TopBuild Corp (BLD) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Greetings, and welcome to TopBuild's first quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

女士們、先生們，感謝你們的支持。您好，歡迎參加 TopBuild 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to your host, P.I. Aquino, Vice President, Investor Relations. P.I., you may begin.

現在，我將會議交給主持人 P.I.阿基諾，投資者關係副總裁。P.I.，你可以開始了。

Good morning, and thanks for joining us today. I have with me Robert Buck, our President and CEO; and Rob Kuhns, our CFO. Our earnings release, senior management's formal remarks, and a deck summarizing our comments can be found on our website at topbuild.com. Also available is our recently published 2024 sustainability report.

早安，感謝您今天加入我們。和我一起的還有我們的總裁兼執行長羅伯特·巴克 (Robert Buck)；以及我們的財務長 Rob Kuhns。我們的收益報告、高階管理層的正式評論以及總結我們評論的資料可以在我們的網站 topbuild.com 上找到。我們最近發布的 2024 年永續發展報告也可供查閱。

Many of our remarks today will include forward-looking statements, which are subject to known and unknown risks and uncertainties including those set forth in this morning's press release and in the company's SEC filings. The company assumes no obligation to update any forward-looking statements because of new information, future events or otherwise. Please note that some of the financial measures to be discussed during this call will be on a non-GAAP basis. These non-GAAP measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We've provided a reconciliation of these financial measures to the most comparable GAAP measures in today's press release and in our presentation, both of which are available on our website.

我們今天的許多言論都包含前瞻性陳述，這些陳述受已知和未知風險和不確定性的影響，包括今天上午的新聞稿和公司提交給美國證券交易委員會的文件中所述。本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性陳述的義務。請注意，本次電話會議中討論的一些財務指標將採用非公認會計準則 (GAAP) 計算。這些非 GAAP 指標不應被單獨考慮或取代根據 GAAP 編制的結果。我們在今天的新聞稿和簡報中提供了這些財務指標與最具可比性的 GAAP 指標的對賬，這兩個文件都可以在我們的網站上找到。

I'd like to now turn the call over to our President and CEO, Robert Buck.

現在我想將電話轉給我們的總裁兼執行長羅伯特·巴克。

Good morning. Thank you for joining us today for our first quarter 2025 earnings call. I'd like to start our call today with a few words on the macro landscape and current operating environment. New residential construction demand remains soft with choppiness continuing across various geographies. The spring selling season was slower than anticipated as interest rates remained elevated and economic uncertainty has eroded consumer confidence, both of which negatively impacted housing demand. Despite this backdrop, the fundamentals of the underlying housing market are strong, and we remain confident in the long-term prospects of our business.

早安.感謝您今天參加我們的 2025 年第一季財報電話會議。今天，我想先談幾句宏觀情勢和目前的經營環境。新住宅建設需求依然疲軟，各地區的需求持續波動。春季銷售旺季比預期慢，因為利率仍然高企，經濟不確定性削弱了消費者信心，這兩者都對住房需求產生了負面影響。儘管有這樣的背景，但基礎房地產市場的基本面依然強勁，我們仍然對業務的長期前景充滿信心。

On the commercial and industrial front, we are encouraged by the number of projects moving into production and ongoing bid activity in the C&I end market. More specifically, there's been an acceleration in data center construction along with positive trends in health care and certain subsectors of manufacturing such as chemicals. While tariffs and trade restrictions between the United States and other countries are top of mind for everyone, including investors. The potential direct impact of currently announced and effective tariffs for our TopBuild business is minimal.

在商業和工業方面，我們對投入生產的項目數量以及 C&I 終端市場正在進行的投標活動感到鼓舞。更具體地說，資料中心建設正在加速，同時醫療保健和化學品等製造業的某些子行業也呈現正面趨勢。美國與其他國家之間的關稅和貿易限制是包括投資者在內的所有人最關心的問題。目前發表並生效的關稅對我們的 TopBuild 業務的潛在直接影響微乎其微。

We are actively working with our supply base to mitigate the anticipated impact of current tariffs and we will take pricing actions to the extent necessary. The direct and indirect impacts of tariffs on overall and on housing demand specifically remain uncertain, and we are monitoring the environment closely.

我們正在積極與我們的供應商合作，以減輕當前關稅的預期影響，並將在必要的範圍內採取定價行動。關稅對整體住房需求的直接和間接影響仍不確定，我們正在密切監測環境。

Turning to our results. Our first quarter performance is in line with our expectations. Total TopBuild sales declined 3.6% to $1.2 billion, as weakness in new residential construction impacted the business and was partially offset by growth in commercial and industrial. Our adjusted EBITDA totaled $234.8 million, and EBITDA margin was a very solid at 19%. Our Installation segment, which comprises about 62% of total TopBuild sales reported a mid-single-digit sales decline driven by the residential end market. Our Commercial Installation business sales were flat in the quarter with heavy commercial outperforming light commercial.

談談我們的結果。我們第一季的業績符合我們的預期。TopBuild 總銷售額下降 3.6% 至 12 億美元，因為新住宅建設的疲軟影響了業務，但商業和工業的成長部分抵消了這一影響。我們的調整後 EBITDA 總計 2.348 億美元，EBITDA 利潤率非常穩定，達到 19%。我們的安裝部門約佔 TopBuild 總銷售額的 62%，報告指出受住宅終端市場影響，銷售額出現中等個位數下降。本季我們的商業安裝業務銷售持平，重型商用表現優於​​輕型商用。

Our Specialty Distribution segment, which represents approximately 38% of our total revenue, grew sales low single digits. While we saw declines in our Service Partners business as residential demand softened, we are pleased with our DI mechanical insulation business in both US and Canada, which drove very healthy top line and bottom line growth. If you remember, we saw some project delays mid-2024 across commercial and industrial, which are moving forward this year.

我們的專業分銷部門約占我們總收入的 38%，銷售額成長率為個位數。雖然由於住宅需求疲軟，我們的服務合作夥伴業務出現下滑，但我們對美國和加拿大的 DI 機械絕緣業務感到滿意，這推動了非常健康的營業收入和利潤成長。如果你還記得的話，我們發現 2024 年中期一些商業和工業項目被推遲，但今年這些項目正在向前推進。

The last point I'll make regarding special distribution is that recurring revenue represents about 25% of segment revenue. Certain industrial verticals such as ore refinery, LNG production, chemical and petrochemical production lends themselves to recurring insulation revenue. These industries require regular inspection and replacement of insulation materials. We are positioned for success and expect to continue to capitalize on opportunities given our diverse set of commercial industrial customers, both in distribution and installation. New commercial and industrial facilities are being planned, and we anticipate continued mini growth.

關於特別分配，我要說的最後一點是經常性收入約佔分部收入的 25%。某些垂直工業領域，如礦石精煉、液化天然氣生產、化學品和石化生產，有利於產生經常性的絕緣收入。這些行業需要定期檢查和更換絕緣材料。我們已做好成功的準備，並期望繼續利用我們在分銷和安裝方面多樣化的商業工業客戶所帶來的機會。新的商業和工業設施正在規劃中，我們預計將繼續小幅成長。

On the operational improvement front, our common technology platform, inclusive of our single ERP system allows us to continually analyze data and gather insights to help provide an in-depth understanding and control of our business -- something we believe is a core strength of TopBuild. In the first quarter, our field leadership teams and special ops teams executed upon a footprint optimization project that the team had been designing for a few months. This allowed us to consolidate 33 facilities, which will drive ongoing efficiencies across the top build operations footprint.

在營運改善方面，我們的通用技術平台（包括我們的單一 ERP 系統）使我們能夠不斷分析數據並收集見解，以幫助深入了解和控制我們的業務——我們相信這是 TopBuild 的核心優勢。第一季度，我們的現場領導團隊和特別行動團隊執行了團隊幾個月來一直在設計的足跡優化專案。這使我們能夠整合 33 個設施，從而推動整個頂級建築營運足跡的持續效率。

We're often asked if we have more opportunities to drive improvements in our business. This operations footprint optimization project is a great example of our team's ability to continue to drive operational excellence and meaningful improvements throughout our business.

我們經常被問到是否有更多的機會來推動業務的改進。這個營運足跡優化專案很好地證明了我們團隊有能力繼續推動整個業務的卓越營運和有意義的改進。

Let me say a few words on capital allocation. Acquisitions continue to be our highest priority for capital allocation. And in April, we are pleased to close the acquisition of Seal-Rite. We continue to consider several opportunities of various sizes as our pipeline is very healthy. As I noted in previous quarters, we continue to evaluate opportunities to increase our total addressable market under the lens of our ability to leverage our core strengths, including our people and teams. Our ability to successfully operate a dispersed branch model, a common technology platform, our strong supply chain and customer relationships, and our disciplined financial and strategic approach.

我先講一下資本配置的問題。收購仍然是我們資本配置的首要任務。今年四月，我們很高興完成 Seal-Rite 的收購。由於我們的管道非常健康，我們將繼續考慮各種規模的幾個機會。正如我在前幾個季度所指出的，我們將繼續評估擴大我們整體目標市場的機會，並充分發揮我們的核心優勢，包括我們的員工和團隊。我們成功經營分散分公司模式、通用技術平台、強大的供應鏈和客戶關係以及嚴謹的財務和策略方法的能力。

As always, we remain disciplined and focused on driving strong shareholder returns. We're also committed to returning capital to shareholders. And in the first quarter, we bought back nearly 694,000 shares of our stock. Before I turn the comments over to Rob to share additional details on our results and outlook, I'd like to highlight a few points.

