American Woodmark Corp (AMWD) 2025 Q4 法說會逐字稿

Good day, and welcome to the American Woodmark Corporation fourth fiscal quarter 2025 conference call. Today's call is being recorded May 29, 2025.

大家好，歡迎參加美國伍德馬克公司 2025 財年第四季電話會議。今天的通話記錄於 2025 年 5 月 29 日。

During this call, the company may discuss certain non-GAAP financial measures included in our earnings release such as adjusted net income, adjusted EBITDA, adjusted EBITDA margin, free cash flow, net leverage, and adjusted EPS per diluted share. The earnings release, which can be found on our website, americanwoodmark.com, includes definitions of each of these non-GAAP financial measures. The company's rationale for their usage and a reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures.

在本次電話會議中，公司可能會討論收益報告中包含的某些非 GAAP 財務指標，例如調整後的淨收入、調整後的 EBITDA、調整後的 EBITDA 利潤率、自由現金流、淨槓桿率和調整後的每股攤薄收益。您可以在我們的網站 americanwoodmark.com 上找到收益報告，其中包含每個非 GAAP 財務指標的定義。本公司使用這些非 GAAP 財務指標的理由以及這些非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對照組。

We also use our website to publish other information that may be important to investors, such as investor presentations. We will begin the call by reading the company's Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. All forward-looking statements made by the company involve material risks and uncertainties and are subject to change based on factors that may be beyond the company's control.

我們也使用我們的網站發布其他可能對投資者很重要的訊息，例如投資者介紹。我們將首先宣讀該公司根據 1995 年《私人證券訴訟改革法案》簽署的安全港聲明。公司所做的所有前瞻性陳述都涉及重大風險和不確定性，並且可能因公司無法控制的因素而改變。

Accordingly, the company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission and the annual report to shareholders.

因此，本公司的未來業績和財務結果可能與此類前瞻性陳述中表達或暗示的業績和財務結果有重大差異。這些因素包括但不限於公司向美國證券交易委員會提交的文件和年度股東報告中所述的因素。

The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. (Operator Instructions)

即使經驗或未來的變化清楚地表明其中表達或暗示的任何預測結果將不會實現，公司也不承諾公開更新或修改其前瞻性陳述。（操作員指示）

I would now like to turn the call over to Paul Joachimczyk, Senior Vice President and CFO. Please go ahead, sir.

現在我想將電話轉給資深副總裁兼財務長 Paul Joachimczyk。先生，請繼續。

Good morning, and welcome to American Woodmark's fourth fiscal quarter conference call. Thank you for taking the time today to participate. Joining me is Scott Culbreth, President and CEO. Scott will begin with a review of the quarter, and I'll add additional details regarding our financial performance. After our comments, we'll be happy to answer your questions.

早上好，歡迎參加 American Woodmark 第四財季電話會議。感謝您今天抽空來參加。和我一起出席的是總裁兼執行長 Scott Culbreth。斯科特將首先回顧本季度，然後我將添加有關我們財務業績的更多細節。在我們提出評論之後，我們將很樂意回答您的問題。

Scott?

史考特？

Thank you, Paul, and thanks to everyone for joining us today for our fourth fiscal quarter earnings call. Our team delivered net sales of $400.4 million representing a decline of 11.7% versus the prior year. Demand for our products in the new construction and remodel market were weaker than expected as uncertainty regarding tariff policies and declining consumer confidence slowed foot traffic with builders and retailers.

謝謝你，保羅，也謝謝大家今天參加我們的第四財季財報電話會議。我們的團隊實現了 4.004 億美元的淨銷售額，比前一年下降了 11.7%。由於關稅政策的不確定性和消費者信心下降導致建築商和零售商的客流量減少，新建築和改造市場對我們產品的需求弱於預期。

The National Association of REALTORS recently reported that existing home sales fell 0.5% month-over-month to a seasonally adjusted rate of $4 million in April 2025. Year over year, sales have declined 2%. Intent demand for housing continues to grow and a reduction in mortgage interest rates could increase demand for housing in our products.

全國房地產經紀人協會最近報告稱，2025 年 4 月現房銷售額經季節性調整後環比下降 0.5% 至 400 萬美元。銷售額較去年同期下降2%。房屋意圖需求持續成長，抵押貸款利率下降可能會增加我們產品的房屋需求。

For the quarter, all channels reported low double-digit declines. Within our home center business, the [stock kitchen] category performed better than our overall business with a low single-digit negative comp versus the prior year. This is a result of share gains and the value of our offering. Our Pro business was a positive comp for the quarter with offsets in bath and storage.

本季，所有通路均出現兩位數的低點下滑。在我們的家居中心業務中，[庫存廚房]類別的表現優於我們的整體業務，與前一年相比，其負增長幅度僅為個位數。這是股價上漲和我們的產品價值提升的結果。本季度，我們的專業業務表現良好，浴室和儲存業務也取得抵銷效果。

Single-family housing starts continued to experience negative comments versus prior year, from January to April. The NAHB housing market index fell to 34 in May below April and expectations, both at 40. This marks the lowest level since November 2023. As homebuilders continue to be impacted by high mortgage rates, weaker consumer confidence and policy-related uncertainty.

