Boise Cascade Co (BCC) 2025 Q1 法說會逐字稿

Good morning. My name is Rivka, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's first-quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. It is now my pleasure to introduce you to Chris Forrey, Vice President, Finance and Investor Relations, Boise Cascade. Mr. Forrey, you may begin your conference.

早安.我叫 Rivka，今天我將擔任你們的會議主持人。現在，我歡迎大家參加博伊西卡斯卡德 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。現在我很高興向你們介紹博伊西卡斯卡德公司財務和投資者關係副總裁克里斯·福雷 (Chris Forrey)。福雷先生，您可以開始您的會議了。

Thank you, Rivka, and good morning, everyone. I'd like to welcome you to Boise Cascade's first-quarter 2025 earnings call and business update. Joining me on today's call are Nate Jorgensen, our CEO; Jeff Strom, our COO; Kelly Hibbs, our CFO; Troy Little, Head of our Wood Products Operations; and Jo Barney, Head of our Building Materials Distribution Operations.

謝謝你，Rivka，大家早安。歡迎您參加 Boise Cascade 2025 年第一季財報電話會議和業務更新。參加今天電話會議的還有我們的執行長 Nate Jorgensen；我們的營運長 Jeff Strom；我們的財務長 Kelly Hibbs；特洛伊·利特爾 (Troy Little)，我們的木製品業務主管；以及我們的建築材料分銷業務主管 Jo Barney。

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.

翻到幻燈片 2。本次電話會議將包含前瞻性陳述。請查看我們新聞稿中簡報投影片和我們向美國證券交易委員會提交的文件中有關這些前瞻性陳述相關風險的警告聲明。另外，請注意，附錄包括我們的 GAAP 淨收入與 EBITDA 以及調整後的 EBITDA 和分部收入與分部 EBITDA 的對帳。現在我將電話轉給 Nate。

Thanks, Chris. Good morning, everyone. Thank you for joining us for our earnings call today. I'm on slide number 3. Total US housing starts and single-family housing starts decreased 2% and 6%, respectively, compared to the prior year quarter. Our consolidated first quarter sales of $1.5 billion were down 7% from first quarter of 2024. Our net income was $40.3 million or $1.06 per share compared to net income of $104.1 million or $2.61 per share in the year ago quarter.

謝謝，克里斯。大家早安。感謝您參加今天的收益電話會議。我在幻燈片 3 上。與去年同期相比，美國新屋開工總數和獨棟住宅開工數量分別下降了 2% 和 6%。我們第一季的綜合銷售額為 15 億美元，較 2024 年第一季下降 7%。我們的淨收入為 4,030 萬美元，即每股 1.06 美元，而去年同期的淨收入為 1.041 億美元，即每股 2.61 美元。

Our team delivered solid results during the quarter when considering an environment influenced by constrained demand, uncertain trade policies and difficult weather. Homebuyer affordability challenges continue to affect demand, and were compounded by increasing economic uncertainty that has led us to lower consumer and builder confidence.

儘管受到需求受限、貿易政策不確定和惡劣天氣影響的環境，我們的團隊在本季取得了穩健的表現。購屋者負擔能力的挑戰持續影響需求，而日益增加的經濟不確定性又加劇了這個問題，導致消費者和建築商信心下降。

Despite the backdrop, our associates across the company remain clearly focused on delivering value to our customer and vendor partners, which I'm incredibly grateful. In addition, the planned outage at our Oakdale Louisiana plywood and veneer facility negatively impacted our first quarter results. The significant modernization projects underway there are on schedule to be completed at the end of the second quarter and will contribute to the ongoing strength of our EWP franchise.

儘管背景如此，我們公司全體員工仍專注於為我們的客戶和供應商合作夥伴提供價值，我對此深表感激。此外，我們位於路易斯安那州奧克代爾的膠合板和單板工廠的計劃停產對我們的第一季業績產生了負面影響。正在進行的重大現代化項目預計將於第二季末完成，並將有助於增強我們 EWP 特許經營的持續實力。

Lastly, our clear focus on strategic investments and returns of capital to our shareholders is bolstered by the strength of our balance sheet and our constructive view on long-term demand drivers for residential construction.

最後，我們強勁的資產負債表和對住宅建設長期需求驅動因素的建設性看法，使我們明確關注策略投資和股東資本回報。

Kelly will now walk through our financial segment results and provide an update on our capital allocation priorities, after which I'll provide an outlook before we take your questions. Kelly?

凱利現在將介紹我們的財務部門業績並提供我們資本配置重點的最新信息，之後我將提供一個展望，然後我們再回答您的問題。凱莉？

Thank you, Nate, and good morning, everyone. Wood Products sales in the first quarter, including sales to our distribution segment were $415.8 million, down 11% compared to first quarter 2024. The Wood Products segment EBITDA was $40.2 million compared to EBITDA of $95.6 million reported in the year ago quarter. The decrease in segment EBITDA was due primarily to lower EWP and plywood sales prices and lower EWP volumes. In addition, the scheduled Oakdale outage negatively impacted year-over-year and sequential EBITDA comparisons by approximately $8 million and $7 million, respectively.

謝謝你，內特，大家早安。第一季木製品銷售額（包括分銷部門的銷售額）為 4.158 億美元，與 2024 年第一季相比下降 11%。木製品部門的 EBITDA 為 4,020 萬美元，而去年同期的 EBITDA 為 9,560 萬美元。分部 EBITDA 的下降主要是由於 EWP 和膠合板銷售價格下降以及 EWP 銷售下降。此外，奧克代爾的預定停電對年比和環比 EBITDA 產生了負面影響，分別約為 800 萬美元和 700 萬美元。

In BMD, our sales in the quarter were $1.4 billion, down 7% from first quarter 2024. BMD reported segment EBITDA of $62.8 million in the first quarter compared to segment EBITDA of $83.6 million in the prior year quarter. BMD's gross margin dollars decreased $20.4 million from first quarter of 2024, and our gross margin was 14.7%, a 40-basis point decline year-over-year.

在 BMD，我們本季的銷售額為 14 億美元，較 2024 年第一季下降 7%。BMD 報告第一季分部 EBITDA 為 6,280 萬美元，而去年同期分部 EBITDA 為 8,360 萬美元。BMD 的毛利率較 2024 年第一季減少了 2,040 萬美元，毛利率為 14.7%，年減 40 個基點。

Turning to slide 5. On a year-over-year basis, first quarter volumes for both LVL and I-joists were down 3%, better than the 6% year-over-year decline in single-family housing starts. The pullback in start stems from a consistent theme we hear from the builder community around moderating the pace of new starts as they continue to sell through higher-than-anticipated inventory levels. As it relates to pricing, sequential results for both LVL and I-joists were down 3% due to continued pricing pressure created by the constrained demand environment and competition for share.

