ROAD - Earnings call 1 2024 | Construction Partners, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Construction Partners First Quarter 2024 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rick Black, Investor Relations. Thank you, sir.

You may begin.

Rick Black

good and operator, you, morning, everyone. Thank you to review appreciate joining fiscal us call Partners Construction the first for XXXX. We quarter for results through the Investor also can section of the This webcast Relations and the accessed Events of is on audio page call Presentations constructionpartners.net. link being be and today, recorded Information of this XXXX. speaks call X, on as only February facts, that are considered statements not remind to of replay be Act future or you also events of made XXXX. Securities the as statements future advised historical the are be longer including performance Private accurate would of made statements harbor provisions Reform the that expectations Please financial the safe reading. I pursuant or of that any Litigation listening any in forward-looking of no like transcript time-sensitive to information may discussion or date today's

statements. detail in Exchange to Management will Reconciliations call, to today's update on earnings outside results These earnings part and our and Partners measures, to Please risks no making the that uncertain other the forward-looking factors Construction forward-looking the refer described by with may assumes company's refer We forward-looking be EBITDA. statements GAAP or and also as are our obligation disclosure to are Actual release for publicly the filings including adjusted uncertainties nearest control. measures end of Securities materially. of non-GAAP the revise will nature can of Commission. at company's found in statements. be differ press press and their our any release.

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

F. Smith

everyone. morning, Thank you, good Rick, and

Chairman. Financial Greg are Joining Ned our me Chief call Fleming, our on Officer; the and Hoffman, today Executive

to employees a good contributed the year, to and throughout successful thank We Southeast X,XXX our and first I'd are professionalism, fiscal their that for first a work quarter. like to hard off our to start

last QX all EBITDA earnings to significantly share up and compared year. income, per adjusted net were Revenue,

We as remains record reflecting backlog of wetter usual. typical quarter, private a billion while environment drier are that for experienced pleased a a strong public first $X.XX with November end, and quarter bit was we usual demand December than than weather This seasonal of both to October and report bit a work.

productive crews this excellent and Our teams delivered results were and quarter.

We to projects Focusing government's migration work environment. on and states continues ports airports similar CPI, of to maintenance Sunbelt expansion last lines. that for construction environment the Because bidding be are new demand the steady public migration IIJA of road projects. demand approximately residents markets economic result with XX% supporting with south. more activity 'XX remained for and remain mix of an year private and with rail active in and FY for for our our the investments work our of businesses, has further XX% markets as for across to Each typical the federal funding both to our X and this will commercial anticipate very repair, infrastructure country's well services, the continued a projects projects our elevated road to there funded from

CPI growth services asphalt market expanding headquartered adding Turning in year, share Waycross, and completed team work fiscal the in entering markets model. acquisitions now Most a headquartered treatment to strategic soil X company family. work new the SJ&L of talented strategic CPI's so In capacity, and hot company Huntsville, Contractor, Construction recently, site announced acquisitions, we on mix markets, we've to members based, new and Alabama in Company, and Littlefield site existing General far Georgia. surface a this January X and

the service a crews equipment. also during strategy our is SJ&L markets. market growth to acquisitions actively share and valuable detail discussed our and Both Littlefield we our while Analyst and relative markets service component offerings existing expand in within our in key adding Day, As of expand existing capabilities

SJ&L tremendous organization, experience and growth private as in chain are to opportunities company. value the services, area team we the metro case we continue and greater Interstate the Huntsville The In in XX Huntsville, Wiregrass integrating spanning turnkey now market. on can combined existing Alabama, of state, this a both public project and Construction platform with construction this company offer corridor our within

the Likewise, establishment Scruggs mix plant. the Waycross greenfield a hot months ago Company our the entered market platform asphalt of company, Georgia just few a through

Now Georgia. better capitalize Central of positioned to Port reaches Brunswick the the having acquired into even are we from South Littlefield, on market that

