Armstrong World Industries Inc (AWI) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Amy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Q1 2025 Armstrong World Industries Incorporated earnings call. (Operator Instructions)

感謝您的支持。我叫艾米，今天我將擔任您的會議主持人。現在，我歡迎大家參加阿姆斯壯世界工業公司 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to turn the call over to Theresa Womble, VP of Investor Relations and Corporate Communication. You may begin.

現在我很高興將電話轉給投資人關係和企業傳播副總裁 Theresa Womble。你可以開始了。

Thank you, Amy, and good morning, everyone. On today's call, Vic Grizzle, our CEO; and Chris Calzaretta, our CFO, will discuss Armstrong World Industries first-quarter 2025 results and rest of year outlook. We have provided a presentation to accompany these results that is available on the investors section of the Armstrong World Industries website.

謝謝你，艾米，大家早安。在今天的電話會議上，我們的執行長維克·格里茲爾 (Vic Grizzle) 和我們的財務長 Chris Calzaretta 將討論阿姆斯壯世界工業公司 2025 年第一季度的業績和今年剩餘時間的展望。我們提供了一份與這些結果相配套的演示文稿，可在阿姆斯特朗世界工業網站的投資者部分查閱。

Our discussion of operating and financial performance will include non-GAAP financial measures within the meaning of SEC Regulation G. A reconciliation of these measures with the most directly comparable GAAP measure is included in the earnings press release and in the appendix of the presentation, both of which were issued this morning.

我們對經營和財務績效的討論將包括美國證券交易委員會 G 條例所定義的非公認會計準則 (non-GAAP) 財務指標。這些指標與最直接可比較的 GAAP 指標的對帳已包含在收益新聞稿和簡報附錄中，這兩份新聞稿和附錄均於今天早上發布。

During this call, we will be making forward-looking statements that represent the view we have of our financial and operational performance as of today's date, April 29, 2025. These statements involve risks and uncertainties that may differ materially from those implied or expected. We provide a detailed discussion of the risks and uncertainties in our SEC filings, including the 10-K filed earlier this year. We undertake no obligation to update any forward-looking statement beyond what is required by applicable securities law.

在本次電話會議中，我們將做出前瞻性陳述，代表我們對截至 2025 年 4 月 29 日的財務和營運表現的看法。這些聲明涉及的風險和不確定性可能與暗示或預期有重大差異。我們在提交給美國證券交易委員會的文件中（包括今年稍早提交的 10-K 報告）詳細討論了風險和不確定性。除適用證券法要求外，我們不承擔更新任何前瞻性聲明的義務。

Now, I will turn the call to Vic.

現在，我將把電話轉給維克。

Thank you, Theresa, and good morning, everyone. And thank you for joining our call today to discuss our first quarter 2025 results and our expectations for the rest of the year. Our first quarter was another quarter of record setting sales and adjusted EBITDA for Armstrong as we continue to execute our growth strategy well and improve our productivity and expand our capabilities into new market opportunities.

謝謝你，特蕾莎，大家早安。感謝您今天參加我們的電話會議，討論我們 2025 年第一季的業績以及今年剩餘時間的預期。我們的第一季是阿姆斯壯銷售額和調整後 EBITDA 再創紀錄的季度，因為我們繼續很好地執行我們的成長策略，提高我們的生產力，並將我們的能力擴展到新的市場機會。

In the first quarter, total company net sales increased 17% and adjusted EBITDA increased 16% with meaningful margin expansion in both of our segments. And in fact, it was the best Q1 margin performance in both segments since 2020. These results were a clear demonstration of the strength of our business model, the diversity of our end markets, as well as the strong execution culture we have here at Armstrong.

第一季度，公司總淨銷售額成長 17%，調整後 EBITDA 成長 16%，兩個部門的利潤率均有顯著擴大。事實上，這是自 2020 年以來這兩個部門第一季利潤率表現最好的一次。這些結果清楚地證明了我們商業模式的實力、終端市場的多樣性以及阿姆斯壯強大的執行文化。

Delivering these financial results in an environment of elevated uncertainty requires focus and agility to adjust to changing operating conditions and customer needs. And doing this while continuing to deliver industry leading quality and service levels, our customers have come to expect. Again, the agility and commitment to execution by our teams was on full display in the quarter, and as many of you have come to know, this is a hallmark of the organization we have here at Armstrong. So I want to take this opportunity and thank all of our employees for their tremendous efforts and their commitment to execution.

要在高度不確定的環境中實現這些財務業績，需要專注和敏捷，以適應不斷變化的營運條件和客戶需求。在這樣做的同時，我們繼續提供客戶所期望的行業領先的品質和服務水準。再次，我們團隊的敏捷性和對執行的承諾在本季度得到了充分展示，正如你們許多人所知，這是我們阿姆斯壯組織的標誌。因此，我想藉此機會感謝我們所有員工的巨大努力和對執行的承諾。

Now, taking a closer look at the first quarter results in our mineral fiber segment, net sales increased 2% while EBITDA increased 7%. Sales growth for the segment was driven by a 7% increase in average unit value or AUV versus the prior year, which included favorability in both like for like pricing and product mix. This increase in AUV more than offset lower sales volumes, primarily driven by weather and lower foot traffic in our home center channel and predominantly in the Southeast where winter weather was particularly severe.

現在，仔細看看我們礦物纖維部門第一季的業績，淨銷售額成長了 2%，而 EBITDA 成長了 7%。該部門的銷售成長得益於平均單位價值或 AUV 較上年同期成長 7%，其中包括同類定價和產品組合的有利因素。平均銷售額 (AUV) 的成長足以抵消銷售量的下降，這主要受天氣和家居中心通路客流量下降的影響，尤其是冬季天氣特別惡劣的東南部地區。

In the mineral fiber segment, I'm pleased with the EBITDA margin performance, which expanded 180 basis points to 43%. This was the strongest first quarter margin performance since 2020 and our 9th consecutive quarter of year-over-year margin expansion. Again, AUV was a key driver of EBITDA growth and margin expansion in the quarter.

在礦物纖維領域，我對 EBITDA 利潤率的表現感到滿意，該利潤率擴大了 180 個基點，達到 43%。這是自 2020 年以來第一季利潤率表現最強勁的一次，也是我們連續 9 個季度實現利潤率年增。再次，AUV 是本季 EBITDA 成長和利潤率擴大的主要驅動力。

Also, notably in the quarter and a contributor to margin expansion was our manufacturing productivity, despite the softer volumes. This outcome reflects the multi-year, long-term approach to investing in productivity that we practice here at Armstrong. This not only helps with our direct productivity, but it also enhances our consistency of our service and quality levels that distinguish us in the marketplace.

此外，儘管產量下降，但本季的製造生產率仍然顯著提高，這對利潤率的擴大起到了推動作用。這一結果體現了我們在阿姆斯壯實施的多年、長期生產力投資方法。這不僅有助於提高我們的直接生產力，而且還增強了我們服務和品質水準的一致性，使我們在市場上脫穎而出。

One of the key indicators we track internally is what we call our perfect order measure that you have heard me mention in the past. This measure includes five areas of service and quality that represent a perfect order. From order to entry, order entry to customer receipt, and again, representing what a perfect order looks like in the eyes of our customer.

我們內部追蹤的關鍵指標之一是我們所謂的完美訂單衡量標準，您以前曾聽我提到過。該衡量標準涵蓋了代表完美秩序的五個服務和品質領域。從訂單到錄入，從訂單輸入到顧客收貨，再一次展現出在顧客眼中完美訂單的樣子。

This quarter, the measure was solidly ahead of our target and near historic highs. This has been a passion of ours, and in times like these with high levels of uncertainty and risk for supply chain disruption, this is and will continue to be a critical differentiator for Armstrong.

本季度，該指標大幅超出我們的目標並接近歷史高點。這一直是我們的熱情所在，在供應鏈中斷不確定性和風險很高的時期，這將繼續成為阿姆斯壯的關鍵差異化因素。

Overall, I'm pleased with the performance of the mineral fiber segment quarter, despite softer volume. Delivering EBITDA growth, margin expansion, AUV growth, and manufacturing productivity, all while maintaining our high levels of quality and customer service.

總體而言，儘管銷量有所下降，但我對礦物纖維部門本季的表現感到滿意。實現 EBITDA 成長、利潤率擴大、AUV 成長和製造生產力，同時維持高水準的品質和客戶服務。

Now, turning to the architectural specialty segment where our results in the quarter were particularly strong and broad-based in both the organic and the inorganic sides of the business. This is clearly a demonstration of the advantage of having the broadest portfolio of solutions where we continue to leverage our scale and specification strength to sell more products into more spaces and drive profitable top line growth.

現在，我們轉向建築專業領域，本季我們的業績尤其強勁，並且業務的有機和無機方面都基礎廣泛。這清楚地證明了擁有最廣泛的解決方案組合的優勢，我們將繼續利用我們的規模和規格優勢將更多產品銷售到更多領域並推動獲利性收入成長。

For a decade now, we have averaged 20% top line growth in this segment. And with our strong start to the year, we expect to continue this pace of growth in 2025. Organically, the first quarter architectural specialty sales grew 11% from prior year results and our 2024 acquisitions reform and Zahner contributed another 47% points of sales growth.

十年來，我們在這一領域的營業額平均成長率為 20%。憑藉今年強勁的開局，我們預計 2025 年將繼續保持這一成長速度。從有機角度來看，第一季建築專業銷售額較上年同期成長 11%，而我們 2024 年的收購改革和 Zahner 又貢獻了 47% 的銷售額成長。

Additionally, our order intake grew in the first quarter. Notably, both our sales and order intake expand a wide range of product types and broad-based set of market verticals. In addition to the transportation vertical, we saw good project activity in office, retail, and education. And because of our industry leading product portfolio, strong service levels, and mostly US manufacturing footprint, we believe we are well positioned to continue to win.

