Summit Materials Inc (SUM) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Summit Materials Second Quarter 2024 earnings conference call. (Operator Instructions) Thank you. And I would now like to turn the call over to Andy Larkin, VP of Investor Relations. Please go ahead.

謝謝你的支持。我叫丹妮卡，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加高峰會資料2024年第二季財報電話會議。（操作員說明）謝謝。我現在想將電話轉給投資者關係副總裁安迪·拉金 (Andy Larkin)。請繼續。

Hello, and welcome to the Summit Materials Second Quarter 2024 Results Conference Call. Yesterday, we issued a press release detailing our financial and operating results. Today's call is accompanied by an investor presentation and a supplemental workbook highlighting key financial and operating data. All of these materials can be found on our Investor Relations website.

您好，歡迎參加高峰會資料 2024 年第二季業績電話會議。昨天，我們發布了一份新聞稿，詳細介紹了我們的財務和營運表現。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營運數據。所有這些資料都可以在我們的投資者關係網站上找到。

Management's commentary and responses 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.

管理階層對今天電話會議的評論和對問題的回答可能包括前瞻性陳述，這些陳述本質上是不確定的，超出了 Summit Materials 的控制範圍。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。

For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of Summit Materials' latest annual report on Form 10-K, quarterly report on Form 10-Q as updated from time to time in our subsequent filings with the SEC. You can find reconciliations of the historical non-GAAP financial measures discussed in today's call in our press release.

有關可能導致實際結果不同的一些因素的討論，請參閱 Summit Materials 最新的 10-K 表年度報告、10-Q 表季度報告的風險因素部分，這些報告會在我們的網站中不時更新。提交文件。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整表。

Today, I'm pleased to be joined by Summit Materials' CEO, Anne Noonan and CFO, Scott Anderson.

今天，我很高興能夠與 Summit Materials 執行長 Anne Noonan 和財務長 Scott Anderson 一起出席。

Anne will begin our discussion by touching on key takeaways from the quarter and then outline our go forward view on the business. Scott will follow with a detailed review of our financial performance. Afterwards, we'll open the line for questions. At a respect for the analysts and the time we have allotted, please limit yourself to one question and then return to the queue, so we can accommodate as many analysts as possible in the time we have available. With that, let me turn the call over to Anne.

安妮將首先討論本季的主要要點，然後概述我們對業務的未來看法。斯科特隨後將對我們的財務業績進行詳細審查。之後，我們將開通提問熱線。出於對分析師和我們分配時間的尊重，請限制您提出一個問題，然後返回佇列，以便我們可以在可用時間內容納盡可能多的分析師。現在，讓我把電話轉給安妮。

Thank you, Andy, and thank you to everyone joining us on today's call. Summit Materials and our 7,500 employees successfully navigated dynamic market conditions to accelerate our strategic agenda and deliver strong financial performance in the second quarter. Among and central to our progress has been a cohesive focus on safety. For 2024, we are tracking ahead of target on nearly all of our safety metrics. And while our goal of 100% zero harm remains aspirational, we believe our combined organization is capable of and is tracking towards setting the safety standards in our industry.

謝謝你，安迪，也謝謝參加今天電話會議的所有人。Summit Materials 和我們的 7,500 名員工成功駕馭動態的市場條件，加速我們的策略議程並在第二季度實現強勁的財務業績。我們進步的核心是對安全的一致關注。2024 年，我們幾乎所有安全指標都領先於目標。雖然我們仍然追求 100% 零傷害的目標，但我們相信我們合併後的組織有能力並且正在努力製定行業安全標準。

Before touching on our 2024 outlook, I want to briefly cover the key takeaways from our second quarter on Slide 4. From a strategic perspective, we are advancing all areas within our control. I'd highlight three in particular.

在談到我們的 2024 年展望之前，我想簡要介紹幻燈片 4 上第二季的主要要點。從戰略角度來看，我們正在推進我們所能掌控的所有領域。我要特別強調三個。

First is the promulgation of commercial and operational excellence principles across our network, including the Argos USA assets, value pricing, upskilling our sales team and the implementation of core operating principles are foundational to improving the quality of business and critically, these initiatives can forge ahead regardless of the environment.

首先是在我們的網路中頒布商業和卓越營運原則，包括Argos USA 資產、價值定價、銷售團隊技能提升以及核心營運原則的實施，這些原則是提高業務品質的基礎，而且至關重要的是，這些舉措可以取得進展與環境無關。

Second, are the integration-related activities that are generating synergies today and providing the runway for sustained synergy creation and value capture moving forward. And third is our ongoing efforts on both the buy and sell side to strengthen our footprint in furtherance of our Elevate Summit financial targets.

其次，是與整合相關的活動，這些活動如今正在產生協同效應，並為未來持續的協同創造和價值獲取提供了跑道。第三，我們在買方和賣方方面不斷努力，以加強我們的足跡，以促進我們的 Elevate Summit 財務目標。

In the second quarter, we completed a bolt-on Aggregates acquisition in our recently entered Florida market, and shed a non-core asset in our south region. In all three of these strategic areas, we took action and ownership of our controllables and as a result, delivered solid financial results again this quarter. In addition to substantially growing adjusted EBITDA dollars, we estimate that on a pro forma basis, we were able to expand adjusted EBITDA margins in the second quarter and on a year-to-date basis by more than 200 basis points.

第二季度，我們在最近進入的佛羅裡達市場完成了補充性聚合收購，並剝離了南部地區的非核心資產。在所有這三個策略領域，我們採取了行動並掌握了可控因素，因此本季再次實現了穩健的財務表現。除了大幅成長調整後 EBITDA 美元之外，我們估計，在預期的基礎上，我們能夠將第二季和年初至今的調整後 EBITDA 利潤率擴大 200 個基點以上。

Continued margin progress towards our North Star Aggregates and Cement targets were the primary catalysts for this year-to-date growth, demonstrating the power of our material's dominant portfolio. We are driving sustainable growth by leveraging our national scale, enhanced geographic reach and leading positions in high-growth markets. This renewed materials-oriented portfolio, combined with attractive and favorable geographic exposures are creating more economically resilient Summit Materials, one built for today's environment and tomorrow's opportunities.

我們的北極星骨材和水泥目標的利潤率持續進步是今年迄今為止成長的主要催化劑，展示了我們材料主導產品組合的力量。我們正在利用我們的全國規模、擴大的地理覆蓋範圍和在高成長市場的領先地位來推動永續成長。這種以材料為導向的新產品組合，加上有吸引力和有利的地理優勢，正在創造更具經濟彈性的峰會材料公司，一個為當今的環境和未來的機會而打造的產品。

On integration, our Argos USA game plan is on track, having delivered $17.5 million in synergies through midyear, well on our way towards our $40 million full year target. Clearly, our momentum is building. We are putting points on the board and we are increasingly confident that we are taking all the right steps to improve the quality of the assets, improve our commercial positions and by extension, improve the profitability and growth profile of the Argos USA business. These strategic and financial advancements together with a focused team and a fortified balance sheet enables us to confidently reaffirm our full year 2024 adjusted EBITDA guidance range of $970 million at the low end of $1.010 billion at the high end. Concurrently, 2024 adjusted EBITDA margins should land at the upper end or above our 23% to 24% expectations this year.

在整合方面，我們的 Argos USA 遊戲計畫已步入正軌，到年中已實現 1,750 萬美元的協同效應，正在朝著 4,000 萬美元的全年目標邁進。顯然，我們的勢頭正在增強。我們正在董事會上提出意見，我們越來越有信心，我們正在採取一切正確的措施來提高資產質量，改善我們的商業地位，並進而提高 Argos USA 業務的盈利能力和增長狀況。這些策略和財務進步，加上專注的團隊和強化的資產負債表，使我們能夠自信地重申 2024 年全年調整後 EBITDA 指導範圍為低端 9.7 億美元，高端 10.1 億美元。同時，2024 年調整後 EBITDA 利潤率應達到上限或高於我們今年 23% 至 24% 的預期。

Slide 5 provides our updated perspective on 2024. And what you'll see is that many of our outlook components are virtually intact from where they were exiting the first quarter. On pricing with our midyear expectations incorporated, we are calling for double0digit aggregates and mid-single digit organic pricing growth in cement for 2024.

投影片 5 提供了我們對 2024 年的最新看法。您將看到，我們的許多展望組件與第一季退出時的狀態幾乎保持不變。在定價方面，考慮到我們的年中預期，我們預計 2024 年水泥總量將實現兩位數成長，有機定價將實現中個位數成長。

I'll detail Argos USA synergies in a moment, but we are reiterating our goal of at least $40 million this year. And from a portfolio perspective, we anticipate building an even more resilient portfolio as we pursue Aggs-oriented bolt-ons in targeted geographies while continuing to optimize our existing asset base.

我稍後將詳細介紹 Argos USA 的協同效應，但我們重申今年至少 4000 萬美元的目標。從投資組合的角度來看，我們預計將建立一個更具彈性的投資組合，因為我們在目標地區追求以農業為導向的補充，同時繼續優化我們現有的資產基礎。

Now what has adjusted in our guide is an updated perspective on volumes due to two factors. Scott will cover the specific Q2 weather impacts in Houston. But more broadly, wet conditions, severe weather events and constrained barge traffic along the Mississippi River has disrupted our ability to produce, sell and service key markets.

