Beacon Roofing Supply Inc (BECN) 2023 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Beacon First Quarter 2023 Earnings Call. My name is Bethany, and I will be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the call over to Mr. Binit Sanghvi, Vice President, Capital Markets and Treasurer. Please proceed, Mr. Sanghvi.

女士們先生們，下午好，歡迎來到 Beacon 2023 年第一季度財報電話會議。我叫 Bethany，今天我將擔任你們的協調員。 （操作員說明）作為提醒，正在錄製此電話會議以供重播。我現在想把電話轉給資本市場副總裁兼財務主管 Binit Sanghvi 先生。請繼續，Sanghvi 先生。

Hey, Bethany. Good afternoon, everybody, and thank you for taking the time to join us on our call today. Julian Francis, Beacon's Chief Executive Officer; and Frank Lonegro, our Chief Financial Officer, will begin with prepared remarks that will follow the slide deck posted to the Investor Relations section of Beacon's website. After that, we'll open the call for questions.

嘿，伯大尼。大家下午好，感謝您今天抽出時間加入我們的電話會議。 Beacon 首席執行官 Julian Francis；我們的首席財務官 Frank Lonegro 將首先發表準備好的評論，這些評論將跟隨發佈到 Beacon 網站投資者關係部分的幻燈片。之後，我們將打開問題電話。

Before we begin, please reference Slide 2 for a couple of brief reminders. First, this call will contain forward-looking statements about the company's plans and objectives and future performance. Forward-looking statements can be identified because they do not relate strictly to historical or current facts and use the words such as anticipate, estimate, expect, believe and other words of similar meaning. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but not limited to, those set forth in the Risk Factors section of the company's 2022 Form 10-K.

在我們開始之前，請參考幻燈片 2 中的一些簡短提示。首先，此次電話會議將包含有關公司計劃和目標以及未來業績的前瞻性陳述。前瞻性陳述之所以能夠被識別，是因為它們與歷史或當前事實並不嚴格相關，並且使用了諸如預期、估計、期望、相信和其他類似含義的詞語。由於各種重要因素，包括但不限於公司 2022 年 10-K 表格風險因素部分中規定的因素，實際結果可能與此類前瞻性陳述所表明的結果存在重大差異。

Second, the forward-looking statements contained in this call are based on information as of today, May 4, 2023. And except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements.

其次，本次電話會議中包含的前瞻性陳述基於截至 2023 年 5 月 4 日的信息。除法律要求外，公司不承擔更新或修改任何這些前瞻性陳述的義務。

And finally, this call will contain references to certain non-GAAP measures. The reconciliation of those non-GAAP measures to the most comparable GAAP measures is set forth in today's press release and the appendix to the presentation accompanying this call. Both the press release and the presentation are available on our website at becn.com.

最後，此電話會議將包含對某些非 GAAP 措施的引用。這些非 GAAP 措施與最具可比性的 GAAP 措施的調節情況在今天的新聞稿和本次電話會議的演示文稿附錄中有所闡述。新聞稿和演示文稿均可在我們的網站 becn.com 上獲取。

Now let's begin with opening remarks from Julian.

現在讓我們從 Julian 的開場白開始。

Thanks, Binit. Good afternoon, everyone. Let's begin on Slide 4. The team executed well in an uncertain environment to start the year, delivering record first quarter net sales and cash flow. Average selling prices were up high single digits year-over-year. This, combined with acquisitions, more than offset lower volumes. Daily sales increased approximately 1% year-over-year, slightly lower than our initial expectations given well-publicized weather and nonresidential contracted destocking in the quarter.

謝謝，比尼特。大家下午好。讓我們從幻燈片 4 開始。該團隊在今年年初的不確定環境中表現出色，實現了創紀錄的第一季度淨銷售額和現金流。平均售價同比上漲個位數。這與收購相結合，足以抵消較低的銷量。考慮到廣為人知的天氣和本季度非住宅合同去庫存，每日銷售額同比增長約 1%，略低於我們最初的預期。

Residential volumes were down compared to a strong prior year comparable as we expected. And markets with higher exposure to new residential construction remained weak during the quarter. In particular, Texas, one of the largest single-family new construction markets in the country contributed to the decline. Storm exposed areas such as Florida showed growth during the quarter due to the volumes associated with the rebuilding from Hurricane Ian. And it's important to remember that 80% of our sales come from repair and replacement activity. Nondiscretionary demand from reroofing end markets showed resilience during the quarter.

正如我們預期的那樣，與去年同期相比，住宅交易量有所下降。本季度，新住宅建設風險較高的市場仍然疲軟。特別是德克薩斯州，該國最大的單戶新建建築市場之一導致了下降。由於與颶風伊恩重建相關的數量，佛羅里達州等風暴暴露地區在本季度出現增長。重要的是要記住，我們 80% 的銷售額來自維修和更換活動。來自翻新屋頂的終端市場的非自由裁量需求在本季度顯示出彈性。

As we had expected, nonresidential volumes were down. We believe largely as a result of continued destocking at the contractor level as opposed to a decline in end market demand. Commercial roofing supply chains continue to ease, and we are seeing no lead times on the majority of products.

正如我們預期的那樣，非住宅交易量有所下降。我們認為，這主要是由於承包商層面持續去庫存，而不是終端市場需求下降。商業屋頂供應鏈繼續放鬆，我們發現大多數產品沒有交貨期。

Our complementary products business benefited from the acquisition of Coastal Construction Products in November of last year. We are pleased with the performance of our new waterproofing division, and it represents a significant growth opportunity for Beacon. Growth in our siding products also contributed to the higher complementary sales year-over-year.

我們的配套產品業務受益於去年 11 月收購 Coastal Construction Products。我們對新防水部門的表現感到滿意，這對 Beacon 來說是一個重要的增長機會。我們的壁板產品的增長也促進了同比增長的補充銷售額。

Gross margin reflected the inventory profit roll-off that we expected in mostly stable price environment, and we recorded our second highest first quarter adjusted EBITDA in history. We also delivered strong first quarter cash flow as we continue to rightsize our inventory, which we began in the third quarter of last year. We used cash flow generated in the quarter to invest in value-creating initiatives towards achieving our Ambition 2025 targets while maintaining net debt leverage at the low end of our target range.

毛利率反映了我們在基本穩定的價格環境下預期的庫存利潤下降，我們錄得歷史上第二高的第一季度調整後 EBITDA。隨著我們從去年第三季度開始繼續調整庫存規模，我們還實現了強勁的第一季度現金流。我們利用本季度產生的現金流投資於創造價值的計劃，以實現我們的 2025 年宏偉目標，同時將淨債務槓桿率維持在我們目標範圍的低端。

During the quarter, we acquired first Coastal Exteriors, Prince Building Systems and Al's Roofing Supply, adding a total of seven branches, expanding our customer reach. We welcome their employees to the Beacon team. We have also come out of the box quickly this year on greenfields, adding five new branches and enhancing service to our customers. Our share buyback program continued under the expanded $500 million authorization announced on our fourth quarter conference call.

本季度，我們收購了第一家 Coastal Exteriors、Prince Building Systems 和 Al's Roofing Supply，總共增加了 7 家分支機構，擴大了我們的客戶範圍。我們歡迎他們的員工加入 Beacon 團隊。今年，我們在綠地上也迅速開箱即用，增加了五個新分行，並加強了對客戶的服務。我們的股票回購計劃在我們第四季度電話會議上宣布的擴大後的 5 億美元授權下繼續進行。

In summary, the fundamentals of end market demand have performed as we outlined on our call in February. As a reminder, what we said was the overall residential market will be down in the mid to high single digits, led by new residential construction. We said storm demand would be a tailwind on a return to the 10-year average and the nonresidential markets would be about flat, but volumes would be affected in the first half by contracted destocking. And despite a weaker demand environment, we expected price stability. In the first quarter, the market has broadly met our expectations, and our team has executed well.

總而言之，終端市場需求的基本面表現與我們在 2 月份的電話會議上概述的一樣。提醒一下，我們所說的是在新住宅建設的帶動下，整體住宅市場將以中高個位數下降。我們表示，風暴需求將成為回歸 10 年平均水平的順風，非住宅市場將基本持平，但上半年的交易量將受到合同去庫存的影響。儘管需求環境疲軟，但我們預計價格將保持穩定。第一季度，市場基本符合我們的預期，我們的團隊執行得很好。

Now please turn to Page 5 of the deck where I'll provide a brief update on our strategic initiatives. First, let me highlight a couple of ways that we are building a winning culture. There's nothing more important than the health and safety of our team members. During the first quarter, we tapped one of our top field operators to lead an area of fundamental to what we do and announced that [Dan Walley] has taken a critical role as Vice President of Environmental Health and Safety. Dan's passion for safety and extensive operations experience in his role running our Mid-Atlantic region will be invaluable as we advance our focus on safety.

現在請翻到幻燈片的第 5 頁，我將在其中簡要介紹我們的戰略舉措。首先，讓我強調一下我們正在建立致勝文化的幾種方式。沒有什麼比我們團隊成員的健康和安全更重要的了。在第一季度，我們聘請了一位頂級現場操作員來領導我們工作的基礎領域，並宣布 [Dan Walley] 已擔任環境健康與安全副總裁的關鍵角色。在我們推進對安全的關注時，Dan 對安全的熱情和在管理我們中大西洋地區的豐富運營經驗將是無價的。

We also held our annual company-wide safety standard, in which all 490 branches and 7,500 employees paused and recommitted to making everyday safer. The power of caring for one another and getting our employees home safely every night is a top priority, and we will focus every day on improving our employees' ability to recognize hazards and avoid them.

