Boise Cascade Co (BCC) 2025 Q3 法說會逐字稿

Good morning. My name is Steev, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade third quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安.我叫史蒂夫，今天我將擔任你們的會議主持人。在此，我謹代表博伊西凱斯卡德公司歡迎各位參加2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Chris Forrey, Vice President, Finance and Investor Relations.

現在我將把會議交給財務和投資者關係副總裁克里斯·福雷。

Mr. Forrey, you may begin your conference.

福雷先生，您可以開始您的會議了。

Thank you, Steev, and good morning, everyone. We'd like to welcome you to Boise Cascade's third 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; and Troy Little, head of our Wood Products Operations; and Joe Barney, Head of our Building Materials Distribution Operations.

謝謝你，Steev，大家早安。歡迎參加博伊西凱斯卡德公司 2025 年第三季財報電話會議和業務更新。今天與我一起參加電話會議的有：我們的執行長 Nate Jorgensen；我們的營運長 Jeff Strom；我們的財務長 Kelly Hibbs；我們的木製品營運主管 Troy Little；以及我們的建築材料分銷營運主管 Joe 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.

翻到第二張幻燈片。本次電話會議將包含前瞻性陳述。請查閱我們在新聞稿、簡報和提交給美國證券交易委員會的文件中關於這些前瞻性陳述相關風險的警告聲明。

Also, please note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA and segment income or loss to segment EBITDA. I will now turn the call over to Nate.

另外，請注意，附錄包括我們 GAAP 淨收入與 EBITDA 和調整後 EBITDA 的調整表，以及分部收入或虧損與分部 EBITDA 的調整表。現在我將把通話交給內特。

Thanks, Chris. Good morning, everyone. Thank you for joining us on our earnings call today. I'm on Slide 3. September 2025, US housing starts data has not been released by the US Census Bureau. However, when comparing July 2025 and August 2025 housing starts the same period in '24 Total US housing starts to increase 2%, while single-family housing starts decreased 3%. Our consolidated third quarter sales of $1.7 billion were down 3% from third quarter 2024.

謝謝你，克里斯。各位早安。感謝您今天參加我們的財報電話會議。我正在看第三張投影片。截至2025年9月，美國人口普查局尚未發布美國房屋開工數據。然而，比較 2025 年 7 月和 2025 年 8 月的房屋開工量，與 2024 年同期相比，美國房屋開工總量增加了 2%，而獨棟房屋開工量下降了 3%。我們第三季合併銷售額為 17 億美元，比 2024 年第三季下降了 3%。

Our net income was $21.8 million or $0.58 per share compared to net income of $91 million or $2.33 per share in the year ago quarter. As expected, in Wood Products, we experienced sequentially lower sales volumes and competitive pricing pressure in EWP, plywood markets like other commodities continue to experience weak pricing given the underlying demand environment. In BMD, our customers’ expanded reliance on us for next day delivery service across a range of products help to mitigate the otherwise subdued environment.

我們的淨收入為 2,180 萬美元，即每股 0.58 美元，而去年同期淨收入為 9,100 萬美元，即每股 2.33 美元。正如預期的那樣，在木製品領域，我們經歷了銷售環比下降和競爭性的價格壓力，工程木製品（EWP）和膠合板市場與其他商品市場一樣，由於潛在的需求環境，價格持續疲軟。在 BMD，我們的客戶對我們一系列產品的隔日送達服務的依賴性不斷增強，這有助於緩解原本低迷的環境。

Given this backdrop, we were still able to post good earnings for the third quarter. We have great clarity in our business model and the strength of our financial position and unwavering commitment to our core values enable us to remain focused on the execution of our strategic priorities.

在這種背景下，我們第三季仍然取得了不錯的利潤。我們的商業模式非常清晰，雄厚的財務實力和對核心價值的堅定承諾使我們能夠繼續專注於執行我們的策略重點。

Our two-step distribution model in hand with our market-leading EWP and plywood franchises will continue to deliver exceptional value to both our customers and vendor partners, providing reliable access to products responsive service and operational flexibility that are vital in dynamic markets.

我們採用兩步驟分銷模式，並結合我們市場領先的工程木製品和膠合板特許經營權，將繼續為我們的客戶和供應商合作夥伴提供卓越的價值，提供可靠的產品獲取途徑、響應迅速的服務和運營靈活性，這在動態市場中至關重要。

Kelly will now walk through our segment financial results, capital allocation priorities and guidance on our fourth quarter results, after which I'll make closing comments before we take your questions.

接下來，Kelly 將介紹我們各部門的財務業績、資本配置重點以及對第四季度業績的展望，之後我將作總結發言，然後我們將回答大家的問題。

Kelly?

凱莉？

Thank you, Nate, and good morning, everyone. Wood Products sales in the third quarter, including sales to our distribution segment were $396.4 million, down 13% compared to third quarter ’24. Wood Product segment EBITDA was $14.5 million compared to EBITDA of $77.4 million reported in the year ago quarter, the decrease in segment EBITDA was due primarily to lower EWP and plywood sales prices and sales volumes as well as higher per unit conversion costs that were influenced by decreased production rates in the quarter.

謝謝你，內特，大家早安。第三季木製品銷售額（包括對分銷部門的銷售額）為 3.964 億美元，比上一季下降 13%。木製品部門的 EBITDA 為 1,450 萬美元，而去年同期報告的 EBITDA 為 7,740 萬美元。該部門 EBITDA 的下降主要是由於 EWP 和膠合板的銷售價格和銷售量下降，以及受本季產量下降影響的單位轉換成本上升。

In BMD, our sales in the quarter were $1.6 billion, down 1% from the third quarter of 2024. MD reported segment EBITDA of $69.8 million in the third quarter segment EBITDA of $87.7 million in the prior year quarter. Gross margin dollars decreased $10.6 million from the third quarter of 2024. In addition, selling and distribution expenses increased $7.8 million from the year ago quarter. partly due to organic and inorganic growth initiatives we have executed upon in the last 12-months.

在 BMD 業務中，本季銷售額為 16 億美元，比 2024 年第三季下降了 1%。MD公司第三季分部EBITDA為6,980萬美元，而上年同期分部EBITDA為8,770萬美元。毛利較 2024 年第三季減少了 1,060 萬美元。此外，銷售和分銷費用較上年同期增加了780萬美元，部分原因是由於我們在過去12個月中實施的內生式和非內生式增長計劃。

Turning to Slide 5. Third quarter I-joist and LVL volumes were down 10% and 7%, respectively, compared to the year ago quarter. As expected, third quarter EWP volumes were down 15% sequentially as distribution and dealer partner inventories were drawn down to targeted levels of seasonal slowing as anticipated. On a year-to-date basis, our I-joists and LVL volumes were down 6% and 1%, respectively. As it relates to pricing, competitive pressures drove sequential declines for I-Joist and LVL of 6% and 5%, respectively.

翻到第5張投影片。與去年同期相比，第三季工字鋼和LVL的銷售量分別下降了10%和7%。正如預期的那樣，由於分銷商和經銷商合作夥伴的庫存已按預期減少到季節性放緩的目標水平，第三季 EWP 銷售量較上季下降了 15%。今年迄今，我們的工字樑和LVL板材銷量分別下降了6%和1%。就價格而言，競爭壓力導致工字鋼和LVL的價格分別較上季下降了6%和5%。

Turning to Slide 6. Our third quarter plywood sales volume was 387 million feet compared to 391 million feet in the third quarter of 2024. Sequentially, our plywood sales volumes were up 9% from second quarter 2025 and driven by diverting less veneer into EWP production given the muted EWP demand environment and higher production rates at our Kettle Falls and Oakdale facilities.

翻到第6張投影片。我們第三季的膠合板銷量為 3.87 億英尺，而 2024 年第三季的銷量為 3.91 億英尺。與 2025 年第二季相比，我們的膠合板銷量較上季成長 9%，這主要得益於 EWP 需求環境疲軟，導致 EWP 生產中使用的單板減少，以及我們在 Kettle Falls 和 Oakdale 工廠的產量提高。

The $325 per 1,000 average plywood net sales price in the third quarter was down 2% on a year-over-year basis and down 5% compared to second quarter 2025. We have to look back to second quarter of 2020 to find a lower average quarterly price realization in plywood. The longevity and levels of recent tariff announcements on plywood imports from South America remain in question, have yet to create any meaningful impact on plywood. Moving to Slide 7 and 8. BMD's year-over-year third quarter sales decline of 1% was driven by a 1% decrease in price and sales volumes were flat.

