Boise Cascade Co (BCC) 2026 Q2 法說會逐字稿

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

早安。我叫 Dave，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 年第二季財報電話會議。(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, Finance and Investor Relations. Mr. Forrey, you may begin your conference.

現在我想把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。

Good morning, everyone. I would like to welcome you to Boise Cascade second-quarter 2026 earnings call and business update. 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.

各位早安。歡迎各位參加 Boise Cascade 2026 年第二季財報電話會議與營運更新。今天與我一同出席的有：我們的執行長 Jeff Strom；財務長 Kelly Hibbs；建材通路事業（Building Materials Distribution）負責人 Jo Barney；以及木製品事業（Wood Products）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. Also, please note that the appendix includes reconciliations from our GAAP net income to EBITDA and adjusted EBITDA, and segment income to segment EBITDA.

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。另外請注意，附錄包含由 GAAP 淨利調節至 EBITDA 與調整後 EBITDA，以及由部門利益調節至部門 EBITDA 的對照表。

I will now turn the call over to Jeff.

接下來我把電話會議交給 Jeff。

Thanks, Chris. Good morning, everyone, and thank you for joining us for our earnings call. I'm on slide 3. In the second quarter, total US housing starts and single-family housing starts decreased 1% and 4% respectively compared to prior year quarter.

謝謝你，Chris。各位早安，感謝各位參加我們的財報電話會議。我在投影片第 3 頁。第二季，美國整體新屋開工數以及獨棟住宅新屋開工數，分別較去年同期下降 1% 與 4%。

Our consolidated second-quarter sales increased 5% year over year to $1.8 billion. Our net income and earnings per share were $57.3 million and $1.63 per share, both higher than the prior year quarter when excluding gains on asset sales reflected in prior year results.

我們合併第二季營收年增 5%，達 18 億美元。我們的淨利與每股盈餘分別為 5,730 萬美元與每股 1.63 美元；若排除去年同期結果中反映的資產出售收益，兩者均高於去年同期。

I am pleased with the outstanding results we were able to deliver despite continued demand uncertainty resulting from geopolitical events and volatile mortgage rates, 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.

儘管地緣政治事件、房貸利率波動所帶來的需求不確定性，以及消費者信心的挑戰仍在，我仍對我們能交出優異成果感到欣慰。而住房可負擔性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。

Moving to slide 4. Yesterday, we made the exciting announcement that we're expanding our distribution partnership with James Hardie across our complete portfolio of industry-leading products, including Hardie siding and trim, Azek Exteriors, and TimberTech Decking and Railing. As part of the agreement, James Hardie will consolidate its distribution network across all regional markets and has designated Boise Cascade as a sole nationwide distribution partner.

請看投影片第 4 頁。昨天，我們宣布一項令人振奮的消息：我們將擴大與 James Hardie 的通路合作，涵蓋其完整的業界領先產品組合，包括 Hardie 外牆板與飾條、Azek Exteriors，以及 TimberTech 戶外地板與欄杆。依據協議，James Hardie 將在所有區域市場整併其配銷網路，並指定 Boise Cascade 為全美唯一的全國性配銷合作夥伴。

We will transition away from distributing competing siding and PVC trim products and bring in James Hardie's full suite of products nationwide. As the sole nationwide distributor, Boise Cascade will be uniquely positioned to provide our customers with a simpler purchasing experience, deeper engagement and support, and greater access to James Hardie products.

我們將逐步停止配銷競爭性的外牆板與 PVC 飾條產品，並在全美導入 James Hardie 的全系列產品。作為全美唯一的全國性配銷商，Boise Cascade 將具備獨特優勢，為客戶提供更簡化的採購體驗、更深入的互動與支援，以及更便利取得 James Hardie 產品的管道。

This agreement is consistent with our focus on delivering the best products and service for our customers, which is at the core of every strategic decision we make at Boise Cascade. With that said, a partnership of this magnitude will take time to implement. We will work down inventory from legacy suppliers throughout the remainder of the year. During that time, we will onboard inventory, train our product teams, and begin climbing the sales ramp.

此項協議符合我們一貫聚焦於為客戶提供最佳產品與服務的方向，而這也是 Boise Cascade 每一項策略決策的核心。不過，如此規模的合作需要時間落地執行。我們將在今年剩餘期間逐步消化既有供應商的庫存。在此期間，我們將導入新庫存、訓練產品團隊，並開始推升銷售動能。

We'll provide progress updates as we move through the remainder of 2026 and into 2027. Kelly will now walk through our segment financial results, capital allocation priorities, and third-quarter guidance, after which I’ll provide insights on our business outlook and make closing comments before we open the call for questions.

我們將在 2026 年剩餘期間以及進入 2027 年後，持續提供進度更新。接下來 Kelly 將說明各事業部財務表現、資本配置優先事項與第三季指引；之後我將分享對業務展望的看法並做結語，然後開放提問。

Thank you, Jeff. I'm on slide 5. BMD sales in the quarter were $1.7 billion, up 5% from second-quarter 2025. BMD reported segment EBITDA of $85.6 million in the second quarter compared to segment EBITDA of $91.8 million in the prior-year quarter.

謝謝你，Jeff。我在投影片第 5 頁。本季 BMD 銷售額為 17 億美元，較 2025 年第二季成長 5%。BMD 第二季部門 EBITDA 為 8,560 萬美元，去年同期部門 EBITDA 為 9,180 萬美元。

Gross margins increased $9.2 million compared to the prior-year quarter, resulting from higher gross margins on commodity and general line products, offset partially by lower gross margins on EWP. Selling and distribution expenses were up $10.8 million from second-quarter 2025, approximately 50% of which was due to higher fuel and outbound delivery costs. In addition, prior-year results benefited from a $3.8 million gain on the sale of a non-operating property.

與去年同期相比，毛利增加 920 萬美元，主要來自大宗商品與一般線產品毛利率提高，但部分被 EWP 毛利率下降所抵銷。銷售與配銷費用較 2025 年第二季增加 1,080 萬美元，其中約 50% 來自燃料與對外配送成本上升。此外，去年同期結果受惠於出售一處非營運性不動產所帶來的 380 萬美元收益。

In Wood Products, our sales in the second quarter, including sales for our distribution segment, were $459.6 million, up 3% compared to second-quarter 2025. Wood Products segment EBITDA was $52.4 million compared to EBITDA of $37.3 million reported in the year-ago quarter.

在木製品事業方面，我們第二季銷售額（包含對通路事業的銷售）為 4.596 億美元，較 2025 年第二季成長 3%。木製品部門 EBITDA 為 5,240 萬美元，去年同期為 3,730 萬美元。

The increase in segment EBITDA was primarily due to higher plywood prices and sales volumes, as well as lower per-unit OSB costs used in the production of I-joists. These increases were offset partially by lower EWP sales prices as well as higher per-unit conversion costs. In addition, prior-year results included a $3.9 million gain on the sale of our former Roxboro, North Carolina, property.

部門 EBITDA 的增加主要來自夾板價格與銷量提升，以及用於 I 型樑生產的 OSB 單位成本下降。上述增幅部分被 EWP 銷售價格下降以及單位轉換成本上升所抵銷。此外，去年同期結果包含出售我們位於北卡羅來納州 Roxboro 之原址所帶來的 390 萬美元收益。

Moving to slides 6 and 7. BMD's year-over-year second-quarter sales increase of 5% was driven by net sales volume and price increases of 4% and 1%, respectively. By product line, general line product sales increased 9%, commodity sales increased 7%, and sales of EWP decreased 6%. Sequentially, BMD sales were up 22%.

請看投影片第 6 與第 7 頁。BMD 第二季銷售額年增 5%，主要由淨銷售量與價格分別增加 4% 與 1% 所帶動。按產品線來看，一般線產品銷售成長 9%，大宗商品銷售成長 7%，EWP 銷售下降 6%。若以季比來看，BMD 銷售額成長 22%。

Our second-quarter gross margin was 15.2%, down 20 basis points year over year. Competitive pressures drove lower gross margins on general line products and EWP, offset partially by improved gross margins on commodity products, due mainly to higher trending lumber prices.

我們第二季毛利率為 15.2%，較去年同期下降 20 個基點。競爭壓力導致一般線產品與 EWP 毛利率下降，但因木材價格走勢上揚帶動大宗商品毛利率改善，部分抵銷了上述影響。

BMD's EBITDA margin was 5% for the quarter, down from 5.7% in the year-ago quarter. The 70-basis point decline resulted from lower gross margins, higher selling and distribution costs, and the asset sale gain that boosted prior EBITDA margin by 30 basis points.

