in the onshoring and manufacturing, whether it's semiconductor or electric EV battery factories, but also the energy verticals continue to be very strong for us. So we're really -- we've seen substantial tailwinds on that. And we've got a very rich pipeline of projects on the heavy nonresidential side.

是的，斯坦利。因此，如果我們考慮一下我們的業務，大致分為 50 比 50。我想說，與此的一個分歧是水泥，我們更傾向於重磅指數。因此，在重方面，我們看到了上季度討論的相同趨勢，許多在岸和製造項目，無論是半導體還是電動汽車電池工廠，而且能源垂直行業對我們來說仍然非常強勁。所以我們確實看到了這方面的巨大推動力。我們在非住宅方面擁有非常豐富的項目儲備。

Light, as we mentioned in our prepared remarks, we did not put much in our guide nor is there a revised guide, and that was basically driven by interest rates, slowdown in residential and regional bank complications may occur, but we don't see that impacting us in '23, that may be something that would look for in '24.

光，正如我們在準備好的發言中提到的，我們沒有在指南中投入太多內容，也沒有修訂指南，這基本上是由利率驅動的，住宅和區域銀行複雜化可能會出現放緩，但我們不認為這對 23 年的我們產生了影響，這可能是 24 年我們會尋找的東西。

So overall, in a sum up, a very rich pipeline of projects right now, whether it varies from the Panasonic project in Kansas City to warehousing along our East region, we're seeing really a very robust set of projects that gives us a lot of confidence for nonres in the outlook you see today.

總的來說，總而言之，現在有非常豐富的項目，無論是堪薩斯城的松下項目還是東部地區的倉儲，我們都看到了一系列非常強大的項目，它們為我們帶來了很多對您今天所看到的前景充滿信心。

Your next question is from the line of Trey Grooms with Stephens.

你的下一個問題來自 Trey Grooms 和 Stephens。

So first off, higher costs still flowing through the P&L. You talked about that, and you're raising prices there, especially in, I guess, in aggregate, is the one I'm specifically talking about here. So are you contemplating midyear price actions in aggregate, sorry, if I missed that, to help with these higher costs? And how should we be thinking about aggregate's margins and the outlook there for the balance of the year?

首先，更高的成本仍然流經損益表。你談到了這一點，你正在提高那裡的價格，特別是，我想，總的來說，這是我在這里特別談論的。那麼，您是否正在考慮年中的總體價格走勢（抱歉，如果我錯過了），以幫助應對這些更高的成本？我們應該如何考慮今年剩餘時間的總體利潤率和前景？

Okay. So on -- you're right, we are adopting on the cost a higher-for-longer mentality. And we saw that in the P&L in Q1, Trey. We have been raising prices. The January price increases were very strong across the board. We went across every line of business and the execution was really flawless I would have to say, across our business.

好的。如此說來——你是對的，我們正在採取一種成本更高、持續時間更長的心態。我們在第一季度的損益表中看到了這一點，特雷。我們一直在提高價格。一月份的價格全面上漲非常強勁。我們涉及到每一個業務領域，我不得不說，我們的業務執行得非常完美。

We are planning, as we talked about, in Cement, midyear price increases of $10 per ton. And then across the rest of the business, we have price increases planned from April through the end of the year, multiple price increases. So it's not just the July 1 price increase, a little bit more variance there by markets and by customer and region and geography.

正如我們所討論的，我們計劃年中水泥價格每噸上漲 10 美元。然後在其餘業務中，我們計劃從四月份到年底多次提價。因此，這不僅僅是 7 月 1 日的價格上漲，市場、客戶、地區和地理位置的差異也更大。

So when we think about -- we're more positive on price momentum, and we plan to continue with that price as we go through. Now with respect to aggregates margins, (inaudible) Scott's comments, he talked about the fact that in Q1, they were lower. What drove that was primarily a mix effect. Salt Lake City has had, as I mentioned in my comments, 45 days of rain and record accumulation. That particular market is 60% gross margin, and we were down 40% in volume. So as you think about the impact of aggregates margins in Q1, while we were disappointed, it's very clear where it came from. But as we go through the year, now we've got this price momentum that we're looking forward to. We've got the mix now adjusting because I'm happy to report Salt Lake City is now all of 2 weeks back in production, and we've got our operational excellence. So as we go through the year, expect us to see plans to improve that ag margin and continue on our path to our 60% adjusted cash gross profit margin as our North Star over time.

因此，當我們考慮時，我們對價格勢頭更加積極，並且我們計劃在整個過程中繼續保持該價格。現在，關於總利潤率，（聽不清）斯科特的評論，他談到了第一季度利潤率較低的事實。推動這一趨勢的主要因素是混合效應。正如我在評論中提到的，鹽湖城已經經歷了 45 天的降雨，降雨量創歷史新高。那個特定市場的毛利率為 60%，而我們的銷量卻下降了 40%。因此，當您考慮第一季度總利潤率的影響時，雖然我們感到失望，但它的來源非常清楚。但隨著這一年的過去，我們已經看到了我們所期待的價格勢頭。我們現在已經調整了組合，因為我很高興地報告鹽湖城現在已經恢復生產兩週了，而且我們已經實現了卓越的運營。因此，當我們度過這一年時，預計我們會看到提高農業利潤率的計劃，並隨著時間的推移繼續朝著調整後現金毛利率 60% 的目標前進。

Great. And congrats on the quarter and good luck for the rest of the year.

