Azek Company Inc (AZEK) 2025 Q2 法說會逐字稿

Ladies and gentlemen, I'd like to welcome you to The AZEK Company's Q2 2025 earnings call. (Operator Instructions) Please also be advised that today's conference is being recorded.

女士們、先生們，歡迎參加 AZEK 公司 2025 年第二季財報電話會議。（操作人員說明）也請注意，今天的會議正在錄音。

With that, I would now like to hand the call over to Eric Robinson with Investor Relations. Eric, you may begin.

接下來，我將把電話交給投資者關係部的艾瑞克‧羅賓遜。艾瑞克，你可以開始了。

Thank you, and good afternoon, everyone. 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 by an 8-K on the SEC's website.

謝謝大家，大家下午好。今天下午，我們透過公司網站 investors.azekco.com 的投資者關係頁面發布了獲利新聞稿和補充獲利簡報。獲利新聞稿也以 8-K 表格的形式發佈在美國證券交易委員會 (SEC) 的網站上。

I'm joined today by Jesse Singh, our President and Chief Executive Officer; Ryan Lada, our Chief Financial Officer and Treasurer; and Jonathan Skelly, our President of AZEK Residential and Commercial segments.

今天與我一同出席的有：我們的總裁兼執行長傑西·辛格；我們的財務長兼財務主管瑞安·拉達；以及我們的 AZEK 住宅和商業部門總裁喬納森·斯凱利。

I would like to remind everyone that during this call, we may make certain statements that constitute forward-looking statements within the meanings 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，我們可能會發表一些構成聯邦證券法意義上的前瞻性聲明，包括對未來預期、信念、估計、預測、計畫和前景的評論。

Such statements are subject to a variety of risks and uncertainties and as described in our periodic reports filed with the Securities and Exchange Commission that could cause actual results to differ materially. We do not undertake any duty to update such forward-looking statements.

此類聲明受多種風險和不確定因素的影響，如我們在向美國證券交易委員會提交的定期報告中所述，這些風險和不確定因素可能導致實際結果與聲明有重大差異。我們不承擔更新此類前瞻性陳述的任何義務。

Additionally, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. These non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliation of such non-GAAP measures can be found in our earnings press release and a supplemental earnings presentation, which are posted to our website.

此外，在今天的電話會議中，我們將討論非GAAP財務指標，我們認為這些指標有助於評估我們的表現。這些非GAAP指標不應被孤立地看待，也不應被視為依照GAAP編製的結果的替代。有關此類非GAAP指標的調整信息，請參閱我們網站上發布的盈利新聞稿和補充盈利演示文稿。

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

現在讓我把電話交給AZEK的執行長傑西辛格。

Good afternoon, and thank you for joining us. The AZEK team delivered another strong quarter, once again executing well in a dynamic market backdrop. In the second quarter of fiscal 2025, we achieved 9% year-over-year growth in our residential segment. This is driven by positive mid-single-digit residential sell-through growth along with our continued expansion of our channel presence and new product launches across our TimberTech, AZEK Exteriors, and Versatex brands.

下午好，感謝各位的參與。AZEK 團隊又取得了強勁的季度業績，在瞬息萬變的市場環境下再次表現出色。在 2025 財年第二季度，我們的住宅業務實現了 9% 的年增長。這主要得益於住宅銷售額實現了中等個位數的正面成長，以及我們不斷擴大通路覆蓋範圍，並在 TimberTech、AZEK Exteriors 和 Versatex 品牌下推出新產品。

Through the first half of the fiscal year, we have grown our residential segment 13% year-over-year, driven by high single-digit sell-through growth. Our focus on material conversion, product innovation, improving the customer journey, growing brand awareness, and channel expansion continues to drive our success in our market outperformance.

在本財年的上半年，我們的住宅業務年增了 13%，這主要得益於高個位數的銷售成長。我們專注於材料轉換、產品創新、改善客戶體驗、提高品​​牌知名度和拓展管道，這些都持續推動著我們在市場中取得優異成績。

Our consistent ability to outperform the broader repair and remodel market highlights the effectiveness of our business model, the attractiveness of our products, and the disciplined execution by the AZEK team. During the quarter, Deck, Rail & Accessories net sales grew 11% year-over-year with each of the product lines growing high single digits to double digits.

我們始終能夠超越整個維修和改造市場，這凸顯了我們商業模式的有效性、我們產品的吸引力以及 AZEK 團隊的嚴謹執行。本季度，甲板、欄桿及配件淨銷售額年增 11%，各產品線均實現了高個位數至兩位數的成長。

Exterior's net sales grew 2% year-over-year as that business has experienced relative stability while navigating a slower R&R and new construction market. During the quarter overall, we saw solid residential sell-through growth numbers in January, a slower February, followed by a stronger March, which has continued into April. We expanded our adjusted EBITDA margin by 40 basis points year-over-year to 27.5%, while continuing to invest in our long-term growth initiatives, and vertically integrated recycling network.

由於翻新和新建市場成長放緩，外牆業務相對穩定，因此該業務的淨銷售額比去年同期增長了 2%。本季整體而言，1 月住宅銷售量成長穩健，2 月成長放緩，3 月成長加快，並持續到 4 月。我們調整後的 EBITDA 利潤率年增 40 個基點至 27.5%，同時繼續投資於我們的長期成長計畫和垂直整合的回收網路。

During the quarter, we also made investments in merchandising, display, and samples to support our geographic channel and shelf expansions. We also delivered strong residential segment adjusted EBITDA growth of 11% year-over-year and expanded our segment adjusted EBITDA margin by 60 basis points year-over-year to 28%, inclusive of these investments.

本季度，我們也對商品陳列、展示和樣品進行了投資，以支持我們的地域管道和貨架擴張。我們也實現了住宅業務調整後 EBITDA 年成長 11%，並將該業務調整後 EBITDA 利潤率年增 60 個基點至 28%（包括這些投資）。

For those new to the story, I want to take the opportunity to briefly highlight AZEK's unique growth and margin expansion strategy and the compelling fundamentals behind our sustained outperformance. AZEK is well positioned to capitalize on the large and growing shift from traditional materials such as wood to low maintenance, high performance, and sustainably engineered building materials across the outdoor living and exteriors categories.

對於那些還不了解情況的人，我想藉此機會簡要介紹一下 AZEK 獨特的成長和利潤率擴張策略，以及我們持續優異業績背後的強大基本面。AZEK 憑藉其優越的市場地位，能夠充分利用戶外生活和外牆領域從木材等傳統材料向低維護、高性能和可持續工程建築材料的巨大且不斷增長的轉變。

As an example, wood and engineered wood represents more than 75% of decking, 60% of rail, and 50% of exterior trim units sold annually. We have a proven multiyear track record of driving above-market growth, margin expansion, and cash generation through various market cycles. AZEK's product offerings include industry-leading brands like TimberTech, AZEK Exteriors, and Versatex.

例如，木材和工程木材佔每年銷售的甲板的 75% 以上、欄桿的 60% 以上以及外部裝飾材料的 50% 以上。我們擁有多年在各種市場週期中實現高於市場平均的成長、利潤率擴張和現金流創造的成功經驗。AZEK 的產品系列包括 TimberTech、AZEK Exteriors 和 Versatex 等業界領先品牌。

With award-winning innovation, a resilient business model, and a clear strategy focused on material conversion, product leadership, channel expansion, and sustainability, we are targeting double-digit long-term growth and sustained margin expansion. Over the last seven years through fiscal 2024, we have delivered a 15% compounded annual growth rate in our residential segment.

憑藉屢獲殊榮的創新、具有韌性的商業模式以及以材料轉化、產品領先、通路拓展和永續發展為重點的清晰策略，我們的目標是實現兩位數的長期成長和持續的利潤率提升。截至 2024 財年的過去七年裡，我們在住宅領域實現了 15% 的複合年增長率。

Our proposed merger with James Hardie enhances our strategy to accelerate material conversion, provide our contractors and customers with expanded solutions, benefit from significant synergies, accelerate our growth, and deliver even greater value for our shareholders. Together, we are creating a premier growth platform with leading brands across siding, decking, railing, trim and accessories.

