TopBuild Corp (BLD) 2025 Q3 法說會逐字稿

Greetings, and welcome to TopBuild's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce P.I. Aquino, Vice President, Investor Relations. Please go ahead.

各位好，歡迎參加 TopBuild 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我很榮幸地向大家介紹投資者關係副總裁 P.I. Aquino。請繼續。

Good morning, and thanks joining us. With me today are Robert Buck, our President and CEO; and Rob Koon, our CFO. Our earnings release, senior management's formal remarks and the deck summarizing our comments can be found on our website at topbuild.com. Many of our remarks today will include forward-looking statements, which are subject to known and unknown risks and uncertainties and including those set forth in this morning's press release and in the company's SEC filings.

早安，感謝收看。今天陪我一起的還有我們的總裁兼執行長羅伯特·巴克，以及我們的財務長羅伯·庫恩。我們的獲利報告、高階主管正式演講以及總結我們演講內容的簡報可在我們的網站 topbuild.com 上找到。我們今天的演講中將包含許多前瞻性陳述，這些陳述受到已知和未知風險及不確定性的影響，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（SEC）的文件中所述的風險和不確定性。

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 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.

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聲明的義務。請注意，本次電話會議中將討論的一些財務指標將採用非公認會計準則 (non-GAAP)。這些非GAAP指標不應被孤立地看待，也不應被視為替代依照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可比較的 GAAP 指標的調整表，這兩份文件均可在我們的網站上找到。

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

現在我把電話交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 third quarter earnings call. With more than three quarters of the year behind us, we are proud of what our teams have accomplished thus far in 2025. Let me start by giving you an update on where we are with our acquisitions.

早安.感謝各位今天參加我們的第三季財報電話會議。今年已經過了四分之三，我們為團隊在 2025 年迄今所取得的成就感到自豪。首先，讓我向大家報告我們收購工作的進度。

In the third quarter, we acquired Progressive Roofing, with roughly $440 million in annual sales, we've established an exciting new platform for growth in commercial roofing, which has a large and very fragmented $75 billion TAM. In the first 100 days following the acquisition, we continue to learn great things about the business and are finding a strategy to build on the platform.

第三季度，我們收購了 Progressive Roofing，該公司年銷售額約 4.4 億美元。我們由此建立了一個令人興奮的商業屋頂成長新平台，該市場規模龐大且非常分散，總市場規模達 750 億美元。在收購後的前 100 天裡，我們不斷了解這項業務的方方面面，並正在尋找在該平台上發展壯大的策略。

We've established a great connection points across the Progressive Roofing organization, and our teams are doing a great job coming together and executing for the future. In October, we closed the SPI transaction. With this strategic deal, we're bringing together two leaders in the mechanical insulation and custom fabrication to better serve our commercial industrial customers across diverse vertical markets. The transaction extended our geographic footprint and expanded our capabilities. Our teams are already hard at work as we leverage our M&A integration expertise to get SPI onto our technology platform and drive synergies.

我們在 Progressive Roofing 組織內部建立了良好的聯繫，我們的團隊在團結協作和執行未來發展策略方面做得非常出色。10月份，我們完成了SPI交易。透過這項策略交易，我們將機械絕緣和客製化製造領域的兩大領導者聚集在一起，以便更好地服務我們在各個垂直市場的商業工業客戶。此次交易擴大了我們的地理覆蓋範圍，並增強了我們的實力。我們的團隊已經開始努力工作，利用我們在併購整合方面的專業知識，將 SPI 納入我們的技術平台，並推動協同效應。

We -- we expect to deliver $35 million to $40 million in annual run rate synergies over the next two years, and we're excited to have the SPI team on board. We also announced yesterday several additional acquisitions. We closed insulation fabrics, Diamond door products and performance insulation fabricators over the last few weeks and will soon close on our fourth acquisition, L&L Insulation. Together, these acquisitions add just over $50 million in annual revenue.

我們預計在未來兩年內實現每年 3500 萬至 4000 萬美元的協同效應，我們很高興 SPI 團隊加入我們。我們昨天也宣布了幾項其他收購計畫。在過去的幾周里，我們收購了保溫織物、Diamond門產品和高性能保溫材料製造商，並將很快完成我們的第四次收購，即L&L Insulation。這些收購加起來每年可增加略高於 5,000 萬美元的收入。

Diamond or products is a very attractive complement to our specialty distribution business. Diamond or fabricate and assembles insulated steel door systems, which gives us the opportunity to provide metal building and installation customers with a value-added bundle of products that customers have requested. Insulation fabrics and performance insulation fabricators expand our distribution offerings of installation accessories and mechanical insulation, while L&L installation grows our residential installation business in Colorado. Our M&A team is doing a great job. We continue to have a very attractive pipeline of acquisition candidates and there's no shortage of opportunities to consider.

鑽石或相關產品是我們專業分銷業務極具吸引力的補充。鑽石加工或製造和組裝隔熱鋼門系統，這使我們能夠為金屬建築和安裝客戶提供客戶要求的增值產品組合。保溫織物和高性能保溫材料製造商擴大了我們安裝配件和機械保溫材料的分銷範圍，而 L&L 安裝公司則在科羅拉多州發展了我們的住宅安裝業務。我們的併購團隊做得非常好。我們持續擁有極具吸引力的收購候選對象儲備，可供選擇的機會數不勝數。

Let me transition to discuss our results in the quarter. Results were in line with expectations and similar to the prior quarter. Our performance was solid even as the macro environment remains uncertain. We posted total sales growth in the quarter of 1.4% to $1.4 billion. Although the residential new construction market continues to be weak, it was partially offset by ongoing growth in heavy commercial and industrial.

接下來，我將談談我們本季的業績。結果符合預期，與上一季類似。儘管宏觀環境仍不明朗，但我們的業績表現穩健。本季總銷售額成長1.4%，達到14億美元。儘管住宅新建市場依然疲軟，但重型商業和工業的持續成長在一定程度上抵消了這一影響。

We're also benefiting from the contribution of our commercial roofing acquisition. Fundamentally, housing in the US is still under built and our long-term opportunities intact. Near term, the downward movement of interest rates is encouraging. However, mixed economic signals and affordability concerns linger, impacting consumer confidence and home buying decisions. Profitability in the third quarter was again solid and we reported an adjusted EBITDA margin of 19.8% and as we continue our focus on operational excellence across the business and supply chain.

我們也受惠於收購商業屋頂業務所帶來的貢獻。從根本上講，美國的房屋建設仍然不足，我們的長期發展機會依然存在。短期來看，利率下行趨勢令人鼓舞。然而，喜憂參半的經濟訊號和購屋能力的擔憂依然存在，影響著消費者的信心和購屋決策。第三季獲利能力依然穩健，調整後 EBITDA 利潤率為 19.8%，我們將繼續專注於提升整個業務和供應鏈的營運效率。

Turning to capital allocation. Our priorities have not changed. We continue to believe we can drive the greatest shareholder returns through M&A. We're also -- we're always evaluating opportunities, and we remain disciplined around valuation. In the third quarter, we repurchased nearly 178,000 shares, returning $65.5 million in capital to shareholders. As you know, we plan to host an Investor Day in New York on December 9.

接下來討論資本配置。我們的工作重點沒有改變。我們仍然相信，透過併購可以實現股東回報最大化。我們一直在評估各種機會，並且在估值方面始終保持嚴謹的態度。第三季度，我們回購了近 17.8 萬股股票，向股東返還了 6,550 萬美元的資本。如您所知，我們計劃於12月9日在紐約舉辦投資者日活動。

So before I turn it over to Rob, let me give you a bit of a preview of the day, so you have an idea of what to expect. TopBuild has a differentiated business model and a clear profitable growth strategy. which drives compounded returns. Our strong track record of value creation would not be possible without our great team of leaders, many of whom you'll meet including some folks from our recent acquisitions. You've heard us talk a lot about being a people business. One of our core strengths is our culture and our ability to attract and retain great talent, both of which we'll cover in more detail.