偉大的。祝賀本季度，祝今年餘下時間一切順利。

Your next question is from the line of Keith Hughes with Truist.

你的下一個問題來自 Keith Hughes 與 Truist 的對話。

Just building on the last question with the West and the weather, are you set up to get back to a normal quarter there in the second quarter? Or was some of the rain and disruption beginning of April that is going to play a role in whatever you report the second quarter results.

就關於西方和天氣的最後一個問題而言，您是否準備好在第二季度恢復正常季度？或者是四月初的一些降雨和破壞將在您報告的第二季度業績中發揮作用。

Yes. I mean in reality, Keith, we have literally been running for 2 weeks at Salt Lake City. We've had that much rain and accumulation. So we lost some days. I will say we've got one of our highest executing teams there, and they're extremely focused on continued price momentum and operational excellence to continue the growth and we have -- what I've said in my prepared comments is true, we've kept our view on Salt Lake City for residential slight bearish because we can't really see through the weather and demand right now. As we get through a few more weeks and into Q2, we'll be able to give you more guidance in that direction.

是的。我的意思是，事實上，基思，我們實際上已經在鹽湖城跑步了兩週。我們經歷了那麼多的降雨和積累。所以我們損失了一些天。我想說的是，我們在那裡擁有最高執行力的團隊之一，他們非常專注於持續的價格動力和卓越的運營，以繼續增長，我們——我在準備好的評論中所說的是真的，我們我們對鹽湖城住宅市場的看法保持輕微悲觀，因為我們現在無法真正了解天氣和需求。當我們再過幾週並進入第二季度時，我們將能夠在這方面為您提供更多指導。

And are your contractor customers, are they able to get back to working? Or is there still a dry out effect that's going to have to go on before you get back to a normal run rate?

您的承包商客戶是否能夠恢復工作？或者在恢復正常運行速度之前是否仍然存在乾燥效應？

There's still some flooding and dry out is going on, but everyone's starting to get back to work at Salt Lake.

仍然有一些洪水和乾旱正在發生，但每個人都開始回到鹽湖城工作。

Your next question is from the line of Brent Thielman with D.A. Davidson.

你的下一個問題來自 Brent Thielman 和 D.A.戴維森。

It seems just from the commentary, the contributions of your new greenfield investments were pretty relevant in the East this quarter. Obviously, you had markets conducive with good demand. But I guess if we assume that continues going forward, I would think these continue to drive some positive contributions for you this year. I guess I'm just wondering how all of this informed you about the capital allocation priorities right now towards these greenfield operations over M&A at the end of the day?

僅從評論來看，本季度貴公司新綠地投資的貢獻在東部地區相當重要。顯然，市場有利於需求旺盛。但我想，如果我們假設這種情況繼續向前發展，我認為這些今年將繼續為你們帶來一些積極的貢獻。我想我只是想知道所有這些如何讓您了解目前這些綠地業務相對於併購的資本分配優先事項？

Yes, absolutely. So if you look at our guide for the year, greenfields, we have been investing, and we did call it out last quarter that we count on about $5 million per year EBITDA -- incremental EBITDA over the next 3 years, and we have that built into our guide. So we're pretty confident on that. And we are starting to see the impact of Jefferson and Carnesville coming out in the high margin, high growth was very accretive to our margins.

是的，一點沒錯。因此，如果你看看我們今年的綠地指南，我們一直在投資，上個季度我們確實指出，我們預計每年 EBITDA 約為 500 萬美元——未來 3 年的增量 EBITDA，我們有內置於我們的指南中。所以我們對此非常有信心。我們開始看到杰斐遜和卡恩斯維爾對高利潤率的影響，高增長對我們的利潤率非常有利。

Now from a capital allocation perspective, really our priorities have not changed. We're very focused organically on really expanding our margins, whether it's through capital improvement projects such as our Davenport dome, our Green America recycling expansion. So we've got a lot of very good organic growth opportunities. But then we are also extremely focused on greenfield investments, which we basically term as organic growth in our regard, so we'll continue to invest over time. And then after that, think about this as a growth story. It's M&A. We've got a very rich pipeline and I'm very happy to report that we have a very strong balance sheet, a low leverage and in a great position to buy through the cycle.

