Azek Company Inc (AZEK) 2025 Q1 法說會逐字稿

Welcome to The AZEK Company's first-quarter fiscal 2025 earnings call.

歡迎參加 AZEK 公司 2025 財年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference call is being recorded.

（操作員指示）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to Eric Robinson.

現在我想將會議移交給埃里克羅賓遜。

Please go ahead, Eric.

請繼續，埃里克。

Thank you, and good afternoon, everyone.

謝謝大家，下午好。

We issued our earnings press release and a supplemental earnings presentation this afternoon to the Investor Relations portion of our website at investors.azekco.com. The earnings press release was also furnished via an 8-K on the SEC's website.

今天下午，我們向我們網站 investors.azekco.com 的投資者關係部分發布了我們的收益新聞稿和補充收益報告。收益新聞稿也透過美國證券交易委員會網站上的 8-K 表格提供。

I'm joined today by Jesse Singh, our President and Chief Executive Officer; and Ryan Lada, our Chief Financial Officer and Treasurer.

今天與我一起出席的還有我們的總裁兼執行長 Jesse Singh；以及我們的財務長兼財務主管 Ryan Lada。

I would like to remind everyone that during this call, we may make certain statements that constitute forward-looking statements with the meaning of the federal securities laws, including remarks about future expectations, beliefs, estimates, forecasts, plans and prospects.

我想提醒大家，在本次電話會議中，我們可能會做出某些構成具有聯邦證券法含義的前瞻性陳述，包括關於未來預期、信念、估計、預測、計劃和前景的評論。

Such statements are subject to a variety of risks and uncertainties as described in our periodic reports filed with the Securities and Exchange Commission that could cause actual results to differ materially.

此類聲明受到我們向美國證券交易委員會提交的定期報告中所述的各種風險和不確定性的影響，可能導致實際結果有重大差異。

We do not undertake any duty to update such forward-looking statements.

我們不承擔更新此類前瞻性陳述的任何責任。

Additionally, during today's call, we will discuss non-GAAP financial measures which we believe can be useful in evaluating our performance.

此外，在今天的電話會議中，我們將討論我們認為有助於評估我們績效的非公認會計準則財務指標。

These non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP.

這些非 GAAP 指標不應單獨考慮，也不應將其作為根據 GAAP 編制的結果的替代方案。

Reconciliations of such non-GAAP measures can be found in our earnings press release and supplemental earnings presentation was posted on our website.

此類非公認會計準則指標的對帳表可在我們的收益新聞稿中找到，補充收益報告已發佈在我們的網站上。

Now let me turn the call over to AZEK CEO, Jesse Singh.

現在，讓我將電話轉給 AZEK 執行長 Jesse Singh。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

We are pleased to report a good start to fiscal 2025, with first quarter results, again demonstrating the effectiveness of our growth initiatives and disciplined operational execution.

我們很高興地報告 2025 財年開局良好，第一季的業績再次證明了我們的成長計劃和嚴格的營運執行的有效性。

Our Residential segment grew net sales by 22% year over year, driven by double-digit sell-through growth in the quarter and expanded market presence across our deck, rail, and accessories, and exteriors product categories.

我們的住宅部門淨銷售額年增 22%，這得益於本季兩位數的銷售成長以及我們在甲板、欄桿、配件和外牆產品類別的市場佔有率的擴大。

During the quarter, deck, rail, and accessories sell-through grew at a double-digit pace with each of the product lines within the portfolio growing double digits.

本季度，甲板、欄桿和配件的銷售量以兩位數的速度成長，其中產品組合中的每個產品線都實現了兩位數的成長。

Exterior sell-through grew high single digits as we saw some market stability during the quarter.

由於我們看到本季市場保持穩定，外部銷售量實現了高個位數成長。

Our focus on wood conversion, product innovation, improving the customer journey, growing brand awareness and channel expansion continues to drive our success in our performance.

我們專注於木材轉換、產品創新、改善客戶旅程、提高品牌知名度和通路擴展，這些擴展繼續推動我們取得業績成功。

We also delivered strong Residential segment adjusted EBITDA growth of 24% year over year and expanded our segment adjusted EBITDA margin by 40 basis points year over year to 23.7%, while making investments in new products and channel expansion to drive future growth.

我們也實現了住宅部門調整後 EBITDA 年成長 24% 的強勁成長，並將部門調整後 EBITDA 利潤率同比增長 40 個基點至 23.7%，同時對新產品和通路擴展進行投資以推動未來成長。

AZEK's multi-year track record of success would not be possible without the dedication, collaboration and support of our team members and business partners, and I would like to express my sincere gratitude.

如果沒有我們團隊成員和業務夥伴的奉獻、合作和支持，AZEK 多年的成功就不可能實現，我謹表示最誠摯的感謝。

We continue to make progress against our key strategic initiatives.

我們的關鍵策略舉措持續取得進展。

Our 2025 new product launches, including TimberTech Fulton Rail, TimberTech Reliance Rail, Versatex XCEED siding, and TrimLogic are being well received in the market and will allow us to address a wider range of price points and consumer needs to drive wood conversion.

我們在 2025 年推出的新產品，包括 TimberTech Fulton Rail、TimberTech Reliance Rail、Versatex XCEED 壁板和 TrimLogic，在市場上廣受好評，將使我們能夠滿足更廣泛的價格點和消費者需求，從而推動木材轉換。

These new products are generating excitement from our contractor and dealer partners with our rail and siding products being stocked in a number of new locations ahead of the busy part of the season.

這些新產品引起了我們的承包商和經銷商合作夥伴的興奮，我們的鐵路和側線產品在旺季到來之前已在許多新地點備貨。

During the quarter, we invested in and began ramping up production of these products, modestly impacting our first quarter margins.

在本季度，我們對這些產品進行了投資並開始增加產量，這對我們第一季的利潤率產生了輕微影響。

We expect these start-up investments to continue during our second quarter, as we scale and position these terrific new product platforms to drive future growth.

我們預計這些新創企業的投資將在第二季度繼續，因為我們將擴大規模並定位這些出色的新產品平台以推動未來成長。

We also continue to see strong demand for our advanced PVC vintage and landmark decking collections, which have the best aesthetics and fire resistance in the industry.

我們也繼續看到對我們的先進 PVC 復古和地標裝飾系列的強勁需求，這些系列具有業內最佳的美觀度和防火性。

We recently completed the majority of our seasonal early buy negotiations with our Pro channel partners and continue to strengthen these relationships.

我們最近與專業通路合作夥伴完成了大部分季節性早期購買談判，並繼續加強這些關係。

We believe we have once again expanded our presence in the market and gained initial stocking positions for our new products.

我們相信，我們再次擴大了市場佔有率，並為我們的新產品贏得了初步的庫存地位。

The recently announced distribution partnerships expand our reach in the Western United States and Canadian markets.

最近宣布的分銷合作夥伴關係擴大了我們在美國西部和加拿大市場的影響力。

We're excited about the growth opportunities these present to better position us to service the Pro contractors in these geographies.

我們對這些帶來的成長機會感到非常興奮，這將使我們能夠更好地為這些地區的專業承包商提供服務。

And we look forward to our ongoing success with all of our key channel partners.

我們期待與所有主要通路合作夥伴一起取得持續的成功。

During the second quarter, we are making incremental investments to support these channel and product expansions, including incremental merchandising and digital tools to enhance the customer experience.

在第二季度，我們將進行增量投資來支援這些管道和產品擴展，包括增量商品推銷和數位工具以提升客戶體驗。

We also continue to invest in our recycled capabilities and acquired a regional PVC and polyethylene recycling operation in Indiana during the first quarter.

我們也繼續投資我們的回收能力，並在第一季度收購了印第安納州的區域 PVC 和聚乙烯回收業務。

This acquisition, not only expands our waste material sourcing network, but also expands our capabilities to process hard to recycle materials through unique recycle segregation and processing technologies.

此次收購不僅擴大了我們的廢料採購網絡，而且透過獨特的回收分類和加工技術擴展了我們處理難以回收材料的能力。

We are excited about the capabilities and capacity this acquisition offers as we continue to expand our usage of lower-cost recycle streams.

隨著我們繼續擴大對低成本回收流的使用，我們對此次收購提供的功能和產能感到非常興奮。

In December, TimberTech was named one of Fast Company's 2024 brands that matter in the benchmark brands category.

12 月，TimberTech 被 Fast Company 評為基準品牌類別中 2024 個重要品牌之一。

This prestigious recognition celebrates TimberTech success in marketing, it's innovative decking and railing products in ways that resonate deeply with consumers, redefining expectations around outdoor living.

這項殊榮讚揚了 TimberTech 在行銷方面的成功，其創新的甲板和欄桿產品與消費者產生了深刻共鳴，重新定義了人們對戶外生活的期望。

This year, we also celebrated the 25th anniversary of AZEK Trim, the product that pioneered the PVC trim category.

今年，我們也慶祝了 PVC 裝飾類別的先驅產品 AZEK Trim 誕生 25 週年。

For 25 years, it has set the standard for durability, low maintenance and design flexibility, offering a superior alternative to wood.

25 年來，它一直為耐用性、低維護和設計靈活性樹立標準，提供比木材更優質的替代品。

We'll be celebrating this unique milestone in many industry events this year, including the upcoming NAHB International Builder Show and JLC Live.

我們將在今年的許多行業活動中慶祝這一獨特的里程碑，包括即將舉行的 NAHB 國際建築商展會和 JLC Live。

While the outlook for the broader housing and repair and remodel markets remain uncertain, we continue to see consistent demand for our outdoor living product portfolio.

儘管更廣泛的住房和維修及改造市場的前景仍不確定，但我們仍然看到對戶外生活產品組合的持續需求。

We continue to see positive residential sell-through growth, positive demand signals from digital metrics, and customer surveys and contractor backlogs in the six- to seven-week range.

我們繼續看到住宅銷售量呈現正面成長態勢，數位指標呈現正向需求訊號，並且在六至七週內出現客戶調查和承包商積壓訂單。

We ended the quarter with channel inventory levels once again conservatively below historical averages, and we have ample manufacturing capacity to effectively service our customers.

本季結束時，我們的通路庫存水準再次保守低於歷史平均水平，並且我們擁有充足的製造能力來有效地為客戶提供服務。

We see positive momentum on our margin initiatives as we drive our continuous improvement programs, recycle initiatives and sourcing savings.

隨著我們推動持續改進計劃、回收計劃和採購節約，我們看到利潤計劃呈現出積極的勢頭。

These margin initiatives put us in a good position to sustain and expand margins while making investments to drive new product growth, channel growth and brand awareness.

