Armstrong World Industries Inc (AWI) 2025 Q2 法說會逐字稿

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

感謝您的支持。我叫蒂娜，今天我將擔任您的會議接線生。現在，我歡迎大家參加阿姆斯壯世界工業公司 2025 年第二季財報電話會議。（操作員指示）

It is now my pleasure to turn the call over to Theresa Womble, Vice President of Investor Relations and Corporate Communications. 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, Tina, and welcome, everyone, to our call this morning. Today, we have Vic Grizzle, our CEO, and Chris Calzaretta, our CFO, to discuss Armstrong World Industries second-quarter 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，蒂娜，歡迎大家參加我們今天早上的電話會議。今天，我們邀請了首席執行官維克·格里茲爾 (Vic Grizzle) 和首席財務官克里斯·卡爾薩雷塔 (Chris Calzaretta) 來討論阿姆斯特朗世界工業公司第二季度的業績和今年剩餘時間的展望。我們已提供一份與這些結果相符的演示文稿，可在阿姆斯壯世界工業網站的「投資者」部分找到。

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 measures is included in the earnings press release and in the appendix of the presentation issued this morning. Both of these are available on the website.

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公認會計準則 (GAAP) 指標的對帳已包含在收益新聞稿和今天早上發布的簡報附錄中。這兩個文件都可以在網站上找到。

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, July 29, 2025. These statements involve risks and uncertainties that may differ materially from those expected or implied.

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 7 月 29 日的財務和營運表現的看法。這些聲明涉及風險和不確定性，可能與預期或暗示的情況有重大差異。

We provide a detailed discussion of the risks and uncertainties in our SEC filings, including the 10-Q filed earlier this morning. We undertake no obligation to update any forward-looking statements beyond what is required by applicable securities law.

我們在提交給美國證券交易委員會的文件中詳細討論了風險和不確定性，包括今天早上提交的 10-Q 表。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'll turn the call over to Vic.

現在我將把電話轉給維克。

Thank you, Theresa, and good morning, and thank you for joining our call today to discuss our second-quarter 2025 results and our expectations for the remainder of the year. We delivered another quarter of record sales and earnings as we continue to execute at a high level and to demonstrate the resilience of our business model in these unique and uncertain market conditions.

謝謝你，特蕾莎，早上好，謝謝你今天參加我們的電話會議，討論我們 2025 年第二季度的業績以及我們對今年剩餘時間的預期。我們繼續保持高水準執行，並在這些獨特且不確定的市場條件下展示了我們商業模式的彈性，因此我們又一個季度的銷售額和收益創下了紀錄。

In the second quarter, on a consolidated basis, we increased net sales by 16% and adjusted EBITDA by 23%. And with efficient execution, we expanded adjusted EBITDA margin by 200 basis points over the prior year to 36%. Adjusted diluted earnings per share rose 29% year-over-year, marking the company's highest quarterly EPS growth rate since separating from the flooring business in 2016.

第二季度，以合併口徑計算，我們的淨銷售額成長了 16%，調整後 EBITDA 成長了 23%。透過高效率的執行，我們將調整後的 EBITDA 利潤率較前一年提高了 200 個基點，達到 36%。調整後每股攤薄收益年增29%，這是該公司自2016年脫離地板業務以來最高的季度每股收益成長率。

Similarly, we generated strong adjusted free cash flow, both in the quarter and on a year-to-date basis, allowing for the continuation of funding of all of our capital allocation priorities despite uncertain market conditions.

同樣，我們在本季和年初至今都產生了強勁的調整後自由現金流，儘管市場條件不確定，但我們仍能繼續為所有資本配置優先事項提供資金。

In these times of market uncertainty, it is even more critical to employ an even higher level of focus within an organization, and that's what our organization did in the second quarter. Our team stayed focused on what we can control: our costs, our initiatives and our service to customers, and I'm pleased with how we have focused and executed in each of these areas.

在市場不確定的時期，在組織內採用更高程度的關注度就顯得更加重要，而這正是我們組織在第二季所做的。我們的團隊始終專注於我們能夠控制的事情：我們的成本、我們的計劃以及我們為客戶提供的服務，我對我們在每個領域的專注和執行情況感到滿意。

Our plant teams continue to exemplify our safety culture with improvement on all of our safety metrics and delivered strong productivity results in the quarter, and our commercial teams worked even closer with our customers to deliver industry-leading service and support. I want to take this opportunity to thank our teams for their outstanding work and their dedication to consistent execution and delivery of results for our customers and our shareholders.

我們的工廠團隊繼續體現我們的安全文化，改善所有安全指標，並在本季度取得了強勁的生產力成果，我們的商業團隊與客戶更加緊密地合作，提供業界領先的服務和支援。我想藉此機會感謝我們的團隊的出色工作以及他們為客戶和股東持續執行和交付成果的奉獻精神。

Turning now to highlight our segment performance. In our Mineral Fiber segment, our second-quarter net sales grew 7% with strong AUV growth of 5% and a modest contribution from volume, both of which were supported by our innovation efforts and our digital initiatives that continues to propel growth at the high end of our product portfolio.

現在來重點介紹一下我們的分部表現。在我們的礦物纖維部門，第二季淨銷售額成長了 7%，平均銷售額 (AUV) 成長了 5%，銷量也做出了適度貢獻，這兩者都得益於我們的創新努力和數位化舉措，這些舉措繼續推動著我們高端產品組合的成長。

Adjusted EBITDA in the Mineral Fiber segment grew 16% and adjusted EBITDA margin expanded by 350 basis points, driven by contributions from WAVE, along with good SG&A cost control and manufacturing productivity gains. This margin level was the best second-quarter result since our separation from flooring in 2016.

礦物纖維部門的調整後 EBITDA 成長了 16%，調整後 EBITDA 利潤率擴大了 350 個基點，這得益於 WAVE 的貢獻以及良好的 SG&A 成本控制和製造生產率的提高。這個利潤率水準是我們自 2016 年脫離地板業務以來第二季的最佳業績。

Turning next to our Architectural Specialties segment, where our net sales grew 37% in the quarter. Both organic and inorganic sales grew double digits. Both our new acquisitions, 3form and Zahner exceeded expectations in the quarter, but especially impressive was the organic growth of 15%, well above market activity levels.

接下來談談我們的建築專業部門，本季我們的淨銷售額成長了 37%。有機銷售額和無機銷售額均達到兩位數成長。我們新收購的兩家公司 3form 和 Zahner 在本季的表現均超出預期，但尤其令人印象深刻的是 15% 的有機成長率，遠高於市場活動水準。

Both organic and inorganic growth performance reflects strong penetration into the specialties market with our expanding portfolio of products and capabilities. As we have noted before, our expansion of Architectural Specialties and new materials and capabilities allows us to sell more products into more spaces of a building.

有機和無機成長績效均反映了我們憑藉不斷擴大的產品和能力組合對專業市場的強大滲透。正如我們之前提到的，我們對建築專業以及新材料和新能力的擴展使我們能夠將更多的產品銷售到建築的更多空間。

With this expanded product portfolio, we can continue to penetrate further into the same commercial buildings where we sell Mineral Fiber today. These additional spaces include solutions beyond the core ceiling plane, extending into specialty walls, other interior finishes like column covers, grills, and partitions and now exterior facades and rain screens.

透過擴大產品組合，我們可以繼續深入目前銷售礦物纖維的商業建築。這些額外的空間包括核心天花板平面以外的解決方案，延伸至特殊牆壁、其他室內裝飾（如柱蓋、格柵和隔間）以及現在的外觀和雨幕。

And with our confidence in our cash flow growth, we continue to build our pipeline for future bolt-on acquisitions to further expand our portfolio. This collective organic and inorganic growth has been a successful strategy for the company, delivering nearly a 20% CAGR since our separation from flooring.

憑藉對現金流成長的信心，我們將繼續為未來的附加收購建立管道，以進一步擴大我們的投資組合。這種有機和無機的共同成長是公司的成功策略，自我們脫離地板業務以來，實現了近 20% 的複合年增長率。

This breadth of the portfolio, coupled with our digital initiatives is best illustrated with the recent project win of a four-story health center building in Virginia. Project Works was used for each of the seven phases of the project, providing significant productivity and speed for the customer. In total, 32 unique Armstrong solutions were specified and used on the project including a range of products and services that no other single manufacturer could provide.

我們廣泛的產品組合加上我們的數位化舉措，最能體現在我們最近贏得的維吉尼亞州一座四層健康中心大樓計畫中。此專案的七個階段均採用了 Project Works，為客戶帶來了顯著的生產力和速度。該項目總共指定並使用了 32 種獨特的阿姆斯壯解決方案，包括其他任何單一製造商都無法提供的一系列產品和服務。

This breadth of portfolio, along with the automated design services provided by project works are a unique competitive advantage for Armstrong.

這種廣泛的產品組合以及專案工作提供的自動化設計服務是阿姆斯壯獨特的競爭優勢。

In addition to our impressive sales growth in Architectural Specialties, I'm particularly pleased with the profitability performance in this segment. We continue to make strides in improving our operational efficiency and gaining operating leverage, which drove adjusted EBITDA growth of 61% and an adjusted EBITDA margin of approximately 22% in the quarter.

除了我們在建築專業領域令人印象深刻的銷售成長之外，我對該領域的獲利表現特別滿意。我們持續大力提高營運效率並增加營運槓桿，推動本季調整後 EBITDA 成長 61%，調整後 EBITDA 利潤率達到約 22%。

This was the highest quarterly adjusted EBITDA margin of any quarter since 3Q of 2020. We expect that 2025 will mark the third consecutive year of improved organic adjusted EBITDA margin growth and we remain confident in our ability to deliver greater than 20% EBITDA margins in the Architectural Specialty segment.