翻到幻燈片 5。與去年同期相比，第一季 LVL 和 I 型托樑的銷量均下降了 3%，優於獨棟住宅開工量 6% 的年減幅。開工量的回落源於我們從建築商群體中聽到的一個一致主題，即隨著新房開工速度的放緩，他們的銷售量仍在高於預期的庫存水平。就定價而言，由於需求環境受限和份額競爭造成持續的價格壓力，LVL 和 I 型托樑的連續業績均下降了 3%。

Turning to slide 6. Our first quarter plywood sales volume was 363 million feet compared to 372 million feet in first quarter 2024, primarily driven by the planned outage at our Oakdale mill. The 341 per 1,000 average plywood net sales price in the first quarter was down 10% on a year-over-year basis and down 3% sequentially.

翻到幻燈片 6。我們第一季的膠合板銷售量為 3.63 億英尺，而 2024 年第一季為 3.72 億英尺，這主要是由於我們 Oakdale 工廠的計劃停產所致。第一季每1,000塊合板的平均淨銷售價格為341美元，年減10%，季減3%。

Moving to Slide 7 and 8. BMD's year-over-year first quarter sales decline of 7% was driven by a 5% decrease in volume and a 2% decrease in price. By product line, commodity sales decreased 7%. General line product sales decreased 3% and sales of EWP decreased 13%. Weather meaningfully influenced our sales activity in the first quarter with our January and February daily pace below $21.5 million before March rebounded to exceed $24 million per day.

移至投影片 7 和 8。BMD 第一季銷售額年減 7%，原因是銷量下降 5% 且價格下降 2%。依產品線劃分，商品銷售額下降了7%。通用產品銷售額下降 3%，EWP 銷售額下降 13%。天氣對我們第一季的銷售活動產生了重大影響，1 月和 2 月的日銷售量低於 2,150 萬美元，但 3 月份的銷售額才回升至每天 2,400 萬美元以上。

As I mentioned earlier, BMD's first quarter gross margin percentage was 14.7%, down 40 basis points year-over-year. In particular, gross margin dollars were affected by lower sales volumes and decreased margins on commodity and EWP products. BMD's EBITDA margin was 4.5% for the quarter, down from the 5.6% reported in the year ago quarter a reflection of lower gross margin dollar opportunity from slower sales activity and the associated deleveraging of our cost base.

正如我之前提到的，BMD 第一季的毛利率為 14.7%，年減 40 個基點。具體而言，毛利率受到銷售量下降以及商品和 EWP 產品利潤率下降的影響。BMD 本季的 EBITDA 利潤率為 4.5%，低於去年同期的 5.6%，反映出銷售活動放緩以及相關的成本基礎去槓桿導致毛利率下降。

However, it is important to again reference the improved sales velocity in March, which resulted in EBITDA margins for that month, similar to levels seen in recent quarters. Our BMD team continues to consistently provide high service levels across a broad mix of best-in-class products and as we have spoken to in the past, periods like now where there is near-term demand or price uncertainty allows us to again demonstrate the value proposition of two-step distribution.

然而，值得再次參考的是，3 月份銷售速度有所提高，這使得當月的 EBITDA 利潤率與最近幾季的水平相似。我們的 BMD 團隊繼續為各種一流產品提供高水準的服務，正如我們過去所說的那樣，像現在這樣存在短期需求或價格不確定性的時期使我們能夠再次展示兩步驟分銷的價值主張。

I'm now on slide 9. As we look forward to the second quarter, EWP volumes will be dependent upon new home sales and the pace at which builders begin new starts. Our EWP order files improved seasonally as we entered the second quarter, and we expect EWP volumes to increase by mid- to high single digits sequentially.

我現在看到第 9 張投影片。展望第二季度，EWP 銷售將取決於新房銷售量以及建築商開工的速度。進入第二季度，我們的 EWP 訂單文件出現季節性改善，我們預計 EWP 數量將環比增長中高個位數。

On EWP pricing, we expect to experience low single-digit sequential declines as competition for share persists. In plywood, we expect seasonal strengthening and a partial restart at Oakdale to result in mid-single-digit sequential volume increases. On plywood pricing, quarter-to-date realizations are consistent with our first quarter average.

對於 EWP 定價，由於份額競爭持續存在，我們預計其價格將出現低個位數的連續下滑。在膠合板方面，我們預計季節性加強和奧克代爾的部分重啟將導致中等個位數的連續銷售成長。就膠合板定價而言，本季迄今的實現情況與我們第一季的平均值一致。

The partial operating status at Oakdale is expected to negatively impact our financial results by roughly $5 million in the second quarter independent of market conditions. With regard to BMD sales, April's daily sales pace accelerated from the strengthening we saw in March and was approximately 13% higher than the first quarter 2025 sales pace of $22.3 million per day. Our daily sales pace for the balance of the quarter will be dependent upon end market demand and product pricing. Lastly, we expect approximately $38 million in total company depreciation and amortization, a 26% effective tax rate and we have 37.6 million common shares outstanding as of April 30.

無論市場狀況如何，Oakdale 的部分營運狀態預計將對我們第二季的財務業績產生約 500 萬美元的負面影響。就 BMD 銷售而言，4 月的每日銷售速度較 3 月有所加快，比 2025 年第一季每天 2,230 萬美元的銷售速度高出約 13%。本季剩餘時間的每日銷售速度將取決於終端市場需求和產品定價。最後，我們預計公司總折舊和攤提約為 3,800 萬美元，有效稅率為 26%，截至 4 月 30 日，我們已發行 3,760 萬股普通股。

I'm now on slide 10. We had capital expenditures of $53 million in the first quarter with $31 million of spending in Wood Products and $22 million of spending in BMD. Our capital spending range for 2025 remains between $220 million and $240 million, this range includes additional spending on our multiyear investments in support of our EWP production capabilities in the Southeast that we have spoken to previously.

我現在在第 10 張投影片。我們第一季的資本支出為 5,300 萬美元，其中木製品支出 3,100 萬美元，BMD 支出 2,200 萬美元。我們 2025 年的資本支出範圍仍在 2.2 億美元至 2.4 億美元之間，這一範圍包括我們之前談到的用於支持東南部 EWP 生產能力的多年期投資的額外支出。

At Oakdale, impacted machine centers are restarting in phases, and we are excited to have that facility fully operational again by the end of the second quarter. The Thorsby I-line is expected to be operational in the first half of 2026. In BMD, we have made great progress on our greenfield distribution in Hondo, Texas where construction is roughly 80% complete, and we look forward to its initial start-up by the end of the third quarter.