We proud our employees of into markets these CPI our family. SG&A Littlefield and the presence are growing in to crucial and growth pleased expand to welcome continually

and conversations have outside universe active highly inside potential The current our opportunities continue to in is of potential with and our industry of both sellers, numerous We substantial. fragmented states.

for well integrating best the many However, buyer the owners attractive acquisitions reputation increase and Southeast share fit companies. seen finding we fairly, remain patient on and is and within to capacity, for CPI the growing believe culture. CPI career our as of due employees market our strategic providing our focused We our their and that opportunities grow relative expand sellers record track in treating for choice for successfully footprint,

founding a and projects in high And by low-risk, CPI's on our continually capacity. in need and deferred to in the maintenance local industry. industry invest in generating scalable a high-margin a acquiring infrastructure customers with to our strong repeat on nation goes to cash we catching and states business consolidation to as up our market through for generational businesses As third, has leader the discuss building business first, for be relative the the free flow; capitalize X strategy operate components: share second, building markets, market, main

our that organizational XX% professionals. represent continue annual At margins through of foundation ROAD-Map we family the to CPI, our strategy companies call in lives maintaining advantage simply plan retain by career providing infrastructure XXXX. a XX% to dedicated of range construction outlines Our that building best opportunities, and We our X-year plan remains culture EBITDA better strategic our with to benefits growth attract plan XX% our strategic CPI our people. growth communities and workforce, plan of to XX% revenue The building of targets we XXXX a superior are and which the and connected. keeps to building that the as and to continue implementing competitive

are to In with right plan. be after summary, we pleased our QX on track

and like turn second maintaining the work the the enter work, our spring we we season for call asphalt where now summer. busy ahead over to preparing are and at in As to quarter fleet seasonal business, of our plants I'd and the hard the Greg.

Gregory Hoffman

the The key revenue with included million during of completed fiscal in first of of increase to the aggregates million, revenue XXXX. morning, from for our an and quarter approximately good third compared the to existing $XX.X attributable and you, increase in begin contract subsequent Revenue performance Thank of metrics a Jule, review the and up to X acquisitions and I'll quarter and to million $XXX.X first HMA everyone. was work sales $XX.X XXXX, XX%. markets ended months XX, company's parties. December of fiscal

in compared $XX mix recent and administrative XXXX. expenses or the a approximately were period and million $XX.X organic total were or approximately of percentage was to of as year. X.X% quarter revenue revenue X.X% General same million $XX.X Gross in to revenue, X.X% of from acquisitions. was QX last X.X% compared The for the million revenue profit X.X% revenue XX.X% and of growth

of to Net increase earnings were $XX.X from earnings was the income share and was the quarter margin XX.X%. up the EBITDA of quarter quarter $X.XX in and $X.X XX.X% year. X% Adjusted $X.X first million diluted compared an million, in last EBITDA for diluted share year. same per was million $X.XX per last Adjusted

You today's release. income adjusted EBITDA can non-GAAP of reconciliations find and to GAAP measures financial in earnings net

Jule QX project $X.XX backlog we XX, December up end record a are of In the reporting year of $X.X billion fiscal from our mentioned, addition, at billion at XXXX, XXXX. as

We credit. sheet. and balance cash of facility, $XX.X letters had under net million reduction the a to and $XXX for now equivalents cash outstanding credit million of the available of Turning

the adjusted have trailing EBITDA. up an of ability establish $XXX addition, credit million incremental to the facility revolving total In months XX we or to greater

of cash million to will to $XXX and acquisitions high-value outstanding on near-term provide under have for availability allow capacity We loan and flexibility outstanding term the under the facility. generation opportunities. growth $XXX The potential our continue principal and facility revolving credit million and credit

of end our X.XXx. debt the the of quarter, trailing As to was ratio XX EBITDA months

the ratio maintain range Cash same were provided the million the year. will to to the continuing of to was a $XX.X quarter leverage compared Our while $XX.X profitable in expectation first sustained last Net expenditures in quarter X.X $XX.X activities million X.Xx by million. is growth. add capital operating