這是自 2020 年第三季以來任何季度中最高的季度調整後 EBITDA 利潤率。我們預計，2025 年將是有機調整後 EBITDA 利潤率連續第三年增長，並且我們仍然有信心在建築專業領域實現超過 20% 的 EBITDA 利潤率。

Overall, in the second quarter, we increased our efforts to improve efficiency throughout the business in anticipation of softer economic conditions ahead. The early results of these efforts contributed to the margin expansion we delivered in the quarter.

總體而言，在第二季度，我們加強了力度，提高整個業務的效率，以應對未來經濟狀況的疲軟。這些努力的早期成果促進了我們本季利潤率的擴大。

In the sales organization, we saw strong performance with our commercial initiatives, which are improving our coverage and penetration in our core markets. Earlier this year, we implemented a sales and marketing optimization program to better position the commercial team with our customers, driving greater efficiency and selling capacity to better serve both our A&D customers and our distribution partners.

在銷售組織中，我們的商業舉措表現強勁，提高了我們在核心市場的覆蓋率和滲透率。今年早些時候，我們實施了銷售和行銷優化計劃，以便商業團隊更好地服務我們的客戶，提高效率和銷售能力，更好地服務我們的 A&D 客戶和分銷合作夥伴。

These changes, together with our innovation and our various growth initiatives are making a difference in delivering above market level performance. So again, very pleased with the level of focus and execution demonstrated by our teams and the results so far this year. Let me pause here and turn it over to Chris for more details on the financials.

這些變化，加上我們的創新和各種成長舉措，正在幫助我們實現高於市場水平的業績。因此，我對我們團隊所表現出的專注度和執行力以及今年迄今為止的成果感到非常滿意。讓我在這裡暫停一下，然後把問題交給克里斯，讓他提供有關財務狀況的更多詳細資訊。

Chris?

克里斯？

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. Beginning on Slide 6, we summarize our second quarter Mineral Fiber segment results. Mineral Fiber net sales were up 7% in the quarter, primarily driven by favorable AUV of 5% and a modest increase in volumes, both of which were primarily driven by strong commercial execution and benefits from growth initiatives.

謝謝，維克，各位電話裡的大家早安。提醒一下，在我的整個演講過程中，我將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。從第 6 張投影片開始，我們總結了第二季礦物纖維部門的表現。本季礦物纖維淨銷售額成長 7%，主要得益於 5% 的 AUV 和適度的銷售成長，而這兩者主要得益於強勁的商業執行和成長計畫帶來的好處。

Specifically, the growth in AUV versus the prior year was driven by both favorable like-for-like pricing and mix. Mineral Fiber segment adjusted EBITDA grew by 16% and adjusted EBITDA margin expanded by 350 basis points to approximately 45% on strong execution by the business in the quarter.

具體而言，AUV 與上年相比的成長是由有利的同類定價和產品組合所推動的。由於本季業務執行強勁，礦物纖維部門調整後 EBITDA 成長 16%，調整後 EBITDA 利潤率擴大 350 個基點至約 45%。

Notably, this marks the 10th consecutive quarter of year-over-year adjusted EBITDA margin expansion in the Mineral Fiber segment. Q2 Mineral Fiber EBITDA growth was primarily driven by AUV growth. Contribution from the WAVE joint venture and lower SG&A expenses, which included the benefit from our disciplined focus on cost control as well as the positive impact of higher sales volumes in the quarter. Higher input costs, driven primarily by inflation in both raw materials and energy were partially offset by a decrease in manufacturing costs.

值得注意的是，這標誌著礦物纖維部門調整後 EBITDA 利潤率連續第 10 季同比增長。第二季礦物纖維 EBITDA 成長主要受 AUV 成長推動。WAVE 合資企業的貢獻和較低的銷售、一般及行政費用，其中包括我們嚴格控製成本帶來的好處以及本季銷售量增加帶來的正面影響。主要受原物料和能源通膨影響的投入成本上升被製造成本的下降部分抵銷。

On slide 7, we discuss our Architectural Specialties or AS segment results. where we highlight net sales growth of 37%. This growth was driven primarily by contributions from our 2024 acquisitions, 3form and Zahner, both of which continued to perform better than expected. On an organic basis, I'm very pleased to report that we delivered second-quarter sales growth of 15%, driven by strengthening broad-based penetration throughout our specialty product categories.

在第 7 張投影片上，我們討論了建築專業或 AS 部門的業績，其中我們強調了 37% 的淨銷售額成長。這一成長主要得益於我們 2024 年收購的 3form 和 Zahner，這兩家公司的表現都超乎預期。從有機成長來看，我很高興地報告，我們第二季的銷售額成長了 15%，這得益於我們專業產品類別的廣泛滲透力的加強。

AS segment adjusted EBITDA grew 61% with an adjusted EBITDA margin of approximately 22%, marking the best Q2 margin performance since 2019. Adjusted EBITDA margin expanded 310 basis points as higher acquisition-related operating costs were more than offset by strong sales growth from our 2024 acquisitions.

AS 部門調整後 EBITDA 成長 61%，調整後 EBITDA 利潤率約 22%，創下 2019 年以來第二季最佳利潤率表現。調整後的 EBITDA 利潤率擴大了 310 個基點，因為與收購相關的較高營運成本被我們 2024 年收購帶來的強勁銷售成長所抵銷。

Additionally, the improvement in adjusted EBITDA margin reflected continued improvement in operational leverage on our cost base in the segment. We are pleased to have achieved 20% or greater adjusted EBITDA margins for both the organic and inorganic side of the AS business in the quarter.

此外，調整後的 EBITDA 利潤率的提高反映了我們該部門成本基礎的營運槓桿的持續改善。我們很高興本季 AS 業務的有機和無機部分的調整後 EBITDA 利潤率均達到了 20% 或更高。

The integration work on our 2024 acquisitions is on track, and these businesses are performing better than expected. We remain committed to achieving our goal of a greater than 20% adjusted EBITDA margin on a full year basis in this segment.

我們 2024 年收購的整合工作正在順利進行，這些業務的表現優於預期。我們仍致力於實現該部門全年調整後 EBITDA 利潤率超過 20% 的目標。

Slide 8 highlights our second quarter consolidated company metrics. We delivered 16% net sales growth and 23% adjusted EBITDA growth with 200 basis points of adjusted EBITDA margin expansion, along with 29% growth in adjusted diluted net earnings per share. Incremental volume for both segments, strong AUV performance and healthy equity earnings from WAVE drove our adjusted EBITDA growth in the second quarter versus the prior year period.

投影片 8 重點介紹了我們第二季的合併公司指標。我們實現了淨銷售額成長 16%，調整後 EBITDA 成長 23%，調整後 EBITDA 利潤率擴大 200 個基點，調整後每股攤薄淨收益成長 29%。兩個部門的增量業務量、強勁的 AUV 表現以及 WAVE 的健康股權收益推動了我們第二季度調整後的 EBITDA 較去年同期增長。

These benefits more than offset an increase in SG&A, which was driven by our 2024 acquisitions of 3form and Zahner. Excluding the impact of these acquisitions, we delivered an organic total company adjusted EBITDA margin of approximately 38%, which represents 300 basis points of margin expansion as compared to the second quarter of 2024.

這些收益足以抵銷由於我們 2024 年收購 3form 和 Zahner 而導致的銷售、一般及行政費用的增加。不計入這些收購的影響，我們實現的公司有機調整後總 EBITDA 利潤率約為 38%，與 2024 年第二季相比，利潤率擴大了 300 個基點。

Turning to page 9. We highlight our first half consolidated company metrics, which reflect double-digit net sales and adjusted EBITDA growth with margin expansion. Through the first six months of the year, with sales up 17% and adjusted EBITDA up 20%, margins expanded 100 basis points versus the prior-year period. Adjusted diluted net earnings per share increased 25% and adjusted free cash flow increased 29%. The drivers of year-to-date adjusted EBITDA growth are similar to the previously mentioned second-quarter drivers.

翻到第 9 頁。我們重點介紹了上半年合併後的公司指標，這些指標反映了兩位數的淨銷售額和調整後的 EBITDA 成長以及利潤率的擴大。今年前六個月，銷售額成長 17%，調整後 EBITDA 成長 20%，利潤率較去年同期擴大 100 個基點。調整後每股稀釋淨收益成長 25%，調整後自由現金流成長 29%。年初至今調整後 EBITDA 成長的驅動因素與前面提到的第二季驅動因素類似。

Slide 10 shows our year-to-date adjusted free cash flow performance versus the prior year. The 29% increase was driven primarily by higher cash earnings and dividends from our WAVE joint venture. These results demonstrate our ability to consistently achieve adjusted free cash flow growth despite challenging market conditions, allowing us to deploy our cash generation for investments back into the company as well as to provide returns for our shareholders.

幻燈片 10 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。29% 的成長主要得益於我們 WAVE 合資企業的現金收益和股息增加。這些結果表明，儘管市場條件充滿挑戰，我們仍有能力持續實現調整後的自由現金流成長，這使我們能夠將現金流重新用於公司投資，並為股東帶來回報。

In the second quarter, we paid $14 million in dividends and repurchased $30 million of shares. As of June 30, 2025, we have $610 million remaining under the existing share repurchase authorization. Given our healthy balance sheet and our proven ability to consistently generate strong cash flow, we remain well positioned to execute and advance our strategy.

第二季度，我們支付了 1,400 萬美元的股息，並回購了價值 3,000 萬美元的股票。截至 2025 年 6 月 30 日，現有股票回購授權剩餘金額為 6.1 億美元。鑑於我們健康的資產負債表和我們持續產生強勁現金流的已證實的能力，我們仍然有能力執行和推進我們的策略。

Slide 11 shows our updated full-year 2025 guidance. We are raising our full year guidance due to our first half performance and our expectations for continued execution for the remainder of the year. The change in our guidance versus our prior guide provided in April is primarily driven by stronger first half performance as well as stronger performance in AS, both organically and from our 2024 acquisitions.