這些利潤舉措使我們處於有利地位，能夠維持和擴大利潤率，同時進行投資以推動新產品成長、通路成長和品牌知名度。

Given the solid first quarter performance, we are modestly raising the top and bottom end of our fiscal full year 2025 outlook.

鑑於第一季的穩健表現，我們適度上調了 2025 財年全年預期的上限和下限。

Our planning assumptions reflect Residential segment net sales growth in the range of 6% to 8% year over year and Residential segment adjusted EBITDA growth of 7% to 11% year over year.

我們的規劃假設反映住宅部門淨銷售額年增 6% 至 8%，住宅部門調整後 EBITDA 年成長 7% 至 11%。

Overall, on a consolidated basis, we expect to grow our net sales in the range of 5% to 8% year over year and adjusted EBITDA in the 6% to 10% range, as we see a modestly dilutive impact from our commercial business.

總體而言，從合併基礎來看，我們預計淨銷售額將年增 5% 至 8%，調整後 EBITDA 將成長 6% 至 10%，因為我們看到商業業務的適度稀釋影響。

Our fiscal 2025 planning assumptions continue to assume a relatively flat repair and remodel market and mid-single-digit Residential sell-through growth for the remainder of the year, driven by AZEK-specific growth initiatives.

我們對 2025 財年的規劃假設繼續是，在 AZEK 特定的成長計畫的推動下，維修和改造市場相對平穩，住宅銷售量在今年剩餘時間內保持中等個位數成長。

I'm excited to welcome Ryan Lada, our new Chief Financial Officer and Treasurer, to today's call.

我很高興歡迎我們的新任財務長兼財務主管 Ryan Lada 參加今天的電話會議。

Ryan has been a trusted partner since joining the AZEK team nearly three years ago.

自從三年前加入 AZEK 團隊以來，Ryan 一直是我們值得信賴的合作夥伴。

He brings extensive financial experience and a deep understanding of our business, having most recently served as the CFO of our Residential segment.

他擁有豐富的財務經驗和對我們業務的深刻理解，最近擔任我們住宅部門的財務長。

Many of you have met Ryan and he's already making a significant impact.

你們中的許多人都見過瑞安，他已經產生了重大的影響。

I'm confident in his ability to lead our financial organization and support our continued growth.

我相信他有能力領導我們的財務組織並支持我們的持續成長。

We also wish our former COO and CFO, Pete Clifford well, as he starts his next journey.

我們也祝福我們的前營運長兼財務長 Pete Clifford 在開始他的新旅程時一切順利。

Pete did a great job of setting up the business and the finance team for future success.

皮特在建立業務和財務團隊方面做得非常出色，為未來的成功做好了準備。

I know Pete is listening, and we sincerely want to thank him for his contributions to The AZEK Company.

我知道皮特正在聽，我們真誠地感謝他對 AZEK 公司的貢獻。

I will now turn the call over to Ryan to discuss our financial results and outlook in more detail.

現在我將把電話轉給瑞安，更詳細地討論我們的財務表現和前景。

Thanks, Jesse, and good afternoon, everyone.

謝謝，傑西，大家下午好。

Thanks for joining us today.

感謝您今天加入我們。

I am honored to step into the role of Chief Financial Officer at AZEK.

我很榮幸能擔任 AZEK 的財務長。

I'm thrilled to expand my finance leadership at such an exciting time for the company.

我很高興能夠在公司如此令人興奮的時刻擴大我的財務領導能力。

I look forward to continuing to collaborate with Jesse and the team to execute our business and financial strategy, as we shape the future of the industry and continue to drive growth and long-term value for our shareholders.

我期待繼續與傑西和團隊合作，執行我們的業務和財務策略，塑造產業的未來，並繼續為股東推動成長和長期價值。

Before we get into first quarter results, I wanted to share some perspective on the operating environment.

在我們了解第一季業績之前，我想先分享一些對營運環境的看法。

In the quarter, we experienced double-digit sell-through growth as a result of continued customer demand for our products and execution of the AZEK growth playbook.

本季度，由於客戶對我們產品的持續需求以及 AZEK 成長計畫的執行，我們的銷售量實現了兩位數的成長。

This includes material conversion, channel expansion efforts, downstream initiatives, new product releases, and improving the consumer journey.

這包括材料轉換、通路擴展工作、下游計劃、新產品發布以及改善消費者旅程。

We had a successful early buy process and are pleased with the results.

我們的早期購買過程非常成功，並且對結果感到滿意。

We believe we drove shelf space wins and expansion within the Pro channel, building on momentum from previous years.

我們相信，我們憑藉著前幾年的良好勢頭，贏得了貨架空間並擴大了專業管道的影響力。

From a channel inventory perspective, we ended the quarter down roughly 15% from historical average days on hand.

從通路庫存角度來看，本季末我們的庫存天數比歷史平均庫存天數下降了約 15%。

As for demand indicators, positive momentum continued across the KPIs we track.

至於需求指標，我們追蹤的各項 KPI 均維持了正面的動能。

Our Pro contractor and dealer surveys indicated that outlook sentiment improved and current project backlogs are in the six to seven weeks range.

我們的專業承包商和經銷商調查表明，前景情緒有所改善，目前專案積壓時間在六到七週之間。

On the digital side, our engagement efforts remain effective.

在數字方面，我們的參與努力仍然有效。

We saw robust growth in website sessions, contractor leads and sample orders year over year.

我們看到網站流量、承包商線索和樣品訂單逐年強勁成長。

As a reminder, our fiscal first quarter is traditionally our lowest production quarter.

提醒一下，我們的財政第一季傳統上是我們產量最低的季度。

And our production levels were relatively consistent year over year.

我們的生產水準逐年相對穩定。

During the quarter, we started ramping production to support several new product launches in fiscal year 2025.

本季度，我們開始加大產量，以支持 2025 財年的多款新產品的推出。

In addition, we prepared our new facilities to commission additional capacity for our exteriors and rail businesses in the second quarter.

此外，我們也準備好了新設施，以便在第二季為我們的外部和鐵路業務提供額外的產能。

Material input costs remained stable in our Residential business, and we continue to execute our traditional annual recycling, product configuration, sourcing and AMS programs.

我們的住宅業務的材料投入成本保持穩定，我們繼續執行傳統的年度回收、產品配置、採購和 AMS 計劃。

This positions us well to drive ongoing margin expansion.

這使我們能夠持續擴大利潤率。

In terms of SG&A, our results reflect a more normalized spend profile year over year, with modestly lower sales and marketing costs as a result of lapping prior year expenses associated with a customer and branding event.

就銷售、一般及行政開支而言，我們的業績反映出支出狀況較去年同期更加正常化，由於去年與客戶和品牌活動相關的費用重疊，銷售和行銷成本略有下降。

The strength of double-digit residential sell-through growth and continued execution of our merger programs helped us deliver strong results in the first quarter.

兩位數的住宅銷售成長和持續執行的強勁勢頭幫助我們在第一季取得了強勁的業績。

For the first quarter of fiscal 2025, we delivered consolidated net sales of $285 million.

2025 財年第一季，我們的綜合淨銷售額為 2.85 億美元。

Our first quarter net sales were driven by double-digit sell-through growth and the expansion of our channel positions, partially offset by the $3 million net impact from the divestiture of our Vycom business in our Commercial segment.

我們第一季的淨銷售額受到兩位數的銷售成長和通路地位的擴大的推動，部分抵消了商業部門剝離 Vycom 業務帶來的 300 萬美元淨影響。

First quarter gross profit was $104 million, an increase of $13 million year over year and gross margin was 36.3%.

第一季毛利為1.04億美元，較去年同期增加1,300萬美元，毛利率為36.3%。

First quarter adjusted gross profit was $107 million, an increase of $12 million year over year, and adjusted gross profit margin was 37.4%.

第一季調整後毛利為1.07億美元，較去年同期增加1,200萬美元，調整後毛利率為37.4%。

The adjusted gross profit margin decline was driven primarily by the previously mentioned costs related to new product expansion, lower plant utilization levels and weakness in our Commercial segment Scranton Products business.

調整後的毛利率下降主要是由於前面提到的與新產品擴張相關的成本、工廠利用率較低以及商業部門斯克蘭頓產品業務的疲軟。

GAAP SG&A expenses decreased by $2 million year over year to $75 million.

GAAP 銷售、一般及行政開支年減 200 萬美元至 7,500 萬美元。

The decrease is primarily driven by a normalization of marketing expense as well as modest reductions in administrative costs.

下降主要由於行銷費用的正常化以及管理費用的適度減少。

Adjusted SG&A expenses increased by $2 million year over year to $64 million.

調整後的銷售、一般及行政開支年增 200 萬美元，達到 6,400 萬美元。

Adjusted EBITDA for the first quarter increased by $11 million, or 20% year over year to $66 million.

第一季調整後 EBITDA 較去年同期增加 1,100 萬美元，增幅 20%，達到 6,600 萬美元。

Adjusted EBITDA margin for the quarter increased 30 basis points year over year to 23.1%.

本季調整後的 EBITDA 利潤率年增 30 個基點至 23.1%。

Net income for the first quarter decreased year over year by $7 million to $18 million, or $0.12 per share.

第一季淨收入年減 700 萬美元至 1,800 萬美元，即每股 0.12 美元。

As a reminder, the prior year period included the $38.5 million gain on sale from the Vycom divestiture, which we are now lapping.

提醒一下，去年同期包括了 Vycom 資產剝離帶來的 3,850 萬美元銷售收益，我們目前正在彌補這筆收益。

In addition, our tax rate came in favorable at 7.5% versus 39.9% in prior year, primarily driven by tax benefits related to a higher proportion of stock options exercised and the removal of the tax effects related to the sale of the Vycom business.

此外，我們的稅率為 7.5%，而去年同期為 39.9%，這主要得益於行使股票選擇權比例較高帶來的稅收優惠以及消除與出售 Vycom 業務相關的稅收影響。

Adjusted net income for the first quarter, which excluded the Vycom divestiture gain on sale in the prior year, increased year over year by $10 million to $25 million.

第一季調整後淨收入（不包括去年同期出售 Vycom 資產剝離所得收益）年增 1,000 萬美元，達到 2,500 萬美元。

Adjusted diluted EPS increased $0.07 year over year to $0.17 per share.

調整後稀釋每股盈餘年增 0.07 美元至每股 0.17 美元。

Now turning to our segment results.

現在來談談我們的分部業績。

Residential segment net sales for the first quarter were $272 million, up 22% year over year, driven by the previously discussed timing of channel partner purchases.

第一季住宅部門淨銷售額為 2.72 億美元，年增 22%，這得益於先前討論過的通路合作夥伴採購時機。

Residential segment adjusted EBITDA for the first quarter was $64 million, up 24% year over year.

第一季住宅部門調整後 EBITDA 為 6,400 萬美元，年增 24%。

Residential segment adjusted EBITDA margin was 23.7%.

