Armstrong World Industries, Inc. (AWI) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Pete and I will be your conference operator today. At this time, I would like to welcome everyone to the Armstrong World Industries second-quarter 2026 earnings call. (Operator Instructions)

您好，感謝您耐心等候。我是 Pete，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Armstrong World Industries 2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the conference over to Theresa Womble, Vice President, Investor Relations and Corporate Communications. Please go ahead.

接下來我想將會議交給投資人關係與企業傳播副總裁 Theresa Womble。請開始。

Thank you, and welcome, everyone, to our call this morning. On today's call, Mark Hershey, our CEO; and Chris Calzaretta, our CFO, will discuss Armstrong World Industries second-quarter 2026 results and the 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，並歡迎各位今天早上參加我們的電話會議。在今天的會議中，我們的執行長 Mark Hershey 與財務長 Chris Calzaretta 將討論 Armstrong World Industries 2026 年第二季業績以及今年剩餘期間的展望。我們已提供一份簡報搭配本次業績說明，可於 Armstrong World Industries 官網的投資人專區取得。

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 are available on our Investor Relations website.

我們對營運與財務表現的討論將包含符合美國證券交易委員會（SEC）Regulation G 定義之非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 指標之調節表，已收錄於新聞稿以及今天早上發布之簡報附錄中。兩者皆可於我們的投資人關係網站取得。

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 28, 2026. These statements involve risks and uncertainties that may differ materially from those expected or implied. We provide a detailed discussion of 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.

在本次電話會議中，我們將作出前瞻性陳述，代表截至今日（2026 年 7 月 28 日）我們對財務與營運表現的看法。這些陳述涉及風險與不確定性，實際結果可能與預期或暗示者有重大差異。我們在向 SEC 提交的文件中（包括今天稍早提交的 10-Q）對相關風險與不確定性有詳細說明。除適用證券法規要求外，我們不承擔更新任何前瞻性陳述之義務。

With that, I will now turn the call over to Mark.

接下來我把電話交給 Mark。

Good morning, and thank you for joining our call. Today, we reported second-quarter results featuring record net sales and adjusted EBITDA with solid contributions from both our Mineral Fiber and Architectural Specialties segments. On a total company basis, net sales increased 11% and adjusted EBITDA increased 8% versus the prior year, while adjusted diluted earnings per share increased 13%.

各位早安，感謝各位參加我們的電話會議。今天我們公布第二季業績，淨銷售額與調整後 EBITDA 均創新高，礦纖（Mineral Fiber）與建築特殊產品（Architectural Specialties）兩大事業部皆有穩健貢獻。以公司整體而言，淨銷售額較去年同期成長 11%，調整後 EBITDA 成長 8%，而調整後稀釋每股盈餘成長 13%。

These results were modestly ahead of our expectations and reflect strong execution despite continued flattish market conditions, which were similar to what we experienced in the first quarter. Our ability to achieve these results in a muted market environment is a testament to the focused execution of our teams and the power of the value creation building blocks at Armstrong.

這些結果略優於我們的預期，並反映出即使市場環境持續平淡（與第一季相近），我們仍能強力執行。在需求偏弱的市場環境中仍能達成這些成果，證明了團隊專注執行的能力，以及 Armstrong 價值創造基石的力量。

These building blocks include earning consistent mineral fiber average unit value, or AUV growth, driving operational productivity in our manufacturing plants, and delivering profitable growth in our expanding Architectural Specialties portfolio.

這些基石包括：持續推動礦纖產品平均單位價值（AUV）成長、提升製造廠的營運生產力，以及在持續擴張的建築特殊產品組合中實現具獲利性的成長。

Looking first at Mineral Fiber results. We posted an 8% increase in net sales driven by AUV growth of 6% and volume growth of 2%. Both price and mix contributed meaningfully to our AUV result this quarter with mixed performance driven by continued increased demand for products at the higher end of our portfolio, namely for our smooth, white acoustical tiles, what we call our SWAT products.

先看礦纖事業部的表現。我們的淨銷售額成長 8%，主要來自 AUV 成長 6% 與銷量成長 2%。本季 AUV 的表現中，價格與產品組合皆有顯著貢獻；組合面呈現分化，原因在於市場對我們產品組合中較高階產品的需求持續增加，尤其是我們所稱的 SWAT 產品——平滑、白色的吸音天花板板材。

Our ability to meet evolving customer needs with innovative, high-value products that meet a range of functional and design requirements continues to be an Armstrong hallmark.

以創新、高價值產品滿足客戶不斷演進的需求，並符合多元功能與設計要求的能力，仍是 Armstrong 的一大特色。

Turning to Mineral Fiber volume. This quarter marked the fourth quarter out of the last five in which we generated volume growth, represented the highest quarterly growth rate since early 2023. A combination of consistent commercial execution by our selling, marketing, service, and support teams and ongoing incremental benefits from our growth initiatives drove the healthy increase in volume.

再看礦纖銷量。本季是過去五季中第四季實現銷量成長，並創下自 2023 年初以來最高的單季成長率。銷售、行銷、服務與支援團隊持續一致的商業執行力，加上成長計畫帶來的持續增量效益，共同推動了銷量的健康提升。

These sales results highlight the strength of our commercial organization and their long-standing relationships within our markets, relationships with distributors and other channel partners. And importantly, with the architects, designers, and contractors that specify and install our products. Those established relationships are supported directly by our broad market coverage and teams uniquely focused on sealing solutions.

這些銷售成果凸顯我們商業組織的實力，以及其在市場中長期建立的關係——包括與經銷商及其他通路夥伴的關係。更重要的是，與指定並安裝我們產品的建築師、設計師與承包商之間的關係。這些既有關係，直接受惠於我們廣泛的市場覆蓋，以及專注於天花板解決方案的專業團隊。

Coupled with our proven track record for product quality and customer service from seamless ordering to reliable delivery, we are well positioned to sustain success across variable market conditions. Mineral Fiber adjusted EBITDA performance was strong this quarter with 7% year-over-year growth and an adjusted EBITDA margin approaching 45%, even as we continued our SG&A investments for growth and experienced some input cost inflation.

再加上我們在產品品質與客戶服務方面的良好口碑——從順暢下單到可靠交付——使我們在多變的市場環境中，仍具備延續成功的有利位置。本季礦纖調整後 EBITDA 表現強勁，年增 7%，調整後 EBITDA 利潤率接近 45%；即便我們持續加大 SG&A 以支持成長，且部分投入成本出現通膨。

Our manufacturing plants supported that performance by running well. With the quality and perfect order fulfillment measures we discussed last quarter remaining at very strong levels. Consistent operational execution, coupled with focused productivity initiatives at the plant level remain critical enablers of our impressive margin performance in Mineral Fiber.

我們的製造廠運轉良好，支撐了上述表現。我們在上季提到的品質與「完美訂單履約」指標仍維持在非常強勁的水準。穩定的營運執行，加上工廠端聚焦的生產力提升計畫，仍是礦纖事業部亮眼利潤率表現的關鍵推動因素。

We are well positioned to achieve our full-year 2026 adjusted EBITDA margin guidance of approximately 44%, which would represent a record performance for this segment and the fourth consecutive year of Mineral Fiber margin expansion.

我們具備良好條件達成 2026 全年調整後 EBITDA 利潤率約 44% 的指引；這將創下該事業部的紀錄，並成為礦纖利潤率連續第四年擴張。

Importantly, our Mineral Fiber results in the quarter were well supported by our growth initiatives, which remain squarely focused on delivering Mineral Fiber AUV along with volume growth ahead of market through leading innovation and differentiated services. These include our strengthening digital initiatives, namely our Kanopi online selling platform and PROJECTWORKS, our automated design service, along with our more recent product innovation focused on energy efficiency and data center solutions.

重要的是，本季礦纖的表現也獲得我們成長計畫的有力支撐；這些計畫仍明確聚焦於透過領先創新與差異化服務，實現礦纖 AUV 成長並帶動銷量成長、且增速領先市場。相關舉措包括持續強化的數位計畫——例如 Kanopi 線上銷售平台與自動化設計服務 PROJECTWORKS——以及近期聚焦於能源效率與資料中心解決方案的產品創新。

Within the digital initiatives, both Kanopi and PROJECTWORKS continue to gain traction and deliver value for the company. Kanopi has continued to strategically evolve both in terms of the breadth of products available on the platform and the types of customers it serves.

在數位計畫方面，Kanopi 與 PROJECTWORKS 皆持續獲得市場動能並為公司創造價值。Kanopi 也持續策略性演進，無論是在平台可提供的產品廣度，或其服務的客戶類型上皆有所擴展。

Put simply, the core premise of Kanopi is proving out that latent demand exists for a specific portion of the installed ceilings base which can be reached by a tailored and efficient path to purchase. Kanopi offers a digital channel that is highly engaging and easy to use for this underserved part of the market.

簡言之，Kanopi 的核心理念正在被驗證：在既有天花板安裝基礎中的特定族群，存在尚未被滿足的潛在需求，而這些需求可透過量身打造且高效率的購買路徑觸及。Kanopi 提供一個數位通路，對於這個市場中服務不足的區塊而言，具有高度互動性且易於使用。

In addition to supporting small business owners, we are finding that companies with multiple facilities across a wide geography can use Kanopi to provide their locations or branches with a consistent and reliable means of refreshing their space with materials preapproved by their central design or procurement teams, reliably fulfilled through our trusted distribution network. And as we've scaled and optimized Kanopi, we are increasingly pleased with its profitability performance.

除了支援小型企業主之外，我們也發現，擁有跨廣泛地理區域之多個據點的企業，可使用 Kanopi，讓各地據點或分支機構以一致且可靠的方式，使用由其中央設計或採購團隊預先核准的材料來翻新空間，並透過我們值得信賴的經銷網路穩定履約交付。隨著我們擴大規模並優化 Kanopi，我們對其獲利表現也愈來愈感到滿意。

PROJECTWORKS also continues to deliver value by strengthening our project specifications and win rates and further differentiating our market position with our customers. Both quoted values and fulfilled projects processed through PROJECTWORKS continue to grow, supporting our AUV and sales volume.

PROJECTWORKS 也持續透過強化我們的專案規格導入與得標率來創造價值，並進一步在客戶端差異化我們的市場地位。透過 PROJECTWORKS 處理的報價金額與實際履約專案數量皆持續成長，進而支撐我們的 AUV 與銷售量。

As we are frequently reminded by architects, designers, and contractors, ceilings are complex, and they are becoming more complicated as the design community pursues a broader range of visuals and integrated solutions. Particularly as demand for skilled installation labor remains constrained and project timelines remain compressed, PROJECTWORKS directly addresses the efficiency and accuracy needs of our customers.