投影片 11 顯示了我們更新的 2025 年全年指引。由於我們上半年的業績以及今年剩餘時間持續執行的預期，我們上調了全年業績預期。與 4 月提供的先前指引相比，我們的指引有所變化，主要是由於上半年業績表現強勁以及 AS 業績表現強勁（包括有機成長和 2024 年收購帶來的業績表現）。

We still expect softening market conditions in the back half of the year as compared to the first half. We now expect total company net sales growth of 11% to 13% for the full year, up from our prior expectations of 9% to 11%. And total company adjusted EBITDA growth in the 12% to 15% range, up from the previous range of 8% to 12%. Additionally, we are increasing our guidance both for adjusted diluted net earnings per share and adjusted free cash flow.

我們仍預期下半年市場狀況與上半年相比將會疲軟。我們現在預計全年公司淨銷售額成長率為 11% 至 13%，高於我們先前預期的 9% 至 11%。公司調整後 EBITDA 整體成長率介於 12% 至 15% 之間，高於先前的 8% 至 12%。此外，我們也提高了調整後每股稀釋淨收益和調整後自由現金流的預期。

As was the case in April, our updated guidance continues to reflect the impacts of currently implemented and announced tariffs. While tariffs as they stand today, are a modest headwind, they did not have a material direct impact on our second-quarter results, and we do not anticipate that they will have a significant direct impact on our second-half results due to our planned mitigation actions and our predominantly local supply chain.

與四月的情況一樣，我們更新後的指南繼續反映當前實施和宣布的關稅的影響。雖然目前的關稅是一個溫和的阻力，但它們並沒有對我們的第二季業績產生重大的直接影響，而且由於我們計劃採取的緩解措施和我們主要的本地供應鏈，我們預計它們不會對我們的下半年業績產生重大的直接影響。

The tariffs, as currently implemented and announced, represent a direct impact to our total cost of goods sold of approximately 1%, which is lower than our prior outlook. For WAVE, the tariffs as currently implemented and announced have about a 5% direct impact on the JV's total cost of goods sold and is consistent with our prior outlook. We are successfully mitigating the impacts of these tariffs and our updated guidance is reflective of those actions.

目前實施和宣布的關稅對我們的總銷售成本產生約 1% 的直接影響，低於我們先前的預期。對於 WAVE 而言，目前實施和宣布的關稅對合資企業的總銷售成本有約 5% 的直接影響，這與我們先前的預測一致。我們正在成功減輕這些關稅的影響，我們更新的指南也反映了這些行動。

I'd like to turn your attention briefly to the recently finalized tax bill. While this legislation is complex and we are still evaluating its full impact on our business, we currently estimate that it will result in a cash tax benefit in 2025. And as such, we expect a normalized full-year cash tax rate of approximately 22%.

我想簡要地提請大家注意一下最近最終確定的稅收法案。雖然這項立法很複雜，而且我們仍在評估其對我們業務的全面影響，但我們目前估計它將在 2025 年帶來現金稅收優惠。因此，我們預計全年正常現金稅率約為 22%。

As Vic noted, we are pleased with our first half financial performance and the margin expansion that we have achieved in both segments. As we look to the back half of the year, we remain committed to driving profitability, expanding margins, continuing to deploy cash to generate growth and creating value for our shareholders.

正如維克所說，我們對上半年的財務表現以及兩個部門所實現的利潤率擴張感到滿意。展望下半年，我們將繼續致力於提高獲利能力、擴大利潤率、繼續部署現金以促進成長並為股東創造價值。

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

現在，在回答你們的問題之前，我將把話題轉回給維克，請他發表進一步的評論。

Thanks, Chris.

謝謝，克里斯。

Previously, we have communicated how critically important innovation is to our competitive advantage and our overall strength of our market position, and its importance for AUV growth. I'd like to take a few minutes now to update you on the progress of TEMPLOK, our latest innovation for energy-saving ceilings.

在此之前，我們已經表達過創新對於我們的競爭優勢、整體市場地位以及 AUV 成長的重要性。現在我想花幾分鐘時間向您介紹我們最新的節能天花板創新產品 TEMPLOK 的進展。

As many of you know, we fully launched the TEMPLOK product line in early 2024 and have been working to increase the awareness and the understanding of the energy-saving value proposition TEMPLOK offers, building owners and operators. This is the industry's first ceiling tile that can help regulate temperatures within buildings and reduce the cost and energy usage required for heating and cooling.

眾所周知，我們在 2024 年初全面推出了 TEMPLOK 產品線，並一直致力於提高建築業主和營運商對 TEMPLOK 提供的節能價值主張的認識和理解。這是業界第一款能夠幫助調節建築物內溫度並降低暖氣和冷氣所需成本和能源消耗的天花板磚。

With a proprietary phase change material formulation, TEMPLOK products can help reduce energy used to heat and cool buildings by up to 15%. As such, these products address the increasing demand for both energy efficiency and decarbonization while also reducing energy usage at peak times, thereby lessening the strain on the grid systems in the U.S., and this becomes increasingly important as data center growth accelerates.

TEMPLOK 產品採用專有的相變材料配方，可協助減少建築物供暖和冷氣所需的能源高達 15%。因此，這些產品滿足了日益增長的能源效率和脫碳需求，同時也減少了高峰時段的能源使用，從而減輕了美國電網系統的壓力，而且隨著資料中心增長的加速，這一點變得越來越重要。

We also mentioned in our last call that phase change material gained explicit inclusion as a qualifying thermal energy storage technology for tax credits under the inflation Reduction Act. We are happy to report that those credits remain in the final tax law that Congress passed earlier in July.

我們也在上次電話會議中提到，相變材料明確被納入通膨削減法案規定的稅收抵免合格熱能儲存技術。我們很高興地報告，這些抵免仍然保留在國會 7 月初通過的最終稅法中。

Customers of TEMPLOK may be eligible for tax credits of 40% to 50% through 2033. Dramatically improving the return on their investment. This means that TEMPLOK with its unique application of face change material can provide an accelerated return for building owners and operators through lower material and labor costs.

到 2033 年，TEMPLOK 的客戶可能有資格享受 40% 至 50% 的稅收抵免。大幅提高投資報酬率。這意味著 TEMPLOK 憑藉其獨特的表面變化材料應用，可以透過降低材料和勞動力成本為建築物業主和營運商帶來更快的回報。

We see this as an enabler to accelerate the rate of renovation of this large installed base in North America. I'm also pleased to share that now TEMPLOK products are part of the energy modeling software platform offered by Integrated Environmental Solutions, or IES. IES is the global leader in energy modeling for the built environment. IES software is used by tens of thousands of architects, designers and engineers to analyze and optimize building performance on metrics like carbon emissions and energy consumption.

我們認為這可以加速北美這龐大安裝基地的翻新速度。我也很高興地告訴大家，TEMPLOK 產品現在是綜合環境解決方案 (IES) 提供的能源建模軟體平台的一部分。IES 是建築環境能源建模領域的全球領導者。成千上萬的建築師、設計師和工程師使用 IES 軟體來分析和優化建築在碳排放和能源消耗等指標上的表現。

The inclusion of TEMPLOK into the IES software now opens up the ceiling plane as a new source of energy savings to building energy modelers, and we expect this will further accelerate the awareness and adoption of TEMPLOK.

TEMPLOK 被納入 IES 軟體，為建築能源建模者打開了天花板平面作為節能新來源的大門，我們預計這將進一步加速人們對 TEMPLOK 的認識和採用。

So with more certainty around the potential tax credit in place, and now the ability for customers to model the energy savings from TEMPLOK with the IES software and together with growing customer awareness of TEMPLOK, we have even greater excitement about the opportunity to accelerate the rate of renovation.

因此，隨著對潛在稅收抵免的更加確定，以及現在客戶能夠使用 IES 軟體模擬 TEMPLOK 的能源節省，再加上客戶對 TEMPLOK 的認識不斷提高，我們對加快改造速度的機會感到更加興奮。

Now before we get to your questions, a few comments about the market. Overall, in the first half, we have experienced about what we had expected and overall kind of flattish sideways moving market albeit with some chop against the backdrop of uncertainty.

在回答您的問題之前，我們先來談談市場的一些評論。總體而言，上半年我們經歷了我們所預期的市場，儘管在充滿不確定性的背景下出現了一些波動，但整體市場仍呈現平穩橫向波動態勢。

Our outlook remains for a slightly softer back half compared to what we saw in the first half due to forecasted lower levels of overall economic activity, again, largely driven by uncertainty, uncertainty on tariffs, inflation, labor and interest rates. This persistent level of uncertainty is expected to slow commercial construction activity with the greatest impact likely on more discretionary type renovation projects.

我們預計下半年經濟將比上半年略微疲軟，原因是預測整體經濟活動水準較低，這在很大程度上受到關稅、通貨膨脹、勞動力和利率不確定性的影響。預計這種持續的不確定性將減緩商業建築活動，其中影響最大的可能是更多自由裁量型的改造項目。

This outlook is largely in line with leading economic forecasts as well as more commercial specific leading indicators. In our updated guidance, you can see that despite softer market conditions, we will continue to outperform the market through consistent AUV growth, productivity gains and margin expansion.

這一前景與領先的經濟預測以及更多商業特定的領先指標基本一致。在我們更新的指南中，您可以看到，儘管市場條件疲軟，但我們仍將透過持續的 AUV 成長、生產力提高和利潤率擴大繼續超越市場。

Our 2025 guidance reflects the benefits of the diversity of our end markets, contributions from our growth initiatives and momentum in the Architectural Specialties segment, along with our proven ability to prudently control costs. We have demonstrated this above-market performance for the past several years.

