Apogee Enterprises Inc (APOG) 2025 Q4 法說會逐字稿

Good day and welcome to the Q4 2025 Apogee Enterprises earnings conference call.

大家好，歡迎參加 2025 年第四季 Apogee Enterprises 收益電話會議。

[Operator instruction].

[操作員指令]。

I would now like to hand the call over to your first speaker today, Jeff Huebschen. Please go ahead.,

現在我想把電話交給今天的第一位發言者 Jeff Huebschen。請繼續。

Thank you, Tania. Good morning, everyone and welcome to Apogee Enterprises' fiscal 2025 4th quarter earnings call. With me today are Ty R Silberhorn, Apogee's Chief Executive Officer, and Matthew J. Osberg, Chief Financial Officer. I'd like to remind everyone that there are slides to accompany today's remarks. These are available in the investor relations section of Apogee's website.

謝謝你，塔妮亞。大家早安，歡迎參加 Apogee Enterprises 2025 財年第四季財報電話會議。今天與我一起出席的還有 Apogee 執行長 Ty R Silberhorn 和財務長 Matthew J. Osberg。我想提醒大家，今天的發言有幻燈片伴隨。這些資訊可在 Apogee 網站的投資者關係部分找到。

During this call, we will reference certain non-GAAP financial measures. Definitions of these measures, and a reconciliation to the nearest GAAP measures are provided in the earnings release and slide deck we published this morning. I'd also like to remind everyone that our call will contain forward-looking statements. These reflect management's expectations based on currently available information. Actual results may differ materially. More information about factors that could affect Apogee's business and financial results can be found in today's press release and in our SEC filings.

在本次電話會議中，我們將參考某些非公認會計準則財務指標。我們今天早上發布的收益報告和幻燈片中提供了這些指標的定義以及與最接近的 GAAP 指標的對照組。我還想提醒大家，我們的電話會議將包含前瞻性陳述。這些反映了管理層根據當前可用資訊所做的預期。實際結果可能存在重大差異。有關可能影響 Apogee 業務和財務業績的因素的更多信息，請參閱今天的新聞稿和我們的 SEC 文件。

Finally, I'd like to mention some changes we made to our segment names. Our previously named architectural framing systems segment is now called Architectural Metals.

最後，我想提一下我們對片段名稱所做的一些更改。我們之前命名的建築框架系統部門現在稱為建築金屬。

And our previous LSO segment is now called Performance Surfaces. We believe these changes better reflect the product focus and capabilities within those segments. And with that, I'll turn the call over to you, Ty.

我們之前的 LSO 部分現在稱為 Performance Surfaces。我們相信這些變化更好地反映了這些領域的產品重點和能力。說完這些，我就把電話交給你了，泰。

Thank you, Jeff. Good morning and thanks for joining us today.

謝謝你，傑夫。早安，感謝您今天加入我們。

I'll cover 3 areas. First, I'll look back at some of the major accomplishments from our strategic transformation over the past 4 years. Second, I'll share some perspectives on key focus areas for fiscal 2026. 3rd, I'll comment on how we are navigating through this period of uncertainty, focusing on what we can control while continuing to invest for growth.

我將涵蓋 3 個領域。首先，我來回顧過去四年來我們策略轉型所取得的一些主要成就。其次，我將分享一些關於 2026 財政年度重點領域的觀點。第三，我將評論我們如何度過這個不確定時期，專注於我們能夠控制的事情，同時繼續投資成長。

Then, Matt will offer more details on the quarter and our outlook for our fiscal 2026. Before I dive in, let me comment on the 4th quarter and fiscal 2025. We completed another successful year as our team continued to execute our strategy. We demonstrated sustainable operating improvements, which helped us deliver increased adjusted operating margins and record adjusted EPS. Our focus on operational execution, productivity, and cost management continued to be key enablers of our improved results, despite challenges and architectural [meddlers] during the 4th quarter.

然後，馬特將提供有關本季以及我們對 2026 財年的展望的更多詳細資訊。在深入探討之前，請容許我先評論一下第四季和 2025 財年。隨著我們的團隊繼續執行我們的策略，我們又度過了成功的一年。我們展示了可持續的營運改進，這有助於我們提高調整後的營業利潤率並創下調整後每股收益的新高。儘管第四季度面臨挑戰和架構幹擾，但我們對營運執行、生產力和成本管理的關注仍然是我們業績改善的關鍵因素。

We also continue to increase our mix of differentiated higher margin offerings. This was highlighted by the acquisition of UW Solutions and the evolution of our performance surfaces segment, which is expected to provide a strong growth platform.

我們也將持續增加差異化、高利潤產品的組合。其中，收購 UW Solutions 和性能表面部門的發展尤為突出，預計將提供強勁的成長平台。

We also delivered another year of solid cash flow, and we sustained adjusted ROIC above our 12% target. Notably, we achieved all of this despite market headwinds that contributed to lower revenue and volume in both architectural glass and architectural metals.

我們也實現了另一年穩健的現金流，並將調整後的 ROIC 維持在 12% 以上的目標水準。值得注意的是，儘管市場逆風導致建築玻璃和建築金屬的收入和銷售下降，我們仍然取得了這一切成就。

Now looking back, our results in fiscal 2025 cap the execution of the strategy that we laid out in November of 2021. Our 3-pillar strategy has led to sustainable operating improvements across our business as outlined on page 7 of our presentation.

現在回顧起來，我們 2025 財年的業績限制了我們在 2021 年 11 月制定的策略的執行。正如我們簡報第 7 頁所述，我們的三大支柱策略已帶來整個業務的永續營運改善。

We significantly improved our cost structure through facility consolidation and organizational alignment, better integration of our supply chain operations. And leveraging our back-office functions across our enterprise.

我們透過設施整合和組織調整，更好地整合我們的供應鏈運營，顯著改善了我們的成本結構。並利用我們整個企業的後台功能。

We've also achieved significant productivity improvements through the Apogee management system.

我們也透過 Apogee 管理系統實現了生產力的顯著提高。

We refocused our business on more differentiated, higher margin offerings. And we improved our pricing models to better share in the value we provide to our customers.

我們將業務重點重新放在更具差異化、利潤率更高的產品上。我們改進了定價模式，以便更好地分享我們為客戶提供的價值。

The reshaping of our portfolio has driven higher margins and Profit dollars. We exited less profitable business lines such as the Velocity glass business and the curtain wall supply model in the metal segment.

我們的投資組合的重塑帶來了更高的利潤和收益。我們退出了利潤較低的業務線，例如 Velocity 玻璃業務和金屬領域的幕牆供應模式。

We made investments in organic capacity for performance surfaces, then coupled that with an additional growth catalyst through the UW solutions acquisition. And we made organic growth investments in people and production capacity in the services segment to support their westward geographic expansion.

我們對性能表面的有機產能進行了投資，然後透過收購 UW 解決方案獲得了額外的成長催化劑。我們對服務領域的人員和生產能力進行了有機成長投資，以支持其向西擴張的地理範圍。

All of this has been underpinned by a focus on talent management and people development which has significantly strengthened our team. Through this work, we build a much stronger operating foundation that will support continued performance, especially in uncertain or challenging periods.

所有這些都以人才管理和人才發展為重點，這大大增強了我們的團隊實力。透過這項工作，我們建立了更強大的營運基礎，以支持持續的業績，特別是在不確定或充滿挑戰的時期。

When we introduced our strategy, we set 3 financial targets to achieve by fiscal 2025. ROIC above 12%. Adjusted operating margin over 10% and outgrowing the non-residential construction market. We exceeded both the ROIC and margin targets.

當我們推出我們的策略時，我們設定了在2025財年要實現的3個財務目標。投資資本報酬率高於12%。調整後的營業利潤率超過 10%，並且超越了非住宅建築市場。我們超額完成了投資資本報酬率和利潤率目標。

Adjusted ROIC has been above 12% for three consecutive years, nearly doubling from fiscal 2022. And we've steadily improved margins, reaching 11% this year, which is a 470-basis point improvement from fiscal 2022.

調整後的ROIC連續三年維持在12%以上，較2022財年幾乎翻了一番。我們的利潤率穩定提高，今年達到 11%，比 2022 財年提高了 470 個基點。

But we have fallen short of our growth target. Some of this was a function of our purposeful strategy to move away from lower margin offerings. And some was driven by the dynamics of our end markets as manufacturing plants, data centers, and warehouse builds have been the primary driver of non-residential construction growth the past few years. These are segments where we have historically had less presence but are opening up those markets through the [resin] industrial flooring product line. As we move forward, we will strive to sustain the ROIC and margin gains we've achieved while shifting more focus to growth.

