Builders FirstSource Inc (BLDR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Builders FirstSource's first-quarter 2025 earnings conference call. Today's call is scheduled to last about one hour, including remarks by management and the question-and-answer session. (Operator Instructions)

大家好，歡迎參加 Builders FirstSource 2025 年第一季財報電話會議。今天的電話會議預計持續約一小時，包括管理階層的發言和問答環節。（操作員指示）

I'd now like to turn the call over to Heather Kos, Senior Vice President, Investor Relations for Builders FirstSource. Please go ahead.

現在我想將電話轉給 Builders FirstSource 投資者關係資深副總裁 Heather Kos。請繼續。

Good morning, and welcome to our first-quarter 2025 earnings call. With me on the call are Peter Jackson, our CEO; and Pete Beckmann, our CFO. The earnings press release and presentation are available on our website at investors.bldr.com. We will refer to the presentation during our call. The results discussed today include GAAP and non-GAAP results adjusted for certain items.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。與我一起參加電話會議的還有我們的執行長彼得傑克森 (Peter Jackson) 和我們的財務長 Pete Beckmann。收益新聞稿和簡報可在我們的網站 investors.bldr.com 上查閱。我們將在電話會議中參考簡報。今天討論的結果包括根據某些項目調整後的 GAAP 和非 GAAP 結果。

We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures. You can find a reconciliation of these non-GAAP measures to the corresponding GAAP measures where applicable and a discussion of why we believe they can be useful to investors in our earnings press release, SEC filings and presentation.

我們提供這些非 GAAP 結果僅供參考，不應將其與最直接可比較的 GAAP 指標分開考慮。您可以在我們的收益新聞稿、SEC 文件和簡報中找到這些非 GAAP 指標與相應 GAAP 指標的對帳表（如適用），以及我們認為它們對投資者有用的原因的討論。

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、簡報和本次電話會議中的評論包含《私人證券訴訟改革法案》所定義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提交給美國證券交易委員會的文件中前瞻性陳述部分，以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。

And with that, I'll turn the call over to Peter.

說完這些，我會把電話轉給彼得。

Thank you, Heather, and good morning, everyone. Given the current environment, I'm proud of our resilient results for the first quarter, which reflect the strength of our differentiated product portfolio and our continued focus on driving operational excellence. While macro and industry dynamics continue to be unsettled, we remain confident in our ability to navigate any challenges. We are a cycle-tested team that has withstood economic uncertainty in the past. We will execute again by staying rooted in our strategy and focusing on the factors within our control.

謝謝你，希瑟，大家早安。鑑於當前形勢，我對我們第一季的強勁業績感到自豪，這反映了我們差異化產品組合的實力以及我們對推動卓越營運的持續關注。儘管宏觀和行業動態仍然不穩定，但我們仍然有信心應對任何挑戰。我們是一支經過週期考驗的團隊，過去曾經受住經濟不確定性的考驗。我們將再次執行我們的策略，並專注於我們能控制的因素。

During these uncertain times, our role as a trusted partner is vital as we help our customers address affordability challenges and increase efficiency. We are focused on the near term while laying the groundwork for future growth. As the market recovers, I'm confident we will outperform.

在這些不確定的時期，我們作為值得信賴的合作夥伴的角色至關重要，因為我們幫助客戶解決負擔能力挑戰並提高效率。我們專注於短期目標，同時為未來發展奠定基礎。隨著市場復甦，我相信我們的表現會更出色。

As shown on slide 3, our strategy remains consistent. We are focused on organic growth, operational excellence and disciplined capital allocation.

如投影片 3 所示，我們的策略保持一致。我們專注於有機成長、卓越營運和嚴格的資本配置。

We are committed to advancing our strong foundation and driving value creation for our customers through investments in innovation. Our significant investments in value-added products, digital tools and internal systems are cementing our leading industry position.

我們致力於透過對創新的投資來鞏固我們的堅實基礎並為我們的客戶創造價值。我們對加值產品、數位工具和內部系統進行了大量投資，鞏固了我們在產業中的領先地位。

Let's turn now to our first quarter performance on slide 4. Our team's ability to drive resilient results, despite external headwinds, reflects our focus on execution, operational rigor and customer success. Pete will expand on our results more later in the presentation.

現在讓我們來看看投影片 4 上的第一季業績。儘管面臨外部阻力，我們的團隊仍能取得穩健的成果，這反映了我們對執行力、營運嚴謹性和客戶成功的關注。皮特將在稍後的演示中進一步闡述我們的成果。

On slide 5, we highlight key areas where we've been executing our strategy. In the first quarter, we invested $23 million in our value-added facilities to prepare for future demand in key markets. This included opening one new millwork location, expanding another millwork plant and upgrading a truss facility. Adoption rates for our industry-leading BFS digital tools are steadily climbing each week and we are garnering consistent positive feedback from our growing customer base. I'm pleased that we realized $19 million in incremental digital sales for the quarter, bringing our total to $153 million since launch despite the challenging environment that has persisted for our target customers.

在第 5 張投影片上，我們重點介紹了我們一直在執行策略的關鍵領域。第一季度，我們向增值設施投資了 2,300 萬美元，為滿足主要市場未來的需求做好準備。其中包括開設一個新的木製品廠、擴建另一個木製品廠和升級桁架設施。我們行業領先的 BFS 數位工具的採用率每週都在穩步攀升，並且我們從不斷增長的客戶群中獲得持續積極的反饋。我很高興，儘管我們的目標客戶一直面臨挑戰，但本季我們的數位銷售額仍增加了 1,900 萬美元，自推出以來，我們的總銷售額已達到 1.53 億美元。

We achieved $17 million in productivity savings in Q1 and primarily through targeted supply chain initiatives, more efficient truss manufacturing and fleet management. We are focused on optimizing processes, leveraging technology and improving supplier relationships to enhance efficiency. We remain disciplined stewards of discretionary spending, and we are continuing to maximize operational flexibility.

我們在第一季實現了 1700 萬美元的生產力節約，這主要透過有針對性的供應鏈計劃、更有效率的桁架製造和車隊管理來實現。我們專注於優化流程、利用技術和改善供應商關係以提高效率。我們將繼續嚴格控制可自由支配的開支，並繼續最大限度地提高營運靈活性。

We increased our service levels to our customers with an on-time and in-full delivery rate of 92%. Single-family starts remain soft, as builders manage the pace of construction amid affordability challenges, inventory buildup and increased economic uncertainty.

我們提高了對客戶的服務水平，準時、完整交付率達到 92%。由於面臨負擔能力挑戰、庫存增加和經濟不確定性增加等因素，建築商控制建設速度，因此獨棟住宅開工率仍然疲軟。

As we expected and communicated previously, multifamily also remains a headwind compared to 2024. In response to lower volumes over the last year, we have taken steps to align capacity across our facilities, manage headcount and control expenses. This continues to be an attractive and profitable business for us. Turning to single family, builders continue to employ specs, smaller and simpler homes and interest rate buydowns to help buyers find affordable options. Our comprehensive product portfolio enables builders to optimize their costs while maintaining quality.

正如我們之前預期和傳達的那樣，與 2024 年相比，多戶型住宅仍面臨阻力。為了因應去年產量下降的問題，我們已採取措施調整各設施的產能、管理員工人數並控制費用。對我們來說，這仍然是一項有吸引力且有利可圖的業務。轉向單戶住宅，建築商繼續採用規格、更小、更簡單的房屋以及利率降低來幫助買家找到負擔得起的選擇。我們全面的產品組合使建築商能夠在保持品質的同時優化成本。

And we continue to supply more lower-cost offerings in products like engineered wood, windows and doors. We are standing alongside our customers to battle affordability challenges and grow with them through the investment in our people, technology and innovation. While critical for the long-term health of the industry, these actions mean less near-term sales and gross profit dollars for BFS. Ultimately, this positions our company to accelerate when starts increase and current headwinds begin to subside.

我們將繼續提供更多低成本的產品，如工程木材、窗戶和門。我們與客戶並肩作戰，共同應對負擔能力挑戰，並透過對人才、技術和創新的投資與他們共同成長。雖然這些措施對於產業的長期健康發展至關重要，但意味著 BFS 的短期銷售和毛利將會減少。最終，當開工率增加且當前逆風開始減弱時，這將使我們的公司加速發展。

Turning to M&A on slide 6. We remain focused on pursuing high-return opportunities that expand our value-added product offerings and advance our leadership position in desirable geographies. Over the years, we have developed substantial and proven muscle memory to grow through M&A and have a track record of successful integration.

前往投影片 6 上的併購。我們始終致力於尋求高回報機會，擴大我們的增值產品供應，並提升我們在理想地區的領導地位。多年來，我們已經形成了堅實且經過驗證的肌肉記憶，透過併購實現成長，並擁有成功整合的記錄。

In the first quarter, we completed two acquisitions with aggregate prior year sales of roughly $565 million. As a reminder, in early January, we acquired Alpine Lumber, the largest independently operated supplier of building materials and value-added products in Colorado and northern New Mexico. In February, we acquired O.C. Cluss, a leading supplier of lumber, building materials and installation services with locations in Pennsylvania, Maryland and West Virginia. In addition, we acquired Truckee Tahoe Lumber in early April after quarter end. Truckee Tahoe has built a reputation of excellence as a leading supplier of lumber and building materials in the Northern California and Nevada markets. We are excited to welcome these talented new team members to the BFS family. Our industry remains highly fragmented.

第一季度，我們完成了兩項收購，去年同期總銷售額約為 5.65 億美元。提醒一下，1 月初，我們收購了 Alpine Lumber，它是科羅拉多州和新墨西哥州北部最大的獨立運營的建築材料和增值產品供應商。二月份，我們收購了 O.C. Cluss，這是一家領先的木材、建築材料和安裝服務供應商，在賓夕法尼亞州、馬裡蘭州和西維吉尼亞州設有辦事處。此外，我們在季度結束後的四月初收購了 Truckee Tahoe Lumber。特拉基太浩作為北加州和內華達州市場領先的木材和建築材料供應商，享有卓越的聲譽。我們很高興歡迎這些才華橫溢的新團隊成員加入 BFS 大家庭。我們的行業仍然高度分散。

And despite a slowing M&A environment, we are confident that our M&A capabilities will remain an important catalyst for our long-term growth.

儘管併購環境放緩，但我們相信，我們的併購能力仍將是我們長期成長的重要催化劑。

Turning to slide 7, our disciplined capital allocation strategy focuses on maximizing shareholder returns through organic growth, inorganic growth and share repurchases. In the first quarter, we deployed over $900 million towards investing in the business, acquisitions and share repurchases.

轉到投影片 7，我們嚴謹的資本配置策略專注於透過自然成長、無機成長和股票回購來實現股東回報最大化。第一季度，我們投入了超過 9 億美元用於投資業務、收購和股票回購。

Now let's turn to slide 8 and discuss the latest updates on our digital strategy. With our BFS digital tools, we are focused on creating value for our homebuilder customers and in doing so, further extending our industry leadership position and driving substantial organic growth. Despite the challenging market, we have seen continued adoption and growth with our target audience of smaller builders.