在奧克代爾，受影響的機器中心正在分階段重新啟動，我們很高興該設施能夠在第二季末恢復全面運作。索爾斯比 I 線預計將於 2026 年上半年投入營運。在 BMD，我們在德克薩斯州洪多的綠地分銷項目取得了巨大進展，目前建設已完成約 80%，我們期待其在第三季末首次啟動。

Speaking to shareholder returns. We paid $10 million in regular dividends during the quarter. Our Board of Directors also recently approved a $0.21 per share quarterly dividend on our common stock. Shareholders of record as of June 2, will receive payment of this dividend on June 18. Through the first four months of 2025, we repurchased $71 million of our common stock in the $54 million in first quarter and another $17 million in April.

談論股東回報。我們在本季支付了 1000 萬美元的定期股息。我們的董事會最近也批准了每股 0.21 美元的普通股季度股息。截至 6 月 2 日登記在冊的股東將於 6 月 18 日收到該股利。2025 年頭四個月，我們在第一季回購了價值 5,400 萬美元的普通股，共 7,100 萬美元，並在 4 月回購了價值 1,700 萬美元的普通股。

Today, we have about 1.1 million shares available for repurchase under our current share repurchase program. Not unexpectedly, our cash position declined in the first quarter due to seasonal increases in working capital and the previously referenced capital investments and shareholder returns.

今天，根據我們目前的股票回購計劃，我們有大約 110 萬股可供回購。毫不意外，由於營運資本的季節性增加以及先前提到的資本投資和股東回報，我們的現金狀況在第一季有所下降。

Our balance sheet remains strong, and we continue to be dedicated to a balanced deployment of capital by investing in our existing asset base, pursuing organic growth opportunities and returning capital to our shareholders. We also maintain the flexibility to execute M&A if opportunities emerge that align with our growth strategy.

我們的資產負債表依然強勁，我們持續致力於透過投資現有資產基礎、尋求有機成長機會和向股東返還資本來實現資本的平衡配置。如果出現符合我們成長策略的機會，我們也會保持執行併購的靈活性。

I will now turn it back over to Nate to share our business outlook and closing remarks.

現在我將把時間交還給 Nate，讓他分享我們的業務展望和結束語。

Thanks, Kelly. I'm on slide number 11. Given the current environment, 2025 end market demand expectations remain difficult to predict, with most forecasts for housing ranging between flat to mid-single-digit declines. Our first quarter results impacted meaningfully by seasonal factors and our purposeful strategic investments are in no way a good indicator of our end market demand and our financial results will play out for the balance of 2025. But expectations for the remainder of the year are unclear as significant macroeconomic uncertainties and elevated mortgage rates have dampened consumer and homebuilder confidence.

謝謝，凱利。我看的是第 11 張投影片。鑑於當前環境，2025 年終端市場需求預期仍難以預測，大多數預測認為房屋需求將處於持平至中等個位數下降之間。我們的第一季業績受到季節性因素的顯著影響，而我們有目的的策略投資並不能很好地反映我們的終端市場需求，我們的財務表現將持續到 2025 年底。但由於宏觀經濟的不確定性和抵押貸款利率上升削弱了消費者和房屋建築商的信心，今年剩餘時間的預期仍不明朗。

However, where we do have great clarity is in the strength of our team and our ability to execute at a high level across all market conditions. We remain both steady and agile and we'll be prepared to respond as economic situation changes and remain resolute in our service to our customer and supplier partners.

然而，我們非常清楚的是，我們團隊的實力以及我們在所有市場條件下高水準執行的能力。我們保持穩健和敏捷，並準備好應對經濟形勢的變化，並堅定地為我們的客戶和供應商合作夥伴提供服務。

The long-term demand drivers for our business remain strong, characterized by undersupply in housing units, aging US housing stock and elevated levels of homeowner equity. The structural demand built into the housing market and our robust balance sheet provide us the ability to stay focused on the execution of our strategy and creation of long-term value for our stakeholders. Thank you for joining us today and for your continued support and interest in Boise Cascade. We welcome any questions at this time.

我們業務的長期需求驅動力依然強勁，其特點是住房供應不足、美國住房存量老化以及房主權益水平提高。房地產市場的結構性需求和我們強勁的資產負債表使我們能夠專注於執行我們的策略並為我們的利害關係人創造長期價值。感謝您今天加入我們，並感謝您對博伊西卡斯卡德的持續支持和關注。我們歡迎您提出任何問題。

Rivka, would you please open the phone lines.

Rivka，請你打開電話線。

(Operator Instructions)

（操作員指示）

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Thank you. Good morning, everyone. I wanted to start on the general line side of the business. I guess, given the shifts in the macro that we've seen through the quarter, any thoughts on what you're hearing from some of your key suppliers there, positions of those inventories? And you also mentioned the benefit of a two-step distribution model in this environment. I guess what are you also hearing from customers? And how are they leveraging that service there to help with their own inventories in the channel?

謝謝。大家早安。我想從業務的整體方面開始做起。我想，考慮到我們在本季看到的宏觀變化，您對從一些主要供應商那裡聽到的有關這些庫存狀況的消息有何看法？您也提到了在這種環境下兩步驟分發模型的好處。我猜您也從顧客那裡聽到了什麼？他們如何利用該服務來幫助渠道中的自身庫存？

Hey, Sue, it's Nate. I'll start the conversation and then Jo and Jeff and others can jump in as needed. I think overall, what we're seeing is that customers specific to the general line category are really dependent on two-step distribution in terms of the out of warehouse support on units, job packs, pieces, maybe as compared to full heavy-line direct shipments. So that out of warehouse support continues to remain a theme, and we're seeing that in terms of both expectations from our suppliers in general line as well as our customers in terms of how they're thinking about to your point on their working capital positions.

嘿，蘇，我是內特。我會開始對話，然後喬、傑夫和其他人可以根據需要加入。我認為總體而言，我們看到的是，特定於一般線路類別的客戶在單位、工作包、件的出庫支援方面確實依賴於兩步驟分銷，也許與完整的重型線路直接運輸相比。因此，倉庫外支援仍然是一個主題，我們從一般供應商的期望以及客戶對他們的營運資金狀況的看法來看，都看到了這一點。

I think the other thing that we're experiencing with our general line, which is really good, is their introduction of new products, new SKUs. And so that kind of creates different maybe narrative in the marketplace where customers may be hesitant to bring some of those newer items in because they just don't know maybe the strength or the kind of the cadence of some of those new products. And so their dependence on two-step distribution, BMD remains very high.

我認為我們在一般產品線上遇到的另一件事是他們推出了新產品、新的 SKU，這確實是一件好事。因此，這在市場上創造了不同的敘述，客戶可能會猶豫是否要購買一些新產品，因為他們可能不知道某些新產品的強度或節奏。因此，它們對兩步分佈的依賴程度，BMD 仍然很高。

So I think overall, we're looked to as probably even more important today, just in providing those just-in-time services as our customers are managing their working capital. And again, they're working that kind of risk and reward on having inventory levels, both on demand and also on price realization. So overall, it feels steady and consistent. And again, two-step distribution is really an important part of that equation.

