(BLDR) 2023 Q2 法說會逐字稿

Good day, and welcome to the Builders FirstSource Second Quarter 2023 Earnings Conference Call. Today's call is scheduled to last about 1 hour, including remarks by management and the question-and-answer session. (Operator Instructions)

美好的一天，歡迎參加 Builders FirstSource 2023 年第二季度收益電話會議。今天的電話會議預計持續約 1 小時，包括管理層的發言和問答環節。 （操作員說明）

I'd now like to turn the call over to Mr. Michael Neese, Senior Vice President, Investor Relations for Builders FirstSource. Please go ahead, sir.

現在我想將電話轉給 Builders FirstSource 投資者關係高級副總裁 Michael Neese 先生。請繼續，先生。

Thank you, Angela. Good morning, and welcome to our Second Quarter Earnings Call. With me on the call are Dave Rush, our CEO; and Peter Jackson, our CFO. Today, we will review our results for the second quarter of 2023. The earnings press release and investor presentation are available on our website at investors.bldr.com.

謝謝你，安吉拉。早上好，歡迎參加我們的第二季度收益電話會議。和我一起參加電話會議的是我們的首席執行官戴夫·拉什 (Dave Rush)；和我們的首席財務官彼得·傑克遜。今天，我們將回顧 2023 年第二季度的業績。收益新聞稿和投資者演示文稿可在我們的網站 Investors.bldr.com 上獲取。

We will refer to several slides from the investor presentation during our call. The results discussed today include GAAP and non-GAAP results adjusted for certain items. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation to the most directly comparable GAAP measures. You can find the reconciliation of these non-GAAP measures to the corresponding GAAP measures were applicable and a discussion of why we believe they can be useful to investors in our earnings press release, SEC filings and presentations.

我們將在電話會議期間參考投資者演示中的幾張幻燈片。今天討論的結果包括針對某些項目調整的 GAAP 和非 GAAP 結果。我們提供這些非 GAAP 結果僅供參考，不應將它們與最直接可比的 GAAP 指標分開考慮。您可以在我們的收益新聞稿、SEC 文件和演示文稿中找到這些非 GAAP 衡量標準與相應 GAAP 衡量標準的協調表，並討論為什麼我們認為它們對投資者有用。

Our remarks in the press release, presentation and on this call contain forward-looking and cautionary statements within the meaning of the Private Securities Litigation Reform Act and projections of future results. Please review the forward-looking statements section in today's press release and in our SEC filings for various factors that could cause our actual results to differ from forward-looking statements and projections.

我們在新聞稿、演示文稿和本次電話會議中的言論包含《私人證券訴訟改革法案》含義內的前瞻性和警示性聲明以及對未來結果的預測。請查看今天的新聞稿和我們向 SEC 提交的文件中的前瞻性陳述部分，了解可能導致我們的實際結果與前瞻性陳述和預測不同的各種因素。

With that, I'll turn the call over to Dave.

這樣，我會將電話轉給戴夫。

Thank you, Mike. Good morning, everyone, and thanks for joining our call. Entering 2023, we prepared for a challenging and dynamic year. During the first half, we had better-than-anticipated performance driven by the strength of our value-added product portfolio, continued outperformance in Multi-Family and a more stable housing environment than originally projected.

謝謝你，邁克。大家早上好，感謝您加入我們的通話。進入 2023 年，我們為充滿挑戰和活力的一年做好了準備。上半年，我們的業績好於預期，這得益於我們增值產品組合的實力、多戶住宅的持續出色表現以及比最初預期更穩定的住房環境。

Multi-Family is an area we identified as providing strong growth potential and end market diversification over the long term. We are truly seeing the differentiated platform we have put together over the past few years generate results. We continue to exceed our near-term targets through contributions from operational initiatives in still over the last few years and by executing our strategic priorities, which is a testament to the unwavering commitment and dedication of our amazing team members. We are focused on delivering exceptional customer service and always strive to be the easiest company in the industry to do business with. We are driving mix improvement through value-added share growth while continuing to expand through tuck-in acquisitions.

我們認為多戶住宅是一個長期提供強勁增長潛力和終端市場多元化的領域。我們確實看到我們在過去幾年中整合的差異化平台產生了成果。通過過去幾年運營計劃的貢獻以及執行我們的戰略優先事項，我們繼續超越我們的近期目標，這證明了我們出色的團隊成員堅定不移的承諾和奉獻精神。我們專注於提供卓越的客戶服務，並始終努力成為業內最容易開展業務的公司。我們正在通過增值份額增長推動組合改善，同時繼續通過收購進行擴張。

Our acquisitions in recent years have allowed us to enhance our value-added offerings and also extend our reach to a more diverse customer base in attractive markets. Moreover, these acquisitions have proven to be immediately accretive to our earnings. We continue to consistently generate robust free cash flow and prudently deploy capital. making 2 tuck-in acquisitions and repurchasing over $700 million of shares in the second quarter alone. Despite the headwinds posed by elevated mortgage rates and affordability challenges, our resilient results in the first half of 2023 give us confidence that we have the right strategies in place with a customer-centric approach and an incredible team that is executing at the highest level to successfully navigate this dynamic economic environment.

近年來的收購使我們能夠增強我們的增值產品，並將我們的影響力擴展到有吸引力的市場中更多樣化的客戶群。此外，事實證明，這些收購可以立即增加我們的收入。我們繼續持續產生強勁的自由現金流並審慎配置資本。僅第二季度就進行了兩次收購併回購了價值超過 7 億美元的股票。儘管抵押貸款利率上升和負擔能力挑戰帶來了阻力，但我們在2023 年上半年取得的堅韌業績讓我們相信，我們制定了正確的戰略，採用以客戶為中心的方法，並擁有一支以最高水平執行的令人難以置信的團隊，以實現成功駕馭這個充滿活力的經濟環境。

Many Single-Family builders are showing stabilizing demand partially due to widespread shortages of existing homes for sale, driving healthy new construction. Public builders have been reporting a stream of stronger-than-expected results and taking proactive steps such as interest rate buydowns to help get prospective buyers off the sidelines. With home prices normalizing in many places, our focus on value-added solutions, digital innovations and customer service is helping builders improve their construction efficiencies. We are helping our customers lower cycle time which is highlighted by our continued improvement in -- on in-full deliveries from 93% last year to 96% during the second quarter. On time and in-full deliveries ensure our customers have the right material at the right time.

許多單戶住宅建築商的需求穩定，部分原因是現有待售房屋普遍短缺，推動了新建築的健康發展。公共建築商報告了一系列強於預期的業績，並採取了降息等積極措施，以幫助潛在買家不再觀望。隨著許多地方的房價趨於正常，我們對增值解決方案、數字創新和客戶服務的關注正在幫助建築商提高施工效率。我們正在幫助我們的客戶縮短週期時間，這通過我們的完全交付率從去年的 93% 提高到第二季度的 96% 來體現。準時、完整的交貨確保我們的客戶在正確的時間獲得正確的材料。

Looking at our second quarter highlights on Slide 4. Our gross margin percentage increased 40 basis points to 35.2% due to stronger mix and value-added products overall, largely driven by our Multi-Family segment and the related positive impact from commodity cost timing. We maintained a healthy double-digit adjusted EBITDA margin, showcasing our ability to execute effectively from an operations perspective in a challenging environment. This execution is a reflection of our talented field leadership team, which averages 30-plus years of industry experience.

看看幻燈片4 上我們第二季度的亮點。我們的毛利率增長了40 個基點，達到35.2%，這得益於整體產品組合和增值產品的增強，這主要是由我們的多戶型細分市場以及商品成本時機的相關積極影響推動的。我們保持了健康的兩位數調整後 EBITDA 利潤率，展示了我們在充滿挑戰的環境中從運營角度有效執行的能力。這種執行力體現了我們才華橫溢的現場領導團隊，他們平均擁有 30 多年的行業經驗。

Turning to Slide 5. We drove strong productivity across the business by delivering $50 million in savings during the quarter. Our BFS 1-Team Operating System continues to generate robust efficiencies focused on manufacturing and delivery improvements. Our recent acquisitions in Multi-Family contributed an increase of 4% on the top line and 9% to EBITDA compared to the prior year quarter.

轉向幻燈片 5。我們在本季度節省了 5000 萬美元，從而提高了整個企業的生產力。我們的 BFS 1-Team 操作系統持續產生專注於製造和交付改進的強大效率。與去年同期相比，我們最近對 Multi-Family 的收購使收入增長了 4%，稅息折舊及攤銷前利潤 (EBITDA) 增長了 9%。

Multi-Family was an exceptionally strong tailwind this quarter, and we expect this streak to continue for the remainder of 2023. While we expect Multi-Family to normalize around the first or second quarter of next year, we remain optimistic that Single-family starts will be on stronger footing in the same period compared to the first half of 2023.

多戶型住宅在本季度是一股異常強勁的推動力，我們預計這種趨勢將在2023 年剩餘時間內持續下去。雖然我們預計多戶型住宅將在明年第一季度或第二季度左右正常化，但我們對單戶型住宅的開工仍持樂觀態度與 2023 年上半年相比，同期的基礎將更加穩固。

As it relates to our cost structure, controlling SG&A and other expenses remains a vital focus for us. This includes the ongoing optimization of our footprint and balancing the need for variable cost reductions against future capacity needs. We are focused on our discretionary spending and our team has done a great job on managing costs in the short term while executing our strategy over the long-term.

由於它與我們的成本結構相關，因此控制銷售、行政管理和其他費用仍然是我們的一個重要關注點。這包括不斷優化我們的足跡，並平衡降低可變成本的需求與未來產能需求。我們專注於可自由支配的支出，我們的團隊在執行長期戰略的同時，在管理短期成本方面做得很好。

Turning to M&A on Slide 6. We continue to target attractive opportunities with a disciplined approach. Thus far in 2023, we have completed 4 deals and are still committed to our goal of investing an average of $500 million in M&A per year for the next several years. During the second quarter, we added millwork capabilities through the acquisitions of JB Millworks and Builders Millwork Supply. And earlier this week, we acquired Church's Lumber, which expands our presence and scale in the Detroit market. We're excited to welcome our talented new team members to the BFS family.

轉向幻燈片 6 上的併購。我們繼續以嚴謹的方式瞄準有吸引力的機會。截至 2023 年，我們已完成 4 筆交易，並仍致力於實現未來幾年每年平均投資 5 億美元的併購目標。在第二季度，我們通過收購 JB Millworks 和 Builders Millwork Supply 增加了木製品生產能力。本週早些時候，我們收購了 Church's Lumber，這擴大了我們在底特律市場的影響力和規模。我們很高興歡迎才華橫溢的新團隊成員加入 BFS 大家庭。

Our M&A and organic investments have substantially increased our value-added product mix and diversified our end markets since Q4 2021, as shown on Slide 6. We have seen the fruit of this growth in recent quarters, and we have driven our gross margins higher even in a down housing starts environment.