第三季合板平均淨銷售價格為每千塊 325 美元，年減 2%，比 2025 年第二季下降 5%。我們必須回顧 2020 年第二季度才能找到膠合板更低的季度平均價格實現價值。最近宣布對南美膠合板進口徵收關稅的持續時間和水準仍有待觀察，目前尚未對膠合板市場產生任何實質影響。接下來是第7張和第8張投影片。BMD第三季銷售額較去年同期下降1%，主要原因是價格下降1%，而銷售持平。

By product line, commodity sales decreased 3%. General line product sales increased 6% and sales of EWP decreased 11%. Sequentially, BMD sales were down 4% from second quarter 2025 and driven by a 2% decline in both sales price and volume. Our third quarter gross margin was 15.1%, a 60 basis points year-over-year decline. Commodity price headwinds and EWP competitive pricing pressures impacted our margins on these product lines.

以產品線劃分，大宗商品銷售額下降了 3%。一般產品銷售額成長了 6%，而工程機械銷售額下降了 11%。與 2025 年第二季相比，BMD 的銷售額環比下降了 4%，其中銷售價格和銷量均下降了 2%。第三季毛利率為 15.1%，年減 60 個基點。商品價格逆風和工程機械產業競爭性定價壓力影響了我們這些產品線的利潤率。

However, margins on general line products remained stable despite the subdued demand environment. BMD's EBITDA margin was 4.5% for the quarter, down from both the 5.6% reported in the year ago quarter and the 5.7% reported in the second. Sequentially, our EBITDA margin was negatively impacted by a 30 basis points reduction in gross margins and decreased sales volumes had the effect of lowering gross margin dollar opportunity and deleveraging of our cost base.

然而，儘管需求環境疲軟，但一般產品的利潤率仍保持穩定。BMD本季的EBITDA利潤率為4.5%，低於去年同期的5.6%和第二季的5.7%。從季度來看，由於毛利率下降了 30 個基點，我們的 EBITDA 利潤率受到了負面影響；銷售量的下降導致毛利率機會減少，成本基礎的槓桿率降低。

BMD third quarter EBITDA margin is below our normalized level of earnings power, but a very good result given demand and pricing dynamics in today's marketplace. While these results reflect strong execution across product lines by our team, growth in our general line products has been a focus for us, for our proven performance and nationwide distribution capabilities enable us to provide a leading selection of general line products. The recent announcement with James Hardie is an example where we are happy to be expanding product offerings in several specific markets.

BMD 第三季 EBITDA 利潤率低於我們正常的獲利能力水平，但考慮到當今市場的需求和定價動態，這是一個非常好的結果。雖然這些結果反映了我們團隊在各個產品線上的出色執行力，但我們一直專注於通用產品線的成長，因為我們成熟的業績和全國性的分銷能力使我們能夠提供領先的通用產品選擇。最近與 James Hardie 的合作公告就是一個例子，我們很高興能夠在幾個特定市場擴大產品供應。

And at the same time, it is important to note that this announcement does not displace any existing market coverage we have with Trex. I'm now on Slide 9. We had capital expenditures of $187 million in the 9-months ended September 2025 with $99 million of spending in Wood Products and $88 million of spending in BMD.

同時，需要指出的是，這項公告不會取代我們目前對 Trex 的任何市場報導。我現在講到第9張投影片了。截至 2025 年 9 月的 9 個月內，我們的資本支出為 1.87 億美元，其中 9,900 萬美元用於木製品，8,800 萬美元用於 BMD。

We remain committed to the capital plan presented earlier in the year with our capital spending range for 2025 at $230 million to $250 million. In Wood Products, that range includes the multi-year investments in support of our EWP production capabilities in the Southeast referenced on prior calls.

我們仍致力於執行今年稍早提出的資本計劃，2025 年的資本支出範圍為 2.3 億美元至 2.5 億美元。在木製品領域，該範圍包括先前電話會議中提到的，為支持我們在東南地區的工程木製品生產能力而進行的多年投資。

The Oakdale modernization is complete and we continue to make progress on optimization activities. -- spending on the Thorsby line will largely be complete by year-end. The line is expected to be operational in the first half of 2026. In BMD part of our capital deployment strategy is to solidify and expand our market-leading national distribution presence. In August, we opened the doors at our greenfield distribution center in Hondo, Texas and are excited for the opportunity to better serve customers across Austin, San Antonio, Corpus Christi and the Rio Grande Valley.

奧克代爾現代化改造工程已完成，我們正持續推動優化工作。 ——索斯比生產線的建設支出將在年底前基本完成。該生產線預計將於2026年上半年投入營運。在 BMD，我們資本部署策略的一部分是鞏固和擴大我們市場領先的全國分銷網絡。8 月，我們在德克薩斯州 Hondo 的全新配送中心正式啟用，我們很高興有機會更好地服務奧斯汀、聖安東尼奧、科珀斯克里斯蒂和格蘭德河谷的客戶。

Looking forward to 2026, we expect our capital spending to be between $150 million and $170 million. Speaking to shareholder returns, we paid $27 million in regular dividends in the 9-months ended September 30, 2025, and our Board of Directors also recently approved a $0.22 per share quarterly dividend on our common stock that will be paid in mid-December.

展望 2026 年，我們預期資本支出將在 1.5 億至 1.7 億美元之間。就股東回報而言，截至 2025 年 9 月 30 日的 9 個月內，我們支付了 2,700 萬美元的常規股息，我們的董事會最近還批准了每股普通股 0.22 美元的季度股息，將於 12 月中旬支付。

Through the first 10-months of 2025, we repurchased approximately $120 million of Boise Cascade common stock, which includes approximately $25 million in the third quarter and another $9 million in October. In addition, our Board of Directors recently authorized up to $300 million of common stock repurchases under a new share repurchase program.

2025 年前 10 個月，我們回購了約 1.2 億美元的 Boise Cascade 普通股，其中包括第三季的約 2,500 萬美元和 10 月的 900 萬美元。此外，我們的董事會最近批准了一項新的股票回購計劃，計劃回購高達 3 億美元的普通股。

This new authorization replaces our prior share repurchase authorization. In summary, we continue to be dedicated to a balanced deployment of capital by investing in our existing asset base, pursuing value-enhancing organic and M&A growth opportunities and returning capital to our shareholders. We are fortunate that our solid financial foundation and resilient free cash flow will allow us to simultaneously advance each of these objectives.

這項新的授權取代了我們先前的股份回購授權。總而言之，我們將繼續致力於均衡配置資本，投資於我們現有的資產基礎，尋求提升價值的內生成長和併購成長機會，並將資本回饋給股東。我們很幸運，我們穩固的財務基礎和穩健的自由現金流將使我們能夠同時推進這些目標。

I'm now on Slide 10. Looking forward to the fourth quarter, demand weakness, trade policy uncertainties and the impact of seasonal factors will influence our financial results. Presented in the table are a range of potential EBITDA outcomes and related key driver assumptions.

我現在講到第10張投影片了。展望第四季度，需求疲軟、貿易政策不確定性以及季節性因素的影響將對我們的財務表現產生影響。表中列出了一系列潛在的 EBITDA 結果及相關的關鍵驅動因素假設。

For Wood Products, we currently estimate fourth quarter EBITDA to be between break-even and $15 million. We expect our EWP volumes to decline in the low double digits to mid-teens sequentially as the pace of starts moderates. EWP prices have recently stabilized, but we do expect low single digit sequentially declines due to market adjustments previously taken in the third quarter.

對於木製品，我們目前預計第四季 EBITDA 將在損益兩平點至 1,500 萬美元之間。我們預計，隨著開工速度放緩，我們的 EWP 產量將比上季下降兩位數至十幾個百分點。EWP價格最近趨於穩定，但由於第三季先前進行的市場調整，我們預計價格將出現個位數環比下降。

In plywood, we expect sequential volume decreases at or near double digits. On plywood pricing, October realizations were consistent with the third quarter average for the balance of the fourth quarter market dependent. As is typically the case during the fourth quarter, we will take maintenance and capital project related downtime across our manufacturing system and may also take market-related downtime to align production rates and inventory positions with end market demand.