與往常一樣，我們保持紀律並專注於推動強勁的股東回報。我們也致力於向股東返還資本。第一季度，我們回購了近 694,000 股股票。在我將評論交給 Rob 來分享有關我們的結果和展望的更多細節之前，我想強調幾點。

This year, we are excited to be celebrating our 10-year anniversary as a public company. Our success over this time is driven by our people. Our employees continue to focus their efforts on leading and growing their business, driving improvements and working safely every day. We're pleased to have earned the designation as a Great Place To Work for the third year in a row, a reflection of our ongoing commitment to our culture and our teams.

今年，我們很高興慶祝我們作為上市公司成立十週年。我們這段時間的成功是由我們的員工所推動的。我們的員工繼續致力於領導和發展業務、推動改進和每天安全地工作。我們很高興連續第三年榮獲「最佳工作場所」稱號，這反映了我們對企業文化和團隊的持續承諾。

We also recently published our 2024 sustainability report, which is available on our website. Our business inherently drives sustainability as our work and the services we provide enables enhanced energy efficiency. We have a unique and proven diversified business model. So even with the near-term macro uncertainty, we are bullish about our medium and long-term opportunities. Our teams are strong, and we're working together to turn challenges into opportunities. We know how to adjust and outperform in a changing environment and remain committed to driving shareholder value. Rob?

我們最近也發布了 2024 年永續發展報告，可在我們的網站上查閱。我們的業務本質上推動永續發展，因為我們的工作和提供的服務能夠提高能源效率。我們擁有獨特且經過驗證的多元化商業模式。因此，即使短期內宏觀經濟存在不確定性，我們仍對中長期機會持樂觀態度。我們的團隊非常強大，我們正在共同努力將挑戰轉化為機會。我們知道如何在不斷變化的環境中進行調整併取得優異表現，並始終致力於提高股東價值。搶？

Thanks, Robert. I want to start by thanking our teams for delivering a solid first quarter in a challenging macro environment. While the choppiness in the residential markets continued, our teams did a great job driving growth in our commercial and industrial end markets.

謝謝，羅伯特。首先，我要感謝我們的團隊在充滿挑戰的宏觀環境下取得了穩健的第一季業績。儘管住宅市場持續波動，但我們的團隊在推動商業和工業終端市場成長方面做得非常出色。

Jumping into our results. Our first quarter sales declined 3.6% to $1.2 billion. Volume declined 7.4%, which was partially offset by M&A of 2.6% and pricing of 1.2%. As a reminder, the first quarter had one less business day, which negatively impacted volumes by 1.6%. Our Installation segment sales were down 6.7% to $745.5 million in the first quarter. Installation volume declined 9.6% due to weakness in single-family, multifamily and light commercial, which was partially offset by strong growth in heavy commercial, M&A of 1.8%, and pricing of 1.1%. The installation segment's pricing was primarily driven by the carryover impact of price increases in the middle of last year.

進入我們的結果。我們第一季的銷售額下降 3.6% 至 12 億美元。交易量下降了 7.4%，但被併購額的 2.6% 和定價額的 1.2% 部分抵消。提醒一下，第一季的工作日減少了一個，這對交易量產生了 1.6% 的負面影響。第一季度，我們的安裝部門銷售額下降 6.7% 至 7.455 億美元。由於單戶住宅、多戶住宅和輕型商用市場的疲軟，安裝量下降了 9.6%，但重型商用市場的強勁成長、併購成長 1.8% 以及定價成長 1.1% 部分抵消了這一下降。安裝部門的定價主要受到去年年中價格上漲的後續影響。

Specialty Distribution sales grew 2.6% to $559.8 million in the quarter. Volume declined 2.2% as slower residential sales were partially offset by commercial and industrial sales growth. Acquisitions added 3.4% and pricing contributed 1.4%. The incremental pricing was primarily driven by Q1 price increases on certain commercial and industrial products.

本季專業分銷銷售額成長 2.6%，達到 5.598 億美元。由於商業和工業銷售成長部分抵消了住宅銷售放緩，銷售量下降了 2.2%。收購貢獻了 3.4%，定價貢獻了 1.4%。增量定價主要是由於第一季某些商業和工業產品價格上漲所致。

As Robert mentioned earlier, as part of our ongoing work to optimize our branch footprint, we consolidated a total of 33 facilities across both Installation and Specialty Distribution. As a result of these consolidations, we incurred onetime costs of $13.9 million, which are primarily related to noncash lease impairment charges. Separately, in the first quarter, we also made head count reductions to align our cost structure with current demand levels. These reductions resulted in onetime severance costs of $1.5 million.

正如羅伯特之前提到的，作為我們持續優化分支機構佈局工作的一部分，我們整合了安裝和專業分銷領域的共 33 個設施。由於這些合併，我們產生了 1,390 萬美元的一次性成本，主要與非現金租賃減損費用有關。另外，在第一季度，我們也進行了裁員，以使我們的成本結構與當前的需求水準保持一致。這些裁員導致一次性遣散費用達到 150 萬美元。

Excluding these onetime costs, our first quarter's adjusted gross profit of 29.6% was 70 basis points lower than last year. The margin decline was driven by lower sales volume and pressure on distribution pricing for residential products, primarily spray foam.

不包括這些一次性成本，我們第一季的調整後毛利為 29.6%，比去年同期低 70 個基點。利潤率下降的原因是銷售下降以及住宅產品（主要是噴塗泡沫）分銷定價的壓力。

Adjusted SG&A as a percentage of sales in the first quarter was 13.9% versus 13.5% last year. The increase in SG&A percentage was primarily due to lower sales volume in the quarter.

第一季調整後的銷售、一般及行政費用佔銷售額的百分比為 13.9%，去年同期為 13.5%。銷售、一般及行政費用百分比的增加主要是由於本季銷售量下降。

First quarter adjusted EBITDA for TopBuild was $234.8 million. Adjusted EBITDA margin of 19% represents an 80 basis point decline when compared to last year. Installation segment adjusted EBITDA margin was 21.1%, 90 basis points below last year. And Specialty Distribution adjusted EBITDA margin of 16.3% declined 60 basis points year-over-year. Other income and expense for the quarter was $11.5 million, an increase of $4 million due to lower interest income related to lower cash balances.

TopBuild 第一季調整後的 EBITDA 為 2.348 億美元。調整後的 EBITDA 利潤率為 19%，與去年相比下降了 80 個基點。安裝部門調整後的 EBITDA 利潤率為 21.1%，比去年低 90 個基點。專業分銷調整後的 EBITDA 利潤率為 16.3%，較去年同期下降 60 個基點。本季其他收入和支出為 1,150 萬美元，增加了 400 萬美元，原因是現金餘額減少導致利息收入減少。

First quarter adjusted earnings per diluted share was $4.63, $0.18 lower than last year. Turning to the balance sheet. Total liquidity was $746.4 million at the end of the quarter. We finished the first quarter with $308.8 million in cash and $437.6 million in availability under the revolver. Net debt totaled $1.07 billion, and our net debt leverage ratio was 1x trailing 12 months adjusted EBITDA. Working capital as a percentage of sales totaled 13.7%, which compares to 14% last year.

第一季調整後每股攤薄收益為 4.63 美元，比去年同期下降 0.18 美元。轉向資產負債表。本季末總流動資金為 7.464 億美元。第一季結束時，我們擁有現金 3.088 億美元，循環信貸可用額度為 4.376 億美元。淨債務總額為 10.7 億美元，我們的淨債務槓桿比率為過去 12 個月調整後 EBITDA 的 1 倍。營運資本佔銷售額的百分比為 13.7%，而去年為 14%。

From a capital allocation perspective, we closed on the acquisition of Seal-Rite, an Omaha-based residential installation business with about $15 million in annual revenue. Acquisitions remain our top capital allocation priority, and our pipeline is very active. In addition, we returned $215.6 million in capital to shareholders through our share buyback program. finishing the quarter with $972.4 million remaining under the current authorization.

從資本配置的角度來看，我們完成了對 Seal-Rite 的收購，這是一家總部位於奧馬哈的住宅安裝公司，年收入約為 1500 萬美元。收購仍然是我們資本配置的首要任務，我們的收購管道非常活躍。此外，我們也透過股票回購計畫向股東返還了 2.156 億美元的資本。本季結束時，目前授權金額還剩下 9.724 億美元。

Before we turn to guidance, let me say just a few words on tariffs. Our exposure to tariffs that have been announced is minimal. Our products that could face tariff impacts include a chemical input for spray foam, gutters and certain mechanical insulation items. We estimate the potential impact of tariffs as announced at less than 5% of our cost of sales. As Robert noted, we are working to mitigate any impact to TopBuild.

在我們討論指導之前，請容許我先就關稅問題說幾句話。我們對已公佈的關稅的影響很小。我們可能受到關稅影響的產品包括噴塗泡沫、排水溝和某些機械絕緣物品的化學投入。我們估計，宣布的關稅的潛在影響不到我們銷售成本的5%。正如羅伯特所說，我們正在努力減輕對 TopBuild 的影響。

Moving on to guidance. As you saw in the release, we are confirming our full year outlook for sales of $5.05 billion to $5.35 billion. While our expectations for single-family volumes have come down since the start of the year, that decrease is being offset by slightly stronger commercial and industrial sales and the addition of Seal-Rite to our M&A assumption.

繼續指導。正如您在新聞稿中看到的，我們確認全年銷售額預期為 50.5 億美元至 53.5 億美元。雖然自今年年初以來，我們對單戶住宅銷售的預期有所下降，但這一下降被商業和工業銷售略微強勁以及 Seal-Rite 加入我們的併購假設所抵消。

At the midpoint of guidance, our key assumptions are as follows: we expect residential sales will be down high single digits for the full year. Commercial and industrial sales will be up low single digits. Both of those measures are on a same branch basis, including price. M&A carryover, along with Seal-Rite, will add approximately $85 million to total sales.

