Atkore Inc (ATKR) 2024 Q4 法說會逐字稿

Good morning. My name is Rob and I will be your conference operator today. At this time, I would like to welcome everyone to Atkore's fourth-quarter, fiscal year 2024 earnings conference call. (Operator Instructions)

早安.我叫羅布，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Atkore 2024 財年第四季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. Thank you. I would now like to turn the conference over to your host, Matt Kline, Vice President of Treasury and Investor Relations. Thank you. You may begin.

提醒一下，本次會議正在錄製中。謝謝。現在我想將會議交給東道主、財政部和投資者關係副總裁 Matt Kline。謝謝。你可以開始了。

Thank you. And good morning everyone. I'm joined today by Bill Waltz, President and CEO. As well as John Deitzer, Chief Financial Officer.

謝謝。大家早安。今天，總裁兼執行長 Bill Waltz 也加入了我的行列。以及財務長 John Deitzer。

We will take your questions after comments by Bill and John. I would like to remind everyone that during this call, we may make projections or forward-looking statements regarding future events or financial performance of the company.

我們將在比爾和約翰發表評論後回答您的問題。我想提醒大家，在這次電話會議中，我們可能會對公司未來事件或財務表現做出預測或前瞻性陳述。

Such statements involve risks and uncertainties such that actual results may differ materially, please refer to our filings in today's press release which identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

此類陳述涉及風險和不確定性，因此實際結果可能存在重大差異，請參閱我們在今天的新聞稿中提交的文件，其中確定了可能導致實際結果與我們的預測或前瞻性陳述中包含的結果存在重大差異的重要因素。

In addition, any reference in our discussion today to EBITDA means adjusted EBITDA and any reference to EPS or adjusted EPS means adjusted diluted earnings per share, adjusted EBITDA and adjusted diluted earnings per share are non-GAAP measures, reconciliations of our non-GAAP measures. And a presentation of the most comparable GAAP measures are available in the appendix to today's presentation.

此外，我們今天討論中提及的任何EBITDA 均指調整後的EBITDA，任何提及EPS 或調整後的EPS 均指調整後的稀釋每股收益，調整後的EBITDA 和調整後的稀釋每股收益均為非GAAP 指標，我們的非GAAP 指標的調節表。今天簡報的附錄中提供了最具可比性的公認會計準則衡量標準的簡報。

With that, I'll turn it over to Bill.

有了這個，我會把它交給比爾。

Thanks, Matt, and good morning, everyone. Starting on slide 3, we will discuss both our quarterly and full year financial results. We will also provide an update on our business, the markets we serve and our intentions for capital deployment. These updates will serve as a basis for FY 2025 financial projections and our approach for the position of Atkore to take advantage of longer term secular trends.

謝謝馬特，大家早安。從幻燈片 3 開始，我們將討論我們的季度和全年財務表現。我們還將提供有關我們業務、我們服務的市場以及我們的資本部署意圖的最新資訊。這些更新將作為 2025 財年財務預測以及我們對 Atkore 定位的方法的基礎，以利用長期長期趨勢。

Turning to slide 4. I want to reflect on certain highlights from the year. We achieved volume growth in each of our key product categories and 3.5% volume growth for the overall company. We returned approximately 75% of our operating cash flow to shareholders through our share purchase program and the introduction of our quarterly dividend.

轉到投影片 4。我想回顧一下這一年的一些亮點。我們每個主要產品類別的銷量都實現了成長，整個公司的銷量成長了 3.5%。透過股票購買計劃和引入季度股息，我們將大約 75% 的營運現金流返還給股東。

Atkore also became a leader in environmental impact awareness by releasing environmental product declarations for battery products and we continue to be recognized as an employer of choice. In addition to our strategy and processes, our talent teams are a fundamental part of the Atkore business system and a true competitive advantage for the company. I'd like to take a moment to recognize their dedication. Thank you.

Atkore 也透過發布電池產品環保產品聲明，成為環境影響意識的領導者，並且我們繼續被公認為首選雇主。除了我們的策略和流程之外，我們的人才團隊也是 Atkore 業務系統的基本組成部分，也是公司真正的競爭優勢。我想花一點時間來表彰他們的奉獻精神。謝謝。

Turning to slide 5. We will review the most recent quarter in full year while also providing our perspective on forward-looking factors, we believe will drive stronger demand for Atkore into the future organic volume was up 3% in the fourth quarter. With contributions from both segments, we are encouraged by the performance of certain products in the fourth quarter. As we head into FY25.

轉到投影片 5。我們將回顧全年最近一個季度的情況，同時也提供我們對前瞻性因素的看法，我們相信這將推動對 Atkore 的更強勁需求，使第四季度的有機銷量增長 3%。憑藉這兩個部門的貢獻，我們對第四季度某些產品的表現感到鼓舞。當我們進入 25 財年。

Overall, we were pleased that net sales adjusted EBITDA and adjusted EPS were all within our range of expectations. Pricing was the primary driver of the change in our year over year results, we are also impacted by some unanticipated material conversion and over consumption within our S&I manufacturing operations. Separately, our S&I team recorded double digit sequential growth in sales and solar torch hoops in the fourth quarter.

整體而言，我們很高興淨銷售額調整後的 EBITDA 和調整後的每股盈餘均在我們的預期範圍內。定價是我們同比業績變化的主要驅動因素，我們也受到 S&I 製造業務中一些意外材料轉換和過度消耗的影響。另外，我們的 S&I 團隊在第四季度的銷售額和太陽能火炬圈實現了兩位數的連續成長。

Atkore generated strong operating cash flow in the fourth quarter which allowed us to return over 50% of the cash flow to our shareholders.

Atkore 在第四季度產生了強勁的營運現金流，使我們能夠將超過 50% 的現金流返還給股東。

As we reflect on the totality of the year, we saw volume strength across all key product areas. While we continue to experience demand challenges for our HDPE products due to softness in the telecom market.

當我們回顧這一年的整體情況時，我們看到所有關鍵產品領域的銷售量都強勁。由於電信市場疲軟，我們的 HDPE 產品繼續面臨需求挑戰。

We announced earlier in the year, our expansion of Atkores' Network of regional service centers. I'm pleased to announce that we are now servicing customers from two regional service centers located in Texas and Georgia. This milestone and Atkores' growth journey is important as we now have a complete footprint that enables us to service all of our customers more efficiently.

今年早些時候，我們宣布擴大 Atkores 的區域服務中心網路。我很高興地宣布，我們現在正在為位於德克薩斯州和喬治亞州的兩個區域服務中心的客戶提供服務。這個里程碑和 Atkores 的成長歷程非常重要，因為我們現在擁有完整的足跡，使我們能夠更有效地為所有客戶提供服務。

We remain committed to our capital employment strategy having repurchased over $380 million of stock in FY2024. Since initiating our share repurchase program in November 2021, we repurchased over $1.3 billion of our stock which equates to over 20% of the company's outstanding shares. Currently, we have approximately $428 million remaining of our $500 million repurchase program which was authorized earlier in the year, as we look forward, we remain focused on Atkores' ability to participate in long term trends related to the adoption of renewable energy grid, hardening digitization and the searching demand for electrification.

我們仍然致力於我們的資本利用策略，並在 2024 財年回購了超過 3.8 億美元的股票。自 2021 年 11 月啟動股票回購計畫以來，我們回購了超過 13 億美元的股票，相當於該公司已發行股票的 20% 以上。目前，我們今年稍早批准的 5 億美元回購計畫還剩約 4.28 億美元，展望未來，我們仍然關注 Atkores 參與與採用再生能源電網、硬化相關的長期趨勢的能力。需求。

We've also identified areas where we can leverage our manufacturing and commercial capabilities to capture growth opportunities from other economic trends. The first additional opportunity we have identified is to grow and expand our offering of PVC and HDPE products for water related end markets.

我們還確定了可以利用我們的製造和商業能力從其他經濟趨勢中捕捉成長機會的領域。我們發現的第一個額外機會是發展和擴大我們為水相關終端市場提供的 PVC 和 HDPE 產品的供應。

Second, we have an opportunity to leverage our existing construction services capability to support growing demand for global mega projects which include data centers, chip manufacturing plants and other large projects both in the US and abroad. Through it all, we remain focused on executing a balanced capital employment strategy with a strong commitment to returning cash to our shareholders.

其次，我們有機會利用我們現有的建築服務能力來支援全球大型專案不斷增長的需求，其中包括資料中心、晶片製造廠和其他美國及海外的大型專案。自始至終，我們仍然專注於執行平衡的資本利用策略，並堅定地致力於向股東返還現金。

Now I'll turn the call over to John to talk through the results from the fourth quarter and full year in more detail.

現在我將把電話轉給約翰，更詳細地討論第四季和全年的業績。

Thank you, Bill and good morning, everyone turning to slide 6 and our consolidated results. In fiscal 2024 we stayed focused on executing our strategy. The year was not without its challenges, predominantly related to pricing softness and in certain end markets for the full year, net sales were $3.2 billion and our adjusted EPS was $14.48, adjusted EBITDA for the full year was $772 million.

謝謝比爾，早安，大家轉向幻燈片 6 和我們的綜合結果。2024 財年，我們繼續專注於執行我們的策略。這一年並非沒有挑戰，主要與定價疲軟有關，在某些終端市場，全年淨銷售額為 32 億美元，調整後每股收益為 14.48 美元，全年調整後 EBITDA 為 7.72 億美元。

Turning to our consolidated bridges on slide 7. In the fourth quarter, net sales were $788 million and our adjusted EBITDA was $140 million. We achieved an adjusted EPS of $2.43.

轉向幻燈片 7 上的綜合橋樑。第四季淨銷售額為 7.88 億美元，調整後 EBITDA 為 1.4 億美元。我們的調整後每股收益為 2.43 美元。

Looking at the full year net sales increased $123 million due to volume growth contributing incremental adjusted EBITDA of $60 million at 48% margins.

從全年來看，由於銷售成長，淨銷售額增加了 1.23 億美元，調整後 EBITDA 增量為 6,000 萬美元，利潤率為 48%。

Our average selling prices decreased by $406 million. As we have been discussing over the past several years, price normalization primarily in our PVC business started at the end of FY22 and continued through FY24, softness in the telecom market contributed a challenging price environment for HDPE products throughout the course of the year.