那麼在把麥克風交給羅布之前，先給大家預告一下今天的安排，讓大家了解一下會發生什麼事。TopBuild擁有差異化的商業模式和清晰的獲利成長策略，從而實現了複合回報。如果沒有我們優秀的領導團隊，我們不可能取得如此卓越的價值創造記錄，您將會見其中的許多人，包括一些來自我們最近收購的公司的員工。您已經聽過我們多次說過，我們是一家以人為本的企業。我們的核心優勢之一是我們的企業文化以及吸引和留住優秀人才的能力，這兩點我們將在下文中詳細介紹。

This year, we've expanded our total addressable market to approximately $90 billion, so we'll spend some time discussing our strategy for continued growth in this space, both organically and through M&A. We have the advantage of having a single technology platform that enables us to drive operational excellence and efficiencies. As we look ahead, we'll share more on our digital road map to support continued operational excellence and solutions that improve the customer experience.

今年，我們的潛在市場規模擴大到約 900 億美元，因此我們將花些時間討論我們在這個領域持續成長的策略，包括有機成長和併購。我們擁有單一技術平台，這使我們能夠推動卓越營運和提高效率，這是我們的優勢所在。展望未來，我們將分享更多關於數位化路線圖的信息，以支持持續卓越的營運和改善客戶體驗的解決方案。

Finally, we'll share our thoughts on TopBuild's long-term financial outlook. We encourage you to join us in person. If you don't already have the details, I would like to attend, please reach out to PI. With that, let me close by thanking our teams as we continue our focus on safety, driving profitable growth and operational excellence. I also want to welcome our most recent acquisitions to our team. We look forward to working together and are delighted to have you join the TopBuild family.

最後，我們將分享我們對 TopBuild 長期財務前景的看法。我們鼓勵您親自參加。如果您還沒有詳細信息，我想參加，請聯繫PI。最後，我要感謝我們的團隊，我們將繼續專注於安全、推動獲利成長和卓越營運。我還要歡迎我們最近新加入的成員加入我們的團隊。我們期待與您合作，並非常高興您加入 TopBuild 大家庭。

Rob?

搶？

Thanks, Robert. Let me start by thanking our teams for continuing to drive solid results. Despite some challenging macro headwinds, our business continues to generate healthy margins and strong free cash flows proving the strength and resiliency of our model.

謝謝你，羅伯特。首先，我要感謝我們的團隊，感謝他們持續穩健的表現。儘管面臨一些具有挑戰性的宏觀不利因素，但我們的業務持續產生健康的利潤率和強勁的自由現金流，證明了我們模式的實力和韌性。

Turning to the third quarter results. Our performance was in line with our expectations. Total sales grew 1.4% to $1.4 billion, driven by M&A of 7.9% and pricing of 0.3%, which were partially offset by a 6.7% decline in volume. Sales in our Installation Services segment totaled $858.3 million, up 0.2% as M&A added 11%, which was offset by a decline of 10.4% in volume and a 0.5% pricing decrease.

接下來來看看第三季業績。我們的表現符合預期。總銷售額成長 1.4% 至 14 億美元，主要得益於併購成長 7.9% 和價格上漲 0.3%，但部分被銷量下降 6.7% 所抵銷。安裝服務部門的銷售額總計 8.583 億美元，成長 0.2%，其中併購貢獻了 11%，但銷量下降 10.4% 和價格下降 0.5% 抵消了這一增長。

As a reminder, our Installation Services segment includes Progressive Roofing, and they drove the majority of the $95 million of M&A revenue for the segment in the quarter. During the third quarter, the demand for our legacy insulation installation services remain challenged in both residential and light commercial markets, but was in line with our expectations.

提醒一下，我們的安裝服務部門包括 Progressive Roofing，該公司在本季度為該部門貢獻了 9,500 萬美元併購收入的大部分。第三季度，無論是在住宅市場還是輕型商業市場，對我們傳統保溫材料安裝服務的需求仍面臨挑戰，但符合我們的預期。

Specialty Distribution sales grew 1.4% to $608.9 million in the third quarter. Our sixth consecutive quarter of year-over-year sales growth in Specialty Distribution was driven by acquisitions of 2.3% and pricing of 1.2%, which were partially offset by a 2.1% volume decline. During the third quarter, specialty distribution volumes and pricing remained challenged in residential products, but continued to be strong for commercial products, especially mechanical insulation.

第三季度，專業分銷銷售額成長1.4%，達到6.089億美元。專業分銷業務連續第六個季度實現同比增長，這主要得益於收購增長 2.3% 和價格上漲增長 1.2%，但部分被銷量下降 2.1% 所抵消。第三季度，住宅產品的專業分銷量和定價仍面臨挑戰，但商業產品（尤其是機械保溫材料）的分銷量和定價仍然保持強勁。

Adjusted gross profit in the third quarter was 30.1%, which compares to 30.7% last year. Adjusted SG&A as a percentage of sales in the third quarter was 13.6% versus 12.8% last year. The increase in SG&A percentage was primarily driven by incremental amortization from acquisitions. On a same branch basis, excluding acquisitions, SG&A was 13.1% in the third quarter.

第三季調整後毛利率為 30.1%，去年同期為 30.7%。第三季調整後的銷售、一般及行政費用佔銷售額的百分比為 13.6%，去年同期為 12.8%。銷售、一般及行政費用佔比的增加主要是由於收購帶來的額外攤銷所致。以同業比較（不含收購）計算，第三季銷售、管理及行政費用率為 13.1%。

Third quarter adjusted EBITDA for TopBuild totaled $275.6 million, and adjusted EBITDA margin was 19.8%, down 100 basis points versus the third quarter of last year. Our margins continue to be very resilient, primarily due to actions we took earlier this year and supply chain improvements. These cost savings are helping to offset price pressure on residential insulation products.

TopBuild 第三季調整後 EBITDA 總計 2.756 億美元，調整後 EBITDA 利潤率為 19.8%，比去年第三季下降 100 個基點。我們的利潤率依然非常穩健，這主要歸功於我們今年稍早採取的措施以及供應鏈的改善。這些成本節約有助於抵銷住宅保溫產品的價格壓力。

Installation Services adjusted EBITDA margin was 22.5%, an improvement of 20 basis points versus the third quarter of last year. Specialty Distribution adjusted margin of 16.9% was down 150 basis points versus the third quarter of 2024. Other expense for the quarter was $24.5 million compared to $16.1 million last year. The increase is due to higher interest expense resulting from the increased borrowing on our upsized credit facility that occurred in May of this year. Third quarter adjusted earnings per diluted share was $5.36 and compares to $5.68 last year.

安裝服務調整後的 EBITDA 利潤率為 22.5%，比去年第三季提高了 20 個基點。專業分銷調整後的利潤率為 16.9%，比 2024 年第三季下降了 150 個基點。本季其他支出為 2,450 萬美元，而去年同期為 1,610 萬美元。此次成長是由於今年 5 月我們擴大信貸額度後借款增加，導致利息支出上升所致。第三季調整後每股攤薄收益為 5.36 美元，去年同期為 5.68 美元。

Turning to the balance sheet and cash flows. We ended the third quarter with total liquidity of $2.1 billion, of which $1.1 billion was cash and $933.4 million was available under our revolver. Total debt at the end of the quarter was $2.9 billion, $1.5 billion higher than last year due to the refinancing and expansion of our credit facility and $750 million in senior notes issued in September. Third quarter net debt was $1.7 billion, and our net debt leverage ratio was 1.6 times trailing 12 months pro forma adjusted EBITDA. Our TTM free cash flow as of Q3 was $791.2 million, up 13.4% versus last year primarily due to working capital.

接下來來看資產負債表和現金流量表。第三季末，我們的總流動資金為 21 億美元，其中 11 億美元為現金，9.334 億美元為循環信貸額度。截至本季末，總債務為 29 億美元，比去年同期增加 15 億美元，原因是信貸額度的再融資和擴大，以及 9 月發行的 7.5 億美元優先票據。第三季淨債務為 17 億美元，淨債務槓桿率為過去 12 個月備考調整後 EBITDA 的 1.6 倍。截至第三季末，我們的 TTM 自由現金流為 7.912 億美元，比去年同期成長 13.4%，主要原因是營運資金。

Working capital as a percentage of sales totaled 14.2%, which compares to 14.1% last year. We've been talking about our active M&A pipeline, and we are very excited to announce some results on that front as we closed the SPI transaction in October. And as you saw in our press release yesterday, we have signed and/or closed for additional deals across our businesses.