正如建築師、設計師與承包商經常提醒我們的，天花板系統相當複雜；而隨著設計界追求更廣泛的視覺效果與整合式解決方案，複雜度也在提高。尤其在熟練安裝勞動力供給仍受限、且專案時程持續壓縮的情況下，PROJECTWORKS 直接回應客戶對效率與精準度的需求。

Similarly, our product innovation continues to center on the most immediate megatrends within the built environment, namely the demand for energy-efficient building solutions and the expansion of data center infrastructure. Innovations like our TEMPLOK Energy Savings ceiling tiles and our expanded data center product portfolio, deliver customer value, driving both AUV and volume growth.

同樣地，我們的產品創新持續聚焦於建成環境中最迫切的重大趨勢，亦即對節能建築解決方案的需求，以及資料中心基礎設施的擴張。例如 TEMPLOK 節能天花板板材，以及我們擴充的資料中心產品組合等創新，能為客戶創造價值，並同時帶動 AUV 與銷量成長。

With our TEMPLOK offering, we remain focused on raising awareness of its multiple value propositions from energy savings to thermal comfort for occupants to eligibility for tax incentives. To that end, we are expanding and scaling our go-to-market platform and supporting those resources with energy modeling capabilities, project case studies, and testimonials to influence building owners and energy savings companies that drive this decision-making.

針對 TEMPLOK 產品，我們仍聚焦於提升市場對其多重價值主張的認知——從節能效益、提升使用者的熱舒適度，到符合稅務優惠資格。為此，我們正在擴大並規模化我們的上市推廣平台，並以能源建模能力、專案案例研究與客戶證言等資源加以支援，以影響建築物業主與推動此類決策的節能服務公司。

These efforts are helping to secure specifications and in the process, build a pipeline with more project opportunities, which more than doubled since the end of the first quarter. These are encouraging and confidence building signs for this important initiative and our commercial teams, reflecting not only our sales and marketing efforts but also the market need for more solutions to meet the rapidly expanding demand for energy-efficient buildings as electricity costs continue to rise and the focus on grid reliability increases.

這些努力正協助我們取得規格認可，並在此過程中建立更多專案機會的管線；自第一季末以來，該管線已增加逾一倍。這些都是令人鼓舞、能建立信心的跡象，對這項重要倡議及我們的商務團隊而言意義重大；這不僅反映我們的銷售與行銷努力，也反映市場對更多解決方案的需求，以因應在電力成本持續上升、且對電網可靠性的關注提高之際，對節能建築快速擴張的需求。

Similarly, as we discussed last quarter, the data center market represents another focus area for growth. While we have served data centers with fueling products for years, mainly in the front office portion of those facilities, we have expanded into structural grid and containment offerings to capture more share within these projects.

同樣地，如同我們在上季所討論的，資料中心市場是另一個成長重點領域。雖然多年來我們一直以供能相關產品服務資料中心，主要集中在這些設施的前端辦公區域，但我們已擴展至結構式格柵與圍護（containment）產品，以在這些專案中取得更高市占。

With a broader solution set for data centers, we are positioned to more effectively serve demand from hyperscalers, co-locators, and enterprise customers. And we're seeing healthy growth in both our project quoting and intake pipelines with wins year to date in 2026, increasing more than 50% compared to last year.

憑藉更完整的資料中心解決方案組合，我們能更有效地滿足超大規模業者（hyperscalers）、機房代管業者（co-locators）與企業客戶的需求。而且我們看到專案報價與接單管線均維持健康成長；截至2026年迄今的得標數較去年增加逾50%。

This is a growing vertical that we will continue to serve as it evolves with both our ceiling tile and acoustical grid solutions as we have in the past, as well as with an expanded set of structural and containment solutions from our WAVE joint venture. For context, as we have noted in the past, it's important to remember that Mineral Fiber ceiling tile and standard grid applications in data centers represent a smaller percentage of project spend compared to typical commercial buildings.

這是一個持續成長的垂直市場；隨著其演進，我們將一如以往以天花板板材與吸音格柵解決方案持續服務，同時也透過我們WAVE合資企業擴充的結構與圍護解決方案組合來服務。作為背景說明，如同我們過去提到的，必須記得在資料中心中，礦纖天花板板材與標準格柵的應用，相較於典型商用建築，在專案總支出中所占比例較小。

But this is a growing and addressable vertical for those solutions and for our expanded structural offerings that we expect to serve for years to come. Collectively, we are encouraged with how these initiatives are progressing further differentiating Armstrong with customers and contributing incremental AUV as well as up to 150 basis points of above-market Mineral Fiber volume growth for the full year.

但對於這些解決方案以及我們擴充的結構性產品而言，這仍是一個正在成長且可觸及的垂直市場，我們預期未來多年都將持續服務。整體而言，我們對這些倡議的推進感到振奮；它們進一步讓Armstrong在客戶端形成差異化，並貢獻增量AUV，同時帶動全年礦纖（Mineral Fiber）銷量成長可較市場高出最多150個基點。

Turning to Architectural Specialties. We posted strong top-line growth this quarter, driven by healthy organic sales growth of 9%, stemming from broad-based demand across our portfolio. This performance, coupled with contributions from our recent acquisitions, lifted AS net sales 17% above prior year results.

接著談建築專業產品（Architectural Specialties）。本季我們的營收表現強勁，主要由9%的健康有機銷售成長所帶動，且需求來自我們產品組合的廣泛面向。這項表現再加上近期併購的貢獻，使AS淨銷售額較去年同期高出17%。

On the bottom line, we are also pleased with the adjusted EBITDA margin performance of the business coming in above our full-year goal of 20% on both a total segment and an organic basis and reflecting solid sequential improvement consistent with the expectations we shared last quarter.

在獲利方面，我們也對該業務調整後EBITDA利潤率的表現感到滿意；無論以整體部門或有機口徑衡量，均高於我們全年20%的目標，並呈現穩健的季對季改善，符合我們上季所分享的預期。

These results reflect improved SG&A leverage and solid execution in our AS plants, along with price actions and disciplined cost control as we work to address rising costs on certain substrates. Second-quarter order intake for this segment was strong and continued at a double-digit rate, supporting our full-year outlook and giving us early visibility to our 2027 backlog.

這些結果反映SG&A槓桿效益改善、AS工廠的扎實執行力，以及在我們因應部分基材成本上升之際所採取的價格措施與嚴謹的成本控管。本部門第二季接單強勁，並以雙位數速度持續成長，支撐我們的全年展望，也讓我們得以提早掌握2027年的在手訂單（backlog）能見度。

Like last quarter, our strong quoting and ordering activity levels were fueled by projects across a range of verticals, led by transportation and education. And looking specifically at transportation, we continue to serve and win more projects by leveraging our industry-leading portfolio of solutions.

與上季相同，我們強勁的報價與下單活動水準，來自多個垂直市場的專案帶動，其中以交通運輸與教育領域為主。而就交通運輸領域而言，我們持續運用業界領先的解決方案組合來服務並贏得更多專案。

In addition to expanded intake at JFK, SFO, and LAX airports. We added new project wins this quarter at the San Antonio International Airport and with the Ohio Department of Transportation. Our success within the transportation vertical demonstrates the power of our broad portfolio, our deep technical expertise, and our dedicated project management, design assistance and installation support service offerings.

除了在甘迺迪（JFK）、舊金山（SFO）與洛杉磯（LAX）機場的接單擴大之外，本季我們也在聖安東尼奧國際機場以及與俄亥俄州交通部的合作中新增專案得標。我們在交通運輸垂直市場的成功，展現了我們廣泛的產品組合、深厚的技術專長，以及專注的專案管理、設計協助與安裝支援等服務方案的力量。

These are all intentionally designed to serve architects, contractors, and airport authorities as they navigate challenging specifications and phased construction schedules by reducing risk and improving project outcomes.

這些服務皆是有意設計，用以協助建築師、承包商與機場主管機關在面對具挑戰性的規格要求與分期施工時程時，降低風險並改善專案成果。

With that, I'll turn the call to Chris to discuss our financial results in more detail.

接下來我把電話交給Chris，請他更詳細說明我們的財務結果。

Thanks, Mark, 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 please note that slide 3 details our basis of presentation. We begin on slide 6 with our Mineral Fiber segment results for the second quarter.

謝謝你，Mark，也向所有參與電話會議的各位道早安。提醒一下，在我接下來的說明中，我會引用我們網站上提供的簡報投影片；也請注意第3頁投影片說明了我們的呈列基礎。我們從第6頁開始，先看第二季礦纖（Mineral Fiber）部門的業績。

Mineral Fiber net sales increased 8% in the quarter, driven primarily by favorable AUV of 6% and an increase in volumes. AUV growth reflected both favorable like-for-like price and mix, driven by continued demand at the high end of the product portfolio, while higher volumes were driven primarily by strong commercial execution and benefits from our growth initiatives.

本季礦纖淨銷售額成長8%，主要由6%的有利AUV以及銷量增加所帶動。AUV成長反映同品可比價格與產品組合的有利變化，係由產品組合高端需求持續所驅動；而較高的銷量則主要來自強勁的商務執行力以及我們成長倡議帶來的效益。

Mineral Fiber segment adjusted EBITDA grew 7% with an adjusted EBITDA margin of 44.7%. Adjusted EBITDA growth was primarily driven by the fall-through of AUV, a margin benefit from higher sales volumes and a positive contribution from our WAVE joint venture. These benefits were partially offset by higher input costs, reflecting freight and raw material inflation as well as increased SG&A expenses, primarily driven by investments to support growth.

礦纖部門調整後EBITDA成長7%，調整後EBITDA利潤率為44.7%。調整後EBITDA的成長主要來自AUV的落底效應（fall-through）、較高銷售量帶來的利潤率效益，以及WAVE合資企業的正向貢獻。上述效益部分被較高的投入成本所抵銷，反映運費與原物料通膨，以及SG&A費用增加（主要由支持成長的投資所致）。

We are pleased with the current quarter's Mineral Fiber adjusted EBITDA margin result of 44.7%, which was similar to 2019 levels. The modest margin compression was against a strong prior year comp period with an adjusted EBITDA margin of 45.2%. The segment's core value creation drivers of AUV growth, ongoing productivity gains, and WAVE equity earnings each contributed to another quarter of strong profitability.

我們對本季礦纖調整後EBITDA利潤率44.7%的結果感到滿意，該水準與2019年相近。利潤率的小幅壓縮，是相對於去年同期強勁的比較基期（當時調整後EBITDA利潤率為45.2%）。該部門的核心價值創造動能——AUV成長、持續的生產力提升，以及WAVE權益法收益——共同促成又一季的強勁獲利表現。

On slide 7, we discuss our Architectural Specialties or AS segment results, where we highlight net sales growth of 17%. This increase was driven by broad-based organic growth across most of our specialty product categories, along with contributions from the February acquisition of Eventscape and the 2025 acquisitions of Parallel and Geometrik.