膠合板的銷售量預計會逐年下降，降幅將達到或接近兩位數。膠合板定價方面，10 月的實際價格與第三季的平均價格一致，而第四季剩餘時間的價格則取決於市場狀況。與第四季度通常的情況一樣，我們將對整個製造系統進行維護和資本項目相關的停機，並且可能還會進行與市場相關的停機，以使生產率和庫存狀況與終端市場需求保持一致。

Important to note that although mask at seasonally weak demand levels, are a number of site-specific cost improvement measures in Wood Products that, when coupled with our division-wide innovation initiatives, will benefit our EWP and plywood franchises into the future. For BMD, we currently estimate fourth quarter EBITDA to be between $40 million and $55 million. The BMD’s daily sales pace in October was approximately 5% below the third quarter sales pace of $24.3 million per day and is expected to decline further as the quarter progresses.

值得注意的是，儘管在季節性需求疲軟的情況下，木製品行業存在一些針對特定地點的成本改進措施，這些措施與我們部門的創新舉措相結合，將使我們的工程木製品和膠合板業務在未來受益。對於 BMD，我們目前預計第四季 EBITDA 將在 4,000 萬美元至 5,500 萬美元之間。BMD 10 月的日均銷售額比第三季的日均 2,430 萬美元銷售額下降了約 5%，預計隨著本季的推進，銷售額還會進一步下降。

Our recent volume changes have compared favorably single-family starts data, a trend we would expect to continue and an indication of the 2-step value proposition and our customer partners reliance upon us for next day out of warehouse service. In addition to limited near-term clarity for end market demand, pricing volatility for plywood, lumber and other commodity products is likely given ongoing trade policy uncertainty and a number of recent capacity curtailment announcements.

我們最近的銷售變化與單戶住宅開工數據相比表現良好，我們預計這一趨勢將繼續下去，這表明了我們兩步式價值主張的有效性，以及我們的客戶合作夥伴對我們次日出庫服務的依賴。除了近期終端市場需求不明朗之外，鑑於持續的貿易政策不確定性和近期一系列產能削減公告，膠合板、木材和其他大宗商品的價格波動也可能發生。

Lastly, we expect our fourth quarter effective tax rate to be between 26% and 27%. This is lower than our third quarter rate of 29% which was adversely impacted by the effect of permanent tax differences on decreased pretax book income for 2025.

最後，我們預計第四季實際稅率將在 26% 至 27% 之間。這低於我們第三季的 29%，第三季的成長率受到永久性稅收差異對 2025 年稅前帳面收入下降的不利影響。

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

現在，我將把發言權交還給內特，讓他分享我們的業務展望和總結發言。

Thanks, Kelly. I'm on Slide Number 11. Now more than ever, our experienced team remains committed to creating value for our shareholders, customers and suppliers by staying resilient, adaptable and focused on delivering exceptional products and services.

謝謝你，凱莉。我現在看到第11張投影片了。如今，我們經驗豐富的團隊比以往任何時候都更致力於為股東、客戶和供應商創造價值，保持韌性、適應性和專注度，提供卓越的產品和服務。

Our integrated model provides increased channel inventory visibility, enabling us to better navigate market uncertainty by aligning production rates and inventory strategies with end market demand. Cross-divisional efficiencies supported by our robust balance sheet allow us to maintain our dedication to executing our strategy and creating long-term value for all stakeholders.

我們的一體化模式提高了通路庫存的可見性，使我們能夠透過調整生產力和庫存策略與終端市場需求，更好地應對市場的不確定性。憑藉穩健的資產負債表，跨部門效率得以提升，使我們能夠繼續致力於執行策略，並為所有利害關係人創造長期價值。

Early industry projections for 2026 are consistent with 2025 housing start levels. Demand expectations are characterized by a cautious market in the first half of the year, with gradual improvement expected later in the year, driven by interest rate cuts and normalized homebuilder inventory levels.

業界對 2026 年的早期預測與 2025 年的房屋開工水準一致。市場需求預期上半年將保持謹慎，下半年在降息和房屋建築商庫存水準正常化的推動下將逐步改善。

In EWP, our planning assumption is that prices at bottom, and we will have an opportunity to move prices higher as 2026 progresses. Extended weakness in the residential market has highlighted the resilience of our distribution business. We've seen an increased customer reliance on our out of warehouse business across our full suite of products as the uncertainty continues headed into 2026, we stand ready to continue to demonstrate the value of set distribution.

在 EWP 中，我們的規劃假設是價格已觸底，隨著 2026 年的推進，我們將有機會推高價格。住宅市場的持續疲軟凸顯了我們分銷業務的韌性。隨著 2026 年的不確定性持續存在，我們看到客戶對我們全系列產品的倉庫外配送業務的依賴性不斷增強，我們已準備好繼續證明配送的價值。

Looking beyond the near-term environment, we remain confident in the long-term demand drivers of residential construction, including the persistent undersupply of housing, aging US housing stock and a high-level homeowner equity generational trends, including millennials, Gen Z, reaching peak age for household formation and more seniors choosing to age in place to continue to support household formation growth. Additionally, continued declines in mortgage rates should encourage buyers who have been waiting on the sidelines to enter the market.

展望未來，我們仍然對住宅建設的長期需求驅動因素充滿信心，包括持續的住房供應不足、美國住房存量老化以及高水平的房主資產、千禧一代和 Z 世代達到組建家庭高峰年齡以及更多老年人選擇居家養老等代際趨勢，這些因素將繼續支持家庭組建的增長。此外，抵押貸款利率的持續下降應該會鼓勵那些一直在觀望的購屋者進入市場。

In the repair and remodeling space, activity has been limited by low levels of home turnover and homeowners delaying major projects due to high borrowing costs and economic uncertainty. However, we anticipate consumer confidence will improve as interest rates decline and economic policy becomes clearer, creating a long runway for growth in repair and remodel projects.

在房屋維修和改造領域，由於房屋週轉率低，加上借貸成本高、經濟形勢不明朗，房主推遲了重大項目，導致該領域的活動受到限制。然而，我們預期隨著利率下降和經濟政策更加明朗，消費者信心將會提高，從而為維修和改造專案的成長創造長期空間。

Strong fundamentals for both new residential construction and repair and remodeling and the foundation for the industry's robust pathway ahead. And make no mistake, investments we have made in recent years have positioned us well to capture significant upside when the market turns.

無論是新建住宅還是維修和改造，都擁有強勁的基本面，這為該行業未來的穩健發展奠定了基礎。毫無疑問，我們近年來進行的投資已經讓我們處於有利地位，能夠在市場好轉時獲得巨大的上漲空間。

Thank you for joining us today and your continued support and interest in Boise Cascade.

感謝您今天蒞臨現場，也感謝您一直以來對博伊西凱斯卡德的支持與關注。

We welcome any questions at this time. Steev, would you please open the phone lines?

歡迎此時提出任何問題。史蒂夫，請你接通電話好嗎？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

Thank you. Good morning, everyone. My first question is on the general line part of the business. Can you talk to the share gains that you are realizing in there? How you're working with the various partners in this kind of an environment? And what that suggests for your ability to continue to see growth next year even if housing in the macro stays more challenging.

謝謝。各位早安。我的第一個問題是關於業務的整體方向。您能談談您在那裡實現的股份收益嗎？在這種環境下，您是如何與各個合作夥伴合作的？這意味著，即使宏觀層面的房屋市場明年仍面臨更大的挑戰，你仍有能力繼續維持成長。

Yeah. So this is Jo. I'll start with that one. What I'll tell you is that demand held up really well with our general line product categories in third quarter. Part of the reason I think is that we've made significant investments across our footprint and out of capacity, right?

是的。這位是喬。我先從那一個開始。我可以告訴大家的是，第三季我們一般產品線的需求表現非常出色。我認為部分原因是，我們在業務範圍內進行了大量投資，導致產能不足，對吧？

We've put really at most of our locations, we've added lay down space. We've added warehouse space. And we've done it intentionally so that we could bring in a broader mix of general line products, carry them on a deeper scale. Our suppliers that we work with our key partners are consistently adding new products to their what they bring to the market. And we want to make sure that we have the ability and the capacity to support their growth as well as support our own so we've invested in that.

我們在大多數門市都增加了躺臥空間。我們增加了倉庫空間。我們這樣做是有意為之，目的是為了引進更廣泛的通用產品線，並更大規模地推廣它們。我們的供應商，也就是我們的主要合作夥伴，不斷地將新產品推向市場。我們希望確保我們有能力支持他們的發展，同時也支持我們自身的發展，所以我們在這方面進行了投資。

We've also looked at bringing new products in the general line category to market. We've taken some risks there. We are, have been focused on and achieved growth with our home center business, special order business that we do at the home centers.