此外，我們第一季的訂單量有所成長。值得注意的是，我們的銷售額和訂單量都擴大了廣泛的產品類型和廣泛的垂直市場。除了交通運輸垂直領域，我們還看到辦公室、零售和教育領域的專案活動良好。由於我們擁有行業領先的產品組合、強大的服務水平以及大部分美國製造業務，我們相信我們有能力繼續獲勝。

Along with strong top line growth in the quarter, I am particularly pleased with the strong adjusted EBITDA growth and margin expansion performance in this segment as well. Architectural specialties adjusted EBITDA increased 94%, including organic EBITDA growth of 34%. And as important, the EBITDA margin for the segment expanded at both the organic and total segment level as we continue to improve our operating leverage. And in fact, this was the strongest first quarter architectural specialties adjusted the EBITDA margin performance since 2020, and marks continued progress toward our goal of 20% EBITDA margin for this segment.

除了本季強勁的營收成長外，我還對該部門強勁的調整後 EBITDA 成長和利潤率擴張表現感到特別滿意。建築專業調整後 EBITDA 成長 94%，其中有機 EBITDA 成長 34%。同樣重要的是，隨著我們不斷提高營運槓桿，該部門的 EBITDA 利潤率在有機和整體部門層面均有所擴大。事實上，這是自 2020 年以來建築專業調整 EBITDA 利潤率表現最強勁的第一季度，標誌著我們繼續朝著該部門 20% EBITDA 利潤率的目標邁進。

It's also worth noting in the quarter the solid performance of our 2024 acquisitions. We are very pleased with how both 3form and Zahner are performing and the mutual benefits we are seeing developing as we increase our collaboration and knowledge sharing. And frankly, I'm not surprised at how well this is going, given that both these companies come with highly professional and skilled management teams who have the right mindset to collaborate and innovate with Armstrong to accelerate their growth.

本季也值得注意的是我們 2024 年收購的穩健表現。我們對 3form 和 Zahner 的表現感到非常滿意，隨著我們加強合作和知識共享，我們看到了互利互惠的局面。坦白說，我對事情進展如此順利並不感到驚訝，因為這兩家公司都擁有高度專業和技術嫻熟的管理團隊，他們有正確的心態與阿姆斯壯合作和創新，以加速他們的成長。

With 3form, the collaboration across our sales teams has uncovered many opportunities to sell more products into more spaces, given 3form's unique ability to create translucent solutions that use light and texture to enhance design opportunities for architects. And in addition, we have worked together with their teams to increase 3form's operational efficiency and are already seeing benefits from these efforts.

透過與 3form 的合作，我們銷售團隊發現了許多機會，可以將更多的產品銷售到更多的空間，因為 3form 具有獨特的能力，可以創造利用光線和紋理的半透明解決方案，從而增強建築師的設計機會。此外，我們還與他們的團隊合作，提高 3form 的營運效率，並且已經從這些努力中看到了效益。

And at Zahner, as we noted last quarter, we significantly expanded our exterior metal design and fabrication capabilities and further deepened our presence in an attractive adjacency that complements our existing interior metal business. The strong market reputation of Zahner gives us early access to large complex projects, and we expect this will enhance our visibility to more selling opportunities for the interior spaces of these large projects in addition to the new business opportunities on the exterior.

正如我們上個季度所指出的，在 Zahner，我們顯著擴展了外部金屬設計和製造能力，並進一步深化了我們在有吸引力的鄰近地區的業務，以補充我們現有的內部金屬業務。Zahner 良好的市場聲譽使我們能夠提前接觸大型複雜項目，我們預計，除了外部的新商機之外，這還將提高我們對這些大型項目內部空間的更多銷售機會的了解。

And as we have stated, we estimate that this exterior metal adjacency will add another a billion dollars to the addressable market for our architectural specialty segment, bringing its total addressable market to more than $2.5 billion. We're excited to expand our presence in this adjacency and to continue our above market growth rate for years to come.

正如我們所說，我們估計這種外部金屬鄰接將為我們的建築專業領域的潛在市場再增加 10 億美元，使其總潛在市場達到 25 億美元以上。我們很高興能夠擴大我們在這一領域的影響力，並在未來幾年繼續保持高於市場的成長率。

Now, before turning the call over to Chris, let me take a moment to share how we're thinking about the market in light of the current and evolving tariff landscape. As we all know, this is a very fluid and uncertain set of dynamics that we will all have to navigate. First, it's worth repeating that our production and supply chain is predominantly US-based, and the majority of our products sold into Canada and Mexico are covered under the USMCA trade agreement.

現在，在將電話轉給克里斯之前，請允許我花點時間分享我們如何根據當前和不斷變化的關稅情況來看待市場。眾所周知，這是一個非常不穩定且不確定的動態，我們都必須應對。首先，值得重申的是，我們的生產和供應鏈主要位於美國，而我們銷往加拿大和墨西哥的大部分產品都受到 USMCA 貿易協定的約束。

In the limited areas where we see a direct impact on our costs, we expect to mitigate those impacts through negotiations, price actions, and through supply chain adjustments within our US footprint. So for direct impacts of tariffs here at Armstrong, the impact is both minor and manageable. Beyond these minor impacts, we do believe the indirect benefit effects from high levels of uncertainty around these tariffs has the potential to dampen in market activity. This, of course, is much more difficult to call given the varying impacts throughout the value chain.

在我們看到對成本有直接影響的有限地區，我們期望透過談判、價格行動以及在美國境內的供應鏈調整來減輕這些影響。因此，對於關稅對阿姆斯壯的直接影響而言，影響既小又可控。除了這些輕微的影響之外，我們確實認為這些關稅的高度不確定性所帶來的間接效益可能會抑制市場活動。當然，考慮到整個價值鏈中不同的影響，這一點很難判斷。

For Armstrong, the market impact is likely to come in the form of holding back and pausing on discretionary renovation work until there is more clarity on the way forward, much like we have seen in prior periods of market disruption and uncertainty. There may also be some disruptions in the construction supply chain that could impact project timelines. That said, in total, we don't see a meaningful impact from disruption in new construction activity in 2025, given the lag time on new construction projects.

對於阿姆斯壯來說，市場影響可能會以阻止和暫停可自由支配的翻新工程的形式出現，直到前進的道路更加明朗，就像我們在之前的市場混亂和不確定時期所看到的那樣。建築供應鏈中也可能出現一些中斷，影響專案時程。儘管如此，總體而言，考慮到新建專案的延遲時間，我們認為 2025 年新建活動中斷不會產生重大影響。

The ground-level bidding activity in the market remains supportive at this time, as do the order rates through April. And the sentiment from our customer survey work remains positive, but understandably cautious, given the uncertainty. Of course, we will remain vigilant as further disruptions from policy changes could create more project delays than we are seeing at the moment.

目前，市場上的地面競標活動仍然具有支撐作用，整個四月的訂單率也是如此。我們的客戶調查結果依然積極，但考慮到不確定性，謹慎也是可以理解的。當然，我們將保持警惕，因為政策變化的進一步幹擾可能會導致比目前更多的專案延誤。

Given what we know and its expected impacts and with our controllables, namely pricing, productivity, and good cost management, we remain confident in our ability to navigate these conditions and therefore we are reaffirming our full year guidance for 2025. So with that, let me pause and turn it over to Chris for more on our financials.

鑑於我們已知的情況及其預期的影響，以及我們的可控因素，即定價、生產力和良好的成本管理，我們仍然有信心應對這些情況，因此我們重申 2025 年全年指導。因此，請容許我暫停一下，然後把問題交給克里斯，讓他進一步了解我們的財務狀況。

Thanks, Vic and good morning to everyone on the call. As a reminder throughout my remarks, I'll be referring to the slides available on our website and slide 3, which details our basis of presentation.

謝謝，維克，電話裡的各位早安。在我的整個演講過程中，我會提醒大家參考我們網站上的投影片和投影片 3，其中詳細介紹了我們的簡報基礎。

Beginning on slide 6, we summarized our first quarter mineral fiber segment results. Mineral fiber sales were up 2% in the quarter, driven by favorable AUV of 7%, partially offset by lower sales volumes. The strong AUV result was fairly balanced between like-for-like price and favorable mix.

從第 6 張投影片開始，我們總結了第一季礦物纖維部門的表現。本季礦物纖維銷售額成長 2%，受 7% 的 AUV 推動，但銷量下降部分抵消了這一成長。強勁的 AUV 結果在同類價格和有利的產品組合之間實現了相當的平衡。

Lower sales volumes were driven primarily by softer demand from our home centerer customers who experienced lower store traffic due to a number of factors including negative weather-related impacts in certain markets. We also had one less shipping day compared to the prior year quarter, which represents about a point of volume in the quarter. Overall, the market we experienced was consistent with the choppy conditions that we expected heading into 2025.

銷售下降主要是由於我們的家居中心客戶的需求疲軟，由於某些市場受到天氣負面影響等一系列因素的影響，他們的商店客流量減少。與去年同期相比，我們的出貨日也減少了一天，這相當於本季出貨量減少了約一個百分點。整體而言，我們所經歷的市場與我們預期的 2025 年的波動狀況一致。

Mineral fiber segment adjusted EBITDA grew 7% despite softer volumes, with adjusted EBITDA margin expanding 180 basis points to 43%. Adjusted EBITDA margin expansion was primarily driven by the benefit of AUV growth and manufacturing productivity gains despite lower volumes. In addition, the segment margin benefited from lower SG&A expenses and favorability and input costs as compared to the prior year quarter. The decrease in S&NA was primarily driven by deferred compensation plan gains. Input cost inflation was more than offset by favorable inventory valuation timing impacts.