在指導中期，我們的主要假設如下：我們預計全年住宅銷售額將下降個位數。商業和工業銷售額將出現低個位數成長。這兩項措施均基於同一分支機構，包括價格。併購結轉以及 Seal-Rite 將為總銷售額增加約 8,500 萬美元。

As we think about the sales cadence in comparisons to prior year, the remaining three quarters will all be lower than the comparable quarter of the prior year. The second quarter will likely have the largest year-over-year decline of the remaining quarters. We are also maintaining our adjusted EBITDA guidance of $925 million to $1.075 billion. The savings from our branch footprint optimization project and the head count reductions we made in the first quarter are included in this range as those projects have been ongoing for several months and were contemplated in our initial guidance.

當我們考慮與去年同期的銷售節奏時，其餘三個季度的銷售節奏都將低於去年同期。第二季很可能是剩餘季度中同比降幅最大的季度。我們也維持調整後的 EBITDA 預期，即 9.25 億美元至 10.75 億美元。我們在第一季度進行的分行佈局優化專案和員工人數裁減所節省的資金都包含在此範圍內，因為這些專案已經進行了幾個月，並且已經在我們的初步指導中進行了考慮。

With that, let me close by expressing my great confidence that our teams will continue to tackle the challenges ahead of us to ensure TopBuild will continue to outperform in any environment. Robert?

最後，我要表達我極大的信心，我們的團隊將繼續應對我們面臨的挑戰，以確保 TopBuild 在任何環境下都能繼續表現出色。羅伯特？

I'll close our call today by saying that we are confident in our unique and proven business model and the underlying fundamentals for our business. We have a cycle-tested team with deep understanding and control of our business and a diversified business model. We will continue to work diligently to outperform in this changing environment while driving profitable growth and continued shareholder value.

今天電話會議結束時，我想說，我們對我們獨特且成熟的商業模式以及業務的基本面充滿信心。我們擁有一支久經考驗的團隊，對業務有著深刻的理解和掌控，並擁有多元化的商業模式。我們將繼續努力在不斷變化的環境中取得優異表現，同時推動獲利成長和持續的股東價值。

(Operator Instructions)

（操作員指示）

Steven Kim, Evercore ISI.

史蒂文金（Steven Kim），Evercore ISI。

This is Aatish on for Steve. I just wanted to touch on the commercial and industrial side. I think at the end of last year, has mentioned that a lot of these projects were delayed mainly due to financing issues. And now you're seeing these projects kind of moving forward. It's not so obvious why the financing environment would have improved. So any color there would be helpful.

這是 Aatish 為 Steve 表演的。我只是想談談商業和工業方面。我想在去年年底就已經提到過，很多項目主要是因為融資問題而被推遲。現在您看到這些項目不斷向前推進。融資環境改善的原因就沒那麼明顯。所以任何顏色都會有幫助。

Aatish, it's Robert. So yes, I think some of the delays we saw projects move forward. I think folks have just come to accept the current financing environment and some of the bigger projects, and those projects were justified. So we've seen many of those come online. I would also point to, I think our teams in the field ops are doing a great job of executing, what we call the vertical market strategy, which means they're into -- they're bidding jobs and they're doing work across multiple verticals whether you think about oil and gas, food and beverage, pharmaceutical manufacturing. So I think there's share gain in there as to how the team is executing and that's showing up in the numbers as well. So I'd say a combo project coming online, great execution the vertical market strategy by our field teams.

Aatish，我是羅伯特。所以是的，我認為我們看到的一些延遲使專案得以推進。我認為人們已經接受了當前的融資環境和一些較大的項目，這些項目是合理的。我們已經看到其中許多已經上線。我還要指出的是，我認為我們的現場營運團隊在執行所謂的垂直市場策略方面做得非常出色，這意味著他們參與競標工作，並且跨多個垂直領域開展工作，無論是石油和天然氣、食品和飲料還是製藥製造。因此，我認為，份額的成長取決於團隊的執行情況，這也反映在數字上。所以我想說，組合專案的上線，是我們現場團隊出色執行垂直市場策略的結果。

Great, that's.

太好了，就是這樣。

It's Steve Kim. Second question, I guess, we have relates to the pricing environment. At a high level, I think, generally, there's two ways that TopBuild can benefit from pricing dynamics. The first one is that you can participate in manufacturers' pricing power when capacity utilization for the manufacturers is very high. But you can also, I think, bring your relative size to your advantage, allowing you to get preferred pricing versus your small competitors maybe when capacity utilization for the manufacturers is a little lower.

我是史蒂夫金。我想，第二個問題與定價環境有關。從高層次來看，我認為，TopBuild 總體上可以透過兩種方式從定價動態中獲益。第一個是，當製造商的產能利用率很高時，你可以參與製造商的定價權。但我認為，你也可以利用你的相對規模優勢，當製造商的產能利用率略低時，你可能會獲得相對於小型競爭對手的優惠價格。

And so I think that over the last years, you've really benefited from the former as capacity utilization has been really tight. But as we look forward here with utilization rates may be dropping a little bit, some manufacturer capacity additions being announced like just last -- yesterday from. I'm wondering whether or not you think that your relative competitive advantage on pricing would offset any slower rate of sort of industry or manufacturing pricing. If you could just sort of comment on that dynamic? Is that the way you think about it? And what kind of outlook for pricing you think that we can look forward to as a result of that.

因此我認為，在過去幾年裡，你們確實從前者中受益，因為產能利用率一直很緊張。但正如我們預期的那樣，利用率可能會略有下降，一些製造商宣布增加產能，就像昨天一樣。我想知道您是否認為您在定價方面的相對競爭優勢可以抵消任何較慢的行業或製造業定價速度。您能否對這種動態做出一些評論？您是這麼想的嗎？您認為我們可以期待什麼樣的定價前景？

Stephen, it's Robert. So yes, I think you hit on some good points there. Obviously, material and the current environment is a fluid situation. But as you very well know from our history and conversations that we've had, we're constantly partnering and talking with the manufacturers relative to excess supply, where that excess supply exists. And you're right, we've had three of the four announced additional capacity expansions here, some -- maybe a little bit hitting in '26 and some more coming in '27.

史蒂芬，我是羅伯特。是的，我認為你提出了一些很好的觀點。顯然，材料和當前環境是流動的情況。但正如您從我們的歷史和對話中非常清楚地知道的那樣，我們一直在與製造商合作並就供應過剩問題進行談判​​，在供應過剩存在的地方。你說得對，我們宣布的四次額外產能擴張中，已經有三次了，其中一些可能在 2026 年實現，還有一些將在 2027 年實現。

So I think that's favorable for TopBuild. I think if you look even at current results, I mean, the teams have done a nice job. We wouldn't expect necessarily any new pricing per se here in 2025. But I think you tell the teams have done a nice job holding on and leveraging for the -- obviously, the services and products that we provide there. So we'll stay close to our manufacturing partners as material loosens up. And again, we have the ability to take that where it exists in the country and across our footprint.

所以我認為這對 TopBuild 有利。我認為，即使只看目前的結果，你也會發現這些球隊已經做得很好了。我們並不期望 2025 年會出現任何新的定價。但我認為你告訴團隊，他們在堅持和利用我們在那裡提供的服務和產品方面做得很好。因此，隨著材料寬鬆，我們將與製造合作夥伴保持密切聯繫。再說一次，我們有能力在全國範圍內和我們的業務範圍內推廣這一理念。

Thanks. So I just want to clarify, Robert, you said you don't expect new pricing in 2025. I guess your main industry manufacturer pricing. Is that what you meant by that?

謝謝。所以我只想澄清一下，羅伯特，你說你不希望 2025 年出現新的定價。我猜你的主要行業製造商定價。你是這個意思嗎？

Yes, that would be our look sitting here, call it, sitting here in Q2 of the year, that's why we would view it.

是的，這就是我們坐在這裡的看法，稱之為，坐在這裡，在今年第二季度，這就是我們看待它的原因。

Yes. Okay. I just wanted to clarify. Appreciate it.

是的。好的。我只是想澄清一下。非常感謝。

Thank you.

謝謝。

Michael Rehaut, J.P. Morgan.

摩根大通的麥可雷豪特。

Thanks, good morning, everyone. Thanks for taking my questions.

謝謝，大家早安。感謝您回答我的問題。

First, I would love to get a sense in terms of the guidance. Obviously, you reiterated the top line and EBITDA. But I believe, slightly lowered your resi outlook to down high single digits from down mid-single digits. Previously, you reiterated commercial and industrial, up low single. So I just wanted to understand what kind of was the offset to the slightly lower resi outlook. And if it's kind of playing with the ranges here, maybe before you were at the high end of -- to down mid-single, but just any sense of what some of the puts and takes are if you had an incremental slightly more conservative outlook for resi?

首先，我很想了解一下指導意見。顯然，您重申了營業收入和 EBITDA。但我相信，您的住房前景將從中個位數略微下調至高個位數。此前，您重申了工商、上調低單。所以我只是想了解一下對於略低的房地產前景的抵消作用是什麼。如果這是在這裡玩弄範圍的話，也許之前你處於高端 - 到中端，但如果您對住宅有一個稍微保守的漸進式展望，那麼對一些投入和產出的任何感覺是什麼？

Sure, Mike, this is Rob. I'll take that one. So yes, as you noted, we've lowered our range on residential from saying we were going to be down mid-single digits to high single digits. And that's really driven by what we're anticipating on the single-family side of things where things are expected to be a little slower. So as we came into the year, we were kind of expecting things to be a little bit flattish on the single-family side. We're now expecting that to be down slightly for the year, down low single digits.