但我們未能實現成長目標。這在某種程度上是我們有意放棄低利潤產品的策略的結果。其中一部分是由我們終端市場的動態所推動的，因為製造工廠、資料中心和倉庫建設是過去幾年非住宅建築成長的主要驅動力。這些都是我們過去較少涉足的領域，但我們正透過[樹脂]工業地板產品線開​​拓這些市場。隨著我們不斷前進，我們將努力維持已實現的 ROIC 和利潤率成長，同時將更多精力轉向成長。

Despite those revenue headwinds, the execution of our strategy has driven significant growth in profit dollars and earnings per share, as shown on page 9. Since fiscal year 2022, we've achieved a 22% [inaudible] on adjusted operating income, and we've doubled adjusted EPS.

儘管面臨這些收入阻力，但我們策略的執行已經推動利潤和每股盈餘的顯著成長，如第 9 頁所示。自 2022 財年以來，我們的調整後營業收入實現了 22% [聽不清楚] 的成長，調整後每股盈餘翻了一番。

We've also improved our cash flow, building upon Apogee's long history of consistent, strong cash flow generation. We've used this to pursue a balanced approach to capital deployment shown on page 11.

我們也改善了現金流，這得益於 Apogee 長期以來持續強勁的現金流生成能力。我們利用它來追求第 11 頁所示的平衡資本配置方法。

We steadily increased our dividend, we've returned capital to shareholders through buybacks, and we've made organic and inorganic investments to enable profitable growth. With our strong balance sheet and cash flow, we have more opportunity for value creating capital allocation.

我們穩步增加股息，透過回購向股東返還資本，並進行有機和無機投資以實現獲利成長。憑藉我們強大的資產負債表和現金流，我們有更多機會創造價值的資本配置。

We've also invested significant time and resources to build stronger M&A capabilities. This includes a focused strategy, dedicated resources, discipline, screening and diligence, and a playbook for how we drive integration.

我們也投入了大量的時間和資源來建立更強大的併購能力。這包括重點策略、專用資源、紀律、篩選和盡職調查，以及我們如何推動整合的劇本。

Our M&A pipeline remains robust, and we continue to proactively identify and evaluate opportunities that support our strategy and our accretive to our long-term financial profile.

我們的併購管道依然強勁，我們將繼續積極尋找和評估支持我們策略和增值我們長期財務狀況的機會。

We are very excited about the UW solutions acquisition and it's a great example of what we can accomplish through M&A. We added a differentiated business that is well positioned in attractive markets, including a flooring product line that gives us exposure to R&R in manufacturing and distribution centers.

我們對 UW 解決方案的收購感到非常興奮，這是我們透過併購所能取得的成就的一個很好的例子。我們增加了在有吸引力的市場中佔據有利地位的差異化業務，其中包括一條地板產品線，使我們有機會接觸製造和配送中心的 R&R。

We gain complementary products, providing new opportunities for growth and diversification.

我們獲得了互補產品，為成長和多樣化提供了新的機會。

We expanded our manufacturing and process technology capabilities. And the business has a strong financial profile that will be accretive to our growth rate and our EBITDA margins.

我們擴大了製造和工藝技術能力。該業務擁有強大的財務狀況，將有助於提高我們的成長率和 EBITDA 利潤率。

Since closing the acquisition last November, we've made significant progress on our integration and we're on track to deliver the deal model financial targets.

自去年 11 月完成收購以來，我們在整合方面取得了重大進展，並有望實現交易模式的財務目標。

Prior to the newly announced tariffs and the macro uncertainty that has brought, we felt confident that the combined performance surfaces business would deliver double-digit organic growth in fiscal 2026.

在新宣布的關稅及其帶來的宏觀不確定性之前，我們有信心，合併後的性能表面業務將在 2026 財年實現兩位數的有機增長。

Now we still see this business delivering high single digit organic growth, but we have attempted to factor in potential softness from the consumer portion of this business into our guidance.

現在我們仍然看到這項業務實現了高個位數的有機成長，但我們已嘗試將該業務的消費者部分的潛在疲軟因素納入我們的指導之中。

Let me talk about what we are seeing in the market and how we are positioning for the coming year.

讓我來談談我們在市場上看到的情況以及我們對來年的定位。

As we discussed last quarter, we expect continued headwinds in non-residential construction during calendar year 2025.

正如我們上個季度所討論的那樣，我們預計 2025 年非住宅建築將繼續面臨阻力。

Leading indicators such as long-term interest rates and the architectural billings index, as well as industry forecasts point to slowing conditions and a cautious outlook for market growth. The picture remains mixed across different segments of the nonresidential market. Interest rate sensitive sectors like office, commercial, lodging, and multi-family are projected to decline again this year.

長期利率和建築業營業額指數等領先指標以及行業預測都顯示市場狀況正在放緩，市場成長前景謹慎。非住宅市場不同部分的情況仍然好壞參半。預計辦公室、商業、住宿和多戶住宅等利率敏感產業今年將再次下滑。

But there are also pockets of growth in verticals like education, health care, and transportation. Given this market outlook, we expect the most pressure on our architectural businesses, especially in glass and metals.

但教育、醫療保健和交通等垂直領域也存在成長空間。鑑於這種市場前景，我們預計建築業務將面臨最大壓力，尤其是玻璃和金屬業務。

Recent developments with tariffs add to the uncertainty in our market outlook. Our team has been preparing for tariffs since January, and we've already taken actions to mitigate the impact. We've managed through similar situations over the past several years, including tariffs during the first Trump administration.

關稅的最新發展增加了我們市場前景的不確定性。我們的團隊自一月以來就一直在為關稅做準備，並且已經採取行動來減輕其影響。過去幾年，我們也經歷過類似的情況，包括川普第一任政府時期的關稅。

Supply chain disruptions during the pandemic.

疫情期間的供應鏈中斷。

In the recent period of rapid inflation. I'm confident that our team will successfully manage through the current situation as well.

近期正處於快速通貨膨脹時期。我相信我們的團隊也能成功度過當前的困境。

However, tariffs will have an impact on several aspects of our operations.

然而，關稅將對我們業務的幾個方面產生影響。

Now we think about tariff exposure in two buckets direct tariffs where we are directly paying tariffs to deliver products to customers and indirect tariffs, which includes things like raw material cost inflation, potential impacts from supply chain disruption, and other indirect impacts.

現在，我們將關稅風險分為兩類：直接關稅，即我們直接支付關稅以將產品交付給客戶；間接關稅，包括原材料成本上漲、供應鏈中斷的潛在影響以及其他間接影響。

Our operations and supply chain are largely centered in the US, and we do have relatively limited exposure to global trade.

我們的業務和供應鏈主要集中在美國，我們在全球貿易中的參與度相對有限。

However, we are more directly exposed to the current Section 232 tariffs on aluminum products entering the US from our manufacturing operation in Canada and the retaliatory tariffs on similar products entering Canada from the US.

然而，我們更直接地受到目前針對從我們在加拿大的製造業務進入美國的鋁產品徵收的第 232 條關稅以及針對從美國進入加拿大的類似產品的報復性關稅的影響。

Indirectly, our biggest impact is the cost of aluminum, which is our largest input cost and mostly sourced from Canada in the form of billet.

間接地，對我們影響最大的是鋁的成本，這是我們最大的投入成本，主要以鋁坯的形式從加拿大採購。

We also expect other input costs such as paint, chemicals, and lumber to increase as well.

我們也預期油漆、化學品和木材等其他投入成本也會增加。

We've already taken actions to mitigate tariffs, including accelerating our Canadian production in the services segment to ship as much work as possible ahead of the new tariffs taking effect, which added to their sales in Q4.

我們已經採取措施減輕關稅，包括加快我們在加拿大服務領域的生產，以便在新關稅生效之前盡可能多地發貨，這增加了第四季度的銷售額。

Diverting new US project work from our Canada operation into US manufacturing facilities. Further optimizing our services manufacturing footprint. Evaluating supply chain optionality and diversification. Driving internal cost control and productivity improvement.

將新的美國專案工作從我們的加拿大業務轉移到美國製造工廠。進一步優化我們的服務製造足跡。評估供應鏈的可選性和多樣化。推動內部成本控制和生產力提升。

And taking price actions where appropriate and necessary after we have done all that we can to mitigate those higher costs.

在我們盡一切努力降低這些更高的成本之後，在適當和必要時採取價格行動。

Tariffs could also impact overall inflation and thus demand for our products, but that is difficult to forecast with any precision today.

