Advanced Drainage Systems Inc (WMS) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Today's presentation will begin in 2 minutes. Thank you for your patience.

女士們、先生們，感謝你們的支持。今天的演講將在2分鐘後開始。感謝您的耐心。

Good morning ladies and gentlemen, and welcome to the Advanced Drainage Systems fourth-quarter of the fiscal year 2025 results conference call. My name is Tamika, and I am your operator for today's call. (Operator instructions)

女士們、先生們，早安，歡迎參加 Advanced Drainage Systems 2025 財年第四季業績電話會議。我叫塔米卡 (Tamika)，是今天為您接聽電話的接線生。（操作員指示）

I would now like to turn the presentation over to your host for today's call, Michael Higgins, Vice President of Investor Relations and Corporate Strategy. Please go ahead, sir.

現在，我想將演講交給今天電話會議的主持人、投資者關係和企業策略副總裁 Michael Higgins。先生，請繼續。

Thank you. Good morning, everyone. I'm here with Scott Barbour, our President and CEO; and Scott Cottrill, our CFO, and Craig Taylor, Executive Vice President of ABS and President of Infiltrator.

謝謝。大家早安。與我一起在場的還有我們的總裁兼執行長 Scott Barbour、我們的財務長 Scott Cottrill，以及 ABS 執行副總裁兼 Infiltrator 總裁 Craig Taylor。

I would also like to remind you that we will discuss forward-looking statements. Actual results may differ materially from those forward-looking statements because of various factors, including those discussed in our press release and the risk factors identified in our Form 10-K filed with the SEC.

我還想提醒您，我們將討論前瞻性陳述。由於各種因素，包括我們在新聞稿中討論的因素以及我們向美國證券交易委員會提交的 10-K 表中確定的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。

While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not place undue reliance on these forward-looking statements, all of which should speak only as of today. Lastly, the press release we issued this morning is posted on the investor relations section of our website. A copy of the release has also been included in an in case to the SEC. We will make a replay of this conference call available via webcast on the company website.

雖然我們可能會在未來更新前瞻性陳述，但我們不承擔這樣做的義務。您不應過度依賴這些前瞻性陳述，所有這些陳述都僅代表今天的觀點。最後，我們今天早上發布的新聞稿已發佈在我們網站的投資者關係部分。該新聞稿的副本也已包含在提交給美國證券交易委員會 (SEC) 的案件中。我們將透過公司網站的網路直播提供本次電話會議的重播。

With that, I'll now turn the call over to Scott Barbour.

說完這些，我現在將電話轉給斯科特·巴伯 (Scott Barbour)。

Thank you, Mike, and good morning, everyone. Thank you all for joining us on today's call. We concluded fiscal 2025 with net sales of $2.9 billion, an increase of 1% over the prior year. Importantly, domestic construction market sales increased 3% as we continue to drive above market performance through our material conversion strategy in the stormwater and on-site wastewater markets.

謝謝你，麥克，大家早安。感謝大家參加今天的電話會議。2025 財年我們的淨銷售額為 29 億美元，比前一年成長 1%。重要的是，由於我們繼續透過在雨水和現場廢水市場中的材料轉換策略推動高於市場的表現，國內建築市場銷售額成長了 3%。

We saw strong growth in places like Florida with double digit growth in pipe. Allied products and infiltrator products. And in Texas, with double-digit growth in infiltrator products as well as growth in pipe and the non-residential market.

我們看到佛羅裡達等地管道業務出現兩位數的強勁成長。盟軍產品和滲透者產品。在德克薩斯州，滲透器產品、管道和非住宅市場均實現了兩位數成長。

From a product standpoint, water quality products increased double digits, as did the [Caltech] retention detention chambers that we acquired in 2022. The tank and active treatment products and infiltrator each through double digits also, and Craig Taylor will talk about those here in a few minutes.

從產品角度來看，水質產品實現了兩位數成長，我們在 2022 年收購的 [加州理工學院] 滯留室也實現了兩位數成長。坦克和主動治療產品以及滲透器也分別通過了兩位數，Craig Taylor 將在幾分鐘內討論這些。

Moving to profitability, this year's 30.6% adjusted EBITDA margins marks the second most profitable year in the company's history, down modestly off peak in a year when we face headwinds and pricing and material costs, in addition to a challenging economic backdrop that impacted demand.

談到獲利能力，今年 30.6% 的調整後 EBITDA 利潤率標誌著公司歷史上第二大盈利年份，在我們面臨逆風和定價及材料成本，以及影響需求的嚴峻經濟背景的背景下，利潤率略低於峰值。

The resiliency demonstrated by this year's profitability is partially due to our strategy to grow the more profitable segments, infiltrator and allied products to be a higher mix of overall sales. Organic sales in these segments increased 5% and 3% respectively, and the on-site wastewater and allied products now represent a collective 44% of revenue.

今年獲利能力所展現出的韌性部分歸功於我們的策略，即發展利潤更高的細分市場、滲透器和相關產品，使其成為整體銷售的更高組合。這些部門的有機銷售額分別成長了 5% 和 3%，現場廢水和相關產品目前佔總收入的 44%。

The evolution of ADS's product mix is one of the topics we intended to discuss in our Investor Day originally planned for this upcoming June. We have a lot of exciting things to highlight about our future at both infiltrator and ADS around growth, innovation, and the customer experience. However, right now the industry is highly dynamic and as we wait to see how the construction economy unfolds with the current economic uncertainty.

ADS 產品組合的演變是我們原計劃於今年 6 月舉行的投資者日上討論的主題之一。關於滲透者和 ADS 的未來，我們在成長、創新和客戶體驗方面有很多令人興奮的事情值得強調。然而，目前該行業非常活躍，我們拭目以待，看看建築經濟如何在當前的經濟不確定性下發展。

While the current dynamics play out, I didn't think that the audience is going to be the most receptive to a major investor today talking about how things look over the next three years. So I think that there'll be a better opportunity for that type of discussion later in the year when we have a much better picture of what this three year outlook will look like. Therefore, we are going to push the Investor Day and we'll be in touch with the new day that'll be sometime later this year.

儘管當前的情況正在顯現，但我認為觀眾不會最願意接受今天一位主要投資者談論未來三年的情況。因此我認為，當我們對未來三年的前景有更清晰的認識時，今年稍後會有更好的機會進行此類討論。因此，我們將推動投資者日，並將在今年稍後與新的投資者日保持聯繫。

Now I want to turn to slide 5, which highlights this journey that ADS has been over the past 10 years. So if we move from left to right, from FY16 to FY25, we have strategically diversified the product, the geography and the end -market mix to become a higher margin, more profitable business.

現在我想翻到第 5 張投影片，它重點介紹了 ADS 在過去 10 年中走過的歷程。因此，如果我們從左到右，從 2016 財年到 2025 財年，我們已經在策略上實現了產品、地理和終端市場組合的多樣化，從而成為利潤率更高、盈利能力更強的企業。

We focused on driving growth in our higher margin allied products, which grew at 10% cater over this time period, outpacing the core pipe business. We deepen and broaden our exposure to the residential market through both our pipe business and infiltrator products.

我們專注於推動利潤率更高的相關產品的成長，該產品在此期間的成長率為 10%，超過了核心管道業務。我們透過管道業務和滲透器產品加深並擴大了對住宅市場的了解。

Our exposure to the residential land development has grown at an 18% CAGR over this time period, driven by a focus on building relationships with large national home builders and pursuing approvals and engineering acceptance in some of the fastest growing residential areas, primarily the Southeast. We have deployed incremental resources around that over this time period, and we think that paid off, very well for the company.

在此期間，我們對住宅土地開發的投資以 18% 的複合年增長率增長，這得益於我們專注於與大型全國住宅建築商建立關係，並在一些增長最快的住宅區（主要是東南部）尋求批准和工程驗收。我們在這段時間內圍繞這一目標部署了增量資源，我們認為這對公司來說非常有回報。

This focus on residential was complemented by the acquisition of Infiltrator, which increased our residential exposure to 36% of their overall company. Again, accelerating our overall growth and enhancing the margin profile of the company.

對 Infiltrator 的收購進一步增強了我們對住宅業務的關注，使我們的住宅業務占公司整體業務的 36%。再次，加速我們的整體成長並提高公司的利潤率。

This diversification is incredibly important to our go-for strategy. It increases the profit resilience of the company. It supports ongoing margin expansion, and it enables us to pursue projects across nearly all facets of the water management we participate in.

這種多樣化對於我們的追求策略來說極為重要。它增強了公司的盈利彈性。它支持持續的利潤擴張，並使我們能夠開展幾乎涵蓋我們參與的水資源管理各個方面的專案。

We have evolved through simply a pipe manufacturing company in FY16 to a broader water management solutions provider, and I think our profitability is reflected in that, and we're really pleased with this diversification growth in the leadership we have in each one of these segments.

2016 財年，我們從一家管道製造公司發展成為一家更廣泛的水管理解決方案提供商，我認為我們的盈利能力就體現在這一點上，我們對我們在每個領域的領導地位的多元化增長感到非常滿意。

I'm going to move to slide 6. This diversification has expanded our total market opportunity by about $10 billion over this time frame. And we have a very nice addressable market. And then we have a long runway to continue executing the conversion strategy across these markets and all of our product lines.

我要轉到第 6 張投影片。這種多樣化使我們在這段時間內的總市場機會擴大了約 100 億美元。我們擁有非常好的目標市場。然後，我們還有很長的路要走，繼續在這些市場和所有產品線上執行轉換策略。

In a stormwater market, where ADS is the clear market leader, plastic pipe is about 40% of that $5.5 billion market. And the Allied products, again, where we have market lead product lines and participation, we're probably around 10% of that.