我們也考慮將一般產品線的新產品推向市場。我們在那裡冒了一些風險。我們一直專注於家居中心業務，並在家居中心開展特殊訂單業務，並取得了成長。

So that's helped us with the general line categories. We focused on and grown our specialty dealer business; certainly in third quarter. So that's been a focus for us. We've been successful at that. And we've grown in the multi-family category, and that's been a focus for us as single-family housing starts have been flat or depressed, we focus significantly into the multi-family arena. We're going to continue to focus on the growth of our multi-family business in the quarters to come.

這樣有助於我們確定產品線的整體分類。我們專注於發展和壯大了我們的專業經銷商業務；尤其是在第三季。所以這一直是我們的關注重點。我們在這方面取得了成功。我們在多戶住宅領域取得了成長，由於單戶住宅開工量停滯不前或出現下滑，我們更加重視多戶住宅領域。接下來的幾個季度，我們將繼續專注於發展我們的多戶住宅業務。

And I would tell you that our -- we believe that our market share growth in certain general line categories that we think we've captured market share. There have been competitors of ours who have exited different product categories across the country, and they've left a void in the market as they've exited.

我會告訴你們，我們相信我們在某些​​一般產品類別中的市場份額增長，我們認為我們已經佔據了市場份額。我們的一些競爭對手已經退出了全國各地的不同產品類別，他們的退出在市場上留下了空白。

And our teams have done a really good job of stepping in and filling that void and taking that market share -- and so we expect now that we have that capacity, and we will continue to see that growth in the quarters to come. And then lastly, I think I mentioned our door and millwork business. and the investments that we've made there, and we do continue to strengthen and improve our operations from a door and millwork standpoint as well as our sales growth and margin opportunities that we see there.

我們的團隊在填補這一空白、奪取市場份額方面做得非常出色——因此，我們預計，憑藉我們現有的能力，我們將在未來幾季繼續看到成長。最後，我想我提到了我們的門窗和木製品業務，以及我們在該領域的投資。我們將繼續從門窗和木製品的角度加強和改進我們的運營，同時也關注我們在該領域的銷售成長和利潤機會。

Okay. That's great color. And then maybe moving over to EWP it's great to hear that you think that price there has bottomed, and there's the potential for some growth next year, given what we're hearing and seeing from the builders, can you talk to the competitive dynamics that you're seeing with EWP? What gives you that confidence on the pricing side? And any thoughts on the upside or downside to that, just given the affordability pressures the builders are facing?

好的。顏色真好看。然後，我們不妨談談EWP（工程木製品）。很高興聽到您認為EWP的價格已經觸底，並且明年可能會有一些增長。考慮到我們從建築商那裡聽到和看到的情況，您能談談您看到的EWP的競爭動態嗎？是什麼讓您對定價如此有信心？考慮到建築商面臨的成本壓力，您認為這樣做有利還是不利？

Hey, good morning, Sue, this is Troy. I'll start with kind of what we're seeing -- what we've seen and what we're seeing this year and then turn it over to see if Nate or Kelly have anything. As we noted, we were down 5% or 6% quarter-over-quarter, and that was primarily due to two things. Early in the quarter, it was a continued price pressure and matching competitive issues. And then the other one was we had the tariff of product we were shipping from US into Canada.

嘿，蘇，早上好，我是特洛伊。我先說說我們目前看到的情況——今年我們過去看到的情況以及現在正在看到的情況，然後再看看內特或凱利有什麼要說的。正如我們所指出的，我們環比下降了 5% 或 6%，這主要是由於兩件事。本季初，持續的價格壓力和相應的競爭問題成為主要挑戰。另一個問題是，我們從美國運往加拿大的產品需要繳納關稅。

That was a 25% tariff, and we weren't able to fully pass that on. And then starting to look like about August the prices start to stabilize, and they continue to stabilize since that time, similar to what others have reported. So that's where we're seeing that maybe we've reached the bottom there. And then looking into Q4, and kind of how we started the quarter, prices have remained flat, and we would expect to continue that throughout the quarter as we don't have those other two issues as it appears right now.

那是25%的關稅，我們無法將這部分成本完全轉嫁出去。然後，大約從八月開始，價格似乎開始趨於穩定，並且從那時起一直保持穩定，這與其他人報告的情況類似。所以，從這個角度來看，我們或許已經觸底了。然後展望第四季度，以及本季初的情況，價格一直保持平穩，我們預計整個季度價格都會保持平穩，因為目前看來我們沒有其他兩個問題。

Yeah. I think, Sue, it's Nate. Yes, I think Troy described that well. And I think as we think about 2026, I think the backdrop is setting up, okay, in terms of what the demand environment is expected to be and I think we continue to get builders really insistent in a great way on cycle times. So that's been an area of focus for them.

是的。蘇，我覺得是內特。是的，我覺得特洛伊描述得很到位。我認為，展望 2026 年，市場背景正在逐漸形成，需求環境預計會如何，我認為建築商會繼續非常堅持縮短工期。所以這一直是他們關注的重點領域。

As you know, over the last couple of years, and as we think about EWP, it's absolutely part of that answer to make sure that cycle times continue to be performing at a high level for the builders, and they can turn that land into cash that much quicker so again, I think it's set up well for next year. And to Troy's comments, we feel like we're at a bottom, and we can move higher here at some point in 2026.

如您所知，在過去的幾年裡，當我們思考工程建設項目時，確保建築商的周期時間繼續保持在高水平絕對是解決方案的一部分，這樣他們就能更快地將土地轉化為現金，所以我認為明年一切都準備就緒。對於 Troy 的評論，我們感覺我們已經觸底反彈，並且我們有可能在 2026 年的某個時候反彈。

Michael Roxland, Truist Securities.

Michael Roxland，Truist Securities。

Yeah, thank you, Nate,, Kelly, Jo, Troy, Chris for taking my questions. First question I had is, obviously, just following up on the BMD question and the mix up in general line as you think about margins in BMD, what do you think of the constraints as you see it in terms of generating even higher margins, EBITDA margin that is, in terms of maybe high single digits or low double-digit type margins as some of your distributor peers currently are?

是的，謝謝 Nate、Kelly、Jo、Troy 和 Chris 回答我的問題。我的第一個問題顯然是，作為對 BMD 問題的後續討論，以及您在考慮 BMD 利潤率時遇到的總體混亂情況，您認為在產生更高利潤率（即 EBITDA 利潤率，例如像您的一些分銷商同行目前那樣達到高個位數或低兩位數的利潤率）方面，存在哪些限制因素？

Yeah, good morning, Mike. Thanks for the question. So I guess I would start with on gross margins for BMD. The near term here we feel really good about our ability to maintain the 15%-plus margins that we've been putting up of late. As you know, in markets like this, the reliance and dependency of customer base on out of warehouse service is certainly relevant. And again, we continue to see a good pull-through there.

早上好，麥克。謝謝你的提問。所以我想我會先從BMD的毛利率說起。短期內，我們對維持近期15%以上的利潤率感到非常有信心。如您所知，在這樣的市場中，客戶群對倉儲外服務的依賴程度是毋庸置疑的。而且，我們再次看到那裡的銷售情況持續好轉。

And then to your point, we where might we go from here? Again, we continue to look to bring in the product mix, and that's more general line products, which do give us more gross margin opportunity. And at the same time, I don't want to discount our teams in terms of what we've been doing in terms of EWP sell-through and also commodities, where we've been doing a really nice job in a really tough environment, in particular, in commodities.

那麼，正如你所問，我們接下來該何去何從呢？我們將繼續尋求豐富產品組合，引進更多通用產品線，這能為我們帶來更大的毛利率機會。同時，我也不想忽視我們團隊在 EWP 銷售和商品銷售方面所做的工作，尤其是在商品銷售方面，我們在非常艱難的環境下做得非常出色。

And with commodities at the very low levels that they are today, certainly near term here, we -- if we get any energy in the commodity markets, we could -- we could see some near-term tailwinds in terms of our margin profile. And then I guess maybe one final point would be, as you know well, but I guess I'll just verbalize the fourth quarter as we see seasonally slower sales, as you'd expect to see. Again, we feel good about the gross margin percentage, but the gross margin dollar opportunity will come off as a function of just lower sales dollars.