關稅也可能影響整體通膨，進而影響我們產品的需求，但目前很難準確預測。

We've included a slide on page 25 in our presentation that provides a summary of the tariff impacts, our mitigation efforts, and the net estimated impact on our fiscal 2026 earnings.

我們在簡報的第 25 頁新增了一張投影片，其中概述了關稅的影響、我們的緩解措施以及對我們 2026 財年收益的淨估計影響。

We are also seeking opportunities to capitalize on this situation. By revisiting customers and projects that had previously planned to source key materials from international suppliers. Against this backdrop of market uncertainty, we're focused on sustaining the progress we've achieved from executing our strategy.

我們也在尋找機會利用這種情況。透過重新拜訪先前計劃從國際供應商採購關鍵材料的客戶和專案。在市場不確定的背景下，我們專注於維持我們執行策略所取得的進展。

Over the past several years, our team has demonstrated that we can deliver strong results even in challenging market conditions. As we navigate through this period of uncertainty, we recognize the imperative to deliver near term results. We're approaching fiscal 2026, balancing that near-term performance while continuing to invest in long-term growth opportunities.

在過去的幾年中，我們的團隊已經證明，即使在充滿挑戰的市場條件下，我們也能取得強勁的業績。當我們度過這個不確定的時期時，我們意識到必須取得近期​​成果。我們即將迎來 2026 財年，在平衡短期績效的同時，繼續投資長期成長機會。

We will maintain our focus on productivity, execution, and managing costs, as these have been central to everything that we've accomplished. As part of this focus, we are implementing a second phase of Project Fortify to drive further efficiencies and better align our operations and cost structure with the current market conditions.

我們將繼續專注於生產力、執行力和成本管理，因為這些是我們所取得的一切成就的核心。作為這項重點的一部分，我們正在實施「強化專案」的第二階段，以進一步提高效率，使我們的營運和成本結構更好地適應當前的市場狀況。

These actions are concentrated in services and medals. In services, we will be closing our Toronto manufacturing site and aligning resources to support growth in the US.

這些行動集中在服務和獎章上。在服務方面，我們將關閉多倫多製造工廠，並調整資源以支持美國的成長。

In metals, we will continue to optimize our footprint and make organizational changes to gain more efficiency. Now our metal segment had a rough 4th quarter as operational challenges hit as they tried to drive more standardization of their entrance system product lines across multiple sites.

在金屬領域，我們將繼續優化我們的足跡並進行組織變革以提高效率。現在，我們的金屬部門經歷了艱難的第四季度，因為他們試圖在多個站點推動入口系統產品線的更多標準化，因此遇到了營運挑戰。

This hurt their productivity and their service levels, impacting margins and volume. We made the decision to power through those chains efforts to better position the business for fiscal 2026.

這損害了他們的生產力和服務水平，影響了利潤和產量。我們決定透過這些連鎖努力為 2026 財年的業務做好更好的定位。

The actions in Fortify 2, in addition to investments we are making to further improve production processes.

Fortify 2 中的舉措，以及我們正在進行的投資，旨在進一步改善生產流程。

Will help drive their recovery quarter by quarter and result in a stronger performing business. While we take these actions to ensure near term performance, we also remain focused on positioning the company for growth.

將有助於推動他們逐季復甦，並帶來更強勁的業務表現。雖然我們採取這些行動是為了確保近期業績，但我們仍將專注於公司的成長定位。

We will continue to drive growth in the acquired UW solutions portfolio and develop new growth opportunities across performance surfaces.

我們將繼續推動所收購的 UW 解決方案組合的成長，並在各個性能領域開發新的成長機會。

We will also leverage our recent capacity investment in services and services to drive organic growth.

我們也將利用近期在服務和服務方面的產能投資來推動有機成長。

Finally, as I mentioned earlier, we will continue to actively pursue our M&A pipeline, looking for opportunities to add offerings and capabilities that further diversify our business, raising our margin profile and our growth potential. With that, I will turn it over to Matt.

最後，正如我之前提到的，我們將繼續積極推動我們的併購管道，尋找機會增加產品和能力，進一步實現業務多元化，提高我們的利潤率和成長潛力。說完這些，我會把麥克風交給馬特。

Thanks, Ty, and good morning, everyone.

謝謝，泰，大家早安。

First, I'll begin with a review of the results for the 4th quarter in the full year, then I'll discuss our outlook for fiscal 2026.

首先，我將回顧全年第四季的業績，然後討論我們對 2026 財年的展望。

Before I start, I want to point out that due to the net sales impacts of the additional week in fiscal 2024 and inorganic sales from the UW solutions acquisition and fiscal 2025, we've included a table in our earnings release on page 32 of our slide deck that quantifies these changes as well as our organic business for both the quarter and full year.

在我開始之前，我想指出，由於 2024 財年額外一周的淨銷售額影響以及 UW 解決方案收購和 2025 財年的無機銷售額，我們在幻燈片第 32 頁的收益報告中加入了一個表格，量化了這些變化以及我們本季度和全年的有機業務。

Now let's start with the consolidated results for the 4th quarter. Net sales were down 4.5% to $346 million. The extra week in the fourth quarter of last year negatively impacted the net sales comparison by 7.9%. Net sales were also unfavorably impacted by lower volume, primarily in metals and glass. These items were partially offset by $23 million of inorganic sales from UW Solutions, which added 6.4% of growth.

現在讓我們從第四季的綜合業績開始。淨銷售額下降 4.5% 至 3.46 億美元。去年第四季的額外一週對淨銷售額產生了 7.9% 的負面影響。淨銷售額也因銷售下降而受到不利影響，主要是金屬和玻璃銷售下降。這些項目被 UW Solutions 的 2,300 萬美元無機銷售額部分抵消，UW Solutions 帶來了 6.4% 的成長。

Fourth quarter operating income included a $9.4 million charge related to the March 2025 confirmation of an arbitration award, which represents the impact of the award amount, net of existing reserves, and estimated insurance proceeds.

第四季營業收入包括與 2025 年 3 月確認仲裁裁決相關的 940 萬美元費用，該費用代表裁決金額扣除現有準備金和估計保險收益的影響。

Fourth quarter operating income also included a $7.6 million impairment charge on a trade name in the metal segment as we continued the strategic product realignment within that business.

由於我們繼續對該業務進行策略性產品調整，第四季度的營業收入還包括金屬部門商標的 760 萬美元減損費用。

Operating income also included $4.4 million of acquisition-related costs and $1.1 million of restructuring charges as we closed out the first phase of Project Fortify. Excluding these items, adjusted operating margin declined 120 basis points to 8.3%, primarily driven by unfavorable sales leverage from lower volume and a less favorable product mix.

由於我們結束了 Fortify 專案的第一階段，營業收入還包括 440 萬美元的收購相關成本和 110 萬美元的重組費用。不包括這些項目，調整後的營業利潤率下降 120 個基點至 8.3%，主要原因是銷售量較低和產品組合較差導致銷售槓桿率較低。

These drivers were partially offset by a more favorable mix of projects and services and lower incentive, quality, and insurance related costs. Adjusted diluted EPS declined 22%, coming in at $0.89 per share, primarily driven by lower adjusted operating income and higher interest expense.

這些驅動因素被更有利的項目和服務組合以及更低的激勵、品質和保險相關成本部分抵消。調整後稀釋每股收益下降 22%，至每股 0.89 美元，主要原因是調整後營業收入下降和利息支出增加。

Looking at the segments, as Ty mentioned, this quarter's results in medals were below our expectations.

從各個部分來看，正如泰所提到的，本季的獎牌成績低於我們的預期。

As a part of Project Fortify, the metal segment has been through significant organizational and operational change.

作為強化計畫的一部分，金屬部門經歷了重大的組織和營運變革。

In the 4th quarter, these changes were compounded by the launch of a more standardized product line across multiple facilities which caused operational disruption and led to production delays and increased freight and labor costs. Metals net sales declined 19% to $112 million.

在第四季度，這些變化因在多個工廠推出更標準化的產品線而加劇，導致營運中斷、生產延遲以及運費和人工成本增加。金屬淨銷售額下降 19% 至 1.12 億美元。

7.8% of the decline was due to the extra week last year. The remainder was primarily driven by lower volume resulting from the operational disruption and a less favorable sales mix. Adjusted operating margin in metals declined to 2.8%, reflecting unfavorable sales leverage from lower volume, less favorable mix, and unfavorable productivity impacts from the standardized product line launch. These items were partially offset by lower quality and short-term incentive compensation costs.