invested of in We of remaining This $XX growth expect expenditures of be revenue, initiatives. includes amount the range for to in net million to million. $XX XXXX with CapEx fiscal approximately X.XX% capital maintenance high-return the

disclosed are we year XXXX previously outlook. Today, fiscal maintaining our

$X.XX in million of net revenue the to XX.X% to range the to expect We million; range reflects EBITDA adjusted to the $XX billion adjusted XX%. which in and $XXX $X.XXX in EBITDA million billion, of range $XXX in margin million, range $XX of the of income

ready that, questions. with now we are And your take to Operator?

Operator

comes Kathryn Thompson first Our [Operator Thompson the with from Instructions] question line Research of Group.

Kathryn Thompson

work years. But XX% was XX%. quarters into I XX% was the versus last lower XX% with in QX this slightly previous X just markets. overall focus quarter the And the than contribution to for wanted versus DOT first QX end the in at public

to lower call contributor work to color So on to the out that it be municipal just anything this seems quarter. just could Or the non-DOT driving that there a for level Is account any other public this? delta? was

F. Smith

prepared the what don't public we -- But remarks we're counties work any I the XX% X be part We Kathryn. think lot in all in so that's our as of year, different private. particular airports, bid mix. DOT doing -- in city, nothing public of said that. that this and will that's public and vary. anticipate a about of a XX% work, can quarter so. We mix on work public cities, about the public changed counties, In mix there's and play and do work DOTs they'll No, that

Kathryn Thompson

strong. side, still you type work. you're is heavy side versus seeing trends on in of trends and then for traditional industrial weakness Perfect. our all differing office the to the continuing any highway on some channel checks you're centers. edges and touch Okay. more point on private from heavy Can shopping manufacturing, And light the private seeing still work of and current how for

F. Smith

Kathryn. get bidding on. a lot there's We what more retail as sites. the not say, very to lot buildings you there's you're what buildings residential said, we're office to Yes, buildings, as the, mix, manufacturing do continue of pharmaceutical right facilities you reshore, many the is to of That's heavy continue but I would as think commercial But that sites. and of a more stay steady. we're the seeing we're see seeing headquarters businesses in lot a they exactly built, migrate Southeast What with manufacturing as

Kathryn Thompson

Okay. abatement and final type And is any input up. going and are are contractors that just other are some seeing then forward. there other expectations costs insurance cost, bidding other DOTs you of preventing of projects question raw that What in are but from are on like from seen we've there of terms more around costs materials, moving

F. Smith

to projects -- think input seeing DOTs Kathryn, would they're by where I clearly, their have marketplace. their a lot see the has And there extent. costs our bid, of We're the match being projects are there's that. of in to It things I affected power say, the to had estimates still held inflation I up to out that adjust aren't reality But doing getting their and up go up. don't that. getting some held estimates purchasing

think adjusting to the world new of I costs. they're input

I I is But years be -- of think of continues and not that hand out couple large, It's think keeping inflation outlooks it to like and up estimates. a the with in by their DOTs, ago. their was steady. that are

Operator

Brown James. Our comes of the next Tyler from question line with Raymond

Patrick Brown

in like fairly QX, normal. sounds was it weather so Jule,

here maybe any thoughts know I on off in start for here Just a it's QX. to rough QX weather? been

anything Just to think about there.