因此，我認為總體而言，今天我們被認為更為重要，因為我們的客戶正在管理他們的營運資金，因此提供這些即時服務。而且，他們根據庫存水準（既根據需求，也根據價格實現）來衡量這種風險和回報。所以整體來說，感覺穩定且一致。再次強調，兩步驟分佈確實是這個等式的重要組成部分。

That's very helpful, Nate. And then you mentioned that the Oakdale project is progressing. It sounds like that's gone well. Any thoughts as you bring -- start to bring that back online relative to the macro environment that we're in? And how you're positioned in terms of ramping that up?

這非常有幫助，內特。然後您提到 Oakdale 項目正在取得進展。聽起來一切進展順利。您有什麼想法嗎 - 開始將其相對於我們所處的宏觀環境重新帶上線？那麼您如何實現這項目標呢？

Hey, good morning, Susan, this is Troy. Yeah, I mean, when that comes back online, the majority of that veneer goes into our EWP side. So we've been buying veneer on the open market right now to supplement that. So when they come back online, that veneer will shift back into the EWP. There'll be some, let's say, limited plywood volume that will come along with that, but we'll just offset what we're buying on the open market, and continue and then adjust production as necessary depending on demand.

嘿，早上好，蘇珊，我是特洛伊。是的，我的意思是，當它重新上線時，大部分飾面都會進入我們的 EWP 方面。因此，我們現在一直在公開市場上購買單板來補充這一點。因此，當他們重新上線時，這種外觀將重新轉變為 EWP。隨之而來的將是一些有限的膠合板產量，但我們將抵消在公開市場上購買的產量，然後根據需求繼續調整產量。

Okay. That's helpful. And then I'm going to squeeze one last one in, which is, it was nice to see the comments on the capital allocation and potential for buyback. Can you talk a bit more how you're thinking about those priorities for this year, just given the world that we're in? And anything of note in the M&A pipeline?

好的。這很有幫助。然後我要擠進最後一個，那就是，很高興看到關於資本配置和回購潛力的評論。考慮到我們所處的世界，您能否進一步談談您對今年的優先事項有何看法？在併購通路中有什麼值得注意的嗎？

Yeah. Hi, Susan. this is Kelly. So nothing of -- I'll take your question in reverse order a bit here. Nothing of note on the M&A pipeline. I think there's still some inbounds. But I think given kind of this near-term uncertainty, I think it's been a little bit quieter in terms of inbounds of late, but we're still certainly interested to grow via M&A if the right opportunity presents itself.

是的。你好，蘇珊。這是凱利。所以沒什麼——我會在這裡稍微反過來回答你的問題。併購通路方面沒有什麼值得注意的。我認為仍有一些入境。但我認為，鑑於這種短期不確定性，最近的入境情況有些平靜，但如果出現合適的機會，我們仍然有興趣透過併購來成長。

And then in terms of capital allocation in general, our script and our narrative is very much the same. We were excited about the good amount of organic project work we have ahead of us, and we'll expect to continue to be opportunistically in a thoughtful way in the market regarding share repurchases.

就整體資本配置而言，我們的腳本和敘述非常相似。我們對未來大量的有機項目工作感到興奮，我們期望在股票回購方面繼續以深思熟慮的方式抓住機會。

All right. Well, thank you all for the color and good luck with everything.

好的。好吧，謝謝大家的祝福，祝一切順利。

Kurt Yinger, DA Davidson.

庫爾特·英格，DA​​ 戴維森。

Great. Thanks, and good morning, everyone. Just wanted to start off on EWP pricing. Kelly, not to pin you down all that much. But I guess directionally, would you expect kind of Q2 versus Q1 sequential pressures to be kind of about the same or maybe even lessening a little bit?

偉大的。謝謝，大家早安。只是想開始討論 EWP 定價。凱利，我不想給你太多的限制。但我想從方向上看，您是否預計第二季度與第一季的連續壓力大致相同，或者甚至可能略有減輕？

And then hoping you could also just talk a little bit more about the competitive dynamics. And as you've kind of moved into March and April and seeing some seasonal strengthening, whether any of those pressures may be alleviating a little bit? Or if there's kind of a light at the end of the tunnel that you guys are seeing at this stage?

然後希望您能再多談談競爭動態。隨著進入三月和四月，我們看到一些季節性的增強，這些壓力是否會緩解？或者你們在這個階段是否看到了隧道盡頭的光亮？

Yeah. Sure, Kurt. I'll start and then maybe Nate and Troy and others can fill in. So in terms of the sequential guide, yes, we did say a low single digit again. I think we were off at roughly 3% sequentially here in the first quarter. We still have May and June to come and it's still a very competitive environment out there. But I guess I would guide to a similar percentage to what we experienced first quarter in terms of sequential and -- but again, we'll see how May and June turn out.

是的。當然，庫爾特。我先開始，然後 Nate、Troy 和其他人可以補充。因此，就連續指南而言，是的，我們確實再次說了一個低個位數。我認為第一季我們的銷售額環比下降了約 3%。五月和六月即將到來，外面的競爭環境仍然非常激烈。但我想我會引導一個與我們第一季經歷的類似的百分比，就連續性和 - 但我們會再次看看五月和六月的結果如何。

In terms of the kind of underlying activity, like I alluded to in my comments, the order file on EWP did seasonally strengthen pretty nicely here in April. But at the end of the day, we're still around a seasonally adjusted annual rate on single-family housing starts that's probably less than 1 million, right? And so we're still in an environment where there's still competition for share. And so until we see more strength in the underlying demand, I think we'll need to see that before we see some levelization on pricing.

就基礎活動而言，正如我在評論中提到的那樣，EWP 的訂單文件在 4 月確實出現了季節性的強勁增長。但最終，以季節性調整後的單戶住宅開工年率可能仍不到 100 萬套，對嗎？因此，我們仍然處於一個存在份額競爭的環境中。因此，我認為，在我們看到潛在需求更加強勁之前，我們需要先看到這一點，然後才能看到價格的平準化。

Hey, Kurt, it's Nate. Maybe just to add to that. I think generally, Q2 and the kind of the seasonal change represents where maybe there's overall less focus on pricing on the range of products and services and people really get centered on execution and serving the marketplace. So we'll see how that narrative plays out through the quarter. But generally, and history would tell us second quarter generally is, again, more execution focused and less on kind of setting up programs and some of the details around that.

