Boise Cascade Co (BCC) 2023 Q1 法說會逐字稿

Good morning. My name is Michelle, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Boise Cascade's First Quarter 2023 Earnings Conference Call. (Operator Instructions) It is now my pleasure to introduce you to Kelly Hibbs, Senior Vice President, CFO and Treasurer, Boise Cascade. Mr. Hibbs, you may begin your conference.

早上好。我叫米歇爾，今天我將擔任你們的會議主持人。此時，我想歡迎大家參加博伊西卡斯卡特 2023 年第一季度收益電話會議。 （操作員說明）現在我很高興向您介紹 Boise Cascade 高級副總裁、首席財務官兼財務主管 Kelly Hibbs。希布斯先生，您可以開始您的會議了。

Thank you, Michelle, and good morning, everyone. I would like to welcome you to Boise Cascade's First Quarter 2023 Earnings Call and Business Update. Joining me on today's call are Nate Jorgensen, our CEO; Mike Brown, Head of our Wood Products Operations; and Jeff Strom, Head of our Building Materials Distribution Operations.

謝謝你，米歇爾，大家早上好。歡迎您參加 Boise Cascade 的 2023 年第一季度收益電話會議和業務更新。與我一起參加今天電話會議的還有我們的首席執行官內特·喬根森 (Nate Jorgensen)； Mike Brown，我們的木製品業務主管；和 Jeff Strom，我們的建築材料分銷業務主管。

Turning to Slide 2. This call will contain forward-looking statements. Please review the warning statements in our press release, on the presentation slides and in our filings with the SEC regarding the risks associated with these forward-looking statements. Also, please note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income to segment EBITDA. I will now turn the call over to Nate.

轉到幻燈片 2。此電話會議將包含前瞻性陳述。請查看我們的新聞稿、演示幻燈片以及我們提交給美國證券交易委員會的文件中關於與這些前瞻性陳述相關的風險的警告聲明。另外，請注意，附錄包括從我們的 GAAP 淨收入到 EBITDA 以及調整後的 EBITDA 和分部收入到分部 EBITDA 的調節。我現在將把電話轉給內特。

Thanks, Kelly. Good morning, everyone. Thank you for joining its earnings call today. I'm on Slide 3. Both of our businesses delivered solid financial results despite the expected weaker environment from lower single-family housing starts and commodity product pricing. Total U.S. housing starts declined 18%, driven by a decrease in single-family housing starts at 29% compared to the prior year quarter.

謝謝，凱利。大家，早安。感謝您參加今天的財報電話會議。我在幻燈片 3 上。儘管單戶住宅開工率和大宗商品定價較低導致預期環境疲軟，但我們的兩家企業都實現了穩健的財務業績。美國新屋開工總量下降 18%，原因是單戶住宅開工率較上年同期下降 29%。

Our consolidated first quarter sales of $1.5 billion were down 34% from first quarter 2022. Our net income was $96.7 million or $2.43 per share compared to net income of $302.6 million or $7.61 per share in the year ago quarter. Wood Products reported segment EBITDA of $93.2 million in the first quarter compared to $203.8 million in the year ago quarter. Wood Products team delivered very good financial results in an environment that requires thoughtful management of production levels given the uncertainties relative to demand.

我們第一季度的綜合銷售額為 15 億美元，比 2022 年第一季度下降了 34%。我們的淨收入為 9670 萬美元或每股 2.43 美元，而去年同期的淨收入為 3.026 億美元或每股 7.61 美元。木製品部門第一季度的 EBITDA 為 9320 萬美元，而去年同期為 2.038 億美元。鑑於需求的不確定性，木製品團隊在需要對生產水平進行周到管理的環境中取得了非常好的財務業績。

Building Materials Distribution reported segment EBITDA of $76.8 million on sales of $1.4 billion for the first quarter compared to $232.5 million of segment EBITDA on sales to $2.1 billion in the comparative prior year quarter. BMD was negatively impacted by significantly lower commodity pricing and also experienced lower sales volumes compared to the prior year quarter due to a decline in housing starts. However, demand for 2-step distribution remains healthy.

建築材料分銷部門報告稱，第一季度銷售額為 14 億美元的部門 EBITDA 為 7680 萬美元，而去年同期的銷售額為 21 億美元，部門 EBITDA 為 2.325 億美元。 BMD 受到大宗商品價格大幅下跌的負面影響，並且由於房屋開工率下降，銷量也低於去年同期。然而，對兩步分銷的需求依然健康。

Our ability to provide next-day service on a range of products and services provides value to our customers as we collectively partner to manage volume and price risk during periods of market uncertainty. Kelly will now walk through the financial results in more detail and provide an update on capital allocation after which I'll provide our outlook before we take your questions. Kelly?

我們能夠為一系列產品和服務提供次日達服務，這為我們的客戶提供了價值，因為我們在市場不確定時期共同合作管理數量和價格風險。凱利現在將更詳細地介紹財務結果，並提供有關資本配置的最新信息，之後我將在回答您的問題之前提供我們的展望。凱莉？

Thanks, Nate. Wood Product sales in the first quarter, including sales to our distribution segment, were $437.4 million compared to $558.9 million in first quarter 2022. As Nate mentioned, Wood Products reported segment EBITDA of $93.2 million, down from EBITDA of $203.8 million in the year ago quarter. The decrease in segment EBITDA was due primarily to lower plywood sales prices, lower EWP sales volumes and higher per unit conversion costs.

謝謝，內特。第一季度木製品銷售額為 4.374 億美元，包括對我們分銷部門的銷售額，而 2022 年第一季度為 5.589 億美元。正如 Nate 所提到的，木製品部門報告的 EBITDA 為 9320 萬美元，低於去年同期的 2.038 億美元四分之一。分部 EBITDA 的減少主要是由於膠合板銷售價格下降、EWP 銷量下降以及單位轉換成本上升。

These decreases were offset partially by higher EWP sales prices, higher plywood sales volumes and lower OSB costs used in the manufacture of I-joist. BMD sales in the quarter were $1.4 billion, down 35% from first quarter 2022. BMD reported segment EBITDA of $76.8 million in the first quarter compared to segment EBITDA of $232.5 million in the prior year quarter. The decrease in segment EBITDA was driven by a gross margin decrease of $177.3 million, resulting primarily from lower margins on commodity products and lower sales volumes across product lines, offset partially by decreased selling and distribution expenses of $20.3 million.

這些下降部分被更高的 EWP 銷售價格、更高的膠合板銷量和更低的用於製造工字托樑的 OSB 成本所抵消。 BMD 本季度的銷售額為 14 億美元，比 2022 年第一季度下降 35%。BMD 報告稱，第一季度該部門的 EBITDA 為 7680 萬美元，而去年同期該部門的 EBITDA 為 2.325 億美元。分部 EBITDA 的下降是由於毛利率下降 1.773 億美元，這主要是由於大宗商品利潤率下降和各產品線銷量下降，部分被銷售和分銷費用下降 2030 萬美元所抵消。

Turning to Slide 5. Our first quarter sales volumes for I-joists and LVL were down 41% and 22%, respectively, on a year-over-year basis. On a sequential basis, volumes increased by 28% and 15%, a favorable result when compared to new single-family housing starts data. Pricing in the first quarter for I-joists and LVL were down 15% and 9%, respectively, on a sequential basis.

轉到幻燈片 5。我們第一季度的工字托樑和 LVL 銷量同比分別下降了 41% 和 22%。按順序計算，交易量分別增長了 28% 和 15%，與新的單戶住宅開工數據相比，這是一個有利的結果。第一季度工字托樑和 LVL 的定價分別環比下降 15% 和 9%。

Looking forward to second quarter, we are experiencing good seasonal momentum and currently expect both I-joist and LVL volumes to be higher on a sequential basis. New single-family starts will continue to be an important demand driver for EWP volumes with I-joists also impacted by product substitutes and construction methods in certain geographies that reduce the wood floor opportunity.

展望第二季度，我們正在經歷良好的季節性勢頭，目前預計 I-joist 和 LVL 的銷量將環比上升。新的單戶住宅開工將繼續成為 EWP 數量的重要需求驅動力，工字托樑也受到某些地區產品替代品和施工方法的影響，減少了木地板的機會。

We continue to experience pricing pressures for EWP, and we expect further EWP price declines in the second quarter, although at slower rates of decline than experienced in the first quarter.

我們繼續承受 EWP 的定價壓力，我們預計第二季度 EWP 價格將進一步下降，儘管下降速度低於第一季度。

Turning to Slide 6. Our first quarter plywood sales volumes in Wood Products was 406 million feet compared to 317 million feet in first quarter 2022. The increase in plywood sales volumes was partially attributed to the acquisition of the Chapman, Alabama and Havana, Florida mills in July of last year. In addition, less demand for veneer from our EWP operations resulted in more plywood production from our legacy plywood facilities.