我們與 James Hardie 的擬議合併將增強我們的策略，加速材料轉換，為我們的承包商和客戶提供更廣泛的解決方案，從顯著的協同效應中受益，加速我們的成長，並為我們的股東創造更大的價值。我們攜手打造一個一流的成長平台，匯集了外牆板、甲板、欄桿、裝飾條和配件等領域的領導品牌。

This platform will unlock significant wood and other material conversion opportunities across a large and expanding addressable market. In addition to the growth platform I just described, AZEK brings a category-leading outdoor living portfolio, one of the largest and most effective sales organizations in the industry, and a vertically integrated recycling network.

該平台將為龐大且不斷增長的潛在市場帶來巨大的木材和其他材料轉化機會。除了我剛剛描述的成長平台之外，AZEK 還擁有業界領先的戶外生活產品組合、業內最大、效率最高的銷售組織之一，以及垂直整合的回收網絡。

James Hardie is a leader in siding and similarly has a compelling material conversion growth story and a strong focus on contractors, customers and branding. It has an even larger sales force and a strong, proven track record. All true shareholder value comes from customer value, and the combination of our two companies will allow us to provide a more complete solution and create more value and growth for our current and future customers.

James Hardie 是外牆板產業的領導者，同樣擁有引人注目的材料轉換成長故事，並高度重視承包商、客戶和品牌建立。它擁有規模更大的銷售團隊和強大的、經得起考驗的業績記錄。真正的股東價值源自於客戶價值，我們兩家公司的合併將使我們能夠提供更完善的解決方案，並為我們現有和未來的客戶創造更多價值和成長。

Early feedback from our customers and contractors has been overwhelmingly positive. We've heard many of them express the value of partnering with an innovative manufacturer for their home exteriors and outdoor living needs. We are highly confident that together, we will unlock $125 million in cost synergies, and $500 million in incremental sales synergies with the potential for even greater upside as we integrate our complementary capabilities and scale.

我們收到的客戶和承包商的早期回饋絕大多數都是正面的。我們聽到許多客戶表達了與創新製造商合作，滿足其房屋外牆和戶外生活需求的重要性。我們非常有信心，透過合作，我們將釋放 1.25 億美元的成本協同效應和 5 億美元的銷售協同效應，隨著我們整合互補能力和規模，還有可能獲得更大的成長空間。

These benefits would be on top of the already compelling growth, margin, and free cash flow profile of the pro forma company. While we remain confident in our stand-alone business, this combination provides our shareholders an even greater opportunity to realize significant long-term value.

這些好處將進一步增強這家備考公司本身就具有的強勁成長、利潤率和自由現金流狀況。雖然我們對自身的獨立業務仍然充滿信心，但此次合併將為我們的股東提供更大的機會，以實現顯著的長期價值。

As always, our people remain at the center of our success, and I want to thank the AZEK team for their outstanding work and focus as we execute through this exciting period. AZEK's long track record of growth and outperformance, margin expansion and value creation would not be possible without the dedication, collaboration, and support of our team members and business partners.

一如既往，我們的員工是我們成功的核心，我要感謝 AZEK 團隊在這個激動人心的時期所展現的傑出工作和專注精神。如果沒有我們團隊成員和業務夥伴的奉獻、協作和支持，AZEK 不可能取得長期成長和優異績效、利潤率擴張和價值創造的成就。

I would once again like to express my sincere gratitude and I know we are all energized by the significant opportunities ahead.

我再次衷心感謝大家，我知道我們都因為即將到來的重大機會而充滿活力。

I will now shift to an update on AZEK's strategic initiatives. Our 2024 and 2025 new product launches, including TimberTech Harvest+ decking, TimberTech Reliance Rail, TimberTech Fulton Rail, and TrimLogic high recycled content exterior trim are ramping up well. Contractor and dealer feedback has been highly positive, and we have expanded our shelf presence with new and existing partners as part of our recently completed 2025 early buy negotiations. '

接下來，我將介紹AZEK的策略舉措的最新進展。我們 2024 年和 2025 年的新產品發布，包括 TimberTech Harvest+ 甲板、TimberTech Reliance 欄桿、TimberTech Fulton 欄桿和 TrimLogic 高回收成分外飾條，正在穩步推進。承包商和經銷商的回饋非常積極，作為我們最近完成的 2025 年提前採購談判的一部分，我們與新舊合作夥伴擴大了我們的貨架覆蓋範圍。'

Each of these new products allow us to expand our addressable market and address a wider range of price points, consumer needs and drive increased wood conversion. Investments in these new product platforms continued during the quarter, modestly impacting our second quarter margins.

這些新產品使我們能夠擴大目標市場，滿足更廣泛的價格範圍和消費者需求，並推動木材轉換率的提高。本季我們繼續對這些新產品平台進行投資，這對我們第二季的利潤率產生了輕微影響。

We expect these start-up investments to moderate in the second half of the fiscal year as we scale and position these new product platforms to drive future growth. Recycled materials represent the largest raw material input we use to manufacture our products. And today, we believe we are the largest vertically integrated recycler of PVC in the US.

我們預計，隨著我們擴大規模並定位這些新產品平台以推動未來成長，這些新創公司投資將在本財年下半年放緩。回收材料是我們生產產品時所使用的最大宗原料。如今，我們相信我們是美國最大的垂直整合型PVC回收商。

As we continue to grow and scale our recycling infrastructure, we're excited to welcome Northwest Polymers to the AZEK team. Northwest Polymers is an industry-leading post-industrial and post-consumer plastic recycler based in Oregon.

隨著我們不斷發展壯大回收基礎設施，我們很高興歡迎西北聚合物公司加入 AZEK 團隊。西北聚合物公司是一家業界領先的工業後和消費後塑膠回收企業，總部位於俄勒岡州。

The acquisition expands AZEK's in-house capacity in the western part of the US to source and process recycled materials to support our long-term growth strategy and margin expansion objectives. Our continued investments support our goal to further increase recycled content in our products, reduce input costs and reduce our greenhouse gas emissions over time. We are also proud to be named to Barron's 100 Most Sustainable US Companies list for the first time ever.

此次收購擴大了 AZEK 在美國西部地區的內部產能，用於採購和加工再生材料，以支持我們的長期成長策略和利潤率擴張目標。我們持續的投資旨在進一步提高產品中的再生材料含量，降低投入成本，並隨著時間的推移減少溫室氣體排放。我們非常榮幸首次入選巴倫周刊評選的美國100家最具永續發展能力公司榜單。

Moving to our outlook. We continue to see steady demand across our outdoor living portfolio. Our residential sell-through trends in March grew high single digits, improving from a softer February and April has trended positively with double-digit sell-through growth.

接下來談談我們的展望。我們的戶外生活產品組合持續受到穩定需求。3 月我們的住宅銷售趨勢實現了接近兩位數的成長，較 2 月的疲軟有所改善，4 月的銷售趨勢也呈現積極態勢，實現了兩位數的銷售成長。

While our contractor backlogs remained stable at approximately seven weeks and our surveys highlight a steady market, the contractors and dealers responding to our surveys have expressed some concern about the uncertain macro environment and the potential impact on future behavior of their customers. We exited the quarter with channel inventory levels once again below historical averages, and we will continue to focus on maintaining a conservative level of inventory in the channel.

雖然我們的承包商積壓訂單量穩定在約七週，而且我們的調查也顯示市場穩定，但參與我們調查的承包商和經銷商對不確定的宏觀環境及其對客戶未來行為的潛在影響表示了一些擔憂。本季末，通路庫存水準再次低於歷史平均水平，我們將繼續專注於維持通路庫存的保守水準。

On the margin front, we continue to see positive momentum through our recycling expansion, sourcing savings, and continuous improvement initiatives. These actions position us to sustain our margins over the time while simultaneously investing in our new product introductions, channel expansion, and brand building to support our long-term growth trajectory.

在利潤率方面，我們透過擴大回收、節省採購成本和持續改善舉措，持續保持積極的成長勢頭。這些舉措使我們能夠在保持利潤率的同時，投資於新產品推出、通路拓展和品牌建設，以支持我們的長期成長軌跡。

We are a domestic manufacturer with primarily locally sourced raw materials and expect a limited direct impact from the recently announced tariffs. We are reaffirming our fiscal 2025 guidance, reflecting strong residential segment net sales growth and strong residential segment adjusted EBITDA growth.