BMD 本季 EBITDA 利潤率為 5%，低於去年同期的 5.7%。下降 70 個基點主要源於毛利率降低、銷售與配銷成本上升，以及去年資產出售收益使當期 EBITDA 利潤率增加 30 個基點的基期因素。

On a sequential basis, EBITDA margin was up sharply from the 3.5% reported in the first quarter. Seasonal demand improvement, higher gross margin dollars and percentages, and improved operating expense leverage from increased volumes positively impacted our second-quarter results.

以季比來看，EBITDA 利潤率較第一季的 3.5% 明顯上升。季節性需求改善、毛利金額與毛利率提升，以及因銷量增加而帶來的營運費用槓桿改善，均對第二季結果產生正面影響。

Turning to slide 8. On a year-over-year basis, second quarter I-joist and LVL volumes were each down 2%. Sequential I-joist and LVL volumes were up 18% and 17%, respectively, driven by seasonal demand improvements and the pull forward of some volume.

請看投影片第 8 頁。以年比來看，第二季 I 型樑與 LVL 的出貨量各下降 2%。以季比來看，I 型樑與 LVL 出貨量分別成長 18% 與 17%，主要受季節性需求改善以及部分需求提前拉貨所帶動。

Related to volume pull forward, as expected, some customers ordered more product in the second quarter to get ahead of our announced price increase, and we believe possibly out of concern that transportation constraints could result in product shortages.

關於提前拉貨，如同預期，部分客戶在第二季下單更多產品，以趕在我們已宣布的漲價之前完成採購；我們也認為，部分原因可能是客戶擔心運輸限制可能導致產品短缺。

I will speak to our EWP price increase in more detail when addressing our third-quarter outlook. As it relates to second-quarter pricing, I-joist and LVL realizations declined 7% and 4%, respectively, versus the prior-year quarter and were nearly flat sequentially.

我將在談及我們對第三季展望時，更詳細說明我們的 EWP 漲價。就第二季定價而言，I 型樑與 LVL 的實現價格分別較去年同期下滑 7% 與 4%，且與前一季相比幾乎持平。

Turning to slide 9. Our second-quarter plywood sales volume was 368 million feet, compared to 356 million feet in second-quarter 2025. The year-over-year increase in plywood volumes was driven by lower volumes in the prior-year quarter due to downtime at our Kettle Falls, Washington mill to complete a scheduled maintenance project, as well as the planned outage for capital projects at our Oakdale, Louisiana mill.

接著看第 9 頁投影片。我們第二季膠合板銷售量為 3.68 億英尺，相較於 2025 年第二季的 3.56 億英尺。膠合板銷量年增主要是因去年同期我們華盛頓州 Kettle Falls 工廠為完成例行維護專案而停機，以及路易斯安那州 Oakdale 工廠為資本專案而進行的計畫性停工，導致去年同期銷量較低。

Sequentially, our plywood sales volumes were down 1% from first-quarter 2026 as we diverted more veneer to EWP production to meet stronger-than-anticipated demand across our EWP product lines. The average plywood net sales price was $393 per thousand in the second quarter, representing a 15% increase year over year and sequentially.

按季而言，由於我們將更多單板轉供 EWP 生產，以滿足 EWP 各產品線強於預期的需求，膠合板銷售量較 2026 年第一季下降 1%。第二季膠合板平均淨銷售價格為每千英尺 393 美元，年增與季增皆為 15%。

We attribute the recent improvement in plywood pricing to reduced imports. Notably, Brazilian imports declined by 25% year over year through the second quarter of 2026, despite a temporary reduction in tariff rates that accelerated imports in the second quarter.

我們將近期膠合板價格改善歸因於進口量下降。值得注意的是，儘管關稅稅率曾短暫下調、使第二季進口加速，但截至 2026 年第二季，巴西進口量仍較去年同期下降 25%。

New Section 301 tariffs are now in effect, increasing the effective tariff rate, which may influence market dynamics in the coming months. I'm now on slide 10. We had capital expenditures of $63 million in the first six months of 2026, including $23 million in the second quarter. BMD and Wood Products spent $8 million and $15 million, respectively, on capital projects in the second quarter.

新的 301 條款關稅現已生效，提高了實際關稅稅率，可能在未來數月影響市場動態。我現在在第 10 頁投影片。2026 年上半年我們的資本支出為 6,300 萬美元，其中第二季為 2,300 萬美元。第二季 BMD 與木製品部門分別在資本專案上支出 800 萬美元與 1,500 萬美元。

Our capital spending range for 2026 remains at $150 million to $170 million. Speaking to shareholder returns, we paid $18 million in regular dividends during the first six months of 2026, including $8 million in the second quarter. Our Board of Directors also recently approved a 5% increase in the quarterly dividend on our common stock to $0.23 per share that will be paid in mid-September.

我們 2026 年的資本支出區間仍維持在 1.5 億至 1.7 億美元。就股東報酬而言，2026 年上半年我們支付了 1,800 萬美元的例行股利，其中第二季為 800 萬美元。我們董事會近期也核准將普通股季度股利上調 5% 至每股 0.23 美元，將於 9 月中旬發放。

Through the first six months of 2026, we repurchased approximately $108 million of Boise Cascade common stock, including approximately $43 million in the second quarter. At the end of the second quarter, about $130 million of our outstanding common stock was available for repurchase under our existing share repurchase program. The ongoing strength of our balance sheet and cash generation capability through the cycle leaves us well-positioned to continue pursuing our strategic objectives.

截至 2026 年上半年，我們回購了約 1.08 億美元的 Boise Cascade 普通股，其中第二季約 4,300 萬美元。截至第二季末，依現行庫藏股回購計畫，尚有約 1.3 億美元的普通股可供回購。我們資產負債表的持續強勁與穿越景氣循環的現金創造能力，使我們具備良好條件持續推進策略目標。

I'm now on slide 11, where we have outlined a range of potential EBITDA outcomes for the third quarter, along with the key assumptions underlying these projections. Activities associated with the ramp-up of our expanded partnership with James Hardie, the wind down of our former suppliers' product lines, and termination provisions that delay the full implementation of James Hardie's distribution realignment will take time to play out and are expected to affect our near-term results.

我現在在第 11 頁投影片，我們在此列示第三季 EBITDA 可能結果的區間，以及支撐這些預估的關鍵假設。與 James Hardie 擴大合作的爬坡活動、前供應商產品線的逐步退場，以及會延後 James Hardie 通路重整全面落地的終止條款，仍需要時間發酵，且預期將影響我們短期業績。

Accordingly, we expect revenue pressure in decking, siding, and trim as we work through these changes. Decking will be the most notable category, given it amounted to approximately 9% of BMD's last 12 months revenue. Beginning October 1 of this year, our agreement provides elements of financial support as we ramp sales across the full suite of James Hardie products, and we are confident in our ability to mitigate the near-term impacts while positioning the company for stronger long-term growth.

因此，在我們消化這些變動的過程中，預期露台板、外牆板與飾條品類將面臨營收壓力。其中露台板將是最顯著的品類，因其約占 BMD 過去 12 個月營收的 9%。自今年 10 月 1 日起，我們的協議在我們推進 James Hardie 全系列產品銷售的爬坡期間提供若干財務支持；我們有信心在為公司奠定更強的長期成長定位之際，能夠緩解短期影響。

With that said, inclusive of supplier transition activities, we currently estimate BMD's third-quarter EBITDA will be between $53 million and $68 million. Our daily sales pace through July was consistent with the second-quarter sales pace of $26.5 million per day. And is expected to moderate based on forward-looking end market signals and supplier transition activities. Gross margins are expected to be between 14% and 14.75%.

話雖如此，包含供應商轉換相關活動在內，我們目前估計 BMD 第三季 EBITDA 將介於 5,300 萬至 6,800 萬美元。截至 7 月，我們的每日銷售節奏與第二季每日 2,650 萬美元的銷售節奏一致。但基於前瞻性的終端市場訊號與供應商轉換活動，預期將趨於放緩。毛利率預期介於 14% 至 14.75%。

In Wood Products, we announced an EWP price increase in the latter part of the second quarter that we expect to increase our pricing by approximately 3% when fully implemented. Contractual obligations will delay the realization of the full benefits of this action. We expect to begin seeing the impact of the price increase as we move through the third quarter.

在木製品方面，我們於第二季後段宣布 EWP 漲價，預期在全面落實後可使我們的定價提高約 3%。合約義務將延後此舉帶來的完整效益實現。隨著我們進入第三季，預期將開始看到漲價的影響。

Turning to our anticipated results for Wood Products. We estimate third-quarter EBITDA will be between $42 million and $57 million. Our EWP order file was strong, but order intake in recent weeks has moderated to the extent that we expect volumes to decline mid-single digits sequentially. EWP pricing is expected to increase slightly on a sequential basis. In plywood, we expect volumes to decline low-single digits sequentially.