鑑於目前大宗商品價格處於非常低的水平，尤其是在短期內，如果大宗商品市場出現任何活力，我們——我們可能會在短期內看到利潤率方面的一些利好因素。最後我想補充一點，如你所知，但我還是想簡單說明一下，第四季的銷售額會像往常一樣出現季節性下滑，這也在意料之中。再次強調，我們對毛利率百分比感到滿意，但毛利額的提升空間將取決於銷售量的下降。

So I'd jump in there as well and just say that as our general line business becomes a larger percent of our overall sales volume, and we have seen that happening quarter-to-quarter. That's room for margin improvement there. As we become better operators in our door and millwork investments. And we have the quarter-to-quarter, we continue to move in that direction. And as we become better operators and can invest in our pre-finished business that brings higher margin opportunities to our business.

所以我也想插一句，隨著我們一般業務在總銷售額中所佔比例越來越大，而且我們已經看到這種情況逐季度發生。這方面還有提升利潤率的空間。隨著我們在門窗和木製品投資方面成為更優秀的經營者。從季度到季度，我們繼續朝著這個方向前進。隨著我們營運水準的提高，我們可以投資於我們的預製件業務，這將為我們的業務帶來更高的利潤機會。

As we bring our lead times in check, as we become better operators, we are finding that we are growing in the success in our millwork business. which will add to our margin opportunity. As we push into multi-family and make a broader push there, we're seeing more margin opportunity. And to Kelly's point, I would reiterate, we are pretty good at our commodity business.

隨著我們控制交貨週期，不斷提升營運水平，我們發現木工業務越來越成功，這將增加我們的利潤空間。隨著我們進軍多戶住宅領域並加大投入，我們看到了更大的利潤空間。對於凱利的觀點，我再次重申，我們在大宗商品業務方面做得相當出色。

And we have a line of sight across the country. We've built systems in that make us really flexible and we are able to move quickly, but into a rising market and into a falling market, so we can reduce and mitigate our losses in a falling market, and we can take advantage of opportunities in a rising market, and we do it really quickly. So I wouldn't discount our ability to make margin on commodities as well.

而且我們的視線可以橫跨整個國家。我們已經建立了一套系統，使我們非常靈活，能夠快速地適應上漲的市場和下跌的市場，這樣我們就能減少和緩解下跌市場中的損失，也能抓住上漲市場中的機會，而且我們行動非常迅速。所以，我不會低估我們在大宗商品銷售中獲利的能力。

That's very helpful. Appreciate the color there, Jo and Kelly. Second question is related to that, you're beholden to the single-family to single-family housing market to some degree. Is there anything that you can do in this environment to further improve mill profitability?

那很有幫助。喬和凱莉，欣賞一下那裡的色彩。第二個問題與此相關，某種程度上，你依賴獨棟住宅市場。在這種環境下，您還能做些什麼來進一步提高工廠的獲利能力？

You highlighted a number of times how you're basically the mill because of the capital investments you made over last couple of years. the mills themselves are ripe to generate significant profitability when single-family returns. But is there anything you can do now additional cost takeout or other things that you can do that could situate the company for even greater margin expansion when the cycle turns.

您多次強調，由於過去幾年的資本投資，您基本上已經擁有了一家大型工廠。一旦獨棟住宅市場復甦，這些工廠本身就具備了產生可觀利潤的潛力。但是，現在除了削減成本之外，你還可以做些什麼，或者做些其他事情，使公司在經濟週期轉變時能夠獲得更大的利潤成長？

Yeah. This is Troy. I'll look at it from the standpoint like the cost improvement activities that we're doing at the mill level. That's something that probably has got muted in the third quarter and may continue to get muted with the lower volumes, market-related downtime volumes but behind that, the operations have what we call our site improvement plans. And each of the locations are definitely working on a very detailed plan for 2026 to address their site improvement plans.

是的。這是特洛伊。我會從我們在工廠層級所進行的成本改進活動的角度來看這個問題。這種情況在第三季可能有所緩解，隨著銷售下降和市場相關的停工期減少，這種情況可能會繼續緩解，但除此之外，營運部門還有我們所謂的現場改進計劃。每個地點都在製定非常詳細的 2026 年計劃，以落實其場地改進計劃。

We are making sure that we're filling all our process improvement positions. Those are support-type functions but instrumental in our process improvement to reduce our cost, increase our efficiencies and then we also have our group working on innovation.

我們正在確保所有流程改善職位都得到填補。這些都是支援型職能，但對我們改善流程、降低成本、提高效率至關重要，此外我們還有一個團隊致力於創新。

And so we do actually have a couple of technology-type projects planned that we're looking at for 2026 and beyond. And all those should help contribute to improving our cost structure at the mill level as well as just operationalizing the capital projects that we've had over the last couple of years.

因此，我們確實有一些技術類項目正在規劃中，並計劃在 2026 年及以後實施。所有這些都應該有助於改善我們工廠層級的成本結構，以及落實過去幾年所進行的資本項目。

Sure, the only thing I would add to that, to Troy's comments on cost is just as you think about the market, to your point, single-family has been steady, not great. But I think the opportunity for us continues to be how do we continue to grow our presence in multi-family.

當然，關於特洛伊對成本的評論，我唯一要補充的是，正如你對市場的看法，正如你所說，獨棟住宅市場一直很穩定，但並不算好。但我認為，我們面臨的機會仍然是如何繼續擴大我們在多戶住宅領域的市場份額。

And that's -- we're very good at that in terms of our EWP franchise that's just, I think, an area of focus for us as we transition out of '25 into '26, making sure that we create the right opportunities with our -- with the multi-family segment, and that goes really in some cases beyond EWP, but it touches other product category to BMD as well. So as we think about single family, it's a big driver for our business, but multi-family is an important engine too, and that has our focus and resources as well.

而我們在這方面——就我們的 EWP 特許經營權而言——非常出色，我認為這是我們從 2025 年過渡到 2026 年的一個重點領域，確保我們為多戶住宅領域創造正確的機會，這在某些情況下確實超越了 EWP，也涉及到 BMD 的其他產品類別。所以，當我們考慮單戶住宅時，它對我們的業務來說是一個很大的驅動力，但多戶住宅也是一個重要的引擎，我們也把重點和資源投入到多戶住宅中。

And a follow-up --

後續報道——

Sorry, Mike, maybe one thing I'd add to both comments, would be we've been trying to be very thoughtful in terms of not making any major quick reaction that we may regret later, right? I mean we feel still good about the medium- to long-term.

抱歉，麥克，或許我想在這兩則評論中補充一點，那就是我們一直努力深思熟慮，避免做出任何我們以後可能會後悔的重大倉促反應，對吧？我的意思是，我們對中長期前景仍然感到樂觀。

And so we really need to be thoughtful about how we manage our capacity, including our crews but when the market turns, we don't we don't get caught behind the curve. So that always has to be part of our algebra, if you will --

因此，我們真的需要認真考慮如何管理我們的產能，包括我們的員工，但當市場發生變化時，我們不會落後於情況。所以，如果你願意的話，它必須永遠是我們代數運算的一部分。--

Got it makes a ton of sense. And just one last one, I'll turn it over. When you say growing presence in multi-family. Can you just remind us right now where that presence stands currently in multi-family, whether it be maybe through EWP or if you want to talk about the whole portfolio, and where you expect it to be, let's say, in 2026 and maybe provide a 5-year outlook.

明白了，很有道理。最後一個，我把它翻過來。您說的是不斷成長的多戶住宅業務。您現在能否提醒我們一下，貴公司目前在多戶住宅領域的業務狀況如何，無論是透過 EWP 還是整個投資組合，以及您預計到 2026 年的業務狀況，並給出 5 年的展望。

Thank you.

謝謝。

Yeah. So it's not a large part of either of our businesses today. I don't have a number right at hand, probably might, but we're probably in the we're probably single family is still the big driver for us in terms of -- it's probably 75% to 80% of our business. And then we're probably something like 10% and 10% between home center channel and multi-family.

是的。所以，這在當今我們兩家公司的業務中都不是很大的組成部分。我手頭上沒有具體數字，可能以後會有，但我們可能仍然以獨棟住宅為主——獨棟住宅可能占我們業務的 75% 到 80%。然後，家庭中心頻道和多戶住宅之間可能各佔 10% 和 10%。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

Great thanks and good morning everyone. Troy, I just wanted to go back to the discussion around competitive dynamics in EWP. And if I heard you right, you kind of talked about a stabilization time coming through in August.