我們是國內製造商，主要使用本地採購的原材料，預計最近宣布的關稅對我們造成的直接影響有限。我們重申 2025 財年業績指引，這反映了住宅業務淨銷售額的強勁增長和住宅業務調整後 EBITDA 的強勁增長。

While we have seen mid-single-digit to double-digit residential sell-through growth recently, we acknowledge that there is uncertainty in the broader economy. We believe we can continue to outperform the market. And if the market gets weaker, we are well positioned to continue delivering against our adjusted EBITDA targets.

雖然我們最近看到住宅銷售量實現了個位數中段到兩位數的成長，但我們也承認整體經濟存在不確定性。我們相信我們能夠繼續跑贏大盤。即使市場走弱，我們也有信心繼續實現調整後 EBITDA 目標。

Our fiscal 2025 guidance considers residential sell-through growth scenarios in the low single-digit to mid-single-digit range in the second half of the fiscal year, while still maintaining conservative channel inventory positioning. Our track record over the past several years demonstrates our ability to navigate varied economic cycles while continuing to grow, underscoring our ability to manage through uncertainty.

我們在 2025 財年的業績指引中考慮了下半年住宅銷售成長情景，預計成長率將達到個位數低段至個位數中段，同時仍將保持保守的通路庫存定位。過去幾年的業績表明，我們有能力應對各種經濟週期並持續成長，這凸顯了我們應對不確定性的能力。

We've been operating in an environment for more than two years that has been negative for the repair and remodel and new construction markets. We expect AZEK differentiated model to remain resilient, backed by strong momentum from our growing brand awareness, new product platforms, continued shelf gains, and a unique focus on material conversion driven by our differentiated technology and digital investments.

兩年來，我們一直處於一個對維修改造和新建市場都不利的環境中。我們預計，AZEK 的差異化商業模式將保持韌性，這得益於我們不斷增長的品牌知名度、新產品平台、持續的貨架份額增長，以及我們透過差異化技術和數位化投資而對材料轉換率的獨特關注。

These elements, combined with our industry-leading sales force and best-in-class customer service as well as our strong focus on R&R, Pro contractors, and differentiated segments has led to our consistent outperformance of the market.

這些因素，再加上我們領先業界的銷售團隊和一流的客戶服務，以及我們對維修和翻新、專業承包商和差異化細分市場的重視，使我們持續超越市場表現。

We are well positioned to sustain and further expand our margins, and we are close to achieving our annual 27.5% adjusted EBITDA margin target, well ahead of our fiscal year 2027 milestone. We are confident in our ability to deliver results in fiscal 2025, and deliver sustained value for our shareholders.

我們已做好充分準備，維持並進一步擴大利潤率，我們即將實現年度調整後 EBITDA 利潤率 27.5% 的目標，遠早於 2027 財年里程碑。我們有信心在 2025 財年取得業績，並為股東創造持續價值。

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

現在我將把電話交給瑞安，讓他更詳細地討論我們的財務表現和展望。

Thanks, Jesse, and good afternoon, everyone. Thanks for joining us today. AZEK's second quarter performance is another strong validation of our disciplined execution as we continued to outperform a choppy repair and remodel market through targeted growth initiatives and operational rigor.

謝謝你，傑西，大家下午好。感謝您今天收看我們的節目。AZEK 第二季度的業績再次有力地證明了我們嚴謹的執行力，我們透過有針對性的成長計劃和嚴格的運營，在動盪的維修和改造市場中繼續取得優異成績。

In Q2, we delivered residential segment net sales growth of 8.6% year-over-year and drove mid-single-digit overall sell-through in line with our expectations. We continue to see stable demand trends with no significant shifts in customer behavior. Year-to-date, over 1,000 new contractors have joined our loyalty program.

第二季度，我們實現了住宅業務淨銷售額年增 8.6%，整體銷售額實現了中等個位數的成長，符合我們的預期。我們持續看到穩定的需求趨勢，客戶行為沒有重大變化。今年迄今為止，已有超過 1000 家新承包商加入我們的忠誠度計畫。

During the quarter, digital indicators such as website sessions and contractor leads grew double digits year-over-year. Feedback from our survey of nearly 2,000 contractors and dealers showed consistent and positive sentiment, though also highlighted some concern about macroeconomic uncertainty potentially weighing on growth expectations.

本季度，網站流量和承包商線索等數字指標較去年同期成長兩位數。我們對近 2000 名承包商和經銷商的調查回饋顯示，他們普遍持正面態度，但也表達了一些對宏觀經濟不確定性可能影響成長預期的擔憂。

We delivered strong margin performance in the quarter with adjusted EBITDA margins reaching 27.5%, a 40 basis point improvement year-over-year and ahead of both guidance and consensus. Our demand in operations were steady through the quarter, and our team executed well while investing in key growth initiatives.

本季我們實現了強勁的利潤率表現，調整後的 EBITDA 利潤率達到 27.5%，比去年同期成長 40 個基點，高於預期和市場普遍預期。本季我們的營運需求保持穩定，團隊在投資關鍵成長計畫的同時，也出色地完成了各項任務。

Our balance sheet remains strong and flexible, and we generated solid free cash flow in what is typically a seasonal usage quarter. We are reaffirming our full-year fiscal 2025 outlook based on our strong first half execution visibility into our early buy momentum and conservative channel inventories that remain positioned below historical averages. The majority of our supply chain is US-based, and we believe we are well positioned to navigate through current or future tariffs.

我們的資產負債表依然穩健靈活，並且在通常屬於季節性使用季度的這個季度，我們產生了穩定的自由現金流。基於上半年強勁的執行力、早期購買動能以及仍低於歷史平均水準的保守通路庫存，我們重申 2025 財年全年展望。我們的大部分供應鏈都位於美國，我們相信我們有能力應對當前或未來的關稅。

For the second quarter of fiscal 2025, we delivered consolidated net sales of $452 million, an increase of 8% year-over-year. Our 2Q net sales were driven by positive mid-single-digit residential sell-through growth, along with continued expansion of our channel presence and new product launches across our Deck, Rail & Accessories and Exteriors businesses.

2025 財年第二季度，我們實現了 4.52 億美元的合併淨銷售額，年增 8%。第二季淨銷售額的成長得益於住宅銷售的中個位數成長，以及我們在甲板、欄桿及配件和外牆業務方面渠道的持續擴張和新產品的推出。

2Q gross profit was $168 million, an increase of $11 million year-over-year and gross margin was 37.1%. 2Q Adjusted Gross Profit was $171 million, an increase of $10 million year-over-year and adjusted gross profit margin was 37.8%. The Adjusted Gross Profit margin decline was driven primarily by the previously mentioned costs related to new product expansion, channel expansion and investment, and weakness in our commercial segment (technical difficulty) products business.

第二季毛利為 1.68 億美元，年增 1,100 萬美元，毛利率為 37.1%。第二季調整後毛利為 1.71 億美元，年增 1,000 萬美元，調整後毛利率為 37.8%。調整後毛利率下降的主要原因是前面提到的與新產品擴張、通路擴張和投資相關的成本，以及我們商業部門（技術困難）產品業務的疲軟。

GAAP SG&A expenses increased $5 million year-over-year to $88 million, primarily driven by acquisition-related expenses due to the proposed merger with James Hardie. Adjusted SG&A expenses increased $1 million year-over-year to $71 million, primarily driven by marketing and branding investments.

GAAP SG&A 費用年增 500 萬美元至 8,800 萬美元，主因是與 James Hardie 擬議合併產生的收購相關費用。調整後的銷售、一般及行政費用年增 100 萬美元至 7,100 萬美元，主要原因是行銷和品牌推廣的投資。

Adjusted EBITDA for 2Q increased $11 million or 10% year-over-year to $124 million. Adjusted EBITDA margin for the quarter expanded 40 basis points year-over-year to 27.5%. Net income for 2Q increased year-over-year by $5 million to $54 million or $0.37 per share. Adjusted net income per 2Q increased year-over-year by $7 million to $66 million. Adjusted diluted EPS increased $0.06 year-over-year to $0.45 per share.