住宅部門調整後的 EBITDA 利潤率為 23.7%。

Commercial segment net sales for the quarter were $13 million, down 23% year over year, primarily due to the sale of Vycom business last fiscal year and weaker demand in our Scranton Products business.

本季商業部門淨銷售額為 1,300 萬美元，較去年同期下降 23%，主要原因是上財年出售 Vycom 業務以及 Scranton Products 業務需求疲軟。

Commercial segment adjusted EBITDA for the quarter was $1.5 million, a decrease of [$1.4 million] year over year, again, primarily driven by the disposition of the Vycom business, weaker demand and increases in our material input costs.

本季商業部門調整後的 EBITDA 為 150 萬美元，較去年同期減少 140 萬美元，主要歸因於 Vycom 業務的處置、需求疲軟以及材料投入成本增加。

We have taken appropriate pricing and cost actions in this business to offset the pressure and expect to return to more traditional margin levels in the third and fourth quarters of fiscal 2025.

我們已在該業務中採取了適當的定價和成本行動來抵消壓力，並預計在 2025 財年第三季和第四季恢復到更傳統的利潤率水平。

From a balance sheet and cash flow perspective, we ended the quarter with cash and cash equivalents of $148 million and approximately $373 million available for future borrowings under our revolving credit facility.

從資產負債表和現金流的角度來看，本季末我們的現金和現金等價物為 1.48 億美元，其中約 3.73 億美元可用於循環信貸安排下的未來借款。

Working capital, defined as inventory plus accounts receivable minus accounts payable was $243 million, up $18 million year over year.

營運資本（定義為庫存加上應收帳款減去應付帳款）為 2.43 億美元，比去年同期增加了 1,800 萬美元。

We ended the quarter with gross debt of $534 million, which included approximately $95 million of finance leases.

截至本季末，我們的總債務為 5.34 億美元，其中包括約 9,500 萬美元的融資租賃。

Net debt was $386 million, and our net leverage ratio stood at 1x at the end of the first quarter.

淨債務為 3.86 億美元，第一季末我們的淨槓桿率為 1 倍。

Net cash from operating activities was $14 million during the first quarter, an increase of $30 million year over year.

第一季經營活動淨現金為1,400萬美元，較去年同期增加3,000萬美元。

Capital expenditures for the quarter were approximately $22 million and we deployed $11 million of capital to acquire a new regional recycling operation to support our long-term recycling capabilities and ambitions.

本季的資本支出約為 2,200 萬美元，我們部署了 1,100 萬美元的資本來收購新的區域回收業務，以支持我們的長期回收能力和目標。

For the first quarter, free cash flow was negative $8 million, an improvement of $26 million year over year.

第一季度，自由現金流為負 800 萬美元，較去年同期增加 2,600 萬美元。

Our capital allocation priorities remain the same as we previously communicated.

我們的資本配置重點與我們先前傳達的保持不變。

We will continue to invest in our business, both organically and inorganically.

我們將繼續對我們的業務進行投資，包括有機投資和無機投資。

And to the extent we have excess cash flow, we will look to repurchase shares opportunistically pursuant to our existing share repurchase authorization.

並且，如果我們有剩餘現金流，我們將根據現有的股票回購授權，擇機回購股票。

Now let's turn to our outlook.

現在讓我們來談談我們的展望。

Consistent with our prior assumptions, we are modeling a relatively flat R&R market for the full year 2025.

與我們先前的假設一致，我們對 2025 年全年的 R&R 市場進行了相對平穩的建模。

We are raising our net sales planning assumptions by $10 million on the bottom and top end of the range, reflecting the stronger first quarter demand.

我們將淨銷售計劃假設的最低值和最高值分別上調了 1000 萬美元，以反映第一季需求的強勁增長。

At the midpoint of our updated planning assumptions, Residential net sales are expected to grow roughly 7% year over year in fiscal 2025.

在我們更新的規劃假設的中間點，住宅淨銷售額預計在 2025 財年年增約 7%。

We continue to plan Residential sell-through in the mid-single-digit range for the remainder of the fiscal year.

我們繼續計劃在本財年剩餘時間內將住宅銷售量保持在中等個位數範圍內。

For this update, our planning assumptions for fiscal 2025 are $1.52 billion to $1.55 billion in consolidated net sales and $403 million to $418 million in adjusted EBITDA.

對於此更新，我們對 2025 財年的計畫假設是合併淨銷售額為 15.2 億美元至 15.5 億美元，調整後 EBITDA 為 4.03 億美元至 4.18 億美元。

Our net sales planning assumption range would imply roughly 5% to 8% year over year growth and roughly 6% to 10% year over year growth in adjusted EBITDA.

我們的淨銷售計劃假設範圍意味著調整後的 EBITDA 年成長約 5% 至 8%，年增約 6% 至 10%。

Our Residential segment planning assumption for the year is $1.452 billion to $1.479 billion in net sales and $392 million to $405 million in segment adjusted EBITDA, representing 6% to 8% net sales growth year over year and 7% to 11% segment adjusted EBITDA growth.

我們對住宅部門今年的規劃假設是淨銷售額為 14.52 億美元至 14.79 億美元，部門調整後 EBITDA 為 3.92 億美元至 4.05 億美元，這意味著淨銷售額同比增長 6% 至 8%，部門調整後 EBITDA 增長 7% 至 11%。

A few other assumptions for fiscal '25 to share include the following: we are expecting a capital expenditure range of $85 million to $95 million, consistent with our publicly stated CapEx target of approximately 5% to 7% of revenue.

對於 25 財年的其他一些假設包括：我們預計資本支出範圍為 8,500 萬美元至 9,500 萬美元，與我們公開宣布的約佔收入 5% 至 7% 的資本支出目標一致。

As we have mentioned in the past, we may choose to go above this range in an opportunistic scenario such as purchasing property or assets that fit into our long-term strategy.

正如我們過去提到的那樣，我們可能會選擇在機會的情況下超越這個範圍，例如購買符合我們長期策略的房產或資產。

And finally, we are expecting a GAAP tax rate for the full year between 25% to 26%.

最後，我們預計全年 GAAP 稅率在 25% 至 26% 之間。

For additional planning assumptions to assist with modeling fiscal year 2025, please refer to the supplemental earnings presentation we have posted on our Investor Relations website.

有關有助於模型 2025 財年的其他規劃假設，請參閱我們在投資者關係網站上發布的補充收益報告。

For our fiscal second quarter, our consolidated guidance for the quarter is $437 million to $448 million in net sales and $115 million to $120 million in adjusted EBITDA.

對於我們第二財季，我們預計淨銷售額為 4.37 億美元至 4.48 億美元，調整後 EBITDA 為 1.15 億美元至 1.2 億美元。

Our consolidated net sales guidance range would imply 4% to 7% year over year growth and 2% to 6% year over year growth in adjusted EBITDA.

我們的綜合淨銷售額預期範圍意味著年增 4% 至 7%，調整後 EBITDA 年成長 2% 至 6%。

Our Residential segment guidance for the quarter is $422 million to $432 million in net sales and $114 million to $118.5 million in adjusted EBITDA.

我們對本季住宅部門的預期是淨銷售額為 4.22 億美元至 4.32 億美元，調整後 EBITDA 為 1.14 億美元至 1.185 億美元。

Our net sales guidance range would imply 5% to 7% year over year growth, and 3% to 7% year over year growth in segment adjusted EBITDA.

我們的淨銷售額預期範圍意味著年增 5% 至 7%，分部調整後 EBITDA 年成長 3% 至 7%。

We are assuming Residential sell-through growth in the mid-single-digit range in the fiscal second quarter.

我們預計第二財季住宅銷售額成長率將達到個位數中段。

We are expecting an effective tax rate of approximately 26% for the quarter.

我們預計本季的有效稅率約為 26%。

We expect our Commercial segment will have one more quarter of margin pressure and that the actions we have taken will normalize in our fiscal third quarter and return margins back to expectations in the back half of fiscal 2025.

我們預期商業部門的利潤率將再面臨一個季度的壓力，我們所採取的行動將在第三財季恢復正常，並在 2025 財年下半年使利潤率恢復到預期。

We continue to target segment adjusted EBITDA margin in the 20% range for this business.

我們繼續將該業務的分部調整後 EBITDA 利潤率定為 20% 左右。

We are well positioned to execute in the fiscal second quarter and the remainder of fiscal 2025.

我們已準備好在第二財季和 2025 財年剩餘時間內完成任務。

With that, I'll now turn the call back to Jesse for some closing remarks.

說完這些，我現在將電話轉回給傑西，請他做一些結束語。

Thanks, Ryan.

謝謝，瑞安。

In closing, we're off to a good start in fiscal 2025, and we're confident in our ability to navigate the current market dynamics and deliver strong financial performance.

最後，我們在 2025 財年取得了良好的開端，我們有信心能夠駕馭當前的市場動態並實現強勁的財務業績。

We continue to lead with innovative, sustainable solutions across our entire portfolio, while remaining focused on our financial priorities of delivering profitable double-digit net sales growth and margin expansion, all while investing in the future, including long-term value for our shareholders.

我們將繼續以創新、可持續的解決方案引領整個產品組合，同時繼續專注於我們的財務重點，即實現盈利性的兩位數淨銷售額增長和利潤率擴大，同時投資於未來，包括為股東實現長期價值。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Susan Maklari.

（操作員指示）Susan Maklari。

Good afternoon, everyone.

大家下午好。

Thanks for taking my question.

感謝您回答我的問題。

Can we start, Jesse, with maybe talking a bit about the demand?

傑西，我們可以先談談需求嗎？

I know you mentioned that sell-through was up double digits in the quarter.

我知道您提到本季的銷售量成長了兩位數。

You did take up the guide for the annual revenues and yet the annual outlook still implies mid-single-digit sell-through for the year.

您確實接受了年度收入指南，但年度展望仍然意味著今年的銷售量將達到中等個位數。

Can you just help us bridge how you're getting to that and where there possibly could be some conservatism?

您能否幫助我們解釋一下您是如何實現這一目標的以及在哪些地方可能存在保守主義？

Yeah.

是的。

Thanks for the question, Susan.

謝謝你的提問，蘇珊。

If you just step back and you think overall, the way we plan our year is we have an assumption right now that the underlying growth rate market is, give or take, zero of R&R.

如果你退一步思考，從整體來看，我們規劃全年計畫的方式是，我們現在有一個假設，即基礎成長率市場大約為零 R&R。

And then we stack on top of that, what we can see is our growth programs, which we put at mid-single digits.

然後我們在此基礎上，可以看到我們的成長計劃，我們將其設定為中等個位數。

Q1 came in as we highlighted, better than that.