從一月到四月，獨棟住宅開工數量與去年同期相比持續遭遇負面評價。5月NAHB房地產市場指數跌至34，低於4月的40和預期。這是自2023年11月以來的最低水準。由於房屋建築商繼續受到高抵押貸款利率、消費者信心減弱和政策相關不確定性的影響。

For our new construction direct business, our teams delivered growth in the Northeast and Southeast markets but this was more than offset by double-digit declines in Florida, Texas, and the Southwest. We continue to see a rotation down in our made-to-order new construction offering, resulting in an unfavorable mix impact on the business.

就我們的新建築直銷業務而言，我們的團隊在東北部和東南地區實現了成長，但這被佛羅裡達州、德克薩斯州和西南部地區兩位數的下滑所抵消。我們的客製化新建築產品持續下滑，對業務組合產生了不利影響。

Our adjusted EBITDA results were $47.1 million or 11.8% for the quarter. Reported EPS was $1.71 and adjusted EPS was $1.61. Our cash balance was $48.2 million at the end of the fourth fiscal quarter, and the company has access to an additional $314.2 million under its revolving credit facility. Leverage was at 1.56 times adjusted EBITDA, and the company repurchased 417,000 shares in the quarter.

本季我們的調整後 EBITDA 業績為 4,710 萬美元，增幅為 11.8%。報告每股收益為1.71美元，調整後每股收益為1.61美元。第四財季末，我們的現金餘額為4,820萬美元，公司還可以透過循環信貸額度額外獲得3.142億美元的現金。槓桿率為調整後 EBITDA 的 1.56 倍，該公司在本季回購了 417,000 股股票。

The company purchased 1.17 million shares or approximately 7.5% of shares outstanding for $96.7 million during fiscal 2025, consistent with our capital allocation methodology. Demand trends are expected to remain challenging and our outlook for fiscal year 2026 ranges from low single-digit declines to low single-digit increases in net sales for the full fiscal year.

該公司在 2025 財年以 9,670 萬美元的價格購買了 117 萬股股票，約佔流通股的 7.5%，這與我們的資本配置方法一致。預計需求趨勢仍將充滿挑戰，我們對 2026 財年的展望包括全年淨銷售額從低個位數下降到低個位數成長。

We expect to outperform market growth rates but have widened our outlook due to uncertainty related to tariffs with net sales declines expected throughout the first half of the fiscal year. Adjusted EBITDA expectations range from $175 million to $200 million based on current tariff policies in place at the end of the business day May 28. Longer term, our belief remains that as mortgage rates -- mortgage interest rates decline, consumer confidence increases, existing home sales increase and the potential for higher ticket home projects increases.

我們預期業績將超過市場成長率，但由於關稅相關的不確定性，我們的預期範圍已經擴大，預計整個財年上半年的淨銷售額將出現下降。根據 5 月 28 日工作日結束時的現行關稅政策，調整後的 EBITDA 預期範圍為 1.75 億美元至 2 億美元。從長遠來看，我們仍然相信，隨著抵押貸款利率下降，消費者信心增強，現有房屋銷售增加，高價位房屋專案的潛力增加。

Mortgage interest rate relief and consumer confidence increases will also benefit the single-family new construction business as more consumers enter the home buying market. We have the products and platforms to win, and this will serve as a tailwind for our business. Our team continues to execute our strategy that has three main pillars: growth, digital transformation, and platform design with a number of key accomplishments over the past fiscal year that I would like to highlight.

隨著越來越多的消費者進入購屋市場，抵押貸款利率的降低和消費者信心的增強也將使獨棟住宅新建業務受益。我們擁有獲勝的產品和平台，這將成為我們業務的順風。我們的團隊繼續執行我們的策略，該策略有三大支柱：成長、數位轉型和平台設計，我想強調過去財政年度取得的一些關鍵成就。

Under growth, our teams navigated a challenging macroeconomic environment marked by low housing resale activity, high interest rates and increased input costs. Despite these headwinds, we delivered on product innovation, capacity investments, and channel expansion.

在成長的背景下，我們的團隊應對了充滿挑戰的宏觀經濟環境，其特點是房屋轉售活動低、利率高和投入成本增加。儘管面臨這些不利因素，我們仍然在產品創新、產能投資和通路擴張方面取得了進展。

Over 30% of made-to-order sales came from products lost in the last three years. facility expansions in Monterrey, Mexico and Hamilton North Carolina, enhanced our May-to-stock capabilities. We accelerated a low SKU high-value product offering for Pros and expanded it nationally.

超過 30% 的客製化銷售額來自過去三年內損失的產品。墨西哥蒙特雷和北卡羅來納州漢密爾頓的工廠擴建增強了我們的「五月到庫存」能力。我們加速了為專業人士提供低 SKU 高價值產品，並在全國推廣。

We also transitioned independent distributor customers to our new brand, 1951 cabinetry. Looking forward, we're focused on expanding our internal sales teams enabling home delivery for bath and ensuring we have the right products and platforms to support continued growth.

我們也將獨立經銷商客戶轉向我們的新品牌 1951 櫥櫃。展望未來，我們專注於擴大內部銷售團隊，實現衛浴送貨上門服務，並確保我們擁有合適的產品和平台來支援持續成長。

Under digital transformation, we advanced our efforts with a focus on building an agile, scalable IT foundation to support future innovation. We executed our ERP cloud strategy with our Anaheim Majostock facility going live in early May of fiscal 2026 and are now planning for our East Coast made-to-stock facilities. We improved our cybersecurity readiness through enhanced detection and will be further enhancing our recovery systems.