儘管銷售量下降，礦物纖維部門調整後的 EBITDA 仍成長了 7%，調整後的 EBITDA 利潤率擴大了 180 個基點，達到 43%。調整後的 EBITDA 利潤率擴大主要得益於 AUV 成長和製造生產力提高，儘管銷量較低。此外，與去年同期相比，該部門利潤率受益於較低的銷售、一般及行政費用以及優惠度和投入成本。S&NA 的減少主要是由於遞延薪酬計劃收益所致。投入成本的上漲被有利的庫存估價時機影響所抵銷。

Similar to mineral fiber, we saw softer grid volume in our wave joint venture, driving weaker equity earnings in the quarter. Recall that we are also lapping a strong first quarter of 2024, which was the highest equity earnings quarter of 2024. As Vic mentioned, mineral fibers adjusted EBITDA margin of 43% in the quarter was the best Q1 margin performance for this segment since 2020 and was a strong demonstration of our value creation drivers, including consistent AUV growth and manufacturing productivity gains, despite uneven market conditions.

與礦物纖維類似，我們發現波浪合資企業的電網容量較弱，導致本季股權收益下降。回想一下，我們也即將迎來強勁的 2024 年第一季度，這是 2024 年股票收益最高的一個季度。正如維克所提到的，本季礦物纖維調整後的 EBITDA 利潤率為 43%，這是該部門自 2020 年以來第一季的最佳利潤率表現，有力地證明了我們的價值創造驅動力，包括儘管市場條件不平衡，但 AUV 仍持續增長和製造生產率提高。

On slide 7, we discuss our architectural specialties or AS segment results where we highlight robust sales growth of 59%. This growth was driven primarily by contributions from our recent acquisitions, 3form and Zahner, both of which performed in line with expectations. On an organic basis, I'm also pleased to report that we have delivered double-digit first quarter sales growth of 11% with strength in many product categories.

在第 7 張投影片上，我們討論了我們的建築專業或 AS 部門的業績，其中強調了 59% 的強勁銷售成長。這一成長主要得益於我們最近收購的 3form 和 Zahner，這兩家公司的表現都符合預期。從有機成長來看，我很高興地報告，我們第一季的銷售額實現了 11% 的兩位數成長，許多產品類別都表現強勁。

AS adjusted EBITDA grew 94% with a 17.1% adjusted EBITDA margin. This represents margin expansion of 310 basis points as higher acquisition-related operating costs were more than offset by inorganic sales growth. In addition, we benefited from better operational leverage on our cost base. We are encouraged to see this adjusted EBITDA margin improvement and remain focused on delivering our goal of greater than 20% adjusted EBITDA margins for the segment. We continue to closely monitor project timelines, particularly against the backdrop of elevated macro uncertainty.

調整後的 EBITDA 成長 94%，調整後的 EBITDA 利潤率為 17.1%。這意味著利潤率擴大了 310 個基點，因為與收購相關的營運成本增加被無機銷售額的成長所抵消。此外，我們也受惠於成本基礎上更好的營運槓桿。我們很高興看到調整後的 EBITDA 利潤率有所提高，並將繼續致力於實現該部門調整後的 EBITDA 利潤率超過 20% 的目標。我們將繼續密切關注專案時間表，特別是在宏觀不確定性加劇的背景下。

Slide 8 highlights our first quarter consolidated company metrics. We delivered double-digit growth for both sales and earnings with adjusted EBITDA margins that compressed slightly versus the prior year. Notably, adjusted diluted earnings per share grew 20%. Our total company adjusted EBITDA margin of 33.6% marks a solid start to the year.

投影片 8 重點介紹了我們第一季的合併公司指標。我們的銷售額和收益均實現了兩位數成長，調整後的 EBITDA 利潤率與前一年相比略有下降。值得注意的是，調整後每股攤薄收益成長了20%。我們公司整體調整後的 EBITDA 利潤率為 33.6%，標誌著今年的開局良好。

Incremental volume from recent acquisitions and our growth initiatives coupled with consistent AUV performance drove our adjusted EBITDA growth in the first quarter. These benefits more than offset an increase in SG&A, which, as noted earlier, was driven by our recent acquisitions of 3form and Zahner. Excluding the impact of these acquisitions, we generated an organic adjusted EBITDA margin of 35.6%, which represents 170 basis points of margin expansion as compared to the first quarter of 2024.

近期收購和成長計畫帶來的增量，加上穩定的 AUV 表現，推動了我們第一季調整後的 EBITDA 成長。這些收益足以抵銷銷售、一般及行政費用的增加，如前所述，銷售、一般及行政費用的增加是由於我們最近收購了 3form 和 Zahner。不計入這些收購的影響，我們的自然調整後 EBITDA 利潤率為 35.6%，與 2024 年第一季相比，利潤率擴大了 170 個基點。

Slide 9 shows our year-to-date adjusted free cash flow performance versus the prior year. The 10% increase in adjusted free cash flow was driven by higher cash earnings and dividends from our wave joint venture, which was partially offset by higher capital expenditures. We remain confident in our ability to deliver strong, adjusted free cash flow growth in 2025 to support all of our capital allocation priorities, despite elevated macro uncertainty.

幻燈片 9 顯示了我們今年迄今調整後的自由現金流表現與前一年相比的情況。調整後自由現金流增加 10% 是由於我們的波浪合資企業的現金收益和股息增加，但資本支出增加部分抵消了這一增長。儘管宏觀不確定性加劇，我們仍然有信心在 2025 年實現強勁的調整後自由現金流成長，以支持我們所有的資本配置重點。

In the first quarter, we repurchased $22 million of shares and paid $13 million of dividends. As of March 31, 2025, we have $640 million remaining under the existing share repurchase authorization. With a healthy balance sheet that includes low leverage and ample available liquidity, we are well positioned to execute and advance our strategy.

第一季度，我們回購了價值 2,200 萬美元的股票，並支付了 1,300 萬美元的股息。截至 2025 年 3 月 31 日，現有股票回購授權剩餘金額為 6.4 億美元。憑藉包括低槓桿率和充足可用流動性在內的健康資產負債表，我們完全有能力執行和推進我們的策略。

As we move to slide 10, you'll see our full year guidance for 2025, which is unchanged for the four key metrics of total company net sales, adjusted EBITDA, adjusted diluted earnings per share, and adjusted free cash flow. We have made some modest adjustments to some of our assumptions given the current macroeconomic headwinds, and this guidance now reflects the impacts of currently known tariffs.

當我們翻到第 10 張投影片時，您會看到我們對 2025 年全年的指導，其中公司總淨銷售額、調整後 EBITDA、調整後每股攤薄收益和調整後自由現金流這四個關鍵指標保持不變。鑑於當前的宏觀經濟逆風，我們對一些假設做了一些適度調整，該指引現在反映了目前已知關稅的影響。

This guidance now reflects softer market conditions in the second half of the year due to elevated uncertainty stemming from tariffs. As such, we are decreasing our mineral fiber sales volume expectations to flat to down in the low-single digit range, but we expect that this headwind to our net sales growth will be largely offset by greater than 6% mineral fiber AUV growth, as well as a slightly better outlook for total AS sales growth.

該指引反映出，由於關稅帶來的不確定性增加，下半年市場狀況將更加疲軟。因此，我們將礦物纖維銷售量預期下調至持平或低個位數區間，但我們預計，淨銷售額成長面臨的這一不利因素將在很大程度上被礦物纖維 AUV 成長 6% 以上以及 AS 總銷售額成長前景略有改善所抵消。

It's important to note that while they will be a headwind, we do not believe tariffs as they stand today will have an outsized direct impact on our results. The tariffs as currently announced, represent a manageable level of less than 3% impact to our total cost of goods sold. For Wave, the tariffs as announced have about a 5% impact on the joint venture's total cost of goods sold.

值得注意的是，儘管關稅會帶來不利影響，但我們並不認為目前的關稅會對我們的業績產生過大的直接影響。目前宣布的關稅對我們的總銷售成本的影響處於可控水平，不到 3%。對 Wave 而言，宣布的關稅對合資企業的總銷售成本產生約 5% 的影響。

We believe we are well positioned to mitigate most of the impacts from these tariffs, and our guidance is reflective of those actions. Additionally, we have relatively limited exposure to foreign currency fluctuations, which positions us well to weather volatile market environments.

我們相信，我們有能力減輕這些關稅的大部分影響，我們的指導也反映了這些行動。此外，我們受外匯波動的影響相對有限，這使我們能夠很好地抵禦動盪的市場環境。

We remain confident in our outlook and on our team's ability to drive manufacturing productivity and demonstrate rigorous cost management and drive overall efficiencies while balancing investing for growth. We are well positioned to deliver solid results for the remainder of the year as we continue to demonstrate the resilience of our business model. Despite challenging market conditions, we remain committed to driving margin expansion and continuing to deploy cash to generate growth and create value for our shareholders.

我們對我們的前景以及我們團隊推動製造生產力、展示嚴格的成本管理和推動整體效率同時平衡成長投資的能力充滿信心。隨著我們繼續展示我們商業模式的彈性，我們已做好準備在今年剩餘時間內取得穩健的業績。儘管市場環境充滿挑戰，我們仍然致力於推動利潤率擴張，並繼續部署現金以實現成長並為股東創造價值。

And now, I'll turn it back to Vic before we take your questions.