現在從資本配置的角度來看，我們的優先事項確實沒有改變。我們非常注重有機地真正擴大我們的利潤，無論是通過達文波特圓頂、我們的綠色美國回收擴張等資本改善項目。所以我們有很多非常好的有機增長機會。但我們也非常關注綠地投資，我們基本上將其稱為有機增長，因此我們將隨著時間的推移繼續投資。然後，將其視為一個成長故事。這是併購。我們擁有非常豐富的渠道，我很高興地報告說，我們擁有非常強大的資產負債表、較低的槓桿率以及在整個週期內進行購買的有利條件。

So think of us as a growth story and our capital allocation as being very focused. We remain very disciplined as we've talked to our strategy over time.

因此，將我們視為一個增長的故事，我們的資本配置非常集中。隨著時間的推移，我們一直在討論我們的策略，因此我們仍然非常自律。

Your next question comes from the line of Adam Thalhimer with Thompson Davis.

你的下一個問題來自 Adam Thalhimer 和 Thompson Davis 的對話。

Guys, great quarter. Anne, what's your expectation for ready-mix pricing? That tends to be a business line that's a little more sensitive to the volume component.

伙計們，很棒的季度。安妮，您對預拌定價的期望是什麼？這往往是一個對數量部分更敏感的業務線。

Yes. Ready mix, our teams have done a great job. Frankly, they have all the last year for all these high cement increases, they've expanded their margins. And it's because we have our center of excellence really focused on value pricing, adding value for our customers and quality and service. Our expectations moving forward is that we get our pass-through of our cement, that we add incremental margin. Now as we look at where our markets are overall, we've said that residential will be down 25% in Q4. Q1, it was down 19%. So we see Salt Lake going down a little further. I believe that pricing will hold for a couple of reasons.

是的。預混，我們的團隊做得很好。坦率地說，去年他們的水泥價格大幅上漲，他們擴大了利潤。這是因為我們的卓越中心真正專注於價值定價、為客戶增加價值以及質量和服務。我們未來的期望是我們獲得水泥的傳遞，我們增加增量利潤。現在，當我們審視我們的整體市場狀況時，我們表示住宅市場將在第四季度下降 25%。第一季度下降了 19%。所以我們看到鹽湖水位進一步下降。我相信定價將保持不變有幾個原因。

One, our cement pricing maintains very high. Cement is very tight in all markets. So we're going to have to pass that along. That's going to support that. I also think our team is doing a great job with respect to value pricing. And third, I believe we're in very strong downstream markets. We've exited all of the markets that were weak for us and we have leading positions. So we remain pretty bullish on ready-mix pricing, and that was demonstrated in our Q1 performance.

第一，我們的水泥價格維持在很高的水平。所有市場的水泥都非常緊張。所以我們必須把它傳遞下去。這將支持這一點。我還認為我們的團隊在價值定價方面做得很好。第三，我相信我們處於非常強勁的下游市場。我們已經退出了所有對我們來說疲軟的市場，並且我們擁有領先地位。因此，我們仍然非常看好預混料的定價，這在我們第一季度的業績中得到了證明。

Your next question is from the line of Philip Ng with Jefferies.

你的下一個問題來自 Philip Ng 和 Jefferies 的電話。

Strong start to the year and Scott, looking forward to working with you going forward. My question is on cement. If I look at cement prices sequentially, it was up only about $6 a ton. I don't know if there was any noise with mix or timing? Just wanted a little more color on how that price increase kind of went through? Margins were actually quite good. And I just want to get a little more color if you saw the step-up in energy that you've talked about? Or was the big contribution coming from better performance out of Green America?

今年的良好開局，斯科特期待著與您繼續合作。我的問題是關於水泥的。如果我連續查看水泥價格，每噸僅上漲約 6 美元。不知道混音或時間安排上是否有噪音？只是想更多地了解一下價格上漲的過程嗎？利潤率實際上相當不錯。如果你看到你所說的能量的提升，我只是想獲得更多的色彩？還是綠色美國更好的表現帶來了巨大的貢獻？

Yes. So it's all (inaudible). So really, just let me address the pricing, first of all. So the Q4 to Q1 sequential pricing, we did a lot of imports in Q4. So that put our pricing up to about $147 per ton. And so if you just look at the ASP, it looks like we got to your point about $6 a ton, we actually got $18 a ton in our base business. So the imports, as you know, are higher priced, lower margin but from a dollar EBITDA perspective, you saw that flow through in our margins, both from the strong pricing in our base business and our strong Green America Recycling operations and operational excellence was also very strong. So the Cement business is operating very well, and we're seeing that price go through to the margins.

是的。就這樣吧（聽不清）。所以說真的，首先讓我談談定價。因此，從第四季度到第一季度的順序定價，我們在第四季度進行了大量進口。因此，我們的定價達到每噸 147 美元左右。因此，如果你只看平均售價，看起來我們已經達到了你的觀點，大約是每噸 6 美元，而我們的基礎業務實際上是每噸 18 美元。因此，正如您所知，進口產品的價格較高，利潤率較低，但從美元EBITDA 的角度來看，您可以看到我們的利潤率有所提高，這既來自我們基礎業務的強勁定價，也來自我們強大的綠色美國回收業務和卓越的運營也很強。因此，水泥業務運營良好，我們看到價格已經達到了利潤率。

And you saw the step-up in energy because I know the hedges kind of roll off.