現在，由於兩個因素，我們的指南中進行了調整，更新了對交易量的看法。斯科特將報導休士頓第二季的具體天氣影響。但更廣泛地說，潮濕的天氣、惡劣的天氣事件和密西西比河沿岸的駁船運輸受到限制，擾亂了我們生產、銷售和服務主要市場的能力。

Fortunately, when conditions cooperate, we are seeing activity pick up substantially. That is to say we are cautiously optimistic that some or most of the lost volumes in markets like Houston can be recovered if we get a solid stretch of working days. In addition to weather, we are now reflecting an updated view on demand and geographies that are skewed towards commercial activity. If you recall, we had left open the possibility that with second half rate relief, would come a second half recovery in private end market demand. While we think that situation is still on the table, we now think it's more likely a 2025 scenario, given a higher for longer interest rate environment and a notable lack of urgency to activate commercial jobs in some of our key markets like Salt Lake City and Phoenix.

幸運的是，當條件配合時，我們看到活動大幅增加。也就是說，我們謹慎樂觀地認為，如果我們有足夠的工作日時間，休士頓等市場的部分或大部分損失量可以恢復。除了天氣之外，我們現在還反映了對需求和偏向商業活動的地理位置的最新看法。如果您還記得的話，我們曾經留下這樣的可能性：隨著下半年利率的下調，私人終端市場需求將在下半年復甦。雖然我們認為這種情況仍然存在，但我們現在認為這更有可能是 2025 年的情況，因為長期利率環境較高，而且鹽湖城等一些關鍵市場缺乏激活商業就業的緊迫性。

That said, we are encouraged by our customer conversations that indicate activity should pick up when financing conditions improve. Simply put, demand in select markets is being pushed out. Outside these markets, we are seeing volumes perform in line or better than anticipated. Take Georgia and the Carolinas, where we've been able to capitalize on large scale, manufacturing and green energy projects as well as residential resiliency to drive both volume and pricing growth this year. Our long-term view hasn't changed at all. We are bullish on all three end markets and feel we are playing in the right high-growth geographies with advantaged assets. But in the near term, and consistent with our typical managerial posture, we are taking a realistic yet prudent approach to expectation setting, which has proven especially astute in this environment.

也就是說，我們對客戶的對話感到鼓舞，這些對話表明，當融資條件改善時，活動應該會增加。簡而言之，特定市場的需求正在被擠出。在這些市場之外，我們看到成交量的表現符合或比預期好。以喬治亞州和卡羅來納州為例，我們已經能夠利用大規模的製造和綠色能源項目以及住宅彈性來推動今年的銷售和價格成長。我們的長期觀點根本沒有改變。我們看好所有三個終端市場，並認為我們正在擁有優勢資產的正確高成長地區開展業務。但在短期內，與我們典型的管理姿態一致，我們正在採取現實而審慎的方法來設定期望，事實證明，這種方法在這種環境下尤其精明。

Our updated outlook now incorporates low-single to mid-single digit organic volume declines on aggregates and cement for 2024. Offsetting this revision is inclusion of our midyear pricing expectations and an adjustment to our G&A expectations to $330 million for 2024. For pacing, the midpoint of today's guidance implies nearly $575 million a year-to-go adjusted EBITDA or we would expect approximately 60% occurring in Q3 and 40% in Q4 using round numbers.

我們更新後的展望目前包括 2024 年骨材和水泥的有機產量下降幅度為低個位數到中個位數。為了抵​​銷這項調整，我們將年中定價預期納入其中，並將 2024 年的一般管理費用預期調整為 3.3 億美元。就節奏而言，今天指導的中點意味著一年前調整後的 EBITDA 接近 5.75 億美元，或者我們預計大約 60% 發生在第三季度，40% 發生在第四季度（使用整數）。

In summary, we are able to constantly maintain our outlook due to three factors. One, we've built a 2024 profile that's guarded and not reliant on volumes. Two, we've included the traction from our midyear pricing actions. And three, we are actioning discretionary spend contingencies this year. Net-net, our outlook is intact. We are demonstrating high quality execution on our controllables, and we look forward to another year of strong growth and returns for our shareholders.

總而言之，我們能夠持續維持我們的展望是由於三個因素。第一，我們建立了一個 2024 年的概況，該概況是受保護的且不依賴數量。第二，我們已經考慮了年中定價行動的吸引力。第三，我們今年正在採取酌情支出應急措施。Net-net，我們的前景完好無損。我們正在展示對我們的可控因素的高品質執行，我們期待為股東帶來另一個強勁增長和回報的一年。

Turning now to Slide 6, where we outline one of our unique growth drivers, our Argos USA synergies. As you'll see, we achieved $17.5 million in first half synergies. This is tracking almost exactly in line with how we mapped our progress earlier this year.

現在轉向幻燈片 6，我們在其中概述了我們獨特的成長動力之一，即我們的 Argos USA 協同效應。正如您將看到的，我們在上半年實現了 1,750 萬美元的協同效應。這幾乎與我們今年早些時候繪製進度的方式完全一致。

Additionally, the composition of these synergies aligns neatly with how we expected things to unfold. We moved quickly and efficiently to consolidate procurement tools and redundancies across the organization, thereby realizing sizable scale savings early in our integration game plan. For cement, our three primary operational metrics overall equipment effectiveness or OEE, alternative fuel replacement and Portland Limestone-Cement conversion are all tracking in line or ahead of targets this year. These combined with successful winter turnarounds and capital improvements provided the main thrust for synergy generation so far this year.

此外，這些協同效應的組成與我們預期事情的發展方式完全一致。我們快速有效地整合了整個組織的採購工具和裁員，從而在我們的整合計劃的早期實現了可觀的規模節省。對於水泥，我們的三個主要營運指標整體設備效率或 OEE、替代燃料替代和波特蘭石灰石-水泥轉換均符合或領先今年的目標。這些與成功的冬季週轉和資本改善相結合，為今年迄今為止產生協同效應提供了主要推動力。

Ready-mix synergies driven by delivery, excellence and footprint consolidation as well as unlocking growth through greater Aggregates pull-through in Houston and the Carolinas were positive contributors to our first half progress as well. On a whole, we are delivering on our commitments with both operational as well as commercial initiatives fully in flight and providing the expected momentum for ongoing synergy capture.

由交付、卓越和足跡整合驅動的預拌協同效應，以及透過休士頓和卡羅萊納州更大的骨材拉動釋放成長，也為我們上半年的進展做出了積極貢獻。總體而言，我們正在透過全面實施的營運和商業計劃來履行我們的承諾，並為持續的協同效應提供預期的動力。

Looking ahead, we have clear line of sight to at least $40 million in synergies, although we expect the composition of synergies to evolve over time. We anticipate that the Cement synergy bucket will grow as capital improvement projects take hold, commercial initiatives unfold and our One Summit model is more fully implemented. The headline message we'd leave you with regarding synergies is that we are delivering on all value streams and we have even greater confidence today that we are to comfortably achieve our synergy target this year and at least $130 million over our integration timeline.

展望未來，我們清楚地看到至少 4000 萬美元的協同效應，儘管我們預計協同效應的組成會隨著時間的推移而變化。我們預計，隨著資本改善項目的落實、商業計劃的展開以及我們的 One Summit 模式得到更全面的實施，水泥協同效應將會成長。我們要向您傳達的關於協同效應的主要訊息是，我們正在實現所有價值流，並且今天我們更有信心，我們將輕鬆實現今年的協同目標，並在整合時間表內至少實現1.3 億美元的目標。

In addition to this synergy creation, the cash generation opportunity was core to our Argos USA investment thesis. On Slide 7, we contextualized how we see that cash flow opportunity progressing as we move through integration. On the left, you see Summit Materials cumulative 5-year cash flow conversion, defined as free cash flow as a percentage of adjusted EBITDA. From 2019 to 2023, roughly $0.32 on every EBITDA dollar was converted to free cash flow.

除了創造協同效應之外，現金產生機會也是我們 Argos USA 投資主題的核心。在投影片 7 中，我們介紹了我們如何看待隨著整合的推進而取得的現金流機會。在左側，您可以看到 Summit Materials 累積 5 年現金流量轉換，定義為自由現金流量佔調整後 EBITDA 的百分比。從 2019 年到 2023 年，每 1 美元 EBITDA 大約有 0.32 美元轉換為自由現金流。

Our new enterprise can and will do much better than that. Over time, we expect to convert greater than 40% of adjusted EBITDA into free cash flow. That will be driven by three factors. First is fueling greater cash from operations by having a more powerful portfolio. Due to its higher fixed cost nature, our Cement facilities will turn out greater cash flow. For context, our legacy Summit Cement assets consistently converted adjusted EBITDA into cash at a rate that was at least 10 points higher than the rest of the Summit portfolio.

我們的新企業能夠而且將會做得比這更好。隨著時間的推移，我們預計將超過 40% 的調整後 EBITDA 轉化為自由現金流。這將由三個因素驅動。首先是透過擁有更強大的投資組合從營運中獲得更多現金。由於其固定成本較高，我們的水泥設施將產生更大的現金流。就背景而言，我們遺留的 Summit Cement 資產始終將調整後的 EBITDA 轉換為現金，其比率比 Summit 投資組合的其他資產高出至少 10 個百分點。

As we work through the integration and exhibit our cement leadership, we will emerge as a cash generative machine. Moreover, leveraging our company's greater scale and scope will help drive working capital management improvement and by extension, greater operating cash flow.

