Beacon Roofing Supply Inc (BECN) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Beacon fourth-quarter and full-year 2024 earnings call. My name is Chach, 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 年第四季和全年收益電話會議。我叫 Chach，今天我將擔任你們的協調員。（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 like to now 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, Chach. 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.

謝謝你，Chach。大家早安。像往常一樣，我們感謝您抽出時間參加我們的電話會議。今天，我們邀請了我們的執行長朱利安·弗朗西斯 (Julian Francis)；以及 Beacon 財務長 Prith Gandhi。Julian 和 Prith 將在今天的電話會議開始時發表準備好的講話，演講內容將按照 Beacon 網站投資者關係部分發布的幻燈片進行。

After that, we will open the call for questions. 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. 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.

之後，我們將開始提問。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。由於各種重要因素，包括但不限於公司 2023 年 10-K 表格「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。

Second, the forward-looking statements contained in this call are based on information as of today, February 27, 2025. And except as required by law, the company undertakes no obligation to update or revise any of these forward-looking statements.

其次，本次電話會議中所包含的前瞻性陳述是基於截至 2025 年 2 月 27 日的資訊。除法律要求外，本公司不承擔更新或修改任何前瞻性聲明的義務。

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 to the presentation accompanying this call. Both the press release and the presentation are available on our website at becn.com.

最後，本次電話會議將提及某些非 GAAP 指標。這些非公認會計準則 (non-GAAP) 指標與最具可比性的公認會計準則 (GAAP) 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 上查閱。

Now let's begin with opening remarks from Julian.

現在讓我們先從朱利安的開場白開始。

Thanks, Binit. Good morning, everyone. Let's begin on slide 4. Our team delivered a record fourth quarter as a result of execution on our Ambition 2025 plan. Over the past three years, our strategy has been repeatedly tested whether it be rapid inflation, supply chain disruption, or contracted destocking, and yet we continue to grow top and bottom line.

謝謝，Binit。大家早安。我們從第 4 張投影片開始。透過執行我們的「2025 雄心壯志」計劃，我們的團隊在第四季度取得了創紀錄的成績。過去三年來，無論是通貨膨脹迅速成長、供應鏈中斷或庫存減少，我們的策略都經受了反覆考驗，但我們的營收和利潤仍然持續成長。

We were challenged again in Q4 when after a record October, November, and December were well below the usual sales trend. The slowdown mostly impacted residential roofing, especially in markets in our North and West regions, yet we still set fourth-quarter records for net sales, adjusted EBITDA, and cash flow.

在創下歷史新高的 10 月、11 月和 12 月之後，我們在第四季再次面臨挑戰，銷售額遠低於正常水平。經濟放緩主要影響了住宅屋頂，尤其是北部和西部地區的市場，但我們仍然創下了第四季度淨銷售額、調整後 EBITDA 和現金流的記錄。

Sales per day were up approximately 3% year over year to $2.4 billion driven by contributions from recently acquired branches. Our gross margin came in at the high end of our guidance. As a result of strong execution, average selling prices rose in the quarter.

受近期收購的分公司的推動，日銷售額年增約 3%，達到 24 億美元。我們的毛利率達到了預期的高點。由於執行力強，本季平均售價上漲。

A concerted effort around operating efficiency, including our bottom quintile branch initiative and cost actions taken earlier in the year meant we delivered fourth-quarter adjusted EBITDA of $223 million. I'm also pleased with our management of working capital.

我們圍繞營運效率做出了一致努力，包括我們今年稍早採取的最低五分之一分公司計畫和成本行動，這意味著我們實現了第四季度調整後的 EBITDA 為 2.23 億美元。我對我們的營運資金管理也感到滿意。

We generated fourth-quarter cash flow of nearly $360 million, which enabled us to deploy resources towards our growth initiatives, including greenfield locations and acquisitions. When we launched our Ambition 2025 plan in early 2022, we set out to transform the company and our performance. I can confidently say that we have done what we said we were going to do over the last three years. We have the right team and an operating model to unlock our full potential.

我們第四季的現金流接近 3.6 億美元，這使我們能夠將資源部署到成長計畫中，包括綠地投資和收購。當我們在 2022 年初啟動「2025 雄心壯志計畫」時，我們著手改變公司和我們的表現。我可以自信地說，過去三年來我們已經完成了我們說過要做的事情。我們擁有合適的團隊和營運模式來充分發揮我們的潛力。

Now please turn to page 5. At our Investor Day in 2022, we laid out targets to drive above-market growth delivered consistent double-digit adjusted EBITDA margins, build a great company and generate superior shareholder returns. In the last year of our plan, we have already achieved many of our goals and those that remain are in our sights. Building a winning culture has been important for us throughout Ambition 2025.

現在請翻到第 5 頁。在 2022 年的投資者日上，我們制定了目標，以推動高於市場的成長、實現持續兩位數的調整後 EBITDA 利潤率、打造一家偉大的公司並創造卓越的股東回報。在我們計劃的最後一年，我們已經實現了許多目標，剩下的目標也已在我們的視線之內。在整個「2025 宏偉目標」中，打造成功的文化對我們來說至關重要。

A safe and respectful workplace is the foundation for attracting and retaining employees. When labor is a scarce resource, recruiting and retaining a talented workforce becomes a competitive advantage. We value making every day safer and have been working to ensure everyone gets home safely, and I'm proud of our results last year.

安全和受尊重的工作場所是吸引和留住員工的基礎。當勞動力成為一種稀缺資源時，招募和留住優秀勞動力就成為一種競爭優勢。我們重視讓每一天都更加安全，並一直努力確保每個人都能安全回家，我為去年的成績感到自豪。

Our analysis showed that in 2023, strains and sprains for new employees was our most frequent injury. In 2024, we were determined to cut these injuries in half, and I'm pleased to report that we exceeded that goal. In addition, our OSHA total case rate, a key safety metric, was the best in Beacon's history.

我們的分析顯示，2023 年，新進員工拉傷和扭傷是我們最常見的傷害。2024 年，我們決心將傷害減少一半，我很高興地報告，我們超額完成了這一目標。此外，我們的 OSHA 總發生率（一項關鍵安全指標）是 Beacon 歷史上最好的。

Next, investing in greenfield is a major lever in driving above-market growth and enhances our overall value proposition and customer reach, giving us the opportunity to earn market share. I'm pleased to report that the 17 greenfields in the class of 2022, the most mature of the portfolio, contributed nearly $22 million to EBIT in full year 2024.

其次，投資綠地是推動高於市場成長的重要槓桿，可以增強我們的整體價值主張和客戶覆蓋範圍，使我們有機會贏得市場份額。我很高興地報告，2022 年度的 17 個綠地項目（投資組合中最成熟的項目）為 2024 年全年的息稅前利潤貢獻了近 2,200 萬美元。

Our online capability continues to be a clear competitive advantage for Beacon, with sales through our digital platform, increasing customer loyalty, generating larger basket sizes, and enhancing margin by more than 150 basis points when compared to offline channels.

我們的線上能力繼續成為 Beacon 的明顯競爭優勢，透過我們的數位平台進行銷售，與線下管道相比，提高了客戶忠誠度，產生了更大的購物籃規模，並將利潤率提高了 150 個基點以上。

In the fourth quarter, we grew digital sales approximately 20% year over year, driven by our value-added integrations. Our digital sales as a percentage of total sales reached approximately 16% at the end of the fourth quarter, nearly a 200 basis point improvement year over year, led by sales to our residential customers. We will continue to invest in a differentiated digital offering and to build on our digital leadership.

第四季度，在增值整合的推動下，我們的數位銷售額年增約 20%。在第四季末，我們的數位銷售額佔總銷售額的百分比達到約 16%，較去年同期成長近 200 個基點，這主要得益於面向住宅客戶的銷售額。我們將繼續投資於差異化的數位產品，並鞏固我們的數位領導地位。

Our private label line of high-quality building products sold under the TRI-BUILT brand delivers professional results for customers and yields between 500 and 2,000 basis points of additional margin versus the alternatives. We have meaningfully invested in our brands to bolster its presence and expand its offerings to better serve our customers, including the launch of TRI-BUILT ISO, a professional-grade roof installation.

