TopBuild Corp (BLD) 2025 Q2 法說會逐字稿

Greetings and welcome to the TopBuild second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 TopBuild 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce PI Aquino, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹投資者關係副總裁 PI Aquino。請繼續。

Good morning and thanks for joining us. With me today are 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.

早安，感謝您加入我們。今天與我一起的有我們的總裁兼首席執行官羅伯特·巴克 (Robert Buck) 和我們的首席財務官羅布·庫恩斯 (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在我們的網站 topbuild.com 上找到。

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.

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。

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 have 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.

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，這兩份文件均可在我們的網站上查閱。

Let me now turn the call over to our President and CEO, Robert Buck.

現在，讓我將電話轉給我們的總裁兼執行長羅伯特·巴克 (Robert Buck)。

Good morning. Thank you for joining us today for our second quarter 2025 earnings call. With half of 2025 behind us, I want to start by saying how proud I am of everything our teams have accomplished so far this year. In July, we completed the acquisition of Progressive Roofing, establishing a new platform for growth in the large, highly fragmented, $75 billion commercial roofing services market. The transaction aligns very well with our core strengths, expands our installation service offerings for commercial customers and increases our exposure to non-cyclical and non-discretionary revenue drivers.

早安.感謝您今天參加我們的 2025 年第二季財報電話會議。2025 年已經過去一半了，首先我想說，我對我們團隊今年迄今為止所取得的成就感到非常自豪。7 月份，我們完成了對 Progressive Roofing 的收購，為規模龐大、高度分散、價值 750 億美元的商業屋頂服務市場的成長建立了新的平台。此交易與我們的核心優勢高度契合，擴大了我們為商業客戶提供的安裝服務，並增加了我們對非週期性和非自由支配收入驅動因素的接觸。

Commercial roofing is a natural adjacency to our core insulation business with exciting potential, and we are delighted to welcome the talented Progressive Roofing team to TopBuild. Our teams are starting to work together, including sharing best practices and thoughts on an integration roadmap. We also took steps in the first quarter to better align our cost structure with the demand environment and optimize our footprint, including the consolidation of 33 branches across our network.

商業屋頂與我們的核心隔熱業務自然相鄰，具有令人興奮的潛力，我們很高興歡迎才華橫溢的 Progressive Roofing 團隊加入 TopBuild。我們的團隊開始合作，包括分享最佳實踐和整合路線圖的想法。我們也在第一季採取了一些措施，使我們的成本結構更好地適應需求環境，並優化我們的業務範圍，包括合併我們網路中的 33 家分店。

On a daily basis, our teams put a great deal of effort into driving our performance, and I want to thank everyone on our team for continuing to strive for improvement across our business and delivering solid results. Our continued solid profitability in the second quarter is a testament to our ability to successfully navigate changes in an uncertain macro environment.

我們的團隊每天都付出巨大的努力來提高我們的業績，我要感謝團隊中的每個人繼續努力改進我們的業務並取得堅實的成果。我們第二季持續保持穩健的獲利能力證明了我們有能力成功應對不確定的宏觀環境變化。

We're pleased with our sequential improvement from the first quarter with our second quarter adjusted EBITDA margin of 20.1%, which is a direct reflection of the command we have over our business and is supported by our ongoing work to drive improvements across the business and our supply chain. Softness in residential new construction was partially offset by growth in heavy commercial and industrial, where verticals like technology, education and healthcare continue to flourish.

我們對第一季以來的連續改善感到滿意，第二季調整後的 EBITDA 利潤率為 20.1%，這直接反映了我們對業務的掌控，並得到了我們持續努力推動整個業務和供應鏈改進的支持。住宅新建築的疲軟部分被商業和工業重心的成長所抵消，其中技術、教育和醫療保健等垂直產業繼續蓬勃發展。

Total TopBuild sales in the second quarter declined 5% to $1.3 billion, as the new residential construction market remained weak and single family demand slid further on a year-over-year basis. While the housing market in the United States is still underbuilt, mixed economic signals, interest rates and affordability concerns continue to weigh on consumer confidence, keeping some homebuyers on the sidelines. We'll continue to closely monitor the macro environment.

由於新住宅建築市場依然疲軟，單戶住宅需求較去年同期進一步下滑，第二季 TopBuild 總銷售額下降 5% 至 13 億美元。儘管美國房地產市場仍處於建設不足階段，但混合的經濟訊號、利率和負擔能力問題仍持續影響消費者信心，導致一些購屋者持觀望態度。我們將繼續密切關注宏觀環境。

Turning to capital allocation, we have a robust pipeline of acquisition candidates, and M&A is still our highest priority for deploying capital. In addition, the Progressive team has several acquisition opportunities in their pipeline. As always, we'll stay disciplined around valuation and focused on driving strong shareholder returns. In the second quarter, we also repurchased just under 455,000 shares of our stock, returning a total of $136 million in capital to our shareholders.

談到資本配置，我們擁有強大的收購候選管道，併購仍然是我們部署資本的首要任務。此外，Progressive 團隊還有多項收購機會。像往常一樣，我們將嚴格遵守估值原則，並專注於推動強勁的股東回報。在第二季度，我們還回購了近 455,000 股股票，向股東返還了總計 1.36 億美元的資本。

Before I turn it over to Rob, I want to give you a brief look back at our business but also share with you some thoughts on how we are positioning TopBuild for the future. This past July 1 marked the 10-year anniversary for TopBuild as a public company. When I look back over that time, it is remarkable how much we've grown.

在將時間交給 Rob 之前，我想先簡單回顧一下我們的業務，同時也與大家分享一些關於我們如何定位 TopBuild 未來的想法。今年 7 月 1 日是 TopBuild 上市十週年紀念。當我回顧那段時光時，我們取得了驚人的成長。

When we spun off in 2015, we had $1.6 billion in sales and mid-single digit profit margins. Last year, we were roughly $5.3 billion in sales or about a 14% compounded annual growth rate. With Progressive, we'll be more than $5.5 billion on a pro forma basis. Since 2015, we've also more than tripled our EBITDA margin. Our safety metrics have also improved as we stay focused on keeping our people safe.

當我們在 2015 年分拆時，我們的銷售額為 16 億美元，利潤率達到中等個位數。去年，我們的銷售額約為 53 億美元，年複合成長率約為 14%。加上 Progressive，我們的預計收入將超過 55 億美元。自 2015 年以來，我們的 EBITDA 利潤率也成長了兩倍多。由於我們始終致力於保障員工安全，我們的安全指標也得到了改善。

Ten years ago, about 85% of our sales were tied to residential and 15% of our sales were tied to the commercial and industrial end markets. Now, having completed 44 acquisitions, we've grown our commercial and industrial sales to approximately 40% of our total sales this year.

十年前，我們約 85% 的銷售額與住宅市場相關，15% 的銷售額與商業和工業終端市場相關。現在，我們已經完成了 44 筆收購，商業和工業銷售額成長到今年總銷售額的約 40%。

We've successfully diversified our business and in doing so, we've also improved our sales resiliency, about 20% of total sales are considered recurring, non-discretionary or non-cyclical. As we look out, our runway of opportunity for growth is exciting. We have a total addressable market of nearly $95 billion for insulation and commercial roofing and are encouraged by our growth prospects.

我們成功地實現了業務多元化，並在此過程中提高了銷售彈性，總銷售額的約 20% 被視為經常性、非自由支配或非週期性銷售額。放眼望去，我們的成長機會令人興奮。我們在隔熱和商業屋頂領域的潛在市場總額接近 950 億美元，我們對成長前景充滿信心。

Let me give you just one example of how our business diversification positions us well for our next level of growth and more exposure to commercial, industrial and non-discretionary spend and reduced dependence on residential housing.

讓我舉一個例子來說明我們的業務多元化如何使我們為下一階段的成長做好準備，更多地接觸商業、工業和非自由支配支出，並減少對住宅的依賴。

Just last week, our leadership team was on-site at a multi-phase data center campus in Arizona. At the same data center campus, our now combined TopBuild family of companies was providing multiple services and products for the same contractor. The Progressive Roofing team was providing new construction roofing services for the first 200,000 square foot facility at the site, while our Distribution International team was delivering fabricated mechanical insulation parts. And, prior to that, our local TruTeam business had provided building envelope insulation solutions in the form of fiberglass and spray foam installation.