當我們完成整合並展示我們的水泥領導地位時，我們將成為一台現金生成機器。此外，利用我們公司更大的規模和範圍將有助於推動營運資本管理的改善，進而擴大營運現金流。

Second is the reduction of capital intensity over time. You've heard Scott say, and I'd reiterate that we believe the long-term target of CapEx as a percentage of net revenue will moderate to approximately 8% over time. Reduce maintenance CapEx on cement assets and better return opportunities overall will enhance our cash profile when achieved this lever alone would release more than $100 million of free cash flow annually. And the last notable component is a continued scrutiny on our assets to determine if they are more valuable in someone else's hand taken together and over time, these three factors drive a powerful flywheel. The business is positioned to drive even greater EBITDA growth, translate that growth into substantial cash flow and deploy that cash to high-return opportunities, including our top priority, dialing up organic and inorganic aggregates growth.

其次是資本密集度隨著時間的推移而降低。你已經聽過史考特說過，我想重申一下，我們相信資本支出佔淨收入百分比的長期目標將隨著時間的推移降至約 8%。減少水泥資產的維護資本支出和更好的回報機會總體上將改善我們的現金狀況，如果實現這一槓桿，每年將釋放超過 1 億美元的自由現金流。最後一個值得注意的部分是對我們的資產進行持續的審查，以確定它們在別人手中是否更有價值，隨著時間的推移，這三個因素將驅動一個強大的飛輪。該業務的定位是推動更大的 EBITDA 成長，將這種成長轉化為大量現金流，並將這些現金部署到高回報機會上，其中包括我們的首要任務，即推動有機和無機總量成長。

Let me close out on Slide 8 with our quarterly Elevate Summit scorecard this schedule is the clearest demonstration on how our strategic execution is translating into our financial performance, our net leverage, we remain a half turn below our three times target, providing sufficient optionality to strengthen the portfolio via price. Disciplined and ags led bolt-on opportunities. As anticipated, rolling at 8.9% incorporates the Argos USA assets. But over time, as we enhance our margin profile and execute against our tried-and-true portfolio optimization playbook. We fully expect to restore our road to greater than 10% within two years.

讓我用我們的季度Elevate Summit 記分卡來結束幻燈片8，這個時間表最清楚地展示了我們的策略執行如何轉化為我們的財務業績、我們的淨槓桿率，我們仍比三倍目標低半圈，為透過價格強化投資組合。紀律和敏捷引領了補強機會。正如預期的那樣，Argos USA 資產的滾動率為 8.9%。但隨著時間的推移，我們會提高我們的保證金狀況並根據我們經過驗證的投資組合優化策略執行。我們完全期望在兩年內將道路恢復到 10% 以上。

And finally, with last 12 months reported EBITDA at 23.8%. Our profitability profile is trending to meet our 2024 margin expectations, and we are taking solid steps towards our 30% Elevate Summit targets all of the credit for our achievements so far this year. And those still ahead of us is due to the tireless efforts of our dedicated employees. We are privileged to have a combined workforce that is engaged and enthusiastic. They've moved quickly and safely to integrate our companies, align our cultures and make substantial progress towards achieving all of our stakeholder commitments. I want to say thank you to all Summit employees for your hard work. You have a lot to be proud of. I'll now hand it to Scott to conclude our prepared remarks.

最後，過去 12 個月的 EBITDA 為 23.8%。我們的獲利狀況趨於滿足 2024 年利潤率預期，並且我們正在採取堅實的步驟，實現 30% 的提升峰會目標，這是我們今年迄今為止取得的成就的全部功勞。而我們仍然領先於我們，是由於我們敬業的員工的不懈努力。我們很榮幸擁有一支敬業且充滿熱情的員工團隊。他們快速、安全地整合了我們的公司，調整了我們的文化，並在實現我們所有利害關係人的承諾方面取得了實質進展。我想對所有 Summit 員工的辛勤工作表示感謝。你有很多值得驕傲的地方。現在我將交給史考特來結束我們準備好的演講。

Thanks, and let's pick up on slide 10 for a snapshot of our second quarter financial performance on the surface and at a headline level, you can see our second quarter was characterized by strong pricing growth across lines business with aggregates and cement up strongly in the period as commercial excellence remains the primary growth enabler for our business. This was offset to varying degrees by lower volumes than I'll unpack for you in a moment.

謝謝，讓我們從幻燈片 10 上看我們第二季度財務業績的表面和總體水平，您可以看到我們第二季度的特點是各條線業務的價格強勁增長，骨料和水泥在此期間，商業卓越仍然是我們業務成長的主要推動力。這在不同程度上被比我稍後為您解開的體積較小的體積所抵消。

Fortunately, as Anne mentioned, our 2024 profile is not volume dependent. And as such, we remain confident in achieving our financial goals this year.

幸運的是，正如 Anne 所提到的，我們 2024 年的概況並不依賴數量。因此，我們對實現今年的財務目標仍然充滿信心。

Slide 11 isolates the primary weather impact that caused volume softness in the second quarter. For us, the brunt of the impact was felt in our Houston business, which comprises roughly 10% of the total Company's EBITDA. Here, the frequency and severity of weather events negatively impacted our ability to produce, sell and complete jobs in the field. Precipitation days were up 30% year on year and precipitation totals increased nearly 40% versus last. Flooding mainly affected our quarries in Northeast Houston and electrical outages forced us to shut down several ready-mix plants for an extended period. Operations were further hampered by damaged infrastructure, limiting access to our sites and wet feed materials, slowing down throughput Thankfully, our Houston operations swiftly responded to safeguard our assets, including most importantly, our people. As a result, we had zero safety incidents during these weather events. Still, we did incur volume headwinds across Aggregates, Ready-Mix and Cement. And overall, we estimate that Houston alone accounted for approximately $6.5 million lost or delayed EBITDA in the second quarter.

幻燈片 11 隔離了導致第二季成交量疲軟的主要天氣影響。對我們來說，休士頓業務首當其衝，該業務約占公司 EBITDA 總額的 10%。在這裡，天氣事件的頻率和嚴重程度對我們生產、銷售和完成現場工作的能力產生了負面影響。降水日數較去年增加30%，降水總量較去年增加近40%。洪水主要影響了我們位於休士頓東北部的採石場，停電迫使我們長時間關閉了幾家預拌工廠。基礎設施受損進一步阻礙了運營，限制了我們的場地和濕飼料材料的進入，降低了吞吐量。重要的是我們的員工。因此，在這些天氣事件期間，我們的安全事故為零。儘管如此，我們在骨材、預拌混凝土和水泥方面確實遇到了數量上的阻力。總體而言，我們估計第二季僅休士頓就損失或延遲了約 650 萬美元的 EBITDA。

Two things to note first, this estimate does not include the impact of Hurricane barrel that struck southeastern Texas in July. Second, pricing execution on aggregates and ready-mix was not affected by Q2. Weather in Houston or any other market.

首先需要注意兩件事，這項估計不包括 7 月襲擊德州東南部的颶風桶的影響。其次，骨材和預拌混凝土的定價執行並未受到第二季的影響。休士頓或任何其他市場的天氣。

Turning now to key metrics on Slide 12. Both adjusted cash gross profit and adjusted EBITDA dollars grew substantially in the quarter due to the inclusion of the Argos USA assets for the same reasons. And as expected, quarterly reported margins did pull back year-on-year in the second quarter to account for the Argos dilution. Importantly, if you zoom out, you'll note that both adjusted cash gross profit margin and adjusted EBITDA margins expanded year over year through the first six months oif the year and our pro forma like-for-like basis adjusted EBITDA margins expanded both in Q2 and year to date by more than 200 basis points.

現在轉向投影片 12 上的關鍵指標。由於相同的原因納入 Argos USA 資產，調整後現金毛利和調整後 EBITDA 美元在本季均大幅成長。正如預期的那樣，由於 Argos 的稀釋，第二季報告的利潤率確實同比有所回落。重要的是，如果您縮小範圍，您會注意到，今年前六個月，調整後的現金毛利率和調整後的EBITDA 利潤率均逐年擴大，並且我們的預估同比基礎調整後的EBITDA 利潤率均在第二季和年初至今成長超過 200 個基點。

This speaks to the power of a less seasonal portfolio. Our ability to improve the assets as we integrate and a favorable price cost environment. On cost, outside weather affected markets, we are seeing relief in some supply chain related areas like repair and maintenance and subcontracting. And at the end of the day, we feel good about our prior estimate calling for mid-single digit cost inflation this year.

這說明了季節性較少的投資組合的力量。我們在整合過程中改善資產的能力以及有利的價格成本環境。在成本方面，受外部天氣影響的市場，我們看到一些供應鏈相關領域（例如維修和保養以及分包）有所緩解。歸根結底，我們對先前的預測感到滿意，即今年的成本通膨將達到中個位數。

Adjusted diluted earnings per share was down $0.05 in Q2 and is up $0.1 year to date, reflecting strong operating performance and higher interest expense.

第二季調整後攤薄每股收益下降 0.05 美元，今年迄今上漲 0.1 美元，反映出強勁的營運業績和較高的利息支出。

Moving to line of business performance. Aggregates volumes in the quarter were negatively impacted in part by weather conditions we just discussed as well as relatively subdued private end market demand that Anne mentioned earlier by our estimates, Houston weather negatively impacted volumes by 280 basis points in the quarter.