現在，在回答你們的問題之前，我會把時間交還給維克。

Thanks, Chris. And one thing that we have been consistent with here at Armstrong is staying with the investments in our growth initiatives, even in times of uncertainty. The reason for this is our high level of conviction and our strategy and the confirmation from the traction we're realizing from our growth initiatives.

謝謝，克里斯。在阿姆斯特朗，我們始終堅持的一件事是，即使在不確定的時期，我們也堅持對我們的成長計劃進行投資。原因在於我們堅定的信念和策略，以及從我們的成長計畫中實現的牽引力的確認。

We kept our investments going in 2020 during the pandemic, and again during the disruption that occurred in 2022, and we will again continue our investments and our growth initiatives in this current period of uncertainty. The strength of our business model and our balance sheet allows us to do so.

我們在 2020 年疫情期間以及 2022 年經濟動盪期間繼續進行投資，在當前不確定時期，我們仍將繼續進行投資和成長計劃。我們的商業模式和資產負債表的優勢使我們能夠做到這一點。

We continue to be pleased with the reach and the contributions of Canopy, our online selling platform. We've shared how it's helping to drive incremental sales volume for mineral fiber and grid products. And we have also been adding many more of our architectural specialty products to the platform, including solutions from our recently acquired 3form business.

我們繼續對我們的線上銷售平台 Canopy 的覆蓋範圍和貢獻感到滿意。我們已經分享了它如何幫助推動礦物纖維和網格產品的增量銷售量。我們還在平台上添加了更多建築專業產品，包括我們最近收購的 3form 業務的解決方案。

Our Project Works platform, our advanced automated design service, had strong results this quarter and added incremental sales volumes. Using Project Works meaningfully increases the productivity of designers, architects, and contractors with designing and executing complex projects and achieving more efficient use of materials resulting in less waste on the job site. We continue to expand the capabilities of Project Works, both in terms of products and design optimization. And more and more customers are using this service to enhance their own productivity in their pursuit of their own cost and quality goals.

我們的 Project Works 平台（我們先進的自動化設計服務）本季業績強勁，銷售量增加。使用 Project Works 可以顯著提高設計師、建築師和承包商設計和執行複雜專案的生產力，並更有效地利用材料，從而減少工作現場的浪費。我們不斷擴展 Project Works 的功能，包括產品和設計優化方面。而越來越多的客戶正在使用這項服務來提高自己的生產力，以追求自己的成本和品質目標。

And our innovation, in particular around energy saving ceiling tiles is gaining traction in the market and confirming that companies are indeed looking for energy savings for both cost savings benefits and for achieving internal decarbonization goals. Our phase change material innovation coupled with our acoustical performance is changing how architects and designers as well as building owners view the ceiling with energy saving attributes that bring enhanced functionality and reduced energy consumption in buildings.

我們的創新，特別是在節能天花板方面的創新，正在市場上獲得越來越大的關注，並證實公司確實在尋求節能，既可以節省成本，又可以實現內部脫碳目標。我們的相變材料創新加上我們的聲學性能正在改變建築師和設計師以及建築業主對天花板的看法，天花板具有節能特性，可以增強建築物的功能並降低能耗。

Energy and how we conserve it is a key macro trend that will impact construction and industrial markets for years to come. It is driven by the increasing need for resiliency and energy efficiency in buildings, the drive towards clean technology, and the growth of artificial intelligence, along with the pressure this puts on our nation's electrical grid systems. These challenges are critical for all industries to address, but particularly important for the construction of buildings as buildings consume nearly 40% of global energy.

能源以及我們如何節約能源是一個關鍵的宏觀趨勢，它將在未來幾年影響建築和工業市場。這是由建築彈性和能源效率日益增長的需求、清潔技術的推動、人工智慧的發展以及這給我們國家電網系統帶來的壓力所驅動的。這些挑戰對於所有行業都至關重要，但對於建築施工來說尤其重要，因為建築消耗了全球近 40% 的能源。

And in the US, the built environment consumes nearly 75% of all electricity used. About half of that energy usage is to heat and cool buildings. Just this month, the leading standard for healthy and sustainable buildings, the lead certification standards, recognized a heightened need to deepen its focus on decarbonization and energy efficiency and have increased lead credits for energy savings in the latest version released. We believe that our products can play an important role in enabling the industry to address this challenge.

在美國，建築環境消耗了所有用電量的近 75%。大約一半的能源消耗用於建築物的暖氣和冷氣。就在本月，健康和永續建築的領先標準——鉛認證標準，在最新版本中認識到需要加深對脫碳和能源效率的關注，並增加了節能的鉛信用額度。我們相信我們的產品能夠在幫助產業應對這項挑戰方面發揮重要作用。

Innovative products like our TEMPLOK energy saving ceilings respond to the urgent need for energy efficiency and decarbonization with their ability to achieve up to 15% energy cost savings from heating and cooling buildings. These products can make a meaningful impact for both reducing the cost of operating commercial buildings and increasing decarbonization within these buildings. In addition, TEMPLOK can reduce energy usage at peak times of the day, thereby helping to lessen the strain on the US electrical grid system.

我們的 TEMPLOK 節能天花板等創新產品能夠滿足人們對能源效率和脫碳的迫切需求，能夠節省建築物供暖和製冷高達 15% 的能源成本。這些產品可以對降低商業建築的營運成本和提高建築內的脫碳效果產生重大影響。此外，TEMPLOK 可以減少一天中高峰時段的能源使用，有助於減輕美國電網系統的壓力。

Now, with the explicit inclusion of phase change material as qualifying thermal storage technology for tax credits under the Inflation Reduction Act, TEMPLOK can be even more of a win-win for building owners and operators through lower installation costs and lower energy operating costs. Customers of TEMPLOK may be eligible for tax credits of 40% to 50%, dramatically improving the return on their investment. With this tax credit, TEMPLOK is gaining recognition as a viable energy saving solution, and we're seeing increased in interest or winning specifications and are currently ramping up production.

現在，根據《通貨膨脹削減法案》，相變材料被明確納入稅收抵免的合格儲熱技術，TEMPLOK 可以透過降低安裝成本和降低能源營運成本，為建築業主和營運商帶來雙贏。TEMPLOK 的客戶可能有資格獲得 40% 至 50% 的稅收抵免，從而大幅提高他們的投資回報。透過這項稅收抵免，TEMPLOK 作為可行的節能解決方案得到了認可，我們看到人們對其興趣或中標規格的增加，目前正在增加產量。

These are exciting developments for us, and we are continuing our innovation around the TEMPLOK platform with our multi-generational approach to product development. We look forward to providing more updates on our progress in the coming quarters.

對我們來說，這些都是令人興奮的發展，我們將圍繞 TEMPLOK 平台繼續創新，採用多代產品開發方法。我們期待在未來幾季提供更多有關我們進展的最新資訊。

And it's important beyond our organic growth initiatives with our high confidence in our cash flow generation and the strength of our balance sheet, we remain active in our pursuit of inorganic growth opportunities as well to sustain the strong and consistent growth of our architectural specialties business. So as we navigate these uncertain market conditions and plan for a softer back half of the year, mainly due to pausing of discretionary renovation work. Our agility and commitment to execution with the help of a local supply chain structure as well as diversity of our markets will serve us well.

重要的是，除了我們的有機成長計畫之外，我們對我們的現金流產生和資產負債表的實力充滿信心，我們仍然積極尋求無機成長機會，以維持我們的建築專業業務的強勁和持續成長。因此，當我們應對這些不確定的市場條件併計劃在今年下半年表現較弱時，這主要是由於暫停了可自由支配的裝修工作。借助本地供應鏈結構以及多樣化的市場，我們的敏捷性和執行力將為我們提供良好的服務。

The dependable ability to deliver AUV growth, productivity gains, and above market growth rates in our architectural specialties business will allow Armstrong to outperform in conditions such as these. And because of our resilient business model, we are well-positioned to be both prudent, where appropriate and assertive where opportunities present themselves to optimize the value creation outcome for our shareholders.

憑藉可靠的能力，實現 AUV 成長、生產力提升以及建築專業業務高於市場的成長率，阿姆斯壯將能夠在這樣的條件下表現出色。而且由於我們擁有靈活的商業模式，我們既可以在適當的時候採取謹慎的態度，又可以在機會出現時採取自信的態度，從而為股東創造最佳價值。

With that, we'll pause now and take your questions.

現在，我們暫停一下，回答你們的問題。

(Operator Instructions)

（操作員指示）

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Good morning, everyone. This is Charles Peran for Susan. Thanks for taking my question and congrats on the strong quarter. Just maybe first, I want to talk about your expectations for volume acceleration in the back half of this year. It sounds from your commentary, that orders and activity are holding strong through April. So against that, is the deceleration more signs of conservatism or any other signs of slow down you're hearing when speaking with customers? And how do you expect those to flow through across two segments over the course of the year?

大家早安。我是查爾斯‧佩蘭 (Charles Peran)，代表蘇珊。感謝您回答我的問題，並祝賀本季業績強勁。首先，我想談談您對今年下半年銷售成長的預期。從您的評論來看，訂單和活動在整個四月份都保持強勁。那麼，與此相反，減速是更多的保守主義跡象，還是您在與客戶交談時聽到的其他任何放緩跡象？您預計這些內容在一年內將如何在兩個部分之間流通？

Yeah, it's a good question because we're kind of in the middle of this, right. 30 days outside of the announcement of much broader and larger tariffs, so we're kind of in the middle of this now. So it's a good question. The sentiment from the customers and the reason why I mentioned the on the ground bidding activity does remain to be kind of intact and steady and not reflective of what we think the downstream impact of this uncertainty could have in the back half. So yeah, I think in the current moment and what we're experiencing today is about what we would have expected before. I think, again, the announcement of the size and the breadth of the tariffs that has maybe changed the sentiment. So our basis of this outlook for the back half of the year is really experiential.