非常感謝，大家早安。Troy，我只是想回到之前關於EWP競爭動態的討論​​。如果我沒理解錯的話，你剛才提到八月會有一個相對穩定的時期。

Can you maybe just put a little bit more color around that? Is that less dealer and builder business being put to bid? Is that maybe a little bit more of a balance in terms of the trade-off between pricing and volume, what do you think was really the catalyst there to kind of reach the stabilization?

能不能在周圍加點顏色？是不是意味著參與競標的經銷商和建築商業務減少了？這或許在價格和銷售之間的權衡方面更加平衡了一些，你認為真正促成價格趨於穩定的催化劑是什麼？

Yeah. I think as the market started slowing coming out of Q2 and into Q3 there was capacity available. And so I think there was room to move on price in the industry and people are out there trying to preserve and/or grow share as things came off. we continue to see that for several quarters now. And I think we just got to the point where we've addressed the markets where that was necessary for us to maintain our volumes.

是的。我認為，隨著市場在第二季末和第三季初開始放緩，出現了產能過剩的情況。所以我認為，產業價格還有調整空間，隨著市場下滑，大家都在努力保住或擴大市佔率。這種情況已經持續好幾個季度了。我認為我們已經達到了這樣一個階段：我們已經解決了那些為了維持銷售而必須採取相應措施的市場。

And we were able to do that by and large. And now we're in a position, the costs have come up during that time and now prices moved to a point where I think the industry itself is in a position where there's not a lot left there to go. And so now it's just kind of the seasonal impacts as we kind of finish out the year. And so right now, we're just seeing that less of a pressure as people have adjusted production to the demand.

我們基本上做到了這一點。現在，成本在此期間上升，價格已經上漲到我認為整個產業已經沒有太多上漲空間的地步了。所以現在主要是一些季節性因素的影響，因為我們差不多要結束這一年了。因此，目前我們看到這種壓力減輕，因為人們已經調整生產以適應需求。

Hey Kurt, it's Nate, maybe just to add to Troy's comments as you think about the fourth quarter and as we head into the first quarter, working capital is always a focus for our customers. And so in EWP, but all product categories have world-class distribution and support EWP really matters because that next-day service is important on EWP, and we have seen that.

嘿，庫爾特，我是內特，我想補充一下特洛伊的評論，在你思考第四季度以及我們即將進入第一季的時候，營運資金始終是我們客戶關注的重點。因此，在 EWP 中也是如此，但所有產品類別都擁有世界一流的分銷和支援。 EWP 非常重要，因為隔天送達服務在 EWP 上非常重要，我們已經看到了這一點。

We'll continue to see that going forward. So as we think about the competitive dynamics, volume and price, having world-class distribution and supporting EWP really matters in these moments. And so we feel good about how we're set up there to execute to that standard as we close out 2025 and head into 2026 as well.

接下來我們還會繼續看到這種情況。因此，當我們考慮競爭動態、銷售和價格時，擁有世界一流的分銷管道和支援 EWP 在這些時刻真的非常重要。因此，我們對目前的準備工作充滿信心，相信我們能夠在 2025 年末和 2026 年繼續保持這一標準。

Okay. That's super helpful. And it sort of ties into my next question. I think realistically, right, like pricing is difficult to predict, but a lot of it comes back to single-family activity. But it does seem like channel inventories are lean.

好的。這太有幫助了。這其實跟我下一個問題有點關係。我認為現實地說，價格很難預測，但很大程度上取決於獨棟住宅的活動。但渠道庫存似乎確實比較緊張。

Is there a scenario where seasonally, we get into the spring period next year and even if structurally housing activity isn't significantly stronger, you feel like there could really be some tension there in the market just based on what you see in terms of your customer inventories at this stage?

是否存在這樣一種情況：明年春季，即使房屋市場活動在結構上沒有明顯增強，但根據您目前觀察到的客戶庫存情況，您是否覺得市場可能會出現一些緊張局勢？

Yeah, Kurt, it's Nate, I'll start. To me, it's the channel, I think, is really well balanced in terms of inventory levels and kind of that risk reward, both on demand and so as I think people are positioning as we close out this year ahead in next year, I think the marketplace if there's demand that shows up that someone unexpected or there's maybe a supply disruption to your point, I think there could be maybe some different urgency in the marketplace that we haven't seen for a period of time, which would include price, I think as part of that.

好的，庫爾特，我是內特，我先來。我認為，就庫存水準和風險回報而言，這個管道真的非常平衡，無論是需求方面還是其他方面。我認為，隨著我們即將結束今年並展望明年，人們都在進行市場佈局。我認為，如果出現意料之外的需求，或者像你提到的那樣出現供應中斷，我認為市場可能會出現一些我們一段時間以來從未見過的緊迫性，其中就包括價格因素。

So I think to be the backdrop is, I think it's set up well because it's -- there's not a lot of excess that needs to get worked out of the system. And to your point, all it takes is a maybe a demand event we weren't expecting or a supply event we weren't expecting on the downside to kind of quickly kind of tension things up in the marketplace.

所以我認為，作為背景，我認為它的設置很好，因為——沒有太多需要從系統中清除的多餘東西。正如你所說，只需要出現我們意想不到的需求事件或供應事件（例如供應下降），就可能迅速加劇市場緊張局勢。

So I think it's set up well, not perfectly, but I think we're -- as we think about 2026 and I think about the homebuilders, they've been pretty active in working their new home inventory levels down. That's been an area of focus for them for a period of time. And as we transition into maybe 2026 current, at some point, the new home sale has to equal a new home start and we haven't been in that kind of math for a period of time.

所以我認為目前的安排還不錯，雖然並不完美，但我認為——當我們展望 2026 年，想到房屋建築商時，他們一直在積極降低新房庫存水平。這一直是他們一段時間以來的關注重點。隨著我們過渡到 2026 年左右，在某個時候，新房銷售量必須等於新房開工量，而我們已經有一段時間沒有進行過這樣的計算了。

And so I think in '26, that gets a better balance as well. So I think it's just shaping up to have more normalcy than we've frankly experienced for the last year or so.

所以我認為在 2026 年，這方面也能取得更好的平衡。所以我覺得，情況正在朝著比過去一年左右我們所經歷的更正常化的方向發展。

Yeah, that all makes sense. And then lastly, I just wanted to go back to the door and millwork performance. Can you just talk about I guess the sales performance thus far in 2025. And as some of these new facilities get up and running, is that something where you would expect even in a tepid demand environment just given the capacity that you have and the focus there that you could really drive a healthy amount of kind of above-market growth? Or how dependent on that is underlying demand from here?

是的，這一切都說得通。最後，我只想再談談門和木工製品的表現。能否談談2025年至今的銷售業績？隨著這些新設施陸續投入運營，鑑於你們的產能和專注度，即使在需求疲軟的環境下，你們是否也能實現高於市場平均水平的健康成長？或者說，這裡的潛在需求在多大程度上依賴於此？

Hey Kurt, it's Jeff. I'd say overall, millwork has been challenging this year with the price pressures and everything else. There's no ands ifs or buts about that. However, we have a lot of new facilities and we have a lot of new locations that we're working into this business. And every day that goes by is the day that we get better, and we improve and we get the right people in place and the opportunities that's there.

嘿，庫爾特，我是傑夫。總的來說，我認為今年由於價格壓力和其他各種因素，木工行業面臨嚴峻的挑戰。這件事沒有任何附加條件。但是，我們有許多新的設施，我們正在將許多新的地點融入這項業務中。每一天過去，我們都會變得更好，我們會不斷進步，我們會找到合適的人才，抓住機會。

So we're definitely expecting to see more growth regardless of what the market does, just because we're going to operate significantly better. Additionally, we have some locations that are constrained space-wise, and we are addressing those. So we're excited for what the upside is for us on the door business for sure.

所以無論市場如何波動，我們都預計會看到更大的成長，因為我們的營運將會顯著改善。此外，我們還有一些場地空間有限的地方，我們正在解決這些問題。所以，我們對門業業務的發展前景感到非常興奮。

George Staphos, Bank of America Securities.

喬治‧斯塔福斯，美國銀行證券。

Hey, good morning guys. This is Brad Barton on for George. Just if we go back to the AZEK announcement, when we think about the genesis of the deal, can you just talk to the puts and takes that you are considering on the move? And then AZEK did as come to you? Did you go to them? And then how do you kind of see that impacting your Hardie lineup in those specific markets and maybe even across the whole network as well?