我們還舉行了年度全公司安全標準，所有 490 家分支機構和 7,500 名員工暫停並重新致力於讓日常生活更安全。相互關愛和讓我們的員工每晚安全回家的力量是重中之重，我們將每天專注於提高員工識別危險和避免危險的能力。

We're also driving growth above market and enhancing margins through a set of targeted initiatives. Many of you will recall from our Investor Day last year that delivering an industry-leading customer experience is central to achieving our goals. Our customers have shared what is most important to them, and we are able to use this feedback to differentiate our value proposition. Based on that feedback, we created a detailed and actionable plan that we replicate across our markets.

我們還通過一系列有針對性的舉措推動高於市場的增長並提高利潤率。你們中的許多人會記得我們去年的投資者日，提供行業領先的客戶體驗是實現我們目標的核心。我們的客戶分享了對他們來說最重要的東西，我們能夠利用這些反饋來區分我們的價值主張。根據這些反饋，我們制定了一個詳細且可操作的計劃，並在我們的市場中復制。

We are building accountable teams with multiple points of customer contact, we are investing in quickly and effectively resolving issues for our customers, we are leveraging our OTC network to improve service, and we are seeking feedback from our customers and employees to identify wins and opportunities, driving a continuous improvement mindset.

我們正在建立具有多個客戶聯繫點的負責任的團隊，我們正在投資以快速有效地為我們的客戶解決問題，我們正在利用我們的場外交易網絡來改善服務，我們正在尋求客戶和員工的反饋以發現成功和機會，推動持續改進的心態。

Engaging with our customers during the most important moments and leveraging our strategic advantages to solve the most pressing needs when and where they need it is the basis for our success. Since the beginning of last year, we have rolled out these best practices to eight markets and have launched in an additional six markets during the first quarter. We are seeing tangible improvements in on-time delivery, photo drop confirmations, sales growth and wallet share. Customers have told us they want a better customer experience, and we are uniquely positioned to deliver on that need.

在最重要的時刻與我們的客戶互動，並利用我們的戰略優勢在他們需要的時間和地點解決他們最緊迫的需求，這是我們成功的基礎。自去年初以來，我們已將這些最佳實踐推廣到八個市場，並在第一季度又在另外六個市場推出。我們在準時交貨、照片投放確認、銷售增長和錢包份額方面看到了切實的改進。客戶告訴我們他們想要更好的客戶體驗，而我們具有獨特的優勢來滿足這一需求。

Expanding our customer reach is also a major lever in our growth plans, which includes investments in greenfields and tuck-in acquisitions. Our dedicated greenfield team is executing on a robust pipeline. We added five greenfields year-to-date, improving efficiency and enhancing customer service, a solid start to our goal of adding at least 15 locations in 2023. We have now opened 21 new branches since the beginning of last year, well on pace to exceed our Ambition 2025 goal. Our M&A team also completed three acquisitions in the quarter, adding seven branches. And in total, we have acquired eight targets, adding 29 branches since announcing our Ambition 2025 plan, expanding our opportunity in markets across the country.

擴大我們的客戶範圍也是我們增長計劃的一個主要槓桿，其中包括對綠地的投資和收購。我們敬業的綠地團隊正在穩健的管道上執行。今年迄今，我們新增了 5 個綠地，提高了效率並加強了客戶服務，這是我們在 2023 年至少新增 15 個地點的目標的堅實開端。自去年年初以來，我們現在已經開設了 21 個新分支機構，並且正在穩步推進超越我們的 Ambition 2025 目標。我們的併購團隊在本季度還完成了三項收購，增加了七家分支機構。自宣布我們的 Ambition 2025 計劃以來，我們總共獲得了八個目標，增加了 29 個分支機構，擴大了我們在全國市場的機會。

Our set of initiatives designed to grow margins is also showing results. Our digital capability is a clear competitive differentiator for Beacon and sales through our online platform increases customer loyalty, generates larger basket sizes and delivers approximately 150 basis points of gross margin enhancement compared to offline channels. We are confident that we provide the most complete digital offering and continue to expand our capabilities to serve customers wherever and whenever they need.

我們旨在增加利潤的一系列舉措也取得了成果。我們的數字能力是 Beacon 的一個明顯的競爭優勢，通過我們的在線平台進行銷售可以提高客戶忠誠度，產生更大的購物籃規模，並與線下渠道相比提高約 150 個基點的毛利率。我們有信心提供最完整的數字產品，並繼續擴展我們的能力，隨時隨地為客戶提供服務。

At the same time, we are committed to building upon our technology leadership by further investing to make it easier for customers to do business with us. The launch of our new Beacon [Pro Plus] mobile app late last year is an example of how we are extending our leadership position. During the first quarter, we grew digital sales 11% year-over-year and achieved an all-time high of more than 19% of residential sales through the digital platform.

與此同時，我們致力於通過進一步投資來鞏固我們的技術領先地位，使客戶更容易與我們開展業務。我們去年年底推出的新 Beacon [Pro Plus] 移動應用程序就是我們如何擴大領導地位的一個例子。第一季度，我們的數字銷售額同比增長 11%，並通過數字平台實現了超過 19% 的住宅銷售額的歷史新高。

And as I've said since I joined the company, we will drive operational excellence through continuous improvement initiatives. Our focus on the bottom quintile branches has generated significant improvements to our service levels as well as contribution at both the sales and EBITDA lines. The improvement benchmark is relative to the company's average branch performance. And as the performance of the average branch moves higher, so does the threshold for the bottom quintile.

正如我加入公司以來所說的那樣，我們將通過持續改進舉措推動卓越運營。我們對底部五分之一分支機構的關注顯著提高了我們的服務水平以及對銷售和 EBITDA 線的貢獻。改進基準是相對於公司的平均分支機構績效而言的。隨著平均分支的性能提高，最後五分之一的閾值也會提高。

For 2023, our so-called [Mendoza Line], the cutoff that selects branches for the performance improvement plan is higher than the prior year by approximately 125 basis points. Through this rigor and discipline, we will continue to drive the performance of the overall company higher.

對於 2023 年，我們所謂的 [門多薩線]，為績效改進計劃選擇分支機構的截止點比上一年高約 125 個基點。通過這種嚴謹和紀律，我們將繼續推動公司整體業績的提升。

In addition, our initiatives to improve our fleet productivity, uptime and reliability is also showing results. We have metrics and goals to increase productivity and reduce the average age of our tractors. In the past 2 years, we have upgraded 60% of our tractor fleet, reducing the average age by more than 3 years, providing a more efficient fleet and the added benefit of improving driver retention while reducing emissions. We are also optimizing utilization of our current assets, moving existing tractors to our greenfield branches at every opportunity.

此外，我們提高車隊生產力、正常運行時間和可靠性的舉措也取得了成效。我們有提高生產力和降低拖拉機平均使用年限的指標和目標。在過去 2 年中，我們對 60% 的拖拉機車隊進行了升級，將平均機齡減少了 3 年以上，提供了更高效的車隊，並在減少排放的同時提高了駕駛員保留率。我們還在優化現有資產的利用，抓住一切機會將現有拖拉機轉移到我們新建的分支機構。

Lastly, our strategic initiatives are designed to create shareholder value. And we are committed to improving our returns for all owners of our stock. During the first quarter, we retired nearly 400,000 shares. The share repurchases demonstrate both our commitment to delivering value to shareholders and our confidence in the future. It continues to be an important part of our balanced capital allocation, demonstrating our commitment to creating shareholder value and confidence in Ambition 2025.

最後，我們的戰略舉措旨在創造股東價值。我們致力於提高所有股票所有者的回報。第一季度，我們退市了近 400,000 股。股票回購表明了我們為股東創造價值的承諾以及我們對未來的信心。它仍然是我們平衡資本配置的重要組成部分，表明我們致力於創造股東價值和對 Ambition 2025 的信心。

Our balance sheet has become a real strength for us, allowing us to invest in our capital allocation priorities and maintain the flexibility to adjust quickly to opportunities as they arise. We continue to have multiple paths to growth and margin expansion through the cycle. We have a differentiated approach and have built the tools needed to achieve our Ambition 2025 targets.

我們的資產負債表已成為我們的真正優勢，使我們能夠投資於我們的資本配置優先事項，並保持靈活性，以便在機會出現時迅速調整。在整個週期中，我們繼續有多種增長和利潤擴張的途徑。我們採用與眾不同的方法，並構建了實現我們的 2025 年宏偉目標所需的工具。

Now I'll pass the call over to Frank to provide a deeper focus on our first quarter results.

現在我將把電話轉給弗蘭克，讓他更深入地關注我們第一季度的業績。

Thanks, Julian, and good evening, everyone. Turning to Slide 7. We achieved nearly $1.7 billion in total net sales in the first quarter, up a little more than 1% on a per day basis year-over-year as higher average selling prices combined with the impact of acquisitions more than offset lower organic volumes. Total reported net sales were up more than 2.5%. As a reminder, we had 1 additional selling day in the 2023 first quarter versus the prior year.

謝謝，朱利安，大家晚上好。轉到幻燈片 7。我們在第一季度實現了近 17 億美元的總淨銷售額，同比每天增長略高於 1%，這是因為平均售價的提高加上收購的影響遠遠抵消了較低的有機體積。報告的總淨銷售額增長了 2.5% 以上。提醒一下，我們在 2023 年第一季度比上一年多了一個銷售日。

As I'm sure you are aware, we had winter weather and precipitation in large swaths of the country during the quarter, especially in March. In the aggregate, price contributed approximately 9% to 10% to revenue growth, while organic volumes per day were down 12% to 13%. Acquisitions, including Coastal Construction Products are performing well and contributed more than 4% to daily net sales year-over-year.