我們的平均售價下降了 4.06 億美元。正如我們過去幾年一直在討論的那樣，價格正常化主要是在我們的PVC 業務中，從2022 財年末開始，一直持續到2024 財年，電信市場的疲軟全年為HDPE 產品帶來了充滿挑戰的價格環境。

During our third quarter call in August, we indicated that our steel conduit business was beginning to face pricing pressure due to increased competition of imported product. As expected, we did experience sequential price declines between Q3 and Q4.

在八月的第三季電話會議中，我們表示，由於進口產品的競爭加劇，我們的鋼管業務開始面臨價格壓力。正如預期的那樣，我們確實經歷了第三季和第四季之間的價格連續下跌。

Moving to slide 8. One of our core strengths is the breadth of our product portfolio. We've been very deliberate in how we've approached entering new markets and expanding product offerings.

轉到投影片 8。我們的核心優勢之一是我們產品組合的廣度。我們非常慎重地考慮如何進入新市場和擴大產品範圍。

Indeed, the diversity of our product portfolio has not only helped us manage our exposure to headwinds in any one particular end market, but it has also allowed us to continuously find ways to bring additional value for both new and existing customers.

事實上，我們產品組合的多樣性不僅幫助我們應對任何特定終端市場的不利風險，而且還使我們能夠不斷尋找為新客戶和現有客戶帶來額外價值的方法。

In FY24 we grew our PVC business which included both electrical and water related products. Our metal framing, cable management and construction services products area grew mid-single digits due to increased support for mega projects in the US and abroad. Keep in mind this business grew double digits in the prior year as well.

2024 財年，我們發展了 PVC 業務，其中包括電氣和水相關產品。由於對美國和海外大型專案的支持增加，我們的金屬框架、電纜管理和建築服務產品領域實現了中個位數成長。請記住，該業務在去年也實現了兩位數成長。

Our electrical cable and flexible conduit products continue to be best in class with the success of our patented and differentiated product line which enabled us to grow in FY24.

我們的電纜和柔性導管產品繼續保持一流水平，我們的專利和差異化產品線取得了成功，使我們能夠在 2024 財年實現成長。

Finally, our mechanical tube products have grown double digits each of the last two years due to the expansion of our solar torque tube business. We are pleased with the continued improvement of our output at our Hobart Indiana facility.

最後，由於我們的太陽能扭矩管業務的擴張，我們的機械管產品在過去兩年每年都以兩位數的速度成長。我們對印第安納州霍巴特工廠產量的持續提高感到高興。

Turning to slide 9, and our segment results in the fourth quarter. Net sales in our electrical segment were $565 million and our adjusted EBITDA margins compressed due to continued pricing, normalization in our PVC products and pressure from import competition in our steel conduit products shifting over to our S&I segment net sales increased just under 2% during the quarter compared to the prior year.

轉向幻燈片 9，我們的部門在第四季度的結果。我們的電氣部門的淨銷售額為5.65 億美元，由於持續的定價、PVC 產品的正常化以及我們的鋼導管產品的進口競爭轉移到我們的S&I 部門的壓力，我們調整後的EBITDA 利潤率被壓縮，在此期間淨銷售額成長了略低於2%與上年同期相比。

Although our EBITDA dollars and margin were largely in line with the prior year. Both were down sequentially from the third quarter. As Bill mentioned earlier, we experienced some headwinds around material cost conversion and over consumption in our manufacturing operations.

儘管我們的 EBITDA 美元和利潤率與上一年基本一致。兩者均較第三季連續下降。正如比爾之前提到的，我們在製造業務中遇到了材料成本轉換和過度消耗的一些阻力。

Turning now to our outlook on page 10, we anticipate low to mid-single digit volume growth in FY25 tied the market expectations and contributions from our growth initiatives for the full year. We expect FY25 net sales in the range of $2.9 billion to $3.2 billion and adjusted EBITDA between $475 million and $525 million adjusted EPS is expected to be in the range of $7.80 and $8.90.

現在轉向第 10 頁的展望，我們預計 2025 財年的銷售成長將達到低至中個位數，這與市場預期和我們全年成長計畫的貢獻相符。我們預計 25 財年淨銷售額在 29 億美元至 32 億美元之間，調整後 EBITDA 在 4.75 億美元至 5.25 億美元之間，調整後每股收益預計在 7.80 美元至 8.90 美元之間。

Moving to slide 11, we recognize there are a few critical dynamics between our performance in FY24 and our outlook for FY25. Therefore, we've outlined some of the key components and impacts to both net sales and adjusted EBITDA.

轉向投影片 11，我們認識到我們 2024 財年的業績與 2025 財年的前景之間存在一些關鍵動態。因此，我們概述了一些關鍵組成部分以及對淨銷售額和調整後 EBITDA 的影響。

We continue to expect price versus cost to be unfavorable year over year. Our estimate is higher than we previously expected when we spoke in August as we look forward in FY25 pricing for our PVC Conduit continues to be challenged. One aspect contributing to our PVC conduit pricing is additional new domestic competition entering the market.

我們仍預期價格與成本的比較將逐年不利。我們的估計高於我們之前在 8 月發言時的預期，因為我們預計 2025 財年 PVC 導管的定價將繼續面臨挑戰。影響我們 PVC 導管定價的一方面是更多新的國內競爭進入市場。

Secondly, Steel Conduit continues to face pressure from import competition. As of now, we have planned for the possibility of year over year declines in our pricing. However, we continue to actively engage with various third parties who are monitoring this important topic and working with various groups to address.

其次，鋼管持續面臨進口競爭的壓力。到目前為止，我們已經計劃好定價可能會逐年下降。然而，我們繼續積極與各個第三方合作，他們正在監控這個重要主題並與各個團體合作解決這個問題。

With that, I'll turn it back to Bill to give an update on our business including our strategic initiatives.

接下來，我將把它轉回給比爾，介紹我們業務的最新情況，包括我們的策略性舉措。

Thanks, John. Turning to slide 13, whether you've been following us for many years or are relatively new to our story. We want to take this opportunity to highlight Atkores' compelling value proposition since our IPO in 2016, Atkore has made tremendous progress, reshaping and creating our identity.

謝謝，約翰。轉向幻燈片 13，無論您已經關注我們很多年還是對我們的故事相對陌生。我們希望藉此機會強調 Atkores 引人注目的價值主張，自 2016 年首次公開募股以來，Atkore 取得了巨大進步，重塑和創造了我們的形象。

We maintain a strong financial profile, diverse product portfolio supported by strong secular tailwinds and a disciplined approach to capital deployment focused on returning cash to shareholders. We've invested heavily both inorganically and organically to position the company for the future.

我們保持著強勁的財務狀況、多樣化的產品組合，並受到強大的長期順風的支持，以及專注於向股東返還現金的嚴格的資本部署方法。我們在無機和有機方面進行了大量投資，為公司的未來定位。

Slide 14 summarizes the strength of our financial profile. Our cash flow generation has always been a strength which helps support a healthy balance sheet. Our liquidity provides the foundation that enables us to execute key strategic opportunities while returning capital to shareholders.

投影片 14 總結了我們的財務狀況。我們的現金流產生一直是有助於支持健康資產負債表的優勢。我們的流動性為我們執行關鍵策略機會、同時向股東返還資本奠定了基礎。

Turning to slide 15. Our portfolio is structured to grow with the market and in certain instances grow at a faster rate. Our extensive portfolio supports growth across a wide variety of construction markets supported by macroeconomic and long term mega trends. Our six regional service centers are strategically located across the US and designed to enable colo capabilities, providing high quality service to our customers.

轉到投影片 15。我們的投資組合的結構是隨著市場的成長而成長，並且在某些情況下以更快的速度成長。我們廣泛的產品組合支持在宏觀經濟和長期大趨勢的支持下，各種建築市場的成長。我們的六個區域服務中心策略性地分佈在美國各地，旨在實現託管能力，為我們的客戶提供高品質的服務。

As with any business, there are evolving dynamics impacting the competitive landscape. Certain product categories are experiencing new or additional capacity competition, whether from imports or domestic expansion. As we monitor these developments, we continue to find opportunities to differentiate ourselves as the customer's first choice.

與任何企業一樣，不斷變化的動態會影響競爭格局。某些產品類別正在經歷新的或額外的產能競爭，無論是來自進口還是國內擴張。在我們監控這些發展的同時，我們不斷尋找機會讓自己脫穎而出，成為客戶的首選。

One example is our ability to expand our manufacturing capabilities into adjacent markets such as waterworks and plumbing for PVC and HDPE piping products. Having a national footprint has been a key to success with our electrical PVC conduit business. Historically, our participation in water related end markets was very narrow and represented a small geographical presence growing outside of current radius requires further investment in which we've begun further with a substantial portion of our products related to electrical infrastructure.

一個例子是我們有能力將製造能力擴展到鄰近市場，例如 PVC 和 HDPE 管道產品的自來水廠和管道系統。覆蓋全國是我們電氣 PVC 導管業務成功的關鍵。從歷史上看，我們對水相關終端市場的參與非常狹窄，並且代表著在當前半徑之外增長的小地理存在，需要進一步的投資，其中我們已經開始進一步投資與電力基礎設施相關的大部分產品。

Atkore is well positioned to support electrification, megatrends that are driving the construction of data centers chip manufacturing plants and other global mega projects, Atkore construction services team has been expanding its ability to support these global mega projects by leading with our globally recognized unit brand.

Atkore 處於有利地位，可以支持電氣化、推動資料中心晶片製造廠和其他全球大型專案建設的大趨勢，Atkore 建築服務團隊一直在透過我們全球公認的單位品牌來擴大其支援這些全球大型專案的能力。

Turning to slide 16. While we invest and augment our product and service offerings to capture growth opportunities in new markets, we remain well positioned to benefit from the strong secular trends related to the need for more electrical infrastructure. These trends are supported by large government stimulus programs, some of which have a multiyear funding horizon.