轉到幻燈片 6。我們第一季度木製品膠合板銷量為 4.06 億英尺，而 2022 年第一季度為 3.17 億英尺。膠合板銷量的增長部分歸因於收購阿拉巴馬州查普曼和佛羅里達州哈瓦那的工廠去年七月。此外，我們的 EWP 業務對單板的需求減少導致我們的舊膠合板設施生產更多的膠合板。

The $367 per 1,000 average plywood net sales price in first quarter was down 47% from first quarter of 2022 and down 7% sequentially. Thus far, in the second quarter of 2023, plywood price realizations are flat compared to our first quarter average.

第一季度每 1,000 塊膠合板的平均淨銷售價格為 367 美元，比 2022 年第一季度下降 47%，環比下降 7%。到目前為止，在 2023 年第二季度，膠合板價格實現與我們第一季度的平均水平持平。

Moving to Slide 7 and 8. BMD's first quarter sales were $1.4 billion, down 35% from first quarter 2022, driven by sales price and sales volume decreases of 20% and 15%, respectively. By product line, commodity sales decreased 50%. General line product sales decreased 13% and sales of EWP decreased 24%.

轉到幻燈片 7 和 8。BMD 第一季度銷售額為 14 億美元，比 2022 年第一季度下降 35%，這是受銷售價格和銷量分別下降 20% 和 15% 的推動。按產品線劃分，商品銷售額下降了 50%。通用系列產品銷售額下降 13%，EWP 銷售額下降 24%。

The gross margin percentage for BMD was 14.8%, down 320 basis points from the 18% reported in the first quarter of 2022. BMD's EBITDA margin was 5.6% for the quarter, down from the 11% reported in the year ago quarter.

BMD 的毛利率為 14.8%，比 2022 年第一季度報告的 18% 下降了 320 個基點。BMD 本季度的 EBITDA 利潤率為 5.6%，低於去年同期報告的 11%。

Looking forward, BMD sales pace thus far in second quarter 2023 is seasonally stronger with our daily average sales pace up low double digits from first quarter levels. The continued flat pricing environment for commodity products when coupled with price erosion risks on other products, will limit margin expansion opportunities, however, we fully expect BMD to continue to execute at a high level and deliver solid financial results.

展望未來，2023 年第二季度迄今為止的 BMD 銷售速度季節性更強，我們的日均銷售速度比第一季度水平低兩位數。大宗商品價格持續持平的環境加上其他產品的價格侵蝕風險，將限制利潤率擴張的機會，但是，我們完全預計 BMD 將繼續保持高水平並提供穩健的財務業績。

Moving to Slides 9 and 10. These slides show the generally flat environment for lumber and panel pricing during first quarter 2023 compared with noticeable increases for the majority of the prior year quarter. For further context, year-over-year average deposit lumber and panel prices have declined by more than 50%.

轉到幻燈片 9 和 10。這些幻燈片顯示了 2023 年第一季度木材和麵板定價環境總體平穩，而去年同期的大部分時間都出現了顯著增長。就進一步的情況而言，平均存款木材和麵板價格同比下降了 50% 以上。

As previously referenced, this sharp price deflation has meaningful impacts on the portion of our sales related to commodity products. Future commodity products pricing may be volatile, but within tighter ranges than seen in recent years as the industry attempts to adjust supply to levels needed to support an uncertain near-term demand environment.

如前所述，這種急劇的價格通縮對我們與商品產品相關的銷售部分產生了重大影響。未來的大宗商品價格可能會波動，但與近年來相比，價格波動範圍更窄，因為該行業試圖將供應調整到支持不確定的近期需求環境所需的水平。

I'm now on Slide 11. We had capital expenditures of $30 million in the first quarter with $7 million of spending in Wood Products and $23 million of spending in BMD. In BMD, our capital expenditures included the previously announced purchase of a new facility to house an additional door shop in Kansas City, Missouri, which we expect to be operational in late second quarter of this year.

我現在在幻燈片 11 上。第一季度我們的資本支出為 3000 萬美元，其中木材產品支出為 700 萬美元，BMD 支出為 2300 萬美元。在 BMD，我們的資本支出包括之前宣布的購買新設施以在密蘇里州堪薩斯城開設一家額外的門店，我們預計該設施將於今年第二季度末投入運營。

Our capital spending range for 2023 remains $120 million to $140 million, which includes the continuation of our multiyear capacity expansion projects in EWP and further investment in BMD organic growth projects. As we've noted before, supply chain challenges and availability of engineering and construction resources will influence our ability to execute on these levels of capital expenditures.

我們 2023 年的資本支出範圍仍為 1.2 億美元至 1.4 億美元，其中包括我們在 EWP 的多年產能擴張項目的延續以及對 BMD 有機增長項目的進一步投資。正如我們之前所指出的，供應鏈挑戰以及工程和施工資源的可用性將影響我們執行這些資本支出水平的能力。

In addition, our balance sheet allows us the ability to pursue additional growth organically or via M&A. Speaking to shareholder returns, we paid $8 million in regular dividends to shareholders in the first quarter. And yesterday, our Board approved a quarterly dividend of $0.15 per share as well as a special dividend of $3 per share, both payable on June 15.

此外，我們的資產負債表使我們能夠通過有機或併購實現額外增長。談到股東回報，我們在第一季度向股東支付了 800 萬美元的定期股息。昨天，我們的董事會批准了每股 0.15 美元的季度股息和每股 3 美元的特別股息，均於 6 月 15 日支付。

We have no near-term debt maturities and had total available liquidity at March 31 of approximately $1.4 billion, which reflects our cash and availability under our committed bank line. After payment of our second quarter dividends, which will total approximately $125 million, our balance sheet will remain very strong and our balanced approach to capital allocation is unchanged. We will continue to invest in our existing asset base and organic growth projects, pursue M&A that aligns with our strategy, remain committed to our fixed dividend through the business cycle and return additional capital to shareholders as appropriate via special dividends or share repurchases.

我們沒有短期債務到期，截至 3 月 31 日的可用流動資金總額約為 14 億美元，這反映了我們承諾的銀行額度下的現金和可用性。在支付總計約 1.25 億美元的第二季度股息後，我們的資產負債表將保持非常強勁，我們平衡的資本配置方法也不會改變。我們將繼續投資於我們現有的資產基礎和有機增長項目，進行符合我們戰略的併購，在整個商業周期中繼續致力於我們的固定股息，並通過特別股息或股票回購酌情向股東返還額外資本。

I will turn it back over to Nate to discuss our business outlook.

我會把它轉回給 Nate 來討論我們的業務前景。

Thanks, Kelly. I'm on Slide #12. Housing starts in March 2023 were approximately 1.42 million housing on a seasonal adjusted annual rate basis as reported by the U.S. Census Bureau. In addition, mortgage rates have declined from peak levels in late 2022 and measures of builder sentiment have improved from fourth quarter 2022 levels.

謝謝，凱利。我在幻燈片 #12 上。根據美國人口普查局的報告，2023 年 3 月的新屋開工數量約為 142 萬套，按季節性調整後的年率計算。此外，抵押貸款利率已從 2022 年底的峰值水平下降，建築商情緒指標較 2022 年第四季度水平有所改善。

However, home affordability remains a challenge for consumers and the Federal Reserve's ongoing actions in response to inflationary data and what impacts these actions have on future mortgage rates and the broader economy will influence the near-term demand environment.

然而，住房負擔能力仍然是消費者面臨的挑戰，美聯儲針對通脹數據採取的持續行動以及這些行動對未來抵押貸款利率和更廣泛經濟的影響將影響近期需求環境。

Uncertainty in the full year outlook for 2023 is reflected in various industry forecasts for 2023 U.S. housing starts, which generally range from 1.2 million to 1.4 million housing start units compared with actual housing starts of 1.55 million in 2022 as reported by the U.S. Census Bureau. Despite the near-term uncertainty, we believe the longer-term demand drivers for new residential construction continue to be favorable, supported by strong demographic trends and an underbuilt housing stock.

2023 年全年前景的不確定性反映在對 2023 年美國房屋開工的各種行業預測中，與美國人口普查局報告的 2022 年實際房屋開工量為 155 萬套相比，這些預測通常在 120 萬至 140 萬套之間。儘管近期存在不確定性，但我們認為，在強勁的人口趨勢和建造不足的住房存量的支持下，新住宅建設的長期需求驅動因素仍然有利。

Regarding home improvement spending, the age of U.S. housing stock and elevated levels of homeowner equity have provided a favorable backdrop of repair and remodel spending. However, industry forecasts project continued moderation in year-over-year growth in renovation spending and economic uncertainty may also negatively impact homeowners further investment in the residences.

關於家居裝修支出，美國住房存量的年齡和房主資產水平的提高為維修和改造支出提供了有利的背景。然而，行業預測預計裝修支出的同比增長將持續放緩，經濟不確定性也可能對房主進一步投資住宅產生負面影響。

In Wood Products, we are focused on continuing to execute on our targeted investments to expand our EWP capacity in the Southeast U.S. The near-term weakness in new residential construction does not detract from our conviction to grow EWP capacity. We will also closely monitor the changing housing market landscape and maintain the flexibility to adjust production levels as appropriate to meet sales demand. B&B continues with a steady execution of organic growth.

