Builders FirstSource Inc (BLDR) 2025 Q2 法說會逐字稿

Good day, and welcome to the Builders FirstSource Second 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 年第二季財報電話會議。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 would 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 投資者關係高級副總裁 Heather Kos。請繼續。

Good morning, and welcome to our second 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.

早安，歡迎參加我們 2025 年第二季財報電話會議。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) 和財務長皮特貝克曼 (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。

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 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.

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。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. Our durable results in the second quarter reinforce the advantage of our differentiated product offerings and commitment to execution. In this challenging market environment, we are prioritizing what's within our control, serving customers with excellence, leveraging technology and managing the business with discipline.

謝謝你，希瑟，大家早安。我們第二季的持久業績鞏固了我們差異化產品供應和執行承諾的優勢。在這個充滿挑戰的市場環境中，我們優先考慮我們能控制的事情，為客戶提供卓越的服務，利用技術並嚴格管理業務。

These efforts are strengthening our position in the industry and laying the foundation to emerge stronger as market conditions improve. As shown on slide three, we continue to execute against our strategy as we operate in a dynamic environment.

這些努力正在加強我們在產業中的地位，並為隨著市場條件的改善而變得更強大奠定基礎。如第三張投影片所示，我們在動態環境中運營，繼續執行我們的策略。

This morning, I want to drill down on three key focus areas within our strategy, our customers, operational excellence and capital allocation, what we refer to internally as smart investments. Delivering exceptional customer service is a core value as we drive for growth. We drive to be trusted partners to homebuilders by providing best in class service every day and working together to solve the industry's most complex challenges.

今天上午，我想深入探討我們策略中的三個重點領域：我們的客戶、卓越營運和資本配置，我們在內部稱之為智慧投資。提供卓越的客戶服務是我們推動成長的核心價值。我們致力於成為房屋建築商值得信賴的合作夥伴，每天提供一流的服務並共同努力解決業界最複雜的挑戰。

We are expanding our value-added solutions and leveraging technology, including our end to end BFS digital tools to help create a differentiating customer experience, while empowering our teams to serve more effectively.

我們正在擴展我們的增值解決方案並利用技術，包括我們的端到端 BFS 數位工具，以幫助創造差異化的客戶體驗，同時使我們的團隊能夠更有效地提供服務。

The next focus area, operational excellence, is crucial to how we run the business. It's about developing talent, improving agility and embedding technology into our operations with the implementation of a single ERP system. As we talked about previously, moving to SAP will unlock further opportunities for growth and efficiencies, including how we make decisions, streamline operations and manage costs.

下一個重點領域是卓越運營，這對我們如何經營業務至關重要。它是關於透過實施單一 ERP 系統來培養人才、提高敏捷性並將技術嵌入到我們的營運中。正如我們之前所討論的，轉向 SAP 將釋放更多成長和效率的機會，包括我們如何做出決策、簡化營運和管理成本。

Finally, we remain disciplined in how we deploy capital. Our consistent strong free cash flow through the cycle gives us the flexibility to invest in organic growth, pursue strategic M&A and return capital to shareholders. These investments are strengthening our competitive position and driving long-term value creation.

最後，我們在資本配置方面仍保持嚴謹。我們在整個週期中持續強勁的自由現金流使我們能夠靈活地投資於有機成長、進行策略併購並向股東返還資本。這些投資正在增強我們的競爭地位並推動長期價值創造。

Let's turn now to our second quarter performance on slide five. Our sales were impacted by a softer than expected housing market due to ongoing affordability concerns and rising home inventories as completions outpaced sales. While we readily acknowledge that we are experiencing lower margins, as we support our customers, I'm pleased that we are maintaining healthy profitability in a low [charge] environment, a testament to the operational discipline that is part of the fabric of BFS.