第二季調整後 EBITDA 年增 1,100 萬美元，增幅 10%，達到 1.24 億美元。本季調整後 EBITDA 利潤率年增 40 個基點至 27.5%。第二季淨利年增 500 萬美元，達到 5,400 萬美元，即每股 0.37 美元。經調整後的第二季淨收入年增 700 萬美元，達到 6,600 萬美元。經調整後的稀釋每股收益年增 0.06 美元，達到每股 0.45 美元。

Now turning to our segment results. Residential segment net sales for 2Q were $437 million, up 9% year-over-year driven by the previously mentioned sell-through growth, channel expansion, and new products. Residential segment adjusted EBITDA for 2Q '25 was $122 million, up 11% year-over-year. Residential segment adjusted EBITDA margin was 28%. Commercial segment net sales for the quarter were $15 million, down 4% year-over-year, primarily due to the weaker demand in our Scranton Products business.

現在來看我們各細分市場的業績。第二季住宅業務淨銷售額為 4.37 億美元，年增 9%，主要得益於前面提到的銷售成長、通路擴張和新產品推出。2025 年第二季住宅業務調整後 EBITDA 為 1.22 億美元，年增 11%。住宅業務調整後 EBITDA 利潤率為 28%。本季商業部門淨銷售額為 1,500 萬美元，年減 4%，主因是斯克蘭頓產品業務需求疲軟。

Commercial segment adjusted EBITDA for the quarter was $1.9 million, a decrease of $1 million year-over-year, again, primarily driven by weaker demand and increases in material input costs. We have taken appropriate pricing and cost actions in this business to offset the pressure and expect to return to more traditional margin levels by the third and fourth quarters of fiscal 2025.

本季商業部門調整後 EBITDA 為 190 萬美元，較去年同期減少 100 萬美元，主要原因是需求疲軟和原材料投入成本增加。我們已採取適當的定價和成本措施來抵銷該業務的壓力，並預計到 2025 財年第三季和第四季將恢復到更傳統的利潤率水準。

From a balance sheet and cash flow perspective, we ended the quarter with cash and cash equivalents of $147 million and approximately $373 million available for future borrowings under our revolving credit facility. Working capital, defined as inventory plus accounts receivable minus accounts payable, was $300 million, up $4.8 million year-over-year. We ended the quarter with gross debt of $538 million which included approximately $99 million of financial leases.

從資產負債表和現金流的角度來看，本季末我們持有現金及現金等價物 1.47 億美元，根據我們的循環信貸額度，未來可藉款的金額約為 3.73 億美元。營運資本（定義為存貨加上應收帳款減去應付帳款）為 3 億美元，比去年同期增加 480 萬美元。本季末，我們的總債務為 5.38 億美元，其中包括約 9,900 萬美元的融資租賃。

Net debt was $392 million, and our net leverage ratio stood at 1x at the end of our second quarter. Net cash from operating activities was $47 million during the second quarter, an increase of $62 million year-over-year. Capital expenditures for the quarter were approximately $46 million including the $25 million facility purchases in PA, and we deployed $7.2 million capital to acquire a new regional recycling operation to support our long-term recycling capabilities and ambitions.

第二季末，淨負債為 3.92 億美元，淨槓桿比率為 1 倍。第二季經營活動產生的淨現金為 4,700 萬美元，較上年同期增加 6,200 萬美元。本季資本支出約 4,600 萬美元，其中包括在賓州購買價值 2,500 萬美元的設施；此外，我們還投入 720 萬美元的資金收購了一家新的區域回收企業，以支持我們長期的回收能力和目標。

For the second quarter, free cash flow was $1 million, an increase of $35 million year-over-year. Our capital allocation priorities remain the same as we previously communicated, primarily investing in our business, both organically and inorganically.

第二季自由現金流為 100 萬美元，比去年同期增加 3,500 萬美元。我們的資本配置重點仍與我們先前公佈的一致，主要是投資於我們的業務，包括有機成長和非有機成長。

Now let's turn to our outlook. For full year 2025, we are reaffirming our guidance with consolidated net sales between $1.52 billion to $1.55 billion, representing 5% to 8% year-over-year sales growth with consolidated adjusted EBITDA between $403 million to $418 million, representing an increase of 6% to 10% year-over-year.

現在讓我們來看看前景。對於 2025 年全年，我們重申先前的業績指引，預計合併淨銷售額將在 15.2 億美元至 15.5 億美元之間，同比增長 5% 至 8%；合併調整後 EBITDA 將在 4.03 億美元至 4.18 億美元之間，同比增長 6% 至 10%。

Since our last call, we have taken some modest pricing actions to offset the impact of tariffs on our internationally sourced materials and other increases in additive cost. For residential, our guidance for net sales of $1.452 billion to $1.479 billion, representing 6% to 8% year-over-year growth with adjusted EBITDA between $392 million and $406 million, representing approximately 7% to 11% year-over-year growth. Our planning assumption considers residential sell-through growth scenarios in the low single-digit to mid-single-digit range for the remainder of the fiscal year, while maintaining conservative channel inventory positioning.

自上次通話以來，我們採取了一些適度的價格調整措施，以抵消關稅對我們國際採購材料的影響以及其他添加劑成本的增加。對於住宅業務，我們預計淨銷售額為 14.52 億美元至 14.79 億美元，年增 6% 至 8%；調整後 EBITDA 為 3.92 億美元至 4.06 億美元，年成長約 7% 至 11%。我們的規劃假設認為，在本財年剩餘時間內，住宅銷售成長情境將保持在個位數低至個位數中段的水平，同時保持保守的通路庫存定位。

Once again, we have yet to see a slowdown in sell-through growth, but are acknowledging the macro uncertainty. A few other assumptions for fiscal 2025 to share include the following: we are expecting a capital expenditure range of $110 million to $120 million. The increase is driven by the $25 million opportunistic purchase of our Scranton PA facility we completed in our fiscal second quarter. We expect depreciation in the range of $98 million to $102 million, and finally, we are expecting an effective tax rate for the full year between 25% or 26%.

雖然我們尚未看到銷售成長放緩的跡象，但我們也意​​識到宏觀經濟的不確定性。關於 2025 財年的其他一些假設如下：我們預計資本支出範圍為 1.1 億美元至 1.2 億美元。這一增長主要得益於我們在第二財季完成的以 2500 萬美元收購了位於賓夕法尼亞州斯克蘭頓的工廠。我們預計折舊額在 9,800 萬美元至 1.02 億美元之間，最後，我們預計全年實際稅率在 25% 至 26% 之間。

For the second half of fiscal 2025, we expect net sales growth of 0% to 4% year-over-year on a consolidated basis and 0% to 5% year-over-year in the residential segment. Our planning assumptions consider residential sell-through growth scenarios in the low to mid-single-digit range year-over-year and normal inventory seasonality in the second half of our fiscal year. We expect to end the year with channel inventory levels once again below historical averages.

2025 財年下半年，我們預計合併淨銷售額將年增 0% 至 4%，住宅業務年增 0% 至 5%。我們的規劃假設考慮了住宅銷售成長情景，年增率在個位數低到中等水平，以及本財年下半年正常的庫存季節性。我們預計年底渠道庫存水準將再次低於歷史平均。

Adjusted EBITDA is expected to grow 1% to 8% year-over-year on a consolidated basis and adjusted EBITDA margin is expected to be in the range of 27.2% to 28%. To help with modeling recall, we will be lapping approximately $35 million of sales impact in the prior year from the timing of channel purchases ahead of the July 4 holiday into the third quarter of 2024, from the fourth quarter.

預計經調整的 EBITDA 將年增 1% 至 8%，經調整的 EBITDA 利潤率預計將在 27.2% 至 28% 之間。為了幫助建立召回模型，我們將把去年因 7 月 4 日假期前通路採購而產生的約 3500 萬美元的銷售額影響從第四季度推遲到 2024 年第三季度。

We expect fiscal third quarter consolidated net sales in the range of $413 million to $429 million. Consolidated adjusted EBITDA is expected to be between $115 million to $123 million, and adjusted EBITDA margin is expected to be in the range of 27.8% to 28.7%. Our residential segment guidance for the quarter is $396 million to $410 million in net sales, with segment adjusted EBITDA between $112 million to $119 million. We are assuming residential sell-through growth in the low single-digit to mid-single-digit range in the third quarter.