自2021 年第四季度以來，我們的併購和有機投資大幅增加了我們的增值產品組合，並使我們的終端市場多元化，如幻燈片6 所示。我們在最近幾個季度看到了這種增長的成果，我們甚至將毛利率推得更高。在房屋開工率下降的環境下。

Moving to Slide 7. I would like to provide an update on capital allocation. In the second quarter, we deployed over $850 million of capital towards organic growth investments, tuck-in M&A and share repurchases. We have cumulatively deployed approximately $5.3 billion since the end of 2021 and remain on track to achieve our 2025 goal of $7 billion to $10 billion communicated at our Investor Day in 2021.

轉到幻燈片 7。我想提供有關資本配置的最新信息。第二季度，我們部署了超過 8.5 億美元的資金用於有機增長投資、併購和股票回購。自 2021 年底以來，我們已累計部署約 53 億美元，並有望實現 2021 年投資者日傳達的 2025 年 70 億至 100 億美元目標。

Now let's turn to Slide 8, for an update on our digital strategy. We firmly believe our long-term commitment to new digital innovations and technologies will deliver greater efficiency across homebuilding and enhance our product and service offerings. We continue to play a pioneering role in the digital transformation of the homebuilding industry and have made a significant investment in growing our digital platform.

現在讓我們轉向幻燈片 8，了解我們數字戰略的最新情況。我們堅信，我們對新數字創新和技術的長期承諾將提高整個住宅建築的效率，並增強我們的產品和服務。我們繼續在住宅建築行業的數字化轉型中發揮先鋒作用，並在發展我們的數字平台方面進行了大量投資。

We have made it a priority to ensure digital adoption is integrated across our operations as we seek to create a platform that will lead to building better, more affordable homes. myBLDR.com serves as the entry point to our collaborative project management platform. It is designed to create efficiency for both BFS and our customers by offering improved transparency and engagement in the homebuilding process. It combines Paradigm's next-generation estimating technology with our 3D home configuration model. Together, these tools allow our customers more control over their design, cost estimating and building process ultimately save the both our customers' and their clients' time and money. We are still in early innings and have more to come as we continue to roll out these digital solutions to our end users but we remain confident in our ability to gain an incremental $1 billion in product sales by 2026.

我們將確保數字化應用融入到我們的運營中作為首要任務，因為我們尋求創建一個平台，以建造更好、更實惠的住房。 myBLDR.com 是我們協作項目管理平台的入口點。它旨在通過提高住宅建設過程的透明度和參與度，為 BFS 和我們的客戶創造效率。它將 Paradigm 的下一代估算技術與我們的 3D 家庭配置模型相結合。總之，這些工具使我們的客戶能夠更好地控制他們的設計、成本估算和構建過程，最終節省我們的客戶和他們的客戶的時間和金錢。我們仍處於早期階段，隨著我們繼續向最終用戶推出這些數字解決方案，還有更多的事情要做，但我們仍然對到 2026 年產品銷售額增加 10 億美元的能力充滿信心。

We believe our sustained commitment to investing in digital innovations and technologies will extend BFS' lead as the partner of choice in the market, and we look forward to providing more detail on our long-term strategy at our Investor Day in December.

我們相信，我們對數字創新和技術投資的持續承諾將擴大 BFS 作為市場首選合作夥伴的領先地位，我們期待在 12 月的投資者日上提供有關我們長期戰略的更多詳細信息。

Before I turn the call over to Peter, I want to say how grateful I am to our team members for continuing to execute in a challenging environment and providing excellent service to our customers on a daily basis. At BFS, we keep our high-performing, people-first culture at the heart of all we do. That's why we like to recognize team members in our organization that embody the true spirit of our, be more, do more, And build more together philosophy.

在將電話轉給 Peter 之前，我想說，我非常感謝我們的團隊成員在充滿挑戰的環境中繼續執行任務，並每天為我們的客戶提供優質的服務。在 BFS，我們將高績效、以人為本的文化作為我們一切工作的核心。這就是為什麼我們喜歡認可我們組織中體現我們真正精神的“成為更多、做得更多、共同建設更多”理念的團隊成員。

Carla [Huber] is an inventory control supervisor in Houston, Texas, who has made a huge impression on her managers and colleagues. In May, she was honored as one of our first team MVPs for exemplifying our core values. Carla's attitude -- positive attitude for willingness to jump in and help and her pursuit of excellence really makes a difference on the team. Her supervisors appreciate how she embraces learning new skills and mentoring others, especially young women new to our industry.

Carla [Huber] 是德克薩斯州休斯頓的一名庫存控制主管，她給她的經理和同事留下了深刻的印象。 5 月，她因體現我們的核心價值觀而榮獲我們一線隊 MVP 之一。卡拉的態度——願意參與並提供幫助的積極態度以及她對卓越的追求確實對團隊產生了影響。她的主管讚賞她如何接受學習新技能和指導他人，尤其是剛進入我們行業的年輕女性。

employees like Carla make me proud to lead this great organization. Without the full effort of our team, we would not have had the outperformance that we achieved during the first half of this year.

像卡拉這樣的員工讓我為領導這個偉大的組織而感到自豪。如果沒有我們團隊的全力努力，我們不可能取得今年上半年的優異成績。

I'll now turn the call over to Peter to discuss our second quarter financial results in greater detail.

我現在將把電話轉給彼得，更詳細地討論我們第二季度的財務業績。

Thank you, Dave, and good morning, everyone. Our performance during the quarter further highlighted the resilience of our business in the face of macro pressures. I'm particularly proud of our gross margin results driven by our increased mix of value-added products and services. We are well positioned in the marketplace with differentiated solutions and a healthy balance sheet. We continue to generate robust free cash flow and prudently deploy capital. I'm confident that the combination of our industry-leading scale, ongoing investments in value-added and digital products, and strong financial position will lead to a double-digit adjusted EBITDA margin this year, and sustained growth in the years to come.

謝謝戴夫，大家早上好。本季度的業績進一步凸顯了我們業務面對宏觀壓力的韌性。我對我們的毛利率結果感到特別自豪，這是由我們增加的增值產品和服務組合推動的。我們憑藉差異化的解決方案和健康的資產負債表在市場中處於有利地位。我們繼續產生強勁的自由現金流並審慎配置資本。我相信，我們行業領先的規模、對增值和數字產品的持續投資以及強勁的財務狀況將導致今年調整後的 EBITDA 利潤率達到兩位數，並在未來幾年持續增長。

I will cover 3 topics with you this morning. First, I'll recap our second quarter results. Second, I'll provide an update on capital deployment. And finally, I'll discuss our full year 2023 guidance. Let's begin by reviewing our second quarter performance on Slide 10. We delivered $4.5 billion in net sales. Core organic sales decreased by 22%, which was better than expected despite a 31% decline in Single-Family due to slower demand over the prior year.

今天早上我將與大家討論 3 個主題。首先，我將回顧一下我們第二季度的業績。其次，我將提供有關資本部署的最新情況。最後，我將討論我們的 2023 年全年指導。首先讓我們回顧一下幻燈片 10 上的第二季度業績。我們實現了 45 億美元的淨銷售額。核心有機銷售額下降 22%，好於預期，儘管由於上年需求放緩，單戶住宅銷售額下降了 31%。

Multi-Family continues to be a bright spot growing by nearly 30%. As Dave mentioned, the strength in Multi-Family was driven by our recent acquisitions as well as favorable margins, largely attributable to the longer lead time for this end market. R&R and other grew by nearly 5%, mainly due to increased sales focus and capacity versus the prior year. The cumulative effect of our acquisitions over the past year contributed approximately 4 percentage points of growth to net sales. Importantly, value-added products represented 53% of our net sales this quarter versus 45% in the fourth quarter of 2021, reflecting our improving position as a supplier of choice for these higher-margin products.

多戶住宅繼續成為亮點，增長近 30%。正如戴夫所提到的，多戶住宅的實力是由我們最近的收購以及有利的利潤率推動的，這在很大程度上歸因於該終端市場的交貨時間較長。 R&R 及其他業務增長了近 5%，主要是由於與上一年相比銷售重點和產能有所增加。去年我們收購的累積效應為淨銷售額增長貢獻了約 4 個百分點。重要的是，增值產品占我們本季度淨銷售額的 53%，而 2021 年第四季度為 45%，這反映出我們作為這些高利潤產品的首選供應商的地位不斷提高。

During the second quarter, gross profit was $1.6 billion, a decrease of 33.9% compared to the prior year period. Gross margin increased 40 basis points to 35.2%, driven primarily by a stronger mix in value-added products overall and with particular strength in Multi-Family value-add. SG&A decreased $28 million to $1.02 billion, mainly due to lower variable compensation, partially offset by additional expenses from operations acquired in the last year.

第二季度毛利潤為16億美元，較去年同期下降33.9%。毛利率增長 40 個基點，達到 35.2%，這主要是由於整體增值產品組合更加強勁，尤其是多戶型增值產品的強勁推動。 SG&A 減少 2800 萬美元，至 10.2 億美元，主要是由於可變薪酬減少，部分被去年收購的業務的額外費用所抵消。

Acquisitions increased SG&A by $52 million in the quarter. As a percentage of net sales, total SG&A increased by 740 basis points to 22.5%, primarily attributable to decreased leverage on net sales. We remained focused on operating efficiently, containing costs and effectively integrating operations and acquisitions.

本季度的收購使 SG&A 增加了 5200 萬美元。 SG&A 總額占淨銷售額的百分比增長了 740 個基點，達到 22.5%，這主要是由於淨銷售額槓桿率下降。我們仍然專注於高效運營、控製成本以及有效整合運營和收購。

Adjusted EBITDA was approximately $769 million a decline of 49% primarily driven by lower net sales, including a decline in core organic products attributable to a slower housing market and commodity deflation. Adjusted EBITDA margin remained a robust 17%, up 70 basis points sequentially as we continue to execute and drive improved productivity across the business.

調整後 EBITDA 約為 7.69 億美元，下降 49%，主要是由於淨銷售額下降，其中包括房地產市場放緩和大宗商品通貨緊縮導致核心有機產品下降。隨著我們繼續執行和推動整個業務生產力的提高，調整後的 EBITDA 利潤率仍保持在 17% 的強勁水平，比上一季度增長了 70 個基點。

Adjusted net income was $498 million, down from an adjusted net income of $1.07 billion in the prior year quarter. The 54% decrease in adjusted net income was primarily driven by a decrease in sales volumes and commodity deflation.

調整後淨利潤為 4.98 億美元，低於去年同期調整後淨利潤 10.7 億美元。調整後淨利潤下降 54%，主要是由於銷量下降和大宗商品通貨緊縮所致。

Adjusted earnings per diluted share were $3.89 compared to $6.26 in the prior year period. The decrease in adjusted EPS was partially offset by our repurchase of nearly 7 million shares, which added roughly $0.20 per share during the quarter.