就在上週，我們的領導團隊來到亞利桑那州的一個多階段資料中心園區。在同一個資料中心園區，我們現已合併的 TopBuild 公司家族為同一個承包商提供多種服務和產品。Progressive Roofing 團隊為現場第一個 200,000 平方英尺的設施提供新建築屋頂服務，而我們的 Distribution International 團隊則提供製造的機械絕緣零件。在此之前，我們當地的 TruTeam 公司已經透過玻璃纖維和噴塗泡沫安裝的形式提供了建築圍護結構隔熱解決方案。

Currently, there are 324 data center projects under construction and 110 data centers are in the engineering stage. We are also tracking nearly 2000 more projects that are in the planning stage. This growing vertical of data centers is just one example of the commercial and industrial projects for which TopBuild can now provide a full suite of service solutions.

目前，在建資料中心專案324個，其中正處於工程建設階段的資料中心專案110個。我們也正在追蹤近 2000 個處於規劃階段的項目。這個不斷發展的資料中心垂直產業只是 TopBuild 現在可以為其提供全套服務解決方案的商業和工業專案的一個例子。

Let me conclude my remarks today by recognizing and thanking each one of our employees. Our success over the last 10 years would not be possible without the hard work and support of our talented and highly motivated teams.

今天，讓我以表彰和感謝我們每一位員工來結束我的演講。如果沒有我們才華橫溢、積極進取的團隊的辛勤工作和支持，我們不可能取得過去 10 年的成功。

Rob?

搶？

Thanks, Robert. First, I'd like to thank our teams for delivering another quarter of strong results in an uncertain macro environment. While weak demand in the residential markets continued, our teams have done an outstanding job adjusting our cost structure and driving profitability. In addition, our teams are continuing to drive profitable growth in heavy commercial and industrial end markets.

謝謝，羅伯特。首先，我要感謝我們的團隊在不確定的宏觀環境下又取得了一個季度的強勁業績。儘管住宅市場需求持續疲軟，但我們的團隊在調整成本結構和提高獲利能力方面做得非常出色。此外，我們的團隊正在繼續推動重型商業和工業終端市場的獲利成長。

Turning to the second quarter results, total sales declined 5% to $1.3 billion. Volume was down 7.8%, partially offset by M&A of 1.9% and pricing of 0.9%. Our Installation segment sales totaled $780.7 million, down 8.3%, driven by a 10.5% volume decline which was partially offset by acquisitions of 1.4% and pricing of 0.9%. The volume decline was driven by weakness in new residential construction and light commercial end markets. Heavy commercial projects continued to be a bright spot and posted solid growth in the quarter.

回顧第二季業績，總銷售額下降 5% 至 13 億美元。交易量下降 7.8%，但併購交易量下降 1.9%，定價交易量下降 0.9%，部分抵消了下降。我們的安裝部門銷售總額為 7.807 億美元，下降 8.3%，其中銷量下降 10.5%，但被 1.4% 的收購和 0.9% 的定價所部分抵消。銷量下降是由於新住宅建設和輕型商用終端市場疲軟所致。大型商業項目繼續成為亮點，並在本季度實現穩健成長。

Specialty Distribution sales improved 1.1% to $599.2 million in the quarter. Acquisitions grew our sales by 2.3% and price added 0.8%. This was partially offset by lower volume of 2.1%. Lower volumes were driven by slower sales of residential products which were partially offset by continued strong growth in mechanical insulation for the commercial and industrial end markets.

本季專業分銷銷售額成長 1.1%，達到 5.992 億美元。收購使我們的銷售額成長了 2.3%，價格上漲了 0.8%。但這一數字因 2.1% 的銷量下降而被部分抵消。銷售下降是由於住宅產品銷售放緩，但商業和工業終端市場的機械絕緣產品持續強勁成長部分抵消了這一影響。

Adjusted gross profit in the second quarter was 30.3% and 70 basis points lower than last year. Adjusted SG&A as a percentage of sales in the second quarter was 13.3% versus 13.6% last year. Second quarter adjusted EBITDA for TopBuild was $261.3 million or 20.1% of sales. Our EBITDA margin improved 110 basis points from the first quarter and was down only 20 basis points to prior year.

第二季調整後毛利為30.3%，較去年同期下降70個基點。第二季調整後的銷售、一般及行政費用佔銷售額的百分比為 13.3%，去年同期為 13.6%。TopBuild 在第二季調整後的 EBITDA 為 2.613 億美元，佔銷售額的 20.1%。我們的 EBITDA 利潤率較第一季提高了 110 個基點，與去年同期相比僅下降了 20 個基點。

This strong profitability was driven by the cost actions we took in the first quarter and supply chain improvements. These savings almost entirely offset the EBITDA margin pressures from lower sales volume and price pressure on residential products in our Specialty Distribution segment.

強勁的獲利能力得益於我們在第一季採取的成本行動和供應鏈的改善。這些節省幾乎完全抵消了專業分銷部門因銷售量下降和住宅產品價格壓力而產生的 EBITDA 利潤率壓力。

Installation adjusted EBITDA margin was 22.3%, up 120 basis points sequentially and flat versus the second quarter of last year. Specialty Distribution adjusted EBITDA margin of 17.2% was up 90 basis points sequentially and down 50 basis points versus the second quarter of 2024. Other expense for the quarter was $16.2 million, compared to $7.2 million last year. The increase is due to the combination of lower interest income from lower cash balances and higher interest expense from our expanded credit facility. Second quarter adjusted earnings per diluted share was $5.31 and compares to $5.42 last year.

安裝調整後的 EBITDA 利潤率為 22.3%，較上季成長 120 個基點，與去年第二季持平。專業分銷調整後的 EBITDA 利潤率為 17.2%，較上季上升 90 個基點，較上季 2024 年第二季下降 50 個基點。本季其他支出為 1,620 萬美元，去年同期為 720 萬美元。成長的原因是現金餘額減少導致利息收入減少，以及信貸額度擴大導致利息支出增加。第二季調整後每股攤薄收益為 5.31 美元，去年同期為 5.42 美元。

Turning to the balance sheet and cash flows, we ended the second quarter with total liquidity of $1.8 billion, of which $842.5 million was cash and $938.8 million was available under our revolver. Our total debt at the end of the quarter was $1.9 billion, $500 million higher than prior year due to the refinancing and expansion of our bank credit facility. This new $2.25 billion credit facility includes a $1 billion term loan, a $1 billion revolver and a $250 million delayed draw term loan, all of which mature in May 2030. Net debt at the end of the quarter totaled $1.1 billion and our net debt leverage ratio was 1.01 times trailing 12 months pro forma adjusted EBITDA.

談到資產負債表和現金流，我們在第二季結束時的總流動資金為 18 億美元，其中 8.425 億美元為現金，9.388 億美元為循環信貸額度。由於再融資和銀行信貸額度的擴大，本季末我們的總債務為 19 億美元，比前一年高出 5 億美元。這項新的 22.5 億美元信貸額度包括一筆 10 億美元的定期貸款、一筆 10 億美元的循環貸款和一筆 2.5 億美元的延期提取定期貸款，所有貸款均將於 2030 年 5 月到期。本季末的淨債務總額為 11 億美元，我們的淨債務槓桿率為過去 12 個月調整後 EBITDA 的 1.01 倍。

Year-to-date, our free cash flow is $321.4 million, up approximately 38% from the prior year primarily due to the improvement and timing of working capital. Working capital as a percentage of sales totaled 13.7%, which compares to 14.8% last year. We continue to prioritize our strong free cash flows toward M&A and in July, we closed the acquisition of Progressive Roofing. This acquisition establishes a new platform for growth and expands the building envelope installation services we can provide for commercial contractors. We funded the transaction with cash on hand and proceeds from our expanded credit facility.

年初至今，我們的自由現金流為 3.214 億美元，比上年增長約 38%，主要歸功於營運資金的改善和時機的把握。營運資本佔銷售額的百分比為 13.7%，而去年為 14.8%。我們繼續優先將強勁的自由現金流用於併購，並於 7 月完成了對 Progressive Roofing 的收購。此次收購建立了新的成長平台，並擴展了我們可以為商業承包商提供的建築圍護結構安裝服務。我們以庫存現金和擴大信貸額度所得的收益為此交易提供資金。

Assuming Progressive Roofing was in our results for the second quarter, our net debt leverage would have been approximately 1.65 times trailing 12 months pro forma adjusted EBITDA. In the second quarter, we also repurchased shares totaling $136 million. On a year-to-date basis, we've returned a total of $351.6 million in capital to shareholders, representing about 1.1 million shares. We have approximately $836.4 million remaining under the current authorization.