我們以 TRI-BUILT 品牌銷售的自有品牌高品質建築產品系列可為客戶提供專業的成果，並且與其他產品相比可獲得 500 至 2,000 個基點的額外利潤。我們對我們的品牌進行了有意義的投資，以增強其影響力並擴大其產品範圍，從而更好地服務我們的客戶，包括推出專業級屋頂安裝 TRI-BUILT ISO。

In the fourth quarter, we grew total private label sales approximately 7%. Our focus on driving operational excellence is anchored by our bottom quintile branch process, and it continues to generate meaningful results. We added more than $7 million of EBITDA year over year in the fourth quarter.

第四季度，我們的自有品牌總銷售額成長了約 7%。我們致力於推動卓越運營，其核心在於最低五分之一分支流程，並持續產生有意義的成果。與去年同期相比，第四季我們的 EBITDA 增加了 700 多萬美元。

Productivity is key to ensuring that we offset inflationary pressures and leverage our operating expenses. We've discussed previously the many ways in which we are focusing on driving improvement every day, including leveraging our labor and fleet using technologies such as our routing software, Beacon Track, and executing on our strategic branch optimization. We've also demonstrated the ability to adjust our cost base to changing market conditions as we did it in the third quarter.

生產力是確保我們抵消通膨壓力和利用營運費用的關鍵。我們之前已經討論過我們每天專注於推動改進的多種方式，包括利用我們的勞動力和車隊，使用我們的路線軟體、Beacon Track 等技術，以及執行我們的策略分支優化。我們還展示了根據不斷變化的市場條件調整成本基礎的能力，就像我們在第三季所做的那樣。

These actions are delivering results. And in the fourth quarter, we increased sales per hour worked by approximately 6% year on year, hitting a fourth quarter record. Now let me take a minute to talk about our M&A playbook.

這些行動正在發揮成效。第四季度，我們的每小時銷售額年增約 6%，創下第四季的最高紀錄。現在，請容許我花一點時間來談談我們的併購策略。

Acquired branches from the class of 2022, the first group under our Ambition 2025 plan, are delivering tangible results to the bottom line. The five acquisitions in aggregate delivered double-digit EBITDA margins in 2024. We believe this is indicative of our ability to improve businesses we acquire. And we continue to create shareholder value.

2022 年收購的分公司（即我們的「2025 雄心計畫」下的第一批分公司）正在為獲利帶來切實的成果。這五次收購總計在 2024 年實現了兩位數的 EBITDA 利潤率。我們相信這顯示我們有能力改善所收購的業務。我們將繼續創造股東價值。

During the fourth quarter, we completed the accelerated share repurchase program initiated in the second quarter. The share buyback program demonstrates both our commitment to delivering value to shareholders and our confidence in the Ambition 2025 plan. Prith will give you the details, but let me highlight that since the start of Ambition 2025, we have deployed more than $1.5 billion to share buybacks, 3 times our initial Ambition '25 target, reducing the as-converted share count by more than 23%.

第四季度，我們完成了第二季啟動的加速股票回購計畫。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 年宏偉計劃」的信心。Prith 將向您提供詳細信息，但請允許我強調，自「2025 年雄心」計劃啟動以來，我們已部署超過 15 億美元用於股票回購，是我們最初「2025 年雄心」目標的 3 倍，使轉換後的股票數量減少了 23% 以上。

In summary, we have built a business that has multiple paths to growth, margin expansion, and value creation in all market conditions. Our Ambition 2025 plan has created an engine to drive our business model and systematically improve performance.

總而言之，我們建立了一個在任何市場條件下都擁有多種成長、利潤擴大和價值創造途徑的企業。我們的「2025雄心」計畫創造了一個引擎來推動我們的商業模式並有系統地提高績效。

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

現在我將把電話轉給 Prith，以便更深入地關注我們的第四季業績。

Thanks, Julian, and good morning, everyone. Turning to slide 7. We reached over $2.4 billion in total net sales in the fourth quarter, up 4.5%, driven by the contribution of acquisitions. Adjusting for one additional day in the fourth quarter of this year, net sales increased by nearly 3%. Organic volumes, including those from greenfields, decreased approximately 3% to 4% on a per day basis while overall price contributed 1% to 2%.

謝謝，朱利安，大家早安。翻到幻燈片 7。受收購的推動，我們第四季的總淨銷售額超過 24 億美元，成長 4.5%。調整今年第四季的一天，淨銷售額成長了近3%。包括綠地在內的有機產量每天下降約 3% 至 4%，而整體價格則下降 1% 至 2%。

Acquisitions contributed approximately 5% year over year. As Julian mentioned, we experienced a sharp slowdown in fourth-quarter activity particularly in December due to the weather patterns that impacted a significant portion of the country.

收購貢獻了約 5% 的年增幅。正如朱利安所提到的，由於天氣狀況影響了全國大部分地區，我們第四季的經濟活動急劇放緩，尤其是在 12 月。

To give you some context, on a per day basis, our typical November sales averaged around 95% of October sales. In 2024, November sales were less than 90% of October sales. Similarly, December sales per day typically averaged around 75% of October. In 2024, December sales per day were less than 70%.

為了讓您了解情況，按每天計算，我們 11 月份的典型銷售額平均約為 10 月份銷售額的 95%。2024年，11月份的銷售額還不到10月銷售額的90%。同樣，12 月份日均銷售額通常約為 10 月份的 75%。2024年12月日均銷量不到70%。

Residential roofing sales were lower by less than 1% on a per day basis. Prices increased by low single digits percent year over year and acquisitions also contributed to partially offset lower organic volumes versus a strong shingle comparable in the prior year period.

住宅屋頂銷售額每天下降不到 1%。與去年同期相比，價格上漲了低個位數百分比，收購也部分抵消了有機銷售的下降（與去年同期強勁的瓦片銷售相比）。

While our residential volumes were down in the quarter, we estimate using ARMA data that we grew in line with the market for the full year, adjusting for movements in channel stocking. Non-residential sales per day increased by nearly 4% as our team continued to drive growth through the commercial acceleration initiative. Prices declined by low single digits year over year and remain relatively stable on a sequential basis. Organic volumes were nearly in line with a strong fourth quarter in 2023.

雖然本季度我們的住宅銷量有所下降，但我們根據 ARMA 數據估計，全年我們的成長與市場同步，並根據通路庫存的變動進行了調整。隨著我們的團隊繼續透過商業加速計劃推動成長，非住宅日銷售額成長了近 4%。價格較去年同期下降個位數，較上季保持相對穩定。有機銷售幾乎與 2023 年第四季的強勁表現持平。

Complementary sales per day increased by approximately 10% driven by acquisitions, including 15 new waterproofing branches in the last four quarters, which significantly expanded our specialty waterproofing products division.

受收購的推動，每日互補銷售額成長了約 10%，其中包括過去四個季度中新增的 15 個防水分支機構，這大大擴展了我們的專業防水產品部門。

Selling prices were stable year over year. Turning to slide 8. We'll review gross margin and operating expense. Gross margin was unchanged from the prior year quarter at 25.7% and at the high end of our expectations.

銷售價格較去年同期保持穩定。翻到幻燈片 8。我們將審查毛利率和營業費用。毛利率與去年同期相比保持不變，為 25.7%，處於我們預期的高點。

In total, price cost was up around 10 basis points year over year as higher selling prices offset increases in product costs. Higher sales through our digital channel and growth in our private label products continued to be accretive to Beacon's gross margin. These favorable contributions were offset by a higher nonresidential sales mix and the dilutive impact of M&A we've conducted in the past year that has yet to be fully synergized.

總體而言，由於銷售價格上漲抵消了產品成本的增加，價格成本比去年同期上漲了約 10 個基點。透過我們的數位管道實現的銷售額成長和自有品牌產品的成長繼續提高了 Beacon 的毛利率。這些有利的貢獻被更高的非住宅銷售組合和我們在過去一年中進行的尚未完全協同的併購的稀釋影響所抵消。

Adjusted operating expense was $434 million, an increase of approximately $25 million compared to the prior year quarter. Adjusted operating expense as a percentage of sales increased to 18%, up 20 basis points year over year.