嘿，庫爾特，我是內特。也許只是為了補充這一點。我認為總體而言，第二季和季節性變化表明人們可能不再關注產品和服務範圍的定價，而是真正關注執行和服務市場。因此，我們將觀察這一敘述在本季如何展開。但總體而言，歷史告訴我們，第二季度將總體上更加重視執行，而不是製定計劃以及相關的一些細節。

I think the other narrative for us is on -- when it comes to homebuilder focus. They continue to stay focused on obviously, their input costs but also cycle times. And as you think about EWP and its ability to compete and win relative to other options that are out there, whether it's dimensional lumber or even plated floor trusses, EWP is certainly an answer in terms of affordability and relative to open web trusses and also creates that kind of that speed and simplicity on the job site, which again remains important for the builder. So those would be maybe two backdrops as we transition into the building season, and we'll obviously be watching both of those carefully.

我認為我們的另一個敘述是關於房屋建築商的焦點。顯然，他們繼續關注投入成本以及週期時間。當您考慮 EWP 及其相對於其他現有選項的競爭和獲勝能力時，無論是規格木材還是鍍層地板桁架，EWP 無疑是經濟實惠且相對於開放式腹板桁架的答案，並且還可以在施工現場創造那種速度和簡便性，這對於建築商來說仍然很重要。因此，當我們進入建築季節時，這可能是兩個背景，我們顯然會密切關注這兩個背景。

Got it. That's helpful. Thank you. And then Kelly, just on the Oakdale impact, the $5 million, I assume that's on a year-over-year basis. And I guess with Troy's comments earlier around kind of buying open market veneer to EWP, is that kind of cost differential contemplated in some of the numbers you've talked about related to this outage? Or would that be separate?

知道了。這很有幫助。謝謝。然後凱利，僅就奧克代爾的影響而言，500 萬美元，我認為這是同比增長的。我想，根據特洛伊之前關於購買 EWP 公開市場飾面的評論，您談到的與這次停電有關的一些數字中是否考慮到了這種成本差異？或者說應該分開嗎？

Yeah. Good question, Kurt. So the first part, the $5 million is sequential, the expected impact is sequential in terms of the impact of Oakdale. And so we expect to continue to see some challenges there as we start up. But then in terms of the veneer, I spoke to, I think, $8 million and $7 million impacts on EBITDA from Oakdale. In fourth and first quarter, we were buying some amount veneer. So there's not a lot of incremental cost of veneer impact into the second quarter. That was more of a year-over-year impact.

是的。問得好，庫爾特。因此，第一部分，500 萬美元是連續的，就 Oakdale 的影響而言，預期的影響也是連續的。因此，我們預計在啟動過程中會繼續面臨一些挑戰。但從表面來看，我認為對 Oakdale 的 EBITDA 的影響為 800 萬美元和 700 萬美元。在第四季度和第一季度，我們購買了一些單板。因此，第二季單板成本增量的影響並不大。這更多的是一種同比影響。

Okay. Got it. Perfect. And then lastly, just on BMD. It sounds like general line is pretty stable. In terms of gross margin percentage, I guess, how much pressure are you seeing there in EWP? And if I guess, we look at kind of the last two years outside of quarter-to-quarter noise, you guys have been kind of 15%-plus on gross margin. Is that still attainable for 2025? Or given some of these dynamics is that maybe a little bit optimistic?

好的。知道了。完美的。最後，僅討論 BMD。聽起來整體線路相當穩定。就毛利率百分比而言，我猜您在 EWP 中看到多大的壓力？如果我猜的話，我們看看過去兩年，除了季度間噪音之外，你們的毛利率一直在 15％ 以上。到 2025 年還能達成這個目標嗎？或者考慮到這些動態，這可能有點樂觀嗎？

Yeah. No, I think 15% is still certainly attainable, and we are a little bit below that this quarter didn't have a lot of opportunity on the commodity side and there was some competitive pressures. But I think definitely 15% is attainable given the mix shift we've seen and especially as we head here into the second and third quarter where you start to see a bit of a richer product mix typically. So short answer is yes on the 15%, Kurt.

是的。不，我認為 15% 仍然是可以實現的，我們略低於這個數字，本季在商品方面沒有太多機會，而且存在一些競爭壓力。但我認為，考慮到我們已經看到的產品組合變化，15% 肯定是可以實現的，尤其是當我們進入第二季和第三季時，你通常會開始看到更豐富的產品組合。所以簡短的回答是 15% 是，Kurt。

Perfect. All right. Thank you very much.

完美的。好的。非常感謝。

George Staphos, Bank of America Securities.

喬治‧斯塔福斯 (George Staphos)，美國銀行證券公司。

Hi, everyone. Good morning. Thanks for the details. Just a couple of quick ones to tag on to the existing questions that were asked. Can you talk a little bit about the competitive pressures in EWP? And are you seeing it more from existing engineered players? Or are you seeing it more because of or from either dimensional or from folks producing open web trusses.

大家好。早安.謝謝你的詳細資料。只需快速回答幾個與已提出的問題相關的問題即可。您能談談 EWP 中的競爭壓力嗎？您是否從現有的工程播放器中看到了更多這樣的情況？或者您更多是因為或從維度或從生產開放式腹板桁架的人們那裡看到它。

Secondly, and it sounds like everything is fine here. But in terms of the 13% improvement that you're seeing in daily sales so far in 2Q, any change or anything -- any trend that we should be aware of in terms of mix, velocity. Again, it sounds like everything is fine, but I just wanted to check that box, guys.

其次，聽起來這裡一切都很好。但就第二季迄今為止每日銷售額成長 13% 而言，我們都應該注意組合、速度方面的任何變化或趨勢。再說一遍，聽起來好像一切都很好，但是夥計們，我只是想檢查一下那個盒子。

So maybe on the EWP let me start George, just on the EWP side of things. I think what we're seeing is the narrative on 2 by 10s and open web trusses is largely consistent and steady and not a lot there. So where we generally see the competitive challenges is with EWP producers. And so that's something that we are committed to making sure we're competitive in the market each and every day for our customers, both our direct customers as well as through the channel.

因此，也許在 EWP 上，讓我先從喬治開始，只談 EWP 方面的事情。我認為，我們所看到的關於 2×10 和開放式腹板桁架的敘述基本上是一致和穩定的，而且不多。因此，我們普遍認為競爭挑戰在於 EWP 生產商。因此，我們致力於確保我們每天都能在市場上為我們的客戶（包括直接客戶和透過管道的客戶）保持競爭力。

And so that's been the backdrop in terms of the competitive nature, and that's been a place here for several quarters. So that would be probably kind of our current view on EWP and what we're seeing and what we're expecting there relative to the competitive nature.

這就是競爭性質的背景，而這種情況已經持續了好幾個季度了。這可能是我們目前對 EWP 的看法，以及我們所看到的以及我們對競爭本質的期望。

Yeah. And then I guess the second part of your question, George, was around the 13% sequential increase we've seen so far in the daily sales pace in BMD, which that math tells you it's about $25 million a day through April compared to the $22.3M we experienced in the first quarter. I wouldn't say there's any big mix shift or anything like that. It's really just a function of the spring building season, better weather and really, out of the gates here pretty strong and in April, which is great.