正如我們所強調的那樣，Q1 的表現比這更好。

We raised the guide, but it's still really early to assess 2025.

我們提高了指導價，但現在評估 2025 年還為時過早。

And so the way to think of it is we are just holding to our core assumptions that the market is flat and that we'll be able to deliver 5% to 7% above that.

因此，我們應該這樣想：我們只是堅持我們的核心假設，即市場平穩，我們將能夠實現高出市場 5% 到 7% 的增幅。

So the way to think of it is there's just really no change in the underlying assumptions, but we felt it appropriate to adjust for the one quarter that's already completed.

因此，可以這樣想，基本假設實際上沒有變化，但我們認為適合根據已經完成的一個季度進行調整。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just turning to the new products.

然後也許只是轉向新產品。

You mentioned that there are some investments that are going in there.

您提到那裡正在進行一些投資。

Just anything we should be thinking about in terms of the cadence over the next couple of quarters?

就接下來幾季的節奏而言，我們應該考慮什麼？

And how we should think about the momentum to that those products will start to gain in the coming quarters?

我們應該如何看待這些產品在未來幾季將開始成長的勢頭？

Yeah.

是的。

At a high level, I think you're in a stage right now where we're starting up the ramp of these products, and so there's some inefficiencies there.

從高層次來看，我認為目前我們正處於開始提升這些產品的階段，因此存在一些效率低下的問題。

And then specifically, we have a new facility that's making vinyl rail for us, and so that starts up and has been running with effectively no shipped volume until recently.

具體來說，我們有一個新工廠，專門為我們生產乙烯基軌道，該工廠啟動並運行，直到最近才真正開始出貨量。

So you're left with a bit of extra costs before you see the revenue.

因此，在看到收入之前你還需要一些額外的成本。

And I think as you think about the way those new products flow through the system, it will be on a very normal cadence of just the rest of the core business, which is that we start taking orders.

我認為，當您考慮這些新產品在系統中流動的方式時，它將與其他核心業務一樣，以非常正常的節奏進行，即我們開始接受訂單。

We began shipping this quarter to stage the inventory.

我們從本季開始出貨，以分階段整理庫存。

And then obviously, it starts selling through and being replenished as we move into the out quarters.

然後顯然，當我們進入外部區域時，它開始銷售並補充。

Okay.

好的。

Thanks for the color and good luck with everything.

謝謝你的色彩，祝你一切順利。

Michael Rehaut, JPMorgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

Thanks, Eric.

謝謝，埃里克。

Good afternoon, everyone.

大家下午好。

Thanks for taking my question.

感謝您回答我的問題。

I wanted to start with the acquisition.

我想從收購開始。

It seems like another kind of tuck-in in your efforts around augmenting your recycling capacity.

這似乎是你們為增強回收能力所做的另一種努力。

I just wonder in terms of how that might impact the income statement this year and to next year?

我只是想知道這會對今年和明年的損益表產生什麼影響？

Does it change at all the upside potential in terms of what you expect to get from further recycling benefits?

就您期望從進一步的回收效益中獲得的上行潛力而言，這是否會改變？

Or is it kind of just, in some ways, add to the visibility of the plans you've laid out over the -- going forward?

或者在某種程度上，它是否只是增加了您所製定的未來計劃的可見性？

Hey, Mike.

嘿，麥克。

It's Ryan.

是瑞安。

I think it adds to kind of the plans we've laid out in the past.

我認為它增強了我們過去所製定的計劃。

So with the recent acquisition, I think it's exciting on multiple fronts.

因此，對於最近的收購，我認為從多個方面來看都是令人興奮的。

We gained new technology that allows us to separate a lower-grade mixed polymer materials that we weren't able to do in the past.

我們獲得了新技術，可以分離過去無法做到的低等級混合聚合物材料。

Second, it adds additional recycling sourcing streams.

其次，它增加了額外的回收採購流。

And then third, we still have a mixture of what we can convert internally and then what we source.

第三，我們仍然將內部轉換的內容與採購的內容混合。

This adds additional capacity to allow us to move to that internal recycle conversion faster, which provides headwind or tailwinds to the future periods in terms of savings.

這增加了額外的能力，使我們能夠更快地轉向內部循環轉換，這為未來的節約提供了順風或逆風。

Okay.

好的。

Great.

偉大的。

I appreciate that.

我很感激。

I guess, secondly, Jesse, you talked a little bit about just kind of sticking to the mid-single-digit roughly sell-through and kind of the algorithm, how you think about the end market for the full year.

其次，傑西，你談到了堅持中等個位數的大致銷售率和演算法，你如何看待全年的終端市場。

At the same time, obviously, first quarter came in a little bit better than you were hoping for.

同時，顯然第一季的表現比預期好一些。

I'm trying to get a sense of if you're thinking about, perhaps, how you're thinking about share gains or how you're executing in the market relative to the broader market, if there's any specific channels, end markets or regions where you think perhaps you're potentially gaining some share?

我想知道您是否正在考慮如何獲得份額，或者您相對於更廣闊的市場在市場上的表現如何，是否存在任何特定的通路、終端市場或地區，您認為您可能有可能獲得一些份額？

Any kind of color around either distribution channel, product, or region would be really helpful.

無論是分銷管道、產品或地區，任何類型的顏色都會非常有用。

Yeah.

是的。

I'll try to provide some insight.

我將盡力提供一些見解。

So it starts with some of my prepared comments, right?

那麼，就從我準備好的一些評論開始吧？

So if you think about our growth stack, one is we talk about, in particular, in this quarter and recent quarters, Pro shelf gains.

因此，如果你考慮我們的成長堆棧，一個是我們談論的，特別是在本季度和最近幾個季度，專業貨架收益。

And that really is an outcome of having the right products, having the right sales coverage, having the right contractor coverage, and then doing a better job of supporting a dealer base as they look at growth opportunities.

這確實是擁有正確的產品、正確的銷售覆蓋範圍、正確的承包商覆蓋範圍，以及在經銷商尋找成長機會時更好地支持經銷商的結果。

So you could perceive that our position in the market, in the Pro channel is expanding.

因此，您可以察覺到我們在專業通路市場中的地位正在擴大。

Now, hopefully, we're doing that in a growing market.

現在，希望我們能在不斷成長的市場中做到這一點。

So I think it's important to recognize, when we look at share, it's how much of wood can we get, how can we make sure we are well positioned for future growth.

因此我認為，當我們考慮份額時，重要的是要認識到我們能獲得多少木材，我們如何確保為未來的成長做好準備。

So I think that equation, in particular, as we've gone through this year versus previous years, it's probably a bit stronger this year than last year, but kind of in the same ballpark.

因此，我認為，特別是當我們將今年與前幾年進行比較時，今年的情況可能比去年要強一些，但大致相同。

I think the second component, which is interrelated to that, is we're launching a few different platforms into the market as we speak; two different rail platforms, a siding platform, and a wood conversion trim platform.

我認為與此相關的第二個要素是我們正在向市場推出一些不同的平台；兩個不同的軌道平台、一個側線平台和一個木質改裝裝飾平台。

And as you launch those platforms, it helps you get a position at a dealer base, but it also helps you start to do a better job of getting share of wallet and providing a more complete solution to your contractor.

當您啟動這些平台時，它不僅可以幫助您在經銷商基地佔據一席之地，還可以幫助您更好地獲得份額並為您的承包商提供更完整的解決方案。

I think we're seeing some benefit initially, but that's really a much longer process as you get some product in the channel and then you work with your contractors to continue to have them fulfill.

我認為我們最初看到了一些好處，但這實際上是一個更長的過程，因為你需要在通路中獲得一些產品，然後你要與你的承包商合作以繼續完成它們。

So for us, as we look at our types of initiatives, we feel like both of those are, in particular, contributing this year.

因此對我們來說，當我們審視我們的舉措類型時，我們覺得這兩項舉措在今年都做出了特別的貢獻。

Underlying all that, we've got a downstream sales force and a pretty active set of marketing activities.

在這一切的背後，我們擁有一支下游銷售隊伍和一套相當活躍的行銷活動。

And that's consumer by consumer, where you happen to engage better or they recognize your brand.

這就是針對每個消費者而言的，您恰好能更好地參與其中，或者他們認可您的品牌。

It's a lot harder to get at that, except that we do believe it's additive.

要實現這一點非常困難，但我們確實相信它具有添加劑的作用。

So those are the elements that we've talked about in the past.

這些就是我們過去討論過的要素。

And I think they're very much intact as we look at the last quarter, this current quarter, and subsequent future quarters.

而且我認為，從上個季度、當前季度以及接下來幾個季度來看，它們的狀況都非常良好。

Great.

偉大的。

Thanks.

謝謝。

One last quick one, if I could.

如果可以的話，我再快速問最後一個問題。

Any exposure to tariffs on the supply chain that may or may not come out when you think about Canada or Mexico?

當您考慮加拿大或墨西哥時，供應鏈中是否存在可能出現或不會出現的關稅影響？

Yeah.

是的。

I think with our recent growth this year, we source up to about $120 million of material and products internationally.

我認為，隨著我們今年的近期成長，我們在國際上採購了價值高達約 1.2 億美元的材料和產品。

Exposure to Mexico and China are modest, in Canada as well.

在加拿大，對墨西哥和中國的依賴程度不大。

So in the current forum, we think it would have a relatively small impact on our year.

因此在當前論壇上，我們認為它對我們的今年的影響相對較小。

Yeah.

是的。

Think of it as very low volumes to Ryan's point, single-digit millions out of both Canada -- or I'm sorry, out of Mexico and China.

根據 Ryan 的觀點，這個數量非常低，來自加拿大——或者抱歉，來自墨西哥和中國的量都只有幾百萬。

And then our sourcing in Canada, that particular types of products we have there, we have other alternatives if we need to go that route.

然後我們在加拿大採購特定類型的產品，如果我們需要走那條路，我們還有其他選擇。

Keith Hughes, Truist.

基斯·休斯，Truist。

Thank you.

謝謝。

It seems like several months you've been stringing together double-digit sellout and jacking the railing.

似乎幾個月來你一直保持著兩位數的銷售量並且取得了成功。

But was January as strong as what you saw in the December quarter?

但一月份的表現是否和十二月季度一樣強勁？

Yeah.

是的。

I mean the challenge of kind of talking about month-to-month at this point in the season is you don't want to over-index on one week here and there.

我的意思是，在這個季節的這個時候，談論月度表現的挑戰是你不想在這裡或那裡過度關注某一周的表現。

Having said that, January was consistent with both our guide, but also what we've seen historically.

話雖如此，一月份的情況既符合我們的預期，也符合我們的歷史經驗。

So you should read into that.

所以你應該仔細讀。

That January sell-through didn't create any kind of a concern, and we left there feeling comfortable.