在數位轉型下，我們加大力度建構敏捷、可擴展的IT基礎，支持未來的創新。我們在阿納海姆 Majostock 工廠實施了我們的 ERP 雲端策略，該工廠於 2026 財年 5 月初上線，目前正在規劃我們東海岸的客製化工廠。我們透過增強檢測提高了我們的網路安全準備度，並將進一步增強我們的恢復系統。

Key investments were made in video, infographics, search engine optimization, interactive tools that have improved performance across digital channels and positioned us to deliver best-in-class content, especially for home center partners and independent dealers. Under platform design, we advanced our strategy by executing improvement plans at our Monterrey, Mexico, and Hamlet North Carolina sites establishing them as manufacturing centers of excellence.

我們主要在影片、資訊圖表、搜尋引擎優化和互動式工具方面進行投資，以提高數位管道的效能，並使我們能夠提供一流的內容，特別是針對家居中心合作夥伴和獨立經銷商。在平台設計下，我們透過在墨西哥蒙特雷和北卡羅來納州哈姆雷特的工廠實施改進計劃來推進我們的策略，將這些工廠打造為卓越製造中心。

We initiated a footprint optimization across our network including the closure of our Orange, Virginia facility to streamline operations and improve responsiveness. These efforts address cost efficiency, asset modernization, and supply chain resilience while enhancing service to the new construction and repair remodel market.

我們啟動了整個網路的覆蓋範圍優化，包括關閉位於維吉尼亞州奧蘭治的工廠，以簡化營運並提高響應能力。這些努力解決了成本效率、資產現代化和供應鏈彈性問題，同時增強了對新建築和維修改造市場的服務。

We also remain responsive to the evolving tariff environment and are focused on continuous improvement in plant operations through standardization and automation projects, targeting our mill component and assembly processes. In closing, I could be prouder what his team accomplished in fiscal 2025, and I look forward to their continuing contributions during fiscal year 2026.

我們還將繼續響應不斷變化的關稅環境，並致力於透過標準化和自動化項目不斷改進工廠運營，針對我們的工廠組件和組裝流程。最後，我對他的團隊在 2025 財年的成就感到更加自豪，並期待他們在 2026 財年繼續做出貢獻。

I'll now turn the call back over to Paul for additional details on the financial results for the quarter.

我現在將電話轉回給保羅，以了解有關本季度財務業績的更多詳細資訊。

Thank you, Scott. I will first talk about our fourth fiscal quarter results, then transition to our full year performance and close with our outlook for fiscal year 2026. Net sales were $400.4 million, representing a decrease of $52.9 million or 11.7% versus prior year.

謝謝你，斯科特。我將首先談論我們第四財季的業績，然後介紹我們的全年業績，最後展望 2026 財年。淨銷售額為 4.004 億美元，較上年減少 5,290 萬美元，或 11.7%。

Remodel net sales, which combines home centers and independent dealer and distributors, decreased 10.4% for the fourth quarter versus prior year, with both home centers and dealer distributors decreasing 10% and 11%, respectively. New construction net sales decreased 13.4% for the quarter compared to last year.

Remodel 淨銷售額（包括家居中心和獨立經銷商及分銷商）第四季度較上年同期下降 10.4%，其中家居中心和經銷商分銷商分別下降 10% 和 11%。本季新建築淨銷售額與去年同期相比下降了 13.4%。

Our gross profit margin for the fourth quarter of fiscal year 2025 decreased 160 basis points to 17% of net sales versus 18.6% reported in the same period last year. This decrease was a result of fixed cost deleverage and increases in depreciation expense and product input costs. These were partially offset by our operational improvements in our manufacturing operations.

我們 2025 財年第四季的毛利率下降了 160 個基點，至淨銷售額的 17%，而去年同期為 18.6%。這一下降是由於固定成本去槓桿以及折舊費用和產品投入成本增加所造成的。這些被我們製造業務的營運改善部分抵消了。

Total operating expenses, excluding any restructuring charges for the fourth quarter of fiscal year 2025 and or 8.9% of net sales versus 10.1% for the same period last year. The 120-basis-point decrease is due to decreases in our incentives and profit sharing and a lower spending across all functions.

2025 財年第四季的總營運費用（不包括任何重組費用）佔淨銷售額的 8.9%，而去年同期為 10.1%。120 個基點的下降是由於我們的獎勵和利潤分享減少以及所有職能部門的支出減少。

Adjusted net income was $24 million or $1.61 per diluted share in the fourth quarter of fiscal year 2025 versus $28.2 million or $1.78 per diluted share last year. Adjusted EBITDA for the fourth quarter of fiscal year 2025 was $47.1 million or 11.8% of net sales versus $54.7 million or 12.1% of net sales reported in the same period last year, representing a 30-basis-point decline year over year.

2025 財年第四季調整後淨收入為 2,400 萬美元，即每股攤薄收益 1.61 美元，而去年同期調整後淨收入為 2,820 萬美元，即每股攤薄收益 1.78 美元。2025 財年第四季調整後 EBITDA 為 4,710 萬美元，佔淨銷售額的 11.8%，而去年同期調整後 EBITDA 為 5,470 萬美元，佔淨銷售額的 12.1%，較去年同期下降 30 個基點。

Our full year performance, net sales were $1.7 billion, representing a decrease of $138 million or 7.5%. The combined home center and independent dealer distributor net sales decreased 9.2% for the fiscal year, with home centers decreasing 9.3% and dealer distributors decreasing 8.9%. New construction net sales decreased 5.1% for the fiscal year compared to the prior year.