是的。然後我想你問題的第二部分，喬治，是說到目前為止我們看到的 BMD 每日銷售速度連續 13% 的增長，這個數字告訴你，到 4 月份每天的銷售額約為 2500 萬美元，而第一季的銷售額為 2230 萬美元。我不會說有任何重大的混合轉變或類似的事情。這實際上只是春季建築季節的一個功能，天氣更好，而且四月份這裡的建築業發展相當強勁，這很好。

If you do the math, $25 million-ish a day times 64 days, you'll see BMD kick out $1.6 billion or so in revenue in the second quarter, which should be up $200 million sequentially. And so you can -- that gives you a good sense of the gross margin dollar opportunity and the better leverage you can get on our cost base that we expect to put up certainly an improved number here in the second quarter of BMD.

如果你算一下，每天 2,500 萬美元乘以 64 天，你會發現 BMD 在第二季的營收約為 16 億美元，比上一季增加 2 億美元。這樣您就可以 - 這可以讓您很好地了解毛利率機會以及您可以在我們的成本基礎上獲得的更好的槓桿作用，我們預計 BMD 第二季度的數字肯定會有所改善。

Yeah, Kelly, I appreciate that. What I was getting at and maybe could have posed the question differently, just it seems like the momentum has actually continued or accelerated. It's not like we're at 13%, but there's been a fade more recently, just more or less just confirming that or not, if you want to comment.

是的，凱利，我很感激。我可能本可以用不同的方式提出問題，但看起來這種勢頭實際上仍在持續或加速。並不是說我們已經達到了 13%，而是最近有所下降，如果你想評論的話，這或多或少只是證實了這一點。

Can you give us -- along with that, can you give us a quick comment on the doors strategy, how that's working? And are there any elements of the supply chain into BMD that we should be mindful of relative to tariffs? Any difficulties getting products that you need or you're in pretty good shape there. Thanks and good luck in the quarter.

除此之外，您能否給我們簡要評論一下門策略以及它是如何運作的？在彈道飛彈防禦系統的供應鏈中，有哪些環節與關稅有關，我們需要注意？在獲取您需要的產品時遇到任何困難，或者您在那裡的情況相當不錯。謝謝，祝本季好運。

Yeah. So yeah, just a quick follow-up. Yeah. So that pace I referenced has continued through the first few days in April. And so we feel good about that. And then in terms of the doors and supply chain, I'll let Jeff lead the conversation there.

是的。是的，只是一個快速的跟進。是的。因此，我提到的這種節奏一直持續到四月初。因此我們對此感到很高興。然後，就門和供應鏈而言，我會讓傑夫主導討論。

Yeah. Hey, this is Jeff. On the door side, that strategy is going well. And I'll tell you, the acquisitions we made, the newer shops they're growing, and you can see it. And when you greenfield one as we have, it's a process and it takes time, and they certainly are. And then you have the acquisitions and they're obviously faster. But you can see them growing and then legacy ones we have they've picked up significantly. So it's working just the way we want it.

是的。嘿，我是傑夫。從門口來看，這項策略進展順利。我會告訴你，我們進行的收購，他們正在開設的新店，你都可以看見。當你像我們一樣開闢一個新領域時，這是一個過程，需要時間，而他們確實如此。然後你就有了收購，而且速度顯然更快。但你可以看到它們不斷成長，而且我們遺留的那些也顯著增加。所以它正如我們所希望的那樣運作。

Okay. And on tariffs and supply chain?

好的。那麼關稅和供應鏈方面呢？

Yes. George, it's Nate. Yeah, I would say in tariffs, I would say overall for both for Wood Products and BMD there's kind of limited impact. For us, it's a pretty defined risk both in Wood Products. Most of our production, as you know, is US-based. And so that doesn't really represent an issue for us in Wood Products, given the current environment today.

是的。喬治，我是內特。是的，我想說，就關稅而言，對於木製品和BMD來說，總體而言，影響有限。對我們來說，木製品的風險非常明確。如您所知，我們的大部分生產都在美國進行。因此，考慮到目前的環境，這對我們木製品產業來說並不是什麼問題。

For distribution, as you know, our philosophy overall is to -- when we have to pass along pricing changes our cost increases that we experienced, so tariffs would represent a very similar theme as to anything else that we would think about there. Specific to there are certain products, as you think about in our general line, many of our metal products are imported. And in some cases, George, there's limited options on where you can pull those materials from.

對於分銷，如您所知，我們的總體理念是 - 當我們必須轉嫁價格變化時，我們所經歷的成本增加，因此關稅將代表與我們在那裡考慮的任何其他事情非常相似的主題。具體到某些產品，正如您在我們的一般產品線中所想，我們的許多金屬產品都是進口的。喬治，在某些情況下，取得這些材料的選擇是有限的。

So I guess the good news here is we have some familiarity with the story, just given the COVID issues in terms of the resiliency and kind of the redundancy in some cases with our supply chain, and that remains part of our plan going forward. But relatively, the impact is very, very modest today. And if anything, it would be general line just on some of those -- again, kind of the metal products would be the area that we're currently focused.

因此，我想好消息是，我們對情況有所了解，考慮到新冠疫情對我們供應鏈的彈性和某些情況下的冗餘度的影響，這仍然是我們未來計劃的一部分。但相對而言，今天的影響非常非常小。如果有的話，它將只是其中一些的一般路線 - 再次，金屬產品將是我們目前關注的領域。

Thanks so much Nate and good luck on the quarter, guys.

非常感謝 Nate，祝大家本季好運。

Jeff Stevenson, Loop Capital.

傑夫史蒂文森，Loop Capital。

Hey, good morning, guys. This is actually Zack Pacheco on for Jeff this morning. Maybe to start, given the current pricing environment, can you just provide some more color specifically on how you're looking at LVL kind of through the remainder of the year more on the volume side? I believe last quarter share gains were called out as a positive. So just curious if there's any update from a share gain perspective. Thanks.

嘿，大家早安。這實際上是 Zack Pacheco 今天早上為傑夫 (Jeff) 主持的。首先，考慮到目前的定價環境，您能否具體說明您如何看待今年剩餘時間內 LVL 的銷售情況？我認為上個季度的股價上漲是一個正面的訊號。所以只是好奇從股票收益的角度來看是否有任何更新。謝謝。

Yeah. As Kelly mentioned, Q1, we were down 3%, not quite as much as the housing starts. And also, he referenced the fact that so far that starting into Q2. We're starting to see LVL in particular, actually start outpacing our production. So we're starting to see our inventories come down there. And then as indicated, we're still looking for that seasonal bump in volumes that we've indicated in the chart. You've got any more on that?