在第7頁，我們討論建築專業產品（Architectural Specialties，AS）部門的業績，並重點說明淨銷售額成長17%。這項成長來自我們多數專業產品類別的廣泛有機成長，以及2月收購Eventscape與2025年收購Parallel與Geometrik所帶來的貢獻。

We are pleased with the organic growth rate of 9% in the quarter, especially as we lap a robust prior year result of 15% organic growth in the segment. The broad-based nature of this growth reflects strong execution across the business and continued market penetration within our expanding specialty product portfolio.

我們對本季9%的有機成長率感到滿意，尤其是在去年同期部門有機成長達15%的強勁基期之上。這種廣泛性的成長，反映我們在整體業務上的強勁執行力，以及在持續擴大的專業產品組合中不斷提升的市場滲透率。

AS segment adjusted EBITDA increased 10% versus the prior year, with an adjusted EBITDA margin of 20.4%, a meaningful sequential improvement over the first-quarter results, as we expected, with strong operating leverage in the business. The improvement in adjusted EBITDA was primarily driven by a $5 million benefit from higher organic net sales which includes the impact of higher steel and aluminum costs and $4 million related to our recent acquisitions.

AS部門調整後EBITDA較去年增加10%，調整後EBITDA利潤率為20.4%；如我們所預期，這相較第一季結果有顯著的季對季改善，顯示業務具備強勁的營運槓桿。調整後EBITDA的改善主要來自：有機淨銷售額增加帶來的5百萬美元效益（其中已包含鋼與鋁成本上升的影響），以及近期併購相關的4百萬美元貢獻。

Partially offsetting these benefits was a $4 million increase in SG&A expenses of which approximately half were driven by our recent acquisitions as well as a $2 million increase in manufacturing costs, inclusive of a $2 million benefit from IEEPA tariff refunds.

部分抵銷上述效益的是SG&A費用增加4百萬美元，其中約一半由近期併購所驅動；以及製造成本增加2百萬美元（其中包含IEEPA關稅退稅帶來的2百萬美元利益）。

On an organic basis, the AS segment achieved an adjusted EBITDA margin of 21.4%, which was essentially flat as compared to the prior year quarter. This organic AS adjusted EBITDA margin result in the second quarter is a meaningful step up sequentially from the first quarter.

以有機口徑計算，AS部門調整後EBITDA利潤率達21.4%，與去年同期基本持平。第二季這項有機AS調整後EBITDA利潤率結果，相較第一季呈現顯著的季對季提升。

Turning to our recent acquisitions. Our integration efforts are progressing as is typical for recent acquisitions and as previously shared, these businesses will be dilutive to total AS segment adjusted EBITDA margin for the full year. We continue to realize the benefits of these acquisitions as we scale them onto the Armstrong platform. Our goal of a 20% or greater adjusted EBITDA margin on a full-year basis for the total AS segment remains unchanged.

接著談我們近期的併購。我們的整合作業正按近期併購的典型節奏推進；如先前所分享，這些業務在全年將對AS部門整體調整後EBITDA利潤率造成稀釋。隨著我們將其擴展並納入Armstrong平台，我們持續實現這些併購帶來的效益。我們對AS部門整體在全年達成20%或以上調整後EBITDA利潤率的目標維持不變。

On slide 8, we highlight our second-quarter consolidated company metrics. Net sales grew 11% and adjusted EBITDA increased 8%. Incremental volume from both segments, strong AUV performance, and incremental equity earnings from WAVE drove adjusted EBITDA growth in the quarter. These benefits more than offset an increase in input costs driven by freight and raw material inflation, in addition to higher SG&A expenses, which were primarily driven by investments to support growth as well as an inorganic increase.

在第 8 張投影片中，我們重點說明第二季公司合併指標。淨銷售額成長 11%，調整後 EBITDA 成長 8%。兩個事業部的增量銷量、強勁的 AUV 表現，以及來自 WAVE 的權益法收益增加，帶動本季調整後 EBITDA 成長。這些效益不僅抵銷了因運費與原物料通膨所推升的投入成本上升，亦抵銷了較高的 SG&A 費用；後者主要來自支持成長的投資，以及併購帶來的非有機增加。

Adjusted diluted net earnings per share increased 13%, driven by both higher adjusted net earnings and a lower share count resulting primarily from an increased pace of share repurchases. Excluding the impact of our recent acquisitions, total company organic adjusted EBITDA margin was 35.9%, representing strong profitability as we continue to invest back into the business for growth.

調整後稀釋每股淨利成長 13%，主要由調整後淨利提高以及股數下降所帶動；股數下降主要源自加快股票回購步伐。排除近期併購的影響後，全公司有機調整後 EBITDA 利潤率為 35.9%，在我們持續將資金再投入業務以推動成長之際，展現出強勁的獲利能力。

Slide 9 summarizes our first-half consolidated company metrics, which reflects 9% sales growth and 4% adjusted EBITDA growth. Adjusted EBITDA growth in the first half of 2026 was primarily driven by both incremental volume and the fall-through impact of strong Mineral Fiber AUV as well as positive WAVE equity earnings. Higher manufacturing was largely driven by first-quarter costs in the AS segment.

第 9 張投影片彙總我們上半年公司合併指標，反映銷售成長 9% 與調整後 EBITDA 成長 4%。2026 年上半年調整後 EBITDA 的成長，主要由增量銷量、Mineral Fiber 強勁 AUV 的落袋效應（fall-through impact），以及 WAVE 權益法收益為正所帶動。製造成本較高主要是由 AS 事業部第一季成本所致。

The increase in input costs was driven by freight, raw materials, and energy inflation. SG&A increased primarily due to continued investments to support growth and the inorganic impact from recent acquisitions. Adjusted diluted net earnings per share grew 8% driven by both higher net earnings and a lower share count resulting from increased share repurchases.

投入成本的上升主要由運費、原物料與能源通膨所驅動。SG&A 的增加主要來自持續投入以支持成長，以及近期併購帶來的非有機影響。調整後稀釋每股淨利成長 8%，由較高的淨利與因增加股票回購而導致的較低股數共同帶動。

On slide 10, we present our year-to-date adjusted free cash flow performance versus the prior year. The 9% increase was driven primarily by higher cash earnings and dividends from our WAVE joint venture. We also present our year-to-date capital deployment where we have demonstrated the execution of and our commitment to our capital allocation priorities, which are investing back into the business, pursuing strategic acquisitions, and returning value to shareholders.

在第 10 張投影片中，我們呈現年初至今調整後自由現金流相較去年同期的表現。9% 的增幅主要由更高的現金獲利以及來自 WAVE 合資企業的股利所驅動。我們也呈現年初至今的資本部署，展現我們對資本配置優先順序的執行力與承諾：再投資於業務、追求策略性併購，以及回饋股東。

And as you can see, we are executing on all of these fronts in 2026. In the second quarter, we paid $15 million of dividends to our shareholders and repurchased $75 million of shares bringing our year-to-date dividends paid to $30 million and our year-to-date share repurchases to $135 million.

如各位所見，2026 年我們在上述各方面皆持續推進。第二季我們向股東支付 1,500 萬美元股利並回購 7,500 萬美元股票，使年初至今已支付股利達 3,000 萬美元、年初至今股票回購達 1.35 億美元。

Additionally, just last week, our Board approved and we announced an increase to our existing share repurchase program adding an additional $800 million of authorization and extending the program through 2029. This reflects the fundamental strength of and our confidence in our business model and its ability to consistently generate strong adjusted free cash flow.

此外，就在上週，我們董事會核准並對外宣布提高既有股票回購計畫，新增 8 億美元的回購授權額度，並將計畫延長至 2029 年。這反映出我們商業模式的基本面實力，以及我們對其持續產生強勁調整後自由現金流能力的信心。

Turning to slide 11. Given our solid financial performance, we are raising our full-year guidance midpoints across all key metrics. We now expect total company net sales growth of 9% to 11%, up from the previous range of 8% to 10%. We have slightly raised our full-year Mineral Fiber net sales growth assumption to approximately 7% with about 1 point of volume growth, driven by strong execution and benefits from growth initiatives, along with AUV growth of approximately 6%.

接著看第 11 張投影片。鑑於穩健的財務表現，我們上調全年指引在所有關鍵指標的中位數。我們目前預期全公司淨銷售成長 9% 至 11%，高於先前的 8% 至 10%。我們也小幅上調全年 Mineral Fiber 淨銷售成長假設至約 7%，其中約 1 個百分點來自銷量成長，受惠於強勁執行與成長計畫帶來的效益，並搭配約 6% 的 AUV 成長。

In the AS segment, we are slightly raising our full-year net sales growth assumption to 15% to 17%. We are also increasing the midpoint of our total company adjusted EBITDA guidance and now expect growth of 9% to 12% for the full year, up from our prior guide of 8% to 12%. We continue to expect adjusted EBITDA margin expansion in both segments for the full year.

在 AS 事業部，我們小幅上調全年淨銷售成長假設至 15% 至 17%。我們也上調全公司調整後 EBITDA 指引的中位數，現預期全年成長 9% 至 12%，高於先前的 8% 至 12%。我們仍預期兩個事業部全年皆可擴張調整後 EBITDA 利潤率。

In Mineral Fiber, we expect an adjusted EBITDA margin of approximately 44%. In AS, we expect an adjusted EBITDA margin of approximately 19% and on an organic basis, we now expect an AS adjusted EBITDA margin of approximately 20%, which is a slight increase from our prior assumption.

在 Mineral Fiber，我們預期調整後 EBITDA 利潤率約為 44%。在 AS，我們預期調整後 EBITDA 利潤率約為 19%；以有機口徑計算，我們目前預期 AS 調整後 EBITDA 利潤率約為 20%，較先前假設略為上調。

Additionally, we are increasing our guidance for adjusted diluted net earnings per share growth to a range of 12% to 15%, up from our prior guide of 10% to 14%. We are also increasing our guidance for adjusted free cash flow growth to a range of 10% to 14%, up from 9% to 14%.

此外，我們將調整後稀釋每股淨利成長指引上調至 12% 至 15%，高於先前的 10% 至 14%。我們也將調整後自由現金流成長指引上調至 10% 至 14%，高於先前的 9% 至 14%。

Please note that additional assumptions are available in the appendix of this presentation. We are pleased with our performance through the first half of the year, and we remain well positioned to continue to deliver profitable growth and create value for our shareholders.

請注意，本簡報附錄中提供了更多假設條件。我們對上半年表現感到滿意，並且仍具備良好定位，可持續實現具獲利性的成長並為股東創造價值。

And now I'll turn it over to Mark for further commentary.