我們的全年業績，淨銷售額為 17 億美元，下降 1.38 億美元，或 7.5%。本財年家居中心和獨立經銷商經銷商的合併淨銷售額下降了 9.2%，其中家居中心下降了 9.3%，經銷商分銷商下降了 8.9%。本財年新建築淨銷售額與前一年相比下降了 5.1%。

The company's gross profit margin for the fiscal year was 17.9% of net sales versus 20.4% reported last year. representing a 250 basis point decline. During the fiscal year, we faced lower volumes due to macroeconomic events, which caused fixed cost deleverage, combined with rising input costs, which was partially offset by operational enhancements and control spending.

該公司本財年的毛利率為淨銷售額的 17.9%，而去年同期為 20.4%，下降了 250 個基點。在本財政年度，由於宏觀經濟事件導致固定成本去槓桿，加上投入成本上升，我們的銷售量下降，但營運改善和控制支出部分抵銷了這一影響。

Total operating expenses, excluding any restructuring charges were approximately 9.5% of net sales in the current fiscal year compared with 11.7% of net sales for the prior fiscal year. The 220-basis-point decrease was due to deal amortization that ended last fiscal year Q3, combined with decreases in incentives, profit sharing, and controlled spending across all functions, offset by increases in our digital transformation spend Scott described earlier.

不包括任何重組費用的總營運費用約佔本財年淨銷售額的 9.5%，而上一財年為淨銷售額的 11.7%。220 個基點的下降是由於上財年第三季結束的交易攤銷，加上所有職能部門的激勵、利潤分享和控制支出的減少，但被斯科特之前描述的數位轉型支出的增加所抵消。

Adjusted net income for fiscal year 2025 was $105.5 million, down $34.4 million due to lower sales, which caused fixed costs to deleverage as well as higher input costs. These were partially offset by improvements in our operations and decreases in our incentive and profit-sharing expenses. Adjusted EBITDA for fiscal year 2025 was $208.6 million or 12.2% of net sales compared to $252.8 million or 13.7% of net sales for the prior fiscal year, representing a 150-basis-point decline year over year.

2025財年調整後淨收入為1.055億美元，下降3440萬美元，原因是銷售額下降，導致固定成本去槓桿以及投入成本增加。這些部分被我們營運的改善和獎勵和利潤分享費用的減少所抵消。2025 財年的調整後 EBITDA 為 2.086 億美元，佔淨銷售額的 12.2%，而上一財年的調整後 EBITDA 為 2.528 億美元，佔淨銷售額的 13.7%，年比下降 150 個基點。

Despite facing volume headwinds the entire fiscal year, our teams have continued to improve our operational efficiencies and control overall spending. These savings are partially offset by increases in our material and our transportation costs.

儘管整個財政年度都面臨銷售阻力，但我們的團隊仍在繼續提高營運效率並控制整體支出。這些節省的部分被我們的材料和運輸成本的增加所抵消。

Free cash flow totaled a positive $65.7 million for the current fiscal year-to-date compared to $138.5 million in the prior year. The approximate $73 million decrease was primarily due to lower net income and changes in our operating cash flows, specifically higher inventory and lower accrued balances.

本財年迄今的自由現金流總計為正 6,570 萬美元，而上年為 1.385 億美元。約 7,300 萬美元的減少主要是由於淨收入減少和經營現金流變化，特別是庫存增加和應計餘額減少。

Net leverage was 1.56 times adjusted EBITDA at the end of the fourth quarter of fiscal year 2025, representing a 0.42 times increase from the 1.14 times of last year. As of April 30, 2025, the company had $48.2 million in cash plus access to $314.2 million of additional availability under its revolving facility. Under the current share repurchase program, the company purchased $96.7 million or 1.17 million shares during fiscal year, representing about 7.5% of outstanding shares being retired.

2025財年第四季末，淨槓桿比率調整後EBITDA的1.56倍，較去年的1.14倍增加0.42倍。截至 2025 年 4 月 30 日，該公司擁有 4,820 萬美元現金，並可透過其循環信貸額度獲得 3.142 億美元的額外可用資金。根據現行的股票回購計劃，該公司在財年內回購了價值 9,670 萬美元或 117 萬股股票，約佔已回購流通股的 7.5%。

We have $117.8 million of share repurchase authorization remaining as of April 30, 2025. Our outlook for fiscal year 2026. From a net sales perspective, we expect low single-digit declines to low single-digit increases in net sales for the full fiscal year.

截至 2025 年 4 月 30 日，我們剩餘的股票回購授權為 1.178 億美元。我們對 2026 財年的展望。從淨銷售額的角度來看，我們預期整個財年的淨銷售額將出現低個位數的下降或低個位數的成長。

We do expect sales to increase in the back half of our fiscal year, with the first half being challenged by the current macroeconomic environment. The change in net sales is highly dependent upon overall industry, economic growth trends, material constraints, labor impacts, interest rates, tariff rate changes, and consumer behaviors.