營運資本佔銷售額的比例為 14.2%，去年同期為 14.1%。我們一直在談論我們積極的併購項目，我們很高興地宣布這方面取得了一些成果，我們在 10 月完成了對 SPI 的交易。正如您昨天在我們的新聞稿中看到的那樣，我們已經在各個業務領域簽署和/或完成了更多交易。

M&A remains our top capital allocation priority. Assuming we owned SPI and the four most recent acquisitions for the last 12 months, our pro forma net debt leverage would have been 2.4 times. In the third quarter, we also repurchased shares totaling $65.5 million, which brings our year-to-date total to $417.1 million or more than 1.3 million shares. $770.9 million remains under the current authorization. As you saw in our release, we are updating our guidance today to incorporate the impact of our recent acquisitions.

併購仍然是我們資本配置的首要任務。假設我們擁有 SPI 以及過去 12 個月內最近四次收購的資產，我們的備考淨債務槓桿率為 2.4 倍。第三季度，我們也回購了價值 6,550 萬美元的股票，使年初至今的回購總額達到 4.171 億美元，相當於超過 130 萬股。目前授權額度下仍有 7.709 億美元。正如您在我們發布的公告中看到的，我們今天更新了業績指引，以納入我們近期收購的影響。

In the release and presentation, we formatted our guidance table to make your modeling more straightforward. We expect full year sales to be between $5.35 billion to $5.45 billion, with the following assumptions at the midpoint.

在發布和演示中，我們對指導表格進行了格式化，以使您的建模更加直接。我們預計全年銷售額將在 53.5 億美元至 54.5 億美元之間，以下假設取中間值。

On a same branch basis, including price, we continue to expect residential sales will be down low double digits for the year, driven by continued weakness in both single-family and multifamily. Commercial and industrial same-branch sales are expected to be flattish. We expect heavy commercial projects to remain strong, while light commercial will continue to be challenged.

同業比較，包括價格因素，我們仍然預期今年住宅銷售將出現兩位數的下滑，主要原因是單戶住宅和多戶住宅市場持續疲軟。預計商業和工業同店銷售額將保持穩定。我們預計大型商業項目將保持強勁勢頭，而輕型商業項目將繼續面臨挑戰。

The full year impact of M&A on sales is expected to be approximately $450 million. We are raising our adjusted EBITDA guidance for the year to be between $1.01 billion to $1.06 billion, which represents adjusted EBITDA margin of 19.2% at the midpoint. Depreciation and amortization are expected to be in the range of $166 million to $171 million and interest expense and other will be between $88 million to $91 million for the year. We continue to expect our tax rate to be approximately 26%.

預計全年併購對銷售額的影響約為 4.5 億美元。我們將本年度調整後 EBITDA 預期上調至 10.1 億美元至 10.6 億美元之間，其中數值對應的調整後 EBITDA 利潤率為 19.2%。預計本年度折舊和攤銷費用將在 1.66 億美元至 1.71 億美元之間，利息支出和其他費用將在 8,800 萬美元至 9,100 萬美元之間。我們預計稅率仍約為 26%。

In closing, I would like to welcome the employees from our recent acquisitions to the TopBuild family. These recent acquisitions have strengthened our legacy installation and distribution businesses, they've made our revenue streams less cyclical, and they have broadened our opportunities for growth. We are looking forward to sharing our excitement about the future at our Investor Day in New York next month.

最後，我謹代表 TopBuild 大家庭，歡迎我們近期收購的員工加入。最近的這些收購加強了我們原有的安裝和分銷業務，使我們的收入來源不再受週期性影響，並拓寬了我們的成長機會。我們期待在下個月於紐約舉行的投資者日上與大家分享我們對未來的憧憬。

Let me now turn it back over to Robert.

現在我把麥克風交還給羅伯特。

Thanks, Rob. The underlying fundamentals for our business are solid, and we have a uniquely positioned diversified business model across the residential, commercial and industrial construction end markets. Our leadership has a great control over our business, as demonstrated by our ability to navigate successfully in a challenging environment. And as always, we're focused on driving profitable growth and increased shareholder value. We look forward to seeing you at our Investor Day on Tuesday, December 9.

謝謝你，羅伯。我們業務的基本面很穩固，我們在住宅、商業和工業建築終端市場擁有獨特的多元化業務模式。我們的領導階層對公司業務擁有強大的掌控力，這體現在我們能夠在充滿挑戰的環境中成功應對各種挑戰。一如既往，我們專注於推動獲利成長和提升股東價值。我們期待在12月9日星期二的投資者日上見到您。

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

好了，接線員，我們現在開始接受提問。

(Operator Instructions)

（操作說明）

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

This is Aatish for Steve. I just wanted to touch on Progressive. Can you talk about the sales contribution for Progressive in the quarter? And are you still on track for the -- I think the incremental $215 million for the full year. If you can touch on that, that would be helpful.

這是史蒂夫的阿提什。我只是想簡單談談進步主義。能否談談 Progressive 公司在本季的銷售貢獻？你們是否仍按計畫實現全年新增 2.15 億美元的目標？如果您能談談這方面，那就太好了。

Yes, Aatish, this is Rob. So their total contribution in the quarter was about $92 million of sales. For the quarter, they're probably closer to about a 205 number now than the $215 million we had previously. There's been a handful of projects pushed out a big data center in Iowa, some school funding in Arizona that was a little bit slower than originally anticipated. I'd say despite that, we're still looking at the back half of the year up low single digits for them. So nothing that we're concerned about at this point.

是的，Aatish，我是Rob。因此，他們本季的總銷售額約為 9,200 萬美元。對於本季而言，他們現在的數字可能更接近 2.05 億美元，而不是我們先前預測的 2.15 億美元。有一些項目已經推進，例如愛荷華州的一個大型資料中心，以及亞利桑那州的一些學校撥款，但進展比最初預期的要慢一些。儘管如此，我認為他們下半年的成長率仍然會保持在個位數左右。所以目前我們沒有什麼好擔心的。

Great. Yes, it's Steve Kim. I appreciate that. You also announced these four acquisitions yesterday. And One of them was a manufacturer, and it seemed like that was sort of an interesting move on your part. So I was curious and frankly, also the fabric distributor was also interesting.

偉大的。是的，他是史蒂夫金。我很感激。您昨天也宣布了這四項收購。其中一家是製造商，這似乎是你採取的一個有趣的舉措。所以我很好奇，坦白說，那家布料經銷商也很有意思。

Can you just provide a little bit more color on those and why those were something that was particularly intriguing for you? For example, like the fabric, the distribution, why not just add the bags netting and suit to your existing facilities? I assume there's something the value-add they bring, and that would be helpful to understand. And then the doors, the insulated doors, is this -- is your intent to move deeper into manufacturing of specialty products like that? Those are the sort of the questions I had around those acquisitions.

您能否再詳細解釋一下這些內容，以及為什麼這些內容對您來說特別有趣？例如，就像布料、分銷一樣，為什麼不直接在現有設施中添加袋子、網狀物和套裝呢？我猜想它們能帶來一些附加價值，了解這一點會很有幫助。那麼，關於門，關於隔熱門，你們是否打算更深入地生產這類特種產品？這些就是我對這些收購案的疑問。

Steve, Robert. So let's start with Diamond Doors. Not a manufacturer, they just do assembly and some fabrication i.e. assembling those doors, I would definitely not call it manufacturing. And it's really just a bundle that goes with the metal building industry and the metal building products and where our customers have been asking for it is doors would typically get delivered at the beginning of the project. You would have damage to doors, that type of stuff they were sitting on job sites.

史蒂夫，羅伯特。那麼，我們就從鑽石門業開始吧。他們不是製造商，他們只是進行組裝和一些加工，例如組裝那些門，我絕對不會稱之為製造。這實際上是金屬建築行業和金屬建築產品的捆綁包，我們的客戶一直要求在專案開始時交付門。工地上的門窗之類的東西都會損壞。

And so given our relationships now we're able to bundle it with the installation that both get installed at the same time, these door systems. So it's a great adjacency then put our sales force on top of what we think is going to drive some great cross-selling opportunities.