現在讓我們翻到第 8 張投影片，討論一下我們的數位策略的最新進展。借助我們的 BFS 數位工具，我們專注於為我們的房屋建築商客戶創造價值，並在此過程中進一步擴大我們的行業領導地位並推動大幅有機成長。儘管市場充滿挑戰，我們仍看到小型建築商作為目標受眾的持續採用和成長。

Our sales team continues to increase digital tool usage, which will further drive customer adoption. Since launch in early 2024, we have seen more than $1.5 billion of orders placed through our BFS digital tools, of which $153 million were incremental sales from existing and new customers. We're pleased with our progress to date and expect an additional $200 million of incremental sales in 2025, bringing our total to $334 million at the end of the year.

我們的銷售團隊持續增加數位工具的使用，這將進一步推動客戶的採用。自 2024 年初推出以來，我們透過 BFS 數位工具下達的訂單已超過 15 億美元，其中 1.53 億美元是來自現有和新客戶的增量銷售額。我們對迄今為止的進展感到滿意，並預計 2025 年銷售額將再增加 2 億美元，到年底總銷售額將達到 3.34 億美元。

I'm incredibly grateful to lead such a talented and hard-working team that makes a difference every day. One great example is Delmar Littleview in Oklahoma City, who has been with BFS for more than 20 years. Delmar excels as a trusted partner to our customers who have relied on him both as a driver and now as a dispatcher to ensure that deliveries are accurate and on time. As a dispatcher, he has helped keep his location ranked among the best in the company for dispatch and delivery management efficiency. Beyond his technical skills, Delmar is a mentor to our drivers.

我非常感激能夠領導這樣一支才華洋溢、勤奮工作的團隊，他們每天都在做出貢獻。一個很好的例子是俄克拉荷馬城的 Delmar Littleview，他已經在 BFS 工作了 20 多年。德爾瑪 (Delmar) 是我們客戶值得信賴的合作夥伴，客戶依靠他作為司機和調度員來確保貨物準確、準時地送達。作為一名調度員，他幫助他的所在地點在調度和配送管理效率方面保持著公司最佳的聲譽。除了技術技能之外，德爾瑪還是我們司機的導師。

The experience in the field allows them to guide them not just on routes and best practices, including safety, but also on ways to provide value to our customers. His leadership and calm demeanour help keep our team running efficiently, even on the most challenging days.

該領域的經驗使他們不僅能夠指導路線和最佳實踐（包括安全性），還能指導如何為客戶提供價值。他的領導能力和冷靜的舉止幫助我們的團隊即使在最具挑戰性的日子裡也能高效運作。

I'm proud of Delmar and our countless other dedicated team members who continually raise the bar and service to our customers and each other.

我為 Delmar 和我們無數其他敬業的團隊成員感到自豪，他們不斷提高標準並為我們的客戶和彼此提供服務。

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

現在我將把電話轉給皮特，更詳細地討論我們的財務表現。

Thank you, Peter, and good morning, everyone. Our first quarter results were driven by our durable business model and unwavering commitment to executing our strategy. We have a proven track record of generating strong free cash flow through the cycle and deploying capital in a disciplined manner, in line with our capital allocation priorities. Our scale, differentiated platform and talented team members give us confidence that we will continue to compound value now and into the future. Let's begin by reviewing our first quarter performance on slides 9 through 11.

謝謝你，彼得，大家早安。我們第一季的業績得益於我們持久的商業模式和堅定不移地執行我們的策略的承諾。我們擁有良好的業績記錄，能夠在整個週期中產生強勁的自由現金流，並按照我們的資本配置優先事項以規範的方式部署資本。我們的規模、差異化的平台和才華橫溢的團隊成員讓我們有信心，我們現在和將來都會繼續創造價值。讓我們先回顧一下第 9 至 11 張投影片上的第一季表現。

Net sales decreased 6% to $3.7 billion, driven by lower organic sales, one fewer selling day and commodity deflation, partially offset by growth from acquisitions. Although we expect higher commodity prices for the full year, we experienced commodity deflation in Q1 given the prior year spike in OSC prices. The core organic sales decrease was driven by a 33% decline in multifamily with muted activity levels against stronger prior year comps. Additionally, single-family declined 6%, attributable to lower starts activity, value per start and weather, while repair and remodel increased 4%, driven by strength in the Mid-Atlantic and Southeast regions. As we have shared on recent calls, there are a few main variables reconciling single-family starts to work for organic sales.

淨銷售額下降 6% 至 37 億美元，原因是有機銷售額下降、銷售日減少和商品通貨緊縮，但被收購帶來的成長部分抵銷。儘管我們預計全年大宗商品價格將上漲，但考慮到去年 OSC 價格飆升，我們在第一季經歷了大宗商品通貨緊縮。核心有機銷售額的下降是由於多戶型住宅銷售量下降 33%，且與去年同期相比，其活動水準較低。此外，由於開工活動減少、單戶住宅價值下降以及天氣原因，單戶住宅數量下降了 6%，而受中大西洋地區和東南地區強勁增長的推動，維修和改造數量增長了 4%。正如我們在最近的電話會議中所分享的，有幾個主要變數可以協調單戶住宅開工量和有機銷售量。

First, the value of the average home has fallen as size and complexity have decreased. Second, we have seen ongoing margin pressure as starts remain below normal. Third, extreme weather in the Southeast and California impacted the quarter by approximately $80 million in long-term deferrals. Although macro headwinds persist and there are fewer sales dollars available per start today, we are the market leader in building products and continue to be a trusted partner to our customers that start to remain below normal levels. For the first quarter, gross profit was $1.1 billion, a decrease of 14% compared to the prior year period.

首先，隨著房屋面積和複雜程度的降低，普通房屋的價值也下降了。其次，由於開工率仍低於正常水平，我們看到利潤率持續承壓。第三，東南部和加州的極端天氣對本季造成了約 8,000 萬美元的長期遞延付款影響。儘管宏觀逆風持續存在，並且目前每次啟動的銷售額都在減少，但我們仍然是建築產品市場的領導者，並將繼續成為銷售低於正常水平的客戶的可信賴合作夥伴。第一季毛利為11億美元，較去年同期下降14%。

Gross margins were 30.5%, down 290 basis points primarily driven by single and multifamily margin normalization as well as a below normal starts environment. Adjusted SG&A of $771 million decreased $9 million, primarily attributable to lower variable compensation due to lower core organic net sales, partially offset by acquired operations. On an annual basis, adjusted SG&A is approximately 30% fixed and 70% variable with volumes, enabling flexibility during challenging periods. As Peter mentioned, we are investing in technology with a look toward the future despite ongoing headwinds. One big component of this is moving to a single, modern, ERP platform.

毛利率為 30.5%，下降 290 個基點，主要原因是單戶和多戶型利潤率正常化以及開工環境低於正常水平。調整後的銷售、一般及行政費用為 7.71 億美元，減少了 900 萬美元，主要原因是核心有機淨銷售額下降導致浮動薪酬降低，但被收購的業務部分抵消。以年度計算，調整後的銷售、一般及行政費用約 30% 為固定費用，70% 則隨交易量而變動，從而能夠在困難時期保持靈活性。正如彼得所說，儘管面臨持續的阻力，我們仍著眼於未來投資科技。其中一個重要組成部分是轉向單一、現代化的 ERP 平台。

Our ERP investment is projected to incur approximately $140 million this year. This positions us to drive innovation, enhance efficiency and support our long-term growth objectives. We are focused on carefully managing our SG&A and are well positioned to leverage our fixed costs as the market grows. Adjusted EBITDA was $369 million, down 32%, primarily driven by lower gross profit. Adjusted EBITDA margin was 10.1%, down 380 basis points from the prior year, primarily due to lower gross profit margins and reduced operating leverage.

我們今年的 ERP 投資預計將達到約 1.4 億美元。這使我們能夠推動創新、提高效率並支持我們的長期成長目標。我們專注於精心管理銷售、一般及行政費用，並隨著市場的成長充分利用我們的固定成本。調整後的 EBITDA 為 3.69 億美元，下降 32%，主要原因是毛利下降。調整後的 EBITDA 利潤率為 10.1%，較前一年下降 380 個基點，主要原因是毛利率下降和經營槓桿降低。

Adjusted EPS was $1.51, a decrease of 43% compared to the prior year. On a year-over-year basis, share repurchases, enabled by our strong free cash flow generation, added roughly $0.11 per share for the first quarter.

調整後每股收益為 1.51 美元，較前一年下降 43%。與去年同期相比，由於我們強勁的自由現金流產生，第一季的股票回購每股增加了約 0.11 美元。

Now let's turn to our cash flow, balance sheet and liquidity on slide 12. Our first quarter operating cash flow was $132 million, a decrease of $185 million mainly attributable to lower net income. We generated free cash flow of $45 million.

現在讓我們來看看第 12 張投影片上的現金流量、資產負債表和流動性。我們第一季的營運現金流為 1.32 億美元，減少了 1.85 億美元，主要原因是淨收入下降。我們產生了4500萬美元的自由現金流。

Our trailing 12-month free cash flow yield was 9%. Operating cash flow return on invested capital was 19%. Our net debt to adjusted EBITDA ratio was approximately 2 times. Excluding our ABL, we have no long-term debt maturities until 2030. At quarter end, our total liquidity was $1.1 billion, consisting of $944 million in net borrowing availability under the ABL and $115 million in cash.

我們過去 12 個月的自由現金流收益率為 9%。投資資本的經營現金流報酬率為19%。我們的淨債務與調整後 EBITDA 的比率約為 2 倍。除 ABL 外，我們在 2030 年之前沒有長期債務到期。截至季末，我們的總流動資金為 11 億美元，其中包括 ABL 下的 9.44 億美元淨借款和 1.15 億美元現金。

Moving to capital deployment. Capital expenditures were $87 million in the first quarter. We deployed $828 million on two acquisitions. In Q1, we repurchased roughly 100,000 shares for $13 million.

轉向資本部署。第一季的資本支出為8700萬美元。我們投入了 8.28 億美元進行兩次收購。第一季度，我們以 1,300 萬美元回購了約 100,000 股。

Additionally, in April, we repurchased 3.3 million shares for $391 million. As we announced this morning, our Board has authorized a $500 million share repurchase program inclusive of the $100 million remaining on the prior $1 billion authorization. This reflects our commitment to returning capital to shareholders while maintaining flexibility for strategic investments. With our current leverage ratio at approximately 2x, we remain mindful of maintaining a leverage ratio of roughly 1 times to 2 times at year-end. We remain disciplined stewards of capital and have multiple paths for value creation to maximize returns.

