Boise Cascade Co (BCC) 2026 Q1 法說會逐字稿

Good morning. My name is Jason, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Boise Cascade's first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安。我叫 Jason，今天將擔任本次會議的主持人。此刻，我謹代表公司歡迎各位參加 Boise Cascade 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Chris Forrey, Senior Vice President of Finance and Investor Relations. Mr. Forrey, you may begin your conference.

現在我想將會議交給財務與投資人關係資深副總裁 Chris Forrey。Forrey 先生，您可以開始了。

Thank you, Jason, and good morning, everyone. I'd like to welcome you to Boise Cascade's first-quarter 2026 earnings call and business update.

謝謝你，Jason，各位早安。歡迎各位參加 Boise Cascade 2026 年第一季財報電話會議與營運更新。

Joining me on today's call are Jeff Strom, our CEO; Kelly Hibbs, our CFO; Jo Barney, Leader of our Building Materials Distribution Operations; and Troy Little, Leader of our Wood Products Operations.

今天與我一同參與電話會議的有：我們的執行長 Jeff Strom；財務長 Kelly Hibbs；建材配銷營運負責人 Jo Barney；以及木製品營運負責人 Troy Little。

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.

請看投影片第 2 頁，本次電話會議將包含前瞻性陳述。請查閱我們新聞稿、簡報投影片以及向美國證券交易委員會（SEC）提交之文件中的警示聲明，了解與這些前瞻性陳述相關的風險。

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.

另外請注意，附錄包含從 GAAP 淨利調節至 EBITDA 與調整後 EBITDA，以及從部門損益調節至部門 EBITDA 的對照表。

I will now turn the call over to Jeff.

現在我把電話會議交給 Jeff。

Thanks, Chris. Good morning, everyone, and thank you for joining us for our earnings call. I'm on slide 3.

謝謝你，Chris。各位早安，感謝各位參加我們的財報電話會議。我現在在投影片第 3 頁。

As I step into the role of CEO, I want to express my deep confidence in our company, our talented people, and our established direction. We have a strong foundation and a proven strategy that has positioned us well in the marketplace, and I'm committed to building on that momentum.

在我接任執行長一職之際，我想表達我對公司、我們優秀的人才，以及既定方向的高度信心。我們擁有堅實的基礎與經過驗證的策略，使我們在市場上具備良好定位；我也承諾將在此動能之上持續推進。

My thanks to our outstanding team whose dedication, expertise, and commitment to our customer and supplier partners are what drive our continued success. I'm excited to lead us forward, focused on delivering sustained value for all of our stakeholders.

我要感謝我們傑出的團隊；正是大家的投入、專業，以及對客戶與供應商夥伴的承諾，驅動我們持續成功。我很期待帶領公司向前，專注於為所有利害關係人創造可持續的價值。

Now let me turn to our first-quarter results. Total US housing starts increased 1% compared to the prior year quarter. However, single-family housing starts were off 5% for the same comparative period.

接下來我談第一季的業績。美國整體住宅開工量較去年同期增加 1%。然而，同期的獨棟住宅開工量下降 5%。

Our consolidated first-quarter sales of $1.5 billion were down 2% from first quarter of 2025. Our net income was $17.8 million or $0.50 per share compared to net income of $40.3 million or $1.06 per share in the year-ago quarter.

我們第一季合併銷售額為 15 億美元，較 2025 年第一季下降 2%。淨利為 1,780 萬美元，或每股 0.50 美元；相較去年同期淨利 4,030 萬美元，或每股 1.06 美元。

Our businesses delivered solid results for the quarter despite continued demand uncertainty resulting from geopolitical events, volatile mortgage rates, and severe weather. The challenges of consumer sentiment and home affordability remain the most significant headwinds for residential construction activity. In this environment, we're continuing to leverage our integrated model, which consistently demonstrates its value and resilience, particularly in challenging market conditions like these.

儘管地緣政治事件、房貸利率波動與嚴峻天候導致需求不確定性持續，我們各項業務在本季仍交出穩健成果。消費者信心與購屋可負擔性所帶來的挑戰，仍是住宅建築活動最主要的逆風。在此環境下，我們持續運用整合式營運模式；該模式一貫展現其價值與韌性，尤其是在像目前這樣具挑戰的市場條件下。

As a follow-up to our previously disclosed legal matter that was resolved last week, this was a legacy issue involving certain hardwood plywood purchases made at a single distribution facility in Pompano, Florida, between 2017 and 2021. We bought the wood from a former US-based supplier that improperly imported the products.

針對我們先前揭露、並於上週解決的法律事項補充說明：這是一項歷史遺留問題，涉及 2017 年至 2021 年間在佛羅里達州 Pompano 的單一配銷據點所採購的部分硬木夾板。我們向一家前美國本土供應商購買該木材，而該供應商不當進口了相關產品。

We were not involved in creating or operating the supplier's scheme, but we did not follow some of our own internal processes that would have prevented us from making these purchases. We've taken responsibility for that and have strengthened our processes to prevent this from happening again.

我們並未參與建立或運作該供應商的計畫，但我們未遵循部分內部流程；若遵循，原可避免進行這些採購。我們已為此承擔責任，並強化流程，以防止類似情況再次發生。

Kelly will now walk through our segment financial results, capital allocation priorities, and second-quarter guidance. After which, I'll provide insights on our business outlook and make closing comments before we open the call for questions. Kelly?

接下來 Kelly 將說明各部門財務表現、資本配置優先事項，以及第二季指引。之後我將分享對業務展望的看法並做結語，接著開放提問。Kelly？

Thank you, Jeff, and good morning, everyone. BMD sales this quarter were $1.4 billion, down 1% to first quarter 2025. BMD reported segment EBITDA of $48.2 million in the first quarter compared to segment EBITDA of $62.8 million in the prior year quarter.

謝謝你，Jeff，各位早安。本季 BMD 銷售額為 14 億美元，較 2025 年第一季下降 1%。BMD 第一季部門 EBITDA 為 4,820 萬美元，去年同期部門 EBITDA 為 6,280 萬美元。

Selling and distribution expenses were up $8.2 million for first quarter 2025. In addition, gross margin dollars decreased $6.5 million compared to the prior year quarter, affecting lower gross margins on all product lines, particularly EWP.

銷售與配銷費用較 2025 年第一季增加 820 萬美元。此外，毛利金額較去年同期減少 650 萬美元，反映所有產品線毛利率下降，尤其是 EWP。

In Wood Products, our sales in the first quarter, including sales to our Distribution segment, were $398.2 million, down 4% compared to first quarter of 2025. Wood Products segment EBITDA was $32 million compared to EBITDA of $40.2 million reported in the year-ago quarter.

在木製品業務方面，我們第一季銷售額（包含對配銷部門的銷售）為 3.982 億美元，較 2025 年第一季下降 4%。木製品部門 EBITDA 為 3,200 萬美元，去年同期為 4,020 萬美元。

The decrease in segment EBITDA was due primarily to lower EWP sales prices as well as higher per-unit EWP conversion costs. These decreases were offset partially by lower per-unit OSB costs as well as higher plywood sales volumes and prices.