轉到投影片 16。雖然我們投資並增強我們的產品和服務以抓住新市場的成長機會，但我們仍處於有利位置，可以從與更多電力基礎設施需求相關的強勁長期趨勢中受益。這些趨勢得到了大型政府刺激計劃的支持，其中一些計劃具有多年的融資期限。

Turning to slide 17, to meet the growing need for data storage, developers have steadily increased capacity of new data centers. Modern data centers are often 10 times the low capacity of existing data centers which is crucial for the continued growth in generative AI. Bloomberg Intelligence has projected the generative AI market to grow to $1.3 trillion over the next 10 years from a market size of just $40 billion in 2022.

轉向投影片 17，為了滿足不斷增長的資料儲存需求，開發人員穩步增加了新資料中心的容量。現代資料中心的容量通常是現有資料中心低容量的 10 倍，這對於產生人工智慧的持續成長至關重要。彭博資訊 (Bloomberg Intelligence) 預計，未來 10 年，生成式 AI 市場將從 2022 年的 400 億美元成長到 1.3 兆美元。

In FY25 alone, Dodge Construction Network expects data centers to grow by 15% in terms of square footage and 20% in terms of dollar value in terms of what this means for Atkore. While it's challenging to dimension our precise and market exposure to any category of construction demand for our products generally follows the market as we shared during our previous call, data centers have the highest concentration of Atkore products followed by manufacturing and health care and should be key contributors to our growth expectations for FY25.

僅在 2025 財年，Dodge Construction Network 預計資料中心的面積將成長 15%，以美元價值計算將成長 20%，這對 Atkore 意味著什麼。正如我們在上次電話會議中所分享的那樣，雖然要準確衡量我們對任何類別的建築需求的市場敞口具有挑戰性，但數據中心的Atkore 產品集中度最高，其次是製造和醫療保健，這應該是關鍵我們對 2025 財年成長預期的貢獻。

Turning to slide 19. Our capital employment model has been and will continue to reflect our intention to invest and grow our business with a mindset of returning cash to shareholders.

轉到投影片 19。我們的資本使用模式已經並將繼續反映我們以向股東返還現金的心態投資和發展業務的意圖。

During 5FY24 Atkore's board of directors authorized a quarterly cash dividend, which is an additional element of our capital employment model. We also have been executing on our commitment to return cash to shareholders through a robust buyback program. Since November 2021 we repurchased the equivalent of over 20% of that core stock or over $1.3 billion underscoring our confidence in the future of our business.

在 2024 財年 5 財年，Atkore 董事會批准了季度現金股息，這是我們資本使用模式的另一個要素。我們也一直履行透過穩健的回購計劃向股東返還現金的承諾。自 2021 年 11 月以來，我們回購了超過 20% 的核心股票，價值超過 13 億美元，這突顯了我們對業務未來的信心。

We remain selective in our approach to M&A but are committed to finding opportunities that would further enhance our portfolio. Turning to slide 20. We spent approximately $150 million in capital expenditures in FY24 with over 50% supporting our growth initiatives including those related to solar HDPE and our new RSCs as well as an investment we made in water related product expansion in areas to support the global mega projects.

我們對併購方式保持選擇性，但致力於尋找進一步增強我們投資組合的機會。轉到投影片 20。2024 財年，我們花費了約1.5 億美元的資本支出，其中超過50% 用於支持我們的成長計劃，包括與太陽能HDPE 和新RSC 相關的計劃，以及我們在水相關產品擴展領域進行的投資，以支援全球大型專案。

Looking ahead to FY25, we will continue to invest in these initiatives for water and construction services. Our future investment decisions will be made with a discipline and return on capital mindset.

展望 25 財年，我們將繼續投資這些水務和建築服務措施。我們未來的投資決策將根據紀律和資本回報心態做出。

Turning to slide 21. I'm thrilled to share more detail about our initiatives related to growing our water related end markets through our expansion of PVC and HDPE offerings. As we have highlighted Atkore offers a diversified set of products to serve a variety of construction related end markets. But it is important to underscore that while our products are diversified, they are also complementary.

轉到投影片 21。我很高興能分享更多關於我們透過擴大 PVC 和 HDPE 產品來發展水相關終端市場的舉措的細節。正如我們所強調的，Atkore 提供多樣化的產品來服務各種建築相關的終端市場。但要強調的是，雖然我們的產品多樣化，但它們也是互補的。

Growing our product offerings to meet the needs of water related end markets is an opportunity to further complement and expand our existing portfolio.

增加我們的產品供應以滿足水相關終端市場的需求是進一步補充和擴展我們現有產品組合的機會。

Until now, our existing capabilities enabled us to participate in these markets in a limited way. When we acquired our HDPE assets, we recognized the synergy of offering a broad line of both PVC and HDPE pipe for these new water markets. Our national footprint allows us to reach a broader geography to serve the municipal water works and plumbing markets.

到目前為止，我們現有的能力使我們能夠以有限的方式參與這些市場。當我們收購 HDPE 資產時，我們認識到為這些新水市場提供廣泛的 PVC 和 HDPE 管道的協同效應。我們的足跡遍布全國，使我們能夠覆蓋更廣闊的地域，為市政水廠和管道市場提供服務。

Several of our Atkore products are already benefiting from the funding related to the Infrastructure Investment and Jobs Act and growing our water related products allows us to benefit in an even greater way. Also known as the IIJA. This federal program has authorized $55 billion in federal funding for use in water projects with an emphasis on the replacement of aging water infrastructure. These products also have applications in both residential and commercial plumbing and markets, Dodge construction estimates this end market will grow approximately 6% in FY25.

我們的一些 Atkore 產品已經受益於與《基礎設施投資和就業法案》相關的資金，並且發展我們的水相關產品使我們能夠以更大的方式受益。也稱為 IIJA。該聯邦計劃已授權 550 億美元的聯邦資金用於水利項目，重點是更換老化的水利基礎設施。這些產品也應用於住宅和商業管道和市場，道奇建築預計該終端市場將在 2025 財年增長約 6%。

Turning to slide 22. On prior calls, we've discussed the potential to leverage our legacy construction services business to participate in a unique way with global mega projects. As we enter FY25 we have better line of sight for these opportunities.

轉到投影片 22。在先前的電話會議中，我們討論了利用我們的傳統建築服務業務以獨特的方式參與全球大型專案的潛力。當我們進入 25 財年時，我們對這些機會有了更好的視野。

We have made certain investments to support these global mega projects including offsite manufacturing operations by leveraging Atkores' global manufacturing footprint, legacy design and engineering services. We are able to utilize off site manufacturing to construct scalable modular designs which can then be installed efficiently.

我們已經進行了一定的投資來支持這些全球大型項目，包括利用 Atkores 的全球製造足跡、傳統設計和工程服務進行異地製造營運。我們能夠利用場外製造來建造可擴展的模組化設計，然後可以有效地安裝。

The team has done a tremendous job growing Atkore presence with some of the most recognized companies in the world supporting both data centers and chip companies.

該團隊在擴大 Atkore 業務方面做出了巨大的努力，與世界上一些最受認可的公司合作，為資料中心和晶片公司提供支援。

Turning to slide 23, while we have navigated various challenges in FY24 we remain focused on our core business, our strategic growth initiatives, future capital employment and productivity opportunities. As with future projections, there are various factors which could possibly impact our year beyond what we initially outlined as well as potential challenges that could materialize over the course of the year. These topics outlined here provide insight on what we are actively monitoring and the associated impact it may have on our adjusted EPS.

轉向投影片 23，雖然我們在 2024 財年克服了各種挑戰，但我們仍然專注於我們的核心業務、策略成長計畫、未來的資本利用和生產力機會。與未來的預測一樣，有多種因素可能會影響我們這一年，超越我們最初概述的範圍，以及在這一年中可能出現的潛在挑戰。這裡概述的這些主題讓我們深入了解我們正在積極監控的內容及其可能對我們調整後的每股盈餘產生的相關影響。

As we discussed earlier, our price versus cost assumptions reflect various competitive dynamics including new domestic competition and continued impacts from imported products. However, we believe there is the possibility that pricing could stabilize and potentially improve with the clarity on the allowable import population.

正如我們之前討論的，我們的價格與成本假設反映了各種競爭動態，包括新的國內競爭和進口產品的持續影響。然而，我們認為，隨著允許進口人口的明確，定價有可能穩定並可能改善。

Our volume expectations could have additional upside if certain end markets, specifically single-family, multi-family hospital construction begins to rebound. We believe we're in a great position to benefit from the incremental volume.

如果某些終端市場，特別是單戶、多戶醫院建設開始反彈，我們的銷售預期可能會進一步上漲。我們相信我們處於有利位置，可以從增量中受益。

Several of these end markets have been impacted by a higher interest rate environment over the past several years as interest rates begin to decline, we will be watching third party construction data for meeting indicators for these end markets.

隨著利率開始下降，其中一些終端市場在過去幾年中受到了較高利率環境的影響，我們將專注於第三方建築數據以滿足這些終端市場的指標。

Finally turning to slide 24, I can't emphasize enough Atkores' outstanding financial profile and differentiated product portfolio making us a compelling investment opportunity. Our primary focus continues to be on serving our customers and creating shareholder value. John and I as well as the entire management team are proud of what we've accomplished in the past several years.

最後轉向投影片 24，我無法充分強調 Atkores 出色的財務狀況和差異化的產品組合，使我們成為一個引人注目的投資機會。我們的主要重點仍然是服務客戶和創造股東價值。約翰和我以及整個管理團隊對我們在過去幾年所取得的成就感到自豪。

More importantly, however, we recognize that there's still a lot of work to be done. Our commitment to strategy people and process is the framework for how we move forward and continue Atkore's strong trajectory.

但更重要的是，我們認識到仍有大量工作要做。我們對策略人員和流程的承諾是我們前進並延續 Atkore 強勁發展軌蹟的框架。

With that, we'll turn it over to the operator to open the line for questions.

這樣，我們將把它交給接線員來打開提問線路。

(Operator instructions)

（操作員說明）

David Tarantino, KeyBanc Capital Markets.