此外，4 月我們以 3.91 億美元回購了 330 萬股股票。正如我們今天上午宣布的那樣，董事會已批准了一項 5 億美元的股票回購計劃，其中包括先前 10 億美元授權中剩餘的 1 億美元。這體現了我們致力於向股東返還資本，同時保持策略投資的靈活性。由於我們目前的槓桿率約為 2 倍，我們仍將注意在年底維持約 1 倍到 2 倍的槓桿率。我們仍然是嚴謹的資本管理者，並擁有多種創造價值的途徑來最大化回報。

On slide 13, we show our 2025 outlook. For full year 2025, our forecast assumes a down mid-single-digit single-family market and continued weakness in multifamily. As a result, we are guiding net sales in the range of $16.05 billion to $17.05 billion. We expect adjusted EBITDA to be $1.7 billion to $2.1 billion. Adjusted EBITDA margin is forecasted to be in the range of 10.6% to 12.3%.

在第 13 張投影片上，我們展示了 2025 年的展望。對於 2025 年全年，我們預測單戶住宅市場將出現中等個位數的下滑，多戶住宅市場將持續疲軟。因此，我們預計淨銷售額將在 160.5 億美元至 170.5 億美元之間。我們預計調整後的 EBITDA 將達到 17 億美元至 21 億美元。調整後的 EBITDA 利潤率預計在 10.6% 至 12.3% 之間。

In a lower starts environment, we expect our 2025 full year gross margin to be in a range of 29% to 31%. We expect free cash flow of $800 million to $1.2 billion. The change from the prior guidance is primarily due to a lower working capital assumption based on our lower sales outlook for the year. As we have stated previously, imports accounted for approximately 15% of our total raw material spend in 2024, comprised of roughly 11% commodities and 4% non-commodities. Given what we know today, we estimate a tariff cost impact of $175 million to $250 million annually.

在開工率較低的環境下，我們預計 2025 年全年毛利率將在 29% 至 31% 之間。我們預計自由現金流為 8 億至 12 億美元。與先前預測相比，這項變更主要是由於我們根據今年較低的銷售預期而降低了營運資本假設。正如我們之前所說，進口約占我們 2024 年原物料總支出的 15%，其中約 11% 為商品，4% 為非商品。根據我們目前掌握的信息，我們估計關稅成本影響每年為 1.75 億至 2.5 億美元。

This impact reflects the products we import as well as potential US supplier impacts. This range also assumes USMCA tariff exemptions on Canadian lumber. 2025 guidance assumes average commodity prices in the range of $400 to $440 per thousand board foot, an increase of $15 at the midpoint. Note that this is our best current estimate and subject to change.

這種影響反映了我們進口的產品以及潛在的美國供應商的影響。這一範圍也假設美國對加拿大木材實施 USMCA 關稅豁免。 2025 年指引假設商品平均價格在每千板英尺 400 至 440 美元之間，中間值增加 15 美元。請注意，這是我們目前的最佳估計，可能會發生變化。

Our guide does not reflect potential tariff and duty impacts.

我們的指南並未反映潛在的關稅和稅收影響。

Please refer to our earnings release and presentation for a list of key 2025 assumptions. Additionally, we want to provide color for Q2 given ongoing macro volatility. We expect Q2 net sales to be between $4.1 billion and $4.4 billion. Q2 adjusted EBITDA is expected to be between $475 million and $525 million.

請參閱我們的收益報告和簡報，以了解 2025 年關鍵假設的清單。此外，鑑於持續的宏觀波動，我們希望為第二季增添色彩。我們預計第二季淨銷售額將在 41 億美元至 44 億美元之間。第二季調整後的 EBITDA 預計在 4.75 億美元至 5.25 億美元之間。

In closing, I am confident in our ability to drive long-term growth by executing our strategy, leveraging our exceptional platform and maintaining financial flexibility.

最後，我相信我們有能力透過執行我們的策略、利用我們卓越的平台和保持財務靈活性來推動長期成長。

With that, I'll turn the call back over to Peter for some final thoughts.

說完這些，我會把電話轉回給彼得，讓他發表一些最後的看法。

Thanks, Pete. Let me close by reiterating that we remain focused on controlling the controllables. Our resilient business model enables us to win in any environment, given our scale, breadth of product offerings and our disciplined investments in technology. I'm confident in the long-term strength of our industry due to the significant housing underbuilt across our core markets. We are well positioned to capitalize on this, driving growth for years to come as we execute our strategy.

謝謝，皮特。最後，我要重申，我們將繼續專注於控制可控因素。憑藉我們的規模、廣泛的產品供應以及對技術的嚴格投資，我們富有彈性的商業模式使我們能夠在任何環境中獲勝。由於我們的核心市場有大量房屋尚未建設，我對我們行業的長期實力充滿信心。我們已做好準備，充分利用這一點，在實施策略的過程中推動未來幾年的成長。

We continue to deepen our value proposition as a key partner to our customers by helping them solve problems through our investments in value-added products, digital tools and install services. Our proven growth playbook, fortress balance sheet and robust free cash flow generation through the cycle will help us continue to compound long-term shareholder value. In the meantime, we are closely monitoring the current environment and remain agile to mitigate downside risks in the near term while also investing strategically for the future.

我們透過對加值產品、數位工具和安裝服務的投資來幫助客戶解決問題，從而繼續深化我們作為客戶重要合作夥伴的價值主張。我們經過驗證的成長策略、穩健的資產負債表和強勁的自由現金流將有助於我們繼續實現長期股東價值。同時，我們正在密切關注當前環境，並保持靈活以減輕短期內下行風險，同時也為未來進行策略性投資。

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，我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Matt Bouley, Barclays.

巴克萊銀行的馬特·布萊（Matt Bouley）。

Good morning, everyone. Thank you for taking the questions. So the question is on market share. If I look at single-family housing starts in Q1, they were down 6%. Your single-family was down 6% even with presumably still being impacted by less dollar content per home. So -- however, you look at it, it is a really notable change in terms of your growth versus the market from 2024. And what I'm getting at, of course, your thoughts on share, how your views on share have evolved over the past year?

大家早安。感謝您回答這些問題。所以問題在於市場佔有率。如果我看一下第一季的獨棟住宅開工量，就會發現它們下降了 6%。即使每戶房屋價值可能仍會受到減少的影響，但單戶住宅數量仍下降了 6%。所以——無論如何，從 2024 年開始，相對於市場而言，你的成長確實發生了顯著的變化。當然，我想問的是您對份額的看法，以及過去一年來您對份額的看法發生了怎樣的變化？

And in this declining market, are you actually looking to increase your market share going forward or simply maintain your share in this type of market? Thank you.

在這個衰退的市場中，您是否真的希望增加未來的市場份額，還是僅僅希望維持這種市場份額？謝謝。

Hey Matt, good morning. Thank you for the question. So I will consistently say we are always trying to increase our share, no matter what the market is. I think the dynamic over the past year, we talked about a little bit, this below normal starts environment has changed some patterns of behavior, and we have had to fight the fight. So being in the market each day, acting and reacting to competitive dynamics, partnering with customers and some of the strategic things they're trying to do, adapting to the affordability challenges in the marketplace, it's all part of what we do every day. I think the team is doing a fantastic job. [Ebbs] and flows every quarter.

嘿，馬特，早安。謝謝你的提問。因此我會始終如一地說，無論市場如何，我們都在努力增加我們的份額。我認為，就我們剛才談到的過去一年的動態而言，這種低於正常水平的開局環境已經改變了一些行為模式，我們必須為此而奮鬥。因此，每天出現在市場中，對競爭動態採取行動並做出反應，與客戶合作並採取一些他們正在嘗試的策略性行動，適應市場上的可負擔性挑戰，這些都是我們日常工作的一部分。我認為團隊做得非常出色。每個季度都有起伏。

And I think what you're seeing here is the hard work, the kind of the culmination of the hard work over the last year, the team to lean back in and drive behaviors at the local market level that allow us to continue to be consistent and competitive. We've done the right things to invest. Our cost positions are very good. We continue to run the operations very efficiently and focused on our customers. And I think that's why you're seeing the performance. We're going to continue to strive for it over time.

我認為您在這裡看到的是艱苦的工作，是過去一年辛勤工作的成果，團隊依靠並推動當地市場層面的行為，使我們能夠繼續保持一致和競爭力。我們的投資決策是正確的。我們的成本狀況非常好。我們繼續有效率地營運並專注於我們的客戶。我想這就是你們看到這場表演的原因。我們將繼續為此而努力。

Okay. Got it. And then -- so that, of course, then leads to the gross margin question. If we're in this kind of market that requires a balance between share versus margin and your gross margin guide now does have 29% at the low end for this year. It begs the question of sort of where you are willing to go on the gross margin?

好的。知道了。然後——這當然會引出毛利率問題。如果我們處於這種需要在份額和利潤之間取得平衡的市場中，那麼今年的毛利率指南的低端確實是 29%。這就引出了一個問題：您願意將毛利率提高到多少？

Is there a level on that margin at which you would prioritize the margin again? Or should we be looking for share to kind of be the dominant strategy? So kind of where would you be willing to go on that gross margin in this type of market? Thank you.

是否存在一個您會再次優先考慮該利潤的水平？或者我們應該尋求份額作為主導策略？那麼，在這種市場中，您願意將毛利率提高到什麼程度呢？謝謝。

Morning, Matt, this is Pete. What I would say is our margins are still very strong. We're pleased with the performance. We are anticipating margins to drift lower through the year. Some of that is due to the margin normalization that we're experiencing with the multifamily as well as the single-family side.

早安，馬特，我是皮特。我想說的是，我們的利潤率仍然很高。我們對演出很滿意。我們預計今年的利潤率將會下降。部分原因是我們在多戶住宅和單戶住宅​​方面經歷的利潤率正常化。

But as this market continues to present additional challenges, being below normal levels, now gone down about 5%, I think you're going to see continued competitive pressure, and we have to make that call every day on how to balance share versus margin. And as Peter mentioned, that's just part of running the business every day. And we know that we need to be in the game in order to continue to win and position ourselves to bundle the products where we're going to be more competitive.

但隨著這個市場繼續面臨額外的挑戰，低於正常水平，現在已經下降了約 5%，我認為你會看到持續的競爭壓力，我們必須每天都做出決定，如何平衡份額和利潤。正如彼得所提到的，這只是日常業務運作的一部分。我們知道，為了繼續獲勝，我們必須參與其中，並將自己定位為捆綁產品，以便更具競爭力。

And I think we are overall very pleased with the performance of margins. It's been a bit of a discovery process post the whole COVID push as to where normal is. We tried to talk about that with everybody. Hopefully, that's come through is an attempt to be transparent. What I think we're seeing now is a lot of that normalization is done.