假設 Progressive Roofing 出現在我們第二季度的業績中，我們的淨債務槓桿率將約為過去 12 個月調整後 EBITDA 的 1.65 倍。第二季度，我們也回購了總額為 1.36 億美元的股票。今年迄今為止，我們已向股東返還了總計 3.516 億美元的資本，約佔 110 萬股。根據目前的授權，我們還剩下大約 8.364 億美元。

Turning to guidance, as you saw in the release, we are issuing guidance today that includes the impact of the Progressive Roofing acquisition for the balance of the year. We expect full year sales to be between $5.15 billion to $5.35 billion.

談到指導，正如您在新聞稿中看到的，我們今天發布的指導包括收購 Progressive Roofing 對今年餘額的影響。我們預計全年銷售額將在 51.5 億美元至 53.5 億美元之間。

Our assumptions are as follows. On a same branch basis, including price, we are now assuming that residential sales will decline low double-digits for the year, driven by continued weakness in both single-family and multi-family activity. Commercial and industrial same branch sales are expected to be flattish to up low single digits. We expect heavy commercial to remain strong, while light commercial will continue to be challenged.

我們的假設如下。以包括價格在內的同一分支計算，我們現在假設今年住宅銷售額將下降兩位數，原因是單戶住宅和多戶住宅活動持續疲軟。預計商業和工業同部門銷售額將持平或上漲低個位數。我們預計重型商用車將保持強勁，而輕型商用車將繼續面臨挑戰。

The full year impact of M&A is expected to add approximately $300 million to sales. Inclusive of M&A, total net sales will be flattish in the third quarter and up low single digits in the fourth quarter as the fourth quarter will benefit from a full quarter of Progressive's sales and the comparison to prior year is slightly softer. We expect adjusted EBITDA for the year to be between $970 million to $1.07 billion. At the midpoint of guidance, our adjusted EBITDA margin will be 19.4%, a very strong profit performance.

預計併購的全年影響將使銷售額增加約 3 億美元。包含併購在內，第三季的總淨銷售額將持平，而第四季將出現低個位數成長，因為第四季將受益於 Progressive 整個季度的銷售額，並且與去年同期相比略有下降。我們預計今年調整後的 EBITDA 將在 9.7 億美元至 10.7 億美元之間。在指導中點，我們的調整後 EBITDA 利潤率將達到 19.4%，這是一個非常強勁的利潤表現。

In closing, I want to thank our teams once again for their efforts and I would also like to welcome our new teammates from Progressive Roofing. As TopBuild enters its second decade as a public company, I couldn't be more excited about the growth opportunities that lie ahead for our teams and for our shareholders.

最後，我要再次感謝我們團隊的努力，同時也歡迎來自 Progressive Roofing 的新隊友。隨著 TopBuild 作為上市公司進入第二個十年，我對我們的團隊和股東未來的成長機會感到無比興奮。

With that, I'll turn it back over to Robert.

說完這些，我會把話題還給羅伯特。

Thanks, Rob. I want to express my confidence in the underlying fundamentals for our business. Our flexible and diversified business model enables us to deliver solid results, and we have incredibly focused teams that have great control over our business. We've proven that we can adjust our operations as demand changes and expect to outperform in a changing environment. As always, we'll stay focused on driving profitable growth and increasing shareholder value.

謝謝，羅布。我想表達我對我們業務基本面的信心。我們靈活多樣的業務模式使我們能夠取得穩健的業績，並且我們擁有非常專注的團隊，對我們的業務有著很好的控制力。我們已經證明，我們可以根據需求的變化調整運營，並期望在不斷變化的環境中表現出色。與往常一樣，我們將繼續專注於推動獲利成長和增加股東價值。

We are planning to host an Investor Day in New York on Tuesday, December 9. We will be sharing more details in the coming months and look forward to having you join us in person.

我們計劃於 12 月 9 日星期二在紐約舉辦投資者日。我們將在未來幾個月分享更多細節，並期待您親自加入我們。

With that, operator, let's open the line up for questions.

接線員，現在讓我們開始提問吧。

(Operator Instructions) Michael Rehaut, JPMorgan.

（操作員指令）Michael Rehaut，摩根大通。

First, I wanted to dive in a little bit to Progressive and just the impact on the second half more so from the margin side if you expect that to be dilutive or accretive to margins and how you're thinking about the contribution in 2026. And I guess more broadly, how you're seeing early opportunities perhaps even from the sales synergy side as well?

首先，我想深入探討 Progressive，以及它對下半年的影響，尤其是從利潤率來看，如果您預計這會稀釋或增加利潤率，以及您如何看待 2026 年的貢獻。我想更廣泛地說，您如何看待早期機會，甚至可能是從銷售綜效來看的？

Sure, Michael. This is Rob. I'll start and Robert will jump in. With the second half, in terms of our guidance, what we have baked in for Progressive, from a sales perspective, it's roughly about $215 million incremental for Progressive. Our guide last time was around $85 million for M&A. We're up to about $300 million, and then the EBITDA that goes with that is going to be right around in the neighborhood of 20% EBITDA. So really not decremental or heavily incremental to where we're running right now. Pretty much in line with our core business.

當然，邁克爾。這是羅布。我先開始，然後羅伯特加入。就下半年而言，就我們的指導而言，從銷售角度來看，我們為 Progressive 注入的資金約為 2.15 億美元的增量。我們上次的指導價是併購金額約 8500 萬美元。我們的金額達到了約 3 億美元，而隨之而來的 EBITDA 將達到約 20% 左右。因此，與我們現在的運行情況相比，這實際上既沒有減少，也沒有大幅增加。與我們的核心業務非常一致。

Yeah, Michael, relative to the question on cross-selling and the synergy piece, yes, really excited about that. I mean, just that data center project I gave you the example of in the prepared remarks. I mean, that's one example. As we've started working with the Progressive team and looking at crossover and projects, customer base, verticals, that type of thing, we definitely see an opportunity.

是的，邁克爾，關於交叉銷售和協同效應的問題，是的，我對此感到非常興奮。我的意思是，我在準備好的發言中給你舉的那個資料中心專案的例子。我的意思是，這是一個例子。當我們開始與 Progressive 團隊合作並專注於交叉專案、客戶群、垂直領域等事情時，我們確實看到了機會。

I've already been on a few M&A visits with the Progressive team as well and talking to some I'm going to say future companies that'll be coming on board. We see that as well and some crossover where they have relationships with our insulation contractors and stuff as well. So yeah, we think it was a part of our model, but we definitely see upside to that we're starting to work together.

我已經和 Progressive 團隊一起進行了幾次併購訪問，並與一些我認為未來會加入的公司進行了交談。我們也看到了這一點，他們與我們的絕緣承包商和其他人員也存在一些交叉關係。是的，我們認為這是我們模型的一部分，但我們確實看到了我們開始合作的好處。

Oh, that's great to hear and obviously very exciting in terms of the multi-year prospects that whole vertical can lend itself to, so congrats on that.

哦，聽到這個消息真是太好了，而且顯然整個垂直行業多年的發展前景非常令人興奮，所以對此表示祝賀。

Secondly, appreciate also I guess, challenging core business specifically residential end markets down low double digits versus down high single digits before. Maybe you could just talk about which parts of the business that's hitting more? Is it kind of equally on installation or distribution? And also, just if there's particular areas of the country or any more color in terms of what's driving that softness and if we should expect perhaps a down low double digit rate into, let's say, the first half of '26?

其次，我想，核心業務，特別是住宅終端市場也面臨挑戰，今年的降幅為兩位數，而先前的降幅為個位數。也許您可以談談哪些業務部分受到更大的衝擊？安裝或分發是否也是如此？此外，是否有特定地區或任何更多關於導致這種疲軟因素的信息，以及我們是否應該預期在 2026 年上半年，經濟成長率可能會出現兩位數的下降？

Yeah, Michael, this is Rob. I'll start with kind of what we've got baked into our guidance and what we saw Robert can get into some of the details of what we're seeing kind of across the country. Yeah, we've adjusted our midpoint guidance around residential to be down low double digits from high single digits before. And that's really primarily driven by deterioration in single-family that we've seen. Really the guidance we had previously assumed things weren't going to get worse from what we saw in the first quarter. And we definitely saw the starts environment slow down here in the second quarter. So we're baking that into the guidance.

是的，邁克爾，這是羅布。我將從我們的指導思想和我們所看到的開始，羅伯特可以詳細介紹我們在全國各地看到的一些情況。是的，我們已經調整了住宅的中點指導，從之前的高個位數下降到低兩位數。這實際上主要是由於我們所看到的單戶住宅狀況惡化所致。事實上，我們之前預測的情況不會比第一季的情況更糟。我們確實看到第二季的開工環境放緩。因此我們將其納入指導之中。

I'd say the other piece, it's been a little bit softer is light commercial, heavy commercial, as we talked about, has been strong. Industrial has been strong. So I've seen a lot of good growth there, but light commercial has remained challenged. So we've eased up a little bit on the commercial guidance as well to being to up low single digits. So that's really the core changes in the guidance. Robert can take you around the country a little bit in terms of what we're seeing.