接下來我把時間交給 Mark，請他進一步評論。

Thanks, Chris. As Chris shared, we are pleased with the results we delivered so far in 2026. The consistent market conditions we're experiencing and the momentum we're building with our growth initiatives. Looking forward to the second half of the year, we're hearing on the ground commentary from our customers regarding bidding activity and demand trends that's consistent with what we heard in the first quarter.

謝謝，Chris。如 Chris 所分享，我們對 2026 年迄今交出的成果感到滿意。我們所經歷的市場環境保持一致，以及我們透過成長計畫所累積的動能。展望下半年，我們從客戶端第一線聽到的投標活動與需求趨勢評論，與第一季聽到的情況一致。

While underlying market conditions have improved slightly from 2025, they remain muted, in part due to ongoing macroeconomic uncertainty. That said, within the verticals we serve, there are clear pockets of strength in transportation, data centers, and healthcare. And the diversity of our end market verticals and project types, including new construction, major renovation and repair and replacement support the resilience of our business as these areas really move all in the same direction at the same time.

雖然整體市場狀況較 2025 年略有改善，但仍偏疲弱，部分原因在於持續的總體經濟不確定性。即便如此，在我們服務的垂直領域中，運輸、資料中心與醫療保健仍有明顯的強勁區塊。而我們終端市場垂直領域與專案類型的多元性（包含新建、大型翻修，以及維修與汰換）支撐了業務韌性，因為這些領域往往會在同一時間朝相同方向變動。

Our consistent ability to grow profitably goes beyond the diversity of our end markets, operational execution, and our legacy position within the ceilings category is also driven by our proven track record of acquiring companies to strengthen and expand our Architectural Specialties portfolio of products and capabilities. With the Eventscape acquisition earlier this year, we've completed 15 AS acquisitions and expanded our addressable market well beyond the traditional ceiling plane and commercial buildings.

我們持續實現獲利性成長的能力，不僅來自終端市場的多元性與營運執行力；我們在天花板品類中的既有領先地位，也同樣受惠於我們經驗證的併購紀錄，透過收購強化並擴大我們的 Architectural Specialties 產品與能力組合。隨著今年稍早收購 Eventscape，我們已完成 15 起 AS 併購，並將可服務市場大幅擴展至傳統天花板平面與商用建築之外。

To illustrate that point, I would like to call out a recent event that highlights how we are maximizing the power of our portfolio. Each June, architects and designers from around the world gather at the Mart in Chicago for NeoCon, the leading event for the commercial interior design industry. We have participated for several years at this event through some of our AS brands, such as Turf and Arktura.

為了說明這一點，我想特別提到一個近期事件，凸顯我們如何最大化產品組合的力量。每年六月，來自全球的建築師與設計師會齊聚芝加哥的 The Mart 參加 NeoCon，這是商業室內設計產業的領先盛會。我們透過部分 AS 品牌（如 Turf 與 Arktura）已連續多年參與此活動。

This year, for the first time, we created an Armstrong branded showroom showcasing the full range of both mineral fiber and AS ceilings, specialty wall, and architectural solutions. This space demonstrated how our industry-leading breadth of products supports the increasing complexity of modern design by balancing intricate aesthetics, multifunctional performance, and sustainability attributes.

今年我們首次打造以 Armstrong 品牌為主的展示間，呈現涵蓋礦纖與 AS 天花板、特殊牆面與建築解決方案的完整產品範圍。此空間展示了我們業界領先的產品廣度，如何在兼顧精緻美學、多功能性能與永續特性之下，支援現代設計日益提升的複雜度。

NeoCon provided an energizing platform for us to engage directly with thousands of architects and designers, reinforcing and, in some cases, introducing the Armstrong brand at the forefront of interior architectural solutions. From the beginning of our journey to expand into specialties, we believe our leadership in mineral fiber ceilings gave us a strong platform from which to expand and generate consistent profitable growth.

NeoCon 為我們提供了充滿活力的平台，得以直接與數千位建築師與設計師互動，強化並在某些情況下重新將 Armstrong 品牌介紹為室內建築解決方案的領導者。自我們踏上拓展至專業領域的旅程之初，我們相信在礦纖天花板的領導地位，為我們提供了強而有力的平台，使我們得以擴張並持續創造穩健的獲利性成長。

With our leading portfolio and enhanced capabilities, we now compete for more specifications and win more projects in more spaces within every commercial building. I personally attended NeoCon this year, together with dozens of leaders from across our enterprise to see the range of our offerings prominently on display and to celebrate several best of new account awards including innovation and business impact awards for TEMPLOK.

憑藉領先的產品組合與強化的能力，我們如今能在每一棟商用建築的更多空間中，爭取更多規格採用並贏得更多專案。我今年親自與來自全公司數十位領導同仁一同出席 NeoCon，看到我們的產品陣容被醒目展示，並一同慶祝多項「最佳新品」獎項，其中包括 TEMPLOK 的創新獎與商業影響力獎。

In the process, I also saw the power of our people coming together to unite, collaborate, and elevate how we show up for our customers and in the industry. It was an inspiring experience and one that the entire Armstrong organization can and should be proud of. With our talented organization energized, focused, and executing and with our resilient business model and consistent growth strategy, we are well positioned for a strong second half of 2026 and to continue creating value for our shareholders.

在這個過程中，我也看見我們的同仁凝聚在一起、團結協作，並提升我們在客戶面前以及在產業中的呈現方式所展現的力量。這是一段令人振奮的經驗，也是整個 Armstrong 組織可以、也應該引以為傲的事。憑藉我們才華洋溢的組織充滿動能、聚焦並落實執行，加上我們具韌性的商業模式與一貫的成長策略，我們已為 2026 年下半年強勁表現做好準備，並將持續為股東創造價值。

Underscoring that point, as Chris noted in following the review and approval of our strategic plan last week, our Board of Directors approved an expansion and extension of our share repurchase program, reflecting both the consistency in our capital allocation priorities and continued confidence in our strategic direction.

為了強調這一點，正如 Chris 在上週我們的策略計畫完成審查與核准後所提到的，我們董事會已核准擴大並延長我們的庫藏股回購計畫，這反映出我們資本配置優先順序的一貫性，以及對我們策略方向的持續信心。

Now the operator will begin the Q&A session.

現在接線員將開始問答環節。

(Operator Instructions) Susan Maklari, Goldman Sachs.

(接線員指示) Susan Maklari，高盛。

I want to start with the comment about the strength in the order rates that you're continuing to see coming through the business. Can you give us some more details on that? How are you thinking about it across the various verticals? And how -- what that means for the second half of the year and then maybe even just looking further out.

我想先從你們提到訂單率的強勁開始談起，你們表示這股力道仍持續在業務中顯現。能否提供更多細節？你們如何看待各個垂直領域的情況？以及——這對今年下半年意味著什麼，甚至再往更長期看又代表什麼？

Happy to, Susan. Thanks for the question. So my comment was focused specifically on AS. So intake where we've got very clear visibility into projects and the pipeline there. So the double-digit intake again this quarter reinforces what we've seen over the last several quarters, which is now roughly our fourth consecutive quarter of double-digit intake in AS. That's supporting the pipeline, that's supporting our outlook for the second half and really starting to give us some visibility into 2027 as well.

當然可以，Susan。謝謝你的問題。我的評論是特別聚焦在 AS。也就是我們對專案與管線有非常清楚能見度的接單（intake）。本季再次出現雙位數接單，強化了我們過去幾季所看到的趨勢——這大約是 AS 連續第四季達成雙位數接單。這支撐了管線、支撐了我們對下半年的展望，也開始讓我們對 2027 年有一定的能見度。

That pipeline is broad-based, and it reflects both new construction projects. It reflects renovation projects, and it's also across both a wide range of verticals, particularly we mentioned transportation in our prepared remarks, but also office -- office, also healthcare, also education. And importantly, it's across all of our categories.

這條管線的來源相當多元，既包含新建案。也包含翻新案，並且涵蓋廣泛的垂直領域——我們在事先準備的講稿中特別提到交通運輸，但也包括辦公——辦公、醫療保健、以及教育。更重要的是，這也橫跨我們所有的品類。

We talk about AS categories and whether that's metal or felt or wood, it's broad-based there. We're not over concentrated, I would say, in any one particular AS category. So recent intake has been very strong. We track that also on a trailing 12-month basis, and we believe it's very supportive of our outlook for the back half.

我們談到 AS 的品類，不論是金屬、毛氈或木材，都是廣泛分布。我會說，我們並沒有在任何單一 AS 品類上過度集中。因此近期接單非常強勁。我們也以過去 12 個月（TTM）的基礎追蹤，我們認為這對下半年展望非常有支撐。

Okay. That's great. That's very helpful. And then my follow-up question is, it's great to hear the traction that you saw at NeoCon this year with your Armstrong-branded showroom. Can you talk a bit more just about some of feedback that you got from clients and maybe even other people that toward the showroom?

好的。太好了。這非常有幫助。接著我的追問是，很高興聽到你們今年在 NeoCon 以 Armstrong 品牌展間獲得的良好反響。你能否再多談一些你們從客戶那裡收到的回饋，或甚至其他參觀展間的人對展間的看法？

And how we should think about that contributing to the business and being a part of this longer-term growth initiative that you have? And what it means not just in terms of AS but also perhaps for Mineral fiber and the volume flow there?

以及我們應該如何看待這對業務的貢獻，並作為你們長期成長計畫的一部分？另外，這不僅對 AS 意味著什麼，也可能對礦纖（Mineral fiber）以及那邊的出貨量（volume flow）意味著什麼？

Yeah, thanks for that. It's a really important point because it was not just a specialty showcase. The portfolio, when we talk about the power of the portfolio, we're talking about the collective enterprise at Armstrong, and we think of our enterprise as one business squarely focused on ceiling wall solutions. And that's really what we were trying to put on display at NeoCon this year.

是的，謝謝你提到這點。這非常重要，因為那不只是一次專業領域的展示。當我們談到「產品組合的力量」時，我們指的是 Armstrong 的整體企業體，我們把企業視為一個業務，明確聚焦於天花與牆面解決方案。這正是我們今年在 NeoCon 想要呈現的重點。

And I think the number one consistent theme we heard from the thousands of folks who went through our spaces was impressed by the breadth and the diversity of the offerings and the capabilities whether that's in materials or performance aesthetics, that sort of broad-based solution set, and we like to think of it really as a pallet for architects and designers to work from.