我認為我們對利潤率的表現總體非常滿意。在整個 COVID 疫情之後，我們需要尋找正常狀態。我們嘗試與每個人討論這個問題。希望這能反映出一種透明的嘗試。我認為我們現在看到的是，很多正常化工作已經完成。

Now it's just hand-to-hand combat in given markets with specific competitors. So that dynamic is where our advantaged position from a cost perspective, from a coverage perspective, allows us to have superior margins than the competition. Our pricing discipline and knowing exactly where we stand and what we're doing in each individual decision is a powerful advantage to some of our competitors. So we'll continue to balance it. It has to be a balance.

現在，這只是在特定市場與特定競爭對手進行的肉搏戰。因此，從成本角度和覆蓋角度來看，我們的優勢地位使我們能夠獲得比競爭對手更高的利潤率。我們對定價的紀律以及我們對自身立場和每個決策的明確了解，對於我們的一些競爭對手來說是一個強大的優勢。因此我們會繼續保持平衡。必須保持平衡。

You can't walk away from the table. But the reality is our continued success has led to that bundling ability. Our customers do see the value of the combined offering that we have in our product portfolio. The benefits of value-add have been very sticky even when there's some uncertainty and challenges in the market. And we still continue to sell to a wide variety of customers, both ups and downs in various markets.

你不能離開餐桌。但事實是，我們持續的成功帶來了這種捆綁能力。我們的客戶確實看到了我們產品組合中組合產品的價值。即使市場存在一些不確定性和挑戰，增值帶來的好處仍然非常持久。我們仍繼續向各種各樣的客戶銷售產品，無論各個市場如何變化。

So we feel good, but no question, it's a time pressure, and we're happy to be smart about it.

所以我們感覺很好，但毫無疑問，這是一個時間壓力，我們很高興能夠明智地應對它。

Got it. Well, I appreciate the thoughts. Good luck, guys. Thanks again.

知道了。嗯，我很感激你的想法。祝你們好運，夥計們。再次感謝。

Thanks, Matt.

謝謝，馬特。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

Morning, thanks for taking my question. My questions. Just, I guess, to pick up on the gross margin dynamic. Can you just put a finer point on what drift lower through the year means you're starting at 30.5%, presumably, there's still some near-term pressure doing where you've guided 2Q. Just how -- just help us ballpark, what the 2Q gross margin is and then drift lower through the year? I guess, are you expecting sequential declines each quarter from here?

早上好，感謝您回答我的問題。我的問題。我猜，只是為了了解毛利率的動態。您能否更詳細地說明一下，全年的下滑意味著您從 30.5% 開始，大概在您指導的第二季度目標上仍然存在一些短期壓力。只是如何——請幫我們大概估算一下，第二季的毛利率是多少，然後全年都會下降嗎？我想，您是否預計從現在起每季都會持續下降？

Yeah, thanks, Mike. So when we look at our results, excluding the multifamily, we really see margins flattening out for Q2 and slightly down if we continue to see a below normal source environment. So that's kind of what we've baked in. From a multifamily standpoint, we continue to have a little bit of that normalization. I think we're in our last leg of that.

是的，謝謝，麥克。因此，當我們查看結果時，不包括多戶型住宅，我們確實看到第二季度的利潤率趨於平穩，如果我們繼續看到低於正常水平的來源環境，利潤率會略有下降。這就是我們所烘焙的東西。從多戶型的角度來看，我們繼續保持這種正常化趨勢。我認為我們已經到了最後階段了。

But when we look year-over-year, it's a much bigger step down. So it has an impact as we look at the overall year-to-year. So I would say we're getting pretty close to flat. Our competitive advantages with what we've invested in our manufacturing continues to support our margins with our value-added products and we're very confident in our ability to deliver higher margins.

但當我們回顧去年同期時，就會發現降幅更大。因此，從整體來看，它會產生影響。所以我想說我們已經非常接近持平了。我們在製造業投資的競爭優勢繼續支持我們透過加值產品實現的利潤率，我們對提供更高利潤率的能力非常有信心。

Okay. That's helpful, Pete. The -- I guess the second question is capital allocation. Look, this has been a hallmark of the company for a number of years in terms of the ability to aggressively deploy capital both on M&A and buybacks. We're reaching a point here where given the compression we're seeing in the EBITDA and cash flow and some of what you've already deployed on the acquisitions and now this big buyback in 2Q, your pro forma leverage does look to be a couple of ticks higher than your 2x range in an uncertain environment.

好的。這很有幫助，皮特。我想第二個問題是資本配置。你看，就積極部署資本進行併購和回購的能力而言，這多年來一直是該公司的標誌。我們目前所處的階段是，考慮到 EBITDA 和現金流受到的壓縮，以及你們已在收購中部署的一些資金，以及現在第二季度的大規模回購，在不確定的環境下，你們的備考槓桿率確實看起來比 2 倍範圍高出幾個等級。

So how are you thinking about balancing that? I mean, as much as we like to see the buybacks, that's a pretty big number to lean into and in the quarter given what's transpiring. Just maybe a little more elaboration on how you plan to balance all of this in the coming quarters.

那麼您考慮如何平衡這一點呢？我的意思是，儘管我們喜歡看到回購，但考慮到本季正在發生的事情，這是一個相當大的數字。也許您需要更詳細地說明一下您計劃如何在未來幾季平衡所有這些。

Yeah. Great question, Mike. So our capital allocation priorities remain the same. We are going to focus on protecting our balance sheet, making sure that we're investing in the core. The next priorities of M&A and stock buyback, we will have to continue to evaluate as we move forward, so that we're committed -- staying to our commitment of managing to a 1x to 2x leverage by year-end.

是的。很好的問題，麥克。因此我們的資本配置重點保持不變。我們將專注於保護我們的資產負債表，確保我們投資於核心業務。我們將在前進的過程中繼續評估併購和股票回購的下一個優先事項，以便我們能夠履行承諾——到年底實現 1 倍到 2 倍槓桿率的承諾。

Yes, the other thing I would add. We have been very disciplined and thoughtful about building out our balance sheet, making sure our tenures, our rates, our liquidity position, all remains very strong. So none of that has really changed. All that's really evolved here is that we've seen a pullback in the EBITDA number for the basis of the math. And what I would say is we're targeting a year-end 1 times to 2 times.

是的，我想補充一點。我們在建立資產負債表時非常嚴謹且周到，確保我們的期限、利率、流動性狀況都保持強勁。所以這一切都沒有真正改變。這裡真正發生的變化是，我們看到作為數學基礎的 EBITDA 數字出現了回落。我想說的是，我們的目標是年底實現 1 倍到 2 倍的成長。

It's always been the sort of the theme because of our seasonal borrowing fluctuations. It's pretty normal for us to have some changes across the year. And I think we're still in a position to be able to deploy capital in a very intelligent way to position the business for growth over time at the current level. And as each year passes, we'll have more opportunities. As we return to growth, we'll have more opportunities.

由於我們的季節性借貸波動，這始終是一個主題。我們在一年中發生一些變化是很正常的。我認為我們仍然能夠以非常明智的方式部署資本，以使業務在當前水準上實現長期成長。隨著時間一年年過去，我們將擁有更多的機會。隨著我們恢復成長，我們將擁有更多機會。

So I think fair. I think your observations are on point, but it's a point in time.

所以我認為是公平的。我認為你的觀察是正確的，但這只是時間問題。

Got it. Okay, thank you.

知道了。好的，謝謝。

Charles Perron-Piche, Goldman Sachs.

查爾斯·佩隆-皮奇，高盛。

Thank you. Good morning, everyone. First, I want to talk a bit about the commodity backdrop. Lumber prices have been trading higher through the spring. And you obviously revise your guidance higher to reflect that. But can you talk about how you expect this to flow through your commodity inflation expectations for 2025? And how are those higher lumber prices impacting the mix of value-add?

謝謝。大家早安。首先，我想談談商品背景。整個春季木材價格一直走高。並且您顯然會上調您的指導以反映這一點。但是您能否談談您預計這將如何影響您對 2025 年商品通膨的預期？那麼木材價格上漲對增值組合有何影響？

Are you seeing specifically increased elasticity of demand as builders are facing growing margin pressures?

當建築商面臨越來越大的利潤壓力時，您是否看到需求彈性特別增加？

Yeah. Thanks for the question, Charles. So with commodities, we are seeing the impact of the year-to-date higher prices on lumber. But as a reminder, and I don't know if we've shared this with you specifically, both when we look at our commodity prices, it's 70% weighted to the lumber composite and 30% weighted to the OSB composite. So that's kind of the blend of what we see going into a normal home size.

是的。謝謝你的提問，查爾斯。因此，就大宗商品而言，我們看到了今年迄今為止木材價格上漲的影響。但需要提醒的是，我不知道我們是否已經具體與您分享過這一點，當我們查看商品價格時，木材複合材料佔 70%，OSB 複合材料佔 30%。這就是我們所看到的普通住宅尺寸的混合。

So with that, with OSB being super depressed, especially to where it was a year ago, we're seeing that pull the number overall down, but we are seeing the lumber composite year-over-year higher. So what we see for the balance of the year is kind of holding at this level, if not even drifting down a little bit as people digest some of the initial reaction to tariff concerns. And that's going to continue to benefit modestly in our results through the balance of the year as we pass that through. With respect to the value-added products, it is a portion of the truss and the wall panels that we produce and that will change the cost basis as we continue to design and engineer optimize those truss plants.

因此，由於定向刨花板 (OSB) 價格極度低迷，尤其是與一年前相比，我們看到整體數量下降，但木材綜合價格卻比去年同期上漲。因此，我們認為今年的餘額將保持在這個水平，甚至隨著人們消化對關稅擔憂的一些初步反應而略有下降。隨著我們度過這一階段，這將繼續對我們的全年業績產生一定程度的影響。就增值產品而言，它是我們生產的一部分桁架和牆板，隨著我們繼續設計和優化這些桁架工廠，這將改變成本基礎。

I think your point is right on, though, anything that grows commodities as a percentage will, by mathematical equation, reduce value-add as a percentage of total mix, but it's fairly modest overall. And to clarify a point, so lumber out of Canada is covered under USMCA for tariff reasons, meaning no tariff impact on what we've been up to lately, but the traditional duty regime is still in place.

我認為你的觀點是正確的，任何增加商品百分比的東西，按照數學方程式，都會減少總組合中附加價值的百分比，但總體而言是相當溫和的。需要澄清的是，出於關稅原因，加拿大出口的木材受到 USMCA 的保護，這意味著我們最近的行為不會受到關稅影響，但傳統的關稅制度仍然存在。

So there is expected to be an update to that duty regime later on this year that for the time being, looks to be fairly substantial. The reality is, by the time it gets implemented, it will be kind of into the fourth quarter really before we start to see it hit. And as you know, fourth quarter is a fairly small quarter for us overall.

