Beacon Roofing Supply Inc (BECN) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Beacon Third Quarter 2024 Earnings Call. My name is Ezra, and I'll be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

女士們、先生們，早安，歡迎參加 Beacon 2024 年第三季財報電話會議。我的名字是埃茲拉 (Ezra)，今天我將擔任您的協調員。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。

I would now like to turn the call over to Mr. Binit Sanghvi, Vice President, Capital Markets and Treasurer. Please proceed, Mr. Sanghvi.

現在，我想將電話轉給資本市場和財務主管副總裁 Binit Sanghvi 先生。請繼續，桑維先生。

Thank you, Ezra. Good morning, everybody, and as always, we thank you for taking the time to join our call. Today, I'm joined by Julian Francis, our Chief Executive Officer; and Prith Gandhi, Beacon's Chief Financial Officer. Julian and Prith will begin today's call 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.

謝謝你，以斯拉。大家早安，一如既往，感謝您抽出時間參加我們的電話會議。今天，我們與首席執行官朱利安·弗朗西斯 (Julian Francis) 一起出席；以及 Beacon 財務長 Prith Gandhi。Julian 和 Prith 將在今天的電話會議上以準備好的發言開始，發言內容將按照 Beacon 網站投資者關係部分的幻燈片進行。之後，我們將開始回答問題。

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 words such as anticipate, estimate, expect, believe, and other words of similar meaning.

在我們開始之前，請參考投影片 2 中的幾個簡短提醒。首先，本次電話會議將包含有關公司計畫、目標和未來績效的前瞻性陳述。前瞻性陳述之所以能夠被識別，是因為它們並不嚴格地與歷史或當前事實相關，並且使用諸如預期、估計、期望、相信等具有類似含義的詞語。

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 2023 Form 10-K. Second, the forward-looking statements contained in this call are based on information as of today, October 31, 2024.

由於各種重要因素，包括但不限於公司 2023 年 10-K 表「風險因素」部分中列出的因素，實際結果可能與此類前瞻性陳述所示的結果有重大差異。其次，本次電話會議中所包含的前瞻性陳述是基於截至 2024 年 10 月 31 日的資訊。

Except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements. And finally, this call will contain references to certain non-GAAP measures. The reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in today's press release and the appendix of the presentation accompanying this call. Both the press release and the presentation are available on our website at becn.com.

除法律要求外，本公司不承擔更新或修改任何這些前瞻性聲明的義務。最後，本次電話會議將涉及某些非 GAAP 指標。這些非公認會計準則指標與最具可比性的公認會計準則指標的對帳已在今天的新聞稿和本次電話會議的簡報附錄中進行了說明。新聞稿和簡報均可在我們的網站 becn.com 上找到。

Now let's begin with opening remarks from Julian.

現在讓我們先聽朱利安的開場白。

Thanks, Binit, and good morning, everyone. Let's begin on slide 4. Beacon's third quarter results continue to demonstrate the resilience of our industry and this team's execution on our Ambition 2025 plan. We have multiple pads to top line growth and margin expansion and continue to deliver record numbers for the company.

謝謝，Binit，大家早安。讓我們從第 4 張投影片開始。Beacon 第三季的業績繼續證明了我們行業的韌性以及團隊對我們的「2025 雄心」計劃的執行。我們有多種方式實現營收成長和利潤率擴大，並繼續為公司創造創紀錄的數字。

Our end markets are underpinned by the repair and replacement cycle of exterior weatherproof products on residential housing and commercial buildings. The majority of this demand is nondiscretionary. And while core demand remains good, the overall level of activity came in lower than we anticipated in the third quarter.

我們的終端市場以住宅和商業建築外部防風雨產品的維修和更換週期為基礎。這些需求大部分是非自由支配的。儘管核心需求仍然良好，但第三季的整體活動水準低於我們的預期。

Nevertheless, the Beacon team has delivered by continuing to focus on our strategic plan and areas within our control. In the third quarter, we grew daily sales by nearly 6% year over year driven primarily by our acquisitions. Our gross margin came in at 26.3% above our prior guidance through our team's disciplined margin management.

儘管如此，Beacon 團隊仍繼續專注於我們的策略計畫和我們能控制的領域，從而實現了目標。第三季度，我們的每日銷售額年增近 6%，這主要得益於收購。透過我們團隊嚴格的利潤管理，我們的毛利率比先前的預期高出 26.3%。

Notably, we were price cost positive across all three lines of business. We stayed focused on cost management and continuous improvement. During the quarter, we took action to lower operating expenses and align cost with market conditions.

值得注意的是，我們三條業務線的價格成本都是正值。我們始終專注於成本管理和持續改進。在本季度，我們採取行動降低營運費用並使成本與市場狀況保持一致。

As a result, we achieved record top line and strong bottom line performance, including a record for quarterly adjusted EBITDA. We continue to use our cash flow and balance sheet capacity to reinvest in organic growth, conduct M&A and return capital to shareholders.

結果，我們實現了創紀錄的營業收入和強勁的獲利表現，包括創紀錄的季度調整後 EBITDA。我們繼續利用我們的現金流量和資產負債表能力來再投資於有機成長、進行併購並向股東返還資本。

We have acquired seven companies since the end of the second quarter. I'd like to highlight the addition of [Persec Matalan building supplies]. Headquartered in Clifton, New Jersey, [Pacific] adds strength to our commercial solutions footprint with eight branches in New Jersey and Win New York.

自第二季末以來，我們已經收購了七家公司。我想強調的是[Persec Matalan 建築材料]。[Pacific] 總部位於新澤西州克利夫頓，在新澤西州和紐約州設有 8 個分支機構，進一步增強了我們的商業解決方案影響力。

For more than 100 years, the Goodman family has built a reputation for providing commercial contractors in the region, the most professional service and technical support. This acquisition significantly strengthens our position in commercial roofing and related businesses in the state. Our Ambition 2025 plan is entirely about [on] the potential of Beacon. I can confidently say today we are well on our way to achieving that goal.

一百多年來，古德曼家族因向該地區的商業承包商提供最專業的服務和技術支援而建立了良好的聲譽。此次收購大大增強了我們在該州商業屋頂和相關業務領域的地位。我們的 2025 雄心壯志計劃完全與 Beacon 的潛力有關。我今天可以自信地說，我們正在順利實現這一目標。

Now please turn to page 5. As most of you know, we laid out our targets in that Investor Day to drive above-market growth deliver consistent double-digit adjusted EBITDA margins, build a great organization and generate superior shareholder returns. A relentless focus on our customers is central to how we operate and achieving those goals.

現在請翻到第 5 頁。大家可能都知道，我們在投資者日設定了目標：推動高於市場的成長，實現持續兩位數的調整後 EBITDA 利潤率，打造優秀的組織，並創造優良的股東回報。堅持不懈地專注於客戶是我們營運和實現這些目標的核心。

Our team works every day to deliver a great customer experience. Let me provide you with an update on our strategic initiatives, starting with a few ways that we are building a winning culture. One of our community support pillars is empowering people to build skills and achieve their goals. In the past few quarters, we have delayed funds and expertise to the Roofing industry Center at [Clemson University]. The [sensors] top goals in [tracking] training professionals in the industry.

我們的團隊每天都在努力提供優質的客戶體驗。讓我向您介紹我們的策略舉措的最新情況，首先介紹一下我們建立成功文化的幾種方式。我們的社區支持支柱之一是幫助人們培養技能並實現他們的目標。在過去幾個季度中，我們推遲了對屋頂產業中心的資金和專業知識的投入[克萊姆森大學]。[感測器]是[追蹤]產業培養專業人員的首要目標。

I'm pleased to say that online courses are already available to anyone considering a career in roofing and a number of our own employees have advanced their skills by completing the eight-week course. Further, in September, our team announced that Beacon has officially partnered with the US Army's Partnership for your success or [PAs] approach.

我很高興地說，任何考慮從事屋頂職業的人都可以參加線上課程，而且我們自己的許多員工已經通過完成為期八週的課程提高了他們的技能。此外，9 月份，我們的團隊宣布 Beacon 已與美國陸軍的「合作夥伴關係」正式合作，以促進您的成功或 [PAs] 方法。

This exciting new collaboration highlights our unwavering commitment to supporting veterans by providing them with rewarding career opportunities across our nationwide footprint. The [PACE] program connects soldiers with top employers, ensuring that they have a clear path to civilian careers after their military service.

這次令人興奮的新合作凸顯了我們堅定不移地致力於支持退伍軍人的承諾，透過在全國範圍內為他們提供有益的職業機會。[PACE] 計劃將士兵與頂級雇主聯繫起來，確保他們在服完兵役後能夠順利進入平民行業。

As a pays partner, we can guarantee, soldiers and interview that allows them to showcase their skills, discipline and leadership in addition to learning about career opportunities. And for those of you who listened to our calls in the past, you may recall that we established Beacon Cares four years ago.

作為付費合作夥伴，我們可以保證士兵透過面試來展現他們的技能、紀律和領導能力，同時了解職業機會。曾經聽過我們呼籲的人可能還記得，我們​​四年前成立了 Beacon Cares。

Beacon Cares is an employee crisis relief support fund that provides grants to employees coping with unexpected financial powerships resulting from natural disasters or other personal situations. Hundreds of our team members live and work in the past of the recent storms. And during the quarter, the Beacon team donations totaling $100,000 to the fund.

Beacon Cares 是一項員工危機救助支持基金，為因自然災害或其他個人情況造成的意外財務困難的員工提供補助。我們團隊的數百名成員在最近的暴風雨過後生活和工作。本季度，Beacon 團隊向該基金捐款總額達 10 萬美元。

I'm thankful that all of our employees (inaudible) and that we have a program in Beacon cares to ease some of their hardship. Our second pillar is driving above-market growth and enhancing margins through a set of targeted initiatives.

我很感激我們所有的員工（聽不清楚），我們在 Beacon Cares 有一個專案可以減輕他們的一些困難。我們的第二個支柱是透過一系列有針對性的措施推動高於市場的成長並提高利潤率。

Our greenfield team continues to execute on our pipeline of new locations, and we have opened 17 branches year to date. Each time we open a new location, we had sales resources and reduced the average distance and time it takes us to reach our customers. This enhances our overall value proposition, giving us the opportunity to earn market share.