當然，麥克，這是羅布。我要那個。是的，正如您所說，我們已經將住宅價格範圍從中個位數降至高個位數。這實際上是由我們對單戶住宅方面的預期所驅動的，預計單戶住宅方面的發展會稍微慢一些。因此，當我們進入新的一年時，我們預期獨戶住宅市場的情況會比較穩定。我們現在預計今年的銷售額將略有下降，降幅將達到個位數。

So when you roll that in pricing held up a little better in Q1 than expected. So that's a partial offset in there as well. On the commercial industrial side, we're still at low single digits. But I'd say we're more towards the higher end of that now between volume and some pretty good pricing we're seeing on that side, a little more optimistic on that side. And then we did do 1 acquisition, which has taken up our assumption on M&A by $10 million, and we're not taking up the overall range as a result of that. So net-net, we're getting back to the same midpoint, just a little bit of play between the pieces there.

因此，當你考慮到這一點時，第一季的定價會比預期更好。因此這也是部分抵消。在商業工業方面，我們仍然處於低個位數。但我想說，我們現在更傾向於高端市場，因為我們看到了銷售和相當不錯的定價，所以我們對此持更樂觀的態度。然後我們確實進行了一次收購，這使我們對併購的假設增加了 1000 萬美元，因此我們沒有採用總體範圍。因此，最終我們又回到了同一個中點，只是各部分之間有一點點的互動。

Great. That's helpful, Rob. I appreciate that walk through. I guess, secondly, it's interesting to hear about the footprint optimization, the consolidation of 33 facilities. That seems a little bigger perhaps then some of the more -- I don't want to say generic, but sort of the ongoing efforts that you have from a productivity standpoint from your special ops teams. So just if you could kind of help us better appreciate the magnitude or the impact of the footprint optimization from a dollar perspective, what that's kind of represents in terms of a tailwind this year, if that indeed was part of the original guidance when you gave it a couple of months ago, or if it's incremental and sort of continuing to help out your ability to realize the EBITDA guidance?

偉大的。這很有幫助，羅布。我很欣賞那次經驗。我想，其次，聽到有關佔地面積優化、33 個設施的整合很有趣。這似乎比一些更重大——我不想說是泛泛之談，而是從特種作戰隊伍的生產力角度來看你們所做的持續努力。因此，如果您能幫助我們從美元角度更好地了解足跡優化的規模或影響，那麼這對今年的順風來說意味著什麼，這確實是您幾個月前給出的原始指導的一部分，還是它是漸進的並將繼續幫助您實現 EBITDA 指導的能力？

Yes, Mike, it's Robert. I'll start with the first part of the project itself, and then Rob will tackle some of your questions around the numbers. So this is something that we've been working for a few months as part of our technology, we have a an optimization tool called agility that we're able to look at customer delivery points, we're able to look at some logistics that type of thing.

是的，麥克，我是羅伯特。我將從專案本身的第一部分開始，然後 Rob 將解答您關於數字的一些問題。這是我們作為技術的一部分已經工作了幾個月的事情，我們有一個稱為敏捷性的優化工具，我們能夠查看客戶交付點，我們能夠查看一些物流之類的東西。

So this was really maybe a handful of M&A overlap, if you will. So it's really a combination of being able to put all those pieces together in a very, very targeted and systematic way. And so we've got -- it's really consolidations of can be a TruTeam location into maybe a DI location as an example or maybe even some distribution locations co-locating, if you will, from a DI Service Partners perspective or even our MBI business as well.

所以如果你願意的話，這實際上可能是少數併購重疊。因此，這實際上是一種將所有這些部分以非常有針對性和系統性的方式組合在一起的能力。因此，我們得到了 - 它實際上可以將 TruTeam 位置合併到可能的 DI 位置中，或者甚至可以將一些分銷位置合併到一起，如果你願意的話，從 DI 服務合作夥伴的角度來看，甚至從我們的 MBI 業務的角度來看也是如此。

So I think it is very targeted and done in a very calculated way, if you will. So I think it's just the power of the model here and the competency we have to look at that across to make some very strategic moves and good moves for driving efficiencies in the business.

所以我認為，如果你願意的話，這是非常有針對性的，而且是經過精心策劃的。所以我認為這只是模型的力量，我們必須全面審視這個模型的能力，以便採取一些非常有策略的舉措和良好的舉措來提高業務效率。

So that's a little bit of something we've been working on. I think Andrew's question is how we continue to have room in this I'll let Rob talk about some of the tailwind piece of it.

這是我們一直在努力的一點事情。我認為安德魯的問題是我們如何繼續擁有空間，我將讓羅布談論其中的一些順風部分。

Yes. Yes. And so as Robert said, this is something we've been working on, obviously, implementing that tool and that technology has taken time. It's something we are very careful. And we want to do it in a way that we don't damage the top line at all, and we're confident we're not going to do that. But as a result of this, obviously, we've got the onetime charge, so about $13.9 million related to the consolidations. That's primarily noncash write-off of lease leases for those facilities. And as we move forward between the combined savings, I'd say, between this lease consolidation as well as the rightsizing of some of our head count around current volumes should be about $30 million or more of additional annual savings.

是的。是的。正如羅伯特所說，這是我們一直在努力的事情，顯然，實施該工具和技術需要時間。這是我們非常謹慎的事。我們希望以一種不損害營收的方式來實現這一目標，我們有信心我們不會這樣做。但顯然，由於這個原因，我們產生了一次性費用，因此與合併相關的費用約為 1,390 萬美元。這主要是對這些設施的租賃進行非現金註銷。隨著我們合併節省開支，我想說，透過這次租賃合併以及根據當前業務量對部分員工進行適當調整，每年應該可以額外節省約 3000 萬美元或更多。

But as we talked about in the prepared remarks, that is baked into our guidance. As this is something we've been working on for a while and something we implemented to help offset some of the volume and price cost pressures we're seeing in the market.

但正如我們在準備好的發言中談到的那樣，這已經融入我們的指導中。這是我們一直在努力的事情，也是我們實施的事情，以幫助抵消我們在市場上看到的一些數量和價格成本壓力。

Great, thanks so much.

太好了，非常感謝。

Adam Baumgarten, Zelman Associates.

亞當·鮑姆加滕（Adam Baumgarten），澤爾曼聯合公司（Zelman Associates）。

Hey guys, good morning.

大家好，早安。

On the pricing side, just given the commentary that you're talking about carryover pricing from mid last year impacting the early part of this year. Should we expect the year-over-year price contribution to moderate as we move through the year given that dynamic?

在定價方面，剛才您談到了去年年中結轉定價對今年年初的影響。考慮到這種動態，我們是否應該預期，隨著時間的推移，年比價格貢獻將會放緩？

Yes, Adam, this is Rob. I'd say that's definitely baked in our assumption right now. So we would expect pricing to moderate particularly on the install side, we did have some in mental C&I pricing that definitely impacted more on the SD side to start this year. So obviously, that should hold up throughout the rest of the year. But the fiberglass increases from the middle of last year should go down as the year moves on.

是的，亞當，這是羅布。我想說這肯定已經根植於我們的假設之中。因此，我們預計價格會趨於緩和，特別是在安裝方面，我們確實有一些心理上的 C&I 定價，這肯定會對今年開始的 SD 方面產生更大的影響。顯然，這種狀況將持續到今年剩餘時間。但隨著時間推移，去年年中以來玻璃纖維價格的漲幅應該會下降。

Got it. And then just on the material side, have you started to see prices for the materials you're buying on the insulation side come down? Or have they been kind of flattish for a while?

知道了。那麼就材料方面而言，您是否開始看到您購買的絕緣材料的價格下降了？或者它們已經有一段時間變得平淡無奇了？

Yes. Adam, it's Robert. I'd say flattish. There's still some fluctuations across the industry, including still some maintenance and stuff that's going on, I'd call flattish.

是的。亞當，我是羅伯特。我會說是平淡的。整個行業仍然存在一些波動，包括一些維護和正在進行的事情，我稱之為平穩。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Good morning, everyone.

大家早安。

My first question is on labor side. You've talked about in last quarter, taking some of the labor on the install side, especially out just to adjust to the market. I guess with your revised expectations on the resi side, are there any further changes that you're making there? And any thoughts on how you're balancing the near term relative to the longer-term outlook for housing?

我的第一個問題是關於勞動力方面的。您在上個季度談到過，在安裝方面需要裁減一些勞動力，特別是為了適應市場。我猜，根據您對住宅方面的修改預期，您還會做出進一步的改變嗎？您對於如何平衡短期和長期住房前景有何看法？

Yes. So Susan, I'd say -- this is Rob. I'd say it's an equation we're constantly balancing market by market, looking at what's going on with volumes, looking at what's going on with bidding and adjusting our head count accordingly. So it's something that continues to go on. We're hopeful that the adjustments we made in Q1, we won't have to do anything that significant moving forward will be more kind of tweaking as we go.

是的。蘇珊，我想說──這是羅布。我想說這是一個等式，我們不斷地平衡每個市場，專注於交易量的情況，專注於競標的情況，並相應地調整我們的員工人數。所以這件事情還會繼續下去。我們希望，我們在第一季做出的調整不會在未來產生太大的影響，而只是在前進的過程中進行一些調整。

And we definitely feel like we haven't cut muscle, right? We've talked about the fact that we don't want to cut muscle. We're definitely -- from our perspective, we still want to grow. We want to do M&A. We think this is a good time to do some M&A. And so we're hopeful to be able to add some volume to the business through M&A. And as a result, we don't want to cut too deep too quickly here.