是的。正如凱利所提到的，第一季度，我們下降了 3%，但降幅不及新屋開工率。此外，他還提到，到目前為止，情況已經進入第二季。我們開始看到 LVL 實際上開始超過我們的生產速度。因此我們開始看到我們的庫存下降。然後，如所示，我們仍在尋找圖表中指出的季節性銷售成長。您對此還有什麼了解嗎？

Yeah. No, I think Troy covered it pretty well other than, I guess, what I -- where I would add is that I think we've pretty consistently shown that our share of production as well as our volumes relative to single-family starts have looked very strong. And again, we think that's very much a function of one, having best-in-class products and best-in-class distribution tied together, and we continue to believe that's the right approach.

是的。不，我認為特洛伊對此進行了很好的報道，除此之外，我想補充的是，我認為我們已經相當一致地表明，我們的生產份額以及相對於單戶住宅開工量來說，我們的產量看起來非常強勁。而且，我們認為這在很大程度上是一個功能，將一流的產品和一流的分銷結合在一起，我們仍然相信這是正確的方法。

Understood. And then maybe just quickly on BMD. How attainable or how confident is the team on a sequential improvement in terms of EBITDA margins to at or above 5% in the next quarter, given the adverse weather you experienced in this quarter? Or do you think softer residential demand fundamentals will continue to weigh on segment margins? Thanks.

明白了。然後也許只是快速談論 BMD。考慮到本季遭遇的惡劣天氣，團隊對於下一季 EBITDA 利潤率連續提高至 5% 或以上的可能性有多大或有多大信心？或者您認為較弱的住宅需求基本面將繼續對細分市場的利潤率造成壓力？謝謝。

Yeah. So yeah, I feel good about, and I alluded to this a bit in my comments that March, when we saw more normal sales pace, we got our EBITDA margins back to what you've seen in recent quarters, kind of that mid-5 range, if you will. And so given where we've started in April and given our given the pace we've seen, we feel really good about our opportunity to again be in the mid-5s for second quarter. And then a couple of other comments here from Jo.

是的。是的，我感覺很好，我在 3 月份的評論中稍微提到了這一點，當我們看到更正常的銷售速度時，我們的 EBITDA 利潤率回到了最近幾個季度的水平，如果你願意的話，可以這麼說，是 5 左右的中間水平。因此，考慮到我們 4 月的開局以及我們看到的速度，我們對在第二季度再次進入 5 強中段的機會感到非常高興。這裡還有 Jo 的幾則其他評論。

Yeah. Hi, there. As far as competitive positioning in the market, I think we're set up really well. Our national footprint allows us to shift our volume into pockets of strength across the country, also helps us to service the national dealers who want and need consistent service across the country.

是的。你好呀。就市場競爭定位而言，我認為我們已經做好了充分的準備。我們的全國覆蓋範圍使我們能夠將業務量轉移到全國各地的優勢領域，同時也幫助我們為希望並需要在全國範圍內獲得一致服務的全國經銷商提供服務。

We're aligned with many of the big builders and the dealers and their strength in times of market weakness, but at the same time, our decentralized model allows us to support and serve the local and regional dealers and builders as well and be flexible to their needs. We've got great partnerships with our customers, with our suppliers and really our integrated model of manufacturing is a key part of driving our success.

我們與許多大型建築商和經銷商保持一致，在市場疲軟時發揮他們的實力，但同時，我們的分散模式使我們能夠支援和服務當地和區域經銷商和建築商，並靈活滿足他們的需求。我們與客戶、供應商建立了良好的合作關係，我們的綜合製造模式確實是推動我們成功的關鍵因素。

Makes sense. Thanks for the color.

有道理。謝謝你的顏色。

(Operator Instructions)

（操作員指示）

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Thank you and good morning. Perhaps to start with on Q2 EWP volumes. And if I'm doing my math correctly here, it sounds like on I-joist, volumes would be down about double digits on a year-over-year basis. Can you talk about sort of puts and takes? What's kind of driving that sort of a pretty meaningful year-over-year decline in volumes?

謝謝，早安。或許可以從第二季的 EWP 數量開始。如果我沒算錯的話，聽起來工字樑的產量比去年同期會下降大約兩位數。能談談這些得失嗎？是什麼原因導致銷量較去年出現如此顯著的下降？

Yeah. I think it's really just a function of housing starts last year versus the housing start assumption for this year, Ketan, it's really that. It's not in my view, a loss of market share or the change in usage in terms of floor products, it's not that. It's really just a function of the underlying market conditions today.

是的。我認為這實際上只是去年新屋開工量與今年新屋開工量假設的一個函數，Ketan，確實如此。在我看來，這並不是市佔率的損失，也不是地板產品用途的改變，不是這樣的。這其實只是當今基本市場狀況的一個函數。

Got it. And then if I look at your inventories at the end of Q1 versus kind of your total inventories at the end of Q1 of last year, it's again up like, I don't know, 12%, 13%, something in that range. Can you sort of talk to how you sort of feel about the overall level of inventories, given sort of the housing backdrop, which has been sort of choppier, we've talked about things off to a slower-than-expected start.

知道了。然後，如果我查看您第一季末的庫存與去年第一季末的總庫存，它又上漲了，我不知道，12%、13% 左右。您能否談談您對整體庫存水準的看法，考慮到房屋市場的背景，情況一直比較波動，我們已經討論過情況的起步比預期要慢。

Yeah. Let me let Jeff kind of field that initially the question around inventory and what we're seeing where we're at here in the first quarter and relative to our expectations.

是的。讓我讓傑夫先回答有關庫存的問題，以及我們在第一季看到的情況以及相對於我們的預期。

Hey, it's Jeff. Yeah, our inventory position, we feel good about it. We -- when the winter buys came and opportunity for buys, we fully took advantage of that, leaning into that pretty heavily. We also look at it with the market that we're in right now, we know it is very much a distribution-friendly market, and people are relying on us. Our suppliers are relying us to have it and our customers' are relying on us have to get it there on time.

嘿，我是傑夫。是的，我們對我們的庫存狀況感到滿意。當冬季採購到來並出現採購機會時，我們充分利用了這一點，並大力支持這項採購機會。我們也從我們目前所處的市場來看這個問題，我們知道這是一個非常適合分銷的市場，人們依賴我們。我們的供應商依賴我們來提供產品，我們的客戶也依賴我們來準時交付產品。

So we've leaned into that and make sure that we are stocked and ready for that. On the dealer side of things, what we're seeing out there without a doubt, it is lean overall, a couple of areas where it might be heavy if they leaned in for tariffs, but overall, it is lean and people are relying on distribution, and we're ready to serve.

因此，我們傾向於這樣做，並確保我們有足夠的庫存並為此做好準備。就經銷商方面而言，毫無疑問，我們看到的是，總體而言，經銷商的業務很精簡，如果他們傾向於徵收關稅，那麼在某些領域，經銷商的業務可能會很重，但總體而言，經銷商的業務很精簡，人們依賴於分銷，我們已經準備好提供服務。

Understood. That's helpful color. And then maybe last one for Nate. There's been a couple of transactions here recently one on kind of your supplier side and then one on the pro dealer side, a pretty meaningful transaction. How do you sort of think about potential impact, if any, over the next several years here?