我們的綠地團隊繼續執行我們的新地點計劃，今年迄今為止我們已經開設了 17 家分行。每次我們開設一個新店，我們都會有銷售資源，從而減少我們接觸客戶的平均距​​離和時間。這增強了我們的整體價值主張，使我們有機會贏得市場份額。

We have now opened 62 new branches since the beginning of 2022, well ahead of our original Ambition 2025 goal of 40 total. Turning to acquisitions. We discussed our recent purchase of Persec earlier. We also highlighted the acquisition of [Rufesmart], Extreme Metal and integrity metals on our call in August.

自 2022 年初以來，我們已開設了 62 家新分行，遠遠超出了我們最初的 2025 年宏偉目標（總共 40 家）。轉向收購。我們之前討論過我們最近購買 Persec 的情況。我們也在 8 月的電話會議上重點介紹了對 [Rufesmart]、Extreme Metal 和 integrity metals 的收購。

We completed three other acquisitions since the end of the second quarter, including SSR in Canada, Chicago Metallic Supply and Ryan Building Products in Massachusetts. Collectively, these acquisitions add to our commercial footprint and enhance our customer solutions. I'm pleased to report that our acquisition portfolio is performing well and delivering better-than-expected results.

自第二季末以來，我們完成了另外三項收購，包括加拿大的 SSR、Chicago Metallic Supply 和馬薩諸塞州的 Ryan Building Products。總的來說，這些收購擴大了我們的商業足跡並增強了我們的客戶解決方案。我很高興地報告，我們的收購組合表現良好並且取得了好於預期的成果。

Since announcing our Ambition 2025 plan have acquired 24 companies adding 83 branches, which together are generating around $1 billion in annual revenue. In the third quarter, we grew digital sales approximately 28% year over year. Digital sales to our residential customers were once again highlighted as we achieved our highest quarterly adoption ever at more than 28%.

自從宣布我們的「2025 宏偉計劃」以來，我們已收購了 24 家公司，增加了 83 家分支機構，每年共創造約 10 億美元的收入。第三季度，我們的數位銷售額年增約28%。我們住宅客戶的數位銷售再次成為亮點，因為我們實現了有史以來最高的季度採用率，超過 28%。

Our online capability continues to be a clear competitive advantage for Beacon and sales through our digital platform increased customer loyalty, generate larger basket sites and enhanced margin by roughly 150 basis points when compared with off-line channels. And in September, we announced the launch of Beacon Pro+ in Canada.

我們的線上能力繼續成為Beacon 的明顯競爭優勢，與線下通路相比，透過我們的數位平台進行的銷售提高了客戶忠誠度、產生了更大的購物網站並將利潤率提高了約150 個基點。9月，我們宣佈在加拿大推出 Beacon Pro+。

Now our customers there can enjoy our robust no-cost digital tool that is used by thousands of (inaudible) roofing contractors to manage their business and sales process anywhere at any time. Many of you know that our private label line of products sold under the TRI-BUILT brand delivers professional results for customers at a competitive price and yields between 500 and 2,000 basis points of additional margin versus branded alternatives.

現在，我們的客戶可以享受我們強大的免費數位工具，成千上萬的（聽不清楚）屋頂承包商可以隨時隨地使用該工具來管理他們的業務和銷售流程。你們許多人都知道，我們以 TRI-BUILT 品牌銷售的自有品牌產品線以具有競爭力的價格為客戶提供專業的效果，並且與品牌替代品相比可獲得 500 至 2,000 個基點的額外利潤。

I'm pleased to report that TRI-BUILT ISO, our newest addition to our expanding private label line launched in the second quarter is up to a great start and helped drive private label higher by 12% year on year. As customers have come to rely on TRI-BUILT products available exclusively through Beacon, and we will continue to support them through our extensive and growing catalog of product offerings.

我很高興地報告，TRI-BUILT ISO 是我們在第二季度推出的不斷擴大的自有品牌系列的最新成員，取得了良好的開端，並幫助自有品牌同比增長了 12%。由於客戶已經開始信賴透過 Beacon 獨家提供的 TRI-BUILT 產品，我們將繼續透過我們廣泛且不斷成長的產品目錄為他們提供支援。

Third, and as we have discussed in several quarters, we are enhancing productivity, capacity and safety through our continuous improvement and operational excellence initiatives. Our focus on the bottom quintile branches has generated meaningful contributions to EBITDA, and this year is no different. A disciplined process for diagnosing and addressing issues have been core to our operational improvement in the last four years.

第三，正如我們在幾個季度中討論的那樣，我們正在透過持續改進和卓越營運措施來提高生產力、產能和安全性。我們對底層五分之一分公司的關注為 EBITDA 帶來了有意義的貢獻，今年也不例外。在過去四年中，診斷和解決問題的規範流程一直是我們營運改善的核心。

I'm pleased to report that the process contributed approximately $9 million of EBITDA year over year in the third quarter. And as you may recall from our first quarter call, we held our annual company-wide safety standard in which all of our branches and employees paused and recommitted to making everyday safer.

我很高興地報告，該流程在第三季同比貢獻了約 900 萬美元的 EBITDA。您可能還記得，在第一季的電話會議上，我們執行了全公司年度安全標準，所有分公司和員工都暫停辦公，並重新致力於讓每一天都更加安全。

This year, spotlights on newer employees who are greater risk of injuries through strains and sprains. And I'm pleased to report that our focus has already resulted in tangible improvements. We are well on our way to achieving our goal of reducing the strains and sprains by 50% this year. Fourth, let's review we are creating shareholder value.

今年，焦點集中在因拉傷和扭傷而面臨更大受傷風險的新員工身上。我很高興地報告，我們的關注已經帶來了切實的進步。我們正在順利實現今年減少 50% 拉傷和扭傷的目標。第四，讓我們回顧一下我們正在創造的股東價值。

As previously announced, during the second quarter, we entered into an additional accelerated share repurchase program in the amount of [$225 million]. The share buyback program demonstrates both our commitment to delivering value to shareholders and our confidence in the Ambition 2025 plan.

正如先前宣布的那樣，在第二季度，我們簽訂了一項額外的加速股票回購計劃，金額為[2.25億美元]。股票回購計劃體現了我們致力於為股東創造價值的承諾以及我們對「2025願景」計劃的信心。

Since the start of Ambition 2025, we have deployed more than 1.5 billion to share buybacks, reducing the as-converted share count by approximately 23%. In summary, we have a differentiated service model and have built the tools to enable multiple paths to growth, margin expansion and value creation through the cycle. Our Ambition 2025 plan is seamlessly (inaudible) all together into an operating model to amplify the resiliency of our business model and unlock our potential.

自「2025年願景」啟動以來，我們已投入超過15億美元用於回購股票，將轉換後的股票數量減少了約23%。總而言之，我們擁有差異化的服務模式，並建構了工具來實現整個週期中多種成長路徑、利潤擴張和價值創造。我們的「2025 宏偉計劃」無縫地（聽不清楚）融入營運模式中，以增強我們業務模式的彈性並釋放我們的潛力。

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

現在我將把電話轉給 Prith，以便更深入地關注我們的第三季業績。

Thanks, Julian, and good morning, everyone. Turning to slide 7. We achieved nearly $2.8 billion in total net sales in the third quarter, up more than 7%, primarily driven by the impact of acquisitions. Adjusting for the one additional day in the third quarter of this year, net sales increased by almost 6%. Higher average selling prices also contributed to the annual growth in sales.

謝謝，朱利安，大家早安。翻到幻燈片 7。我們第三季實現了近 28 億美元的總淨銷售額，成長超過 7%，這主要得益於收購的影響。調整今年第三季的一天額外銷售額後，淨銷售額增加了近 6%。較高的平均銷售價格也促進了年度銷售額的成長。

Organic volumes, including those from greenfields, decreased approximately 1% to 2% per day while overall price contributed 1% to 2%. Acquisitions completed within the last 12 months are performing well and contributed a little more than 5.5% in total sales year over year.

包括來自綠地在內的有機產量每天下降約 1% 至 2%，而整體價格則下降 1% 至 2%。過去 12 個月內完成的收購表現良好，對總銷售額的貢獻率較去年同期略高於 5.5%。

Residential roofing sales per day were higher by less than 1% as higher prices resulting from our diligent execution of the August price increase contributed low single digits percent year over year. Acquisitions also offset lower organic volumes versus a high single comparable in the prior year period. While our residential volumes were down in the quarter, we estimate that our volumes were in line with the overall market.

由於我們認真執行八月份的價格上漲政策，住宅屋頂的日銷售額增長不到 1％，這導致價格上漲，與去年同期相比增長了低個位數百分比。與去年同期較高的單一可比銷售相比，收購也抵消了較低的有機銷售量。雖然本季我們的住宅銷售量有所下降，但我們估計我們的銷售量與整體市場保持一致。

Nonresidential sales per day increased by nearly 8% based on strong R&R activity and a solid market execution by our team. Prices remained stable on a sequential basis and declined in the low single digits year over year.

由於強勁的 R&R 活動和我們團隊穩健的市場執行，非住宅每日銷售額增長了近 8%。價格較上月維持穩定，年比則出現個位數低幅下降。

Bidding and quoting remain at healthy levels. We also continued to see a shift from new construction to repair and reroofing activity in the third quarter. Complementary sales per day increased by more than 15% driven by acquisitions.

競標和報價仍保持在健康水平。第三季度，我們也繼續看到從新建工程轉向修復和重建屋頂活動的轉變。在收購的推動下，每日互補銷售額增加了 15% 以上。

We have acquired 20 new waterproofing branches in the last four quarters, significantly expanding our specialty waterproofing products division. Selling prices in complementary were flat year over year. Please keep in mind that our complementary product category now has approximately 70% residential and 30% nonresidential exposure.

我們在過去四個季度中收購了 20 個新的防水分支機構，大大擴展了我們的專業防水產品部門。互補產品的銷售價格與去年同期相比持平。請記住，我們互補的產品類別現在約有 70％ 面向住宅，30％ 面向非住宅。

Turning to slide 8. We'll review gross margin and operating expense. Gross margin was 26.3% in the third quarter, up 30 basis points year over year and higher than our forecast. It is worth noting that this is the fourth consecutive third quarter gross margin of 26% or higher.