而且我們確實感覺沒有減少肌肉，對嗎？我們已經討論過我們不想削減肌肉的事實。從我們的角度來看，我們確實仍然希望成長。我們想進行併購。我們認為現在是進行併購的好時機。因此，我們希望能夠透過併購來增加業務量。因此，我們不想在這裡切得太深太快。

Okay. That's helpful. And then maybe building on that, Rob. Can you talk a bit about the M&A pipeline any changes that you're seeing there? And what you're seeing perhaps on sort of the more traditional install side of the business relative to some of the deals on the C&I side?

好的。這很有幫助。然後也許可以在此基礎上繼續發展，羅布。您能否談談併購管道以及您看到的任何變化？與 C&I 方面的一些交易相比，您可能在更傳統的安裝業務方面看到了什麼？

Yes. Susan, it's Robert. So very healthy, and I'd say a variety of -- I think I mentioned in the prepared comments, a variety of sizes of deals in there. And it's really, quite honestly, across all of the end segments or residential, C&I for sure and across the businesses. So really healthy pipeline and busy time for us from a M&A perspective. But as always, you can expect us to stay disciplined and do what's right for shareholders here. So -- but we're pretty excited things that are going on there.

是的。蘇珊，我是羅伯特。所以非常健康，我想說的是各種各樣——我想我在準備好的評論中提到過，其中有各種規模的交易。而且坦白說，它確實遍布所有終端領域或住宅、C&I 以及整個企業。因此，從併購的角度來看，這對我們來說確實是一段健康的管道和繁忙的時期。但與往常一樣，您可以期待我們保持紀律並為股東做正確的事情。所以——我們對那裡發生的事情感到非常興奮。

Okay, thanks for the call guys. Good luck with everything.

好的，謝謝大家的來電。祝一切順利。

Thank you, thanks.

謝謝，謝謝。

Philip Ng, Jefferies.

傑富瑞的 Philip Ng。

Congrats on a strong quarter. I think, Rob, you talked about how margins came in better than you expected. Can you give us some color on what are some of the areas of upside as the branch consolidation headcount, a contributor? And kind of give us a little color on how that kind of progresses. If I look at your full year guidance, the midpoint is calling at 19% EBITDA margin, which is a great outcome given the current backdrop, but it's effectively flat from 1Q and typically, you see that seasonally pick up in 2Q, 3Q -- kind of help us contextualize how that margin progression will kind of shape up this year?

恭喜本季業績強勁。羅布，我想您談到了利潤率如何比您預期的要好。您能否向我們詳細介紹一下作為分支機構合併員工人數貢獻者的一些優勢領域？並給我們稍微介紹一下這種進展是如何進行的。如果我看一下您的全年指引，中間點是 19% 的 EBITDA 利潤率，考慮到當前的背景，這是一個很好的結果，但它實際上與第一季度持平，通常，您會看到第二季度、第三季度出現季節性回升——這能幫助我們了解今年利潤率的增長情況嗎？

Yes. So I'd say looking at the quarter, if you think about what went better, what better than expected, what was a little worse than expected. I mean in general, we were pretty on top of what we expected for the quarter, as you pointed out, a little better from a profitability standpoint. On the volume side, single-family slightly worse than we expected, but not significantly C&I, a little better on the volume side. So net-net, not too different there. I'd say pricing on the resi side, held up a little better as we talked about on our previous calls, we've talked about in markets where volumes have slowed making some price concessions where we need to hold on to volume. That didn't surface as much as we had anticipated. So that has been good in the quarter. And price realization on C&I products that had price increases in the first quarter was good as well.

是的。所以我想說，回顧這個季度，如果你想想哪些表現更好，哪些比預期更好，哪些比預期稍差。我的意思是，總的來說，正如您所指出的，我們的業績相當超出了我們對本季度的預期，從盈利能力的角度來看，情況略有好轉。從成交量來看，單戶住宅的銷售量比我們預期的要差一些，但商業和工業的銷售量並不明顯，成交量方面則略有改善。所以整體來說，差別不大。我想說，住宅方面的定價會保持得更好一些，正如我們在之前的電話會議上所討論的那樣，我們談到在交易量放緩的市場中做出一些價格讓步，我們需要保持交易量。這並沒有像我們預期的那麼明顯。因此本季表現良好。第一季價格上漲的工商業產品的價格實現情況也很好。

So it was really price driven in terms of the better profitability, I'd say, in Q1, like we've talked about the actions we took in Q1 were anticipated. So that's not driving a significant amount of the upside. And so as we move forward, right, I mean, we obviously, we don't give quarterly guidance. But to your point, we do typically seasonally see EBITDA go up from Q1 to Q2 and Q3 kind of flattish or slightly up to Q2. And then a drop down in Q4, really all of that driven by volumes throughout the year. So while volumes are a bit muted, we do expect kind of normal seasonality there. As we talked about in the prepared remarks, we expect on a year-over-year basis, we expect sales to be down the most in Q2 as compared to prior year. Q3 should be a little better than that. And then Q4 will be flattish to down slightly as a result of basically having a little bit softer of a comp in Q4 as things were starting to slow down at that time.

因此，我想說，這實際上是由第一季更好的盈利能力的價格驅動的，就像我們談到的，我們在第一季度採取的行動是可以預料到的。因此，這不會帶來顯著的上漲。因此，隨著我們不斷前進，對，我的意思是，我們顯然不會提供季度指導。但正如您所說，我們通常會看到 EBITDA 從第一季到第二季呈現季節性上升趨勢，而第三季則與第二季持平或略有上升。然後第四季度出現下降，實際上所有這些都是由全年的銷售所推動的。因此，儘管交易量有點低迷，但我們確實預計會出現正常的季節性。正如我們在準備好的評論中談到的那樣，我們預計與去年同期相比，第二季的銷售額將下降幅度最大。Q3 應該會比這好一點。然後，第四季將會持平或略有下降，因為當時情況開始放緩，第四季的業績基本上會稍微疲軟一些。

And so as we think about the EBITDA that goes with that, I'd expect like in most years, Q2 and Q3 will be a little better, probably a little ahead of our midpoint of our guide in 19.2% and Q4 will be a little bit worse than that 19.2%. But obviously, there's a lot of time to go here that we've kept the range kind of wide because there is significant uncertainty out there. But at the midpoint, that's kind of how we're thinking about it.

因此，當我們考慮與之相關的 EBITDA 時，我預計與大多數年份一樣，第二季度和第三季度會稍微好一些，可能略高於我們指導的中點 19.2%，而第四季度會比 19.2% 稍差一些。但顯然，我們還有很長的路要走，我們把範圍保持在一個比較大的水平，因為那裡存在著很大的不確定性。但在中間階段，我們就是這樣思考的。

Yes. That's great color, Rob. With pricing coming in a little better, do you still feel pretty good pricing, particularly on the install side, kind of hanging in there just given some of the choppiness on the demand side.

是的。顏色真棒，羅布。隨著定價略有好轉，您是否仍然覺得定價相當不錯，特別是在安裝方面，考慮到需求方面的一些波動，定價會維持在一定水平。

Robert, I think you're expecting, I believe, fiberglass material prices to stay pretty steady here. But there's been some spray foam increases, certainly, tariffs is an element of that. And I think there's been some C&I price increases for July? Like how do you kind of anticipate pricing for your materials that's non-fiberglass, do you see some upward momentum? And does that help margins as well?

羅伯特，我認為你預計這裡的玻璃纖維材料價格將保持相當穩定。但噴塗泡沫的價格確實有上漲，關稅當然是其中的因素。我認為七月份工商業價格有上漲？例如，您如何預測非玻璃纖維材料的價格，您是否看到了一些上漲的動力？這樣對利潤也有幫助嗎？

Yes, from a pricing perspective, we -- you're asking about the environment stuff. So we would expect the teams to get paid for the great services and products they're providing. So we would expect pricing to hold. And I would say that the teams in the field, who have a great command and control of the business, they're doing a really nice job of looking for efficiencies and looking for ways to offsetting any challenges from a price perspective, and I think you see that in the results, Phil. So I think we feel pretty comfortable with how pricing plays out here. Obviously, volatile environment, but we have confidence in what our teams are doing and see what they're doing every day in the field level.

是的，從定價的角度來看，我們—您問的是環境問題。因此，我們希望團隊能夠因其提供的優質服務和產品而獲得報酬。因此我們預計價格將保持不變。我想說的是，該領域的團隊對業務有著很好的指揮和控制力，他們在尋求效率和尋找從價格角度抵消任何挑戰的方法方面做得非常出色，我想你會在結果中看到這一點，菲爾。所以我認為我們對這裡的定價方式感到很滿意。顯然，環境是動盪的，但我們對我們的團隊所做的事情充滿信心，並且看到他們每天在現場所做的事情。

And then on some of the material costs, (Inaudible) C&I side, there's some price increases out there?.

然後在某些材料成本方面，（聽不清楚）商業和工業方面，價格有所上漲？

Yes, definitely some increases out. Obviously so where some of the tariff stuff fares out as well, but there are some increases in the market out there today in the areas that you mentioned.

是的，肯定會增加。顯然，一些關稅問題也會出現，但在您提到的地區，今天的市場價格有所上漲。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Just a point of clarity. Rob, I think you mentioned 2Q seeing the largest decline. And I think you were referring to the top line on that comment. But it seems like the comp is similar in the 3Q to 2Q. So is there -- does the new guide assume any demand pick up anywhere in the business in the back half? Or is there some other kind of timing aspect that we need to be mindful of.