調整後的營運費用為 4.34 億美元，與去年同期相比增加約 2,500 萬美元。調整後的營業費用佔銷售額的百分比增至 18%，較去年同期上升 20 個基點。

Expenses associated with acquired and greenfield branches contributed approximately $31 million of the total increase in adjusted OpEx. These increases were offset by approximately $6 million of lower operating expenses in our existing business, which included the benefit from our September cost actions.

與收購和新建分行相關的費用佔調整後營運支出總增幅的約 3,100 萬美元。這些成長被我們現有業務中約 600 萬美元的營運費用降低所抵消，其中包括我們 9 月成本行動帶來的收益。

We estimate the impact of these actions to yield annualized cost savings of $45 million, approximately $30 million of which will be realized in 2025. Sales per hour worked in our existing branches, a key productivity measure jumped 6% year over year in the fourth quarter, nearly matching its highest level in the last 12 quarters.

我們估計這些行動將帶來每年 4,500 萬美元的成本節約，其中約 3,000 萬美元將在 2025 年實現。我們現有分公司的每小時銷售額（一項關鍵的生產力指標）在第四季度同比增長了 6%，幾乎達到了過去 12 個季度以來的最高水平。

We continue to make investments to drive and support above market growth and margin enhancement. These included initiatives related to our sales organization, private label, pricing tools, e-commerce technologies, and branch optimization.

我們將繼續進行投資，以推動和支持高於市場的成長和利潤率的提高。這些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 to slide 9. We delivered record operating cash flow in the quarter of $360 million or more than 160% of the $223 million in adjusted EBITDA, driven by disciplined working capital management. Through close collaboration among our credit supply chain organization and the field team, we efficiently manage receivables and inventory. We had $87 million less in inventory compared to the third quarter, contributing to the strong finish.

翻到第 9 張投影片。在嚴格的營運資本管理的推動下，我們本季實現了創紀錄的 3.6 億美元營運現金流，佔調整後 EBITDA 2.23 億美元的 160% 以上。透過我們的信貸供應鏈組織和現場團隊的密切合作，我們有效地管理應收帳款和庫存。與第三季相比，我們的庫存減少了 8,700 萬美元，這有助於實現強勁的業績。

On a year-over-year basis, inventory increased by $180 million. As mentioned on our last call, we balanced seasonal conversion with product availability for our customers in the recent storm-impacted regions of the country. Inventory from acquired branches and greenfield load-ins and inflation in our product costs, all contributed to the increase year over year.

與去年同期相比，庫存增加了 1.8 億美元。正如我們上次電話會議中提到的那樣，我們平衡了季節性轉換和近期受風暴影響地區客戶的產品供應。來自收購分公司和綠地入庫的庫存以及產品成本的上漲，都導致了同比增長。

In 2024, we generated nearly $420 million of operating cash flow following a record full year 2023 in which we generated $788 million. Over the last two years, we have generated over $1.2 billion in operating cash flow. Our ability to generate cash underpins our capital allocation approach to balance investments towards organic growth, M&A, and shareholder returns in the form of share repurchases. These include our ability to invest in greenfields and broadly creating acquisitions while maintaining balance sheet flexibility and liquidity.

2024 年，我們創造了近 4.2 億美元的營業現金流，而 2023 年全年我們創造了 7.88 億美元的創紀錄營業現金流。在過去兩年裡，我們產生了超過12億美元的營運現金流。我們產生現金的能力支撐著我們的資本配置方法，即平衡投資以實現有機成長、併購以及以股票回購形式實現的股東回報。其中包括我們投資綠地和廣泛進行收購的能力，同時保持資產負債表的靈活性和流動性。

Net debt leverage returned to our targeted range at 2.8 times with cash and available lines of credit totaling more than $1.1 billion as of December 31. Since the beginning of Ambition 2025, consistent with our commitment to deliver strong shareholder returns, we have chosen to deploy $1.5 billion of capital on the repurchases of equity. Have we chosen instead to reduce debt, Beacon's net debt leverage would be at approximately 1.2 times adjusted EBITDA, well below the low end of our target range of 2 to 3 times.

淨債務槓桿率恢復到我們的目標範圍 2.8 倍，截至 12 月 31 日，現金和可用信貸額度總額超過 11 億美元。自「2025 雄心」計畫開始以來，為了履行我們為股東提供豐厚回報的承諾，我們選擇投入 15 億美元資金用於股權回購。如果我們選擇減少債務，Beacon 的淨債務槓桿率將約為調整後 EBITDA 的 1.2 倍，遠低於我們 2 至 3 倍目標範圍的低端。

In 2024, we invested nearly $127 million of capital expenditure to drive organic growth and to upgrade our fleet and facilities in support of our customers and employees. While Julian covered the share repurchase program, let me provide you with some additional details.

2024 年，我們投資了近 1.27 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。當朱利安介紹股票回購計劃時，請允許我向您提供一些額外的細節。

In the second quarter of 2024, we executed to $225 million accelerated share repurchase plan that resulted in the retirement of approximately 1.9 million shares or $180 million. The remaining $45 million equity forward contracts settled in the fourth quarter of 2024 and resulted in the repurchase of nearly 500,000 additional shares.

2024 年第二季度，我們執行了 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。剩餘的 4,500 萬美元股票遠期合約於 2024 年第四季結算，並導致回購了近 50 萬股額外股票。

We retired a total of more than 2.4 million shares in the full year at an average price of less than $93 per share. Net of share issuances for stock-based compensation, we reduced our common shares outstanding to 61.5 million on December 31 versus 63.3 million at the previous year-end as we remain committed to delivering attractive shareholder returns while maintaining a strong balance sheet.

我們全年共回購了 240 多萬股股票，平均價格不到每股 93 美元。在扣除股票薪酬發行的股票後，我們將 12 月 31 日的流通普通股數量從上年末的 6,330 萬股減少至 6,150 萬股，因為我們仍然致力於在保持強勁資產負債表的同時提供有吸引力的股東回報。

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, Prith. Please reference page 11 of the slide materials. Before we move to the outlook, I'd like to take a minute to reflect on 2024 results and the progress we have made towards the Ambition 2025 targets we laid out three years ago.

謝謝，普里思。請參考投影片資料的第11頁。在我們展望之前，我想花一點時間來回顧一下 2024 年的成果以及我們在實現三年前製定的「2025 年宏偉目標」方面所取得的進展。

In 2024, we produced sales growth of more than 7% to nearly $9.8 billion and generated more than $930 million in adjusted EBITDA, eclipsing last year's record levels. This, despite significant headwinds throughout the year, including difficult year-over-year comparisons in Florida, sluggish housing starts, historically low existing home sales and lower commercial new construction.

2024 年，我們的銷售額成長超過 7%，達到近 98 億美元，調整後 EBITDA 超過 9.3 億美元，超過去年的創紀錄水準。儘管全年面臨巨大阻力，包括佛羅裡達州同比困難、新屋開工率低迷、現有房屋銷售量創歷史新低以及商業新屋開工率下降，但業績仍保持強勁。

We delivered record sales in our national accounts, private label, and digital initiatives, which delivered both enhanced growth and margin. We opened 19 greenfields across 12 states and 2 Canadian provinces, further enhancing our reach to customers. These new branches are ramping up ahead of expectations. And in total, greenfield locations contributed more than $180 million to the top line in 2024. We welcomed 12 new acquisitions, adding 42 branches, new markets, and new capabilities.

我們在全國帳戶、自有品牌和數位計畫中都實現了創紀錄的銷售額，從而提高了成長速度和利潤率。我們在 12 個州和 2 個加拿大省份開闢了 19 個綠地，進一步增強了我們對客戶的覆蓋範圍。這些新分支機構的成長速度超出了預期。總體而言，到 2024 年，綠地計畫將為公司營收貢獻超過 1.8 億美元。我們迎來了 12 家新收購公司，增加了 42 家分公司、新市場和新能力。

Our acquisition portfolio is performing well. Acquired branches contributed more than $400 million to net sales and like our greenfield strategy, expanded our ability to serve our customers across the US and Canada. We trained and developed leadership positions within our sales force, lines of business, and leadership ranks, including the launch of our Commercial Academy and the Roofing Industry Center at Clemson University. We demonstrated our commitment to hiring a qualified workforce from diverse backgrounds, which enables us to win in our markets, including the rapidly growing Latino communities.