明白了。這是很有幫助的顏色。這也許對 Nate 來說，是最後一次了。最近這裡有幾筆交易，一筆是你們供應商方面的交易，另一筆是專業經銷商方面的交易，這是一筆非常有意義的交易。您如何看待未來幾年可能產生的影響（如果有的話）？

Yeah. Good question, Ketan. And I think when it comes to -- to your point, some of the consolidation that's taken place, both upstream and downstream from Boise Cascade. That has been a theme here over the past number of years and certainly is continuing and obviously some important examples in front of us today. I think as we -- so we are, I think, well positioned in the marketplace and well positioned with those relationships.

是的。問得好，Ketan。我認為，就您的觀點而言，博伊西卡斯卡德上游和下游都發生了一些整合。這是過去幾年來一直存在的主題，並且肯定會繼續下去，顯然今天我們面前就有一些重要的例子。我認為，我們在市場上處於有利地位，並且在這些關係中處於有利地位。

And I think the council that we continue to work internally and externally is we're going to stay really focused on the here and now and execute at a very high level for the benefit of both those suppliers and what our customers deserve and expect going forward. So I think we are in a very important part of the equation for our suppliers, and we've got to continue to earn that each and every day, same with our customers. But that consolidation, those trends, we -- those have been taking place. We expect those likely to take place going forward. And that just -- it really requires us to make sure that we're focused on executing at a very, very high level each and every day.

我認為，我們在內部和外部繼續努力的宗旨是，我們將繼續專注於當前情況，並在非常高的水平上執行，以造福這些供應商，並滿足我們的客戶未來應得的和期望。所以我認為，對於我們的供應商來說，我們處於一個非常重要的位置，我們必須每天繼續努力贏得這個位置，對於我們的客戶也是如此。但這種整合、這種趨勢，我們──這些已經發生。我們預計這些事情未來很可能會實現。這只是——它確實要求我們確保我們每天都專注於以非常非常高的水平執行。

That's very helpful. Good luck.

這非常有幫助。祝你好運。

Reuben Garner, Benchmark.

魯本·加納，基準。

Thank you. Good morning, guys. Apologies if I repeat anything. I missed the first part of the call. A big picture question for you. And correct me if I'm looking at this wrong, but I think the volume for I-Joist and LVL is kind of round tripped back to pre-2020 levels for you guys, but on a higher level of starts. Is the difference between what you would have seen back then and today size and type of homes? Or is there some other dynamic are you guys thinking about your volume versus your price differently than maybe you did five or six years ago? Just any color there would be helpful.

謝謝。大家早安。如果我重複了任何內容，請原諒。我錯過了通話的第一部分。給你一個大問題。如果我理解錯了，請糾正我，但我認為 I-Joist 和 LVL 的產量已經回落到 2020 年之前的水平，但起始水平更高。當時看到的房屋與現在看到的房屋的大小和類型有何不同？或者是否有其他動態，你們對銷售與價格的看法與五、六年前有所不同？任何顏色都有幫助。

Yeah, Reuben, it's Nate. That's a good question. I think in terms of what we're experiencing I don't think I'd say anything in terms of kind of change at I-joist versus maybe open web or dimensional lumber. There can be some around the edges. I think much of that is probably around maybe home size and the home footprint.

是的，魯本，我是內特。這是個好問題。我認為，就我們所經歷的情況而言，我不會對工字樑與開放式腹板或規格木材之間的變化發表任何評論。邊緣周圍可能有一些。我認為這很大程度上可能與房屋大小​​和房屋佔地面積有關。

That's -- and also where that construction -- where that start resides. So in some examples, for example, if you're in a market like Phoenix, it's a slab on grade market, single-story construction that represents a much different opportunity than compared to Denver, Colorado as an example where typically two-story construction with a basement.

那就是──也是那個構造──那個起點所在的地方。因此，在一些例子中，例如，如果你在像鳳凰城這樣的市場，這是一個地面樓板市場，單層建築代表著與科羅拉多州丹佛市相比截然不同的機會，而丹佛市通常是帶有地下室的兩層建築。

So I think in terms of where that start resides and the strength that we've seen in the sunshine states, the Floridas and Texas and Arizona, I think that's been a contributing factor in terms of what that real floor opportunity represents for I-joist and framing materials here today in 2025.

因此，我認為，就起步階段以及我們在陽光之州、佛羅裡達州、德克薩斯州和亞利桑那州看到的實力而言，我認為這是決定 2025 年這裡的 I 型托樑和框架材料真正的地板機會的一個因素。

And so Nate, as that relates to price, I mean, your pricing is still up nicely since then. I know -- I'm sure you have a ton of areas of inflation in your own regard. But do you -- how do we think about just kind of downside from here given where the volume environment is? What is the supply or capacity utilization for the industry look like today versus maybe what it did in that period five, six years ago?

所以 Nate，由於這與價格有關，我的意思是，從那時起你的定價仍然保持著良好的上漲勢頭。我知道——我確信您自己就有很多通膨的領域。但是，考慮到目前的成交量環境，我們如何看待這種不利因素？與五、六年前相比，目前該產業的供應或產能利用率如何？

Yeah. So capacity realization today for the first quarter for us, we were entered a pretty strong rate given the environment. We were kind of between 75% and 80%. And in April, we were above that level. It was probably low 80s. And so I don't have -- 2019 in -- still in my memory bank, but I think our operating rate relative to the demand environment today, we feel good about it. And again, having the connection between manufacturing and distribution is important.

是的。因此，對於我們來說，第一季的產能實現情況，考慮到目前的情況，我們已經達到了一個相當強勁的水平。我們的比率大概在 75% 到 80% 之間。而到了四月份，我們的水準就超過了這個水準。溫度大概在華氏 80 度以下。因此，我沒有 2019 年的記憶，但我認為我們的營運率相對於今天的需求環境，我們對此感覺良好。再次強調，製造和分銷之間的聯繫非常重要。

Great. Thanks, guys and good luck on the second quarter.

偉大的。謝謝大家，祝第二季好運。

I am showing no further questions at this time. I would now like to turn it back to Nate Jorgensen, CEO for closing remarks.

我目前沒有其他問題。現在我想請執行長 Nate Jorgensen 致最後總結。

Great. Thanks. So we appreciate everyone joining us this morning for our update and earnings call. Thank you for your continued interest and support of Boise Cascade. Be safe and be well. Thank you.

偉大的。謝謝。因此，我們感謝大家今天上午參加我們的更新和收益電話會議。感謝您對博伊西卡斯卡德的持續關注和支持。祝您平安健康。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。