你看到了能量的提升，因為我知道樹籬會消失。

Yes. You should have -- so that in your guide, the step-up in energy is absolutely there. And we continue to go midyear because we continue to see cost escalation in our cement business. And so we've gone for a $10 per ton mid-year price increase, and those costs have not subsided at all, and that energy will persist over time.

是的。你應該——這樣在你的指南中，能量的提升是絕對存在的。我們繼續在年中進行，因為我們的水泥業務成本繼續上升。因此，我們要求年中價格每噸上漲 10 美元，而這些成本根本沒有下降，而且這種能量將隨著時間的推移而持續存在。

Your next question comes from Dillon Cumming with Morgan Stanley.

您的下一個問題來自摩根士丹利的狄龍卡明。

Actually, I wanted to build on that last one. Anne, I think you kind of mentioned in the prepared remarks, you were still kind of preparing for a higher-for-longer, for lack of a better term, cost environment. I think -- I know that there are some hedging structures that limit the direct benefit to you for, I guess, a couple of quarters or so, but just thinking more structurally, diesel prices follow the move you've had or seen, I guess, in spot crude more recently if you look at that to be more of a tailwind. I feel like you've heard commentary from your peers about labor and freight costs getting better. Are you seeing any evidence of cost deflation that could make the margin outlook a bit more robust from here? Or is there any like limiting factor that would kind of flow through to you guys?

事實上，我想在最後一項的基礎上再接再厲。安妮，我認為您在準備好的發言中提到，由於缺乏更好的期限成本環境，您仍在為更高、更長期的成本環境做準備。我認為，我知道有一些對沖結構會限制您在幾個季度左右的直接利益，但從結構上考慮，柴油價格會跟隨您已經或看到的走勢，我猜猜看，如果你認為這更像是一種順風，那麼最近的現貨原油就會出現這種情況。我覺得您已經聽到同行關於勞動力和貨運成本改善的評論。您是否看到任何成本通貨緊縮的證據，可以使利潤率前景從現在開始變得更加強勁？或者有什麼類似的限制因素會影響到你們嗎？

I'm going to let Scott bring you through some of the specifics around our cost structure and what we've assumed in our guide and that might help answer your question, Dillon.

我將讓斯科特向您介紹有關我們成本結構的一些細節以及我們在指南中假設的內容，這可能有助於回答您的問題，狄龍。

Dillon, when you think about cost inflation, you'll see your guidance at mid- to high single digits. And I think that stands for us. When we look at diesel fuel, for example, we're hedged to 50%, and our hedging rate is really just a little bit higher than last year's average. However, we feel like the other half of that, we can get a spot pricing, which right now is a little more favorable. So it should balance out. But when you look at labor cost, we're still in that mid -- mid to upper digits, single digits, and our repair and maintenance, as you saw in the first quarter in the ag business, definitely elevated on the repair and maintenance side, which is driving some of the rental costs as well.

狄龍，當您考慮成本通脹時，您會看到您的指導值為中高個位數。我認為這代表我們。例如，當我們考慮柴油時，我們的對沖利率為 50%，而我們的對沖利率實際上只比去年的平均水平高一點點。然而，我們覺得另一半，我們可以獲得現貨定價，現在更優惠一點。所以它應該平衡。但是，當你看看勞動力成本時，我們仍然處於中上數字，個位數，我們的維修和維護，正如你在農業業務第一季度看到的那樣，維修和維護肯定有所提高一方面，這也推動了一些租金成本。

I am on Anne's point about operational excellence still. I am excited about the [future] going forward with our COEs and the performance that they're going to drive and the productivity gains that we're already seeing in the business from those, but not ready to change the cost inflation.

我仍然同意安妮關於卓越運營的觀點。我對我們 COE 的[未來]發展以及它們將帶來的性能以及我們已經在業務中看到的生產率提高感到興奮，但還沒有準備好改變成本通脹。

Your next question is from the line of Anthony Pettinari with Citigroup.

您的下一個問題來自花旗集團的 Anthony Pettinari。

I think you pointed to infrastructure end markets up mid-single digits this year. And I was just wondering if it's possible to talk about maybe the cadence of when incremental IIJA spending may flow through to your volumes? Is there a quarter where you expect that to really step up? Or do you see any in 1Q? And should we expect that to kind of accelerate each quarter of the year and further into '24 or kind of any limiters around contractor availability. Just any additional color you can give us on IIJA flow through.