是的，這是個好問題，因為我們正處於這個階段，對吧。距離宣布更廣泛、更大的關稅還有 30 天，所以我們現在正處於這個階段。所以這是一個好問題。客戶的情緒以及我提到實地競標活動的原因確實仍然保持完整和穩定，並且沒有反映出我們認為這種不確定性在下半年可能產生的下游影響。是的，我認為目前的情況以及我們今天所經歷的正是我們之前所預料到的。我認為，關稅規模和範圍的宣布可能已經改變了人們的情緒。因此，我們對下半年的展望確實是基於經驗的。

In prior periods where we have event-based disruption in the marketplace, the first thing that goes to the sidelines is that discretionary work. Projects that aren't critical and that can wait and customers or owners behind those projects move them to the sidelines and wait for a little bit more visibility and clarity. That's what we've experienced and that's kind of what we're modeling in here, even though we're not seeing it and feeling it today. We do expect that based on prior experiences when we have this level of uncertainty for this length of time, the first thing that's going to show up is a softening in the discretionary project work. So again, we've modeled our outlook for the back cap based on that experience.

在先前市場發生事件性混亂的時期，首先被擱置的就是那些可自由支配的工作。對於不重要的項目，可以等待，這些項目背後的客戶或所有者可以將其放在一邊，等待更多的可見性和清晰度。這就是我們所經歷的，也是我們在這裡所模仿的，儘管我們今天沒有看到或感受到它。我們確實預計，根據以往的經驗，當我們在這麼長的時間內面臨這種程度的不確定性時，首先會出現的情況就是自由裁量計畫工作的軟化。因此，我們再次根據該經驗對後蓋的前景進行了建模。

Okay, that's super helpful, Vic. And maybe second, talking about the mixed impact and mineral fiber, when you consider the pricing actions that you look to put in place or you have put in place, the benefit from recent product introduction like temp like healthy spaces against the risks of a slowdown, are you seeing any signs of trade down in mix moving away from those new products? And maybe also, it would be helpful if you could provide some context about what you see historically in mix, what happening during prior downturns.

好的，這非常有幫助，維克。其次，談到混合影響和礦物纖維，當您考慮要實施或已經實施的定價行動時，最近推出的產品（如臨時健康空間）帶來的好處可以抵禦經濟放緩的風險，您是否看到混合交易減少而遠離這些新產品的跡象？另外，如果您可以提供一些關於歷史上所見情況以及之前經濟衰退期間發生的情況的背景信息，那將會很有幫助。

Yeah, again, a good question, because under these conditions you would expect maybe some of that trade down to happen. We have not seen that. As you can see in our results in the first quarter, we had a positive product mix, which means that customers continue to trade up to our highest technology products, our highest aesthetic product. So that's continued into the first quarter.

是的，這又是一個好問題，因為在這種情況下，你可能會預料到一些交易的下跌。我們還沒有看到這一點。正如您在第一季的業績中所看到的，我們的產品組合是正面的，這意味著客戶會繼續購買我們技術含量最高、美觀度最高的產品。這種情況一直持續到第一季。

Actually, this is a dynamic that transcends downturns. We've seen this for well over a decade now, this natural dynamic to mix up. I don't see that changing in the back half of this year, even with the downturn. We didn't see that in the great financial crisis. We didn't see that during the pandemic, and those are much deeper downturns, of course. So we don't expect an AUV mixed impact from that dynamic that you're referencing.

事實上，這是一種超越經濟衰退的動力。十多年來，我們已經看到這種自然的混合動態。即使出現經濟衰退，我認為今年下半年這種情況也不會改變。在金融危機中我們並沒有看到這種情況。我們在疫情期間沒有看到這種情況，當然，這是更嚴重的經濟衰退。因此，我們預計您所提到的動態不會對 AUV 產生混合影響。

But let me just add though, when you look at the new technology that we're talking about with our TEMPLOK product, for example, and some of the other technologies around low embodied carbon, these products come at a higher AUV into the marketplace. And so, we believe as those transition and become more of a volume multiplier in our portfolio, that there's upward lift on our AUV performance over time. So we believe this has been a trend that's been continuing for a number of years, well, over a decade, frankly, and we think that this is a trend that can continue as we innovate into that dynamic that the industry wants to mix up in all parts of the cycle. Again, good question.

但是，讓我補充一點，當您看到我們正在談論的 TEMPLOK 產品新技術，以及一些其他圍繞低碳排放的技術時，這些產品以更高的 AUV 進入市場。因此，我們相信，隨著這些轉變並成為我們投資組合中更大的交易量倍增器，我們的 AUV 性能將隨著時間的推移而提升。因此，我們相信這種趨勢已經持續了很多年，坦白說，已經超過十年了，我們認為，隨著我們不斷創新，融入行業希望在周期各個部分融合的動態，這種趨勢可以持續下去。再次，好問題。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Good morning. This is actually Zach Pacheco on for Garik. Thanks for taking my question. Maybe to hone in on the mineral fiber AUV again, I'm just curious how much of the implied guidance rates includes maybe a second price increase later this year versus kind of just what you're currently seeing and what you've already secured. Thanks

早安.這實際上是 Zach Pacheco 代替 Garik 上場。感謝您回答我的問題。也許是為了再次磨練礦物纖維 AUV，我只是好奇隱含的指導價格中有多少可能包括今年稍後的第二次價格上漲，而不是您目前看到的和已經獲得的。謝謝

Sure, hey, good morning. Yeah. So yes, our guidance does incorporate kind of as we've stated in the past, getting back to our normal cadence of two price increases a year, so yes, it is reflective of that. And just to maybe break it down a little bit further, the guide in terms of the AUV does include positive mix and positive like-for-like pricing. So kind of given the backdrop of tariffs and higher costs accordingly, that AUV incorporates positive mix and is a little bit tipped to a little more price than next. But overall, expect, again, a good solid AUV performance in the year. And for modeling purposes, a little bit heavier in the back half than the front half, getting back to your question on price increase and pricing.

當然，嘿，早安。是的。所以是的，我們的指導確實包含了我們過去所說的內容，即恢復到每年兩次提價的正常節奏，所以是的，它反映了這一點。進一步細分一下，AUV 方面的指南確實包括積極的組合和積極的同類定價。因此，考慮到關稅和相應成本上漲的背景，AUV 包含了積極組合，價格略高於下一個。但總體而言，預計今年 AUV 的表現將再次出色。出於建模目的，後半部比前半部稍微重一點，回到你關於價格上漲和定價的問題。

Understood, that makes sense. And then maybe just any more color on current bidding environments across your verticals? Any change to the office and market or what you're expecting to see? Thanks.

明白了，這很有道理。那麼，也許只是對您所在垂直行業的當前競價環境有更多的了解嗎？辦公室和市場有什麼變化嗎？或者您預計會發生什麼變化？謝謝。

Sure. Let me add a little bit more than usual on the bidding activity. I think it's something, obviously, since we're right in the middle of the uncertainty getting underway here. I've talked in the past about bidding activity in terms of the Dodge first time tracker on bidding activity. It's really the earliest phase of project launching and it's something we watch quarter to quarter.

當然。讓我比平常多補充一點競標活動的內容。我認為這顯然是件好事，因為我們正處於不確定性之中。我過去曾就道奇首次競標活動追蹤器的競標活動談論過有關競標活動的問題。這實際上是專案啟動的最早階段，我們會逐季度關注。

And that particular measure softened in Q1 as uncertainty was building. And really no surprise, that's exactly what you would expect first time bids. Things that are in the early stages like that could take a pause and a wait and see mode and we didn't see -- did see that in Q1. And it's softened both the new and the large renovation. And again, just as a reminder, this Dodge first time bidding activity has somewhere between a 12 to 24 months and sometimes even greater than that out before ceilings are needed. So this is something that we look at as a kind of high level across the horizon type of indicator of activity that's out there. Again, in summary, this is kind of what we've been seeing over the last 7 or 8 quarters leading up to this quarter has been this choppy kind of quarter-to-quarter sideways movement in this particular biting activity metric.

由於不確定性加劇，該特定指標在第一季有所減弱。確實毫不奇怪，這正是您第一次出價時所期望的。像這樣處於早期階段的事情可能需要暫停並處於觀望模式，而我們在第一季沒有看到這種情況。它使新建築和大型翻新建築都變得柔和。再次提醒一下，道奇首次競標活動大約需要 12 到 24 個月，有時甚至更長的時間才會達到上限。因此，我們將其視為一種高水準的、跨越地平線的活動指標。再次總結一下，這有點像我們在過去 7 或 8 個季度中看到的情況，在本季度之前，這種特定的咬合活動指標一直呈現季度間波動的橫向走勢。

But what I mentioned in my prepared remarks is another bidding activity of altitude, if you will. It's really the ground level -- on the ground, sublevel project bidding type activity. What this bidding activity really reflects is more down to ceiling projects and the interior projects bidding level. And in Q1, this remained active and steady. And what we saw was good activity across many verticals like data centers, transportation, schools, hospitals, even office TI, we saw good activity in the quarter.