我們的 2025 年指引反映了我們終端市場多元化的優勢、我們的成長計畫和建築專業領域發展勢頭的貢獻，以及我們經過驗證的審慎控製成本的能力。過去幾年來，我們已經證明了這種高於市場的表現。

This gives us confidence in our ability to continue our efficient execution in these uncertain market conditions and to deliver our third year in a row of double-digit bottom line growth with margin expansion. With consistent strong adjusted free cash flow growth and the ability to execute on all of our capital allocation priorities, we remain focused on advancing our growth strategy and creating value for our shareholders throughout all parts of the cycle.

這使我們有信心在不確定的市場條件下繼續高效執行，並連續第三年實現兩位數的底線成長和利潤率的擴大。憑藉持續強勁的調整後自由現金流成長和執行所有資本配置優先事項的能力，我們將繼續專注於推進成長策略並在整個週期內為股東創造價值。

And with that, we'll be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作員指示）高盛的蘇珊·馬克拉里 (Susan Maklari)。

Good morning. My first question is focusing on the Architectural Specialties segment. The organic growth that you saw this quarter was impressive, especially given the operating backdrop.

早安.我的第一個問題集中在建築專業領域。本季看到的有機成長令人印象深刻，尤其是考慮到營運背景。

Can you give us a bit more color on how these initiatives are coming together to drive that level of growth that you saw? And then any thoughts on how we should be thinking of the back half performance as the comps there start to get a bit tougher on a relative basis?

您能否向我們詳細介紹這些舉措如何共同推動您所看到的成長水平？那麼，當下半年的比賽相對來說開始變得更加艱難時，我們該如何看待下半年的表現呢？

Yes. I'll take that first part, Susan, and then Chris, I'll turn over to the back half cost. The Architectural Specialty growth, the organic growth, as you mentioned, is it was impressive. It was a continuation, I think, of the momentum on how we're executing and penetrating the market. We certainly know the market is not growing at this level.

是的。蘇珊，我來負責第一部分，然後克里斯，我來負責後半部分的費用。正如您所說，建築專業的成長、有機成長令人印象深刻。我認為，這是我們執行和滲透市場的勢頭的延續。我們當然知道市場並沒有以這種水準成長。

So it really is demonstrating the success of our commercial teams in penetrating and getting access to more spaces in these buildings. The one highlight to your point about our growth initiatives, the PROJECTWORKS software platform is proving to be an extremely important productivity tool for architects to do more complex designs and take some of the complexity out of the design when it gets to the contractors.

因此，這確實證明了我們的商業團隊在滲透並進入這些建築物的更多空間方面取得了成功。關於我們的成長計劃，有一個亮點值得一提，那就是 PROJECTWORKS 軟體平台已被證明是一個極其重要的生產力工具，可以幫助建築師進行更複雜的設計，並在設計交給承包商時減少一些複雜性。

And that is enabling, I think, more and more Architectural Specialties to be specified in spaces and even more complex solutions to be specified in these statement spaces. So it really is the breadth of the portfolio and the commercial execution to take that to market into more architect's offices, coupled with our digital tools to make it easier to specify Armstrong solutions and really hire more complex solutions from Armstrong that makes them more unique in the marketplace.

我認為，這使得越來越多的建築專業能夠在空間中指定，甚至更複雜的解決方案能夠在這些語句空間中指定。因此，真正重要的是產品組合的廣度和商業執行力，將其推向更多的建築師辦公室，再加上我們的數位工具，可以更輕鬆地指定 Armstrong 解決方案，並真正從 Armstrong 聘請更複雜的解決方案，從而使其在市場上更加獨特。

I think that's gaining traction, and that's really helping us drive the organic part of the growth in AS. I just -- you know, since you brought up, AS Susan, the -- what's also very impressive is the two new acquisitions, right? The 3form and Zahner, the integration with those two organizations is going extremely well. And when you look at -- they did exceed our expectations, at least in the second quarter with their performance.

我認為這正在獲得關注，並且確實幫助我們推動 AS 的有機成長。我只是——你知道，既然你提到了，AS Susan——同樣令人印象深刻的是兩項新收購，對吧？3form 和 Zahner，與這兩個組織的整合進展非常順利。如果你看一下——他們的表現確實超出了我們的預期，至少在第二季度是如此。

And it's really attributed to the management teams there. They're really professional, highly skilled management teams and they have the right attitude to integrate with Armstrong. And I think that's allowed the integration to go much better than we could have imagined from the beginning. So very pleased with both the inorganic and the organic growth in Architectural Specialties.

這確實要歸功於那裡的管理團隊。他們確實是專業且技術精湛的管理團隊，並且擁有與阿姆斯壯融為一體的正確態度。我認為這使得整合的進展比我們一開始想像的要好得多。我對建築專業的無機和有機成長感到非常高興。

Yes. And maybe, Susan, to comment on the top line growth in the back half of the year. You're right, lapping a stronger second half top line performance on the organic side in 2024.

是的。蘇珊，也許您可以評論一下今年下半年的營收成長情況。你說得對，2024 年下半年的自然收入表現將會更加強勁。

And so when you account for that, still a healthy level of organic top line growth with margin expansion expected in the back half of the year organically. And just to highlight again, net sales for the total AS segment, expecting greater than 25% top line growth this year with about a 19% adjusted EBITDA margin. So to Vic's point, really, really pleased with both the organic and inorganic contributions on the AS side of the business.

因此，如果考慮到這一點，有機營收成長仍將保持健康水平，預計下半年利潤率將有機擴大。再次強調，預計今年整個 AS 部門的淨銷售額將成長 25% 以上，調整後的 EBITDA 利潤率約為 19%。所以正如維克所說，我真的非常滿意 AS 業務的有機和無機貢獻。

Yes. Okay. That's helpful color. And then maybe building on that, can you talk a bit about what you're seeing in terms of the bidding activity either regionally or in terms of various end markets and segments in there? And how that compares to your comment that you expect to outperform the market in the second half even with all the macro uncertainty that continues?

是的。好的。這是很有幫助的顏色。然後也許在此基礎上，您能否談談您所看到的地區或各個終端市場和細分市場的競標活動情況？這與您所說的儘管宏觀不確定性仍然存在，但您預計下半年的表現仍將優於市場相比如何？

Yeah, the overall market that we saw in the first half and the bidding activity will connect to this is has really been an overall, I would say, stable market condition, flattish sideways moving as we talked about, there's really been no uptick in project delays or project cancellations in the first half.

是的，我們在上半年看到的整體市場和與此相關的競標活動確實總體上是穩定的，我想說，市場狀況總體穩定，正如我們所說的那樣，橫向平穩，上半年項目延期或取消的情況確實沒有增加。

And -- but when you look at the first-time bidding activity that Dodge reports on, it remains soft again in the second quarter. It wasn't as soft as we saw in the first quarter. But it certainly reflects the level of uncertainty that's in the market in terms of the first-time bidding activity. And it's very logical when you think about first-time bidding activity is for projects that haven't started. They haven't broke ground.

但是，當您查看道奇報告的首次競標活動時，您會發現第二季的競標活動仍然疲軟。它並不像我們在第一季看到的那樣疲軟。但它確實反映了首次競標活動市場的不確定性程度。當你想到首次投標活動是針對尚未開始的專案時，這是非常合乎邏輯的。他們還沒有破土動工。

They haven't started the rental work. So it really is at the very beginning. And if there's some uncertainty there, folks that could wait are probably choosing to wait. And that's showing up in that the first time bidding activity numbers.

他們還沒有開始租賃工作。所以一開始確實如此。如果存在一些不確定性，那些可以等待的人可能會選擇等待。這體現在第一次競標活動的數字上。

I'll comment though on the ground level bidding activity, which is, I think, more aligned with what we're experiencing in terms of a stable, flattish sideways moving market condition. The bidding activity remains steady and active on the ground with our contractors and our distribution partners.

不過，我將對基層競標活動進行評論，我認為，這與我們所經歷的穩定、平穩的橫向移動市場狀況更加一致。我們與承包商和分銷合作夥伴的投標活動保持穩定和活躍。

That level has not seen a change either up or down. and remains fairly steady. So we're paying attention to both of these. Again, because we think these are both kind of the triangulation of what is the actual environment that we're going to experience in the back half.

該水平沒有出現上升或下降的變化，並且保持相當穩定。因此，我們對這兩者都十分關注。再說一次，因為我們認為這些都是我們將在後半部分經歷的實際環境的三角測量。

Okay. That's great color. Thank you both, and good luck with everything.

好的。顏色真棒。謝謝你們，祝一切順利。

Thank you.

謝謝。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Hey, good morning. This is actually Zack Pacheco on for Garik this morning. Maybe to follow up on the Architectural Specialties guidance. Any more detail specifically on the cost side, kind of how long do you think you can keep manufacturing cost down in the segment despite the volume growth? Maybe just any more details you can offer. Thanks.

嘿，早安。這實際上是 Zack Pacheco 今天早上代替加里克 (Garik) 上場。也許是為了跟進建築專業指導。關於成本方面，您能提供更多細節嗎？例如，儘管產量成長，您認為還能將該領域的製造成本維持在低點多久？也許您還能提供更多詳細資訊。謝謝。

Yeah, Zack, you had to look at the drivers to the improved operating margins is really the volume is contributing to operating leverage. So as long as we continue to grow and drive the efficiencies in our manufacturing operations, I think we can continue to maintain these higher levels of margins and the operating leverage we're getting from there.