部門 EBITDA 的下降主要是因 EWP 銷售價格較低，以及 EWP 單位轉換成本較高。上述不利因素部分被 OSB 單位成本下降，以及夾板銷量與價格上升所抵銷。

Moving to slides 5 and 6. BMD's year-over-year first-quarter sales decline of 1% was driven by net sales price decreases of 3%, offset partially by net sales volume increases of 2%. By product line, general line product sales increased 4%, commodity sales decreased 5%, and sales of EWP decreased 7%. Sequentially, BMD sales were up 2% for fourth quarter 2025.

接著看投影片第 5 與第 6 頁。BMD 第一季銷售額年減 1%，主要由淨銷售價格下降 3% 所致，部分被淨銷售量增加 2% 抵銷。按產品線來看：一般線產品銷售增加 4%，大宗商品銷售下降 5%，EWP 銷售下降 7%。以季比來看，BMD 銷售額較 2025 年第四季增加 2%。

Weather had a significant impact on first-quarter sales activity at our southeast and northeast distribution centers, as the affected locations were closed for a combined 35 days in January and February. The impacts were evident in BMD's daily sales pace during the quarter, with daily sales of approximately $21 million in both January and February before rebounding nicely in March to $24 million.

天候對第一季我們東南與東北配銷中心的銷售活動造成顯著影響；受影響據點在 1 月與 2 月合計關閉 35 天。影響反映在本季 BMD 的每日銷售節奏：1 月與 2 月每日銷售約 2,100 萬美元，3 月則明顯回升至 2,400 萬美元。

Our first-quarter gross margin was 14.4%, down 30 basis points year over year. The decline was driven by EWP competitive pricing pressures as well as lower margins on general line products. BMD's EBITDA margin was 3.5% for the quarter, down from both the 4.5% reported in the year-ago quarter and the 4.1% reported in the fourth quarter. Lower gross margins, coupled with the effects on our operating expense leverage from branch closures in the first quarter, negatively impacted our EBITDA margin results.

我們第一季毛利率為 14.4%，年減 30 個基點。下降主因為 EWP 競爭性定價壓力，以及一般線產品毛利率較低。BMD 本季 EBITDA 利潤率為 3.5%，低於去年同期的 4.5%，也低於第四季的 4.1%。較低的毛利率，加上第一季分公司關閉對營業費用槓桿的影響，對我們的 EBITDA 利潤率表現造成負面影響。

Turning to slide 7, on a year-over-year basis, first-quarter I-joists and LVL volumes were down 5% and 1%, respectively. Sequential I-joists and LVL volumes were up 16% and 8%, respectively, driven by seasonal demand improvements and channel restocking ahead of the spring building season. As it relates to pricing, first quarter EWP sales prices declined about 7% year over year, but remained flat sequentially.

請看投影片第 7 頁，以年比來看，第一季 I 型樑（I-joists）與 LVL 的出貨量分別下降 5% 與 1%。以季比來看，I 型樑與 LVL 出貨量分別增加 16% 與 8%，主要受季節性需求改善，以及通路在春季建築旺季前補庫存所帶動。就價格而言，第一季 EWP 銷售價格年減約 7%，但季比持平。

Turning to slide 8, our first-quarter plywood sales volume. Was 373 million feet compared to 363 million square feet in first quarter 2025. The year-over-year increase in plywood volumes was due primarily to the restart of operations at our Oakdale mill in fourth quarter 2025. Sequentially, our plywood sales volumes were up 5% fourth quarter 2025 as anticipated due to seasonal demand improvement.

接著看第 8 頁投影片，我們第一季的膠合板銷售量。為 3.73 億英尺，相較於 2025 年第一季的 3.63 億平方英尺。膠合板銷量年增主要是因為我們 Oakdale 廠於 2025 年第四季重啟營運。按季來看，如預期受季節性需求改善帶動，我們膠合板銷售量較 2025 年第四季成長 5%。

The average plywood net sales price was $343 per 1,000 in the first quarter, representing a 1% increase year over year and 4% sequentially. We attribute the recent improvement in plywood pricing primarily to weather-related supply constraints in the south, combined with reduced imports.

第一季膠合板平均淨銷售價格為每 1,000 單位 343 美元，年增 1%，較前一季增加 4%。我們將近期膠合板價格改善主要歸因於南部地區天候因素造成的供給受限，加上進口量下降。

Notably, Brazilian imports declined by more than 60% year over year in the first quarter of 2026. However, following the late February Supreme Court decision that invalidated the use of IEEPA to impose tariffs, higher import volumes are anticipated, which are expected to influence market dynamics in the coming months.

值得注意的是，2026 年第一季巴西進口量較去年同期下降超過 60%。然而，在 2 月下旬最高法院裁定 IEEPA 不得用於加徵關稅之後，預期進口量將提高，並可能在未來幾個月影響市場動態。

I'm now on slide 9. We had capital expenditures of $40 million in the first quarter, with $23 million of spending in BMD and $17 million of spending in Wood Products. Our capital spending range for 2026 remains at $150 million to $170 million.

我現在到第 9 頁投影片。第一季資本支出為 4,000 萬美元，其中 BMD 支出 2,300 萬美元，木製品（Wood Products）支出 1,700 萬美元。我們 2026 年資本支出區間仍維持在 1.5 億至 1.7 億美元。

Roughly a third of BMD's 2026 spending relates to growth projects across our system, but the balance of our spending in both segments attributable to business improvement and efficiency projects, replacement projects, and ongoing environmental compliance.

BMD 2026 年支出約三分之一與我們系統內的成長專案相關；其餘在兩個事業部門的支出則主要用於業務改善與效率提升專案、汰換專案，以及持續的環境合規。

Speaking to shareholder returns, we paid $10 million in dividends during the quarter. Our Board of Directors also recently approved a $0.22 per share quarterly dividend on our common stock that will be paid in mid-June.

談到股東報酬，我們本季支付了 1,000 萬美元股利。董事會近期也核准普通股每股 0.22 美元的季度股利，將於 6 月中旬發放。

Through the first four months of 2026, we've repurchased approximately $91 million of our common stock, including approximately $66 million in the first quarter. Since the beginning of 2024, we have repurchased approximately 12% of our outstanding shares. As of today, approximately $148 million of our outstanding common stock is available for repurchase under our existing share repurchase program.

2026 年前四個月，我們已回購約 9,100 萬美元的普通股，其中第一季約 6,600 萬美元。自 2024 年初以來，我們已回購約占流通在外股數 12%。截至今日，依現行庫藏股回購計畫，仍有約 1.48 億美元的普通股可供回購。

As expected, we utilized cash in the first quarter, primarily driven by seasonal working capital needs along with our planned capital investments and shareholder returns. However, the ongoing strength of our balance sheet remains in place, which positions us well to continue the pursuit of our strategic objectives.

如預期，我們第一季動用了現金，主要是受季節性營運資金需求影響，並加上既定的資本投資與股東報酬。不過，我們資產負債表的持續強勁仍然不變，使我們能夠在追求策略目標上保持良好態勢。

I'm now on slide 10, where we have outlined a range of potential EBITDA outcomes for the second quarter, along with the key assumptions underlying these projections. As we look ahead, end market demand remains uncertain and certain cost inputs are volatile.

我現在到第 10 頁投影片，我們在此列出第二季可能的 EBITDA 結果區間，以及支撐這些預估的關鍵假設。展望未來，終端市場需求仍不明朗，且部分成本投入項目波動較大。

For BMD, we currently estimate second-quarter EBITDA to be between $65 million and $80 million. BMD's current daily sales pace is approximately 15% above the first-quarter sales pace of $22 million per day. Gross margins are expected to be between 14.25% and 15%. Importantly, as our guide suggests, if our current sales pace is sustained, we expect BMD to show a healthy sequential improvement in EBITDA margin.