F. Smith

QX, vortex. first we has expect in was. January couple we be polar October weeks our expectations is, been to seasonal the of and it But with business. reality great, Tyler, the least the have cold, Well, at

and be to was. wet it December expect We

it so And was typical.

to January fixing I we're expect We be said. great our equipment, weather. not when That's as

season. And for so we're the work just getting ready

were places. lot in we work to January and we of cold -- where definitely it pretty So in could was a able but

Patrick Brown

a at is That's calling but Greg, I of revenue growth. it something But just I remind midpoint how the like that M&A? helpful. you can think the then, guide, us modeling, And from so it's expected for revenue have much for mid-teens of just

Gregory Hoffman

was going $XXX half it's organic year. right. that's midpoint equal revenue. of inorganic. probably million, $XXX what XX% you're million in the half the typical Yes, in and it -- to And It's the range first projected of acquisitive to about And from and percentage, was be last quarter,

Patrick Brown

Perfect.

will been Okay. it. we're have if That's seem then, a super success I a that But greenfields. so establishing become around And driver story in bigger new since Jule, market know just to a you growth in part plant of, curious lot does external has that additional M&A? I'm coming call a as just helpful. drive with if M&A take the And it, had how we of an about hot-mix discussions example, Waycross talking greenfield And years.

F. Smith

that market adjacent a with Greenfields their perfect question. X workers business into to go opportunity to Waycross to that of our to where the an and equipment Tyler, growth adjacent that go was area, about have always a really And example their Littlefield And we for Right. in just of see X bringing company been good an the seeing strategies led acquiring an an company opportunity market. plant. hot their mix discussion asphalt the and Scruggs area. put Waycross

we're try was build to a once that market. market So perfect that share establish does and And in a right, we that. area us example you're provide for of an Waycross opportunities to in greenfield

sometimes So greenfields an into and of answer we're to all the is answer, the are sometimes them. an area studying move acquisition

Patrick Brown

helpful. very That's perfect. No, Yes.

Just quickly, public picking strong. of are feels real side. up on kind conceptually backlogs like It is work Jule, the

a full I'm companies. You look they are lot well. at private assuming effectively that as of

seeing you or rational bidders more you curious given just full? public is I'm that, market measure Are the your metrics, them. say, bidding let's for just fewer So work generally however internal if

F. Smith

everyone a say, work. healthy Still lot would backlogs there's bidders, competitive fewer yes, would I probably and a to degree, that's -- work, industry the probably Well, a think good Tyler, has of market. lot yes, environment, certain have to a but the of a due people of and say, I bidding construction having there's I sign

Patrick Brown

Yes.

X coming Water gain here, facility Blue Okay. a know Perfect. from last broad should the would last But maybe any to kind Is sale I model. My quarter? just how back help like we the was of $X Greg, thoughts that there exchange just on think Just something million gains a there? just on be it or per modeling about QX. that? perspective, any

Gregory Hoffman

Yes.

I and on yes. our I then a That equipment certainly think to think, a operating is gain of every related that's standpoint, year, acquiring was from of strategy one-off, right replacement. modeling sale part owning,

that's number. yes, pretty would say -- So I a that's good

Operator

Our next question comes from the line of Andy Wittmann with Baird.

Andrew J. Wittmann

been margins was of million bit. I the out digging the where rate start to G&A little number I a guess start going above has just raw last decent by kind about here. or up The I'll was a into the amount, the $X the margins Maybe quarter in in few run quarters. with so

And that just anything Greg, or that. so if high was makes it unusually could low. in I Is there you number wondering comment on that

there's is there new or else. deal maybe so thought rate? did should different the there we I costs some that of is from you run tell something us, expect? But acquisitions, this Or more kind You something some in

Gregory Hoffman

to is you had -- this was think we We some about work low a margin would still year, what I if last about $XX complete. little we we that million expect. gross bit of worth to talked there compare

overhead in still to period, to were compared out now and expected. think we quarter up I the not year. what those. turn so individual that year last 'XX, slightly -- this this be we're is what acquisitions, expenses there were seeing but expecting of into that you're But And year we're But terms we're maybe of out seeing fiscal we to

Andrew J. Wittmann

that you us for you remind in year the what G&A? it expected was it. Got just Can