在木製品方面，我們專注於繼續執行我們的目標投資，以擴大我們在美國東南部的 EWP 產能。新住宅建設的近期疲軟並沒有削弱我們增加 EWP 產能的信念。我們也會密切留意不斷變化的房地產市場格局，並保持靈活性，適時調整生產水平以滿足銷售需求。 B&B 繼續穩步執行有機增長。

For example, our brownfield project in Walton, Kentucky is operational. We expect a late second quarter start-up in our new door assembly operation in Kansas City and our greenfield expansion in Marion, Ohio should be complete and functional by the end of this year.

例如，我們在肯塔基州沃爾頓的棕地項目正在運營。我們預計我們在堪薩斯城的新門裝配業務和我們在俄亥俄州馬里恩的綠地擴建將在第二季度末啟動，並在今年年底前完成並投入使用。

Our new distribution centers planned in Hondo, Texas and Walterboro, South Carolina are further on the horizon, and we remain well positioned to continue our pursuit of additional organic growth and M&A growth opportunities. BMD's approach and consistency in the marketplace remains unchanged. We'll continue to prudently manage our inventory levels and price risk, while at the same time, not sacrificing our service commitment to our vendor and customer partners. Lastly, I want to express my gratitude to our associates whose proven strength and resilience when coupled with our effectiveness of our business model has allowed us to continue to deliver solid financial results despite the weaker environment. Thank you for joining us today and your continued support and interest in Boise Cascade. We welcome any questions at this time. Michelle, would you please open the phone lines?

我們計劃在得克薩斯州洪多和南卡羅來納州沃爾特伯勒設立的新配送中心即將建成，我們仍然處於有利地位，可以繼續尋求更多的有機增長和併購增長機會。 BMD 在市場上的方法和一致性保持不變。我們將繼續謹慎地管理我們的庫存水平和價格風險，同時不會犧牲我們對供應商和客戶合作夥伴的服務承諾。最後，我想對我們的同事表示感謝，他們證明了實力和韌性，再加上我們商業模式的有效性，使我們能夠在環境疲軟的情況下繼續提供穩健的財務業績。感謝您今天加入我們，感謝您對 Boise Cascade 的持續支持和興趣。我們歡迎此時提出任何問題。米歇爾，請你打開電話線好嗎？

(Operator Instructions) The first question comes from Kurt Yinger with D.A. Davidson.

（操作員說明）第一個問題來自 D.A. 的 Kurt Yinger。戴維森。

I just wanted to start off on BMD as you -- sorry about that. As you look at the volume down 20% in Q1, is your view that that's really just end market demand? Or were there any kind of lingering destocking impacts in certain areas? And then second, you talked about kind of the reasons it might be difficult to generate margin expansion versus Q1. But is there anything that's working against you? Or are you seeing any normalization in certain product categories that would make it worse?

我只是想像你一樣從 BMD 開始——對此感到抱歉。當您看到第一季度銷量下降 20% 時，您認為這真的只是終端市場需求嗎？或者在某些地區是否存在任何揮之不去的去庫存影響？其次，你談到了與第一季度相比可能難以產生利潤率擴張的原因。但是有什麼事情對你不利嗎？或者您是否看到某些產品類別的正常化會使情況變得更糟？

Kurt, it's Jeff. I would tell you on demand in the first quarter, there was still a little bit of residual destocking that was going on as people were really focused on their net working capital and they're trying to get their inventories in line. And we feel like we're there. There's been a big focus on that. So that definitely was going on all quarter long. And then obviously, with the decrease in housing starts, that played a big impact on that.

庫爾特，是傑夫。我會在第一季度根據需求告訴你，由於人們真正關注他們的淨營運資本並且他們正在努力使他們的庫存保持一致，因此仍然存在一些剩餘的去庫存。我們覺得我們在那裡。人們非常關注這一點。所以這肯定會持續整個季度。然後很明顯，隨著房屋開工量的減少，這對此產生了重大影響。

Yes. And then I think on your second question, Kurt, around -- the comments around the pricing environment limiting our margin expansion opportunity. So the concept there is if we continue to have a generally flat commodity pricing environment, and there is some exposure to price degradation, some in EWP and potentially in general line, that will limit our margin expansion opportunities. That's what we're trying to get at there.

是的。然後我想關於你的第二個問題，庫爾特，關於定價環境的評論限制了我們的利潤擴張機會。所以這個概念是，如果我們繼續擁有一個總體上持平的商品定價環境，並且存在一些價格下降的風險，一些在 EWP 中，並且可能在一般情況下，這將限制我們的利潤率擴張機會。這就是我們想要達到的目標。

Got it. Okay. No, that's great. And then on EWP pricing, you talked about some additional pressure in Q2, which hopefully doesn't surprise anyone. But we've also kind of heard those orders coming back. There's been some nice stabilization, I guess, without continuing you down on where you think prices will be in the back half? Or are you any more confident in the idea that we could see pricing find the bottom here in the next few months relative to where you might have been at the start of the year for the year?

知道了。好的。不，那太好了。然後關於 EWP 定價，你談到了第二季度的一些額外壓力，希望這不會讓任何人感到驚訝。但我們也聽說過這些訂單又回來了。有一些很好的穩定，我猜，沒有繼續你認為價格會在後半部分的位置？或者您是否對我們可以看到定價在未來幾個月內找到相對於今年年初的底部的想法更有信心？

(inaudible), it's Mike. I'll take a stab at answering that. So EWP pricing, as I'm sure you are well aware, is obviously very market-specific and market-driven. So when we started the year, now we have estimation of housing starts for one thing. And I think actually, if anything, they're probably a bit more robust at this point in time than we had originally anticipated, which may be part of the explanation of the relatively small decline that we've seen in EWP pricing thus far. As we look out further into the year, I think the same analogy or a process of determining pricing applies. If we have a pretty good housing starts, I think the decline in EWP pricing will be relatively speaking, somewhat more muted. If that's not the case, then it could be quite somewhat more significant. So it'd be hard to tell at the moment, but we're sort of quite happy with where we ended up at the end of Q1.

（聽不清），是邁克。我會嘗試回答這個問題。所以 EWP 定價，我相信你很清楚，顯然是非常特定於市場和市場驅動的。因此，當我們開始這一年時，現在我們有了對房屋開工的估計。而且我認為實際上，如果有的話，它們在這個時間點可能比我們最初預期的更強大一些，這可能是我們迄今為止在 EWP 定價中看到的相對較小下降的部分解釋。當我們進一步展望這一年時，我認為同樣的類比或確定定價的過程也適用。如果我們有一個相當不錯的房屋開工，我認為 EWP 定價的下降相對來說會更加溫和。如果不是這種情況，那麼它可能會更加重要。所以目前很難說，但我們對第一季度末的結果感到非常滿意。

Got it. That's helpful. And then just my last one. If (inaudible) going to see me, it looks like you might have purchased a bit of stock in Q1. Any change in terms of how that ranks in the capital allocation stack or priorities just given where valuation is and the performance of the business thus far?

知道了。這很有幫助。然後就是我的最後一個。如果（聽不清）要見我，看起來你可能在第一季度購買了一些股票。考慮到目前的估值和業務表現，在資本配置堆棧或優先級中的排名有何變化？

Yes. Good question, Kurt. So let me maybe just kind of hit the overarching capital allocation discussion as part of that question. Yes, we did purchase a very modest amount of shares during the third quarter. But I would tell you, in terms of our overall approach to capital allocation, we did note that the Board announced an ample, but we think appropriately sized special dividend at this stage of the year. We're fully committed to our capital spending plans that Nate spoke to. And we have a handful of additional growth opportunities that we're currently working. So you line all that up, and then we will continue to have our ongoing dialogue on capital allocation with our Board, and it's reasonably likely we will be having additional things to discuss around growth initiatives and additional shareholder returns to share before we close the books on 2023. And included in that, the rewarding shareholders, that's got 3 prongs, as we've always talked about, the regular quarterly dividend, special dividends and/or share repurchases. So really no change to the strategy and thinking.

是的。問得好，庫爾特。因此，作為該問題的一部分，讓我來談談總體資本分配討論。是的，我們在第三季度確實購買了非常少量的股票。但我要告訴你，就我們的整體資本配置方法而言，我們確實注意到董事會宣布了充足的，但我們認為在今年這個階段適當分配特別股息。我們完全致力於 Nate 談到的我們的資本支出計劃。我們目前正在研究一些額外的增長機會。所以你把所有這些都排好，然後我們將繼續與我們的董事會就資本分配進行持續對話，並且很可能在我們關閉賬簿之前，我們將有更多的事情來討論增長計劃和額外的股東回報分享2023 年。其中包括獎勵股東，這有 3 個分支，正如我們一直在談論的那樣，即定期季度股息、特別股息和/或股票回購。所以戰略和思維真的沒有改變。

Got it. Okay. Good luck here in Q2, guys.