在雨水市場中，ADS 是明顯的市場領導者，塑膠管道佔據了該 55 億美元市場的 40% 左右。而對於聯合產品，我們擁有市場領先的產品線和參與度，大概佔 10% 左右。

And in the on-site wastewater, Infiltrators share is about one-third of the market. So in each of those categories, we feel we have a long way to go, and we'll drive that, through our tried and true, getting approvals, keeping good teams in the field and driving this through our distribution.

而在現場廢水處理方面，Infiltrators 的份額約為市場的三分之一。因此，在每一個類別中，我們都覺得我們還有很長的路要走，我們將透過我們經過驗證的方法獲得批准，在該領域保持優秀的團隊並透過我們的分銷來推動這一進程。

There are also some secular tailwinds that are going to drive these markets. We've talked about these in the past. It's really the underbuilt US water infrastructure, this increasing frequency and intensity of large scale storm events, and the residential underbills, that is highlighted many times when we talk with you.

還有一些長期的順風因素將推動這些市場的發展。我們過去曾討論過這些。我們在與您交談時多次強調的是美國水利基礎設施建設不足、大規模風暴事件發生的頻率和強度不斷增加以及居民水費不足。

We've mentioned these studies in the past. The one we really like is from the American Society of Civil Engineers. They did their 2025 infrastructure report card and water infrastructure has a grade of D, which simply says the existing infrastructure is in poor to fair condition and mostly below current standards.

我們過去曾提到這些研究。我們真正喜歡的是來自美國土木工程師學會的。他們製作了 2025 年基礎設施報告卡，水利基礎設施的等級為 D，這只是表明現有基礎設施狀況較差到一般，並且大部分低於當前標準。

This is good. This is a good trend for us. I mean this will continue to pace investment in water management infrastructure across a broad array of products and geography. So over the long term, we will continue to have these secular growth tailwinds. We'll drive that growth through a good current portfolio of offerings, continuing new product introductions. Acquisitions it will drive that conversion and shared wallet that is our opportunity on these different projects.

這很好。這對我們來說是一個很好的趨勢。我的意思是，這將繼續推動對廣泛產品和地區的水管理基礎設施的投資。因此，從長期來看，我們將繼續擁有這些長期成長的順風。我們將透過良好的現有產品組合和持續推出新產品來推動這一成長。收購將推動這種轉換和共享錢包，這是我們在這些不同項目上的機會。

And I'll turn to the next page, and this is how we drive that share of wallet. This is really what we think of as our value proposition, and it starts at the top of this chart with the best in class portfolio of water management products. We are the only company that could deliver complete water management solutions on a national or North American scale that are safer, more sustainable, faster to install and at a lower installation cost. It is a superior line of products we have at the this top of this page.

我將翻到下一頁，這就是我們如何推動錢包份額成長。這確實是我們所認為的價值主張，它從圖表頂部開始，擁有一流的水管理產品組合。我們是唯一一家能夠在全國或北美範圍內提供完整水管理解決方案的公司，該解決方案更安全、更永續、安裝更快、安裝成本更低。這是我們在本頁頂部展示的優質產品系列。

And for many years we have run this market share model. It's a proven go to market strategy of approvals, acceptance, coverage win rate. It's supported by the 300 professionals in the field, which are the envy of our industry in terms of field, sales, capability, and technical know-how in the field.

多年來我們一直運行這種市場佔有率模式。這是一個經過驗證的行銷策略，涉及批准、接受和覆蓋率。它得到了該領域 300 名專業人士的支持，他們在該領域的領域、銷售、能力和技術知識方面令我們業界羨慕不已。

So we're very proud of that product line and our ability to kind of sell those product lines with our distributors in the field. But I think there's more to it than that and it's that bottom tier of this chart and that balance sheet. As we've improved the profitability and cash flow profile of the company, we can reinvest at an appropriate pace with the right returns in new capacity in the critical geographies, new products, new capabilities for engineering, innovation, and increasingly investments around customer service and the design tools.

因此，我們對該產品線以及與該領域的分銷商一起銷售該產品線的能力感到非常自豪。但我認為事情遠不止於此，它只是這張圖表和資產負債表的底層。隨著我們改善了公司的獲利能力和現金流狀況，我們可以以適當的速度進行再投資，並在關鍵地區的新產能、新產品、新工程能力、創新以及圍繞客戶服務和設計工具的不斷增加的投資中獲得正確的回報。

Over these last several years, we have built some industry leading design tools where customers can design around our products, select our products, we make these available to them in many different ways digitally, and it is really a superior service or asset of our company that I think we don't talk about enough.

在過去的幾年裡，我們建立了一些領先業界的設計工具，客戶可以圍繞我們的產品進行設計，選擇我們的產品，我們透過多種不同的數位方式向他們提供這些產品，這確實是我們公司的優質服務或資產，我認為我們談論得還不夠。

In addition, the kind of leading service we've always had is our fleet. We deliver over 70% of the products we sell on the ADS side and we've refreshed that fleet and modernized it and have really a great set of assets out there working for our customers.

此外，我們一直提供的領先服務是我們的車隊。我們在 ADS 方面銷售的產品超過 70% ，而且我們已經更新了車隊並使其現代化，並且擁有一套真正優秀的資產為我們的客戶服務。

I mentioned this modernizing our customer experience, we've invested in that heavily over the last year. We needed to do that. Our delivery performance is now over 90%, and these tools are rolling out and giving differentiated market leading information and availability information for our customers.

我提到了實現客戶體驗的現代化，去年我們在這方面投入了大量資金。我們需要這樣做。我們的交付績效現已超過 90%，這些工具正在推出並為我們的客戶提供差異化的市場領先資訊和可用性資訊。

I think you all know, we opened our Engineering and Technology center about nine months ago. It is by far the most advanced stormwater facility in the world, which enables us to develop and launch new products faster while also working on our manufacturing processes and safety and efficiency.

我想你們都知道，我們大約九個月前開設了工程技術中心。它是迄今為止世界上最先進的雨水處理設施，使我們能夠更快地開發和推出新產品，同時也能改善我們的製造流程、安全性和效率。

We really have everything we need to do around that stormwater business contained in this facility from an engineering and product management standpoint. And we are already in the first nine months, have some great examples of accelerated in the market products and materials that we've benefited from and from that, from this new investment that we have.

從工程和產品管理的角度來看，我們確實已經做好了圍繞該設施內的雨水業務所需的一切準備。在前九個月中，我們已經擁有一些市場產品和材料加速發展的很好的例子，我們從中受益匪淺，也從我們的新投資中獲益匪淺。

So when you stack all three elements of this chart together, the scale, the best in class products, the go to market strategy, our ability to reinvest, I think it's really clear to me what hands you would rather play. It is that company that we have now and move to FY26 versus the company that we had in FY16, and I would argue versus any company that we're competing against on a daily basis.

因此，當你將這張圖表的所有三個要素疊加在一起時，即規模、一流的產品、市場進入策略、我們的再投資能力，我想我很清楚你更願意玩什麼牌。我們現在擁有的公司與 2016 財年的公司不同，並且與任何我們每天都在競爭的公司不同。

So I'm very proud of the team for the performance delivered in a really challenging year. We got a lot of things done in spite of a very difficult demand environment and a difficult pricing and materials market. We continue to make progress in safety, we passed a milestone this year and safety performance that we're very proud of. So lots of good things to talk about. And we'll kind of gather those along with our three year plan to show its Investor Day that we'll do a little bit later this year.

因此，我為團隊在充滿挑戰的一年中所取得的成績感到非常自豪。儘管需求環境非常困難，定價和材料市場也很困難，我們仍然完成了許多工作。我們在安全方面不斷取得進步，今年我們通過了一個里程碑，安全表現令我們感到非常自豪。有很多好事情可以談。我們將把這些內容與我們的三年計畫一起匯總到投資者日，我們將在今年稍後舉行這項活動。

Scott Cottrill is going to give you an outlook on FY16 in a minute, and we feel confident in our ability to achieve above market growth in our core domestic construction markets and maintain attractive profitability, even if it is still a bit of a challenging demand environment.

斯科特·科特里爾 (Scott Cottrill) 將在一分鐘內為您介紹 2016 財年的展望，儘管需求環境仍然充滿挑戰，但我們有信心在核心國內建築市場實現高於市場的增長，並保持有吸引力的盈利能力。

First, I'm going to turn this over to Craig Taylor, the President of our Infiltrator, business to review their fiscal 2025 performance and talk a little bit about the great year they ahead there.

首先，我將把這個任務交給我們的 Infiltrator 業務總裁 Craig Taylor，讓他回顧一下他們 2025 財年的業績，並談談他們未來美好的一年。

Hey, Scott. Good morning. I'm happy to be here today. Fiscal 2025 was another strong year at Infiltrator. We reported $516 million in sales, an increase of 15% over prior years, including $46 million in (inaudible) sales. On an organic basis, sales increased 5%, driven by double digit growth in both septic tanks and advanced treatment products.

嘿，斯科特。早安.我很高興今天來到這裡。2025 財年是 Infiltrator 又一個強勁發展的一年。我們的銷售額達到 5.16 億美元，比上年增長了 15%，其中包括 4,600 萬美元的（聽不清楚）銷售額。從有機角度來看，銷售額成長了 5%，這得益於化糞池和先進處理產品的兩位數成長。

Tank sales increased 12%, driven by material conversion and new product introductions. Just like ADS's material conversion strategy, Infiltrator plastic tanks are driving market conversion from the traditional concrete tanks.