就 BMD 而言，我們目前估計第二季 EBITDA 介於 6,500 萬至 8,000 萬美元。BMD 目前的每日銷售節奏約較第一季每日 2,200 萬美元的銷售節奏高出 15%。毛利率預期介於 14.25% 至 15%。重要的是，如我們的指引所示，若目前銷售節奏得以維持，我們預期 BMD 的 EBITDA 利潤率將呈現健康的季增改善。

For Wood Products, we estimate second-quarter EBITDA to be between $32 million and $47 million. Our EWP order files are showing seasonal strength, and we expect sales volumes to increase mid-single-digits sequentially. EWP pricing is expected to range from flat to low single-digit decline sequentially.

就木製品（Wood Products）而言，我們估計第二季 EBITDA 介於 3,200 萬至 4,700 萬美元。我們的 EWP 訂單檔案顯示季節性走強，預期銷售量按季將增加中個位數百分比。EWP 價格預期按季持平至小幅（低個位數）下滑。

In plywood, we expect sequential volume increases in the mid-single-digits. On plywood pricing, quarter-to-date realizations were 8% above our first-quarter average, with the balance of the quarter market dependent. We expect our per-unit manufacturing costs will be comparable to first quarter as higher volumes and early results from focused site improvement plans across our manufacturing system are expected to offset recent energy-related cost increases.

在膠合板方面，我們預期銷量按季增加中個位數百分比。就膠合板價格而言，截至目前本季的實現價格較第一季平均高出 8%，而本季剩餘期間則取決於市場。我們預期單位製造成本將與第一季相當，因為較高的產量以及我們製造系統各廠區聚焦改善計畫的初步成果，預計可抵銷近期能源相關成本上升。

I will turn it over to Jeff to share our business outlook and closing remarks.

接下來我把時間交給 Jeff，請他分享我們的業務展望與結語。

Thank you, Kelly. I'm on slide 11. Given the current environment, visibility into end market demand for 2026 is limited. For much of the first quarter, mortgage rates declined to the lowest level in over three years. However, recent geopolitical turmoil has led to volatility in treasury and mortgage rates alike, introducing greater uncertainty on the remainder of the spring selling season.

謝謝你，Kelly。我在第 11 頁投影片。在目前環境下，對 2026 年終端市場需求的能見度有限。第一季大部分時間，房貸利率降至三年多來的最低水準。然而，近期地緣政治動盪導致公債與房貸利率同步波動，使春季銷售旺季剩餘期間的不確定性提高。

Homebuilders are responding to the cautious demand environment with thoughtful approaches to starts, home sizes, location, and inventory. As a result, maintaining our focus and staying agile remains central to Boise Cascade’s strategy for delivering outstanding service across a broad selection of in-stock, industry-leading building materials in any operating environment.

建商正以審慎的方式因應偏保守的需求環境，並在開工量、房屋坪數、地點與庫存方面採取周全作法。因此，維持專注並保持敏捷，仍是 Boise Cascade 策略的核心，以便在任何營運環境下，透過廣泛的現貨供應、業界領先的建材選擇，提供卓越服務。

The alignment of our two business segments is evident every day and is a driving force in our world-class operations. Enhanced channel visibility supports the alignment of our production rates and inventory strategies with end-market demand. Cross-divisional coordination and our strong financial position provide the security and flexibility for our teams to execute our strategy and deliver long-term value creation.

我們兩個事業部門的協同一致每天都清楚可見，並且是推動我們世界級營運的動力。更強的通路能見度，有助於使我們的生產節奏與庫存策略與終端市場需求一致。跨部門協作以及我們強健的財務狀況，為團隊執行策略並創造長期價值提供安全性與彈性。

We are committed to continuously seeking new opportunities to leverage our integrated model by driving greater efficiency, responsiveness, and innovation across our organization. As we consider the future of homebuilding, we remain confident in the structural drivers of US housing demand, which include the persistent undersupply of housing driven by generational tailwinds, near-record levels of homeowner equity, a decade of underbuilding, and an aging US housing stock with the average home being more than 40 years old.

我們致力於持續尋找新機會，透過提升整體組織的效率、反應速度與創新，來更充分發揮整合式模式的優勢。在思考住宅建築的未來時，我們仍對美國住宅需求的結構性驅動因素充滿信心，包括：在世代紅利推動下長期存在的住宅供給不足、屋主權益接近歷史高點、長達十年的建屋不足，以及美國住宅存量老化（平均屋齡超過 40 年）。

The strong fundamentals for both new residential construction and repair and remodeling reinforce the industry's favorable outlook. Boise Cascade’s investments throughout the business cycle give us confidence that we can outpace industry growth as these market tailwinds materialize.

新建住宅與修繕翻新兩大領域的強勁基本面，進一步強化了產業的正向展望。Boise Cascade 在景氣循環各階段的投資，使我們有信心在這些市場順風因素逐步顯現時，能夠跑贏產業成長。

Thank you for joining us today and for your continued support and interest. We welcome any questions at this time. Jason, please open the phone lines.

感謝各位今天與會，並感謝各位持續的支持與關注。我們現在歡迎提問。Jason，請開放電話線。

(Operator Instructions) Mike Roxland, Truist Securities.

（接線員指示）Truist Securities 的 Mike Roxland。

First question I had, Kelly, just in response to one of your comments regarding Brazilian imports and the lower tariffs. You mentioned expecting to see them in coming months. Have you started to see any increased plywood or wood flows from Brazil at this juncture?

我第一個問題是，Kelly，針對你提到巴西進口與較低關稅的評論。你提到預期未來幾個月會看到它們出現。就目前這個時間點，你們是否已開始看到來自巴西的膠合板或木材流量增加？

Yeah. So my understanding, Mike, is that the short answer is yes, we're expecting to see more and more of that show up at the ports. Maybe a little bit delayed because there was a phenol disruption at a manufacturing site in Brazil. But we know the wood is coming, and we're seeing quotes show up in the coming months.

是的。所以 Mike，據我了解，簡短的答案是：是的，我們預期會看到越來越多的貨出現在港口。可能會稍微延後一些，因為巴西某個製造據點發生酚（phenol）供應中斷。但我們知道木材正在運來，而且我們也看到未來幾個月的報價開始出現。

Jeff, do you have some more color on that?

Jeff，你能再補充一些細節嗎？

Yeah, I would add to that. There has been some that has showed up, but not significant enough that would cause any major impact.

可以，我補充一下。確實已經有一些到貨，但規模還不至於大到會造成任何重大影響。

Got it. And it also seems like my second question, just EWP prices in 1Q stabilized quarter-over-quarter. One of your peers was showing mid-single-digit decline in pricing. Can you provide any more color around what's driving the price stability in your business maybe versus some of your peers?

了解。另外看起來我第二個問題是，EWP 價格在第一季（1Q）較上一季（QoQ）趨於穩定。你們某位同業顯示價格有中個位數百分比的下滑。你能否多分享一些背景，說明是什麼因素驅動你們業務的價格穩定，可能相較於部分同業？

I just -- I recall over the last couple of years that obviously, pricing was down. I think you had some uncompetitiveness in the business as particularly some of your peers were aggressive in trying to draw up business. I'm just wondering how you were able to show stable pricing relative to peers who still had a mid-single-digit price decline?