翻到幻燈片 8。我們將審查毛利率和營業費用。第三季毛利率為26.3%，年增30個基點，高於我們的預測。值得注意的是，這是連續第四個第三季毛利率達到或超過26%。

As Julian highlighted, this was driven by higher price costs across all three lines of business. In total, price cost was up approximately 50 basis points year over year as higher average selling prices were partially offset by product inflation. In addition, higher sales through our digital channel and growth of our private label products continue to be accretive to Beacon's gross margin.

正如朱利安所強調的，這是由於三條業務線的價格成本上漲所致。總體而言，價格成本較上年同期上漲了約 50 個基點，因為較高的平均銷售價格被產品通膨部分抵銷。此外，我們透過數位管道實現的銷售成長和自有品牌產品的成長持續增加 Beacon 的毛利率。

These favorable contributions were partially offset by higher nonresidential sales and the dilutive impact of M&A we've conducted in the past that has yet to be fully synergized. Adjusted operating expense was $443 million, an increase of approximately $48 million compared to the prior year quarter. Adjusted operating expense as a percentage of sales increased to 16%, up 70 basis points year over year.

這些有利的貢獻被非住宅銷售額的增加和我們過去進行的尚未完全協同的併購的稀釋影響部分抵消。調整後的營業費用為 4.43 億美元，較去年同期增加約 4,800 萬美元。調整後營業費用佔銷售額的百分比增加至 16%，較去年同期成長 70 個基點。

Expenses associated with acquired and greenfield branches contributed approximately $34 million or about 70% of the increase in adjusted OpEx. Inflationary wages and benefits as well as warehouse operating costs also contributed to the increase in adjusted OpEx.

與收購和新建分行相關的費用貢獻了約 3,400 萬美元，約佔調整後營運支出增幅的 70%。通貨膨脹的工資和福利以及倉庫營運成本也導致了調整後的營運支出的增加。

As you may recall from our second quarter call, we said that we would adjust to market conditions and balance operating efficiency and high service levels in the second half of the year. And in the third quarter, we did exactly that by taking action to align our OpEx at the level of activity that we are seeing in our markets.

您可能還記得，我們​​在第二季電話會議上表示，我們將根據市場情況進行調整，並在下半年平衡營運效率和高服務水準。在第三季度，我們確實採取了這樣的行動，將我們的營運支出與我們在市場中看到的活動水平保持一致。

Restructuring charges associated with the cost actions consisting of onetime (inaudible) employee benefit costs were approximately $11 million in the quarter, and the full impact of the savings will be only realized in Q4 and beyond. We estimate the annualized impact of these actions to be approximately $45 million and reduced operating expenses.

本季與成本行動相關的重組費用（包括一次性（聽不清楚）員工福利成本）約為 1,100 萬美元，而成本節省的全部影響要到第四季及以後才會實現。我們估計這些行動的年化影響約為 4500 萬美元，並減少營運費用。

Going forward, we will continue to build on our track record of agility and stand ready to respond to changing market conditions. At the same time, we are focused on investing to drive and support above-market growth and margin enhancement as part of the Vision 2025. These investments include initiatives related to our sales organization, private label pricing tools, e-commerce technologies and branch optimization.

展望未來，我們將繼續鞏固我們的敏捷性並隨時準備應對不斷變化的市場條件。同時，作為 2025 願景的一部分，我們專注於投資推動和支持高於市場的成長和利潤率的提高。這些投資包括與我們的銷售組織、自有品牌定價工具、電子商務技術和分支機構優化相關的措施。

Turning now to slide 9. Operating cash flow in the quarter was solid at nearly $250 million, largely attributable to the $117 million sequential reduction in net inventory. That said, as a result of the recent hurricane activity, we will be balancing conversion of inventory with ensuring we have adequate product availability for our customers in the storm-impacted regions of the country.

現在翻到第 9 張投影片。本季經營現金流穩健，接近 2.5 億美元，主要歸因於淨庫存量連續減少 1.17 億美元。儘管如此，由於最近的颶風活動，我們將平衡庫存轉換，以確保我們為該國受風暴影響地區的客戶提供足夠的產品。

On a year over year basis, inventory was higher by $186 million, driven mostly by inventory from acquired branches and greenfield load-ins. Inflation and our product costs also contributed to the increase. As of the end of the third quarter, our net debt leverage at approximately 3.1 times was slightly above our targeted 2 to 3x range.

與去年同期相比，庫存增加了 1.86 億美元，主要原因是收購分公司和新建工廠的庫存增加。通貨膨脹和我們的產品成本也導致了這一成長。截至第三季末，我們的淨負債槓桿比率約為 3.1 倍，略高於我們的目標 2 至 3 倍範圍。

We continue to expect solid cash generation in the fourth quarter the majority of which will be used to pay down our seasonal borrowings and bring net debt leverage within our targeted range. More generally, our capital allocation will continue to be balanced between deploying cash in our existing business, executing on the active value-creating acquisition pipeline and providing returns to our shareholders in the form of share repurchases.

我們繼續預計第四季度將產生穩健的現金，其中大部分將用於償還季節性借款，並將淨債務槓桿率控制在我們的目標範圍內。更普遍地說，我們的資本配置將繼續在現有業務中部署現金、執行積極創造價值的收購管道以及以股票回購的形式向股東提供回報之間保持平衡。

For 2024, we expect to invest approximately $125 million in capital expenditures to drive organic growth and to upgrade our fleet and facilities in support of our customers and employees. While Julian previously covered the share repurchase program, let me remind you of some additional details that may be helpful.

到 2024 年，我們預計將投資約 1.25 億美元的資本支出，以推動有機成長並升級我們的車隊和設施，以支持我們的客戶和員工。儘管朱利安之前已經介紹過股票回購計劃，但讓我提醒您一些可能有用的其他細節。

In the second quarter, we entered into a $225 million accelerated share repurchase plan that resulted in the retirement of approximately 1.9 million shares or $180 million. As a result, net of share issuances for stock-based compensation, we reduced our common shares outstanding to 61.9 million on September 30 versus $63.6 million at March 31.

第二季度，我們達成了一項價值 2.25 億美元的加速股票回購計劃，導致約 190 萬股或 1.8 億美元的股票回購。因此，在扣除股票薪酬發行的股份後，我們在 9 月 30 日的流通在外的普通股數量從 3 月 31 日的 6,360 萬美元減少至 6,190 萬美元。

The remaining $45 million equity forward contract is expected to settle in the fourth quarter of 2024 and result in the estimated repurchase and retirement of approximately 600,000 additional shares based on our stock price as of the end of the quarter.

剩餘的 4,500 萬美元股票遠期合約預計將於 2024 年第四季結算，並根據本季末的股價估計將回購和註銷約 600,000 股額外股份。

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

說完這些，我會把電話轉回給朱利安，請他作最後發言。

Thanks, Chris, and please reference page 11 of the slide materials. So before we head to Q&A, I'd like to update you on our outlook for the remainder of the year.

謝謝，克里斯，請參考幻燈片資料的第 11 頁。因此，在我們進入問答環節之前，我想先向大家介紹一下我們對今年剩餘時間的展望。

As we look forward, we expect that current conditions will continue in the fourth quarter. New housing starts and existing home sales are expected to remain subdued. Commercial sentiment remains favorable and we continue to expect repair and reroof to outpace new construction in this area.

展望未來，我們預計當前的狀況將在第四季度持續下去。預計新屋開工和現房銷售仍將保持低迷。商業情緒依然樂觀，我們繼續預期該地區修復和翻修屋頂的速度將超過新建速度。

With respect to hurricane demand, let me first say that the communities impacted are in our thoughts and we will continue to support local communities as they recover. In terms of business impact, initial estimates show the volumes required to repair and reconstruct will be approximately 3 million square or around 2% of annual industry shipments.

關於颶風需求，首先我要說的是，我們心裡惦記得受影響的社區，並將繼續支持當地社區的復原。在業務影響方面，初步估計顯示，修復和重建所需的面積約為 300 萬平方米，約佔該行業年出貨量的 2%。

Keep in mind that these volumes will be spread over the next 6 quarters. In October, we believe we will set a record for monthly sales of more than $1 billion, up 6% year over year on a daily basis.

請記住，這些數量將分佈在接下來的 6 個季度。我們相信，10月份我們的月銷售額將創下10億美元以上的紀錄，每日平均銷售額年增6%。

For the fourth quarter, we expect total sales per day growth to be up mid-single digits percentage year over year. Please remember that we will be lapping a record fourth quarter in which we saw significant volumes across all three lines of business. We expect gross margin to be in the mid-25% range.

對於第四季度，我們預計每日總銷售額的成長率將達到中等個位數。請記住，我們將迎來創紀錄的第四季度，三條業務線的銷售量都將大幅成長。我們預計毛利率在 25% 左右。

For the full year, assuming a normal seasonal slowdown, we now expect adjusted EBITDA in the lower half of our previously communicated guidance. And importantly, as Prith mentioned, we expect to finish the year with significant cash flow. Our focus remains on the areas within our control in safety, customer experience, operational excellence and pricing execution.

對於全年而言，假設出現正常的季節性放緩，我們目前預計調整後的 EBITDA 將位於先前公佈的指引的下半部分。而且重要的是，正如 Prith 所提到的，我們預計今年年底將有大量現金流。我們的重點仍然是安全、客戶體驗、卓越營運和定價執行等我們可以控制的領域。

We will continue to deploy capital on initiatives that we expect will result in accelerated growth, including executing on acquisitions and delivering on our greenfield locations, which we expect to be around 20 branches in 2024. Looking forward, we plan to continue making investments in our sales organization and our service model, our digital offering and our TRI-BUILT private brand categories.

我們將繼續將資本投入到那些我們預計將帶來加速成長的計畫上，包括執行收購和在我們的綠地開設分支機構，我們預計到 2024 年將擁有約 20 個分支機構。展望未來，我們計劃繼續對我們的銷售組織和服務模式、數位產品和服務以及 TRI-BUILT 自有品牌類別進行投資。

As we end the year, I'm pleased with the progress this team has made. Over the last three years, we have improved our operations, delivered results and invest into the future. We have built capabilities resulting in accelerated performance.