受材料轉換和新產品推出的推動，油罐銷售額成長了 12%。正如 ADS 的材料轉換策略一樣，Infiltrator 塑膠罐正在推動傳統混凝土罐的市場轉換。

In fiscal year 2025, we launched two new products to address market needs and to provide contractors with additional installation flexibility. Organic advanced treatment sales increased 33% compared to prior year, primarily driven by market growth, as well as the introduction of the [Ecopod] NX.

在2025財年，我們推出了兩款新產品，以滿足市場需求並為承包商提供額外的安裝彈性。有機先進處理產品的銷售額比去年增長了 33%，主要得益於市場成長以及 [Ecopod] NX 的推出。

This product is the next generation of advanced wastewater treatment technology designed to meet new regulations that require higher levels of nitrogen reduction to protect watersheds and the environment. Adjusted gross margins increased 60 basis points to 53.6%. This includes the impact of the (inaudible) acquisition.

該產品是下一代先進的廢水處理技術，旨在滿足要求更高水準的氮減排以保護流域和環境的新法規。調整後毛利率增加60個基點至53.6%。這包括（聽不清楚）收購的影響。

Organically, we expanded adjusted gross margin by 250 basis points, primarily driven by favorable pricing, manufacturing efficiencies, and material costs. Infiltrators' profitability today demonstrates the benefit from capital investments made in machinery and equipment over the last six years. Most significantly, the highly automated advanced manufacturing facility opened in 2020.

從有機角度來看，我們的調整後毛利率擴大了 250 個基點，這主要得益於優惠的定價、製造效率和材料成本。Infiltrators 今天的獲利能力證明了過去六年來在機械和設備上的資本投資所帶來的收益。最重要的是，高度自動化的先進製造工廠於 2020 年開業。

Since opening, Infiltrators profitability has improved by 1,100 basis points. When the market slowed two years ago, we were able to utilize the facility while we took older equipment offline for refurbishment. As we ramped back up, we achieved a 15% improvement in productivity and efficiency.

自開業以來，Infiltrators 的獲利能力提高了 1,100 個基點。兩年前，當市場放緩時，我們能夠利用該設施，同時將舊設備下線進行翻新。隨著我們重新加大力度，生產力和效率提高了 15%。

In addition, our business continues to be very innovative. New products we have introduced in the past three years account for over 20% of our revenue. As we look at (inaudible), we see an opportunity to grow revenue and improve the processes and efficiency in our manufacturing.

此外，我們的業務持續保持高度創新。我們過去三年推出的新產品占我們收入的20%以上。當我們看到（聽不清楚）時，我們看到了增加收入和改善製造流程和效率的機會。

We are targeting marginal improvement of 1,000 basis points over the next three to four years, and we are excited about the additional breadth this acquisition brings to our product line. The acquisition also gives us access to new applications. For example, the [Prevos] product assists homeowners converting to centralized wastewater systems by making the process lower cost and less disruptive.

我們的目標是在未來三到四年內實現 1,000 個基點的邊際改善，我們對此次收購為我們的產品線帶來的額外廣度感到非常興奮。此次收購也使我們能夠獲得新的應用程式。例如，[Prevos] 產品可以幫助房主轉換為集中式廢水處理系統，從而降低整個過程的成本並減少干擾。

In addition, [Arereco's] advanced treatment products increases our exposure to the commercial systems where the Infiltrator products have a strong foothold in residential systems. All in, we are very proud of this year's accomplishments and excited about the future growth at Infiltrator as we continue to drive material conversion and capitalize on growth in the advanced treatment market.

此外，[Arereco] 先進的處理產品增加了我們對商業系統的了解，而 Infiltrator 產品在住宅系統中佔有重要地位。總而言之，我們對今年的成就感到非常自豪，並對 Infiltrator 未來的發展感到興奮，因為我們將繼續推動材料轉化並利用先進處理市場的成長。

Now I'll turn the call over to Scott Cottrill.

現在我將電話轉給 Scott Cottrill。

Thanks Craig. In the fourth quarter, net sales decreased 6% overall as demand was impacted by higher interest rates, economic uncertainty, and unfavorable weather conditions. Recall last year we experienced favorable weather conditions that allowed for an early start to the spring selling season in both construction and agriculture.

謝謝克雷格。第四季度，由於需求受到利率上升、經濟不確定性和不利天氣條件的影響，淨銷售額整體下降了 6%。回想去年，我們經歷了有利的天氣條件，使得建築業和農業的春季銷售季節提前開始。

From a timing perspective, construction activity and agriculture accelerated by about six weeks this year compared to last year. Importantly, price costs remained in line with expectations, and manufacturing and transportation costs were both favorable in the period.

從時間角度來看，今年的建築活動和農業活動比去年加快了約六週。重要的是，價格成本與預期一致，製造和運輸成本在此期間都很有利。

On slide 10, we present our free cash flow and liquidity. As most of you know one of the strategic advantages of the business is the consistency and quality of our cash flow generation. Even in a choppy and uncertain macro environment, we generated $581 million of cash from operations during fiscal 2025. The strong cash generation of the business gives us the flexibility to invest in production, capacity and innovation to grow our position in the highly attractive stormwater and on-site wastewater markets.

在第 10 張投影片上，我們展示了我們的自由現金流和流動性。大多數人都知道，企業的策略優勢之一是現金流產生的一致性和品質。即使在動盪和不確定的宏觀環境下，我們在 2025 財年仍從營運中產生了 5.81 億美元的現金。該業務強勁的現金產生能力使我們能夠靈活地投資於生產、產能和創新，從而提升我們在極具吸引力的雨水和現場廢水市場中的地位。

That's an envious position to be in and one we intend to optimize to continue driving long term shareholder value. Capital spending increased 15% to $212 million in fiscal 2025, as we continue to invest in improving customer service through investments in technology and better order management processes, accelerating innovation in new products and new technologies that add to our storm water and wastewater solutions packages.

這是一個令人羨慕的地位，我們打算優化這一地位，以繼續推動長期股東價值。2025 財年的資本支出增加了 15%，達到 2.12 億美元，因為我們將繼續透過投資技術和更好的訂單管理流程來改善客戶服務，加速新產品和新技術的創新，以豐富我們的雨水和廢水解決方案。

Increasing our production capacity in certain regions and in certain products that have superior demand, profitability, and growth characteristics, de-bottlenecking and expanding our recycling operations, such as our recycling facility in Corddill, Georgia, as well as our material science and blending capabilities and filing increasing the safety, productivity, and efficiency of our manufacturing network.

提高我們在某些​​地區和某些具有較高需求、盈利能力和增長特徵的產品的生產能力，消除瓶頸並擴大我們的回收業務，例如我們位於佐治亞州科迪爾的回收設施，以及我們的材料科學和混合能力，並提高我們製造網絡的安全性、生產力和效率。

In addition, we upgraded our transportation assets, including refreshing the fleet and implementing the latest telematics and safety technology to improve superior delivery and customer service.

此外，我們還升級了運輸資產，包括更新車隊和實施最新的遠端資訊處理和安全技術，以改善卓越的交付和客戶服務。

Starting the capital allocation. Our priorities remain unchanged and rooted in our commitment to drive growth and create long-term shareholder value. First and foremost, we will continue to invest strategically in the core business for all of the reasons I just mentioned. A close second, the pursuit of acquisitions to grow our product offering and leadership in the stormwater and on-site wastewater markets.

開始資本配置。我們的優先事項保持不變，並根植於我們推動成長和創造長期股東價值的承諾。首先，基於我剛才提到的所有原因，我們將繼續對核心業務進行策略性投資。緊隨其後的是，透過收購來擴大我們的產品供應，並加強我們在雨水和現場廢水市場的領導地位。

That said, we recently announced the acquisition of River Valley pipe, a manufacturer of corrugated plastic pipe products serving the agricultural market in the Midwest. We will continue to focus on opportunities to expand our product offerings and capacity.

話雖如此，我們最近宣布收購 River Valley pipe，這是一家為中西部農業市場提供波紋塑膠管道產品的製造商。我們將繼續關注擴大產品供應和產能的機會。

Our balance sheet and free cash flow profile gives us the ability to move decisively when the right opportunities emerge without needing to dilute shareholders or take on excessive leverage. We remain opportunistic in evaluating M&A that enhances our portfolio and aligns with our long term strategies.

我們的資產負債表和自由現金流狀況使我們能夠在合適的機會出現時果斷採取行動，而無需稀釋股東權益或承擔過度的槓桿。我們始終秉持機會主義的態度來評估能夠增強我們的投資組合並符合我們長期策略的併購交易。

We've also maintained a balance sheet to capital deployment, or I'm sorry, a balanced approach to capital deployment, returning $121 million in fiscal 2025 to shareholders through dividends and share repurchases. We have deliberately built and maintained a fortress balance sheet that provides us with the flexibility to navigate cycles as well as promptly act on opportunities. We closed the year with $1.1 billion in liquidity and a net leverage of 1.1 times. In addition, today we announced a 13% increase in our annual dividend to $0.72 per share.

我們也保持了資產負債表與資本配置的平衡，或者抱歉，保持了平衡的資本配置方法，在 2025 財年透過股利和股票回購向股東返還 1.21 億美元。我們特意建立並維護了堡壘資產負債表，這使我們能夠靈活地應對週期變化並及時抓住機會。截至年底，我們的流動資金為 11 億美元，淨槓桿率為 1.1 倍。此外，今天我們宣布將年度股息提高 13%，至每股 0.72 美元。

Moving on to slide 11, we present our fiscal 2026 guidance ranges. Based on our order book, backlog, and market trends, we expect revenues to be in the range of $2825 million and $2975 million and adjusted EBITDA to be in the range of $850 million to $910 million. These ranges result in an adjusted EBITDA margin of 30.1% to 30.6%, down 50 basis points to flat compared to this year's 30.6% margin.