因此，預計今年稍後該關稅制度將會更新，目前看來，更新內容相當豐富。實際情況是，等到該計劃實施時，我們可能要到第四季度才能看到其效果。正如您所知，第四季度對我們來說總體來說是一個相當小的季度。

So some development, we think will play out. although I'll be quite candid and tell you that given the amount of uncertainty around tariffs and duties in general, I wouldn't necessarily deposit that check on anything yet.

因此，我們認為將會出現一些進展。不過，我會非常坦率地告訴你，考慮到關稅和關稅總體上存在的不確定性，我暫時還不一定會將這張支票存入任何東西。

Got it. That's a very helpful color. And second, you talked about the progress of digital initiatives in your prepared remarks. I think that adding $90 million this quarter. when you consider software housing backdrop, what factors lead your confidence to reaching that $200 million target in '25?

知道了。這是一種非常有用的顏色。第二，您在準備好的發言中談到了數位化措施的進展。我認為本季將增加 9000 萬美元。當您考慮軟體住房背景時，哪些因素使您有信心在 25 年實現 2 億美元的目標？

I think you mentioned last quarter you were adjusting your go-to-market strategy for those. How are you progressing against that?

我想您上個季度提到您正在調整您的市場進入策略。您在這方面的進展如何？

Yeah. No, that's a great question. So the reality is the tools are being really well received. The customers that are engaging with them and using them like them a lot. They find it valuable in terms of their pace of build, their ability to understand the components, the ability to adapt to what they want to do on the ground more quickly, the interfaces, I think, are more seamless, more modern than anything that the industry has seen before.

是的。不，這是一個很好的問題。事實是這些工具確實很受歡迎。與他們互動並使用它們的客戶非常喜歡它們。他們發現它在建立速度、理解組件的能力、更快地適應他們想要在實地做的事情的能力方面很有價值，我認為，它的介面比業界以前見過的任何東西都更加無縫、更加現代化。

So the adoption has been good. I think our internal rollout is a lot more about training, dialing in some of the features and functions of the tool internally and getting things replat formed to be able to, I would say, accelerate the adoption by the customer.

因此採用情況良好。我認為我們的內部推廣更多的是培訓，在內部調用該工具的一些特性和功能，並重新形成平台，以便能夠加速客戶的採用。

Now the one thing I will point out that came through, hopefully, in the materials is that our initial target audience for this tool is the smaller builders. So production build is between 50 and 2,000 homes a year, until we get the tool really dialed in the way we want it. And that is a customer category that has been under a lot of pressure. I would say comparative to last year, they're pretty stable, pretty good, maybe even up a little. Some other customer categories or maybe down a bit versus last year, but that gives us confidence that we're on the right track, both the momentum we've seen in the initial reset internally as well as customer adoption and overall customer health.

現在，我希望指出的一點是，希望在材料中能夠體現出來，那就是我們這款工具的初始目標受眾是小型建築商。因此，每年的生產建設量在 50 到 2,000 套房屋之間，直到我們真正按照我們想要的方式使用工具。這類客戶一直承受著很大的壓力。我想說與去年相比，它們相當穩定，相當不錯，甚至可能略有上升。與去年相比，其他一些客戶類別可能略有下降，但這讓我們有信心，我們正走在正確的軌道上，無論是我們在內部初始重置中看到的勢頭，還是客戶採用率和整體客戶健康狀況。

I think those are the sort of the three reasons we remain confident that digital is on the right track and going in the right direction.

我認為這三個原因讓我們堅信數位化正走在正確的軌道上並朝著正確的方向發展。

Okay, thanks for the call guys and good luck. Thank you.

好的，謝謝大家的來電，祝你好運。謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning guys, thanks for taking my questions as well. The first one is kind of working off of Matt's question at the onset here in terms of the competition. I mean, really, what does the competition look like today? And what I'm getting at is if you're expecting gross margins, call it, 29% to 31%, and your competitors, some of the smaller ones have higher cost, new capacity, I have to imagine that they're running closer to breakeven. I mean how sustainable is some of this newer competition that's come into the market?

大家早安，也謝謝你們回答我的問題。第一個問題是關於馬特一開始就比賽方面提出的問題。我的意思是，今天的競爭到底是什麼樣的？我的意思是，如果你預期的毛利率為 29% 到 31%，而你的競爭對手，一些規模較小的公司，成本更高，新產能更高，那麼我不得不想像他們的盈利水平更接近盈虧平衡點。我的意思是，進入市場的這些新競爭對手的可持續性如何？

It's a fantastic question. That is a fantastic question. It's an ongoing debate. I would tell you, based on some of the behaviors that we've seen, the lowest of the low is not sustainable, and they're regretting some of the decisions they've made rightfully so. I think builders to their credit are trying to get the lowest cost possible, which I respect, right, it is business. The counterpoint to that is they need actual partners to do what they do.

這是一個非常棒的問題。這是一個非常棒的問題。這是一場持續不斷的爭論。我想告訴你，根據我們所看到的一些行為，最低層的狀態是不可持續的，他們對自己所做的一些正確決定感到後悔。我認為建築商正在努力降低成本，我尊重他們的這種做法，對，這就是生意。與此相反的是，他們需要真正的合作夥伴來完成他們的工作。

This is our role in the industry. We need to be able to provide products to the job site. In order to do that, we need to have a sustainable business. There are certain players in this space that I think are trying to play the short game, right? This is a space that's been known to try and grow quick and flip the business so that they could make a few bucks.

這就是我們在業界的角色。我們需要能夠向工作現場提供產品。為了做到這一點，我們需要擁有可持續發展的業務。我認為這個領域的某些玩家正在嘗試進行短距離比賽，對嗎？眾所周知，這個領域試圖快速發展並轉變業務，以便賺取一些錢。

If you're a builder, particularly a big builder, that has got to be tempting, but also long term, I think, very detrimental. Because they're reliant on a stable industry, an industry that's focused on the future, becoming more efficient, leveraging technology, being able to provide the best quality, most efficient tools for builders to be able to build homes, and that's us. And there's a cost associated with it. That's the trick, right? They -- like any good customer, they want everything and they want it nearly free.

如果你是建築商，特別是大型建築商，這肯定很誘人，但從長遠來看，我認為，這也是非常有害的。因為他們依賴一個穩定的行業，一個著眼於未來、變得更有效率、利用科技、能夠為建築商提供最優質、最高效的工具來建造房屋的行業，而這個產業就是我們。並且這會產生相關成本。這就是訣竅，對吧？他們——就像任何好的顧客一樣，他們想要一切，並且希望幾乎免費。

There's a balance that needs to play out in the market. There are some players that have historically made lower single-digit margins and have been comfortable there, but they're unwilling and frankly, unable to invest in the type of future for this industry that I think we all deserve as Americans. And so my challenge to them, to my competitors is get better, do better for this industry because we deserve it. And we're going to walk the talk. We're going to continue to invest.

市場需要發揮一種平衡作用。有些參與者的歷史上利潤率一直處於較低的個位數，並且對此感到滿意，但他們不願意，坦白說，也無法投資於這個行業的未來，我認為身為美國人，我們都應該擁有這樣的未來。因此，我向他們、向我的競爭對手提出的挑戰是，我們要做得更好，為這個產業做得更好，因為我們值得擁有。我們將言行一致。我們將繼續投資。

We're going to make this a business that's able to support the biggest, the best, the fastest, the most innovative homebuilders in this country. We're going to help solve problems. So is there a balance there on margins? Is there a fight that needs to be had, yes, there is, right? And we're going to stay in the fight.

我們將把這家公司打造成能夠支持這個國家最大、最好、最快、最具創新精神的房屋建築商的企業。我們將幫助解決問題。那麼利潤率是否平衡？是否需要進行一場鬥爭？是的，需要，對嗎？我們將繼續戰鬥。

But I think in the long run, we're going to win this, and we're going to make our business, our industry, our country better because of it.

但我認為從長遠來看，我們將會贏得這場勝利，而我們的企業、我們的產業、我們的國家將會因此變得更好。

Yeah. That makes a lot of sense to me. Okay. And then next question is on the productivity savings, $17 million in the quarter, targeting $70 million to $90 million for the full year. Curious how you kind of view the cadence of the remainder of those savings?

是的。這對我來說非常有意義。好的。下一個問題是關於生產力節省，本季節省 1700 萬美元，全年目標是節省 7,000 萬至 9,000 萬美元。好奇您如何看待剩餘儲蓄的節奏？

And what sort of actions are you taking to drive those savings through the year?

您採取了哪些措施來實現全年的儲蓄？

So I'll let Pete talk to the cadence, but productivity for us is very core to who we are and what we do. Our expectation is every quarter, every day, really, our employees are looking for ways to get a little bit better. One step better, one step in the right direction, and that incremental progress as a team has had tremendous cumulative value for us as an organization. We're better, we're more profitable. We're faster.

所以我會讓皮特談論節奏，但對我們來說，生產力是我們是誰以及我們做什麼的核心。我們的期望是每季、每一天，我們的員工都在尋找讓自己變得更好的方法。更進一步，朝著正確的方向邁進一步，團隊的逐步進步對我們作為一個組織來說具有巨大的累積價值。我們變得更好，我們更有利可圖。我們更快。

Candidly, the jobs are more fun because we take some of the garbage work out. So I think that's something that we have gotten comfortable with in this organization, and we're very good at as an organization. That's what you're seeing in terms of our performance. We do a little bit of pullback because of the diversion that some of our ERP work is requiring. We've got to be able to put hours in some of our best people to make sure that ramp-up goes well.

坦白說，這些工作變得更有趣了，因為我們把一些垃圾工作拿走了。所以我認為這是我們在這個組織中已經適應的事情，而且作為一個組織，我們非常擅長於此。這就是您所看到的我們的表現。由於我們的一些 ERP 工作需要轉移，所以我們做了一些撤退。我們必須投入大量時間在我們最優秀的人才身上，以確保這一進程順利進行。

But the numbers in general continue to be a core part of what we do and are delivering that is critical to our long-term success.

但總體而言，數字仍然是我們工作的核心部分，並且對於我們的長期成功至關重要。

Pete?

皮特？

Yeah, and as Peter said, from a -- the way that it's going to roll in, we've been delivering productivity for several years now, and it's not something that just starts and stops. It's a constant, and we're seeing that productivity that will roll in throughout the course of the year. I would say repeatably, and it's kind of generally in that kind of linear line. However, with the ERP rollout that we're expecting toward the back half of the year, we may see some of that impact that Peter mentioned in the back half. But right now, we're expecting more of a ratable realization of it.

是的，正如彼得所說，從它的發展方式來看，我們已經連續幾年提高生產力，這不是一件突然開始和停止的事情。這是一個持續的過程，我們看到生產力將在全年不斷提高。我想說的是可重複的，它通常是那種線性的。然而，隨著我們預計在下半年推出的 ERP，我們可能會看到 Peter 在下半年提到的一些影響。但現在，我們期待它能以更可評估的方式實現。

Great, thank you guys.

太好了，謝謝大家。

Thank you.