但我在準備好的發言中提到的是另一個高度競標活動，如果你願意的話。這實際上是基層——地面上的、次級的項目招標類型的活動。這次招標活動實際上體現的更多的是天花板工程和室內工程的招標水平。而在第一季度，這一趨勢依然活躍且穩定。我們看到資料中心、交通、學校、醫院甚至辦公室 TI 等許多垂直領域的活動都很好，我們在本季度看到了良好的活動。

And I think this is to your question, what we're seeing today is really a kind of a consistent sideways motion on our bidding activity at the ground level. We're going to continue to keep an eye on the flow or the discretionary portion of that ground level business because we think that's what we're going to see as the first signal that the markets are softening up based on this uncertainty. So we'll continue to track that closely and report out on that.

我認為這回答了您的問題，我們今天看到的實際上是基層競標活動的一種持續的橫向運動。我們將繼續關注基層業務的流量或可自由支配的部分，因為我們認為這是我們將看到的第一個訊號，表明市場正在因這種不確定性而走軟。因此，我們將繼續密切追蹤並報告相關情況。

Keith Hughes, Truist.

基斯·休斯，Truist。

Of course, it's a long wave with the steel tariffs coming in, you talk about the impact, what you're having to do on pricing there.

當然，鋼鐵關稅的實施將持續很長時間，您要談論其影響，以及您必須對定價採取哪些措施。

I'm sorry, Keith, would you say that last part again?

對不起，基思，你能再說一次最後一部分嗎？

Yeah. Question is on wave, you talk about the impact there, the steel tariffs and what they're having to do on pricing.

是的。問題是關於浪潮，您談論鋼鐵關稅的影響以及它們對定價的影響。

Yeah, in the wave business, we obviously use steel and aluminum for the structure, the grid structure of our sealing systems. As a reminder, most of what we source in terms of steel and aluminum comes from the US and locally sourced. We do bring a small percentage from external markets for, I will say strategic reasons. We do that so we can shift that volume as we need to local sourcing here.

是的，在波浪業務中，我們顯然使用鋼和鋁作為密封系統的結構和網格結構。提醒一下，我們購買的鋼鐵和鋁大部分來自美國和當地。我們確實從外部市場引入了一小部分，我想說是出於戰略原因。我們這樣做是為了可以根據需要將產量轉移到本地採購。

But what we have seen in the first round of tariffs that we saw back in 2018 with steel imports is that the local steel companies began to raise their prices. And so, we're seeing actually a kind of an indirect, if you will, a ripple effect impact from the steel tariffs on local steel prices. And so, we're having to raise prices in the marketplace to help pass that on. We have two price increases already in the first quarter on the street to try to help us stay in front of that that steel inflation, so a little bit less of an inter -- a direct impact on tariffs in our wave business and a little more of an indirect because of the market pricing coming up.

但我們在 2018 年第一輪鋼鐵進口關稅中看到，當地鋼鐵公司開始提高價格。因此，我們實際上看到了鋼鐵關稅對當地鋼鐵價格產生的一種間接的、連鎖反應的影響。因此，我們必須提高市場價格來幫助傳遞這項訊息。我們在第一季已經進行了兩次價格上調，試圖幫助我們保持在鋼鐵通膨的前沿，因此對我們的波浪業務的關稅的直接影響稍微小一些，而由於市場定價即將上漲，間接影響則稍微大一些。

Historically, when wave raises prices, is there a margin drag until they catch up with the input, with the -- what's happened on the inputs?

從歷史上看，當浪潮提高價格時，是否會出現利潤拖累，直到趕上投入，投入發生了什麼？

Yeah. In 2018, that happened because the steel tariffs went in. If you remember during the first administration, that was -- that happened very quickly, and it took us a quarter or two to catch up. In '22, that did not happen. We stayed ahead of the prices or the inflation and we didn't see the drag on our margins. So our plan here is we're staying ahead of the inflation with our prices and trying to, well, trying to stay ahead of those steel tariff price increases. So I expect that we'll continue to expand margins in that business throughout the year.

是的。2018年，由於鋼鐵關稅的實施，這種情況發生了。如果你還記得第一屆政府的情況，那——那發生得非常快，我們只用了一兩個季度就趕上了。但在 1922 年，這種情況並沒有發生。我們始終領先於價格或通貨膨脹，並且沒有看到利潤被拖累。因此，我們的計劃是，我們的價格要領先通貨膨脹，並且要努力領先鋼鐵關稅價格的上漲。因此我預計我們全年將繼續擴大該業務的利潤率。

And Keith, maybe just one additional point on waves that we still expect equity earnings to grow in mid-single digits for the year.

基思，也許這只是關於波動的另外一點，我們仍然預計今年的股票收益將以中位數個位數成長。

Final question on on the specialty business, how much did price play a role in the reported numbers and what are you expecting on that for the rest of the year?

關於專業業務的最後一個問題，價格在報告的數字中起到了多大作用，您對今年剩餘時間的專業業務有何預期？

Yeah, I'd say minimal. That's really the number of projects that we're winning and the size of the projects. I think it's more on the volume side than a meaningful price. We are raising price in various substrates to stay ahead of any impact from tariffs. But for the most part, the goodness and the strong performance in that business has really been projects and win rates and projects driving that business.

是的，我認為是最少的。這實際上是我們贏得的項目數量和項目規模。我認為這更多的是數量方面的問題，而不是有意義的價格。我們正在提高各種基材的價格，以避免受到關稅的影響。但在大多數情況下，該業務的優點和強勁表現實際上都是由專案、中標率和專案推動的。

Philip Ng, Jefferies.

傑富瑞的 Philip Ng。

Quick question on the home center side of things, you called out weather impacting the quarter one. Have you started seeing that normalize that? I think weather has cleared out a bit in March and April. So just curious to see what you're seeing on the home center side of things and then how they've kind of managed the inventory. I mean, it's lumpy from time to time.

關於家居中心的快速提問，您提到天氣影響了第一季。您是否已經開始看到這種情況正常化了？我認為三月和四月的天氣已經放晴一些了。所以我只是好奇地想看看您在家居中心方面看到了什麼，以及他們是如何管理庫存的。我的意思是，它有時會出現塊狀。

Yeah, that could be lumpy as you acknowledge. Yes, we have seen orders normalized, especially in those locations that were hardest hit by the severe weather. So yeah, that's getting back to its normal run rate.

是的，正如您所承認的，這可能會很棘手。是的，我們看到訂單已恢復正常，特別是在受惡劣天氣影響最嚴重的地方。是的，這正在恢復到正常運行率。

Okay, so we should expect the drag you saw on 1Q from the home center to kind of flush out it's kind of a non-event for 2Q?

好的，那麼我們應該預期，您在第一季看到的來自國內中心的阻力會在某種程度上沖淡第二季的不尋常現象嗎？

Yeah, I think for the for the rest of the year I would, I wouldn't call it 2Q just because they can flex their inventories over a quarter as we have reported on numerous times. So I would say for the year, we don't expect this to be anything different than what we see in the rest of the marketplace for the year. So this timing-related impact should work its way through.

是的，我認為對於今年剩餘時間，我不會稱之為第二季度，因為他們可以在一個季度內靈活調整庫存，正如我們多次報告的那樣。因此我想說，就今年而言，我們預計這與我們在今年其他市場上看到的情況不會有任何不同。因此，這種與時間相關的影響應該會得到解決。

Okay, that's helpful. And then Vic, I think you kind of pointed out, if I heard you correctly, maybe it was AS or maybe it was a broader comment for new construction, but I think based on the backlogs you have right now, it sounds like you're pretty confident it could carry through '25 and appreciating that AS business new construction, there's a longer lag. Do you have enough line of sight to give us some color on what you're seeing on 2026? If you've seen bidding activity, quoting activity for that channel, AS particularly, going out to '26, what's an early look right now?

好的，這很有幫助。然後維克，如果我沒聽錯的話，我想你已經指出了這一點，也許是 AS，或者也許是對新建築的更廣泛的評論，但我認為根據你現在的積壓情況，聽起來你很有信心它可以持續到 25 年，並​​且欣賞 AS 商業新建築，存在更長的滯後。您是否有足夠的洞察力來告訴我們您對 2026 年的展望？如果您已經看到該頻道的競標活動、報價活動，特別是 AS，一直到 26 年，那麼現在的早期情況如何？

Yeah, the new construction side of the business and the equation is from the back half of '23 and '24 positive new construction starts, right? So those -- when you lag those out for when a ceiling is required for those new construction jobs, we think that that's really going to hold for 2025. And if you spent all that money on those projects, by the time you get the ceilings, you're likely to finish that work. And so, that's kind of our assumptions going into that. We don't see a big disruption on new construction coming through as we lag it into to '25.

是的，新建築業務的等式是從 23 年下半年和 24 年下半年開始的新建築開工，對嗎？因此，當你將這些與新建築工作所需的上限進行比較時，我們認為這種情況將持續到 2025 年。如果你把所有的錢都花在這些項目上，那麼當你修好天花板時，你很可能會完成這項工作。這就是我們對此所做的假設。由於我們將其滯後到 25 年，因此我們認為新建築不會出現大的中斷。

We have a better line of sight, filter your question around project and the project nature business of the architectural specialties. I can tell you that we're closing good work for the back half of this of this year in '25, and of course, into '25 or '26 and even into '27. Some of these projects are larger and longer term, so we're starting to close work out into those, but it'd be really premature for me to talk about the magnitude of that and what that could mean for us for '26.

我們有更好的視線，圍繞建築專業的專案和專案性質業務過濾您的問題。我可以告訴你們，我們將在 2025 年下半年完成出色的工作，當然，還將在 2025 年、2026 年，甚至 2027 年完成。其中一些項目規模較大、週期較長，因此我們開始著手完成這些項目，但現在談論這些項目的規模以及對我們 2026 年意味著什麼還為時過早。

But again, I would just point you back to the momentum this business has created started in the back half of '24, continued into the first quarter of '25. That team is doing really well and closing work. I think we're closing more work, and I expect that momentum to continue.