轉到第 11 張投影片，我們展示了 2026 財年的指導範圍。根據我們的訂單、積壓訂單和市場趨勢，我們預計營收將在 28.25 億美元至 29.75 億美元之間，調整後的 EBITDA 將在 8.5 億美元至 9.1 億美元之間。這些範圍導致調整後的 EBITDA 利潤率為 30.1% 至 30.6%，與今年的 30.6% 利潤率相比下降 50 個基點至持平。

It is important to note that we do not expect a material impact from tariffs. Today's guidance reflects the end market outlook on slide 12. We do not expect a non-residential or residential end markets to accelerate, as both are under pressure from higher interest rates and economic uncertainty.

值得注意的是，我們預期關稅不會產生實質影響。今天的指引反映了第 12 張投影片上的最終市場前景。我們預計非住宅或住宅終端市場不會加速發展，因為它們都面臨更高利率和經濟不確定性的壓力。

We expect a non-residential end market to be flat to down low single digits, and the residential market to be down low to mid single digits. The infrastructure market continues to benefit from IIJA funds, and we expect that market to grow low single digits next year.

我們預期非住宅終端市場將持平至下降低個位數，而住宅市場將下降低至中個位數。基礎設施市場繼續受益於 IIJA 基金，我們預計明年該市場將實現低個位數成長。

Finally, both the agriculture and international markets are expected to be down double digits in the year. Finally, the fiscal 2026 guide at the midpoint includes the following key assumptions for revenue, volume up low single digits and pricing down low single digits. For profitability, price/cost should be neutral for the year, as we expect lower material costs year-over-year to offset the impact of pricing I just noted.

最後，預計今年農業和國際市場都將出現兩位數的下滑。最後，中點的 2026 財年指南包括以下關鍵假設：營收、銷售上漲低個位數和價格下跌低個位數。對於獲利能力而言，今年的價格/成本應該是中性的，因為我們預計材料成本同比下降將抵消我剛才提到的定價的影響。

Manufacturing costs will be unfavorable due to fixed cost absorption, primarily in the first quarter. The higher costs are due to the lower production volume over the winter months due to the slower demands experienced in Q4, as well as expected in fiscal 2026.

由於固定成本吸收，製造成本將不利，主要在第一季。成本上升的原因是，由於第四季需求放緩，冬季產量下降，預計 2026 財年產量也將下降。

Transportation costs are expected to be favorable year-over-year due to improved efficiency and route planning, and SG&A costs are expected to be 14% of revenue for the year. We will remain focused on executing our long-term strategy to drive consistent long-term growth, margin expansion, and free cash flow generation in the large and attractive stormwater and on-site wastewater markets, the significant conversion opportunity.

由於效率提高和路線規劃改善，預計運輸成本將同比下降，銷售、一般及行政費用預計將佔全年收入的 14%。我們將繼續專注於執行我們的長期策略，以在龐大而有吸引力的雨水和現場廢水市場（重要的轉換機會）中推動持續的長期成長、利潤率擴張和自由現金流產生。

With that, I will open the line for questions.

現在，我將開始回答大家的提問。

(Operator instructions)

（操作員指示）

Mike Halloran, Baird.

麥克·哈洛倫，貝爾德。

First, Scott, I'd like to clarify the comment you just made there on the price cost side of things on the pricing side of things. How is pricing tracking sequentially? Have you seen any incremental pressure embedded in that pricing comment, are there any mix components to what that pricing looks like I certainly heard that you expect to be price/cost neutral as we work through the year because of those dynamics. Just want to understand what's happening on the pricing side of things.

首先，史考特，我想澄清一下你剛才在價格成本方面和定價方面所發表的評論。定價如何按順序追蹤？您是否看到了該定價評論中隱含的任何增量壓力，該定價是否存在任何混合成分？我確實聽說，由於這些動態，您預計我們全年的工作中價格/成本將保持中性。只是想了解定價方面的情況。

Yes. And Michael, so largely basically sequentially level, as we've talked about since Q2 of this past year. So most of what you see in the comment related to price being down low single digits is relative to -- it doesn't lap the pricing impact until Q2 of this fiscal year. So most of that relates to just the comment that we'll see continued unfavorability especially in Q1 as we work through the year. But then sequentially throughout the year relatively flat on price.

是的。邁克爾，正如我們自去年第二季以來所討論的那樣，基本上是連續的水平。因此，您在評論中看到的有關價格下跌個位數的大部分內容都是相對的——它直到本財年第二季才會對價格產生影響。因此，其中大部分內容都與以下評論有關：隨著我們全年的工作，我們將看到持續的不利因素，尤其是在第一季。但隨後全年價格相對持平。

Okay. That makes sense. So you're basically saying first quarter is where the pressure point is and then kind of static year-over-year once you lap that comp. Okay. That helps. And then the demand side of the equation, modestly positive volumes. I mean it seems like you're embedding some sort of share gain potential within the context of that based on the end market commentary that you have on slide 12. Maybe just talk about where you are expecting the share gains to come in and what are the catalysts for that on an insular level by products? And Mark, how do you want to go after it?

好的。這很有道理。所以你基本上是說第一季是壓力點，然後一旦你超過那個競爭對手，同比就會保持穩定。好的。這有幫助。然後等式的需求方，適度正量。我的意思是，根據投影片 12 中的最終市場評論，您似乎在其中嵌入了某種股票收益潛力。也許只是談論一下您預計股票收益將從哪裡來，以及在產品層面上，股票收益的催化劑是什麼？馬克，你打算怎麼做呢？

So Mike, this is Scott. Yes, there are share gains through conversion from traditional materials to plastic pipe. As there usually are in our guidance there. That are primarily the HP or polypropylene products and primarily in the -- what I would call the larger diameter.

麥克，這是斯科特。是的，從傳統材料轉換為塑膠管道確實可以增加市場份額。正如我們的指導中通常所言。這些主要是 HP 或聚丙烯產品，主要是 — — 我稱之為較大直徑的產品。

And we've been gaining share there in the comment, I mean, in the discussion, we mentioned the residential segment where we clearly gained share, continue to gain share there through our sales efforts the superiority of our value proposition for those -- that type of development or that type of project, kind of an early land development. And yes, we see that market can have different levels of growth and uncertainty, but we've been growing pretty steadily through that and started from a low point.

我們在評論中一直在那裡獲得份額，我的意思是，在討論中，我們提到了住宅領域，我們明顯在那裡獲得了份額，並通過我們的銷售努力繼續在那裡獲得份額，我們對那些類型的開發或那種類型的項目的價值主張的優勢，有點像早期的土地開發。是的，我們看到市場可以有不同程度的成長和不確定性，但我們一直在穩步成長，並且從低點開始。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Good morning everyone. Thank you for taking the questions. Just wanted to ask first about the cadence for the year, thinking about the top line. So a lot of great color there around some of the margin impacts in Q1. But just think about revenue. I mean I guess if I look at the fourth quarter, organic growth was maybe down 3% or so. Is Q1 shaping up similar to Q4, plus or minus? And kind of what I'm getting at is what's the implication to year-over-year growth as you think about the second half of the year within your guide? Thank you.

大家早安。感謝您回答這些問題。我只是想先問今年的節奏，想想頂線。因此，第一季的利潤率影響存在著許多顯著差異。但只考慮收入。我的意思是，如果我看一下第四季度，有機成長率可能下降了 3% 左右。Q1 的走勢與 Q4 的走勢相似嗎？我想說的是，當您在指南中考慮下半年的情況時，這對同比增長有何影響？謝謝。

I don't be -- careful to get too much at into the quarters. But I will highlight, we do talk about 1H and 2H. And typically, the business will see 55% to 60% of the revenue in the first half of the year and 40% to 45%, obviously, in the second half.

我不會——小心翼翼地投入太多精力。但我要強調的是，我們確實談論了 1H 和 2H。通常情況下，企業上半年的收入為 55% 至 60%，而下半年的收入為 40% 至 45%。

We expect to see that same dynamic this year. I think in the first quarter on a year-over-year basis, obviously, there is a little bit of upside opportunity given that some of that pull ahead that we saw last year, we mentioned, so a year-over-year comp. That's a little bit easier in the first quarter, but expect 55% to 60% of the revenue in the first half, consistent with what we normally generate and drive. You've got to see real -- impact in the first quarter.

我們預計今年仍將看到同樣的動態。我認為，與去年同期相比，第一季顯然存在一些上漲機會，因為我們去年看到的一些成長勢頭，正如我們所提到的，因此與去年同期相比。第一季會稍微容易一些，但預計上半年的收入將達到 55% 至 60%，與我們通常創造和推動的收入一致。你必須在第一季看到真正的影響。

Okay. Got it. Great. That's helpful. Thanks for that, Scott. And then I wanted to maybe just step back, the Investor Day. I just wanted to ask a little bit more about the, I guess, the postponement there. Because I certainly hear you around the uncertain cycle. But obviously, you have a lot of date sort of non-cycle to fix the point to as you went through in your prepared remarks. And you obviously just guided to 2026. So presumably, you have a starting point to think a three-year guide.