我們的收購組合表現良好。收購的分公司為淨銷售額貢獻了超過 4 億美元，並且與我們的綠地策略一樣，擴大了我們為美國和加拿大客戶提供服務的能力。我們在銷售團隊、業務線和領導層中培訓和培養領導職位，包括在克萊姆森大學成立商業學院和屋頂產業中心。我們致力於聘用來自不同背景的合格勞動力，這使我們能夠在市場中獲勝，包括快速成長的拉丁裔社區。

We generated a $20 million contribution to adjusted EBITDA from our bottom quintile branch initiative, bringing the three-year total to $78 million, surpassing our $75 million Ambition 2025 target a year early. In 2024, we returned $225 million to our shareholders by repurchasing and retiring 2.4 million shares, about 4% of shares outstanding.

我們的最低五分之一分公司計劃為調整後的 EBITDA 貢獻了 2000 萬美元，使三年總額達到 7800 萬美元，提前一年超過了我們 7500 萬美元的 2025 年宏偉目標。2024 年，我們透過回購和註銷 240 萬股股票（約佔流通股的 4%）向股東返還了 2.25 億美元。

However, there were also missed opportunities. We were late responding to shifting market dynamics that impacted demand. For example, the cut in interest rates did not spur more activity as expected, and we carried too much overhead into Q3 when we took action.

然而，我們也錯失了一些機會。我們對影響需求的市場動態變化反應遲緩。例如，降息並沒有像預期的那樣刺激更多經濟活動，而且我們在採取行動時將過多的管理費用帶入了第三季。

And while we generated nearly $420 million in operating cash flow in 2024, the majority of which was in the fourth quarter, this was below our expectations as we did not adjust inventory appropriately until later in the year. Despite these misses, our performance in 2024 has created significant value for our customers and shareholders alike and has positioned us to capitalize on market opportunities in what is expected to be an equally mixed environment in 2025.

雖然我們在 2024 年產生了近 4.2 億美元的營運現金流，其中大部分發生在第四季度，但這低於我們的預期，因為我們直到今年晚些時候才適當調整庫存。儘管存在這些失誤，但我們在 2024 年的業績為我們的客戶和股東創造了巨大的價值，並使我們能夠在預計 2025 年同樣混合的環境中利用市場機會。

Please turn to slide 12. Let me talk about our expectations for the market in 2025. Broadly, many of the headwinds I described earlier will persist through the first half. Overall sentiment has weakened in recent weeks, particularly in new construction markets with higher interest rates likely to continue and input costs likely to rise in part due to expected tariffs. There are increasing concerns with contracted labor availability.

請翻到第 12 張投影片。我先講一下我們對2025年市場的預期。總體而言，我之前描述的許多不利因素將持續整個上半年。近幾週，整體市場情緒減弱，尤其是新建築市場，利率可能持續走高，投入成本也可能因預期關稅而上升。人們對於合約工的可用性越來越擔憂。

While interest rates and tariffs may have a limited impact on our primary product categories, and we feel confident about our ability to attract and retain our workforce, clearly, all three of these elements create greater uncertainty in our end markets.

雖然利率和關稅對我們的主要產品類別的影響可能有限，而且我們對吸引和留住員工的能力充滿信心，但顯然，這三個因素都會為我們的終端市場帶來更大的不確定性。

We expect residential reroofing market demand will be down this year, driven by our assumption that storm demand will tick lower after a modestly above trend year in 2024. We expect non-storm repair and reroof to be higher on demand from the non-discretionary replacement cycle of roofs.

我們預計今年住宅屋頂翻修市場的需求將會下降，因為我們假設在 2024 年略高於趨勢水準之後，風暴需求將會下降。我們預計，由於屋頂的非隨意更換週期，非風暴修復和重修屋頂的需求將會更高。

And residential new construction as well as existing home sales are expected to remain sluggish. In commercial roofing, the Architectural Billing Index remains below 50, indicating contraction in new construction activity in the first half of the year. However, repair and reroofing activity is expected to improve.

預計住宅新建和現房銷售仍將保持低迷。在商業屋頂領域，建築業營業額指數仍低於 50，顯示今年上半年新建築活動萎縮。不過，修復和重建屋頂的活動預計會有所改善。

Despite these near-term headwinds, the underlying demand drivers remain strong under investment in housing, US migration towards areas impacted by severe weather, and regulation and insurance trends that drive increased replacement activity. For the first quarter, we expect total sales per day to be down in the 3% to 5% range compared with the prior year quarter. This is primarily due to the harsh weather we've seen in January and February, which typically results in more demand as the year progresses.

儘管存在這些短期不利因素，但在住房投資、美國向受惡劣天氣影響地區的移民以及推動更換活動增加的監管和保險趨勢等因素的影響下，潛在的需求驅動因素仍然強勁。對於第一季度，我們預計每日總銷售額將與去年同期相比下降 3% 至 5%。這主要是因為一月和二月的惡劣天氣，通常會導致隨著時間的推移需求增加。

With respect to first-quarter gross margin, we expect it to be in line with the prior year quarter. Adjusted operating expenses are expected to increase year over year, attributable to the higher expenses related to head count from greenfield and acquired branches, which are mostly offset by cost management in our existing business.

關於第一季的毛利率，我們預計它將與去年同期持平。調整後的營業費用預計將同比增長，這歸因於與綠地和收購分支機構的員工人數相關的費用增加，但這些費用大部分被我們現有業務的成本管理所抵消。

For the full year, we expect net sales growth in the mid-single-digit percent range, including contributions from acquisitions previously announced. Regarding gross margin, structural improvements from our initiatives, including the implementation of our pricing model, higher private label and digital sales are expected to be partially offset by the geographic and line of business mix impacts. It is important to note that we expect price cost to be neutral resulting in a full-year gross margin percentage in line with prior year.

我們預計全年淨銷售額成長率將達到中等個位數百分比，其中包括先前宣布的收購帶來的貢獻。至於毛利率，我們採取的措施帶來的結構性改善，包括實施我們的定價模式、更高的自有品牌和數位銷售，預計將被地理和業務線組合的影響部分抵消。值得注意的是，我們預計價格成本將保持中性，導致全年毛利率與去年持平。

We also expect to realize benefits from cost actions taken in the third quarter of last year to contribute approximately $30 million. With all that in mind, we expect adjusted EBITDA to range between $950 million and $1.03 billion.

我們也預計去年第三季採取的成本行動將帶來約 3,000 萬美元的收益。考慮到所有這些因素，我們預計調整後的 EBITDA 將在 9.5 億美元至 10.3 億美元之間。

Regarding cash flow, we expect inventory to follow a normal pattern of seasonality as we build inventory in the first half of the year and convert to cash in the second half. For the full year, we expect to generate strong operating cash flow in the range of $500 million to $600 million. We will also invest in growth and plan to open 15 to 20 new greenfield locations. We will continue to execute on our pipeline of tuck-in acquisitions with disciplined criteria and rigorous integration.

關於現金流，我們預計庫存將遵循正常的季節性模式，因為我們在上半年建立庫存並在下半年轉換為現金。我們預計全年將產生 5 億至 6 億美元的強勁營運現金流。我們還將投資於成長，並計劃開設 15 至 20 家新的綠地門市。我們將繼續以嚴格的標準和嚴格的整合方式執行我們的補充收購計劃。

Our focus will remain on delivering results, including enhancing our customer service, pricing, and daily execution on safety, productivity, and efficiency. We have a durable strategy, a resilient business model, a great team, and an attractive industry. Our future is bright, and we look forward to helping our customers build more.

我們將繼續專注於取得成果，包括加強我們的客戶服務、定價以及安全性、生產力和效率的日常執行。我們擁有持久的策略、有彈性的商業模式、優秀的團隊和有吸引力的產業。我們的未來是光明的，我們期待幫助我們的客戶創造更多。

Now before we turn the call over to Q&A, I do want to briefly address our ongoing matter with QXO. Back on January 27, 2025, QXO launched an unsolicited tender offer at $124.25 per share. Our Board after consultation with its independent financial and legal advisers unanimously determined that QXO's offer is not in the best interest of the company and its shareholders because it significantly undervalues the company and our prospects for growth and value creation. Therefore, the Board strongly recommended that shareholders not tender their shares to QXO.