大衛‧塔倫提諾 (David Tarantino)，KeyBanc 資本市場。

Hey, good morning everyone.

嘿，大家早安。

Good morning, David.

早安，大衛。

Maybe just to start out on pricing. Could you frame for us the drivers of the change in the pricing headwinds versus the prior framework looks like $70 million more pricing pressure than previously expected. And then maybe on that, it looks like the guide implies that input costs remain a headwind. Where are you seeing the input cost changes becoming more acute?

也許只是從定價開始。您能否為我們描述一下定價逆風變化的驅動因素，與先前的框架相比，定價壓力似乎比之前預期的多了 7000 萬美元。然後也許在這一點上，指南似乎暗示投入成本仍然是一個阻力。您認為哪裡的投入成本變化變得更劇烈？

Yeah, let me start David here on the pricing change versus the prior expectation. And then I think Bill can give some of the other dynamics as well. I'd say that it's an extrapolation here. As we look forward, we see potential for further degradation than initially anticipated on the PVC electrical conduit side, we talked about some new entrants coming into the market and we've seen some softness even beyond prior expectations in the fourth quarter. And on the Steel Conduit side, we've continued to see some declines in the fourth quarter and here in the start of the fiscal 2025 as well.

是的，讓我先向大衛介紹一下價格變動與之前的預期。然後我認為比爾也可以提供一些其他的動力。我想說這是一個推論。展望未來，我們認為 PVC 電氣導管方面有比最初預期進一步惡化的潛力，我們談到了一些新進入者進入市場，我們看到第四季度的一些疲軟甚至超出了先前的預期。在鋼管方面，我們在第四季和 2025 財年伊始繼續看到一些下降。

Now we do anticipate those to potentially moderate and there could be some potential benefits from whether it's government intervention and things like that could be a benefit. But those largely wouldn't occur until the back half of the year and then into the, into fiscal 2026 from a steel perspective. So those are, you know that those are probably the two material changes here versus the prior expectation but largely driven more on the PVC side.

現在我們確實預計這些可能會有所緩和，並且無論是政府乾預還是類似的事情都可能帶來一些潛在的好處。但從鋼鐵的角度來看，這些基本上要到今年下半年才會發生，然後到 2026 財年才會發生。所以，你知道，與之前的預期相比，這可能是兩個重大變化，但很大程度上是在 PVC 方面推動的。

I was just going to add, John gave the same answer David versus follow-up question with as we said in our prepared remarks and John just said, what's changed, for example, at PVC is since we've had our earnings call, I think at the beginning of August, as we have been, you know, informed that other people are starting factories in the States and there's still a slight increase in imports coming in.

我只是想補充一點，約翰給出了與大衛和後續問題相同的答案，正如我們在準備好的發言中所說的那樣，約翰只是說，例如，自從我們召開財報電話會議以來，PVC 發生了變化，我想想八月初，我們已經獲悉其他人正在美國開設工廠，而且進口量仍然略有增加。

So what we want to do is get the numbers out here that, you know, anticipating those things so that we don't, you know, as we know information, we communicated it and therefore from here, hopefully we're ready to, you know, run our game plan.

所以我們想要做的就是把這些數字公佈出來，你知道，預測這些事情，這樣我們就不會，你知道，因為我們知道信息，所以我們傳達了它，因此從這裡開始，希望我們準備好，你知道，執行我們的遊戲計劃。

Okay, great. Then maybe to follow up on the volume assumptions. I guess how much of the growth is just driven by the ad markets versus some of the internal initiatives like solar torque tubes.

好的，太好了。然後也許會跟進交易量假設。我猜有多少成長是由廣告市場推動的，而不是太陽能扭力管等一些內部舉措。

Yeah, I think I'm going to split it 50-50. In other words, to go, if we say low to mid-single digits, the markets, we are anticipating to grow low single digits. I mean, I could look at a lot of things from you by now with us being the last basically to report you see all the distribution out there. I'm going to basically say flat, I could almost walk without naming names with different ones. And you know, you look at ABI that for the first time ever in 20 months, just broke 50. That right now it's a very slow market, but there's probably some growth going into next year. And then from there it's really Atkore but from, as you just mentioned, solar with Hobart that the operation, I'll jump. Probably other people's questions coming up that is running well to all the things we discovered about that. I'm pretty, we have challenges here in pricing, but I'm pretty ecstatic about where we can take this with.

是的，我想我會按 50 比 50 平分。換句話說，如果我們說低至中個位數，市場預計將成長低個位數。我的意思是，到目前為止，我可以從您那裡看到很多東西，我們基本上是最後一個報告您看到所有發行版的人。我基本上會說平坦，我幾乎可以走路而無需用不同的名字命名。你知道，你看看 ABI，這是 20 個月來首次突破 50。目前，這是一個非常緩慢的市場，但明年可能會出現一些成長。然後從那裡開始，它真的是Atkore，但正如你剛才提到的，太陽能與霍巴特的操作，我會跳下去。可能其他人提出的問題與我們發現的所有問題都很吻合。我很漂亮，我們在定價方面面臨挑戰，但我對我們可以把它帶到哪裡感到非常欣喜。

So we're picking up now water things where we develop the products and now it's in the sales and the global mega projects. A lot of these things like global mega projects, I think kick in more in the, you know, we're starting to get backlog and a huge quote backlog and some wins. But you know, again, these things will probably take off more in the summertime where we start seeing revenue and so forth. But there are the reasons we will, we definitely anticipate growing faster in the market by at least a couple of 100 basis points.

因此，我們現在正在開發產品，現在正在銷售和全球大型專案中。很多這樣的事情，例如全球大型項目，我認為更多的是，你知道，我們開始積壓和大量的報價積壓和一些勝利。但你知道，這些東西可能會在夏季得到更多的發展，我們開始看到收入等等。但我們有理由這麼做，我們肯定預期市場成長速度至少會加快 100 個基點。

Dean Dray, RBC.

迪恩德雷，加拿大皇家銀行。

Thanks. Good morning everyone.

謝謝。大家早安。

Hey, good morning, Dean.

嘿，早上好，迪恩。

I want to follow up these same lines of questions and hopefully add a little more precision if we could. So look, it's always a good sign when new competitors come in from a perspective of you're in an attractive market and you're getting returns otherwise you wouldn't see people coming into the market.

我想跟進這些相同的問題，並希望如果可以的話可以增加一點精確度。所以看，當新的競爭對手進入時，從你處於一個有吸引力的市場並且你獲得回報的角度來看，這總是一個好兆頭，否則你不會看到人們進入市場。

So that part's not too surprising. But can you just, what are you expecting in terms of percent new capacity from this competition? Is it one competitor or two competitors? But from what your market intelligence gives you today, how much new capacity in PVC would be coming online?

所以這部分並不太令人驚訝。但是，您對本次競爭的新增產能百分比有何期望？是一個競爭對手還是兩個競爭對手？但根據您今天提供的市場情報，將會有多少 PVC 新增產能上線？

I'll try to wing it dean, but I'll be real high level with. Unfortunately, my competition doesn't tell me about where they're starting factories up and so forth.

我會盡力配合院長，但我會表現得非常高水準。不幸的是，我的競爭對手沒有告訴我他們在哪裡開設工廠等等。

Here's and I don't want to name one specific one. But, you know, if you assume we have eight or nine factories, our next two largest have four, you know, again, different sizes you probably have and you go down the pecking order like 25-30 facilities I perceive with one person it's at least three maybe eventually going to 4 of the facility seems pretty large to me from. But again, how much of that space, how many lines you're putting in. But if I adjusted that, Dean with that one, maybe it's a 10% with a ramp up, but then you have imports, not growing, just sharing here. Again, I think we're always as transparent but imports that were 3% maybe growing to 5%, 7%.

這是，我不想說出具體的一個。但是，你知道，如果你假設我們有八個或九個工廠，我們接下來的兩個最大的工廠有四個，你知道，你可能有不同的規模，並且你按照啄食順序排列，就像我認為一個人有25-30 個工廠一樣。但同樣，你要放置多少空間、多少行。但如果我調整這一點，Dean 對此進行了調整，也許會增加 10%，但你會進口，不會成長，只是在這裡分享。再說一次，我認為我們一直都是透明的，但進口量從 3% 可能會成長到 5%、7%。

So is an extra 15%. It's not a massive amount. I don't want to do that. But Dean, as you go into the next year, it's just that this, the price challenge more than the volume challenge is that those competitors, you know, try to sell the product they make. And that's why Dean almost to David's last question. When you sat here, I'll just be blunt and said, hey, we think it's around $650 million. Now we're saying $550 million is I'm as much as I can. I'm tired of saying, oh, there's a new dynamic. So as soon as we figure this out, we're getting in front of this and now I do want to switch gears and go. I'm excited about a lot of our capital investments are now in the sales and i.e., water products are up, solar products are up, global mega projects are running and now let's go start taking not just share, but let's start adding value for our shareholders after years of capital investment.

額外的 15% 也是如此。這不是一個大數目。我不想那樣做。但是迪恩，當你進入明年時，價格挑戰比銷售挑戰更大的是那些競爭對手，你知道，試圖銷售他們生產的產品。這就是為什麼迪恩幾乎要回答大衛的最後一個問題。當你坐在這裡時，我會直言不諱地說，嘿，我們認為大約是 6.5 億美元。現在我們說 5.5 億美元是我力所能及的。我厭倦了說，哦，有新的動態。因此，一旦我們弄清楚了這一點，我們就已經走到了這一步，現在我確實想換個方向，然後繼續前進。我很高興我們的大量資本投資現在都在銷售中，即水產品上漲，太陽能產品上漲，全球大型項目正在運行，現在我們不僅要開始分享，還要開始為以下產品增加價值：我們的股東經過多年的資本投資。

I just want to clarify because it sounded like as you were talking about the bridge between the $650 million the $550 million midpoint and you said you didn't want to be coming back, say, hey, there's a new dynamic. So does that $550 million give you some cushion for, you know, other kind of dynamics that could come up during the course of fiscal '25?