我們確實預期本財年下半年的銷售額將會成長，而上半年則面臨當前宏觀經濟環境的挑戰。淨銷售額的變化在很大程度上取決於整體產業、經濟成長趨勢、材料限制、勞動力影響、利率、關稅稅率變化和消費者行為。

Our projected adjusted EBITDA for fiscal year 2026 falls within the range of $175 million to $200 million, driven primarily by higher year over year SG&A costs, increases in our input costs, and fixed cost inflationary items, offset by our commitment to operational excellence and automation, both of which have been realizing efficiency gains across all of our platforms. While the current economic climate continues to put pressure on our sales, we will continue to be diligent in controlling our controllable costs and balancing our spending appropriately.

我們預計 2026 財年的調整後 EBITDA 將在 1.75 億美元至 2 億美元之間，這主要歸因於銷售、一般及行政費用同比增加、投入成本增加以及固定成本通膨項目增加，但我們對卓越運營和自動化的承諾抵消了這一影響，這兩項舉措均在我們提升所有平台上實現了效率。儘管當前的經濟環境繼續給我們的銷售帶來壓力，但我們將繼續努力控制可控成本並適當平衡支出。

Our capital allocation priorities for fiscal year 2026 will stay consistent with past practices. First, we will remain focused on investing back into the business by supporting our strategic pillars of digital transformation and platform design with investments in our ERP and our CRM platforms, investing in automation at all of our operating locations.

我們 2026 財年的資本配置重點將與過去的做法一致。首先，我們將繼續專注於對業務進行投資，透過對 ERP 和 CRM 平台的投資來支援我們的數位轉型和平台設計策略支柱，並投資於我們所有營運地點的自動化。

Next, we will be opportunistic in our share repurchasing. And lastly, with our debt position at a leverage ratio we wanted to achieve, which is in the range of 1.5 to 2 turns, debt repayments will be deprioritized. Please note that we did enter into a new debt agreement and our interest expense will increase from the prior year by approximately $7 million annually. The additional capital projects that were completed last year our depreciation expense is increasing by approximately $11 million in fiscal year 2026.

接下來，我們將適時回購股票。最後，鑑於我們的債務狀況已達到我們預期的槓桿率（即1.5倍至2倍），我們將不再優先償還債務。請注意，我們確實簽訂了新的債務協議，我們的利息支出每年將比前一年增加約700萬美元。去年完成的額外資本項目將導致我們的折舊支出在2026財年增加約1,100萬美元。

In closing, our business continues to have the resilience to manage through a tough and persistent macroeconomic climate and knows what action needs to be taken in order to position ourselves for the best growth possible. Regardless of external factors, this past year was filled with uncertainty and our teams managed to create some great wins in automation and operational efficiencies.

最後，我們的業務持續具有韌性，能夠應對艱難而持續的宏觀經濟環境，並且知道需要採取什麼行動才能實現最佳成長。無論外部因素如何，過去的一年充滿了不確定性，我們的團隊在自動化和營運效率方面取得了一些重大勝利。

I extend my heartfelt gratitude to every team member at American Woodmark. They are the driving force behind our daily accomplishments. They are the ones that make it happen daily.

我向 American Woodmark 的每位團隊成員表示衷心的感謝。它們是我們每天成就的動力。正是他們讓這一切每天都發生。

This concludes our prepared remarks, and we'll be happy to answer any questions you have at this time.

我們的準備好的演講到此結束，我們很樂意回答您在此時提出的任何問題。

(Operator Instructions)

（操作員指示）

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

Hi, good morning. Thank you for taking my questions. The first one is on tariffs and what you've assumed in your full year guidance. Can you quantify for us, how much of an impact you're expecting maybe split that between China and non-China tariffs? And then how much of that headwind are you expecting to fully offset in your fiscal '26 guidance?

嗨，早安。感謝您回答我的問題。第一個問題是關於關稅以及您在全年指導中所假設的內容。您能否為我們量化一下，您預期中國和非中國關稅的影響可能分攤到多大程度？那麼，您預計在 26 財年指引中可以完全抵銷多少不利因素？

Yeah. Good morning, Trevor. So our outlook range was significantly influenced by tariffs and certainly the uncertainty associated with tariffs. There could be demand impacts that could have an impact on the outlook and there could be a delay in pricing to recover the incremental cost the business could take on.

是的。早上好，特雷弗。我們的預期範圍受到關稅以及與關稅相關的不確定性的顯著影響。需求可能會對前景產生影響，定價可能會延遲，以收回企業可能承擔的增量成本。

I would tell you with last night's ruling from the United States Court of International Trade, that ruling could be favorable to our outlook because the price cost delay risk would be removed from our outlook for the year. The outlook we just gave to you assumed the tariffs that were in place at the end of business yesterday, and that would be roughly $20 million of cost for the business.

我想告訴你們，昨晚美國國際貿易法院的裁決可能對我們的前景有利，因為價格成本延遲風險將從我們對今年的前景中消除。我們剛剛向您提供的展望假設了昨天業務結束時實施的關稅，這將為企業帶來約 2000 萬美元的成本。

And then we had a variety of scenarios that we've modelled for recovery from zero percent to 100% and different time frames associated with that. So that's fully baked into the $175 million to $200 million range we gave you.

然後，我們針對從零到 100% 的恢復情況建立了多種模型，並模擬了與之相關的不同時間範圍。因此，這完全包含在我們給您的 1.75 億至 2 億美元的範圍內。

Okay. Makes a lot of sense. I appreciate all that color. And then the second one is more of a two-parter on margins. First on gross margins, they stepped up about 200 basis points quarter over quarter. Just curious as to what drove that nice improvement sequentially.