接著談木製品的預期表現。我們估計第三季 EBITDA 將介於 4,200 萬至 5,700 萬美元。我們的 EWP 訂單檔案表現強勁，但近幾週的接單量已趨於溫和，因此我們預期出貨量按季將下滑中個位數百分比。EWP 定價預期按季小幅上升。在膠合板方面，我們預期出貨量按季將下滑低個位數百分比。

On plywood pricing, quarter-to-date realizations were 5% above our second-quarter average, with the balance of the quarter dependent upon end market demand and ongoing import supply volatility. We expect our per-unit manufacturing costs will be comparable to second quarter.

就膠合板定價而言，本季迄今的實現價格較第二季平均高出 5%；本季其餘期間則取決於終端市場需求以及持續的進口供給波動。我們預期單位製造成本將與第二季相當。

With that, I'll 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 am on slide 12. Looking forward to the third quarter, the path to recovery in home building remains elusive. Ongoing geopolitical uncertainty, volatile treasury yields and mortgage rates, and persistent inflation continue to weigh on the macroeconomic outlook. In response, home builders have relied on incentives to stimulate demand while maintaining discipline around starts and spec inventory.

謝謝你，Kelly。我現在在第 12 頁投影片。展望第三季，住宅建築的復甦之路仍不明朗。持續的地緣政治不確定性、波動的公債殖利率與房貸利率，以及揮之不去的通膨，持續壓抑總體經濟前景。作為回應，建商依賴各種促銷激勵以刺激需求，同時在開工量與投機性庫存（spec inventory）方面維持紀律。

Repair remodeling is consistent, but unspectacular growth is reflective of cautious consumer behavior, low home turnover, and a reluctance to tap homeowner equity at current interest rates. Our exceptional results in the quarter, despite the backdrop, reflect the strength of our operations and the value Boise Cascade brings to the channel.

修繕與翻新需求維持穩定但不算亮眼的成長，反映出消費者行為謹慎、房屋交易周轉率偏低，以及在目前利率水準下不願動用屋主權益（homeowner equity）。儘管有此大環境背景，我們本季的卓越表現反映了我們營運的韌性，以及 Boise Cascade 為通路帶來的價值。

BMD's high-quality products and world-class service create solutions for customers and vendors in all operating environments. In Wood Products, we're encouraged that the EWP price stability seen in prior quarters has continued and progressed into successful pricing actions.

BMD 的高品質產品與世界級服務，能在各種營運環境下為客戶與供應商創造解決方案。在木製品方面，我們樂見前幾季所見的 EWP 價格穩定性得以延續，並進一步推動成功的定價行動。

We continue to create value through Boise Cascade's integrated manufacturing distribution model, which connects real-time customer demand and disciplined production, inventory, and logistics decisions. The daily alignment between our Wood Products and Building Materials Distribution segments enhances channel visibility, allowing us to better match production rates and inventory strategies to end market conditions and leads to improved service levels for customers.

我們持續透過 Boise Cascade 整合式的製造與通路配送模式創造價值，該模式連結即時客戶需求，以及有紀律的生產、庫存與物流決策。木製品與建材通路配送兩大部門之間的每日協同，提升了通路能見度，使我們能更好地將生產節奏與庫存策略與終端市場狀況相匹配，並帶來更佳的客戶服務水準。

Cross-divisional coordination, supported by our strong financial position, provides the stability and flexibility to allocate capital efficiently, execute our strategy, and respond quickly to changing market dynamics. We remain focused on expanding the benefits of this integrated model by bringing our divisions closer together and stimulating innovation across the organization to support long-term value creation.

跨部門協作在我們強健財務狀況的支持下，提供了穩定性與彈性，使我們能有效配置資本、執行策略，並快速回應不斷變化的市場動態。我們仍專注於擴大此整合模式的效益，透過讓各部門更緊密合作並在組織內推動創新，以支持長期價值創造。

As we plan for the future, long-term residential construction fundamentals remain constructive, supported by generational tailwinds and an undersupplied housing market. High homeowner equity in an aging US housing stock supports sustained repair and remodel spending and reinforces the industry's solid underlying demand drivers.

在我們規劃未來之際，長期住宅建築的基本面仍具建設性，受世代性順風與住房供給不足的市場所支撐。美國老舊住宅存量中偏高的屋主權益，支撐修繕與翻新支出的持續性，並強化產業穩健的底層需求驅動因素。

Against this backdrop, we believe Boise Cascade's investment made throughout the business cycle will position us to capitalize on these tailwinds and outpace industry growth over time. Lastly, James Hardie is a trusted long-term partner, and we look forward to working closely with their team in the coming months as we work to unlock the full potential of our expanded distribution agreement.

在此背景下，我們相信 Boise Cascade 在整個景氣循環中所做的投資，將使我們能把握這些順風，並隨時間推進而超越產業成長。最後，James Hardie 是值得信賴的長期合作夥伴；未來幾個月我們期待與其團隊密切合作，致力釋放我們擴大通路配送協議的全部潛力。

Our team is eager and highly motivated to sell James Hardie's industry-leading portfolio of products. We have a long history of growing supplier product lines through our nationwide footprint and superior service, and I am confident that we will do so again across James Hardie's product portfolio.

我們的團隊充滿熱忱且高度積極，期待銷售 James Hardie 業界領先的產品組合。我們長期以來憑藉全國性的據點與卓越服務，持續擴大供應商產品線；我有信心，我們也將再次在 James Hardie 的產品組合上做到同樣的成果。

During this transition, my number one priority is ensuring that we continue to take great care of our customers by doing things the Boise way. That means providing customers with high-quality service and support across all of our offerings, earning their respect through our transparency, and maintaining their trust through integrity. Lastly, it means pursuing excellence with intense effort, focus, and clarity of mission.

在這段轉換期間，我的首要任務是確保我們持續以 Boise 的方式好好照顧客戶。這意味著在我們所有產品與服務上，提供高品質的服務與支援；以透明度贏得客戶的尊重；並以誠信維繫他們的信任。最後，這也意味著以強烈的投入、專注與清晰的使命感追求卓越。

Thank you for joining us today and for your continued support and interest in Boise Cascade. We welcome any questions at this time.

感謝各位今天與會，也感謝各位持續支持並關注 Boise Cascade。我們現在歡迎提問。

(Operator Instructions) Susan Maklari, Goldman Sachs.

(接線員指示) Goldman Sachs 的 Susan Maklari。

Good morning, everyone. I want to start with the strategic shift in general line to James Hardie. Can you talk a bit more about the long-term path for profitability, the efficiencies that you could see perhaps in terms of working with one supplier versus multiple suppliers for decking and siding? And then just overall, are the terms of this deal consistent with prior deals or is there anything that we should be aware of?

各位早安。我想先從一般線（general line）轉向 James Hardie 的策略調整談起。能否再多談一些長期獲利能力的路徑，以及在露台板（decking）與外牆板（siding）方面，與單一供應商合作相較於多家供應商合作，可能帶來的效率提升？另外，整體而言，這筆交易的條款是否與過往交易一致，或是否有任何我們需要特別留意之處？

Yeah, Sue, let me take that for a little bit. I want to start with this. This is all about growth, and we really feel strong about that and feel like it's a tremendous opportunity for us on how we're going to go about doing that. First, we're picking up the entire portfolio, and we're excited about that. It brings more addressable market to us so we can go after. But how are we going to do that?

好的，Sue，這部分我先說明一下。我想先從這點開始：這一切都關乎成長，我們對此非常有信心，也認為這對我們而言是個巨大的機會，關鍵在於我們將如何推動成長。首先，我們將取得完整的產品組合，對此我們非常興奮。這讓我們可觸及的市場更大，能夠去爭取更多機會。但我們要怎麼做呢？

First, I'd talk about some of the things, the exits that Hardie's making. They're significant. There's opportunity there. We have to go out and win that and win our fair share, and I really believe we'll do that, number one. Second thing I'd talk about is kind of our national account opportunity at home centers. Having one complete product line that we can go offer across the entire country, we believe is a competitive advantage for us. And we look to take advantage of that.

首先，我會談談 Hardie 正在退出的一些項目。這些規模相當可觀。其中存在機會。我們必須走出去把它贏回來、拿到我們應得的份額；我真的相信我們能做到，這是第一點。第二點，我會談到我們在家居賣場（home centers）的全國性大客戶（national account）機會。能夠提供一條完整的產品線，並在全美各地一致地供應，我們認為這是我們的競爭優勢。我們也會善用這個優勢。

The next thing is I'll just talk about the conversion of our existing customer base. I'm going to say this, we've been a very strong distributor and player in the decking market for a long time. And we have a customer base that has come to rely on us, and they've told us that very clearly and consistently. And so we really believe that without the opportunity to convert some of that, for how we've performed in the past, the service we provide and the reliance they've had on us.