是的，扎克，你必須看看提高營業利潤率的驅動因素，實際上是銷售對營業槓桿的貢獻。因此，只要我們繼續發展並提高製造業務的效率，我認為我們就可以繼續保持較高的利潤率和由此獲得的經營槓桿。

Our teams are really executing though, on both sides of the equation in terms of being good purchasers of raw materials and being very efficient in manufacturing, but also when it gets to the marketplace and making sure that we're specking higher-value products and more unique products.

我們的團隊確實在執行，不僅在原材料的良好採購和製造效率方面，而且在進入市場時，確保我們提供更高價值的產品和更獨特的產品。

And that really shows up also in the profitability mix. So I think broadly, the way we're executing across the buy, make, sell component of that business, I think as long as we keep executing that way, we can maintain the lower margins. That gives us the confidence that we can continue to get to our stated goal of greater than 20% margins in this segment.

這也確實體現在獲利組合中。因此，我認為，從廣義上講，只要我們繼續以這種方式執行，我們就能保持較低的利潤率。這使我們有信心繼續實現該領域利潤率超過 20% 的既定目標。

Understood. And then breaking down the wave of contributions, if you could speak to maybe just how much of it was getting ahead of tariffs versus just the stronger market?

明白了。然後，分解一下捐款浪潮，您是否可以談談，其中有多少是領先關稅而不是僅僅是更強勁的市場？

Yeah, I wouldn't point to a stronger market here in the second quarter. As I outlined, I think it's pretty much a kind of flattish sideways moving market as we expected. We did have some additional volume in the quarter. Again, I think our growth initiatives are making a difference relative to what we're seeing in the actual market and driving above-market growth rates.

是的，我不會指出第二季的市場會更強勁。正如我所概述的，我認為這基本上是一種如我們預期的平穩橫向移動的市場。本季我們的銷量確實有一些增加。再次，我認為我們的成長計劃相對於我們在實際市場中看到的情況正在產生影響，並推動高於市場的成長率。

The other piece of this is as we get quarter-to-quarter some noise in the retail channel, we got a little bit more volume rebalancing in the retail channel. If you remember, in our first quarter, we talked about some weather-impacted softness in the retail channel.

另一部分是，由於零售通路每季都會出現一些噪音，因此零售通路的銷售量會稍微平衡一些。如果你還記得的話，在第一季度，我們談到了零售通路受天氣影響的一些疲軟現象。

Some of that got rebalanced in the second quarter, and that contributed both for the WAVE business as well as the tile business. But I think the main point around what WAVE is continuing to do is they're managing their price over inflation or price over cost really well. And that's showing up, I think, in the numbers in addition to some of the volume contribution.

其中一部分在第二季度得到了重新平衡，這對 WAVE 業務和瓷磚業務都有貢獻。但我認為 WAVE 繼續做的事情的重點是他們很好地管理了價格與通貨膨脹或價格與成本的關係。我認為，除了數量貢獻之外，數字也反映了這一點。

Understood. Best of luck.

明白了。祝你好運。

Thank you.

謝謝。

Tomohiko Sano, JPMorgan

佐野智彥，摩根大通

Good morning. Thank you for taking my questions. So I'd like to follow up on especially Mineral Fiber side on AAV, and Vic you talked about the TEMPLOK how is it actually attractive in getting attractions from customers. Could you talk about how you see the TEMPLOK in terms of more in financial numbers that actually contributing to both sales and AUV side? And any opportunities for like having more like a sales acceleration on Mineral Fiber business, please?

早安.感謝您回答我的問題。因此，我想跟進 AAV 特別是礦物纖維方面的信息，Vic，您談到了 TEMPLOK，它實際上是如何吸引客戶的。您能否從財務數據的角度談談您如何看待 TEMPLOK 對銷售和 AUV 的實際貢獻？有沒有什麼機會可以加速礦物纖維業務的銷售？

Yes. Happy to talk about that. The TEMPLOK building blocks, if you will, the market development building blocks that we're building out to support a brand-new attribute like energy savings in ceiling tiles. It's the first of its kind, first in the industry. And so there's a large market development body of work that has to happen for the industry to embrace this.

是的。很高興談論這個。如果您願意的話，TEMPLOK 建置模組就是我們正在建置的市場開發模組，用於支援全新的屬性，例如天花板節能。這是同類產品中的首創，也是業界首創。因此，為了讓產業接受這一點，必須進行大量的市場開發工作。

We're very encouraged by the interest level and the customer enthusiasm around this. And as I noted in my prepared remarks around the building blocks around getting it into the IES software. So people designing right upfront can see Armstrong Ceiling Solutions as an option to drive energy savings.

客戶對此的興趣和熱情令我們深受鼓舞。正如我在準備好的演講中提到的，關於將其納入 IES 軟體的建構模組。因此，前期設計的人們可以將阿姆斯壯天花板解決方案視為節能的選擇。

And of course, now it's part of the tax bill there's an accelerator here for returns for our customers. So we're encouraged and I'm excited about the building blocks that are coming and going into place. The sales impact since we're in the early days of this market development effort is really minimal. And so we'll keep you posted on how we continue to gain traction there and drive sales growth. But I think it's still an opportunity in front of us versus driving the second quarter results.

當然，現在它是稅收法案的一部分，這裡有一個為我們的客戶帶來回報的加速器。因此我們受到鼓舞，我對正在逐步建立和實施的各項基礎工作感到興奮。由於我們正處於市場開發工作的早期階段，因此對銷售的影響確實很小。因此，我們將隨時向您通報我們如何繼續在那裡獲得發展動力並推動銷售成長。但我認為，與推動第二季業績相比，這仍然是我們面前的一個機會。

Thank you, Vic. And follow up on Kanopi, your e-commerce platform there have been gained tractions with a small commercial contractors.

謝謝你，維克。繼續關注 Kanopi，您的電子商務平台已經獲得了小型商業承包商的青睞。

How do you see its role involving within the Mineral Fiber business? And are there plans to expand the offering to more specialty or AS product side as well, please?

您如何看待它在礦物纖維業務中的作用？還有什麼計劃將產品範圍擴大到更多專業領域或 AS 產品領域嗎？

Yeah, it's a good question. We continue to be encouraged by Kanopi's ability to reach a customer that's not being served today through our existing channels to market. They tend to be smaller customers, they order smaller quantities. And so they kind of fall through the cracks of some of our larger channels, larger customers.

是的，這是個好問題。Kanopi 能夠接觸到目前我們現有的市場通路無法服務到的客戶，這一點讓我們感到鼓舞。他們往往是小客戶，訂購的數量也較少。因此，他們就從我們一些較大的管道和較大的客戶那裡漏掉了。

So we're really encouraged with this cost-effective digital initiative to reach those customers. And we're going to continue to expand the product offering on that so we can, again, offer what those unique customers are looking for to update their spaces.

因此，我們非常高興能夠透過這項具成本效益的數位化措施來接觸這些客戶。我們將繼續擴大產品供應，以便再次提供那些獨特的客戶所尋求的更新其空間的產品。

One of the things that, Tom, I would like to highlight in the quarter, I'm very pleased with the Kanopi platform is it's increasing profitability and its contribution to EBITDA growth for the Mineral Fiber segment business. So we're -- again, I think we have a very cost-effective digital channel to reach a customer base that we're not serving today, and we're going to continue to expand the portfolio on there so we can continue to grow that platform and do it profitably, which we're demonstrating here even in the second quarter.

湯姆，我想在本季度強調的一件事是，我對 Kanopi 平台非常滿意，因為它提高了盈利能力，並為礦物纖維部門業務的 EBITDA 增長做出了貢獻。因此，我再次認為，我們擁有一個非常經濟高效的數位管道，可以覆蓋我們目前尚未服務的客戶群，並且我們將繼續擴大該管道的產品組合，以便我們能夠繼續發展該平台並實現盈利，這一點我們在第二季度就已證明。

All right, well Claire, thank you very much and congrats again.

好的，克萊爾，非常感謝你，再次恭喜你。

Thank you very much.

非常感謝。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

Hey, good morning. Thank you for taking my questions today. On the outlook in the raised guidance, it seems like most of the raise is from Q2's performance. And I guess, just general Armstrong specific initiatives rather than any kind of big change in market conditions in the back half.

嘿，早安。感謝您今天回答我的問題。從上調後的指引前景來看，大部分增幅似乎來自第二季的業績。我猜，這只是阿姆斯壯的一般具體舉措，而不是下半年市場狀況的任何重大變化。

Is that the right way to think about it? Or is there maybe a little bit more nuance to that?

這是正確的思考方式嗎？或者其中可能還有更多細微差別？

No. I think you got to characterize right here or there, Brian.

不。我認為你必須在這裡或那裡進行描述，布萊恩。

Okay. I just wanted to make sure that was clear.

好的。我只是想確保這一點清楚。

And then I guess the Mineral Fiber margins were particularly strong this quarter. You talked about it in the prepared remarks. Can you help unpack that margin number? Maybe a bit more and you provided some of the drivers, but maybe provide some magnitude of which drivers were maybe more or less beneficial. And I guess is that kind of sustainability going forward? Thank you.

我猜本季礦物纖維的利潤率特別高。您在準備好的發言中談到了這一點。您能幫忙解釋一下這個保證金數字嗎？也許多一點，你就提供了一些驅動因素，但也許提供了一些程度，其中哪些驅動因素可能或多或少是有益的。我想問的是，這種可持續性是否會繼續發展下去？謝謝。

Sure, yeah, to unpack the second quarter a bit in Mineral Fiber, as I shared and Vic shared in our prepared remarks. A little bit more contribution from Mineral Fiber volume. I'd say, overall, really driven by it's a strong execution across the business. Disciplined focus on cost control impacted our SG&A drove some favorability there.