今年即將結束之際，我對這支球隊所取得的進步感到滿意。在過去三年裡，我們改進了運營，取得了成果，並投資於未來。我們已經建立了可提高效能的能力。

We have demonstrated that our business model is resilient and we can deliver strong results in any market. We're looking forward to a strong finish to the year and helping our customers build more.

我們已經證明，我們的商業模式具有彈性，我們可以在任何市場取得強勁的業績。我們期待今年能夠取得圓滿成功並幫助我們的客戶創造更多成果。

And with that, Ezra, we'll open it up for questions.

埃茲拉，下面我們就開始提問吧。

(Operator Instructions) Philip Ng, Jefferies.

(操作員指示) Philip Ng，傑富瑞。

Congrats on a solid quarter in a choppy environment. I guess first question, and obviously uncomfortable to ask about hurricanes. But from a setup standpoint for you guys, Florida has generally been a little weaker market for you and just broader industry, lack of storm demand. I'm curious, how you set up from an inventory standpoint to meet that demand?

恭喜您在動盪的環境中取得了穩健的季度業績。我想這是第一個問題，顯然詢問颶風的問題讓人感到不舒服。但從你們的設置角度來看，佛羅裡達州對你們來說總體來說是一個稍微弱的市場，而且對更廣泛的行業來說，缺乏風暴需求。我很好奇，您從庫存的角度如何滿足這種需求？

And just more broadly, the industry is pretty tight from an allocation standpoint. So just help us think through what this could mean for you from an uplift standpoint and how this ramps up. You're guiding a mid-single-digit growth number in the fourth quarter. Are you going to see that pick up as well in the fourth quarter?

更廣泛地說，從分配的角度來看，該行業相當緊張。因此，請幫助我們從提升的角度思考這對您意味著什麼，以及這將如何提升。您預計第四季的成長數字將達到中等個位數。您認為第四季也會出現這種回升嗎？

So thanks for the question, a few comments. So let me take a step back and to set it up and then I'll touch on what we saw. I mean we've seen Florida weak all year, and we've commented on it pretty much for the whole year. Obviously, this was coming off hurricane even a couple of years ago. So -- so that was it.

感謝您的提問，我有幾點評論。因此，讓我退一步進行設置，然後我再談談我們所看到的內容。我的意思是我們看到佛羅裡達州全年都表現疲軟，我們幾乎全年都對此發表評論。顯然，這是幾年前颶風來襲時發生的事。所以——就是這樣的。

I mean coming into Q3, we were expecting a pickup in demand across the entire country from the weather we've seen in Q2, we thought that was going to be more delayed into Q3. So we expected a bigger pickup in Q3 than we actually saw and we saw additional softening in some markets, including Florida. And that's ultimately why we decided to make the adjustments with our cost structure as well.

我的意思是，進入第三季度，我們預計會受第二季度天氣影響，全國的需求會回升，但我們認為這種情況會在第三季度進一步延遲。因此，我們預計第三季的漲幅將比實際情況更大，而且我們發現包括佛羅裡達在內的一些市場出現進一步疲軟。這最終也是我們決定調整成本結構的原因。

But as the storms rolled in, coincidentally, I think we had three hurricanes impact to US during Q3. Debby, Francine and Helene also rolled through in the quarter. And obviously, that shuts things down as well. Obviously, Helene was pretty devastating. And then Milton came through at the start of the fourth quarter and obviously impacted that.

但隨著風暴的襲來，巧合的是，我認為第三季美國受到了三次颶風的影響。Debby、Francine 和 Helene 也在本季度取得了成功。顯然，這也會關閉一切。顯然，海倫的破壞力相當大。然後米爾頓在第四節開始後表現出色，明顯產生了影響。

With -- so getting back to your original question around the impact that we'll see. So look, the -- Helene to us, like it did -- there was a lot of flooding, obviously, Western North Carolina was impacted pretty dramatically. There's a lot of infrastructure work that needs to get done with Helene.

那麼回到你最初的問題，關於我們將看到的影響。所以你看，對我們來說，海倫市確實發生了嚴重的洪水，顯然，北卡羅來納州西部受到了相當嚴重的影響。海倫 (Helene) 還有很多基礎設施工作要完成。

We don't expect that to have a significant impact on demand this year. There's just so much rebuilding that has to get done before it really impacts our results. And quite frankly, in the first few weeks of the quarter in October, it was difficult.

我們預計這不會對今年的需求產生重大影響。在真正影響我們的結果之前，還有很多重建工作要完成。坦白說，十月份季度的頭幾週非常困難。

We couldn't get trucks on the road and stuff because of that, because of all the infrastructure damage. So that's going to be a very slow -- in terms of Milton, obviously, that rolled into impact the majority of Florida. Again, there was a lot of disruption what we're seeing and what we experienced with Ian is that it took two to three months for the demand to really start pick up.

由於所有基礎設施遭到破壞，我們無法讓卡車上路。所以這將是一個非常緩慢的過程——就米爾頓而言，顯然，這將對佛羅裡達州的大部分地區產生影響。再次，我們看到了很多混亂，我們在 Ian 身上所經歷的就是，需求需要兩到三個月的時間才能真正開始回升。

We see an immediate impact on somebody to repair, but necessary tops and stuff that people have to do to remediate immediate problems. But the reconstruction doesn't really start for probably a couple of months.

我們看到修復對某些人產生了直接影響，但人們必須採取必要的措施和行動來解決眼前的問題。但重建工作可能還需要幾個月的時間才能真正開始。

So we would expect to see something in December, but we don't believe we'll see a lot of demand pick up in the region until next year. And that's why we indicated that it would be four to six quarters before we really see the full impact come through.

因此，我們預計 12 月會看到一些變化，但我們認為直到明年該地區的需求才會大幅回升。這就是為什麼我們表示需要四到六個季度才能真正看到全部影響。

So getting back to the product side of things. Obviously, the Southeast has been weak all year. The manufacturers that had some availability. We've been managing that very carefully.

回到產品方面。顯然，東南地區全年表現疲軟。有一定可用性的製造商。我們一直非常謹慎地處理此事。

Obviously, in the fourth quarter now, we want to make sure that we're getting the product that we need into the markets that need it. We're also redirecting products from other parts of the country, both from manufacturers and through what we have in other parts into the storm-impacted regions.

顯然，現在在第四季度，我們希望確保將我們需要的產品推向需要的市場。我們也將來自全國其他地區的產品（包括來自製造商的產品以及我們在其他地區的產品）轉運到受風暴影響的地區。

So it will -- we do believe it will be tight, and this will certainly have an impact, but it's impacting a part of the country that was already slow. So we think that in the short term, availability will be okay. But obviously, going into 2025, things will continue to be relatively tight. Hopefully, that gives you some color.

所以，我們確實認為情況會很緊張，而且肯定會產生影響，但它影響的是已經進展緩慢的部分地區。因此我們認為，短期內可用性是可以的。但顯然，進入2025年，情況仍將相對緊張。希望這能帶給你一些啟發。

That's super up. Julian, I'm sorry to sneak one more in. Would your waterproofing business benefit from some of the recovery work or largely on residential single side of things?

這真是太棒了。朱利安，很抱歉我又偷偷說了一句。您的防水業務是否會從部分恢復工作或主要從住宅單方面恢復工作中受益？

Look, our total businesses work. Obviously, with -- when you talk about the infrastructure work for commercial construction, I mean, it's not just about shingles. Obviously, the hosing damage is what you see. But Windows getting blown out, things needing to get recouped some of the work that needs to get done on a lot of this business.

看，我們的整個業務都在正常運作。顯然，當您談到商業建築的基礎設施工程時，我的意思是，它不僅僅與木瓦有關。顯然，您看到的就是軟管損壞。但是 Windows 被摧毀了，需要收回這項業務中需要完成的一些工作。

So yes, we would expect to see it in commercial and in our waterproofing division. We would expect to see a pickup from this impact. And obviously, with the acquisition of Coastal a couple of years ago, they had a tremendous strength in Florida. So we would expect to see some benefit from that.

所以是的，我們希望在商業和防水部門看到它。我們預計這種影響將有所緩解。顯然，隨著幾年前收購 Coastal，他們在佛羅裡達州擁有了巨大的實力。因此我們希望從中看到一些好處。

Kathryn Thompson, Thompson Research Group.

凱瑟琳·湯普森，湯普森研究小組。

This is actually Brian Biros on for Catherine. On the [nonres market], can you maybe just touch on how maybe specific verticals are performing and that gifts from new to R&R? I think you mentioned in the prepared remarks, you mentioned you're seeing commercial or care demand accelerating?

這實際上是 Brian Biros 為凱瑟琳表演的。在 [非住宅市場]，您能否簡單談談特定垂直行業的表現以及從新行業到 R&R 的禮物？我想您在準備好的演講中提到過，您看到商業或護理需求正在加速？

Or maybe is that pent-up demand? Or is that storms or it's only in certain verticals? I guess just how would you characterize the nonres market heading into 2025.

或者這或許是被壓抑的需求？或者那是風暴，或者只是在某些垂直方向上？我想問一下您會如何描述 2025 年的非住宅市場呢？

Yes, absolutely. Thanks for the question. We've touched on this a little bit before, but I'll rewind a little bit give you, hopefully, some of the color you need. (inaudible) hit you had all the supply chain disruptions and the product availability was really challenging new construction was prioritized over repair and replace because obviously, I mean, there's so much more money tied up in getting that finished into completion.

是的，絕對是如此。謝謝你的提問。我們之前已經稍微談過這一點，但我將稍微回顧一下，希望能為您提供一些您需要的資訊。 （聽不清楚）你們遇到了供應鏈中斷，產品的可用性確實很有挑戰性，新建築的優先順序高於維修和更換，因為很明顯，我的意思是，完成新建築需要投入更多的資金。

With the disruptions in the supply chain there and the product availability, the new construction side of things got prioritized. So that was done. So as that -- all of that eased and we came out of the stocking, destocking and all of the movement in the supply chain that we saw.