F. Smith

X%. Yes,

Andrew J. Wittmann

if just get price/cost you with of Can kind feel talk you're and Okay. at margins. we kind Jule. of on how reflects. gross the And about inflation compared you last then talking recently here you quarters? that and just quarter priced margins starting margins expect? what are on you've the the some also expectations operating by backlog to of better the up backlog of to putting won the recovery the rate behind where expand being you're Obviously, in that you run your how at been you And quarter few now this that fully gross about like now down, gross this Are the dynamics the and could you've maybe maybe coming

F. Smith

for summer, Yes, Andy, And right. saw in this said really think, quarter. I normal the just back think it's I think to that's exactly what that's we mean as I I CPI. just you

first projects we this in last final remember, a paving. quarter, of October, the frame, lot in time pre-inflationary up you because do, the lot If backlog we're a they said finish December finishing November, the year we get of

year's quarter, last we just so work. first of were finishing that a lot And

quarter you're So is to really normal, this work the back doing seeing just costs what us in. has that baked

the just very in it's teams margins. projects, backlog that work than at to finish our seeing back backlog we're say -- all norm margin. our And areas win healthy going adding and where much adding finding to is on out crews very We're ways bid I so much there at normal And would we're a projects to which business. to and better of are more CPI, the

getting to normal so just to model CPI. operating really us, And back the it's of

Andrew J. Wittmann

Got it.

Okay.

third to first and revenues talk curious, first final question, probably Greg, that for this third I Greg, total last parties. aggregates maybe on had or 'XX. HMA in Just when was quarter guessing. quarter that you margins, changed just versus to you impact X 'XX about dollars how in the the I'm think about kind of of sold parties can like

how revenue that a Just business mix of of part your so was? your we of can component much understand

Gregory Hoffman

absolutely. Yes,

revenue area is that all, commercial of guess, sales us first private more in market. focused I for of me let So the particular say

So that, we like a still that business. strong internally, of our very was noticed component

to good really it's see. So

think is that just indicator I strong. still us another for internal activity

in XX%. XX% to typically are the We

think we've about aggregate of and hot year our talked both I before asphalt mix third-party in of revenue. each sales

Andrew J. Wittmann

in range. wasn't year change year there kind consistently versus that this a of last And still

Gregory Hoffman

pretty consistent, Still yes.

Operator

Our next of question Michael from Bank comes America. the of with line Feniger

Michael Feniger

January. I Just weather with little might bit -- maybe touched it have in on you think a

Just that margins we curious full raise anything expectations -- just there there your aware to last to next the stuck year? start maybe maybe be any with of months changed to anything such the the reason not the a year that you're you? that with coming Was in outlook? of the implying into year, should kind Is X out strong from

F. Smith

No, Michael. at of glad year. the Not our that business all. typically I'm at you halves as question. asked X We look

And just typically the our really -- get and midyear. X to We at is we try that's talk so is through assess first about and XX-XX just business XX-XX. quarters why revenue EBITDA our we our then

There's doing that. guidance. -- nothing it look reaffirming And we midyear. there at quarter a other we're is We'll no second good our saying our than feel the at so take just about hard we're after good

Michael Feniger

Great. lower we there's -- with And on maybe diesel, obviously margin saw you the quarter, on touch anything just the with liquid asphalt.

X Just today, are it those stays in this kind means that -- thinking for was next quarters prices margin of at what are how about And where benefit you to the a if level? it the QX? that

Gregory Hoffman

Michael. Yes,

headwind. a don't think think tailwind. costs. And it I We goes I has And downward a there is up, energy get we and some always but when little changed. that we little that -- see is do pricing say when

fluctuated kind XX I back XXXX seems It it gas over have spiked it diesel more XX and a natural like in back was up. pretty of range. to primarily the think if you last tight when look early within months,

a within I tailwinds certainly those and So taking slight when get stable range operating pretty we decently can think them. we're