一月份的銷售情況並沒有引起任何擔憂，我們離開時感覺很舒服。

Okay.

好的。

Great.

偉大的。

And the Residential guidance for the fiscal year, how much are the new products and new share wins you discussed in early buy period?

而對於本財政年度的住宅指導價，您在早期購買期討論的新產品和新份額收益是多少？

How much of the year is that going to contribute?

這一年能貢獻多少呢？

Yeah.

是的。

I mean it's a good question.

我認為這是個好問題。

The way we think of our, call it, shelf expansion is we had some really good grow shelf expansion, as we talked about last year.

我們對貨架擴展的看法是，我們進行了一些非常好的貨架擴展，就像我們去年談到的那樣。

That has a natural carryover.

這具有自然的延續性。

Obviously, that starts February, March, April.

顯然，這一切始於二月、三月、四月。

We're getting the benefit of that as we speak.

我們正在談論這件事並獲益匪淺。

And then with the new wins and the new expansion, we'll start seeing the benefit of that as we flow this quarter.

隨著新的勝利和新的擴張，我們將在本季開始看到它帶來的好處。

So the way to think of it is, if you do it consistently, it ends up being more of a consistent expansion since we've been doing it over the last three years.

所以可以這樣想，如果你堅持不懈地這樣做，它最終會成為一種更持續的擴張，因為我們過去三年一直這樣做。

And then incrementally, you should think of -- as I mentioned on the earlier question, that you'll start to -- you're seeing a little bit of the new product flow now.

然後逐漸地，你應該想到 - 正如我在之前的問題中提到的那樣，你將開始 - 你現在會看到一些新的產品流。

You'll see more and more of that as we flow through the year and it gets adopted.

隨著時間的流逝和它的採用，您會看到越來越多這樣的情況。

And obviously, it depends on the type of product.

顯然，這取決於產品的類型。

But in general, you just see a gradual expansion.

但整體來說，你只會看到一個逐漸的擴張。

There's a bit of inventory, but then a gradual expansion as we work our way through the year.

現在有一些庫存，但隨著一年的推進，庫存會逐漸增加。

Okay.

好的。

Thank you.

謝謝。

Phil Ng, Jeffries.

Phil Ng，杰弗里斯。

Hey, guys.

嘿，大家好。

Congrats, Ryan, on the new role and good job on the good quarter, guys.

大家好，Ryan，恭喜你在新的崗位上表現出色，並祝賀你在本季度取得了良好的成績。

I guess, first thing perhaps, Jesse, I think you've been making a bigger push on to the railing side.

我想，也許首先，傑西，我認為你對欄桿一側的推動力更大了。

Can you talk about that process of leveraging perhaps on your exclusive distribution and the level of engagement you're seeing?

您能否談談利用獨家分銷的流程以及您所看到的參與程度？

You do have a few platforms you called out on the railing section of new products.

您確實在新產品的欄桿部分中提到了一些平台。

Just kind of help us think through what that opportunity could present this year and beyond.

只是幫助我們思考這個機會在今年及以後可能帶來什麼。

Yeah.

是的。

I think we called out on our prepared remarks in the last quarter that something, like a vinyl rail presents almost $300 million of market opportunity and steel rail presents additional opportunity and that there is much more -- I'm sorry, 60% of the market in rail is wood.

我想我們在上個季度的準備好的評論中提到過，像乙烯基軌道這樣的產品帶來了近 3 億美元的市場機會，而鋼軌帶來了更多的機會，而且還有更多——抱歉，60% 的鐵路市場是木材。

And vinyl rail, if done right, can help facilitate wood conversion.

如果正確使用，乙烯基軌道可以幫助促進木材轉化。

So you start with the macro of what the overall opportunity is.

因此，你要從宏觀角度開始了解整體機會是什麼。

As I think most folks know, when we deal with our distribution partners for the majority of our product lines, we have been exclusive.

我想大多數人都知道，當我們與大多數產品線的分銷合作夥伴打交道時，我們是獨家的。

There were times, where we didn't have the right railing portfolio, in particular, vinyl rail, where we had certain distributors that had a need to source from other suppliers.

有時候，我們沒有合適的欄桿產品組合，特別是乙烯基欄桿，我們的某些經銷商需要從其他供應商購買。

I think, as we've worked our way through in collaboration with our channel, where it makes sense which is the vast majority of our channel partners, almost all, we have now become the supplier of that distribution partner for vinyl and steel rail.

我認為，隨著我們與通路的合作，這是有道理的，我們的絕大多數通路合作夥伴，幾乎所有的，現在我們都已經成為該分銷合作夥伴的乙烯基和鋼軌供應商。

So we're getting at a market segment.

因此，我們正在進入一個細分市場。

Our channel partners -- our current channel partners are a key part of making sure that we cover the market appropriately.

我們的通路合作夥伴－我們目前的通路合作夥伴是確保我們適當涵蓋市場的關鍵部分。

And then obviously, our 200-person sales force is downstream, working with dealers and contractors to generate demand.

顯然，我們擁有 200 名員工的銷售團隊處於下游，他們正在與經銷商和承包商合作創造需求。

So -- and the way I would just sum all that up and the way to think of it is we've had really good growth in the product categories we've talked about, deck, rail, and accessories.

所以 — — 我總結一下的方式和思考方式是，我們在我們談論的產品類別、甲板、欄桿和配件方面都取得了非常好的成長。

We continue to see nice growth in decking.

我們持續看到地板市場的良好成長。

This will just be another additive component that ensures strong growth in our railing business as we move forward.

這將成為另一個附加組成部分，確保我們的欄桿業務在未來實現強勁成長。

And we had really good growth last year without these products.

儘管沒有這些產品，但去年我們的成長仍然非常好。

And so we expect that growth rate to continue.

因此我們預計這一成長率將持續下去。

Jesse, where are you from an attachment rate endpoint on the railing side at this point?

傑西，你現在距離欄桿側的附著率終點在哪裡？

We don't disclose specifically and attachment gets a little wonky, but think of it as -- in general, I would say we're less than 20%, kind of mid- to high teens depending on the geography.

我們沒有具體透露，而且附件有點不穩定，但想想看 - 總的來說，我會說我們的比例不到 20％，根據地理位置的不同，大概在 10％ 到 15％ 之間。

Now that doesn't mean attachment should be 100%.

但這並不代表依戀程度應該達到 100%。

But I think the more important thing for us is understanding where when there is a job being completed, where someone has had to go to a different alternative product to either get the right visual or the right cost position.

但我認為對我們來說更重要的是了解當一項工作完成時，人們是否必須使用不同的替代產品來獲得正確的視覺效果或正確的成本位置。

And what can we do to make sure that our dealers and our contractors can meet the consumer needs.

我們可以做些什麼來確保我們的經銷商和承包商能夠滿足消費者的需求。

And so certainly, with the new products we've launched, expect to incrementally have some benefits as we can increase the solution set that we provide to our consumers.

因此，隨著我們推出新產品，我們可以逐步獲得一些好處，因為我們可以增加為消費者提供的解決方案集。

Got it.

知道了。

Implicit for '25, your guidance, are you baking any incremental price increase in the marketplace, like not -- there was some out there?

對於 25 年的指導，您是否會在市場上進行任何增量價格上漲，例如 - 是否存在一些價格上漲？

And then based on your winter buy thus far, appreciating you guys manage channel pretty conservatively.

然後根據您迄今為止的冬季購買情況，感謝您相當保守地管理渠道。

How does that inform you in terms of this year?

這對今年來說有什麼啟示？

Is your -- are your channel partners expecting fell out in the mid-single-digit range or perhaps even a little more upbeat?

您的通路夥伴是否預期該數字會下降到中等個位數範圍，或甚至更樂觀一些？

Yeah.

是的。

I'd say first on the pricing part, similar to what we communicated on the last call, we did some modest price increases on decking and other products.

首先我想說的是定價部分，與我們上次通話中溝通的內容類似，我們對甲板和其他產品的價格做了適度上調。

And then we offset that with a modest gross to net adjustment on our Exteriors business.

然後，我們透過對外飾業務進行適度的毛利到淨利調整來抵消這一影響。

So for the full year, we expect a kind of flat to modest price increase.

因此，我們預期全年價格將呈現平穩至小幅上漲的趨勢。

And then from an early buy perspective, I think we were encouraged by the process.

從早期購買的角度來看，我認為我們受到了這個過程的鼓舞。

I think we drove some nice shelf space wins and expansion in the Pro channel, I think building on momentum from previous years.

我認為我們在專業管道中贏得了一些不錯的貨架空間並進行了擴展，我認為這是建立在前幾年的勢頭之上的。

We had both our dealer and contractor summits in the last quarter, and kind of sentiment and outlook from those were extremely positive.

我們在上個季度召開了經銷商和承包商高峰會，峰會上的情緒和前景都非常積極。

And there's a lot of excitement for our new products in the financial year.

我們在本財政年度推出的新產品引起了極大的興奮。

Appreciate all the great color, guys.

欣賞這些美麗的色彩，夥計們。

Thank you.

謝謝。

Matthew Bouley, Barclays.

巴克萊銀行的馬修‧布萊 (Matthew Bouley)。

Hey.

嘿。

Good afternoon, everyone.

大家下午好。

So wanted to ask on the new product growth investments.

所以想問一下有關新產品成長投資的問題。

Just kind of a high-level question on how you're thinking about the balance of these growth investments here.

這只是一個高層次的問題，關於您如何看待這些成長投資的平衡。

So are these investments, I guess, kind of greater than what you had previously envisioned this year?

那麼，我猜這些投資是否比您今年之前預想的要多呢？

Or is this kind of in line with the plan?

或者說有點符合計畫？

Is it greater than prior years?

是否比前幾年多？

Or I guess what I'm getting at is this something that you're kind of pushing more on to take advantage of the growth backdrop that you have today?

或者我想我要說的是，這是您正在努力推動的事情，以利用您今天的成長背景？

So just any more color along those lines.

因此，只需沿著這些線條添加更多顏色即可。

Yeah.

是的。

I would say it's no different than new products in prior years besides the fact we added new capacity to do that.

我想說，除了我們增加了新產能之外，它與前幾年的新產品沒有什麼不同。

So on the vinyl rail side, we actually acquired a facility to do that.

因此，在乙烯基軌道方面，我們實際上獲得了一個生產該類產品的設施。

So that's not an incremental line we're turning on in an existing factory, Similarly, on our exterior side for siding, we added an entire new facility in Aliquippa that's coming online.

因此，這不是我們在現有工廠中啟用的增量生產線，同樣，在我們的外部壁板方面，我們在阿利奎帕增加了一個即將上線的全新設施。

So those are a little bit more disproportionate than just turning on a line in the existing factory.