我相信你知道，本季度，特別是在三月份，我們在該國的大片地區遇到了冬季天氣和降水。總體而言，價格對收入增長的貢獻約為 9% 至 10%，而每天的有機銷量下降了 12% 至 13%。包括 Coastal Construction Products 在內的收購表現良好，對每日淨銷售額的同比貢獻超過 4%。

Our backlog, which remains weighted toward nonresidential orders continue to convert in the quarter and continued to come down from its peak in the second quarter of last year, while it remains approximately twice what it was before COVID.

我們的積壓訂單仍然偏重於非住宅訂單，在本季度繼續轉換，並從去年第二季度的峰值繼續下降，但仍約為 COVID 之前的兩倍。

Residential roofing sales per day were lower by approximately 1% as higher year-over-year prices in the high single-digit range were offset by low double-digit volume declines in part from lower shipments in regions with higher exposure to single-family new construction.

住宅屋頂的每日銷售額下降了約 1%，原因是高個位數範圍內的同比價格上漲被低兩位數的銷量下降所抵消，部分原因是單戶新房曝光率較高的地區出貨量下降建造。

It should also be noted that the prior year quarter was a record first quarter of shingle comparable. And while our residential volumes were down, we compare favorably to industry volumes, continuing a trend that started approximately 4 quarters ago.

還應注意的是，去年第一季度的瓦片可比性創下了歷史新高。雖然我們的住宅交易量有所下降，但我們與行業交易量相比還是有優勢的，延續了大約 4 個季度前開始的趨勢。

Nonresidential roofing sales declined by 9% on a per day basis, driven by the lower shipments as destocking by our customers was partially offset by higher prices in the mid-teens year-over-year. Complementary sales per day increased 21% year-over-year as the acquisition of Coastal drove higher sales of our waterproofing products year-over-year. Strength in siding products as well as higher selling prices across all of our complementary product lines with the exception of lumber, also contributed to the growth. Please keep in mind that with the addition of Coastal, our complementary product category now has approximately 70% residential and 30% nonresidential exposure.

非住宅屋頂銷售額每天下降 9%，這是由於我們客戶的去庫存被出貨量減少部分抵消了同比價格上漲的影響。每天的補充銷售額同比增長 21%，因為對 Coastal 的收購推動了我們防水產品的銷售額同比增長。壁板產品的實力以及我們所有互補產品線（木材除外）的更高銷售價格也促進了增長。請記住，隨著 Coastal 的加入，我們的互補產品類別現在有大約 70% 的住宅和 30% 的非住宅曝光。

Turning to Slide 8, we'll review gross margin and operating expense. Gross margin was 25.5% in the first quarter, in line with the guidance we put out in February and solidly above pre-COVID Q1 gross margin levels. Price/cost was unfavorable by approximately 75 basis points as higher average selling prices were offset by higher product costs year-over-year.

轉到幻燈片 8，我們將審查毛利率和運營費用。第一季度的毛利率為 25.5%，與我們在 2 月份發布的指引一致，並且遠高於 COVID 前第一季度的毛利率水平。價格/成本不利約 75 個基點，因為較高的平均售價被同比較高的產品成本所抵消。

You will recall that we had broad-based inflation across our products in the year-ago period, including a shingle price increase in January of 2022, which led to significant inventory profits. Partially offsetting the year-over-year roll-off of inventory profits was lower nonresidential sales mix and higher digital and private label sales.

您會記得，去年同期我們的產品存在廣泛的通貨膨脹，包括 2022 年 1 月的木瓦價格上漲，這導致了可觀的庫存利潤。較低的非住宅銷售組合和較高的數字和自有品牌銷售額部分抵消了庫存利潤的同比下降。

Adjusted OpEx was $357 million, an increase of $34 million compared to the year-ago quarter. OpEx as a percentage of sales increased to 20.6% or 140 basis points year-over-year. The year-over-year change in adjusted OpEx was driven primarily by expenses associated with acquired and greenfield branches. Together, these branches accounted for approximately $20 million of the year-over-year increase.

調整後的運營支出為 3.57 億美元，比去年同期增加 3400 萬美元。運營支出佔銷售額的百分比同比增長至 20.6% 或 140 個基點。調整後運營支出的同比變化主要是由與收購和新建分支機構相關的費用推動的。這些分支機構合計貢獻了約 2000 萬美元的同比增長。

Inflationary pressures, wages, benefits, insurance, fleet, fuel and travel and entertainment as well as lease-related rents, real estate taxes, utilities and maintenance costs also contributed to the increase. These increases were partially offset by the resetting of our variable compensation accruals to the 2023 incentive targets.

通脹壓力、工資、福利、保險、車隊、燃料、旅行和娛樂以及與租賃相關的租金、房地產稅、公用事業和維護成本也促成了增長。這些增長被我們將可變薪酬應計重置為 2023 年激勵目標的部分抵消。

Our focus on branch productivity remains a priority. And while the chart reflects the typical seasonal pattern, we are confident that we are properly staffed to meet the ramp in the construction activity we are seeing in Q2 and provide the high level of service our customers expect. Our team remains watchful of changing market conditions and is ready to respond to the impact of higher interest rates on our business.

我們對分支機構生產力的關注仍然是一個優先事項。雖然圖表反映了典型的季節性模式，但我們相信我們有適當的人員來滿足我們在第二季度看到的建築活動的增加，並提供客戶期望的高水平服務。我們的團隊時刻關注不斷變化的市場狀況，並準備好應對利率上升對我們業務的影響。

At the same time, we are focused on investing in initiatives through the cycle to drive above-market growth and margin enhancement as part of Ambition 2025. Our investments in projects related to future growth, including our sales organization, customer experience initiative, dedicated M&A and greenfield teams, pricing tools, e-commerce and branch optimization continued during the quarter. Ambition 2025 investments totaled approximately $9 million within the operating expense line in the first quarter.

與此同時，作為 Ambition 2025 的一部分，我們專注於投資於整個週期的舉措，以推動高於市場的增長和利潤率的提高。我們對與未來增長相關的項目的投資，包括我們的銷售組織、客戶體驗計劃、專門的併購綠地團隊、定價工具、電子商務和分支機構優化在本季度繼續進行。第一季度，Ambition 2025 的運營費用線投資總額約為 900 萬美元。

Turning to Slide 9. Operating cash flow was a record for the first quarter at $102 million as we continued with the inventory rightsizing initiative we started mid last year. On a year-over-year basis, first quarter net inventory was lower by approximately $170 million, even with higher product costs year-over-year, inventory acquired through M&A and new inventory to support our greenfield branches. It is also worth noting that we have generated $667 million in adjusted operating cash flow over the last 4 quarters, a true testament to how hard our team has been working.

轉到幻燈片 9。第一季度的運營現金流創下了 1.02 億美元的記錄，因為我們繼續實施去年年中開始的庫存調整計劃。與去年同期相比，第一季度淨庫存減少了約 1.7 億美元，儘管產品成本同比增加，通過併購獲得的庫存以及支持我們綠地分支機構的新庫存。同樣值得注意的是，我們在過去 4 個季度中產生了 6.67 億美元的調整後運營現金流，這真實地證明了我們團隊的努力程度。

Our capital allocation approach remains consistent with what we laid out at Investor Day. We will deploy cash in a balanced manner between organic and inorganic growth opportunities and shareholder returns. With ample balance sheet capacity, we are not only well positioned to invest in greenfield and M&A, but also the upgrading of our fleet and facilities to support our customers and employees. We are also investing in the process and technologies that will lay the groundwork for improved service, future growth and branch productivity.

我們的資本配置方法與我們在投資者日制定的方法保持一致。我們將在有機和無機增長機會與股東回報之間平衡地配置現金。憑藉充足的資產負債表能力，我們不僅有能力投資綠地和併購，還可以升級我們的車隊和設施以支持我們的客戶和員工。我們還在投資流程和技術，為改善服務、未來增長和分支機構生產力奠定基礎。

Net debt leverage at the end of the first quarter was at the low end of the 2x to 3x range outlined at Investor Day. And our available liquidity stands at more than $1.1 billion. Share repurchases in the first quarter were made through a Rule 10b5-1 plan and resulted in the retirement of approximately 400,000 shares. Net of share issuances for stock-based compensation, we reduced our common shares outstanding to 64.0 million at March 31 versus 68.7 million at the same time last year. We continue to have approximately $477 million remaining on the recently refreshed $500 million buyback authority we announced in February of this year.

第一季度末的淨債務槓桿率處於投資者日概述的 2 至 3 倍範圍的低端。我們的可用流動資金超過 11 億美元。第一季度的股票回購是通過規則 10b5-1 計劃進行的，導致約 400,000 股股票回購。扣除基於股票補償的股票發行後，截至 3 月 31 日，我們已將已發行普通股減至 6,400 萬股，而去年同期為 6,870 萬股。在我們今年 2 月宣布的最近更新的 5 億美元回購授權中，我們仍有大約 4.77 億美元剩餘。

We have ample capacity to invest and remain confident and our ability to successfully capture opportunities in changing market conditions as they develop throughout the year.

我們有充足的投資能力並保持信心，並且我們有能力在全年發展的不斷變化的市場條件下成功抓住機遇。

With that, I'll turn the call back to Julian for his closing remarks.

有了這個，我會把電話轉回 Julian 的結束語。

Thanks, Frank. Please turn to Page 11 of the slide materials. Before we head to Q&A, I'd like to update you on our expectations for the remainder of 2023. We continue to expect overall market demand to remain healthy, albeit lower than the last 2 years. We expect new residential construction to be down significantly, but the overall sentiment has improved through the first quarter.