好的。知道了。偉大的。這很有幫助。謝謝你，斯科特。然後我想也許只是退一步，投資者日。我只是想多問一些有關延期的問題。因為我確實聽到了你關於不確定週期的說法。但顯然，正如您在準備好的演講中所說的那樣，您需要用大量的日期之類的非週期性內容來強調這一點。顯然，您只是預測了 2026 年。因此，大概您有一個起點來思考三年指南。

So I guess what I'm asking is, are you just seeing the end market volatility to such a degree that you sort of lost the comfort, I guess, around putting out a longer-term outlook? Or, yes, I'm just trying to understand how these current market conditions are giving you that sort of pause there. Thank you.

所以我想我要問的是，您是否只是看到最終市場波動程度如此之大，以至於您有點失去了製定長期展望的信心？或者，是的，我只是想了解當前的市場狀況是如何讓您產生這種停頓的。謝謝。

This is Scott Barbour. Good question. I think it comes down to kind of two things, Matt. One was, just getting to FY26 kind of nailed down, yes, there was a lot going on over the last three months to try to build out that. And then every time we got into what kind of assumptions to make on market growth and these other things to really nail down a three-year plan, we couldn't.

我是史考特·巴伯。好問題。我認為這可以歸結為兩件事，馬特。一是，剛剛確定了 FY26 的目標，是的，過去三個月我們做了很多事情來努力實現這一目標。每當我們討論對市場成長和其他因素做出什麼樣的假設以真正確定三年計劃時，我們都無法做到。

We just didn't feel comfortable nailing down a three-year plan underneath those kind of conditions. I mean I know you all will hold me highly accountable to that plan, and I didn't want to have to give you such a big range, it didn't make sense. So that's why we postponed it.

在這樣的條件下，我們只是不太願意確定三年計畫。我的意思是，我知道你們都會要求我對該計劃負起高度責任，而且我不想給你們這麼大的範圍，這沒有意義。這就是我們推遲的原因。

You're right. We have a lot of great things to talk about, but that felt like without a really solid economic three-year plan in front of you, we wouldn't accomplish what we wanted to accomplish with you. And I didn't want to waste your time on that. So I'd rather give you a really solid plan, take an extra couple of months to get it done, and that was my logic on that.

你說得對。我們有很多偉大的事情要談，但感覺如果沒有一個真正堅實的三年經濟計劃，我們就無法完成我們想和你們一起完成的事情。我不想在這上面浪費你的時間。所以我寧願給你一個真正可靠的計劃，再花幾個月的時間來完成它，這就是我的邏輯。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

Thanks. Good morning, I wanted to circle back to order rates. I understand the framework for the full year guide and then appreciate the moving parts there and how you're contemplating end market dynamics. Just curious what you're seeing on a run rate basis, you mentioned that the orders are positive year-to-date. Just curious how end markets are trending relative to the guidance framework that you have and maybe speak to potential catalysts versus risk as we think about the full year progression.

謝謝。早上好，我想回到訂單費率的話題。我了解全年指南的框架，然後欣賞其中的活動部分以及您如何考慮終端市場動態。只是好奇您在運行率方面看到了什麼，您提到今年迄今為止的訂單是積極的。我只是好奇終端市場相對於您所擁有的指導框架的趨勢如何，並且當我們考慮全年進展時，也許會談論潛在的催化劑與風險。

Okay. This is Scott B. Order rates are trending positive and definitely support the guidance that we gave in the first half, second half that Scott mentioned a bit earlier. I think what we are really very focused on right now is we've mentioned there was a -- because of seasonality and a favorable weather last year, unfavorable weather this year, there was clearly a shift from our fourth to our first that's going on right now.

好的。我是斯科特·B。訂單率呈現正面趨勢，肯定支持了史考特之前提到的我們在上半年和下半年給予的指導。我認為我們現在真正關注的是我們已經提到過的——由於季節性和去年良好的天氣，今年不利的天氣，顯然從第四次轉變為第一次，這種情況正在發生。

Now we think it is if you strip that out to the market is growing, but we would just like to get through that in April, May, June to really understand that impact. And as you can appreciate, particularly on the Infiltrator side, as the season starts, there's an ordering and how those reorder patterns occur really beginning in the first of June.

現在我們認為，如果你將其剝離，市場就會成長，但我們只是想在四月、五月、六月真正了解其影響。正如您所看到的，特別是在滲透者方面，隨著賽季的開始，有一個排序，而這些重新排序模式實際上是從 6 月 1 日開始發生的。

I know Craig has got a dime on that very, very, very much, particularly on those core leach field products that we have, where we have really great visibility into the market. So we need to get to that point, Brian, that reorder point to make sure that kind of shifting to seasonality is in head taking us, for I think we really want to comment deeply about the strength of the market.

我知道克雷格對此非常非常了解，特別是對於我們擁有的核心浸出場產品，我們對這些產品的市場有非常高的了解。因此，我們需要達到這一點，布萊恩，即重新訂購點，以確保這種向季節性的轉變正在引領我們前進，因為我認為我們真的想深入評論市場的實力。

Okay. Understood. I appreciate that detail. And I guess, perhaps offer a little more -- I have an update on Renco integration and confirm here that the target is 1,000 basis points margin expansion. And then perhaps touch on strategic fit and expected financial contribution of River Valley pipe. Thank you.

好的。明白了。我很欣賞這個細節。我想，也許可以提供更多資訊——我對 Renco 整合有更新，並在此確認目標是利潤率擴大 1,000 個基點。然後也許會觸及河谷管道的策略契合度和預期財務貢獻。謝謝。

Craig, you're talking about Renco, he did his back to that big of a number. Yes. So the margin expansion is on really the growth that I talked about, growing the top line, merging the commercial business together with our business -- and then using our distribution channels and growing the GOP, which is our -- product.

克雷格，你在談論倫科，他背負著如此巨大的壓力。是的。因此，利潤率的擴大實際上就是我所說的成長，增加營業收入，將商業業務與我們的業務合併 - 然後利用我們的分銷管道並增加 GOP，也就是我們的產品。

So we really focused on the growth opportunity there, bringing them our promise of our manufacturing efficiencies into that operations there going to help that margin expansion over the next couple of years. So that's a three- to five-year outlook for that extension.

因此，我們真正關注的是那裡的成長機會，並向他們承諾，我們的製造效率將提高到那裡的營運水平，這將有助於未來幾年利潤率的擴大。這是對該延期的三至五年展望。

No, I think the -- guys are really talented engineering and manufacturing people. And I think they're out there on a rotating basis in Oregon, working through a very good plan. And as Craig said, they've done a lot of, I would say, commercial integration already opened up some new distribution and already kind of starting to see some benefits from those things.

不，我認為這些人確實是工程和製造的天才。我認為他們正在俄勒岡州輪流執行一項非常好的計劃。正如克雷格所說，他們已經做了很多，我想說，商業整合已經開闢了一些新的分銷管道，並且已經開始從中看到一些好處。

It is an (inaudible) plan and you did hear -- but we're really encouraged to try this first seven months of ownership with the team out there in Oregon and -- River Valley. So River Valley, we always wanted to be bigger and more competitive, the Illinois and ligand in Iowa, River Valley has a couple of facilities, one in each of those states.

這是一個（聽不清楚）計劃，你確實聽說過——但我們真的很鼓勵與俄勒岡州和河谷的團隊一起嘗試這頭七個月的所有權。因此，我們一直希望在河谷地區發展得更大、更具競爭力，在伊利諾州和愛荷華州，河谷地區在每個州都有一個工廠。

So this was a chance to gain market share and give us future optionality on our footprint. And honestly, we want to -- with assets like this come up, we want to own them and not have others on. So I think for those three reasons, River Valley makes a lot of (inaudible) and we acquired a nice customer list in addition to a nice product line that will be sit right alongside ours in those two geographies where we think we definitely over many years, ADS has wanted to be stronger in those two states. This opportunity came up, and I wasn't going to walk out.

因此，這是一個獲得市場份額並為我們提供未來足跡選擇權的機會。老實說，當出現這樣的資產時，我們希望自己擁有它們，而不是讓別人擁有。所以我認為由於這三個原因，River Valley 做出了很多（聽不清楚），我們獲得了一個很好的客戶名單，除了一個很好的產品線之外，它將與我們在這兩個地區的業務並駕齊驅，我們認為我們多年來肯定希望在這兩個州變得更加強大。機會來了，我不會放棄。

John Lavallo, UBS.

瑞銀的約翰·拉瓦洛。

Good morning guys. Thanks for taking my questions. I wanted to go back to just kind of market growth and your forecast for internal growth. It seems on a blended basis, you're expecting your end markets to be down kind of low single digits. And you're guiding roughly flat sales. If we back out Aramco and River Valley, I mean how much of this is organic sales versus kind of the inorganic portion. I mean I guess the point is it seems like the expectation is for only sort of modest outperformance versus the end markets this year.

大家早安。感謝您回答我的問題。我想回到市場成長和內部成長的預測。從綜合來看，您預期終端市場將出現低個位數的下降。且您指導的銷售額大致持平。如果我們撇開阿美和河穀不談，我的意思是，這其中有多少是有機銷售額，有多少是無機銷售額。我的意思是，我猜重點是，人們似乎預期今年的業績表現僅略優於終端市場。

Yes, John, it's Steve here. You're right. I mean, if you look at the end markets, you got to want to weight the end markets based on about 45% of our business is non-res, 35% is res, when you look at what we think those end markets are going to be down low to mid-single digits, roughly our guide would say organically at the midpoint, we're going to be flat on the volume side of the house. So again, we think that is still a really great example of conversion and continuing that trend. So that's the way we look at it and the way we think it's going to play out based on what we know right now.