好的。很有道理。我很欣賞所有這些顏色。第二個則更多是關於邊緣的兩個部分。首先是毛利率，季增了約 200 個基點。我只是好奇是什麼推動了這連續的良好改進。

And then similarly, G&A, your cost control was really good in the quarter at about $15 million. Should that be a good number that we should think of going forward keeping that lower at about $15 million? Or was there anything more onetime in nature that seeing that in the quarter? Thanks.

同樣，本季的 G&A 成本控制也很好，約 1500 萬美元。這個數字是否比較適合？我們是否應該考慮繼續將其保持在 1500 萬美元左右？或者在本季中是否存在比這更一次性的事情？謝謝。

Yeah. With respect to gross margins, typically our Q3 time frame would be one of the tougher margin quarters for us because of the holidays and just the overall slow season. As you recall, last quarter, we talked about softer demand than we expected inside the quarter. And then our teams took actions towards the end of Q3, towards the beginning of Q4 to rightsize our operations and our footprint. So our teams completed those tasks.

是的。就毛利率而言，由於假期和整體淡季的影響，第三季通常是我們利潤最困難的季度之一。大家還記得，上個季度，我們談到了季度內需求比我們預期的要弱。然後，我們的團隊在第三季末和第四季初採取了行動，以調整我們的營運和足跡。所以我們的團隊完成了這些任務。

And as a result, you're seeing that margin rebound inside Q4 overall. For SG&A, no, I wouldn't use the quarter alone as a baseline to carry forward. As Paul mentioned, incentive comp is a big part of that story. And when we reset our plan for fiscal year '26, we do have a cost pickup or increase, if you will, year over year, for instance.

因此，您會看到第四季度整體利潤率出現反彈。對於銷售、一般及行政費用 (SG&A)，不會，我不會單獨以季度作為結轉的基準。正如保羅所提到的，激勵補償是這個故事的重要組成部分。當我們重新制定 26 財年的計畫時，我們的成本確實會增加，或者說，逐年增加。

Yeah, makes sense. Appreciate all the color and good luck moving forward.

是的，有道理。欣賞所有的色彩並祝你未來好運。

Yeah, thanks, Trevor.

是的，謝謝，特雷弗。

Adam Baumgarten, Zelman.

亞當·鮑姆加滕、澤爾曼。

Hey guys, good morning. Just thinking about the revenue guidance here. So we think about the midpoint of flat, what does that assume for each of your main end markets, R&R into construction?

大家好，早安。只是考慮一下這裡的收入指導。因此，我們考慮平坦的中點，這對於您每個主要終端市場、R&R 進入建築業有何假設？

Actually, Adam, it's pretty consistent. So our overall forecast projection as we think about fiscal year '26 of first half, better second half recovery in both end markets. So not wildly different depending on the channel.

事實上，亞當，這是相當一致的。因此，當我們考慮 26 財年上半年時，我們的整體預測是，下半年兩個終端市場都會復甦得更好。因此，根據通路不同，差異並不大。

Okay. Got it. And then just on the second half being better. Are you seeing anything in the business today, maybe may give you confidence that you could see a return to growth in the back half of fiscal '26?

好的。知道了。然後下半場會更好。您今天在業務中看到了什麼，也許可以讓您有信心在 26 財年下半年看到業務恢復成長？

I'll just rely on the commentary we get from our partners. So certainly, our home center partners messaged over the last couple of weeks, their outlooks for the year. They reaffirmed their position for the full year, which certainly models a bit more of a recovery in the second half. And I think they did have some call outs to some of the higher ticket discretionary performing better second half.

我只依賴我們的合作夥伴提供的評論。因此，我們的家居中心合作夥伴在過去幾週內確實傳達了他們對今年的展望。他們重申了對全年的預測，這無疑預示著下半年經濟將進一步復甦。我認為他們確實對下半年一些高價位可自由支配商品表現較好做出了一些呼籲。

So we would certainly have that same assumption as we think about new construction as we get through this summer and go into next year, the expectation is that market would perform better than the weak market than we saw in 2025. But I think it's too early to say there's clear data points at this stage.

因此，當我們考慮今年夏天和明年的新建築時，我們肯定會有同樣的假設，預計市場表現將優於 2025 年看到的疲軟市場。但我認為現在說現階段有明確的數據點還為時過早。

Yeah, understandable. And then just lastly on -- you mentioned negative MTO mix in the homebuilder channel. Can you talk about how you're seeing pricing behave just given all the pushback we're hearing about on all suppliers from the large homebuilders?

是的，可以理解。最後，您提到了房屋建築商通路中的負面 MTO 組合。鑑於我們聽到的大型房屋建築商對所有供應商的反對意見，您能否談談您對定價走勢的看法？

Yeah, pricing has held, but we've certainly seen some mix impacts that we spoke about. So in new construction specifically, we go to market with that good, better, best approach, and we've seen a rotation from that best to better I think I mentioned last quarter as well, kind of number of cabinets per home is also starting to show up.

是的，定價保持不變，但我們確實看到了我們談到的一些混合影響。因此，具體到新建築，我們以「好、更好、最好」的方式進入市場，我們已經看到了從「最好」到「更好」的輪換，我想我上個季度也提到過，每個家庭的櫥櫃數量也開始顯現。

So as builders are looking to take cost out of the home. One way to do that is to impact the design and perhaps there's one or two less cabinets in the design. So we see those impacts, but no wholesale price impacts at this stage.