我想說的是，另一部分，輕型商用業務略顯疲軟，重型商用業務則表現強勁，正如我們所談到的。工業一直很強勁。因此，我看到那裡出現了很多良好的成長，但輕型商業仍然面臨挑戰。因此，我們在商業指導方面也放寬了一些，將其提高至較低的個位數。這確實是指南中的核心變化。就我們所見而言，羅伯特可以帶您稍微遊覽這個國家。

Yeah. So it's a mixed bag around the country as you might expect. Mike, I'll give you a few instances. So let's just picture in Florida where we are. South Florida is slow. Orlando, some positive trends. The Panhandle, some positive trends. But Jacksonville, slow. You move up to the Southeast, we like what we're seeing coming here. And the Carolinas and even I'd say even optimistic up in the Northeast and the Midwest. Texas is the mixed bag again, right? Like what we're seeing in Dallas and San Antonio, but Austin, Houston, slow from that perspective. Just a couple other.

是的。因此，正如您所預料的，全國各地的情況好壞參半。麥克，我給你舉幾個例子。讓我們想像一下我們現在在佛羅裡達州的情況。南佛羅裡達州很慢。奧蘭多，一些正面的趨勢。狹長地帶出現了一些正面的趨勢。但傑克遜維爾，進展緩慢。如果你向東南方向走，我們會喜歡這裡所看到的一切。而卡羅來納州，甚至東北部和中西部的情況我都看好。德州的情況又好壞參半，對嗎？就像我們在達拉斯和聖安東尼奧看到的情況一樣，但從這個角度來看，奧斯汀和休士頓的發展較慢。僅剩幾個了。

Colorado, single-family slow. Building some multifamily backlog in Colorado, so a little bit's back there. Some better trends in multi-family, probably Vegas and Southwest. We see some positive things building in the Northwest right now. So it's kind of mixed as you go around, a little mixed multi versus single.

科羅拉多州，獨戶住宅發展緩慢。在科羅拉多州建立了一些多戶住宅積壓，所以那裡的情況有所改善。多戶型住宅中存在一些更好的趨勢，可能是拉斯維加斯和西南部。我們現在看到西北地區正在出現一些正面的現象。因此，當你四處走動時，它變得有點混合了，有點混合了多種和單一的。

Great. And any thoughts about how that might carry over into the first half of next year?

偉大的。您認為這種趨勢會如何延續到明年上半年？

I think you're seeing some of the builders where they're coming out with the public builders as they're talking, as you've seen their guidance and stuff. And so I think we're aligned across the variety of size of builders there. So we're definitely starting to bid work for in the fourth quarter into the first part of next year. I think some of that multi-family that we're talking about and even seeing some of the starts, that's probably heading into the first quarter of next year. So that's kind of how we think about it and see it.

我想你會看到一些建築商在與公共建築商交談時出現，正如你所看到的他們的指導和東西。所以我認為我們與那裡各種規模的建築商都保持一致。因此，我們肯定會在第四季到明年上半年開始競標工作。我認為，我們正在談論的一些多戶住宅，甚至一些已經開工的住宅，可能會在明年第一季投入使用。這就是我們對此的想法和看法。

Susan Maklari, Goldman.

蘇珊‧馬克拉里 (Susan Maklari)，高盛。

My first question is focused on the commercial industrial side of the business. Can you give us a bit more detail on how you're thinking about the volume versus price breakdown in there? And maybe with that, are you still seeing some of that momentum on the price side within that segment of the business that you talked to in the first quarter?

我的第一個問題集中在業務的商業工業方面。您能否向我們詳細介紹一下您如何看待其中的銷售與價格細分？那麼，您是否仍然看到第一季談到的該業務領域價格方面的一些勢頭？

Yes, Susan, this is Rob. So yeah, from a price perspective, what we talked about in the first quarter was we saw some incremental pricing on some of the mechanical insulation products and mineral wool products that we use on that side. Those definitely stuck through the second quarter, so we're continuing to see that.

是的，蘇珊，這是羅布。是的，從價格角度來看，我們在第一季談到的是，我們看到我們在那方面使用的一些機械絕緣產品和礦棉產品的價格有所上漲。這些肯定會持續到第二季​​度，所以我們會繼續看到這種情況。

The weakness is really from a volume perspective on the light commercial side of things where we're down double digits, I'd say, on a year-to-date basis. We're up on the heavy commercial side of things, more in the high single digits, almost double digits on a year-to-date basis. So seeing good growth there but the the light commercial is weighing a little bit heavier on us right now.

從輕型商用車的銷售角度來看，我們的弱點確實在於銷量，我想說，從年初至今，我們的銷量已經下降了兩位數。我們在商業方面的業務成長強勁，今年迄今的成長幅度大多在個位數左右，幾乎達到兩位數。因此，我們看到那裡有良好的成長，但輕型商業現在給我們帶來了更大的壓力。

Okay. That's helpful. And then one of the things that you mentioned in your prepared remarks was improvements to the supply chain. Can you talk a bit more about what some of those efforts are? How we should think about them continuing to flow through the business in the back half of this year? And any potential for additional opportunities there and what those could mean for the business?

好的。這很有幫助。然後，您在準備好的發言中提到的一件事就是供應鏈的改進。能否進一步談談這些努力的具體內容？我們應該如何看待它們在今年下半年繼續影響業務？那裡是否存在其他機會以及這些機會對企業意味著什麼？

Good morning, Susan. It's Robert. So a couple of things to talk about. In the first quarter, we talked about some of the work we did in optimizing the footprint. That's obviously coming through in supply chain savings for us relative to logistics, relative to even some productivity measures that we track as we work through that as we make sure we position our resources appropriately based on where work and jobs are happening. So that's definitely part of it. We're obviously working with our supplier partners.

早安，蘇珊。我是羅伯特。有幾件事需要討論。在第一季度，我們談到了在優化足跡方面所做的一些工作。這顯然體現在相對於物流的供應鏈節省上，甚至體現在相對於我們追蹤的一些生產力指標上，因為我們確保根據工作和工作發生的地點適當地配置我們的資源。所以這肯定是其中的一部分。我們顯然正在與我們的供應商合作夥伴合作。

I mean we've talked about openly around spray foam as an example. So we're obviously working with those supplier partners as there's been some dynamic change there. So we'll expect that to continue the back half of the year here as we're in constant discussions and constantly working to drive improvements in our business and working with our partners as well.

我的意思是我們已經公開討論了噴塗泡沫的例子。因此，我們顯然正在與這些供應商合作夥伴合作，因為那裡發生了一些動態變化。因此，我們預計這種情況將在今年下半年繼續下去，因為我們正在不斷討論並不斷努力推動業務的改善並與我們的合作夥伴合作。

Good luck with the quarter.

祝本季好運。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Congrats on a really strong quarter and dynamic environment. So I guess the question for me is around pricing. Pricing was actually pretty solid in the first half. It's holding despite a pretty tough resi backdrop. Rob, I guess implicit in your guide and your conversations with your big builder customers, how are you seeing that pricing backdrop kind of unfolding?

恭喜本季業績強勁，環境充滿活力。所以我想我的問題是關於定價。上半年的定價其實相當穩定。儘管房地產市場形勢嚴峻，但仍保持堅挺。羅布，我想從你的指南和與大型建築商客戶的對話中可以看出，你是如何看待定價背景的展開的？

Obviously, they're dealing with a lot of affordability headwinds as well. And on the flip side, the cost side, what are you seeing on that side of things, especially material cost? Whether it's fiberglass or spray foam in the back half? So when you kind of think about price cost, what's embedded in your guide and how you're thinking about it?

顯然，他們也面臨許多負擔能力的阻力。另一方面，在成本方面，您看到的情況如何，尤其是材料成本？後半部是玻璃纖維還是噴塗泡沫？那麼，當您考慮價格成本時，您的指南中包含了什麼內容以及您是如何考慮的？

Yeah. So Phil, this is Rob. I'll start. Robert will jump in. But I'd say what we've got baked in from a guidance perspective, similar to what we've talked about last quarter, we do have some price cost headwinds baked in roughly $30 million of headwind in the back half of the year. Knowing that really the price, the first half of this year was driven by carryover benefit of fiberglass pricing that hit kind of middle of last year. So we're going to be rolling over that, no longer benefiting from that. As well as the commercial products that I talked about a little bit earlier, we're seeing the benefits of those.