知道了。好的。伙計們，祝你在第二季度好運。

The next question comes from Susan Maklari with Goldman Sachs.

下一個問題來自高盛的 Susan Maklari。

Thank you. Good morning, everyone. My first question is I want to go back to the commentary on the potential for the margin deceleration in the general line of BMD in there. When we think about some of the commentary we've heard from the building product companies in the last few weeks and what the builders are telling us on the ground? It actually sounds like activity is seasonally building into the spring and the summer. And so I guess, what are the factors that you're thinking about that are offsetting some of that? How are you thinking about the puts and the takes of where that margin can go? And how those factors should come together given the macro uncertainty?

謝謝。大家，早安。我的第一個問題是，我想回到關於那裡 BMD 總線的保證金減速潛力的評論。當我們考慮過去幾週從建築產品公司聽到的一些評論以及建築商在實地告訴我們的內容時？實際上，這聽起來像是春季和夏季的季節性活動。所以我想，您正在考慮抵消其中一些因素的因素是什麼？您如何考慮保證金可以去哪裡的看跌期權和收益？鑑於宏觀不確定性，這些因素應該如何結合在一起？

Yes. So let me start that one specific to your question around General Line, and I'll let Jeff jump in here as he deems it appropriate. We have not seen a lot of price pressure on General Line. It's holding -- it's been holding, and that's generally across product lines. EWP, we have seen some pressure, and that impacts both Wood Products and does impact BMD as well. And then on commodities, again, we were just flagging that because as you know, when prices escalate, that gives us margin expansion opportunity. And if they come off, the reverse comes true. We've seen a little bit of strength of late in OSB. And so maybe we'll get a little bit of tailwind there. But I think back to your other part of your question around order files and kind of some seasonal strength, yes, we are seeing that. We are experiencing that order files in plywood or kind of 2 to 3 weeks kind of a thing and EWP, our order files have expanded nicely compared to where we were at the start of the year. So we -- and there's a fair bit of positive commentary coming out from the homebuilders. So there certainly is some seasonal strength we're experiencing.

是的。因此，讓我開始針對您關於 General Line 的問題的那個問題，我會讓 Jeff 在他認為合適的時候跳到這裡。我們沒有看到 General Line 面臨很大的價格壓力。它一直在持有——它一直在持有，而且這通常是跨產品線的。 EWP，我們看到了一些壓力，這既影響了木材產品，也影響了 BMD。然後在大宗商品方面，我們再次指出這一點，因為如你所知，當價格上漲時，這給了我們利潤率擴張的機會。如果它們脫落，則反之亦然。我們最近看到了 OSB 的一些實力。所以也許我們會在那裡得到一點順風。但我回想起你關於訂單文件和某種季節性力量的問題的另一部分，是的，我們看到了。我們正在經歷膠合板訂單文件或類似 2 到 3 週的事情和 EWP，與年初相比，我們的訂單文件擴展得很好。所以我們 - 房屋建築商發表了一些積極的評論。所以我們肯定會遇到一些季節性的力量。

So this is Jeff. On the General Line margins, we're -- may have been very sticky and they've been holding in there very, very well overall generally. There's been an item or 2 that's let's move back a little bit. And if there's any real pressure on that at all right now, it's on items that are imported. And the pressure is not that the base material has dropped is that the ocean freight has dropped so significantly. And those are some of the things we're feeling it.

所以這是傑夫。在 General Line 利潤率上，我們 - 可能非常粘，而且他們總體上一直非常非常好地保持在那裡。有一兩項讓我們往後退一點。如果現在對此有任何真正的壓力，那就是進口商品。而壓力不是基材下降了，而是海運費降幅如此之大。這些是我們感受到的一些事情。

Susan, maybe just a final thought on that. Sorry, Susan, Nate here. One final thought on that is if you think about the purchase kind of cadence from our customers, it's instead kind of bulk in terms of railcar and truck, we're still experiencing a lot of out of warehouse services support units, job packs and pieces. So as you think about margin profile, and what that kind of represents in BMD, we think that, that's going to be -- remain a tailwind as we go through the course of '23 because customers are still really managing their inventory risk and reward pretty carefully.

蘇珊，也許只是最後的想法。抱歉，蘇珊，這裡是內特。關於這一點的最後一個想法是，如果你考慮一下我們客戶的購買節奏，就鐵路車和卡車而言，它是一種批量，我們仍在經歷很多倉庫外服務支持單位、工作包和零件.因此，當您考慮利潤率狀況以及 BMD 中的那種代表時，我們認為，這將是 - 在我們經歷 23 年的過程中仍然是順風，因為客戶仍在真正管理他們的庫存風險和回報很仔細。

Okay. All right. That's helpful. Would you say in general that what's you're hearing on the ground from your suppliers versus your customers? Is in line? Is it consistent? Or do you think one is a little more optimistic relative to the other?

好的。好的。這很有幫助。一般來說，您會說您從供應商和客戶那裡聽到的是什麼？排隊嗎？是否一致？或者你認為一個相對於另一個更樂觀一點？

Yes. For me, (inaudible) we had a chance to work that. I think there's a range of opinions and some of it is dependent upon the markets that they're in, those that are maybe more centered on single family have had a tougher go just given what the demand dynamics have been. But I think to me, probably the optimism that's in the market today speaks to maybe an improved environment relative to maybe their expectations 90 or 120 days ago. So while it's off, maybe it's not off to the degree that they were expecting. I think there is good sentiment in the marketplace overall. But again, I think there is still risk out there relative to things like that debt ceilings, some of the banking issues that are out there. So I think there's the right level of kind of hesitancy as well as we kind of go through the second quarter and the second half of the year.

是的。對我來說，（聽不清）我們有機會做到這一點。我認為有很多意見，其中一些取決於他們所處的市場，考慮到需求動態，那些可能更以單身家庭為中心的市場更加艱難。但我認為，今天市場上的樂觀情緒可能表明相對於他們 90 或 120 天前的預期，環境可能有所改善。因此，雖然它關閉了，但它可能沒有達到他們預期的程度。我認為整體市場情緒良好。但同樣，我認為與債務上限、一些現有的銀行業問題相關的風險仍然存在。因此，我認為存在某種程度的猶豫，以及我們經歷了第二季度和下半年。

Okay. All right. And then 1 more question is you gave us an update on some of those BMD expansion initiatives, which is helpful. As you think about the setup here and where we are, can you talk to your appetite for new projects? Is there anything else on the horizon that you're looking at or that we should be aware of?

好的。好的。然後還有一個問題是您向我們介紹了一些 BMD 擴展計劃的最新情況，這很有幫助。當你考慮這裡的設置和我們所處的位置時，你能談談你對新項目的胃口嗎？您正在關注或我們應該注意的地平線上還有其他什麼嗎？

Nothing specifically that we can flag for you today, Sue. But in terms of -- what we spoke to in terms of a handful of additional opportunities we are working -- those are the same kind of things we've been executing on over the last couple of years in terms of looking to scale our door shop operations, looking to expand in existing footprint as well as look for additional footprints we can expand to. So it's very much the same sort of strategy and the same kind of things, but nothing we can speak to specifically today.

蘇，我們今天沒有什麼可以特別標記給你的。但就我們所說的一些我們正在努力的額外機會而言，這些與我們在過去幾年中一直在執行的相同類型的事情，以尋求擴大我們的大門商店運營，希望擴大現有足跡以及尋找我們可以擴展到的其他足跡。所以這是非常相同的策略和相同的事情，但我們今天不能具體談什麼。

The next question comes from George Staphos, Bank of America.

下一個問題來自美國銀行的 George Staphos。

Hope you're doing well. Thanks for the detail. I hope you can hear me well too. I guess the first question that I had was related to what your customers are telling you about their inventories, either of wood products or of other products that you would be selling into them. Where do you think inventories are right now, guys? The second question I had is around EWP, recognizing you don't disclose this, where would you say EWP margins are relative to what you think a normal or trend line would be over the last 10 years? And then a couple of follow-ons.

希望你做得很好。謝謝你的詳細信息。我希望你也能聽到我的聲音。我想我的第一個問題與您的客戶告訴您的有關他們的庫存的信息有關，無論是木製品還是您將出售給他們的其他產品。伙計們，你認為現在的庫存在哪裡？我的第二個問題是關於 EWP，認識到你沒有透露這一點，你會說 EWP 利潤率相對於你認為過去 10 年的正常或趨勢線在哪裡？然後是一些後續行動。

George, this is Jeff. I'll take the inventory question to start with that because we're in constant conversations with our dealers about that and where they sit. And as I said earlier, it has been an unbelievable focus on net working capital and days of inventory, days of sales on hand. And people have really been driving to that. The one thing that maybe has changed in the last few days a little bit, in the beginning of the year, I'd tell you, nobody would take a position on a commodity whatsoever.