是的，約翰，我是史蒂夫。你說得對。我的意思是，如果你看一下終端市場，你就必須根據我們大約 45% 的業務是非住宅業務、35% 是住宅業務來衡量終端市場，當你看到我們認為這些終端市場將會下降到低到中等個位數時，粗略地說，我們的指南會在中間點有機地說，我們的房屋交易量方面將保持平穩。因此，我們再次認為這仍然是轉變和延續這一趨勢的一個非常好的例子。這就是我們根據目前所知來看待此事的方式以及我們認為它將會如何發展的方式。

Okay. Got you. And then for the 2026 EBITDA margin of 30.3%, I mean it's down roughly 30 basis points year-over-year on sort of flattish sales. I guess a similar question. I mean how much of this decline is organic versus inorganic? And on the organic piece, is that dominantly focused on the first quarter where that price cost is going to be unfavorable?

好的。明白了。對於 2026 年 EBITDA 利潤率 30.3%，我的意思是，由於銷售額持平，它比去年同期下降了約 30 個基點。我猜這是一個類似的問題。我的意思是，這種下降有多少是有機的，有多少是無機的？從有機部分來看，主要集中在第一季嗎？第一季的價格成本是否不利？

Yes. I would say right now, you got to remember the absorption impact we talked about that's coming in the first quarter. So roughly, when you look at kind of what we think at Renco, it's going to be about 50 bps dilutive to what we're going to do organically versus about 30 bps what it was in the first in '25. So I think basically relatively flat year-over-year organic is the way I think about it, with a little bit more dilutive from Aramco having for the full year at their lower margin profile.

是的。我想說現在，你必須記住我們談到的將在第一季出現的吸收影響。因此，粗略地講，當你看看我們在 Renco 的想法時，它會對我們的有機業務產生約 50 個基點的稀釋，而 25 年初時則為 30 個基點。因此，我認為，基本上，同比有機成長相對持平，而阿美全年利潤率較低，因此稀釋作用會稍微大一些。

Garik Shmois, Loop Capital Partners.

Garik Shmois，Loop Capital Partners。

Hi, thanks Just wanted to follow up on the pricing piece, recognizing it's been stable for several quarters, but just with the market expected to again be down, just any additional maybe handholding us to your level of confidence that pricing will remain stable from this point forward in the softer market.

嗨，謝謝。我只是想跟進一下定價問題，我們認識到價格已經穩定了幾個季度，但由於市場預計會再次下滑，任何額外的信息都可能讓我們對價格在疲軟的市場中從現在開始保持穩定充滿信心。

Yes. I think that -- the way we manage this on a very daily basis, and looking at participation, competitor, the nature of the job, the nature of the customer stuff. We've been doing that for the last four quarters in a lot of detail and then trying to find opportunities for pricing advancement. And we like that process. We feel that, that gives us good visibility.

是的。我認為——我們每天管理這個問題的方式是專注於參與、競爭對手、工作性質、客戶性質。過去四個季度，我們一直在詳細地進行這項工作，並試圖尋找提高價格的機會。我們喜歡這個過程。我們認為這給我們帶來了良好的可見性。

It's really on the pipe piece of the business. And it's contained in certain geographies. So I think we feel pretty confident that this process we have, the managers we have, looking at that, the data we can look at is going to continue to be a good tool for us to manage that price and participation. And we feel good about both right now. We've always had competitors. We're always going to have competitors, and this is just a daily factor line.

這確實與業務的管道部分有關。並且它包含在某些地理區域。因此，我認為我們非常有信心，我們擁有的這個流程、我們擁有的管理人員、我們可以查看的數據將繼續成為我們管理價格和參與度的良好工具。我們現在對這兩者都感覺很好。我們一直都有競爭對手。我們總是會有競爭對手，這只是一個日常因素。

Garik, the other thing I'll add to that is there are examples where we do have pricing that will be increasing, whether it's in certain regions, products or end markets. So it's always a mix, and it's a balance there up. So you've got the lapping that we already talked about as well, that will impact year-to-year. So we blend all that together to come out with that kind of vision as to what we think it will be on a relatively flat basis. But you got to factor all those pieces in there when you look at it.

加里克，我想補充的另一件事是，有一些例子表明我們的價格確實會上漲，無論是在某些地區、產品還是終端市場。所以它總是一種混合，並且是一種平衡。因此，您已經了解了我們已經討論過的研磨，這將對逐年產生影響。因此，我們將所有這些因素融合在一起，得出我們認為在相對平坦的基礎上將會呈現的願景。但當你看它時你必須把所有這些因素都考慮進去。

Okay. That's helpful. And then just a follow-up is just on capital allocation and you're sitting at a pretty comfortable leverage ratio, and you have a slide in the deck that does talk to your capabilities in your balance sheet is quite attractive to accelerate your investments. Is there a scenario here and I know you've made two -- over the last several quarters, but is there an opportunity for you to ramp that up even further or go larger if the opportunity presents itself?

好的。這很有幫助。然後接下來就是資本配置，你現在的槓桿率相當舒適，而且你的幻燈片確實說明了你的資產負債表中的能力，這對於加速你的投資非常有吸引力。這裡是否存在著一種情景？我知道您在過去幾季中已經提出了兩種情景，但如果有機會，您是否有機會進一步提升這種情景或將其擴大？

Yes. I mean our growth algorithm is very calling at growing above our end markets via the conversion story. The innovation and new products and then put this balance sheet to work through acquisitions to get incremental growth on top of that. We like what we've been able to do over the last 12, 18 months, going all the way back to fiscal '20 for the Infiltrator acquisition that's been a grand plan have all run. So we look at that being at 1.1 times levered.

是的。我的意思是，我們的成長演算法非常呼籲透過轉換故事實現終端市場的成長。創新和新產品，然後透過收購使資產負債表發揮作用，從而在此基礎上實現增量成長。我們對過去 12 到 18 個月所取得的成績感到滿意，從 20 財年收購 Infiltrator 開始，這是一個宏偉的計劃，目前已經全部完成。因此我們認為槓桿率為 1.1 倍。

We have a lot of opportunity to put this balance sheet to work. And we're actively looking at all options, including the engineering and technology center and innovation and what we can do there with new products. So again, very excited about that long-term shareholder value creation. And acquisitions will definitely be part of that.

我們有很多機會讓這張資產負債表發揮作用。我們正在積極考慮所有選擇，包括工程技術中心和創新以及我們可以在那裡用新產品做些什麼。因此，我對長期股東價值創造感到非常興奮。收購肯定是其中的一部分。

Jeff Hammond, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jeff Hammond。

Hey, good morning, guys. It sounds like the near-term orders are good, but I'm just wondering if you look a little further out in the pipeline. One, what are you seeing on residential development trends? And two, just any real-time signs of delays, deferrals on construction projects, just given the tariff noise and uncertainty and higher costs, et cetera.

嘿，大家早安。聽起來近期的訂單不錯，但我只是想知道您是否可以更進一步了解情況。第一，您認為住宅發展趨勢如何？第二，考慮到關稅噪音、不確定性和更高的成本等因素，任何即時跡像都表明建設項目出現延誤和延期。

So Scott Barbour here, Jeff. So we're not really impacted by tariffs, very minimal impact for us as a company. We do worry about demand being impacted and construction projects be pushed and pushed and pulled. We haven't seen a meaning over the last 60 days. We didn't see a meaningful bunch of projects coming off the board. It since last week in whatever you want to call the agreement to delay these actions were -- China by 90 days.

傑夫，這裡是史考特·巴伯。因此，我們實際上並沒有受到關稅的影響，對我們公司而言，影響非常小。我們確實擔心需求受到影響，以及建設項目受到推拉。在過去的 60 天裡我們沒有看到任何意義。我們並沒有看到董事會提出大量有意義的項目。自上週以來，無論你怎麼稱呼協議，中國都已將這些行動推遲了 90 天。

We haven't seen a bunch come back on. I think people are a little -- their heads a little bit sort from swiping and being jerked around so much. So we see -- what we just see is a fairly consistent pace of orders, pace of quotes that is improved over last year. It's not radically high, but it's not going down either. I mean it's at a very modest pace.

我們還沒看到一群人回來。我認為人們的頭部因為受到太多的撞擊和猛拉而有點不舒服。因此我們看到——我們看到的是訂單速度相當穩定，報價速度比去年有所改善。雖然不是特別高，但也沒有下降。我的意思是，它的速度非常緩慢。

And we anticipate that will continue here for the rest of the quarter. But I really don't know what's going to happen in the second half of the year. I mean it's pretty hard to gauge what -- whether in 90 days, these things get resolved, and everything goes back to normal or what's going to happen with interest rates. I mean it's pretty uncertain out there. So we're going to be very conservative in our response to that and are forecasting in our guidance. But I haven't seen anything radical in terms of changing what happens to us over these last days with these different amounts.

我們預計這種情況將在本季剩餘時間內持續下去。但我真的不知道下半年會發生什麼事。我的意思是，很難判斷 90 天內這些問題是否會解決，一切都會恢復正常，或者利率會發生什麼變化。我的意思是那裡的情況相當不確定。因此，我們將對此採取非常保守的應對措施，並在我們的指導中進行預測。但是，我並沒有看到透過這些不同的金額來徹底改變過去幾天發生在我們身上的事情。

(multiple speakers) Go back to February, right? When we released our earnings and everybody though the world was going to end because of all of these tariffs is creating, it's not about certainty. And there's been a lot of moves since then. So move, as Scott referenced, a week or so, 10 days ago with relation to China, everybody is feeling good about themselves. But again, that can change in another 60, 90, 120 days.