我認為，我們從數千位走訪我們展區的人那裡聽到最一致的主題是：他們對我們產品與能力的廣度與多樣性感到印象深刻——不論是在材料、性能或美學表現上；這種廣泛的解決方案組合，我們也喜歡把它視為建築師與設計師可運用的「調色盤」。

And in some ways, that showcase was really our strategy on display, if you think about it. I mean, AS has been built and developed over the years as a complement to the Mineral Fiber business and the two of them work well together. We win more jobs, and we win more spaces whenever we have Mineral Fiber and AS on a project. And that's what was being showcased there.

從某種角度來看，那個展示其實就是把我們的策略具體呈現出來。AS 多年來的建立與發展，是為了與礦纖（Mineral Fiber）業務互補，而兩者確實能很好地協同。當一個專案同時採用礦纖與 AS 時，我們能贏得更多案子，也能拿下更多空間。而那正是當時展示的內容。

And I think what you're seeing in our recent results, what you're seeing in these kind of larger projects, we talk a lot about transportation is really reflective of that. You bring the portfolio and the power of it through our channels, through our access to markets and that's how the two complement each other.

我認為你在我們近期成果、以及這類較大型專案（我們常談到交通運輸）中看到的情況，正反映了這一點。你把產品組合及其力量透過我們的通路、透過我們對市場的觸達帶進去，這就是兩者如何彼此互補。

Yeah. Thank you for all the color. And good luck with the quarter.

是的。謝謝你提供這麼多細節。也祝你們本季順利。

Tomo Sano, JPMorgan.

Tomo Sano，摩根大通。

On Mineral Fiber, your fiscal year assumptions implying 1% volume growth. Given the volumes were out in both first quarter and second quarter, would you expect the volumes to accelerate or decelerate of what is in the second half? And if you could give us more color on end market channel inventories and market share perspective in the back half, please?

關於礦纖（Mineral Fiber），你們對本財年的假設意味著出貨量成長 1%。鑑於第一季與第二季的出貨量都超出預期，你們預期下半年出貨量會加速還是放緩，相較於目前下半年假設？另外，能否請你們就下半年終端市場通路庫存與市占角度提供更多說明？

Thank you, Tomo. Yeah, we're out looking at fairly consistent volume performance. As we talked earlier in the year, we were talking about a positive first half, positive second half. We think we're well on track for that with the performance in the last two quarters. And frankly, four out of the last five quarters, we've demonstrated positive volume growth, and that's our outlook for the back half.

謝謝你，Tomo。是的，我們目前看到的是相當一致的出貨量表現。如同我們今年稍早所談，我們當時的看法是上半年為正成長、下半年也為正成長。以過去兩季的表現來看，我們認為進度非常符合預期。坦白說，在過去五季中有四季我們都展現了正的出貨量成長，而這也是我們對下半年的展望。

So consistent volume growth across the portfolio driven primarily by, I'd say, our commercial distribution channel, which is really where we're showing a lot of traction. I think the portfolio breadth and the product strength, particularly at the high end, like I mentioned in my remarks, the SWAT portfolio is playing really well to the verticals that are in play there, and we're serving that demand very effectively.

因此，整體產品組合的出貨量維持一致成長，主要由我們的商業經銷通路所帶動——這正是我們看到大量動能的地方。我認為產品組合的廣度與產品力，特別是在高階端（如我在談話中提到的 SWAT 產品組合），非常契合目前活躍的垂直領域，而我們也非常有效地滿足了那樣的需求。

So a consistent volume performance for the year and consistent volume is a priority for us, as we've mentioned, and we expect to continue to demonstrate that.

因此，今年將呈現一致的出貨量表現；而一致的出貨量也是我們的優先事項之一，如同我們先前提到的，我們預期會持續展現這點。

Thank you. Follow up on recent acquisitions, including Eventscape. What is the strategic power of bringing these businesses into the AWI platform commercial like pull-through was back in with the architects and designers and channel access. Could you talk about the key synergy levers in integration KPI, if you could?

謝謝。追問近期的併購，包括 Eventscape。把這些企業納入 AWI 平台的策略力量是什麼——例如在建築師、設計師端以及通路觸達方面，是否能帶來商業上的帶動效應（pull-through）？能否談談整合過程中的關鍵協同槓桿與整合 KPI？

Yeah. And you mentioned Eventscape, Tomo. I'm going to expand that a bit and extend it to companies like Zahner as well who have these unique design capabilities. They have access to projects and they have access at the sort of design assistance stage of a project that is earlier than our traditional access to projects.

好的。你提到 Eventscape，Tomo。我想把範圍再擴大一些，也包括像 Zahner 這類具備獨特設計能力的公司。他們能接觸到專案，而且是在專案更早期、也就是設計協助階段就能介入，這比我們傳統接觸專案的時點更早。

So one of our key KPIs as we integrate them is focusing on the transfer function that can happen between those businesses when they have their early access and the rest of our portfolio to give insights into project activity, to make connections with designers to introduce the broader part of the portfolio. And again, sort of as I was commenting about NeoCon, open up the rest of the portfolio as a solution set for that designer at that earlier stage.

因此，在整合它們時，我們的一項關鍵 KPI 是聚焦於這些業務之間可以發生的「轉介／轉換」功能：當它們具備早期觸達能力時，如何把這些早期觸達與我們其餘產品組合連結起來，提供對專案活動的洞察、與設計師建立連結，並介紹更廣泛的產品組合。同樣地，就像我在談 NeoCon 時所說的，在更早的階段把整體產品組合作為一套解決方案集，向該設計師開放。

And we're seeing that. I'll give you an example from this past quarter. We actually highlighted a project with our Board where a fairly prominent project high-profile project. And the first awareness we had of that project came from Zahner and they actually had a toehold on an interior metal application, and that was ahead of the entire rest of our portfolio.

而我們也正在看到這一點。我舉一個上一季的例子。我們其實曾向董事會重點介紹過一個專案，那是一個相當知名、備受矚目的高規格專案。而我們第一次得知該專案的訊息，是從 Zahner 那邊來的；他們其實已經在一個室內金屬應用上取得了立足點，而且比我們整個其餘產品組合都更早切入。

And as a result of that toehold, we were able to pull through five other solution sets, including mineral fiber, grid solutions, and other parts of the AS portfolio that's an advantage to Zahner having been in early. And we see that same advantage in what Eventscape does with their design capabilities. And so we're going to try to harness the power of that access and then transfer it into the rest of the portfolio to win more share.

也正因為那個立足點，我們得以帶動導入另外五套解決方案，包括礦纖、格柵解決方案，以及 AS 產品組合中的其他部分——這就是 Zahner 早期進場所帶來的優勢。而我們也在 Eventscape 透過其設計能力所做的事情上，看到了同樣的優勢。因此，我們會嘗試善用這種接觸入口的力量，並把它轉化到其餘產品組合中，以贏得更多市占。

The only thing I'd add Tomo, too, on the metric side is we have robust business case financials that we put together as part of our investing decisions. And so we continue to monitor those on a monthly basis and performance opposite those business case financials as part of that metric that Mark mentioned as well.

Tomo，我另外補充一點，在衡量指標方面，我們在做投資決策時會建立扎實的商業案例財務模型。因此，我們會持續以每月為頻率監控這些數據，並將實際表現相對於商業案例財務模型的差異，納入 Mark 也提到的那項指標之中。

Thank you, Mark, Chris.

謝謝你，Mark、Chris。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Just kind of talking about demand, and you highlighted kind of some of the higher end or SWAT products as being strong. Is that consistent across all the end markets where you're seeing strength at the high end is outperforming.

稍微談一下需求，你們提到一些較高階或 SWAT 產品表現強勁。這是否在所有終端市場都一致，也就是你們看到高階產品的強勢表現正在跑贏其他層級？

It is. That's a fair point. We are seeing it consistently across our markets, consistently across our verticals. We think it's the -- it's on trend. Frankly, the aesthetics and the performance in those products is attractive across all of those. So that's not isolated from a market point of view or a vertical point of view.

是的。這個觀察很到位。我們確實在各個市場、各個垂直領域都一致地看到這種情況。我們認為這是——這符合趨勢。坦白說，這些產品的美學與性能對所有這些領域都很有吸引力。所以從市場或垂直領域的角度來看，這並不是某個單一領域的現象。

Okay. Great. And then just in the back half, do you expect any additional hyper refunds?

好的。了解。那在下半年，你們預期還會有任何額外的 hyper refunds 嗎？

Nothing material. No, we're not.

沒有任何重大的。不，我們不預期會有。

Okay. Great. Thanks. Best of luck.

好的。了解。謝謝。祝你們好運。

Keith Hughes, Truist.

Keith Hughes，Truist。

Question, really. You talked more about data centers on this call that we've heard in a while with some growing backlogs. Can you talk specifically what products work best in data centers? Is it just grid or is it Mineral Fiber or is it a specific Mineral Fiber you sell into that occupancy?

我有個問題。你們這次電話會議談到資料中心的內容，比我們一段時間以來聽到的都多，而且提到有一些在手訂單在成長。你們能否具體談談哪些產品最適用於資料中心？是只有格柵（grid）嗎？還是礦纖（Mineral Fiber）？或是你們賣進那類用途（occupancy）的某一種特定礦纖產品？

Sure, Keith. Happy to take that. So it's not just grid, to answer your question directly. The way we think about it is grid and tile have been going to data centers for a long time. We sort of bifurcate the structure of the data center into front of house and back of house, back of house being the compute side of the data center.

當然可以，Keith。很樂意回答。所以不只是格柵，直接回答你的問題。我們的看法是，格柵和天花板板材（tile）很長一段時間以來就一直用在資料中心。我們大致把資料中心的結構分成前場（front of house）與後場（back of house），後場指的是資料中心的運算區。

Front of house, mineral fiber, and traditional acoustical grid, we'll refer to it that way, has been servicing that need for a long time. So we'll continue to see that. And that varies by product application. It could be our SWAT products. It could be our mid-tier products on the tile side supported by a traditional acoustical grid. In the back of house, you get much more variation and much more demand for a more structural solution.

前場方面，礦纖以及傳統的吸音格柵（我們就這樣稱呼）長期以來一直在滿足那個需求。所以我們會持續看到這部分需求。而這會因產品應用而異。可能是我們的 SWAT 產品。也可能是板材端的中階產品，搭配傳統吸音格柵系統。在後場，你會看到更多變化，也會更需要更具結構性的解決方案。

So not the traditional acoustical grid, but some of the heavier duty structural solutions that we've launched just recently out of the WAVE venture, products like the DYNAMAX branded line of structural grid solutions, containment solutions there. And when there is a tile application in the back of house, then there can be tile applications. It's often a product that has acoustical, not so much in acoustic but an air management attribute to it.