轉向業務績效。本季的總交易量在一定程度上受到我們剛才討論的天氣條件以及安妮之前根據我們的估計提到的相對疲軟的私人終端市場需求的負面影響，休斯頓天氣對該季度的交易量產生了280 個基點的負面影響。

Elsewhere, growth in Georgia and the Carolinas was more than offset by lower volumes in British Columbia, Kansas and Missouri. Aggregates pricing, however, remained strong, increasing 11.8% in Q2 and sequentially increased 2.5% due in part to mix benefits. Year-over-year, and by market, Kansas and Missouri led our pricing gains followed closely by double digit growth in Houston, Virginia and the Carolinas. Houston weather adversely affected Aggs adjusted cash gross profit margin by roughly 20 basis points, but we were still up 50 basis points year on year, the fourth consecutive quarter of year-over-year margin expansion. Unit profitability accelerated a $1.80 per ton sequentially or 15% year on year as strong price cost favorability persisted.

在其他地方，喬治亞州和卡羅來納州的成長被不列顛哥倫比亞省、堪薩斯州和密蘇裡州的銷售下降所抵消。然而，整體定價依然強勁，第二季成長 11.8%，季增 2.5%，部分原因是混合效益。以市場來看，堪薩斯州和密蘇裡州的定價漲幅領先，緊隨其後的是休士頓、維吉尼亞州和卡羅來納州的兩位數成長。休士頓天氣對 Aggs 調整現金毛利率產生了不利影響，調整後的現金毛利率約為 20 個基點，但我們仍同比增長 50 個基點，這是利潤率連續第四個季度同比擴張。由於強勁的價格成本優勢持續存在，單位獲利能力季增 1.80 美元，年增 15%。

On the cost side, our operational excellence initiatives are dropping real dollars to the bottom line, with $8 million already achieved this year and plenty more scope for 2024. This is helping the power adjusted cash gross profit margin expansion, which is up 280 basis points year to date and 320 basis points on an LTM basis. In all, and despite temporary volume softness, we are on pace for our strongest annual Aggregates margin expansion since 2017.

在成本方面，我們的卓越營運計畫正在將實際成本降至底線，今年已實現 800 萬美元，2024 年還有更多空間。這有助於功率調整後現金毛利率的擴張，年初至今已成長 280 個基點，LTM 基礎上成長 320 個基點。總而言之，儘管銷量暫時疲軟，但我們仍有望實現 2017 年以來最強勁的年度整體利潤率擴張。

For Cement performance,

對於水泥性能，

On Slide 14, 16nd quarter organic volumes were negatively impacted by weather, large constraints and slightly softening demand prompted reduced import volume in Southern River markets. In fact, nearly 40% of the organic decline is attributable to lower import volumes and weather in Minnesota and Iowa, two of our largest river markets experienced record rainfall in the second quarter, with rain days up 48% and 45% respectively versus Q2 2023, Notably, outside the legacy Summit footprint, Argos USA markets in the Mid-Atlantic and the Southeast experienced second quarter volume growth.

在幻燈片 14 上，第 16 季的有機產量受到天氣、大的限制和需求略有疲軟的負面影響，導致南河市場的進口量減少。事實上，近40% 的有機下降歸因於進口量下降以及明尼蘇達州和愛荷華州的天氣，這兩個最大的河流市場在第二季度經歷了創紀錄的降雨量，與2023 年第二季度相比，降雨天數分別增加了48% 和45%值得注意的是，除了傳統的 Summit 足跡之外，Argos USA 在大西洋中部和東南部的市場第二季銷量出現成長。

For the back half, as volume comparisons ease and jobs like a large EV project in South Carolina, steel project in Memphis and others start to gain steam, we see an improvement year on year growth trends materialize in all, we anticipate selling roughly 9 million tons of cement this year, an amount nearly equivalent to the pro forma 2023 amount. Strong traction occurred for our inland markets, fueling greater year-on-year pricing growth in Q2. And remember, despite some quarter-to-quarter noise, we are still calling for mid-single digit organic pricing growth this year.

下半年，隨著銷量比較的緩和以及南卡羅來納州大型電動汽車項目、孟菲斯鋼鐵項目等工作開始增長，我們看到同比增長趨勢總體上有所改善，我們預計銷量約為 900 萬輛今年的水泥用量幾乎相當於預計2023 年的用量。我們的內陸市場出現強勁牽引力，推動第二季價格較去年同期成長更大。請記住，儘管存在一些季度間的噪音，我們仍然呼籲今年實現中個位數的有機定價成長。

Our commercial excellence approach is taking hold, and we are currently engaged in constructive customer conversations across Agros markets. Here, we are looking to move towards a more cohesive market supported and value accretive go-to-market approach. Reported Cement segment adjusted EBITDA margins took a step back in the quarter as the dilutive impacts from the Argos USA assets surfaced as anticipated, but on a year-to-date basis, Cement segment adjusted EBITDA margins are up 410 basis points. We are benefited from pricing, favorable natural gas costs, reduce seasonality, and the early realization of Cement synergies. Meanwhile, we are actioning all the foundational elements that will enhance profitability going forward.

我們的商業卓越方法正在紮根，我們目前正在 Agros 市場上進行建設性的客戶對話。在這裡，我們希望採取更有凝聚力的市場支持和增值的進入市場方法。報告稱，由於 Argos USA 資產的稀釋影響如預期浮出水面，本季水泥部門調整後 EBITDA 利潤率有所回落，但從年初至今來看，水泥部門調整後 EBITDA 利潤率上升了 410 個基點。我們受益於定價、有利的天然氣成本、減少季節性以及水泥協同效應的早期實現。同時，我們正在採取所有將提高未來獲利能力的基本要素。

Take the Martinsburg, West Virginia plant, for example, we're during the planned outage this quarter. We successfully completed the $17 million tailwind baghouse project that will improve plant production levels, reduce plant cost, improve our emissions profile. And as a result, position Summit to better meet the growing demand in the mid-Atlantic region. Similar projects are underway at each cement plant as we more fully implement the One Cement operating model.

以西維吉尼亞州馬丁斯堡工廠為例，我們本季正處於計畫停運期間。我們成功完成了價值 1700 萬美元的順風袋式除塵器項目，該項目將提高工廠生產水平、降低工廠成本並改善我們的排放狀況。因此，Summit 能夠更好地滿足大西洋中部地區不斷增長的需求。隨著我們更全面地實施「One Cement」營運模式，每個水泥廠都在進行類似的專案。

Lastly, our downstream businesses on Slide 12. organic ready-mix volumes remain under pressure from both weather and the higher for longer environment. As you would expect, weather in Houston, one of our largest ready-mix markets negatively impacted volumes and adjusted cash gross profit in the period. Our Asphalt business, which is trending towards being a smaller portion of the EBITDA mix, faced unfavorable project timing this quarter, which was a primary driver of year-on-year volume declines in Q2, not specifically reported, but asphalt margins did remain healthy despite lower volumes. Therefore, the primary driver of lower product margins was the inclusion of lower margin, Argos USA, ready-mix assets in Houston, Atlanta, the Carolinas and Florida here. It's worth repeating that our approach to the downstream is highly selective and where we choose to operate. We need to be number one or number two in the markets we compete. If we can achieve that or the assets will not help us achieve our Elevate Summit financial goals. We have demonstrated a strong track record to proactively take steps to optimize and strengthen our materials-led portfolio.

最後，投影片 12 上我們的下游業務。正如您所料，休士頓（我們最大的預拌市場之一）的天氣對該期間的銷售和調整後的現金毛利產生了負面影響。我們的瀝青業務在 EBITDA 組合中所佔的比例趨於較小，本季度面臨不利的項目時機，這是第二季度銷量同比下降的主要驅動因素（未具體報告），但瀝青利潤率確實保持健康儘管銷量較低。因此，產品利潤率下降的主要驅動因素是利潤率較低的Argos USA、休士頓、亞特蘭大、卡羅來納州和佛羅裡達州的預拌資產。值得重申的是，我們對下游的方法和我們選擇運作的地方是高度選擇性的。我們需要在我們競爭的市場中成為第一或第二。如果我們能夠實現這一目標，否則這些資產將無法幫助我們實現 Elevate Summit 的財務目標。我們在積極採取措施優化和加強我們以材料為主導的產品組合方面擁有良好的記錄。

I'll wrap up quickly by drawing everyone back to our near-term priorities on Slide 16. We are transforming into one high-performance enterprise through integration. We are accelerating aggregates growth with year-to-date margins up over 280 basis points. We are on our way to delivering on our synergy commitments, and we are focused on strengthening the portfolio and balance sheet for superior growth and value creation.

我將讓大家回到投影片 16 上的近期優先事項來快速結束。我們正在透過整合轉型成為高績效企業。我們正在加速整體成長，今年迄今的利潤率已成長超過 280 個基點。我們正在兌現我們的協同承諾，我們致力於加強投資組合和資產負債表，以實現卓越的成長和價值創造。

With that, I'll ask the operator to provide the required instructions and open the line so that Anne and I can field your questions.

之後，我將要求接線員提供所需的說明並接通線路，以便安妮和我可以回答您的問題。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Your first question comes from the line of Trey Grooms with Stephens. Please go ahead.

你的第一個問題來自特雷·格魯姆斯和史蒂芬斯的對話。請繼續。

Can you hear me?

你聽得到我嗎？

Good morning. Sorry about that.

早安.對此感到抱歉。

Well, first off, my question is not related to the synergies. Slide 6 did a great job of detailing that, but I did want to give you guys a hats off on the execution. They're very impressive. So congrats on that.