謝謝。

Rafe Jadrosich, Bank of America

Rafe Jadrosich，美國銀行

Hi, good morning. It's Rafe. Thanks for taking my question. First, when you look at the full year guidance, it implies second half growth over the first half, which is a little bit stronger than what you've done sort of historically. Can you just talk about some of the assumptions, specifically around like content per house, market share or multifamily mix in terms of what's driving the stronger second half sequentially versus the first half?

嗨，早安。是雷夫。感謝您回答我的問題。首先，當你查看全年指引時，它意味著下半年的成長將超過上半年，這比你歷史上所做的要強勁一些。您能否談談一些假設，特別是圍繞每戶住房容量、市場份額或多戶型結構等假設，以了解是什麼推動下半年較上半年表現更強勁？

Rafe, I'll take the first pass at this. What we're seeing in the full year is more of a seasonal -- a normal seasonal year, where the first quarter is really the lowest quarter of the year, fourth quarter is kind of the second lowest, but the peak in the build through Q2 and really in Q3. The other factors that we're looking at with multifamily, multifamily is really stabilizing that we're seeing in 2025. So we don't have the same downward headwind or trajectory in the back part. So it may look like it's stronger but it's actually holding the line more, and we're just realizing that seasonal benefit.

雷夫，我先來試試。我們看到全年的情況更像是一個季節性的——一個正常的季節性年份，其中第一季實際上是一年中最低的一個季度，第四季度是第二低的季度，但高峰在第二季度和第三季度達到。我們正在關注的多戶型住宅的其他因素是，到 2025 年，多戶型住宅將真正趨於穩定。因此，我們在後部沒有相同的向下逆風或軌跡。因此，它可能看起來更強勁，但實際上它只是在保持更強的勢頭，而我們才剛剛意識到季節性的好處。

We're also generating growth from our acquisitions that we've completed. So all the ones we completed last year and early this year that we're going to benefit in the back half of the year that we didn't have a year ago.

我們也透過已完成的收購實現了成長。因此，我們去年和今年年初完成的所有工作都將在今年下半年受益，而一年前我們並沒有這樣做。

That's helpful. And then just following up on some of the changing patterns and behavior in the market. Can you -- is that more on the commodity side or manufactured products? And is that -- are you seeing that broad-based across the country? Or are there specific markets where you're seeing more pressure than others?

這很有幫助。然後只是跟進市場中一些變化的模式和行為。您能否－這更多的是商品方面還是製成品方面？您是否看到這種情況在全國範圍內廣泛存在？或者您發現某些特定市場比其他市場面臨更大的壓力？

Well, there's no question there's pressure across the board, right? I mean this is an affordability focused environment. You're getting a deep dive on everything. What I would say though is and I think maybe we've talked about this in prior quarters is, we've seen an evolution in a progression of how builders have looked at the various categories. Commodity is easiest, commodity is first, so commodity got attacked, I would say, the first.

嗯，毫無疑問，各方面都存在著壓力，對吧？我的意思是這是一個注重可負擔性的環境。您正在深入了解一切。我想說的是，我想我們可能在前幾個季度討論過這個問題，我們已經看到建築商對各個類別的看法發生了變化。商品最簡單，商品是第一位的，所以商品受到攻擊，我想說，是第一位的。

As you look at other categories, it's more complex. There are more pieces to be considered. The consequences are potentially more impactful. So it's been a little slower in terms of the review and the focused work. There's no question that there's some regional differentiation between profitability and the pressure.

當你查看其他類別時，它會變得更加複雜。還有更多部分要考慮。其後果可能會更加嚴重。因此，在審查和重點工作方面，進展有點慢。毫無疑問，獲利能力和壓力之間存在著一定的地區差異。

Some areas of the country, very high utilization, lots of competition, lots of capacity, reacts very different than a smaller environment where maybe you're the only game in town. So all of them seeing pressure, but different levels of pressure depending on where you are and what the competitive environment looks like.

該國某些地區的利用率非常高，競爭非常激烈，產能巨大，與較小的環境相比，反應非常不同，在較小的環境中，也許你是鎮上唯一的遊戲。所以所有人都面臨壓力，但壓力的程度不同，取決於你所在的位置和競爭環境。

Thank you, it's helpful.

謝謝，很有幫助。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Thank you. Question's on your value-added products. Could you talk about in terms of the reported numbers, how much of that is units and how much is price pressure in the work?

謝謝。關於你們的加值產品的問題。您能否談談報告的數字，其中有多少是單位，以及工作中的價格壓力有多大？

Morning Keith. I don't think we provide that level of information. But what I can tell you in the decline in the manufactured products. Just a reminder, in the multifamily space, we're much more heavily weighted toward the value-added products. So I think previously, we're about 75% to the value-add.

早安，基斯。我認為我們沒有提供該級別的資訊。但我可以告訴你的是，製造業產品的數量正在下降。提醒一下，在多戶型領域，我們更重視加值產品。所以我認為之前我們的增值率大約是 75%。

What we're seeing in the declines, as we've indicated year-over-year, was a big headwind as we lapped that multifamily normalization. And our truss decline within the multifamily was down about 46%. So more than the 32 multifamily down that we communicated. So that's given you a disproportionate decline in that manufactured products. And there will be price and units included in the, price and units in there.

正如我們逐年指出的那樣，我們看到的下降是我們實現多戶型住宅正常化過程中遇到的巨大阻力。我們的多戶住宅桁架下降了約 46%。因此，我們溝通的多戶家庭數量超過了 32 個。因此，這導致製造的產品數量出現不成比例的下降。其中將包含價格和單位。

And do you -- and just based on your multifamily comments, you in this guide, you're anticipating that number to start flattening out that third quarter?

並且，僅根據您在本指南中對多戶型住宅的評論，您是否預計該數字將在第三季度開始趨於平穩？

Really, we're starting to see it flatten out now. What we're -- year-over-year, we'll start to get to parity by probably around closer to the fourth quarter because there's still a headwind that we're lapping from the prior year.

確實，我們現在開始看到它趨於平緩。與去年同期相比，我們可能會在接近第四季時開始達到平價，因為我們仍然面臨著與去年同期相比的逆風。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey, good morning, Peter and Pete. Hope you will. So I know you guys -- first off, you mentioned your capital allocation priorities haven't changed. But I guess kind of going back to that question, where does the appetite stand for additional acquisitions at this point? Or maybe asked another way, at what point do you start to take the foot off the accelerator as far as with M&A and buybacks, things of that nature?

嘿，早上好，彼得和皮特。希望你會。所以我知道你們——首先，你們提到你們的資本配置優先事項沒有改變。但我想回到那個問題，目前對於進一步收購的興趣如何？或者換個方式問，在併購和回購等類似的事情上，你會在什麼時候開始放慢腳步？

Well, I mean, it's interesting because a piece of this is completely outside of our control and is dependent on the sort of the personality and the mood of the market. I will start by saying that the mood to the market has cooled significantly. I would say a year ago, there were a lot of deals out there, a lot of folks talking. As I see it today, I think uncertainty more broadly has contributed to a lot of uncertainty in the M&A space. So I'll start with that.

嗯，我的意思是，這很有趣，因為其中的一部分完全是我們無法控制的，並且取決於個性和市場情緒。首先我想說的是，市場情緒已經明顯降溫。我想說，一年前，有很多交易，很多人都在談論。正如我今天所看到的，我認為更廣泛的不確定性導致了併購領域的許多不確定性。所以我將從那裡開始。

The other is to say there's been a theme, and I think we've been pretty clear about it to say for the right deal in the right market for the right product categories, we would do something special but those are pretty rare. They're pretty few and far between. So I don't want to come out and say never. But at this stage of the game, I would say it seems pretty unlikely that there's anything big going to happen anytime soon. But we continue to look.

另一種說法是有一個主題，我認為我們已經非常清楚地表明了這一點，即在正確的市場上針對正確的產品類別做出正確的交易，我們會做一些特別的事情，但這些情況非常罕見。它們的數量相當少。所以我不想公開說「永不」。但在遊戲的這個階段，我想說似乎不太可能很快發生任何大事。但我們仍在繼續觀察。

Our M&A team is, I would argue, a finely tuned weapon, and we are not shy about using it when it makes sense for shareholders in that long-term strategic lens.

我認為，我們的併購團隊是一把精密的武器，當從長期策略角度來看對股東有意義時，我們不會羞於使用它。

Okay. And then maybe kind of sticking with the same theme of -- if things continue to kind of hang around here or maybe even slow a little more than expected, when you think about your footprint, your branch network, are there -- how do you see the opportunity? Or is there any opportunity if the time comes when it's needed to streamline any of those -- the footprints in any certain markets or do you feel like you're kind of at a critical place right now with your branches and the footprint you have, where you're happy with that over kind of any situation really that is feasible in the near term?

好的。然後也許堅持同樣的主題 - 如果事情繼續在這裡徘徊，或者甚至可能比預期的要慢一點，當你想到你的足跡，你的分支網絡時 - 你如何看待機會？或者，如果需要簡化其中任何一個環節，是否有機會簡化某些特定市場的佈局，或者您是否覺得現在您的分支機構和佈局處於一個關鍵階段，您對此感到滿意，而不是在短期內真正可行的任何情況？

Yeah, that's a great question. The short answer is we're already doing it. We are a very disciplined organization when it comes to the variable cost and the way that we manage capacity into the market that we play in. Every market across the country has their operating metrics that they use to govern how they run their business. We look at every location and every market from a profitability perspective.

是的，這是一個很好的問題。簡而言之，我們已經在這麼做了。當談到變動成本以及我們管理所處市場容量的方式時，我們是一個非常自律的組織。全國每個市場都有自己的營運指標，用於管理其業務運作方式。我們從獲利能力的角度審視每個地點和每個市場。

So we're very disciplined about continuing to, I would say, maintain the right operating hygiene, managing capacity. Over the last year, we've closed 17, 20 locations. That dynamic is something that we will continue to manage to ensure that we've got the right footprint, putting our best people in the best locations. That's all part of what we do. We just don't really talk about it externally very much.

因此，我想說，我們非常自律，繼續保持正確的營運衛生和管理能力。去年，我們關閉了 17 到 20 家門市。我們將繼續保持這種活力，以確保我們擁有正確的足跡，將最優秀的人才安排在最合適的位置。這都是我們工作的一部分。我們只是很少對外談論它。

The other piece that I would mention, and I know you've seen this, Trey, is the downturn playbook is certainly available for us if we need it, and we use it on a market level in terms of responding to the dynamics at play.

我想提到的另一點是，我知道你已經看到了，特雷，如果我們需要的話，經濟衰退的策略肯定是可以為我們提供的，而且我們會在市場層面上利用它來應對正在發生的動態。

Yeah, got it. Okay, thank you very much for that and it was helpful. I'll pass it on.

是的，明白了。好的，非常感謝您，這很有幫助。我會傳達的。

Thanks, Trey.