現在，在我們將電話轉入問答環節之前，我想先簡單談談我們與 QXO 正在進行的問題。早在 2025 年 1 月 27 日，QXO 就以每股 124.25 美元的價格發起了一項主動收購要約。我們的董事會在與獨立財務和法律顧問協商後一致認定，QXO 的報價不符合公司及其股東的最佳利益，因為它嚴重低估了公司以及我們的成長和價值創造前景。因此，董事會強烈建議股東不要將其股份出售給 QXO。

Importantly, though, the Board remains open to considering all opportunities to maximize shareholder value, and Beacon looks forward to sharing more on its future growth plans and 2028 long-term financial targets at our upcoming Investor Day on March 13, 2025. Please focus your questions on our business and our record fourth-quarter and full-year results. We will not take any questions related to QXO's tender offer and proxy contest on this call.

但重要的是，董事會仍願意考慮所有最大化股東價值的機會，Beacon 期待在 2025 年 3 月 13 日即將舉行的投資者日上分享更多有關其未來成長計畫和 2028 年長期財務目標的資訊。請將您的問題集中在我們的業務以及創紀錄的第四季度和全年業績上。我們不會在本次電話會議上回答任何與 QXO 的要約收購和代理權爭奪相關的問題。

With that, operator, I'll return it back to you in the question-and-answer session.

接線員，關於這一點，我將在問答環節中回答您的問題。

(Operator Instructions) Mike Dahl, RBC.

（操作員指示）Mike Dahl，RBC。

Thanks for taking my question. Look, I think one of the obvious ones is sluggish start to the year, but you're still bridging to a pretty healthy growth for the full year. So can you help us understand more dynamics around quarter-to-date sales, whether you've seen improvement as over the past week or so, weather has gotten a little bit better. And then within the full-year guide, help us break down, you gave us the acquisition contribution, but how are you thinking about organic price and volume across your segments? Thanks.

感謝您回答我的問題。聽著，我認為其中一個明顯因素是今年開局不景氣，但全年仍將保持相當健康的成長。那麼，您能否幫助我們了解更多有關本季迄今為止的銷售動態，無論您是否看到過去一周左右的改善，天氣是否已經好轉。然後在全年指南中，幫助我們分解，您給了我們收購貢獻，但是您如何考慮各個部門的有機價格和銷售？謝謝。

Thanks, Mike. I'll take the first part and just general trends. Prith can give you some of the financial details as well. January was tough. I think I love the statistic that there was snow in all 50 states.

謝謝，麥克。我將討論第一部分和總體趨勢。Prith 還可以向您提供一些財務細節。一月很難熬。我覺得我喜歡全美 50 州都下雪的統計數據。

February has been extremely cold up until the last week or so. We were down, I think, low teens in January. And February was tracking towards that up until the last few days. In the last few days, we've seen sort of demand levels where we would expect to be in early March, mid-March, which is a good sign.

直到上週左右，二月的天氣一直非常寒冷。我認為，一月我們的收入下降到了十幾歲以下。直到最近幾天，二月的情況才逐漸明朗。在過去的幾天裡，我們看到的需求水平已經達到了我們預期的三月初、三月中旬的水平，這是一個好兆頭。

Like we said, the harsh weathers generally create demand. And whether in general only creates demand or moves it around. It doesn't take it away. So that's important for everyone to realize. So we do think that, that's fundamentally what's going to play out.

正如我們所說，惡劣的天氣通常會產生需求。以及整體而言是只創造需求還是轉移需求。它不會把它帶走。所以每個人都應該要認識到這一點。所以我們確實認為，這根本就是將要發生的事情。

First quarter is going to be tough. Weather-related, we're seeing improvements coming in. And as we said, typically, tough weather creates demand for us, particularly when it impacts states that don't usually see this type of weather around the South.

第一季將會很艱難。就天氣而言，我們看到了改善的跡象。正如我們所說，惡劣的天氣通常會給我們帶來需求，特別是當它影響到南部通常不會出現這種天氣的州時。

So that's what we're seeing so far. And we've got a lot of confidence in our business where we're driving to. Obviously, the cost actions we took last year in the third quarter to get our staffing levels to where they should be are going to carry over into this year. So we feel very good about our prospects for top and bottom-line growth.

這就是我們目前所看到的情況。我們對我們的業務充滿信心。顯然，我們去年第三季為將員工人數調整到應有水準而採取的成本行動將延續到今年。因此，我們對營收和利潤的成長前景非常樂觀。

Yeah. Just a couple of things to add, Mike. On Q1, in particular, when you kind of break it down, in terms of March, we're expecting sales per day kind of flat to last year. And remember, we're -- we did 12 acquisitions last year, most of which were done after March. So we've got some favorable structural benefits in terms of why we have confidence around Q1.

是的。麥克，我只想補充幾點。尤其是就第一季而言，就三月而言，我們預計每日銷售額將與去年持平。請記住，我們去年進行了 12 次收購，其中大部分是在 3 月之後完成的。因此，就我們對第一季充滿信心的原因而言，我們獲得了一些有利的結構性優勢。

In terms of the full year, let me start with sales in terms of our guide for kind of mid-single digits. We're expecting a total market -- this is across all lines of business -- to be flat to slightly higher. The M&A carryover is about 2%. The price carryover from the shingle price increases last year, that's about 1%. And then we have above-market growth, including greenfields and sales in the low single-digit percent range.

就全年而言，首先我要說一下銷售額，我們的指導數字是中等個位數。我們預計整個市場（包括所有業務線）將持平或略有上漲。併購結轉約2%。去年木瓦價格上漲帶來的價格結轉約 1%。然後，我們實現了高於市場的成長，包括綠地和低個位數百分比範圍內的銷售額。

In terms of the EBITDA bridge, you start with the $930 million, as Julian said, we took cost actions in September. We expect to generate about $30 million of savings from those actions in 2025. The M&A carryover is in the order of $10 million.

就 EBITDA 橋樑而言，首先從 9.3 億美元開始，正如朱利安所說，我們在 9 月採取了成本行動。我們預計到 2025 年這些行動將節省約 3,000 萬美元。併購結轉金額約 1,000 萬美元。

And then we do expect to get operational leverage, especially in the existing business despite adding new greenfields and so forth. So that's kind of how we get to the mid-point of our guidance. And in terms of the upside, we've said that we expect residential volumes to decline this year because we go back to the 10-year storm average. If we actually revert to what we saw over the last couple of years, that would get us towards the high end of our guidance.

然後，我們確實希望獲得營運槓桿，特別是在現有業務中，儘管增加了新的綠地等等。這就是我們達到指導中點的方式。就好的方面而言，我們說過，由於風暴次數回到了 10 年平均水平，預計今年住宅用電量將會下降。如果我們真的恢復到過去幾年的狀態，那我們就能達到預期的高端。

Very helpful. Thank you.

非常有幫助。謝謝。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Thank you. Good morning, everyone. First, just as we build up the top line, what number of new greenfield additions are you budgeting for 2025? And then for -- on the price front, I think you said price/cost is neutral. You get a 1% carryover from 2024 pricing. But does your 2025 guidance include any price increases across any of your categories, res, non-res, complementary?

謝謝。大家早安。首先，當我們建立營收時，您為 2025 年預算了多少個新的綠地？然後就價格方面而言，我認為您說價格/成本是中性的。您將獲得 2024 年定價的 1% 結轉。但是，您的 2025 年指導方針是否包括任何類別的價格上漲，包括住宅、非住宅、互補性產品？

Yeah. I think, in our prepared remarks, we mentioned sort of 15 to 20 greenfield locations. We'll toggle that based on what we see in market conditions and availability of rental units for lease. So that would be our greenfield target for this year, somewhere in that range.