現在讓我們來看看第五張投影片上的第二季表現。由於持續的負擔能力擔憂以及房屋完工量超過銷售量導致房屋庫存增加，導致房地產市場疲軟於預期，我們的銷售因此受到影響。雖然我們欣然承認，在為客戶提供支援的過程中，我們的利潤率正在下降，但我很高興我們在低[費用]環境中保持了健康的盈利能力，這證明了作為 BFS 結構一部分的營運紀律。

Slide six, we highlight key areas where we've been executing our four strategic pillars. In the second quarter, we invested more than $35 million in value-added solutions as we build for the future. This included opening a new millwork location in Florida and expanding or upgrading plants in seven states. We generated $5 million in productivity savings in Q2, primarily through targeted supply chain initiatives. We are focusing on optimizing processes, utilizing new tools and partnering with suppliers to grow share.

第六張投影片，我們重點介紹了我們執行四大策略支柱的關鍵領域。在第二季度，我們投資了超過 3500 萬美元用於增值解決方案，以打造未來。其中包括在佛羅裡達州開設新的木製品廠以及擴建或升級七個州的工廠。我們在第二季節省了 500 萬美元的生產力，主要透過有針對性的供應鏈措施。我們專注於優化流程、利用新工具並與供應商合作擴大市場份額。

Turning to slide seven. We remain disciplined stewards of discretionary spending, and we are continuing to maximize operational flexibility. In response to lower volumes over the last year, we have taken meaningful steps to align capacity across our facilities, manage headcount and control expenses. Year to date through June, we have consolidated eight facilities while maintaining an on-time and in-full delivery rate of 92%. With our industry-leading scale, experienced leadership team and a track record of operating proactively through the cycle, we are confident that we can continue to deliver exceptional customer service.

翻到第七張幻燈片。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。為了因應去年產量下降的問題，我們採取了有意義的措施來調整各工廠的產能、管理員工人數和控製成本。截至今年 6 月，我們已整合了 8 個設施，同時維持了 92% 的準時全額交付率。憑藉我們行業領先的規模、經驗豐富的領導團隊以及在整個週期內積極主動運營的記錄，我們有信心能夠繼續提供卓越的客戶服務。

Single-family starts remain soft as builders manage the pace of construction. As expected, we've experienced a muted sales pace that is below the normal seasonal levels. Given customer feedback and our understanding of land development trends, we expect single-family starts to decrease through year-end.

由於建築商控制施工進度，獨棟住宅開工率依然疲軟。正如預期的那樣，我們的銷售速度低迷，低於正常的季節性水平。根據客戶的回饋和我們對土地開發趨勢的了解，我們預計到年底單戶住宅開工數量將會減少。

Builders are working to help buyers find affordable options by offering smaller and simpler homes, as well as incentives such as interest rate buy-ins. We are marching in lockstep with builders through our comprehensive product portfolio, enabling them to optimize their costs, while maintaining quality. Multi-family also remains muted, driven by higher input and financing costs. However, with a substantial mix of value-added products and attractive long-term fundamentals, multi-family remains an appealing and profitable business for us.

建築商正在努力透過提供更小、更簡單的房屋以及利率買入等激勵措施來幫助買家找到負擔得起的選擇。我們透過全面的產品組合與建築商同步前進，使他們能夠優化成本，同時保持品質。由於投入和融資成本上升，多戶型住宅市場也依然低迷。然而，憑藉大量增值產品和有吸引力的長期基本面，多戶型住宅對我們來說仍然是一項有吸引力且有利可圖的業務。

Turning to M&A on slide eight. We remain focused on pursuing higher 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.

第八張幻燈片討論併購。我們將繼續致力於尋求更高的回報機會，擴大我們的加值產品供應，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 second quarter, we acquired Truckee Tahoe Lumber with aggregate prior year sales of roughly $120 million. Truckee Tahoe's reputation of excellence as a leading supplier of lumber and building materials extends our presence in the Northern California and Nevada markets. We have made 35 acquisitions since the BMC merger in 2021, yet our industry remains highly fragmented. Today's market volatility makes price discovery difficult. But despite the current slower M&A environment, we are confident that inorganic investments will remain an important driver of long-term growth.