謝謝，特雷。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey guys, thanks for all the great color. I guess, implicit in your guide, you're calling for a second half earnings ramp and Peter, it sounds like it's more seasonal in recent deals? Or does your guide actually assume some second half pickup in activity, perhaps maybe the production builders are kind of easing some of that destock as we kind of look out to the back half? Kind of give us a little more context what you're kind of assuming for the back half.

嘿夥計們，感謝你們帶來如此美麗的色彩。我想，您的指南中隱含著您預計下半年盈利將上升，彼得，這聽起來像是最近的交易更具季節性？或者您的指南實際上是否假設下半年活動會有所回升，也許當我們展望下半年時，生產商正在減輕一些去庫存的力度？請給我們一些背景信息，說明您對後半部分的假設。

Got it. I was just going to say it's definitely not an assumed ramp and trying to use the word seasonality, is we definitely have footprint across certain geographies that the spring summer selling season are the peaks when you're looking across Alaska and the Northern Hemisphere, the Lower 48. So it's disproportionate in that way for those markets, and we're seeing healthy activity currently, and we're expecting that to continue on a normal seasonal basis.

知道了。我只是想說，這絕對不是一個假設的增長，我嘗試使用季節性這個詞，我們肯定在某些地區有足跡，當你放眼阿拉斯加和北半球，美國本土 48 個州時，春夏銷售季節是高峰。因此，對於這些市場來說，這是不成比例的，我們目前看到的是健康的活動，我們預計這種情況將在正常的季節性基礎上繼續下去。

Yeah, just to confirm that, right? It's mostly what you said. It's mostly M&A and the comps from a percentage perspective, the daily sales number in the core business is a gentle seasonal curve like you'd expect, but not expecting a recovery in the broader market or from key customers or any of that.

是的，只是為了確認一下，對吧？大部分都是你說的那種。從百分比角度來看，這主要是併購和可比銷售，核心業務的每日銷售額就像您預期的那樣，呈平緩的季節性曲線，但並不期望大盤或關鍵客戶或任何此類情況出現復甦。

Okay. That's helpful. Appreciate that. And then your larger -- some of the larger public builders have talked about, one, they haven't seen inflation from tariffs yet and perhaps not even anticipate much over the course of the year. And you called out, call it, $175 million to $200 million potential impact from tariffs.

好的。這很有幫助。非常感謝。然後，一些較大的公共建築商談到，首先，他們還沒有看到關稅帶來的通膨，甚至可能沒有預期到今年會出現太多通膨。您指出，關稅可能造成 1.75 億至 2 億美元的影響。

Just want to get your thoughts and your ability to kind of pass it through because implicit your gross margin guidance, I think you're assuming it to kind of hold relatively steady from 1Q levels? Maybe it dipped down a little bit, but still pretty healthy. So just kind of give us some context there.

只是想了解您的想法和傳達它的能力，因為隱含著您的毛利率指導，我認為您假設它會從第一季的水平保持相對穩定？可能略有下降，但仍然相當健康。所以請給我們一些背景資訊。

Yeah. It's going to be an interesting environment as those tariffs continue to make their way into the inventories and as we need to supply to our customers. Our intent is to pass it through, but we will work with our customer partners. We were going to continue to figure out the right approach and dealing with affordability challenges as the tariffs are coming through, but the expectation is that, that's a cost that's increased and it will need to go through.

是的。隨著這些關稅繼續進入庫存，並且我們需要向客戶供貨，這將是一個有趣的環境。我們的目的是將其傳遞下去，但我們將與我們的客戶合作夥伴合作。隨著關稅的實施，我們將繼續尋找正確的方法並應對可負擔性挑戰，但預計成本將增加，而且必須解決。

A lot of this is going to be passed through and focused in key categories, right? I mean China is the big player. We don't actually import, virtually anything from China ourselves. A lot of this is stuff that we buy and then we have to sell. So there's a limited opportunity for us to participate for the most part.

其中許多內容將會被傳遞並集中在關鍵類別上，對嗎？我的意思是中國是主要參與者。實際上，我們自己幾乎不從中國進口任何東西。其中很多東西都是我們買來然後必須賣掉的。因此，我們參與的機會總體上是有限的。

The real question is how does the market respond. Are there substitutions? Is it a logical progression in terms of movement over time? Does it happen all at once? How much is done on the ground at a time?

真正的問題是市場如何反應。有替代品嗎？就隨時間推移的運動而言，這是否是一種合乎邏輯的進展？這一切都是同時發生的嗎？一次在地面上完成多少工作？

Where does the tariff get negotiated to?

關稅談判到哪裡？

So everybody wants to know the answer to the questions. We've tried to take a pass at it. I'll put my hand up and tell you this is our best guess. And the actual fall-through impact of this is an even bigger yet.

所以每個人都想知道問題的答案。我們已嘗試過解決這個問題。我舉手告訴你這是我們最好的猜測。而其實際影響甚至更大。

And when does that actually hit your P&L because there's an inventory balance dynamic?

由於庫存餘額是動態的，什麼時候才會真正影響你的損益表？

Yeah, exactly. It's -- this number is a full year estimated impact. So whenever it starts hitting, you'll get to pro rata share of it. Even based on today, you're talking about a delay based on what is already on the ground. I don't think any of us actually understand.

是的，確實如此。這是——這個數字是全年預計的影響。因此，無論何時開始打擊，您都會按比例獲得份額。即使以今天的情況來看，你所談論的延遲也是基於實際情況。我認為我們中沒有人真正理解。

There have been a few announcements from certain players. But I mean, you saw the GDP numbers. There was a ton of inventory that came in or the people are trying to prepare for this. So when it actually hits the ground, I don't think any of us really know.

一些球員已經發布了一些聲明。但我的意思是，你看到了 GDP 數字。有大量庫存湧入，人們正在為此做準備。所以當它真正落地時，我想我們誰都不知道。

Okay, thank you.

好的，謝謝。

Collin Verron, Deutsche Bank.

德意志銀行的科林‧維隆 (Collin Verron)。

Hey, good morning. Thank you for taking my questions. Just a point of clarity on the tariffs there. Does the guide or the debt tariff impacts assume any tariff mitigation in it? Or is that just the cost number flowing through 100%?

嘿，早安。感謝您回答我的問題。只是想澄清一下那裡的關稅。指南或債務關稅影響是否假設其中有任何關稅減免？或者這只是流經 100% 的成本數字？

So in our guide, we did not bake in any impact from the tariffs. We put that estimate together to kind of give an indication of size or impact that it would have. And that, as Peter was mentioning, includes the stuff we're importing directly, which is very little, and some of the impact from our suppliers that they're going to ultimately be impacted by tariffs based on how they're sourcing products. So it is a big estimate at this time, and we just -- we don't know what the true impact, so it is not built into the guidance.

因此，在我們的指南中，我們沒有考慮關稅的任何影響。我們將這些估計匯總在一起，以表明其規模或影響。正如彼得所提到的，這包括我們直接進口的東西，數量很少，還有一些來自我們供應商的影響，他們最終將根據其採購產品的方式受到關稅的影響。因此，這是目前的一個很大的估計，我們只是——我們不知道真正的影響是什麼，所以它沒有被納入指導之中。

So I'm going to call them over the top and say two things on that. One, we don't lose money on stuff that we sell. And two, there is absolutely going to be an impact of some degree. But if you look at the band of our guidance, the dollar amount of the tariff impact, we are not talking about a change outside of our guidance. The question is how do you dial it in.

因此，我要對他們說兩點。首先，我們銷售的商品不會虧損。其次，這絕對會產生一定程度的影響。但如果你看看我們的指導範圍，關稅影響的美元金額，我們談論的並不是指導範圍之外的變化。問題在於你如何撥入它。

Man, if I had a crystal ball, I would promise to tell you the right number, but this is our attempt to provide guidance in the face of what we consider to be massive uncertain. So I don't know if that helps you or not.

夥計，如果我有一顆水晶球，我保證會告訴你正確的數字，但這是我們在面對我們認為的巨大不確定性時提供指導的嘗試。所以我不知道這是否對你有幫助。

That's very helpful color. All right. And then I guess just on the windows, doors & millwork pricing headwind that you guys called out. I know you guys don't usually break it out, but any sense of just sort of what the magnitude is that you guys are dealing with from price -- from vendor price cuts? And just how you're thinking about sort of that as a top line headwind through the rest of 2025?

這是非常有用的顏色。好的。然後我想這只是你們所說的窗戶、門和木製品定價逆風的問題。我知道你們通常不會單獨公佈價格，但是你們對價格——供應商降價幅度的了解有多少嗎？您如何看待這會成為 2025 年剩餘時間內營收面臨的阻力？

Yeah. If we said under price cuts, it was unintentional. I think that the environment is stable to inflationary, but in particular, based on the tariffs, yeah.

是的。如果我們說降價，那是無意的。我認為環境是穩定的，但通貨膨脹，但具體來說，基於關稅，是的。

Oh, my service for that in the slide deck. Apologies.

哦，幻燈片中提供了我的服務。抱歉。

Thank you for the color.

謝謝你的顏色。

Thank you.

謝謝。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Good morning and thanks for taking my question. I'm curious, as you think about your 2025 guidance, can you sort of just at a high level, maybe two or three key buckets where you are sort of seeing incrementally more challenges than kind of what you had when you put out your prior guidance. Clearly, it looks like single-family housing starts, you've taken that down, but two or three sort of key big buckets would be helpful.

早上好，感謝您回答我的問題。我很好奇，當您考慮 2025 年的指導時，您能否從較高的層面，大概在兩個或三個關鍵領域，您會看到比您之前提出指導時更多的挑戰。顯然，看起來單戶住宅開工數已經下降，但兩三個關鍵的大桶會有所幫助。

All right. So I'll just give you the high level. Starts are down. Single-family starts are down. Monties are up a little to offset it.

好的。所以我只會給你高水準的。開工率下降。單戶住宅開工率下降。蒙蒂斯 (Monties) 略有上升，以抵消其影響。

And the margin pressure on single-family is a little tighter than we thought, not a lot, but a little. And part of it is because single-family starts are down. So there's a correlation. Puts and takes on other things, but those are the big drivers.

單戶住宅的利潤壓力比我們想像的要小一些，不是很多，但有一點。部分原因是獨棟住宅開工率下降。因此存在相關性。投入和承擔其他的事情，但這些是主要的驅動力。

Got it. No, that's helpful. So fair to say that the multifamily piece that you had previously talked about, like, call it, $175 million, $200 million EBITDA impact, that's sort of still in line with how you guys were expecting?

知道了。不，這很有幫助。那麼公平地說，您之前談到的多戶型部分，比如說 1.75 億美元、2 億美元的 EBITDA 影響，這是否仍然符合您們的預期？

Yeah, directionally. And we're lapping most of it, 80% of what we're going to see in terms of the downturn is going to happen in the first half. There will be a tail on some little stuff still fading, but it's largely stable and largely what we anticipated coming into the year.