喬治，這是傑夫。我將從庫存問題開始，因為我們一直在與我們的經銷商討論這個問題以及他們坐在哪裡。正如我之前所說，對淨營運資金和庫存天數、手頭銷售天數的關注令人難以置信。人們真的一直在努力做到這一點。過去幾天可能發生了一點變化的一件事，在今年年初，我會告訴你，沒有人會對任何商品持倉。

And some of the bigger markets right now, people are feeling a little bit better, cautiously optimistic that they may add a few days for commodities. But otherwise, it is strictly managed and it is a tight range right now.

而現在一些較大的市場，人們感覺好一點，謹慎樂觀地認為他們可能會為商品增加幾天。但除此之外，它受到嚴格管理，現在是一個狹窄的範圍。

Okay, George, it's Mike. Good to hear you. I'll address the EWP margins question. So I think as everybody is aware, over the last couple of years, the expansion in margins on that particular product line has been really very strong relative to any historical numbers that we've seen. Obviously, there's been some pullback. But if you think about where I'd say, in general, the market is today relative to where it might have been before the pandemic or for this latest run-up, we're still above what historically would have been called normal.

好的，喬治，我是邁克。很高興聽到你的聲音。我將解決 EWP 利潤率問題。所以我認為，正如每個人都知道的那樣，在過去幾年中，相對於我們所看到的任何歷史數據，該特定產品線的利潤率增長非常強勁。顯然，出現了一些回調。但如果你想想我要說的，總的來說，今天的市場相對於大流行之前或最近一次上漲之前的水平，我們仍然高於歷史上所謂的正常水平。

I have -- my personal view is I hope that remains to be the case because of the situation, not the least of which is the changing cost structure that we face in manufacturing. So as a result of things like increasing wages and various other components of our cost structure, I'm not sure that the prior normal pricing, be it on EWP or for that matter, other wood products is sort of a good metric to be used going forward.

我有——我個人的觀點是，我希望情況會繼續如此，尤其是我們在製造業中面臨的不斷變化的成本結構。因此，由於工資增加和我們成本結構的其他各種組成部分，我不確定之前的正常定價，無論是 EWP 還是其他木材產品，是否是一個很好的衡量標準向前走。

But Mike, that's one -- just a follow-on on that. I was speaking specifically about margin, which would incorporate the labor and other cost of manufacturing, at least in terms of the way I was thinking about it I asked the question. So if you incorporate that and think about the margin for EWP, recognizing you're not going to give us to the basis point. Would you say that margins are still above normal? And is there a way to maybe roughly sort of give us guardrails on that on how much they might be? And is the expectation you hold these levels because of the secular trends that favor EWP over time or not?

但是邁克，那是一個 - 只是它的後續。我特別談到利潤率，這將包括勞動力和其他製造成本，至少就我提出問題的思考方式而言。因此，如果您將其納入並考慮 EWP 的保證金，認識到您不會給我們提供基點。你會說利潤率仍然高於正常水平嗎？有沒有一種方法可以粗略地為我們提供關於它們可能有多少的護欄？你持有這些水平的期望是因為隨著時間的推移有利於 EWP 的長期趨勢嗎？

Yes. So George, let me try it and you're right, we're done. Yes. No, you're good. Yes, we won't give you to the basis point for sure. And -- and I guess I would say, as a good reminder, we really need to think about margins kind of in [Wood Products] in totality because we are very -- there's a lot of integration between our plywood and veneer facilities and our EWP facilities. And so has the margin expanded from where it was several years back? Yes, absolutely because the price escalation has exceeded the cost escalation. That's true. In terms of where it goes from here and where normal might be several years from now, I don't -- we don't want to make that call. I think it's going to be dependent upon markets and supply and demand. But I would tell you in terms of EWP capacity, there's really no new capacity that's been announced. We're going to be able to grow more because we now have the veneer availability that we now have from Chapman and Havana. But in terms of when markets recover to a more normalized level, we feel good about our position and our ability to maintain share in our position in the market.

是的。所以喬治，讓我試試看，你是對的，我們完成了。是的。不，你很好。是的，我們肯定不會給你基點。而且 - 我想我會說，作為一個很好的提醒，我們真的需要考慮 [Wood Products] 的整體利潤率，因為我們非常 - 我們的膠合板和單板設施與我們的產品之間有很多整合EWP設施。那麼利潤率是否比幾年前有所擴大？是的，絕對是因為價格上漲已經超過了成本上漲。這是真的。就它的發展方向以及幾年後正常情況而言，我不想——我們不想做出這樣的決定。我認為這將取決於市場和供求關係。但就 EWP 容量而言，我會告訴你，實際上沒有宣布新的容量。我們將能夠增長更多，因為我們現在擁有查普曼和哈瓦那的單板可用性。但就市場何時恢復到更正常的水平而言，我們對我們的地位以及我們保持市場份額的能力感到滿意。

Understood. I appreciate that, Kelly. On that point, can you remind us how much of Coastal's capacity is ultimately going to be integrated into LVL for that matter, I-joist -- and then one last one and I will turn it over and come back to queue. What do you -- recognizing that commodity prices will swing these percentages around, do you have a longer-term target that you could remind us of in terms of where you would like EWP and general line to be in your overall revenue mix in BMD, whatever interval you want to give us next year, 5 years from now, what have you?

明白了。我很感激，凱利。在這一點上，你能否提醒我們 Coastal 的多少產能最終將被整合到 LVL 中，I-joist——然後是最後一個，我將把它移交並返回隊列。你怎麼看 - 認識到商品價格會左右這些百分比，你是否有一個長期目標可以提醒我們你希望 EWP 和一般線路在 BMD 的整體收入組合中的位置，明年你想給我們什麼間隔，從現在起 5 年，你有什麼？

So George, I'll have a stab at your question around the Chapman and Havana thing. So when we made the acquisition, we put out some numbers, it really is not so much about how much of the veneer production at Chapman and Havana would go into EWP initially. I think what we said was that -- after we have made some additional capital investments in our existing EWP mills and some other small investments in our -- in existing plywood mills, that we saw that the total increase in billet volume, EWP (inaudible) volume was going to be approximately 3.5 million cubic feet. We didn't go into the details of, as I recall, about how much of the capacity from Havana and Chapman that represented.

喬治，我會針對你關於查普曼和哈瓦那事件的問題進行提問。因此，當我們進行收購時，我們給出了一些數字，實際上並不是關於查普曼和哈瓦那的單板生產最初有多少會進入 EWP。我認為我們所說的是 - 在我們對現有的 EWP 工廠進行一些額外的資本投資以及對我們的 - 在現有的膠合板工廠進行一些其他小額投資之後，我們看到方坯產量的總增長，EWP（聽不清) 體積約為 350 萬立方英尺。我記得，我們沒有詳細說明哈瓦那和查普曼代表的能力有多少。

But what I will tell you as a sort of a general statement is we should have some additional stress rated veneer so that the veneer is suitable to go into EWP over and beyond the 3.5 million cubic feet of LVL or (inaudible) capacity that we would initially see. To utilize that would require us to make some additional investments. So that was really part of the rationale behind us not getting out in front of ourselves too early in this discussion. So I think it's best to leave it like that at the moment. And we are very, very focused on getting the capital investments made to be able to get that 3.5 million cubic feet of EWP -- additional EWP production.

但我要告訴你的是，作為一種一般性陳述，我們應該有一些額外的額定應力單板，以便單板適合進入 EWP，超過 350 萬立方英尺的 LVL 或（聽不清）容量，我們會初見。要利用它，我們需要進行一些額外的投資。因此，這確實是我們在此次討論中沒有過早站出來的部分原因。所以我認為現在最好就這樣離開。我們非常、非常專注於獲得資本投資，以獲得 350 萬立方英尺的 EWP——額外的 EWP 生產。

Yes. And then specific to your question around BMD sales mix and the proportion between commodity, general and EWP, over the last 5 quarters, it swung between 40% and low 50%, the commodity portion of that. Obviously, there's been a whole lot of price fluctuation within that. With commodity prices where they are, maybe we're back to more of a normal mix, kind of 40% general commodity, 40%-ish general line and 20%-ish EWP, so I think if we go forward from here, I want to make it clear, we're not looking to downsize our position in commodity. We just expect it to be a smaller proportion of our sales as we move forward. So we would expect the general line and EWP portions to grow and then the commodity portion as opposed to being around 40%, and I think over time, probably something more like mid-30s would be more what we'd expect to see in terms of the mix.