謝謝，弗蘭克。請翻到幻燈片材料的第11頁。在開始問答環節之前，我想向您介紹一下我們對 2023 年剩餘時間的最新預期。我們繼續預計整體市場需求將保持健康，儘管低於過去兩年。我們預計新住宅建設將大幅下降，但整體情緒在第一季度有所改善。

Residential reroofing end markets will be down, but total volume will be better than prepandemic levels, supported in part by the 20-year reroofing cycle. Given all the storm activity in Q1, we now have higher confidence in our assumption of a return to the 10-year average storm demand. We continue to see the nonres markets about flat. However, our volumes will be down year-on-year as contracted destocking, which was more than originally anticipated.

住宅翻新屋頂的終端市場將會下降，但總銷量將好於大流行前的水平，這在一定程度上受到了 20 年翻新屋頂週期的支持。考慮到第一季度的所有風暴活動，我們現在對恢復到 10 年平均風暴需求的假設更有信心。我們繼續看到非資源市場持平。但是，由於合同去庫存，我們的銷量將同比下降，這超出了最初的預期。

For the second quarter, we expect total sales growth to be approximately 3% to 5% year-over-year and slightly better than the April pacing of 2% to 3%, given the record comparable month a year ago. Keep in mind that the second quarter of 2022 and 2021, we reported 28% and 21% net sales growth, respectively.

對於第二季度，我們預計總銷售額同比增長約 3% 至 5%，略好於 4 月份 2% 至 3% 的增速，考慮到去年同期的創紀錄水平。請記住，2022 年第二季度和 2021 年第二季度，我們分別報告了 28% 和 21% 的淨銷售額增長。

We recently announced a shingle price increase effective later this month corresponding to the manufacturer's announcement. Our expectation is that our team will execute with the same discipline and rigor as we have in the past, and we expect realization to reflect local market conditions.

我們最近宣布了本月晚些時候與製造商公告相對應的木瓦價格上漲。我們的期望是我們的團隊將像過去一樣以同樣的紀律和嚴謹的態度執行，我們希望實現能夠反映當地的市場狀況。

We expect gross margins to be in the mid- to high 25% range, which is down relative to the record prior year quarter, which you will recall had significant inventory profits.

我們預計毛利率將處於 25% 的中高水平，相對於去年同期的創紀錄水平有所下降，您會記得去年同期有可觀的庫存利潤。

Our full year expectations remain unchanged. We continue to expect net sales growth in the range of 2% to 4%. This includes contributions from acquisitions previously announced.

我們的全年預期保持不變。我們繼續預計淨銷售額增長在 2% 至 4% 之間。這包括先前宣布的收購的貢獻。

Regarding gross margin, we expect inventory profit roll off on a year-over-year basis, partially offset by our improvement initiatives, including higher private label and digital sales. Adjusted EBITDA expectations remain between $810 million and $870 million for the full year 2023.

關於毛利率，我們預計庫存利潤將同比下降，部分被我們的改進舉措所抵消，包括更高的自有品牌和數字銷售。調整後的 EBITDA 預期在 2023 年全年保持在 8.1 億美元至 8.7 億美元之間。

Meeting our customers' needs when and where they need our products and services is our priority. We will balance those needs with disciplined inventory management and other working capital initiatives to drive higher cash conversion compared to 2022. Our focus will continue to be on the areas within our control, including productivity improvements, delivering operational excellence, pricing and daily execution on safety, service and efficiency.

在客戶需要我們的產品和服務的時間和地點滿足他們的需求是我們的首要任務。與 2022 年相比，我們將通過嚴格的庫存管理和其他營運資金計劃來平衡這些需求，以推動更高的現金轉換。我們的重點將繼續放在我們控制範圍內的領域，包括提高生產力、實現卓越運營、定價和日常安全執行、服務和效率。

We will continue to deploy capital on initiatives that we expect will result in accelerated growth, including executing on our robust pipeline of acquisitions and delivering on our target of at least 15 greenfield locations as well as investing in our branches to improve their quality for our customers and our employees.

我們將繼續將資金用於我們預計會加速增長的舉措，包括執行我們強大的收購渠道和實現我們至少 15 個綠地地點的目標，以及投資我們的分支機構以提高他們為我們的客戶提供的服務質量和我們的員工。

We're investing to improve our operations, delivering results today but building the organization to enhance our growth tomorrow. We remain committed to generating returns for our shareholders and will continue to repurchase shares.

我們正在投資以改善我們的運營，今天交付成果，但建設組織以促進我們明天的增長。我們仍然致力於為股東創造回報，並將繼續回購股票。

In summary, we are well positioned to outperform the market in this complex demand environment, creating value for all our stakeholders. We are looking forward to the rest of 2023 and helping our customers build more as we enter a key part of the construction season.

總之，我們有能力在這個複雜的需求環境中超越市場，為我們所有的利益相關者創造價值。我們期待著 2023 年的剩餘時間，並在我們進入施工季節的關鍵部分時幫助我們的客戶建造更多。

And with that, Bethany, I'd like to open the lines for questions.

說到這裡，Bethany，我想打開提問的熱線。

(Operator Instructions) Our first question comes from the line of Kathryn Thompson with Thompson Research Group.

（操作員說明）我們的第一個問題來自湯普森研究小組的凱瑟琳湯普森。

In your prepared commentary, you acknowledge that your May shingle price realization would be based on local market conditions and -- today with -- heavy material producer earnings releases, we saw that a wide variability in terms of residential, some markets recovering like Houston and other markets, like Salt Lake City still lingering. Could you give more color on market by market in terms of what you're seeing with resi trends and how that impacts you? And then -- on the resi side.

在您準備好的評論中，您承認您 5 月份的木瓦價格實現將基於當地市場狀況，並且 - 今天 - 重材料生產商的收益發布，我們看到住宅方面的廣泛變化，一些市場正在復蘇，如休斯頓和鹽湖城等其他市場仍在徘徊。你能否根據你對 resi 趨勢的看法以及它對你的影響，逐個市場給出更多的顏色？然後 - 在 resi 方面。

And then on the nonres side, really more, how are the mega projects that are sort of pervasive in the market? What is Beacon's role in these type of projects? And can you work with companies like Samsung for these mega projects?

然後在非資源方面，更重要的是，市場上普遍存在的大型項目如何？ Beacon 在這些類型的項目中扮演什麼角色？您能否與三星等公司合作開展這些大型項目？

Thank you, Kathryn. Obviously, a lot of -- to unpack in the question. So let me start on the residential side and the market by market. I think as we said in our prior call and certainly in our communications, it's a very different year -- this year than we've seen the last couple of years when the market conditions were pretty common across all of the markets. So we have seen differences so far this year, and I highlighted them in my prepared remarks.

謝謝你，凱瑟琳。顯然，有很多問題需要解決。因此，讓我從住宅方面和逐個市場開始。我認為正如我們在之前的電話會議中以及當然在我們的溝通中所說的那樣，今年是非常不同的一年 - 今年與我們過去幾年看到的所有市場的市場狀況都非常普遍。所以今年到目前為止我們看到了差異，我在準備好的發言中強調了這些差異。

Texas has been down. Florida has been up. We've seen obviously significant weather across the country. Obviously, California was weak in the first quarter, but we would expect that to recover quite strongly, given all of the weather -- they had the rain that fell, the snow that fell, that certainly we are seeing that start to return. So we would expect to see California to be strong.

得克薩斯州一直在下跌。佛羅里達已經起來了。我們已經在全國看到了明顯的重大天氣。顯然，加州在第一季度表現不佳，但我們預計，考慮到所有的天氣情況——他們下雨、下雪，我們肯定會看到這種情況開始恢復。因此，我們希望看到加利福尼亞變得強大。

And the -- I think that what we're going to see is Texas recover. I mean the sentiment on new residential construction has improved. We saw some significant weather activity in Texas. So I expect that to be an improving market. We saw -- we've seen Florida hit by both weather as well, as more recently -- as well as the activity obviously from Hurricane Ian last year.

而且 - 我認為我們將看到的是德克薩斯州的複蘇。我的意思是新住宅建設的情緒有所改善。我們在德克薩斯州看到了一些重要的天氣活動。所以我預計這將是一個不斷改善的市場。我們看到——我們看到佛羅里達也受到兩種天氣的影響，最近也是如此——以及去年颶風伊恩帶來的明顯活動。

We expect to see some carryover in the Upper Midwest from some of the markets and the storms that happened there last year. So broadly speaking, I think we're going to see decent markets in the larger areas of the country where there's a lot of shingles that are moving. And so broadly, I think it's going to be okay.

我們預計會在中西部上游看到一些市場和去年那裡發生的風暴的影響。所以從廣義上講，我認為我們將在該國更大範圍內看到體面的市場，那裡有很多正在移動的帶狀皰疹。總的來說，我認為一切都會好起來的。

There are a couple of markets where we're seeing continued weakness, but they're generally smaller markets. And so we remain confident that the overall demand environment across the country on the residential side has probably improved since the beginning of the year.

我們看到有幾個市場持續疲軟，但它們通常是較小的市場。因此，我們仍然相信，自今年年初以來，全國住宅方面的整體需求環境可能已經有所改善。

To address what I think your question was on commercial. The -- sort of mega projects. We do have a national account group that works directly with some of the large developers. And we certainly play a role in going to market with our contractor customers on the commercial side of the business.

解決我認為你的問題是關於商業的。那種大型項目。我們確實有一個直接與一些大型開發商合作的國民賬戶小組。我們當然會在業務的商業方面與我們的承包商客戶一起進入市場。

What we're seeing in commercial is that there'll probably be a shift away from large new construction projects and probably more activity around the repair and replace, which we think was delayed during the COVID and the supply chain issues over the last couple of years because there was a much greater focus on completing projects, and that's where both the contractors and the manufacturers and obviously, the developers were focused. There was less focus on the repair and replace market.