我們預計第三財季合併淨銷售額將在 4.13 億美元至 4.29 億美元之間。合併調整後 EBITDA 預計在 1.15 億美元至 1.23 億美元之間，調整後 EBITDA 利潤率預計在 27.8% 至 28.7% 之間。本季住宅業務部門的淨銷售額預計為 3.96 億美元至 4.1 億美元，部門調整後的 EBITDA 預計為 1.12 億美元至 1.19 億美元。我們預計第三季住宅銷售成長率將達到個位數低段至個位數中段。

We are expecting an effective tax rate of approximately 25% to 26%. Despite facing some macro uncertainty, we are well positioned to execute for the remainder of fiscal 2025 and beyond. 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.

我們預計實際稅率約為 25% 至 26%。儘管面臨一些宏觀經濟的不確定性，但我們已做好充分準備，在 2025 財年剩餘時間和以後順利開展業務。有關有助於模擬 2025 財年的更多規劃假設，請參閱我們在投資者關係網站上發布的補充收益簡報。

Now, I'll turn the call back to Jesse for some closing remarks.

現在，我將把電話轉回給傑西，請他做些總結發言。

Thanks, Ryan. Over the last 10 years through fiscal year 2024, we have delivered a 12% compounded annual growth rate in our residential segment with significant increases in profitability. We are incredibly excited about AZEK's future as we look to combine with James Hardie. Together, we will be able to provide a better value for our customers, grow the business faster and operate more efficiently, leading to greater shareholder value.

謝謝你，瑞恩。在過去 10 年（截至 2024 財年）中，我們的住宅業務實現了 12% 的複合年增長率，獲利能力也顯著提高。我們對 AZEK 的未來感到無比興奮，期待與 James Hardie 合併。攜手合作，我們將能夠為客戶提供更大的價值，更快地發展業務，更有效率地運營，從而為股東創造更大的價值。

Our focus has always been about building a great business that benefits our customers, our employees, and our shareholders and we are excited about the journey ahead. We have built a great company, and I know that the next phase will be even better.

我們一直專注於打造一家能夠惠及客戶、員工和股東的偉大企業，我們對未來的旅程充滿期待。我們已經建立了一家偉大的公司，我知道下一階段會更好。

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

接線員，請開啟提問頻道。

(Operator Instructions) Kevin Hughes (sic - "Keith Hughes"), Truist.

（操作說明）Kevin Hughes（原文如此 - “Keith Hughes”），Truist。

It's Keith Hughes from Truist. A question on the guide in the second half. You've got some low single-digit numbers out there. Can you talk about what you're expecting in Decking and Railing versus Exteriors in the second half?

他是 Truist 公司的 Keith Hughes。下半部分指南中的一個問題。你們那裡有一些個位數的低數字。您能否談談您對下半年甲板和欄桿與外牆裝飾的期望？

We're not giving specific guidance on that. I think as you look at in aggregate how we performed to date and how we performed in second quarter. Deck, Rail and Accessories has clearly been outgrowing Exteriors. And I think it comes down to the exposure difference between both geographic and end markets.

我們對此不作具體指導。我認為，從整體來看我們迄今為止的表現以及我們在第二季度的表現，應該可以看出一些問題。甲板、欄桿和配件業務顯然已經超越了外牆業務。我認為這歸根結底是由地理位置和終端市場之間的曝光度差異所造成的。

Okay. I just sneak one more in here on cost. There's been some talk of PVC prices going up. If you could talk about your cost bucket near term, what it looks like for the next several months?

好的。我再偷偷加一個進去，這樣成本就更低了。有傳言說PVC價格要上漲了。如果可以的話，請談談近期內的成本預算，未來幾個月的預算狀況如何？

Keith, by the way, we do know your name. So it's great to hear from you, Keith. But I think you were asking about the cost bucket, I think the way to think of our cost structure right now, and Ryan, please comment. But I think the general comment is things have been pretty steady in aggregate. There are some items that are being impacted by some supply chain things, call it additives and some of the small items that are impacted by tariffs.

順便說一句，基思，我們知道你的名字。很高興收到你的來信，基斯。但我認為你問的是成本分類，我認為這是我們目前思考成本結構的方式，Ryan，請發表一下看法。但我認為總體而言，情況一直相當穩定。有些商品受到供應鏈某些因素的影響，例如添加劑，還有一些小件商品受到關稅的影響。

And so we're seeing some modest inflation that we've offset through pricing.

因此，我們看到出現了一些溫和的通貨膨脹，但我們透過價格策略抵消了這些通貨膨脹的影響。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

This is Andrew on for Mike. I just wanted to ask in terms of how it relates to the expected sales synergies of the combined company, is there any additional color you can provide on the strategy knowing that it's a little early now. But of the integration of the teams and how the sales force will be organized?

這裡是安德魯，替麥克報道。我想問一下，就合併後公司預期的銷售綜效而言，您能否就該策略提供一些補充說明，雖然現在談論這個策略還為時過早。但是團隊整合以及銷售團隊的組織架構如何呢？

Yeah. As you point out, it's really early. So we're not prepared to talk about any specifics there. But here's what I would reaffirm, right, that we've talked about. I think, number one, we see significant sales synergies through the combination.

是的。正如你所指出的，現在確實還為時過早。所以我們目前不方便討論任何具體細節。但我想再次確認一下，我們已經討論過這些內容了。我認為，首先，合併將帶來顯著的銷售綜效。

And each business has a very, very good downstream sales force that's driving absolutely terrific activity. And so number one, the most important thing is as we go through this process is that we sustain our focus on our customers. And if you extrapolate that out, you should assume that there's going to be a fair amount of stability in the sales organization, stability with our distribution and a real focus on how we drive more material conversion.

而且每個企業都擁有一支非常非常優秀的下游銷售團隊，他們推動了非常出色的表現。因此，最重要的一點是，在這個過程中，我們必須始終關注我們的客戶。如果以此推斷，銷售組織將保持相當程度的穩定性，我們的分銷管道也將保持穩定，並且我們將真正專注於如何推動更多的材料轉換。

I think the second point is as, we've gotten into this, we're probably even more confident on some of the sales synergies. There's just a terrific opportunity in certain downstream segments to sell more to contractors and builders.

我認為第二點是，隨著我們深入研究，我們可能對某些銷售綜效更有信心了。在某些下游領域，向承包商和建築商銷售更多產品存在著巨大的商機。

I guess my second question is in terms of acquiring additional recycling assets, how much is that part of your focus going forward? And what does the environment look like for that? And what incremental cost reduction and recycling capacity do you expect to achieve from that?

我的第二個問題是，就收購更多回收資產而言，這在你們未來的發展中有多重要？那麼，這種環境下的環境是什麼樣的呢？您預計從中可以實現多少成本降低和回收能力提升？

Yeah. I think on the last call, we highlighted that from where we stood -- at that moment, we saw about an incremental $40 million as the next milestone of cost savings on our recycled journey. We're going to continue to invest both to meet our volumes, but also to have supply and regional supply to continue to realize that incremental cost savings.

是的。我認為在上次電話會議上，我們強調了當時的情況——我們認為，在回收的道路上，下一個成本節約里程碑將是增加約 4000 萬美元。我們將繼續投資，既要滿足銷售需求，也要確保供應和區域供應，從而繼續實現成本的逐步降低。

In terms of the specific acquisition we made, that's really setting us up for 2026 as there's lags as we qualify. We may see some benefit in '25, but that's really around a cost in this year that will benefit us in '26 as we localize our recycling around Boise.

就我們此次收購的具體情況而言，這實際上是在為我們2026年做好準備，因為我們在獲得資格認證的過程中存在一些滯後。我們或許會在 2025 年看到一些好處，但這實際上是今年的一筆成本，而這筆成本將在 2026 年使我們受益，因為我們將在博伊西附近進行本地化的回收。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

You've got Elizabeth Langan on for Matt today. I was just wondering if you could touch on what you're seeing across your retail and Pro channels. And if you could categorize the demand across each category and what you're seeing if there's any regions that have relative strength or weakness?

今天取代馬特的是伊莉莎白·蘭根。我只是想問您能否談談您在零售通路和專業通路方面觀察到的情況。如果您能將需求按類別分類，並說明您觀察到的情況，例如是否存在相對強勢或弱勢的地區？

Yeah, I'll ask Jon Skelly to take that. Go ahead, Jon.