我只是想澄清一下，因為聽起來就像你在談論 6.5 億美元和 5.5 億美元中點之間的橋樑，你說你不想回來，比如說，嘿，有一個新的動態。那麼，這 5.5 億美元是否可以為您在 25 財年期間可能出現的其他動態提供一些緩衝？

Yeah, let me jump in here, go down that path and I just -- wanted to get that. It's a fair question. So just to be clear slide, 10 has $475 million to $525 million. As the range for FY25 adjusted EBITDA, look out midpoint that at the $500 million it is down versus the $650 million, I think Bill is being clear here. I mean, we're working with the teams. What we are trying to do is get a very realistic but also, very forward-looking view on what the rest of the year looks like. From our perspective here, you know, we did have a change here versus the fourth quarter, which is a, you know, a relatively short amount of time.

是的，讓我跳到這裡，沿著那條路走下去，我只是 - 想要得到它。這是一個公平的問題。因此，為了清楚起見，10 的價值為 4.75 億至 5.25 億美元。至於 25 財年調整後 EBITDA 的範圍，請留意中點，與 6.5 億美元相比，它下降了 5 億美元，我認為比爾在這裡很清楚。我的意思是，我們正在與團隊合作。我們正在努力做的是對今年剩餘時間的情況有一個非常現實但又非常前瞻性的看法。從我們的角度來看，你知道，與第四季度相比，我們確實發生了變化，這是一個相對較短的時間。

We don't want to be coming back hopefully in future quarters. But that being said, we do only have two weeks of backlog on several of these product lines and they change pretty regularly, but we're trying to extrapolate forward as best we can, but those are the dynamics we have.

我們不想在未來幾季滿懷希望地回來。但話雖這麼說，我們的其中幾個產品線只有兩週的積壓，而且它們的變化相當頻繁，但我們正在盡力向前推斷，但這些就是我們所擁有的動態。

So I in no way, I don't, I think our guide is balanced and I think we are, you know, there's a lot of things that still have to hit here. You know, we do have some a ramp built in here into the back half that, that as Bill mentioned, you know, these new products, they're operational, the teams have done a great job. Now, we've got to make sure we execute both operationally and commercially.

所以我絕對不會，我認為我們的指南是平衡的，我認為我們是，你知道，這裡仍然有很多事情需要解決。你知道，我們確實在後半部分內置了一些坡道，正如比爾所提到的，你知道，這些新產品正在運行，團隊做得很好。現在，我們必須確保我們在營運和商業上都執行。

Yeah, and Dean, I'm just going to not repeat John, but say it is a balanced number and obviously we have to grow profits in the second half. Now in a normal year volumes come up obviously we'll still have some price win if you almost selected a sequential quarter over quarter. But then, besides, it is a balanced number is, you know, page 23 we try to document in the deck. What are, you know, what are the things that could make it stronger? What are the things that, you know, if we get hit with more than we anticipate and so forth? So, but I'll turn it back over to you, sir.

是的，迪恩，我不想重複約翰的話，而是說這是一個平衡的數字，顯然我們必須在下半年增加利潤。現在，在正常年份，銷量顯然會上升，如果您幾乎選擇逐季連續銷售，我們仍然會獲得一些價格優勢。但除此之外，這是一個平衡的數字，你知道，我們嘗試在甲板上記錄第 23 頁。你知道什麼是可以讓它變得更強的東西嗎？你知道，如果我們受到的打擊超出了我們的預期，會發生什麼事？所以，但我會把它轉回給你，先生。

All right. That was exactly the color around your thinking into that reset guide and just last one for me and I believe you made a reference to the import. So when you say import, I'm thinking steel and so very explicitly is the Mexican steel percent. Did that go up? It was a like low single digit and then last quarter surprised it's 20%. Did it go above that? Where does that stand?

好的。這正是您對重置指南的思考的顏色，也是我的最後一個指南，我相信您提到了導入。因此，當您說進口時，我指的是鋼鐵，因此非常明確的是墨西哥鋼鐵百分比。那漲了嗎？這是一個低個位數的數字，但上個季度令人驚訝地達到了 20%。是否超出了這個範圍？這在哪裡？

No, I apologize, Dean, I was answering for PVC. So I'll go through both again in the spirit of transparency with also, as we say, the percents realize for there's even what's in the denominator first before I get your answer. Like we don't know exactly what's the PVC market? We have to guess there's nobody the best guess we actually get just sharing is resin manufacturers will say how much and conglomerate they sell, for example, into PVC pipe.

不，我很抱歉，Dean，我是在為 PVC 負責。因此，我將本著透明的精神再次討論這兩個問題，正如我們所說，在我得到你的答案之前，百分比會首先意識到分母中的內容。就像我們不知道PVC市場到底是什麼？我們必須猜測，我們實際上分享的最佳猜測是，樹脂製造商會說他們銷售了多少產品和產品，例如 PVC 管。

And then it's us trying to extrapolate how much of the market's municipal pipe versus plumbing. So all these are estimates. But for Seal Conduit, I would still keep with the following things. Mexico itself, which is the primary driver is around 20% maybe slightly above because they're still growing. And then all imports are probably a little of steel are probably a little bit less than 25% because there are, for example, China imports and stuff like that.

然後我們試圖推斷市場上市政管道與管道系統的份額。所以所有這些都是估計。但對於 Seal Conduit，我仍然會堅持以下幾點。作為主要驅動力的墨西哥本身的成長率約為 20%，可能略高一些，因為它們仍在成長。然後，所有進口可能都是少量鋼鐵，可能略低於 25%，因為例如有中國進口和類似的東西。

Now, recently, now I'm starting to pre exactly when, when the Biden administration added an extra 25% tariff with 301 tariffs, it's up to 50. It feels like for the last couple of months as I would predict that like China, the [Yondu] coming in has dropped. So overall though Dean, slightly above 20% all things considered maybe in at max 25% from what we can tell. But below that, it.

現在，最近，現在我開始預測具體什麼時候，拜登政府額外加徵25%的關稅，301項關稅，達到50項。感覺就像我預測的那樣，在過去的幾個月裡，像中國一樣，[Yondu] 的數量有所下降。因此，總體而言，Dean 認為略高於 20%，據我們所知，所有考慮的因素最多可能在 25% 之內。但在那之下，它。

Was right on here, Dean, we saw a little bit and I think this is in, there's us government data, other data around the imports. We saw a little slight tick down on the imports in totality for steel Conduit in the month of September. But by and large, they were up, you know, several hundred basis points year over year between '23 to '24.

迪恩，就在這裡，我們看到了一點，我認為這是美國政府數據，以及有關進口的其他數據。我們發現 9 月鋼管進口總量略有下降。但總的來說，你知道，在 23 年至 24 年間，它們比去年同期上漲了數百個基點。

So hopefully that month, over month down, year, over year up and then again, just before I go to PVC was really a genesis of your question is the latest date is September. So you know, as we're sitting here in November, you know, we, we use and communicate the information that we have available. What I was referencing Dean is, it's a lot less imports, but there is PVC imports.

所以希望那個月，一個月下來，一年，一年，然後再一次，就在我去 PVC 之前，這確實是你問題的起源，最晚的日期是 9 月。所以你知道，當我們在 11 月坐在這裡時，你知道，我們使用並傳達我們所掌握的訊息。我指的是迪安，進口量少了很多，但有 PVC 進口。

Dean and I'll try to bridge you that's been covering Atkore and the [TCOS] and so forth, obviously for well over a decade is if you go back in the day, Dean, I know something you referenced like, hey, you have to have an Atkore, has this advantage where we have like nine facilities across the country, we can serve and deliver in two days.

Dean 和我會盡力為您架起橋樑，報道 Atkore 和 [TCOS] 等等，顯然十多年來，如果您回到過去，Dean，我知道您提到過的一些事情，例如，嘿，您有擁有Atkore 具有這樣的優勢，我們在全國各地擁有九個設施，我們可以在兩天內提供服務和交付。

And when PVC margins were in the low, mid-single digits, you had to be within five or 700 miles. But if it is, and I'm making up a number 30% margin versus low-teens, a competitor could use that extra 10% to ship in. Now, obviously, as pricing drops that becomes less economically feasible. But we do see, for example, some imports coming from Colombia and Dominican Republic and a couple of other countries. And that's where a reference low single digits probably getting to mid-single digits here.

當 PVC 利潤處於中低個位數時，您必須在 5 或 700 英里以內。但如果是這樣，而且我的利潤率是 30%，而我的利潤率只有 10%，那麼競爭對手就可以使用這額外的 10% 來出貨。現在，顯然，隨著價格下降，這在經濟上變得不那麼可行。但我們確實看到，例如，一些進口來自哥倫比亞和多明尼加共和國以及其他幾個國家。這就是參考低個位數可能達到中個位數的地方。

And then what we don't know that we don't have baked into the formula back to page 23, is what the new administration will do with tariffs. And I kind of tongue in cheek if anyone knows precisely. Please let me know, but that's, you know, changing by who's in treasury and commerce and every talking head on that one.

然後，我們不知道新政府將如何處理關稅，因為我們沒有將其納入第 23 頁的公式中。如果有人確切知道的話，我會開玩笑。請告訴我，但是，你知道，這會隨著財政部和商業部門的人員以及每個人的談論而改變。

So we do not really have any tariff assumption in these forecasts, but I also think I'm going down a tariff thing to go. Does it happen or is it a negotiating thing to get other things solved? Is it 90 days out from the start? What percent is it? What product? So we at least think it's the most logical thing to not include terrors other than a callout that that could be an upside and it could bring optimism from year over year as we get into FY26. Not that I want to start giving those type of guides at this point.

因此，我們在這些預測中實際上並沒有任何關稅假設，但我也認為我會降低關稅。它是否發生了，還是為了解決其他問題而進行的談判？距離開始還有90天嗎？百分比是多少？什麼產品？因此，我們至少認為，除了強調這可能是一個好處之外，不包括恐懼是最合乎邏輯的事情，而且隨著我們進入 2026 財年，它可能會逐年帶來樂觀情緒。我並不是想在此時開始提供這類指南。

Great. Thank you for all these specifics.