好吧，首先，我的問題與協同效應無關。第 6 張投影片在細節方面做得非常出色，但我確實想對執行過程向你們致敬。他們令人印象深刻。所以恭喜你。

On -- moving on my question, though, thanks for the color on the impacts from Houston weather in 2Q. But like you mentioned, a hurricane hit Houston and other markets in early July and now we have a tropical storm moving through the Southeast. One of your competitors was talking about a kind of a tough start to 3Q a moment ago. So any color you might could give us on how 3Q is starting off and presumably whatever you've seen thus far is taken into consideration in that updated guide?

不過，繼續我的問題，感謝您對第二季休士頓天氣影響的顏色。但正如您所提到的，七月初颶風襲擊了休士頓和其他市場，現在熱帶風暴正在東南部移動。您的一位競爭對手剛才正在談論第三季的艱難開局。那麼，您可以向我們提供有關第三季度如何開始的任何信息，並且大概您迄今為止所看到的任何內容都已在更新的指南中考慮在內？

Yes.

是的。

Thanks for the question, Trey, absolutely. Q3 started off to a rough start in Houston with barrel and am no doubt this storm that's going through right now. Honestly, our focus is 100% on keeping our people safe and our assets safe, and we will update as we learn more.

謝謝你的提問，特雷，絕對感謝。第三季在休士頓開局不利，毫無疑問這場風暴正在經歷。老實說，我們的重點是 100% 確保我們的人員安全和資產安全，我們將在了解更多資訊後進行更新。

The one thing I will point out though is that in Q3, these -- we can make up some time on these. These are all seasoned states where these are heading. And we saw this in Houston to as soon as we got a few good days. We were back with strong backlogs. The backlogs are there. It's not if it's when the business comes back. So right now, our guide assumes that we will we obviously did not have huge impacts from volume loss. We'll assume we'll catch up on most of those days. And you don't one thing storm spring trade or more work. And so if somebody falls into 2025, it'll just make a better 2025 with better pricing.

我要指出的一件事是，在第三季度，我們可以在這些方面彌補一些時間。這些都是經驗豐富的州正在走向的方向。當我們有幾天美好的時光時，我們就在休士頓看到了這一點。我們帶著大量積壓回來了。積壓就在那裡。不是業務恢復的時候。因此，現在，我們的指南假設我們顯然不會受到體積損失的巨大影響。我們假設我們會在大部分日子裡趕上。而且你不會做任何一件事風暴春季貿易或更多工作。因此，如果有人進入 2025 年，那麼 2025 年就會變得更好，定價也會更好。

I will point out though, a lot of our confidence comes in our guide from what we can control. Its our -- we've done very well on pricing. The teams executed extremely well. The synergies to your point are well ahead, and we continue to operate on our portfolio optimization and our operational excellence. So the controllables are well in play in the guide that you see today.

但我要指出的是，我們對指南的信心很大程度上來自於我們可以控制的事情。這是我們的——我們在定價方面做得很好。球隊執行得非常好。就您而言，協同效應遙遙領先，我們將繼續優化投資組合併實現卓越營運。因此，這些控制項在您今天看到的指南中發揮了很好的作用。

Great. Thanks a lot.

偉大的。多謝。

I'll pass it on. Good luck.

我會把它傳遞下去。祝你好運。

Thanks, Trey.

謝謝，特雷。

Our next question comes from the line of Garik Shmois with Loop Capital. Please go ahead.

我們的下一個問題來自 Loop Capital 的 Garik Shmois。請繼續。

Hi. Thanks. I am wondering if you could help us think of how Aggregates margins could look in second half of this year, recognizing our second quarter did have headwinds associated with the volumes. I'm assuming some of that maybe comes back, maybe it doesn't, but you do have strong pricing momentum. Is there any way to help contextualize how Aggregates margins could end up expanding in the second half of the year?

你好。謝謝。我想知道您是否可以幫助我們考慮今年下半年的整體利潤率，因為我們認識到我們第二季確實存在與銷售相關的不利因素。我假設其中一些可能會回來，也許不會，但你確實有強勁的定價動力。有沒有什麼方法可以幫助我們了解今年下半年整體利潤率最終會如何擴大？

Yes, Garik, thanks for the question.

是的，加里克，謝謝你的提問。

You know, from the beginning, we saw Scott talked about in his commentary, you know, the Aggs margins have increased by 280 basis points year-to-date. And we said at the beginning of the year and our guide with that percentage points to our Aggs margins, we will continue to do so. So you can expect that play out as the year goes through.

你知道，從一開始，我們就看到斯科特在他的評論中談到，你知道，今年迄今為止，Aggs 利潤率已經增加了 280 個基點。我們在年初表示，根據我們的指導方針，我們將繼續這樣做。所以你可以期待隨著這一年的過去，這種情況將會發生。

Our North Star Aggs margins, as we've called out on a trailing 12 month basis are 60% cash adjusted gross profit margin and that's a North Star objective. We had 51.4% versus 49% this quarter. So we're very encouraged by not only the price cost -- price net of cost from our commercial excellence, but also the op excellence work, which is having an impact and will continue to accelerate throughout the year. We've landed about $8 million to the bottom line from OpEx this year. We'll continue to accelerate that out as we go through Marshall Moore and his team have doing been doing an exceptional job on the cost front. So I would be very disappointed if we didn't continue to add points to our Aggs margin expansion as we go throughout the year.

正如我們在過去 12 個月中所說的那樣，我們的 North Star Aggs 利潤率是 60% 的現金調整毛利率，這是 North Star 的目標。本季我們的比例為 51.4%，而本季為 49%。因此，我們不僅對價格成本（我們的商業卓越的成本淨值）感到非常鼓舞，而且對卓越的營運工作也感到非常鼓舞，這些工作正在產生影響並將在全年繼續加速。今年我們從營運支出中獲得了約 800 萬美元的利潤。我們將繼續加快這一進程，馬歇爾·摩爾和他的團隊在成本方面做得非常出色。因此，如果我們在全年中不繼續增加我們的總利潤率擴張，我會非常失望。

Scott, anything you might add?

史考特，你還有什麼要補充的嗎？

No, I think that captures it well. Four quarters in a row look of Agg margin expansion. So we're building a track record here that we're going to continue on.

不，我認為這很好地捕捉到了這一點。綜合利潤率連續四季擴張。因此，我們在這裡建立了一個記錄，並將繼續下去。

Okay. It sounds good.

好的。聽起來不錯。

Thank you.

謝謝。

Our next question comes from Anthony Pettinari with Citi.

我們的下一個問題來自花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Please go ahead.

請繼續。

Hi. This is Asher Sohnen on for Anthony. Thanks for taking my question.

你好。我是阿舍爾·索南 (Asher Sohnen) 替補安東尼。感謝您提出我的問題。

I just you know, in terms of the mid-year is kind of contemplated in your updated Aggregates price guide. Can you just talk about maybe the timing or magnitude of those? What kind of carry forward could that maybe set you up for in 2025?

我只是知道，就年中而言，您更新的聚合價格指南中已經考慮到了這一點。您能談談這些的時間安排或規模嗎？這可能會為你在 2025 年帶來什麼樣的結轉？

Thanks for the question, Asher. So overall, we're very confident, as we said in our prepared remarks and delivering over 10% on Aggs on a full year basis for 2024. That was a bit of a mixed bag, if you look at how we did pricing this year. So if I talk about our central region, for example, you know, Kansas, Missouri, we came out very strong in January. There was double digit price increases that have carried forward. So if I look at the midyears for them. We talked about our majors being 2% to 7% across the entire network of Aggs operations. They would have been on the low end of that, but we'll finish the year very strong, probably close to the mid-teens. And as we got into midyear, we started getting more traction on our East region, for example, and on Georgia, increasing those prices so overall, we're confident at the 10% as we exit over 10% as we exit the year and see continued constructive pricing environment as we go into 2025 Thanks.

謝謝你的提問，亞瑟。因此，總體而言，我們非常有信心，正如我們在準備好的演講中所說，2024 年全年的 Aggs 成長將超過 10%。如果你看看我們今年的定價方式，那就有點魚龍混雜了。因此，如果我談論我們的中部地區，例如堪薩斯州、密蘇裡州，我們在一月份的表現非常強勁。兩位數的價格上漲已經結轉。所以如果我看看他們的中年。我們談到我們的專業在整個 Aggs 營運網路中佔 2% 到 7%。他們本來會處於這個水平的低端，但我們將非常強勁地結束這一年，可能接近十幾歲左右。當我們進入年中時，我們開始在東部地區和喬治亞州獲得更多的關注，總體上提高這些價格，我們對 10% 充滿信心，因為我們在今年退出時退出了 10% 以上，進入2025 年，請看到持續的建設性定價環境，謝謝。

Thanks. That's very helpful.

謝謝。這非常有幫助。

I'll turn it over.

我會把它翻過來。

Our next question comes from Kathryn Thompson with Thompson Research. Please go ahead.

我們的下一個問題來自湯普森研究中心的凱瑟琳湯普森。請繼續。

Hi.

你好。

Thank you for taking my question today. I first wanted to focus on your Cement segment and on pricing. And you noted that the inland -- so really, the Mississippi River drove pricing momentum. If you could shift to what you're seeing for cement pricing and other markets, including South Texas, a couple to your question, what are you seeing with pricing and how has -- what changes, if any, have you seen with input terminals in terms of bringing on product in and with the rain delays and everything, is that Houston market being impacted, how is that impacting just the overall sentiment dynamics in that market?