我們在商業上看到的是，可能會從大型新建築項目轉移，可能會有更多圍繞維修和更換的活動，我們認為這是在過去幾年的 COVID 和供應鏈問題期間被推遲的年，因為人們更加關注完成項目，而這正是承包商和製造商，顯然，開發商所關注的重點。對維修和更換市場的關注較少。

We see a return to, like I said, more of the repair and replace. We think that's a great place for us to be. That's -- there's a lot more probably smaller projects that we will see get executed. So we remain fairly optimistic. As we said, we've maintained our sort of forecast for the overall commercial market to be about flat year-over-year, a little bit of a mix shift away from new construction to residential. But we do think that the contractors were holding probably a little bit more inventory than we had anticipated at the start of the year and we have seen that deplete during the first quarter. So hopefully, that insight was somewhat helpful.

就像我說的，我們看到了更多的維修和更換。我們認為這對我們來說是個好地方。那就是——我們將看到執行的更小的項目可能更多。所以我們仍然相當樂觀。正如我們所說，我們維持對整體商業市場同比持平的預測，有點從新建築轉向住宅。但我們確實認為，承包商持有的庫存可能比我們年初預期的要多一點，而且我們已經看到第一季度庫存耗盡。因此，希望這種見解有所幫助。

Yes, that's super helpful.

是的，這非常有幫助。

Our next question comes from the line of Mike Dahl with RBC.

我們的下一個問題來自 RBC 的 Mike Dahl。

On the resi side, specifically, obviously, there's been a few periods of kind of inventory management and destock across distribution. Where do you stand in terms of residential shingle inventory today? Are you still destocking? Have you started to restock at all given some of the storm demand? And just kind of tying into that, you disclosed the sales per day in April in total. Could you split out where resi stood on sales per day?

在 resi 方面，具體來說，很明顯，有幾個時期的庫存管理和分銷的去庫存。你今天在住宅木瓦庫存方面的立場是什麼？你還在去庫存嗎？鑑於一些風暴需求，您是否開始補貨？與此相關的是，您總共披露了 4 月份每天的銷售額。您能否拆分出 resi 在每天銷售額中的位置？

Yes. So Mike, it's Frank. On the inventory piece on the volume side, forget about dollars for a minute, but on the volume side, we were down significantly on a year-over-year basis on shingles. Think about something in the kind of high teens, low 20s percent volume.

是的。邁克，是弗蘭克。在數量方面的庫存部分，暫時忘記美元，但在數量方面，我們在帶狀皰疹方面同比大幅下降。想想那種高十幾歲，低 20% 的音量。

When you think about on a sequential basis, we did start to build some inventory in the quarter. And obviously, when you think about storm markets, as an example, in some of the recovering markets that Julian talked about, you're going to see us add product in those markets. At the same time, where we have markets that are on the softer end of things, we're likely going to continue to shape some there.

當你按順序考慮時，我們確實在本季度開始建立一些庫存。顯然，當你考慮風暴市場時，例如，在 Julian 談到的一些正在復甦的市場中，你將看到我們在這些市場中添加產品。與此同時，我們的市場處於較軟的一端，我們可能會繼續塑造那裡的一些市場。

And then on the nonres piece, again, as we look at the contract destocking, that will probably allow us to be stocked a little bit in the second quarter as well. So I wouldn't expect huge moves on inventory in the aggregate, but you will see some geographic changes and some line of business changes.

然後在 nonres 部分，再次，當我們查看合同去庫存時，這可能會讓我們在第二季度也有一點庫存。因此，我預計總體上庫存不會發生巨大變化，但你會看到一些地理變化和一些業務線變化。

In terms of April, your question, yes, we did give you the sales per day, up 2.5%. When you break it down, we were, overall, up on price, about 4% and down low singles on volumes. Shingles were effectively flat, just a sort of fractionally down. So overall, the resi and the complementary side were favorable because of the continued contract of destocking that you heard Julian mention. The commercial volumes were down in the mid-teens. So overall, commercial was -- with the addition of price, was down in the mid-single digits. But you're seeing the resi and the comp piece, which is largely residentially exposed do quite well.

就四月份而言，你的問題，是的，我們確實給了你每天的銷售額，增長了 2.5%。當你分解它時，總體而言，我們的價格上漲了約 4%，而銷量則下降了低位。帶狀皰疹實際上是平坦的，只是有點向下。總的來說，由於你聽到 Julian 提到的持續去庫存合同，resi 和互補方是有利的。商業量下降到十幾歲。因此，總體而言，商業廣告——加上價格，下降了中個位數。但是你看到 resi 和 comp 部分，主要是住宅暴露的表現非常好。

And I'd emphasize, Mike, that last year's April was a very, very strong month. So to see that type of relatively flat number on residential shingles in April, I'd say it was an extremely positive sign for us.

邁克，我要強調的是，去年的四月是一個非常非常強勁的月份。因此，要看到 4 月份住宅帶狀皰疹的這種相對平穩的數字，我想說這對我們來說是一個非常積極的信號。

Yes. For sure.

是的。一定。

Our next question comes from the line of [Mario Mora] with Zelman and Associates.

我們的下一個問題來自 [Mario Mora] 與 Zelman and Associates 的合作。

I was just wondering, we've had a few large storms over the last 2 months. Is there -- do you have any insight into how much these storms are going to contribute to demand, how meaningful they are?

我只是想知道，過去 2 個月我們經歷了幾次大風暴。有沒有 - 你是否了解這些風暴將對需求產生多大影響，它們有多大意義？

Yes, I'd be happy to touch on that. Obviously, it's still early. So these things tend to build over time, and we'll see it. But we came into the year saying that we expected a return to the 10-year average storm demand, which is always our planning assumption, and we sort of base it on that. That represented a tailwind to us this year because last year's storm demand, we think, was well below the 10-year average.

是的，我很樂意談及這一點。顯然，現在還早。所以這些東西往往會隨著時間的推移而建立，我們會看到它。但我們進入這一年時表示，我們預計將恢復到 10 年平均風暴需求，這始終是我們的規劃假設，我們以此為基礎。這對我們來說是今年的順風，因為我們認為去年的風暴需求遠低於 10 年平均水平。

I would say that we've seen a very active storm season through the first few months of the year. We've seen it -- we've seen some in the Midwest. We've seen certainly some through, as I said, Texas and Florida, more recently. And then as everyone hopefully will remember, the California storms, the rain that inundated California and the snowstorms, that will inevitably lead to some additional demand.

我想說的是，我們在今年的前幾個月看到了一個非常活躍的風暴季節。我們已經看到了——我們在中西部看到了一些。正如我所說，我們最近確實看到了一些，德克薩斯州和佛羅里達州。然後，正如每個人都希望記住的那樣，加利福尼亞風暴、淹沒加利福尼亞的雨和暴風雪，這將不可避免地導致一些額外的需求。

So while we don't have a complete view today, we do think that as of today, we would be very confident that the storms that we've seen through the first few months of the year are going to lead to, at least an average storm year, and we're probably biased with 8 months to go to the upside rather than the downside relative to that sort of 10-year average.

因此，雖然我們今天沒有完整的看法，但我們確實認為，從今天開始，我們非常有信心，我們在今年頭幾個月看到的風暴至少會導致平均風暴年，相對於那種 10 年平均值，我們可能偏向於 8 個月的上行時間而不是下行時間。

[Mario], when you look at the insurance claims data, what you'd see is a bit of a bell curve where the second and the third quarter are your really meaningful insurance claims quarters and the first and the fourth quarters are lower than that. But when we look specifically at the first quarter, I mean, we're up nicely over the 5-year average there for the first quarter. Again, there's just so much that has to happen here in the second and the third quarter, which is the big hail quarters.

[馬里奧]，當你查看保險索賠數據時，你會看到一些鐘形曲線，其中第二和第三季度是你真正有意義的保險索賠季度，而第一和第四季度低於該數據.但是當我們具體看第一季度時，我的意思是，我們在第一季度的 5 年平均水平上表現出色。同樣，在第二和第三季度這裡發生了太多事情，這是大冰雹季度。

We did see some storms in April, which obviously is going to help us as we progress through the second. But I think to Julian's point, we're more confident in the planning assumption. There's always risk in every planning assumption you put into your guide, but we feel more confident in that planning assumption now that we've seen some early storms.

我們確實在四月份看到了一些風暴，這顯然會幫助我們度過第二個階段。但我認為就朱利安的觀點而言，我們對規劃假設更有信心。您放入指南中的每個計劃假設總是存在風險，但既然我們已經看到了一些早期的風暴，我們對該計劃假設更有信心。

Okay. That was very helpful. And then on commercial, any way you could maybe quantify the size of the destocking by the contractors? And then do you have a sense of are we getting to the end of that? Or how long do you think it's going to take to play out?

好的。這很有幫助。然後在商業上，你有什麼辦法可以量化承包商去庫存的規模？然後你有沒有意識到我們已經走到盡頭了？或者你認為它需要多長時間才能發揮作用？

Yes. I mean in the Q4 call, we called contractor destocking, and we thought it would last through the first half. So we feel good about our recognition of the issue and our telegraphing of the issue. If you think about it in terms of where our internal targets were relative to where we ended up, we were probably a little bit understated on how much contractor destocking happened in the first quarter in maybe 3, 4, 5 percentage points on the nonres side specifically.