是的。菲爾，這是羅布。我先開始。羅伯特會加入進來。但我想說，從指導的角度來看，與上個季度討論的情況類似，我們確實在下半年遇到了一些價格成本阻力，大約 3000 萬美元的阻力。事實上，今年上半年的價格是受到去年年中玻璃纖維定價的延續性收益所推動的。所以我們將不再從中受益。就像我之前談到的商業產品一樣，我們也看到了它們的好處。

We do expect those to carry forward through the remainder of the year. But, obviously, with that dynamic the comparisons are going to get a little tougher on price. And to your point the builders are pushing out there and where necessary, we do make adjustments. We're definitely seeing the price impacts, a little heavier impact in the margins on the distribution side of the business, the residential side of the distribution business. But like I said, we've got some headwinds baked into the second half forecast. That's why EBITDA margins are a little bit worse than the first half. Hopefully, that proves to be conservative, but we got to see how that plays out.

我們確實希望這些能延續到今年剩餘時間。但顯然，在這種動態下，價格比較會變得更加困難。正如您所說，建築商正在努力，必要時我們會做出調整。我們確實看到了價格影響，對分銷業務、住宅分銷業務的利潤率的影響更大一些。但正如我所說，我們對下半年的預測中存在一些阻力。這就是為什麼 EBITDA 利潤率比上半年略差的原因。希望這被證明是保守的，但我們必須看看結果如何。

Yeah. I think, Phil, so to add on to what Rob said, I mean, you can see the performance in the second quarter. You can do the calculation in the back half. We still have very solid profitability. So what that equates to is great work by the teams in the field. From a few different things. One, driving productivity. Working all elements including labor productivity, sales productivity, where do we pick up more volume and how do we leverage that relative to driving our efficiencies in the fields. I think that speaks loudly to that.

是的。我認為，菲爾，為了補充羅布所說的內容，我的意思是，你可以看到第二季的表現。你可以在後半部進行計算。我們的獲利能力仍然非常穩健。這意味著該領域的團隊做出了出色的工作。來自一些不同的事情。一是推動生產力。綜合考慮所有要素，包括勞動生產力、銷售生產力，我們可以在哪裡獲得更多產量，以及如何利用它來提高我們在各個領域的效率。我認為這充分說明了這一點。

And then also definitely work with our supply partners. You talked about the foam side fiberglass as well. So continue to work with our supply partners here because we can provide some certainty in an uncertain environment.

然後也一定要與我們的供應夥伴合作。您也談到了泡沫側玻璃纖維。因此，請繼續與我們這裡的供應合作夥伴合作，因為我們可以在不確定的環境中提供一些確定性。

Got it. No doubt, Robert and Rob. I mean, that margin performance guidance for the year is pretty incredible given the current backdrop. So true testament to the business. On your C&I stack of things, any more color on how booking orders are progressing as well as the Progressive deal? Any cancellation project delays? And how is the order book looking into 2026?

知道了。毫無疑問，羅伯特和羅布。我的意思是，考慮到目前的背景，今年的利潤表現預期是相當令人難以置信的。這確實證明了業務的真實性。在您的 C&I 事務堆中，還有更多關於預訂訂單進度以及 Progressive 交易的詳細資訊嗎？有任何取消工程延誤嗎？2026 年的訂單狀況如何？

Yeah. So Phil, Robert, I'd say solid. As we look at so just give a few data points here. As we look at bidding, as we look at bidding activity backlogs here, heavy commercial industrial looks positive, continues. I would say cancellations, nothing on the radar that we're seeing on cancellations. I'd say just obviously, we've been working the relationship with Progressive for a while and I'll be in part of our team here for nearly a month. Love what we're seeing there and that team just does a fabulous job of continuing to work their relationships across multiple service areas and continue to build backlogs there as well.

是的。所以菲爾、羅伯特，我會說他們很可靠。正如我們所見，這裡只需給出幾個數據點。當我們觀察投標時，當我們觀察這裡的投標活動積壓時，重型商業工業看起來是積極的，並且仍在繼續。我想說的是取消，但我們沒有看到任何取消的訊息。我想說的是，顯然我們已經與 Progressive 合作了一段時間，我將在這裡加入我們的團隊近一個月。我們喜歡在那裡看到的一切，而且團隊在繼續與多個服務領域建立關係方面做得非常出色，並且也繼續在那裡建立積壓工作。

Yeah, Phil, I would just add to that. I mean, we were in Arizona with Progressive folks about a week ago, and they're really happy with where their backlogs are sitting right now and definitely stronger than a year ago. So feeling really good about that.

是的，菲爾，我只是想補充一點。我的意思是，大約一周前我們和進步黨的人們一起在亞利桑那州，他們對目前的積壓情況感到非常滿意，而且肯定比一年前要好。所以對此感覺非常好。

That's really great color. Any way to size on these stronger end markets in C&I that you're seeing, whether it's data centers or perhaps some of these LNG projects and whatnot. Just kind of give us a little perspective and how impactful it is for your C&I functions.

這顏色真是太棒了。您是否可以衡量您所看到的 C&I 領域中這些更強大的終端市場，無論是資料中心還是一些 LNG 專案等等。請給我們一些觀點以及它對您的 C&I 功能有多大的影響。

Yeah. So a couple points there. So data centers key one. If you think about power, power generation, which got to have that infrastructure relative to the data centers. Say that's another one to point to -- and by the way, as we think about power, you think about LNG, that's US and Canada, our Canadian team is doing fabulous.

是的。這裡有幾點。因此，資料中心是關鍵之一。如果你考慮電力、發電，它必須有與資料中心相關的基礎設施。這是另一個值得指出的——順便說一句，當我們考慮電力時，你會想到液化天然氣，那是美國和加拿大，我們的加拿大團隊做得非常出色。

When we look at their results and when we look at backlog there for the rest of the year, so we're seeing that strength across verticals in Canada. And I'd also point out, definitely healthcare and then manufacturing, food, beverage, then we're seeing it and, again, because of the relationships we have, we're seeing an education as well in some key markets.

當我們查看他們的業績以及今年剩餘時間的積壓訂單時，我們看到了加拿大各個垂直領域的實力。我還要指出的是，首先是醫療保健，然後是製造業、食品和飲料，我們看到了這一點，而且由於我們之間的關係，我們也在一些關鍵市場看到了教育。

Appreciate all the great color, guys. Continue to good works.

欣賞這些美麗的色彩，夥計們。繼續做好事。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Thank you. You said earlier on the call, I think you're about 40% commercial industrial sales. Did that include the roofing transaction? Was that before the transaction?

謝謝。您之前在電話中說過，我認為您的商業工業銷售額約為 40%。這包括屋頂交易嗎？那是在交易之前嗎？

That's inclusive of the roofing transaction.

其中包括屋頂交易。

Okay. And on Progressive, can you give us a feel how much of their business would be in the heavy commercial versus the light commercial?

好的。關於 Progressive，您能否讓我們了解他們的業務在重度商業廣告和輕度商業廣告中分別佔多少？

On the Progressive side of the business, by far, the majority is heavy commercial.

在 Progressive 的業務方面，到目前為止，大多數都是重度商業活動。

Yeah, the important part to remember there is that it's only 30% new construction. So 70% is reroof and services. But to Robert's point, more towards heavy commercial projects.

是的，需要記住的重要一點是，只有 30% 是新建築。因此 70% 是重新鋪設屋頂和服務。但正如羅伯特所說，更多的是面向大型商業項目。

And does Progressive slant towards any one of the different applications, PPDM, TPO or anything like that?

進步主義是否傾向於任何一種不同的應用，PPDM、TPO 或類似的東西？

No. They're agnostic. They really got a great skill set there to provide any of the solutions, including to Rob's point, can handle it on new construction, but definitely any of the applications from a reroof service maintenance perspective as well. So great skill set across the team there.

不。他們是不可知論者。他們確實擁有出色的技能，可以提供任何解決方案，包括 Rob 的觀點，可以在新建築上處理它，但絕對也可以從翻修屋頂服務維護的角度處理任何應用。整個團隊的技能都非常出色。

Okay. And final question. As you progress in the second half of the year, these commercial numbers are -- I think they're weakening. I think we said that in the call. Is there any signs of life in terms of order activity coming in that could paint to something brighter in 2026?

好的。最後一個問題。隨著下半年的進展，這些商業數據——我認為它們正在減弱。我想我們在通話中說過這件事。從訂單活動來看，是否有任何跡象表明 2026 年的情況會更加光明？

Yeaj, Keith, this is Rob. I'd say on the heavy commercial side and some of the larger projects, we still feel pretty good given the backlogs we have there. Definitely feel good about the back half of the year. We'll have to see on 2026, but we're definitely bidding work out that far. And like I said, Progressive's backlog is strong there as well. But the headwinds on the light commercial side are what's been the drag on that side of things.