只是為了澄清一點。羅布，我想你提到了第二季的降幅最大。我認為您指的是該評論的第一行。但看起來第三季與第二季的情況類似。那麼，新指南是否假設下半年業務的任何需求都會回升？或是否有其他需要我們注意的時間因素。

Yes. No. Trey, this is Rob. I'd say we're not anticipating the environment to get significantly better during the year, like we've talked about, we're very confident in the long-term fundamentals, and we do believe things are going to get better, but trying to predict that inflection point is difficult. So yes, what I was referencing, I said, Q2, the worst of the remaining three quarters from a year-over-year. I was talking about sales growth. So our expectation is Q2 will probably look similar to Q1 on a year-over-year basis, just given the comps are similar between those two quarters.

是的。不。特雷，這是羅布。我想說的是，我們並不期望今年的環境會顯著好轉，就像我們談到的那樣，我們對長期基本面非常有信心，我們確實相信情況會變得更好，但試圖預測拐點是困難的。是的，正如我所提到的，第二季度是剩餘三個季度中同比表現最差的季度。我談論的是銷售成長。因此，我們預計第二季的年比表現可能與第一季相似，因為這兩個季度的可比較數據相似。

I'd say things kind of started to slow down late Q3 last year. So we'll see a little bit better year-over-year, at least from what we're thinking today in Q3. And then Q4 things were a bit softer and we expect to be flat to slightly down. But we're talking low single digits across the board when we're talking about the numbers there.

我想說，去年第三季末情況開始放緩。因此，我們會看到同比情況會有所好轉，至少從我們今天對第三季的看法來看是如此。第四季的情況稍微疲軟，我們預計會持平或略有下降。但當我們談論那裡的數字時，我們談論的是總體較低的個位數。

Okay. And kind of on the point of rightsizing, I guess, the footprint, the workforce, et cetera. Is that pretty much behind you right now? And are you where you want to be? And I guess the follow-up to that would be how quickly can you flex up if needed? Or what would you need to -- I guess, what position are you in from that from a footprint standpoint as we look out a little further in an environment where maybe demand a little better..

好的。我想，這有點像是關於適當規模的問題，包括足跡、勞動力等等。現在你已經把這些都處理好了嗎？你是否已經到達了自己想要到達的地方？我想接下來的問題是，如果需要的話，你能多快做出調整？或者您需要做什麼——我想，從足跡的角度來看，當我們在需求可能更好的環境中看得更遠時，您處於什麼位置？

This is Robert. So given the thought that went into that work over a time period, I'd say that work got completed, really in the first quarter. It doesn't mean that we're always constantly looking, right? You know that about us, we're constantly looking at anywhere to optimize the business. And if there needs to be more, we'll do that, where appropriate. And then relative to ramping up, I mean, again, some of the -- as Rob mentioned the headcount, that was just kind of pruning, if you will, in the appropriate areas. And we have the visibility with that say, very little issue to flex back up in some of those areas as we see demand come back or demand fluctuate.

這是羅伯特。因此，考慮到在一段時間內投入這項工作的思考，我認為這項工作確實在第一季就完成了。這並不意味著我們總是在不斷地尋找，對嗎？您知道我們一直在尋找可以優化業務的方法。如果需要更多，我們會在適當的情況下這樣做。然後相對於擴大規模，我的意思是，正如羅布提到的員工人數，這只是在適當的領域進行的一種修剪，如果你願意的話。而且，我們可以預見，當需求回升或波動時，某些領域幾乎不會出現任何問題。

Okay, thanks Robert. Thanks, Rob. Take care.

好的，謝謝羅伯特。謝謝，羅布。小心。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Can you just talk about, in the quarter, the relative performance and distribution between Service Partners and the are around this kind of organic number you reported?

您能否談談本季服務合作夥伴與您報告的有機數字之間的相對錶現和分佈情況？

Yes, Keith, this is Rob. So Yes. Obviously, the -- we don't break out the 2, but we definitely saw weaker resi sales and stronger commercial sales quarter for specialty distribution, and we do break that out in total. So on the specialty distribution side, I'm just taking the number here to make sure I get the right number. But special distribution on the resi side from a same branch basis perspective was down about 5% and on the commercial side, which is primarily mechanical, but a little bit of Service Partners in there as well was up around 2%.

是的，基思，這是羅布。是的。顯然，我們不會單獨列出這兩項，但我們確實看到專業分銷的住宅銷售較弱，而商業銷售較強，我們確實在總體上單獨列出了這兩項。因此，在專業分銷方面，我只是在這裡獲取數字以確保獲得正確的數字。但從同一分公司的角度來看，住宅方面的特殊分銷下降了約 5%，而商業方面（主要是機械，但也包括少量服務合作夥伴）則上漲了約 2%。

So definitely a stronger performance. And I can say within that commercial, our mechanical products definitely performed the best of the group in there as well. So it's a nice offset to the slower single-family environment we're seeing.

因此，其表現肯定更為強勁。我可以說，在這則廣告中，我們的機械產品絕對也是表現最好的。因此，這對我們所看到的較慢的單戶住宅環境來說是一個很好的補償。

I'm sorry, those numbers, were those revenue or units or what specific were that.

對不起，這些數字是收入還是單位，或具體是什麼。

That's revenue on a same branch basis.

這是基於同一分支機構的收入。

Ken Zener, Seaport Research.

肯‧澤納（Ken Zener），海港研究。

Good morning everybody.

大家早安。

So I think Q4 surprised at your held guidance despite the, I guess, decline in housing fundamentals. Obviously, you referred to M&A cost cuts. But I wonder if you could help frame the single-family market for us a little bit in more detail. Kind of in the cut in the public private common, if you could. Because public, right? They're part there, the for start data.

因此，我認為儘管住房基本面有所下滑，但第四季度的預測仍然令人驚訝。顯然，您提到了併購成本削減。但我想知道您是否可以幫助我們更詳細地介紹單戶住宅市場。如果可以的話，可以將其劃分為公共和私人公共區域。因為是公開的，對吧？它們是那裡的一部分，用於開始數據。

They're down about 10% in 1Q. The guidance kind of implies flat for the year. It seems like the privates are doing worse than the public builder or maybe they're doing better from what you could tell us regionally. But could you kind of frame that out if, let's say, the publics, which did take down guidance, and they have visibility of about six months.

第一季其銷售額下降了約 10%。該指引暗示全年業績將持平。看起來私人建築商的表現比公共建築商差，或者從您告訴我們的地區情況來看，他們做得更好。但是，如果公眾確實撤下了指導，並且他們有大約六個月的可見性，那麼你能否對此做出解釋。

Rob, if we were to see another 5% decline tied to who does tariffs service to that? And I realize you're giving data as very consistent with the publics and privates have kind of show you, what would a 5% decline in volume for some reason, falls off, what type of incrementals on margins would unfold in that scenario, just to kind of frame out how you think about volatility of your guidance, if we were to see another 5% decline in single family?

羅布，如果我們看到另一個 5% 的下降與關稅服務有關嗎？我知道您提供的數據與公共和私人向您展示的數據非常一致，如果由於某種原因交易量下降 5%，利潤率會出現什麼樣的增量，如果我們看到單戶住宅再次下降 5%，那麼您如何看待指導波動性呢？

Yes. So Ken, inside of there, what I'd say is what we're always targeting for the long term from a decremental margin. We've talked about in the past is kind of that 27% that we have on the incremental. But what we know is if we don't take out any labor or any cost with that, it's going to be much higher than that, right? And so -- as we look at this year and what we have baked into our guidance we're getting pretty close to that number when you adjust for price cost and some of the potential impacts we have there baked in.

是的。因此，肯，我想說的是，我們始終以遞減幅度作為長期目標。我們過去曾討論過增量為 27% 的情況。但我們知道，如果我們不投入任何勞動力或任何成本，成本將會高得多，對嗎？因此，當我們回顧今年以及我們在指導中考慮到的內容時，如果調整價格成本和一些潛在影響，我們會發現我們已經非常接近這個數字了。

But if we see an additional drop of 5%, we're going to be targeting to get there. It all depends on what our outlook looks like going forward, right? If we think that 5% dip is going to stick for a while. We're going to be a little more aggressive in our head count reductions and get to that 27% quicker. If it's -- if we believe it's not going to last as long and the market could come back quicker, we're definitely going to take a more cautious approach. And that's been our approach here and that's going to continue to be our approach going forward.

但如果我們看到進一步下降 5%，我們就會努力實現這一目標。這一切都取決於我們未來的前景如何，對嗎？如果我們認為 5% 的跌幅將持續一段時間。我們將更積極地進行裁員，並儘快實現 27% 的裁員目標。如果我們認為這種情況不會持續太久，而且市場可能會更快復甦，我們肯定會採取更謹慎的態度。這就是我們目前的做法，並將繼續是我們未來的做法。

Okay. And then Robert, can you maybe -- if you would, given your guidance visibility into single-family bidding. Can you maybe give us a little feel there's lots of news talking about negative news led by Florida, Texas. But often, I think people are missing right strike in the Midwest. Southeast, if you will, north of Florida. Can you give us a little feel for how those regions are operating differently. We don't assume, right, all your markets are down because you have good markets and bad markets.

好的。然後羅伯特，如果可以的話，您可以根據您對單戶住宅競標的指導意見進行了解嗎？您能否讓我們稍微感覺到，有很多新聞都在談論佛羅裡達州和德克薩斯州的負面新聞。但我常常認為人們忽略了中西部地區的正確打擊。如果你願意的話，位於東南，佛羅裡達州北部。您能否讓我們稍微感受一下這些地區的運作有何不同？我們不會因為市場好壞而想當然地認為所有市場都會下滑。

Yes. I'm glad to take the question, Ken. So maybe I'll just try to give a little overview of country and try to give you some flavor around that. So if you think about years past where you talk about areas like Florida and Texas, and those were growth areas. And obviously, those are big markets in the Southeast as well. Those are from a percentage basis, some of the slower markets right now. And usually, if you looked around Florida, you would say, it's a mixed bag. But Florida's first off, maybe definitely probably Orlando better than in Naples, if you will. But North and South Florida a little slow. Texas, I would say, of North versus South. So Dallas still continues to hold up, very strong, and we see backlogs building in Dallas, and I would even include multifamily in that. But if you look at Houston, San Antonio, Austin, I'd say slow.