當然，是的，對礦物纖維第二季度的情況進行一些解讀，正如我和維克在我們準備好的演講中分享的那樣。礦物纖維的貢獻稍微大一點。我想說，總的來說，真正推動它的是整個業務的強勁執行力。對成本控制的嚴格關注影響了我們的銷售、一般和行政費用，從而帶來了一些好處。

Our initiatives, as we commented in terms of the overall contribution to the top line in terms of the WAVE joint venture and the contributions from equity earnings there that we saw in the quarter really drove strong equity earnings contribution from the JV.

正如我們在本季度看到的，我們的舉措對 WAVE 合資企業的整體營業收入貢獻以及股權收益貢獻確實推動了合資企業強勁的股權收益貢獻。

And again, that's coupled with the execution, the top line growth. And then as we commented, continued benefits from price cost benefits and discipline there. So overall, I mean, I'd say those were the drivers really in Mineral Fiber in the second quarter.

再次強調，這與執行力和營收成長緊密相關。然後，正如我們所評論的，價格成本效益和紀律將繼續帶來好處。所以總的來說，我想說這些才是第二季礦物纖維的真正驅動因素。

When you look to the back half of the year, again, looking for a step down in volumes for the year, we're out looking the same kind of volume outlook we had back in April. Which is volumes flat to down low single digits, but still expect that AUV to be growing at a greater than 6% rate for the year. So hopefully, that gives you a little more color around the back half in Mineral Fiber.

當你再次展望下半年時，你會發現今年的銷售量將會下降，而我們所看到的銷售前景與 4 月的銷售前景相同。這意味著交易量將持平或下降個位數，但預計今年的 AUV 成長率仍將超過 6%。所以希望這能為礦物纖維的後半部帶來更多一點的色彩。

Got it, thank you.

知道了，謝謝。

Thank you.

謝謝。

Keith Hughes, Truist.

基斯·休斯，Truist。

Thank you. There was a transaction with one of your large customers that was announced several weeks ago.

謝謝。幾週前，你們與一位大客戶進行了一筆交易。

I guess if you could just talk to the audience here about your relationship with the customers, exclusivity, things like that? And does this really change how you go to market at all to the contract community?

我想您可以和這裡的觀眾談談您與客戶的關係、排他性等等嗎？這真的會改變您向合約社群推銷產品的方式嗎？

Yeah, Keith, your question is around the consolidation and the distribution -- our distribution network, right? And it's continuing, right? This has been consolidation -- this consolidation has been going on for a decade now.

是的，基思，你的問題是關於整合和分銷——我們的分銷網絡，對嗎？而且它還在繼續，對嗎？這就是整合——這種整合已經持續了十年。

And so this is, again, Home Depot acquiring or potentially acquiring one of our large distributors is a continuation of that consolidation. I've had the opportunity personally to talk to both Home Depot and SRS leadership teams. I like what I hear so far. I think they're really focused on a lot of things that we want to get focused on in terms of growing the business.

因此，家得寶收購或可能收購我們的大型經銷商是這種整合的延續。我有機會親自與家得寶和 SRS 領導團隊進行交談。到目前為止我喜歡我所聽到的內容。我認為他們確實關注了很多我們在業務發展方面想要關注的事情。

I'm particularly pleased with the continuity of management that they have committed to. So John Turner is staying and several of his leadership team is staying in place and we're excited about that because the GMS team knows the ceilings category very well and they know how we're successful in the ceilings category.

我對他們所承諾的管理連續性感到特別高興。因此，約翰·特納 (John Turner) 會留下來，他的領導團隊中的幾個成員也會留任，我們對此感到興奮，因為 GMS 團隊非常了解上限類別，他們知道我們如何在上限類別中取得成功。

So we're really pleased with those relationships are really staying in place and that continuity, I think, is really going to be good. So we've been a net, I'd say, beneficiary of consolidation over the last 10 years looking back. And we're going to continue to look for that opportunity in this next WAVE of consolidation.

因此，我們真的很高興看到這些關係能夠真正維持下去，而且我認為這種連續性真的會很好。所以我想說，回顧過去 10 年，我們是整合的淨受益者。我們將在下一波整合中繼續尋找機會。

And one other question on -- you talked a little bit on this call about TEMPLOK is given what you're seeing in the interest level around the product, in '26, would you have enough orders that would be meaningful in revenue? Or do we have to think longer term about and that could be a real needle mover for result?

還有一個問題——您在這次電話會議上談到了 TEMPLOK，根據您對該產品的興趣程度的觀察，在 26 年，您是否有足夠的訂單來產生有意義的收入？或者我們必須進行更長遠的思考，這才可能真正推動結果？

Well, no, I think we're going to grow our sales this year. We'll grow them again next year. I think we -- this is a very long-term opportunity, though, because when you think about the large installed base here, of nearly 40 billion square feet. And all of it can get renovated to an energy savings, a cost-saving ceiling tile.

嗯，不，我認為我們今年的銷售額會增加。明年我們會再次種植它們。我認為這是一個非常長期的機會，因為當你考慮到這裡的大型安裝基礎時，其面積接近 400 億平方英尺。所有這些都可以改造成節能、節省成本的天花板磚。

So we're excited about renovating the entire installed base over time. So this is a very long-tailed opportunity for us, but we expect traction in the volumes, and they're going to get more and more meaningful year after year.

因此，我們很高興能夠隨著時間的推移翻新整個安裝基礎。因此，這對我們來說是一個非常長遠的機會，但我們預計交易量會有所成長，而且它們會逐年變得越來越有意義。

So we're going to build on '25 success. And now these building blocks are in place. We should see some acceleration into '26 and '27. So I won't outlook too much about how big they'll be in '26 and '27, but we plan to get some meaningful traction again in '26 and '27, just like we are -- that we have in '24 and '25.

因此，我們要在 25 年成功的基礎上再接再厲。現在這些基礎構件已經到位。我們應該會看到 26 年和 27 年出現一些加速。因此，我不會過度預測它們在 26 年和 27 年會發展到什麼程度，但我們計劃在 26 年和 27 年再次取得一些有意義的進展，就像我們在 24 年和 25 年取得的進展一樣。

Okay. And one other question on that is, is TEMPLOK accretive to AUV as you sell those units?

好的。另一個問題是，當您出售這些單位時，TEMPLOK 是否會增加 AUV ？

Absolutely. Very nicely so.

絕對地。非常好。

Okay, thank you very much.

好的，非常感謝。

Yeah, thank you.

是的，謝謝。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good morning. Thanks for taking my question. If we look at the EBITDA guidance for Mineral Fiber for the year, the 43% that brings you back to 2019 levels or almost there on much lower volumes.

嗨，早安。感謝您回答我的問題。如果我們看一下礦物纖維今年的 EBITDA 指引，43% 的增幅將使我們回到 2019 年的水平，或者在產量低得多的情況下幾乎回到 2019 年的水平。

I think that's basically the highest you've had historically. Can you talk about from this current level, what the sort of opportunity is now that you've gotten back to 43% and sort of what the algorithm would be for further growth?

我認為這基本上是歷史上最高的水平。您能否從目前的水平談談，既然您已經回到了 43%，那麼現在存在什麼樣的機會，以及進一步增長的演算法是什麼樣的？

Yeah, Rafe, it's a good question. Let me -- because we get this question a lot, as you can imagine, when are you going to get back to 2019 levels, right? And so we've been talking about this with all of you for a while.

是的，Rafe，這是個好問題。讓我——因為我們經常被問到這個問題，你可以想像，什麼時候才能回到 2019 年的水平，對嗎？我們已經和大家討論這個問題有一段時間了。

The answer is really a lot of the same because the building blocks and the drivers of margin expansion in that business are the same. You have to get good AUV growth. And that means really strong innovation pipeline into the marketplace to feed what is a natural dynamic to mix up and to make sure that you're covering inflation with your pricing initiatives. So AUV has been a big driver of how we get back there even on lower volume.

答案其實是大同小異的，因為該業務的構成要素和利潤擴張的驅動因素是相同的。您必須獲得良好的 AUV 成長。這意味著真正強大的創新管道將進入市場，以滿足自然的混合動態，並確保你的定價舉措能夠涵蓋通膨。因此，即使在較低的流量下，AUV 也是我們如何回到那裡的重要驅動力。

Driving productivity every year is becoming a hallmark of the company, even when volumes have been softer, we're able -- and our plant teams do a terrific job at identifying where opportunities are to drive productivity gains, greater than 3% a year. for many years now.

每年提高生產力正成為公司的一個標誌，即使在產量較低的情況下，我們仍然能夠——而且我們的工廠團隊在尋找提高生產力的機會方面做得非常出色，多年來每年的生產力增長率都超過 3%。

So that's going to continue. We have a commitment to that, and we invest in that two or three years in advance. So doing all of that and managing and feathering in the right level of SG&A to support your growth. It's really -- those are the building blocks. That's how we've kind of gotten back to hear from the 2019 levels, to your point, the historical level.

這種情況將會持續下去。我們對此做出了承諾，並提前兩三年進行了投資。因此，請做好所有這些，並管理和調整適當水平的銷售、一般和行政費用 (SG&A) 以支持您的成長。這確實是──這些都是基石。這就是我們如何從 2019 年的水平，也就是您所說歷史水平，重新聽到這些。

And it should propel us higher from here as we go forward, executing on those 3 building blocks.

在我們繼續前進的過程中，它將推動我們邁向更高的目標，並實現這三個基石。

And then just following up on the price piece of it. Your largest competitor on the Mineral Fiber side, USG, you announced price that was modestly higher than what you did in August. And I think historically, if you go back and look, you're the one that tends to lead on price.

然後繼續關注價格部分。你們在礦物纖維方面最大的競爭對手 USG 宣布的價格比 8 月的價格略高。我認為，從歷史上看，如果你回顧一下，你往往是引領價格的人。

Is this sort of a surprise to you? And does this create more opportunity for you to raise price going into next year? Or does that just increase the -- either the realization or likelihood that, that second half '25 price sticks?