調整後每股攤薄收益為 3.89 美元，上年同期為 6.26 美元。調整後每股收益的下降被我們回購了近 700 萬股股票部分抵消，本季度每股收益增加了約 0.20 美元。

Our second quarter results exceeded the guidance we provided in May, supported by our core business mix and gross margin strength amid outperformance in value-added products. We continue to gain confidence in the strength and [durability] of our margin performance, and we believe our long-term normalized gross margin percentage is now at 29% plus versus our previous expectation of 28% plus.

在我們的核心業務組合和增值產品表現出色的毛利率強勁的支持下，我們第二季度的業績超出了我們 5 月份提供的指導。我們繼續對利潤率表現的實力和[持久性]充滿信心，我們相信我們的長期標準化毛利率百分比目前為 29% 以上，而我們之前的預期為 28% 以上。

Now let's turn to our cash flow, balance sheet and liquidity on Slide 12. Our second quarter operating cash flow was approximately $391 million, down $556 million compared to the prior year period, mainly attributable to commodity deflation and a reduction in Single-family starts. Capital expenditures were $121 million. All in, we delivered healthy free cash flow of approximately $270 million.

現在讓我們轉向幻燈片12 上的現金流、資產負債表和流動性。我們第二季度的運營現金流約為3.91 億美元，比去年同期減少5.56 億美元，主要歸因於大宗商品通貨緊縮和單戶住宅開工量減少。資本支出為 1.21 億美元。總而言之，我們實現了約 2.7 億美元的健康自由現金流。

The trailing 12 months ended June 30, our free cash flow yield was 17.7%, while operating cash flow return on invested capital was 41.4%. Our net debt to adjusted EBITDA ratio was approximately 1.1x, while base business leverage was 1.6x. Excluding our ABL, we have no long-term debt maturities until 2030. At quarter end, our total liquidity was approximately $900 million, consisting of $800 million in net borrowing availability under the revolving credit facility and $100 million of cash on hand.

截至 6 月 30 日的過去 12 個月，我們的自由現金流收益率為 17.7%，而投資資本的運營現金流回報率為 41.4%。我們的淨債務與調整後 EBITDA 的比率約為 1.1 倍，而基本業務槓桿率為 1.6 倍。不包括我們的ABL，我們在2030 年之前沒有長期債務到期。截至季度末，我們的總流動資金約為9 億美元，其中包括循環信貸安排下的8 億美元淨借款和1 億美元手頭現金。

Moving to capital deployment. During the second quarter, we repurchased approximately 7 million shares for $723 million at an average stock price of $103.68 per share. In total, we have repurchased approximately 41% of our outstanding shares since August of 2021. We have approximately $600 million remaining on our most recent $1 billion share repurchase authorization from April 2023. We remain disciplined stewards of capital, and we'll continue to look for organic and inorganic growth opportunities while maintaining our fortress balance sheet.

轉向資本部署。第二季度，我們以 7.23 億美元的價格回購了約 700 萬股股票，平均股價為每股 103.68 美元。自2021 年8 月以來，我們總共回購了約41% 的已發行股票。自2023 年4 月起，我們最近一次10 億美元的股票回購授權還剩約6 億美元。我們仍然是嚴格的資本管理者，我們將繼續尋找有機和無機增長機會，同時維持我們堡壘的資產負債表。

Let's turn to our outlook on Slide 14. Our July sales trends are encouraging and fuel our confidence in the resilience of our industry. Several of our national customers have begun to provide full year guidance, providing us with better visibility and greater confidence in the strength of the market. As a result, we are establishing our full year base business and total company guidance as we enter the back half of 2023.

讓我們轉向幻燈片 14 的展望。我們 7 月份的銷售趨勢令人鼓舞，增強了我們對行業彈性的信心。我們的一些全國性客戶已開始提供全年指導，為我們提供了更好的知名度和對市場實力的更大信心。因此，進入 2023 年下半年，我們正在製定全年基礎業務和公司總體指引。

Our base business approach showcases the underlying strength and profitability of our company by normalizing for commodity volatility. As a reminder, our base business definition assumes normalized margins and static commodity prices at $400 per thousand board feet. This is helpful to clearly assess the core aspects of the business where we have focused our attention to drive sustainable outperformance in our industry.

我們的基本業務方法通過商品波動正常化來展示我們公司的潛在實力和盈利能力。提醒一下，我們的基本業務定義假設標準化利潤和靜態商品價格為每千板英尺 400 美元。這有助於清楚地評估業務的核心方面，我們將注意力集中在這些方面，以推動行業的可持續卓越表現。

Our base business guide on net sales is $16.6 billion. Our base business EBITDA guide is $2.2 billion at a margin of roughly 13.3%. At this time, we are also providing total company guidance for full year 2023 including total net sales, gross margins, adjusted EBITDA and adjusted EBITDA margin.

我們的淨銷售額基本業務指南為 166 億美元。我們的基本業務 EBITDA 指導值為 22 億美元，利潤率約為 13.3%。目前，我們還提供 2023 年全年公司總體指引，包括總淨銷售額、毛利率、調整後 EBITDA 和調整後 EBITDA 利潤率。

For full year 2023, we expect total company net sales to be $16.8 billion to $17.8 billion. We expect adjusted EBITDA to be $2.6 billion to $2.9 billion. Adjusted EBITDA margin is forecasted to be 15% to 17%, and we are guiding gross margins to a range of 33% to 35%. Our recent above normal margins reflect a greater mix in value-added products along with disciplined pricing required to offset our increases in operating costs from inflation. As we move through the second half of the year, we expect both our gross margins and Multi-Family business to continue to normalize.

2023 年全年，我們預計公司總淨銷售額為 168 億美元至 178 億美元。我們預計調整後 EBITDA 為 26 億至 29 億美元。調整後的 EBITDA 利潤率預計為 15% 至 17%，我們將毛利率指導為 33% 至 35%。我們最近高於正常水平的利潤率反映了增值產品的更多組合以及為抵消通貨膨脹導致的運營成本增加所需的嚴格定價。隨著下半年的到來，我們預計我們的毛利率和多戶型業務將繼續正常化。

We expect full year 2023 free cash flow of $1.6 billion to $2 billion. Our free cash flow forecast assumes average commodity prices in the range of $400 to $450. Our 2023 outlook is based on several assumptions. Please refer to our earnings release and Slide 15 of the investor presentation for a full list of these assumptions.

我們預計 2023 年全年自由現金流為 16 億美元至 20 億美元。我們的自由現金流預測假設平均商品價格在 400 美元至 450 美元之間。我們的 2023 年展望基於多項假設。請參閱我們的收益報告和投資者演示文稿的幻燈片 15，了解這些假設的完整列表。

As I wrap up, I want to reiterate that we are exceptionally well positioned to drive our strategic goals. Our guidance illustrates our belief that we will deliver a double-digit adjusted EBITDA margin this year and sustain that momentum in the years to come. As we continue to reap the benefits of our transformed business, we are positioned to achieve an upwardly revised long-term normalized gross margin of 29% or higher. I'm confident that our best-in-class operating platform will continue to generate substantial free cash flow providing further financial flexibility on top of our already healthy balance sheet. Importantly, we will continue to diligently deploy capital and maximize long-term shareholder value.

在我結束髮言時，我想重申，我們處於非常有利的位置來推動我們的戰略目標。我們的指導說明了我們的信念，即我們今年將實現兩位數的調整後 EBITDA 利潤率，並在未來幾年保持這一勢頭。隨著我們繼續從轉型後的業務中獲益，我們有望實現 29% 或更高的長期標準化毛利率。我相信，我們一流的運營平台將繼續產生大量自由現金流，在我們本已健康的資產負債表上提供進一步的財務靈活性。重要的是，我們將繼續努力配置資本，實現長期股東價值最大化。

With that, let me turn the call back over to Dave for some final thoughts.

接下來，讓我將電話轉回給戴夫，以徵求一些最後的想法。

Thanks, Peter. Let me close by saying that we feel better about the current building environment today than we did at the beginning of the year. We're executing our strategy and continuing to invest to drive future growth. Our results in the first half reflect our hard work over the past few years to build a differentiated platform that has BFS set up to win in any environment. I am proud of our operational excellence, which is driving increased safety, productivity and profitability despite market headwinds.

謝謝，彼得。最後我要說的是，我們對當前建築環境的感覺比年初要好。我們正在執行我們的戰略並繼續投資以推動未來的增長。我們上半年的業績反映了我們過去幾年為打造一個差異化平台所做的努力，讓 BFS 在任何環境下都能獲勝。我為我們的卓越運營感到自豪，儘管市場存在阻力，但我們的卓越運營仍在推動安全性、生產力和盈利能力的提高。

We are in a great position today and as end markets further stabilize, we are positioned for an even stronger future. We'll continue to be at the forefront of technology with our digital strategy, which I'm confident will be a game changer for the industry. We are exceptionally well positioned to drive shareholder value this year and in years to come. I'm excited to share more details at our upcoming Investor Day on December 5 in Atlanta and look forward to seeing you there.

我們今天處於有利地位，隨著終端市場進一步穩定，我們已準備好迎接更美好的未來。我們將通過數字化戰略繼續走在技術前沿，我相信這將改變行業的遊戲規則。我們處於非常有利的位置，可以在今年和未來幾年推動股東價值。我很高興能在即將於 12 月 5 日在亞特蘭大舉行的投資者日分享更多詳細信息，並期待在那裡見到您。

Thank you again for joining us today. Operator, let's please open the call now for questions.

再次感謝您今天加入我們。接線員，我們現在請打開電話詢問問題。

(Operator Instructions) Our first question today comes from Matthew Bouley with Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊銀行的 Matthew Bouley。

Congrats on the results. I'll start with question on the long-term gross margin guide, which you've now raised twice consecutively, so my question is, what's changed in the past 90 days that's kind of given you that incremental confidence? And then, of course, to take another step forward, given your gross margin of 33% to 35% this year. What are the signs you'd be looking for to kind of give you step in or confidence in yet another step higher from that 29%? So I'll pause there, that's the first question.

祝賀結果。我將從關於長期毛利率指南的問題開始，您現在已連續兩次提出該指南，所以我的問題是，過去 90 天內發生了什麼變化讓您信心倍增？當然，考慮到今年你們的毛利率為 33% 到 35%，還要再向前邁出一步。您會尋找哪些跡象來讓您有信心在 29% 的基礎上再邁出一步？我將在此暫停，這是第一個問題。

Well, first of all, thanks, Matt. We appreciate it. We're excited about the business and certainly pleased with the way gross margins have been continuing to evolve. We talked about it for -- well, a couple of years now, actually, the strength of the core business, particularly post merger and what we've been able to do to grow value-add as a mix of our business has been very impactful. And what we've continued to look for, particularly this year, is the normalization, right, with the supply chain getting back to normal, the reset and the level of starts we were really concerned about what that would mean in terms of the overall market's ability to sustain margins. I don't think we were alone in that.