是的。我很高興回答這個問題，肯。因此，也許我只是想嘗試對這個國家做一個小小的概述，並讓你們感受一下。因此，如果您回想過去幾年您談論的佛羅裡達州和德克薩斯州等地區，這些都是增長地區。顯然，這些也是東南部的大市場。這些都是以百分比計算的，目前有些市場發展較慢。通常，如果你環顧佛羅裡達州，你會說，這是一個混合體。但如果你願意的話，佛羅裡達的首要選擇，也許奧蘭多肯定比那不勒斯更好。但北佛羅裡達州和南佛羅裡達州有點慢。我想說，德州是北方與南方的對決。因此，達拉斯仍然保持強勁勢頭，我們看到達拉斯的積壓訂單正在增加，我甚至將多戶型房屋也包括在內。但如果你看看休士頓、聖安東尼奧、奧斯汀，我會說它們很慢。

On the opposite side, some markets that are building and seem to be building momentum Northeast and Midwest, are seen there. I even say Southern Cal. And even looking at Southern California, most areas seem to be showing some positive trend there. Pacific Northwest would be right there close to Southern California, but Northern California lagging behind and Southwest, I would include Vegas and Phoenix in that. So that gives you a little view around the country from that perspective, and it is a little different by market, Dallas versus the rest of the rest of Texas is a pretty good example of that.

另一方面，我們看到東北部和中西部的一些市場正在建設中，而且似乎正在積聚勢頭。我什至說南加州。即使看看南加州，大多數地區似乎都呈現出一些正面的趨勢。太平洋西北地區與南加州非常接近，但北加州落後，而西南地區，我會將拉斯維加斯和鳳凰城也包括在內。因此，從這個角度來看，您可以對整個國家有一個大致的了解，而且各個市場的情況略有不同，達拉斯與德克薩斯州其他地區的情況就是一個很好的例子。

But that's how what we're seeing from a region perspective. And you've seen what the public builders have said. And then some of those markets I just mentioned where things are building momentum. It is like to take the Northeast as an example, there's some of the custom builder that seems to be getting -- having some momentum there, but maybe not that custom builder maybe not as much in the in Florida, if you will. So I hope that gives you a little bit of flavor you're looking for based on what we see.

但從區域角度來看，我們看到的情況就是這樣。你已經看到了公共建設者所說的話。然後我剛才提到的一些市場正在形成勢頭。以東北地區為例，那裡的一些定制建築商似乎正在獲得一些發展勢頭，但也許佛羅裡達州的定制建築商可能沒有那麼多，如果你願意的話。因此，我希望根據我們所看到的，您可以獲得一些您想要的資訊。

It does. And I wonder where -- could people say consumer confidence, uncertainty, you can get the politics of it. But like what are the factors you see that are causing those markets like in Dallas? Is it just job growth and confidence is better or in Florida, it's just -- there's too much supply. If you could give us a little more granularity on why those markets are different, that would be great.

確實如此。我想知道人們從哪裡可以了解消費者信心、不確定性以及其中的政治因素。但是您認為哪些因素導致了達拉斯這樣的市場狀況？只是就業成長和信心更好，還是在佛羅裡達州，只是供應過多。如果您能更詳細地解釋一下這些市場為何不同，那就太好了。

Yes. I think probably you had on it, right. oversupply, if you look at Florida and probably even like from a Houston perspective, other areas that maybe didn't go as far or could be some of the drivers. You're talking about job growth the Dallas area to your point. I'd even include the Carolinas in that. If I think about Raleigh and Charlotte, we're seeing some good momentum there actually going to be in Raleigh here the next couple of days, meeting with some customers in that area. So we're seeing some momentum. I think in areas that just weren't probably as much inventory sitting on the ground as well as maybe some positive dynamics happening in those markets.

是的。我想你可能已經這樣做了，對吧。供應過剩，如果你看看佛羅裡達州，甚至從休士頓的角度來看，其他地區可能沒有那麼嚴重，或者可能是一些驅動因素。您剛才談到了達拉斯地區的就業成長。我什至會將卡羅來納州也包括在內。如果我考慮羅利和夏洛特，我們會看到那裡的一些良好勢頭，實際上接下來的幾天我們會在羅利與該地區的一些客戶會面。因此我們看到了一些勢頭。我認為，在那些庫存可能沒有那麼多的地區，而且這些市場可能正在出現一些積極的動態。

Jeff Stevenson, Loop Capital Markets.

傑夫史蒂文森（Jeff Stevenson），Loop Capital Markets。

I was wondering if you could provide more color on the variance between light and heavy commercial demand in your Installation segment during the quarter. And I wondered whether light commercial bidding activity remains soft? Or you've seen any signs of stabilization since the start of the year.

我想知道您是否可以提供更多關於本季度安裝部門輕型和重型商業需求之間差異的詳細資訊。我想知道輕型商業投標活動是否仍然疲軟？或者您自今年年初以來看到了任何穩定的跡象。

Yes. Jeff, this is Rob. So yes, we definitely saw a big difference between the performance of those two on the install side in the quarter. with light commercial down double digits in the quarter and heavy commercial, up double digits in the quarter. So kind of a tale of two markets there. I'll let Robert talk about bidding activity on like commercial. I think we have seen some improvement in certain markets there.

是的。傑夫，這是羅布。所以是的，我們確實看到本季這兩家公司在安裝方面的表現有很大差異。本季輕型商用車銷量下降了兩位數，重型商用車銷量則上漲了兩位數。這有點像是兩個市場的故事。我會讓羅伯特談論類似商業的競標活動。我認為我們已經看到那裡某些市場有所改善。

Yes. And if you think about that light commercial, I mean, Rob rightly follows the residential trend. But we have so much opportunity there that we continue to see bidding opportunities there, opportunity for share growth, and that's how our teams will fluctuate some of their resources, if you will. So -- but at the commercial, there was some nice performance there in the first quarter. And as we think about that on the distribution side, especially on the mechanical side, we would expect that to continue.

是的。如果你考慮輕型商用，我的意思是，羅布正確地遵循了住宅趨勢。但我們在那裡有如此多的機會，我們繼續看到那裡的競標機會、份額增長的機會，這就是我們的團隊如何波動他們的一些資源的方式，如果你願意的話。所以——但在商業廣告中，第一季有一些不錯的表現。當我們從分銷方面，特別是機械方面考慮這一點時，我們預計這種情況將會持續下去。

Okay. Great. That's helpful. And then I wanted to shift to your M&A pipeline, which sounds like it remains active. But I wanted to focus on the residential side of the business. And I wonder at a high level, whether you believe there could be more opportunities now given reduced seller expectations are potential sellers now focus on navigating this period of market uncertainty.

好的。偉大的。這很有幫助。然後我想轉到您的併購管道，聽起來它仍然很活躍。但我想專注於住宅業務方面。我想知道，從高層次來看，您是否認為現在可能會有更多機會，因為賣家的預期降低了，潛在賣家現在專注於度過這段市場不確定時期。

Yes, Jeff, this is Rob. I would say it's a mixed bag. I would say, you haven't seen multiples decline in any meaningful way. I think folks are look similar to what we say, right, looking at the midterm, long term and saying we're still under built in the US and so they see that as an opportunity. At the same time, whether it be succession planning, whether it be some folks getting tired in the current environment, we have a lot of conversations going on with potential sellers right now. So I'd say a little bit of mix back to your question as to what we (inaudible) in, but it is a very active time.

是的，傑夫，這是羅布。我想說這是一個混合體。我想說的是，你沒有看到倍數以任何有意義的方式下降。我認為人們的看法與我們所說的類似，對吧，著眼於中期和長期，並表示我們在美國仍處於建設不足狀態，因此他們認為這是一個機會。同時，無論是繼任計劃，還是一些人對當前環境感到厭倦，我們現在都在與潛在賣家進行大量對話。因此，我想回答你的問題，關於我們（聽不清楚）的情況，有點混亂，但這是一個非常活躍的時期。

Reuben Garner, Benchmark Company.

魯本·加納（Reuben Garner），Benchmark 公司。

Thank you, good morning. Everybody.

謝謝，早安。大家。

If I heard you correctly, it seems the distribution -- the resi portion of the distribution business outperformed the installation side. Is that in part that sort of hedge dynamic that you have in that business? Or if not, I guess, how far does that business at the -- or does the industry have to fall from a volume perspective where you start to get a return of some customers that can't buy direct?

如果我沒聽錯的話，分銷業務中的住宅部分似乎表現優於安裝部分。這是否是你們在該業務中所採用的某種對沖動態？或者如果不是，我想，從銷售角度來看，這個行業需要走多遠才能開始獲得一些無法直接購買的客戶的回報？

Yes. I'd say, Reuben, this is Rob. So yes, you're hitting on part of it for sure. As markets get slower, you'll see people come into distribution to buy less than truckload orders. But the other big factor there is really the -- that on the distribution side, we're less exposed to multifamily. And so the multifamily side, which was down in the neighborhood of 30% for the quarter, which is what we anticipated for this year, that's not impacting us as much on the distribution side as it is on the installation side.