Michael Feniger

of prior my years into election is ground -- Or compared we're if just year. election you any maybe to And last some was because do around going your little a in you concern Great. election than that legislation we how this one. IIJA hear and think year funding of different an that this I'm create you with less if seen the curious a business? can Obviously, does of maybe have you the on have of election prior -- curious passed think go that it's just -- that other in kind years. that what uncertainty about

F. Smith

funding D.C. good they good has most but in certainly is Michael, is thing us Washington. the Washington, a probably things for The bipartisan question. thing argue of lot in about, infrastructure

good thing has lot is certainly a a us for so they of Washington, And argue. things in

out, And IIJA really funding so the for really see we or transportation don't overall. election, funding the it turns however affecting surface the the

So don't to going remain think clearly, really we we -- and a the strong to business. the on stable, have and economy want big election impact but our is

Operator

from Elliott comes the question Stifel. with next Stanley line of Our

Stanley Elliott

all rest labor Could maybe like normalize? covered talk see on improvement I add you've when to at like to guys we percent if some How you component you can side. about logs got it year. your you sort organic you guys of are would should the looking looks backlog the the for the on expect organic mean, flex to numbers of Curious side? the X-plus the above

F. Smith

the address backlog another The then and first our quarter. this I'll growth. -- Stanley, organic was -- record set backlog

to very has the go are quarters And season is think in backlog that's down for In busy row, burning which so in always backlog. lot of we off atypical when our that I tended sequentially CPI. a XX a

and resources. that -- it's indicates our we're much some things. active ahead an but But number only growing point so can one, so we X two, bid environment. of at And Number sell

it's down some all our to at point, sequentially. so And going surprise backlog to go us at it not -- for to

So does to allow the great good it bid does visibility. are us at patient but stay give things. -- table, which It us

And you're growth. add that, to we have the on focus On right growth labor. organic we to heavily side, to continue do organic

continue add and invest labor we in and growth. so to equipment to And organic

add maintenance organic try said, initiatives invest the equipment, on and beyond high-value we in As growth we hire to Greg people side. CapEx,

Stanley Elliott

curious down are the the you or on of backlog seeing could That's there. of of I'm the of maybe just that great. And color drill some states sense pipeline share kind any most guys then portfolio to in the activity? a kind guys the little to within get of you try work, terms

F. Smith

environments. Well, states, have I we bid would say active all X

there's no South and have very I is that Florida say clearly just at look Florida experiencing you as our are state very has is migration. But South Carolina So concern. very, just funding Tennessee are active. programs an incredible of and Clearly, states Tennessee amount and any Carolina. healthy North great -- mechanism. would funding so when of Carolina a and

is So are -- it's -- -- work lot great. mean adding a there's I it's of work. Georgia, all to of companies our platform bidding and backlog

So we're in blessed that regard.

Operator

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

Adam Thalhimer

DOT I got in double kind was to be my next Maybe just honest, I curious your for all Stanley few questions. months. the on stole of expectations I'll up. bidding

F. Smith

Well, doesn't as DOT, the bid bid of quite in bit our know, A bid lot some the The you of throughout their we've a states. to work few on. does months evenly year. got in next

Carolina here and Carolina week. letting got big we've South month this pretty North in so next And a

of the there they lot to work the do they that want and let So summer. winter spring a time in

so pretty active. it's And

Adam Thalhimer

And a then, labor was hanging weights bit curious of ankle I still if are Jule, around? the is little better. any getting

F. Smith

attract I say our find think operators, workforce. but because takes it going I what do I've talked retain workforce we're the of a clearly, to generational about, us to and mean, would much now, as just for that's it Adam. an it's pretty normal advantage skilled the I retiring generational, makes harder to

going our and out far leverage. And that the the labor annual control as as right as was try so crews, an But to cost reopening just advantage just a we're that pass-through cost COVID to that labor. it -- to economy. the raises, after the of to it's like of of not It is we fill back see normal. It's finding

I ankle would now. say, I running weights with we're So definitely don't like feel any

Operator

Brent Our the next comes line D.A. question of Davidson. Instructions] Thielman with from [Operator