接下來，我再談談把我們既有客戶群轉換過來。我想說的是，我們長期以來一直是露台板市場非常強勢的經銷商與參與者。我們有一群一直依賴我們的客戶，他們也非常清楚且一貫地向我們表達這點。因此，我們確實相信，基於我們過去的表現、我們提供的服務，以及客戶對我們的依賴，我們有機會把其中一部分需求成功轉換過來。

Next thing I'll talk about is the James Hardie sales force. It's fantastic. We worked with them in the past. We know about their pull through ability and what they can do, the relationships with contractors, with builders. They got an excellent marketing team that we know is going to help us. And then there's a lot of conversion opportunities out there that we know we can go grab on whether it's the products or different products now that we can offer.

接下來我想談的是 James Hardie 的銷售團隊。他們非常出色。我們過去曾與他們合作。我們了解他們的拉動能力（pull-through）以及他們能做到的事，包括與承包商、建商之間的關係。他們也有一個很優秀的行銷團隊，我們知道這將會協助我們。此外，外面還有很多轉換機會，不論是既有產品，或是我們現在能提供的不同產品，我們都知道可以去把握。

So we're really, really excited about that. As far as the terms of the deal --

所以我們對此真的非常、非常興奮。至於交易條款--

Yeah. I'd say, Sue, in terms of the general day-to-day terms, not really inconsistent with what we've had with our former decking supplier. And Jeff hit on it a bit ago, just in terms of clarity of mission here, in terms of how we move forward. Certainly, we're going to move forward with urgency as we transition away from former product lines. We're also going to move with urgency as we work towards our transition to expand our relationship with Hardie.

好的。Sue，我會說，就一般日常的條款而言，與我們先前的露台板供應商相比，並沒有什麼不一致之處。Jeff 先前也提到一些，關於我們在此的使命清晰度，以及我們如何向前推進。當然，在從先前產品線轉換出去的過程中，我們會以緊迫感推進。同時，在我們推動轉換、擴大與 Hardie 的合作關係時，我們也會以緊迫感行動。

But it's very important that we do that in a very thoughtful and a due care sort of fashion, so we make sure that ramp is well-orchestrated. The focus will be on that successful transition and clarity of mission around working to mitigate the near-term financial impacts ahead of us, including there are certain elements that we have in our arrangement with James Hardie that'll help support that transition as we ramp sales.

但非常重要的是，我們必須以非常周全、審慎的方式來做，確保爬坡（ramp）過程被妥善規劃與協調。重點將放在成功完成轉換，以及在使命清晰的前提下，努力降低眼前的短期財務影響；其中也包括我們與 James Hardie 的安排中，有某些要素將在我們提升銷售的過程中，協助支撐這段轉換。

Sue, I'll jump in here for a second. As far as the synergies of the strength in aligning with one brand. James Hardie now has the industry's really broadest portfolio of exterior products. They are number one or number two across each of their product categories, right. They're number one in siding, number one in PVC trim, number one in fiber cement trim, number two in composite decking, although we believe that we have the strength to help them get to number one there.

Sue，我這裡補充一下。就與單一品牌對齊所帶來的協同效益而言。James Hardie 現在擁有業界最廣泛的外裝產品組合。他們在各個產品類別中不是第一就是第二，對吧。他們在外牆板是第一、在 PVC 飾條是第一、在纖維水泥飾條是第一、在複合露台板是第二；不過我們相信，我們有實力協助他們在那個領域做到第一。

We believe that aligning with one brand will create customer stickiness for us. If you think about our ability to drive down the transaction cost for our customers when there is one PO, receiving one delivery truck, dealing with one sales rep, potentially one bundled pricing program, one marketing strategy across multiple products. When you think about, to Jeff's point, our combined sales forces.

我們相信，與單一品牌對齊將提升客戶黏著度。如果你想想看，當只有一張採購單（PO）、只需收一台送貨卡車、只要對接一位業務代表、可能還有一套綁定式定價方案，以及跨多項產品的一套行銷策略時，我們就能為客戶降低交易成本。再加上，如 Jeff 所說，我們雙方的銷售團隊結合。

Boise Cascade has over 600 salespeople across the country that will be partnered with James Hardie and TimberTech, AZEK sales teams. We think that there is strength there. And then for our business, we think about improving things like our truck fill rates, our large average order sizes, better cross-selling opportunities across our footprint, and a greater ability to differentiate ourselves from other distributors in the market.

Boise Cascade 在全美有超過 600 位業務人員，將與 James Hardie 以及 TimberTech、AZEK 的銷售團隊合作。我們認為這其中有很大的優勢。而就我們的業務而言，我們也會思考如何改善例如卡車裝載率（truck fill rates）、提高平均訂單金額、在我們的據點範圍內創造更好的交叉銷售機會，並提升我們相較於市場上其他經銷商的差異化能力。

That is all great color. Thank you. And I want to shift now to EWP. You talked about some pull forward in the volumes that you saw there in the second quarter. Given that, how are you thinking about the channel inventories as we look in the second half of the year and especially given that a lot of the big public builders have downwardly revised their expectations for 2026 closings?

這些說明非常有幫助。謝謝。我想把話題轉到 EWP。你提到第二季在那邊看到一些量的提前拉貨（pull forward）。在此情況下，當我們看下半年、尤其是許多大型上市建商已下修其 2026 年交屋（closings）預期時，你們如何看待通路庫存？

And then also, what does that mean in terms of the realization of the 3% price increase that you've announced.

另外，這對你們已宣布的 3% 漲價，在落實（realization）方面意味著什麼？

Yeah, good morning, Sue. This is Troy. As you mentioned, the commentary we're hearing on the builder side, the uptick on the interest rates, kind of all headwinds heading into the second half of the year. I guess I would say our order file throughout Q2, it did continue to grow, and that's what helped us support a price increase.

好的，Sue，早安。我是 Troy。如你所提到的，我們在建商端聽到的評論、利率上升的情況，這些都算是進入下半年時的逆風。我想我會這麼說：我們在第二季的訂單檔（order file）確實持續成長，而這也幫助我們支撐漲價。

In terms of how that plays out, the pull forward was some of our arrangements, volumes, the price protection. Undoubtedly, we saw some activity prior to the increase going into effect. But right now, as we move into August, our order file is about 3x what it was this time last year. And so we're still feeling pretty good.

至於實際如何發展，這次的提前拉貨與我們部分安排、出貨量以及價格保護有關。毫無疑問地，在漲價生效前，我們確實看到一些提前的活動。但目前，當我們進入 8 月時，我們的訂單檔大約是去年同期的 3 倍。因此我們仍然感覺相當不錯。

The intake side has slowed, but I think combined with the existing order file and what we're kind of seeing right now, I feel pretty good about that runway through August at least. But then like you say, going forward, the commentary from builders, plus we had at least one large dealer talk about kind of peeling back their days on hand. So all of that will have some effect.

進貨端已經放緩，但我認為結合現有的訂單在手量，以及我們目前看到的情況，至少到八月為止，我對這段期間的能見度感覺相當不錯。但如你所說，往後看，建商的評論，再加上我們至少有一家大型經銷商提到他們有點在縮減手上庫存天數。所以這些都會產生一些影響。

Sue, I'm just going to add two things a little bit. The pull forward of orders with a price increase is normal. That happens every time. So I just want to stress that. It's nothing different. And then the reluctance that you've heard a little bit about what's going on with builders and what they're going to carry as far as EWP, that plays in the hands of distribution once again. So when things slow down and people are relying more and more on just-in-time inventory, it's a good thing for us.

Sue，我再補充兩點。在漲價前把訂單往前拉是正常的。每次都會發生。所以我只是想強調這一點。這沒有什麼不同。另外，你也稍微聽到一些關於建商目前狀況、以及他們在EWP方面願意承載多少的猶豫，這再次對通路是有利的。所以當景氣放慢、大家越來越依賴即時（just-in-time）庫存時，對我們是好事。

Yes. Okay. All right. Thank you for the color and good luck with the quarter.

是的。好的。好。謝謝你提供的補充資訊，也祝本季順利。

Michael Roxland, Truist.

Michael Roxland，Truist。

Congrats on the progress and the Hardie news. First question I had, Just how long do you guys think it will take for the Hardie transition to happen and to replace the prior business? Is that something that occurs fully by year end? Is it by the end of 1Q 2027? Any early estimate on how fast that business could grow relative to the prior business that transitioned away, and any incremental margin benefit as well?

恭喜你們的進展以及Hardie的消息。我第一個問題是，你們認為Hardie的轉換需要多久才會發生並取代先前的業務？這會在年底前完全完成嗎？還是到2027年第一季末？對於這項業務相較於先前轉出的業務，成長速度有沒有初步估計？以及是否也會帶來額外的毛利率效益？

Yeah, good question, Mike. So, I would say, in general, it's too early to provide specifics around some of your questions there. Like I said earlier, we're going to move with urgency, but there are certain things that we're not in control of, in particular, things around Hardie and how the distribution arrangements that they exited from and how long that may take before those distribution arrangements are fully exited.