是的。我想，在我們準備好的發言中，我們提到了 15 到 20 個綠地地點。我們將根據市場狀況和可供出租的租賃單位的情況來決定是否這麼做。所以這將是我們今年的綠地目標，在這個範圍內。

I think that we've got a residential price increase that has been announced for April. So we do have that factored in. Obviously, it's difficult to predict exactly what's going to happen with projected tariffs and how that will impact the overall macro and our pricing strategy, but we've got one residential increase so far that's announced that is sort of baked in the price/cost neutral.

我認為我們已經宣布四月份住宅價格上漲。所以我們確實已經考慮到了這一點。顯然，很難準確預測預計關稅將會發生什麼，以及這將如何影響整體宏觀經濟和我們的定價策略，但到目前為止，我們已經宣布了一項住宅關稅上調，這在某種程度上是價格/成本中立的。

Got it. Thanks, Julian.

知道了。謝謝，朱利安。

Trevor Allinson, Wolfe Research.

特雷弗·阿林森（Trevor Allinson），沃爾夫研究公司。

Yes. A quick question on SG&A clearly been a focus for you guys here over the last few quarters. You talked about managing that back to 17% over time. You've got the restructuring in place here. But just looking at your guide, it looks like maybe you're expecting to be a bit above the 17% number in 2025.

是的。關於銷售、一般及行政費用 (SG&A) 的簡單問題顯然是過去幾季你們關注的重點。您談到了隨著時間的推移將這一比例控制在 17% 左右。你已經在這裡進行了重組。但僅看一下您的指南，看起來您預計 2025 年這一數字可能會略高於 17%。

So what do you need to see happen to get back to 17%? Do you just need to digest some of this M&A and greenfield you've done? Or are there other levers you need to pull there?

那麼，要恢復到 17% 需要做些什麼呢？您是否只需要消化一些您曾經進行過的併購和綠地投資？或是您需要利用其他槓桿嗎？

Yeah. I'll touch on this, Trevor, and then I'll let Prith give some of the details as well. So fundamentally, your thesis is right. We've got to digest some of the acquisitions that we've done. Obviously, we're going to continue to invest in new greenfields. We believe that we'll continue to add capacity with the -- that will continue to invest in value-creating projects that we have.

是的。特雷弗，我會談一下這一點，然後我會讓普里思也提供一些細節。所以從根本上來說，你的論點是正確的。我們必須消化我們已經完成的一些收購。顯然，我們將繼續投資新的綠地。我們相信，我們將繼續增加產能——並將繼續投資於我們現有的創造價值的項目。

But as greenfields mature from the earlier classes, which none of them have really gotten there yet, we'll start to see that come down. And I think that if you sort of peel away all of those things, we've got an underlying very good story about where we sit today. But Prith will have some more detail.

但隨著早期課程的成熟（其中任何一個課程都尚未真正達到目標），我們將開始看到這種情況下降。我認為，如果你把所有這些事情都剝離開來，我們會發現我們今天所處的位置背後有一個非常好的故事。但 Prith 將會提供更多細節。

So yeah, Trevor, in terms of just how we're thinking about the OpEx in the coming year, we're expecting to have about $60 million of additional expense from acquisitions and greenfields. And so that means we'll actually have some leverage within the existing business over the coming 12 months. And then we're continuing to drive productivity and other operational excellence initiatives that we think will enable us to get for further progress in this area.

是的，特雷弗，就我們對來年的營運支出的考慮而言，我們預計收購和綠地投資將帶來約 6000 萬美元的額外支出。這意味著我們在未來 12 個月內實際上將在現有業務中擁有一些影響力。然後，我們將繼續推動生產力和其他卓越營運舉措，我們認為這將使我們在這一領域取得進一步的進展。

Understood. Thank you for all the color and good luck moving forward.

明白了。感謝您帶來的所有色彩並祝您未來一切順利。

Thanks.

謝謝。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

Hey. Good morning. Thank you for taking my question. Could you expand a little bit more on the non-res demand between new and R&R. I think last quarter, you maybe started to see R&R demand picking up a little bit. So that seems to be continuing based on your comments.

嘿。早安.感謝您回答我的問題。您能否進一步闡述新建和 R&R 之間的非住宅需求。我認為上個季度你可能開始看到 R&R 需求略有回升。因此，根據您的評論，這似乎還在繼續。

Is that maybe a slow and steady improvement? Or maybe that's kind of accelerating throughout the year? Just any more color on kind of how those two are expected to perform through the year would be helpful.

這或許是一個緩慢而穩定的進步嗎？或者這種趨勢可能在全年都在加速？只要對這兩人今年的預期表現有更多的了解，就會很有幫助。

Yeah, absolutely. Happy to do that, Brian. So you've almost got to rewind sort of back to the supply chain disruptions that we saw in sort of '21, '22 and a little bit into '23 with all the contracted destocking, you'll remember. Because of all those supply chain disruptions, the market prioritized new construction because that was -- there's just so much more money tied up in that.

是的，絕對是如此。很高興這樣做，布萊恩。因此，您幾乎必須回顧一下我們在 2021 年、2022 年以及 2023 年不久前看到的供應鏈中斷，當時都進行了合約去庫存，您會記得的。由於所有這些供應鏈中斷，市場優先考慮新建築，因為這樣可以節省更多資金。

So the market prioritize new construction. And because there was a lot of supply chain disruption, product availability was very tight. It ended up pushing the repair and replace cycle out a little bit. Obviously, it never goes away. So what we saw last year as the contracted destocking worked its way through, the supply problems diminished for the most part, we saw sort of a remixing away from the new construction, a lot of which had gotten done and more towards the repair and replace cycle.

因此市場優先考慮新建築。由於供應鏈嚴重中斷，產品供應非常緊張。這最終將維修和更換週期稍微延長了。顯然，它永遠不會消失。因此，我們看到去年合約去庫存的逐步完成，供應問題在很大程度上減少了，我們看到了一種從新建築到維修和更換週期的重新混合，其中許多已經完成。

The other thing we started to see last year was a little bit of the trend that we mentioned in the prepared remarks. The Architectural Billing Index being below 50 indicates a contraction in the new construction cycle as well. So there's a little bit of a muted demand there. I think -- there's a lot of steel that goes into commercial construction. So the impact there of potential tariffs coming in having a muting effect on new construction is likely to continue, we believe. So that's sort of where we see it.

我們去年開始看到的另一件事是我們在準備好的演講中提到的一點趨勢。建築業營業額指數低於 50 也顯示新建築週期出現萎縮。因此那裡的需求有點低迷。我認為－商業建築需要大量的鋼材。因此，我們認為，潛在關稅對新建築的抑製作用可能會持續下去。這就是我們所看到的。

As regards to your question about are we seeing a more bullish sentiment around repair and replace, we think there's a little bit of catch-up. I wouldn't say it's more bullish. I think it's more of a mix that new commercial is down a little bit and the repair and replace cycle of commercial is sort of steady. It just has to get done.

至於您問到的我們是否看到了圍繞維修和更換的更樂觀的情緒，我們認為有一點追趕。我不會說它更加樂觀。我認為情況更像是一種混合現象，新商業活動略有下降，而商業活動的維修和更換週期則比較穩定。這件事必須完成。

It's a capital project for most of these building owners. So they just kind of work through it on their own time frame. So I wouldn't say it's more bullish on that. It's just steady and the mix towards that because new construction is down.

對於大多數建築業主來說，這是一項資本項目。所以他們只是按照自己的時間框架來處理這件事。所以我不會說這比較樂觀。由於新建築減少，因此情況較為穩定。

Yeah. Just one thing to add to what Julian said. I think we've also been really focused on gaining share and accelerating our commercial efforts. And those are -- we target certain growth markets. We targeted 19 in 2024, and we delivered above-market growth in those markets.

是的。我只想補充一點朱利安所說的話。我認為我們也一直非常注重獲得市場份額和加速我們的商業努力。這些都是——我們瞄準某些成長市場。我們的目標是到 2024 年達到 19 個市場，並且我們在這些市場實現了高於市場的成長。

And we're focused on that in 2025 with 25 new markets. And so that's another thing that's maybe different in our business. We're very deliberately focused on gaining share and growing above the market in this area.