我認為您指出今年基礎設施終端市場將增長中個位數。我只是想知道是否可以談談 IIJA 增量支出何時會流入你們的數量的節奏？您預計有一個季度這一數字會真正上升嗎？或者你在第一季度看到了什麼嗎？我們是否應該期望這種情況會在每年每個季度加速，並進一步進入 24 世紀，或者對承包商的可用性存在任何限制。您可以在 IIJA 流程中為我們提供任何其他顏色。

Yes. I would say, overall, very positive on our state funding just as a base of funding across all of our states. We remain very positive on that. But we are starting to see the IIJA flow through. And if you look at [ARTBA's] data, they have estimated that 50% of those funds are going to repair and rebuild, which is Summit's specialty, right? So we are starting to see those, and we saw that in our Q1 volumes, frankly. The other thing I would point you to is we look at our backlogs. So our backlogs with respect to our public end market, if we look at asphalt, it's at 21% or 23% and our construction is at 53%. Our aggregates are up 20%. So our backlogs have improved year-on-year. And then specific to our North Texas market, in Q1, that is 50% of our public revenue, and it was up 40% in activity, so with respect to public funding.

是的。我想說，總的來說，我們對我們的國家資助非常積極，因為它是我們所有州的資助基礎。我們對此仍然非常積極。但我們開始看到 IIJA 的通過。如果你看一下 [ARTBA 的] 數據，他們估計這些資金中有 50% 將用於修復和重建，這是 Summit 的專長，對吧？所以我們開始看到這些，坦率地說，我們在第一季度的捲中看到了這一點。我想向您指出的另一件事是我們查看積壓的訂單。因此，我們公共終端市場的積壓情況，如果我們看一下瀝青，就會發現積壓情況為 21% 或 23%，而我們的建築積壓情況為 53%。我們的總量增長了 20%。所以我們的積壓訂單同比有所改善。然後具體到我們的北德克薩斯市場，在第一季度，這占我們公共收入的 50%，並且活動增長了 40%，因此就公共資金而言。

So we're starting to see those dollars fall through. And I would expect more as we go through the second half of the year. And then as we go into 2024, we've talked before that the first year of funding is about 25% federal funding. The second is 40%. It won't be an [exact] plan. But these projects tend to be 9 to 12 months in duration with Summit more balanced towards the repair and rebuild at the front end. So we are starting to see the dollars flow through. We're very positive. We're seeing it in our backlogs. We're seeing it in actual numbers on our asphalt volumes. So that is an area where we feel pretty good about what's in the guide right now.

所以我們開始看到這些美元貶值。隨著下半年的到來，我預計會有更多。然後，當我們進入 2024 年時，我們之前討論過第一年的資金約為 25% 的聯邦資金。第二個是40%。這不會是一個[確切的]計劃。但這些項目的持續時間往往為 9 至 12 個月，Summit 在前端的修復和重建方面更加平衡。所以我們開始看到美元流入。我們非常積極。我們在積壓的訂單中看到了這一點。我們在瀝青量上看到了它的實際數字。因此，我們對目前指南中的內容感到非常滿意。

Your next question comes from David MacGregor with Longbow Research.

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

Yes. Congratulations on the strong results. Nice to see. I wanted to dig in on cement a little bit. And you noted in your press release that your import tons were down and then on the previous question, you responded you were down from 4Q into 1Q. Just is that weather-related? Or was that sort of a decision based on market economics and is this -- maybe just part of that, talk about how the landed cost of imports may have changed versus the fourth quarter? And just maybe where you think terminal inventories are right now.

是的。祝賀取得了優異的成績。很高興見到。我想在水泥上挖一點。您在新聞稿中指出，您的進口噸數有所下降，然後在上一個問題上，您回答稱，進口量從第四季度下降到第一季度。只是和天氣有關嗎？或者這是基於市場經濟的決定，也許只是其中的一部分，談論進口到岸成本與第四季度相比可能發生的變化？也許您認為終端庫存現在在哪裡。

Yes. I won't give you specific on terminal inventories, but I will say we were incrementally down in 1Q versus 4Q was a high import quarter for us. We were down in 1Q. And a lot of that was driven frankly, by what we had in our own domestic inventories and volumes and how we're running our plants. As you know, the margin is much lower on imports. So as we're pushing towards 40% EBITDA margins and try to grow our dollars EBITDA, it's always better for us to use our domestically produced material. And we also had material where it needed to be in 1Q, so that the import -- the Davenport facility, et cetera, we were in good shape with respect to our cement.

是的。我不會向您提供有關終端庫存的具體信息，但我會說，我們在第一季度逐步下降，而第四季度對我們來說是一個高進口季度。我們在第一季度業績下滑。坦率地說，其中很大一部分是由我們自己的國內庫存和數量以及我們的工廠運營方式推動的。如您所知，進口利潤要低得多。因此，當我們努力實現 40% 的 EBITDA 利潤率並嘗試增加我們的美元 EBITDA 時，使用國內生產的材料對我們來說總是更好。我們在第一季度也有需要的材料，因此進口——達文波特工廠等，我們的水泥狀況良好。

Now the landed cost of imports, we're still seeing quite high and with Turkish imports down a little bit, we're looking at multiple sources of imports around Vietnam, Indonesia, et cetera. So we don't expect imports to be that high this year. We will, as always, prioritize our domestic production, and we'll augment with imports to meet our customers' needs, but we're always going to drive more towards our domestically produced product. Hopefully, that answers your question, David.