7.8%下降的原因是去年額外的一周。其餘部分主要由於營運中斷和銷售組合不佳導致銷售下降。金屬業務的調整後營業利潤率下降至 2.8%，反映出銷售量較低、產品組合不佳以及標準化產品線推出對生產力產生不利影響而導致的銷售槓桿率下降。這些項目被較低的品質和短期激勵薪酬成本部分抵消。

Despite the 4th quarter operational disruption, the metal segment achieved full year adjusted operating margin of 10.3%, which is within our target margin range. The team has worked quickly to identify root causes, communicate with customers, and implement recovery plans.

儘管第四季營運中斷，金屬部門全年調整後營業利潤率仍達到 10.3%，處於我們的目標利潤率範圍內。團隊迅速採取行動，找出根本原因，與客戶溝通，並實施恢復計畫。

In recent weeks we have seen market improvement in the key operational metrics and believe that we have a path to drive significant performance recovery over the next few months.

最近幾週，我們看到市場關鍵營運指標有所改善，並相信我們有辦法在未來幾個月內推動業績顯著復甦。

The services segment continued to deliver strong top line growth, with net sales increasing 10.9% despite the unfavorable impact of the additional week in the prior year, making this the fourth consecutive quarter of double-digit sales growth for services.

服務部門繼續實現強勁的收入成長，儘管受到上年額外一周的不利影響，但淨銷售額仍增長了 10.9%，這是服務部門連續第四個季度實現兩位數的銷售額增長。

Sales in the quarter benefited from increased volume and a more favorable mix of projects. Some of the volume increase resulted from accelerated cost flow on certain projects which pulled forward approximately $10 million of revenue that we had originally expected to flow in the first quarter of fiscal 2026.

本季的銷售受益於銷售量的成長和更有利的項目組合。銷售成長的部分原因是某些項目的成本流加速，這提前拉動了我們原本預計在 2026 財年第一季流入的約 1000 萬美元的收入。

Services adjusted operating margin improved by 140 basis points, coming in at 7.2%, primarily driven by a more favorable mix of projects partially offset by higher incentive compensation costs and higher lease expense.

服務調整後的營業利潤率提高了 140 個基點，達到 7.2%，這主要得益於更有利的項目組合，但激勵薪酬成本和租賃費用的增加部分抵消了這一影響。

Services backlog extent ended the quarter at $720 million compared to $742 million last quarter.

本季末服務積壓訂單金額為 7.2 億美元，而上一季為 7.42 億美元。

And 11% lower than a year ago.

比一年前下降了11%。

Overall backlog levels remain healthy. However, the declining trend over the past three quarters reflects some of the softness we've seen in the non-res construction market.

總體積壓水平保持健康。然而，過去三個季度的下降趨勢反映了非住宅建築市場的一些疲軟。

Moving on to glass, net sales declined in the quarter, driven by lower volume and a 7.4% unfavorable impact from the additional week in the prior year. Adjusted operating margin in glass declined to 14.6% from 19.7% in last year's fourth quarter, primarily driven by unfavorable leverage from lower volume.

玻璃方面，本季淨銷售額下降，原因是銷量下降以及去年額外一周的 7.4% 的不利影響。玻璃調整後營業利潤率從去年第四季的 19.7% 下降至 14.6%，主要原因是銷售量較低導致槓桿率較低。

While glass margin for the quarter was lower year over year, it remained near the top end of our 10% to 15% target range for the segment.

雖然本季玻璃利潤率較去年同期有所下降，但仍接近我們針對該部門 10% 至 15% 的目標範圍的上限。

Sales and performance surfaces grew 77% to $47.9 million primarily due to inorganic sales from UW Solutions.

銷售額和性能表面成長 77%，達到 4,790 萬美元，主要得益於 UW Solutions 的無機銷售額。

Organic business net sales declined to 0.5% as we continued to see lower volumes in the retail channel.

由於零售通路銷售持續下降，有機業務淨銷售額下降至 0.5%。

Adjusted operating margin was 19.5%, reflecting the dilutive impact from UW solutions and unfavorable sales leverage from lower organic volume, partially offset by improved productivity.

調整後的營業利潤率為 19.5%，反映了 UW 解決方案的稀釋影響以及有機銷售下降帶來的不利銷售槓桿，但生產力提高部分抵消了這種影響。

UW Solutions delivered financial results in line with our expectations, contributing $23 million of revenue and adjusted EBIT. Margin of over 22%.

UW Solutions 的財務表現符合我們的預期，貢獻了 2,300 萬美元的收入和調整後的息稅前利潤。利潤率超過22%。

Corporate and other expenses were $13.8 million which included $9.4 million of expense related to the arbitration award and $1.2 million.

公司及其他費用為 1,380 萬美元，其中包括與仲裁裁決相關的費用 940 萬美元和 120 萬美元。

Of acquisition related costs. This was down from $14.5 million in last year's fourth quarter due to the lower restructuring charges, incentive compensation costs, and insurance related expenses.

收購相關成本。由於重組費用、激勵薪酬成本和保險相關費用較低，這一數字低於去年第四季的 1,450 萬美元。

Looking at results for the full fiscal year, net sales declined 3.9%. This included 2% of unfavorable impact due to the extra week last year and 2.3% of inorganic growth from UW solutions.

從整個財年的業績來看，淨銷售額下降了 3.9%。其中包括去年額外一週造成的 2% 的不利影響，以及來自 UW 解決方案的 2.3% 的無機成長。

Organic business net sales declined 4.2%, primarily due to lower volume and metals and glass, partially offset by growth in services.

有機業務淨銷售額下降 4.2%，主要原因是銷量下降以及金屬和玻璃的下降，但服務業務的成長部分抵消了這一影響。

Full year adjusted operating margin improved 70 basis points to 11%, primarily driven by improved operating margin in services, lower quality and insurance related costs, and lower bed debt expense.

全年調整後營業利潤率提高 70 個基點至 11%，主要由於服務營業利潤率提高、品質和保險相關成本降低以及床位債務費用降低。

These items were partially offset by unfavorable leverage from lower volume and higher lease costs.

這些項目被銷售下降和租賃成本上升帶來的不利槓桿部分抵消。

Notably, all segments were within or above their target adjusted operating margin range for the full year.

值得注意的是，所有部門的全年調整後營業利潤率均在或高於目標範圍內。

Adjusted diluted EPS grew 4.2% to a record $4.97 primarily driven by higher adjusted operating margin.

調整後稀釋每股盈餘成長 4.2%，達到創紀錄的 4.97 美元，主要得益於調整後營業利益率的提升。

EPS also benefited from lower non-operating expenses and a lower excluded share count.

每股收益也受益於較低的非營業支出和較低的排除股份數量。

Turning to cash flow in the balance sheet, we had another year of strong cash flow from operations. We generated $30 million of cash from operations in the fourth quarter, bringing the year-to-date total to $125 million.

談到資產負債表中的現金流，我們又度過了一年強勁的營運現金流。我們在第四季度從營運中產生了 3,000 萬美元的現金，使年初至今的總額達到 1.25 億美元。

During the year we invested $36 million in CapEx, which included investments for capacity expansion and performance services, expanded manufacturing capacity and services. And other projects to enhance productivity and enable growth.

本年度，我們在資本支出方面投資了 3,600 萬美元，其中包括對產能擴張和性能服務、擴大製造能力和服務的投資。以及其他旨在提高生產力和促進成長的項目。

In the 4th quarter, we repurchased $30 million of stock. For the full year we returned $67 million to shareholders through dividends and share buybacks. Our balance sheet remains strong with consolidated leverage ratio of 1.3, no near-term debt maturities, and significant dry powder for future capital deployment.

第四季度，我們回購了價值 3,000 萬美元的股票。全年我們透過股利和股票回購向股東返還了 6,700 萬美元。我們的資產負債表依然強勁，合併槓桿率為 1.3，沒有短期債務到期，並且擁有大量可用於未來資本部署的資金。

Now let's move to our outlook for fiscal 2026. As Ty described, our industry faces uncertainty as we enter the new fiscal year. Forecasts now point to a slight decline in non-residential construction, lower consumer confidence, and the impact of higher tariffs. The outlook we are providing today incorporates the current macroeconomic and tariff environments, but we also acknowledge the recent volatility in the market.