因此，這比僅在現有工廠中啟用一條生產線要不均衡得多。

I think that's -- and that was contemplated during our AOP and planning session.

我認為這是 - 這是我們在整個 AOP 和規劃會議期間考慮到的。

So I think it's pretty consistent with our guidance.

所以我認為這與我們的指導非常一致。

Okay.

好的。

Got it.

知道了。

And then yes, I wanted to ask on capital lumber.

是的，我想問一下資本木材的狀況。

Was capital now included in the guide?

資本現在包含在指南中嗎？

I think it was in last quarter.

我認為是在上個季度。

Any of that happened in Q1 versus Q2?

Q1 和第二季發生了哪些情況？

So just anything there on the model, but then higher level, I'm just curious how that ramp is going now on the West Coast there.

所以模型上的任何東西都可以，但是更高的層次，我只是好奇那個坡道現在在西海岸是怎麼樣的。

Thank you.

謝謝。

Yes.

是的。

I mean the way to -- as we highlighted, we expected a bit of fill in the first half of the year.

我的意思是——正如我們所強調的，我們預計今年上半年會有一些填補。

That fill is materializing.

那種填充正在實現。

Now, it didn't -- it was contemplated as we talked about in our last guide.

現在，它沒有——正如我們在上一份指南中討論的那樣，它已經被考慮到了。

And also the way to think of that is that's still -- it's got to sell out, and it's positioning of inventory.

而且思考的方式仍然是——它必須賣完，這是庫存的定位。

So in general, we're not going to adjust our guide because of fill.

所以一般來說，我們不會因為填充而調整我們的指南。

We're going to make you understand kind of the staging part of it, but it's got to sell through, which will happen in subsequent quarters.

我們會讓你了解它的分階段部分，但它必須銷售出去，這將在接下來的幾個季度發生。

And then relative to the expected benefit and support that they have provided, in addition to our existing distribution network, it's very much been -- as expected, it's been very collaborative.

然後相對於他們提供的預期利益和支持，除了我們現有的分銷網絡之外，它非常 - 正如預期的那樣，它非常具有協作性。

And as we look to both shelf expansion and improve service to our existing customers, that is very much on track.

當我們著眼於擴大貨架規模並改善對現有客戶的服務時，這一切都在順利進行中。

And we're excited by the opportunity that's there.

我們對這裡的機會感到非常興奮。

As I think Ryan highlighted on his comments, we are making some incremental investments there to support the ongoing expansion of our position in the marketplace.

我認為瑞安在他的評論中強調了這一點，我們正在那裡進行一些增量投資，以支持我們在市場上地位的持續擴大。

And I would just make one little highlight.

我只想強調一點。

A lot of the areas that are covered by our Western distributors, Doman and capital, in particular, have a concern for hardening against fires.

我們的西方經銷商所涵蓋的許多地區，尤其是多曼和首都，都非常關注防火性能。

And obviously, there's some -- a lot of tragic stuff that's happened recently.

顯然，最近發生了很多悲劇。

But in general, there has been a focus on making sure that we're providing the right products to make sure that we try to reduce the impact of these kinds of natural disasters.

但總的來說，我們的重點是確保我們提供正確的產品，以確保我們盡力減少此類自然災害的影響。

And in particular, our Western distribution is actively making sure that they support their consumers in understanding the options that we provide and the potential benefit of those options as we've got an emission and resistant product and a Class A flame set of products that can support that.

特別是，我們的西部分銷商正在積極確保他們支持消費者了解我們提供的選擇以及這些選擇的潛在好處，因為我們擁有可以支持這一點的排放和耐性產品以及 A 級火焰產品系列。

Got it.

知道了。

Thanks, Jesse.

謝謝，傑西。

Good luck, guys.

祝你們好運。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey, everyone.

嘿，大家好。

I wanted to ask on 2Q margins.

我想詢問第二季的利潤率。

They're coming in a little bit below what I was thinking, Jesse, you mentioned investment in the new products.

他們的表現略低於我的想法，傑西，你提到了對新產品的投資。

Any way to quantify that?

有什麼方法可以量化嗎？

And I'm just trying to clarify if there's anything else impacting the margins in the second quarter?

我只是想澄清一下是否還有其他因素影響第二季的利潤率？

Or if it's just the investments that you're making?

或者這只是您正在進行的投資？

Yeah.

是的。

I would say it's a few things that we've kind of already highlighted.

我想說的是我們已經強調過的一些事情。

So first, there is the new product facility ramp up, the underutilization that was driven by that.

首先，新產品設施的增加導致了利用率不足。

Second, our first quarter is traditionally our lowest volume and that inefficiency, some of that gets capitalized on the balance sheet and impacts our second quarter.

其次，我們的第一季通常是交易量最低的季度，而這種效率低下的部分原因反映在資產負債表上，並影響到我們的第二季度。

So that traditionally rolls off in our second quarter as we return to more volume levels.

因此，隨著我們恢復到更高的交易量水平，這一趨勢通常會在第二季結束。

The third thing is we do expect one more quarter of pressure on our Scranton Products business.

第三件事是，我們確實預期斯克蘭頓產品業務還將面臨一個季度的壓力。

The pricing and cost actions we took place really won't have an impact until the second half of the year.

我們採取的定價和成本行動要到今年下半年才會真正產生影響力。

And then Jesse just alluded to it, but some of those commercial investments as part of our new partners, whether that's training, displays, merchandising, those things also will hit us in the second quarter that do not repeat moving forward in the back half of the year.

然後傑西剛剛提到了這一點，但作為我們新合作夥伴的一部分，其中一些商業投資，無論是培訓、展示還是商品推銷，這些也將在第二季度對我們造成影響，並且不會在下半年重複出現。

Yeah.

是的。

And Ryan, over -- I mean, over the years, you've heard us talk about the impact of lower utilization quarters on the subsequent quarter.

瑞安，多年來，您一直聽我們談論利用率較低的季度對下一季的影響。

You should think that that's clearly part of this.

您應該認為這顯然是其中的一部分。

Our utilization in Q1 was always it's going to be.

我們第一季的利用率一直都是這樣的。

And we've already ramped up that utilization in Q2, and we'll see some of the benefit in Q3 from the Q2 utilization.

我們已經在第二季提高了利用率，我們將在第三季看到第二季利用率帶來的一些好處。

Got it.

知道了。

All right.

好的。

So Jesse answered my second question, which was gross margins year over year in the first quarter were down a little more than I thought.

所以傑西回答了我的第二個問題，即第一季的毛利率比去年同期下降幅度比我想像的要大一些。

But it sounds like 2Q and the rest of the way as the utilization comes up, that we should go back to expansion?

但聽起來，隨著​​第二季及剩餘時間利用率的上升，我們應該重新擴張？

Or how should we think about the progression of gross margins?

或者我們應該如何看待毛利率的進展？

Yeah, I would say that's correct, our first quarter being the lowest.

是的，我認為正確，我們的第一季是最低的。

And then second quarter, we improved sequentially.

從第二季開始，我們的業績連續改善。

And then that doesn't create a headwind on the balance sheet for the third and fourth quarter where volume and utilization is at its highest.

這樣，這就不會對第三季和第四季的資產負債表造成不利影響，因為第三季和第四季的交易量和利用率都處於最高水準。

So yeah, I think that would be the natural progression as the back half improves.

是的，我認為隨著後半部分的進步，這將是自然的進步。

Got it.

知道了。

All right.

好的。

Thanks.

謝謝。

I'll pass it on.

我會傳達的。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

I want to go back to kind of some of the moving pieces in both 1Q and 2Q.

我想回顧一下第一季和第二季的一些變動情況。

Jesse, can you -- I know you already expected some load in, not necessarily from capital, but from your retail win and Doman in 1Q.

傑西，你能——我知道你已經預料到會有一定程度的收入，不一定來自資本，而是來自你第一季的零售勝利和 Doman。

And so can you just give us an update on what actually impacted 1Q in terms of the load-in?

那麼，您能否向我們介紹第一季度加載方面實際受到的影響？

And then there's a few moving pieces in 2Q, if I recall, between kind of capital and then also one of your retail stocking positions phasing out.

如果我沒記錯的話，第二季度出現了一些變動，涉及資本方面，而且您的一個零售庫存職位也將逐步取消。

So just if you could help us kind of quantify on a net basis what those moving pieces in terms of the new business ramps from your other retail position, capital, versus the phasing out of the other big-box stocking position?

所以，您能否幫助我們在淨基礎上量化這些變動因素，即從其他零售職位、資本中獲得的新業務增長，以及其他大型倉儲式商店備貨崗位的逐步淘汰？

Yeah, yeah.

是啊是啊。

So just on the retail front, the way I would think of it as we're moving forward, we do expect given our position in the marketplace to continue to see growth.

因此，僅在零售方面，我認為隨著我們的前進，我們確實預計鑑於我們在市場上的地位將繼續實現成長。

But as you point out, as we transition to be fully in stock in one retailer and transition, which we've already done to not be in stock, in the other retailer.

但正如您所指出的，當我們在一家零售商處過渡到完全有庫存時，在另一家零售商處過渡到無庫存，我們已經完成了這一過渡。

Those two, in effect, balance out.

事實上，這兩者是平衡的。

So you should think of that as a normalized progression as we move through the season.

因此，你應該將其視為整個賽季中正常化的進展。

And then as you look at -- as your question on Q1, the simple way to think of it is, if you think about double digit and it's really strong double digit, which means it's north of 10% sell-through growth, that accounts for, give or take, the beat that we talked about or think of it as incremental sales above what we guided.

然後，正如您在第一季提出的問題一樣，簡單的思考方式是，如果您考慮兩位數，而且這是非常強勁的兩位數，這意味著它的銷售增長率超過了 10%，這或多或少解釋了我們所談論的超出預期的增長，或者認為這是高於我們預期的增量銷售額。

And then if you think of that remaining, give or take, 10%, high single-digit percentage, that is a combination of the staging you highlighted, in particular, making sure that we've got the product stage for our new distribution, combined with a little bit of normalization, call it, a couple of days of more inventory as we came in a bit lower than we wanted at the end of last year.

然後，如果您考慮剩下的大約 10% 的高個位數百分比，那就是您強調的分階段的組合，特別是確保我們擁有新分銷的產品階段，再加上一點點正常化，稱之為多幾天的庫存，因為去年年底我們的庫存比我們想要的要低一些。

So on the margins, you should think of it as the elements we talked about.

因此在邊緣上，你應該把它想像成我們談論的元素。

There's really not much.

確實不多了。

You could start getting down the single-digit million parsing.

您可以開始進行個位數百萬的解析。

But in general, that's what is.

但總的來說，事實就是這樣。

And as Ryan pointed out on the commentary, we're at 15% below where we were on a historic basis.