是的，基思，這是羅布。我想說，在大型商業項目和一些較大的項目方面，考慮到我們在那裡積壓的工作，我們仍然感覺相當不錯。今年下半年絕對感覺很好。我們必須看看 2026 年的情況，但我們肯定會為此付出努力。正如我所說的，Progressive 在那裡的積壓訂單也很多。但輕型商用方面的不利因素一直是拖累該領域發展的因素。

Okay. So no light at the end of the tunnel on that yet?

好的。那麼，這件事還沒結束嗎？

Not on light commercial, but the point, I think we've sold solid about heavy commercial and the industrial side based on the backlogs.

不是輕型商用車，而是重點是，我認為根據積壓訂單，我們在重型商用車和工業方面已經取得了穩固的銷售業績。

Stephen Kim, Evercore.

史蒂芬金 (Stephen Kim)，Evercore。

Let me start on the M&A side. I think if you had talked previously about the fact that Progressive has superior margins to its competitors in the space. And I'm curious as to how you think Progressive might go about raising any acquired entities kind of up to their level. If you could sort of just walk us through what you think the opportunity there is and how you would go about capturing that, that would be helpful.

讓我先從併購方面說起。我認為如果您之前談到過 Progressive 在該領域的利潤率高於其競爭對手。我很好奇，您認為 Progressive 會如何提升被收購實體的水平。如果您可以向我們簡單介紹一下您認為存在哪些機會以及您將如何抓住這些機會，那將會很有幫助。

And then also, you also have this other vertical where it seems like it's been a little quiet in the mechanical and industrial side on the M&A side, notwithstanding the efforts at SPI or with SPI. How is the industrial pipeline looking?

此外，還有其他垂直領域，儘管 SPI 或與 SPI 做出了努力，但機械和工業的併購似乎有些平靜。工業管道狀況如何？

Yeah, Stephen, this is Robert. Good morning. So let me start on the Progressive side. It's something that we spend a lot of time with understanding and learning and seeing the track record. So if you think back to our announcement about the transaction, it's really about the business system that Progressive has. And so the ability to how they target jobs, how they bid jobs, selecting the jobs they're based on the scope of the bid if you will or the spec of the job, if you will.

是的，史蒂芬，這是羅伯特。早安.那麼就讓我從進步方面開始吧。我們花了很多時間來理解、學習和查看記錄。因此，如果你回想一下我們關於交易的公告，它實際上與 Priressive 的業務系統有關。因此，他們能夠確定工作目標、投標工作、根據投標範圍或工作規格來選擇工作。

And then, obviously, as they get involved, how they engineer and how they track and manage the job, man hours, man days. And they've got certain checkpoints, if you will, throughout the process there of making sure that those jobs are staying on track. So that's really the business system and how they manage those jobs everywhere from what they go after to how they bid it, to how they manage the job to make sure landing appropriately or exceeding.

然後，顯然，當他們參與其中時，他們如何設計以及如何追蹤和管理工作、工時、工日。如果你願意的話，他們會在整個過程中設定某些檢查點，以確保這些工作能夠順利進行。所以這實際上是業務系統以及他們如何管理各個方面的工作，從他們追求的目標到他們如何投標，再到他們如何管理工作以確保適當或超額完成任務。

And then I'd say other things around -- they're definitely synergy perspective of things they bring to the table whenever they do a transaction. And then there are obviously going to be some of those that TopBuild adds as well. So you're right. There's a variety of margins that we see across the M&A landscape in roofing. But as we looked at those and Rob and I've looked at some recent ones here, the record of what can happen there, high level confidence and we would say generates a great, great return for our shareholders. So Progressive, we dug into that. A lot of detail and high-level confidence in their business system and how that works.

然後我想說其他的事情——他們在進行交易時肯定會帶來協同效應。顯然 TopBuild 也會添加一些內容。所以你是對的。我們看到屋頂產業的併購利潤率多種多樣。但是，當我們回顧這些以及羅布和我回顧的一些最近的情況時，我們了解到那裡可能發生的事情的記錄，我們充滿信心，我們會說這將為我們的股東帶來巨大的回報。因此，我們對此進行了深入研究。他們對其業務系統及其運作方式有著非常詳細的了解和高度的信心。

I think relative to mechanical, you bring up a great point. So we did two transactions in the space at the end of '24. And Shannon Global and then Metro. So we get to get things in the pipeline here. Those companies have come on board, have gotten integrated. But we continue to have pipeline opportunities there. But we've had a couple that we've walked away from because we continue to remain disciplined here and going to focus on ones that are going to drive great returns here.

我認為相對於機械而言，你提出了一個很好的觀點。因此，我們在 24 年底在該領域進行了兩筆交易。然後是 Shannon Global 和 Metro。因此，我們要在這裡把事情安排妥當。這些公司已經加入進來，並實現了整合。但我們在那裡仍然有管道機會。但我們已經放棄了一些項目，因為我們將繼續保持紀律，並將重點放在那些能夠帶來豐厚回報的項目上。

So there's definitely activity in that space. But we'll stay targeted there and we see opportunity continue to be on the mechanical side. That's a great question. And as we said on the M&A standpoint, the core still has a lot of opportunity and Progressive is bringing a ton of opportunity as well.

所以那個領域肯定有活動。但我們會繼續以此為目標，我們看到機會仍然在機械方面。這是一個很好的問題。正如我們在併購角度所說的那樣，核心仍然有很多機會，而 Progressive 也帶來了大量機會。

On the Progressive system that they have, are there proprietary computer systems or software that they utilize? Or is it merely the way in which they utilize or employ just the standard type of computer systems or management systems that everybody else has? It's just they utilize them in a better way.

在他們擁有的 Progressive 系統上，他們是否使用專有電腦系統或軟體？或者這只是他們利用或採用其他人都擁有的標準類型的電腦系統或管理系統的方式？只是他們以更好的方式利用它們。

So I'll hit that from two or three different angles. Rob may have some additional comments here. So I think what they've done from a job costing perspective in that, I'd say there's some things others don't have. So you could call that proprietary. But I would just say their training -- I mean, how they bring folks on board, how they train the talent development, the focus on talent development, whether it be leadership in the field or whether it be from a sales talent perspective, they've got something they've developed there that works.

因此我將從兩個或三個不同的角度來討論這個問題。羅布可能在這裡有一些補充評論。因此，我認為從作業成本角度來看，他們所做的一些事情是其他人所沒有的。所以你可以稱之為專有的。但我只想說他們的培訓——我的意思是，他們如何讓員工加入進來，他們如何培訓人才發展，專注於人才發展，無論是該領域的領導力還是從銷售人才的角度來看，他們已經開發出了一些有效的東西。

That's how they've continued to scale the business. I think whenever we made the announcement, we talked about the organic growth rate. Some things that have led to that organic growth rate in that business. So I'd say some proprietary, but I'd also say beyond what I call business system, I take some great training and talent development as well.

這就是他們不斷擴大業務規模的方式。我想，每當我們發佈公告時，我們都會談論有機成長率。一些因素導致了該業務的有機成長率。所以我想說一些專有的東西，但我也想說，除了我所謂的商業系統之外，我還接受了一些很好的培訓和人才發展。

Yeah. And this is Rob. I'd just add, I mean, I think similar to our business, it's a relationship business, tight? And Nick and team do a great job of building relationships with key contractors and getting bids on jobs where they know they're going to have a right to win. And Robert touched on it in terms of their job tracking and cost tracking that they do. They've developed and worked to put together a tool that's really helpful for them with that, and it's really integrated not just into their accounting but into their operations.

是的。這是羅布。我只是想補充一點，我的意思是，我認為這與我們的業務類似，這是一種關係業務，緊密嗎？尼克和他的團隊在與主要承包商建立關係以及獲得他們知道自己有權贏得的工作的投標方面做得非常出色。羅伯特就他們所做的工作追蹤和成本追蹤談到了這一點。他們開發並致力於組裝一種對他們真正有用的工具，它不僅融入他們的會計工作中，還融入他們的營運中。

And that's certainly not something we see with every company we've looked at in that space. And so while, as Robert mentioned the margin profiles of other companies in the space are not as strong as Progressive's. That just makes a bigger opportunity for us in terms of what we can bring them to. So that's another reason we're so excited about the space.