我們計劃在 2025 年專注於開拓 25 個新市場。這可能是我們業務中另一件不同的事情。我們非常注重在該領域獲得份額並實現市場領先。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Thank you. Just want to get some clarification on residential pricing. I appreciate the expectation of being price cost neutral this year but just wanted to bridge that with the prepared remarks. I think you talked about a point of carryover pricing from last years being in your guidance.

謝謝。只是想澄清一下住宅定價。我理解人們對今年價格成本保持中性的期望，但我只是想透過準備好的發言來彌補這一點。我認為您談到了去年的結轉定價已納入您的指導範圍。

But I was hoping you could expand on whether or not you're expecting traction on the April price increase? If so, how much of that is in the guidance? And would there be anything unusual on realizing the April price increase just kind of given some of the choppy end markets right now relative to the lag from when you realize resi?

但我希望您能詳細說明您是否預計 4 月的價格上漲會取得進展？如果是的話，其中有多少是在指導範圍內的？考慮到目前一些終端市場波動較大，相對於您實現價格上漲的時間滯後，實現 4 月份價格上漲會有什麼不尋常之處嗎？

Yeah, thanks for the question. And in terms of kind of what we assume in our forecast for the April price increase, we're kind of assuming the similar type of realization as last year and the year before, which were -- it's a small basis point inventory profit. But overall, as we said, price neutral over the full year.

是的，謝謝你的提問。就我們對四月份價格上漲的預測而言，我們假設的實現情況與去年和前年類似，即庫存利潤的基點較小。但總體而言，正如我們所說，全年價格保持中性。

Yeah. I think the number is about a 1% incremental ASP for the full year and the April increase helps us get there. But obviously, we've sort of said price/cost neutral. I could say, Garik, the impact of the costs this year are a little opaque right now because of sort of where we sit both in the year.

是的。我認為全年的平均售價將增加 1% 左右，而 4 月的成長有助於我們實現這一目標。但顯然，我們已經說了價格/成本中立。我可以說，加里克，今年的成本影響目前有點不透明，因為我們今年所處的位置。

You'd mentioned choppy markets. That's certainly what we see. But again, the absolute level of demand is really good. So there's still a reasonably strong underlying demand for all the products. And as we mentioned, the potential for upside remains, which is -- new construction remains below trend. Existing home construction is well below trend. We expect sports storms to revert and tick down slightly.

您提到了市場波動。這確實是我們所看到的。但再次強調，絕對需求水準確實很好。因此，所有產品的潛在需求仍然相當強勁。正如我們所提到的，上行潛力仍然存在，即新建築仍然低於趨勢水準。現有房屋建設遠低於趨勢。我們預計體育風暴將會回升並略有減弱。

So even with that in all our guide, we remain pretty confident about what the future holds for us. And we're cautiously optimistic about the year. But overall demand levels in both residential and commercial construction markets and our waterproofing business are pretty solid.

因此，即使我們的指南中都有這些內容，我們仍然對未來充滿信心。我們對今年持謹慎樂觀的態度。但住宅和商業建築市場以及我們的防水業務的整體需求水準相當穩定。

Got it. Thank you.

知道了。謝謝。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey. Good morning, everyone. This is Ethan on for Trey. So I wanted to touch a little on the cost front. Maybe could you walk us through what you're seeing within the various cost buckets, and your assumptions for 2025. And then given that price increase announced for early April and the timing there, how should we think about price/cost trending through the year? Thanks.

嘿。大家早安。這是 Ethan 代替 Trey 上場。所以我想稍微談談成本方面的問題。您能否向我們介紹一下您在各個成本區間看到的情況，以及您對 2025 年的假設。那麼，考慮到 4 月初宣布的價格上漲以及時間安排，我們應該如何看待全年的價格/成本趨勢？謝謝。

Well, I'll touch on the price/cost for the year. We said that it would be neutral for the full year. I mean, typically, obviously, we liquidate inventory prior to the price increase. So we get a little bit of margin expansion that narrows over the years. So that's all factored in.

好吧，我將談談今年的價格/成本。我們說過，全年情況將保持中性。我的意思是，通常，顯然，我們會在價格上漲之前清算庫存。因此，我們的利潤率略有擴大，但這些年來卻有所縮小。這些都已考慮在內。

But we don't break out individual cost buckets. So we -- we're focused on driving efficiency, driving productivity. Prith, I don't know if you've got anything to sort of add to that. But we certainly believe that we will grow EBITDA margin this year.

但我們不會細分單一成本類別。因此，我們專注於提高效率和生產力。Prith，我不知道您是否還有什麼要補充的。但我們確實相信今年我們的 EBITDA 利潤率將會提高。

Our adjusted EBITDA margin will grow, and that's -- we're very focused on driving it through productivity given the price cost will be about neutral, that sort of all flow through in efficiency and realizing the benefits of improving previously acquired branches, maturing of our greenfield branches, and then driving productivity in the branches that we already have, including our bottom quintile branch process.

我們的調整後 EBITDA 利潤率將會成長，而且——考慮到價格成本基本上保持中性，我們非常注重透過提高生產力來推動利潤率，這一切都將流向效率，實現改善以前收購的分支機構、使我們的綠地分支機構日趨成熟，然後提高我們現有分支機構的生產力，包括我們最低的五分之一分支機構流程。

So those are the big areas that we focus on for driving improved bottom line. And like I said, we do believe that we will grow our adjusted EBITDA margin this year.

因此，這些是我們為提高獲利能力而重點關注的領域。正如我所說的，我們確實相信今年我們的調整後 EBITDA 利潤率將會提高。

Thank you.

謝謝。

David MacGregor, Longbow Research.

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

Yes. Good morning and thanks for taking my questions. Julian, with 15 to 20 new locations in 1995, how much of those would fall into OTC markets versus non-OTC configurations. And then also just with the growth in the number of branches, both acquired and greenfields, where are you right now in capacity utilization on your RDCs and distribution infrastructure and talk maybe if you could about the need to invest there at some point and how soon that point arises.

是的。早上好，感謝您回答我的問題。朱利安，1995 年有 15 到 20 家新門市，其中有多少會落入場外交易市場，有多少會落入非場外交易市場。然後，隨著分行數量的增長（包括收購的和新建的），您目前在區域配送中心和分銷基礎設施上的產能利用率如何？是否可以談談在某個時候在那裡投資的必要性以及這個時間點何時到來。

Yeah. So in 2025, the vast majority of those branches will probably go into our OTC markets in some way, shape or form. It's difficult to see right now. I mean we've had cases where you negotiate a lease, markets change a little bit, we delay it, things like that. But the vast majority of our business is now inside one of our OTC markets.

是的。因此，到 2025 年，絕大多數分店可能會以某種方式進入我們的場外交易市場。現在很難看清楚。我的意思是，我們遇到過這樣的情況：你正在協商租約，但市場發生了一些變化，我們推遲了，諸如此類的事情。但現在我們的絕大部分業務都在我們的場外交易市場內。

And so as we continue to expand on the benefits, we think we get from networking our branches together, the competitive advantage we think it gives us in big markets, we'll continue to deploy that strategy. And our greenfields will primarily be focused on that, but we also do think there are underserved markets. And as I've said before, frequently when we add a location, all of the markets -- all of the branches inside that OTC get a little bit better because our service proposition to our customers improves across our entire network. I'm trying to think what else add in terms of --

因此，隨著我們繼續擴大從分公司聯網獲得的利益，以及我們認為它在大市場中為我們帶來的競爭優勢，我們將繼續部署這項策略。我們的綠地將主要集中於此，但我們也認為存在尚未充分服務的市場。正如我之前所說，當我們增加一個地點時，所有的市場——OTC 內的所有分支機構都會變得更好，因為我們為客戶提供的服務主張在整個網路中得到了改善。我正在想還有什麼可以補充的--

Maybe one thing is -- I think one of the things is we're going to be doing a lot more in the waterproofing space. Remember, we've just built this great platform over the last two years, and they're really in their infancy of applying the A25 playbook. And so we're going to make some investments in greenfields in big areas for them where we currently have gaps. And so that should be very good in terms of growth for that business.