是的。我的意思是在第四季度的電話會議中，我們稱承包商去庫存，我們認為這會持續到上半年。因此，我們對我們對問題的認識和對問題的通報感到滿意。如果你根據我們的內部目標相對於我們最終目標的位置來考慮它，我們可能有點低估了第一季度非資源方面發生的承包商去庫存量，可能是 3、4、5 個百分點具體來說。

We do see that lessening as you go through the second quarter, literally month over month over month. We would see the single-ply element of things finishing destocking earlier than the insulation or ISO piece of things. But we do internally have that going pretty much through the end of the second quarter and then obviously, getting back to where the end market demand. And our sell-through look very much the same.

我們確實看到，當你經歷第二季度時，這種情況會逐月減少。我們會看到單層材料比絕緣材料或 ISO 材料更早完成去庫存。但我們內部確實有這種情況幾乎持續到第二季度末，然後很明顯，回到了終端市場需求的地方。我們的銷售率看起來非常相似。

Yes. And just to round that out, I think that when you think of the supply chain disruption that really impacted the commercial product lines pretty dramatically during the last couple of years, I think everyone was being defensive and taking what they could get their hands on and holding it. And I think what we're seeing now is that supply chains normalize. I said in our prepared remarks that we now see the vast majority of products in that size on what we would call normal lead times.

是的。為了解決這個問題，我認為當你想到在過去幾年中真正顯著影響商業產品線的供應鏈中斷時，我認為每個人都處於防御狀態並採取他們可以得到的東西並且拿著它。我認為我們現在看到的是供應鏈正常化。我在準備好的評論中說過，我們現在看到絕大多數這種尺寸的產品都在我們所謂的正常交貨時間內。

People are now working through their inventory as we talk to the contractors. They tell us they are doing exactly that. And so we would expect, as we said in our last earnings call -- on the fourth quarter earnings call that we would expect it to deplete in the first half of the year, and we still remain with that type of guidance.

當我們與承包商交談時，人們現在正在處理他們的庫存。他們告訴我們他們正在這樣做。因此，正如我們在上次財報電話會議上所說——在第四季度財報電話會議上，我們預計它會在今年上半年耗盡，我們仍然保持這種指導。

Our next question comes from the line of Trey Grooms with Stephens.

我們的下一個問題來自 Trey Grooms 與 Stephens 的合作。

This is actually Noah Merkousko on for Trey. So I want to touch -- I wanted to touch on the pricing. You've announced the price increase for May. I guess, does the 2Q sales and margin guidance contemplate -- does that bake in any traction on that increase? I know it's going to probably vary by market.

這實際上是 Trey 的 Noah Merkousko。所以我想談談——我想談談定價。您已宣布 5 月份的價格上漲。我想，第二季度的銷售和利潤率指導是否考慮了——這對增長有任何影響嗎？我知道這可能會因市場而異。

And then just a quick second part. Can you compare your best markets and your worst markets in terms of pricing? And are you seeing any competitive behavior today?

然後是快速的第二部分。你能在定價方面比較你最好的市場和最差的市場嗎？你今天看到任何競爭行為了嗎？

So I'll let Frank into some of the quantification. I'll start with the second part, first. So as we've said, we believe that we called for relatively stable pricing, and that's what we've seen. If you think about what happened in the fourth quarter of last year and now the first quarter, we've actually had a pretty weak demand environment and we've seen stable pricing broadly across all markets.

所以我會讓弗蘭克進行一些量化。首先，我將從第二部分開始。因此，正如我們所說，我們認為我們要求相對穩定的定價，這就是我們所看到的。如果你想想去年第四季度和現在第一季度發生的事情，我們的需求環境實際上非常疲軟，我們看到所有市場的定價普遍穩定。

We've seen, obviously, some of activity out there, but I would characterize it overall as a pretty benign environment. I think everyone's really in a place where we see the inflation that is hit on the manufacturer side. We've seen that pass through. We've seen the inflation that's impacted our cost structure more broadly in wages, inflation, rents, all of those things. I mean, I think it's a really important time for us to ensure that we're making sure that we can capture that as it's passing through. I mean these are things that are not impacting just Beacon. And we believe that overall, it's an environment in which price stability has been important for us.

顯然，我們已經看到了一些活動，但我認為總體而言，它是一個相當良性的環境。我認為每個人都處在一個我們看到製造商方面受到打擊的通貨膨脹的地方。我們已經看到它通過了。我們已經看到通貨膨脹在工資、通貨膨脹、租金等所有方面更廣泛地影響了我們的成本結構。我的意思是，我認為這對我們來說是一個非常重要的時刻，以確保我們能夠在它經過時捕捉到它。我的意思是這些事情不僅僅影響 Beacon。我們相信，總的來說，這是一個價格穩定對我們很重要的環境。

Yes. On some of the quantification and then the, I guess, the overall competitive landscape, I mean, we have been talking about inventory destocking in the channel on resi, for example, for 2 or 3 quarters now, and then you saw demand overall -- out-the-door demand in the first quarter being lower than year-over-year. And in all of those situations, the pricing held up sequentially, which would give you some indication of where prices are holding.

是的。關於一些量化，然後是整體競爭格局，我的意思是，我們一直在談論 resi 渠道的庫存去庫存，例如，現在已經有 2 或 3 個季度了，然後你看到了整體需求 - - 第一季度的戶外需求低於去年同期。在所有這些情況下，價格都按順序保持不變，這會給你一些關於價格保持在哪裡的跡象。

When you look at the gross margin guide for the second quarter, let me just start from the top on that one. So the mid- to high 25s versus the 27.6% last year. Last year, remember that you had the follow-on from the January, early February increase plus the April increase. And remember that those were of a magnitude that the industry hadn't seen maybe ever, but certainly in a really long time in the double-digit range. So you've got the cycling of those inventory profits, which will be at least 200 basis points just from that alone. And we've got a little bit of mix help this quarter. And then we do have some late quarter help from that May increase again, market by market.

當你查看第二季度的毛利率指南時，讓我從頂部開始。因此，25 歲以上的人群與去年的 27.6% 相比。去年，請記住您有 1 月、2 月初的增長加上 4 月的增長。請記住，這些規模可能是該行業從未見過的，但肯定是在很長一段時間內處於兩位數的範圍內。所以你得到了這些庫存利潤的循環，僅此一項就至少有 200 個基點。本季度我們得到了一些混合幫助。然後，我們確實從 5 月開始逐個市場再次增加了一些後期季度幫助。

And the fact that it's mid-May in terms of its announcement, we've got items under contract we have to give certain notice to, et cetera. So I would see it more blended between the second quarter and the third quarter rather than a whole lot of impact in the second quarter by itself.

事實上，就其公告而言，它是五月中旬，我們有合同項下的項目，我們必須給予一定的通知，等等。因此，我認為它在第二季度和第三季度之間更加融合，而不是在第二季度本身產生很大影響。

Got it. That's really helpful. I'll leave it there.

知道了。這真的很有幫助。我會把它留在那裡。

Our next question comes from the line of Philip Ng with Jefferies.

我們的下一個問題來自 Philip Ng 與 Jefferies 的對話。

This is Maggie on for Phil. I guess if you can just talk about the pace of greenfields, we've seen that step up in the first quarter and you have another, I think, 10 planned for this year. So maybe if you could just talk about how that factors into your full year guide and maybe any margin implications as those are getting ramped up?

這是菲爾的瑪吉。我想如果你能談談綠地的步伐，我們已經看到第一季度的步伐加快了，我認為今年還有 10 個計劃。因此，也許您可以談談這些因素如何影響您的全年指南，以及隨著這些因素的增加可能產生的任何利潤影響？

Sure. I'll give you a little bit of color on it. I mean as we announced that we were sort of returning to a commitment to the greenfield program last year at the beginning. I would tell you, it took us a little while to get the team stood up and get activity going. So if you looked at last year, the bulk of our greenfield activity happened later in the year. We're going to spread that out a little bit more evenly this year, but we're excited about the fact that we're able to pull the trigger on a number of these in the first quarter.

當然。我會給你一點顏色。我的意思是當我們宣布我們在某種程度上回到去年開始時對綠地計劃的承諾。我會告訴你，我們花了一些時間才讓團隊站起來並開始活動。所以如果你看一下去年，我們的大部分綠地活動都發生在今年晚些時候。我們將在今年更均勻地分配它，但我們很高興我們能夠在第一季度觸發其中的一些。

We want to keep up that pace. We would expect to see a relatively similar pace quarter over quarter over quarter. So you might see 5, you might see 4. Hopefully, we can get a couple more done in the markets that we feel are really important to us. But this is a long-term commitment. This isn't a, we're going at it now, and then we're going to shut it down if we get to 15. This is something that we believe when we see the opportunity to get great locations in markets that we believe are underserved, where we can make a good return on the investment, we're going to take that opportunity to do that.

我們想跟上這個步伐。我們預計每個季度的步伐都會相對相似。所以你可能會看到 5 個，你可能會看到 4 個。希望我們能在我們認為對我們真正重要的市場上做更多的事情。但這是一項長期承諾。這不是，我們現在就開始，然後如果我們達到 15，我們將關閉它。當我們看到有機會在我們認為的市場中獲得絕佳位置時，我們就會相信這一點服務不足，我們可以在其中獲得良好的投資回報，我們將藉此機會這樣做。

Overall, in the first couple of years, certainly, the greenfields are dilutive to margin. Obviously, we put some capital in there. They need to ramp up their efficiencies and get going with the sales, so they are dilutive. It's relatively small in terms of the total company. But it's certainly not a zero impact.