我只是——我記得過去幾年很明顯地，價格是下滑的。我想你們的業務在競爭力上曾有些不足，尤其是一些同業為了爭取業務而採取更積極的策略。我想了解的是，當同業仍出現中個位數百分比的價格下滑時，你們是如何做到相對穩定的定價？

Yeah, this is Troy. I'll take a crack at that. Yeah, I mean, we were able to hold prices relatively flat since Q3 of last year, but that's definitely not a function of less pressure in the market. It's come back. There's been more chatter.

是的，我是 Troy。我來嘗試回答。是的，我的意思是，我們自去年第三季（Q3）以來能把價格維持得相對持平，但這絕對不是因為市場壓力變小。壓力又回來了。市場上的討論也變多了。

There's regional pricing pressure from our competitors still. We've got conversations with homebuilders, and still a strong concern for home affordability. So right now, it's just a matter of being very strategic. It's regional conversations, making sure that we are competitive, but we're not leading with price, leaning into our model, our service proposition.

競爭對手在區域市場仍有定價壓力。我們與建商有在溝通，而對住宅可負擔性的擔憂仍然很強。所以目前就是要非常有策略。透過區域性的對話，確保我們具備競爭力，但我們不以價格作為主打，而是更倚重我們的模式與服務主張。

So fortunately, so far, we've been able to hold prices. And right now, quite honestly, our order file is -- there's a -- we've got a strong order file. And so it allows us to be selective there in how we address our pricing.

所以幸運的是，到目前為止我們仍能守住價格。而且老實說，我們的訂單檔——我們有一個很強的訂單檔。因此在如何處理定價上，我們可以更有選擇性。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Perhaps to start with, can you talk about freight, transportation inflation that you are seeing across both products and distribution, if you can quantify that headwind, and how you are mitigating that?

或許先從運輸談起，你能談談你們在產品端與通路配送端所看到的運費、運輸通膨嗎？如果可以的話，請量化這項逆風，以及你們如何因應與緩解？

Ketan, this is Troy. Yeah, I mean, definitely in terms of diesel prices, we're seeing that in various aspects of our business. The biggest one for us is probably in our resin costs. That's the input costs that's affected related to the increase in prices.

Ketan，我是 Troy。是的，我的意思是，就柴油價格而言，我們在業務的各個面向都看得到影響。對我們來說最大的一項，可能是在樹脂成本上。這是受價格上升影響的投入成本。

We just had a recent increase. We really didn't see it in Q1 yet, late Q1 activity, but we did have a price increase probably ranging the 10% range around our resin. And then we've got some -- the direct costs, that's just -- if you think about just fuel for rolling stock and things like that, which is not a huge spend for us, but that will be an impact.

我們最近才剛調漲。第一季（Q1）其實還沒明顯看到，可能是第一季末才開始有動靜，但我們的樹脂確實有一次調漲，大概在 10% 左右。另外還有一些——直接成本方面，如果你想像一下像是車隊燃料之類的，這對我們不是很大的支出，但仍會帶來影響。

Moving veneer around the system is -- we'll see that in our wood costs. And then there's that indirect, I guess, if you want to call it. Every piece and part that comes into our system has probably got some type of inflationary pressure around freight.

在系統內移動單板（veneer）——我們會在木材成本上看到影響。然後還有一些間接的，我想如果你要這麼稱呼的話。進到我們系統的每一個零件與材料，運費大概都承受某種通膨壓力。

But I'd say we're working on our cost control on the opposite side of that to help mitigate some of that. So it's hard to quantify all that, but I think we're still comfortable that we should be, say, comparative manufacturing costs, as Kelly mentioned.

但我會說，我們也在另一端加強成本控管，以協助抵銷其中一部分。所以很難把全部量化，不過我想我們仍有信心，我們的製造成本應該仍具競爭力，正如 Kelly 提到的。

And then I'll jump in on the distribution business. So diesel rose significantly during the quarter. We were paying almost double at the end of the quarter of what we were paying at the beginning of it. Most of it, we are able to pass on through our daily transactions with our customer base.

我再補充一下通路配送業務。所以柴油在本季大幅上漲。我們在季末支付的價格幾乎是季初的兩倍。其中大部分，我們能透過與客戶群的日常交易把成本轉嫁出去。

There are some fuel surcharges. I'd say our people have done a tremendous job of passing those along, but there's been some short-term impact to our margin on program business where freight was included as part of the original program.

會有一些燃油附加費。我會說我們的團隊在把這些費用轉嫁出去方面做得非常出色，但在某些方案型（program）業務上，因為原始方案中已包含運費，所以短期內對我們的毛利仍有一些影響。

So at times, there's delays in what we're able to go out and recoup as far as those costs. And I'd also add that the lack of trucks and drivers -- there's been a lack of the trucks and drivers due to the tight immigration policies, so that has impacted freight and the availability of trucks as well.

所以有時候，在我們能夠對外回收這些成本方面會有延遲。我也要補充，卡車與司機的短缺——由於移民政策趨嚴，卡車與司機供給不足，這也影響了運輸費用以及卡車的可取得性。

And Ketan, one thing I'm going to add on the BMD side, if you think about it, one way we can help control that is -- what we do is every load that goes out of our warehouse every single day, we have to make sure that we optimize and that we're sending out a full truck to spread that freight out as much as possible. And we've been working really hard on doing that.

Ketan，我還要在 BMD 這邊補充一點：如果你這樣想，有一種方式可以幫助我們控制成本——也就是我們每天從倉庫發出的每一車貨，都必須確保最佳化，盡可能做到滿載出車，把運費攤薄到最大程度。我們一直非常努力在做這件事。

Got it. No, that's helpful perspective. And then just when I think about the second-quarter EBITDA guidance, totally appreciate that it's a dynamic environment out there. But as I think about your top end versus the bottom end of the guidance range, can you, at a high level, talk about what does that contemplate?

了解。不，這個觀點很有幫助。接著談到第二季 EBITDA 指引，我完全理解外部環境很動態。但當我看你們指引區間的上緣與下緣時，你能否在高層次上說明，各自代表了哪些假設？

So should I think about, let's say, your current daily pace, what you all talked about, that gets to the midpoint of the guidance range, let's say, in distribution? Is that the way to think about it?

也就是說，我是否可以這樣理解：以你們目前提到的每日銷售節奏來看，在通路配送（distribution）這邊大概對應到指引區間的中點？可以這樣想嗎？

Yeah. So, Ketan, let me take a shot at that. I'll start with BMD first and then give you a little color on Wood Products also.

是的。所以，Ketan，我來嘗試回答。我先從 BMD 開始，然後也給你一些木製品（Wood Products）的補充說明。

So you hit it in your question, which was, we still have two months to go in the quarter. End market demand is pretty uncertain, no doubt. And how much of the demand we've seen so far is replenishing the channel versus end market demand, that's a little hard to tell.