現在讓我們來看看 2026 財年的展望。正如泰所描述的，進入新的財政年度，我們的產業面臨不確定性。目前的預測顯示非住宅建築將略有下降，消費者信心將下降，並受到關稅上調的影響。我們今天提供的展望涵蓋了當前的宏觀經濟和關稅環境，但我們也承認近期市場波動。

With that in mind, we are providing a wider than normal ranges for our sales and EPS outlooks.

考慮到這一點，我們為銷售額和每股盈餘預期提供了比正常範圍更廣泛的範圍。

We expect full year net sales between $1.37 billion to $1.43 billion and adjusted diluted EPS in the range of $3.55 to $4.10. This includes our current estimate of 45 to $0.55 of unfavorable adjusted EPS impact from tariffs.

我們預計全年淨銷售額在 13.7 億美元至 14.3 億美元之間，調整後稀釋每股收益在 3.55 美元至 4.10 美元之間。這包括我們目前估計的關稅對調整後每股盈餘造成的 45 至 0.55 美元的不利影響。

We continue to expect UW solutions will contribute approximately $100 million of revenue with pro forum mid-single digit growth in sales. Have Adjusted EBITDA margin of approximately 20%. And be accretive to adjusted EPS.

我們繼續預期 UW 解決方案將貢獻約 1 億美元的收入，並且銷售額將實現中等個位數成長。調整後的 EBITDA 利潤率約為 20%。並增加調整後的每股盈餘。

We also see an opportunity for high single digit organic growth in the legacy performance surfaces business as we expect to increase distribution at one of our key retail customers.

我們也看到了傳統性能表面業務實現高個位數有機成長的機會，因為我們預計將增加我們其中一個主要零售客戶的分銷量。

Even in the face of a potentially softer market, this remains a strong business with the creative margins and great growth prospects.

即使面對可能疲軟的市場，這仍然是一項強勁的業務，擁有創造性的利潤和巨大的成長前景。

We anticipate adjusted operating margin to moderate compared to fiscal 25%, with the primary drivers being the impact of tariffs, glass margins moving back into the target range of 10% to 15%, the dilutive impact of the UW solutions business on performance surfaces margin, and increasing insurance-related costs, which were a tailwind in fiscal 2025.

我們預計調整後的營業利潤率與財年的 25% 相比會有所下降，主要驅動因素是關稅的影響、玻璃利潤率回到 10% 至 15% 的目標範圍、UW 解決方案業務對性能表面利潤率的稀釋影響以及保險相關成本的增加，這些都是 2025 財年的順風。

With the acquisition of VW solutions and continued focus on M&A as a growth driver, we will be placing more emphasis on adjusted EBITDA margin as a measure of operating performance.

隨著對大眾解決方案的收購以及繼續關注併購作為成長動力，我們將更加重視調整後的 EBITDA 利潤率作為衡量營運績效的標準。

Accordingly, on slide 29 of our presentation, we have converted our long-term target margin ranges from adjusted operating margin to adjusted EBITDA margin.

因此，在我們簡報的第 29 張投影片中，我們將長期目標利潤率範圍從調整後的營業利潤率轉換為調整後的 EBITDA 利潤率。

As I said, our outlook includes an estimated unfavorable tariff impact to adjusted EPS of $0.45 to $0.55. This will fall most in mostly in the first half of fiscal 2026, with the impact decreasing significantly in the second half of the year as mitigation efforts take full effect.

正如我所說，我們的展望包括預計關稅對調整後每股收益的不利影響為 0.45 美元至 0.55 美元。這一數字將在 2026 財年上半年下降最為明顯，隨著緩解措施的全面生效，下半年的影響將顯著減少。

We expect that approximately 60% of the tariff impact will affect the services segment with approximately 30% of the impact in the metal segment and the rest impacting glass and surfaces.

我們預計，約 60% 的關稅影響將影響服務業，約 30% 的影響將影響金屬業，其餘影響將影響玻璃和表面業。

As Ty mentioned, our team has been planning for tariffs for the past few months, and we have already taken steps to both avoid tariffs and to mitigate their impact. We are making structural changes and enacting other mitigation plans in the first half of the year that will significantly reduce tariff impacts in the second half of the year.

正如泰所提到的，我們的團隊在過去幾個月裡一直在為關稅做準備，並且我們已經採取措施避免關稅並減輕其影響。我們正在上半年進行結構性改革並製定其他緩解計劃，這將顯著減少下半年的關稅影響。

Although we are expecting a material impact of tariffs in fiscal 2026, assuming no material changes to tariff policy, we believe that the measures we are enacting in the first half of the year will put us in a position to be able to successfully mitigate these tariffs in fiscal 2027 and beyond.

儘管我們預計關稅將在 2026 財年產生重大影響，但假設關稅政策沒有重大變化，我們相信，我們在今年上半年採取的措施將使我們能夠在 2027 財年及以後成功緩解這些關稅。

Tariff policy has been changing rapidly, and we will continue to monitor and assess the impact on our business. We are also launching a second phase of Project Fortify.

關稅政策一直在快速變化，我們將繼續監測和評估其對我們業務的影響。我們也正在啟動 Fortify 專案的第二階段。

We expect that this will result in $24 million to $26 million of pre-tax restructuring charges, of which approximately $8 million will be non-cash.

我們預計這將導致 2,400 萬至 2,600 萬美元的稅前重組費用，其中約 800 萬美元為非現金費用。

We expect phase two to deliver annualized pre-tax cost savings of $13 million to $15 million and the plan to be substantially complete by the end of fiscal 2026.

我們預計第二階段將帶來 1,300 萬至 1,500 萬美元的年度稅前成本節約，並且該計劃將於 2026 財年末基本完成。

We expect that approximately 75% of the charges will be recognized in the first quarter and approximately 75% of the total annualized savings will be realized in fiscal 2026.

我們預計約 75% 的費用將在第一季確認，約 75% 的年度總節省將在 2026 財年實現。

We estimate that approximately 50% of the annualized savings from phase two will be in services, 40% in metals, and 10% in corporate.

我們估計，第二階段的年化節省額中約有 50% 將用於服務業，40% 將用於金屬業，10% 將用於企業業。

These savings will be incremental to what we achieved in the initial phase of Project Fortify.

這些節省將是我們 Fortify 專案初始階段所取得的成果的增量。

Our outlook assumes interest expense of $14.5 million to $15.5 million.

我們的預測是利息支出為 1,450 萬美元至 1,550 萬美元。

An effective tax rate of approximately 24.5%. And capital expenditures between $35 million - to $40 million.

有效稅率約為24.5%。資本支出在 3500 萬美元至 4000 萬美元之間。

We expect operating cash flow to decline year over year primarily due to the impact of the arbitration award payment in the first quarter of fiscal 2026. Lower estimated EBITA and higher interest expense.

我們預期經營現金流量將年減，主要原因是 2026 財年第一季仲裁裁決支付的影響。預計 EBITA 較低，利息支出較高。

Our first quarter is typically a very low quarter for operating cash flow generation with the first quarter impact of the arbitration award payment and the higher concentration of EBITA decline and interest and increased interest expense, we expect negative operating cash flow in the first quarter of fiscal 2026.

我們的第一季通常是營運現金流產生非常低的季度，由於第一季受到仲裁裁決支付的影響以及 EBITA 下降和利息的集中度較高以及利息支出的增加，我們預計 2026 財年第一季度的營運現金流為負。

Looking at the quarterly cadence of the year, due to the first half impacts of moderating operating margins in metals and glass, increased interest expense and tariff related expenses concentrated in the first half of the year.

從季度節奏來看，由於上半年金屬和玻璃營業利潤率下降的影響，利息支出和關稅相關支出的增加集中在上半年。

We expect more significant year over year declines in adjusted diluted EPS in the 1st and 2nd quarters of fiscal 2026 with a more pronounced decline in the first quarter.

我們預計 2026 財年第一季和第二季調整後稀釋每股收益將年減至數大幅下降，且第一季的下降幅度將更為明顯。

Also, as a reminder, we posted our highest EPS results of the year in the 1st and 2nd quarters of fiscal 2025.

另外，需要提醒的是，我們在 2025 財年第一季和第二季公佈了今年最高的每股盈餘業績。

As we move out of the first quarter, we expect adjusted EPS results to improve sequentially as our actions to mitigate the impact of tariffs and improve productivity and metals begin to take hold.

隨著第一季的結束，我們預計調整後的每股盈餘結果將隨著我們減輕關稅影響和提高生產力和金屬的行動開始發揮作用而環比改善。

Looking back at the past 3 years, I am proud of the results that we've been able to deliver. Although we are facing additional uncertainty in fiscal 2026, our team is focused on managing what we can control and taking appropriate actions to adapt to a changing environment while continuing to make prudent investments that position the company for future growth.