（多位發言者）回到二月，對嗎？當我們公佈收益時，每個人都認為世界將因為這些關稅而終結，但這並不確定。從那時起，已經發生了很多變化。因此，正如斯科特所提到的，大約一周前，也就是十天前，就中國而言，每個人都對自己感覺良好。但同樣，這種情況可能在 60、90、120 天內發生變化。

They open their first thing for that.

他們為此打開了第一件事。

Yes. So it's just really we're -- we feel we have a good plan and a very solid strategy and a good position in the market to execute that. And we can't control the end markets, but we can control how well we execute on our strategy of outperformance, growing out of the products (inaudible) trader faster than the pipe business and good price cost discipline.

是的。所以實際上我們——我們覺得我們有一個很好的計劃、一個非常穩健的策略，並且在市場上有良好的地位來執行它。我們無法控制終端市場，但我們可以控制我們如何執行我們的超越策略，以比管道業務更快的速度從產品（聽不清楚）貿易商中成長，並控制良好的價格成本紀律。

Okay. Great. And then just back on the capital allocation question. So to ask it a different way, maybe, one, a lot of my companies are saying, "Hey, it's tougher to get deals done in this environment, just given all the uncertainty. Wondering if you're seeing any of that. And then I think your answer to the prior question was a lot more towards growth and external growth and just how you're thinking about buybacks because you highlighted a lot of great things about the business. The market doesn't seem to be appreciated and we just wanted to see when and if you want to lean in buybacks.

好的。偉大的。然後回到資本配置問題。所以換一種方式問，也許，首先，我的許多公司都在說，「嘿，考慮到所有的不確定性，在這種環境下達成交易更加困難。想知道您是否看到了這些。然後我認為您對前一個問題的回答更專注於成長和外部成長，以及您如何看待回購，因為您強調了業務的許多優點。市場似乎並未受到重視，我們只是想看看何時以及是否願意回購。

So again, I think like we talked -- our priority remains the same. It's reinvesting in the business. You saw we're going to increase CapEx. We did about $212 million in fiscal '25, we're now projecting $275 million in fiscal '26. So innovation through the engineering technology center and new products, new technologies, new things. We intend to accelerate through that process. So a lot of really core good opportunities to invest internally, this is -- absolutely. There's things that are always in the funnel, things that we're looking at.

所以，我認為就像我們談論的那樣——我們的優先事項保持不變。這是對業務的再投資。您看到我們將增加資本支出。我們在 25 財年的營業額約為 2.12 億美元，目前我們預計 26 財年的營業額將達到 2.75 億美元。所以透過工程技術中心創新新產品、新技術、新事物。我們打算加速這一進程。因此，內部投資確實存在著許多核心的好機會，這是絕對的。有些事情總是在漏斗中，有些事情是我們正在關注的。

And then returning excess cash to our shareholders and that balanced capital allocation approach is absolutely core for us. We did $120 million of that this past year through dividends and buybacks. It's continually something that we look at, and we'll do that.

然後將多餘的現金回饋給我們的股東，這種平衡的資本配置方法對我們來說絕對是核心。去年我們透過股息和回購籌集了 1.2 億美元。這是我們一直在關注的事情，我們會這麼做。

We always look at that based on the outlook for the company, where is our working capital, our cash flow and opportunities and the macroeconomic backdrop that's coming at us in the next 6, 12, 18 months. So it's balanced, a really good approach.

我們總是根據公司的前景來看待這個問題，我們的營運資金、現金流和機會在哪裡，以及未來 6、12、18 個月的宏觀經濟背景。所以這是一種平衡且非常好的方法。

I would say the share buybacks are always something that we think about and look at after we look at the first couple of buckets that I already mentioned. So we'll continue to do that. And again, if opportunities -- if we generate the cash do we think and other opportunities don't avail themselves as we think they might, then yes, you could expect us to be back in the market.

我想說的是，在了解了我之前提到的前幾個問題之後，我們總是會考慮並關注股票回購。因此我們會繼續這樣做。再說一次，如果機會——如果我們創造了我們認為的現金，而其他機會沒有像我們想像的那樣出現，那麼是的，你可以期待我們重返市場。

I would add one thing to that, which is we are still in a period of relative uncertainty and we want to have a very strong balance sheet if we're ever moving into those kind of times. But I think Scott is right. I mean it's excess cash beyond what we see for our needs and so we obviously see some needs out there with an appropriate level of conservative.

我想補充一點，我們仍然處於一個相對不確定的時期，如果我們進入這樣的時期，我們希望擁有非常強勁的資產負債表。但我認為斯科特是對的。我的意思是，這是超出我們所需現金的過剩，因此我們顯然看到了一些需要適當保守的水平。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey, good morning. Thanks for taking my question. So you guys did a great job in the quarter managing SG&A. How should we be thinking about the SG&A expense in '26. And maybe if you could talk about some of the levers you're pulling or cost out you can tap if end markets remain subdued or maybe even decrease more than expected from here just kind of given the current level of uncertainty.

嘿，早安。感謝您回答我的問題。所以你們在本季管理銷售、一般及行政費用方面做得很好。我們應該如何考慮 26 年的銷售、一般及行政費用？也許您可以談談，如果終端市場繼續保持低迷，或者考慮到當前的不確定性水平，甚至可能比預期下降幅度更大，您可以利用哪些槓桿或成本。

Sure, Trey. So obviously, you've got the impact of Orenco coming in there. So that's part one. Craig did a good job highlighting the synergy program and some of the things that we're looking at there. On the internal basis, absolutely things that we're going to continue to invest in as we look to the long-term growth of the company.

當然，特雷。顯然，你已經感受到了 Orenco 的影響。這是第一部分。克雷格很好地強調了協同計劃以及我們正在關注的一些事情。從內部角度來看，為了公司的長期發展，我們絕對會繼續投資。

Obviously, when top one is not growing and at the midpoint, it's flat year-over-year, that's tough, right? Because there are certain things you need to invest in and so forth. So right now, we've got a bunch of initiatives in place, a lot of things that we're looking at related to outside spend and things that we could do there through our procurement team as well as our team here and -- managed with our partners.

顯然，當第一名沒有成長，而中間名的同比增速持平時，這很艱難，對吧？因為有些東西你需要投資等等。因此，現在，我們已經實施了一系列舉措，我們正在考慮很多與外部支出有關的事情，以及我們可以透過我們的採購團隊以及我們這裡的團隊在那裡做的事情——與我們的合作夥伴一起管理。

So a lot of actions in flight that we're looking at to keep that manageable, if you will. So that's what I would tell you. Right now, that 14% of revenue is where it rolls up, but a lot of things in flight to mitigate such as we move through the year.

因此，我們正在考慮在飛行過程中採取許多行動，以保持可控。這就是我要告訴你的。目前，這 14% 的收入已經累積起來，但我們全年還有很多事情需要緩解。

Okay. Great. That's helpful. And then you mentioned just kind of geographically, if we could touch on that. Strength in Florida, Infiltrator strong in Texas. Any other geographic puts and takes you could talk about as we look at your footprint?

好的。偉大的。這很有幫助。然後您提到了地理方面的問題，如果我們可以談談這個問題的話。佛羅裡達州實力雄厚，滲透者在德克薩斯州實力強勁。當我們查看您的足跡時，您可以談論其他地理方面的得失嗎？

So I think, Craig, you were pretty strong in the last year across all geographies. Both companies -- those -- ADS remain very focused with capacity and have all those kind of things on the Southeast and the Atlantic Coast.

所以我認為，克雷格，去年你在所有地區的表現都相當強勁。這兩家公司——ADS——仍然非常注重產能，並且在東南部和大西洋沿岸都有這類業務。

And we haven't seen that slow down, Trey. I mean it does continue to be very, very good for us. Texas, we had a very good year with Infiltrator new tanks, I think, done quite well there, and we've stricted our distribution there.

但我們還沒有看到這種放緩，特雷。我的意思是，這對我們來說確實繼續非常非常好。德克薩斯州，我認為我們在 Infiltrator 新坦克方面度過了非常好的一年，在那裡表現相當不錯，我們已經限制了我們的坦克在那裡的分銷。

And we continue to believe Texas for the ADS side both pipe and allied products to be a good opportunity for us to increase our market share and growth. It's not an easy market. It's competitive, but it continues to be a good one.

我們仍然相信德州對於 ADS 管道和相關產品來說是一個增加市場份額和成長的好機會。這不是一個容易的市場。競爭很激烈，但仍然保持良好狀態。

Mike, can you think of any other geographies in particular? Or I mean the core geographies have been going along at kind of a.

麥克，您能具體想到其他地理位置嗎？或者我的意思是核心地理區域一直在以某種方式發展。

Yes. I would say, Trey, Scott mentioned a handful of states, Florida, Texas, Carolinas, et cetera. We talk a lot about these priority states, and this was a year again where we saw it's a group of 15, 16 states, primarily concentrated in the lower half of the US. Again, we saw those states grow faster than the company average. And again, as we've told you guys many times, the states, we all know them, they're growing faster than the rest of the country.

是的。我想說，特雷，斯科特提到了幾個州，佛羅裡達州、德克薩斯州、卡羅來納州等等。我們經常談論這些優先州，今年我們又看到有 15、16 個州，主要集中在美國下半部分。我們再次看到這些州的成長速度快於公司平均值。而且，正如我們多次告訴你們的那樣，我們都知道，各州的成長速度比全國其他地區都要快。

Our market shares are lower in those states. So they provide very good runway for growth, and they help offset some of the softness that we've seen in some of our other geographies that tend to be more mature like the Northeast Ohio, some other places in the Midwest, et cetera. But it's that focus, a geographic focus on where those opportunities are, where we're really seeing kind of continued consistent strength despite end markets that were quite a bit softer this faster

我們在這些州的市佔率較低。因此，它們為成長提供了非常好的跑道，並有助於抵消我們在其他一些更成熟的地區看到的一些疲軟現象，如俄亥俄州東北部、中西部的一些其他地方等等。但正是這種關注，對那些機會所在地區的關注，我們才真正看到了持續的穩定成長，儘管終端市場今年稍早表現疲軟

Collin Merano, Deutsche Bank.