嗯，首先，謝謝，馬特。我們很感激。我們對這項業務感到興奮，當然對毛利率的持續發展感到滿意。我們已經討論了這個問題——實際上，現在已經有幾年了，核心業務的實力，特別是合併後，以及我們在業務組合中為增加附加值所做的努力一直非常出色。有影響力的。我們繼續尋求的，特別是今年，是正常化，對吧，隨著供應鏈恢復正常，重置和開工水平，我們真正擔心這對整體而言意味著什麼市場維持利潤的能力。我認為我們並不孤單。

What we've looked for this year is the performance being at a stable level and while we're not quite there yet, we've certainly seen stability be established in a lot of parts of the market, a lot of regions, a lot of product categories where we've seen things sort of get to normal and level out.

今年我們希望業績保持在穩定的水平，雖然我們還沒有完全達到這一水平，但我們確實看到市場的很多部分、很多地區、很多地方都建立了穩定。我們看到一些產品類別的情況已趨於正常並趨於平穩。

When we talk about gross margins, it can be a little bit misleading. Again, this quarter, we saw a substantial tailwind due to Multi-Family, what I would describe as sort of transitory tailwind. At least a couple of hundred basis points this quarter was really just due to the way the commodity timing, the cost of commodities played out versus some of our contracts. So we're pleased with it. Obviously, we'll take it. But we don't want to signal to anybody that that's permanent. And we still have certain areas of the market where things continue to normalize, and we're not quite sure where things will end up, but we know the pressure is down. We've certainly seen that.

當我們談論毛利率時，可能會有點誤導。在本季度，我們再次看到了多戶住宅帶來的巨大順風，我將其描述為某種短暫的順風。本季度至少上漲了幾百個基點，這實際上只是由於大宗商品的時機、大宗商品的成本相對於我們的一些合同的表現方式所致。所以我們對此感到滿意。顯然，我們會接受它。但我們不想向任何人表明這是永久性的。我們仍然在市場的某些領域繼續正常化，我們不太確定事情最終會怎樣，但我們知道壓力正在下降。我們當然已經看到了這一點。

We're up 40 bps overall on gross margins. But certainly, that indicates if you take out Multi-Family, some pretty decent step down in the core. That's what we thought was going to happen, and that's pretty much how it's played out, and we'll continue to look for that. But even with all of that said, it's better than we expected. We certainly have gained a lot of confidence in the strength of our business, the strength of value-add, which continues to be really, really desirable for our Builder customers, and we're continuing to invest in it and feel good about what that means for normal margins going forward. We'll continue to monitor it. I mean we've left the plus at the end because we think obviously, we're performing better than that now, and we're just going to wait and see where things normalize over time.

我們的毛利率總體上升了 40 個基點。但可以肯定的是，這表明如果你推出多戶型，核心部分將得到相當不錯的降級。這就是我們認為會發生的事情，而且事情也基本上是這樣發生的，我們將繼續尋找這一點。但儘管如此，它還是比我們預期的要好。我們當然對我們的業務實力、增值實力充滿信心，這對於我們的建築商客戶來說仍然是非常非常理想的，我們將繼續對其進行投資，並對它感到滿意。意味著未來的正常利潤。我們將持續關注。我的意思是，我們在最後留下了加號，因為我們顯然認為，我們的表現比現在更好，我們只是等待，看看隨著時間的推移，情況會恢復正常。

Matt, thanks again. This is Dave. I would just add since the merger with BMC, we've invested over $100 million in upgrading and automating our manufacturing capabilities, and we're starting to see the fruits of that. And we're getting a better feel of how that's going to contribute to margins over the longer period as well.

馬特，再次感謝。這是戴夫。我想補充一點，自從與 BMC 合併以來，我們已經投資了超過 1 億美元來升級和自動化我們的製造能力，並且我們已經開始看到其成果。我們也越來越清楚這將如何在較長時期內對利潤率做出貢獻。

Got it. Thanks for that comprehensive answer, very helpful. So I guess, some of what you mentioned, Peter, on the Multi-Family side is going to address this next question. Kind of zooming into the base business. It looks like you're saying there's, I don't know, maybe some rounding, but roughly $600 million of earnings above the base this year. How much of that is that Multi-Family commodity cost timing, other commodity, maybe OSB? And could you break down if there's anything else in there besides commodity that's kind of above the base business?

知道了。感謝您的全面回答，非常有幫助。所以我想，彼得，你提到的多戶家庭方面的一些內容將解決下一個問題。有點擴大到基礎業務。看起來你是說，我不知道，也許有一些四捨五入，但今年的收益比基數高出大約 6 億美元。其中多戶型商品的時間成本、其他商品（也許是定向刨花板）的成本是多少？如果除了商品之外還有其他高於基本業務的東西，你能崩潰嗎？

Yes. No, good question, Matt. So just the basic reminder, the base business is really just trying to take out any commodity fluctuation in 2 ways, right? Anything that's not $400 lumber we normalize for, and we also normalized for margins attributable to those same commodities. So we don't normalize for margins anywhere else, but it does have the impact within that $600 million that you mentioned, yes, there's some rounding. Within that $600 million that you mentioned, that's attributable to margins. And this particular year, it's mostly margins. So the vast majority of what has flowed through is the normalization of those outperforming margins over the course of the year. There is certainly a component of that, that is from the Multi-Family, right? So it's because a piece of the commodities flows into our manufactured products, including roofing, floor, trusses as well as wall panels, which obviously have a significant component of commodity in them. So we take an adjustment for that. So that is the primary driver -- is the margins attributable to the commodity change this year.

是的。不，問得好，馬特。所以只是基本提醒一下，基礎業務實際上只是試圖通過兩種方式消除任何商品波動，對嗎？任何不是 400 美元的木材我們都進行標準化，並且我們還對這些商品的利潤進行標準化。因此，我們不會對其他任何地方的利潤率進行標準化，但它確實會對您提到的 6 億美元產生影響，是的，有一些四捨五入。在你提到的 6 億美元中，這是利潤率的貢獻。今年，主要是利潤率。因此，絕大多數的變化都是在這一年中表現出色的利潤率的正常化。其中肯定有一個組成部分，那就是來自多家庭，對吧？所以這是因為一部分商品流入了我們的製成品，包括屋頂、地板、桁架以及牆板，這些顯然都含有重要的商品成分。因此我們對此進行了調整。因此，這是主要驅動因素——今年商品變化帶來的利潤。

The next question comes from Trey Grooms with Stephens.

下一個問題來自特雷·格魯姆斯和斯蒂芬斯。

I have to echo the congrats on the outstanding work in the quarter. So, on Multi-Family, I think you mentioned that you expect that to remain strong through this year. So are you seeing anything in your backlog or hearing anything from your customers about their backlogs in Multi-Family that would suggest that this slowdown is kind of coming around that time or anything on the timing there? Or is that more just kind of high-level expectation at this point?

我必須對本季度的出色工作表示祝賀。因此，關於多戶家庭，我想您提到您預計今年這一趨勢將保持強勁。那麼，您是否在積壓訂單中看到任何內容，或從客戶那裡聽到有關多戶住宅積壓訂單的任何信息，這表明這種放緩是在那個時間附近發生的，或者是與那裡的時間有關的任何事情？或者說這只是目前的高層期望？

Yes, we are seeing evidence from our customers that at the tail end of this year, there's going to be a lot of supply that comes online all at around the same time. And that in a typical year would have to be digested before a lot of these other new projects come online. That's one factor. The other factor is the cost of capital. And being able to make sure that the rents that they're going to generate versus the cost of capital, that equation has to work out exactly right as well. And until some of that -- or some of that glut of openings that comes online at the end of the year, it gets digested. Those kind of dynamics have a little bit of time to work themselves out.

是的，我們從客戶那裡看到的證據表明，到今年年底，將會有大量供應幾乎同時上線。通常情況下，在許多其他新項目上線之前，必須先消化掉這一點。這是一個因素。另一個因素是資本成本。並且能夠確保它們將產生的租金與資本成本相對應，這個等式也必須完全正確。直到其中一些——或者年底出現的一些過剩職位空缺，它才會被消化。這些動態需要一點時間來解決。

So what we're hearing is there might be a little bit of a delay in the first and second quarter and then things start picking back up again. The problem, as you know, is these projects are so long in time from plan to execution that we feel like there's going to be a lag in the first half of next year. But overall, we believe the Multi-Family will be a great segment for us to be in, and it will be a temporary scenario not necessarily something long term that we got to worry about.

因此，我們聽到的是，第一季度和第二季度可能會出現一些延遲，然後情況會再次開始好轉。如您所知，問題是這些項目從計劃到執行的時間太長，我們覺得明年上半年會出現滯後。但總的來說，我們相信多戶住宅將是我們所處的一個重要領域，這將是一個暫時的情況，不一定是我們需要擔心的長期情況。

Right. Got it. Okay. And then, Peter, you mentioned you're expecting gross margins to moderate through the year. Sorry if I missed this, but you're calling out 33% to 35% for the year. You've been running at the 35% range. So are you seeing any change over any more normalization in the margin thus far in the third quarter? Or is it still kind of holding in at that high end of the range for now?

正確的。知道了。好的。然後，彼得，您提到您預計今年毛利率將放緩。抱歉，如果我錯過了這一點，但您今年的要求為 33% 到 35%。您一直在 35% 的範圍內運行。那麼，到目前為止，您認為第三季度利潤率的正常化有任何變化嗎？還是目前仍保持在該區間的高端？

Yes. No, good question. So we continue to see -- again, it goes to the countervailing trends. We continue to see some erosion in the core market gross margin, less than we expected, but it has continued, and I think we'll continue to see that through the back half of this year. And then we know pretty reason -- with pretty reasonable accuracy how Multi-Family will play out just because of the timing of the contracts that were related to the current purchase price of commodities and kind of where we're at. So we've got a pretty decent look. Certainly, there's been good performance in gross margins throughout the year, and I don't think July is significantly different, but the trends remain the same with the overlay of Multi-Family's normalization being pretty significant over the next year.

是的。不，好問題。因此，我們繼續看到——再次，它走向了相反的趨勢。我們繼續看到核心市場毛利率有所下降，低於我們的預期，但這種情況仍在繼續，我認為我們將在今年下半年繼續看到這種情況。然後我們就知道了相當合理的原因——多戶家庭將如何發揮相當合理的準確性，只是因為合同的時間與當前商品的購買價格以及我們所處的位置有關。所以我們有一個相當不錯的外觀。當然，全年的毛利率都表現良好，我認為七月份沒有顯著的不同，但趨勢保持不變，多戶住宅的正常化疊加在明年相當顯著。

Great. If I could sneak one more in a little bit more higher level. $100 billion or so invested in automation over the last few years, which you said is bearing fruit, which is pretty clear. Where are you in that process? Or maybe how should we think about the amount of plants that you have that you would classify as automated? And where would you like that to be kind of over time?