偉大的。感謝您提供所有這些細節。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, good morning guys. Thanks for taking a couple. So maybe just the S&I EBITDA margin you talked about, you know, unanticipated material conversion is that, you know, is that a one quarter thing or is it going to take a couple of quarters to get back, you know, into the double digit range?

嘿，早上好，夥計們。謝謝你帶了幾個。因此，也許您談到的 S&I EBITDA 利潤率，您知道，意外的材料轉換是，您知道，是四分之一的事情還是需要幾個季度才能恢復到兩位數範圍？

I'll get through euphemisms here. So what happened? Or again, the majority, there's always a couple of other factors is with like a new factory like Hobart with our materials. We take the steel and then we spray or dip it and so forth and zinc which galvanizes it having exactly fine-tuned to 1000th of an inch. How much colonization zinc goes on? Our product is something we fine tune and it's not something you can cycle count every day when you have a swimming pool size of zinc.

我將在這裡解釋一下委婉說法。那麼發生了什麼事？或者再說一遍，大多數情況下，總有一些其他因素與像霍巴特這樣的新工廠使用我們的材料有關。我們採用鋼材，然後對其進行噴塗或浸塗等處理，然後對鋼材進行鍍鋅，精確調整到千分之一英寸。鋅的殖民化程度如何？我們的產品是我們微調的產品，當您擁有游泳池大小的鋅時，它不是您可以每天循環計數的產品。

So, which is an expensive material. So honestly, when we went through, did our physical inventory throughout the year, we probably were slightly missing on how much zinc was being consumed. We caught it up. So good news here, I mean, it's real but good news is reported in this quarter.

所以，這是一種昂貴的材料。所以說實話，當我們進行全年的實體庫存時，我們可能稍微遺漏了鋅的消耗量。我們抓住了它。我的意思是，這裡有好消息，這是真實的，但本季報導了好消息。

And no, it's not an issue that we're, I mean, we're still making sure we do a better job of exactly what zinc supply. How do we forecast this? You know, so our accounting team is doing those type of things but no, it's a onetime event.

不，這不是我們的問題，我的意思是，我們仍在確保我們在鋅供應方面做得更好。我們如何預測這一點？你知道，我們的會計團隊正在做這類事情，但不是，這是一次性事件。

Got it. So further interest rate cuts, certainly less of a certainty today than perhaps a couple of months ago. What the interest rate assumption embedded in the, in the current guide?

知道了。因此，進一步降息的可能性肯定不如幾個月前。目前指南中包含哪些利率假設？

Yeah, it's a fair question, Chris, I mean, I think where we're expecting to Bill's point is that the market for the core electrical products, I'd say, you know, is expected to grow low single digits. And I think that's reflective of kind of the interest rate environment that people are projecting. So there isn't a single built in, you know, fed funds right here into the forecast, but generally what we're seeing now that there is some clarity around the administration in the election.

是的，這是一個公平的問題，克里斯，我的意思是，我認為我們對比爾觀點的期望是，我想說的是，核心電氣產品的市場預計將以較低的個位數成長。我認為這反映了人們預測的利率環境。因此，您知道，預測中並沒有內建聯邦基金，但總的來說，我們現在看到的是，選舉中的政府有一些清晰的情況。

There's probably maybe less clarity here on what what's happening with interest rates but, but activity does seem to be picking up as Bill mentioned. We're seeing some progress on the ABI and you have some other items that are not as interest rate sensitive, you know, municipal water projects, the global mega projects, things like that. So there's a dynamic between areas of the market that are interest rate sensitive in areas that are less sensitivity to that.

關於利率的變化可能不太清楚，但正如比爾所提到的那樣，活動似乎正在回升。我們看到 ABI 取得了一些進展，還有其他一些對利率不那麼敏感的項目，例如市政供水項目、全球大型項目等。因此，對利率敏感的市場領域和對利率不太敏感的市場領域之間存在著動態變化。

Got it. I appreciate that. And maybe more, more big picture. Let me just talk about the puts and takes, you know, as to why fiscal '25 you know, could be the bottom from a revenue and adjusted EBITDA standpoint.

知道了。我很欣賞這一點。也許還有更多、更大的圖像。讓我談談看漲期權和看跌期權，以及為什麼從收入和調整後 EBITDA 的角度來看，25 財年可能是底部。

Yeah, great question here. So I do think it is but again, we're not here to get '26 guide. So several factors on pricing for and again, pros and cons if we have pricing declines this year for PVC and or any other product as you get to '26 implicitly, even if it levels off there is that year over year decline. So it wouldn't surprise me when we get to Q1 of '26 to have a negative price even if it levels off because it's a year over year comp that said the things that should help or the filing at some point as pricing goes down, it will void of new competitors in PVC.

是的，這是一個很好的問題。所以我確實認為是這樣，但我們再次強調，我們不是來獲取 '26 指南的。因此，如果到了 26 年，今年 PVC 和/或任何其他產品的定價會下降，那麼影響定價的幾個因素就會有利弊，即使它與去年同期相比趨於平穩。因此，當我們到26 年第一季出現負價格時，即使價格趨於平穩，我也不會感到驚訝，因為這是逐年比較，表明了隨著價格下降而在某個時候應該有所幫助的事情或備案，它將消除 PVC 領域的新競爭對手。

It will, as Dean mentioned, it's an attractive market at some point for importers. It just doesn't become as feasible as the price declines. There's also some, well, we don't have it built in this year whether the new administration puts in 25% tariffs higher on China for some products, you know, 10% all the different things that we all read. I mean, it's what I read when I go to bed and I use, what's the thoughts on tariffs and different administration? Leaders of cabinets is that should help domestic manufacturing, which will be significant for us from there.

正如迪恩所說，在某些時候這對進口商來說是一個有吸引力的市場。隨著價格的下降，它變得不那麼可行。還有一些，嗯，我們今年還沒有確定新政府是否對中國某些產品徵收 25% 的關稅，你知道，10%，我們都讀過的所有不同的東西。我的意思是，這是我睡覺時閱讀和使用的內容，對關稅和不同管理有何想法？櫥櫃領導者認為這應該有助於國內製造業，這對我們來說意義重大。

I truly believe as we go forward, this is the year and then going into FY26. And you'll see in the second half of this year where everything we walk through the water products, we basically have extrusion lines up, they're ready. It's now in sales hand, some have asked or I interjected Hobart is running well, can always like any plan continuous improvement for our solar.

我堅信，隨著我們前進，今年將進入 2026 財年。你會在今年下半年看到我們處理水產品的所有事情，我們基本上都有擠出生產線，它們已經準備好了。它現在在銷售手中，有些人問或我插話霍巴特運作良好，總是可以像任何計劃一樣持續改進我們的太陽能。

So now clearly in our business reviews, the salesperson knows it's in his hands to go get additional sales, global mega projects. I probably wouldn't have called out specifics. But I actually thought by now there have been a very large job that we're like very competent of that would win. Again, that goes into the end of '25 mostly into '26 but it would be nice to have that in our backlog here. And then also for things, even as I say, as small as the regional service centers with our ability to co load as we called out in the prepared remarks, you know, we've made the investments now.

因此，現在在我們的業務審查中，銷售人員清楚地知道，獲得額外銷售和全球大型專案的任務掌握在他的手中。我可能不會說出具體細節。但我實際上認為，到目前為止，我們非常有能力勝任一項非常大的工作。同樣，這會在 25 年末大部分進入 26 年，但如果能將其放在我們的積壓工作中就好了。然後，正如我在準備好的演講中所呼籲的那樣，對於像區域服務中心這樣小的事情，我們有能力共同承擔，你知道，我們現在已經進行了投資。

Now it's okay. We got to get the customer promise and getting these products delivered or shipped in two days. Having the regional footprint is excellent. And then a different way, Chris to think about this is if you look at the last couple years of CapEx, we did know pricing was declining. Now, obviously, it's declined more in this coming year than we expected. But back in the middle of COVID, we purposely made these investments and now they're starting to pay off and indirectly to go. That's why we have a guide on CapEx that's significantly lower than previous years and 100 to 125 because the investments have been made, the products are up. I mean, there's still more tweaking.

現在沒關係了。我們必須得到客戶的承諾，並在兩天內交付或運送這些產品。擁有區域足跡非常好。然後，克里斯以不同的方式思考這個問題，如果你看看過去幾年的資本支出，我們確實知道定價正在下降。現在，顯然，來年的下降幅度比我們預期的還要大。但在新冠疫情期間，我們特意進行了這些投資，現在它們開始獲得回報，並間接得到回報。這就是為什麼我們的資本支出指南顯著低於前幾年的 100 到 125，因為投資已經完成，產品也在增加。我的意思是，還有更多調整。

There's, you know, we have a CapEx chart, but it's now team who is accountable, the Atkore business system, get the right people with the right metrics and accountability and let's start moving forward. And I think we're well positioned as we go into the second half of the year and into FY26 to make those things occur.

你知道，我們有一個資本支出圖表，但現在是負責的團隊，Atkore 業務系統，讓合適的人有正確的指標和責任，讓我們開始前進。我認為，在進入今年下半年和 2026 財年時，我們已做好充分準備來實現這些目標。

I appreciate it very helpful. I'll jump back in line.

我很感激它非常有幫助。我會跳回隊列。

Chris Dankert, Loop Capital.

克里斯·丹克特，Loop Capital。

Hey morning guys for taking the questions. I don't think it's the base case here, but how do we think about the, the Hobart facility in the context of there, of there being some pressure to roll back the IRA, you know, can Hobart be profitable without those incentives or how do we think about that?

大家早安，歡迎提問。我不認為這是這裡的基本情況，但我們如何考慮霍巴特設施，在這種情況下，存在一些回滾愛爾蘭共和軍的壓力，你知道，如果沒有這些激勵措施，霍巴特可以盈利嗎？對此有何看法？

Yeah. Awesome question. Well, every question has been great, but absolutely so good or bad. We actually started the Hobart facility before the IRA ever came into place. So and so it was called on the cake getting that. Now, what I would claim is with all the pain that our financial teams and you guys have modelled over the year with solar tax credits. The majority of that has actually been passed on to the that make their raise and to the end customer.