你在問題中點到了重點，也就是我們這一季還有兩個月要走。終端市場需求相當不確定，毫無疑問。而且到目前為止我們看到的需求，有多少是通路補庫存（replenishing the channel），有多少是真正的終端市場需求，這有點難判斷。

And then certainly, the unknowns and the volatility around the cost input. So all that being said, that's why we draw a pretty wide range around our EBITDA forecast for both of the businesses. But specific to BMD, if you look at the guide and if you assume that the sales pace that we spoke to so far this quarter, if it is sustained, and then our margins are the midpoint of the range that we put out, that would get us into the midpoint of the range.

另外，投入成本的不確定性與波動也很明顯。因此基於上述原因，我們才會在兩個事業的 EBITDA 預測上給出相對寬的區間。但就 BMD 而言，如果你看我們的指引，並假設我們本季迄今談到的銷售節奏能夠延續，同時毛利率落在我們所提供區間的中點，那就會落在指引區間的中點。

It would get us into the low [70s], and that would get us back to a really good spot, as I commented, in terms of the healthy improvement or EBITDA margins. That will get us into the mid-4%s in terms of an EBITDA margin.

那會讓我們落在 70 多（low [70s]）的水準，並且如我所說，讓我們在 EBITDA 利潤率健康改善方面回到一個非常好的位置。那會使我們的 EBITDA 利潤率達到 4% 中段（mid-4%）左右。

In Wood Products, similar theme in terms of the challenges with forecasting there, especially on the cost input side. Troy spoke to good order files in EWP, pretty good order files in plywood. But we know how things -- particularly in plywood, how quickly things can flip. And so, again, that's why we purposely put a pretty wide range around our results.

在木製品（Wood Products）方面，主題類似：預測上的挑戰依然存在，尤其是在投入成本端。Troy 提到 EWP 的訂單檔不錯，膠合板（plywood）的訂單檔也相當不錯。但我們也知道情況——特別是在膠合板方面——變化可能非常快。因此，同樣地，這也是我們刻意在結果上給出較寬區間的原因。

Got it. No, that's very helpful. I'll jump back in the queue. Good luck.

了解。不，這非常有幫助。我會回到排隊等候的隊列。祝你好運。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

My first question is around thinking of the environment that we're in and that increase in macro uncertainty that we've seen at the end of the first quarter. Has that had any impact on the mix you're seeing between sales coming out of the warehouse versus direct? What's the overall read, would you say, of a lot of your customers? And how is that influencing the guide and how we should think about the flow-through to results?

我的第一個問題是，考量我們所處的環境，以及我們在第一季末看到的總體不確定性上升。這是否對你們看到的銷售組合（倉庫出貨 vs. 直送）造成任何影響？整體而言，你會怎麼解讀你們許多客戶的狀況？這又如何影響你們的指引，以及我們應如何看待對業績結果的傳導效應？

Sue it's Jeff. I'll take a stab at that. What we did see in the first quarter when the commodities started to move and prices were so -- they were down to begin with. We did see people step in and start buying more directs than we've seen in the past few quarters, and there was absolutely a shift to that. There's no doubt about that.

Sue，我是Jeff。我來試著回答一下。我們在第一季確實看到，當大宗商品開始波動、而價格又是那麼——一開始就已經很低的時候。我們確實看到有人進場，開始比過去幾個季度買更多直送，確實有轉向。這點毫無疑問。

But as we're moving forward, with the uncertainty that's out there, what that creates most of the time is more of reliance on distribution. And we're absolutely seeing that. And our warehouse business continues to be very strong, and it continues to be what people want to use.

但隨著我們往前看，在外部不確定性存在的情況下，多數時候會帶來對經銷/配送的更高依賴。我們絕對正在看到這種情況。而我們的倉庫業務仍然非常強勁，也持續是大家想要使用的模式。

Okay, that's helpful. And within general line, can you talk about what you're seeing from your suppliers just in terms of any competitive dynamics there, how they're thinking about pricing given the world that we're in, and how you're thinking about what that could mean as we think of the next couple of quarters?

好的，這很有幫助。另外在一般線（general line）方面，你能談談你們從供應商那邊看到的情況嗎？包括任何競爭動態、他們在當前環境下如何思考定價，以及你們如何看待這對未來幾個季度可能意味著什麼？

Yeah. So this is Jo. So as far as our suppliers, I guess, and pricing, how they're thinking about that, we saw somewhere in the neighborhood -- late in Q1, somewhere in the neighborhood of 25 to 30 price increases. Some of those were surcharge-driven.

好的。我是Jo。就供應商以及定價、他們如何思考這件事而言，我們在第一季末大概看到約25到30次的漲價。其中一些是由附加費（surcharge）所驅動。

So some of those were based on gas, freight. But most of them, I would say, were based just product price increasing. So I think what we're seeing from suppliers is broader product offerings and as well as starting to understand that there is some -- has been some strength in the market that they're pushing into. And they're starting to move their prices accordingly.

所以有些是基於汽油、運費。但我會說，大多數是單純產品價格上漲所致。因此我認為我們從供應商那邊看到的是更廣的產品供應，同時也開始理解市場存在一些——一直以來有些強勁的需求，他們正把握這股力道。他們也開始相應調整價格。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

I just wanted to go back to BMD. Looking at the volume performance there, even if we strip out an assumption on Holden, looks like pretty flat, which I would say is good in this market. Can you just talk about whether it's product category or customer initiatives that seem to be bearing fruit there?

我想回到BMD。看那邊的量的表現，即便把對Holden的假設剔除，看起來也相當持平；我會說在這個市場裡這算不錯。你能談談是產品類別的因素，還是客戶端的措施/計畫似乎正在那裡開花結果嗎？

Yeah, this is Jo again. I'll jump in. So I would say it's full. So I think the first thing I want to do from what we're seeing and driving out of warehouse versus direct, what we're seeing is our margin.

好的，我又是Jo。我來接著說。我會說是全面性的。我想先從我們看到的倉庫出貨 vs. 直送所帶動的情況談起，我們看到的是我們的毛利。

As a backdrop, we had some margin and return on sale impacts that were either a one-time event or things that we don't expect to be permanent. So to Kelly's points in his prepared remarks, we had 38 days of closures with weather. That -- some of that business, we recaptured; some of it, we lost.

作為背景，我們的毛利與銷售報酬率（return on sale）受到一些影響，這些要嘛是一次性事件，要嘛是我們不預期會永久存在的因素。呼應Kelly在事先準備的發言中提到的，我們因天氣因素有38天的停業。其中一部分業務我們追回來了；另一部分則流失了。

But our costs remain fixed, right? So there was an impact there. We had the fuel surcharges that we passed through some of them, but there's some timing that goes on there. So there's a margin shift there.

但我們的成本仍是固定的，對吧？所以那裡就有影響。我們有燃油附加費，其中一部分我們轉嫁出去了，但這裡面存在一些時間差。所以毛利上會有一些位移。

As far as our general line products and our initiatives go, we are focused on the growth of our home center special order business, which we grew by double-digits. And we continued to build out our door segments, gaining market share there. We're driving top-line revenue.

就我們的一般線產品與各項計畫而言，我們聚焦於家居中心（home center）特殊訂單業務的成長，該業務我們實現了雙位數成長。同時我們持續擴展門類（door）產品線，在那裡提升市占率。我們正在推動營收（top-line）成長。

Tied to our door initiative, we pushed into the manufactured housing sector. We saw double-digit growth in Q1, a lot of upside opportunities there. We're making strides with our digital strategy. Our e-commerce business was up 57%.