偉大的。如果我能在更高一點的水平上再偷偷一點就好了。過去幾年在自動化方面投資了大約 1000 億美元，您說這些正在取得成果，這是非常明顯的。在這個過程中你處於什麼位置？或者，也許我們應該如何考慮您擁有的、屬於自動化設備的工廠數量？隨著時間的推移，您希望這種情況發展到什麼程度？

Yes. I would tell you, we feel really good about the level of automation we have where every plant has some level of automation. Obviously, there's more opportunity, and we have a pretty long runway there to continue to improve, and we're excited about that, prioritizing those projects. And as you know, as we do acquisitions, typically, there's a level of automation that we go back in and upgrade those acquisitions with them. We'll have that plan ongoing. We're a good customer for our automation vendor. And as much as we're always excited about talking about digital, we're also on our front foot when it comes to technology in this manufacturing space as well. So yes, we're excited about where this can continue to go.

是的。我想告訴你，我們對我們的自動化水平感到非常滿意，每個工廠都有一定程度的自動化。顯然，有更多的機會，而且我們還有很長的路要繼續改進，我們對此感到興奮，並優先考慮這些項目。如您所知，當我們進行收購時，通常會實現一定程度的自動化，我們可以通過這些自動化來升級這些收購。我們將繼續執行該計劃。我們是自動化供應商的好客戶。儘管我們總是對談論數字化感到興奮，但在這個製造領域的技術方面，我們也處於領先地位。所以，是的，我們對這能繼續發展感到興奮。

The next question comes from Ketan Mamtora with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Ketan Mamtora。

Congrats on a strong quarter. A couple of things. I'm just curious, one, how do you -- what is the M&A pipeline looking at this point? And given sort of housing has held in better than what people expected at the start of the year? Has there been any sort of change in your approach to M&A or seller expectations?

祝賀季度表現強勁。有幾件事。我只是很好奇，第一，目前併購渠道如何看待？特定類型的住房狀況比人們年初預期的要好？您的併購方式或賣家期望有什麼變化嗎？

Thanks for the question. Yes, the M&A pipeline actually has improved. I think just the fact that things were changing at the beginning of the year and people weren't sure exactly how the year was going to play out, kept people on the sideline for the first half. We're seeing more opportunities now in the second half and a couple that we feel like are really good to look at. And we're excited about how we'll continue to invest in M&A in the future.

謝謝你的提問。是的，併購渠道實際上有所改善。我認為，事實是年初情況發生了變化，人們不確定這一年到底會如何發展，這讓人們在上半年保持觀望。我們在下半年看到了更多的機會，並且有一些我們覺得非常值得一看的機會。我們對未來如何繼續投資併購感到興奮。

Got it. And is it possible at all, Peter, you talked about sort of July started off quite well. Is there any way to sort of quantify what the July trend has been like even relative to sort of Q2 or maybe year-over-year?

知道了。這有可能嗎，彼得，你談到七月開始得很好。有沒有什麼方法可以量化 7 月份的趨勢，甚至相對於第二季度或同比？

Yes. It's been a -- I don't know how to describe it other than refreshing year. For all of the concerns that we came into the year with, due to interest rates, due to affordability, it has been a surprisingly and refreshingly normal year. We have seen good progression throughout the year, the normal seasonality that we would expect to see with busier months in the summer. We've seen good utilization of our capacity. Nothing's been overwhelmed. We've gotten quite busy in certain areas, but nothing has been catastrophic like during the big run around COVID. Same on behalf of our vendors, they've performed very well. Few spots here and there where it's got a little tight but by-and-large the market has adjusted to the new volumes and really sold through quite well. And as we alluded to with our customer base, there's confidence in a lot of areas with regard to how consistently they've been able to sell through what they've been building. It seems pretty obvious that the demand is still out there. And with the reluctance to move out of an existing home, new construction has really been a bright spot, and we're excited to be leaning into that quite well.

是的。這是——除了令人耳目一新之外，我不知道如何形容它。儘管我們在這一年中遇到了各種擔憂，比如利率、承受能力，但今年卻是令人驚訝且令人耳目一新的正常年份。我們全年都看到了良好的進展，這是我們預計在夏季繁忙月份中會看到的正常季節性。我們看到我們的產能得到了良好的利用。一切都沒有被壓垮。我們在某些領域變得非常忙碌，但沒有像新冠病毒大流行期間那樣災難性的。我們的供應商也一樣，他們表現得非常好。很少有地方出現供應緊張的情況，但總的來說，市場已經適應了新的銷量，並且銷售情況確實很好。正如我們向客戶群提到的那樣，他們在很多領域都對他們通過自己構建的產品進行銷售的一致性充滿信心。顯然，需求仍然存在。由於不願搬出現有房屋，新建築確實是一個亮點，我們很高興能夠很好地利用這一點。

The next question comes from Adam Baumgarten with Zelman & Associates.

下一個問題來自 Zelman & Associates 的 Adam Baumgarten。

Just a question on the environment. With the ramping starts you've seen year-to-date. Are you hearing about any supply chain strains? Maybe not for you guys specifically, but for the industry or maybe even an extension in construction cycle times for the Builders?

只是一個關於環境的問題。隨著今年迄今為止的開始，您已經看到了。您是否聽說過供應鏈緊張的情況？也許不是專門針對你們，而是針對整個行業，甚至可能延長建築商的施工週期時間？

Yes. I think the supply chain has normalized to a great extent. I think -- versus when you saw the COVID-related issues. We're not seeing anything of that magnitude out there. There's a couple of product categories where many times are slightly extended, premium windows is an example, but still, things are normalizing.

是的。我認為供應鏈已經在很大程度上正常化了。我認為，與您看到與新冠病毒相關的問題時相比。我們沒有看到任何如此規模的東西。有幾個產品類別多次略有擴展，高級窗戶就是一個例子，但情況仍在正常化。

Now with the uptick in demand, there is some adjustments by a lot of our vendor partners on staffing and getting staff back up to the new normal of demand, but those look to be very temporary and very slight. So I would say, all in all, from a supply chain perspective, we're in pretty good shape.

現在，隨著需求的增加，我們的許多供應商合作夥伴對人員配置進行了一些調整，並使員工恢復到需求的新常態，但這些看起來非常暫時且非常輕微。所以我想說，總而言之，從供應鏈的角度來看，我們的狀況非常好。

Okay. Got it. Good to hear. And then just switching gears to the R&R business, I think you had mentioned increased capacity being a tailwind, maybe just some more color around that. And then also were there any product categories that really sit out as particularly strong in the R&R channel in the quarter?

好的。知道了。很高興聽到。然後只是切換到 R&R 業務，我想你已經提到增加容量是一種順風，也許只是圍繞這一點更多的色彩。還有，本季度 R&R 渠道中是否有任何產品類別真正表現得特別強勁？

Yes. So R&R, the way we service R&R -- there are a few markets where we're very focused on it with specific cadence. But for the most part we serve both the Pro new construction and the Pro R&R markets through the same chance. So you end up with certain time lines where you've got pretty heavy demand from one or the other. And obviously, over the past couple of years, the bulk of it has come from the new construction side. So we have pulled back a bit, they just opened up more capacity that Pro R&R business. And as I said in the past, the Pro R&R contractor would generally prefer to use us if we're available because of all the incremental services and expertise we provide versus a traditional big box or a smaller player.

是的。因此，R&R，我們為 R&R 提供服務的方式——有一些市場我們非常關注，並以特定的節奏進行。但在大多數情況下，我們通過同樣的機會為 Pro 新建工程和 Pro R&R 市場提供服務。因此，您最終會在某些時間線內收到來自其中一方的相當大的需求。顯然，在過去的幾年裡，其中大部分來自新建築方面。所以我們稍微撤退了一些，他們只是開放了比 Pro R&R 業務更多的容量。正如我過去所說，如果我們有空，專業 R&R 承包商通常會更願意使用我們，因為與傳統的大盒子或較小的參與者相比，我們提供的所有增量服務和專業知識。

The categories, the product categories, I would say we performed well across the outline of products or the family of products within Pro R&R. I would say, just stepping back for the whole business, we've continued to see really nice performance in the Windows, doors and millwork category. That's been an outperformer for us all year, and we're pretty excited about that.

我想說的是，我們在 Pro R&R 的產品大綱或產品系列中都表現良好。我想說，就整個業務而言，我們繼續在門窗和木製品類別中看到非常好的表現。這對我們來說全年都表現出色，我們對此感到非常興奮。

The next question comes from Mike Dahl with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場部的邁克·達爾。

Nice results. First question is kind of back on the Multi-Family side. Obviously, there's been a few big moving pieces. You've made some investments both organically and inorganically in that space. And then Multi-Family as a mix of percentage -- mix of the overall market has increased. You look at permit activity that's now dropping off, and you alluded to some normalization. And in Multi-Family, I think, sales, not just margins looking out to next year. Maybe can you help kind of quantify what you think has been internal versus market shifts? And I don't know if it's best framed as what you think your new normal mix of Multi-Family would be when you sort through kind of the ebbs and flows? Maybe a little more quantification there or color?

不錯的結果。第一個問題又回到了多戶家庭方面。顯然，有一些重大的變化。您已經在該領域進行了一些有機和無機投資。然後，多戶住宅的混合比例——整個市場的混合比例有所增加。您看到許可活動現在正在下降，並且您提到了一些正常化。我認為，在多戶住宅中，我們關注的是銷售，而不僅僅是明年的利潤率。也許您可以幫助量化您認為的內部變化與市場變化？我不知道當你對潮起潮落進行排序時，你認為多戶家庭的新常態組合是否是最好的框架？也許有更多的量化或顏色？

Yes. Yes. No, your point is right on. We've had a lot of change in that Multi-Family category. We've invested a lot, and we've been very successful, even in the core business in terms of how we've competed in the marketplace. I think that the overall impact of our kind of leaning into this has been a big change in the market and a big change for us. So it's increased that Multi-Family mix, but it's a mix that's attributable largely to truss, right? So we're not in sky scrapers. We're not in shopping malls or certain large-scale apartment complexes, right? We're in four-story and below wood frame structures. That's sort of our operating arena and our sweet spot, that has been doing remarkably well. And I think we have been able to improve our positioning in the market and be seen as a serious, reliable competitor.

是的。是的。不，你的觀點是正確的。我們在多戶型類別中發生了很多變化。我們投入了大量資金，並且取得了非常成功的成果，甚至在核心業務領域（就我們的市場競爭方式而言）也是如此。我認為我們的這種傾向的總體影響是市場的巨大變化以及我們的巨大變化。所以它增加了多戶混合，但這種混合主要歸因於桁架，對嗎？所以我們不在摩天大樓裡。我們不是在購物中心或者某些大型公寓大樓裡，對吧？我們住的是四層及以下的木框架結構。這就是我們的運營領域和最佳點，一直表現得非常好。我認為我們已經能夠提高我們在市場中的地位，並被視為一個嚴肅、可靠的競爭對手。

We've got the ability to withstand sort of ebbs and flows. We can be counted on to deliver even if there are some capacity constraints through our network of facilities around the country, so we do think we've gained share. We do -- we know we bought share, and we think that, that is all sort of come together to really give us some nice momentum. And that momentum is true, even though we're really in the middle of integration. So this is still early days for us in terms of getting all those teams to work together. So we're really excited about what the future holds.