第二季度，我們收購了 Truckee Tahoe Lumber，該公司去年總銷售額約 1.2 億美元。特拉基太浩作為領先的木材和建築材料供應商的卓越聲譽擴大了我們在北加州和內華達市場的影響力。自 2021 年與 BMC 合併以來，我們已經進行了 35 次收購，但我們的行業仍然高度分散。當今的市場波動使得價格發現變得困難。儘管目前併購環境放緩，我們仍有信心，無機投資仍將是長期成長的重要驅動力。

Turning to slide nine. Our disciplined capital allocation strategy focuses on maximizing shareholder returns through organic growth, M&A and share repurchases. In the second quarter, we deployed over $500 million towards return enhancing opportunities aligned with our priorities.

翻到第九張投影片。我們嚴謹的資本配置策略專注於透過有機成長、併購和股票回購來實現股東回報最大化。在第二季度，我們部署了超過 5 億美元用於符合我們優先事項的提高回報的機會。

Now let's turn to slide 10 and discuss the latest updates on our digital and technology strategy. In June, we announced Gayatri Narayan as our new President of Technology and Digital Solutions. Gayatri brings over two decades of global technology leadership experience, having held senior roles at Amazon, Microsoft and PepsiCo. Her proven track record of driving innovation and growth through digital transformation will be instrumental as we leverage technology to enhance connectivity across our industry.

現在讓我們翻到第 10 張投影片，討論一下我們的數位和科技策略的最新進展。6 月，我們宣布 Gayatri Narayan 為我們的新技術和數位解決方案總裁。Gayatri 擁有超過二十年的全球技術領導經驗，曾在亞馬遜、微軟和百事可樂擔任高階職位。她在透過數位轉型推動創新和成長方面的出色表現將對我們利用科技增強整個產業的連結性起到至關重要的作用。

We are accelerating the integration of our digital source systems and deploying scalable customer-centric solutions that will strengthen our operational agility and support long-term growth. Our BFS digital tools deliver meaningful benefits to our homebuilder customers and align BFS as a key technology partner. Despite the challenging market, we have seen continued adoption with our target audience of smaller builders.

我們正在加速整合我們的數位來源系統並部署可擴展的以客戶為中心的解決方案，這將增強我們的營運敏捷性並支援長期成長。我們的 BFS 數位工具為我們的房屋建築商客戶帶來了有意義的利益，並使 BFS 成為關鍵的技術合作夥伴。儘管市場充滿挑戰，我們仍看到我們的目標受眾——小型建築商繼續採用該技術。

Since launch in early 2024, we have seen more than $2 billion of orders and $4 billion of quotes placed through our BFS digital tools. These metrics are up more than 400% and nearly 300% year to date, respectively, compared to 2024. We continue to refine our new adoption road map, and we'll roll out our new thinking around benefits and timing later this year.

自 2024 年初推出以來，我們已透過 BFS 數位工具收到了超過 20 億美元的訂單和 40 億美元的報價。與 2024 年相比，這些指標今年迄今分別成長了 400% 以上和近 300%。我們將繼續完善我們的新採用路線圖，並將在今年稍後推出有關優勢和時間的新想法。

I'm pleased that we continue to make progress on our implementation of SAP with the launch of two pilot markets earlier this month. Although these conversions are never easy, we are working through the details and are excited about the growth and efficiency opportunities to come with this new software.

我很高興看到本月初我們啟動了兩個試點市場，在 SAP 實施方面繼續取得進展。儘管這些轉換從來都不是一件容易的事，但我們正在努力解決細節問題，並對這款新軟體帶來的成長和效率機會感到興奮。

I remain deeply grateful for the opportunities to lead such a skilled and dedicated team that makes a difference every day. This quarter, I want to highlight Jim Henry, a load builder in our Burbank Yard, who recently celebrated an incredible 40 years with BFS. Jim is known for his efficiency, flexibility, team-first attitude and his love of cycling. He's had a lasting impact on operations and is someone his teammates look to as a model of how to get the job done right. I'm proud of Jim and the many others across our organization whose hard work and commitment drive BFS forward.