但是，我再次想讓大家回顧一下這項業務在 2024 年下半年開始創造的勢頭，並持續到 2025 年第一季。該團隊表現非常出色，正在完成工作。我認為我們正在完成更多的工作，並且我希望這種勢頭能夠持續下去。

Adam Bumgarner, Zalman.

亞當邦加納，札爾曼。

Just on the incremental price increase, I know it's typically been in February and August each year. Is that the way to think about it this year as well and perhaps maybe a higher price increase than maybe what you put through in February or kind of similar, just curious how to think about that.

就增量價格上漲而言，我知道通常發生在每年的二月和八月。今年也是這樣想的嗎？也許價格漲幅會比二月更高，或者類似，只是好奇如何看待這個問題。

Yeah. I would say it's at this point, on our normal twice a year pricing cadence, I think the amount, the extent of that will really be dependent upon kind of how the overall tariff and cost landscape unfolds. So we're going to continue to keep to keep an eye on that as always. But for purposes of at this point time and what we have, somewhat of a line of sight too, that's how we're thinking about it. Again, as I commented on AUV and our AUV growth for the year, again, to more towards price with positive mix and again, that's largely on us continuing to stay close and monitor -- monitoring the cost side of our business and then adjusting the price side accordingly.

是的。我想說的是，就目前而言，按照我們正常的每年兩次的定價節奏，我認為定價的數額和程度實際上將取決於整體關稅和成本狀況如何發展。因此，我們將一如既往地繼續關注這一點。但就目前的時間點以及我們所擁有的某種視線而言，這就是我們的想法。再次，正如我對 AUV 和我們今年的 AUV 增長所評論的那樣，再次，更多地轉向積極組合的價格，這主要取決於我們繼續密切關注和監控 - 監控我們業務的成本方面，然後相應地調整價格方面。

Okay, got it. Thanks. And then just maybe on the education market, not sure if you guys touched on that, but curious what you're seeing there. I know the funding kind of rolled off to some degree? Are you seeing any change in the trends you've been seeing over the last year or two?

好的，明白了。謝謝。然後也許只是在教育市場上，不確定你們是否涉及過這一點，但很好奇你們在那裡看到了什麼。我知道資金在某種程度上已經減少了？您是否發現過去一兩年內所觀察到的趨勢有任何變化？

Yeah, not materially. We've been watching that very closely as well. There was a lot of bonds that were approved for education at the state level in November. We were hopeful that that might fill in some of the gap from the ESR funds. But what I can tell you what we saw in the first quarter is still good activity in the education sector, so we'll see how the summer season plays out. That's really where you see the bulk of the education K through 12 action anyway, so we'll be very watchful of that. But so far, we've not seen a falloff in education activity.

是的，不是物質上的。我們也一直密切關注此事。11 月份，州一級批准發行了大量教育債券。我們希望這可以填補 ESR 基金的一些缺口。但我可以告訴你的是，我們在第一季看到教育產業的活動仍然良好，所以我們將看看夏季的表現如何。無論如何，這確實是從幼兒園到 12 年級教育活動的主要內容，因此我們對此保持高度關注。但到目前為止，我們還沒有看到教育活動的減少。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

I think last quarter, you said you were expecting, I think inflation -- a cost inflation for the year in the low-single digit range. Can you just give an update of what you're expecting now and then the difference between energy and freight and raw materials?

我認為上個季度您說過，您預計通貨膨脹—全年成本通膨將在個位數低位範圍內。您能否介紹一下您目前對能源、貨運和原料之間差異的預期？

Yeah. So just to size our inflation assumptions for the year, we expect freight to be relatively flat for the year. Raw materials expect to be inflationary in that mid-single digit percentage range versus prior year. And then energy between 10% to 15% inflationary and that's really kind of driven by volatility in the natural gas market. So what that puts you at is from a total input cost perspective, in that mid-single digit range of inflation for a full year versus prior year.

是的。因此，為了評估今年的通膨假設，我們預計今年的貨運量將相對持平。與上年度相比，原物料的通膨率預計在個位數中段百分比範圍內。能源通膨率在 10% 到 15% 之間，這實際上是受天然氣市場波動的影響。因此，從總投入成本的角度來看，與前一年相比，全年通膨率處於中等個位數範圍內。

So again, just a reminder within that energy bucket, it's about pretty evenly split between electricity and natural gas. But from a raw material perspective, this does kind of dial in a little bit of an uptick in some of our some of our raws that that'll be slightly impacted by tariff impacts. So mid-single digit inflation for the year as percentage versus prior year.

所以，再次提醒一下，在能源類別中，電力和天然氣的分配相當均勻。但從原材料的角度來看，這確實會導致我們的一些原材料價格略有上漲，而這些原材料會受到關稅的輕微影響。因此，與前一年相比，今年的通貨膨脹率處於中等個位數。

Got it. That's helpful. And the higher price realization, your guide is what's off offsetting that?

知道了。這很有幫助。對於更高的價格實現，您的指導是什麼可以抵消這一點？

Yeah. I mean, we think about this more broadly than just the pricing component, which certainly is, as Vic mentioned in his prepared remarks, a mitigation and way to continue to offset, but we also are focused on continuing to drive productivity. We've had a really strong track record of being able to demonstrate manufacturing productivity in our plants. We expect that to continue, as well as the focus on ongoing, disciplined and rigorous cost control and cost management. So I think all three of those components coupled together is really what gives us the levers, if you will, to continue to grow and expand margins here. And that's how we're thinking about operating the business, given these dynamic times.

是的。我的意思是，我們對此的考慮比僅僅考慮定價因素更為廣泛，正如維克在他的準備好的發言中提到的那樣，定價當然是一種緩解措施和繼續抵消的方式，但我們也專注於繼續提高生產力。我們在展示工廠製造生產力方面有著非常出色的記錄。我們希望這種情況能夠持續下去，同時專注於持續、嚴謹和嚴格的成本控制和成本管理。因此，我認為，如果願意的話，這三個組成部分結合在一起，就真正為我們提供了繼續成長和擴大利潤的槓桿。考慮到當前的動態形勢，這就是我們對業務運營的看法。

Okay, that's helpful. Just on the AS side, the organic growth, obviously, had M&A contribution, but the organic growth is really strong in the first quarter here. How do you think about what the implied organic growth is for the remainder of the year? And how does that compare to the market? What's the market share that you're seeing or your growth relative to the market that you're anticipating?

好的，這很有幫助。就 AS 方面而言，有機成長顯然有併購的貢獻，但第一季的有機成長確實強勁。您如何看待今年剩餘時間的隱含有機成長？與市場相比如何？您所看到的市場佔有率是多少？或相對於您預期的市場，您的成長是多少？

Yeah. So for kind of implied in the guide for the year on the organic side of AS, it's a softer back half than the front half of the year, but really, what's at play there is lapping a really strong back half of 2024. So as Vic mentioned and I mentioned in our remarks about keeping a watchful eye on overall projects, project delays, et cetera, that could certainly be at play. But again, we have a little bit of a timing dynamic given just the strength of the back half last year relative to the expected strength in the back half of this year. And I'd say we're continuing to do well and win in the AS business. And are very pleased with the double-digit, top line growth that we saw organically here in the quarter. So really pleased with that business and its performance.

是的。因此，根據 AS 有機方面的年度指南暗示，下半年會比上半年疲軟，但實際上，2024 年下半年將會非常強勁。因此，正如維克和我在我們的評論中提到的那樣，密切關注整體專案、專案延遲等，這肯定會發揮作用。但是，再次強調，考慮到去年下半年的實力相對於今年下半年的預期實力，我們有一點時間動態。我想說的是，我們在 AS 業務上將繼續取得良好業績並取得成功。我們對本季看到的兩位數的營收有機成長感到非常滿意。我對這項業務及其表現非常滿意。

(Operator Instructions)

（操作員指示）

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

The first one is on mineral fiber AUV incrementals, which you know it's consistent with last quarter, but it's below historical levels. I was under the impression that this may have been driven by a little bit more mixed versus price in AUV, but that doesn't seem like it's the case. So curious what's driving that and would you expect this to kind of normalize higher as we move through the year?

第一個是關於礦物纖維 AUV 增量，你知道它與上一季一致，但低於歷史水平。我原以為這可能是由 AUV 的混合性與價格因素所致，但事實似乎並非如此。所以很好奇是什麼推動了這一趨勢，您是否預計隨著時間的推移這一趨勢會逐漸正常化？

Yes. So yeah, that's largely you're talking about the impact, the EBITDA impact on AUV in the quarter. It's really timing in nature. We can see this from time to time and can get some quarterly noise, if you will, around how projects ship which can influence the overall basket of products and how that that falls to the to the bottom line. So when I take a look at our overall expectation for the year, we do believe that our incremental there on EBITDA will return to and kind of be in line with our historical fall through right there. But from time to time, you get a little bit of quarterly noise and that's what we saw here in Q1.

是的。是的，您主要談論的是影響，即 EBITDA 對本季 AUV 的影響。這其實就是時間問題。我們可以不時地看到這種情況，並且可以得到一些季度消息，如果你願意的話，關於項目如何發貨，這可能會影響整體產品組合，以及如何影響最終產品。因此，當我回顧我們對今年的整體預期時，我們確實相信，EBITDA 的增量將恢復到與我們的歷史跌幅一致。但有時，你會聽到一些季度噪音，這就是我們在第一季看到的。

Okay, gotcha. And then manufacturing costs have been a headwind to AS adjusted EBITDA for a few quarters now. Curious what's kind of driving that headwind, and do you expect that to subside as we move through the year?