是的。然後具體到你關於 BMD 銷售組合和商品、一般和 EWP 之間的比例的問題，在過去 5 個季度中，它在 40% 和低 50% 之間搖擺，商品部分。顯然，其中有很多價格波動。隨著大宗商品價格的上漲，也許我們會回到更正常的組合，即 40% 的一般商品、40% 左右的通用產品和 20% 左右的 EWP，所以我認為如果我們從這裡繼續前進，我想明確一點，我們並不打算縮減我們在商品方面的頭寸。隨著我們的前進，我們只是希望它在我們的銷售額中所佔的比例較小。所以我們預計總線和 EWP 部分會增長，然後是商品部分，而不是大約 40%，我認為隨著時間的推移，可能更像 30 年代中期會更符合我們的預期的組合。

The next question comes from Ketan Mamtora with BMO.

下一個問題來自 BMO 的 Ketan Mamtora。

First one, I was curious, I mean, it sounds like millwork is a focus area for you guys. Can you talk about the relative attractiveness of the millwork business as we think about the total distribution chain, whether it is 2 steppers and 1 steppers.

第一個，我很好奇，我的意思是，聽起來木製品是你們關注的重點領域。當我們考慮整個分銷鏈時，您能否談談木製品業務的相對吸引力，無論是 2 個步進器還是 1 個步進器。

Yes, Ketan, good question. I think in terms of our millwork and our door investment, we feel -- as always, we always start the conversation with how do we better serve the marketplace and our customers. And our customers have looked to us to continue to kind of grow that capability and that franchise in support of what they're trying to get accomplished.

是的，Ketan，問得好。我認為就我們的木製品和我們的門投資而言，我們覺得——一如既往，我們總是從如何更好地為市場和客戶服務開始對話。我們的客戶希望我們繼續提高這種能力和特許經營權，以支持他們想要實現的目標。

So for us, it matches really well with our current customers kind of across the spectrum in terms of how they think about supporting their millwork business. I think the other thing for me is we have strong vendor alignment and partnerships, and we feel good about those relationships as we move forward.

所以對我們來說，它與我們當前的客戶在支持他們的木製品業務方面的想法非常匹配。我認為對我來說另一件事是我們擁有強大的供應商一致性和合作夥伴關係，並且在我們前進的過程中我們對這些關係感覺良好。

The other thing that we talked about, Ketan, is just that earnings stability and consistency, for me, our door franchise, our millwork business absolutely supports that and reinforces that and allows us to continue to kind of drive our earnings performance as an organization as we move forward. So to me, it's again, it starts with kind of the customer as always, the marketplace and the support and I think the expectations they have from us are high there, which is great, and again it matches very well with our strategy in terms of growing that capability, including the earnings performance as a result.

Ketan，我們談到的另一件事就是盈利的穩定性和一致性，對我來說，我們的門特許經營權，我們的木製品業務絕對支持並加強這一點，並使我們能夠繼續推動我們作為一個組織的盈利表現我們前進。所以對我來說，這又是從一如既往的客戶、市場和支持開始的，我認為他們對我們的期望很高，這很好，而且它再次與我們的戰略相匹配提高這種能力，包括由此帶來的收益表現。

Got it. No, that's helpful. And then just one follow-up on that. You talked about the earnings stability in that business. Is the margin profile in general over a period of time (inaudible) margin profile also different -- materially different in terms of just the level of margin in that business?

知道了。不，那很有幫助。然後就此進行後續跟進。您談到了該業務的盈利穩定性。在一段時間內（聽不清）利潤率概況是否也有所不同 - 就該業務的利潤率水平而言存在重大差異？

Yes. I think -- yes, absolutely. I think that the margin profile is higher. It's more consistent and steady. We don't see the volatility that you would see perhaps on other products, including in general line. So higher levels, I think there's a high ability to serve and touch in terms of some of the services that we provide and certainly a margin profile as part of that story board, Ketan. So yes, I would say each of those is how we think about it, and again, reinforces that I think our commitment and excitement about how do we continue to grow that platform.

是的。我認為——是的，絕對如此。我認為利潤率更高。它更加一致和穩定。我們沒有看到您可能會在其他產品上看到的波動，包括一般產品。如此高的水平，我認為就我們提供的某些服務而言，有很高的服務和接觸能力，當然還有作為故事板 Ketan 的一部分的利潤率概況。所以是的，我想說的是，每一個都是我們的想法，並且再次強調了我們對如何繼續發展該平台的承諾和興奮。

Understood. No, that's helpful. And then just one last one from my side. As we think about capital allocation and Kelly's comment earlier in terms of additional optionality. Can you just remind us again your thought process around kind of either share repurchases or price. Obviously, you guys have a pretty good history in recent years of special dividends. Could you just remind us kind of how you approach these two and what are some of the puts and takes as you think about capital allocation?

明白了。不，那很有幫助。然後是我這邊的最後一個。正如我們在額外的可選性方面考慮資本配置和凱利早些時候的評論一樣。您能否再次提醒我們您圍繞股票回購或價格的思考過程。顯然，你們近年來在特別股息方面有著相當不錯的歷史。您能否提醒我們您是如何處理這兩個問題的，以及您在考慮資本配置時的一些看跌期權和看跌期權是什麼？

Yes, I'll take that, Ketan. And so I think your question was centered mostly on when we get to the shareholders and how do we think about returning capital there. But our first priorities are really, first and foremost, thinking about the company, how we make sure we support the asset base we have and look to grow the asset base we have in the right places and in the right manners. And then -- and also what might be ahead of us? And how does that then stack up versus what our balance sheet capabilities are. And so then we begin the discussion with that dialogue and then we follow up with, okay, now how do we want to think about returning cash to shareholders? And so what you said in terms of share repurchases and dividends, which either that's regular quarterly, which we look to grow over time, or special. That's -- all of that is part of the conversation. But I would say that's just an ongoing active dialogue. And I wouldn't -- it's -- that can vary quarter-by-quarter just depending upon what the opportunities are, what the landscape is, and we'll continue that dialogue with the Board, and we will never lose sight of the shareholders.

是的，我會接受的，科坦。因此，我認為你的問題主要集中在我們何時接觸股東以及我們如何考慮在那裡返還資本。但我們的首要任務實際上是，首先也是最重要的是考慮公司，我們如何確保我們支持我們擁有的資產基礎，並尋求在正確的地方以正確的方式發展我們擁有的資產基礎。然後 - 還有我們前面可能會發生什麼？那又如何與我們的資產負債表能力相提並論。然後我們從對話開始討論，然後我們跟進，好吧，現在我們想如何考慮向股東返還現金？所以你所說的股票回購和股息，要么是每季度定期，我們希望隨著時間的推移增長，要么是特殊的。那是——所有這些都是談話的一部分。但我會說這只是一個持續的積極對話。而且我不會 - 它 - 這可能會逐個季度變化，這取決於機會是什麼，情況如何，我們將繼續與董事會進行對話，我們永遠不會忽視股東。

The next question comes from Michael Roxland with Truist.

下一個問題來自 Michael Roxland 和 Truist。

Kelly, Mike, Jeff, congrats on the quarter. One quick question just for you on the margin profile in BMD. Particularly you mentioned on this call as much as last call, or anything in the mix there, and if you look at performance, this quarter, basically given where housing was particularly impressive. So I'm wondering if you could help us frame where do you think EBITDA margins can (inaudible) wind up in BMD.

凱利、邁克、傑夫，祝賀本季度。一個關於 BMD 中的保證金概況的快速問題。特別是你在這次電話會議上提到的和上次電話會議一樣多，或者那裡的任何東西，如果你看一下這個季度的表現，基本上是考慮到住房特別令人印象深刻的地方。所以我想知道您是否可以幫助我們構建您認為 EBITDA 利潤率可以（聽不清）在 BMD 中結束的位置。

Yes. Good question, Mike. The business has done a really good job in margin performance and in an environment here in the first quarter where really no opportunity to expand margins in commodities and then we continue to execute well for our vendor and customer partners on General Line and EWP. So the question in terms of where do we go from here? It's -- we've been on record now for at least several quarters of reminding folks that historically, we were in kind of the 3% to 3.5% range in that business. And I think going forward, we view that business as a 4-plus percent business. Again, as we look to continue to grow the EWP and grow the General Line portion of the business that runs through BMD, that will allow us to expand those margins compared to what they were historically.

是的。好問題，邁克。該業務在第一季度的利潤率表現和環境中做得非常好，實際上沒有機會擴大商品的利潤率，然後我們繼續在 General Line 和 EWP 上為我們的供應商和客戶合作夥伴執行良好。那麼關於我們從這裡去哪裡的問題呢？這是 - 我們現在至少有幾個季度的記錄在案，提醒人們從歷史上看，我們在該業務中處於 3% 至 3.5% 的範圍內。我認為展望未來，我們將該業務視為 4% 以上的業務。同樣，當我們希望繼續發展 EWP 並發展通過 BMD 運行的業務的通用線路部分時，這將使我們能夠擴大這些利潤率，與歷史相比。

Mike, it's Nate, maybe just want to comment on that, just that again, I think the earlier discussion around warehouse services in terms of how that's going to show up, certainly in 2023. And we think probably even into next year, again, as customers manage that risk reward in terms of book volume and price. I think their dependency out of warehouse is going to -- will continue to be there. So margin profile, as you might expect on units and job packs and pieces is different than kind of direct trucks and cars. So I think that's going to be a tailwind -- continue to be a tailwind for BMD as we move forward through 2023 as well.