現在，我們仍然看到進口到岸成本相當高，而且隨著土耳其進口量略有下降，我們正在尋找越南、印度尼西亞等地的多個進口來源。因此，我們預計今年的進口量不會那麼高。我們將一如既往地優先考慮國內生產，並增加進口以滿足客戶的需求，但我們始終會更加註重國產產品。希望這能回答你的問題，大衛。

Yes, it does. Congratulations on the results.

是的，它確實。祝賀結果。

Your next question comes from the line of Kathryn Thompson with Thompson Research Group.

您的下一個問題來自湯普森研究小組的凱瑟琳·湯普森。

Just stepping back and I appreciated the color that you gave on your cement ops and all the progress that you're making there. Last year as an industry and actually for the previous kind of 1.5 years, 2 years, there were just -- all the plants across the U.S. were working so hard in imports, were also constrained somewhat that you were just seeing extended outages and candidly, extreme tightness in demand, a real (inaudible) to meet demand. Given where we are and looking at your current capacity, do you feel like your plants are able to meet the demand for the year? And how do you think about holistically looking at the industry, not just for this year but over the next couple of years? How do you expect the ability for the industry as a whole to meet demand and what that means for pricing?

退一步來說，我很欣賞你們在水泥作業中所表現出的色彩以及你們在那裡取得的所有進展。去年作為一個行業，實際上在之前的1.5 年、2 年裡，美國各地的所有工廠都在努力進口，但也受到了一定程度的限制，以至於你只能看到長時間的停電，坦率地說，需求極度緊張，無法真正（聽不清）滿足需求。考慮到我們的現狀以及你們目前的產能，你們認為你們的工廠能夠滿足今年的需求嗎？您如何看待整個行業，不僅是今年，而且是未來幾年？您預計整個行業滿足需求的能力如何？這對定價意味著什麼？

Thanks, Kathryn. So let me address, first of all, yes, cement is extremely tight all markets. And as you know, we're both a producer and a buyer of cement. So we see that intimately on both ends. But I will add to -- first of all, from our current capacity, our plants are running extremely well. We went through our annual turnaround, we can back up from that. We're very focused on operational excellence, expanded our GAR capacity. Our PLC is running at 100% across both of our plants. So that's getting us some extra capacity and some -- a little bit more flex than we had last year. So operating very tight and will augment with imports as needed.

謝謝，凱瑟琳。首先，我要說的是，是的，所有市場的水泥都非常緊張。如您所知，我們既是水泥的生產商，又是水泥的買家。所以我們在兩端都密切地看到了這一點。但我要補充一點——首先，從我們目前的產能來看，我們的工廠運行得非常好。我們經歷了年度周轉，我們可以從中得到支持。我們非常注重卓越運營，擴大了我們的 GAR 產能。我們兩家工廠的 PLC 均以 100% 的速度運行。因此，這為我們帶來了一些額外的產能和一些——比去年更多的靈活性。因此，運營非常緊張，並將根據需要增加進口。

Now with respect to the industry, I believe that overall, it's going to -- the industry is going to be a (inaudible) in quarter of cement as it always has been. But I do think it's going to be very tight for multiple years here, and that's going to be driven heavily by nonresidential by [your public] and by residential will rebound. And as we said earlier, we're more positive on residential and we have been. So all 3 end markets are going to be strong but cement will be tight over that time frame. So our planning goal is to continue to manage our uptime, continue to put our PLC conversion in, expansion of Green America and expand our Davenport flex fuel as we move forward.

現在就該行業而言，我相信總體而言，該行業將一如既往地佔水泥的四分之一（聽不清）。但我確實認為，這裡的情況將在未來幾年內非常緊張，而這將在很大程度上受到[公眾]的非住宅和住宅反彈的推動。正如我們之前所說，我們對住宅市場更加樂觀，而且一直如此。因此，所有三個終端市場都將表現強勁，但在此期間水泥將緊張。因此，我們的規劃目標是繼續管理我們的正常運行時間，繼續進行 PLC 轉換，擴大 Green America 的規模，並在我們前進的過程中擴大我們的達文波特靈活燃料。

Your next question comes from the line of Mike Dahl with RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部的邁克·達爾 (Mike Dahl)。

I guess just a quick clarification. And in the new guidance, you've obviously talked multiple times here on the call about the different price increases through the year. Just as a point of clarification, are all of these price increases and the associated costs that you expect currently embedded within the updated guide? Or how should we think about pricing actions in the second half with respect to what's in guide?