因此，鑑於我們目前的關係，我們可以將門系統與安裝服務捆綁在一起，同時進行安裝。所以這是一個絕佳的契機，讓我們的銷售團隊專注於我們認為能夠帶來一些絕佳交叉銷售機會的領域。

So we got it right down the fairway from that perspective. Insulation fabric, from that perspective is some of the products that we sold, some new products, but it's all really installation accessories. They have a great reputation in the industry as well as some great customer relationships as well. So it was really a good add-on there given some of the talent, relationships and it just adds to the insulation accessories. So we would consider that right down the fairway from a distribution perspective.

所以從那個角度來看，我們剛好把球打到了球道上。從這個角度來看，保溫材料是我們銷售的產品之一，其中一些是新產品，但實際上都是安裝配件。他們在業界享有盛譽，並且與客戶建立了良好的關係。所以考慮到一些人才、人脈關係，這確實是一個很好的補充，而且它也為隔熱配件增添了亮點。所以從分佈的角度來看，我們會考慮球道正前方的狀況。

Okay. So were you already selling those nettings and suits in your existing priorities --

好的。所以，在你現有的優先事項中，那些漁網和漁具的銷售就已經在計畫之中了嗎？--

Some of those products like the suits and the netting we were already in some of those products as well. Yes, absolutely.

有些產品，像是防護衣和網狀物，我們之前也用過。是的，絕對的。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Great. First question, wanted to zero in, and apologies have I missed this in your prepared remarks, but quarter ago, you kind of baked in some price cost headwind into the back half of the year based on the potential for maybe pricing on the margin to weaken insulation pricing that is wanted to know in your current guidance, if that headwind is still baked in. I believe it was a $30 million headwind. And more broadly, how insulation pricing has trended during 3Q?

偉大的。第一個問題，我想重點關註一下，如果我錯過了您事先準備好的發言稿，請見諒。上個季度，您似乎已經考慮到下半年價格上漲的不利影響，因為利潤率可能會降低保溫材料的價格。我想知道在您目前的業績指引中，這種不利影響是否仍然存在。我認為那是一筆3000萬美元的逆風。更廣泛地說，第三季保溫材料價格走勢如何？

Yes, Michael, this is Rob. So that is still baked into our guidance, about $30 million for the full year. We got impacted by roughly $12 million, I'd say, in the third quarter, more heavily on the distribution side of the business than on the installation side of the business.

是的，邁克爾，這是羅布。所以，這仍然包含在我們的預期中，全年約為 3000 萬美元。第三季度，我們受到了大約 1200 萬美元的影響，其中分銷業務受到的影響比安裝業務受到的影響更大。

Now you do see pricing on installation. We did have negative price there. So we're kind of seeing the product mix play out between the two segments. So when you look at the installation segment, where we're having price pressure is on residential products, fiberglass and spray foam, to much larger percentage of our revenue on the installation side of the business.

現在可以看到安裝費用了。我們當時確實遇到負價格的情況。所以我們現在可以看到這兩個細分市場之間的產品組合是如何演變的。因此，從安裝領域來看，我們面臨的價格壓力主要體現在住宅產品、玻璃纖維和噴塗泡沫上，而這些產品在我們業務的安裝方面佔比更大。

Now we're doing a good job of maintaining margins there and working back with our supply chain partners and taking costs out where we can. On the distribution side, I'd say those pressures in residential products are even stronger and having more margin impact, but it's a much smaller percentage of the product mix on that side of the business because of all the commercial products.

現在我們在這方面做得很好，既能保持利潤率，又能與供應鏈合作夥伴共同努力，盡可能降低成本。在分銷方面，我認為住宅產品面臨的壓力更大，對利潤率的影響也更大，但由於商業產品眾多，住宅產品在該業務的產品組合中所佔比例要小得多。

And then the other thing you got going on that's driving pricing actually positive on the distribution side is that we've got gutters and mechanical insulation, which make up a larger percentage of the product mix on that side that have positive pricing going on this year, and that's helping to drive that number up to the 1.2% you saw in the quarter.

此外，還有另一個因素推動分銷端的價格上漲，那就是排水溝和機械保溫材料，它們在分銷端的產品組合中所佔比例較大，今年的價格上漲，這有助於將這一數字推高到本季度看到的 1.2%。

Great. That's very helpful, Rob. I appreciate all the detail there. Maybe secondly, you reiterated, I believe, your end market assumption for the year for residential to be down low double digits, commercial and industrial flattish. If we kind of took the trend line where it is today, the level of activity kind of more interested in residential, but if you have any comments on commercial industrial as well.

偉大的。這很有幫助，羅布。我很欣賞其中的細節。其次，我相信你重申了你對今年最終市場的假設，即住宅市場將出現兩位數的下滑，而商業和工業市場則基本持平。如果我們把目前的趨勢線看作是住宅領域的活躍度，但如果您也對商業和工業領域有任何意見，歡迎提出。

I'm trying to think about the first half of '26 and recognizing guidance is a little premature. But -- if we think about the fact that just mathematically, if residential kind of did have softness that progressed throughout 2025, would this still point to some level of year-over-year decline in the first half of '26 year-over-year. Just trying to understand the trajectory of '25 and how it might impact at least 1H '26?

我正在思考 2026 年上半年的情況，並意識到現在給出指導還為時過早。但是——如果我們從數學角度考慮，如果住宅市場在 2025 年出現疲軟態勢，這是否仍然表明 2026 年上半年同比會出現一定程度的下降。我只是想了解2025年的發展軌跡以及它可能對2026年上半年產生的影響？

Yes, Michael, this is Rob. So I'd say what we're seeing out there right now is single family was weak throughout most of the country, there are some pockets of strength in the Midwest and Northeast. But for the most part, weak across the country, it definitely got a little bit worse in Q3, I'd say, as we anticipated than it was the first half of the year. Our projections would say Q4 is probably a little softer as well.

是的，邁克爾，這是羅布。所以我覺得我們現在看到的是，全國大部分地區的獨棟住宅市場都很疲軟，只有中西部和東北部地區有一些表現強勁的市場。但總體而言，全國經濟疲軟，第三季的情況肯定比上半年更糟，正如我們所預期的。我們的預測顯示，第四季的情況可能也會略微疲軟。

So to answer your question, if you roll that into next year, I think you're looking at probably flat to potentially slightly down first half of the year on single family. The other side of the equation, multifamily sales remain weak there. The little bit of bright side we see there is we are seeing some backlog starting to improve in certain markets. across this country. So there could be some potential upside on the multifamily next year.

所以回答你的問題，如果把這種情況延續到明年，我認為今年上半年獨棟住宅市場可能會持平，甚至略有下降。另一方面，該地區的多戶住宅銷售仍然疲軟。我們看到的一點好消息是，某些市場的積壓訂單開始有所改善。全國各地都是如此。因此，明年多戶住宅市場可能存在一些上漲空間。

Yes, Michael. I'll add on to that. So Rob, right, on the single family a little sluggish, and we'll see how that bears out to start the year. But he's is right. Multifamily backlogs betting is building there. I'd say fairly consistently if you look across the regions. And I think what this shows too is if you look at the quarter here, the plan around commercial industrial is -- I mean, the backlogs that are building there, even as we're seeing continued momentum whether it be mechanical as we look at backlogs and roofing and stuff as well, we think that's the positive as we look at what we've done in the mix of the business here as well.

是的，邁克爾。我再補充一點。所以羅布，沒錯，單戶住宅市場有點低迷，我們看看今年年初的情況如何。但他說的沒錯。多戶住宅積壓押注正在那裡形成。如果縱觀各個地區，我認為情況相當一致。我認為這也表明，如果你看一下這個季度，商業工業方面的計劃是——我的意思是，積壓訂單正在增加，即使我們看到機械、屋頂等方面的持續增長勢頭，我們認為這是我們在業務組合方面所做工作的積極方面。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

My first question is on the margin. It's really nice to see how, especially in installation the operating margin is held up in there. Can you talk about your efforts to support that? And how we should be thinking about the path there for fourth quarter and anything looking out from that?