好的，我會請喬恩·斯凱利來做這件事。請繼續，喬恩。

It's Jon, thanks. Yeah. So again, we are seeing growth across both categories. We continue to see slightly higher growth in the Pro channel versus retail channel. But within retail, again, we continue to see positive momentum from a point-of-sale perspective.

我是喬恩，謝謝。是的。所以，我們再次看到這兩個類別都在成長。我們持續看到專業通路的成長略高於零售通路。但就零售業而言，從銷售點角度來看，我們再次看到正面的成長動能。

Regionally, across the business, both in retail and the Pro channel, pretty good results across the US. A little bit of weakness, slight weakness in the North, Northeast, they were very severely impacted by weather early in the spring. We have seen a nice rebound in activity since some of that weather is cleared.

從區域上看，無論是零售通路還是專業管道，整個業務在美國都取得了相當不錯的成績。北部和東北部地區略顯疲軟，早春時節受天氣影響非常嚴重。隨著部分地區天氣轉晴，我們看到市場活動出現了良好的反彈。

And then I know that you've mentioned that tariffs are -- it's a pretty limited impact given that your supply chains are predominantly domestic. But would you be able to quantify that? What kind of -- what you are expecting? And if there's any in terms of the cadence of that impact through the back half of the year as well?

我知道您曾提到關稅的影響相當有限，因為您的供應鏈主要在國內。但你能量化這一點嗎？你期待的是哪種類型的？那麼，這種影響在下半年是否也會有持續的趨勢呢？

Yeah. With the current tariff exposure on an annualized basis, it's anywhere between $12 million and $15 million. We sourced roughly $100 million to $120 million outside the US. On our fiscal year, we kind of plan that as more of a $4 million to $6 million impact in the year, which we were able to price against with modest increases.

是的。以目前的關稅風險年化計算，損失在 1200 萬美元到 1500 萬美元之間。我們從美國以外籌集了大約 1 億至 1.2 億美元的資金。在我們的財政年度中，我們預計這將對一年產生 400 萬至 600 萬美元的影響，我們能夠透過適度的成長來估算成本。

Yeah. And we would expect that particular type of pricing will carry through into subsequent years to have us continue to offset any of those types of increases.

是的。我們預計這種定價方式將延續到未來幾年，以便我們繼續抵消任何此類成長。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

So I guess -- really, the question I have is, I was just hoping you could expanda little bit, Jesse, on just some of the customer reactions to the James Hardie and the AZEK combinations. If you could just kind of expand a little bit on what you're hearing from them and maybe some early maybe opportunities on the sales synergy side.

所以我想問的是——傑西，我其實是希望你能詳細說說顧客對 James Hardie 和 AZEK 組合的一些反應。如果您能稍微詳細地介紹一下您從他們那裡了解到的情況，以及在銷售協同效應方面可能存在的一些早期機會，那就太好了。

Yeah. I -- so I'm going to use -- my wife, Linda and I have done a number of remodels in the Midwest. And in those remodels, we have used general contractors. And think of them as they are the core contractors for James Hardie, right? They do exteriors, they do broad remodels, and those contractors are very familiar with James Hardie and in each of those instances, they were installing wood decks.

是的。所以我打算用我妻子琳達和我的例子來說，我們在美國中西部地區做過很多房屋改造。在這些改建工程中，我們都聘用了總承包商。把他們看作是 James Hardie 的核心承包商，對吧？他們承接外牆工程、大型改造工程，這些承包商都非常熟悉 James Hardie 產品，而且在所有這些案例中，他們都在安裝木製露台。

And because they were working with me and my wife's turned into one of our best salespeople, we had them move towards TimberTech and AZEK types of materials. Now that's an isolated incident. There are meaningful numbers of contractors that install siding that have communicated that they historically have either installed wood decks or an alternative decking material.

因為他們和我一起工作，而我的妻子也成為了我們最好的銷售人員之一，所以我們讓他們轉向 TimberTech 和 AZEK 類型的材料。這只是一起孤立事件。有相當數量的外牆安裝承包商表示，他們過去要么安裝木製露台，要么安裝其他露台材料。

And I would say that -- there's a very specific instance of a contractor that was installing Hardie that called us and said, hey, I'm a Hardie installer, I should be calling you because I was going to put a wood deck on this job, and it happens to be for a Hardie executive. And so we're starting to get those sorts of communications.

我想說的是——有一個非常具體的例子，一位安裝Hardie板材的承包商給我們打電話說，嘿，我是Hardie板材的安裝工，我應該給你們打電話，因為我打算在這個工程上安裝一個木製露台，而這個工程恰好是為Hardie公司的一位高管做的。因此，我們開始收到這類資訊。

And then the flip side is also true, where we have channel partners that are communicating to us that they're really excited about the combination. So a long-winded way of saying we are hearing directly from both contractors and channel partners on that.

另一方面，我們的通路夥伴也向我們表示，他們對此次合併感到非常興奮。簡而言之，我們直接從承包商和通路合作夥伴那裡了解到了這一點。

And Jon, do you want to elaborate any more?

喬恩，你還有什麼要詳細說明的嗎？

Yeah. I mean, Tim, we've obviously been visiting with customers across the country. And the feedback was, first off, you guys did a really nice job of keeping it quiet. We hadn't even thought about it. But now that it's been announced, it's obvious to us.

是的。我的意思是，提姆，我們顯然一直在拜訪全國各地的客戶。得到的回饋是，首先，你們在保密方面做得非常好。我們之前根本沒想過這個問題。但現在既然已經宣布了，對我們來說就顯而易見了。

So I think it's been really nice to see the validation from the point of view of the customer that they see the strategic combination benefits. It's obvious to them, they get it and they're excited to start working with us together.

所以我覺得很高興看到客戶認可了策略組合帶來的好處。他們很清楚這一點，他們明白了，並且很高興能和我們一起合作。

Okay. No, that's great. And then just on the sell-through side in the back half of the year, the low to mid-single digits, I mean I think that was probably a little bit softer than maybe what we saw last quarter. Is that preemptive in your mind?

好的。不，那太好了。然後，就下半年的銷售情況而言，只有個位數的低到中等水平，我的意思是，我認為這可能比我們上個季度看到的要疲軟一些。你覺得這是先發制人嗎？

Just trying tobake in a more volatile macro? Or is that something that you're actually seeing in the order book?

只是想加入一個波動性更大的宏？或者，這是你實際在訂單簿中看到的情況？

We are not seeing that. So as I said on the prepared remarks, think of it as high single digit year-to-date. April was double digit. We just think -- what we're trying to communicate is within our guide, you should -- we're assuming low to mid-single digits within our guide. Now we can go down even a bit below that, closer to zero sell-through and still be within the guide.

我們沒有看到這種情況。正如我在準備好的發言稿中所說，今年迄今的增幅應該在個位數以上。四月的氣溫是兩位數。我們只是認為——我們想傳達的訊息在我們的指南中，你應該——我們假設我們的指南中是低個位數到中等個位數。現在我們甚至可以把銷量降得更低一些，接近零，仍然在指導方針之內。

And so even though we're not seeing it, what we're trying to communicate is just the resilience of our guide. And we -- in order -- our sell-through is just an additive element to the underlying market. So all of our growth programs are intact, et cetera. The market would have to go negative in a decent way for us to have sell-through that goes negative. And so that's all it was.

所以，即使我們沒有親眼看到，我們想要傳達的也是我們嚮導的韌性。而我們——按順序來說——我們的銷售只是基礎市場的附加因素。因此，我們所有的成長計劃都完好無損，等等。只有當市場出現明顯下跌時，我們才能達到負的銷售轉換率。事情就是這樣。

It's not even preemptive. It's just giving you our assumptions. Now sell-through continues at the current rate, then we'll see where we end up. But we think it's prudent given the macro tolay out that if there is softening, our guide considers that.

這甚至不算先發制人。這只是在陳述我們的假設。如果銷售繼續保持目前的速度，那麼我們再看看最終結果如何。但考慮到宏觀經濟形勢，我們認為謹慎的做法是，如果出現疲軟跡象，我們的指南會考慮這一點。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

This is Maggie on for Phil. I guess, going off that last question about the sell-through, that guide against the sales guide for 0% to 5% sales growth in resi, maybe implies some additional inventory destocking from here, which inventories are already trending below historical levels.