由於供應鏈和產品供應中斷，新建築方面的問題被列為優先事項。就這樣就完成了。隨著這一切的緩解，我們擺脫了庫存、去庫存和我們看到的供應鏈中的所有流動。

The new construction started to fade a little bit, but the delayed repair and replace on the commercial side has really started to pick up. And that's been actually particularly strong. You'll remember during -- I think it was a '22 time period.

新建築開始衰退，但商業方面的延遲修復和更換確實開始回升。而且其確實表現得特別強勁。你會記得——我想那是 22 年。

There was an explosion in warehouse construction, and that is eased a little bit. But it's still a very large portion of the overall industry that's being developed, warehouse these data centers. These tend to be low flat buildings, which demand a lot of roofing.

倉庫建設出現了爆炸性增長，這種情況有所緩解。但這些資料中心的倉儲仍佔整個產業正在開發的很大一部分。這些建築往往都是低平建築，需要大量的屋頂。

And so the shift towards repair and replace is a little bit of a product mix shift for us, a little less insulation relative to new construction. But overall, we've seen that be probably hold up a little bit better than we had anticipated.

因此，轉向修復和更換對於我們來說是一種產品組合的轉變，相對於新建築，絕緣性會稍差一些。但總體而言，我們發現情況可能比我們預期的要好一些。

If you remember the comments on the first quarter call, actually, the Q4 call, so the area that I was most concerned about was the commercial segment. But in fact, it's held up very well. Repair and release has been good.

如果您還記得第一季電話會議上的評論，實際上，是第四季度電話會議上的評論，那麼我最關注的領域是商業部門。但事實上，它表現得非常好。修復和發布效果都很好。

And I think as a company, we're executing very, very well in that space. So I actually remain again, to use a well-worn phrase cautiously optimistic about the commercial outlook. I think it's actually been quite constructive.

我認為，作為一家公司，我們在該領域的表現非常非常好。因此，用一句老話來說，我實際上仍然對商業前景持謹慎樂觀的態度。我認為這實際上非常有建設性。

Yes. A couple of these small asks, what Julian said, other vertical areas that we've had good strength is in hospitals and the school segments, just a lot of infrastructure rebuild and retrofit and so forth.

是的。朱利安說，有幾個小問題，我們在其他垂直領域也具有很強的優勢，例如醫院和學校部門，大量的基礎設施重建和改造等等。

And then the other thing is with the high interest rate environment, we expect the new construction side to remain somewhat muted. So that could change towards the second half of next year as interest rates come down for expectations. So I mean that's all I would ask.

另一件事是，在高利率環境下，我們預計新建築方面將保持一定程度的低迷。因此，隨著利率按預期下降，這種情況可能會在明年下半年改變。所以我的意思是這就是我所要問的全部。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

I wanted to ask about fourth quarter gross margin guidance is for mid-25. Is that normal seasonality? Because it looks like it's a little more than normal seasonality. So talk about some of the drivers there, please?

我想問一下第四季的毛利率預期是25年中期嗎？這是正常的季節性現象嗎？因為它看起來比正常的季節性要多一點。那麼請您談談那裡的一些司機，好嗎？

Yes. I'll touch on it and then Prith extend it in some more detail. I mean, the part of this is normal seasonality the high-margin regions of the countries, as we've talked about before are in the north. You need higher gross margins in that part of the country because rents in the larger cities in the North tend to be much higher, so we need to cover them.

是的。我將會談及它，然後 Prith 會更詳細地擴展它。我的意思是，這部分是正常的季節性，正如我們之前談到的，這些國家的高利潤地區都在北方。你需要在那個地區獲得更高的毛利率，因為北方大城市的租金往往要高得多，所以我們需要涵蓋這些租金。

So as those start to slow down in the winter months, you start to see growth to deteriorate a little bit. But it doesn't mean the EBITDA margin deteriorate, but it does mean gross margin to deteriorate. So there's a little bit of a shift in geography, both on the P&L and in terms of the product shipments.

因此，隨著冬季經濟開始放緩，你會看到經濟成長略有放緩。但這並不意味著 EBITDA 利潤率會下降，但確實意味著毛利率會下降。因此，無論是在損益表還是在產品出貨量方面，地理位置都會發生一些變化。

So some of it is just normal product flows. The other part of it would be as price increases finally flush through the system and making sure that we've got the product cost flowing through fully. There's a piece of that that's still out there.

因此其中一些只是正常的產品流。另一部分是隨著價格上漲，最終沖刷整個系統，確保產品成本完全流動。其中的一部分仍留在那裡。

But for the most part, it's primarily geography. The other thing that happens is a little bit of product mix. the product mix tested sales a little bit back towards commercial and complementary a little bit more than the shingle side and the residential side, which has higher gross margin. Again, we don't believe it impacts bottom line margin in the same way as it does gross margin.

但大多數情況下，這主要與地理位置有關。發生的另一件事是產品混合。產品組合測試的銷售略微偏向商業和互補性，而不是木瓦方面和住宅方面，因為木瓦方面具有更高的毛利率。再次強調，我們認為它對底線利潤的影響不會像對毛利率的影響那樣。

Yes. Just again, just a couple of other points of color in the south, there is more new construction. So that also tends to be a little bit lower gross margins. And then if you look at the -- what's implied in the guidance and the Q4 margin, it's consistent with our post-COVID margins with the exception of the really high inflationary environment of 2021 and 2022.

是的。再說一次，南部還有其他幾個色彩點，有更多的新建築。所以毛利率也往往較低。然後，如果您查看指引和第四季度利潤率中暗示的內容，您會發現，除了 2021 年和 2022 年的真正高通膨環境外，它與我們後疫情時代的利潤率一致。

Ketan Mamtora, BMO.

Ketan Mamtora，BMO。

Perhaps, Julian, can you talk a little bit about underlying growth trends in the waterproofing business excluding the hurricane impact in Q3. I'm just curious how that business is performing, your growth expectations in that? And how are the margins in that business relative to the Beacon average?

朱利安，您能否談談防水業務在第三季度除颶風影響之外的潛在成長趨勢。我只是好奇該業務的表現如何，您對此有何成長預期？那麼該業務的利潤率與 Beacon 平均值相比如何？

Yes. I really appreciate the question about (inaudible). So -- as you know, we acquired Coastal, which is the first of our acquisitions in this space at the end of 2022. We can had a West Coast presence in specialty waterproofing distribution, but we really felt we needed to grow that segment. We fundamentally believe that it's a higher growth segment than the core roofing business.

是的。我非常感謝你提出這個問題（聽不清楚）。所以——如您所知，我們收購了 Coastal，這是我們在 2022 年底在該領域的第一次收購。我們可以在西海岸的專業防水產品分銷領域佔有一席之地，但我們確實覺得我們需要擴大這個細分市場。我們從根本上相信，這是一個比核心屋頂業務成長更高的領域。

And the post tragic side condominium collapse, the [Champlain] towers, if you'll remember, has really emphasized the importance of this category to construction. That tragedy was fundamentally blend on lack of waterproofing remediation and that needed to be done that wasn't.

如果你還記得的話，悲劇發生後，[Champlain] 大樓的倒塌確實強調了這個類別對建築的重要性。那場悲劇的發生從根本上來說是由於防水措施不力以及需要採取的措施沒有實施。

We've seen local municipalities as well as Florida county, things like this impose new requirements on buildings in terms of backing up the reserves in order to ensure that they get spent on waterproofing to maintain the integrity of the building. So we think that, that, along with the recognition of changes in climate, significant weather conditions is going to continue to drive that.

我們看到，當地市政當局以及佛羅裡達州的縣政府，都對建築物提出了新的要求，要求他們保留足夠的資金來確保防水資金能夠用於維護建築物的完整性。因此我們認為，隨著對氣候變遷的認識，重大天氣狀況將繼續推動這一趨勢。

And it's a little bit poorly understood that this is not something that is just related to the coast and the (inaudible). This goes all across the country. We operate pretty much everywhere now.

而人們不太理解的是，這不僅僅與海岸和（聽不清楚）。這種現像在全國各地都有發生。現在我們的業務範圍幾乎遍布各地。

And it's been -- we're excited about where that's taking us. Gone from roughly give or take, mid-$100 million of sales towards the end of 2022 to a run rate of $700 million plus. So we've really grown that business.

而我們對於這將帶給我們的未來感到十分興奮。到 2022 年底，銷售額將從約 1 億美元左右上升至 7 億美元以上。因此我們確實發展了這項業務。

We've acquired multiple businesses to build out the only nationwide specialty waterproofing distribution platform. And that's been really exciting. In terms of the margin profile, it's more like residential than it is commercial. And we're very pleased with that.

我們收購了多家企業，打造唯一的全國性專業防水經銷平台。這真是令人興奮。從利潤率來看，它更像是住宅而不是商業。我們對此感到非常高興。

We expect to see that be enhanced over time. The leadership team there has got a plan and they want to make sure that they are operating above our average gross margins and EBITDA margins for the company in the long run. We've got some work to do to get there.

我們希望看到這一點隨著時間的推移而加強。那裡的領導團隊有一個計劃，他們想確保公司長期的毛利率和 EBITDA 利潤率高於平均水平。為了達到這個目的我們還需要做一些工作。

I mean, the acquisitions that we brought in this year, particularly, we need some work to get there, but we're excited about that platform. And like I said, it's -- we think it's a fundamentally faster-growing segment of the construction market, it ties in very nicely with our commercial roofing business as well. So very excited about it, and thank you for the question.

我的意思是，特別是我們今年進行的收購，我們需要做一些工作才能實現，但我們對這個平台感到興奮。正如我所說的，我們認為這是建築市場中成長較快的一個領域，與我們的商業屋頂業務緊密相關。我對此感到非常興奮，感謝您的提問。

Michael Rehaut, JPMorgan.

摩根大通的麥可‧雷豪特 (Michael Rehaut)。

Maybe a two-parter, if I may. Just first off, I wanted to get better understanding and I apologize if you hit on this earlier on the drivers of now expecting to achieve the full year EBITDA guidance in the lower half of the prior range. And secondly, I know it's a little early perhaps to look into 2025.