我的第一個問題與邊緣有關。很高興看到，尤其是在安裝方面，營運利潤率是如何維持的。您能談談您為支持這項工作所做的努力嗎？那麼，我們應該如何思考第四季的發展路徑，以及從那時起需要展望的任何事情？

Yes, Susan, this is Rob. So yes, the profitability on the install side of the equation has been a strong suit all year long, I'd say, something we're really happy with. It really -- the biggest driver there, I'd say, is are the cost savings actions we took in the first quarter of this year that we've talked about in the past. So that's the consolidation of facilities. Some headcount reductions across back office and support functions as well as some direct labor to really align our cost structure with the current environment.

是的，蘇珊，這是羅伯。所以，是的，安裝方面的獲利能力一直是今年的強項，我認為，我們對此非常滿意。真正起決定性作用的是——我認為——我們今年第一季採取的成本節約措施，我們之前也談到過這些措施。這就是設施整合的情況。為了真正使我們的成本結構與當前環境相適應，我們對後台和支援職能部門以及一些直接勞動力進行了裁員。

Like I mentioned earlier, there is some pressure on price there, but we've done a really good job of maintaining that's impact overall on our margins. So just really a terrific story this year in terms of the margin resiliency of the installation segment.

正如我之前提到的，價格方面存在一些壓力，但我們在控制價格對我們整體利潤率的影響方面做得非常好。所以，就安裝業的利潤彈性而言，今年確實是一個非常了不起的故事。

Yes. Okay. And then turning to Progressive. Given the weakness that we've seen on the new construction side, especially in some of the end markets there. Can you talk about what you're seeing on the reroofing side of that business? Is there any change in the competition and your ability to come up against that and continue to see the level of growth that you expect?

是的。好的。然後轉向進步派。鑑於我們在新建項目方面看到的疲軟態勢，尤其是在一些終端市場。您能談談您在屋頂翻新業務方面觀察到的情況嗎？競爭格局是否有所改變？你應對這種變化的能力是否能夠讓你繼續保持預期的成長水準？

Yes. It's Robert. So I think we feel very confident and comfortable with what's going on roofing as we look at the mix of reroof and new construction as we look at our backlog, was being bid, was being one, even Q4 and definitely very strong for 2026. And margins are doing a nice job there given the mix of business as well. So highly confident.

是的。是羅伯特。所以我覺得我們對屋頂工程的現狀非常有信心和把握，因為我們看到了翻新屋頂和新建工程的組合，以及我們的積壓訂單，這些訂單一直在投標，甚至在第四季度也是如此，而且2026年肯定非常強勁。考慮到業務組合，那裡的利潤率表現也相當不錯。非常有信心。

I'd say, some people ask us questions about, hey, you've owned the business here for, call it, 100 days or more. What have you learned or what have you seen? And that is just that team and the backlog that they're building especially across Southwest into Texas where they're strong and stuff. It's been a bright spot, and we think a bright spot for the future. So highly confident in what's going on there and what we see in the fundamentals of the business.

我想說，有些人會問我們一些問題，例如，嘿，你們在這裡經營這家店已經，比如說，100 天或更久了。你學到了什麼？還是你看到了什麼？而這僅僅是那個團隊以及他們正在累積的訂單，尤其是在他們強大的西南部和德克薩斯州。這曾是一大亮點，我們認為它對未來也是一大亮點。我對那裡正在發生的事情以及我們所看到的業務基本面都非常有信心。

Ken Zener, Seaport Research.

Ken Zener，Seaport Research。

Robert, great investor summary. Save me a trip. All right. So Rob, the question about -- look, public builder inventory units are down 15% to 20%. I mean, you can pick a range in there, but call it mid-teens. To the extent that, that correction tied to demand what they consider too many spec homes, accelerating cycle time. You know the routine suggest they could have fewer inventory units. What gives you confidence that, that kind of bogey of mid-teens, which we're seeing broadly in at least if we had permit data, that would be useful, but you do have better data. It gives you confidence that the first half in res can be so benign.

羅伯特，很棒的投資者總結。省得我跑一趟。好的。所以羅布，關於這個問題——你看，公共建築商的庫存單元下降了 15% 到 20%。我的意思是，你可以選擇一個範圍，但就叫它十幾分吧。在某種程度上，這種調整與他們對過多投機性住房的需求有關，從而加快了房屋建造週期。你知道，按照慣例，他們的庫存單位可能會減少。是什麼讓你確信，我們目前普遍看到的十幾英里的峰值，至少如果我們有許可證數據的話會很有用，但你們確實有更好的數據。它讓你相信，研究的前半部可以如此溫和。

And it kind of reminds me of the whole concerns around multifamilies we exited last year, but could you expand on that a little bit given your view the data you have on bids in the absence of government data. I really appreciate that.

這讓我想起了我們去年退出的多戶住宅項目，但鑑於您掌握的投標數據（在缺乏政府數據的情況下），您能否就此展開一些討論？我非常感謝。

Yes, I'd say -- I mean, we're not giving guidance for 2026 at this point. I mean just -- Yes. Yes. I mean I think just given what we're seeing, we're not anticipating the market to dramatically improve from here, right? But we will be comping pretty tough first and second quarter from last year.

是的，我的意思是，目前我們不會給出 2026 年的指導意見。我的意思是——是的。是的。我的意思是，就我們目前所看到的，我們預計市場不會從現在開始大幅改善，對吧？但是，我們將面臨去年第一季和第二季非常嚴峻的競爭情況。

So that's really the thinking there around the comment to flattish. -- to slightly down. But obviously, there's a long way to go, most of what we'll be working on in the first and second quarter of next year hasn't even been started yet by the builders. So we obviously got to see what activity happens there, and that will really ultimately end up driving our sales.

所以，這就是關於「平坦」——或者說「略微向下」這個評論的真正想法。但顯然，還有很長的路要走，明年第一季和第二季我們要進行的大部分工作，建築商甚至還沒有開始動工。所以，我們顯然需要觀察那裡的活動情況，而這最終將真正推動我們的銷售。

And if I can ask you to expand on that then, given your substitution for the census data in many ways, -- we've seen builders really the margin pressure really coming out of places like Florida select parts of Texas. But are you seeing them really slamming on the brakes in those areas? And could you kind of contrast that with not public builder type business, I'm thinking above the smile, so to speak?

那麼，如果可以的話，我想請您進一步闡述一下，鑑於您在許多方面都用人口普查數據代替了人口普查數據，——我們看到建築商的利潤壓力確實來自佛羅裡達州和德克薩斯州的部分地區。但你看到他們在那些地區真的急煞車了嗎？你能把這種情況和那些不公開的商業建築商類型企業（我指的是表面上看起來光鮮亮麗的企業）進行對比嗎？

Yes, Ken, this is Robert. So yes, look, in some certain markets, you've definitely seen it slow and they're trying to work through that inventory to exactly what you just said. And April will be a nice example of that. In Austin, Texas would be a nice example of that. So that's definitely happened in some markets.

是的，肯，這是羅伯特。所以，是的，你看，在某些特定市場，銷售速度確實放緩了，他們正努力消化庫存，正如你剛才所說。四月就是一個很好的例子。德州奧斯汀就是一個很好的例子。所以這種情況在某些市場確實發生了。

But there's somewhere, I'd call it steady. We talked about the Midwest -- so if you look at some of those above user term the smile states there, there are some pockets of some positiveness there relative to, I call it, steady demand.

但總有那麼一處，我會稱之為穩定。我們談到了中西部地區——所以如果你看看上面提到的一些用戶術語，微笑表明那裡存在一些積極的方面，我稱之為穩定的需求。

Even the Pacific Northwest isn't isn't a bad area to look at and we look at what we're seeing in book sales and stuff also. So definitely some where they've slowed given the inventory and some where we're seeing, I'd call it, given the current environment steadiness, if you will.

就連太平洋西北地區也是一個值得關注的地區，我們也可以看看書籍銷售等方面的情況。所以，鑑於庫存情況，某些地區的增速肯定有所放緩；而鑑於目前的市場環境，某些地區的增速則可以說是趨於穩定。

Bill, Jefferies.

比爾，杰弗里斯。

Congrats on another strong quarter in a choppy environment. Robert, I guess it would be helpful to kind of give us a little more color in terms of backlogs and the pace of orders particularly in your C&I business. Any nuances between your legacy business versus some of the stuff you acquired, whether it's progressive, SPI. Are things accelerating? I'm asking just because obviously, the headlines data points on data center has been pretty encouraging. But -- is it more steady than inflecting? Are you starting to see light commercial bottom out here? Just a little more perspective on what you're seeing on the C&I side of things.