回顧過去三年，我為我們所取得的成果感到自豪。儘管我們在 2026 財年面臨更多的不確定性，但我們的團隊專注於管理我們能夠控制的事情，並採取適當的行動來適應不斷變化的環境，同時繼續進行審慎的投資，為公司未來的成長做好準備。

We've established a strong record of progress over the past several years.

過去幾年來，我們取得了顯著進步。

And we have successfully managed through challenging business environments before.

我們之前也曾成功應對過充滿挑戰的商業環境。

Even as the near term seems unsettled, we remain focused on execution and are confident in the long-term outlook for our business. With that, I'll turn it back over to Ty for some concluding remarks.

即使短期內情況似乎不穩定，我們仍然專注於執行，並對我們業務的長期前景充滿信心。說完這些，我將把發言權交還給 Ty，請他發表一些總結性發言。

Thanks, Matt.

謝謝，馬特。

To close fiscal 2025 was another successful year for Apogee with improved adjusted operating margin and record adjusted EPS. These results continue to demonstrate a track record of driving sustainable operating improvements across the business.

截至 2025 財年，Apogee 又取得了成功的一年，調整後的營業利潤率有所提高，調整後的每股盈餘創歷史新高。這些結果繼續證明了推動整個業務可持續營運改善的良好記錄。

During the year, we made several strategic investments, both organic and inorganic, that do position the company for improved growth in the long term. And importantly, our acquisition of UW solutions is progressing very well in delivering the results that we expected.

在這一年中，我們進行了幾項策略性投資，包括有機投資和無機投資，這些投資確實為公司的長期成長做好了準備。重要的是，我們對 UW 解決方案的收購進展順利，並實現了我們預期的結果。

As we move into fiscal 2026, our team is focused on managing what we can control and executing our strategy to deliver near-term results while positioning the company for the long term.

隨著我們進入 2026 財年，我們的團隊將專注於管理我們能夠控制的事情並執行我們的策略，以實現近期成果，同時為公司的長期發展做好準備。

Over the past few years, our team has built a strong record of success, and I am confident that we will continue to execute our strategy as we move forward, pushing through the current macro challenges and coming out even stronger on the other side.

在過去的幾年裡，我們的團隊取得了巨大的成功，我相信，我們將繼續執行我們的策略，克服當前的宏觀挑戰，變得更加強大。

Despite the current market uncertainty, we are working through our next strategic plan that will drive an even stronger focus on growth. We're planning to share our updated strategy later in our fiscal year.

儘管當前市場存在不確定性，但我們正在製定下一個策略計劃，以更加重視成長。我們計劃在財政年度稍後分享我們更新的策略。

With that, we are ready to take your questions.

現在，我們已準備好回答您的問題。

[Operator instructions].

[操作員指示]。

Julio Romero of Siody & Company LLC.

Silio Romero 的 Siody & Company LLC。

Great! Good morning. Thanks for taking the questions.

偉大的！早安.感謝您回答這些問題。

Thanks for all the colors on all the moving pieces here, really appreciate it, and it sounds like you moved quickly in January to prepare for tariffs. Any way to kind of put a finer point on the tariff impact ETS impact of $0.45 to $0.55 between the direct and indirect tariff buckets or maybe ask another way the direct impact of the section 232 tariff specifically related to aluminum. And then as a follow on to that, just if you could speak to the confidence level in terms of customers maybe accepting mitigation initiatives, you're taking related to that.

感謝您對這裡所有活動部分進行的所有描述，真的很感激，聽起來您在一月份就迅速採取行動為關稅做準備。有沒有辦法更詳細地說明關稅對 ETS 的影響，即直接關稅和間接關稅之間 0.45 美元到 0.55 美元之間的影響，或者換一種方式問一下第 232 條關稅對鋁的直接影響。然後作為後續內容，如果您可以談談客戶可能接受緩解措施的信心水平，那麼您就採取了與此相關的措施。

Yeah, Julio, good morning. I'll take the, I'll take it initially here and then Ty will probably jump in. So let's talk about tariffs first.

是的，胡里奧，早安。我會接受，我會先在這裡接受，然後 Ty 可能會加入進來。那我們先來談談關稅。

We talked about it in two major buckets direct and indirect and if you think about the major impact in direct, it's what we are doing right now is in our services segment we're manufacturing certain pieces for certain jobs in the US and we're importing those into the US. So what the team has done there is done a great job of trying to accelerate a lot of that production ahead of tariffs going impact, shift jobs that maybe would have been produced in Toronto and shipped into the US and brought those into the US. So as we mentioned, as part of Project Fortify, one of the things we're doing is is closing down the Toronto manufacturing. So structurally in the first half of the year that'll happen in the first half of the year as we cycle through that production and we run those projects out that that impact essentially goes away by the end of the 2nd quarter.

我們從直接和間接兩個主要方面討論了這個問題，如果你想想直接的主要影響，那就是我們現在在服務領域所做的，我們在美國為某些工作製造某些零件，然後將它們進口到美國。因此，該團隊所做的工作是在關稅生效之前盡力加速大量生產，將原本可能在多倫多生產並運往美國的工作轉移到美國。正如我們所提到的，作為 Project Fortify 的一部分，我們正在做的事情之一就是關閉多倫多製造工廠。因此，從結構上講，隨著我們循環生產並運行這些項目，這種影響將在上半年發生，到第二季末，基本上會消失。

That's our biggest direct impact. The biggest indirect impact we have is the cost of of aluminum billet going up and what we've been doing is watching that very carefully, looking at ways we can offset costs, taking price increases where appropriate. And you know as we cycle in some of those price increases and other mitigation efforts that flows in over the first half of the year as well and then we would start to to really mitigate that in the second half of the year so you know as we said we think the majority of that $0.50 impacts the first half of the year and we get down to something that's, we can. Definitely mitigate as we look at even the 3rd and 4th quarter with productivity initiatives working with some of our suppliers doing some other productivity costs or productivity initiatives internally so it's a definitely a front half weighted impact as we make some structural changes to offset that second half of the year, we see that diminishing.

這是我們最大的直接影響。我們面臨的最大間接影響是鋁坯成本上漲，我們一直在密切關注這種情況，尋找抵消成本的方法，並在適當的情況下提高價格。你知道，隨著我們在上半年實施一些價格上漲和其他緩解措施，我們將在下半年開始真正緩解這些影響，所以你知道，正如我們所說的，我們認為這 0.50 美元的大部分影響都會在上半年，我們會找到一些我們可以做的事情。當我們考慮第三季和第四季的生產力計劃時，這種影響肯定會減輕，因為我們會與一些供應商合作在內部實施一些其他生產力成本或生產力計劃，因此，這肯定是一個前半年的加權影響，因為我們會進行一些結構性改變來抵消下半年的影響，我們看到這種影響正在減少。

Yeah, I think that's good, Matt, I guess Julio, I would just add if you look at the supply chain moves we're making, we never want to have to close the facility, but when we looked at where we're sitting, maybe at some additional color on services was going through the year and driving meaningful productivity improvements in their plants.

是的，我認為這很好，馬特，我想，胡里奧，我只想補充一點，如果你看看我們正在進行的供應鏈舉措，我們永遠不想關閉工廠，但是當我們看看我們所處的位置時，也許在服務上有一些額外的色彩，貫穿全年並推動工廠生產力的有意義的提高。

The softness in the market, they picked up a few jobs that they will, revenue through over the next 18 months that actually involve no manufacturing of curtain wall. These are, smaller revenue jobs, I think, 15 million instead of 30 million, but they fill some nice holes in the revenue stream. They're good margin. But they don't involve us fabricating curtain walls. So lay those two things together before tariffs, the team was already looking at, hey, across our three facilities we have access capacity. We probably need to look at some workforce either furloughs or workforce reduction in in one or two of those facilities, so that was something the team was already working on a plan for then layer in the tariffs. And that that biggest impact was for them with [inaudible] coming out of Toronto into the Northeast.

由於市場疲軟，他們接手了一些工作，這些工作將在未來 18 個月內產生收入，但實際上並不涉及帷幕牆製造。我認為，這些都是收入較小的工作，收入為 1500 萬而不是 3000 萬，但它們填補了收入流中的一些空白。他們的利潤很好。但它們並不涉及我們製造帷幕牆。因此，在關稅之前將這兩件事放在一起，團隊已經在考慮，嘿，我們的三個設施都有訪問容量。我們可能需要考慮讓其中一兩個工廠的部分勞動力休假或減少勞動力，因此團隊已經在製定計劃，然後分層次徵收關稅。對他們來說，最大的影響是 [聽不清楚] 從多倫多進入東北部。

And that's where it just became clear for us, we need to do more than furlough and unfortunately, we need to consolidate production into the two US facilities. Historically about 75% of the revenue coming out of Services Toronto facility shipped back into the US, last year it was almost all just to give you a guide if the current tariffs had been in effect all of last.