因此不是傳統吸音格柵，而是我們最近才透過 WAVE 合資事業推出的一些更重載的結構型解決方案，例如以 DYNAMAX 品牌推出的結構型格柵解決方案，以及那裡的封閉/隔離（containment）解決方案。而當後場有板材應用時，確實也可能會用到板材。那通常是一種具備——與其說是吸音，不如說是具備氣流管理特性的產品。

So a gasketed tile -- and again, it could be a variety of our mineral fiber products serving that tile need. It could also be our new data zone tailored product offering, which was created specifically for data center applications and has a slightly higher AUV to it. So it's varied key across, and it's really dependent on the specifier, largely the owner in a lot of cases.

例如帶密封墊的板材（gasketed tile）——同樣地，可能由我們多種礦纖產品來滿足那個板材需求。也可能是我們新的、針對資料中心量身打造的 data zone 產品方案，這是專為資料中心應用所開發，且其 AUV 略高一些。所以整體來說是多元且跨品類的，並且很大程度取決於規格制定者（specifier），在很多情況下主要是業主。

Okay. The final question on this. Is there any interest in that occupancy on TEMPLOK given that cooling those facilities down a major deal for them?

好的。最後一個問題。鑑於冷卻這些設施對他們來說是大事，在那類用途上對 TEMPLOK 有興趣嗎？

There is interest in it. In fact, our commercial teams have been doing a really good job of introducing TEMPLOK to data center applications. And selling, frankly, everything I just mentioned to you as a solution with TEMPLOK as a key component of it. So we do believe there's an application for it there.

是有興趣的。事實上，我們的商務團隊在把 TEMPLOK 介紹到資料中心應用方面做得非常好。而且坦白說，是把我剛剛提到的所有產品，作為一套解決方案來銷售，其中 TEMPLOK 是關鍵組成之一。所以我們確實相信它在那裡有應用場景。

And TEMPLOK carries multiple value propositions. Energy savings, there's thermal dynamics to it. There's tax eligibility for incentives. So we've got a value proposition that we are pitching there, absolutely.

而 TEMPLOK 具備多重價值主張。節能、熱動力效益。也有資格申請稅務優惠/補助激勵。所以我們在那裡提出的價值主張非常明確，絕對是的。

Okay. Thank you.

好的。謝謝。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行（Bank of America）。

I was wondering if you could talk a little bit more about the drivers to the revenue guidance increases, how much came in just the second quarter being better versus the second half? And if you could just give some specifics on -- are you seeing better end market trends? Are you gaining more share? And then what's driving that?

我想請你們再多談一點，上調營收指引的驅動因素；其中有多少是因為第二季表現優於預期，多少是來自下半年？另外如果可以的話，能否提供一些具體說明——你們是否看到終端市場趨勢更好？你們是否正在取得更多市占？以及背後的驅動原因是什麼？

Yeah. Thanks for the question, and I'll take that, and then I'll hand it over to Chris as well. I think the overarching message is the increase in our guide is largely as a result of the second-quarter performance. and we're seeing a consistent back half to what we expected. So carrying forward, we're going to expect market conditions to be consistent with what we've seen in the first half, and we expect our commercial execution. We expect our growth initiatives to continue to perform and deliver that outcome.

好的。謝謝你的問題，我來回答，之後也會交給 Chris 補充。我認為整體訊息是：我們上調指引主要是第二季表現所帶動；而我們看到下半年與原先預期一致。因此往後看，我們預期市場狀況會與上半年所見保持一致，也預期我們的商務執行力。我們預期我們的成長計畫會持續表現並交付那樣的結果。

Yeah. And maybe just to unpack that top-line change a little bit more. That $20 million increase in sales at the midpoint, about two-thirds of that is really driven by AS performance and about a third for Mineral Fiber. And as Mark mentioned, again, bolt-on second-quarter performance versus our expectations.

是的。也許再把營收端的變動拆解得更清楚一些。以中位數來看，銷售額增加的 2,000 萬美元中，大約三分之二是由 AS 的表現所驅動，約三分之一來自礦纖（Mineral Fiber）。而如 Mark 所提，再次強調，主要是第二季的表現優於我們原先的預期。

The fall-through versus our typical margin profile that we see has pressured a little bit due to some ongoing investments in SG&A and the freight inflation that I commented on in my prepared remarks.

相較於我們通常看到的典型毛利率結構，利潤落下（fall-through）略有壓力，原因在於我們在 SG&A 上持續的一些投資，以及我在事先準備的發言中提到的運費通膨。

Great. That's really helpful. And then just following up on the SG&A. How much -- is that -- what are the drivers there? Is that higher incentive comp just because you're beating internal plans or is that opportunistic investment? Can you just talk about there's anything that have to do with like that expansion at NeoCon. Just trying to get an understanding of what's changing there?

很好。這非常有幫助。接著追問 SG&A。那部分的驅動因素是什麼？是因為你們超越內部計畫而導致激勵性薪酬更高嗎？還是屬於機會型投資？你能否談談是否有任何因素與 NeoCon 的擴張之類有關？我只是想更了解那裡有哪些變化。

Yeah. So maybe I can start with SG&A performance in the quarter. And in Mineral Fiber, as I stated in my prepared remarks, that the increase in SG&A was driven by investments to support growth of both the selling side of the house as well as innovation. And as you mentioned, an increase in incentive comp.

是的。所以也許我可以先從本季的SG&A表現談起。在礦纖事業方面，正如我在事先準備的發言中提到的，SG&A的增加主要是由於為了支持成長而進行的投資，涵蓋銷售端以及創新。另外如你所提到的，激勵性薪酬也有所增加。

And AS about half of that SG&A increase was driven by our recent acquisitions, so while the remainder was driven by investments back into the business and resources on the selling side to support growth as we scale. On a full-year basis, Rafe, we expect leverage on the SG&A line.

此外，SG&A增加中約有一半是由我們近期的併購所帶動；其餘則是因為我們把投資回灌到業務中，並在銷售端增加資源，以在我們擴張規模時支持成長。以全年來看，Rafe，我們預期SG&A這一項目會出現槓桿效益。

And SG&A and SG&A margin of about 20%, which is in line with our initial expectations at the beginning of the year for the company in total. And as a reminder, we want to be in that sub-20% range at the total company level, but recognize that acquisitions could initially pressure that as we continue to integrate them and deliver against the business cases there.

我們預期SG&A以及SG&A利潤率約為20%，這與我們在年初對公司整體的初始預期一致。提醒一下，我們希望在公司整體層面把它控制在20%以下，但也理解，隨著我們持續整合併購並落實相關商業案例，併購在初期可能會對此造成壓力。

But we're going to continue to be mindful of our rate and pace of SG&A for the remainder of the year, just given the overall context of the broader macro.

不過，考量到更廣泛的總體經濟環境，我們在今年剩餘時間仍會持續留意SG&A的投入速度與節奏。

And Rafe, I'll add to that. Just as I think about the SG&A investments, I think of them as squarely tailored to the growth initiatives that we're talking about. So you should think about commercial selling support resources in support of the energy savings initiative, data center sales, and some R&D to support both of those initiatives as well.

Rafe，我再補充一下。就我對SG&A投資的看法，我認為這些投資是明確對準我們正在討論的成長計畫所量身打造的。所以你可以把它想成：為節能計畫、資料中心銷售所配置的商務銷售支援資源，以及一些同時支援這兩項計畫的研發投入。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Brian Biros, Thompson Research Group.

Brian Biros，Thompson Research Group。

You talked about the strength of the higher end of your portfolio, I think in your prepared remarks and in some of the call questions earlier. I think as a theme you kind of touched on last quarter as well. I think you mentioned kind of the number of projects across the industry. It was down a little bit, but the value was up, and that's a trend that plays well for your product set.

你在事先準備的發言，以及先前一些提問中，談到你們產品組合高階端的強勁表現。我想這也是你們上季提到的一個主題。我記得你提到整個產業的專案數量略有下降，但專案價值上升，而這個趨勢對你們的產品組合很有利。

I guess do you view that dynamic as short term, maybe another quarter or two or does that trend kind of more like a multiyear trend that you've continued to benefit from? How are you thinking about that?

我想問的是，你認為這種動態是短期的，可能再持續一兩季？還是說這更像是一個你們持續受益的多年期趨勢？你們怎麼看待這件事？

Yeah. Well, that trend -- thanks for the question, Brian. That trend certainly continued in the quarter. I didn't mention it in my remarks, but last quarter, we talked about 12 consecutive quarters of that dynamic where the high end of our Mineral Fiber portfolio is outperforming the lower end. This past quarter was the 13th consecutive.

是的。謝謝你的問題，Brian。這個趨勢在本季確實延續。我在發言中沒有提到，但上季我們談到這種動態已連續12個季度出現，也就是我們礦纖產品組合的高階端表現優於低階端。而本季是連續第13個季度。

So this has been running for a couple of years now, and we expect it to continue. It is too early to project how far out -- but I think it's part of the dynamic about the bidding activity that you mentioned and the starts activity that you mentioned that gets consistent with that.

所以這已經持續了好幾年，我們預期它會延續。現在要預測會延續到多遠還太早——但我認為這與你提到的投標活動以及開工活動的動態是一致的。

We're continuing to see, and we saw it again this quarter the counter projects being down, but the value -- and this is true across all verticals for that matter. The value of the project is up. And I think -- we think it's consistent with the trend towards quality, the flight to quality, if you will, in commercial spaces, looking to distinguish those spaces.

我們持續看到——而且本季也再次看到——專案數量下降，但專案價值上升；而且就此而言，這在所有垂直領域都成立。專案的價值在提高。我們認為這與市場朝向品質的趨勢一致，也就是你可以說是商用空間的「追求高品質」趨勢，業主希望讓這些空間更具差異化。

We also think it has really well to the portfolio breadth theme that we were talking about earlier today, but definitely to the high end of the Mineral Fiber product category.

我們也認為這與我們今天稍早談到的產品組合廣度主題非常契合，尤其是對礦纖產品類別的高階端更是如此。

Got it. And then a follow up. I guess, you talked about data center products you offer, you mentioned structural grid and containment. Can you just talk a little bit more about the sales process for those products today for you? And I guess, remind us -- are those -- do those get spec-ed in?

了解。接著追問一下。你提到你們提供的資料中心產品，包括結構格柵（structural grid）和圍護/隔離（containment）。你能否再多談一點，這些產品目前對你們而言的銷售流程是怎麼運作的？另外也請提醒我們——這些產品會被寫進規格（spec）裡嗎？

Do you work with the GC or maybe directly with the hyperscaler. I guess just more details on the go-to-market for those would be appreciated.

你們是與總承包商（GC）合作，還是可能直接與超大規模業者（hyperscaler）合作？如果能提供更多關於這些產品的市場進入策略（go-to-market）的細節，我會很感謝。

You got it. Very appropriate question, given it's a dynamic and different go-to-market motion than traditional, let's say, construction, building construction spaces because you've got different influencers and you listed them. The hyperscalers as owners will set their own specifications. They'll use architects. They'll use GCs, of course, but they will have an outsized or overweight influence on the design of the spaces.