我們在該領域所觀察的每一家公司肯定不會出現這種情況。正如羅伯特所提到的，該領域其他公司的利潤率並不像 Progressive 那麼高。就我們能為他們帶來什麼而言，這為我們創造了更大的機會。這就是我們對這個領域如此興奮的另一個原因。

Appreciate that. That's really clear. Last one for me, staffing. I think in previous calls, you had indicated that you were reluctant to move too quickly on reducing staffing levels on the idea that you might see a recovery in volume and you want to be ready for it. Simply put, do you feel that given the modest deterioration in the market in the last several months that maybe you're taking a harder look at staffing levels?

非常感謝。這確實很清楚。對我來說最後一個是人員配置。我認為在先前的電話會議中，您曾表示不願意過快地減少員工數量，因為您可能會看到業務量回升，並且您希望為此做好準備。簡而言之，您是否認為，鑑於過去幾個月市場略有惡化，您可能需要更嚴格地審視員工配備水準？

Yeah. I'll start with that, Stephen. So you saw what we did in the first quarter. I think we appropriately calibrated with those actions, but our team continues at a local market and, obviously, the standard ERP gives us that insights to look at that on market by market basis. But we did a lot of calibration there at that first quarter. And I think what you heard us say is, we didn't cut muscle. So we feel like we're prepared for if there are updates in things that happened here. But yeah, we definitely the team's taken the appropriate action to this point.

是的。我先從這個開始，史蒂芬。所以你看到了我們在第一季所做的事情。我認為我們已經根據這些行動進行了適當的調整，但我們的團隊仍在本地市場開展業務，顯然，標準 ERP 為我們提供了洞察力，讓我們可以根據每個市場來審視這一點。但我們在第一季做了很多校準。我想您聽到我們說的是，我們沒有削減肌肉。因此，我們覺得如果這裡發生的事情有更新的話，我們已經準備好了。但是是的，我們團隊確實已經採取了適當的行動。

Yeah. And I'll just add, Stephen. We talked about last quarter those cost actions we took between the lease cost and the people cost, north of $30 million a year in savings. And you can see the benefit of that in this quarter's results, right? Our decremental was 23% for the quarter, same branch decremental when you pull out the impact of M&A.

是的。我還要補充一點，史蒂芬。我們上個季度討論了在租賃成本和人員成本之間採取的成本行動，每年可節省 3000 萬美元以上。您可以在本季的業績中看到它帶來的好處，對嗎？本季我們的減幅為 23%，如果剔除併購的影響，減幅也是一樣的。

So below what we've talked about as a target from 27%, our full-year guidance is closer to 29%, but that's because of the price cost headwind we've got baked in that I talked about. But definitely feel like we've calibrated from a headcount standpoint to the volumes we're seeing right now. And as Robert points out, we're going to continue to monitor that, and we'll take further actions if necessary.

因此，低於我們所說的 27% 的目標，我們的全年預期更接近 29%，但這是因為我們考慮到了我所說的價格成本逆風。但確實感覺我們已經從員工人數的角度調整到了我們目前看到的數量。正如羅伯特所指出的那樣，我們將繼續監控此事，並在必要時採取進一步行動。

Collin Verron, Deutsche Bank.

德意志銀行的科林‧維隆 (Collin Verron)。

I just want to start just to follow-up on the Progressive Roofing here. I know you've only owned it for less than a month, but any early reads on how quickly you can start executing M&A in commercial roofing and what the deals in the Progressive pipeline look like from a size perspective when you acquired it?

我只是想開始跟進這裡的 Progressive Roofing。我知道您擁有它還不到一個月，但是您能否提前了解一下您多快可以開始執行商業屋頂的併購，以及從規模角度來看，當您收購 Progressive 時，Progressive 管道中的交易是什麼樣的？

Yes. So morning, Collin. This is Robert. I'll start off. So we said a few things when we made the announcement about a month ago. Number one is there's some nice chunkier deals in the pipeline there. We've seen that, like I mentioned, maybe on one of the previous questions. Visited a few of those. And Rob and I started getting involved with the process, but Progressive's got a team there that's focused on it. So that's why it is exciting. I think we said earlier, we think the multiples stay pretty close to what you've seen in some of our traditional multiples for some of those side deals on the roofing side.

是的。早安，科林。這是羅伯特。我先開始了。因此，我們在大約一個月前宣布這一消息時說了幾件事。首先，那裡正在醞釀一些規模更大的好交易。正如我所提到的，我們可能在之前的一個問題中看到過這一點。參觀了其中幾個。羅布和我開始參與這個過程，但 Progressive 在那裡有一個專注於此的團隊。這就是它令人興奮的原因。我想我們之前說過，我們認為這些倍數與您在屋頂方面的一些附帶交易中看到的一些傳統倍數非常接近。

So good activity there. I don't mind saying this we're making an investment to make sure that the momentum on that side, at the same time, stay disciplined. So we think there's good opportunity there. And we'll be excited to be talking to you about that in the future as well.

那裡的活動非常好。我不介意這麼說，我們正在進行投資，以確保這方面的勢頭同時保持紀律。所以我們認為那裡有很好的機會。我們也很高興將來能與您討論這個問題。

Great. I appreciate the color. And then just one follow-up question on the price cost question. I think Rob, you mentioned that it was a $30 million headwind in the back half of the year. Was that just a price comment or was that a total price cost headwind?

偉大的。我很欣賞這個顏色。然後只問一個關於價格成本問題的後續問題。我認為，羅布，你提到過，這是下半年 3000 萬美元的逆風。這僅僅是一個價格評論還是總價格成本逆風？

It's both really, right? It's more driven by the top line, but it's the net impact between it.

確實兩者都有，對嗎？它更受到營業收入的驅動，但它是營業收入與營業收入之間的淨影響。

Ken Zener, Seaport Research Partners.

肯‧澤納 (Ken Zener)，海港研究夥伴。

Ten years, Robert. Long time. That makes me think because this quarter, you guys had a big footprint. You all said you're going to grow into your branches that would provide you operating leverage with your IT system, etc, etc. We've, by and large, seen that. Then, the concern was during a contraction, which volume down 10% res, it's a modest one. You guys cut costs. Your SG&A is still, percentage-wise, the same. Rob, you're talking about the second half price, cost headwinds that are baked in your guidance.

十年了，羅伯特。很久。這讓我想到，因為這個季度，你們的足跡很廣。你們都說過，你們將發展自己的分支機構，這些分支機構將為你們的 IT 系統提供營運槓桿，等等。總的來說，我們已經看到了這一點。那麼，令人擔憂的是，在收縮期間，交易量下降 10%，這是一個溫和的下降。你們削減了成本。從百分比來看，您的銷售、一般及行政費用 (SG&A) 仍保持不變。羅布，您說的是第二個半價，也就是您指導中所包含的成本阻力。

It's just you guys have been able to handle the incrementals better, right? So specific to the second half positive, negative factors, what kind of gets you -- if you're guiding conservative to that 29%? What are kind of the things that you think about in the positive bucket that could get you more to what you saw in the first half? And what are the things that could go against you to get to that midpoint? Is it volume predominantly?

只是你們能夠更好地處理增量，對嗎？那麼具體到下半年的正面、負面因素，如果您保守估計為 29%，您會受到哪些影響？您認為正面的方面有哪些，可以讓您在上半年取得更好的成績？那麼，哪些因素可能會阻礙您達到這個中間點呢？主要是音量嗎？

Yeah, Ken, this is Rob. Yeah, I mean, volume is definitely a player in that, right? I mean if the residential single-family in particular environment continues to get worse from here, that could be a potential headwind. We're not hearing that at this point or projecting it to get a whole lot worse. I'd say it's going to be -- our guidance has it a little worse the back half than the first half, but not a dramatic falloff there.

是的，肯，這是羅布。是的，我的意思是，音量肯定是其中的一個因素，對吧？我的意思是，如果特定住宅單戶住宅的環境繼續惡化，這可能是一個潛在的阻力。目前我們還沒有聽到這方面的聲音，也沒有預測情況會變得更糟。我想說的是──我們的預期是，下半年的情況會比上半年差一點，但不會大幅下滑。

I think commercial and industrial is potential upside, right? I mean, as we talked about in the past, these large projects can fluctuate quarter-to-quarter in terms of timing, but our backlogs are good. So we feel like that could be an opportunity in the back half of the year.

我認為商業和工業具有潛在的優勢，對嗎？我的意思是，正如我們過去所討論的，這些大型項目在時間上可能會逐季度波動，但我們的積壓訂單很好。因此，我們認為這可能是今年下半年的機會。

I think the big ones that's different than the first half is price, cost. We've had kind of a price, cost headwind baked in throughout the year, being cautious. It hasn't cost us a ton so far this year. I'd say on the distribution side, you see a little bit of impact there. On the install side, not as strong at this point. So hopefully, potentially, that's a conservative assumption that gets us maybe in a little better spot. But there's a lot of potential puts and takes there. But I think all in all, we feel really good about the midpoint of our guidance.