我想只是快速澄清一下。在新的指導中，您顯然在電話會議上多次談到了全年不同的價格上漲。需要澄清的是，您預期的所有這些價格上漲和相關成本目前是否都包含在更新的指南中？或者我們應該如何根據指南考慮下半年的定價行為？

Yes. So what's in guide is, as you think about overall, we have high single-digit price increases, and that's our January price increases. And it's really what drives the pricing in that is if you think about aggregates, in the past, we said high single digit, I would call us bumping up on double digits percentages as we go throughout the year. Cement, we talked about the $10 per ton. What is not in the guide is multiple more price increases as we go out throughout the year. So very confident on the January and what we see in front of us but we are also planning with that price momentum and what we see on demand to have multiple more price increases. So think about more incremental positive.

是的。因此，正如您整體考慮的那樣，我們的指導意見是，我們的價格漲幅很高，這是我們一月份的價格漲幅。這確實是推動定價的因素，如果你考慮總量的話，在過去，我們說高個位數，我會稱我們在全年中會以兩位數的百分比增長。水泥，我們講的是每噸10美元。指南中沒有提到，隨著我們全年外出，價格會多次上漲。因此，我們對 1 月份以及我們眼前所看到的情況非常有信心，但我們也計劃利用這種價格勢頭以及我們所看到的需求來進行多次提價。因此，請考慮更多積極的增量。

And we'll update you that as we get through our prime season between May and October, we'll see how much more price we can actually build in as we go through.

我們將向您通報，當我們度過五月至十月之間的黃金季節時，我們將看到在此過程中我們實際上可以增加多少價格。

Your next question comes from the line of Jerry Revich with Goldman Sachs.

你的下一個問題來自高盛的傑里·雷維奇（Jerry Revich）。

Nice quarter. Anne, I wonder if you could just pull a little bit on your comments about weather impact in the first quarter, and volumes were still pretty resilient. So I'm wondering, based on the weather comments and normal seasonality, does that -- do you suggest that volumes could actually be up slightly year-over-year in the second quarter. Curious what the demand trends look like. And similar context, given the margin performance in the quarter, applying normal seasonality to it would get you to record 2Q EBITDA margins for Summit with a [3 handle] in it in the second quarter, and I just want to make sure I understand the moving pieces around what seasonality might look like this year versus a typical year?

不錯的季度。安妮，我想知道您是否可以稍微談談您對第一季度天氣影響的評論，銷量仍然相當有彈性。所以我想知道，根據天氣評論和正常的季節性，您是否認為第二季度的銷量實際上可能會同比略有上升。好奇需求趨勢是什麼樣的。類似的情況下，考慮到本季度的利潤率表現，應用正常的季節性因素將使您在第二季度記錄具有 [3 句柄] 的 Summit 的第二季度 EBITDA 利潤率，我只是想確保我了解與往年相比，今年的季節性情況如何？

Yes. So let me talk about the volumes, first of all, with respect to Q1 and the rest in the whole year, and then I'm going to let Scott kind of talk you through the margin cadence, what makes sense. So with respect to the first quarter, very odd quarter, we had very strong in our all-season markets. So our Central and [our South] our volumes were very robust. And our cement was as anticipated. Our volumes were up in asphalt. Where we were down in volumes was our highest margin, Salt Lake City. So to your point, Jerry, we did surprisingly well on volume. So just think about how good quarter could have been if Salt Lake City was actually operating. So that's why we are confident we will improve ag margins sequentially over the remainder of the year as Salt Lake City gets up and running, as we get the compounding effect of the price increases that they were very strong across the board on executing.

是的。因此，讓我首先談談第一季度和全年其餘部分的銷量，然後我將讓斯科特向您介紹一下利潤節奏，什麼是有意義的。因此，就第一季度而言，非常奇怪的季度，我們在全季節市場上表現非常強勁。因此，我們中部和[我們南部]的銷量非常強勁。我們的水泥正如預期的那樣。我們的瀝青產量有所增加。我們銷量下降的地方是利潤率最高的鹽湖城。所以就你的觀點而言，傑里，我們在數量上做得非常好。因此，想一想，如果鹽湖城真正運營的話，這個季度的業績會有多好。因此，這就是為什麼我們有信心，隨著鹽湖城的啟動和運行，我們將在今年剩餘時間內連續提高農業利潤率，因為我們得到了價格上漲的複合效應，他們在執行方面非常強勁。

So volume-wise, on a full year basis, we are calling for it to be down across all product lines, mid-single digits. That is different from what we had in our last guide, which was mid- to high single digits. That's largely driven by residential. That difference that we talked about in Houston and stand bearish on Salt Lake City. Now if Salt Lake City comes in better, there could be some upside to our guide with respect to that, just like we talked about pricing. Scott, how about you cover for Jerry the margin cadence throughout the quarters?