這對你來說是個驚喜嗎？這是否為您明年提高價格創造了更多機會？或者這只是增加了 25 年下半年價格維持不變的實現度或可能性？

Really, Rafe. There's not much to comment on that in particular. We run our business and we look at our costs and our expectations of inflation, yes. So -- and we talk to our customers. And so we run our play.

真的，雷夫。對此沒有太多特別的評論。是的，我們在經營業務時會考慮成本和通貨膨脹預期。所以——我們與我們的客戶交談。就這樣，我們開始表演。

And if our competitors are going to do something different, then that's really their play to run.

如果我們的競爭對手要做一些不同的事情，那麼這就是他們真正的策略。

We're just staying focused on the play that we're running with our distribution partners and our customers and we've been doing that. We're going to continue to do that, and that works well for us.

我們只是專注於與我們的分銷合作夥伴和客戶合作，我們一直在這樣做。我們將繼續這樣做，而且這對我們很有幫助。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning guys. Thanks for taking my questions as well. The first question is on Mineral Fiber. There was some modest input cost inflation in the second quarter. Can you maybe just expand upon what drove that and what your expectations are into the second half?

大家早安。也感謝您回答我的問題。第一個問題是關於礦物纖維的。第二季投入成本出現了小幅上漲。您能否詳細說明一下推動這項進程的原因以及您對下半年的期望？

Yeah, sure. So maybe to answer the second part first. In terms of overall input cost inflation for the year, expecting low single-digit inflation. And if you recall, about 35% of our inputs are raw materials related. We expect raws to kind of be down in that low single-digit range for inflation.

是的，當然。所以也許先回答第二部分。就全年整體投入成本通膨而言，通膨率預計將維持在低個位數。如果你還記得的話，我們的投入中約有 35% 與原料有關。我們預期通貨膨脹率將下降到個位數的低位範圍內。

And then energy is about 10%. We expect about mid-teens inflation there in terms of energy.

然後能量大約是10%。我們預計那裡的能源通膨率將達到十五六點左右。

And then freight, it's about 10%, and that's effectively flat. So when I think about the second quarter, in terms of overall input costs, it was, call it, [nat] gas pressure on the energy side and then raw material inflation there in that low single-digit range there in Q2.

然後運費約為 10%，實際上持平。因此，當我考慮第二季度時，就整體投入成本而言，能源方面的[天然]氣壓力以及第二季度原材料通膨處於低個位數範圍內。

Got you. Okay. That's helpful. And then you guys repurchased about $30 million of stock in the second quarter. Is there an opportunity to step this up in the second half as you guys generated a little bit more cash.

明白了。好的。這很有幫助。然後你們在第二季回購了約 3,000 萬美元的股票。隨著你們賺得更多現金，是否有機會在下半年加強這方面工作？

Yeah, I'd say our capital allocation priorities remain unchanged. As you know, we've got a very high ROIC business and our first priority is to invest back into the business where we see those high returns.

是的，我想說我們的資本配置重點保持不變。如您所知，我們的 ROIC 業務非常高，我們的首要任務是重新投資於我們看到高回報的業務。

Our second priority is to deploy capital where we see opportunities to grow inorganically. And our third priority is to kind of flex with share repurchases as part of returning cash to shareholders, and that will continue to be our flex option here as we progress through the rest of the year, given our cash flow generation and opportunities within the other two categories there.

我們的第二個優先事項是將資本部署到我們看到無機成長機會的地方。我們的第三個優先事項是透過股票回購來靈活地向股東返還現金，考慮到我們的現金流產生和其他兩個類別中的機會，這將繼續是我們在今年剩餘時間內採取的靈活選擇。

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Yeah, thanks very much guys. I just want to clean up a couple of things. You talked about the home centers, the weather-related inventory destocking early in the year, you recovered that in 2Q.

是的，非常感謝大家。我只是想清理一些東西。您談到了家居中心，今年年初由於天氣原因導致庫存減少，而第二季庫存已經恢復。

I just want to make sure, you fully recovered that? Or do you still have some left in 3Q? And is returning to a more normal home center mix of sales going to be a factor behind anticipated AUV, stronger AUV growth for Mineral Fiber in the back half?

我只是想確認一下，你已經完全恢復了嗎？或者第三季還剩下一些嗎？並且，恢復到更正常的家居中心銷售組合是否會成為預期下半年礦物纖維 AUV 更強勁增長的因素？

Yeah, to answer, Stephen, your -- the last part of your question is, we don't think it's a factor in the back half. As you know, you've been close to this for a long time.

是的，史蒂芬，你的問題的最後一部分是，我們認為這不是後半部分的因素。正如你所知，你已經接近這一點很長時間了。

You know that their inventories can move around a little bit. So it feels like we didn't get all of it back from the first quarter into the second quarter. I'm not sure if that was really expected. But it felt like there was some rebalancing, and the inventory levels seem to be at a more balanced level, at least for the economic environment we're in now. So we haven't factored any more, if you will, rebalancing or correcting in the back half, that would have a negative impact on AUV, if I understand your question.

您知道他們的庫存可能會有一點變動。所以感覺我們並沒有從第一季到第二季收回所有損失。我不確定這是否真的是預料之中的。但感覺出現了一些重新平衡，庫存水平似乎處於更平衡的水平，至少對於我們現在所處的經濟環境而言是如此。因此，如果您願意的話，我們不會再考慮後半部分的重新平衡或修正，這會對 AUV 產生負面影響，如果我理解您的問題的話。

Yeah, okay. That's helpful. All right. And then let's just jumping here to TEMPLOK. My sense is your competition is kind of pretty far behind you on this phase change ceiling tile thing. I was curious if you could talk about the competition and what they're offering in terms of this kind of phase change solution?

嗯，好的。這很有幫助。好的。然後我們直接跳到 TEMPLOK。我的感覺是，在相變天花板瓷磚領域，你們的競爭對手已經遠遠落後於你們了。我很好奇，您能否談談競爭對手以及他們在這種相變解決方案方面提供的產品？

Well, for competition, I think this is a brand-new attribute for the ceiling tile itself. I think I understand your question, our direct competition, other ceiling tile manufacturers, really what we're selling with and maybe in some cases and against is other solutions for capturing energy savings, right? So that's really, I think, more of what we see as the competitive landscape versus our competitors we haven't seen a response for on this, but I think we're really thinking about customers' options for energy saving solutions.

嗯，對於競爭來說，我認為這對於天花板磚本身來說是一個全新的屬性。我想我明白你的問題了，我們的直接競爭對手，其他天花板瓷磚製造商，實際上我們所銷售的，也許在某些情況下是針對其他節能解決方案的，對嗎？所以，我認為，這實際上更多的是我們所看到的與競爭對手相比的競爭格局，我們還沒有看到對此的回應，但我認為我們確實在考慮客戶的節能解決方案選擇。

And that's why being in this IES platform is so important for us because, we're the only ceiling tile manufacturer in that platform now, but they have access to all kinds of other building energy-saving solutions in that platform. So it's really a good way for us to kind of rack stack this savings opportunity versus what they can get in other building or energy-saving solutions.

這就是為什麼加入這個 IES 平台對我們如此重要，因為我們現在是該平台上唯一的天花板瓷磚製造商，但他們可以使用該平台上的各種其他建築節能解決方案。因此，與其他建築或節能解決方案相比，這對我們來說確實是一種很好的節省成本的方法。

So that's a little bit of kind of a long-winded answer, but we kind of view our competition more around other energy-saving solutions versus direct tile manufacturers.

這是一個有點冗長的答案，但我們認為我們的競爭更多地圍繞著其他節能解決方案而不是直接瓷磚製造商。

Yeah, no, that's helpful. Really interesting.

是的，不，這很有幫助。真有趣。

Next question I had related to your quarterly cadence. I guess to pick on AS first, I think that you're generally -- sorry, you had, I think, answered earlier when Susan had a question about that. I think you had said that you felt better about your ability to comp positively in the back half over tougher comps. And I just wanted to make sure that I was hearing that, that you think you can comp positively in both 3Q and 4Q?

我的下一個問題與您的季度節奏有關。我想先挑選一下 AS，我認為你一般來說 - 抱歉，我想，當蘇珊對此有疑問時，你之前已經回答過了。我想你曾經說過，與更艱難的比賽相比，你對自己在後半段積極競爭的能力感覺更好。我只是想確保我聽到的是，您認為您可以在第三季和第四季取得積極的業績嗎？

Yeah, we don't -- as you know, we don't guide to quarters, but the expectation is, yes, the back half would be positive, and there would be positive top line contribution organically in both quarters.

是的，正如你所知，我們沒有對季度做出預測，但預期是，後半部分將是積極的，並且兩個季度都會有積極的營收貢獻。

Okay, that's really encouraging. Okay, great, thanks very much.

好的，這確實令人鼓舞。好的，太好了，非常感謝。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey guys, congrats on another strong quarter. So Vic, if I heard you correctly, underground bidding activity sounds pretty stable for Mineral Fiber. So just kind of remind us how far out do you bid for jobs for MF from an on-the-ground basis?

嘿夥計們，祝賀你們又一個強勁的季度。所以維克，如果我沒聽錯的話，礦物纖維的地下競標活動聽起來相當穩定。那麼請您提醒我們，您從實地角度對 MF 的工作競標有多遠？

And then any color on what you're seeing on some of the major end markets? I'm particularly interested in seeing what you're seeing on the education side. There's obviously been some noise around that front. And any more color on how office and retail is performing.