我們有能力承受潮起潮落。即使我們遍布全國的設施網絡存在一些產能限制，我們也可以放心交付，因此我們確實認為我們已經獲得了份額。我們確實——我們知道我們購買了股票，而且我們認為，所有這些結合在一起確實給我們帶來了一些良好的動力。儘管我們確實處於整合之中，但這種勢頭是真實的。因此，對於我們來說，讓所有這些團隊一起工作還處於早期階段。所以我們對未來感到非常興奮。

Now you are right about the reset. We think that as we get into probably back half of next year, when we're seeing things normalize, maybe beyond that, it's probably closer to 10% directionally, we'll dial that in for you, but it's probably 10% of sales in an environment like we're in today in a normal world.

現在你對重置的看法是正確的。我們認為，當我們進入明年下半年時，當我們看到事情趨於正常化時，也許超出這個範圍，它可能會接近10%，我們會為您撥出這個數字，但這可能是銷售額的10%在我們今天所處的正常世界環境中。

Yes. I would just add. We were purposeful when we added that acquisition and entrants into that Multi-Family segment, knowing that it would be a diversification play from Single-Family and vice versa. So -- what we're expecting is as Multi-Family normalizes, we're expecting Single-Family to remain on stable footing. In addition, in the truss world, what makes it such a good investment for us is we can run Single-Family jobs out of a Multi-Family truss plan. So we do that today. When we have Multi-Family plants that are maxed out, we run Multi-Family jobs out of our Single-Family plants and vice versa, when each side has more work than they have capacity. So -- we've got a plan in place to manage through all ebbs and flows of both sides of those businesses and we did so intentionally.

是的。我只想補充一下。當我們將收購和進入者添加到多戶住宅細分市場時，我們是有目的的，因為我們知道這將是單戶住宅的多元化發展，反之亦然。因此，我們期望隨著多戶家庭的正常化，我們期望單戶家庭保持穩定的基礎。此外，在桁架世界中，它對我們來說是一項很好的投資，因為我們可以在多戶桁架計劃中運行單戶作業。所以我們今天就這樣做。當我們的多系列工廠已滿時，我們會在單系列工廠中運行多系列作業，反之亦然，當雙方的工作量超過其能力時。因此，我們制定了一項計劃來管理這些業務雙方的所有潮起潮落，而且我們是有意這樣做的。

Got it. Yes, that's very helpful. And then my second question, you've spent a lot of time kind of dissecting the margins. Maybe at a high level, just between commodities between the Multi-Family legs. When you're now talking about a 29% plus on normal, can you just kind of help us simplify this at a high level in terms of margin differentials by not necessarily every product category, but high level. Just where do you think your new value-add margin will be, is it kind of like a low 30s value-add and a 20 on lumber? What's kind of driving at a high level the blended 29%?

知道了。是的，這非常有幫助。然後是我的第二個問題，你花了很多時間來剖析邊緣。也許在高水平上，就在多戶腿之間的商品之間。當您現在談論的是正常情況下 29% 以上時，您能否幫助我們在高水平上簡化這一點，即不一定是每個產品類別的利潤差異，而是高水平的差異。您認為新的增值利潤率會是多少，是不是有點像 30 多美元的低附加值和 20 多美元的木材附加值？混合29%的高水平駕駛是什麼樣的？

Yes. So if you think about the historical kind of guidances that we've had, we were running we were running gross margins kind of 25% to 27%. We talked about how the commodities were generally kind of high teens to low 20s for gross margins. We talked about how value-add was 800 to 1,000 basis points higher than that. I would tell you kind of where we are today with some of the noise in it. We're substantially higher than that on the value-add. But we've also seen sort of increases across the board.

是的。因此，如果你考慮一下我們歷史上的指導，我們的毛利率在 25% 到 27% 之間。我們討論了商品的毛利率通常在十幾歲到二十多歲之間。我們討論了增值額比這高出 800 到 1,000 個基點。我會告訴你我們今天所處的位置，其中有一些噪音。我們在附加值方面遠遠高於後者。但我們也看到了全面的增長。

The increases across the board we talked about a lot, just to reiterate, we've seen some inflation, right? So if the cost of delivery is higher, the margins need to be higher in order to pay for the increased costs. So we've seen some incremental margin increase across the board to cover that. And then the two things that have impacted it the most is you've seen increased productivity. And what we've talked about in Multi-Family, some displacement causing the margins to be higher, full stop.

我們談論了很多全面的增長，只是重申一下，我們已經看到了一些通貨膨脹，對吧？因此，如果交付成本較高，則需要更高的利潤才能支付增加的成本。因此，我們已經看到全面增加利潤來彌補這一點。對它影響最大的兩件事是生產力的提高。我們在多戶住宅中討論過，一些位移導致利潤更高，句號。

And you've seen overall a pretty substantial mix shift away from the commodity side of the business, which used to be half of what we did back in the old days to closer to 25 to 1/3 -- 25% to 1/3 of our business now and that has allowed that normalized gross margin to really drift further and further off the more on mix swings. So sort of all of those components are feeding in the productivity, the inflation, the overall mix shift to allow us to see that higher amount. But again, going from 35%, 34% for the full year is what we're signaling, right, for the midpoint down to the 29% plus that is the Multi-Family. That is the continued normalization. And we're going to continue to watch that play out, and we'll dial in that guidance as we get more confident.

總體而言，您已經看到業務的商品方面發生了相當大的變化，這曾經是我們過去所做的事情的一半，現在接近 25 到 1/3 - 25% 到 1/3我們現在的業務，這使得正常化的毛利率隨著混合波動而真正偏離得越來越遠。因此，所有這些組成部分都在促進生產力、通貨膨脹和整體結構的轉變，使我們能夠看到更高的數量。但同樣，從全年的 35%、34% 開始，我們發出信號，對吧，中點下降到 29% 以上，即多戶家庭。這就是持續的正常化。我們將繼續關注這一情況的發展，當我們變得更有信心時，我們將調整該指導。

The next question comes from Steven Ramsey with Thompson Research Group.

下一個問題來自湯普森研究小組的史蒂文拉姆齊。

I wanted to continue the base EBITDA conversation along with the productivity. If I'm connecting the dots, you're saying this year sales and base EBITDA go down $100 million each and then the productivity savings midpoint is $130 million. So backing out that midpoint of savings, the decremental margins look like a low 20% range, if my math is correct. I mean, with the productivity flowing in, is the dollar level of productivity in future years going to be as strong as this year?

我想繼續討論基本 EBITDA 和生產力。如果我把這些點聯繫起來，你會說今年的銷售額和基本 EBITDA 各下降 1 億美元，然後生產力節省的中點為 1.3 億美元。因此，如果我的數學計算正確的話，扣除節省的中點，遞減利潤看起來會低至 20%。我的意思是，隨著生產力的流入，未來幾年的美元生產力水平會像今年一樣強勁嗎？

Well, it's certainly what we're shooting for. Internally, we have a lot of projects that we think we can leverage to continue to improve our operations, continue to offset the impact of inflation, whether it be the way we buy, what we buy, how we deliver it, how we process it internally back office, those are all things that we're pretty confident that we can continue to improve, and those were the goals we're setting for ourselves. Will every year be exactly this year or better? Well, we'll see certainly where we're headed.

嗯，這當然是我們拍攝的目的。在內部，我們有很多項目，我們認為我們可以利用它們來繼續改善我們的運營，繼續抵消通貨膨脹的影響，無論是我們購買的方式、我們購買的東西、我們如何交付、我們如何處理。在內部後台，這些都是我們非常有信心可以繼續改進的事情，這些都是我們為自己設定的目標。每年都會和今年一樣還是更好？好吧，我們肯定會看到我們的前進方向。

We believe there's a huge opportunity there given our platform of the 570-plus locations and our ability to take best practices from -- we're a product of multiple acquisitions. And we've learned how to take the best practice from one of those acquisition and leverage it across the platform. We've built a continuous improvement culture. We have people dedicated to it in each of our divisions for that very purpose, because we believe that the part -- that the benefit of our scale is to be able to do it the best way across 570 locations versus just in 1 area or 1 market. So we're confident that we can achieve at the current levels of continuous improvement that we've set for ourselves each year for a long period in the future.

我們相信，鑑於我們擁有 570 多個地點的平台以及我們汲取最佳實踐的能力，那裡存在巨大的機會——我們是多次收購的產物。我們已經學會瞭如何從其中一項收購中獲取最佳實踐，並在整個平台上加以利用。我們建立了持續改進的文化。為此，我們每個部門都有專人致力於此，因為我們相信，我們規模的優勢在於能夠在570 個地點以最佳方式實現這一目標，而不是僅在1 個區域或1 個地區實現這一目標。市場。因此，我們相信，我們能夠在未來很長一段時間內實現我們每年為自己設定的持續改進的當前水平。

Okay. Helpful. And then to make sure on the productivity savings, how much of that is coming from the distribution side of the business? How much of that is more on the manufacturing side? And maybe how much of that is automation driven versus other general improvements?

好的。有幫助。然後為了確保生產力節省，其中有多少來自業務的分銷方面？其中有多少是在製造方面？與其他一般改進相比，其中有多少是自動化驅動的？

Yes. So it's probably half and half in terms of what we're getting on the sort of the inbound versus the operating side. We're doing a lot in both, it's a bunch of individual projects that sort of accumulate to contribute. But directionally, it's probably right.

是的。因此，就我們在入境方面和運營方面得到的情況而言，可能是一半一半。我們在這兩方面都做了很多工作，這是一堆單獨的項目，可以通過積累來做出貢獻。但從方向上來說，這可能是對的。

The next question comes from Joe Ahlersmeyer with Deutsche Bank.

下一個問題來自德意志銀行的 Joe Ahlersmeyer。

I just wanted to, just based on the visibility you may have into your inventory and your Multi-Family backlogs for this quarter. Just maybe any help on the phasing of the gross margin and even just the overall sales and EBITDA third quarter versus fourth quarter?

我只是想根據您對本季度庫存和多戶積壓訂單的可見性來確定。也許對毛利率的逐步調整，甚至只是第三季度與第四季度的整體銷售額和 EBITDA 有何幫助？

Well, I think normally, we would perform a bit lower in the fourth quarter just as a seasonal representation. Qs 2 and 3 are always better than Qs 1 and 4. This year, and I think it's based on what I said before, we think it's likely to be more normal. So we would expect Q4 to be a bit weaker. Certainly, as always, that's the weaker part of my forecasting confidence it's 1 quarter out, we feel pretty good, 2 quarters out, gets a little more murky. So maybe the right way to think about it.