感謝您今天回答我的問題。我首先想關注您的水泥細分市場和定價。您指出，內陸地區—實際上，密西西比河推動了定價動能。如果您可以轉向水泥定價和其他市場（包括南德克薩斯州）的情況，那麼您的問題有幾個：您在定價方面看到了什麼以及您在輸入終端上看到了什麼變化（如果有）就引入產品以及因降雨延誤和其他一切而言，休士頓市場是否受到影響？

Thank you.

謝謝。

Thanks for the question, Kathryn. So overall, to your point, I would say cement pricing for us as we anticipated would be is noisy this year. So to your point on our inland markets, so our river markets definitely drove that 7.3% organic pricing growth with the northern markets having very strong price realization for the traditional legacy Summit markets.

謝謝你的提問，凱瑟琳。因此，總的來說，就您的觀點而言，我想說今年的水泥定價正如我們預期的那樣是嘈雜的。因此，就我們的內陸市場而言，我們的河流市場肯定推動了 7.3% 的有機定價成長，而北方市場對傳統傳統高峰會市場的價格實現非常強勁。

Now if you go then into your question on Houston. So reminder that Houston for us is mainly an import market for cement as part of the Argos U.S.A. deal. And there it's a small part of our business. But because of the weather, pricing has been pushed out into the year. So our pricing will be delayed in Houston, again, it's a small part of our business, but that because of the weather will be the case.

現在，如果你繼續討論關於休士頓的問題。因此提醒一下，作為 Argos U.S.A 交易的一部分，休士頓對我們來說主要是一個水泥進口市場。這只是我們業務的一小部分。但由於天氣原因，定價已延後到年內。因此，我們在休士頓的定價將被推遲，這只是我們業務的一小部分，但由於天氣原因會發生這種情況。

Now the third bucket I'd point you to is our legacy Argos assets there. It's more customer market by market pricing adjustments to trying get them back where they need to be from a value pricing perspective and we continue to gain momentum. So overall, on the year where I would guide everyone is on a full year basis, look at our price ending at that like the mid-150s for the whole enterprise and continuing to have that mid-single digits growth on a full year basis year-over-year.

現在我要向您指出的第三個桶子是我們在那裡的傳統 Argos 資產。更多的是透過市場定價調整來吸引客戶市場，試圖從價值定價的角度讓他們回到需要的位置，我們繼續獲得動力。因此，總體而言，在我指導大家的那一年，我們的價格以全年為基礎，看看我們整個企業的價格最終在 150 多美元左右，並且全年繼續保持中個位數的增長-同比。

Great.

偉大的。

Thanks very much.

非常感謝。

Our next question comes from Philip Ng with Jefferies. Please go ahead.

我們的下一個問題來自 Jefferies 的 Philip Ng。請繼續。

Hey, guys, congrats on a really strong quarter in a choppy environment.

嘿，夥計們，祝賀在動蕩的環境中實現了非常強勁的季度。

I guess a question for Scott. Your back half guidance, I think if I heard you correctly full year well for Aggregates and Cement down low to mid-single digits. So it actually sounds like things picked up pretty nicely in the back half. So I was trying to get a better handle is how to think about volume declines or increases, I guess perhaps 3Q versus 4Q? And have you baked in this latest storm that's hitting the Southeast just because your competitors, assuming a much more cautious outlook on demand. So just want to make sure it's properly calibrated.

我想問斯科特一個問題。您的後半部指導，我想如果我聽得正確的話，全年骨材和水泥的產量將下降到低至中個位數。所以聽起來事情在後半段恢復得很好。所以我試著更好地處理如何考慮成交量的下降或增加，我想也許是第三季與第四季？您是否因為您的競爭對手而遭受了這場席捲東南部的最新風暴，並假設對需求的前景更加謹慎。所以只想確保它已正確校準。

And then have you incorporated any perhaps elevated costs that you saw in 2Q from some of the wet weather. Is that kind of spilling over in 3Q?

然後，您是否已將第二季因潮濕天氣而可能增加的成本納入考慮範圍內。第三季這種情況會溢出嗎？

Yes, Philip, let me start with just on the volume profile. When you think about the back half, we do have some pent-up demand with weather, and we have really strong backlogs, Anne has already touched on that. So when we look at the back half, we do see a little bit of an uptick in Aggs. In Q3, we've got that forecasted in, some of that may push into Q4, but we do early on not heavily reliant on volumes, but definitely a slight step up.

是的，菲利普，讓我從音量設定檔開始。當你想到下半年時，我們確實有一些因天氣而被壓抑的需求，而且我們的積壓非常嚴重，安妮已經談到了這一點。因此，當我們觀察後半段時，我們確實看到了 Aggs 的一點上升。在第三季度，我們已經做出了預測，其中一些可能會推遲到第四季度，但我們早期並沒有嚴重依賴銷量，但肯定會略有增加。

And if you look at our comparable from the prior year in Q3, it was down 7.3% last year. So the comp gets a little bit easier on the prior year. So we definitely do believe it's achievable. We got to get out of this weather pattern. But Philip, we definitely see Aggs coming on. Now Cement on the other side. Anne talked about our Southeast and our Mid-Atlantic markets, are actually, we do have good demand conditions there. So likewise, there we see that, that path, we don't need much growth there to get to that low single digits on the growth side.

如果你看看我們第三季與去年同期的可比情況，你會發現去年下降了 7.3%。因此，與前一年相比，比賽變得容易一些。所以我們絕對相信這是可以實現的。我們必須擺脫這種天氣模式。但是菲利普，我們肯定會看到阿格斯的表現。現在另一邊水泥。安妮談到了我們的東南部和大西洋中部市場，實際上，我們在那裡的需求條件確實很好。同樣，我們看到，在這條道路上，我們不需要太多的成長就能達到低個位數的成長。

What about the cost (inaudible) too moderate and in 2Q versus I'm sorry, 3Q versus 2Q with some of the volume headwinds you saw here in 2Q?

成本（聽不清楚）太適中，第二季與對不起，第三季與第二季相比，以及您在第二季看到的一些銷售逆風怎麼樣？

Yes. So Philip, on the cost, let me categorize it like this. Really we've got three buckets on cost and the first one is outright favorable, and that's our energy cost. Diesel fuel were hedged in a really good position. It's worked well for us this year. We've already dropped about $5 million savings to the bottom line. We will continue to do that through the back half as we're 55% hedged through the back half.

是的。所以菲利普，關於成本，讓我這樣分類。實際上，我們在成本方面有三個方面，第一個方面是完全有利的，這就是我們的能源成本。柴油的對沖處於非常有利的位置。今年對我們來說效果很好。我們已經節省了大約 500 萬美元的成本。我們將在後半段繼續這樣做，因為我們在後半段進行了 55% 的對沖。

So we have savings on the energy side as well as natural gas that will flow through to the kilns. So we'll have savings as well on more 25% on hedged on natural gas. So energy is going to be favorable. I would say that's the second bucket. You're moderating cost. This is your R&M and subcontractor costs that we're seeing moderate through the year.

因此，我們在能源方面以及流向窯爐的天然氣方面都節省了開支。因此，我們還可以透過天然氣對沖節省 25% 以上。所以能源將會是有利的。我想說這是第二個桶子。您正在降低成本。這是我們認為全年適度的 R&M 和分包商成本。

So that front half was heavier weighted on inflation. You'll see that ease off this back half. And then the third bucket are your sticky cost and that's labor for us. Labor is still tight. I know you're hearing a lot in the market about labor, but it's still tight for us. That's probably our most sticky bucket, but we do see that coming off as we go through the latter part of the year. So we're still good with our range of that mid-single digits.

因此，前半部對通膨的權重更大。你會發現後半部變得輕鬆了。第三個桶子是你的黏性成本，這就是我們的勞動力。勞動力仍然緊張。我知道您在市場上聽到了很多有關勞動力的消息，但對我們來說仍然很緊張。這可能是我們最有黏性的一桶，但我們確實看到隨著今年下半年的到來，這種情況正在消失。因此，我們仍然對中個位數的範圍感到滿意。

On the cost side, more front-weighted less in the back half.

在成本方面，前半部的權重較多，後半部的權重較少。

And the only thing I'd add to that, Phil, is that we are adjusting our discretionary spend according to our volumes. So our team, I've been incredibly impressed by the execution they've had as volumes have been challenging that they quickly adapt to adjusting discretionary spend as we called out in our prepared comments as well.

菲爾，我唯一要補充的是，我們正在根據我們的數量調整我們的可自由支配支出。因此，我們的團隊，他們的執行力給我留下了令人難以置信的印象，因為數量一直具有挑戰性，他們很快就適應了調整可自由支配支出，正如我們在準備好的評論中所指出的那樣。

Super, really impressive execution guys.

超級、非常令人印象深刻的執行力。

Thank you.

謝謝。

And our next question comes from Brent Thielman with D.A. Davidson. Please go ahead.

我們的下一個問題來自 D.A. 的 Brent Thielman。戴維森。請繼續。

Hey, thanks. Anne, Scott, just the revision in G&A expectations for this year, does that potentially need any sort of deferral and certain costs that ultimately need to be realized beyond this year?

嘿，謝謝。安妮、史考特，只是對今年的一般行政費用預期進行了修訂，這是否可能需要任何形式的延期以及最終需要在今年之後實現的某些成本？

Does this sort of a structural reset or run rate we can think about as we go into 2025?

當我們進入 2025 年時，我們是否可以考慮這種結構性重置或運行速度？

Yes, I'll just start and Scott, if you want to add anything to it.