正如瑞安在評論中指出的那樣，我們的成長率比歷史水平低了 15%。

And then as we look at Q2, it's nothing more than assuming a 5% to 7% growth on top of last year, which means it's a very normalized process.

然後，當我們展望第二季時，我們只假設去年同期的成長率為 5% 到 7%，這意味著這是一個非常正常化的過程。

And as I said, there's things that offset and go up and down in there.

正如我所說的，其中有些事物會偏移，並且會有上升和下降。

But in general, you should think of Q2 as the combination of Early Buy will be very normalized combined with sell-through, and that gets you to our Q2 guide.

但總的來說，您應該認為 Q2 的早期購買與銷售的結合將非常正常化，這將帶您進入我們的 Q2 指南。

And once again, as we do this, if we do end up having to ship a little bit more inventory in the quarter or there's always some stuff on the border, plus or minus, that all relates to the totality of the guide.

再說一次，當我們這樣做時，如果我們最終不得不在本季度運送更多的庫存，或者邊境上總會有一些東西，無論多或少，這都與指南的整體有關。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then, I guess, just a second question, you alluded to kind of the tragedy happening out in LA.

然後，我想，還有第二個問題，您提到了在洛杉磯發生的悲劇。

Obviously, from a longer-term standpoint, there's an awareness dynamic that your product plays into.

顯然，從長遠角度來看，您的產品會對認知產生影響。

But from a near-term standpoint, that's been a pretty fast-growing region for you in terms of the West in general.

但從短期來看，就整個西方而言，這是一個成長相當迅速的地區。

So is there any sort of near-term disruption, any quantification as you look at kind of the very near-term 2Q or 3Q that you're contemplating here?

那麼，當您考慮近期的第二季或第三季時，是否存在任何類型的短期中斷或量化問題？

Yeah.

是的。

In general, as you point out, and I've got some friends that have houses there in and around.

總的來說，正如你所指出的，我有一些朋友在那裡及週邊有房子。

And so obviously, our heart goes out people that have to experience that kind of a tragedy and the elimination of major neighborhoods.

顯然，我們的心與那些遭遇這種悲劇和主要社區消失的人們同在。

And obviously, none of that is positive.

顯然，這些都不是正面的。

I think from an aggregate standpoint, we're large enough and diversified enough that there's always, I would call it, ups and downs, whether it's weather or hurricanes or that sort of stuff, that in general, in aggregate, because of our geographic diversification, there's not one specific geography that has a disproportionate impact.

我認為，從整體角度而言，我們的規模足夠大，也足夠多樣化，因此總會有起伏，無論是天氣、颶風還是諸如此類的因素，但總體而言，由於我們的地域多樣化，沒有哪個特定的地區會產生不成比例的影響。

So we don't expect to have a meaningful impact from that situation.

因此，我們預計這種情況不會產生重大影響。

Godo.

戈多。

Okay, thank you.

好的，謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Hey, guys.

嘿，大家好。

Thank you for taking my questions.

感謝您回答我的問題。

Ryan, I think you noted that the capital allocation priorities remain unchanged, but maybe just a couple of quick ones on capital allocation.

瑞安，我想你注意到了資本配置優先事項保持不變，但也許只是關於資本配置的幾​​個快速優先事項。

No share repurchases during the quarter.

本季沒有股票回購。

I know you talked about being opportunistic.

我知道你談到了機會主義。

I mean how do you see the opportunity for share repos as we move through the year?

我的意思是，隨著時間推移，您如何看待股票回購的機會？

Yeah.

是的。

I'd say 1Q is typically our lowest cash generation quarter of the year, and we also retired some debt at the end of fiscal Q4 '24 with the recycle acquisition we made.

我想說，第一季通常是我們一年中現金產生量最低的季度，而且我們在 24 財年第四季末還透過進行的回收收購償還了部分債務。

And we actually have a couple of other opportunities we are looking to pursue in the near term potentially.

事實上，我們還有一些其他的機會正在尋求在短期內實現。

I think strategy would be the same for the year.

我認為今年的策略是一樣的。

I think it would just be weighted a little bit more normal to the back half of the year like we would have done previously.

我認為，就像我們之前所做的那樣，它將在下半年變得更加正常。

Last year, if you recall, we had the proceeds from the Vycom divestiture in 1Q, which we utilized then that obviously didn't repeat this year.

如果您還記得的話，去年第一季我們獲得了 Vycom 資產剝離的收益，當時我們就利用了這筆收益，但今年顯然沒有重複這樣的做法。

So I think that -- no change in strategy, just probably a little bit of phasing on the timing.

所以我認為，戰略上沒有改變，只是時間上可能稍微不同。

Okay.

好的。

Understood.

明白了。

And then what are you guys seeing on the M&A front?

那麼你們在併購方面看到了什麼？

What type of deals are looking most attractive to you right now?

目前哪種類型的交易對您來說最有吸引力？

Yeah, obviously, we did one recycle deal.

是的，顯然我們做了一項回收交易。

I think as -- and I think Mike asked the question, it's really important we put ourselves in a position to be able to meet increased demand and to localize our supply chains around our factories.

我認為——我認為麥克問了這個問題，讓我們能夠滿足不斷增長的需求並在我們的工廠周圍實現供應鏈本地化確實非常重要。

And so we're certainly looking at the potential for additional recycled assets that would help us localize and expand our capacity in a similar way.

因此，我們當然正在尋找更多回收資產的潛力，這將有助於我們以類似的方式在地化和擴大產能。

And then as we look out, obviously, we laid out the market analysis on our Investor Day.

然後，當我們觀察時，顯然，我們在投資者日制定了市場分析。

You've seen our expansion in a number of different areas.

您已經看到我們在許多不同領域的擴張。

We will continue to look for solid tuck-in-type acquisitions that provide our consumer and contractor base with a broader array of solutions that help them.

我們將繼續尋找可靠的整合型收購，為我們的消費者和承包商群體提供更廣泛的解決方案。

We really like our current focus, our current methodology for growth in our current market position.

我們非常喜歡我們目前的重點、以及我們在當前市場地位上實現成長的當前方法。

So we're, for the most part, just looking at how do we augment that with additional tuck-in acquisitions.

因此，我們主要在研究如何透過額外的附加收購來增強這一點。

Okay.

好的。

Thanks, Jesse.

謝謝，傑西。

Appreciate it.

非常感謝。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

I guess, looking back to the earlier in '24, the demand for your premium or higher-end products where you guys primarily play had been holding in much better versus the entry level.

我想，回顧 24 年早些時候，你們主要推出的高階或更高階產品的需求一直比入門級產品好得多。

And has that continued to be the case?

這種情況一直持續嗎？

Or have you seen any change as you look at where you're seeing the outperformance in demand with your overall sell-through continuing to be pretty strong?

或者，當您看到需求表現優異且整體銷售持續強勁時，您是否看到任何變化？

Yeah.

是的。

I would just frame it as -- as we look across both the portfolio and all the different types of channels in plan, we've seen pretty good growth in all of our segments at this stage.

我只是想這樣表述——當我們回顧整個投資組合以及計劃中的所有不同類型的管道時，我們發現現階段所有細分市場都實現了相當不錯的成長。

So I don't know that I can draw a specific hard-line distinction aside from the Pro continues to be busy.

因此，我不知道除了 Pro 繼續忙碌之外，我是否可以劃出一條具體的強硬界線。

The Pro continues to expand and find new jobs.

Pro 繼續擴張並尋找新的工作。

And we continue to see the benefit of that across the entirety of our portfolio.

而且我們繼續看到它對我們整個投資組合帶來的好處。

All right.

好的。

And then maybe one for Ryan.

然後也許還有一個給Ryan。

Inventory levels, you guys inventory specifically remains nicely in check.

庫存水平，你們的庫存具體來說仍然保持很好的控制。

So how do you feel about your inventory levels as we move into the busier decking season?

那麼，隨著我們進入更加繁忙的裝飾季節，您對庫存水平有什麼看法？

Is it about where you'd like it based on your demand expectations?

這是否符合您預期的需求？

And then, of course, especially in light of lower-than-normal channel inventory?

當然，特別是在渠道庫存低於正常水準的情況下？

Or is there any adjustments needed as we kind of move into the building season?

或者說，隨著我們進入建築季節，是否需要進行任何調整？

Yeah.

是的。

I think as we exited the calendar year here with our fiscal 1Q results, we did build some inventory from our year-end.

我認為，當我們以第一季的財報結束這一年時，我們確實在年底累積了一些庫存。

That's really just prepping to ship early buy in our second fiscal quarter and really to balance production to the extent that we can.

這實際上只是為了在第二財季提前發貨做準備，並盡可能平衡生產。

I wouldn't think there's really any other major changes to that from a full year perspective.

從全年角度來看，我認為不會有其他重大變化。

We would still look at targeting roughly flat year over year on the inventory level.

我們仍將庫存水準的目標定為與去年同期大致持平。

But I think given kind of the phasing, maintaining our four-week lead times and ensuring product availability to the channel, that's really why we build in 1Q and that we deplete it as the season starts.

但我認為，考慮到分階段的需要，保持我們四周的交貨時間，並確保產品在渠道可用，這才是我們在第一季建立並在季節開始時耗盡它的原因。

Got it.

知道了。

Super helpful.

超有幫助。

Thanks a lot.

多謝。

Best of luck.

祝你好運。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my questions.

感謝您回答我的問題。

Just to start with, can you talk a little bit about your strategy on the siding side?

首先，您能談談您在側線方面的策略嗎？

There are obviously a couple of established players out there.

顯然，這裡已經有幾位知名的球員了。

So kind of can you talk about sort of what's the strategy and kind of what are you targeting in siding?

那麼您能否談談您的策略是什麼以及您的目標是什麼？

Yeah.

是的。

So in general, if you step back and you look at our Exteriors business, it is an accent on top of of the various siding players, right?

所以總的來說，如果你退一步看看我們的外飾業務，它是各種壁板供應商中的佼佼者，對嗎？

So we've got corners and trim and column wraps, that sort of stuff, right?

所以我們有角落、裝飾和柱包裹之類的東西，對嗎？

So our Exteriors business targets -- there's a disproportionate amount of wood on these accents that go on top of siding.

因此，我們的外飾業務目標是——在牆板頂部的裝飾物上，木材的數量不成比例。

So our focus is to drive wood conversion on an accented basis.

因此，我們的重點是推動木材轉化。

That's been our exterior strategy.

這就是我們的外部策略。

Now as you think about the most recent products we've launched, think of it as a premium alternative to -- that installs like vinyl siding, but a premium -- super premium alternative for those folks that want that either premium accent or premium look and want to take advantage of the technology that we have to achieve that premium.