如果可以的話，也許可以分成兩個部分。首先，我希望您能更好地理解，如果您早些時候提到了目前預計實現全年 EBITDA 指引低於之前範圍的驅動因素，我深感抱歉。其次，我知道現在展望 2025 年可能還為時過早。

But at the beginning of the year when you gave the initial guidance for '25 -- I'm sorry, 2024, you cited with margins actually expected to come down a little bit. A headwind from a lot of new branches and M&A and maybe temporarily having those margins being a little dilutive as one of the challenges that you saw going into this year.

但在今年年初，當您給出 2025 年（抱歉，是 2024 年）的初步指引時，您提到利潤率實際上預計會略有下降。來自大量新分店和併購的阻力，以及可能暫時導致利潤率略有下降，這是您今年看到的挑戰之一。

So the core of my question is, going into '25 with a continued high level of acquisitions, I was wondering if we should expect a similar type of drag or given your continued focus on your various profit improvement initiatives, we should expect margin expansion to resume?

所以我的問題的核心是，進入25年，收購水準持續走高，我想知道我們是否應該預期類似的拖累，或者考慮到你繼續關注各種利潤改善計劃，我們應該預期利潤率擴大恢復？

Thanks, Mike. So I'll let Prith talk about the Q4 guidance some of that, but let me just touch on sort og the big picture thing about margin expansion. I mean that's one of our key focuses. And yes, this year, with particularly with the greenfields that we launched really early in the year, which was a little bit of a shift from prior years where it was so early in the year. They were a little bit of a drag.

謝謝，麥克。因此，我將讓 Prith 談論其中的一些第四季度指引，但讓我只談談利潤率擴大的大局。我的意思是這是我們關注的重點之一。是的，今年我們在年初就推出了綠地項目，這與前幾年在年初就推出項目的方式有所不同。他們有點拖累我們。

We had softer market conditions and some of the acquisitions that we completed this year were mid to low single-digit EBITDA margin. So you end up with -- there was a drag there. We haven't obviously fully synergized those. I think Prith mentioned them in his comments and we would not expect to see quite such a drag going forward. And we also think that with the improvement initiatives, which we are seeing come through.

我們的市場狀況較為疲軟，我們今年完成的一些收購的 EBITDA 利潤率處於中低個位數。所以你最終會發現--那裡有一個阻力。顯然，我們還沒有完全實現這些協同作用。我認為 Prith 在他的評論中提到了這些，我們預計未來不會再出現如此大的阻礙。我們也認為，隨著改善措施的實施，我們正在看到這些措施取得成效。

I mentioned that we're very pleased with our performance of our acquisitions. They're ahead of our plans, and we are seeing demonstrable results from the acquisitions we've done this year, both in terms of top line growth and in bottom line improvement. So that's been good.

我提到，我們對我們的收購表現非常滿意。他們領先於我們的計劃，我們看到今年的收購取得了顯著成果，無論是營收成長還是利潤改善。這很好。

The first half of the year when you're bringing them in and getting them on our platform and then working on what needs to get done to improve them. There's still work to be done there.

上半年，我們將把他們引入我們的平台，並致力於改進他們。那裡仍有工作要做。

We came into the year, expect to see some margin pressure because we saw some of the overall market dynamics coming in. I think our original guide on margin was about flat year over year for the full year. I think that we feel pretty good about that. We think we got that. And then for the guide overall, before I hand it over to Prith to touch on fourth quarter.

進入今年以來，我們預計利潤率將面臨一些壓力，因為我們看到了一些整體市場動態的出現。我認為，我們最初的利潤率預期是全年與去年同期持平。我想我們對此感覺很好。我們認為我們明白了。然後是總體指南，然後我將其交給 Prith 來討論第四季。

Look, I think we're one of the few companies actually maintained our guide for the full year. It's certainly coming in lower than anticipated. We would certainly like the market to have been a little bit better, but we've maintained broadly our guidance for the full year.

看，我認為我們是少數幾家實際上全年保持預期的公司之一。它確實比預期的要低。我們當然希望市場能夠好一些，但我們大體上維持全年預期。

Yes. Thanks, Julian. So Mike, thanks for the question. So if you look, I think your question was about the full year guidance. And so if you go back to what we said on the Q2 earnings call, what we said was that for Q3, we expected high single-digit growth in sales per day on a year-over-year basis.

是的。謝謝，朱利安。所以 Mike，謝謝你的提問。所以如果你看一下，我認為你的問題是關於全年指導。因此，如果回顧我們在第二季度財報電話會議上所說的話，我們說過，對於第三季度，我們預計每日銷售額將比去年同期實現高個位數成長。

Well, we actually finished the quarter at about 6%. And so therefore, that's one of the big drivers to now expect that the full year sales per day growth on a year-over-year basis will be in the mid- to high single digits where we previously thought we would finish the year in the high single digits.

嗯，我們本季的實際成長率約為 6%。因此，這是目前預計全年日均銷售額年增將達到中高個位數的一大驅動因素，而我們先前預期全年銷售額將達到高個位數。

On a gross margin basis, we really haven't changed anything. We continue to expect our full year gross margin rate in the mid-25% range. And then on the OpEx side, the actions we took in Q3, we expect to finish the full year at an adjusted OpEx to sales rate in the low to mid-17% range, which is slightly above our targeted annual adjusted OpEx rate.

從毛利率來看，我們確實沒有改變任何事。我們繼續預計全年毛利率將在25%左右。在營運支出方面，根據我們在第三季採取的行動，我們預計全年調整後的營運支出與銷售額之比將在 17% 左右，略高於我們目標年度調整後營運支出率。

We try to manage the business to about 17%. And so we'll be well positioned at the end of the year to bring it down within the target of 2025. So when you put all of this together, you should end up within the lower half of our previously communicated guidance of $930 million to $970 million of adjusted EBITDA.

我們盡力將業務控制在17%左右。因此，我們將在今年年底做好準備，實現 2025 年的目標。因此，當你把所有這些放在一起時，你應該最終得到我們之前傳達的調整後 EBITDA 指導值的下半部分，即 9.3 億美元至 9.7 億美元。

Mike Dahl, RBC.

加拿大皇家銀行 (RBC) 的 Mike Dahl。

Thanks. Julian, I want to pick up on the OpEx comments. Obviously, that's been a pain point in the last couple of quarters, a focus area for you. The actions you're taking, you're characterizing as head count actions. So that could be construed as maybe somewhat temporary and you bring those back on as -- or if volume comes back.

謝謝。朱利安，我想談談對 OpEx 的評論。顯然，這是過去幾季的一個痛點，也是您關注的重點領域。您所採取的行動稱為人數統計行動。因此，這可以被理解為可能是暫時的，然後當交易量恢復時，你就可以將它們重新打開。

But what can you tell us about how you're thinking about this or structurally, are there more structural parts of what you're doing? And as you look at next year, Mike's prior question and Prith's comment, managing back towards that lower target? I mean what else are you thinking about in terms of programmatic actions to bring that back down?

但是您能告訴我們您是如何考慮這個問題的嗎？展望明年，按照 Mike 先前提出的問題和 Prith 的評論，能否重新回到那個較低的目標？我的意思是，您還考慮採取什麼程序性措施來降低這一水平？

Thanks, Mike. (inaudible) recall from previous earnings calls that we highlighted things like sales for our work and sales productivity and the progress we've made. I think this year, certainly, it's been a question mark around our performance, and we're very aware of it.

謝謝，麥克。 （聽不清楚）回想一下以前的財報電話會議，我們強調了我們的工作銷售額、銷售效率以及我們所取得的進展。我認為今年我們的表現確實一直存在疑問，我們對此非常清楚。

Part of this is that we came into the year expecting good demand from some carryover storms in the west. And we were expecting to see more of that in Q1, and we thought it would come in Q2 and it never did.

部分原因是我們在年初預計西部的一些後續風暴將帶來良好需求。我們原本預計在第一季會看到更多這樣的情況，並認為它會在第二季度出現，但情況從未發生過。

In Florida, which we talked about all year as being particularly weak, the Southeast more broadly was weak, but Florida was particularly weak. We've been taking actions in Florida almost from the start of the year in order to maintain our OpEx ratio from a head count standpoint.

我們全年都在談論佛羅裡達州特別疲軟，整個東南部地區都很疲軟，但佛羅裡達州尤其疲軟。我們幾乎從今年年初就開始在佛羅裡達州採取行動，以便從員工人數的角度維持我們的營運支出比率。

So part of this is you need to make sure you've got the people to deliver the product. And in the end, as we went through the year and particularly as we went into the third quarter, we realized that even on what we thought was a regular day, the demand levels were below what we had anticipated. So we took action in the fourth quarter that we adjust -- sorry, the third quarter to adjust down what we needed to.

因此，你需要確保有足夠的人員來交付產品。最後，隨著這一年的發展，特別是進入第三季度，我們意識到，即使在我們認為的正常日子裡，需求水準也低於我們的預期。因此，我們在第四季度採取了行動進行調整——抱歉，第三季進行了必要的下調。

So we just -- this was a little bit of a reset, making sure we see it. I want to emphasize, outside of Florida, our volumes grew. If you strip Florida out of our numbers, volumes grew in the rest of the country. I mean Florida was just a really, really tough market this year. But we feel really good about what we were seeing elsewhere.

所以我們只是——這是一個小小的重置，確保我們能看到它。我想強調的是，在佛羅裡達州以外，我們的銷售量有所成長。如果從數據中剔除佛羅裡達州，該國其他地區的數量都有所增長。我的意思是，佛羅裡達州今年的市場確實非常艱難。但我們對在其他地方看到的情況感到非常滿意。

And I guess our volumes were growing elsewhere. So you'd expect in order to do that and deliver more volume, we've got to have more people. It was difficult to get Florida where we needed to. And then as we slowed down during the third quarter, we just decided that we needed to take action and just have a reset.

我想我們的銷量在其他地方也在成長。因此，為了做到這一點並提供更大的產量，我們必須僱用更多的人手。讓佛羅裡達州到達我們需要去的地方非常困難。然後，當我們在第三季放慢速度時，我們決定我們需要採取行動並重新開始。

Obviously, as we grow, we're going to need more people to service the business and make sure we're maintaining our a high level of service to our customers. I mean that's fundamental in the distribution business as we add greenfields, as we add acquisitions, we will bring people in.