那麼，您在一些主要終端市場上看到了什麼情況？我特別感興趣的是了解您在教育方面看到的情況。顯然，那邊有一些噪音。還有更多關於辦公室和零售表現的資訊嗎？

Yeah, happy to do that, Phil. Yes, on the -- again, on the ground level bidding activity kind of remains steady and I think, supportive of a flattish market that we've described. We don't have a lot of visibility on the discretionary part of the Mineral Fiber business.

是的，菲爾，我很樂意這麼做。是的，再說一次，基層競標活動保持穩定，我認為這支持了我們所描述的平穩市場。我們對礦物纖維業務的可自由支配部分了解不多。

So like in AS, we can bid projects a year in advance or even farther in advance and, of course, a lot shorter than that. It depends on the size and the complexity of the project. But I think what's the more sensitive or elastic to uncertainty is that discretionary part of the market that kind of just shows up through distribution for the most part.

因此，就像在 AS 中一樣，我們可以提前一年甚至更早的時間對專案進行投標，當然，也可以比這短得多。這取決於項目的規模和複雜性。但我認為對不確定性更敏感或更有彈性的是市場中可自由支配的部分，而這種部分大部分是透過分銷體現出來的。

So that's what we think is potentially that can -- it can be turned on and turned off very quickly because of its discretionary nature. And that's what we're out looking where we see the potential softness in the back half. So let me just -- for a bidding activity, let's leave it at that for a second.

所以我們認為，由於其可自由支配的性質，它可以被非常快速地打開和關閉。這就是我們所期待的，我們看到了後半部的潛在疲軟。因此，讓我——對於競標活動，我們先暫時擱置這一話題。

And the verticals that you're asking about, data centers, transportation and health care continue to be quite active, some of the obvious -- for obvious reasons. And education is hanging in there. I think we're off to a decent start for the team and education from what we can see in the month of June, which is where we typically get some visibility to the year we're going to have there. So it's not fallen off like I think a lot of folks maybe thought it could fall off with the ester funds expiring at the end of the year -- of the prior year.

您所詢問的垂直行業，資料中心、交通運輸和醫療保健仍然非常活躍，其中一些是顯而易見的——原因也很明顯。教育仍在繼續。我認為，從六月的情況來看，我們的團隊和教育已經有了一個良好的開端，我們通常可以透過這個月來了解今年的計畫。因此，它並沒有像許多人想像的那樣下跌，因為酯類基金將在年底（即去年）到期。

The office sector, I would just describe it this way, it just continues to kind of stabilize and create a bottom here with signs of stability overall in the leasing activity. Leasing volume was pretty flattish and steady in the first -- in the second quarter.

對於辦公大樓領域，我只想這樣描述，它只是繼續趨於穩定並在此形成底部，租賃活動總體呈現穩定跡象。第一季和第二季的租賃量相當穩定。

Office occupancy also was pretty steady in the second quarter. There is some green shoots of life, if you will, in the office sector, what we're hearing in the marketplace with more talk around tenant improvement bidding activity from the field. That's potentially a positive that, again, reflects maybe a bottoming here.

第二季辦公室入住率也相當穩定。如果你願意的話，辦公大樓領域出現了一些復甦的跡象，我們在市場上聽到的有關租戶改善招標活動的討論越來越多。這可能是個正面因素，再次反映出可能已經觸底。

And then this whole flight to quality in the office segment is something that's really continuing that we talked about it right from Class B to Class A from Class A to Class A plus type quality buildings. That eventually, as the occupancy rate is really high at the high end of the quality office market.

然後，辦公大樓領域的品質飛躍確實在持續進行，我們談論的是從 B 級到 A 級，從 A 級到 A 級以上類型的優質建築。最終，優質辦公大樓市場的高端入住率確實很高。

It's eventually going to pull the building Class B buildings into the renovation cycle. So we're encouraged by that green shoot. We'll see how that manifests itself over the next quarter or two. I think the one other thing I would call out is in New York City. Obviously a big market, big office market.

它最終將把這棟 B 級建築納入翻新週期。因此，我們對這新芽感到鼓舞。我們將在接下來的一兩個季度看到其表現如何。我想我要指出的另一件事是紐約市。顯然這是一個大市場，一個大的辦公市場。

It's a big market for the building products industry.

對於建築產品產業來說，這是一個巨大的市場。

Leasing activity in the first half was the strongest first half in a decade. And I think that bodes well for, again, a bottoming and potentially some green shoots for the office market going forward. So that's a little bit of an overview I walked around the verticals and what we're seeing in the market.

上半年的租賃活動是十年來最強勁的上半年。我認為這再次預示著辦公大樓市場將觸底反彈，並可能出現一些復甦跡象。這是我圍繞垂直行業以及我們在市場上看到的情況所做的簡要概述。

That's super helpful, Vic. And then on the M&A side, you guys have been pretty busy and you've done some larger deals on the 3form, Zahner side of things.

這非常有幫助，維克。在併購方面，你們一直很忙，在 3form、Zahner 方面做了一些較大的交易。

Curious what you're seeing on that front? Are sellers in the market? Sometimes when you have uncertainty like that, people kind of retrenched, but love to hear what you're seeing out there and just the size of these deals any chunkier stuff in the pipeline?

好奇您在這方面看到了什麼嗎？市面上有賣家嗎？有時，當你有這樣的不確定性時，人們就會縮減開支，但我喜歡聽聽你在那裡看到的情況，以及這些交易的規模，還有沒有更大的交易正在進行中？

Yeah, we continue to work this hard, right? We've been successful. We have a good successful track record in bolting these on and really scaling them creating value for our shareholders. So we want to do more of these.

是的，我們會繼續努力，對嗎？我們已經成功了。我們在實施這些措施並真正擴大其規模為股東創造價值方面有著良好的成功記錄。所以我們想做更多這樣的事。

We've got a team that gets up every day and this is all they do. As you know, they fill a lot of these companies that we're acquiring are not for sale. So we're working that process with them. That relationship building -- so when they're ready to sell that this is the place they come.

我們有一個團隊，他們每天起床後都會做這些事。如你所知，我們收購的許多公司都是非賣品。因此我們正在與他們一起進行這項工作。建立這種關係——所以當他們準備出售時，這就是他們來的地方。

So we're going to continue to work the pipeline. It's active and I like what I see in our pipeline. We should see some more activity in the near term, in our pipeline. So more to come there. But yes, we're open for business there and driving it.

因此我們將繼續推進管道建設。它很活躍，我喜歡我們管道中看到的東西。我們應該會在近期看到更多活動。未來還會有更多。但是是的，我們在那裡開展業務並推動業務發展。

Great. I want to sneak one in. Chris, on the margin, AS was awesome. You're seeing good margin expansion there. Obviously, it's been a big SG&A investment cycle.

偉大的。我想偷偷溜進去。克里斯，在邊緣，AS 很棒。您會看到那裡的利潤率正在大幅擴張。顯然，這是一個巨大的銷售、一般及行政費用 (SG&A) 投資週期。

M&A aside, if nothing really big and chunky happens, could we see that SG&A continue to taper? Like what's a good way to think about SG&A spend on a more normalized basis as we kind of look forward?

除了併購之外，如果沒有發生真正大而重的事件，我們是否會看到銷售、一般和行政開支繼續減少？例如，當我們展望未來時，有什麼好方法可以更規範地考慮銷售、一般和行政費用 (SG&A) 支出？

Yeah, specific to AS, I think you're right. We -- with some of the acquisitions that we've done, we see opportunities to continue to leverage, drive operational efficiency and get that operating leverage in some of the businesses that we've acquired us, that SG&A line has been an area for us.

是的，具體到 AS，我認為你是對的。透過我們完成的一些收購，我們看到了繼續利用、提高營運效率和在我們收購的一些業務中獲得營運槓桿的機會，而銷售、一般和行政費用一直是我們關注的一個領域。

So I'd say, initially, like we saw with the 3form and Zahner acquisition, a bit of a step-up. But I think over time, as we continue to get that operating leverage, drive that efficiency that will come down. But at the end of the day, I mean, we're pleased with the level of penetration that we're getting in the AS segment overall and really kind of investing back into that business to drive that to get that SG&A leverage something that we'll continue to do. We've been very successful at doing it and are pleased with the algorithm that we have in place there.

因此我想說，最初，就像我們看到的 3form 和 Zahner 收購一樣，這是一個進步。但我認為隨著時間的推移，隨著我們繼續獲得經營槓桿，效率將會下降。但最終，我的意思是，我們對我們在 AS 領域整體的滲透水平感到滿意，並且確實會重新投資於該業務以推動其獲得 SG&A 槓桿，我們將繼續這樣做。我們在這方面非常成功，並且對我們所採用的演算法感到滿意。

Appreciate all the color, guys. Continue the great work.

欣賞所有的色彩，夥計們。繼續偉大的工作。

With no further questions in queue. I will turn the call back over to Vic Grizzle for closing remarks.

隊列中沒有其他問題。我將把電話轉回給維克·格里茲爾 (Vic Grizzle) 作結束語。

Thank you all for joining our call today. I'm really proud of the first half performance by our team.

感謝大家今天參加我們的電話會議。我對我們球隊上半場的表現感到非常自豪。

The execution is really solid. And as a result of that, we're well positioned going into a back half that might see a little softer environment, but our confidence is very high. My confidence, personally, in our team to execute with agility in these kind of market conditions is going to lead to another record year for the company.

執行確實很紮實。因此，我們在進入後半段時處於有利地位，後半段的環境可能會稍微寬鬆一些，但我們的信心非常高。就我個人而言，我相信我們的團隊能夠在這樣的市場條件下靈活執行，帶領公司再創紀錄。

So thank you again for joining and have a safe and fun summer.

再次感謝您的加入，祝您有個安全又有趣的夏天。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天加入我們。今天的電話會議到此結束。您現在可以斷開連線。