邁克，我是內特，也許只是想對此發表評論，再說一遍，我認為早些時候圍繞倉庫服務的討論是關於它如何出現的，當然是在 2023 年。我們認為甚至可能到明年，再次，因為客戶根據賬面數量和價格來管理風險回報。我認為他們對倉庫的依賴將繼續存在。因此，正如您對單位、工作包和件的預期那樣，利潤率概況與直接卡車和汽車的種類不同。所以我認為這將是一個順風——隨著我們在 2023 年的前進，這將繼續成為 BMD 的順風。

Got it. So would it be fair to say for sort of that's 4, and there's nothing more (inaudible). It could be given your execution thus far, I mean, we could be looking at on an EBITDA margin, but going forward, that's levels off at least 4.5% to 5% and goes from there, given the mix shift and given what you just mentioned there in terms of how these products that you're bringing on to have a higher margin profile.

知道了。因此，可以公平地說是 4，沒有更多（聽不清）。到目前為止，你的執行情況可能是這樣，我的意思是，我們可能會考慮 EBITDA 利潤率，但展望未來，考慮到混合轉變和你剛才所做的，這至少會下降 4.5% 到 5%，然後從那裡開始在那裡提到了您帶來的這些產品如何具有更高的利潤率。

Yes. We're certainly focused on execution and looking to maximize our margin and grow our earnings and earnings stability. So yes, your thought process there. And relative to where we want, what we want to do to the business, yes, that's a fair statement. That's a fair sentiment, and that is how we think.

是的。我們當然專注於執行並尋求最大化我們的利潤並增加我們的收益和收益穩定性。所以是的，你在那裡的思考過程。相對於我們想要的地方，我們想對業務做什麼，是的，這是一個公平的聲明。這是一個公平的觀點，這就是我們的想法。

And that's how -- Mike, to your question. That's how we've invested as well. I mean so in terms of areas of focus and growth and prioritization, it does, again, always starts with the customer and our supplier base. But in terms of taking that margin profile and the consistency and how do we elevate that, that is very much part of our discussion on day and a day out basis, and again, how we think long term in terms of our investments as well.

這就是 - 邁克，你的問題。這也是我們投資的方式。我的意思是，就重點領域、增長和優先順序而言，它確實總是從客戶和我們的供應商基礎開始。但就保證金概況和一致性以及我們如何提升這一點而言，這是我們日復一日討論的重要組成部分，同樣，我們如何從投資的角度考慮長期問題。

Got it. No, I appreciate the color. And then just quickly on EWP. Obviously, you think prices have been continuing to erode in 2Q, although they will be sequentially better. Can you just talk about maybe your operating stance and the broader industry operating posture. And I just want to get a sense of whether this is a downtime as well. I don't (inaudible) that could help minimize EWP prices.

知道了。不，我喜歡這種顏色。然後快速使用 EWP。顯然，您認為價格在第二季度繼續下跌，儘管它們會依次好轉。您能否談談您的經營立場和更廣泛的行業經營狀況。我只想了解這是否也是停機時間。我不（聽不清）可以幫助最小化 EWP 價格。

Let me take the pricing question, make sure to clarify what we said there, and then I'll let Mike kind of take the operating stance. So what we've said there in terms of forward pricing, we are experiencing pressure still. And as far as we've gone out in terms of giving some guidance is just sequentially second quarter versus first, which we do expect further price declines, but at lower rates of decline than what we just experienced sequentially. We haven't shadowed anything beyond that. The marketplace is pretty fluid and it'll be very dependent upon housing starts and operating rates, et cetera. But Mike, do you want to take the operating stance question, please?

讓我來回答定價問題，確保澄清我們在那裡所說的話，然後我會讓邁克採取操作立場。所以我們在遠期定價方面所說的，我們仍然面臨壓力。就我們給出的一些指導而言，第二季度與第一季度相比，我們確實預計價格會進一步下降，但下降速度低於我們剛剛經歷的連續下降速度。除此之外，我們沒有隱藏任何東西。市場非常不穩定，這將非常依賴於房屋開工和開工率等。但是邁克，你想回答操作立場問題嗎？

Yes, sure. So Mike, as it relates to Boise's operating posture for EWP at the moment, which also sort of rolls over into how we operate our plywood or veneer producing facilities. I think it's fair to say that at pretty much every location, we're not running at full capacity and haven't done so now since fourth quarter of last year.

是的，當然。所以邁克，因為這與博伊西目前 EWP 的運營態勢有關，這也涉及到我們如何運營膠合板或單板生產設施。我認為可以公平地說，在幾乎每個地點，我們都沒有滿負荷運行，而且自去年第四季度以來就沒有這樣做過。

So there's ample upside in terms of capacity to produce more veneer and more EWP should the market demand present itself. And thank goodness over the last -- or during the first quarter, you've seen by our numbers, we had a bit of an uptick. So as and when necessary, we can start to add additional shifts or days in several different locations to produce more EWP and veneer as required. So geographically speaking, I would say that the Pacific Northwest has been a little bit more challenged than the Southeastern United States. And as a result, there's been, I would say, as a general statement, more curtailments for us in the Pacific Northwest as compared to the Southeast.

因此，如果市場需求出現，在生產更多單板和更多 EWP 的能力方面有很大的優勢。謝天謝地，在上一季度或第一季度，你已經從我們的數字中看到，我們有一點上升。因此，在必要時，我們可以開始在幾個不同的地點增加額外的班次或工作日，以根據需要生產更多的 EWP 和單板。所以從地理上講，我想說太平洋西北部比美國東南部面臨的挑戰要大一些。因此，我想說，作為一般性聲明，與東南部相比，太平洋西北部對我們的削減更多。

I really can't give you a lot of good insight into the industry. I think most of the industry is probably looking at it in a similar vein as it relates to it's all about demand. And I suspect if there was more demand, they would do similar things to what we have been doing and what we would do. That's about as much as I can tell you about the industry.

我真的不能給你很多很好的行業洞察力。我認為大多數行業可能都以類似的方式看待它，因為它與需求有關。而且我懷疑如果有更多的需求，他們會做與我們一直在做的和我們會做的類似的事情。關於這個行業，我能告訴你的就這麼多了。

Got you. And just one quick follow-up. I appreciate the comment. Why -- can you just provide some more details around why the Pacific Northwest poses more challenges than the Southeast...

明白了並且只是一個快速跟進。我很欣賞這個評論。為什麼——你能提供更多關於為什麼太平洋西北地區比東南部面臨更多挑戰的細節嗎……

Yes. demand. Yes. So it's not to put -- because it's not funny, but in any stretch of imagination, but the weather that we have experienced in the Pacific Northwest seems to just -- it wasn't quick. So California has been under water. We've had record snow here in everywhere, and it's very difficult to build houses and particularly in the state of California, but not only because of the weather, they have very, very, very stringent requirements around what you can and can't do. And so we sort of -- we haven't really got the spring yet in the Pacific Northwest. In the Southeast, again, it's not been perfect, but they've had a better run. And you can sort of see that when we look at our order files, particularly for EWP, I mean, they have been significantly stronger in the Southeast relative to the Pacific Northwest.

是的。要求。是的。所以這不是說——因為這並不好笑，但在任何想像中，但我們在太平洋西北部經歷的天氣似乎只是——它並不快。所以加利福尼亞一直在水下。我們這裡到處都有創紀錄的降雪，建造房屋非常困難，尤其是在加利福尼亞州，但不僅僅是因為天氣，他們對你能做什麼和不能做什麼有非常、非常、非常嚴格的要求做。所以我們有點——太平洋西北部還沒有真正的春天。同樣，在東南部，情況並不完美，但他們的表現更好。你可以看到，當我們查看我們的訂單文件時，尤其是 EWP，我的意思是，相對於太平洋西北地區，它們在東南部的實力要強得多。

The last question comes from George Staphos, Bank of America Securities.

最後一個問題來自美國銀行證券公司的 George Staphos。

At the end here for a follow-on. Two quick ones. One, can you remind us what you think normal CapEx would look like for Boise Cascade once you're done with the expansions recognizing that you intend to grow. And so from that normal level, there'll be growth thereafter. But in a couple of years, what might CapEx look like whatever the interval that you would say would be? And then secondly, back to repair a model, we know all the stories, all the facts behind why repair model should roll the time we have an aging housing stock, people are locked in with rates and so on.