配合我們的門類計畫，我們也切入製造住宅（manufactured housing）領域。我們在第一季看到雙位數成長，那裡有很多上行機會。我們在數位策略上也取得進展。我們的電商業務成長了57%。

And then as far as commodities, I think that you are going to continue to see us outperform the market on commodities because we have -- we've built out commodity technical systems really that give us early indicators, real-time views into trends, inventory levels, market segments, so that we can move quickly across the entirety of our system and selling.

然後就大宗商品而言，我認為你們會持續看到我們在大宗商品上跑贏市場，因為我們——我們建立了大宗商品的技術系統，能提供早期指標、即時掌握趨勢、庫存水位、市場區隔，讓我們能在整個系統與銷售端快速行動。

And so then you're looking at our commodity volume and footage that was flat up in Q1, and we actually saw margin expansion in spite of lower pricing. So we feel pretty confident that we are expanding our market share in commodities based on the systems that we've built out, based on the risks that we take in putting inventory on the ground, risk that's not -- it's not an educated risk.

因此你看我們第一季的大宗商品出貨量與板尺（footage）基本持平略增，而即便定價較低，我們仍看到毛利擴張。所以我們相當有信心，基於我們建立的系統、以及我們承擔把庫存鋪到地面的風險，我們正在擴大大宗商品的市占率；這種風險並不是——不是沒有根據的風險。

It's an educated risk built on years of experience and the expertise of our people. But it has helped us in deflationary pricing environments to hold on to our volume and actually expand our margins.

這是建立在多年經驗與我們團隊專業之上的、有根據的風險。但它確實幫助我們在通縮式的定價環境中守住量，甚至擴大毛利。

That's awesome detail. And it dovetails, I guess, into my next question on the gross margin line. Jo, you alluded to some of the fuel surcharges and timing and some of the fixed cost elements. It seems like as we move into the back half, maybe those things will slip and not be so burdensome.

這些細節非常棒。我想這也銜接到我下一個關於毛利率的問題。Jo，你提到了一些燃油附加費與時間差，以及一些固定成本的因素。看起來隨著我們進入下半年，也許這些因素會消退，不再那麼造成負擔。

But I also heard EWP competition may be increasing and not driving margins lower. So I guess as we move into the back half for the year, is the competitive environment so challenging that it would be tough to get back to that 15%-plus gross margin level or is that still an attainable goal?

但我也聽到EWP的競爭可能在加劇，且不會把毛利往下拉。所以我想問，隨著我們進入今年下半年，競爭環境是否嚴峻到很難回到15%以上的毛利率水準？還是那仍是可達成的目標？

I think it's an attainable goal. I would say -- I think we'd characterize the current demand environment as uneven, right, and rate sensitive. So there's still a lot of opportunities out there. They're just uneven depending on the geography and region. They're dependent on product category.

我認為那是可達成的目標。我會說——我想我們會把目前的需求環境形容為不均衡、且對利率敏感。所以外面仍有很多機會。只是會因地理位置與區域而呈現不均衡。也取決於產品類別。

They vary based on the size and the type of the builder. So it's been sporadic, uneven environment that's likely going to continue unless single-family housing starts to pick up. But I will also say that when we saw interest rates dip below 6%, we saw some strength return to the market pretty quickly.

它們也會因建商的規模與類型而不同。所以這是一個零星、起伏不一的環境，除非獨棟住宅開工開始回升，否則很可能會持續。但我也要說，當我們看到利率降到6%以下時，我們很快就看到市場有一些強勁需求回來。

So for an environment where rates pull back if geopolitical tensions ease, BMD could see some improvement just from seasonality as commodity price improvements. So we have some opportunity there.

因此在一個利率回落、若地緣政治緊張緩解的環境下，BMD可能會因季節性以及大宗商品價格改善而出現一些改善。所以我們在那裡有一些機會。

As far as engineered wood, yes, we're still seeing pricing pressure on engineered wood, although it's abating. We're seeing that starting to trail off. There's been some margin impacts to us on across a wide breadth of general line products.

就工程木材而言，是的，我們仍然看到工程木材存在價格壓力，儘管正在緩解。我們看到這種情況開始逐步消退。在相當廣泛的一般產品線上，我們的毛利確實受到了一些影響。

And then we saw year-over-year commodity price depletion. But again, we've offset that price depletion in commodities with margin expansion. So we still see opportunities out there. If nothing changes in the market as far as interest rates or tensions easing, then we would have a more measured outlook, I think -- some seasonal improvement still, but not a broad-based acceleration of the business.

然後我們看到大宗商品價格年對年下滑。但再說一次，我們以毛利率擴張抵消了大宗商品的價格下滑。所以我們仍然看到外部存在機會。如果市場在利率方面沒有變化，或緊張局勢沒有緩和，那麼我認為我們的展望會更為審慎——仍會有一些季節性改善，但不會出現業務的全面性加速。

George Staphos, Bank of America.

George Staphos，美國銀行。

A lot were already asked and answered. I guess, first question I had on costs. Is there a way that you can give us a ballpark figure for the inflation you've seen in your cost of goods on an annualized basis that you have yet to recover in pricing actions already? Question number one.

很多問題其實都已經問過也回答過了。我想我第一個問題是關於成本。你們能否給我們一個大概的數字，說明你們在年度化基礎上看到的銷貨成本通膨中，尚未透過既有的定價行動回收的部分有多少？這是第一個問題。

Question number two, really just on plywood guide. I recognize that you've not yet seen the wood show up from Brazil and South America in a large degree, yet you said there is some that's already shown up. You've seen it in quotes, and it has not had a big effect.

第二個問題主要是關於膠合板的指引。我知道你們尚未在很大程度上看到來自巴西和南美的木材到貨，但你們也提到已有部分到貨。你們在報價中看到了它，而且它並沒有造成很大的影響。

Why do you expect it might have a bigger effect? What would some of the factors be given your experience?

為什麼你們預期它可能會產生更大的影響？依你們的經驗，可能有哪些因素？

Yeah. So I guess I'll start on the first one, which was try to put a bit of finer point on some cost input increases. And I'll speak to that, I guess, more specifically as it relates to wood products.

好的。我想我先從第一個問題開始，也就是試著更精準地說明一些成本投入的上升。我會更具體地就木製品相關部分來談。

In BMD, we're seeing some freight increases. We're largely going to be able to pass those through overtime. In Wood Products, the things that Troy hit on -- resins, it's a big one. But if you think about the three big items that I would call out in wood products cost inputs that are subject to some inflationary increases we are experiencing now that we really didn't see much of all in the first quarter between glue, natural gas, and purchased electricity, that is roughly, generally speaking, going to be about 10% of Wood Products' cost of sales.

在BMD，我們看到一些運輸費用上升。隨著時間推移，我們大致上能把這些成本轉嫁出去。在木製品方面，Troy提到的那些——樹脂是一個很大的項目。但如果你把木製品成本投入中我會點出的三個主要項目想一想：膠黏劑、天然氣，以及外購電力，這些是我們現在正在經歷、帶有通膨性上升的項目，而在第一季我們幾乎沒有看到；一般而言，這三項合計大約占木製品銷貨成本的10%。

And so to the extent we see and we have seen, call it, 10% increases in some of those key inputs, that will help you give a sense of what the cost impact could be assuming volumes remain the same. And then I guess on the second question around plywood, Jeff, you want to take that on imports?