這裡是瑪姬替菲爾發言。我猜，根據上一個關於銷售情況的問題，以及住宅銷售成長0%至5%的銷售指導，這可能意味著需要進一步減少庫存，而目前的庫存水準已經低於歷史水準。

So maybe if you could just talk about how the channel is positioning themselves on inventory at this point, particularly given some of the macro uncertainty out there?

那麼，您能否談談目前通路在庫存方面的定位，尤其是在當前宏觀經濟情勢不明朗的情況下？

Yeah. I think as we've said on the call, we have been conservative really over the last couple of years, but we work with our channel to make sure that we are appropriately staging inventory.

是的。我認為正如我們在電話會議上所說，過去幾年我們一直比較保守，但我們會與通路合作夥伴共同努力，確保庫存安排得當。

Jon, actually, do you want to touch upon that a little bit?

喬恩，你其實想稍微談談這個話題嗎？

Yeah, sure. So again, from our standpoint, we're in the -- we finished early by in a great position, and we've put a fair amount of inventory in the channel. And while we're currently seeing the strong sell-through that we commented on. Again, we always want to put ourselves in a position where we can provide great service without putting too much inventory in the channel.

當然可以。所以，從我們的角度來看，我們提前完成了任務，處於非常有利的位置，我們已經在渠道中投放了相當多的庫存。目前我們看到了我們之前提到的強勁銷售勢頭。再次強調，我們始終希望能夠提供優質的服務，同時又不會在通路中投入過多的庫存。

So with an outlook of -- that we shared with you, low to mid-single-digit sell-through if you operate under that assumption, we're going to be conservative on inventory levels and not have as much inventory in the channel as when we had double-digit sell-through.

因此，根據我們之前與你們分享的展望——如果按照這個假設來運營，銷售轉換率將處於個位數低到中等水平——我們將在庫存水平上保持保守，不會像銷售轉換率達到兩位數時那樣在渠道中保持大量的庫存。

Yeah. And so just one comment on your question. There's always seasonality in our business where we stage product and it flows through, et cetera. We are not seeing anything negative. There is not excess inventory in the channel. And even if we went down to zero sell-through or towards zero sell-through, all of our numbers account for a subhistorical amount of inventory in the channel.

是的。所以，關於你的問題，我只有一點要補充說明。我們的業務總是有季節性的，我們會對產品進行陳列，然後產品會流通等等。我們沒有看到任何負面情況。通路內沒有庫存過剩。即使我們的銷售量降至零或接近零，我們所有的數字都顯示通路中的庫存量處於歷史低點。

So I think it's important to note that we are including any inventory in all of our numbers. And so you don't have to worry that there's going to be another shoe to drop if things decelerate. So I think that's an important distinction. We're in a normalized below historical norm inventory level on channel.

所以我認為有必要指出，我們所有的數據都包含了庫存。所以，即使情況放緩，你也不必擔心還會出現其他問題。所以我認為這是一個重要的區別。目前渠道庫存水準已恢復正常，低於歷史平均。

Okay. Great. That's really helpful. And then I guess my second question, you've been seeing a lot of progress on your recycling targets. Maybe you could talk about the opportunity out there being part of a larger organization to expand or accelerate those efforts and how you're thinking about the related margin opportunity there?

好的。偉大的。這真的很有幫助。那麼，我的第二個問題是，你們在實現回收目標方面取得了很大進展。或許您可以談談加入更大的組織後，有哪些機會可以擴大或加速這些工作，以及您如何看待相關的利潤空間？

Yeah. What I would say is, we've laid out cost targets as part of the merger. It considers a bit of SG&A optimization. It also considers the opportunity we're going to have just in terms of logistics and supply chain. I would say in our planning assumptions, we don't really have incrementally increased benefit from recycle above and beyond what we had in our plan.

是的。我想說的是，我們在合併過程中訂定了成本目標。它考慮了一些銷售、一般及行政費用優化。它還考慮到了我們在物流和供應鏈方面將面臨的機會。我認為，根據我們的規劃假設，除了我們計劃中已有的收益之外，回收並沒有帶來額外的收益。

Now having said that, I think that's going to be an interesting thing as we move into the future. At a minimum, it's going to be a customer value as one of the best recycle streams we have is vinyl PVC siding.

話雖如此，我認為隨著我們邁向未來，這將是一件有趣的事情。至少，這將為客戶帶來價值，因為我們最好的回收來源之一就是PVC壁板。

And so insomuch as there is repair and remodel that removes that product, and that's part of the channel relationships that James Hardie has, I think that will be a terrific sustainability opportunity and a terrific opportunity for us to really do the right thing for the environment. I'm not sure at this point that there would be a financial benefit to that.

因此，如果維修和改造工程需要使用該產品，而這正是 James Hardie 通路關係的一部分，我認為這將是一個絕佳的可持續發展機會，也是一個讓我們真正為環境做正確事情的絕佳機會。目前我還不確定這樣做是否會有經濟上的好處。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

This is Charles Perron on for Susan. And congrats on a strong quarter. First, I want to ask a little bit about the low to mid-single-digit sellout assumptions for the back half. Can you talk about how do you expect this to compare to the broader R&R market?

這裡是查爾斯‧佩隆，為您報道蘇珊。恭喜你們本季業績出色。首先，我想問一下關於下半年門票售罄率預計在個位數低到中等水平的假設。您能否談談您認為這與更廣泛的研發市場相比有何異同？

And then when you consider your long-term outlook for double-digit annual net sales growth over the coming years, can you talk about your confidence to achieve this even if the R&R markets remains tepid, considering the organic initiatives and the potential benefit from the merger?

那麼，考慮到未來幾年兩位數年度淨銷售額成長的長期前景，即使R&R市場依然疲軟，考慮到有機成長舉措和合併帶來的潛在好處，您能否談談您實現這一目標的信心？

Yeah. So let me reiterate, we are not saying that sell-through is going to decline. What we are doing is giving you the modeling capability to assume some slowdown, right? And I think it's important that our guide is contemplating, and it's really a guide that's low single-digit to mid-single-digit sell-through, which is different than what we've seen. Now relative to the R&R markets overall, we had assumed a flat R&R market really for the last two years.

是的。所以讓我重申一遍，我們並不是說銷售率會下降。我們正在做的，是賦予你們建模能力，讓你們能夠假設出現某種程度的速度下降，對吧？我認為重要的是，我們的指南正在思考，而且它實際上是一份銷售率只有個位數低到個位數中段的指南，這與我們之前看到的有所不同。就整個 R&R 市場而言，我們過去兩年一直認為 R&R 市場保持穩定。

And last year, we grew 12%, and this year, our guide is in the mid- to high single-digit range. And what that adds up to is, once again, what we're guiding you to is give or take, 7 percentage points over the underlying R&R market. And once again, we delivered more than that last year. So our target is always double digits over the underlying R&R market. When we go off for our guide, we assume that it will be 7%.

去年我們成長了 12%，今年，我們的預期成長幅度在個位數中高段位。而最終的結果，正如我們再次引導您看到的，大約比基礎 R&R 市場高出 7 個百分點。而去年，我們又取得了比這更好的成績。因此，我們的目標始終是比基礎研發市場高出兩位數。當我們出發尋找嚮導時，我們假設它是 7%。

So in other words, if you go to that, if we're assuming only 2% sell-through in the back half, that would mean the R&R markets would need to decline, give or take, 5% on a year-over-year basis. So that's the simple math there.

換句話說，如果按照這個規律，假設下半年的銷售率只有 2%，那就意味著 R&R 市場需要年減 5% 左右。這就是簡單的數學計算。

And then in terms of the confidence moving forward, we've had three years of a flat to declining R&R market. You can take a look at our growth stack during that time. As we move into next year, we certainly feel, if anything, even better on a stand-alone basis than we have in the past given the new products we've launched.

至於未來的信心，我們已經經歷了三年的停滯不前甚至下滑的R&R市場。屆時您可以查看我們的成長技術棧。展望明年，鑑於我們推出的新產品，我們感覺，即便沒有其他變化，我們目前的獨立營運狀況也比以往更好。

And then if you add to that, the potential synergy that we get through a combination, we -- there's certainly scenarios where we are meaningfully higher than where we are now relative to our overall growth rate. So hopefully, that answers your question.