好的，明白了。幾個季度以來，製造成本一直是 AS 調整後 EBITDA 的阻力。我很好奇是什麼導致了這種逆風，您是否認為這種逆風會隨著今年的過去而消退？

Yeah, I'd say largely when you look at the AS segments, again, with the inorganic growth that we've seen, the manufacturing costs are stepped up in connection with the acquisition of two businesses that we saw in 2024. That's largely the -- call the manufacturing cost increase that we've seen in that segment.

是的，我想說，當你再次查看 AS 部分時，隨著我們所看到的無機增長，製造成本隨著我們在 2024 年看到的兩家企業的收購而增加。這在很大程度上是我們在該領域看到的製造成本增加。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

I guess on the sales guidance for architectural specialties, looks like it's a slight raise there, I guess kind of goes against the general uncertainty in the market. And I know you talked about a few trends there throughout the call, but just curious if you could expand on what is behind the raise there for the guidance of its project timing or better acquisition cross selling or something else, just what what's driving that?

我認為建築專業的銷售指導似乎略有提高，我想這與市場普遍的不確定性背道而馳。我知道您在整個通話過程中談到了一些趨勢，但我還是很好奇，您是否可以詳細說明一下此次加薪背後的原因，例如專案時機指導、更好的收購交叉銷售或其他什麼，究竟是什麼推動了這些趨勢？

Yeah, I'd say there's a little bit of what you know -- what Vic had mentioned earlier around projects. The overall visibility to projects there in that side of the business more clear line of sight due to our backlog. And you also have a bit of that project called timeline, which is once the project kind of gets started, it's from the time of breaking ground to ceiling ship and it can be in that 12 to 24-month range. So we feel that that line of sight gives us confidence around our ability to call that top line growth increase -- slight increase in AS. But tempered with that too is is a little bit of the uncertainty and cloudiness around what potential project delays could look like. So overall, it's the backlog and the line of sight that we have that it gives us confidence in up -- the uptick in the top line growth expectation for AS albeit balanced with that potential uncertainty that's out there.

是的，我想說，你知道一些——維克之前提到的有關項目的內容。由於我們的積壓工作，該業務領域的專案整體可見度更加清晰。而且你還知道這個專案有一點時間線，也就是一旦專案開始，從破土動工到天花板完工的時間可能在 12 到 24 個月的範圍內。因此，我們認為，這種視線讓我們對實現營收成長的能力充滿信心——AS 略有增加。但同時，潛在專案延期的情況也存在一些不確定性和模糊性。因此，總體而言，積壓訂單和我們的視線讓我們對 AS 的營收成長預期上升充滿信心，儘管與存在的潛在不確定性相平衡。

And Brian, let me add what Chris has said is exactly right. If you don't mind, I'll just add that the other component that's a little different in architectural specialties is the market penetration growth dimension of that business. Remember, this is doing much better than the overall market is doing, and that's something that we can continue to do even if the market softens in the back half. So that's the other, I think growth dimension that we have here, growth driver that we have here, that's different than, say, in our mineral fiber business.

布萊恩，讓我補充一下克里斯說的話完全正確。如果您不介意的話，我只想補充一點，建築專業中另一個略有不同的組成部分是該業務的市場滲透增長維度。請記住，這比整體市場的表現要好得多，即使下半年市場疲軟，我們也可以繼續這樣做。所以，我認為這是我們這裡的另一個成長維度，我們這裡的成長動力，與我們的礦物纖維業務不同。

Understood. And then on based on the updated middle fiber volume guidance, are there any specific verticals that you would expect to see? Maybe a quicker or more severe pullback based on your historical reference, or is that more of a broad-based view that everything would discretionary type spend would pull back kind of in line with everything? Thank you.

明白了。然後根據更新的中間纖維體積指導，您是否期望看到任何特定的垂直領域？根據您的歷史參考，也許回檔會更快或更劇烈，或者這是否是更廣泛的觀點，即所有可自由支配的支出都會隨著一切的進行而回調？謝謝。

Yeah, I understand the question. Going back to an answer I gave earlier around the discretionary portion of the renovation work is where we're going to see the softness in the back half. Our experience here has been -- it's really vertical agnostic. If it's a discretionary project, whether it's an education, healthcare, or office, it is subject to a wait and see when there's a high degree of uncertainty. So I wouldn't say one particular vertical is going to stand out over the other. I think we're going to see across the verticals, the discretionary work, again, I think that's where we're going to see the softness in the back half.

是的，我明白這個問題。回到我之前給的關於裝修工程可自由支配部分的答案，我們將看到後半部的柔軟之處。我們在這裡的經驗是——它確實與垂直無關。如果是可自由支配的項目，無論是教育、醫療或辦公，當存在高度不確定性時，都需要觀望。所以我不會說某個特定的垂直產業會比另一個產業更突出。我認為我們將會看到各個垂直領域、自由裁量的工作，再次，我認為這就是我們將會看到後半部的疲軟之處。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

I just wanted to follow up on that last point there. Discretionary projects, do we see any kind of -- should we expect to see any kind of AUV or margin impact if you do see a decline in discretionary first? And I'm also kind of wondering whether or not you might see or anticipate you might see maybe smaller customers having more of a sort of a disproportionate impact from the sentiment impacts you were referring to earlier? Similarly, could that have an AUV or margin impact worth calling out?

我只是想跟進最後一點。可自由支配的項目，我們是否會看到任何類型的 - 如果您首先看到可自由支配項目的下降，我們是否應該預期會看到任何類型的 AUV 或利潤率影響？我還想知道，您是否會看到或預期到較小的客戶可能會受到您之前提到的情緒影響的更大不成比例的影響？同樣，這是否會對 AUV 或利潤率產生值得關注的影響？

Yeah, This discretionary business, flow businesses as we referred to it, Stephen, as you know is where we have the least amount of visibility. It is concentrated more with the installed base and it kind of mirrors more of the installed base, which still is a lot of older, more, I would say lower AUV type products. So if there's any AUV impact, it would be a lift on AUV or a help to AUV because of the mixed improvement by not having some of the lower AUV in it.

是的，史蒂芬，如你所知，這種自由支配的業務，也就是我們所說的流動業務，是我們最不了解的領域。它更多地集中在已安裝的基礎之上，並且在某種程度上反映了更多的已安裝的基礎，其中仍然是許多較老的、更多的，我想說是 AUV 類型的產品。因此，如果對 AUV 有任何影響，那麼它將對 AUV 產生提升或幫助，因為透過消除其中的一些較低的 AUV，可以實現混合改進。

Whether it's material or not, I think that's another question. But directionally, to get at your question, I think if there is an AUV impact from that discretionary spend or the lack of the discretionary spend, I think it might show up there. I think these are smaller projects, not smaller customers. I would think about it that way because even larger customers might forego or put on hold smaller projects. And again, I would say it's the same dynamic. I think if anything there might be less lower AUV products in the mix and would be an upward help to the overall mix. Does that help?

它是否重要，我認為這是另一個問題。但從方向上來說，回答你的問題，我認為如果可自由支配的支出或缺乏可自由支配的支出對 AUV 產生影響，我認為它可能會在那裡出現。我認為這些都是較小的項目，而不是較小的客戶。我會這樣想，因為即使是大客戶也可能會放棄或擱置較小的專案。我想再次強調，這是相同的動態。我認為，如果有什麼不同的話，那就是組合中較低 AUV 產品的數量可能會減少，這將對整體組合產生積極的影響。這樣有幫助嗎？

Yes, absolutely. That was exactly my question. I appreciate that. And then second question relates to the again staying on AUV impacts, the home center softness, I'm wondering, does that also have some sort of an AUV effect? In other words, was AUV maybe a little benefited by the home center softness this quarter as well?

是的，絕對是。這正是我的問題。我很感激。然後第二個問題再次涉及 AUV 的影響，家庭中心柔軟度，我想知道，這是否也具有某種 AUV 效應？換句話說，本季 AUV 是否也因家居中心的疲軟而受益？

Yeah. Yes, definitely. As we've talked about, that's our lower AUV channel. We have a very low or a small group of products that we sell through that channel, and they tend to be at the lower AUV. So yes, there was a little bit of a help in the quarter on the mix side from the lack of volume in that retail channel.

是的。是的，當然。正如我們所討論的，這是我們的下部 AUV 通道。我們透過該通路銷售的產品種類很少或很少，而且它們的 AUV 往往較低。所以是的，由於零售通路銷售不足，本季在產品組合方面確實有一點幫助。

There are no further questions at this time, so I would like to turn the call back over to Mr. Vic Grizzle.

目前沒有其他問題，因此我想將電話轉回給維克·格里茲爾先生。

Well, thank you all for joining our call today and for your questions. I think as you can hear in our discussion today, we have a resilient business model, and we have a proven ability to execute on our controllables that give us confidence to navigate these choppy and uncertain market conditions. So we're ready to and poised to execute even in softer market conditions that we're forecasting for the back half of this year. Thank you again for joining our call today.

好吧，感謝大家今天參加我們的電話會議並提出問題。我想正如您在我們今天的討論中所聽到的，我們擁有一個有彈性的商業模式，並且我們擁有執行可控因素的可靠能力，這使我們有信心應對這些動盪和不確定的市場狀況。因此，即使我們預測今年下半年市場環境將更加疲軟，我們也已經做好準備並隨時執行。再次感謝您今天參加我們的電話會議。

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。