是的。我想說，魯本，這是羅布。是的，你肯定說對了其中的一部分。隨著市場放緩，你會看到人們進入分銷管道購買零擔訂單。但另一個重要因素是──在分銷方面，我們較少接觸多戶型住宅。因此，多戶型住宅方面本季下降了約 30%，這也是我們對今年的預期，但這對分銷方面的影響不如對安裝方面的影響大。

Okay. Great. That's really helpful. And then what are you guys assuming in terms of the size of homes in your outlook? Or are you assuming that continues to shrink? And how meaningful of an impact does that have on the volume of insulation that you work through.

好的。偉大的。這真的很有幫助。那麼，你們對於未來房屋面積的預測是怎麼樣的呢？還是您認為它會繼續萎縮？這對您所處理的絕緣體積有多大影響？

Yes, Reuben, this is Rob. I mean, it's definitely been a trend, but I'd say that's been a trend for the last five years plus, and we really haven't seen a meaningful shift down a take per unit or volume per unit. And I think really what benefits us and benefits our industry is the code changes over time that have added insulation per square foot to the house. And so from a net-net perspective, we haven't seen a meaningful impact there.

是的，魯本，這是羅布。我的意思是，這肯定是一個趨勢，但我想說這已經是過去五年多來的趨勢了，我們確實沒有看到單位收入或單位銷售出現明顯的下降。我認為真正對我們和我們的行業有利的是隨著時間的推移規範的變化，增加了房屋每平方英尺的隔熱量。因此，從網路角度來看，我們還沒有看到任何有意義的影響。

Great, thanks guys and good luck.

太好了，謝謝大家，祝你好運。

Collin Vernon, Deutsche Bank.

德意志銀行的科林‧弗農 (Collin Vernon)。

Good morning.

早安.

Thank you for taking my questions here.

感謝您在這裡回答我的問題。

I guess I'm going to start with C&I. It was pretty resilient in the quarter, and you called out the backlog in orders being solid still. Can you just talk about how much visibility into revenue you have in the C&I business? Are you booked out through the end of the year here? And do you see any risk of an air pocket impacting '25 or '26, just as you work through the current backlogs? Or just has bidding activity been strong enough to really replace that backlog?

我想我將從 C&I 開始。本季它表現相當強勁，而且您指出訂單積壓仍然穩定。您能否談談您對 C&I 業務的收入有多少了解？您這裡到年底的預約都訂滿了嗎？當您處理當前積壓問題時，您是否認為氣泡的風險會影響 25 年或 26 年？或者競標活動是否夠強勁，能夠真正取代積壓的訂單？

This is Robert. So we have pretty good visibility, definitely in the backlog from a C&I perspective. I'd say six months on average, probably a good way to think about it. I'd say barring some major fluctuation in the economic environment.

這是羅伯特。因此，從 C&I 角度來看，我們對積壓訂單有相當好的了解。我認為平均六個月，這或許是一個很好的思考方式。我想說，除非經濟環境出現重大波動。

As we said, we feel comfortable with that business, the remainder of the year and what's an items that Rob talked about earlier. And again, that's a combination of projects that we've secured projects that have come online that were delayed in 2024.

正如我們所說，我們對這項業務、今年剩餘時間以及 Rob 之前談到的項目感到滿意。再說一次，這是我們已獲得的項目的組合，這些項目已上線，但被推遲到了 2024 年。

But I'd also say great execution in the field relative to some share gain and that vertical market strategy where field teams are going after different type of job, basically about agnostic to any particular vertical, if you will. So I think it's a combination of visibility as well as confidence as the execution in the field.

但我還要說的是，相對於一些市場份額的成長，該領域的執行非常出色，而且垂直市場策略中，現場團隊正在從事不同類型的工作，基本上與任何特定的垂直領域無關，如果你願意的話。所以我認為這是可見性和現場執行信心的結合。

Great. That's really helpful color. And then I guess I just wanted to ask one more on the single family side of the business. Just given the macro backdrop, I guess, does your guidance assume any change in the starts pace of the builders here as they get later into 2025? Or do you see it being pretty steady from current levels?

偉大的。這顏色確實很有幫助。然後我想我只想再問一個有關單身家庭業務方面的問題。我想，僅從宏觀背景來看，您的指導是否假設這裡的建築商的開工速度在 2025 年後期會發生任何變化？或者您認為從目前的水平來看它會相當穩定嗎？

Yes. I mean, we're anticipating kind of the normal seasonal changes you would see there. And like I said earlier, kind of at the midpoint of our guidance, we'd expect kind of our single-family sales to be down in the low single digits for the year net-net.

是的。我的意思是，我們預計您會看到那裡正常的季節變化。正如我之前所說的，在我們的指導中點，我們預計今年的單戶住宅銷售額將下降到個位數的低點。

That's helpful.

這很有幫助。

Thank you for taking.

謝謝您接受。

Rafe Jadrosich, BofA Securities

Rafe Jadrosich，美國銀行證券

I wanted to follow up on just the price mix. I think last quarter, you were -- last quarter was down. This quarter was up, and you were sort of expecting at the time that, that those pressures would continue and now the outlook is a little bit better. What's the upside versus your initial expectation, how much of the change is price versus mix? And then could you just talk about like the competitive environment relative to what you're expecting?

我只是想跟進價格組合。我認為上個季度，情況有所下滑。本季有所成長，當時你預計這些壓力將會持續下去，但現在前景有所改善。與您最初的預期相比，上漲空間有多大？價格與產品組合的變動有多大？然後您能否談談與您的預期相關的競爭環境？

Yes, Rafe, this is Rob. I'll give you a little bit more color there on price. So yes, from a install side of things, I'd say, not a huge surprise. We went from 1.5% in Q4 to 1.1% this quarter. As we talked about coming into the year, we did expect in certain markets to see some pressure as we adjust the volumes and just as necessary out there. So I wouldn't say any big surprises there. On the SD side, as you noted, on the specialty distribution side, we were flat in the fourth quarter up in Q1. That's -- the big driver there is really price increases on commercial and industrial products, we were able to push through in the first quarter. As well as some improvement in spray foam, while spray foam, let's say, net-net on a year-over-year basis is still negative sequentially with some of the antidumping tariffs, et cetera, we did see some incremental price come through on that side of things.

是的，Rafe，這是 Rob。我會給你更多關於價格的資訊。所以是的，從安裝方面來看，我想說，這並不是什麼大驚喜。我們從第四季的 1.5% 下降到本季的 1.1%。當我們談到進入新的一年時，我們確實預計在某些市場會出現一些壓力，因為我們會調整交易量，這也是必要的。所以我不會說這有什麼大驚喜。在 SD 方面，正如您所說，在專業分銷方面，我們第四季度的業績與第一季持平。這是——最大的驅動因素實際上是商業和工業產品價格的上漲，我們能夠在第一季實現這一目標。除了噴塗泡沫有所改善之外，雖然噴塗泡沫的淨值同比仍然因一些反傾銷關稅等原因而出現負增長，但我們確實看到這方面的一些增量價格出現。

So that's really the difference between what we expected coming into Q1 and where we landed.

所以這確實是我們對第一季的預期和實際情況之間的差異。

That's helpful. And then just on the rationalization, it sounds like that's more related to the long-term optimization, not really adjusting for the current environment. if single-family starts stay under pressure through the end of '25 and into 2026, when would you anticipate that you would start to adjust expenses to move towards that 27% long-term decremental. I guess how long would you anticipate that the decrementals stay elevated?

這很有幫助。然後就合理化而言，聽起來這與長期優化有關，而不是真正適應當前環境。如果獨棟住宅開工率在 2025 年底至 2026 年一直處於壓力之下，您預計何時會開始調整支出，以實現 27% 的長期遞減率。我猜你預計遞減幅度會維持多久？

Yes, Rafe, this is Rob. So I mean we've already started adjusting cost. I mean the head count reductions we've made in the quarter, like we said, we don't feel like we've cut muscle, but we've certainly started cutting into not just the variable installer piece, but also into our back-office support side of things. So we are adjusting to get to that. I think if you're just looking at the decrementals on a stand-alone basis, I mean, first, you got to back out the impact of M&A when you do that, you're still going to see a slightly elevated number.

是的，Rafe，這是 Rob。所以我的意思是我們已經開始調整成本了。我的意思是，正如我們所說的那樣，我們在本季度進行了裁員，但我們並不覺得我們在削減人力，而是我們確實開始削減的不僅僅是可變安裝程序部分，而且還包括後台支持方面的開支。因此我們正在進行調整以實現這一目標。我認為，如果你只是單獨地看遞減數字，那麼首先，你必須排除併購的影響，你仍然會看到略微上升的數字。

But we do have baked in, as we talked going into the year, some margin pressure related to price cost as we navigate softer environment and navigate that price/volume equation. We've got some headwinds baked in there. But net, when you back that out from a volume perspective, we do expect our decrementals to be in that, call it, high-20s, low-30s type range for the year.

但正如我們今年所討論的那樣，隨著我們應對較軟的環境和價格/數量等式，我們確實已經考慮到了一些與價格成本相關的利潤壓力。我們在那裡遇到了一些阻力。但是，當你從交易量角度回過頭來看時，我們確實預計今年的減幅將處於 20 多到 30 多的範圍內。

Thank you. At this time, we conclude our question-and-answer session. I would like to turn the floor back over to Robert Buck for closing comments.

謝謝。我們的問答環節到此結束。我想把發言權交還給羅伯特·巴克 (Robert Buck) 來做最後評論。

Thank you for joining us today. We look forward to speaking with you in early August to discuss our Q2 results.

感謝您今天加入我們。我們期待在八月初與您交談，討論我們的第二季業績。

Thank you. This concludes today's call. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。