顯然，隨著我們的成長，我們將需要更多的人員來服務業務並確保我們為客戶提供高水準的服務。我的意思是，這對分銷業務至關重要，因為我們會增加綠地，會增加收購，我們也會引進人才。

But as Prith mentioned, we are looking at making sure that we're driving productivity in the branches. We're driving productivity in sales and we're trying to manage the business to around about that 17% target that we set. We think ultimately, there's probably more in there. But on a quarter-to-quarter basis on a business like ours, there's going to be some times when we miss it.

但正如 Prith 所提到的，我們正在確保提高分公司的生產力。我們正在提高銷售效率，並努力將業務管理到我們設定的 17% 左右的目標。我們最終認為，其中可能還有更多內容。但對於我們這樣的企業來說，按季度來看，有時我們會錯過這個機會。

Yes. And just a couple again points of color. So one thing is this year 2024, we've done a lot of acquisitions. We've done a lot of greenfields. Just as you enter into 2025, we do expect to get synergy realization.

是的。再次強調一下顏色的幾點。因此，有一件事是，到 2024 年，我們進行了許多收購。我們已經完成了很多綠地建設。當進入2025年的時候，我們確實期待實現綜效。

And as the branches continue to mature, structurally, that will help the overall margin rate. So that's one thing just to keep in mind. And then secondly, we've had some learnings from this year.

隨著分支機構不斷成熟，從結構上來說，這將有助於提高整體利潤率。所以這是需要牢記的一件事。其次，我們從今年學到了一些經驗。

And so we will, through the budgeting process and so forth, be more circumspect around how we add on operating costs in anticipation of the busy season, probably more biased towards bringing on the resources in line with the demand versus what we anticipate will come. So that's some of the principles that we'll put into our processes going forward.

因此，我們將在預算編制過程等過程中，更加謹慎地考慮如何在繁忙季節之前增加營運成本，可能更偏向於根據需求而不是我們的預期來提供資源。這些就是我們將在未來流程中運用的一些原則。

And then Mike, it wasn't just the field resources that were by the head count actions. We took actions in the corporate functions as well, and we expect to drive leverage from those going forward.

然後麥克，這不僅僅是透過人數統計行動來獲取現場資源。我們也在公司職能部門採取了行動，並期望在未來發揮這些行動的槓桿作用。

David Manthey, Baird.

大衛曼蒂，貝爾德。

I just had three, but they're all just factual. So I'll group them. Based on the deals you've done to date, what is the incremental revenue carryover you would expect into '25?

我只有三個，但它們都是事實。因此我將把它們分組。根據您迄今完成的交易，您預計到25年的增量收入結轉是多少？

Second is the lift in interest expense guidance from last quarter to this quarter, like $177 million to $184 million? Just wondering if you could touch on that.

第二，利息支出預期從上個季度到本季是否有所上調，例如從 1.77 億美元上調至 1.84 億美元？我只是想知道您是否可以談一下這一點。

And then TRI-BUILT, you said grew 12% year on year. If my math is right, that's what like $280 million and just over 10% today. Just I could check those three facts.

然後您說 TRI-BUILT 年比增長了 12%。如果我的計算正確的話，這個數字相當於今天的 2.8 億美元和略高於 10% 的比率。我只需核實這三個事實。

Okay. Mike, let me start with your first question in terms of the revenue carryover from the transactions this year, it should be in the ballpark of 3% to 4% of total revenue going into next year. On your question about -- sorry, could you -- the first part of the question was?

好的。麥克，首先讓我來回答你的第一個問題，關於今年交易的收入結轉，它應該佔明年總收入的 3% 到 4% 左右。關於您的問題——抱歉，您可以——問題的第一部分是什麼？

The third was TRI-BUILT. Is that running like $280 million?

第三個是TRI-BUILT。這相當於 2.8 億美元嗎？

I'll try to yes, you're right. Your math is in the ballpark in terms of the total sales in the quarter. So that's correct as well. And then on the interest expense, what were you asking whether the total dollars or?

我會盡力的，是的，你是對的。就本季的總銷售額而言，您的計算是大致正確的。這也是正確的。然後關於利息費用，您問的是總額是多少？

Yes. So it's $184 million -- and now -- yes, so that's what we expect for the full year.

是的。所以是 1.84 億美元 — — 現在 — — 是的，這就是我們對全年的預期。

And can you tell me why? I mean it was $177 million last quarter, I believe.

你能告訴我為什麼嗎？我的意思是，我相信上個季度的數字是 1.77 億美元。

Yes. So two things, you've been carrying a higher debt balance through the year with the share buyback and some of the other actions we've taken over the course of the 12 months. So that's one reason.

是的。所以有兩件事，由於股票回購和我們在過去 12 個月中採取的一些其他行動，你們全年的債務餘額一直在增加。這是一個原因。

And then the [REITs] have gone up, right? It's a floating rate that some of it is hedged, but overall REITs have gone up. And so those are the two reasons.

然後 [REIT] 就上漲了，對嗎？這是一個浮動利率，其中一部分是經過對沖的，但總體而言，房地產投資信託基金已經上漲。這就是兩個原因。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

I was hoping you can expand on the 50 basis points of positive price cost you talked about in the quarter. Is that mainly inventory profits from the August price increase? And maybe more broadly, how should we think about price cost moving forward?

我希望您能進一步闡述本季談到的 50 個基點的正價格成本。那主要是8月漲價帶來的庫存利潤嗎？也許更廣泛地說，我們該如何看待未來的價格成本？

Thanks, Garik. Again, I'll let Prith to give you some detail, but it was multiple factors. We worked very hard on the August single price increase. And we think we executed that very well. Again, this was a little bit of a challenging market because you've got some -- we had some really weak markets where we saw price under pressure in some residential markets, obviously, particularly Florida, but taking advantage of really leaning into the other markets where things are strong.

謝謝，加里克。再次，我讓 Prith 向您提供一些細節，但這是由多種因素造成的。我們為8月的單次漲價付出了極大的努力。我們認為我們執行得非常好。再一次，這是一個有點具有挑戰性的市場，因為你有一些——我們有一些非常疲軟的市場，我們看到一些住宅市場的價格承受壓力，顯然，特別是佛羅裡達州，但利用真正傾向於其他市場強勁。

So I thought our execution on the August price increase was good. And we realized about what we did from the April price increase I'm sure there's a little bit of inventory profits in there, but it's not a huge amount. It's more around the execution.

所以我認為我們八月提價的執行情況很好。我們意識到，從四月的價格上漲來看，我確信其中有一定的庫存利潤，但金額並不大。這與執行有關。

We work very diligently on commercial in terms of managing what was, again, a softer overall demand environment relative to new, but constructive, this was an area where coming into the year, we had concern about pricing. We executed very well in terms of managing our price cost in the commercial markets and tilt felt very good about that as well.

我們在商業方面非常努力地管理相對於新需求而言較為疲軟的整體需求環境，但建設性的是，這是我們今年對定價感到擔憂的領域。我們在商業市場的價格成本管理方面表現非常出色，而 Til 對此也感覺很好。

So it really came from multiple areas. And like I said, we were very pleased with the overall execution during the quarter.

所以它確實來自多個領域。正如我所說，我們對本季的整體表現非常滿意。

Yes. The only thing to add, Garik, on residential, the price realization was similar to what we saw in the August price increase. And so that's a big driver there.

是的。唯一需要補充的是，加里克，就住宅而言，價格實現情況與我們在八月價格上漲時看到的類似。所以這是一個巨大的推動力。

And then on the commercial side, look, it's our first time in a while where we've seen favorable price/cost even in a declining price environment. So it's really kudos to the team in terms of managing the mix and the operations there.

從商業方面來看，這是我們很長時間以來第一次在價格下滑的環境下看到有利的價格/成本。因此，我們確實對團隊在管理組合和營運方面的表現表示讚賞。

Yes. And then I think you had the second part of the question about the go forward. Obviously, we're -- the storms are going to have an impact on product availability going forward. We would expect that to be -- have a meaningful impact in terms of pricing dynamics going forward and looking into next year.

是的。然後我認為你問的是問題的第二部分，關於前進。顯然，風暴將對未來的產品供應產生影響。我們預計這將對未來以及明年的定價動態產生重大影響。

The new construction market, there's been -- there's certainly been pressure there because that's been a little bit weaker than we've seen over the last 12, 24 months. I'd like to see some more progress in that space.

新建築市場肯定存在壓力，因為它比過去 12 至 24 個月的水平略弱。我希望看到該領域取得更多進展。

And then we're going to have a different dynamic going into 2025 when storms in the Southeast now are going to firm up that part of the country, but you've got some storm areas in the Western of the country that are coming down. So we're going to be managing it again, but we also see this as what we do. And I think the -- in a difficult environment.

到 2025 年，我們將看到一種不同的動態，屆時東南部的風暴將使該國部分地區變得堅固，但該國西部的一些風暴地區將會減弱。因此我們將再次對其進行管理，但我們也將此視為我們的工作。我認為——處於困難的環境。

I think in a choppy environment that we've seen this year with a lot of different moving parts. We've executed really well in that area, and that was not a given coming into the year given all the dynamics we saw. So I'm actually very, very pleased with how we've managed the price/cost dynamic this year. And we'll continue to emphasize that as a key element of our strategy going forward.

我認為，今年我們所處的環境充滿動盪，有許多不同的變動因素。我們在該領域表現非常出色，而從我們看到的所有動態來看，這並不是今年理所當然的。因此，我對我們今年的價格/成本動態管理感到非常非常滿意。我們將繼續強調這是我們未來策略的關鍵要素。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Yes. I wanted to ask about the private label business were 12% sales growth, obviously, very impressive. I'm wondering if you could just unpack that for us. I'd like to understand how much of that growth is associated with maybe adding SKUs versus evolving contractor preferences.