嗯，我認為通常情況下，我們在第四季度的表現會稍低一些，就像季節性表現一樣。 Qs 2和3總是比Qs 1和4更好。今年，我認為基於我之前所說的，我們認為它可能會更正常。因此，我們預計第四季度會稍弱一些。當然，一如既往，這是我的預測信心中較弱的部分，在 1 個季度結束後，我們感覺很好，在 2 個季度結束後，情況變得更加模糊。所以也許是正確的思考方式。

Understood. And then on the inventory balance, that's come down as commodity costs have come down and rolled through the P&L. But is there additional productivity you're looking to gain on the inventory balances? Or given what we've seen in the market, could we actually see it go the other way where you're preparing, I guess, for a stronger spring in 2024? Making sure that you have inventory on hand to service the market?

明白了。然後，在庫存餘額方面，隨著商品成本下降併計入損益表，庫存餘額也隨之下降。但您是否希望通過庫存餘額獲得額外的生產力？或者考慮到我們在市場上看到的情況，我們是否真的會看到市場走向相反的方向，我想，你正在為 2024 年更強勁的春天做準備？確保您手頭有庫存來服務市場？

Yes, probably more the latter. So I'll start by saying your observation is absolutely correct. We've had great performance. Operating teams have done a fantastic job of sort of continuing to clean up post the craziness of the supply chain over the last couple of years, clearing out excess that we feel we had on hand tightening up, whether it be windows or millwork or whatever, the teams have done a great job of really managing on -- in a very streamlined just-in-time way, the inventory that we've got rolling in and out of our facilities.

是的，可能更多的是後者。所以我首先要說你的觀察是絕對正確的。我們有出色的表現。過去幾年，運營團隊做得非常出色，在供應鏈瘋狂後繼續清理，清除了我們認為手頭上有多餘的東西，無論是窗戶、木製品還是其他什麼，這些團隊在管理方面做得非常出色— —以一種非常精簡、及時的方式，管理我們設施中進出的庫存。

But you're right, when we grow, we absolutely have more working capital inventory included. So coming into the future where we do see, at least based on what we're seeing right now, growth on the horizon, we would expect working capital to stop being a tailwind and start being a usage into that growth.

但你是對的，當我們成長時，我們絕對會擁有更多的營運資金庫存。因此，進入未來，至少根據我們現在所看到的情況，我們確實看到了即將到來的增長，我們預計營運資本將不再是一種順風，而是開始成為這種增長的用途。

The next question comes from Collin Verron with Jefferies.

下一個問題來自 Jefferies 的 Collin Verron。

You've highlighted the acceleration in orders from the public builders and the Census Bureau data really bouncing off the bottom here. I was just hoping you guys could talk about any differences you're seeing between your customers with the large production builders and the smaller builders. And then a comment on this. At this point, do you see the bottom in Single-Family being behind BLDR at this point, particularly from a Single-Family sales perspective?

您強調了公共建築商訂單的加速增長，以及人口普查局的數據確實從底部反彈。我只是希望你們能談談您所看到的大型生產建築商和小型建築商之間的客戶之間的差異。然後對此發表評論。在這一點上，您是否認為單戶住宅的底部落後於 BLDR，特別是從單戶住宅銷售的角度來看？

Well, we were certainly really encouraged by both the results that our public builders were reporting and even more about the projections for the rest of the year. So we feel really confident that, again, I'm not calling this robust, but it's certainly better than everyone expected over the second half of the year and stable to up over the back half of the year. And that gave us the confidence that we have for being able to project what we feel like we can do in that environment.

嗯，我們的公共建築商報告的結果以及今年剩餘時間的預測確實讓我們感到鼓舞。因此，我們非常有信心，再次強調，我並不是說這種情況很強勁，但它肯定比大家對今年下半年的預期要好，並且在今年下半年會穩定增長。這給了我們信心，讓我們能夠在那種環境下計劃我們能做的事情。

Great. That's helpful. And then you guys provided some good color on the digital adoption, providing some takeoff figures. Can you just quantify those maybe in terms of revenues and talk about where you guys are in your journey in reaching that $1 billion sales opportunity?

偉大的。這很有幫助。然後你們就數字化採用提供了一些很好的信息，提供了一些起飛數據。您能否從收入方面對這些進行量化，並談談你們在實現 10 億美元銷售機會的過程中處於什麼階段？

Yes. We're excited about digital. It's continuing to move along. The technology is coming together. The pilots are going well and we've given sort of a few hints about some metrics and what that looks like internally but it's all very, very early days, to be honest. We've got some revenue, but it's pretty modest. It's not the focus. The focus is not really growing that right now. It's tuning. It's completing the technology, tuning what we have built, making sure the technology is sort of stable and capable of running at the scale that we intend to put through it. That's this year's goal. We're certainly expecting pretty significant increases in '24 and beyond. And we'll have some more information on the timing of that and the layout of that as we get into our Investor Day in December.

是的。我們對數字化感到興奮。它還在繼續前進。技術正在融合在一起。試點進展順利，我們已經就一些指標以及內部情況給出了一些提示，但說實話，這一切都還處於非常非常早期的階段。我們有一些收入，但相當有限。這不是重點。現在的重點並不是真正增長。正在調音。它正在完善技術，調整我們已經構建的內容，確保該技術穩定並且能夠以我們打算實現的規模運行。這是今年的目標。我們當然預計 24 年及以後會有相當顯著的增長。當我們進入 12 月份的投資者日時，我們將獲得更多有關時間安排和佈局的信息。

The next question comes from Reuben Garner with The Benchmark Company.

下一個問題來自 The Benchmark Company 的魯本·加納 (Reuben Garner)。

Congrats again on the strong quarter. I guess I had some connection issues earlier. So if I repeat anything, sorry, in advance. But first question is on inventory. Can you talk about where your inventory stands from a volume perspective relative to kind of historically normal times? We've heard from both kind of 2-step distributors and some manufacturers that the dealer channel is kind of thin and hesitant to add. I was just curious how you guys are viewing inventory? Is that something where you're stocking and it's an advantage you have product over some of your smaller peers? Or are you the folks that are running thinner than usual now?

再次祝賀本季度的強勁表現。我想我之前遇到了一些連接問題。所以，如果我重複什麼，抱歉，提前。但第一個問題是庫存。您能否從相對於歷史正常時期的數量角度談談您的庫存狀況？我們從兩步經銷商和一些製造商那裡聽說，經銷商渠道有點薄弱，不願增加。我只是好奇你們是如何查看庫存的？這是你庫存的東西嗎？與一些規模較小的同行相比，你的產品有優勢嗎？或者你是那些現在比平時更瘦的人嗎？

I would say we're running normal, right? I think we're not seeing the same kind of supply challenges we did just after COVID. It's more of a normal operating environment. Our guys have done an unbelievable job of coming through that and getting back to normal for us. We're where we would be normally with just seasonal fluctuations now. So we'll see a buildup of inventory during the third quarter, and it will start to wane in the fourth quarter as we head into the seasonal months. But we're kind of business as usual at this point.

我想說我們運行正常，對嗎？我認為我們沒有看到新冠疫情爆發後所面臨的同樣類型的供應挑戰。這更像是一個正常的操作環境。我們的球員完成了令人難以置信的工作，幫助我們度過了難關並恢復正常。我們現在處於正常情況，只有季節性波動。因此，我們將在第三季度看到庫存增加，而隨著進入季節性月份，庫存將在第四季度開始減少。但目前我們一切如常。

Okay. Great. And then I'm not sure if someone asked, but an updated way to think about sensitivity to lumber. I know you've got the base business lumber out there. But if we're continuing to run $100 higher, how much of an impact does that have on revenue and profit?

好的。偉大的。然後我不確定是否有人問過，但有一種更新的方式來思考對木材的敏感性。我知道你已經有了基本的商業木材。但如果我們繼續上漲 100 美元，這會對收入和利潤產生多大影響？

Yes. That's a good question, Reuben. You may have noticed we brought back the base business guidance and estimate, but we did not bring back that sensitivity chart in the back. Candidly, I think that caused as much confusion as clarity. So we're going to try a different approach.

是的。這是個好問題，魯本。您可能已經註意到我們帶回了基本業務指導和估計，但我們沒有帶回後面的敏感度圖表。坦白說，我認為這造成的混亂和清晰度一樣多。所以我們將嘗試一種不同的方法。

What I can tell you, and this is really based on what we're seeing today, if lumber goes up or down by $100 -- $1,000, we think it's worth between $175 million and $225 million in annual EBITDA. So it's -- if $200 is the midpoint, it's in that range, but there are 2 things that I need you to just keep in mind, right? There are a number of assumptions that go into that type of rule of thumb metric.

我可以告訴你的是，這實際上是基於我們今天所看到的情況，如果木材價格上漲或下跌 100 至 1,000 美元，我們認為其年度 EBITDA 價值在 1.75 億至 2.25 億美元之間。所以，如果 200 美元是中點，它就在這個範圍內，但我需要你記住兩件事，對嗎？這種類型的經驗法則度量有許多假設。

The 2 most important are: one, that's assuming normalized margins. So it's a normalized margin impact of that up and down specific to commodities; and then please keep in mind, it takes 3, 4 months, sometimes a little bit longer of a lag before that change in commodity will show up in our results. right? You think about the inventory on the ground, the order time, the delivery and then the pricing change impact as that flows through. So just keep in mind, those 2 assumptions are very critical to that. that rule of thumb. But again, $100 lumber worth between $175 million and $225 million of annual EBITDA.

最重要的兩個是：第一，假設利潤率標準化。因此，這是特定於商品的漲跌對利潤率的正常化影響；然後請記住，商品的變化需要 3、4 個月，有時甚至更長一點的滯後時間才會出現在我們的結果中。正確的？您會考慮現場庫存、訂單時間、交貨，然後考慮價格變化的影響。因此請記住，這兩個假設對此非常關鍵。這個經驗法則。但同樣，100 美元的木材價值在 1.75 億美元到 2.25 億美元的年度 EBITDA 之間。

And a quick clarification, Peter. Is that lumber and OSB altogether commodity?

快速澄清一下，彼得。木材和 OSB 都是商品嗎？

Correct. And we assume a 70-30 lumber-OSB mix.

正確的。我們假設木材-OSB 的比例為 70-30。

The next question comes from Kurt Yinger with D.A. Davidson.

下一個問題來自 D.A. 的 Kurt Yiner。戴維森。

Just given the strength in value-add and what you've talked about in terms of, I guess, the widening kind of margin differential versus traditional distributed products. Are you seeing competitors, I guess, invest behind the category to a greater extent or lean in more there? And I guess, over the long term, how do you think about your ability to kind of differentiate with some of those solutions?

考慮到增值的優勢以及您所談論的，我想，與傳統分佈式產品相比，利潤差距不斷擴大。我想，你是否看到競爭對手在該類別上加大了投資，或者在該類別上投入更多？我想，從長遠來看，您如何看待自己在其中一些解決方案中脫穎而出的能力？

Yes. I think we're the clear leader in the space, first of all. And we have made the most -- we put the most emphasis on finding ways to increase our productivity, specifically in our manufacturing truss and door shops to extend that lead. We believe the investment required to do those type of improvements is not insignificant. And we're -- we believe our commitment to us has made a difference.