是的，Mike，問得很好。我會說，整體而言，現在要就你其中一些問題提供具體細節還太早。如我先前提到的，我們會以緊迫感推進，但有些事情不在我們掌控之中，特別是Hardie相關事項，以及他們退出的那些通路安排、以及要多久才能完全退出。

That could be one quarter, that could be two quarters. And then for us, we're still working down our current inventory and then start to build our new inventory, probably September timeframe. So it's not going to happen in the fourth or the first quarter in terms of when we get back to normal.

那可能是一季，也可能是兩季。而對我們而言，我們還在消化目前的庫存，接著才開始建立新的庫存，大概會在九月左右。所以就我們回到正常狀態的時間點而言，不會是在第四季或第一季就完成。

I think this will be a journey that will take multiple quarters, and there's a lot of things to play out yet before we can really provide a lot of specifics. But we will absolutely continue to provide updates as we move through the balance of the year and into 2027.

我認為這會是一段需要跨越多個季度的旅程，在我們能真正提供很多具體細節之前，還有許多事情需要發展。但我們一定會在今年剩餘時間以及進入2027年的過程中，持續提供最新進度。

Yeah, I'll jump in there too. So, to Kelly's point, we'll start loading in many of our locations in September. We're going to be working through our inventories over the next couple of months, our current set of inventory. And we'll probably likely move some inventory around our system if we need to. It's still good inventory that we have on the ground that we can sell, and we're going to work to do that.

我也補充一下。如Kelly所說，我們會在九月開始在許多據點上架（進貨）。接下來幾個月我們會持續消化目前這批庫存。如有需要，我們也可能在系統內調撥一些庫存。我們現場的庫存仍是好的產品、可以銷售，我們會努力把它賣出去。

We'll probably utilize our larger branches to help us move some decking, have them act as hubs, allow us to move some decking around our footprint so we can wind down our smaller locations sooner. As the James Hardie exited distributors wind down their inventory levels, we want to make sure that we are ready to serve in every market that needs James Hardie product. So we'll start loading in in September.

我們可能會利用較大的分公司來協助移動部分decking（露台板）庫存，讓它們扮演樞紐，讓我們能在整個營運版圖內調度一些decking，從而讓較小的據點能更早縮減。隨著James Hardie退出的經銷商逐步降低其庫存水位，我們要確保在每個需要James Hardie產品的市場都已準備好提供服務。所以我們會在九月開始上架（進貨）。

The James Hardie exits have roughly 90 days, so we'll be working closely with James Hardie to monitor the inventory in the channel. But we plan to start selling the full suite of James Hardie products in the fourth quarter, both driving conversions, product conversions, as well as capitalizing on the distribution consolidation that will be taking place in the market.

James Hardie的退出經銷商大約有90天的過渡期，因此我們會與James Hardie密切合作，監控通路中的庫存。但我們計畫在第四季開始銷售完整的James Hardie產品組合，一方面推動轉換（產品轉換），另一方面也把握市場上將發生的通路整併所帶來的機會。

Got it. That's extremely helpful color. Just on that point, do you think based on what you've seen with Hardie and your interactions with Hardie over time, having them as a customer, do you think that the growth potential from Hardie is greater than the business that left? And if so, by how much, roughly? Like range bound, is it 3%, 5%? Just give us an idea of how much further growth we could expect once Hardie is fully deployed within BMD.

了解。這些補充資訊非常有幫助。就這點來說，根據你們對Hardie的觀察，以及你們長期與Hardie互動、把他們當作客戶的經驗，你們認為Hardie帶來的成長潛力會大於離開的那部分業務嗎？如果是的話，大概多多少？用區間來看，是3%、5%？請給我們一個概念：當Hardie在BMD內完全部署後，我們可以期待多大的額外成長。

Mike, our opportunity is significant. It truly is. If you think about some of the PVC products and the Class A [fire-rated] products that we have not nationally participated in, I think our growth opportunity there is very, very meaningful. I think the opportunity we have to continue to grow our siding business is very, very meaningful, and I think we bring along with us a customer base that we have a chance to convert. So the opportunity when we get there, we really believe is meaningful, and it has us completely excited to go out and to go do this.

Mike，我們的機會很大。確實如此。如果你想想一些我們過去沒有在全國性參與的PVC產品，以及Class A（防火等級）產品，我認為那裡的成長機會非常、非常可觀。我認為我們持續擴大外牆板（siding）業務的機會也非常、非常可觀，而且我們也會帶著一個客戶基礎，有機會把他們轉換過來。所以當我們做到那一步時，我們真的相信機會很有意義，這也讓我們非常興奮，準備走出去把這件事做成。

Yeah, I would tell you, we don't see it as a one-for-one offset on revenue. We see it as a strategic shift to owning the full exterior combined portfolio, where we align with one brand in order to gain a larger share of the full exterior envelope of the home. In fact, we are realigning our branded products team. They will become our exterior products team to be fully aligned and engaged with the James Hardie strategy.

是的，我會告訴你，我們不把它視為營收一比一的對沖。我們把它視為一個策略性轉向：擁有完整的外部（exterior）整合產品組合，透過與單一品牌對齊，以取得住宅外殼（exterior envelope）整體更大的市占份額。事實上，我們正在重新調整我們的品牌產品團隊。他們將成為我們的外部產品團隊，以全面對齊並投入James Hardie策略。

Got it. One final question, I'll turn it over. Just in terms of Brazilian imports, obviously, concerns that they would increase in the second half. It seems like with those new 301 tariffs, maybe there's the potential for that to defer or to discourage increasing imports from Brazil. So thoughts around maybe plywood market holding up rather well given the 301 rollout.

了解。最後一個問題，我問完就交回去。關於巴西進口，顯然市場擔心下半年會增加。看起來在新的301條款關稅下，可能會延後或抑制來自巴西的進口增加。所以，對於在301措施推行下，夾板市場可能維持得相當不錯，你們有什麼看法？

Yeah. It's Troy. Yeah, as you mentioned, the second quarter did tick up volume-wise year to date, versus the prior year it's still down. I think there was a couple of announced competitor capacity coming offline. And then, of course, for us, we ship veneer from our plywood production over to the EWP side. So I think net of all that, there's probably less plywood, especially in the Southeast, that's probably helped with the prices.

是的。我是Troy。如你提到的，第二季就量而言年初至今確實有上升，但相較去年仍是下降。我認為有幾項競爭對手宣布的產能將下線。當然，對我們來說，我們會把夾板生產的單板（veneer）運到EWP端。所以綜合這些因素後，夾板供給可能變少了，尤其是在美國東南部，這大概也有助於價格。

I mean, specific to Brazil, what we're seeing, we have a heavy [five-eighth mix] in the Southeast to support our EWP business. And it seems a little weird, but I think it's actually the Brazilian stuff seems to be a little bit complementary to what they supply with the specialty products, maybe some different thicknesses that actually allow our relationship with BMD for them to fill in where we can't supply because of our product mix.

就巴西而言，我們在東南部為了支撐EWP業務，有很高比例的[五分之八混合規格]。這聽起來有點奇怪，但我認為巴西的產品其實有點互補，因為他們提供一些特殊產品，可能是不同的厚度，讓我們與BMD的合作關係能在我們因產品組合而無法供應的地方，由他們補上。

Right now, it seems to be, I would say, a non-event. But the current prices probably allow that, even with the Section 301 in effect, some of that volume still coming, so it'll probably be dependent on prices moving forward.

目前看起來，我會說影響不大。但目前的價格水準可能使得即便301條款已生效，仍有部分量會進來，因此未來可能取決於價格的走勢。

Got it. Thank you very much.

了解。非常感謝。

George Staphos, Bank of America.

George Staphos，美國銀行。

Thanks for the details. Hey, I wanted to -- Recognizing there are lots of moving parts here, is there a way to quantify what the transitional impact was in terms of third-quarter guidance for BMD? And with your, if you will, your existing product line that you're going to be winding down inventories on, if I understood it correctly, you're going to be moving that to some of your larger locations. What else do you do to ultimately make sure that product is more or less out of your files as the James Hardie product is coming in?

謝謝你提供的細節。嘿，我想——考量到這裡有很多變動因素，是否有辦法量化在 BMD 第三季指引中，這次過渡期的影響有多大？另外，關於你們現有、你們將要逐步清理庫存的產品線，如果我理解正確，你們會把它移到一些較大型的據點。當 James Hardie 的產品進來時，你們還會做哪些事，最終確保這些產品大致上能從你們的庫存/品項中清出去？

Yeah. Let me take the first part of that question, and maybe I'll have Jo help amplify a bit on kind of how we're moving through our existing inventory with our former composite decking supplier. So in terms of the guide, you're right, George, the supplier transition activities are influenced -- are reflected in that guide. Also, certainly from a top-line standpoint, I mean, end markets are slowing a bit, so that's reflected.