恭喜你們在動盪的市場環境下又取得了一個強勁的季度業績。羅伯特，我想如果你能更詳細地介紹一下積壓訂單和訂單進度，特別是你的工商業業務，那就太好了。你的傳統業務與你收購的一些業務之間是否存在任何細微差別，無論是漸進式的還是SPI的。事態是否正在加速發展？我這麼問是因為很明顯，有關資料中心的新聞數據點相當令人鼓舞。但是——它比語調變化更穩定嗎？你是不是開始看到輕型商業房地產觸底反彈了？再從另一個角度來看你在工商業領域看到的情況。

Yes. I think so kind of hit the gamut there. So C&I, we would call -- it's steady. We would say the backlogs are growing there. There's been some projects push out a little bit, no cancellations by no means there's even been some government projects slow down, although that's not a big percentage for us. But whenever we look at backlogs across mechanical, DI and SI those are growing for sure.

是的。我覺得差不多涵蓋了所有方面。所以，C&I，我們會稱之為——它很穩定。我們認為那裡的積壓案件正在增加。有些項目稍微延長了一點，但沒有取消，甚至有些政府項目也放緩了進度，儘管這對我們來說比例並不大。但無論我們從機械、直接整合和系統整合的角度來看，積壓訂單肯定都在成長。

I think SPI, they're definitely bringing focus back to the business there now being part of top bills. That's we call that a big positive. And then someone asked the question previously, progressive. And as we look at commercial roofing, has been the real positive as we're past over 100 days here of owning Progressive, but those backlogs are building as well, both reroof maintenance as well as new bigger projects, i.e., data centers that you're talking about, some big projects that they've landed. So very steady to, I'd call it, bright spot, and if we think about commercial and industrial.

我認為SPI現在肯定把重心重新放回了業務上，因為他們現在是頂級聯賽的一部分。這就是我們所說的重大利多。然後有人問了之前那個進步人士的問題。當我們審視商業屋頂業務時，自從我們擁有 Progressive 公司以來，已經超過 100 天了，這確實是一個積極的方面，但積壓的工作也在不斷增加，包括屋頂翻新維護以及新的大型項目，例如您提到的數據中心，他們已經拿下了一些大型項目。所以非常穩定，我稱之為亮點，如果我們考慮商業和工業領域的話。

You mentioned light commercial, is that bottoming out -- we would hope so. It's definitely been a soft spot for shares that follows the residential trends. Our teams are trying to go after appropriate projects there across the footprint. So hopefully bottomed on that standpoint, and we're seeing some wins in the light commercial space.

你提到了輕型商用車，那是不是已經觸底了——我們希望如此。一直以來，與住宅市場走勢相關的股票都備受青睞。我們的團隊正在努力爭取在業務覆蓋範圍內進行合適的專案。所以從這個角度來看，情況應該已經觸底反彈，而且我們在輕型商用車領域也看到了一些成效。

Okay. I mean everything you're saying, guys, probably some level of growth next year for 26 on C&I. Is that a fair characterization?

好的。我的意思是，夥計們，你們說的這些話，明年 C&I 26 可能會有一定程度的成長。這種描述是否恰當？

I think we feel positive about C&I as we go into 2016, yes.

是的，我認為我們對 2016 年的商業和工業前景持樂觀態度。

Okay. And then from a pricing standpoint, appreciating maybe the little choppier and your customers are dealing with affordability, but your commercial industrial business is 50% of the business at this point, post all the acquisitions you've announced this year.

好的。從定價的角度來看，雖然可能會有些波動，而且您的客戶也在考慮價格承受能力，但考慮到您今年宣布的所有收購，您的商業工業業務目前佔總業務的 50%。

How should we think about pricing in those categories just because like mechanical insulation, everything we're reading, it's on allocation, I think prices are going higher, certainly don't have as great as a feel for commercial roofing. But internal perspective on pricing momentum and, I guess, at this point, half of your business?

我們該如何看待這些類別的定價呢？因為像機械隔熱材料，我們看到的所有內容都是按配額分配的，我認為價格會上漲，當然，我們對商業屋頂的了解還不夠深入。但從內部視角來看，定價動能以及，我想，在這一點上，這關係到你們業務的一半？

Yes, Phil, this is Rob. So -- you hit the nail on the head there, right price has definitely held up a lot better on the commercial industrial side this year. On the mechanical side of things, we had some cost increases that came through in the first quarter. and our teams have done a great job passing those along and recognizing price increases there. From what we're seeing on the commercial roofing side, pricing is holding up well there. So definitely, the stronger demand environment on the commercial industrial side is definitely helping to support the pricing environment there.

是的，菲爾，我是羅布。所以——你說得完全正確，今年商業工業領域的「適銷對沖」策略確實表現得更好。在機械方面，第一季我們確實遇到了一些成本上漲。我們的團隊在將這些成本轉嫁給員工以及意識到價格上漲方面做得非常出色。從商業屋頂市場的情況來看，價格依然強勁。因此，商業和工業領域更強勁的需求環境無疑有助於支撐那裡的價格環境。

Okay. Appreciate great color, guys.

好的。夥計們，欣賞美好的色彩吧。

Jeffrey Stevenson, Loop Capital Markets.

Jeffrey Stevenson，Loop Capital Markets。

Yes, I was hoping to dive deeper into the variance between residential installation and distribution pricing. And I wondered if the better relative installation pricing is driven by builders reliance on TopBuild National and high-quality service levels compared with independent competitors. And then in distribution, our channel inventories currently at elevated levels, leading to increased competitive dynamics?

是的，我原本希望深入研究住宅安裝價格和分銷價格之間的差異。我想知道，相比獨立競爭對手，建築商對 TopBuild National 的信賴以及其高品質的服務水準是否導致了相對更優惠的安裝價格。那麼在分銷方面，我們目前的通路庫存處於較高水平，導致競爭加劇嗎？

Yes. It's Robert. So I'll hit the first part of that. Rob may add in as well. So yes, I mean, on the install side of the business, I mean, there's there's definitely pressure on the fiberglass side. But to Rob's point earlier, the team has done a great job there of weighing that price volume discussion market by market, given what's happened and the uniqueness in each market. But it is a bundled solution, right? Labor and material and our teams are known for great service, so -- and have really strong relationships with those builders in their local markets. So -- that has definitely helped although some headwind, but has helped those margins hold up.

是的。是羅伯特。那我就先講第一部分。羅布也可能會補充一些內容。所以，是的，我的意思是，在安裝業務方面，玻璃纖維方面肯定存在壓力。但正如羅布之前所說，考慮到每個市場的具體情況和獨特性，團隊在逐個市場權衡價格和交易量方面做得非常出色。但這畢竟是一個捆綁式解決方案，對吧？勞動力、材料和我們的團隊以優質的服務而聞名，並與當地市場的建築商建立了非常牢固的關係。所以——儘管面臨一些不利因素，但這無疑有所幫助，並有助於維持利潤率。

On distribution side, look, the material is definitely readily available right now. And so that obviously creates the supply and demand environment -- and we've seen more pressure there, specifically, as Rob called out fiberglass and spray foam. So it's really supply and demand there that's created some more competitive dynamics, but again, you can look at the overall margins, the team continues to do a nice job, but it's the balance there as well, but more pressure distribution on that residential side of the equation.

從分銷方面來看，目前材料絕對很容易取得。因此，這顯然會造成供需環境——而且我們已經看到這方面壓力更大，特別是羅布提到的玻璃纖維和噴塗泡沫。所以，正是供需關係造成了更大的競爭態勢，但話說回來，從整體利潤率來看，團隊繼續做得不錯，但平衡也很重要，住宅方面的壓力分佈更大。

Great. And then I appreciate all the updates on the integration of Progressive Roofing, but just wondered on the roofing M&A pipeline and now that you've had that business for several months now, how has the pipeline evolved given the fragmented nature of that market? And would you expect an acceleration in bolt-on acquisitions as we move through 2026.