是的，我就開始了，斯科特，如果你想添加任何內容的話。

No, there's no deferrals number of and this is purely as we came into the integration, Brett, we took a very you don't do no harm approach as you should in an integration. And we didn't cut SG&A heavily at the beginning. We wanted to understand what we had from a people, talent perspective and what markets we were truly serving and what we needed to serve those markets.

不，沒有延遲數量，這純粹是我們進入整合時，布雷特，我們採取了一種非常不造成傷害的方法，就像在整合中應該的那樣。我們一開始並沒有大幅削減SG&A。我們希望從人員、人才的角度了解我們擁有什麼，我們真正服務的市場是什麼，以及我們需要什麼來服務這些市場。

And so we were able to quickly adapt and look at what our SG&A run rate was. So as we got into this second half, we said, okay, we're now at that point where we're at a run rate and we can continue to bring our SG&A down and many of our discretionary spend buckets. So it's really the way I would couch it for you is more just the synergies coming in a little faster on the scale side. That's the way I would couch it for you. And we're getting down to that run rate that we have targeted on SG&A overall, that should come with a company our size.

因此，我們能夠快速適應並了解我們的 SG&A 運行率。因此，當我們進入下半年時，我們說，好吧，我們現在正處於運行速度，我們可以繼續降低我們的銷售管理費用和許多可自由支配的支出。因此，我為您提供的方式實際上是在規模方面更快地發揮協同作用。這就是我為你準備的方式。我們正在降低整體SG&A目標運行率，這應該是我們規模的公司所具備的。

Yes, the only thing I would add, Brent, just on percentages that Anne's talking about, we were a touch over 8% now where this quarter 7.8%. So we're trending down. We're going to we're going to attack those scale synergies.

是的，布倫特，我唯一要補充的是，就安妮所說的百分比而言，我們現在略高於 8%，而本季為 7.8%。所以我們的趨勢是下降的。我們將攻擊這些規模協同效應。

Excellent. Thank you.

出色的。謝謝。

Our next question comes from Timna Tanners with Wolfe Research. Please go ahead.

我們的下一個問題來自 Wolfe Research 的 Timna Tanners。請繼續。

Yes. Hey. Good day. Wanted to follow up on the cement pricing question. We are kind of hearing that cement volumes broadly looking a little softer this year and yet cement prices holding up really nicely. So just wanted a little bit more color on what you're seeing in terms of the pricing power in cement more broadly, if all the players are being more disciplined. And I didn't hear the answer on the question earlier on imports, if you wouldn't mind talking about any import threat or do you think imports come down with any weakness in domestic demand?

是的。嘿。再會。想跟進水泥定價問題。我們聽說今年的水泥產量整體上有些疲軟，但水泥價格卻保持得非常好。因此，如果所有參與者都更加自律的話，我只是想對您所看到的更廣泛的水泥定價能力有更多的了解。我早些時候沒有聽到關於進口問題的答案，如果您不介意談論任何進口威脅，或者您認為進口會因國內需求疲軟而下降嗎？

Thanks.

謝謝。

Thanks, Timna, for the question. So let me talk a little bit about pricing power, first of all. So as we said, just to reiterate, we're very confident in our mid single digits as we go throughout the year. And all our conversations have been constructive with our customers to pass this price through the supply chain and get everything back to where it should be going into 2025.

謝謝蒂姆納的提問。首先，讓我談談定價能力。正如我們所說，重申一下，我們對全年的中個位數成長非常有信心。我們與客戶的所有對話都是建設性的，可以讓這個價格通過供應鏈，讓一切回到 2025 年應有的水平。

And we believe long-term supply demand dynamics will support pricing parts event. But just to give you a few stats around that, if you look back over the last, we talked a lot about Aggs pricing power, but I think cement is under realized sometimes, Timna, because we look over the last 75 years. Aggs pricing has increased over spending 70% of the time by mid-single digit by 6% on average and the other 30% of the time, it only went down 2%.

我們相信長期的供需動態將支持零件定價事件。但只是為了給你一些相關的統計數據，如果你回顧過去，我們談論了很多關於 Aggs 定價能力的問題，但我認為水泥有時沒有得到充分認識，Timna，因為我們回顧了過去 75 年。70% 的時間裡，雞蛋價格平均上漲了 6%，而在另外 30% 的時間裡，它只下降了 2%。

So you take this structural and historic support, there really is support for cement at mid-single digit pricing moving forward. On top of that, I believe that the cyclicality has been overstated on cement. When you consider the supply demand dynamics being a net importer in the U.S., there's really good case for persistent cement pricing power moving forward. And you're seeing that in the numbers that we're presenting here today. And that's part of our thesis as we invested in Argos. To your question on imports, we are not heavily import exposed. Obviously, we're seeing it in Houston with the weather and the Aggs imports. We're seeing more it's really more weather there, Tim, is the way I would call it out at this point. That's pushing pricing back. We are not heavily import exposed every well. So we're not seeing a great impact of imports on our business.

因此，考慮到這種結構性和歷史性的支撐，水泥未來的中位數定價確實有支撐。最重要的是，我認為水泥的周期性被誇大了。當您考慮美國淨進口國的供需動態時，確實有很好的理由證明水泥定價能力將持續向前發展。您可以從我們今天提供的數字中看到這一點。這是我們投資 Argos 時的論文的一部分。關於你關於進口的問題，我們沒有嚴重的進口風險。顯然，我們在休士頓看到了天氣和農產品進口的情況。我們看到了更多的天氣，提姆，這是我此時所說的方式。這導致定價回落。我們並不是每口井都嚴重暴露進口。因此，我們沒有看到進口對我們的業務產生很大影響。

Thank you.

謝謝。

Right.

正確的。

Our next question come comes from Jerry Revich with Goldman Sachs. Please go ahead.

我們的下一個問題來自高盛的傑瑞·雷維奇。請繼續。

Yes, hi. Yes, good morning, everyone, and nice quarter. I wanted to ask on Argos. So historically, they've had some longer-term contractual agreements. Can you just update us on what impact those agreements had on pricing in the quarter? I'm assuming it was a headwind and what's the timing of when those agreements roll off of if they are indeed still in place?

是的，嗨。是的，大家早安，美好的季度。我想問一下阿爾戈斯的事。從歷史上看，他們簽訂了一些長期合約協議。您能否向我們介紹這些協議對本季定價的影響？我假設這是一個逆風，如果這些協議確實仍然有效，那麼什麼時候生效？

Well, there are a bit of a mixed bag and it is going to be noisy, Jerry, on cement pricing, some have rolled off and we've gotten the pricing up to market pricing. Others, we're in discussions as we go throughout and I think we called out 12 to 18 months as the bulk of those contracts that will come up for repricing, and that's all contained in our mid-single digit price increase for the year and that mid 150s that I spoke to, that we'll get by the end of the year. Assume that there will be more in 2025. And I honestly believe the supply demand dynamics are going to be more constructive in 2025 that will drive that pricing even higher. So you should expect mid-single digit plus pricing as we go forward.

好吧，有一些魚龍混雜，傑瑞，關於水泥定價，這將會很吵鬧，有些已經下降，我們已經將定價提高到市場定價。其他方面，我們在整個過程中都在進行討論，我認為我們將 12 至 18 個月作為將要重新定價的合約的大部分，而這全部包含在我們今年中個位數的價格上漲中，我談到的150 年代中期，我們將在今年底實現。假設 2025 年還會有更多。老實說，我相信 2025 年的供需動態將更具建設性，這將推動定價更高。因此，隨著我們的進展，您應該預期中個位數的定價。

Well, the reason for the question here is because the results have been you're actually still under earning relative to market-based pricing just based on what you've inherited. So I'm wondering if we just marking to market today and we didn't have these contracts, will we be talking about pricing? That was another know on Argos $5 higher, $10 higher.

好吧，這裡問這個問題的原因是因為結果是，相對於僅基於您所繼承的基於市場的定價，您的收入實際上仍然較低。所以我想知道如果我們今天只是按市價定價並且沒有這些合同，我們會討論定價嗎？這是 Argos 上的另一個消息，上漲了 5 美元，上漲了 10 美元。

Can you just help us give an appreciation of how much we're under earning because yet what we talked about was

您能否幫助我們了解我們的收入低於多少，因為我們談論的是

Well, we talked about when we first came out that there was a bonus of $10 to $15 a ton under pricing. So that's why we increased, if you recall, Jerry, the commercial synergies in our $130 million bucket. We brought that up to, like, I believe, $10 to $20 million as the target to go after at that point. So we're still going after that target. So that's kind of the price you should think of over the next, you know, 12 to 24 months that we'll catch up on that and continue to drive from there.

嗯，我們剛推出時就談到每噸定價有 10 至 15 美元的溢價。這就是為什麼我們在 1.3 億美元的預算中增加了商業協同效應，傑瑞，如果你還記得的話。我認為，我們當時的目標是 1000 到 2000 萬美元。所以我們仍在追求這個目標。因此，這就是您應該在接下來的 12 到 24 個月內考慮的價格，我們將趕上並繼續從那裡出發。

Thanks, Anne.

謝謝，安妮。

Thanks, Jerry.

謝謝，傑瑞。

Our next question comes from Keith Hughes with Truist Securities. Please go ahead.

我們的下一個問題來自 Truist Securities 的 Keith Hughes。請繼續。

Thank you. Can you give us any detail on the future synergy, the pacing of the future synergies? Will it be consistent? Or will they come in buckets you work on projects?