總的來說，在頭幾年，綠地肯定會稀釋利潤率。顯然，我們在那裡投入了一些資金。他們需要提高效率並開始銷售，因此它們具有稀釋性。就整個公司而言，它相對較小。但這肯定不是零影響。

Our goal is to get them to profitability breakeven and to sort of full operating levels as quickly as possible. In some markets, we've been able to do that in as little as 12 months. On average, we think it's probably about 3 to 5. But we work really hard every day to try and shorten the cycle so that it has a more positive impact on the company sooner.

我們的目標是讓他們盡快實現盈虧平衡並達到全面運營水平。在某些市場，我們已經能夠在短短 12 個月內做到這一點。平均而言，我們認為大概是 3 到 5 次。但我們每天都非常努力地嘗試縮短週期，以便更快地對公司產生更積極的影響。

Our next question comes from the line of Garik Shmois with Loop Capital.

我們的下一個問題來自 Garik Shmois 與 Loop Capital 的合作。

I was wondering if you could speak a little bit more on the supply chain on the residential side. Are you sooner expecting to see any change there just in light of some of the restocking that you mentioned and some of the stronger storm demand? Will you be in a situation in which supply gets tight again or just the underlying dynamics on the new residential and on the reroofing side kind of offset...

我想知道你是否可以多談談住宅方面的供應鏈。鑑於您提到的一些補貨和一些更強勁的風暴需求，您是否希望很快看到那裡的任何變化？你會處於供應再次緊張的情況，還是新住宅和翻新屋頂方面的潛在動態有點抵消......

Sure. Thanks, Garik. So it's interesting because I think what we're seeing is a more normal pattern of sort of supply and demand, getting away from what we saw over the last couple of years when not only was it really tight. You had this sort of very mild winters and the typical behavior of both the sort of demand side and the supply side, just really out of whack on the residential side.

當然。謝謝，加里克。所以這很有趣，因為我認為我們看到的是一種更正常的供需模式，與我們在過去幾年看到的情況不同，當時它不僅非常緊張。你有這種非常溫和的冬天以及需求方和供應方的典型行為，在住宅方面真的很不正常。

I think what we've seen is a fairly normal, maybe a little bit more aggressive destocking in the fourth quarter of last year. A fairly normal start to the year where you've got some winter. So I'm assuming that the manufacturers were able to run assets, build inventory. Many of them have committed to holding more inventory than they had historically. So I would expect them to be able to build some of that inventory over the last few months.

我認為我們所看到的是相當正常的，去年第四季度可能會更激進一些。一個相當正常的一年開始，你有一些冬天。所以我假設製造商能夠經營資產，建立庫存。他們中的許多人承諾持有比以往更多的庫存。所以我希望他們能夠在過去幾個月內建立一些庫存。

We typically see a lower first quarter demand ramping up through the second quarter into kind of the late summer, early fall season where it gets really -- that's where the heaviest demand is. And that feels about how this year is going to play out.

我們通常會看到第一季度較低的需求會在第二季度逐漸上升，進入夏末秋初的季節——那裡才是需求最旺盛的時候。這讓人感覺今年將如何結束。

I think the wildcard in all this will be -- it's much more regional in terms of demand patterns this year than we've seen over the last maybe 3 or 4 years, even longer than that, where it's been fairly uniform. So I do think you're going to see the Southeast, for instance, picking up in Hurricane Ian demand, the hail storms that hit Florida. I think Florida is going to be probably tight. I think we've seen other areas of the country where the plants servicing those areas have been maybe a little bit underutilized, and we'll see that cascade through the country into those demand areas.

我認為所有這一切的通配符將是 - 就今年的需求模式而言，它比我們在過去 3 或 4 年中看到的更具區域性，甚至比它相當統一的時間更長。所以我確實認為你會看到東南部，例如，在伊恩颶風和襲擊佛羅里達州的冰雹風暴中需求增加。我認為佛羅里達州可能會很緊張。我認為我們已經看到該國的其他地區，為這些地區提供服務的工廠可能有點未得到充分利用，我們將看到這種情況在全國蔓延到這些需求地區。

So I don't see the total demand environment being above the total supply environment. So I don't think anyone's going to forecast shingle shipments in 2023 north of 160 million squares that would sort of tap out mat and shingle production. So there's going to be available capacity, I think what we're going to see is regional tightness where you've seen significant storm activity. But as we know, the manufacturers are able to turn down their assets fairly efficiently. And I think we'll see a fairly balanced environment overall with probably some regional tightness and some regional opportunities for us.

所以我不認為總需求環境高於總供應環境。因此，我認為沒有人會預測 2023 年的木瓦出貨量將超過 1.6 億平方米，這會在某種程度上淘汰墊子和木瓦的生產。所以會有可用的容量，我認為我們將看到的是區域緊張，你已經看到了顯著的風暴活動。但正如我們所知，製造商能夠相當有效地減少資產。我認為我們會看到一個整體上相當平衡的環境，可能會有一些區域性緊張和一些區域性機會。

Garik, I'd follow the storms and I'd follow the new resi exposure versus the R&R exposure, and you'll get pretty close to where it's going to be tight.

Garik，我會跟隨風暴，我會跟隨新的 resi 曝光與 R&R 曝光，你會非常接近緊張的地方。

Our next question comes from the line of Truman Patterson with Wolfe Research.

我們的下一個問題來自 Truman Patterson 與 Wolfe Research 的合作。

And Julian, I enjoy you spicing up the call with some baseball references. So I hope you're not a Cardinals fan this year. Question, it's been a rough season. You all have been talking about the kind of price stability in the channels and everything, especially on the commercial side. I'm trying to understand, have you seen any sequential moderation or pricing competition there from the OEMs on the nonres side? I'm really just trying to understand with -- you mentioned lower volumes in 4Q, and it looks like 1Q volumes were down maybe 20% year-over-year, including the destocking. So trying to understand some of those dynamics.

朱利安，我很喜歡你用一些棒球參考來增加通話的趣味性。所以我希望你今年不是紅雀隊的球迷。問題，這是一個艱難的賽季。你們一直在談論渠道和所有方面的價格穩定性，尤其是在商業方面。我想了解一下，您是否看到 nonres 方面的 OEM 有任何連續的節製或定價競爭？我真的只是想了解——你提到第四季度的銷量下降，看起來第一季度的銷量同比下降了 20%，包括去庫存。所以試圖了解其中的一些動態。

Look, Truman, as we said throughout the prepared remarks and in our Q&A session here, pricing has remained relatively stable sequentially in a demand environment that has been relatively wide open. I wouldn't say we've seen no competition. I'd also tell you that it is nothing above what I would call normal. I haven't seen anything that suggests to me, either from an OEM standpoint, a distributor standpoint, a contractor standpoint, it's a pretty benign environment from that standpoint.

聽著，杜魯門，正如我們在準備好的發言和問答環節中所說的那樣，在相對開放的需求環境中，定價一直保持相對穩定。我不會說我們沒有看到競爭。我還要告訴你，這並沒有超出我所說的正常範圍。無論是從 OEM 的角度、分銷商的角度還是承包商的角度，我都沒有看到任何對我有幫助的東西，從那個角度來看，這是一個非常良性的環境。

I mean, obviously, we only are able to control our pricing. We intend to be very disciplined around this. We intend to be very controlled about it and be very thoughtful. And look, I feel pretty good about the call that we made 3 months ago on what we expected to see for this year.

我的意思是，顯然，我們只能控制我們的定價。我們打算對此非常自律。我們打算對此非常控制並且非常周到。看，我對我們 3 個月前就我們預計今年會看到的情況所做的電話會議感到非常滿意。

Our next question comes from the line of David MacGregor with Longbow Research.

我們的下一個問題來自 Longbow Research 的 David MacGregor。

I wanted to ask about new stores. And just from a strategy standpoint, how are you thinking about targeting your resources towards new markets versus existing markets, targeting new openings within existing OTC networks, how you manage the cannibalization? But if you could just talk about that, that would help us.

我想問一下新店。僅從戰略的角度來看，您如何考慮將您的資源用於新市場而不是現有市場，針對現有場外交易網絡中的新開口，您如何管理蠶食？但如果你能談談這個，那會對我們有幫助。

Our branches in the OTC markets are network, as you know. So there's no real cannibalization. We do develop a map of deliveries, and we understand what revenues and what deliveries ought to really belong to the new branch versus the existing branch, just honestly for the customer service element of things and the efficiency element of things. I mean we can do it better from a branch that's a lot closer rather than having to run a truck 50 or 100 miles from a further way branch.

如您所知，我們在場外交易市場的分支機構是網絡化的。所以沒有真正的蠶食。我們確實制定了一份交付圖，我們了解哪些收入和交付應該真正屬於新分支機構與現有分支機構，只是為了事物的客戶服務元素和事物的效率元素。我的意思是我們可以從更近的分支機構做得更好，而不是必須在距離更遠的分支機構 50 或 100 英里的地方開一輛卡車。

The aperture in terms geographies is pretty wide. I mean I think we said at Investor Day, we had 60 or 70 target locations out there. It's as big now as it was then. We've already deployed 20 into the environment. So it's very much a market-by-market and a local cultivation of where we need to be, where we need to create kind of local leadership in that particular market. We know where we're underpenetrated and where we want to be more penetrated. So there's a very thoughtful exercise that we go through.

就地理而言，光圈非常大。我的意思是我認為我們在投資者日說過，我們有 60 或 70 個目標地點。現在和以前一樣大。我們已經將 20 個部署到環境中。因此，這在很大程度上是逐個市場和我們需要在當地培養的地方，我們需要在那個特定市場建立某種地方領導地位。我們知道我們在哪些方面未被充分滲透，以及我們希望在哪些方面更深入。所以我們進行了一個非常周到的練習。

I'd say that the ability to find lease space today is a lot easier than it was a year to 2 years ago. It's still tight in some places, but it's much easier than it has been in the past. So we're being pretty thoughtful about how we do that. So what we do when we open one is in the pro forma, let's say, that there's sales that really belong to that new branch, we may put $1 million and just transfer that over into the new branch, which gives them a head start.