德意志銀行的科林‧梅拉諾 (Collin Merano)。

Good morning. Thanks for taking my question. I just wanted to dive a little bit more into the manufacturing transportation side. They were quite favorable in the first quarter -- in the fourth quarter here. You noted manufacturing is going to flow to a headwind in the first quarter, but transportation sounds like it's going to continue to be favorable to fiscal year '26. So any additional color on how we should think about sort of the manufacturing and transportation?

早安.感謝您回答我的問題。我只是想更深入地了解製造運輸方面。他們在第一季和第四季的表現都相當出色。您指出，製造業在第一季將遭遇逆風，但運輸業聽起來似乎將在 26 財年繼續保持良好勢頭。那麼，對於我們應該如何看待製造和運輸，您還有什麼其他的看法嗎？

Yes, Collin. Sure. This is Scott Barbour, and I say logistics, there are several things we're doing primarily the ADS side. that are decreasing our village. And I would call this to some planning techniques, some different strategies.

是的，科林。當然。我是斯科特·巴伯，我說的是後勤，我們正在做的幾件事主要是 ADS 方面的事情。這正在減少我們的村莊。我稱之為一些規劃技巧、一些不同的策略。

We're taking around the service to -- without any degradation of delivery performance and some things that (inaudible) are doing on the making sure we use the right mix of assets in the right place internal versus external. So lots of different programs going on in logistics.

我們正在提供服務 - 而不會降低交付效能，並且正在做一些事情（聽不清楚）以確保我們在內部和外部的正確位置使用正確的資產組合。物流領域有很多不同的項目正在進行。

We've also refreshed our fleet and brought down the average age of our fleet pretty significantly over the last 18 months. So that's going to decrease our repair and maintenance costs and increase our miles per gallon. So the fleet is being more efficient. So I think that will continue to be a good service through the year. And again, all things we have invested in done differently in intentionally set strategies about.

我們還更新了我們的機隊，並在過去 18 個月中大幅降低了機隊的平均機齡。因此這將降低我們的維修和保養成本並增加我們的每加侖行駛里程。因此船隊的效率更高。所以我認為這將在今年繼續提供良好的服務。再說一次，我們投資的所有事物都是根據特意制定的策略以不同方式進行的。

On our manufacturing cost, in the fourth quarter, we benefited not only from better efficiency, but also we had favorable absorption earlier in the calendar year. And you might recall that we -- that either favorable or unfavorable absorption in manufacturing goes on our balance sheet, releases to the P&L about three months later.

就我們的製造成本而言，在第四季度，我們不僅受益於更高的效率，而且在年初也獲得了有利的吸收。您可能還記得，無論是製造業有利的吸收還是不利的吸收，都會記錄在我們的資產負債表上，並在大約三個月後發佈到損益表中。

So as we had to take volume down really beginning December, December, January through March because we were in good shape on our inventories and our delivery performance. We had some underabsorption. And that's what's primarily going to come through and hit us in June -- April, May, June. And so now we're working very hard to offset that under absorption, but kind of that's favorable in the fourth turning to unfavorable is the timing of that under-absorption of the balance sheet.

因此，我們必須從 12 月、12 月、1 月到 3 月開始減少產量，因為我們的庫存和交付表現良好。我們的吸收有些不足。這就是主要會在六月、四月、五月、六月帶給我們的影響。因此，現在我們正在努力抵消吸收不足的影響，但第四次轉為不利的因素是資產負債表吸收不足的時機。

That said, the Infiltrator pipes operating at very, very good manufacturing cost. Today, as we operate in the pipeline, very, very good manufacturing costs. The benefits of the investments we've made, the organizations we've built in some of the actions we took back in starting November, December, January, February, we will see this coming through later in this year as those costs are going on to our balance sheet now and we'll release later. So I really think we're on the right track with respect to both the logistics and the manufacturing costs.

也就是說，滲透管道的製造成本非常非常好。今天，當我們在管道中運作時，製造成本非常非常好。我們所做的投資以及我們在去年 11 月、12 月、1 月和 2 月採取的一些行動中所建立的組織所帶來的好處將在今年稍後顯現出來，因為這些成本現在已計入我們的資產負債表，我們將稍後公佈。因此我確實認為我們在物流和製造成本方面都走在了正確的軌道上。

Great. That's really encouraging commentary. And I guess just on the CapEx really quickly. You called out the step-up. Just giving a step up, how are you guys thinking about free cash flow generation this year?

偉大的。這真是令人鼓舞的評論。我想這只是資本支出的快速變化。你喊出了升級。只是想問一下，你們覺得今年的自由現金流產生狀況怎麼樣？

And then how are you thinking about CapEx sort of in the medium term as you move beyond fiscal year '26?

那麼，在 26 財年之後，您如何考慮中期資本支出？

Yes. So yes, we'll always look at cash flow from us. We target anything greater than [$0.60]. It's always kind of the target that we look at. Obviously, working cap as a percent of sales, we're build and stock type of operation. So we target 20% working cap percent of sales. So those are some of the key metrics we keep in front of us to manage the business.

是的。所以是的，我們會一直關注我們的現金流。我們的目標是[0.60美元]。它始終是我們關注的目標。顯然，以營業額佔銷售額的百分比來算，我們是建立和庫存類型的運營。因此我們的目標是將營業額百分比定為銷售額的 20%。這些是我們管理業務時要遵循的一些關鍵指標。

So right now, again, as a free cash flow level, 40% plus conversion of is what we look at and target. Obviously, we're going to invest in the business. And we see that as the best use and highest return use of our capital.

因此，現在，再次強調，作為自由現金流水平，我們所關注和瞄準的是 40% 以上的轉換率。顯然，我們將對這項業務進行投資。我們認為這是我們資本的最佳用途和最高回報的用途。

But we keep all of those kind of key KPIs and guardrails and benchmarks in front of us to make sure that we're managing it correctly. So again, free cash flow, targeting greater than 40% of EBITDA, cash flow from operations targeting greater than 65%.

但我們將所有這些關鍵的 KPI、護欄和基準放在我們面前，以確保我們正確地進行管理。因此，自由現金流的目標是超過 EBITDA 的 40%，經營活動現金流的目標是超過 65%。

I think keep it in those guardrails and then we'll spend -- capital will be probably in this range -- Yes, we have some things coming up through the big year with a couple of big investments in facilities on the ADS side, there will be some investments in Infiltrator coming up. It will balance those as we go through the year, we push and take. But that was working out for you this time.

我認為將其保持在這些護欄內，然後我們將花費 - 資本可能在這個範圍內 - 是的，我們將在重要的一年中做一些事情，在 ADS 方面的一些設施上進行一些大投資，在 Infiltrator 方面也會有一些投資。隨著我們一年又一年的努力和收穫，它將平衡這些。但這次這對你來說很有效。

Yes. I think the other thing I would highlight there is the fact that to Scott's point, A big part of that $275 million is infiltrated. So again, when you look at the margins and profitability of that business, where else would you rather have us put those funds to work. So that's really important. When you think of innovation in that engineering and technology center and those products, particularly in the Allied area that we see some of the early wins there as well out of the gate.

是的。我想強調的另一件事是，正如斯科特所說，這 2.75 億美元的很大一部分已被滲透。所以，當您再次考慮該業務的利潤率和盈利能力時，您還希望我們將這些資金用在何處？所以這真的很重要。當您想到該工程技術中心和那些產品的創新時，特別是在盟軍領域，我們會看到那裡也取得了一些早期的勝利。

There's some really exciting things to go in areas that are very profitable for the business, and that's how we're prioritizing -- so it's not $275 million of CapEx, it's going to take five years for returns at a low margin, it's basically the other way around. It's spending in areas that are high profitability and are going to add really greatly to that shareholder value over time.

在對業務非常有利可圖的領域，有一些非常令人興奮的事情要做，這就是我們的優先事項——因此，這不是 2.75 億美元的資本支出，需要五年時間才能以低利潤率獲得回報，基本上是相反的。它的支出集中在高獲利領域，隨著時間的推移將大大增加股東價值。

All right. Thanks, Scott. We have all the questions. So we appreciate everyone being on the call today in the questions and engagement. And we'll be on phone with many of you later today. But a year with a lot of accomplishments that we just closed. I mentioned several of them, a year with some frustrations and disappointments on a couple of things, we finished pretty strong as we ended.

好的。謝謝，斯科特。我們有所有的問題。因此，我們感謝今天在電話會議上回答問題和參與討論的每個人。今天晚些時候我們將與你們中的許多人通電話。但我們剛結束了充滿成就的一年。我提到了其中的幾個，這一年雖然在某些事情上有一些挫折和失望，但我們最終還是取得了圓滿的結局。

The team never gave up as we closed the year. And as we mentioned, kind of in line with this guidance in April and May so far. So we'll continue to push forward, and we look forward to seeing -- talking to you all or seeing you all in the near future. Thank you.

在年底之際，團隊從未放棄。正如我們所提到的，到目前為止，這與 4 月和 5 月的指導一致。因此，我們將繼續努力，並期待在不久的將來與大家交談或見面。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。