是的。我先回答問題的第一部分，然後也許請 Jo 幫忙補充一下，我們大致上是如何在與先前的複合露台板供應商合作下，推進現有庫存的去化。就指引而言，你說得對，George，供應商轉換相關活動的影響——已反映在該指引中。另外，當然從營收端來看，終端市場確實有些放緩，所以也反映在其中。

And then also the fact that we're moving through our inventory, as you might expect, the fast-turning, the A-grade stuff, that's going to turn out pretty quick. And then the other products will continue to turn, but maybe at a bit of a slower rate. And so overall, and we won't be adding new inventory for that brand, obviously. So that's going to be a component of the daily sales decrease we expect to see as we get into August and September.

再來，關於我們正在去化庫存這件事，如你所預期，周轉最快、A 級的品項會很快賣完。其他產品也會持續周轉，但速度可能會稍慢一些。整體而言，而且我們顯然不會再為那個品牌補進新庫存。因此，當我們進入 8 月與 9 月時，這會成為我們預期日均銷售下滑的一個組成因素。

And then the margin profile, you notice that is a little bit lower also, and that's going to be a function of kind of what Jo hit on a bit ago, which is we have certain geographies where we move a lot of composite decking, some markets a little bit less. And so we're going to, as best we can, kind of do a hub and spoke to move products around to where it can move and where it can turn quickly.

然後毛利結構方面，你會注意到也略低一些，這將是 Jo 剛才提到的一點所致：我們在某些地區複合露台板的銷量很大，有些市場則少一些。因此我們會盡可能採用「樞紐—輻射」的方式，把產品調撥到更容易銷售、周轉更快的地方。

And there'll be some costs that we have to bear to make that happen. Jo, anything else you'd add in terms of how we kind of thread the needle between exiting one and adding another?

而為了做到這點，我們也必須承擔一些成本。Jo，關於我們如何在退出一個供應商、同時導入另一個供應商之間取得平衡，你還有什麼要補充的嗎？

Yeah, so I would first say that we are still selling through a significant amount of this inventory per day. We have not seen that slow down. So we're still moving through our inventory. We feel pretty good about that, and the levels that we'll be able to get it down to. We have a lot of support from our customer base. A lot of our long-term customers who are willing to purchase that inventory, who we've been selling to for a very long time.

好的，我首先會說，我們每天仍在銷售、去化相當大量的這些庫存。我們沒有看到這件事放緩。所以我們仍在持續消化庫存。我們對此感覺相當不錯，也對我們能把庫存降到的水位很有信心。我們的客戶群給了我們很多支持。許多長期客戶願意購買這些庫存，我們也已經賣給他們很長一段時間了。

So we've got a lot of avenues where we can push this inventory. The home centers are an avenue for us. We've got a lot of support there. They move through a lot of this material. So we've got some optionality there. And then if we get down to it, some of it can be recycled. So we've got a lot of options that we can push this inventory out to as we wind it down.

因此我們有很多管道可以把這些庫存推出去。家居賣場（home centers）是我們的一個管道。我們在那裡也得到很多支持。他們能消化大量這類材料。所以我們在那方面有一些彈性。再者，如果真的走到那一步，其中一部分也可以回收再利用。所以在逐步收尾的過程中，我們有很多選項可以把這些庫存推出去。

George, I'm just going to add two little things. There's still a lot of decking season left. We have a solid two months left for us that we can move some. I just want to stress the customer help that we've been hearing from our customers that will help us out, that are, okay, what's left? What do I need to move for you?

George，我再補充兩點小事。露台板的旺季還有很長一段時間。我們還有紮實的兩個月可以去化一些量。我也想強調，我們從客戶那裡聽到的協助意願，會幫我們很大的忙——他們會問，好，還剩下什麼？我需要替你們把哪些貨移走？

It's been significant. So we feel good about what we can do there.

這種支持相當顯著。所以我們對能做到的事情很有信心。

Jeff, is there maybe a little bit of margin degradation too, because forgive the elemental question or point, do you have to mark it down at all to make sure it's gone so that you have space when the new Hardie product comes in? Or no, not really, because you still have two months in decking season, et cetera.

Jeff，毛利是不是也會有一點惡化？請原諒我問得比較基本：你們是否必須降價一些，才能確保它清得掉，這樣當新的 Hardie 產品進來時才有空間？還是說不太需要，因為露台板旺季還有兩個月等等？

I'd say not. On one hand, I'd say not really, because we have two months, and we have people that are willing to help us on that. But I would say, when we get towards the end and we have to start moving product around, we'll be incurring some freight charges on things. And things that might not be the fastest moving. There could be some of that at the very end.

我會說不會。一方面，我會說其實不太會，因為我們還有兩個月，而且也有人願意幫我們消化。但我也會說，當接近尾聲、我們必須開始把產品調來調去時，我們會產生一些運費支出。而且有些品項可能不是周轉最快的。在最後階段可能會有一些這類情況。

Okay. Now, at the national big box retailers, I can imagine they'd be very happy to get the one full suite of products from you as you're aligned with Hardie. With smaller lumber yards and places like that, what are you going to do to help them now become more accustomed to your new product line, where before they were accustomed to your old decking product line, especially with the contractors that are in that market? Is that a big deal, or is that not that big of a deal in terms of the sort of the margin that you got to work through, the cost that you have to work through?

好的。那在全國性的大型賣場零售商那邊，我可以想像，當你們與 Hardie 對齊後，他們會很樂意從你們這裡取得一整套完整的產品組合。但對於較小的木材行或類似的通路，你們打算怎麼做，來幫助他們更習慣你們的新產品線？因為以前他們習慣的是你們舊的露台板產品線，尤其是那個市場裡的承包商。這會是很大的問題嗎？還是其實不是那麼大的問題——就你們需要消化的毛利、需要承擔的成本而言？

George, James Hardie's reputation in the industry for the products they produce is fantastic. And if you look at what their growth rate has been over the last several years in the decking category, particularly, it's always hard to move people, there's no doubt about it. But we have a sales force that's very capable.

George，James Hardie 在業界對其產品的口碑非常好。而且如果你看他們過去幾年在露台板品類的成長率，尤其是——要讓大家轉換品牌一向不容易，這點毫無疑問。但我們有一支非常有能力的銷售團隊。

We're working with James Hardie, which is very capable. We have a reputation for servicing the dealers that they've come to rely on. And some of the work that used to be done at the dealer level that we do for people, they understand the value that we bring. And so converting it, while nothing's easy and we're not naive to that, but we believe we can do it.

我們也在與 James Hardie 合作，他們同樣非常有能力。我們在服務經銷商方面也有口碑，而這些經銷商一直以來都很依賴我們。而且有些過去在經銷商端要做的工作，我們會替客戶做，他們理解我們帶來的價值。因此，雖然轉換並不容易、我們也不天真，但我們相信我們做得到。

No, of course. I guess last question from me, and I'll turn it over, and recognizing it might be a bit of a sensitive topic. Do you intend to, and can you carry SKUs from other manufacturers in some of the key categories that Hardie supplies, or are you more or less going to focus entirely on selling the full suite of Hardie products, from decking to siding, et cetera? Thank you, guys.

了解，當然。我想我最後一個問題，然後我就交給下一位；也理解這可能有點敏感。你們是否打算、以及是否能在 Hardie 供應的一些關鍵品類中，同時經營其他製造商的 SKU？還是你們大致上會完全聚焦於銷售 Hardie 的全產品組合，從露台板到外牆板等等？謝謝各位。

I would tell you that we will be very focused on James Hardie's whole portfolio, obviously. But there are some carve-outs of some products that we hope to maintain, but it's too early to tell how that will go.

我會告訴你，我們顯然會非常聚焦在 James Hardie 的整體產品組合。但也有一些特定產品的例外（carve-outs）我們希望能維持，不過現在還太早，還看不出最後會怎麼發展。

Okay. Understood. I'll turn it over.

好的。了解。我交給下一位。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Maybe just coming back to the third-quarter distribution EBITDA guidance, and appreciate that there are quite a few moving pieces here in the short term. But I'm just curious, if quarter-to-date sales pace is sort of consistent with Q2, can you give us -- some big buckets that is driving the sequential drop in EBITDA from Q2 to Q3? It seems like there's some of the transition element there, but is it possible for you all to just quantify for us what is sort of underlying demand versus kind of the transition impact in the short term?