也許有一件事——我認為其中一件事是我們將在防水領域做更多的事情。請記住，我們在過去兩年裡剛剛建立這個偉大的平台，而他們在應用 A25 劇本方面還處於起步階段。因此，我們將在目前有缺口的大片地區對他們進行綠地投資。因此，就該業務的成長而言，這應該是非常好的。

Yeah. And just going back to the fundamental strategy around greenfields and your question about capacity, we look at -- very carefully at where we are and how we add to ensure that we've got a great service proposition. We think that there is -- this industry is a very high service proposition industry. I mean it's -- we never go back to the same address in the same 20-year period.

是的。回到圍繞綠地的基本策略和您關於產能的問題，我們會非常仔細地審視我們的現狀以及如何增加產能，以確保我們擁有出色的服務主張。我們認為──這個產業是一個服務主張非常高的產業。我的意思是——我們在 20 年內從來不會回到同一個地址。

We're driving up people's driveways and its dogs and cats and people were putting -- people are on roof. It's a dangerous job. So the service levels required are really high. So having the capacity to serve at a very high level is really meaningful and value-creating for our customer base and their customer base as well. It's a really important role that we play in making these deliveries.

我們開車駛上人們的車道，車上的貓和狗都停在屋頂上。這是一份危險的工作。因此所需的服務水準非常高。因此，擁有提供高水準服務的能力對於我們的客戶群及其客戶群來說確實很有意義，並且能創造價值。我們在運送這些貨物的過程中扮演著非常重要的角色。

So we worry less about the overall capacity than it is about the service level. The total capacity is less of a limit on us than it is really just our ability to create great service for our customers.

因此，我們更擔心的是服務水平，而不是整體容量。總容量對我們來說不是一個限制，但實際上我們為客戶創造優質服務的能力才是限制。

Keith Hughes, Truist.

基斯·休斯，Truist。

Thank you. You talked a lot about the first quarter and the weather. I think a lot of that was directed at residential shingles. If you could just talk about first quarter of complementary products, some of that indoor outdoor, how that's trending so far in the quarter?

謝謝。您談了很多關於第一季和天氣的問題。我認為其中很多都是針對住宅瓦片的。您能否談談第一季的互補產品，其中一些室內室外產品，本季迄今的趨勢如何？

Yeah, sure. On the complementary product side, I mean you're going to see the same sort of trends, Keith. Ultimately, really cold weather. Snow -- these things impact all of the exterior products in the same way. I mean I know Prith will have some details on it. But generally speaking, they're probably broadly in line with our overall market.

是的，當然。在互補產品方面，我的意思是你會看到同樣的趨勢，基斯。最終，天氣真的很冷。雪－這些因素會以同樣的方式影響所有外部產品。我的意思是我知道 Prith 會對此有一些詳細的了解。但總體來說，它們可能與我們的整體市場大致一致。

What we do have is a lot of acquisitions in that space because of the waterproofing. So that's having an impact year over year as well.

由於防水性能，我們在該領域進行了大量收購。因此這也會產生逐年影響。

Yeah. So generally, Keith, I think in terms of volume, it's pretty similar across all three lines of business. It's kind of high-single digits type decline. But back to what Julian said, we've done a lot of acquisitions, and those help us in terms of kind of mid-single-digit type growth in the quarter. And so that's kind of how we get our guidance for the color that we provided for Q1.

是的。所以總體來說，基思，我認為就數量而言，這三個業務線的情況非常相似。這是一種高個位數的下降。但回到朱利安所說的，我們已經做了很多收購，這些收購幫助我們在本季實現了中等個位數的成長。這就是我們為第一季提供的顏色指導的方式。

But fundamentally, Keith, the weather impact on all the exterior products is same all the way.

但從根本上來說，基思，天氣對所有外部產品的影響都是一樣的。

(Operator Instructions) Philip Ng, Jefferies.

（操作員指示）Philip Ng，Jefferies。

Hey, good morning. This is Maggie on for Phil. I wanted to touch on the bottom quintile branch initiatives. Julian, I think you said that was a $7 million benefit in 4Q. Maybe remind us what that was for the full year.

嘿，早安。這是 Maggie 為 Phil 主持的節目。我想談談最低五分之一分支的舉措。朱利安，我想你說過第四季的收益是 700 萬美元。也許可以提醒我們全年的情況。

And this is an ongoing multiyear initiative. Probably, a lot of the low-hanging fruit has been accomplished right now. So maybe if you could just talk about how you think about that opportunity in 2025 and going forward.

這是一項持續多年的計劃。可能，現在很多唾手可得的事情都已經完成了。所以也許您可以談談您對 2025 年及以後的機會的看法。

Yeah, absolutely. So it was $7 million in the quarter. It was $20 million for the full year. And since we kicked off Ambition 2025, we've generated $78 million in three years versus the $75 million four-year target. So we're really, really pleased with what we've seen there.

是的，絕對是如此。因此本季的營收為 700 萬美元。全年為 2000 萬美元。自從我們啟動「2025 雄心壯志」計畫以來，我們在三年內已經創造了 7,800 萬美元的收入，而四年的目標是 7,500 萬美元。因此，我們對所見所聞感到非常非常滿意。

It's a disciplined process. And obviously, the way we structured it is that it's a bottom quintile process. We will always have 20% of the branches at the bottom of the pile, and we work to ensure that they're improving.

這是一個有紀律的過程。顯然，我們建構它的方式是它是一個底部五分位數過程。我們始終會將 20% 的分支置於最底層，並且我們會努力確保它們不斷改進。

Now like you said, the low-hanging fruit that we had early on in my tenure has certainly gone away. But you can see we keep generating and keep finding ways to generate improvements in those branches. We provide focus. We provide resources. We provide guidance on where to look for these opportunities. So while it's not -- we'll never be done. But it's -- like you said, the low-hanging fruit is there.

現在，就像你說的，我任職初期我們所取得的成果肯定已經消失了。但你可以看到，我們不斷創新，不斷尋找方法來改進這些分支。我們提供焦點。我們提供資源。我們提供有關在哪裡尋找這些機會的指導。因此，儘管還沒有完成——但我們永遠不會完成。但就像你說的，唾手可得的成果就在那裡。

I'll give you some indication, the bottom quintile branch profitability three years ago was about 3% EBITDA margins to get in. Today, it's nearly double digit. It's closer to double digit to get into that branch. It's sort of 7% to 8%, and it's been growing every year. So we continue to see great opportunity. We're also narrowing that band as well. And it's been -- just been a great process for us, and we're excited about it, and we'll continue to keep working it. There'll always be that bottom 20%.

我給你一些指示，三年前最低五分之一分行的獲利能力約為 3% 的 EBITDA 利潤率。如今，這一數字已接近兩位數。進入該分支的成本接近兩位數。大約是 7% 到 8%，而且每年都在成長。因此，我們繼續看到巨大的機會。我們也正在縮小這個範圍。這對我們來說是一個偉大的過程，我們對此感到興奮，我們將繼續努力。永遠都會有那 20% 的底層。

That concludes the questions. I'd now like to turn the call back over to Mr. Francis for his closing comments.

問題到此結束。現在我想把電話轉回給法蘭西斯先生，請他作最後發言。

Thank you. I just want to say thank you to all of you for your support of Beacon, listening in on our earnings call. I'm incredibly proud of the team weathering this storm and the challenge which we've faced with market conditions over the last year.

謝謝。我只想對大家對 Beacon 的支持以及收聽我們的收益電話會議表示感謝。我為團隊度過這場風暴以及過去一年面臨的市場挑戰感到無比自豪。

There's certainly been a lot of headwinds, but we're excited about the business. We're excited about where we're positioned. We're excited about producing another record year for Beacon. And we believe that 2025 is the start of another record year, and we will continue to deliver results for our employees, our customers, and our shareholders. With that, we look forward to seeing you all on March 13 in New York City. Thanks very much.

確實存在著許多阻力，但我們對業務感到興奮。我們對我們的定位感到非常興奮。我們非常高興 Beacon 能再創紀錄。我們相信，2025年是另一個創紀錄的一年的開始，我們將繼續為我們的員工、客戶和股東創造業績。我們期待 3 月 13 日在紐約與大家見面。非常感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。