因此，建築商正在尋求降低房屋成本。一種方法是影響設計，也許設計中會少一個或兩個櫥櫃。因此，我們看到了這些影響，但現階段沒有批發價格影響。

Okay, good to hear. Thanks guys.

好的，很高興聽到這個消息。謝謝大家。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Hi, thanks. Just outside the tariff impact, is there anything else that we should be thinking about on the cost side as it relates to the full year guidance?

你好，謝謝。除了關稅影響之外，在成本方面我們還需要考慮什麼與全年指導相關的因素嗎？

I think the biggest piece is the tariff discussion. If you table tariffs, we do have some modelled commodity inflation as well as we go into the year, whether that's lumber, particle or plywood, et cetera. So we do expect to see some inflationary impacts there along with labor transportation, and we'll need to navigate that either with productivity offsets or pricing to be able to recover that as well.

我認為最重要的部分是關稅討論。如果您列出關稅，我們確實會有一些模型化的商品通膨，無論是木材、刨花板還是膠合板等等。因此，我們確實預計會看到一些通膨影響以及勞動力運輸的影響，我們需要透過生產力補償或定價來應對這一問題，以便能夠恢復這種影響。

Okay. Thanks. And follow-up question is just on the closure of the components facility that you talked about last quarter. I think you said it was going to be a bigger impact for fiscal '26. I'm not sure if you're able to quantify the potential savings from that action.

好的。謝謝。後續問題是關於您上個季度談到的零件工廠關閉的問題。我認為您說過這將對 26 財年產生更大的影響。我不確定您是否能夠量化該行動可能帶來的節省。

Yeah. So Garik, the closure of that facility should yield about $5 million to $6 million of savings and benefits for us on an EBITDA perspective each year annually going forward here.

是的。因此，Garik，從 EBITDA 的角度來看，關閉該工廠每年將為我們帶來約 500 萬至 600 萬美元的節省和收益。

Got it. Thank you very much.

知道了。非常感謝。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hi, good morning. I wanted to follow-up on the outlook and the planning process to build that outlook in the prior months, clearly, a very dynamic environment. But with the tariffs dampening that outlook, I guess what I'm trying to get at, would you expect there to be growth next year or on the flat to high side of the outlook if tariffs work were not maybe as severe and dampening your outlook on demand or pricing?

嗨，早安。我想跟進前景和規劃過程，以便在前幾個月建立這種前景，顯然，這是一個非常動態的環境。但由於關稅抑制了這種前景，我想我想問的是，如果關稅的影響沒有那麼嚴重，並且沒有抑制您對需求或定價的前景，您是否預計明年會出現增長，或者前景將持平或走高？

I think for us, our view has been that the second half of our fiscal year, which, of course, pivots into the first part of calendar year 2026, we need to remove uncertainty. And there's a lot of things that you can articulate as being uncertain at this point in time. Tariffs is one of the biggest ones. So I think removing the uncertainty is what's important. Certainly, if they go to zero, that's helpful.

我認為，對我們來說，我們的觀點是，我們的財政年度下半年，當然是2026年上半年，我們需要消除不確定性。目前有很多事情都不確定。關稅是最大的問題之一。所以我認為消除不確定性才是最重要的。當然，如果它們變為零，那將是有幫助的。

And you've got to think that leads to a rebound in consumer confidence and perhaps consumers are more willing to spend on their home or perhaps make a transition and move from a particular home to a new home, which creates an opportunity for us to sell our products. So that theoretically should be a positive, even if there is some base tariff amount, again, I think removing the uncertainty is what's important.

你必須考慮到，這會導致消費者信心反彈，或許消費者更願意在購屋上花錢，或更願意從現有住房搬到新房，這為我們銷售產品創造了機會。所以理論上這應該是一個正面的訊號，即使有一定的基本關稅金額，我再次強調，消除不確定性才是最重要的。

When we have day-to-day changes and impacts to your point around having to do a model and a forecast projecting, it is challenging. So removing the uncertainty, I think, is the key. And then if you can get those down to zero and it's a non-impact, of course, I think that's great news for our business and industry.

當我們每天都面臨變化並影響您所說建立模型和進行預測預測時，這很有挑戰性。因此我認為消除不確定性是關鍵。如果你能將這些降到零，並且不會產生影響，當然，我認為這對我們的企業和產業來說是個好消息。

Okay. That's helpful. And maybe kind of a similar line of thought, for a bigger R&R recovery to happen, particularly in the big ticket and the cabinet space, how much refi or HELOC rebound do you think needs to happen to support that?

好的。這很有幫助。也許有類似的思路，為了實現更大規模的 R&R 復甦，特別是在大宗商品和內閣領域，您認為需要多少再融資或 HELOC 反彈才能支持這一點？

I don't think it's as much about refis. It is about existing home sales. So we've seen a considerable slide the last couple of years. The data point next year, roughly $4 million the base case was that it was north of $5 million for the core time frame that we looked at sort of coming out of COVID, I think that type of rebound is what we're shooting for and is what we need. Interest rates certainly can help that, but I don't think it's a refinance conversation. I think it's a velocity of activity with home sales.