是的。很棒的問題。嗯，每個問題都很好，但絕對是好是壞。實際上，我們在愛爾蘭共和軍成立之前就已經在霍巴特建立了設施。某某某某稱得上是小菜一碟。現在，我要說的是，我們的財務團隊和你們在過去一年中透過太陽能稅收抵免建模了所有的痛苦。其中大部分實際上已經轉嫁給了籌集資金的人和最終客戶。

So for us, it's not that large of a thing. You know, we still get some of that then to go where it helped us most, quite frankly was half the market before the IRA was coming from China with the fact that one thing I do feel comfortable with first in the Biden administration is we now have 50% tariffs on products coming from China and I doubt the Trump administration would change that if anything increased it.

所以對我們來說，這並不是什麼大事。你知道，我們仍然得到了一些，然後去對我們最有幫助的地方，坦率地說，在愛爾蘭共和軍來自中國之前，這是市場的一半，事實上，我在拜登政府中首先感到舒服的一件事是我們現在對來自中國的產品徵收 50% 的關稅，我懷疑川普政府是否會改變這一點，如果有什麼提高的話。

So what we needed from that was to make products in the States and therefore everything is still lined up and now the question you're not per se asked is where is the solar array companies? And they're all, not all but several are public and obviously we're dealing with them. You know, there's some short term concerns on getting permits and labor and stuff that, you know, they're each working through but me skimming all their earnings reports and our sales team talking, they're still very comfortable for the, you know, double digit growth going into the years ahead. So of all the different things, it's not my call it top five. It's more without naming my Vice President sales, but for that individual to get out there and let's build a factory.

因此，我們需要的是在美國生產產品，因此一切都還在排隊，現在您本身沒有問的問題是太陽能電池陣列公司在哪裡？它們都是公開的，不是全部，但有幾個是公開的，顯然我們正在與它們打交道。你知道，在獲得許可證和勞動力等方面存在一些短期問題，你知道，他們每個人都在努力解決這些問題，但我瀏覽了他們所有的收益報告和我們的銷售團隊的談話，他們仍然對此感到非常滿意，你知道，未來幾年將實現兩位數的成長。因此，在所有不同的事物中，我不稱之為前五名。更重要的是，沒有指定我的銷售副總裁的名字，而是讓那個人走出去，讓我們建造一家工廠。

Got it. No, that's incredibly helpful color. Thank you for that. And then forgive me if I missed it. But when we're looking at the $250 million of pricing give back in the year, have you delineated it all, you know, PVC versus steel just proportionally how we should think about each piece.

知道了。不，這是非常有用的顏色。謝謝你。如果我錯過了，請原諒我。但是，當我們看到今年 2.5 億美元的定價回報時，您是否已經描述過這一切，您知道，PVC 與鋼只是按比例我們應該如何考慮每件產品。

Chris, are you referencing here in '24 or on the? I think I just want to make sure.

克里斯，你指的是 24 年還是 20 世紀？我想我只是想確定一下。

In '25 that you guys got it for what--

在 25 年，你們得到它是為了——

It's largely on '25 versus yeah, on a '25 versus '24 basis, the price versus cost dynamic built in there is more heavily weighted, significantly heavily weighted towards PVC as opposed to steel. So the dynamic that we're moving forward on here is, is more of an extrapolation as opposed to, you know, exactly what we're seeing in the market today. We're trying to look ahead a little bit on that one here and that's driving that impact.

這主要是在「25」與「24」的基礎上，在「25」與「24」的基礎上，其中內建的價格與成本動態的權重更大，對PVC的權重明顯高於對鋼的權重。因此，我們正在推進的動態更多的是一種推斷，而不是我們今天在市場上看到的情況。我們正在嘗試對這個問題進行一些展望，這正在推動這一影響。

Got it, super helpful. Thanks again guys.

明白了，超有幫助。再次感謝你們。

Alex Rygiel, B. Riley.

亞歷克斯·里吉爾，B.萊利。

Thank you. You touched upon it a little bit so far this morning, but maybe if you can go into a little bit more depth as to your success to date in mega project opportunities and how you see that timeline playing out for future opportunities.

謝謝。今天早上到目前為止，您已經稍微談到了這一點，但也許您可以更深入地了解迄今為止在大型專案機會中所取得的成功，以及您如何看待該時間表對未來機會的影響。

Yeah, I think we're basically on track, which is definitely and I'll give caveats here large double digit growth and we're tied in now again, as I kind of alluded, you know, some all well recognized companies that again, we're hoping to like receive the purchase order anytime they bought, you know, bought models from us to test things out and so forth.

是的，我認為我們基本上走上了正軌，這絕對是，我會在這裡給出警告，我們會再次陷入兩位數的增長，正如我所提到的，你知道，一些眾所周知的公司再次，我們希望在他們購買產品時收到採購訂單，你知道，從我們這裡購買模型來測試等等。

So I think we're committed there so optimistic of the future. And then there, you know, with one, we just have some short term challenges is they're trying to figure out and delay some projects and redesign things, but that should still give, you know, so opportunities for a future.

所以我認為我們對未來充滿樂觀。然後，你知道，我們只是面臨一些短期挑戰，他們正在試圖找出並推遲一些專案並重新設計一些東西，但這仍然應該為未來帶來機會。

So long term, I think we're in a very good spot. You know, I don't know if I can get more specific, but the backlogs up the quote rates up, we have multiple large projects where we, again, we if we don't have the order, but my sales team is marking, you know, from 90% probability here, 75% or some large ones. It's down to two of us. It's 50-50 on which one wins. It, unfortunately, unlike the rest of Atkores' products where John Dyer mentioned, hey, we have a four day backlog and trying to predict how these are things.

從長遠來看，我認為我們處於一個非常好的位置。你知道，我不知道我是否可以提供更具體的信息，但是積壓的報價增加了，我們有多個大型項目，如果我們沒有訂單，但我的銷售團隊正在標記，你知道，從這裡的概率是90%，75%或一些大的機率。這取決於我們兩個人。比數是50-50，誰勝誰負。不幸的是，它與約翰·戴爾提到的 Atkores 的其他產品不同，嘿，我們有四天的積壓，並試圖預測這些事情是如何發生的。

You have to work a year in advance. And then it's a, you know, a 12 week at least bidding process if not longer. And then there's a six month delay before it actually starts up with our stuff. So it's more optimism for FY26 and maybe the back half the very last quarter of FY25. But optimistic.

你必須提前一年工作。然後，你知道，競標過程至少需要 12 週，甚至更長。然後，在我們的產品真正啟動之前，有六個月的延遲。因此，對於 26 財年甚至是 25 財年最後一季的後半段來說，情況更加樂觀。但樂觀。

I think I would just build on that because, you know, if I look at slide 8, the metal framing, cable management and construction services, that's where we have this team that's really focused on these global mega projects, that business grew double digits last year, mid-single digits this year. But I'd say 34 years ago, that was probably, you know, if you stack this page and we did it, you know, that was probably our third or maybe even fourth largest product area.

我想我會以此為基礎，因為，你知道，如果我看一下幻燈片 8，金屬框架、電纜管理和施工服務，我們的團隊真正專注於這些全球大型項目，業務增長了兩位數去年為中個位數，今年為中個位數。但我想說，34 年前，如果你堆疊這個頁面並且我們做到了，那可能是我們的第三大甚至第四大產品領域。

Clearly today, it's our second largest product area right behind the plastics products. It's been growing steadily and then the, the Unistrut brand that we have and we, you know, that visibility we have globally and how we've stepped that business up, you know, incrementally over several years and building that backlog, it's actually been a really nice story.

顯然，今天它是我們的第二大產品領域，僅次於塑膠產品。它一直在穩步增長，然後，我們擁有的 Unistrut 品牌，我們在全球範圍內的知名度，以及我們如何逐步發展該業務，您知道，幾年來逐漸增加並建立了積壓訂單，它實際上是一個非常好的故事。

We look at how we're investing, you know, in the lot of the water projects, you know, those tie into the largest product category here with the plastic. But then the second, you know, other key investment area that we trying to do is inside of this, you know, our second largest product category.

我們著眼於如何投資許多水利項目，這些項目與這裡最大的產品類別塑膠相關。但是，我們試圖做的第二個關鍵投資領域就是我們的第二大產品類別。

So, you know, it's, you know, areas where we have been growing, we have the brands, the ability to win in the future. This is what we're trying to do to combat some of the other more dynamics we have, you know, with the short cycle backlog and pricing dynamics. So this is what we like about this business into the future.

所以，你知道，這是我們一直在發展的領域，我們擁有品牌，有能力在未來獲勝。這就是我們正在努力做的事情，以應對我們擁有的其他一些更多動態，包括短週期積壓和定價動態。這就是我們對這項業務未來的看好。

Here if I can add without, you know, filibustering, so to speak. But if you also went to page 22, this is where I'm proud of this team specifically in Atkore back to questions about his FY25 or a low point. There's a lot of things we're doing that's truly unique i.e., the regional Service center getting into water products. But if you look at 22, it's there are other people in this industry.

在這裡，我可以補充一點，可以說，沒有阻撓。但如果你也讀過第 22 頁，這就是我為這支球隊感到自豪的地方，特別是 Atkore 回到有關他的 25 財年或低點的問題。我們正在做的很多事情都是真正獨特的，例如區域服務中心涉足水產品領域。但如果你看看22，你會發現這個行業還有其他人。

So I don't want to say like it's totally unique something for us, but it's no longer just well what's your price of metal framing versus I won't mention our competitors but well-known global corporations versus, hey, you have a Unistrut brand that's globally recognized. We have operations across the world with this, you know, factory and we have companies that have worked with us, for example, in the states that for example, have done things with us in [Tel Aviv], you know, after you get on their shortlist and proven and it is a unique thing where we can take multiple of our products, assemble them together in an offsite manufacturing, get a best practice down, use our lean ABS and it's growing, it's still in the single percent, but it is definitely growing double digits plus as we go forward. So this is where reshaping Atkore it obviously takes several years to make that happen. But it gives me optimism for where we're taking this corporation.