是的。我想問一下自有品牌業務的銷售額成長了 12%，顯然非常令人印象深刻。我想知道您是否可以為我們解釋一下這個問題。我想了解這種成長有多少是與增加 SKU 有關，還是與承包商偏好的演變有關。

If there's any way you can help us understand the residential versus nonresidential versus complementary breakdown on that. And I guess, to some extent, there's a thorny issue of competing with your vendors as you go to market with a private label product and how you're navigating or managing that.

如果您能以任何方式幫助我們了解住宅、非住宅和補充方面的細分情況。我想，在某種程度上，當您帶著自有品牌產品進入市場時，存在一個棘手的問題，那就是與您的供應商競爭，以及如何駕馭或管理它。

Thanks, Dave. First of all, we have been biased towards residential products, and we -- but we are expanding it. We talked about the introduction of the commercial insulation product this year. And that's been -- that did help us drive growth. It's a large category for us.

謝謝，戴夫。首先，我們一直偏向住宅產品，但我們正在擴大它。我們討論了今年商業絕緣產品的推出。這確實幫助我們推動了成長。對我們來說這是一個很大的類別。

We're not going to get enormous penetration in that category. It's not going to be 50% of all the sales we make in that category is ever going to be there, but it's a significant driver in a large category. So that's really our first, I'd say, foray into the commercial arena. We like what we see so far, and we've been very pleased with the results. We're very pleased with our sales organization, the way they've adopted it.

我們不會在該類別中獲得巨大的滲透力​​。它不會占到該類別總銷售額的 50%，但對於一個大類別來說，它是一個重要的驅動力。所以我想說，這實際上是我們首次涉足商業領域。我們對目前所看到的情況感到滿意，並且對結果非常滿意。我們對我們的銷售組織以及他們採用它的方式感到非常滿意。

Look, I mean, part of the growth in private label is also the ability of our customers to offer something different to their customers. if they're competing on these various job sites and spec, they can offer something our customers (inaudible) offer something that our competitors they're (inaudible) offer, which is tribal.

我的意思是，自有品牌成長的部分原因也是我們的客戶能夠為其客戶提供不同的東西。如果他們在這些不同的工作場所和規格上競爭，他們可以提供一些東西，我們的客戶（聽不清楚）提供一些東西，我們的競爭對手（聽不清楚）提供一些東西，這是部落的。

So we focus very much on the high-quality and differentiated products that work in these markets, and it's been very successful. Look, I think that you asked about is it existing product lines growing new addition going forward? It's going to be both.

因此，我們非常注重適合這些市場的高品質、差異化產品，而且我們的做法非常成功。你看，我認為你問的是現有的產品線未來是否會新增？兩者皆有。

It's actually been very balanced so far. We're growing in the categories we're already in. But adding new categories is going to be an important element for going forward. As to the management of the vendor relationships look, this is a well-known strategy in multiple retail outlets. I mean it's not like we don't have the ability to manage those relationships.

到目前為止，情況實際上是非常平衡的。我們在已涉足的領域中不斷發展。但增加新的類別將成為未來發展的重要因素。就供應商關係的管理來看，這是多個零售店中眾所周知的策略。我的意思是，我們並不是沒有能力處理這些關係。

I think we do it very well. Obviously, we source products from well-known companies that are looking to make sure that they've got some volume going through their networks. That's why we're able to do this. We manage that very well. They know there's competitive product out there anyway.

我認為我們做得很好。顯然，我們從知名公司購買產品，這些公司希望確保其網路能夠獲得一定的銷售量。這就是我們能夠做到這一點的原因。我們做得很好。他們知道無論如何都存在有競爭力的產品。

So I don't think that's a problem going forward. Obviously, it's a conversation that we have with our vendor partners. But I also think that we've got great relationships with them and they understand our strategy in this space, and we've been clear with them. And we coexist quite well.

所以我不認為這會成為未來的問題。顯然，這是我們與供應商合作夥伴的對話。但我也認為，我們與他們的關係很好，他們了解我們在這個領域的策略，我們也向他們明確了這一點。我們相處得很好。

Adam Baumgarten, Zelman & Associates.

亞當‧鮑姆加登 (Adam Baumgarten)，澤爾曼及合夥人。

Just on the greenfield, you guys have already pretty meaningfully eclipsed your Ambition 2025 target doing about 20 this year. Any initial thoughts on how that may look next year?

光是在綠地上，你們今年就已經相當有意義地超越了「2025 雄心壯志」的目標，達到了約 20 個。對於明年的情況您有什麼初步想法嗎？

Yes, and we do. What we've found is that this has been a pretty significant opportunity for us. So I think that in the Ambition 2025 portfolio of actions we were taking is that we were really under leveraged. We had a little bit of catching up to do, I think, from the prior few years. But our intent would be to keep this rate going.

是的，我們也這麼做。我們發現，這對我們來說是一個相當重要的機會。因此，我認為，在我們採取的「2025 宏偉目標」行動組合中，我們的槓桿率確實不足。我認為，我們需要做一些與前幾年相同的事情。但我們的目的是要保持這個速度。

We think that as we look around the country and we see markets, we see opportunities in not just the first tier markets, but also second-tier markets to add this. Fundamentally, as a team, we believe that the service proposition by adding locations really enhances the offering.

我們認為，放眼全國並觀察市場，我們不僅在一線市場看到了機遇，而且在二線市場也看到了機會。從根本上來說，作為一個團隊，我們相信透過增加地點來提供的服務確實能夠增強服務品質。

Labor is the scarce resource having people sit around and wait on job sites for deliveries is not what the tractors need. Labor is the critical component. So our ability to capture some of the labor from the contractors and really make them more efficient is fundamental to what we do.

勞動力是稀缺資源，讓人們坐在工地上等待交貨並不是拖拉機所需要的。勞動力是關鍵因素。因此，我們從承包商那裡獲取部分勞動力並真正提高他們的效率的能力是我們工作的基礎。

And adding additional locations or whether they need -- whether they pick up or they need short-cycle deliveries is something that we believe is absolutely critical to our strategy going forward because we believe this is actually a high-service business. And providing that high-touch service is going to allow us to earn market share and capture value over a period of time.

我們認為，增加其他地點或他們是否需要——他們是否需要自提或短週期交付，對於我們未來的策略來說都是至關重要的，因為我們相信這實際上是一項高服務業務。提供這種高接觸服務將使我們在一段時間內贏得市場份額並獲得價值。

So you should expect us to be adding 20-plus branches next year, and we believe we can continue to do that going forward. The one caveat I'll add to that is we toggle that with M&A.

因此，您應該可以預料到我們明年將增加 20 多個分支機構，而且我們相信我們可以繼續這樣做。我要補充的一點警告是，我們透過併購來切換這一點。

When we look at markets, if there's branches that we can acquire in the market that fill in our footprint and allow us to offer that service, then we will continue to look at how that impacts our decisions to add a greenfield.

當我們考察市場時，如果我們可以在市場上收購分支機構，以填補我們的足跡並允許我們提供該服務，那麼我們將繼續考察這將如何影響我們增加綠地的決策。

But we certainly don't believe that the market is saturated from the number of Beacon branches that are available to our service proposition.

但我們並不認為，從我們服務主張可用的 Beacon 分店數量來看，市場已經飽和。

Okay. Got it. And then just on the topic of pricing, given the hurricanes and the expected demand over the next year plus, would you anticipate additional price increases maybe either later this year or early next year in residential from the manufacturing?

好的。知道了。然後關於定價的話題，考慮到颶風和未來一年的預期需求，您是否預計今年晚些時候或明年年初住宅製造業的價格會進一步上漲？

I would -- so obviously, I'm not going to comment on what the manufacturer's strategies are going to be in this space. We have not seen any announced increases from the manufacturers. We have seen increases from sizing manufacturers, but not on the single side of things. So we would expect to see some. But look, there's a supply and demand dynamic.

我會—顯然，我不會評論製造商在這個領域的策略。我們尚未看到任何製造商宣布漲價。我們看到漿料製造商的產量增加，但這並不是單一方面的成長。因此我們希望看到一些。但看看吧，供給與需求之間存在著動態關係。

And so I wouldn't expect to see anything from the manufacturers this year. Normally, there's at least a 30- to 60-day lag between announcement and an increase or we're getting to a point where there's not going to be anything this year, I don't think. I think going into next year, I think the supply/demand dynamics are going to determine whether the manufacturers think there should be another price increase.

因此我預計今年不會看到製造商推出任何新產品。通常情況下，宣布和增加之間至少有 30 到 60 天的滯後，否則我們就會到達今年不會有任何變化的地步，我不這麼認為。我認為進入明年，供需動態將決定製造商是否認為應該再次提價。

Thank you very much, everyone. That concludes the questions. Now I would like to turn the call back over to Mr. Francis for his closing comments.

非常感謝大家。問題到此結束。現在我想將電話轉回給法蘭西斯先生，請他作最後發言。

Thanks, Ezra, and thanks to everyone for joining us today. I know many of you expressed an interest in hearing more about our future plans and one of the things that we've been thinking about is we've really locked down most of the Ambition 2025 goals is updating mid-range plans.

謝謝，埃茲拉，也謝謝大家今天的參加。我知道你們中的許多人都有興趣了解更多關於我們未來計劃的信息，我們一直在考慮的事情之一是，我們真正確定了 2025 年宏偉目標中的大部分內容，那就是更新中期計劃。

And I'm happy to say that we are planning to have an Investor Day in the first half of 2025 to update our longer-term range goals. And so stay tuned for that for additional details. So ultimately, thanks again for joining us today.

我很高興地說，我們計劃在 2025 年上半年舉辦投資者日，以更新我們的長期目標。請繼續關注更多詳細資訊。最後，再次感謝您今天的參與。

I do want to express my gratitude to our 8,000 associates and team members, particularly those impacted most recently by the storms. But other than that, I wish you all a very happy Halloween and the best for the remainder of the year and happy holidays.

我確實要向我們的 8,000 名同事和團隊成​​員表示感謝，特別是那些最近受到風暴影響的人。但除此之外，我祝大家萬聖節快樂，今年剩下的時間一切順利，節日快樂。

Thank you very much, everyone. That concludes today's call. You may now disconnect your lines.

非常感謝大家。今天的電話會議到此結束。現在您可以斷開線路了。