嘿，各位早安。這是布拉德巴頓替補喬治上場。如果我們回到 AZEK 的公告，當我們思考這筆交易的起源時，您能否談談您在當時考慮的買賣策略？然後AZEK就來找你了？你去過他們那裡嗎？那麼，您認為這會對哈迪在這些特定市場的產品陣容，甚至對整個電視網絡產生怎樣的影響呢？

Yeah, I will start with that one. So let me just first say that we are very excited about the opportunities to partner with Hardie in the Baltimore markets. it's a big decking market. So we see it as a big opportunity. We have not had decking in that market before. So this is net new revenue for us. it's not a revenue shift from a different product category. We haven't had it. So this is net new revenue, and it's a good opportunity for us. So we're excited about that.

好的，我就從那個開始。首先，我想說我們非常高興有機會與Hardie在巴爾的摩市場合作。巴爾的摩是一個龐大的露台板材市場。所以我們認為這是一個巨大的機會。我們之前在這個市場沒有賣過露台板材。所以這筆收入是我們的淨新增收入，並非來自其他產品類別的收入轉移。我們還沒收到。所以這是新增淨收入，對我們來說是一個很好的機會。我們對此感到很興奮。

We're excited about the full suite of products that we're going to be able to offer in that market. So we see a lot of upside revenue potential for us, specifically to the Baltimore Pittsburgh market. Saying that, we also have grown our market share with Trex across the country. So we've done really well with that brand. So our plan is to continue to support both partners, continue to grow our market share as we have in all of those markets across the country.

我們很高興能夠在這個市場上提供全套產品。因此，我們看到了很大的收入成長潛力，尤其是在巴爾的摩和匹茲堡市場。儘管如此，我們在全國各地也憑藉 Trex 產品擴大了市場份額。所以，我們在這個品牌上做得非常成功。因此，我們的計劃是繼續支持雙方合作夥伴，並繼續擴大我們在全國所有市場上的市場份額。

Okay. Great. And then just, I guess, one follow-up and I think you guys touched on this a little bit, but are there any kind of -- any signs that you're seeing early in the quarter that you can kind of point to as signs of life or green shoots, not just for the remainder of the quarter and into next year, but maybe even for the spring building season.

好的。偉大的。然後，我想還有一個後續問題，我想你們也稍微談到了這一點，但是在本季度初，你們是否看到了任何跡象，可以被視為復甦或復甦的跡象，不僅是對本季度剩餘時間和明年而言，甚至可能是對春季建設季節而言。

Yeah, it's Jeff. I'd just say one thing that we are seeing and experiencing is that they're having some green shoots in the multi-family space. And we're seeing some activity. We're seeing a lot of quoting that's going on. We have some projects that we know that are going to kick off to get us through the balance of the year and into the beginning of next year. So we feel good about that.

對，是傑夫。我想說的是，我們看到和體驗到的是，多戶住宅領域正在出現一些復甦的跡象。我們看到了一些活動。我們看到很多引用正在進行中。我們知道有一些項目即將啟動，這些項目將幫助我們度過今年剩餘的時間並進入明年年初。所以我們對此感到很滿意。

Jeff Stevenson, Loop Capital.

Jeff Stevenson，Loop Capital。

Hi, thanks for taking my questions today. How much of an impact did the operating inefficiencies related to the ramp in production at your Oakdale facility have on Wood Products margins in the third quarter? And will that continue to be a drag on segment margins over the next several quarters?

您好，感謝您今天回答我的問題。貴公司奧克代爾工廠產能提升過程中出現的營運效率低落問題，對第三季木製品利潤率造成了多大影響？未來幾季，這種情況是否會繼續拖累該業務部門的利潤率？

Yeah, this is Troy. Yeah, it's a little bit hard to tell because we've had that market-related downtime in there. But that team has been trying to work on all the machine centers when we essentially touched all the machine centers.

是的，這是特洛伊。是的，這有點難說，因為期間我們經歷了與市場相關的低迷期。但是，當我們基本上接觸了所有工具機中心時，那個團隊卻一直在嘗試對所有工具機中心進行操作。

And so honestly, working through that, which I would describe as the operational issues coming out of a large project that they've been working through in the third quarter. So we didn't see a huge difference specific to Oakdale, say, Q3 impacts versus the first two quarters.

坦白說，他們正在努力解決這些問題，我將其描述為他們在第三季一直在處理的一個大型專案所帶來的營運問題。因此，我們沒有看到奧克代爾的情況與前兩個季度相比有太大的不同。

But moving forward, we would expect them to continue to improve their operating efficiencies, lower that cost structure. That was a high-cost mill for once we get that capital in there or working, we should see the improvements there.

但展望未來，我們希望他們能持續提高營運效率，降低成本結構。那是一家造價很高的工廠，一旦我們投入資金或讓它運轉起來，我們應該會看到改進。

I'd hate to put a number on it because I don't know the specifics and then we get -- we have -- you're moving into Q4 seasonal issues. You've got the shorter months in November, December and then any market-related downtime, it's going to be dependent on what that looks like specific to Oakdale.

我不想給出一個確切的數字，因為我不知道具體情況，而且——我們已經——你們即將進入第四季度季節性問題。11 月和 12 月是較短的月份，此外還有任何與市場相關的淡季，具體情況將取決於奧克代爾的情況。

Got it. Got it. Thanks for walking me through that. And then over the past year, you've announced multiple expanded partnership agreements to strengthen distribution relationship with key suppliers and the most recent one obviously is James Hardie.

知道了。知道了。謝謝你耐心地跟我講解。然後在過去一年裡，你們宣布了多項擴大合作協議，以加強與主要供應商的分銷關係，最近的一項顯然是與 James Hardie 達成的合作。

I wondered if you could talk more about how these agreements have better positioned the company's general line distribution business moving forward and whether there could be additional opportunities to expand partnerships with other key suppliers.

我想請您詳細談談這些協議如何更好地推動公司一般產品分銷業務的發展，以及是否有更多機會與其他主要供應商擴大合作關係。

Yeah, I'll start there. I think we're always looking for opportunities to expand partnerships, but we're also very focused on the partnerships that we've got and the new products that they bring to market. Trex is a great partner for us. We've grown market share with them. We're going to continue to grow market share with them across the country.

好的，我就從那裡開始。我認為我們一直在尋找拓展合作關係的機會，但我們也非常關注我們現有的合作夥伴關係以及他們為市場帶來的新產品。Trex 是我們非常棒的合作夥伴。我們與他們一起擴大了市場份額。我們將繼續與他們合作，在全國擴大市場份額。

Hardie has been a great partner for us in siding across the country, and now we're exploring a new opportunity with them in the Baltimore market. again, I just reiterate, it's a significant decking market and we haven't had that category before there. So looking at that, we're looking at new partnerships as far as doors and millwork go.

Hardie一直是我們在全國內外牆板業務方面的重要合作夥伴，現在我們正在與他們探索在巴爾的摩市場的新合作機會。我再次強調，巴爾的摩是一個重要的露台板市場，而我們之前在那裡還沒有涉足過這個領域。因此，從這個角度來看，我們正在尋求門窗和木製品的新合作關係。

So we are always absolutely looking to expand. We've added the space and the capacity to do it. So we are going to continue to look into whatever partnerships we have available that we think we can generate sales growth, revenue growth and margin growth.

因此，我們始終都在積極尋求擴張。我們已經增加了空間和能力來完成這項工作。因此，我們將繼續尋找一切可行的合作夥伴關係，以期實現銷售成長、收入成長和利潤成長。

Makes sense. And then one last one, just on how you're planning to balance M&A with share repurchases moving forward given the market pullback? Would you expect to be aggressive with the new $300 million share repurchase program.

有道理。最後一個問題，鑑於市場迴調，您計劃如何平衡未來的併購和股票回購？您是否預期會積極推動新的 3 億美元股票回購計畫？

Yeah, good morning, Jeff. I'll take that one. So I guess, just stepping back briefly, our priorities are very much the same in terms of capital allocation in priority order, we invested in our existing asset base to organic growth projects and then also M&A. It's a fit and the price is right. But I would say, absent any meaningful M&A we would expect to continue to be active with share repurchases here moving forward.

早安，傑夫。我選那個。所以，簡單回顧一下，我們在資本配置方面的優先事項基本上相同，我們首先投資現有資產基礎，然後是內生成長項目，最後是併購。很合身，價格也合適。但我認為，如果沒有實質的併購活動，我們預期未來將繼續積極進行股票回購。

Reuben Garner, Benchmark.