現在，當您想到我們推出的最新產品時，可以將其視為一種優質的替代品——它的安裝方式與乙烯基壁板類似，但對於那些想要優質的裝飾或優質的外觀，並希望利用我們的技術來實現優質效果的人來說，這是一種優質的——超優質的替代品。

And so the way to think of it for us, obviously, it's a huge market.

因此，我們認為這顯然是一個巨大的市場。

It's an accent siding product or a very kind of wood replacement high-end niche siding product that we believe there is a market for, and it's consistent with our current contractor base.

這是一種特色壁板產品，或是一種非常高端的木質替代壁板產品，我們相信這種產品是有市場的，而且與我們目前的承包商基礎一致。

Whether or not it grows beyond a niche product will, that remains to be seen.

它是否會超越小眾產品，還有待觀察。

But for us, a small tiny niche of that market is additive to our new product growth in that exteriors business.

但對我們來說，該市場的一個小小利基市場對我們外飾業務的新產品成長具有促進作用。

Understood.

明白了。

That's very helpful.

這非常有幫助。

And then just as a follow-up, can you just remind us, Jesse, where you are with the HDP to LDP sort of conversion?

然後作為後續問題，傑西，您能否提醒我們 HDP 到 LDP 的轉換情況？

And then on the recycled PVC side as well, both for decking and exteriors?

那麼再生 PVC 方面也是一樣，既可用於裝飾地板，也可用於外牆嗎？

Yeah.

是的。

So -- and Ryan, please chime in.

那麼 —— 請 Ryan 參與進來。

So on the transition from HD to LD, we continue on that transition.

因此，在從高清 (HD) 到低解析度 (LD) 的過渡過程中，我們會繼續進行這項過渡。

So every day that goes by, we're cutting lines over.

因此，每過一天，我們就會在線上插隊。

We've been pretty methodical on that.

我們對此一直非常有條不紊。

So we're probably more than half converted, and we continue to convert.

因此，我們可能已經有一半以上的用戶轉變了，我們還在繼續轉變。

Now as we've done that, one of the areas where we're going to see some of the best savings is in the way in which we process the LD.

現在我們已經做到了這一點，我們將看到最能節省成本的領域之一就是我們處理 LD 的方式。

And so what I would say now that we're converting into using a higher percentage of LD, we need to do a better job of processing the LD internally to fully realize the cost savings.

所以我想說的是，既然我們正在轉向使用更高比例的 LD，我們需要更好地在內部處理 LD，以充分實現成本節約。

And so we're certainly seeing savings right now.

因此我們現在確實看到了節省。

Since last year to this year, we made meaningful improvements in terms of our ability to process that lower cost material internally.

從去年到今年，我們在內部處理低成本材料的能力方面取得了有意義的進展。

And we expect as the year progresses as we move into next year, that there'll be a meaningful unlock in our ability to process the next set of recycled materials.

我們預計，隨著時間的推移，進入明年，我們處理下一批再生材料的能力將會顯著提升。

And so from where we sit now, there's a long cost reduction pipeline ahead of us as we continue to use and process that material better.

因此，從目前的情況來看，隨著我們繼續更好地使用和加工該材料，我們將面臨漫長的成本降低之路。

And then on the PVC side, we continue to incrementally ramp up the percentage of PVC on all of our lines.

在 PVC 方面，我們持續逐步提高所有生產線上 PVC 的百分比。

We've gotten to a really good spot on our Exteriors business.

我們的外飾業務已取得非常好的成績。

We've gotten to a good spot on our Decking business.

我們的裝飾業務已取得良好進展。

We've got a -- similarly, we've got a kind of cost reduced the raw material flow and how we process that recycle, and obviously, the acquisition we just did will be helpful in that.

同樣，我們也降低了原材料流動的成本，並改進了回收處理方式，顯然，我們剛剛進行的收購將對此有所幫助。

And then as we start to continue to ramp up the percentage of PVC, we've got to make some minor modifications to the lines, which we'll be doing over the next 12 months to allow us to continue that step up.

然後，當我們開始繼續提高 PVC 的百分比時，我們必須對生產線進行一些細微的改動，我們將在接下來的 12 個月內進行這些改動，以使我們能夠繼續提高這一百分比。

Ryan, I don't know if you've got anything more to add?

瑞安，我不知道您還有什麼要補充的嗎？

No, I think you've covered it all.

不，我想你已經講完了。

Appreciate it.

非常感謝。

Perfect.

完美的。

Thanks, Jesse.

謝謝，傑西。

Good luck.

祝你好運。

Trevor Allinson, Wolfe Research.

艾林森（Trevor Allinson），沃爾夫研究公司（Wolfe Research）。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my questions.

感謝您回答我的問題。

I wanted to revisit the margin question asked earlier and maybe a little different way.

我想重新審視一下之前提出的保證金問題，也許用稍微不同的方式。

In the past, you guys have talked about doing in the neighborhood of 100 basis points of EBITDA margin expansion per year.

過去，你們曾談到每年將 EBITDA 利潤率提高約 100 個基點。

This year, guiding to a little bit less than that, is that just primarily a function of your 100 basis points of margin expansion usually assumes you get closer to 10% top line growth?

今年的預期會略低於這個數字，這是否主要取決於你們 100 個基點的利潤率擴張，通常假設你們的營收成長率接近 10%？

Or these other factors that you guys have talked about, whether it be some of the inflation at Scranton or some of these new products that you're bringing on, is that having as big of an impact on the margins year over year there as some of the lower leverage versus the 10% growth rate?

或者你們談到的其他因素，無論是斯克蘭頓的通貨膨脹還是你們推出的一些新產品，這些因素對利潤率的影響是否和較低的槓桿率與 10% 的增長率一樣大？

Yes.

是的。

I would say it's actually a combination of everything you mentioned.

我想說這實際上是您提到的所有內容的組合。

So first off, when we talk about 50 to 100 basis points, that typically is at the full volume and sales growth expectation.

首先，當我們談論 50 到 100 個基點時，這通常是指全部銷售和銷售成長預期。

And then second, this year with all the new product launches, facility startups, planned underutilization as well as the headwind on our Scranton Products business, I think that fits in to kind of why we had a lower number for the year.

其次，由於今年所有新產品的推出、設施的啟動、計劃的利用不足以及斯克蘭頓產品業務的阻力，我認為這可以解釋為什麼我們今年的數字較低。

So nothing has really changed on the strategy.

因此，戰略上實際上沒有任何改變。

I think it's just given the lower sales outlook versus the 10% to 12% growth and then those factors would contribute to why we're modeling less than 100 basis points.

我認為，這只是考慮到較低的銷售前景與 10% 至 12% 的成長率，而這些因素將導致我們模擬的預測低於 100 個基點。

Yeah.

是的。

And I think the only thing I would add is margin expansion, you would love for it to be perfectly linear quarter to quarter.

我認為我唯一要補充的是利潤率擴大，你會希望它在每季之間呈現完美的線性成長。

And as Ryan pointed out, some of that is with respect to investments and ramp up.

正如瑞安 (Ryan) 指出的那樣，其中一些與投資和擴張有關。

And some of that's really the timing on some of the cost savings.

這其中有些其實是一些成本節約的時機。

And so as we move through the back half of the year, it's not only utilization and the ramp-up of the new products, we also will start seeing some of the benefit, and particularly as we move to the back of the year into next year, some step-ups in some of our cost programs.

因此，隨著我們進入下半年，不僅是利用率和新產品的成長，我們也將開始看到一些好處，特別是隨著我們進入下半年，我們的一些成本計劃將有所提升。

So in general, we have an ability to control our margin ramp-up as you've seen.

因此，總的來說，正如您所看到的，我們有能力控制利潤率的成長。

We're going to continue to expand margins.

我們將繼續擴大利潤率。

And at this stage, it's a mix of what we've highlighted and also just timing of our cost reduction ramps.

在此階段，這是我們所強調的內容和成本削減時機的混合。

And just to reiterate, obviously, as we looked at our five-year target, we're pretty much on track to get there earlier.

需要重申的是，當我們審視我們的五年目標時，我們顯然已經被期望提前實現這一目標。

And we feel really confident about our ability to get there much earlier than we talked about.

我們非常有信心，我們能夠比預定的時間更早實現這一目標。

Yeah, it makes a lot of sense.

是的，這很有道理。

I appreciate all that color.

我很欣賞所有這些顏色。

And then for a second question, I appreciate it's a small part of your business.

然後對於第二個問題，我知道這只是你們業務的一小部分。

But can you kind of quantify what the inflationary impacts on Scranton and what kind of impact had on your margin in the first quarter?

但是，您能否量化通貨膨脹對斯克蘭頓的影響以及對第一季利潤的影響？

And then what sort of pricing are you guys expecting to push here in the back half of the year to cover that?

那麼你們預計在今年下半年推行什麼樣的定價來彌補這一損失呢？

Yeah.

是的。

From the material side, right, the reality is when we sold the Vycom business in the prior year, we used to source the machine to sheet directly from them to build the product.

從材料方面來看，事實是，當我們去年出售 Vycom 業務時，我們曾經直接向他們購買機器來製造產品。

Now it's a source piece.

現在它是一個來源片段。

So the lag on the balance sheet caught up with that.

因此資產負債表上的滯後就趕上了這一點。

So that was the majority of the headwind on the margin side from the Scranton Products business.

所以這是在斯克蘭頓產品業務利潤方面面臨的主要阻力。

And then from a pricing perspective on Scranton Products, it's really a low single-digit increase.

從斯克蘭頓產品的定價角度來看，這確實是一個低個位數的成長。

But given the backlog of that business, it takes 1.5 quarters to 2 to materialize.

但考慮到該業務的積壓，需要 1.5 個季度到 2 個季度才能實現。

So the reality of that doesn't start impacting us until our third and fourth quarter of the fiscal year.

因此，現實情況直到財政年度的第三季和第四季才會開始對我們產生影響。

Got it.

知道了。

Makes sense.

有道理。

Appreciate all the color and good luck moving forward.

欣賞所有的色彩並祝你未來好運。

Great.

偉大的。

Thank you.

謝謝。

I believe that's the last question we had.

我相信這是我們的最後一個問題。

Really appreciate everyone's participation, and we look forward to talking to and seeing many of you over the next few weeks at the various events, including IBS.

非常感謝大家的參與，我們期待在接下來的幾週內在包括 IBS 在內的各種活動中與你們交談並見到你們。

So with that, thank you so much, and we look forward to talking to you.

所以，非常感謝您，我們期待與您交談。

Have a great evening.

祝您有個愉快的夜晚。

Ladies and gentlemen, that concludes your conference call for today.

女士們、先生們，今天的電話會議到此結束。

We thank you for participating and ask that you please disconnect your lines.

感謝您的參與，並請您斷開線路。