我想再回到第三季通路業務 EBITDA 指引，並且理解短期內確實有不少變動因素。但我只是好奇，如果本季迄今的銷售節奏大致與第二季一致，你們能否給我們一些主要的「大項目」，說明是什麼驅動了 EBITDA 從 Q2 到 Q3 的季比下滑？看起來其中有一些是轉換因素，但你們是否可以為我們量化一下，短期內所謂的「底層需求」相對於「轉換影響」各自大概是多少？

Yeah. So, if I understood your question, I'll try here, assuming I understand your question, Ketan, which is -- So the majority of what we're seeing in the step-down, I would say, is attributable to the supplier transition activities in terms of the daily sales pace and the margin degradation that I spoke to.

是的。所以，如果我理解你的問題，我會在這裡嘗試回答，前提是我確實理解你的問題，Ketan，也就是——我們看到的降幅（step-down）大部分，我會說，是歸因於供應商轉換活動，體現在每日銷售節奏以及我提到的毛利率惡化上。

I think at the same time, and you heard us in some of our prepared remarks, talk about a generally a bit of a slowing environment. We've benefited from some tailwinds in commodity, in particular, lumber and plywood in the first half of the year in BMD. And so I don't -- Given demand softening, it's hard to envision that we'll continue to see some tailwinds there.

我認為同時，你也在我們一些事先準備的發言中聽到，我們談到整體環境確實有些放緩。今年上半年在 BMD 方面，我們受惠於部分大宗商品的順風，特別是木材（lumber）和夾板（plywood）。因此我不——在需求轉弱的情況下，很難想像那邊還能持續出現順風。

So it's a combination of supplier transition, which is the heavier part of it, and then also influenced by just generally softer end market in terms of our near-term view, Ketan.

所以這是供應商轉換（占比更大）與我們對短期展望中終端市場整體偏弱這兩者的組合影響，Ketan。

And Mr. Kelly, would it be fair to say about two-thirds of this then is the supply transition are more, less? Any -- just rough order of magnitude?

那 Kelly 先生，這樣說是否公平：其中大約三分之二是供應轉換造成的，更多或更少？有沒有——只是大概的量級？

Yeah, I think that's probably fair, Ketan.

是的，我想那大概是合理的，Ketan。

Understood.

了解。

This is Jo. Hey, I don't want to get lost, too, in the fact that, yes, there's going to be some short-term noise here as far as the transition of inventory and moving one in and moving one out and loading the other one in. So there will be some short-term noise, whether that's one quarter or two. But I don't want to lose track of how big we can be with this product category.

我是 Jo。嘿，我也不想讓大家只聚焦在這點上：是的，就庫存轉換而言，短期內會有一些雜訊——把一個移出、把另一個移入，再把另一個上架。所以會有一些短期雜訊，可能是一季或兩季。但我不想忽略的是，這個產品類別我們能做到多大。

We were the largest distributor for our previous supplier's decking line, and we plan to be the same for the James Hardie and the TimberTech decking line. But it won't end with decking. That's the great thing about this full suite of products and the fact that we will be carrying all of them, because as we cross-sell, we'll have the opportunity to become the largest in every category.

我們曾是前一家供應商露臺板（decking）產品線最大的經銷商，我們也計畫在 James Hardie 與 TimberTech 的露臺板產品線上同樣做到最大。但不會只停留在露臺板。這整套產品組合很棒，而且我們會全數承載；因為當我們做交叉銷售時，就有機會在每個品類都成為最大。

And I think we're going to gain wallet share as James Hardie makes their exits and consolidates their distribution network. We'll be able to leverage our national scale and serve every market. Our national footprint will allow us to better align with the home centers and the national dealers, even the multi-family players.

而且我認為，隨著 James Hardie 退出部分市場並整併其經銷網路，我們將提升錢包份額（wallet share）。我們能運用全國規模，服務每一個市場。我們的全國佈局將使我們能更好地與家居賣場（home centers）和全國性經銷商對接，甚至包括多戶住宅（multi-family）客戶。

It's going to give us a competitive advantage as far as that goes. And we really believe that our service, our value, our reliability with our customers, really from East Coast to West Coast now, will help us win both wallet and market share in these product categories.

這會在這方面帶給我們競爭優勢。我們也確實相信，我們對客戶的服務、價值與可靠性——現在從東岸到西岸——將幫助我們在這些產品類別中同時贏得錢包份額與市占率。

Got it. No, that's helpful context, Jo. And then, on EWP, you mentioned there was some pull forward and recognized this is something that happens every time there's a price increase, so I appreciate that. Again, is it possible to sort of quantify how much of an impact that could have had on Q2?

明白。不，這些背景很有幫助，Jo。接著在 EWP 方面，你提到有一些拉貨提前（pull forward），也承認每次漲價前都會發生這種事，我理解。再問一次，有沒有可能大致量化一下，這對第二季可能造成了多大影響？

In terms of Q2 volumes, yeah, I'm not sure that still -- I mean, that was the order file. So in terms of our shipments, generally speaking, the mills ran well. Our operating rates were in the 85% to 90% on the EWP side. So I mean, it's more of our ability to produce it and get it shipped out. I think that was fairly consistent, so I don't know that there was really an amount that I would add.

就第二季的出貨量而言，是的，我不確定那是否仍然——我的意思是，那是訂單檔（order file）。就我們的出貨來說，一般而言，工廠運轉良好。我們在 EWP 端的稼動率約在 85% 到 90%。所以我的意思是，更多取決於我們生產並把貨運出去的能力。我認為那相當一致，所以我不確定是否真的有一個我會額外加上的量。

Yeah, and I would say, Ketan, it's hard for us to specifically quantify how much volume might've been pulled forward a bit, whether it was a transportation issue or the getting ahead of the price increase. But I feel like we've reflected that. If you see the third-quarter guide, I think that's largely influencing why we're saying mid-single-digit sequential decline in terms of volumes. That has a bit of pull forward as well as a little bit de-stocking we're hearing through the channel.

是的，我會說，Ketan，我們很難具體量化到底有多少量被稍微提前了，不管是運輸問題或是為了趕在漲價前。但我覺得我們已經把這反映進去了。如果你看第三季指引，我認為這在很大程度上解釋了為什麼我們說出貨量將出現中個位數的季比下滑。其中包含一些提前拉貨，以及我們從通路端聽到的一點去庫存（de-stocking）。

Understood. And then just last question. On the freight and transportation side, any sense of sort of how much of incremental cost that is hitting you all in Q3 or H2? I recognize that these things, it's changing day to day, week to week. But if it were to stay at this level, how much of a drag for transportation and freight is either Q2 or H2?

了解。最後一個問題。在運費與運輸方面，你們對第三季或下半年（H2）會承受多少增量成本，有沒有概念？我知道這些事情每天、每週都在變。但如果維持在目前水準，運輸與運費對第二季或下半年會造成多大的拖累？

Yeah. So in our prepared remarks, we did call out in terms of the impact of our increase in our selling and distribution expenses, and about 50% of that year-over-year increase in our selling distribution expenses was a function of higher fuel in our own trucks as well as higher outbound delivery costs we're paying.

是的。所以在我們事先準備的發言中，我們確實提到銷售與配送費用增加的影響；而我們銷售與配送費用年增的約 50%，是因為自有卡車的燃油成本更高，以及我們支付的對外配送成本上升。

So it's been pretty meaningful and I think generally speaking, I think we're doing a pretty good job of passing that through. Not 100% of it, but I think generally speaking, we're doing a pretty good job, and it's something we're going to continue to tightly manage and monitor to make sure we're trying to do our best to kind of break even on all fronts.

所以影響相當顯著；而且我認為整體而言，我們在轉嫁這些成本方面做得不錯。不是 100% 都能轉嫁，但整體來說我們做得相當好；這也是我們會持續嚴密管理與監控的事項，確保我們盡最大努力在各方面大致打平（break even）。

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

了解。不，這非常有幫助。我回到隊列裡。祝順利。

Jeff Stevenson, Loop Capital.

Loop Capital 的 Jeff Stevenson。

I was wondering if you could provide more color on the EWP competitive environment during the quarter with order files 3 times stronger at this time than last year and pricing largely stabilizing. And then what went into the decision to implement third-quarter price increases after the one to two years of deflation headwinds you've seen in the category?

我想請問，你能否就本季 EWP 的競爭環境提供更多細節？目前的訂單檔比去年同期強 3 倍，而價格也大致趨於穩定。另外，在你們在該品類經歷了一到兩年的通縮逆風之後，第三季決定實施漲價的考量是什麼？

Yeah, this is Troy. As we've talked about in the past, we were seeing prices stabilize for the last few quarters despite the competitive pressures that we were still seeing. And then the cost escalation has been there for a while. We just didn't have the order file necessarily to back a price increase at that time.