我認為這與再融資關係不大。這是關於現有房屋銷售的情況。因此，我們看到過去幾年出現了大幅下滑。明年的數據點大約為 400 萬美元，基本情況是，在我們觀察到的擺脫 COVID 的核心時間範圍內，該數據將超過 500 萬美元，我認為這種反彈正是我們所追求的，也是我們所需要的。利率當然會有所幫助，但我認為這與再融資無關，而是與房屋銷售活動的速度有關。

Okay. That's helpful. And then last quick one for me. The automation gains and investments that you continue to work on. Can you put some context around the progress there and how it's helping 2026 results? And then pulling up, what inning would you say the company is in on the automation investment journey?

好的。這很有幫助。接下來是最後一個快速步驟。您持續致力於自動化收益和投資。您能否介紹一下這方面的進展以及它對2026年業績的貢獻？然後，您認為公司在自動化投資上處於什麼階段？

Yeah. We're still in the early innings of that. So let's call them in the first three innings of that particular process. We saw a pretty sizable uptick in what we would identify as automation-related investments inside fiscal year '25. So north of $10 million of spend.

是的。我們仍處於這階段的初期。因此，讓我們在這個特定過程的前三局中稱呼它們。我們發現，在 25 財年，與自動化相關的投資出現了相當大的成長。因此支出超過 1000 萬美元。

That goes from small projects to large projects. And many of those had benefits that reduced the demand for labor in our operations. So we'll fully realize that as we go into fiscal year '26. And we've got some great projects teed up that we're working on now that will impact the business in '26 and beyond.

從小項目到大項目。其中許多措施都具有好處，可以減少我們營運中對勞動力的需求。當我們進入 26 財年時，我們就會充分意識到這一點。我們已經準備好一些正在進行的偉大項目，這些項目將對 26 年及以後的業務產生影響。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員指示）

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey guys, good morning, I guess just -- what's embedded for pricing at the midpoint and I guess the ends of the guidance for revenue?

嘿，大家早上好，我想只是——中間點的定價和收入指導的末端包含什麼？

Again, I don't want to give you an exact number, Tim. I just want to highlight there's a host of scenarios that go into that particular data set. I've already mentioned upwards of $20 million of tariff impacts. And we modelled all types of scenarios, again, from zero to 100% from a recovery standpoint to give you that range.

再說一次，提姆，我不想給你一個確切的數字。我只是想強調一下，該特定資料集中存在大量場景。我已經提到了高達2000萬美元的關稅影響。我們從恢復的角度模擬了所有類型的場景，從零到 100% 為您提供該範圍。

Okay. Do you have a scenario where pricing is being able to kind of offset the -- pricing and productivity are able to offset the inflation? Or is that net-net going to be a headwind for Woodmark in '26?

好的。您是否設想過這樣一種情況：定價能夠抵消——定價和生產力能夠抵消通貨膨脹？或者說，這筆淨利潤是否會成為 Woodmark 在 26 年所面臨的阻力？

It's going to depend on the degree of inflation that we see. I think you've always heard us speak to this and seen us demonstrate in the past that over time, we're able to recover for commodity inflation, what we sometimes deal with is that lag effect because of the process we have to go through for most of our customers to justify and then actually start to realize the price. So there could be some lag effects that hit fiscal year '26 and that's built into the outlook that you've seen.

這將取決於我們看到的通貨膨脹程度。我想您總是聽到我們談論這個問題，並且看到我們過去證明，隨著時間的推移，我們能夠從大宗商品通膨中恢復過來，我們有時會處理的是滯後效應，因為我們必須經歷這個過程才能讓大多數客戶證明這一點，然後才真正開始意識到價格。因此，可能會有一些滯後效應影響到 26 財年，而這已經包含在您所看到的前景中。

Okay. And then I guess the gap between, I guess, single-family completions and then just what you're seeing in the builder direct sales, I mean that's widened over the last couple of quarters. So it sounds like it's more mix and kind of cabinet count versus share per se. But I guess based on what you're hearing from builders, is that something that's going to kind of anniversary in a couple of quarters? Or do you think that's going to be a persistent headwind to the builder business for the foreseeable future?

好的。然後我想，我想，單戶住宅竣工量和你在建築商直銷中看到的差距，我的意思是，在過去幾個季度裡，這種差距已經擴大了。因此，這聽起來更像是一種混合，以及內閣數量與份額本身的關係。但根據您從建築商那裡聽到的消息，我想這是否會在幾個季度後迎來週年紀念日？或者您認為在可預見的未來，這將成為建築業務持續面臨的阻力？

Yeah. I don' have any perspective from our builders on future quarters and what their thoughts are on that. But you nailed it specifically on what we see happening today, it's been more of a mix effect as well as cabinet count impacting that and driving that gap that you're seeing.

是的。我不知道我們的建築商對未來季度有什麼看法，也不知道他們對此有何想法。但您準確地指出了我們今天所看到的情況，這更多的是一種混合效應，內閣人數也對此產生了影響，並導致了您所看到的差距。

Okay, sounds good. Good luck on you guys.

好的，聽起來不錯。祝你們好運。

Thank you.

謝謝。

As I do not see that there are anyone -- is anyone else waiting to ask a question, I would like to turn the line over to Mr. Joachimczyk for any closing comments. Please go ahead, sir.

由於我沒有看到任何人——還有其他人在等待提問，所以我想將電話交給 Joachimczyk 先生，請他發表最後評論。先生，請繼續。

Since there are no additional questions, this concludes our call today. Thank you for taking the time to participate.

由於沒有其他問題，我們今天的通話到此結束。感謝您抽空參與。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。