再加上合併可能帶來的協同效應，我們——肯定存在這樣的情況：相對於我們的整體成長率而言，我們的水平會顯著高於現在的水平。希望這能解答你的疑問。

It does. And then second, it was great to see the continued success from channel expansion and new product. Can you maybe expand on those channel wins and the adoption of new products across both retail and wholesale through the quarter?

確實如此。其次，很高興看到通路拓展和新產品推出後持續成功。您能否詳細介紹本季在通路拓展以及零售和批發通路新產品推廣方面的進展？

And given the macro uncertainty, are you seeing shift in the tone from channel partners about their willingness to ramp on inventory into the seasonally stronger part of the season for the new products?

鑑於宏觀經濟的不確定性，您是否注意到通路合作夥伴在新產品銷售旺季期間增加庫存的意願發生了變化？

This is Jon. I think that was three questions with one, but I'll try. So I think the first question, from a shelf space gain and channel perspective, as I mentioned earlier, we had a highly successful early buy period where we achieved additional shelf space gains as we've talked about before. And our new partnership with Capital lumber continues to pay dividends. We've had a really great start with that new channel partner, and we're seeing the benefits of that.

這是喬恩。我想那是三個問題，但我會盡力回答。所以我認為第一個問題，從貨架空間增加和管道的角度來看，正如我之前提到的，我們早期採購期非常成功，我們獲得了額外的貨架空間，正如我們之前討論過的那樣。我們與 Capital Lumber 的新合作關係持續帶來效益。我們與這家新的通路夥伴的合作開局非常順利，我們已經看到了它帶來的好處。

From a new product perspective, very well received. Again, we launched -- as a reminder, we launched new rail products as well as some new decking products. We're currently ahead of our expectations in terms of the launch of those products.

從新產品的角度來看，反應非常好。再次提醒大家，我們推出了新的鐵路產品以及一些新的甲板產品。目前，這些產品的上市進度已經超出了我們的預期。

(Operator Instructions) Ryan Merkel, William Blair.

（操作說明）瑞安·默克爾，威廉·布萊爾。

I wanted to dig in a little bit on the 3Q revenue guide. It's coming in a little bit below the Street and down year-over-year, but I think that's because of the $35 million last year as a comp issue. But just to put some context to it, because April is up double digits, the sell-through is low single digits to mid-single digits, but you're guiding down 3% roughly year-over-year. So just help us a little bit with that.

我想深入探討第三季營收預期。雖然略低於華爾街的預期，也低於去年同期，但我認為這是因為去年同期有 3,500 萬美元的比較基數效應。但為了提供一些背景信息，雖然 4 月份的銷售額增長了兩位數，但銷售轉換率卻只有個位數到個位數中段，而你們的業績預期卻同比下降了大約 3%。所以，請您稍微幫我們一下忙。

Yeah. And Ryan can chime in, too. I think you've hit it on the head. It's just timing of when product ships, right? So last year, we had -- the way July 4 fell a little bit more shipped into the third quarter, this year, a little less will ship into the third quarter and will be in the fourth quarter. So I think it's important to look at our guide as a back half guide.

是的。瑞恩也可以發表意見。我覺得你說得太對了。這只是產品出貨時間的問題，對吧？所以去年，由於 7 月 4 日的到來，一些貨物的發貨量會略微推遲到第三季度；而今年，一些貨物的發貨量會略微推遲到第三季度，部分貨物的發貨量會推遲到第四季度。所以我認為，把我們的指南看成是下半程的指南是很有必要的。

And once again, there's staging of inventory, there's drawdown of inventory, which is normally how this business operates. But in general, I think you answered your own question, which is it's really the timing of when the product ships.

再次強調，庫存有儲備，庫存有消耗，這通常是該業務的運作方式。但總的來說，我認為你已經回答了自己的問題，那就是真正重要的是產品出貨的時間。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

It's Chris on for Mike. It sounds like demand trends have remained pretty solid quarter-to-date, but is there an -- is there anything notable you could point out on the mix front? Are you seeing any pressures there emerge? And if I could sneak just a quick follow-up, the contractor backlogs, where are they at today?

克里斯代替麥克上場。聽起來本季至今的需求趨勢一直相當穩健，但是－在產品組合方面，您有什麼值得注意的地方可以指出嗎？你觀察到那裡出現任何壓力嗎？如果我能順便問一下，承包商的積壓工作目前進展如何？

Yeah. I mean, I'll take it quickly. We've continued to operate with a pretty consistent mix. There's nothing meaningful shifting there. And then contractor backlogs were steady with our last survey. In fact, they may have creeped up just a little bit, but in general, they're pretty much right on where we would expect them to be at seven weeks.

是的。我的意思是，我會盡快拿走。我們一直保持著相當穩定的產品組合。那裡並沒有什麼實質的改變。根據我們上次的調查，承包商的積壓訂單數量保持穩定。事實上，它們可能略微上升了一點，但總的來說，它們基本上符合我們對七週時預期的位置。

Reuben Garner, Benchmark.

Reuben Garner，基準。

I wanted to ask about your concerns about affordability in the context of some of the other components that go into a deck, whether it be the substructure or some of the hardware that comes from overseas. Is that -- how big of a concern would significant price increases in those portions of the deck be for you guys, I guess?

我想問您對價格方面的擔憂，以及露台的其他一些組成部分，例如地基結構或一些來自海外的硬體。我想問的是──對你們來說，甲板上這些部分的價格大幅上漲會有多大的影響？

Yeah. So you hit on the right products in terms of where we're feeling the tariff impact. And as Jesse mentioned earlier, we've taken price in certain areas to offset some of that pressure. What we have done in certain situations is not taken -- in certain product lines, not taken the full amount of the tariff increase to remain competitive, while trying to offset in other areas.

是的。所以，就我們感受到關稅影響的領域而言，你提到的產品正是我們所需要的。正如傑西之前提到的，我們已經在某些領域採取了降價措施來抵消部分壓力。在某些情況下，我們採取的措施是——在某些產品線上，為了保持競爭力，我們沒有全額承擔關稅成長，而是試圖在其他領域進行抵銷。

Yeah. And I would just say, in general, the way the tariffs are falling right now, and there are certain exemptions without being specific. In general, for our types of jobs with the exception of certain rail products that are imported from certain countries, in general, I don't know that there's been a large impact from tariffs in our types of jobs.

是的。我只想說，總的來說，目前的關稅正在下降，而且有一些例外情況，但我不能具體說明。總的來說，除了從某些國家進口的某些鐵路產品外，對於我們這類工作而言，我認為關稅並沒有對我們這類工作產生很大的影響。

And ladies and gentlemen, that will close out our Q&A session for today. I'd like to turn it back over to Jesse for any closing comments.

女士們、先生們，今天的問答環節就到此結束了。我想把發言權交還給傑西，讓他做最後的總結發言。

Yeah. I want to take a moment to thank all of our shareholders and analysts that have worked over the years to understand our business and to be great partners. We, as management, rarely compliment our shareholders and our analysts, but I think I can speak for the team by saying our analyst community and our shareholders have really impressed us and impressed us with their and your professionalism. And it's been really good to see your understanding of the business.

是的。我想藉此機會感謝所有股東和分析師，感謝他們多年來為了解我們的業務所做的努力，並成為我們優秀的合作夥伴。作為管理層，我們很少稱讚股東和分析師，但我認為我可以代表團隊說，我們的分析師群體和股東真的給我們留下了深刻的印象，他們的專業精神給我們留下了深刻的印象。很高興看到你對業務的理解。

As always, I'd like to thank our partners and customers for their trust and support. And once again, I'd like to thank the AZEK team for being the best team in the industry and for working incredibly hard and always doing the right thing and putting our customers first.

一如既往，我要感謝我們的合作夥伴和客戶給予的信任和支持。我再次感謝 AZEK 團隊，他們是業界最優秀的團隊，他們工作非常努力，始終堅持做正確的事，把客戶放在第一位。

Thanks again to all of you for joining us, and we appreciate your continued support of AZEK. Take care. Thanks.

再次感謝各位的參與，我們感謝你們對 AZEK 的持續支持。小心。謝謝。