是的，有方向性。我們正在應對大部分經濟衰退，80% 的經濟衰退將在上半年發生。一些小東西的尾巴仍然會逐漸消失，但它總體上是穩定的，基本上符合我們對今年的預期。

Understood. That's helpful. I'll jump back in the queue. Thank you.

明白了。這很有幫助。我會重新回到隊列中。謝謝。

Thank you.

謝謝。

Adam Baumgarten, Zelman and Associates.

亞當鮑姆加滕 (Adam Baumgarten)、澤爾曼和合夥人公司。

Hey, good morning guys. Can you talk about the trends you're seeing in the installation business? Has that been kind of trending in line with overall results or maybe outperforming a bit? Just curious what you're seeing there.

嘿，大家早安。您能談談您在安裝業務中看到的趨勢嗎？這種趨勢是否與整體結果一致，或可能略有超出？只是好奇你在那裡看到了什麼。

Yeah, it's been good. The multifamily is a headwind against us. So that's broader macro. But install itself, I think it's something that builders continue to be attracted to ease of doing business, efficiency, being able to manage labor the labor market has eased up a little bit. I think you really can see that in the headlines.

是的，一切都很好。多戶住宅對我們來說是個阻力。這就是更廣泛的宏觀。但對於安裝本身，我認為建築商繼續被吸引是因為易於開展業務，效率高，能夠管理勞動力，勞動力市場已經有所緩和。我想你確實可以在頭條新聞中看到這一點。

Still some question marks around what's going to happen with immigration. I don't think we're quite through that yet. But in general, the way we manage it, that we feel really good about our ability to be successful in that environment, and we think customers are continuing to adopt it and like it as an alternative.

移民問題將如何發展仍存在一些疑問。我認為我們還沒有完全解決這個問題。但總的來說，我們管理它的方式讓我們對自己在這種環境中取得成功的能力感到非常滿意，而且我們認為客戶會繼續採用它並喜歡它作為一種替代方案。

Okay. Got it. And then just on digital. Just curious when you think you'll be moving to roll out the platform to some of the larger homebuilders. And is that a piece of getting to that $1 billion sales target that you guys have put out there?

好的。知道了。然後就只談數字。只是好奇您什麼時候會將該平台推廣給一些較大的房屋建築商。這是你們實現 10 億美元銷售目標的一部分嗎？

Yeah. I mean, there are some aspects of the tool that we're thinking about working with some of the larger builders on. They certainly have -- there've been a lot of questions from the large builders and our answer to them is, yes, just give us a little bit of time to make sure that it's exactly where we want to be able to do it. We feel really good about our ability to execute with smaller, but a lot of scale changes everything, as you know. So that's been the pause.

是的。我的意思是，我們正在考慮與一些大型建築商合作開發該工具的某些方面。他們當然有——大型建築商提出了很多問題，我們的回答是，是的，只要給我們一點時間，以確保它正是我們想要實現的。我們對自己在較小規模上執行的能力感到非常滿意，但正如你所知，規模越大，一切都會改變。這就是暫停的時間。

But we're playing around with certain features and functionality. And I think that's something that we will absolutely deliver on. We don't need it to get to the $1 billion number in our estimation. But it certainly, I think, is a vote of confidence in what we've been focused on and why it's important to the future of the industry.

但我們正在嘗試某些特性和功能。我認為我們一定會實現這一目標。我們估計不需要它達到 10 億美元這個數字。但我認為這無疑是對我們所關注的領域及其對產業未來的重要性的信任投票。

Got it thanks.

明白了，謝謝。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

Hey, good morning. Thank you for taking my questions. The R&R segment was, I believe, up in the quarter. I know you cited some regional strengths there. Can you just expand on what drove that performance? It seems like that's maybe a more onetime phenomenon just given the reduced outlook there for R&R in your guidance from -- I think it was up low single digits to now flat. So can you just talk about the expectations there for the rest of the year?

嘿，早安。感謝您回答我的問題。我認為，R&R 部門在本季有所成長。我知道您提到了一些地區優勢。能否詳細說明一下推動這項表現的因素？看起來這也許只是一次性現象，因為在您的指導中 R&R 前景有所降低——我認為它從低個位數上升到現在持平。那麼您能談談對今年剩餘時間的期望嗎？

Well, expectations, as you just said. So we're calling flat for the full year, had a little bit of bump in the first quarter, really coming from some of the lumber and sheet categories where we're seeing strength in lumber and sheet.

嗯，正如您剛才所說的，期望。因此，我們預計全年銷售量將持平，第一季銷售量略有成長，這主要得益於一些木材和板材類別的銷售強勁。

That's a part of our business, while fairly modest in size that's more stable. You do see the regional impact. One of the nice things about our size and scale is because we're in 43 states and magnitude of the top 100 MSAs, you do get a blend in a smoothing at the corporate level, less of that with R&R. So you do see a little bit of movement based on the mix of regions. But generally speaking, it's a more stable part of what we do.

這是我們業務的一部分，雖然規模不大，但比較穩定。你確實看到了區域影響。我們的規模和範圍的優點之一是，由於我們的業務遍布 43 個州，並且位列前 100 個 MSA 之列，因此您可以在公司層面實現平滑融合，而 R&R 的融合較少。因此，您確實會看到基於區域組合的一些變動。但整體來說，這是我們工作中比較穩定的部分。

And a little bit of pops here and there can have an impact. But generally, we feel pretty good about estimating [method.]

這裡或那裡的一點點爆裂聲都可能產生影響。但一般來說，我們對估計感到很滿意[方法。 ]

Understood. And then maybe how are you, I guess, customers is managing activity in orders here with this weaker demand, but prices may be rising? Are you seeing anything of pre-buy or forward activity in response to any of that? Thank you.

明白了。那麼，我想，在需求較弱但價格可能上漲的情況下，客戶是如何管理訂單活動的？您是否看到任何針對上述情況的預購或遠期活動？謝謝。

Not really. It's a good question. I think they just continue to stay focused on, I want to call it, trade downs, but compromises that are necessary to stay within the price points that they're targeting because builders are doing different things, right? Some are starter homes, some are move-up homes, similar customs. And depending on what you're doing, it's going to require you to adapt in a certain way.

並不真地。這是個好問題。我認為他們只是繼續專注於降價，但為了保持在他們所針對的價格點內，妥協是必要的，因為建築商在做不同的事情，對嗎？有些是入門級住房，有些是升級住房，習俗類似。根據您所做的事情，您需要以某種方式進行調整。

And one of the common areas of focus is whether or not there's just a substitute that beats the job but does it in a more efficient way or take it out entirely. So that's -- those are the areas we've been partnering with our customers on. Where can the design help, take cost out, work in individual product categories be adapted to the dynamics of what they're trying to meet in order to be the most efficient possible. But in terms of buying ahead, it's a pretty tough thing to do in our space for the customer.

人們普遍關注的領域之一是，是否有一種替代品能夠勝任這項工作，但能以更有效的方式完成，或完全取代它。這就是我們一直與客戶合作的領域。設計可以在哪些方面提供幫助、降低成本、使各個產品類別的工作適應他們試圖滿足的動態，從而盡可能提高效率。但就提前購買而言，對於我們這個領域的客戶來說，這是一件相當困難的事情。

Jeffrey Stevenson, Loop Capital.

傑弗裡·史蒂文森，Loop Capital。

Hey, thanks for taking my questions today. I just wanted to follow up on install services. And I wondered if they were positive in the first quarter? And then Peter, you talked about some of the labor disruptions we've seen due to the administration's immigration policy. And just wondered if you're continuing to lean into your third-party assembly and install capabilities and a competitive advantage with builder customers?

嘿，感謝您今天回答我的問題。我只是想跟進安裝服務。我想知道他們在第一季是否表現積極？然後彼得，你談到了由於政府的移民政策而導致的一些勞工中斷問題。我只是想知道您是否會繼續依靠第三方組裝和安裝能力以及與建築商客戶的競爭優勢？

So on install, as I was alluding to before, the core business is still doing well. Multifamily, it's a headwind. I mean that's in context of everything we said, I think, consistent. We still like install, yes. And I think the third-party model is functional.

因此，就安裝而言，正如我之前提到的，核心業務仍然表現良好。多戶型住宅，這是一個阻力。我的意思是，就我們所說的一切而言，我認為這是一致的。是的，我們仍然喜歡安裝。我認為第三方模式是可行的。

I think time will tell how much on the ground impact is going to come out of some of the conversations around immigration. To date, if they're going to stay focused on MS13, I don't think we're going to do anything. If there's a more -- a broader impact on -- some of the more traditional non-newsworthy the legal immigration that could be impactful in our industry, but I think only time will tell. And ultimately, given what we do and how we do it, there is a place for third-party contracting, subcontractors, if you will, in the industry more broadly. We think it's the right model.

我認為時間會告訴我們有關移民問題的討論將產生多大的實際影響。到目前為止，如果他們繼續關注 MS13，我認為我們不會採取任何行動。如果對一些更傳統的、非新聞價值的合法移民產生更廣泛的影響，這可能會對我們的行業產生影響，但我認為只有時間才能證明。最終，考慮到我們所做的事情以及我們如何做，第三方承包、分包商（如果你願意的話）在更廣泛的行業中都有一席之地。我們認為這是正確的模型。

So we're going to continue to use it where it makes sense.

因此，我們會繼續在有意義的地方使用它。

Okay. That makes sense. And then I wanted to shift to the M&A pipeline. And wondered if during this period of market uncertainty, you're seeing any benefit from improved seller expectations or whether potential sellers are pulling back right now to manage through this period of market uncertainty?

好的。這很有道理。然後我想轉向併購通路。想知道在當前市場不確定的時期，您是否看到賣家預期改善的好處，或者潛在賣家是否正在撤退以度過當前市場不確定的時期？

Yeah, I think it's latter. Yes, what I was listening is we have certainly seen sellers pull back rumor deals that have been pulled off the table and then just a generally quiet space right now. It's a little, but it's pretty small and pretty wide. We're glad we're able to get Alpine into the family before things got too uncertain because we're excited about bringing them into the team and our team in Colorado and northern New Mexico is really ramped up to deliver incredible value to our customers. We're excited about it.

是的，我認為是後者。是的，我聽到的是，我們確實看到賣家撤回了那些已被取消的傳聞交易，然後現在市場總體上很平靜。有一點，但是相當小而且相當寬。我們很高興能夠在事情變得太不確定之前將 Alpine 納入我們的大家庭，因為我們很高興將他們納入團隊，我們在科羅拉多州和新墨西哥州北部的團隊已經做好了為我們的客戶提供不可思議的價值的準備。我們對此感到很興奮。

Great, thank you.

太好了，謝謝。

And it appears that there are no further questions at this time. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

目前似乎沒有其他問題。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。