謝謝。您能否向我們詳細介紹一下未來綜效以及未來綜效的節奏？會保持一致嗎？或者它們會出現在您從事的專案中嗎？

Scott, would you like to address that one?

史考特，你想談談這個問題嗎？

Yes, sure. Keith, when you look at synergies, you know, we've already kind of talked about the progress we've made this year. But when you look at the grand total of $130 million, what we committed to was $40 million this year, but we are we actually committed to $80 million over two years. So we have another $40 million plan for next year at this point in time. And really what's happening is we got our scale synergies out of the gate. Those will lessen over time on the scale side as we shift more to the cement.

是的，當然。基思，當你看到協同效應時，你知道，我們已經談論了今年的進展。但當你看看 1.3 億美元的總額時，我們今年承諾的是 4000 萬美元，但實際上我們承諾在兩年內投入 8000 萬美元。因此，我們現在還有明年 4000 萬美元的計劃。事實上，我們已經實現了規模綜效。隨著我們更多地轉向水泥，規模方面的問題將會隨著時間的推移而減少。

As you recall, the cement is really the lion's share of the synergies here. And what you're going to see is that OEE is the primary mover and what you'll see there is our plans that we're putting in place right now around preventive maintenance and just the access to critical spares. And then you're going to see the capital improvement projects start compounding. So you're going to see those really start growing in the months to come. And that's what I see next year's being a big, a big mover.

正如您所記得的，水泥確實是這裡協同效應的最大份額。您將看到的是 OEE 是主要推動者，您將看到的是我們現在圍繞預防性維護和獲取關鍵備件製定的計劃。然後你會看到資本改善項目開始復合。所以你會看到這些在接下來的幾個月裡真正開始成長。這就是我所看到的明年將會有一個巨大的推動力。

But again, its $40 million next year. Is that correct?

但明年還是 4000 萬美元。這是正確的嗎？

That's -- yes.

那是——是的。

Said we do $80 million within two years and over [$150 million]

說我們會在兩年及以上的時間內完成 8000 萬美元的投資[1.5億美元]

I guess my question, particularly given what you're talking about on the PP&E, it seems like that would be lumpy as that is out there and particularly in the off season better time to do that, is that the right way to look at it or it will be more consistent?

我想我的問題是，特別是考慮到你在PP&E 上談論的內容，這似乎是不穩定的，因為那是在那裡，特別是在淡季更好的時間做到這一點，這是看待它的正確方法嗎？

I mean, there's no doubt there's going to be some lumpiness to it. Overtime, though, you'll see these projects drop dropping to the bottom line and we'll get to the extra $40 million next year. But yes, you're right. I mean, we've got to plan the CapEx projects during the shutdowns. So there's some timing elements that we got to work around.

我的意思是，毫無疑問，它會有些混亂。不過，隨著時間的推移，你會看到這些項目的利潤不斷下降，明年我們將獲得額外的 4000 萬美元。但是，是的，你是對的。我的意思是，我們必須在停工期間規劃資本支出項目。因此，我們必須解決一些時間因素。

But definitely on the longer term, you'll see the 80 million over the two years.

但從長遠來看，兩年內你一定會看到 8000 萬。

The Green America is what you're talking about in lumpiness, just to be specific, Keith, that's where we'd be putting the capital in. We have to do that when we're shut down because our plants are running flat out. So that's -- that will drive the lumpiness. But you'll get a good run rate of $40 million per year coming out of this year and then $80 million within the first two because the scale synergies continue on and we continue with the commercial excellence. And then you get into the green Americas, the last big lump into the cement synergies.

綠色美國就是你所說的塊狀，具體來說，基思，這就是我們投入資本的地方。當我們關閉時，我們必須這樣做，因為我們的工廠正在全力運作。所以這會導致塊狀現象。但從今年開始，您將獲得每年 4000 萬美元的良好運行率，然後在前兩年內獲得 8000 萬美元的良好運行率，因為規模協同效應仍在繼續，而且我們將繼續保持卓越的商業優勢。然後你進入綠色美洲，這是水泥協同效應的最後一個大塊。

Okay. Thank you.

好的。謝謝。

All right.

好的。

Our final question for today comes from David MacGregor with Longbow Research. Please go ahead.

我們今天的最後一個問題來自 Longbow Research 的 David MacGregor。請繼續。

Hey, good afternoon.

嘿，下午好。

This is Joe Nolan on for David. I was just hoping within your Aggregates volume outlook.

這是大衛的喬諾蘭。我只是希望在你的總量展望中。

Can you just update us on what's embedded within that for residential, non-res and infrastructure?

您能否向我們介紹一下住宅、非資源和基礎設施的最新情況？

Yes.

是的。

So Aggregates we call down, you know, low to mid single digit down on the year. And if I just talk to the end markets, I would actually put it. You know, residential, we're looking flat to down overall and think about the way we're looking at our residential markets, they're a little more hesitant. And what I mean by that, the longer higher for longer interest rates, in fact, there's a lock-in effect. There's a presidential election and jobs reports are keeping people hesitant from going out and buying houses. That being said, we have pent-up demand and all three of our end, very strong end markets of Houston, Phoenix and Salt Lake City and Houston. We have very strong backlogs right now. Phoenix has come back slowly. Salt Lake might be more '25 recovery than a '24. So we're not counting a lot of Aggs in for there, but it's worth waiting on because that's one of our highest margin.

因此，我們稱今年的總量下降了低至中個位數。如果我只與終端市場交談，我實際上會這麼說。你知道，住宅方面，我們整體上看是持平甚至下降，想想我們看待住宅市場的方式，他們有點猶豫。我的意思是，利率越長，利率越高，事實上，有鎖定效應。即將舉行總統選舉，就業報告讓人們對出門買房猶豫不決。話雖這麼說，我們有被壓抑的需求，以及休士頓、鳳凰城、鹽湖城和休士頓這三個非常強勁的終端市場。我們現在有非常多的積壓訂單。鳳凰已經慢慢回來了。鹽湖城 25 年的復甦可能比 24 年的恢復還要快。因此，我們並沒有計算出很多 Aggs，但值得等待，因為這是我們最高的利潤之一。

Yes, residential market so that will come back. It's not a matter of if it's a matter of when. And then you know, on public markets, we're assuming continued strength in our public markets. Our North Texas markets are up double digits. We've got some timing issues on some of our other public markets, but think about it as continued strong growth in public Overall, our state DOTs are up 3% already, probably be up more than that by the time to finish their estimates. Our contract highway paving awards are up 6.3% with just over seven points above the national average. And we're seeing in our backlogs specific tags. If you look at our backlogs right now, Joe, we are up 10 million tons per year over 70%. Our backlogs are up at 40% of those go into public markets. So real strength in public. And as I said in my prepared comments, the nonresidential this where you've got a mixed bag. So you've got positives on your manufacturing, your energy verticals and data centers, which we're seeing some nice growth there. But then against that is the commercial weakness that I called out in Salt Lake City, Phoenix and British Columbia. So that's really what's driving those that ag volume recommendation overall.

是的，住宅市場將會回歸。這不是是否的問題，而是何時的問題。然後你知道，在公開市場上，我們假設公開市場持續走強。我們的北德克薩斯市場成長了兩位數。我們在其他一些公開市場上遇到了一些時機問題，但將其視為公開市場的持續強勁增長。還要高。我們的公路鋪設合約合約成長了 6.3%，僅比全國平均高出 7 個百分點。我們在待辦事項中看到了特定的標籤。如果你看看我們現在的積壓訂單，喬，我們每年增加 1000 萬噸，成長超過 70%。我們的積壓訂單增加了 40%，其中 40% 進入了公開市場。如此真正的力量在公眾面前。正如我在準備好的評論中所說，非住宅區的情況魚龍混雜。因此，你們的製造業、能源垂直產業和資料中心都取得了積極的進展，我們看到了這些方面的良好成長。但與此相反的是我在鹽湖城、鳳凰城和不列顛哥倫比亞省指出的商業弱點。因此，這確實是推動整體推薦量的因素。

That's helpful detail.

這是有用的細節。

Thanks.

謝謝。

Right. I'm going to turn it back over to Anne Noonan, Summit's CEO, for closing remarks.

正確的。我將把它轉交給 Summit 首席執行官 Anne Noonan，讓其致閉幕詞。

Thank you for joining today's call, and I'd leave you with three final messages.

感謝您參加今天的電話會議，我想向您傳達最後三句話。

First, our team and our business has demonstrated high quality execution in a dynamic backdrop, continuing a strong record of meeting or beating the expectations we've set externally to.

首先，我們的團隊和業務在動態的背景下展示了高品質的執行力，繼續保持滿足或超越我們外部設定的期望的良好記錄。

We are supremely confident that the levers within our control can and will drive strong margin and EBITDA growth this year. And three, our capital allocation approach and strategic goal to continually strengthen our materials lead portfolio is a chief priority and one that we know will promote superior long-term shareholder value.

我們非常有信心，我們控制的槓桿能夠並且將會推動今年利潤率和 EBITDA 的強勁成長。第三，我們的資本配置方法和策略目標是不斷加強我們的材料主導產品組合，這是我們的首要任務，我們知道這將促進卓越的長期股東價值。

We thank you for your time today.

我們感謝您今天抽出時間。

We appreciate your continued support of Summit Materials, and we hope you all have a great day.

我們感謝您對 Summit Materials 的持續支持，祝福大家有個愉快的一天。