我認為與上半年最大的不同就是價格和成本。我們全年都面臨著價格和成本方面的不利因素，因此我們保持謹慎。今年到目前為止，我們還沒有花太多錢。我想說，在分銷方面，你會看到一點影響。在安裝方面，目前還不是那麼強大​​。所以希望，這是一個保守的假設，也許能讓我們的情況稍微好一點。但其中仍存在著許多潛在的利弊。但我認為，總的來說，我們對我們的指導中點感到非常滿意。

I think roofing is it's new. We got to see how they do. But like I was saying before, we feel good about the backlog of work they do or the backlog of the work they have and the results we've seen so far. So we feel pretty good about that as well as a potential upside potentially in the back half of the year.

我認為屋頂是新的。我們得看看他們做得怎麼樣。但就像我之前說的那樣，我們對他們所做的工作積壓或他們所積壓的工作以及我們迄今為止所看到的結果感到滿意。因此，我們對此感到非常滿意，並且相信今年下半年可能還會出現上漲。

And then we estimate to the public builders, the res exposure, you guys are, call it, 30%, give or take, to the larger builders, top 10. Are you doing better with the publics, would you say, or with the private builders? And given your guidance, do you think that the public builders, which kind of more the smile states, we all kind of know where they are, but like is inventory more of an issue in those markets where the publics are or is it more on the private side?

然後，我們估計，對於公共建築商來說，對於較大的建築商（前 10 名）來說，住宅曝光率約為 30%。您認為您與公眾的關係更好，還是與私人建築商的關係更好？根據您的指導，您是否認為公共建築商，也就是微笑狀態更常見，我們都知道他們在哪裡，但庫存在公眾市場中更成問題還是在私人市場更成問題？

Yeah, Ken, I'll start on that, and Robert will add on here. But I'd say, overall, what we're seeing year-to-date, the private and regional builders have held up pretty well. Custom builders especially, I think, have done pretty well so far this year. So in a tough environment, pretty well is relative, right? But they're hanging in there. I wouldn't say they're doing significantly worse than the big builders this year.

是的，肯，我會從那裡開始，羅伯特會在這裡補充。但我想說，總體而言，就今年迄今為止的情況來看，私人和地區建築商的表現相當不錯。我認為，定制建築商今年到目前為止表現尤其出色。那麼在艱難的環境中，情況好轉只是相對的，對嗎？但他們仍然堅持著。我不會說他們今年的表現比大型建築商差很多。

And I think custom builders are doing well. I mean, obviously, you think about that client base for the majority of them. But then I'd say regional builders, look, regional builders have to sell what's coming out of the ground. So they've done well, but they've got to sell their inventory, and we see that in our discussions with them and our bidding with them as well. So I think that's where you see the pressure point there with the regionals.

我認為定制建築商做得很好。我的意思是，顯然，你會考慮其中大多數的客戶群。但我想說，區域建築商，看，區域建築商必須出售從地面上挖出的東西。所以他們做得很好，但他們必須出售他們的庫存，我們在與他們的討論和競標中也看到了這一點。所以我認為這就是地區賽事的壓力點。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

It's Rafe. I wanted to just follow up on some of the price, cost commentary for the second half of the year. The $30 million headwind, it sounds like that's predominantly price on the Installation side. Are you getting any relief? Are you able to push back on the manufacturers yet? And if we go into 2026 and say the market stays like stable with where it is, remains soft, will there be more opportunity on the cost side of that price, cost equation? Like could that narrow going forward if the backdrop stays consistent.

是雷夫。我只是想跟進今年下半年的一些價格和成本評論。3000 萬美元的逆風，聽起來主要是安裝方面的價格。你得到緩解了嗎？您能反擊製造商嗎？如果我們進入 2026 年並認為市場保持穩定、疲軟，那麼在價格、成本等式的成本方面是否會有更多機會？如果背景保持一致，那麼未來這種差距是否會縮小？

Rafe, it's Robert. So look, there's an abundance of supply out there now, no doubt about it. So obviously, it's constant conversations with the supply partners to make sure we're calibrating. Obviously, they're important to us. We're important to them. So we're definitely having constant dialogue and conversations there. I mentioned spray foam earlier is a good example of that. So there's definitely a consistent dialogue happening with the supply partners right now across the business, quite honestly.

雷夫，我是羅伯特。所以看，現在供應充足，毫無疑問。因此顯然，我們需要與供應合作夥伴持續溝通，以確保我們進行校準。顯然，它們對我們很重要。我們對他們很重要。所以我們肯定會在那裡進行持續的對話和交談。我之前提到過噴塗泡沫就是一個很好的例子。因此，坦白說，目前整個企業與供應合作夥伴之間肯定存在著持續的對話。

You haven't seen anything on the fiberglass side yet, though, it sounds like in terms of the relief from manufacturers?

不過，您還沒有看到玻璃纖維方面的任何進展，這聽起來像是製造商的緩解？

I'd say there's been equal discussions there as well.

我想說那裡也進行過平等的討論。

Okay. Got it. And then in terms of the outlook for M&A on the commercial roofing side with Progressive, can you talk about your willingness of the level of leverage you would be willing to take for larger deals, just given some of the weakness on the core business?

好的。知道了。然後，就與 Progressive 在商業屋頂方面的併購前景而言，考慮到核心業務的一些弱點，您能否談談您願意為更大規模的交易承擔多大的槓桿水平？

Yeah, Rafe, this is Rob. So as we've talked historically, we're very comfortable between 1 times and 2 times net debt leverage. That's where we spend most of our time, but we have gone above that and we'll go above that for the right deals with DI and USI. We went up kind of north of 2.5 times. So I think between 2 times and 3 times, certainly very comfortable there if we see a good opportunity from an M&A perspective. And as we have in the past, we've always delevered pretty quickly after that. And so we would anticipate doing that if we saw the right opportunity there to do that.

是的，Rafe，這是 Rob。因此，正如我們過去所討論的，我們對 1 倍到 2 倍的淨債務槓桿率感到非常滿意。這是我們花費大部分時間的地方，但我們已經超越了這個範圍，為了與 DI 和 USI 達成正確的交易，我們也將超越這個範圍。我們上升了 2.5 倍。因此，我認為如果我們從併購的角度看到一個好的機會，那麼 2 倍到 3 倍之間肯定非常合適。正如我們過去所做的那樣，此後我們總是能很快地消除槓桿。因此，如果我們看到合適的機會，我們就會期待這樣做。

Reuben Garner, The Benchmark.

加納 (Reuben Garner)，《基準》。

Congrats on the strong results. Just one question from me. In the past few years, not a ton of focus, I don't think from you guys on kind of growing your R&R business on the residential side, didn't have the time, didn't have the resources and have the materials. Can you talk about that market? Is this kind of down cycle in new housing an opportunity to focus more there or is that still not kind of top of mind for you guys?

恭喜您取得如此優異的成績。我只想問一個問題。在過去的幾年裡，你們並沒有投入太多精力，我認為你們沒有在住宅方面發展 R&R 業務，沒有時間，沒有資源，也沒有材料。你能談談那個市場嗎？新房市場的這種下滑週期是否是你們更關注的契機？還是說這仍然不是你們最關心的問題？

Yeah. Reuben, this is Robert. So I'd say our Service Partners team gets after that on the R&R side. So relative to the smaller contractor that's doing that work, that's definitely a focus of our distribution business on the Service Partners side. So that continues to be a good part of the business, continues to be a healthy part of the business there because there are definitely smaller projects going on in the residential side. And so definitely, our Service Partners team gets after that, and that continues to be a focus for our distribution side of the business.

是的。魯本，這是羅伯特。所以我想說我們的服務合作夥伴團隊會在 R&R 方面實現這一點。因此，相對於從事這項工作的小型承包商而言，這絕對是我們服務合作夥伴分銷業務的重點。因此，這仍然是業務的一個很好的部分，仍然是業務的一個健康部分，因為住宅方面肯定有一些較小的項目正在進行中。因此，我們的服務合作夥伴團隊肯定會關注這一點，並且這將繼續成為我們業務分銷的重點。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Robert for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給羅伯特，請他發表最後評論。

Okay. Thank you for joining us today, and we look forward to talking with you in early November, where we'll be talking our Q3 results. Thank you.

好的。感謝您今天加入我們，我們期待在 11 月初與您交談，屆時我們將討論我們的第三季業績。謝謝。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

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。