沒問題。這個問題很切題，因為相較於傳統的——比如說——建築施工市場，資料中心的市場進入方式確實不同，因為影響者不同，而你也列出來了。作為業主的超大規模業者會制定自己的規格。他們會使用建築師。當然也會使用總承包商（GC），但他們對空間設計的影響力會特別大、權重也更高。

Similar dynamic with co-locators, all versus traditional enterprise data center sponsors, which might look more like our traditional architect-led spec-led motion. So some of the SG&A that we're talking about in support of data centers is specifically designed to give us a more diverse approach in our go to market. So we can go direct to those owners.

共同機房業者（co-locators）也有類似的動態；這與傳統企業型資料中心的贊助方不同，後者可能更像我們傳統由建築師主導、由規格驅動的模式。因此，我們所談到用於支持資料中心的部分SG&A，正是為了讓我們在市場進入策略上採取更為多元的方法。如此一來，我們就能直接面向這些業主。

We can go direct to those co-locators, hyperscalers and give them a tailored packaged, reliable and consistent solution, almost bundled solution, if you will, for the range of products that we're now offering. So it is different. And we are leveraging a very strong national accounts program that we've had at the company for a really long time to leverage the relationships we have with many of those companies who are sponsors of these data centers.

我們可以直接面向這些共同機房業者、超大規模業者，為他們提供量身打造、可靠且一致的解決方案——如果你願意，也可以說是把我們現在提供的一系列產品做成近似「打包式」的整合方案。所以確實不一樣。同時，我們也在運用公司長期以來非常強的全國性大客戶（national accounts）計畫，去槓桿我們與許多贊助這些資料中心的公司之間既有的關係。

So that's our approach, and it's sort of a broad-based approach and requires it, given how data centers are designed.

這就是我們的做法；這是一種更廣泛的策略，而考量到資料中心的設計方式，也確實需要如此。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Appreciate all the color so far. I wanted to lean in on the new products a little bit. In particular, I'm curious as to whether or not the success and the focus on the various new product initiatives that you have is increasing your index -- indexing to new construction versus R&R. How you sort of think about that on a go-forward basis?

到目前為止提供的所有細節都很有幫助。我想更深入問一下新產品。特別是，我想了解你們各項新產品計畫的成功與聚焦，是否正在提高你們對新建（new construction）相對於維修與翻新（R&R）的曝險比重——你們未來會如何看待這件事？

And then last time I asked you about the life span of some of these newer products. And I just want to double-click on that a little bit. As I'd -- just from a layman's perspective, as I think about gasketed products, where I think of gaskets may be drying out over time or an impeding performance? Or I think the face change materials, there's a certain number of thermal cycles that they're designed around.

另外，上次我問過你一些較新產品的使用壽命。我想再更深入追問一下。以外行人的角度來看，當我想到帶墊圈（gasketed）的產品時，我會想到墊圈可能會隨時間乾裂，或影響性能？或者我想到相變材料（phase change materials），它們是依據一定次數的熱循環來設計的。

I mean, I just wanted to sort of follow up on whether or not you think that there is a reason to believe that the replacement cycle for some of these products should be shorter than maybe some of your more generic historical products.

我的意思是，我想追問的是：你們是否認為有理由相信，這些產品中的某些，其更換週期可能會比你們過去較通用、較傳統的產品更短？

Thanks for the question. First, on the indexing. We don't feel that way. We don't believe we're over-indexing to either new or R&R. I think what we're doing, honestly, is continuing to innovate as we've done for decades. This just happens to be the next chapter of innovation around the ceiling platform.

謝謝你的問題。先談比重（indexing）。我們不這麼認為。我們不認為自己對新建或R&R有任何一方的過度偏重。老實說，我認為我們所做的，是延續數十年來一貫的創新。只是這剛好是圍繞天花板平台的下一個創新篇章。

There have been step changes in fire and seismic and acoustical performance and structural performance and we're adding a new dimension to this. And we think it plays in both new and renovation applications, both -- just like it has, we've had that experience for decades in serving both of those demand sources.

在防火、耐震與聲學性能以及結構性能方面都出現了階段性的提升，而我們正在為此再加入一個新的維度。我們認為它同時適用於新建與翻修應用——就像過去一樣，我們在服務這兩類需求來源方面已累積了數十年的經驗。

So I think it's consistent with that. We've not framed any change in lifespan or duration, durability, or even warranty for that matter. We've continued to warrant these products consistent consistently with how we've warranted them in the past.

所以我認為這與我們一貫的做法一致。我們並未界定任何使用壽命或年限、耐久性，甚至保固方面的變更。我們持續以與過去一致的方式為這些產品提供保固。

So we're certainly not signaling and we're certainly not expecting the quality or deterioration to be any different. It's a question we get, frankly, around some of our new nations, but we're standing behind those products for the life of the products just like it, just like the products that we had before.

因此我們當然不是在釋放任何訊號，也完全不預期品質或劣化情況會有任何不同。坦白說，這是我們在一些新產品上常被問到的問題，但我們會在產品的全生命週期內為這些產品背書，就像我們以前的產品一樣。

And we think that's important because that standard of quality, we are not compromising in our products and with our new innovation.

我們認為這點很重要，因為我們不會在產品與新創新上犧牲那個品質標準。

Okay. Got you. Perfect. Okay. Second question relates to WAVE.

好的。了解。很好。好。第二個問題與 WAVE 有關。

Obviously, we're looking for some strengthening results there. I was wondering if you could provide a little bit more color as to the strength that you're seeing there. Is this -- should we be thinking about this as momentum building that is likely to carry over or beyond just this year? Or is there any lumpiness that we're benefiting from here? Maybe just give us a little bit of insight into what's driving the anticipated growth in WAVE?

顯然，我們在那裡期待看到一些走強的結果。我想請你們多補充一些細節，談談你們看到的強勁程度。我們應該把這視為動能正在建立、而且可能延續到今年之後嗎？還是說我們目前受惠於某些一次性或波動性的因素？也請你們分享一下，推動 WAVE 預期成長的主要驅動因素是什麼？

Yeah. We're still on track for our outlook to mid-single digits of equity earnings growth. We're pleased with our performance. We think it correlates well with our Mineral Fiber performance overall. And at the same time, they're continuing to innovate themselves and are bringing new products to the market along the way. So we're pleased with their performance, and we expect it to continue into the second half.

是的。我們仍然維持先前展望：權益法收益成長為中個位數百分比。我們對表現感到滿意。我們認為這與我們整體礦纖（Mineral Fiber）業務的表現高度相關。同時，他們也持續自行創新，並在過程中把新產品推向市場。因此我們對他們的表現感到滿意，並預期這樣的趨勢會延續到下半年。

Chris, do you want to add some color?

Chris，你要不要補充一些說明？

Yes. I was going to say, Stephen, on the steel cost front, the markets continue to face some inflationary headwinds there in the quarter. We saw the impact of higher steel flowing through the P&L, which pressured margins ahead of our announced August pricing actions, along with the ramp-up of some of the data center initiatives there that Mark mentioned.

好的。Stephen，我想說的是，在鋼材成本方面，本季市場仍面臨一些通膨逆風。我們看到鋼價上升的影響反映在損益表（P&L）中，在我們已宣布的 8 月調價措施生效前，對毛利率造成壓力；同時也包含 Mark 提到的部分資料中心計畫的爬坡投入。

So turning to the back half of the year, we expect a step up in the equity earnings contribution to the Mineral Fiber segment as these price/cost benefits offset the rising steel cost exposure there.

因此展望今年下半年，隨著價格/成本的效益抵消鋼材成本上升的曝險，我們預期對礦纖事業部的權益法收益貢獻將會出現一個台階式的提升。

Yeah. That makes sense. Perfect. Thanks very much, guys.

是的。這樣就說得通了。很好。非常感謝，各位。

John Lovallo, UBS.

UBS 的 John Lovallo。

The first one is within Mineral Fiber. The home center channel was strong again this quarter. I think it was up 9% year over year, pretty similar to the first quarter. The question is how much of this was driven by stronger discretionary or flow business like we saw in the first quarter? And if so, I mean, what was the impact on Mineral Fiber volume and AUV in the quarter?

第一個問題是在礦纖（Mineral Fiber）業務內。本季家居賣場（home center）通路再次表現強勁。我想年增約 9%，與第一季相當接近。問題是：這其中有多少是由更強的非必需/隨機性（discretionary）或「流量型」（flow）業務所帶動，就像第一季看到的那樣？如果是的話，這對本季礦纖的出貨量（volume）與平均單價（AUV）有什麼影響？

Yeah. So I'll start, and Chris, you can comment. I think our flow business in the quarter, we talked a little bit about this in Q1 and in Q2, fairly consistent. It's the part of the market we don't have as great a visibility to. So we do kind of triangulate that based on home centers, maybe a little bit on what we see in Kanopi and also we gather from sort of on-the-ground activity.

好的。我先回答，Chris 你也可以補充。我認為本季的 flow 業務——我們在第一季與第二季都有稍微談到——整體相當一致。這是我們在市場上能見度相對沒那麼高的一塊。因此我們會用一些方式來交叉驗證，例如看家居賣場的表現、也參考我們在 Kanopi 看到的一些訊號，並從第一線的市場活動蒐集資訊。

So that flow, TI, smaller R&R work continued to be consistent in the quarter. And I think that bodes well. It's a nice stable source of volume for us in the quarter and certainly something that we're hoping continues in the near term. It reflects some confidence and a willingness to use that discretionary spend in support of volume.

因此，這類 flow、TI（租戶裝修）、較小型的維修與翻新（R&R）工程在本季仍維持一致。我認為這是個好現象。它在本季為我們提供了相當穩定的出貨量來源，我們也希望短期內能持續。這反映出一定程度的信心，以及願意以這類可支配支出來支撐出貨量。

Yeah. And really, John, nothing to call out there in terms of atypical activity, that channel can be lumpy, and we saw a little bit of lumpiness here in the second quarter.

是的。而且 John，就那部分而言沒有什麼特別異常的活動需要點出；那個通路本來就可能有波動性，而我們在第二季確實看到了一點波動。

Got you. And then considering the $800 million step-up in the share buyback authorization, and I think there's $2.5 billion authorized through December of 2029. Just curious if you guys would consider large share repo, maybe even an ASR, I mean, is that something that's on your radar?