這時我們才明白，我們需要做的不只是休假，但不幸的是，我們需要將生產整合到美國的兩家工廠。從歷史上看，服務多倫多工廠產生的約 75% 的收入都運回美國，去年幾乎全部運回美國，只是為了給你一個參考，看看當前的關稅是否已經生效。

Fiscal year that would have been a $12 to $15 million dollar tariff hit just to services. So, we looked at that and said we need to create some certainty, we need to take some actions that give us confidence and the fact that we were able to support the work over the next, I'd say 18+ months, maybe even 24 months out of the two US facilities, we made that tough decision.

在本財政年度，光是服務業的關稅就將達到 1,200 萬至 1,500 萬美元。因此，我們考慮了這一點並表示，我們需要創造一些確定性，我們需要採取一些行動來給予我們信心，事實上，我們能夠在未來 18 個月以上，甚至可能是 24 個月內，在美國的兩家工廠中支持這項工作，我們做出了這個艱難的決定。

Got it, really helpful call there and then secondly on the UW solutions, portion of the business, just speak to, how integration for that is going, how demand is going, and does that business in particular have any expected tariff impact that's baked into your guidance?

明白了，這真的很有幫助，其次是關於 UW 解決方案，業務的一部分，只是說一下，它的整合進展如何，需求如何，特別是這項業務是否會對關稅產生任何預期的影響，這些影響是否已納入您的指導中？

Yeah, I would say first on the [tariffs]. It's minimal they do to have some aluminum products that are in there, the team feels that between productivity and some pricing they'll navigate that we have included some of that in our, $0.45 to $0.55, because it will take a while for them to work pricing through, but it's minimal. That team still feels confident, as we looked out, still feels confident they can see a path to double digit growth, which is their was their original plan before the macro uncertainty settled in as Matt commented, we're we're looking at it thinking the combined business across performance services is probably mid maybe high single digit growth, and and that's what we've included in our guidance.

是的，我想先說的是[關稅]他們很少使用一些鋁製品，團隊認為，在生產力和一些定價之間，他們會考慮將其中一些納入我們的定價中，價格在 0.45 美元到 0.55 美元之間，因為他們需要一段時間才能確定價格，但這只是很小的調整。正如我們所看到的，該團隊仍然充滿信心，他們仍然相信他們能夠看到一條實現兩位數增長的道路，這是他們在宏觀不確定性穩定之前的最初計劃，正如馬特所評論的那樣，我們正在考慮將績效服務業務合併，認為其可能是中等或高個位數增長，這就是我們在指導中包含的內容。

The flooring portion of that business, which was just under half of UW solutions, looks very strong and is tied to projects that have been greenlighted, so we do see double digit growth happening in that part of the business, so overall we feel very good about how the acquisition's performing the heavy lift on the integration, I would say is, substantially complete. There's some minor things. I say minor. I'm sure my team won't appreciate that, but there's some minor lifting things and clean up on, some IT systems and integration work that's still happening over the next quarter or two, but, the bulk of that work is behind us and it's performing well and as we said it's doing as expected from, an EBITDA and a cash generation perspective.

該業務的地板部分佔 UW 解決方案的一半左右，看起來非常強勁，並且與已批准的項目相關，因此我們確實看到該業務部分出現兩位數的增長，因此總體而言，我們對此次收購在整合過程中發揮的巨大作用感到非常滿意，我想說，整合工作基本完成。有一些小事。我說的是輕微的。我確信我的團隊不會感激這一點，但在接下來的一兩個季度中，仍需要進行一些小的提升和清理工作，一些 IT 系統和集成工作，但大部分工作已經完成，並且表現良好，正如我們所說的，從 EBITDA 和現金產生的角度來看，它的表現符合預期。

And I just add in from a synergy perspective, we're also, on target if not slightly ahead of where we expected to be at this point in time.

我只是想從協同效應的角度補充一點，我們也達到了目標，甚至略微超出了我們目前的預期。

Great, thanks very much for all the colors. I'll pass it on.

太好了，非常感謝這些顏色。我會傳達的。

Thanks, Julio.

謝謝，胡里奧。

Thank you. Our next question.

謝謝。我們的下一個問題。

Jean Philip, D.A. Davidson.

讓·菲利普，地方檢察官戴維森。

Hi, thank you for your time.

你好，謝謝您的時間。

Could you talk about the degree of the noise of the last couple of months around tariffs impacting, your customer decisions? Are they're moving slower than a few months ago to execute any other projects?

您能否談談過去幾個月有關關稅的噪音對您的客戶決策的影響程度？他們執行其他專案的進度是否比幾個月前慢了？

I would say there's a general level of uncertainty that that is causing you know some additional slowdown in in the industry. I think as you look at for non-residential construction aluminum is a key raw material. I mean there's not a commercial building that's going to go up without a fair amount of aluminum or steel so certainly the tariffs have an impact there. Customs are assessing that in terms of how much of this is long term, how much of this gets negotiated downward.

我想說的是，普遍存在的不確定性正在導致行業進一步放緩。我認為，對於非住宅建築來說，鋁是一種關鍵原料。我的意思是，如果沒有相當數量的鋁或鋼，商業建築就無法建成，所以關稅肯定會產生影響。海關正在評估其中有多少是長期的，有多少是向下協商的。

So, I would say we have seen some of the market forecasters revised calendar 2025 from flattish to 2% growth to flattish to -2% growth anticipating some of that so there certainly is. A bit more I would say of caution just like you're seeing across the larger macroeconomic environment.

因此，我想說，我們已經看到一些市場預測者將 2025 年的成長預期從持平至 2% 修改為持平至 -2% 的成長，並預期會出現一些這樣的情況，所以肯定存在這種情況。我要多說一點謹慎，就像你在更大的宏觀經濟環境中看到的那樣。

Got it. And could you provide, I guess you're still seeing really strong margins in glass despite the volume headwind. Is the 15 to 20 with the margin target for the segment still attainable in fiscal 2026, even with the leveraging you're expecting?

知道了。您能否提供一些信息，我想儘管面臨產量阻力，但玻璃的利潤率仍然很高。即使考慮到您預期的槓桿作用，到 2026 財年，該部門的利潤率目標 15 到 20 是否仍然可以實現？

Yeah, James, this is Matt. Yeah, we definitely think so, it, although last segment is, the margins are moderating, they're moderating from, way outside on the top end of that range and where they've been in the past, so they're moderating more into that expected range and that's got drag year over year, but when you still look at it, it's definitely where we expect them to be on a long term basis.

是的，詹姆斯，這是馬特。是的，我們確實這麼認為，儘管最後一部分是利潤率正在放緩，它們正在從該範圍的頂端和過去的水平之外進行緩和，因此它們正在更多地緩和到預期的範圍內，並且這比去年同期有所拖累，但當你仍然看它時，這絕對是我們預期的長期水平。

Got it. And if I do one more, any color on the expectations for cash flow and fiscal 26, we see that the CapEx Giddens, but you should that.

知道了。如果我再做一次，對現金流和財政 26 的預期，我們都會看到資本支出吉登斯，但你應該這樣做。

Sorry, we see the CapEx guidance there and based on what we anticipate, some of these moving pieces with tariffs impacts, how does that impact your overall cash flow this year?

抱歉，我們看到了那裡的資本支出指導，根據我們的預期，其中一些受關稅影響的變動因素，會如何影響您今年的整體現金流？

Yeah, my remarks, I commented that we expect operating cash flow to be down. You picked up on one of them. We talked about in the first quarter we have an arbitration award payment that we had to make; that was close to $25 million so that's going to be a drag on the year from a cash flow perspective. The impact of tariffs and just overall lower EBIT will be a bit of a drag and then we'll have higher interest expense or cash paid for interest. So, a lot of those are going to be a weight on our operating cash flow this year. So, we expect it to be down from what we delivered in fiscal 2025.