因此，從全年的銷量來看，我們呼籲所有產品線的銷量都下降到中個位數。這與我們上一份指南中的內容不同，後者為中高個位數。這主要是由住宅推動的。我們在休斯頓討論過這種差異，並對鹽湖城持看跌態度。現在，如果鹽湖城表現更好，我們的指南在這方面可能會有一些好處，就像我們談論定價一樣。斯科特，你為傑里報導整個季度的保證金節奏怎麼樣？

Yes. I think you kind of picked up on it, Jerry. When you think about first half comps, very favorable for us for margin expansion, especially once we get out from under the snow in Utah, and they start contributing. And then as you move through the year, Jerry, I would say that the comps get more difficult. If you recall, the last half of last year when we really started accelerating our pricing and so that will make the comp a little more difficult in the back half of the year, but really excited about what the pricing is doing this year, and we should see that margin expansion you're talking about.

是的。我想你已經明白了，傑瑞。當你考慮上半年的情況時，這對我們的利潤擴張非常有利，特別是當我們從猶他州的大雪中走出來時，他們開始做出貢獻。傑里，隨著這一年的進展，我想說比賽會變得更加困難。如果您還記得，去年下半年我們真正開始加快定價，這將使下半年的競爭變得更加困難，但對今年的定價情況感到非常興奮，我們應該看到你所說的利潤擴張。

Yes, Jerry, I'd just add to that. Overall, on margins, where as we said in our last guide that we were going to have a floor of back to 2020 levels, which was 22.6%. Obviously, we started in Q1 at 22.8%, which was a record for us. Q1 does not make a year, but we are more positive on price, we're more positive on residential volumes and then as we go throughout the year, we'll update you on margins because we'll see how Salt Lake picks up and how our cost position works out over time. And then we'll give you a better guide on margins overall.

是的，傑瑞，我想補充一點。總體而言，就利潤率而言，正如我們在上一份指南中所說，我們的下限將回到 2020 年的水平，即 22.6%。顯然，我們從第一季度開始就達到了 22.8%，這是我們的記錄。第一季度並不算一年，但我們對價格更加樂觀，對住宅數量更加樂觀，然後隨著全年的發展，我們將向您通報利潤率的最新情況，因為我們將看到鹽湖城的複蘇情況和隨著時間的推移，我們的成本狀況如何變化。然後我們將為您提供有關總體利潤率的更好指南。

Your next question is from the line of Garik Shmois with Loop Capital Markets.

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

I wanted to ask on cement and just the improved performance out of Green America. Is it possible to indicate how much possibility is that adding in the quarter? Is it at full capacity at this point? And what could that mean for the rest of the year?

我想詢問水泥以及綠色美國的改進表現。能否說明本季度增加的可能性有多大？目前是否已滿負荷？這對今年剩餘時間意味著什麼？

Well, cement will add -- we had $9 million last year of contribution of EBITDA and we'll add another $4 million in 2023 with our expansion. So the one thing about cement that, if you just think about it, GAR is $25 million of revenue and you've got $14 million of EBITDA built into the 2023 guide. That's how we always talk about it, GAR, as being very margin accretive. So the team is doing a great job on really executing on this. So I feel pretty confident we'll deliver that as we go through 2023.

好吧，水泥會增加——去年我們的 EBITDA 貢獻為 900 萬美元，隨著我們的擴張，我們將在 2023 年再增加 400 萬美元。因此，關於水泥的一件事是，如果你仔細想想，GAR 是 2500 萬美元的收入，並且你在 2023 年指南中包含了 1400 萬美元的 EBITDA。這就是我們總是談論 GAR 的方式，因為它可以增加利潤。因此，團隊在執行這方面做得非常出色。因此，我非常有信心我們將在 2023 年實現這一目標。

That is all the time we have for today's questions. I will now turn the call over to Anne Noonan for closing remarks.

這就是我們今天提問的全部時間。現在我將把電話轉給安妮·努南（Anne Noonan）做總結髮言。

Thank you. 2023 is clearly off to a strong start for our business. We're ahead of the original plan, and we're more encouraged by trends in the operating environment as we enter into our prime construction season. Our more positive outlook and raised guide incorporates a better outlook for residential demand, stronger year-to-go pricing plans and the self-help margin opportunities that are being actioned across our business. The environment will remain dynamic, and we as an organization must meet the moment with agility and our own energy. We have plenty of work ahead of us, but our team is motivated by and focused on our strategic progress in delivering our 2023 commitment.

謝謝。 2023 年對於我們的業務來說顯然是一個良好的開端。我們比原計劃提前了，隨著進入黃金施工季節，我們對運營環境的趨勢更加感到鼓舞。我們更積極的前景和上調的指導包括更好的住宅需求前景、更強勁的年度定價計劃以及我們整個業務中正在採取的自助利潤機會。環境將保持動態，我們作為一個組織必須以敏捷性和我們自己的能量迎接這一時刻。我們還有大量工作要做，但我們的團隊受到激勵並專注於實現 2023 年承諾的戰略進展。

As always, we thank you for your continued support for Summit Materials, and we hope you have a nice day.

一如既往，我們感謝您對 Summit Materials 的持續支持，祝您度過愉快的一天。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們、先生們，感謝您的參與。今天的電話會議到此結束。您現在可以斷開連接。