因此，在我們看到、而且確實已看到這些關鍵投入大約上漲10%的情況下，假設出貨量維持不變，這能幫助你了解成本影響可能會是什麼樣子。然後第二個關於膠合板的問題，Jeff，你要談談進口的部分嗎？

Yeah, I'll take that one. We haven't seen a huge impact because there hasn't been a whole lot that has come in so far. So that would answer that.

好的，我來回答那個問題。我們還沒有看到很大的影響，因為到目前為止進來的量並不多。所以這就回答了為什麼。

And why do we expect there will be an impact it’s supply and demand and what it depends on where it comes, what afford, is it a big plywood market or not, and how much comes in? And obviously, there's a lot that comes in. And if there's a big price advantage, then obviously it'll grab some share.

至於為什麼我們預期會有影響，這取決於供需，以及它從哪裡來、來自的地區是否是大型膠合板市場，還有進來多少。而且顯然，進口量是很多的。如果有很大的價格優勢，那它顯然會搶走一些市占。

We've seen that before. But with what's happening down there, there's been a delay. With what's happening with ocean transportation and freight coming over, it'll be wait and see when it gets here.

我們以前也看過這種情況。但就那邊正在發生的事情而言，出現了延遲。再加上海運與跨洋運輸的狀況，等它真的到這裡時再看會怎樣。

What are the -- if I can ask a quick follow-on, what are the spreads between current market pricing and what the quotes are coming in on imports? Can you give us a little bit of what the arbitrage is at this juncture?

如果我可以再追問一下，目前市場現貨價格與進口報價之間的價差是多少？你們能否稍微說明一下此刻的套利空間大概有多少？

Yeah. When it first got here, I asked that question. And if I remember right, it was about a 10% difference between the two is what the pricing spread was when it first arrived or what they're reporting.

好的。它剛到的時候，我也問了這個問題。如果我沒記錯，當它剛到或他們回報的時候，兩者之間的價差大約是10%。

Jeff Stevenson, Loop Capital.

Jeff Stevenson，Loop Capital。

How much did restocking ahead of the spring selling season contribute to the improved sequential EWP volumes during the quarter? And then could you provide an update on current EWP channel inventories at this point of the year compared with both last year when they were elevated at historical levels?

在本季中，為春季銷售旺季提前補庫，對EWP出貨量的環比改善貢獻有多大？另外，你能否更新一下目前這個時點EWP通路庫存的狀況，並與去年（當時庫存處於歷史高位）相比如何？

Yeah, Jeff. It's Troy. Yeah, I mean, undoubtedly the better part of Q1 was probably a restocking story. Maybe late in the quarter, there was some follow-through. So it's probably some combination of both those two things.

好的，Jeff。我是Troy。是的，我的意思是，第一季較大一部分無疑可能是補庫的故事。也許在季末有一些延續性的需求。所以大概是這兩者的組合。

Throughout the quarter, our order file grew to a two solid week order file, and then we've carried that through April and into May. So in terms of our side, the order file is strong. I'd say there's still a reliance, I'm sure, on the two-step distribution, EWP specifically, just talking to our channel partners.

整個季度期間，我們的訂單檔案增加到穩健的兩週訂單量，並且我們在4月延續到5月。所以就我們這邊而言，訂單檔案很強。我會說，從與通路夥伴的交流來看，仍然有一定程度依賴兩級分銷（two-step distribution），特別是EWP。

They've increased inventory, but they're not back up to, say, their high end of their target. So they're probably, on average, below the high end of their target for this time, so still relying on the two-step side.

他們增加了庫存，但還沒有回到例如其目標區間的高端。所以平均而言，他們在這個時點可能仍低於目標高端，因此仍然依賴兩級分銷那一端。

That's very helpful. And then I was wondering if you could provide an update on the new Thorsby line and how we should think about the ramp in production at the facility as we move through the first half of the year.

這非常有幫助。另外我想請你更新一下新的Thorsby產線，並說明我們在上半年推進過程中，應如何看待該廠的產量爬坡。

Sure. Yeah, actually, not a lot different than what we talked about last quarter. As planned, right now, we're in a phase where we're just testing out and getting our products certified in the various depths and series. That's expected to go through the second quarter.

當然。是的，其實跟我們上季談到的差不多。按計畫，目前我們正處於測試階段，並讓我們的產品在不同厚度與系列上取得認證。預計會持續到第二季。

And so in terms of sellable product, we wouldn't have sellable product until probably the beginning of the third quarter. And to a degree, that is capacity that we've got, but obviously a demand issue. So to the degree that demand is there, we'll start producing out of Thorsby. To the degree that it's not, we'll be using that as the throttle.

因此，就可銷售產品而言，我們大概要到第三季初才會有可銷售的產品。某種程度上，那是我們已具備的產能，但顯然也取決於需求。需求有多少，我們就會在Thorsby開始生產多少。如果需求不足，我們就會把那裡當作調節閥（throttle）。

So right now, going into Q3, not sure what volumes look like. But I would not necessarily anticipate that being a huge volume issue right now.

所以目前展望第三季，我們還不確定量會是什麼樣子。但我不會預期那會在現在成為一個很大的出貨量議題。

(Operator Instructions) Reuben Garner, Benchmark.

(接線員指示) Reuben Garner，Benchmark。

Maybe just a follow-up on EWP price cost dynamics. I think you referenced an expectation of low single-digit sequential pricing declines. Wondering, what's driving that? You mentioned a strong order file. You've got some inflationary pressures. Is it still just so competitive or supplied?

我想再追問一下EWP的價格與成本動態。我記得你提到預期價格將出現低個位數的環比下滑。想請問是什麼在驅動這個預期？你提到訂單檔案很強。你們也面臨一些通膨壓力。是否仍然只是因為競爭太激烈或供給太充足？

Just walk me through the thought there. Is this something that -- I know that there can be a lag in those things. So is it from maybe competitiveness several months ago that's just flowing through now? Why would we see sequential declines when we've got a strong order file and inflationary pressures?

請帶我梳理一下你們的思考脈絡。這是不是——我知道這類事情可能會有滯後。所以這是否可能是幾個月前的競爭態勢，現在才反映出來？在我們有強勁的訂單在手、且通膨壓力存在的情況下，為什麼會看到連續性的下滑？

Yeah, Reuben this is Troy. Yeah, I mean, it's flat to down. So, I mean, if there's enough chatter out there, we could see continued erosion just from the standpoint of the competitive environment, trying to retain business and/or looking for new business, but primarily on the retaining business side.

是的，Reuben，我是Troy。是的，我的意思是，持平到下滑。所以，我是說，如果外界有足夠多的議論，我們可能會因競爭環境而看到持續的侵蝕，從留住既有業務和／或尋找新業務的角度來看，但主要還是在留住業務這一端。

And then we do have -- from the standpoint of the freight cost, the delivered cost of EWP, there is anything that doesn't flow through or get passed down through the channel. So there's a little bit of an impact to net sales price on the freight side.

另外，從運費的角度來看，EWP的到岸成本／交付成本，有一部分不會完全傳導或往下游通路轉嫁。因此在運費端，對淨銷售價格會有一些影響。

And so that combination may lead to a little bit of erosion, but we're not anticipating at this point a lot. So that's why we have the flat to low single-digit.