Brent Thielman

coverage a fact Jule, your here, deals of you just your couple ability do impacting good like. fast as as the that I Lot guess, markets so are to Jule. here,

many potential are of results I the targets assume too. Your are, solid.

if Just expectations expectations on impact some so or wondering of that's reasonable? an having our our

F. Smith

thinking And question into -- generational we is are get best lot. long term good play made family thoughts this planning our they've a lot them family. sellers reality doing and And our don't solid, a and more being that's Brent, what money in they're what's that Yes, X of sellers decades. markets for and their business the with a the for really asked because

they're market. really at looking so not the And short-term

And change our so in willing their to about funding, any with really Southeast is We're seen seen less a haven't I sellers. -- I throughout potential in making them expectations. of the the haven't That's really in Sunbelt the anything conversations current lot sell. pipeline active.

families So but It's -- them. term. their business more the a overall for long big just healthy the consideration markets and isn't really best being what's for

Brent Thielman

cash really this Greg, Okay. Jule. the cash than That's that great, the do script, good, the flow? unseasonably mentioned typical be good. if the do -- we you And be of quarter then, through typical curious, see was this year? first to just but a Or flow pattern we is this less see for X going in might the for you. I And apologize rest year

Gregory Hoffman

that think good a it I first quarter. No, was yes, --

year-over-year, cash more First up in going and quarter-over-quarter. helped, all, have revenue right, flow of Both certainly cash. margins to -- created revenue to turn opportunities into that great just

strange going expect terms from years. flow think flow different, year, the the but last the I more traditional of Obviously, years to and cash perspective for back to going were go a back more we're to what rest I you over the normal have we cash to couple of see of in experienced XXXX.

Operator

Our next Sidoti. question from with comes Russo Brian

Brian Russo

the accelerating I how just based the the turnkey it state letting Just more to to get on curious. matching DOT you follow or their programs? it last year. activity. Is compare mean would Or is are to Just on funds? DOTs up anxious -- IIJA it because

F. Smith

right. Brian, of I Yes. those think are both

that the IIJA the through programs federal federal in fiscal that states funds I the the normal gives think come year. government to the the money

states commit or And the have that spend money it. so to

doing. to in think I similar it's so And what last year are states very the

-- are states have they the think also own I But funds. their

North talked augment their the announced we funds Florida, they and infrastructure states. Georgia they're keep Tennessee, need to now Carolina, about recently migration to South using funding state up with because previously, As Carolina to

And the we DOT's very really anything, certainly similar. than activity, if that see so last it's year, more but

that -- so -- maybe IIJA, in of environment. being and still an projects I it's really to money are And the inning spent. innings, we just third or bidding getting think the this the early And we the fourth active

with long we've still so go that. got And a to way

Brian Russo

obviously, the business. still how on of similar mean, duration backlog, Great. in is And on and there the projects industrial public then maybe a I on or I is would mean private Okay. seasonality side? another quarter commercial heavier you size characterize public concentration the side. and the the just strong side? side the is then the despite on And then it manufacturing the

Gregory Hoffman

our Yes, we of to of say we're do in I going forward. revenue of going backlog, obviously, think, Brian, an the terms analysis kind mix dictates of what

was think said a public is And it kind Jule what that's expect year. normal, to it I is minute last XX-XX private. pretty what ago, of we

as there trying that of also not in we're the of -- similar. think is before, has terms there's duration and and of very spot similar. understand then project We a I is makeup to achieve, that track sweet very that because So that we've want talked And it changed. project, to size

Operator

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

F. Smith

joining this thank look quarter. us to morning. you like We again speaking just next Yes, for we'd forward everyone with to

Operator

today's this gentlemen, and Ladies concludes teleconference.

have at Thank lines wonderful you your disconnect participation, and this day. may for time. a You your

Construction Partners (ROAD) 9 Feb 242024 Q1 Earnings call transcript