偉大的。此外，我很感謝你們提供的關於 Progressive Roofing 整合的最新信息，但我想了解一下屋頂行業的併購計劃，既然你們已經開展這項業務幾個月了，考慮到該市場的分散性，併購計劃是如何發展的？隨著我們邁入 2026 年，您是否預期附加收購會加速進行？

Yes. So great question. So we very active from an M&A perspective in the roofing space. I'll hit it from two different angles. I think we mentioned on the last call, some investment we're making on the M&A side and the team on roofing. So some of that's coming together for sure. That Progressive team has a lot of relationships in the industry. So they're working those relationship sides of of some of the smaller to chunky acquisitions.

是的。問得好。因此，我們在屋頂材料領域的併購活動非常活躍。我會從兩個不同的角度切入。我想我們在上次電話會議上提到過，我們正在併購方面進行一些投資，以及組建一支屋頂工程團隊。所以，其中一些方面確實正在逐步實現。Progressive團隊在業界擁有廣泛的人脈關係。所以他們正在處理一些規模不一的收購案中所涉及的人際關係問題。

Then obviously, we've got our relationships broader in the industry. And so we're definitely working some from, I'd say, the bigger side or, again, chunkier side of the of some rupee acquisitions. So definitely very active. We feel good about activity going on from both ends in commercial roofing, and we definitely look to that to lead to some good execution in 2026.

很顯然，我們在業界擁有更廣泛的人脈關係。因此，我們肯定正在從一些盧比收購中較大或較大規模的方面入手一些工作。所以肯定非常活躍。我們對商業屋頂領域兩端的活躍態勢感到滿意，並期待這能在 2026 年帶來一些良好的成果。

Keith Hughes, Truist Securities.

Keith Hughes，Truist Securities。

Kind of building on the last question on more commercial routing deals. Is there a specific region that you're looking specifically going after to acquire? And does it make a difference in terms of deals who the major suppliers of membrane are to the installers.

這算是對上一個問題的延伸，關於更多商業路由交易。您是否有特別想收購的目標區域？那麼，對於安裝商而言，主要膜材供應商是誰，這是否會影響交易？

Keith, it's Robert. So a couple of points there. So we have a lot of white space and it's highly fragmented. So we're not being to -- as far as the geographic location, obviously, Progressive has that great footprint, especially in the Southwest and some other spots across. So no particular area. I think it's back to probably the discipline that TopBuild has had in the past and that is looking for great companies, great talent to come along here in the white spaces is pretty broad.

基思，我是羅伯特。所以，這裡有幾點需要說明。所以畫面留白很多，非常分散。所以，就地理位置而言，顯然，Progressive 的業務範圍非常廣泛，尤其是在西南部和其他一些地區。所以沒有特定的區域。我認為TopBuild可能又回到了過去一直秉持的原則，那就是尋找優秀的公司和優秀的人才，填補目前非常廣泛的空白領域。

Relative to the supply base, if you think about the big suppliers in the space there, they're big top note suppliers today. and we have great relationships there. So it doesn't have to lean too much on who the supplier is given our breadth of those partnerships and geography, again, we're just looking for -- we're looking at good quality companies here that match up and checks the boxes you would expect here from a competency perspective, talent perspective and performance.

就供應基礎而言，如果你想想那些該領域的大型供應商，他們如今都是頂尖的供應商。我們與他們保持著良好的合作關係。因此，鑑於我們廣泛的合作夥伴關係和地理覆蓋，我們不必過度依賴供應商是誰。再說一遍，我們只是在尋找——我們在這裡尋找的是高品質的公司，這些公司在能力、人才和績效方面都符合我們的預期。

Collin Verron, Deutsche Bank.

科林‧維隆，德意志銀行。

I just wanted to go back to the installation margins and the strength there. You called out the primary driver being the cost saving actions that you guys have taken. Can you just help us think about how much was realized in the third quarter and maybe to date in 2025. And what you expect the annualized benefit of those cost actions to be as you go forward into 2026?

我只是想回到安裝邊距和強度方面。你指出，主要驅動因素是你們採取的成本節約措施。您能否幫我們估算一下第三季以及截至 2025 年的累計收益是多少？那麼，您預計到 2026 年，這些成本控制措施的年度收益將會是多少？

Yes, Colin, this is Rob. So yes, the cost actions we took in the first quarter annualized is about $35 million of savings, I'd say our productivity in the third quarter definitely had it 0.25 share of that as well as I'd say some additional savings we had there that helped really drive the margins up in the quarter.

是的，科林，這是羅布。是的，我們在第一季度採取的成本控制措施按年計算節省了約 3500 萬美元，我認為我們在第三季度的生產力提升肯定貢獻了其中的 0.25%，此外，我們還有一些額外的節省，這些都極大地提高了該季度的利潤率。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Just wanted to go back to competitive dynamics on the residential install side. It sounds to me like that's primarily some savings on the material side. Is that the case? Or are you seeing increased bidding pressures depending on geography. And then maybe stepping back, can you just talk about kind of the tone of customer conversations as builders kind of battle the affordability challenges and maybe work to share some of that with suppliers like yourself?

只是想回到住宅安裝領域的競爭格局。聽起來這主要是材料方面的節省。真是這樣嗎？或者您發現競價壓力會因地域而異？然後，或許我們可以退一步，談談建築商在應對價格挑戰時與客戶溝通的語氣，以及他們如何與像您這樣的供應商分享其中的一些經驗？

Curt, it's Robert. So relative to the competitiveness, I mean, obviously, we worked in productivity side of it. If you think about margins, we've obviously worked with our supplier partners as well. But they're definitely in the slower markets. There definitely increased competitiveness in some of that bidding.

科特，我是羅伯特。所以就競爭力而言，我的意思是，很顯然，我們專注於提升了生產力。如果從利潤率的角度來看，我們顯然也與供應商合作夥伴進行了合作。但它們無疑處於市場低迷期。部分競標項目的競爭程度確實有提升。

And I think that's where we look at our team and the job they've done and why we complement them on the work that they've done there because I think they try to find that right balance of volume and price. And obviously, we were able to put some controls around that from a bidding perspective as well. So that's some of the dynamics that have happened from that standpoint.

我認為，這就是我們審視團隊及其工作，並對他們所做的工作表示讚賞的原因，因為我認為他們努力在銷售和價格之間找到合適的平衡。顯然，從競標的角度來看，我們也能夠對此進行一些控制。以上就是從這個角度來看發生的一些動態變化。

And if you look at the commentary around the country, the builders are obviously smart themselves. So between not just coming to us relative to some of the pressures, I mean, obviously, they're they're reengineering some of the products they're going to market with, can look at whether it be some of the footprints, where there's some of the things that they're doing. Obviously, we've done some of that value engineering with them as well to help them as they face the pressures and they come to us as well.

如果你看看全國各地的評論，你會發現建築商本身顯然都很聰明。所以，不僅僅是因為我們面臨一些壓力，我的意思是，很明顯，他們正在重新設計一些即將上市的產品，我們可以看看這是否與他們的某些做法有關。顯然，我們也對他們進行了一些價值工程的調整，以幫助他們應對壓力，他們也會來尋求我們的幫助。

But it definitely has to be a partnership because as we said in our prepared remarks, look, the fundamentals are intact here. but we've got a time period here to the the inflection point. So we're working with the customers on it. I think our teams in the field are doing a nice balance of that.

但這絕對必須是一種夥伴關係，因為正如我們在準備好的發言稿中所說，這裡的基本面依然完好，但我們距離轉折點還有一段時間。所以我們正在和客戶一起解決這個問題。我認為我們一線隊的隊員們在這方面做得很好，達到了很好的平衡。

Okay. I appreciate that. And maybe just following up on kind of the balance of price and volume. Does it feel like as the year has progressed and we've kind of seen that additional step down in residential that more often, you're maybe having to walk away from some of these projects or bids? Or has that been pretty consistent with what you felt over the last couple of quarters?

好的。我很感激。或許還可以繼續關注價格和銷售之間的平衡。隨著今年的推進，住宅市場似乎出現了進一步下滑的趨勢，您是否感覺自己必須放棄一些項目或投標？或者說，這和你過去幾季的感受基本上一致？

Yes. This is Rob. I'd say it hasn't gotten a whole lot worse in terms of us having to step away from volume. We have as we talked about and as we anticipated, we have seen the price pressure pick up, and we have gotten a little more aggressive on pricing as a result of that. So I'd say we're not stepping away from more work.