是的。首先，我認為我們是該領域明顯的領導者。我們已經做出了最大的努力——我們最重視尋找提高生產力的方法，特別是在我們的製造桁架和門車間中，以擴大這一領先優勢。我們相信進行此類改進所需的投資並非微不足道。我們相信我們對我們的承諾已經產生了影響。

And we see that in the marketplace, we especially saw it coming out of COVID, where it was tough for people to find a truss manufacturer that wasn't -- that didn't have a significant backlog and people had to pick and choose who they wanted to do business with. And we saw where our customers wanted to do business with us in that environment. So we feel good about our position. I think anywhere where you see opportunity, people are going to make investment. I just think we've got such a nice lead on our competition today, it will be tough for us -- for them to catch us.

我們看到，在市場上，我們特別看到它來自新冠疫情，人們很難找到一家沒有大量積壓訂單的桁架製造商，人們必須挑選誰他們想與之做生意。我們看到了客戶希望在這種環境下與我們開展業務的地方。所以我們對自己的處境感覺良好。我認為只要有機會，人們就會進行投資。我只是認為我們今天在比賽中取得了很好的領先優勢，這對我們來說很難——他們要追上我們。

Got it. Okay. That's helpful. And then just second, I was hoping you could just kind of frame how you would characterize your volume performance over the first half relative to what we've seen on the Single-Family start side. And I guess in manufactured products as well, I mean it seems like the core organic sales there trailed Single-Family starts a bit. Curious if that's footprint, maybe some pricing in there and just how you kind of reconcile those different data points.

知道了。好的。這很有幫助。其次，我希望您能夠根據我們在單戶住宅開始方面所看到的情況，描述一下您在上半年的銷量表現。我想在製成品方面也是如此，我的意思是，那裡的核心有機銷售似乎有點落後於單戶家庭。很好奇這是否是足跡，也許其中有一些定價，以及如何協調這些不同的數據點。

Yes. No, that's a fair question. It's something we look at pretty regularly as you know. What I think it boils down to most simply is starts are the best indicator and the best sort of measuring stick for our performance over time. I don't think it's accurate at a quarter and what we've seen is sort of as the market turned down, we didn't go down as much as the market. As the market has turned up we haven't gone up as much as the market. And there's a little bit of product mix to do with that, right? We've said in the past, we're probably 2/3 that's leveraged towards the beginning of the start, 1/3 towards the end of the start. So that's 1 piece. Another of it is that we're probably not at the start. We know we're not at the start. We're anywhere from 30, sometimes 60 days later when our first product starts to hit the job site. So a little bit of shifting around that in terms of timing of when our orders hit.

是的。不，這是一個公平的問題。如您所知，這是我們經常關注的事情。我認為最簡單的歸結是，開始是最好的指標，也是衡量我們隨著時間的推移表現的最好的衡量標準。我認為這個季度的數據並不准確，我們所看到的情況是市場下跌，但我們的下跌幅度沒有市場那麼大。隨著市場的上漲，我們的漲幅沒有市場那麼大。這與一些產品組合有關，對嗎？我們過去說過，我們可能在開始時使用 2/3 的槓桿，在開始結束時使用 1/3。所以這是 1 件。另一個原因是我們可能還沒有開始。我們知道我們還沒有開始。當我們的第一個產品開始到達工作現場時，我們會在 30 天，有時是 60 天后。因此，就我們的訂單到達時間而言，需要稍微改變一下。

Based on the trends we're seeing right now, we feel pretty good. We may have given up a little bit of share in our estimation, a couple of hundred million dollars' worth. We talked a lot during the time line of the big supply chain disruptions about how advantaged we thought we were by having more product and being more effective at meeting customer needs where others struggle. And we're probably giving back a little bit of that as we anticipated, but that's kind of in the numbers you're seeing now. So feeling pretty good about where we are versus the overall market.

根據我們現在看到的趨勢，我們感覺非常好。我們可能放棄了我們估計的一小部分份額，價值幾億美元。在供應鏈發生重大中斷期間，我們談論了很多關於我們認為擁有更多產品並更有效地滿足其他人難以滿足的客戶需求的優勢。我們可能會像我們預期的那樣回饋一些，但這就是你現在看到的數字。因此，我們對整體市場的現狀感到非常滿意。

The next question comes from Jay McCanless with Wedbush.

下一個問題來自傑伊·麥坎利斯和韋德布什。

The first question I had, we've seen lumber prices, especially framing lumber move up sequentially for the last couple of months. I guess, is that starting to flow into your pricing not only on commodity goods, but are you also starting to be able to take some price on the value-add goods?

我的第一個問題是，我們看到木材價格，特別是框架木材價格在過去幾個月連續上漲。我想，這是否開始不僅影響到您對商品的定價，而且您是否也開始能夠對增值商品定價？

Like always, yes, sure. I mean it will take some time to fully feather in, but it has started to move modestly and we certainly follow it on a consistent basis. The one point I'll make on that, though, is that one of the big movers has been OSB. I'm personally a little bit skeptical on the durability of that only because we hear so much about incremental capacity coming online over the next year. We'll see where it pans out, but that certainly is something to keep an eye on.

一如既往，是的，當然。我的意思是，完全適應需要一些時間，但它已經開始溫和地發展，我們當然會始終如一地遵循它。不過，我要強調的一點是，OSB 是最大的推動者之一。我個人對此的持久性有點懷疑，只是因為我們聽到了很多關於明年上線增量容量的消息。我們將會看到結果如何，但這肯定是值得關注的事情。

Okay. That's good to hear. And then just the second question, M&A phrased a different way. Are you starting to see some of this tightening in terms of bank lending standards and underwriting on some of your potential acquisition targets. Is that freeing up or making some people may be more willing to sell than they might have been at the beginning of the year?

好的。聽起來還不錯。接下來是第二個問題，併購的表述方式有所不同。您是否開始看到銀行貸款標準和某些潛在收購目標的承保方面出現收緊？這是否會釋放或讓一些人比年初更願意出售？

That makes reasonable sense that we would start to see that. I would say what we've been looking at lately, that hasn't been a factor.

我們開始看到這一點是有道理的。我想說的是我們最近一直在關注的事情，這並不是一個因素。

The next question comes from David Manthey with Baird.

下一個問題來自 David Manthey 和 Baird。

This is Quinn Fredrickson on for Dave. I'll just ask 1 question here. Peter, your earlier comment made it sound like the competitive environment has remained pretty benign in value-add and better than you expected. Do you think that's still the same dynamic among competitors with the commodity price lags in their contracts? Or is there a structural change and improvement there? And then are you assuming an uptick in competitiveness in the expectations for the slight back half gross margin moderation?

我是奎因·弗雷德里克森 (Quinn Fredrickson) 替戴夫 (Dave) 發言。我在這裡只問1個問題。彼得，您之前的評論聽起來競爭環境在增值方面仍然相當良性，並且比您預期的要好。您認為競爭對手之間的情況是否仍然存在同樣的動態，其合同中的商品價格存在滯後？或者說那裡有結構性的改變和改進嗎？那麼，您是否認為下半年毛利率略有放緩的預期會導致競爭力上升？

So I guess I need to be a little careful how I answer that. On the first hand, we have seen incremental competition and margin erosion in core business period, full stop. Now it's not as much as we expected. It's not as much as we forecasted, hence the outperformance in that area.

所以我想我在回答這個問題時需要小心一點。首先，我們看到核心業務時期的競爭加劇和利潤率下降，完全停止。現在沒有我們預期的那麼多。它沒有我們預測的那麼多，因此該領域的表現優於我們。

I would say that there's been a lot of strength in the volumes within the value-add, which gives us increasing confidence that we're meeting a need that our customers see value in it, that they're leveraging it to improve their cycle times, their job site efficiencies, their job site safety and that we're at a price point that's competitive that allows them to do what they need to do better. So we're certainly pleased with all of that and have been seeing the competition.

我想說的是，增值方面的數量有很大的優勢，這讓我們越來越有信心，我們正在滿足我們的客戶看到其中價值的需求，他們正在利用它來縮短週期時間、他們的工作現場效率、他們的工作現場安全以及我們的價格點具有競爭力，使他們能夠更好地完成他們需要做的事情。因此，我們當然對這一切感到滿意，並且一直在關注競爭。

Now the components of cost, the investments that we've made, but also the inflation we've seen, certainly I think that has had a structural impact on the overall market, us included, but others as well, where you got to make a little more gross margin if you want to cover those incremental wage costs or truck costs or whatever it is.

現在，成本的組成部分，我們所做的投資，還有我們所看到的通貨膨脹，我當然認為這對整個市場產生了結構性影響，包括我們，但也包括其他市場，你必須在哪裡如果您想支付那些增量工資成本或卡車成本或其他任何費用，則毛利率要高一點。

But then lastly, we've done a lot of work. We're much more efficient and that self-help has allowed us to earn more on the same equipment year-on-year because of our efficiency improvements, whether it be new automation that layers on the same equipment and facilities, sometimes it's a new equipment. But sometimes it's just better process. And all of those things are why that strength we've seen is sustainable.

但最後，我們做了很多工作。我們的效率提高了很多，而且由於效率的提高，自助使我們能夠在相同的設備上同比賺取更多的收入，無論是在相同的設備和設施上分層的新自動化，有時是新的自動化。設備。但有時這只是更好的過程。所有這些都是我們所看到的這種力量可持續的原因。

I think that helps, to Dave's point, us be more competitive, right? We can still make good money where others are struggling. And if we can do it by being more reliable or on time and in-full being better, that our quality is better, then we're always going to be the partner of choice for these builders who want to make sure their houses are high quality and on time.

我認為，按照戴夫的觀點，這有助於我們更具競爭力，對吧？當其他人陷入困境時，我們仍然可以賺到很多錢。如果我們能夠通過更可靠或更準時、更全面地做到這一點，那麼我們的質量就更好，那麼我們將永遠成為這些想要確保他們的房屋質量高的建築商的首選合作夥伴質量和準時。

And I would just add a real-life example in a major market. We had a customer try someone else for 50 houses on truss for a lower price. They came back to us less than a month later at our price for those same 50 houses, which we, by the way, delivered inside of 10 days. So the stickiness we generated or by being able to do what we do best for our customers, they recognize that value proposition. And that's allowed us to make money for them and us, and that's where we want to be.

我只想添加一個主要市場的現實例子。我們有一位客戶嘗試以更低的價格購買 50 棟桁架房屋。不到一個月後，他們就按照我們的價格向我們回復了這 50 棟房子，順便說一下，我們在 10 天內交付了這些房子。因此，我們產生的粘性或者能夠為客戶做最好的事情，他們就會認可這一價值主張。這讓我們能夠為他們和我們自己賺錢，這就是我們想要達到的目標。

This does conclude today's question-and-answer session. I will now turn the program back over to our presenters for any additional closing remarks.

今天的問答環節到此結束。我現在將把節目交還給我們的主持人，以便他們發表更多的結束語。

Thank you very much. Have a great day.

非常感謝。祝你有美好的一天。

Thanks, everyone.

感謝大家。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。