我想說，與一年到兩年前相比，今天找到租賃空間的能力要容易得多。有些地方還是很緊，但比過去輕鬆多了。所以我們對我們如何做到這一點非常深思熟慮。因此，當我們開設一家公司時，我們做的是備考，比方說，有真正屬於那個新分支的銷售額，我們可能會投入 100 萬美元，然後將其轉移到新分支中，這讓他們有一個良好的開端。

But it's not cannibalization and it's not new capacity into the market. What we're trying to do is to look for the white space in between our branches so they can support one another with inventory and trucks and people and ultimately service the customer better and drive sales.

但這不是蠶食，也不是市場的新產能。我們正在努力做的是在我們的分支機構之間尋找空白，這樣他們就可以在庫存、卡車和人員方面相互支持，最終更好地為客戶服務並推動銷售。

And can you speak to the expected impact to your OpEx this year just from the new store program.

你能談談今年新店計劃對你的運營支出的預期影響嗎？

Yes. So in the -- if you think about the quarter itself, so let's just use Q1 as an example, the OpEx side of greenfield specifically was about $5 million. And so we'll cycle last year's greenfields as we go throughout the year. Obviously, you heard Julian talk about the number that we were going to deploy this year. The cadence is going to be difficult to predict with a level of accuracy. But I think if you're in the kind of mid- to high single-digit millions on a year-over-year basis, you'll be in the right neighborhood.

是的。所以在 - 如果你考慮這個季度本身，那麼讓我們以第一季度為例，綠地的 OpEx 方面特別是大約 500 萬美元。因此，我們將在全年循環使用去年的綠地。顯然，您聽到 Julian 談論了我們今年要部署的數字。節奏很難準確預測。但我認為，如果你的年增長率達到中高個位數百萬，那麼你就來對地方了。

Our next question comes from the line of Michael Rehaut with JPMorgan.

我們的下一個問題來自摩根大通的 Michael Rehaut。

Doug Wardlaw for Mike. I just wanted a little bit more insight on the first quarter and market demand. Obviously, you guys stated that storm were a little bit heavier than you anticipated. I just want to know if you guys could break out some more trends you saw within the quarter outside of weather being a little bit heavier?

邁克的道格·沃德勞。我只是想對第一季度和市場需求有更多的了解。顯然，你們說風暴比你們預期的要大一點。我只是想知道你們是否可以打破你在本季度內看到的更多趨勢，而不是天氣有點重？

Yes. So if I broke down the quarter -- the first quarter year-over-year by line of business, the dailies on resi were down 1 -- a little over 1% as you saw in the prepared slides. I mean that's really a combination of pricing being up high single digits and daily volumes being down low doubles. There really wasn't any M&A impact in the resi side. The acquisitions there were fairly small. So I mean I think the trends were exactly what we expected. It was largely a new construction story, not an R&R story. There's obviously a little bit of discretionary R&R that might get impacted by higher interest rates. But the big story was new res. And you heard Julian talk about some of the markets there.

是的。因此，如果我按業務線細分這個季度——第一季度與去年同期相比，resi 的日報下降了 1——略高於 1%，正如你在準備好的幻燈片中看到的那樣。我的意思是，這實際上是定價高個位數和每日交易量低雙倍的組合。 resi 方面確實沒有任何併購影響。那裡的收購相當小。所以我的意思是我認為趨勢正是我們所期望的。這主要是一個新的建築故事，而不是 R&R 故事。顯然有一些可自由支配的 R&R 可能會受到更高利率的影響。但重要的是新資源。你聽到朱利安談論那裡的一些市場。

On the nonres side, down about 9% or so on a daily basis. Again, that was probably 3, 4, 5 percentage points higher than what we had originally expected given the extent of the contractor destocking. I think we called contractor destocking. We may not have called the magnitude all that well and no real M&A in that environment either. We are seeing volumes continue to be negative, but less so as the months go by that destocking will come to a conclusion at the end of the second quarter.

在非資源方面，每天下降約 9% 左右。同樣，考慮到承包商去庫存的程度，這可能比我們最初預期的高出 3、4、5 個百分點。我想我們稱之為承包商去庫存。我們可能沒有很好地稱量級，在那種環境下也沒有真正的併購。我們看到銷量繼續為負，但隨著時間的推移，去庫存將在第二季度末結束。

On the complementary side, it's largely the M&A story there. The bulk of the 21% or so dailies there was because of the Coastal and the Whitney acquisitions. So we're seeing that LOB perform quite well with Coastal. We're excited about the waterproofing platform that we've created. Siding did well in the quarter as well. That was up nicely on both the vinyl and the fiber cement side. The only thing that was really the drag in that particular line of business was lumber and specifically lumber price. I mean you can look at the future and see what the drag is there. So hopefully, that gives you some color overall.

在互補方面，主要是那裡的併購故事。那裡 21% 左右的日報中的大部分是因為 Coastal 和 Whitney 的收購。所以我們看到 LOB 在 Coastal 上表現得很好。我們對我們創建的防水平台感到興奮。賽丁在本季度也表現出色。這在乙烯基和纖維水泥方面都很好。唯一真正拖累該特定業務線的是木材，尤其是木材價格。我的意思是你可以展望未來，看看那裡有什麼阻力。所以希望這能給你一些整體色彩。

Yes. I'd go to the prepared remarks we said. I mean we called the markets in -- at the end of our fourth quarter call. And we said, look, we know new residential construction markets are going to be off substantially. We don't forecast themselves. We look at consensus. So the consensus there was probably off 20% plus.

是的。我會去看我們說過的準備好的評論。我的意思是我們在第四季度電話會議結束時打電話給市場。我們說，看，我們知道新的住宅建築市場將大幅下滑。我們不預測自己。我們看共識。所以那裡的共識可能是 20% 以上。

When we've talked about the residential reroofing markets, we said, look, it's largely nondiscretionary, but at the margin higher interest rates are going to cause less housing turnover and housing turnover causes reroofing as well as inspections are done and insurance requirements are met. So we would expect that to be down a little bit.

當我們談到住宅屋頂翻新市場時，我們說，看，這在很大程度上是非自由裁量權的，但在邊際上，較高的利率將導致房屋周轉率下降，而房屋周轉率會導致屋頂翻新以及完成檢查並滿足保險要求.所以我們預計會有所下降。

We said commercial markets would be about flat. As Frank and we've said multiple times now, we probably underestimated the contract of destocking, but we've called that. And we said that storms would return to their sort of 10-year average, which we feel pretty good about now given everything we've seen in the first quarter.

我們說商業市場將基本持平。正如弗蘭克和我們現在多次說過的那樣，我們可能低估了去庫存合同，但我們稱之為。我們說風暴將恢復到 10 年平均水平，考慮到我們在第一季度看到的一切，我們現在感覺很好。

So in terms of our overall planning assumptions, we think we've been pretty good at sort of articulating what assumptions we've made in order to hit our guidance. And we feel right now, as we sit here, pretty good about that. April felt really good coming out of probably a weaker first quarter that was impacted by weather and some destocking. But overall, we're really confident about where we stand for the year. And like I said, reiterate our feelings on what we can produce as a company.

因此，就我們的總體規劃假設而言，我們認為我們一直非常擅長闡明我們為達到我們的指導而做出的假設。當我們坐在這裡時，我們現在感覺非常好。受天氣和一些去庫存影響，第一季度可能較弱，4 月份感覺非常好。但總的來說，我們對今年的表現非常有信心。就像我說的，重申我們對作為一家公司可以生產什麼的看法。

That concludes the questions. Now I would like to turn the call back over to Mr. Francis for his closing remarks.

問題到此結束。現在，我想將電話轉回弗朗西斯先生的閉幕詞。

Thank you, Bethany. Well, my closing really was -- I just mentioned it. I said I think that at all, we feel pretty good about the macro environment. We think the company is performing well. We want to thank our employees for the work that they've put in over the last several months to start the year on a really positive note. We've just delivered record sales for first quarter, a record cash flow for the first quarter, the second highest EBITDA number that we've delivered in the first quarter as well. So we feel pretty good about it.

謝謝你，伯大尼。好吧，我的結束真的是——我剛剛提到過。我說我覺得一點，我們對宏觀環境感覺還不錯。我們認為公司表現良好。我們要感謝我們的員工在過去幾個月中所做的工作，以非常積極的方式開始新的一年。我們剛剛實現了第一季度創紀錄的銷售額，創紀錄的第一季度現金流量，也是我們在第一季度實現的第二高 EBITDA 數字。所以我們對此感覺很好。

We have multiple paths to growth, as we've demonstrated. In a lower demand environment, we were able to grow sales. And we've got multiple paths, we believe, to margin expansion. And with that, we will be disciplined about our capital deployment, looking at M&A, acquisitions and reinvesting in our branches to improve our overall customer service.

正如我們所展示的，我們有多種增長途徑。在需求較低的環境中，我們能夠增加銷售額。我們相信，我們有多種途徑來擴大利潤。因此，我們將嚴格控制我們的資本部署，著眼於併購、收購和對我們分支機構的再投資，以改善我們的整體客戶服務。

So we're excited. We thank you for your interest in Beacon. Have a wonderful evening.

所以我們很興奮。感謝您對 Beacon 的關注。祝你度過一個美好的夜晚。

That concludes today's conference call. I hope you all enjoy the rest of your day. You may now disconnect your lines.

今天的電話會議到此結束。我希望你們都過得愉快。您現在可以斷開線路。