最後在這裡進行跟進。兩個快的。第一，你能否提醒我們，一旦你意識到你打算增長，一旦你完成了擴張，你認為博伊西級聯的正常資本支出會是什麼樣子。因此，從正常水平開始，此後將會增長。但幾年後，無論你說的間隔是什麼，資本支出會是什麼樣子？然後其次，回到修復模型，我們知道所有的故事，為什麼修復模型應該滾動時間我們有老化的住房存量，人們被利率鎖定等等背後的所有事實。

On the ground, are your customers truly thinking that, that will be the case with the state of the consumer, the state of rate, what are they telling you in terms of their outlook for remodeled units over the next year or so, given some of those constraints and recognizing fully what the secular positives are.

實際上，您的客戶是否真的認為，消費者的狀況、費率狀況、他們對未來一年左右的改建單位的前景會告訴您什麼？這些制約因素並充分認識到長期積極因素是什麼。

George, thank you. I'll take the first one and then I'll pass off the second one. So the first one around kind of what's our normalized capital spending levels here going forward. It's a great question. We had good dialogue on that exact topic, just a day or 2 ago with our Board of Directors. And so several -- a couple of things to figure -- to factor into the equation there. One, yes, we have grown. We have added operations in both Wood Products and in BMD and then inflation has definitely impacted that equation also.

喬治，謝謝你。我會拿第一個，然後我會放棄第二個。所以第一個關於我們未來的標準化資本支出水平是多少。這是一個很好的問題。就在一兩天前，我們與董事會就該主題進行了良好的對話。所以有幾個——有幾件事要計算——要考慮到那裡的等式中。一，是的，我們成長了。我們在木材產品和 BMD 中都增加了操作，然後通貨膨脹肯定也影響了這個等式。

So I would tell you, it wasn't -- but a few years ago, we probably thought of our kind of normalized CapEx that included maybe a little bit of strategic in it was probably in the $80 million to $90 million range as a company. I would tell you now we're probably thinking like $115 million to $120 million on a normalized basis going forward.

所以我會告訴你，它不是——但幾年前，我們可能認為我們的標準化資本支出可能包括一點戰略性，作為一家公司，它可能在 8000 萬到 9000 萬美元之間.我現在要告訴你，我們可能會在正常化的基礎上考慮 1.15 億至 1.2 億美元。

Again, that's -- we have more facilities to support and we're going to support them. We have higher costs because of inflation. And if you think about just kind of the rolling stock requirements in BMD and the more facilities, more trucks, more trailers, more hysters, all that kind of factors into that nucleus. And so if you peel back the $115 million, it's probably something like $65 million in Wood and $50 million for BMD. Now the R&R question, I think Jeff will start on that one.

再一次，那是——我們有更多的設施可以支持，我們將支持它們。由於通貨膨脹，我們的成本更高。如果你只考慮 BMD 中的機車車輛需求，以及更多的設施、更多的卡車、更多的拖車、更多的拖車，所有這些因素都會進入這個核心。因此，如果你剝離 1.15 億美元，Wood 可能需要 6500 萬美元，BMD 可能需要 5000 萬美元。現在是 R&R 問題，我想 Jeff 會從那個開始。

It's Jeff. On the R&R question. I'll tell you, we're still seeing very good takeaway on that front right there. The pros are busy, but probably not to the same level they were during COVID, but they're still busy. We really expect to do it yourself part is going to pick up with the seasonality and with the pricing. And then what are the customers saying that they still feel good. There's a lot of work to still be done out there. Some things got put off, because you couldn't get labor and pricing materials too expensive, and those projects are coming forward. So the feeling out there from the customers in that segment is still going to continue to be strong for a while.

是傑夫。關於 R&R 問題。我會告訴你，我們仍然在那方面看到非常好的外賣。專業人士很忙，但可能不會達到 COVID 期間的水平，但他們仍然很忙。我們真的希望自己動手做，部分原因是會隨著季節性和定價而變化。然後客戶說什麼他們仍然感覺良好。還有很多工作要做。有些事情被推遲了，因為你無法獲得太昂貴的勞動力和定價材料，而這些項目正在推進中。因此，該細分市場的客戶的感覺仍將持續一段時間。

Please stand by for one more question. The question comes from Kurt Yinger, D.A. Davidson.

請再等一個問題。問題來自 Kurt Yinger, D.A.戴維森。

I appreciate you squeezing one more in. I just wanted to go back to George's earlier question on trend and EWP margins because it is a really interesting one. And I don't want to put words in your mouth, but if you look at the historical margin profile of Wood Products with EWP encompassed within that, I think there's an argument that they've kind of underperformed relative to the fact that EWP is a list price product. You have a captive relationship with distribution on consolidated number of manufacturers and there is a relationship and partnership with the end user. So I guess, at a high level, would you kind of agree with that view? Or sort of any thoughts around just the evolution of the category and the margin profile over time?

我很感激你再擠一個進去。我只是想回到喬治之前關於趨勢和 EWP 利潤率的問題，因為這是一個非常有趣的問題。而且我不想把話說到你嘴裡，但如果你看看其中包含 EWP 的木材產品的歷史利潤率情況，我認為有一個論點是相對於 EWP 是標價產品。您與製造商的合併數量的分銷有專屬關係，並且與最終用戶有關係和合作夥伴關係。所以我想，在較高的層面上，您會同意這種觀點嗎？或者關於類別和利潤率隨時間的演變的任何想法？

Yes. That's a very interesting question. I guess my broad answer to this is that within the EWP category, there are a variety of different approaches to go to market. We have a particular approach, and we have an excellent set of distribution and dealer partners, and we work in conjunction with all the biggest and best builders in the country.

是的。這是一個非常有趣的問題。我想我對此的廣泛回答是，在 EWP 類別中，有多種不同的上市方法。我們有一個特殊的方法，我們有一組優秀的分銷和經銷商合作夥伴，我們與國內所有最大和最好的建築商合作。

So when I think about your sort of question is, has it underperformed. I don't think it's underperformed really at all. I just think that ultimately, the margin is determined by what the market will bear. And so in certain circumstances, there is, I'll say, ample availability of product. And as a result, that can end up seeing a compression of margins generally across all manufacturers of the EWP. In other market circumstances, the reverse is true. There's not enough supply and margin expands. And so I don't -- I wouldn't support the thesis that EWP margins haven't performed as certainly as I would have expected or that they have disappointed. I think that's just the way the market works. I think Nate would have some views on this, too.

所以當我想到你的問題時，它是否表現不佳。我不認為它真的表現不佳。我只是認為，最終，保證金取決於市場的承受能力。因此，在某些情況下，我會說，產品供應充足。因此，最終可能會導致所有 EWP 製造商的利潤率普遍下降。在其他市場環境中，情況正好相反。供應不足，利潤率擴大。所以我不 - 我不會支持 EWP 利潤率沒有像我預期的那樣肯定或者他們失望的論點。我認為這就是市場運作的方式。我認為 Nate 對此也會有一些看法。

Yes, Kurt, it's Nate. Just maybe to echo Mike's points and maybe just a couple of others. As I think about the EWP business and the franchise, ultimately, it's a product category that does -- that solves a problem for the builder. In terms of its design capabilities and functionality and flexibility, that continues to be really important. I think the other thing that the builders have been assisted on rightly so is cycle times, how do they take time out of the construction cycle and EWP is very much part of that equation and helps to drive that.

是的，庫爾特，是內特。也許只是為了回應邁克的觀點，也許只是回應其他幾個觀點。當我考慮 EWP 業務和特許經營權時，最終，它是一個產品類別——為建築商解決問題。就其設計能力、功能和靈活性而言，這仍然非常重要。我認為建築商得到正確協助的另一件事是周期時間，他們如何從施工週期中抽出時間，而 EWP 是該等式的重要組成部分並有助於推動這一點。

So as I think about today and moving forward in terms of the relevance of EWP, including the supply and demand balance, I feel good about how that category is set up, and that really speaks to our investment as an organization, as a company in terms of continuing to grow that important franchise. So again, time will tell here as we go through the course of the year and what the housing start environment will be, especially on single-family, but again, we feel really good about that franchise as we go through the course of this year and next year, and we're investing and building our capabilities as a result.

因此，當我考慮今天並在 EWP 的相關性（包括供需平衡）方面向前邁進時，我對該類別的設置方式感到滿意，這確實說明了我們作為一個組織、作為一家公司在繼續發展這一重要特許經營權的條款。因此，再一次，隨著我們經歷這一年的過程，時間會在這裡告訴我們，住房開工環境將是什麼，尤其是在單戶家庭中，但同樣，在我們經歷今年的過程中，我們對這個特許經營權感覺非常好明年，我們正在投資和建設我們的能力。

No further questions at this time. I would now like to turn the call back to Nate Jorgensen for closing remarks.

目前沒有進一步的問題。我現在想將電話轉回給 Nate Jorgensen 以作結束語。

Thanks, Michelle. We appreciate everyone joining us on the call today and for our update, and thank you for your continued interest and support of Boise Cascade. Please be safe and be well. Thank you.

謝謝，米歇爾。感謝大家今天加入我們的電話會議並了解我們的最新動態，並感謝您一直以來對 Boise Cascade 的關注和支持。請注意安全並保持健康。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。