了解。另外，考量到股票回購授權增加了 8 億美元，而且我想截至 2029 年 12 月總授權額約為 25 億美元。想請教你們是否會考慮進行較大規模的回購，甚至是加速股票回購（ASR）？這是否在你們的考量範圍內？

Yeah. So let me put the repurchase program into some context here. First of all, this is the time of year we just had our Board meeting last week. It is our annual strategic planning cycle. So we had a robust and rigorous planning cycle and a great review and discussion and approval by our Board of a strategic plan. That came first.

是的。我先把回購計畫放在脈絡中說明。首先，這個時間點我們剛在上週開完董事會。這也是我們每年的策略規劃週期。因此我們進行了一個扎實且嚴謹的規劃流程，並由董事會對策略計畫做了完整的檢視、討論與核准。這是第一步。

And then on the heels of that strategic plan approval, the Board supported this authorization, which is an authorization. And the way we think about it is its confidence in that strategic plan. It's confidence in our strategic direction, its confidence in the cash flow generation that comes from that plan. But we're not signaling any change in our capital allocation priorities, as Chris talked about in his remarks.

接著在策略計畫核准之後，董事會支持了這項授權——這是一項「授權」。我們的看法是：這代表對該策略計畫的信心。這代表對我們策略方向的信心，也代表對該計畫所帶來現金流創造能力的信心。但我們並未釋放任何資本配置優先順序改變的訊號，正如 Chris 在發言中提到的。

We will be opportunistic as we've been. We were opportunistic in the second quarter, as you saw and over the life of the program, we'll continue to be opportunistic. That said, it's our third capital allocation priority and no change there. And we continue to believe we've got a compelling pipeline of both investing back into the business at an attractive ROIC as we've done, and also a healthy M&A pipeline to run at.

我們會一如既往地把握機會。你們也看到我們在第二季是機會性地進行回購；在整個計畫期間，我們也會持續採取機會性作法。話雖如此，回購仍是我們資本配置的第三順位，這點沒有改變。我們仍相信：一方面我們有很有吸引力的投資管線，可以把資本投入業務並取得具吸引力的投資資本報酬率（ROIC），就像我們一直以來所做的；另一方面也有健康的併購（M&A）管線可供推進。

So it's a balanced approach to capital deployment that's served us well for years, and this should not signal any change in approach there.

因此，這是一個多年來一直對我們很有效的、平衡的資本部署方式，而這不應被解讀為我們在作法上有任何改變。

Okay. Thank you, guys.

好的。謝謝各位。

Phil Ng, Jefferies.

Jefferies 的 Phil Ng。

Congrats on a strong quarter. Chris, I guess for a housekeeping question first. Can you give us an update on how you're thinking about inflation for your major buckets? If I heard you correctly, you're not expecting IEEPA refunds in the back half, but anything to call out as it relates to some of the changes in news around Section 301 and 338.

恭喜本季表現強勁。Chris，我先問一個例行性的問題。你能否更新一下你們對主要成本項目通膨的看法？如果我沒聽錯，你們不預期下半年會有 IEEPA 退稅，但就第 301 條與 338 條相關新聞的變化，有沒有什麼需要特別指出的？

Yeah. Thanks, Phil. Yeah, you're correct. Nothing expected here on the IEEPA front for the back -- IEEPA refund front for the back half of the year. In my prepared remarks, I mentioned in the quarter, higher input cost inflation in the areas of freight and raw materials in Mineral Fiber. Let me just, again, frame up input costs as a percentage of COGS in the Mineral Fiber segment.

好的。謝謝你，Phil。是的，你說得沒錯。在 IEEPA 方面——也就是 IEEPA 退稅方面——我們預期今年下半年不會有任何進展。在我事先準備的發言中，我提到本季在礦纖業務的運輸與原物料領域，投入成本通膨較高。我再補充一下：礦纖事業部的投入成本占銷貨成本（COGS）的比例架構。

So just as a reminder, freight is about 10%, COGS energy is about 10%, and raw material is about 35%. And what we experienced in the quarter was higher-than-expected freight inflation due to pressure on carrier rates, and that's largely driven by some of the labor shortages and some industry consolidation there.

所以提醒一下，運費約占 10%，銷貨成本（COGS）中的能源約占 10%，原物料約占 35%。本季我們經歷的是運費通膨高於預期，原因是承運商運價承壓；這在很大程度上是由部分勞動力短缺以及產業整併所驅動。

Raw material inflation came in a little better than we expected, but that wasn't a real needle mover in the quarter. But we saw strong AUV in the quarter and strong like-for-like pricing, which really contributed to that healthy EBITDA fall-through rate.

原物料通膨比我們預期稍微好一些，但在本季並不是影響很大的因素。不過本季我們看到強勁的 AUV 以及強勁的同店定價（like-for-like pricing），這確實促成了健康的 EBITDA 落袋率（fall-through rate）。

On a full-year basis, on the input side front, let me just break down the pieces. We expect energy inflation to be in that low-single-digit range for the year. we're outlooking freight inflation to be in that mid-teens range for the whole year.

以全年來看，在投入端這一塊，我先把各項拆開說明。我們預期今年能源通膨會落在低個位數區間；我們對全年運費通膨的展望則是在十幾%的中段（mid-teens）區間。

And again, that's driven by the dynamics that I just mentioned on the carrier rate side and the tight capacity there. And we expect raws to be in that low single-digit percentage range. So all of all-in, input costs are expected to be inflationary in that mid-single-digit range for the full year.

同樣地，這是由我剛才提到的承運商運價端的動態，以及運能吃緊所驅動。我們也預期原物料會落在低個位數百分比區間。因此整體而言，全年投入成本預期將呈現通膨，約在中個位數（mid-single-digit）區間。

Okay. Chris, was there any big movement from what you gave us last quarter. I go back to my notes, but I wasn't sure if there was any big moving pieces there, which you had last quarter?

好的。Chris，跟你們上季給我們的指引相比，有沒有什麼大的變動？我回去看了我的筆記，但不確定是否有什麼大的變動項目，是你上季提到的？

Yeah, not on the total -- yes, good question. Thanks. On the total input line in total? No, but the pieces did shift and most notably on the freight front.

是的，整體上沒有——對，問得很好。謝謝。你是指總投入成本那一行的合計嗎？沒有，但各組成項目確實有移動，最明顯的是運費這一塊。

Okay. Helpful. A question for you, Mark. Obviously, a lot of momentum in your two growth factors, whether it's transportation on the data center side. Certainly, your broader product offering investments you're making is having a real impact here.

好的。很有幫助。我有個問題想問你，Mark。顯然你們兩個成長動能來源都有很強的動能，不管是資料中心端的運輸（transportation）。當然，你們正在進行的更廣泛產品組合投資，確實在這裡產生了很大的影響。

But I was curious, you had an unbundled transportation versus the data center piece. Are you winning on some of the product differentiation, which has always been the hallmark for you guys on transportation and data centers. I just wasn't sure if the offering was very different like you have in the rest of the portfolio, particularly on the data center side.

但我好奇的是，你把運輸與資料中心這一塊拆開來看。你們是否是靠某些產品差異化在贏單？這一直是你們在運輸與資料中心領域的招牌。我只是不確定，特別是在資料中心端，你們的產品/方案是否跟你們投資組合其他部分一樣差異很大。

Yeah. So are we winning on transportation for differentiation? No question. Are we scaling on data centers as we raise awareness to the fact that Armstrong can be a player, a meaningful player and a value-add player on the data center side? That's ramping now. And that's what a lot of our commercial investments or about is raising aware.

是的。所以我們在運輸領域是靠差異化在贏嗎？毫無疑問。至於資料中心，我們是否在擴張規模，同時提升市場對 Armstrong 能成為資料中心領域參與者、重要參與者與增值型參與者的認知？這現在正在加速爬坡。而我們許多商業投資的重點，就是在提升認知。

And I think Armstrong has been recognized as a traditional ceiling player in those spaces for a long time. We've talked about serving those spaces. But now we're driving awareness to say we've got a much broader portfolio, and we can serve the structural, we can serve the containment and the broader solution set. And we do think we have differentiation in those products, and that's what this awareness having is all about.

我認為長期以來，Armstrong 在那些領域一直被視為傳統的天花板供應商。我們也談過服務那些場域。但現在我們在推動市場認知：我們有更廣的產品組合；我們能提供結構（structural）方案、能提供圍護/隔離（containment）方案，以及更完整的解決方案組合。我們確實認為這些產品具備差異化，而提升認知的目的就在於此。

Is your competitive landscape different too on the -- sorry, go ahead, Chris.

你們的競爭格局也不同嗎，在——抱歉，你先說，Chris。

Yeah. I was just going to add a little more color on the freight piece before your follow up, which is really the change there is a little more pressure on the back half of the year as I outlooked that range for full year.

是的。在你追問之前，我只是想就運費那一塊再補充一點背景：真正的變化在於，當我給出全年區間展望時，下半年面臨的壓力會稍微更大一些。

Okay. Super --

好的。非常好——

The data center competitors, it is different. It is different because in that back of house and that compute side of the data center, there is such a diversity of applications and needs and structural solution sets that is much broader and different and you can solve your data center performance needs with structures and solutions on the floor, in the ceiling in a variety of different ways. So it is a broader, more fragmented competitive set.

資料中心的競爭對手確實不同。之所以不同，是因為在資料中心的後場（back of house）與運算端（compute side），應用與需求非常多元，結構性解決方案的範疇也更廣、差異更大；你可以透過地板、天花板等各種不同方式的結構與方案，來滿足資料中心的效能需求。因此競爭組合更廣、也更分散。

Okay. That's really helpful, guys. Really appreciate it.

好的。這真的很有幫助，各位。非常感謝。

There are no further questions at this time. I will now turn the call back to Mark Hershey for closing remarks.

目前沒有其他問題。我現在把電話交回給 Mark Hershey 做結語。

Thanks, everybody, for joining the call today and for the questions. We appreciate it. We're pleased with a solid quarter. It's a good opportunity for me to thank our teams for that performance. As we reflect on the quarter, we're really proud of outperforming the market in a dynamic environment.

謝謝大家今天參與電話會議，也謝謝各位的提問。我們非常感謝。我們對本季穩健的表現感到滿意。也藉此機會感謝我們的團隊達成這樣的成果。回顧本季，我們很自豪能在多變的環境中跑贏市場。

We've seen inflationary pressures, as we talked about today. There's still uncertainty and not a lot of market stimulant and tailwind behind us, but really good execution, and that's what we'll stay focused on to continue to create value. So thank you for your time today, and we'll talk to you soon.

如同我們今天談到的，我們看到通膨壓力。市場仍有不確定性，背後也沒有太多市場刺激與順風，但我們的執行力非常到位；這也是我們會持續聚焦的重點，以持續創造價值。謝謝大家今天撥冗，我們很快再與各位交流。

And this will conclude our call today. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。