Reuben Garner，基準。

Thank you. Good morning everybody. Let's see. So if I'm doing the math right, and I know you didn't explicitly give top line guidance, but it looks like the distribution segment, EBITDA margins kind of dip into the 3s for the first time in a while, the third quarter was obviously lower than the second. And I get that there's some seasonality.

謝謝。大家早安。讓我們來看看。所以如果我的計算沒錯的話，我知道你沒有明確給出營收指引，但看起來分銷部門的 EBITDA 利潤率一段時間以來首次跌至 3% 左右，第三季顯然低於第二季。我知道這其中存在一些季節性因素。

How should we think about what's going on there? Like has competition picked up? Where do we think that things will stabilize? And how do we think about next year, assuming that the housing market in general is kind of consistent with what we've seen of late?

我們該如何看待那裡發生的事情？競爭加劇了嗎？我們認為局勢會在什麼情況下趨於穩定？那麼，假設明年整體房地產市場與近期的情況基本一致，我們該如何看待明年？

Yeah, good question. I guess I would start with saying that this isn't a market share degradation or anything like that, I feel really good about how we're positioned and how two-step distribution shows up in these sorts of markets.

嗯，問得好。我想首先說明的是，這並不是市場份額下降之類的情況，我對我們的市場定位以及兩步驟分銷模式在這些市場中的表現感到非常滿意。

So really what's embedded in the guidance really is really truly a function of just seasonal slowing that we expect to see. November and December, you got -- you've only got 18 sales days in November and 21 sales days in December, you got weather. So you got some seasonal events.

所以，實際上，指導意見中真正蘊含的內容，其實只是我們預期會看到的季節性放緩的體現。11 月和 12 月，11 月只有 18 個銷售日，12 月只有 21 個銷售日，而且天氣也不太好。所以你們有一些季節性活動。

So yes, could we dip into the high 3s in terms of the EBITDA margin. Yes, sure, we could, just given the seasonal nature of it. But I wouldn't -- I would not pull back from what we view as the -- when we get to a normalized cycle over a normalized year that we can be -- it can start with the five in terms of our EBITDA margin. So we feel really good about how we're positioned there, Reuben. It's really just a seasonal event that you're seeing in the fourth quarter.

所以，是的，我們有可能將 EBITDA 利潤率降至 3% 以上。是的，當然可以，畢竟這是季節性的。但我不會——我不會放棄我們認為——當我們在一個正常的年份裡達到一個正常的周期時，我們可以——就我們的 EBITDA 利潤率而言，它可以從 5 開始。所以，魯本，我們對我們在那裡的定位感到非常滿意。這其實只是第四季才會出現的季節性現象。

Okay. Great. That's really helpful. And then how do we think about -- it looks like your inventory, I guess, at the Inc. level. I don't have segments on that. But your inventory as a percentage of revenue ticked up the last couple of years.

好的。偉大的。這真的很有幫助。那麼，我們該如何考慮——我猜，這看起來像是你們公司層級的庫存。我沒有這方面的資料。但過去幾年，你的庫存佔收入的比例上升。

Is that a function of some of the investments in distribution and growing general line? Is that some kind of signal that you're optimistic about the market coming back as we get closer to '26 and you want to make sure you have the materials? Or is there some other factor driving that delta?

這是否與對分銷管道和不斷擴大的產品線進行的一些投資有關？這是不是某種信號，表明你對市場在接近 2026 年時復甦持樂觀態度，並且你想確保擁有所需的材料？或者還有其他因素導致了這種差異？

Yeah, It's a function of the growth that we've done. We've added a handful of locations, including via M&A and via organic growth opportunities. And then it really comes back to our stated goal that we always want to be in stock and be able to serve the marketplace, especially in times like today. And so we feel good about our inventory position. We're not too heavy.

是的，這與我們所取得的成長有關。我們新增了一些辦公地點，包括透過併購和自然成長機會。最終，我們還是回到了我們既定的目標，那就是始終保持充足的庫存，能夠服務於市場，尤其是在像今天這樣的時期。因此，我們對目前的庫存狀況感到滿意。我們體重不算太重。

I think we're in a good spot. And yeah, and then we do feel good obviously about the coming back half of 2026, we are very well positioned if we start to see some more energy here in the spring building season in 2026.

我認為我們處境不錯。是的，顯然我們對 2026 年下半年的復甦感到樂觀，如果我們在 2026 年春季的建築旺季看到更多活力，我們將處於非常有利的位置。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Thank you. Maybe to start with, on the EWP side, Troy, I mean, your volumes in 2025 are still kind of higher than what it was in 2021, 2022 when housing demand was stronger. Can you talk about kind of what is driving there, whether it has some share gains or things that you're doing differently?

謝謝。首先，就 EWP 這邊而言，Troy，我的意思是，你們 2025 年的銷量仍然比 2021 年、2022 年（當時住房需求更強勁）要高一些。能談談推動這趨勢的因素嗎？是市場佔有率的成長，還是你們採取了不同的做法？

Yeah. I'd say throughout 2025, in terms of looking for opportunities, we believe we have some share gains that we're trying to maintain our order files throughout Q3 comparatively were lower, but consistent throughout the quarter. And as we move into Q4, other than the seasonality around that, it still seems to be fairly consistent what we've seen so far.

是的。我認為在 2025 年全年，就尋找機會而言，我們相信我們取得了一些市場份額的成長，我們正在努力保持這一成長勢頭。第三季我們的訂單量相對較低，但在整個季度中保持穩定。進入第四季度，除了季節性因素外，情況似乎仍然與我們目前所看到的情況相當一致。

Okay. Got it. And then just switching to the distribution side, really nice to see that growth in general line you talked earlier about sort of those still being under some pressure. Can you talk about sort of what is where you are seeing sort of growth in the general line business?

好的。知道了。然後，我們再來看看分銷方面，很高興看到整體成長，就像你之前提到的那樣，儘管分銷領域仍然面臨一些壓力。您能否談談您認為一般保險業務的成長點在哪裡？

Yeah, the question is where are we seeing growth in the general line business. You guys can take that.

是的，問題是我們在一般保險業務中看到了哪些成長點。你們可以收下。

Yeah. I think we're seeing growth in the general line. Again, market share gains in certain product categories, decking being one of them. So we've seen market share gains as some of our competitors or other distributors have exited different categories across the country. We've stepped in and filled those voids.

是的。我認為我們看到整體產品線正在成長。再次強調，某些產品類別的市佔率有所成長，露台板材就是其中之一。因此，隨著一些競爭對手或其他分銷商退出全國各地的不同類別，我們的市場份額有所增長。我們已經介入並填補了這些空白。

And so we've seen market share growth that way. Again multi-family business. And I really think in the door and millwork side, we're starting to see gains, and we're moving forward, moving that capacity and our ability there forward.

因此，我們看到了市場份額的成長。又是多戶住宅企業。我真的認為在門窗和木製品方面，我們開始看到成效，我們正在向前邁進，提升我們在該領域的產能和能力。

It's maybe to add to Jo's comments is that when you think about general line and Jo mentioned this earlier, the new SKUs that are showing up and the SKU complexity that comes from our suppliers is something that we enjoy. We're really good at and so we certainly have experienced that in '25, and we're expecting that in '26 as well.

或許可以補充一下 Jo 的評論，當你考慮到產品線整體情況時（Jo 之前也提到過這一點），不斷湧現的新 SKU 以及供應商帶來的 SKU 複雜性，正是我們樂於見到的。我們在這方面真的很擅長，所以我們在 2025 年肯定體驗到了這一點，我們也期待在 2026 年體驗到這一點。

So as they bring out new products, that creates, I think, a really important opportunity and responsibility for us to not only serve our customers but serve our suppliers as well. So I think that's the other component on the general line that continues to play in our favor, and we expect to get going forward as well.

因此，隨著他們推出新產品，我認為這為我們創造了一個非常重要的機會和責任，我們不僅要服務我們的客戶，還要服務我們的供應商。所以我認為這是整體趨勢中另一個繼續對我們有利的因素，我們也希望未來能夠繼續保持這種趨勢。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Nate Jorgensen for any closing remarks.

謝謝。我們的問答環節到此結束。我謹將會議交還給內特‧喬根森，請他作總結發言。

We appreciate everyone joining us on our call this morning for our update, and thank you for your continued interest in supporting Boise Cascade. Please be safe and be well. Thank you.

感謝各位今天上午參加我們的電話會議，了解最新情況，也感謝大家一直以來對博伊西凱斯卡德的支持。請注意安全，保重。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。