是的，我是 Troy。如同我們過去談到的，儘管我們仍看到競爭壓力，但過去幾季價格一直在趨於穩定。而成本上升其實已經存在一段時間了。只是當時我們的訂單檔不一定足以支撐漲價。

And as we did move through the quarter, even prior to what we would call pull forward, we were still seeing pretty decent demand in our order file growing. And so implementing that price increase was a little bit of the desire to address cost inflation, but also the order file and the demand that was there. We have seen that pull forward 3 times what it was, like we talked about. But I think that's what helped us implement that. It was the price increase itself.

而隨著我們在本季推進，即便在我們所稱的提前拉貨（pull forward）之前，我們仍看到訂單檔成長、需求相當不錯。因此實施這次漲價，一方面是想因應成本通膨，另一方面也是因為訂單檔與既有需求。我們確實看到提前拉貨是原來的 3 倍，如同我們提到的。但我認為這就是幫助我們推動漲價的因素。也就是這次漲價本身。

We got what the market would bear in each market. We outran the gamut. We had price increases. We were in markets where we were flat, and we actually had markets where we actually had to go down to match competitive pressures. And so as reported, we believe it's going to be about 3% when it's all said and done. That should play out, slight increase maybe in Q3, incremental increase in Q4, and probably playing out fully in Q1.

我們在各個市場都拿到了市場可承受的價格。我們涵蓋了各種情況。有些市場我們有漲價。有些市場我們持平，甚至也有市場為了匹配競爭壓力而必須降價。因此按目前呈報的結果，我們認為最終大約是 3%。這應該會逐步反映：第三季可能小幅上升、第四季再增加一些，並且大概在第一季完全反映。

Got it. That's very helpful, Troy. Thanks for that. And then I was wondering if you could update on the M&A pipeline and whether you've seen any improvement in seller expectations for bolt-on strategic acquisition opportunities in key areas such as mill work, given ongoing macro uncertainties.

了解。這非常有幫助，Troy。謝謝你。另外我想請你更新一下併購（M&A）案源管線的情況，以及在目前宏觀不確定性持續的背景下，你們是否看到賣方對於關鍵領域（例如木作加工 mill work）的補強型策略性收購機會之期望有所改善。

Yeah, good question, Jeff. I would say there is still a reasonable amount of activity that comes our way for things for us to evaluate. Our balance sheet is capable to execute M&A, and our interest level remains on that front. So we'll continue our very similar approach to capital allocation and how we want to invest to sustain the company and invest to grow the company if we can find the right opportunity, then obviously not lose track of shareholders.

是的，Jeff，問得好。我會說，我們這邊仍然會收到相當多的案子供我們評估。我們的資產負債表有能力執行併購，而我們在這方面的興趣也依然存在。因此，我們會持續採取非常類似的資本配置方式：投資以維持公司營運、投資以推動公司成長；如果能找到合適的機會，當然也不會忽略股東利益。

You can see that our LTM capital allocation is pretty well-balanced in terms of how much into the company and how much back to shareholders.

你可以看到，我們過去十二個月（LTM）的資本配置相當均衡：投入公司與回饋股東的比例都很平衡。

Great. Thanks, Kelly.

很好。謝謝你，Kelly。

George Staphos, Bank of America.

美國銀行（Bank of America）的 George Staphos。

Not to be sort of pedantic here. I know at the end of the day, you want to try to guide in a way that is achievable, but I want to make sure your order files, did you say, Jeff, are 3x what they were in August, yet you're seeing some decelerating? So if those are both true statements, help me ultimately understand how that sort of manifests itself and your expectation for a little bit slower outlook and the guide for Wood Products for the third quarter. Thanks, guys, again, and good luck in the quarter.

我不是要在這裡吹毛求疵。我知道到最後你們希望以可達成的方式來提供指引，但我想確認一下你們的訂單檔（order files）：你是說，Jeff，相較於 8 月，現在是當時的 3 倍，但你們卻看到一些放緩？如果這兩個說法都成立，請幫我理解這最終會如何反映出來，以及你們對木製品（Wood Products）第三季較慢展望與指引的依據。再次謝謝各位，祝本季順利。

Yeah, George. It's Troy. It's that carryover from the growth in the order file prior to the price increase. So we've got that working for us right now, and like I mentioned, believe that it probably has some runway through August. But again, with all the activity or the commentary from the builder side, the interest rate increases, the de-stocking potential, I think as the quarter plays out, we're just seeing the volume side probably, I think we guided down mid-single digits.

是的，George。我是 Troy。那是因為在漲價之前，訂單檔成長所帶來的結轉效應。所以目前這對我們是有利的；如我提到的，我們認為這可能還有一些延續性，大概可延續到 8 月。但同樣地，考量到建商端的各種活動或評論、利率上升、以及去庫存的可能性，我認為隨著本季進行，我們看到的可能是量的部分走弱；我想我們的指引是下調到中個位數百分比。

So it's probably just playing on that. We might have a little bit more runway with the order file. But that commentary is a big headwind for us.

所以大概就是反映在這些因素上。我們的訂單檔可能還能多支撐一段時間。但那些評論對我們來說是很大的逆風。

Okay. So -- and I appreciate you going through that. So if you were in our seat trying to sort of map out the rest of the year, and let's say we're a month from now, what would you, if you were in our seat, be particularly looking at to determine whether, in fact, things did decelerate as you're expecting in wood or whether there's a lengthened season or a recovery, a pickup in activity? What are you most focusing on? What would you, if you were in our seats, focus on given where we sit on our side of the screen?

好的。謝謝你詳細說明。所以如果你站在我們的角度，試著規劃今年剩下的時間，假設一個月後再看，你會特別觀察哪些指標來判斷：木材業務是否真的如你們預期般放緩，或是旺季拉長、或活動回升、需求回溫？你們最關注的是什麼？如果你站在我們的位置、以我們螢幕這一端的視角，你會聚焦哪些重點？

Yeah. A lot of variables for sure that you and us will be trying to get our head around. I think one thing that will be interesting to see, George, is the back half of last year, particularly the fourth quarter, the activity at the builder level was almost near a hard stop. It was very, very abrupt end to the kind of the last half of last year.

是的。確實有很多變數，你們和我們都在努力釐清。我認為有一點會很值得觀察，George：去年下半年，尤其是第四季，建商層級的活動幾乎接近硬性停擺。那是去年後半段非常、非常突然的急轉直下。

While we're moderating down a bit here now, it feels like maybe it'll be a bit stronger here as we exit 2026 as compared to that hard stop in 2025. So that will be something be interesting to monitor. In the Wood Products business, always in-market demand and supply volatility will influence plywood pricing. That's always a big variable for us that's really hard to predict.

雖然我們現在稍微在降溫，但感覺上，當我們走出 2026 年時，可能會比 2025 年那種硬性停擺來得更強一些。所以這會是值得持續追蹤的事情。在木製品業務中，終端市場需求以及供給的波動性，總是會影響膠合板（plywood）價格。這一直是我們很大的變數，而且真的很難預測。

And then on the BMD side, it's going to be all about successful supplier transition. And I'm not going to put any finer point on that than what you've already heard today, other than that will be a clear focus, and we will have a -- we'll be looking to execute in a successful [supplier transition] as we move forward there.

另外在 BMD 這一端，關鍵將完全取決於供應商轉換是否成功。我不會比你們今天已經聽到的再多做渲染；只想說這會是明確的重點，我們也會在往前推進時，致力於成功執行這項[供應商轉換]。

George, just one more point I would just say. In terms of our integrated model and the veneer flow. So the EWP side, yes, we may see some slowing volume-wise, but we have that flexibility to shift that veneer over to the plywood side. So I just would say, whatever your predictions are on future plywood prices, we're able to kind of maintain our capacity at the mill level or production at the mill level by shifting that over there before we got into any real issues around pulling back on production.

George，我再補充一點。就我們的整合式模式以及單板（veneer）流向而言：所以在 EWP 端，是的，我們可能會看到量的放緩，但我們有彈性把單板轉到膠合板端。因此我想說的是，不管你們對未來膠合板價格的預測如何，我們都能透過把單板轉過去，在真正需要縮減產量之前，維持工廠層級的產能或生產。

No, that's helpful and appreciate it. Ultimately, I guess even if things are slowing, you've got easier comps versus last year, so hopefully we should be looking at better growth year on year, but we'll see how that plays out. Thank you, guys. Talk to you soon.

不，這很有幫助，謝謝。歸根結底，我想即使放緩，你們相較去年有更容易的比較基期，所以希望我們應該會看到更好的年增成長，但就看實際發展如何。謝謝各位。很快再聊。

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 very much. I just want to thank everyone for your continued interest in Boise Cascade. We look forward to talking to you next quarter. Please be well and please be safe. Thank you, everyone.

非常感謝。我只想感謝各位持續關注 Boise Cascade。我們期待在下個季度再與各位交流。請保重並注意安全。謝謝大家。

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。您現在可以中斷連線。