所以我不想說這對我們來說是完全獨特的東西，但它不再只是你的金屬框架的價格是多少，我不會提到我們的競爭對手，而是知名的全球公司與，嘿，你有一個Unistrut全球認可的品牌。我們在世界各地都有業務，你知道，工廠，我們有一些公司與我們合作過，例如，在[特拉維夫]與我們合作的州，你知道，在你得到之後在他們的候選名單上並經過驗證，這是一件獨特的事情，我們可以採用多種產品，在異地製造中將它們組裝在一起，獲得最佳實踐，使用我們的精益ABS，它正在增長，它仍然是單一百分比，但是隨著我們的前進，它肯定會以兩位數的速度成長。因此，這就是重塑 Atkore 的地方，顯然需要幾年時間才能實現這一目標。但這讓我對我們公司的發展方向感到樂觀。

That's helpful. And then just to clarify, did I hear correctly that. From a pricing standpoint, steel products. The pricing is basically stabilized as of today. But you have negative year, your comps coming for couple more quarters versus I would say seaside, you see more erosion in pricing and therefore--

這很有幫助。然後澄清一下，我聽得對嗎？從定價角度來看，鋼鐵產品。截至目前，價格基本穩定。但你有負面的一年，你的比較將持續幾個季度，而不是我想說的海邊，你會看到定價受到更多侵蝕，因此 -

Yeah, I apologize. I would and John in matter closer to the numbers, but I would say no, what John answered earlier was the biggest change year over year is PVC and that's where that's forecasting in a way because of again, new entrants into the market still is still declining, but it's declining at the rate when we had, for example, when we talked in August and said, hey, you know, we have this $650 million I would hope that is we get, but it's not in the forecast as we get into the latter half of the year that the new administration and somehow in tariffs will help that out.

是的，我道歉。我會和約翰在數字上更接近，但我會說不，約翰早些時候回答的是PVC 同比最大的變化，這就是在某種程度上進行預測的地方，因為再次進入市場的新進入者仍然是下降，但它正在以我們當時的速度下降，例如，當我們在 8 月談話時說，嘿，你知道，我們有 6.5 億美元，我希望這是我們得到的，但它不在我們的預測中到今年下半年，新政府和關稅將在某種程度上幫助解決這個問題。

But again, is that something assuming they do, Is that a one quarter? It's not going to dramatically change our fiscal year. Other than give me stronger optimism, even back to the question on why FY26 would be up over '25. But no, both are declining PVC. We're forecasting to go down more year over year.

但同樣，這是假設他們這樣做的事情，是四分之一嗎？它不會顯著改變我們的財政年度。除了讓我更樂觀之外，甚至回到為什麼 26 財年會比 25 財年成長的問題。但事實並非如此，PVC 兩者都在下降。我們預計將年減幅度更大。

That's helpful. Thank you.

這很有幫助。謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Hi, good morning. This is Natalie Bach on behalf of Andy Kaplowitz.

嗨，早安。我是娜塔莉·巴赫，代表安迪·卡普洛維茲。

Good morning.

早安.

I think you highlighted productivity opportunities. But can you elaborate on what you're doing and to what extent are these actions in your control versus dependent on volume growth? Not sure if you can quantify how much they're helping you, but any color would be appreciated.

我認為您強調了生產力機會。但您能否詳細說明您正在做什麼，以及這些行動在多大程度上是您可以控制的，而不是依賴銷售成長？不確定您是否可以量化它們對您的幫助程度，但任何顏色都會受到讚賞。

Yeah, that's a great question, but no, we're expecting productivities. I don't if we didn't directly. I'm just saying in the tens of millions of dollars of net productivity this year, we're actually forecasting our highest productivity year this year. And obviously volume helps. But there's enough things where we've, again, back to investments we've added, I'll just say several tens of people.

是的，這是一個很好的問題，但不，我們期待的是生產力。如果我們不直接的話我不會。我只是說，在今年數千萬美元的淨生產力中，我們實際上預測今年是生產力最高的一年。顯然，音量有幫助。但我們再次增加了投資，我只想說幾十人。

You know, I don't want to get a specific amount of people, but we've hired dozens of people just to work, not in line jobs but lean productivity. And it's everything from scrap production. For example, when you do a line changeover and it takes, I'm making this up but an hour or two to streamline that PVC line. And yeah, you can re grind the material, but let's get that more efficient.

你知道，我不想僱用特定數量的人員，但我們已經僱用了數十名人員只是為了工作，不是直線工作，而是精益生產力。這一切都來自廢品生產。例如，當您進行生產線轉換時，我會花一兩個小時來簡化 PVC 生產線。是的，你可以重新研磨材料，但讓我們提高效率。

The same thing with uptime in some of our older factories and how we do a better job with preventive maintenance. So without volume would help, but without volume, we should still get a good net productivity from this investment we're making going forward.

我們一些舊工廠的正常運作時間以及我們如何更好地進行預防性維護也是如此。因此，沒有數量會有所幫助，但如果沒有數量，我們仍然應該從我們正在進行的投資中獲得良好的淨生產力。

Okay. Got it. That's very helpful. And then just one more question for me. Your Q1 guidance seems to be relatively low. Can you elaborate if it's all seasonality or are there other factors leading to a softer start? Not just pricing is a bigger headwind at the start of the year, but just thinking past Q1, you set a ramp up in the back out if you could provide some color on how we should think of pricing versus volume impact throughout the year.

好的。知道了。這非常有幫助。然後還有一個問題想問我。您的第一季指引似乎相對較低。您能否詳細說明一下這是否完全是季節性的，還是有其他因素導致起步較軟？不僅定價在年初是一個更大的阻力，而且只要想想第一季度過去，如果你能提供一些關於我們應該如何考慮全年定價與銷量影響的信息，你就會在後面設定一個上升趨勢。

Yeah, I'll start if we get back, which I'm optimistic we will to normal seasons. And what I mean by that, for people that follow the company, you know, for a decade plus this summer months, our Q3 and Q4 are always stronger and there's logical reasons for that. Like you go to extreme PVC, HDPE products where it's hard to put them in the ground when you have a foot of snow in half of the country and so forth.

是的，如果我們回來我就會開始，我樂觀地認為我們會回到正常季節。我的意思是，對於關注公司的人來說，你知道，在過去的十年和今年夏天的幾個月裡，我們的第三季和第四季總是更強勁，這是有邏輯原因的。就像您使用極端的 PVC、HDPE 產品一樣，當半個國家的積雪厚達一英尺時，很難將它們放入地下，等等。

So, and just construction in general, it's more efficient even if it's steel Conduit on the 38th floor of some skyscraper in some building when it's windy and freezing now versus summertime. So there always is call it 5 10% more volume growth and therefore profit in the summer. And then the other thing that will help us is kind of all these different things we talked about, for example, the water products like getting them out and going or as the ag season kicks off and different things or the municipal products the same way to go, you're not going to be putting on.

因此，就一般建築而言，即使在某些建築物的某些摩天大樓的 38 層使用鋼製管道，當現在刮風且結冰時，與夏季相比，它的效率更高。因此，人們總是稱其銷量成長 5% 至 10%，從而在夏季實現利潤。另一件對我們有幫助的事情是我們討論過的所有這些不同的事情，例如，水產品，比如讓它們出去，或者在農業季節開始時，不同的事情或市政產品以同樣的方式走吧，你不會裝的。

This is a hypothetical, but a new water main probably in Detroit when there's a foot of snow and there's a nice permutation down your foot. So some of it's the initiatives kicking off some of it's fine tuning the initiatives. But those things and just the way the markets have always worked should give us a stronger second half of the year.

這是一個假設，但是當底特律有一英尺厚的積雪並且腳下有一個很好的排列時，可能會有一條新的總水管。因此，有些是啟動的舉措，有些是對舉措的微調。但這些事情以及市場一貫的運作方式應該會為我們帶來今年下半年的強勁表現。

Yeah, absolutely. And the only other item I would add is the year over year comparable in Q1 is against the more difficult comp our Q1 of 2024 was probably our highest level of pricing in the year, highest level of EBITDA, et cetera. So that year over year comparison in the first quarter is probably the largest. But then in the volume, we do expect the ramp and then some of these projects and investments that we've made those should start to improve as we progress throughout the year.

是的，絕對是。我要補充的唯一其他項目是，第一季的同比情況是與更困難的比較相比，我們 2024 年第一季可能是我們今年的最高定價水準、最高水準的 EBITDA 等等。因此，第一季的年比比較可能是最大的。但在數量上，我們確實預計隨著全年的進展，我們所做的一些項目和投資應該會開始改善。

So it's really a little bit of a different story dynamically between if you're looking year over year sequentially, but you know, from an earnings perspective, probably it is, you know, embedded here higher in the back half than it is here at the start.

因此，如果你逐年查看，這確實是一個動態的不同故事，但你知道，從收益的角度來看，可能它在後半部分的嵌入程度比這裡更高開始。

Okay. Thank you. Appreciate all the color.

好的。謝謝。欣賞所有的顏色。

And this concludes the question and answer session. I would now like to turn the call back over to Bill Waltz for closing remarks.

問答環節到此結束。我現在想將電話轉回給比爾·沃爾茲（Bill Waltz）發表結束語。

Before we conclude. Let me summarize our key takeaways from today's discussion. First, Atkore continues to evolve as evidenced by our expanding product portfolio. Our initiatives are natural extensions for what we've built over many years.

在我們結束之前。讓我總結一下今天要討論的主要內容。首先，Atkore 不斷發展，我們不斷擴大的產品組合就證明了這一點。我們的舉措是我們多年來所建立的事業的自然延伸。

Second, we continue to monitor the overall market dynamics and competitive landscape and believe several factors could have a positive impact for us as we move throughout the year. Finally, we remain committed to our capital employment strategy to create shareholder value over the long term.

其次，我們將繼續監控整體市場動態和競爭格局，並相信有幾個因素可能會對我們全年的發展產生正面影響。最後，我們仍然致力於我們的資本利用策略，以長期創造股東價值。

With that, thank you for your support and interest in our company and we look forward to speaking with you during our next quarterly call. This concludes the call for today.

在此，感謝您對我們公司的支持和興趣，我們期待在下一個季度電話會議中與您交談。今天的電話會議到此結束。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。