是的。這是羅布。我認為就我們不得不減少銷量而言，情況並沒有變得更糟。正如我們之前討論和預期的那樣，價格壓力確實有所增加，因此我們在定價方面也採取了更積極的策略。所以我覺得我們沒有放棄更多的工作。

I'd say we're -- we're doing -- we're holding our share out there. And you can see the impact of that a little bit on the price side on the install side, where price was negative in the quarter. But as we've talked about, we've done a great job in terms of managing our costs and recouping most of that through productivity savings.

我想說，我們正在——我們正在——我們正在堅守我們應有的份額。您可以從安裝方面的價格看到一些影響，該季度價格為負值。但正如我們之前討論過的，我們在成本控制方面做得非常出色，並透過提高生產力來收回了大部分成本。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

On the distribution side, the pricing improved, but to price/cost getting sort of worse there. I think that's just on the residential piece of that. Can you just help me understand and like what's going on there? And just if the market stays soft, is there an opportunity from a cost perspective said differently, like if the market like kind of stays like this, could you get to a point where you're able to lower your costs where you can get to price cost neutral even if pricing stays negative?

在分銷方面，定價有所改善，但價格/成本比卻在某種程度上變得更糟。我認為這只是住宅部分的情況。你能幫我理解那裡到底發生了什麼事嗎？如果市場持續疲軟，從成本角度來看，是否有這樣的機會？換句話說，如果市場維持這種狀態，是否有可能降低成本，即使定價為負，也能實現價格成本中立？

Yes, Rafe, this is Rob. So we're working with our suppliers today in terms of that price cost equation, and we are seeing some relief there. But like we've talked about, we're definitely seeing the price pressure on the sales side. We've talked about how on install. We've done a great job offsetting.

是的，拉夫，我是羅布。所以，我們今天正與供應商就價格成本問題進行協商，目前已經看到了一些緩解措施。但正如我們之前討論過的，我們確實看到了銷售方面的價格壓力。我們已經討論過安裝方法了。我們在抵消方面做得很好。

On the distribution side, a little tougher, a little more pressure there because you don't have the labor component. So the price pressure we're seeing is having a negative impact on margins. Now this is what I was trying to explain a little bit earlier. When you look at our overall pricing on distribution were up and it's really a product mix impact there because of gutters, we're seeing inflationary pressures on those products, mechanical insulation, we talked about how commercial products, we're seeing good, strong price.

在分銷方面，情況會稍微艱難一些，壓力也會更大一些，因為你沒有勞動成本。因此，我們目前看到的價格壓力對利潤率產生了負面影響。這就是我剛才試圖解釋的內容。從整體分銷價格來看，價格上漲了，這實際上是產品組合的影響，因為排水溝產品面臨通膨壓力，機械絕緣產品，我們之前也談到過商業產品，價格表現良好且強勁。

So we're driving price. Costs are up and prices are up on those products, and we're maintaining margins. And then you got the residential products where you got cost down, price down. And when you put the two of those together, you're kind of netting out to a positive price, negative cost and a net slightly negative price cost number for distribution.

所以我們正在推高價格。這些產品的成本和價格都在上漲，但我們仍然保持了利潤率。然後，住宅產品方面，成本和價格都降低了。當你把這兩點結合起來，就會得到正的價格、負的成本，以及略微為負的分銷價格成本。

And I think relative to -- Rob talked about productivity, I mean we're always looking at -- I think that's something we always say we always look at what's going on across the footprint. We look at what in market. And so if we have to make any adjustments, I think we've shown in the past, we've got a track record of being ahead of the curve on any of those as well.

我認為相對於羅布談到的生產力而言，我的意思是，我們一直在關注——我認為這是我們一直在說的，我們一直在關注整個業務範圍內正在發生的事情。我們觀察市場上的情況。因此，如果我們需要做出任何調整，我認為我們過去已經證明，我們在任何方面都一直走在前面。

That's helpful. And then in the quarter, you bought back stock and then you obviously continued to close acquisitions. How much of a priority is getting the leverage sort of below 2 times versus just continued M&A and buyback? Like are you comfortable sort of continuing to do that with the leverage above the long-term target?

那很有幫助。然後，在本季度，你們回購了股票，而且顯然你們繼續完成了收購。將槓桿率降至 2 倍以下，與持續進行併購和回購相比，哪個更重要？你是否願意繼續以高於長期目標的槓桿率來操作？

Yes, Rafe, this is Rob. So yes, we're not uncomfortable with where our leverage is today. It's pro forma with the SPI deal, we're at 2.4 times, we've been that high or slightly higher before after large deals. We certainly will be more comfortable in that long-term target range of 1% to 2%. We don't feel the need to try to get there overnight.

是的，拉夫，我是羅布。所以，是的，我們對目前的談判優勢並不感到不滿。按照 SPI 交易的預期，我們的本益比為 2.4 倍，在先前的大交易之後，我們也曾達到這個水準或略高一些。我們當然會更傾向於將長期目標設定在 1% 到 2% 的範圍內。我們並不覺得有必要一夕之間達成目標。

Obviously, there's there's multiple paths to get there, ones to drive growth in EBITDA, which is definitely plan on and how we'd like to get there. We can also pay down debt or hold on to cash, and it would take about $500 million of cash to get us back down to the 2 times, which would be a portion of next year's free cash flow.

顯然，實現這一目標有多種途徑，其中之一是推動 EBITDA 成長，這絕對是我們計劃要做的事情，也是我們希望實現這一目標的方式。我們也可以償還債務或持有現金，大約需要 5 億美元的現金才能使我們的比率回到 2 倍，這將是明年自由現金流的一部分。

So we can continue to do M&A and continue to have, like we've talked about in the past, we balance buybacks with M&A and typically put a grid in place. So we think we can continue that strategy at these levels with longer-term goal of getting that leverage back down to closer to 2 times.

因此，我們可以繼續進行併購，並且像我們過去討論的那樣，繼續平衡股票回購和併購，通常會制定一個方案。因此，我們認為可以繼續在目前的水平上實施這一策略，長期目標是將槓桿率降至接近 2 倍。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Just on the kind of implied 4Q guidance, it kind of points to worsening year-over-year margin pressure. Maybe if you could sort of run through the drivers there, whether it's some of the acquisitions, pricing, price cost, just kind of the outlook there in the near term.

僅從第四季業績指引來看，似乎預示著同比利潤率壓力將進一步惡化。或許您可以大致分析其中的驅動因素，例如收購、定價、價格成本，以及近期的前景。

Yes, Adam, this is Rob. So if you back into the Q4 numbers from the guidance we've given I mentioned price cost, we plan for that to continue to be a headwind, slightly worse in the fourth quarter than what we saw in the third quarter. We, again, hope that's a conservative estimate, but we're working our best on that one.

是的，亞當，我是羅伯。因此，根據我們給出的指導意見（我提到了價格成本），我們預計第四季度的數據將繼續面臨不利因素，第四季度的情況將比第三季度略好。我們再次希望這是一個保守的估計，但我們正在盡最大努力實現它。

M&A, obviously, in year before we get the synergies with SPI, that's going to have a negative impact on the overall EBITDA with them coming in at a 10% to 11% type EBITDA business. So that's -- but as we drive synergies there, we anticipate getting them up to the mid-teens on that deal. So those are really the two biggest drivers as well as the continued volume headwinds that we've talked a lot about those in the fourth quarter can be a little more pronounced as well just due to seasonality.

顯然，在與 SPI 實現協同效應之前一年進行併購，將會對整體 EBITDA 產生負面影響，因為他們的 EBITDA 業務佔比在 10% 到 11% 之間。所以情況就是這樣——但隨著我們推動協同效應，我們預計這筆交易的收益將達到15%左右。所以，這確實是兩個最大的驅動因素，此外，我們之前也多次談到銷量持續下滑的不利因素，而由於季節性原因，這些不利因素在第四季度可能會更加明顯。

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

謝謝。目前沒有其他問題了。我想把發言權交還給管理階層，請他們做最後的總結發言。

Thank you for joining us today. We look forward to seeing you next month at our Investor Day on December 9. Thank you.

感謝您今天蒞臨。我們期待下個月12月9日在我們的投資者日上見到您。謝謝。

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

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。