所以這兩者的組合可能會導致一些侵蝕，但就目前而言，我們不預期會有很大幅度。因此我們才會給出持平到低個位數下滑的指引。

And then on the BMD side -- and Susan might have asked this in our second question. So forgive me, it kind of broke up on me. I think, Kelly, you mentioned margin pressure in general line products. That's not the first time we've heard something like that this earnings season. Is there something unique going on there and any specific categories driving that?

然後在BMD這邊——Susan可能在我們第二個問題時有問到。所以請見諒，我那邊訊號有點斷斷續續。我想，Kelly，你提到一般線產品（general line products）整體有毛利壓力。這不是我們在這個財報季第一次聽到類似的說法。那邊是否有什麼獨特的情況？是否有特定品類在驅動？

And then just talk about what the inventory -- how you guys are thinking about inventory and specifically in that general line category. There's been some fits and starts the last couple few years leading to adjustments in the channel. Where's the inventory stand today and how are you thinking about it for this year?

另外也請談談庫存——你們如何看待庫存，特別是在一般線這個類別。過去兩三年有一些反覆起落，導致通路端做了調整。目前庫存水位如何？你們今年又是怎麼規劃的？

So I would tell you that from a margin compression standpoint, the biggest pressure we have seen has been across engineered wood. But again, that's abating. The rest of it on general line, we're just seeing small margin impacts across a wide breadth of general line products, mostly market-based really at the distribution level. So nothing out of normal there.

所以我會告訴你，從毛利被壓縮的角度來看，我們看到的最大壓力是在工程木（engineered wood）整體。但同樣地，這正在緩解。至於一般線的其他部分，我們只是看到在很廣泛的一般線產品上出現小幅的毛利影響，主要是市場因素，確實多發生在經銷／通路層級。所以沒有什麼不尋常。

And then as far as the channel inventories, I would actually tell you that the business starts that we've seen are starting to normalize a little bit. The channel is lean, but relatively stable. The customer purchases have been more consistent than that start/stop that we saw last year.

至於通路庫存，我其實會說，我們看到的那些業務啟動／停滯（start/stop）狀況正在稍微正常化。通路庫存偏精簡，但相對穩定。客戶採購也比去年我們看到的那種忽停忽走更為一致。

And we've started seeing price increases, right, from multiple suppliers. So while there has been margin pressure, we're also seeing price increases being taken on the general line side by many of our suppliers.

而且我們也開始看到多家供應商在調漲價格。所以雖然有毛利壓力，但在一般線這邊，我們也看到許多供應商正在採取漲價。

Reuben, I'd just add this a little bit. If you think about it, single-family is such a driver for us and single-family demand right now is very much muted. And when it gets like that, everybody is fighting for what's out there. So it is hyper-competitive right now on pretty much everything across the board.

Reuben，我再補充一點。如果你想想看，獨棟住宅（single-family）對我們是很大的驅動因素，而目前獨棟住宅需求非常疲弱。當情況變成這樣時，大家都在搶有限的需求。所以現在幾乎所有品項都處於高度競爭的狀態。

(Operator Instructions) Kurt Yinger, D.A. Davidson.

(接線員指示) Kurt Yinger，D.A. Davidson。

Troy, have you seen any or heard any derivative impact in terms of kind of the EWP price conversations you've had, maybe specifically on floor systems, just given what we've seen in dimensional lumber inflation?

Troy，針對你們談到的EWP價格，你有沒有看到或聽到任何衍生性的影響？也許特別是在樓板系統（floor systems）上，考量到我們看到的規格材（dimensional lumber）通膨？

Nothing that I'm aware of.

我沒有注意到任何這方面的情況。

No, I think -- yeah, I haven't really -- typically, as we talked about before, you really don't. -- 2 by 10 pricing can certainly fluctuate a fair bit. But once you get builders to convert to EWP floor systems, you really don't see them convert back. And I think that continues to be the case.

不，我想——是的，我其實沒有真的——通常如我們之前談過的，你真的不會。——2x10的價格確實可能有相當幅度的波動。但一旦你讓建商改用EWP樓板系統，你通常不會看到他們再改回去。我想目前仍是如此。

Now, if you're talking about open web trust, obviously, we're not a producer there. But that is a competitive product to I-joists. The cost base for those -- the cost inputs for those products certainly have to be quite volatile in recent quarters. But again, I think I-joists is certainly maintaining its share today in a good spot. We're happy to see the good sequential volume increase we saw in I-joists.

現在，如果你談的是開放式腹桁架（open web truss），很明顯我們不是那個產品的生產商。但那確實是與I型樑（I-joists）競爭的產品。那些產品的成本基礎——其成本投入在最近幾個季度當然相當波動。但同樣地，我認為I型樑目前確實維持了不錯的市占。我們也很高興看到I型樑出貨量出現良好的季比增長。

Okay. Got it. And then just looking at the outlook, it sounds like the order book is pretty strong. I know that it sounds like Q1 benefited from some restocking. But it doesn't seem like that much of a sequential seasonal lift in EWP volumes, Q2 versus Q1. Is that just related to the restock dynamic or maybe more of an explicit assumption around some softening in single-family as we progress into summer?

好的。了解。再看一下展望，聽起來訂單簿相當強勁。我知道聽起來第一季受惠於一些補庫存。但看起來EWP的量在第二季相較第一季，並沒有那麼大的季節性拉升。這只是跟補庫存動能有關，還是你們更明確地假設獨棟住宅在進入夏季後會轉弱？

Yeah, good question, Kurt. It's a little hard for us to exactly sort out what we saw in the first quarter in terms of was it end market or was it channel restocking. The answer is some of both for sure.

是的，問得好，Kurt。對我們來說，要精確拆解第一季看到的到底是終端市場需求，還是通路補庫存，其實有點難。答案肯定是兩者都有。

I think as we move into second quarter, I think it's -- if you read a lot of the transcripts from the homebuilders, the national homebuilders in particular, they're talking and they're focused as they should be very much on still on the sell side and moving spec inventory and moderating their pace -- their starts pace to their sales pace.

我想進入第二季，如果你讀了很多建商的法說逐字稿，特別是全國型建商，他們在談的、也理應聚焦的，仍然非常著重在銷售端，去消化投機性庫存（spec inventory），並把開工節奏——他們的開工節奏——調整到與銷售節奏一致。

Some of them are talking about maybe increasing starts. But I would say more of them seem to be talking about decreasing starts and transitioning a bit more to the build-to-order because they can, because cycle times have improved.

其中一些人在談可能會增加開工。但我會說，更多人似乎在談要降低開工，並稍微轉向以接單生產（build-to-order），因為他們做得到，因為建造週期時間已改善。

And so I think that all plays into the narrative. So we're really doing our best to try to pick up the demand signal from the homebuilder channel, which would suggest that we're not going to see a big seasonal increase here into the second quarter.

因此我認為這些都構成了目前的敘事。所以我們正盡最大努力，試著從建商通路端捕捉需求訊號；這也顯示我們在進入第二季時，不太可能看到很大的季節性增長。

This concludes our question-and-answer session. I would like to turn the conference back over to Jeff Strom for any closing remarks.

問答環節到此結束。我想把電話會議交回給Jeff Strom，請他做結語。

Thank you for your continued interest in Boise Cascade. Please be safe, be well, and we look forward to talking to you next quarter. Thank you.

感謝各位持續關注Boise Cascade。請注意安全、保重，我們期待在下個季度再與各位交流。謝謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。