是的，我的評論是，我們預計經營現金流將會下降。你選了其中一個。我們在第一季談到了我們必須支付的仲裁裁決金；這接近 2500 萬美元，因此從現金流的角度來看，這將對今年造成拖累。關稅的影響以及整體較低的息稅前利潤將帶來一些拖累，然後我們的利息支出或支付的利息現金就會增加。因此，其中許多因素都會對我們今年的經營現金流造成壓力。因此，我們預計該數字將低於 2025 財年的水平。

Thank you, I appreciate the time. I'll hop back in the line.

謝謝，我很感激你抽出時間。我會重新回到隊伍中。

Thank you. Next question.

謝謝。下一個問題。

Gowshihan Sriharan, Singular Research.

Gowshihan Sriharan，奇異研究。

Good morning...

早安...

Yes, morning.

是的，早安。

Good morning.

早安.

My first question is, in the architectural market in the specific in markets, what are you seeing in the competitive dynamics?

我的第一個問題是，在具體的建築市場中，您看到的競爭動態是什麼樣的？

Is there, a consolidation and how confident are you to be able to pass on the cost, the pricing, in the future?

是否存在合併？您對未來轉嫁成本和定價有多大信心？

Yeah, it's a great question. I would say as we look at our end markets and the competition and let's really look at architectural metals first.

是的，這是一個很好的問題。我想說，當我們審視終端市場和競爭時，讓我們先真正專注於建築金屬。

We are seeing and hearing, that softness is consistent across the market. The two biggest competitors in the space are currently held by private equity firms, so we've seen under that ownership there's been a focus on improving operations and it appears to be there's been a focus on improving margins.

我們看到和聽到的是，整個市場都呈現持續疲軟態勢。該領域最大的兩個競爭對手目前均由私募股權公司控股，因此我們看到，在這種所有權下，它們一直致力於改善運營，而且似乎也一直致力於提高利潤率。

So, you know as we look at that, I think there's continued to be some rationality and just managing through price given some of the broader market challenges, so I think that right now is a positive to neutral situation from that perspective.

所以，你知道，當我們看待這個問題時，我認為考慮到一些更廣泛的市場挑戰，仍然有一定的理性，並且只是通過價格進行管理，所以我認為從這個角度來看，現在的情況是積極到中性的。

[Glass], they, where they have really refocused on their premium offerings that has taken out some of the international competition, but one of the things they're doing is going back and looking at the opportunity to maybe go after some projects, not give up on their premium position, but maybe go down the ladder a little bit where they know some projects were awarded to. Glass suppliers that are going to have to import that product from overseas, particularly from Europe, so that's maybe something that shows up in the second half for them or as we go into fiscal 2027, but there's an example where they're trying to capitalize on the situation and turn it into a positive and maybe revisit some awards that were given to international suppliers.

[Glass]，他們確實重新將重點放在了高端產品上，這已經消除了一些國際競爭，但他們正在做的事情之一是回過頭來尋找機會，也許可以爭取一些項目，而不是放棄他們的高端地位，但也許可以稍微降低一下他們知道一些項目被授予的等級。玻璃供應商將不得不從海外進口該產品，特別是從歐洲，所以這可能是他們在下半年或進入2027財年時才會出現的情況，但有一個例子是他們試圖利用這種情況並將其轉化為積極因素，並可能重新審視授予國際供應商的一些獎項。

And then services, I mean they are the largest blazer in North America, they not only I would say have continued to see this shift in flight to quality that's helped them stay competitive on winning jobs but as I mentioned they've also picked up some [non-curtain wall] work which allows them to leverage their engineering design, project management and installation services and still generate some nice margins.

然後是服務，我的意思是，他們是北美最大的建築商，我想說，他們不僅繼續看到了這種對質量的追求，這有助於他們在贏得工作方面保持競爭力，而且正如我提到的，他們還接手了一些[非幕牆]工作，這使他們能夠利用他們的工程設計、項目管理和安裝服務，並且仍然產生一些不錯的利潤。

Okay, got you. Thanks for the call. On the other front, on the M&A side, given your balance sheet, is this an opportunity for (inaudible) on deals or some kind of roll-ups? I mean, do you see this as an opportunity to take some market share?

好的，明白了。謝謝您的來電。另一方面，在併購方面，考慮到您的資產負債表，這是否是（聽不清楚）交易或某種整合的機會？我的意思是，您是否認為這是一個佔領市場份額的機會？

We are very active in that, in our M&A pipeline or acquisition pipeline, of course I think just where the market is right now. Companies that were considering a sale, I, they have paused a little bit, so we have seen some slowness in there, but there's still a fair amount of activity. We look to be opportunistic in this environment. I think we do think there could be opportunities. The acquisition of UW solutions we're actually able to break that loose probably about a year ahead of what the private equity firm and intended to bring that to market. We're taking a similar approach and looking at strong strategic fit and and good valuations again a creed of the margin and most importantly for us as we really shift to growth we're looking for things that are going to add to our growth potential and outgrow you know our our our existing core target markets. So we'll remain active there there's good dialogues going on, but we do recognize there's a little bit of softness if you don't have to sell right now in this level of uncertainty people aren't going to sell, but we're hopeful on that as we work our way through the fiscal year.

我們在這方面非常活躍，在我們的併購管道或收購管道中，當然我認為現在的市場狀況就是這樣。那些正在考慮出售的公司，我看他們已經暫停了一段時間，所以我們看到了一些放緩，但仍然有相當多的活動。我們希望在這種環境下抓住機會。我認為我們確實認為可能存在機會。透過收購 UW Solutions，我們實際上能夠提前一年左右實現這一目標，這比私募股權公司計劃將其推向市場的時間還要早。我們採取了類似的方法，並再次尋找強大的策略契合度和良好的估值，這是利潤的信條，對我們來說最重要的是，當我們真正轉向成長時，我們正在尋找能夠增加我們的成長潛力並超越我們現有核心目標市場的東西。因此，我們將繼續保持活躍，進行良好的對話，但我們確實認識到，如果現在不必出售，在這種不確定的程度下，人們不會出售，那麼就會有一點疲軟，但我們對此充滿希望，因為我們正努力完成整個財政年度。

And the last question, on the inventory front, is there more any particular segments that you guys have meaningfully built a buffer around, is it more pronounced in the metals glass any color on that?

最後一個問題，在庫存方面，你們是否在特定的部分建立了緩衝區，在金屬玻璃上是否更明顯，是否有任何顏色？

Nothing unusual. I'd say, with our business, a lot of it is, make to order, we have a little bit of make to stock, so I would say nothing from an inventory perspective that I would think is unusual.

沒什麼不尋常的。我想說，對於我們的業務來說，很多都是按訂單生產的，我們有少量的按庫存生產的，所以從庫存角度來看，我認為這沒有什麼不尋常的。

Okay, sounds good thanks I'll come back.

好的，聽起來不錯，謝謝，我會回來的。

On the line.

上線。

Thank you.

謝謝。

And I'm showing no further questions at this time. I would now like to turn the call back to Ty Silverhorn, CEO for closing renewal.

我現在沒有其他問題了。現在我想將電話轉回給執行長 Ty Silverhorn，負責續約事宜。

Thank you. As we close the call today, I want to just recap 3 key points.

謝謝。在我們今天結束通話時，我只想重述 3 個要點。

We had a record year for earnings, capping our 3 year journey that saw us improve margins by nearly 500 basis points, improve ROIC to well above our cost of capital, and grow profit dollars by 80%.

我們今年的獲利創下了歷史新高，為我們三年來的歷程畫上了圓滿的句號，在這三年中，我們的利潤率提高了近 500 個基點，ROIC 提高到遠高於資本成本的水平，利潤增長了 80%。

Tariffs are impacting our adjusted EPS by approximately $0.50, but we are taking actions to fully mitigate these by the end of our fiscal year, creating some certainty in uncertain times, and our growth efforts through the acquisition of UW solutions will deliver strong above market growth and accretive margins in performance surfaces.

關稅對我們調整後的每股收益的影響約為 0.50 美元，但我們正在採取行動，在財政年度結束前完全緩解這些影響，在不確定的時期創造一些確定性，並且我們通過收購 UW 解決方案實現的增長努力將帶來強勁的高於市場的增長和業績表現的增值利潤率。

We've got an experienced, strong team that is embracing the new challenges while pivoting to a stronger growth focus to build the next leg of our journey.

我們擁有一支經驗豐富、實力雄厚的團隊，他們正在迎接新的挑戰，同時將重點轉向更強勁的成長，以建立我們下一階段的旅程。

Thanks for joining us today and we look forward to providing you with another update with our first quarter results in June.

感謝您今天加入我們，我們期待在六月為您提供第一季業績的最新更新。

This concludes today's conference call.

今天的電話會議到此結束。