我仍然非常感激有機會領導這樣一支技術嫻熟、盡職盡責的團隊，他們每天都在做出貢獻。本季度，我想重點介紹吉姆·亨利 (Jim Henry)，他是我們伯班克碼頭的一名裝載工人，最近他慶祝了在 BFS 工作 40 週年。吉姆以他的高效、靈活、團隊至上的態度以及對騎自行車的熱愛而聞名。他對營運產生了持久的影響，並被隊友視為如何正確完成工作的典範。我為 Jim 以及我們組織中的許多其他人感到驕傲，他們的辛勤工作和奉獻精神推動著 BFS 不斷前進。

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. We continue to benefit from the strength and adaptability of our operating model. By executing consistently through the cycle, we are generating strong free cash flow and preserving financial flexibility. Our scale, operational rigor and talented team give us confidence in our ability to deliver [solid results] and compound value into the future. We remain disciplined in our capital deployment with a focus on maintaining a healthy balance sheet and investing in high-return opportunities.

謝謝你，彼得，大家早安。我們繼續受益於我們營運模式的優勢和適應性。透過在整個週期內持續執行，我們產生了強勁的自由現金流並保持了財務靈活性。我們的規模、營運嚴謹性和才華橫溢的團隊使我們對實現[堅實成果]和未來複合價值的能力充滿信心。我們在資本配置方面保持嚴謹，並專注於維持健康的資產負債表和投資高回報機會。

I'd like to pause for a moment to highlight our operating model, a core differentiator that continues to set us apart in the industry. At BFS, we have a disciplined enterprise-wide approach that unites our teams across functions, geographies and product categories. We conduct granular performance reviews that track market trends and key productivity metrics, such as [trusses board foot] per labor hour and utilization rates of manufacturing and fleet capacity.

我想暫停一下來強調我們的營運模式，這是我們在行業中脫穎而出的核心差異化因素。在 BFS，我們擁有一套嚴謹的企業範圍的方法，將不同職能、不同地理和不同產品類別的團隊團結在一起。我們進行細緻的績效評估，追蹤市場趨勢和關鍵生產力指標，例如每工時[桁架板英尺]以及製造和車隊容量的利用率。

These insights enable us to identify opportunities, address challenges early to drive continuous improvement across the business. What truly reinforces this discipline is the active oversight of our Executive Steering Committee. This cross-functional leadership group needs to review operational KPIs and challenge assumptions and confirm alignment with our strategic goals. Their involvement ensures that insights from the field translate into action at the highest levels of the organization, enabling us to respond quickly and adapt as needed to evolving market dynamics.

這些見解使我們能夠發現機會，儘早應對挑戰，從而推動整個業務的持續改進。真正強化這項紀律的是我們的執行指導委員會的積極監督。這個跨職能領導小組需要審查營運關鍵績效指標 (KPI) 並挑戰假設，並確認與我們的策略目標保持一致。他們的參與確保了來自現場的見解能夠轉化為組織最高層的行動，使我們能夠快速回應並根據需要適應不斷變化的市場動態。

Let's begin by reviewing our second quarter performance on slides 11 through 13. Net sales decreased 5% to $4.2 billion, driven by lower organic sales and commodity deflation, partially offset by growth from acquisitions. We continued to experience commodity deflation, attributable largely to lower OSB prices. While pending duties and capacity rationalization have contributed to a more stable lumber market, OSB capacity additions have continued to create downward pricing pressure. The organic sales decrease was driven by a 23% decline in multi-family, with muted activity levels against stronger prior year comps.

讓我們先回顧一下第 11 至 13 張投影片上的第二季表現。淨銷售額下降 5% 至 42 億美元，原因是有機銷售額下降和商品通貨緊縮，但被收購帶來的成長部分抵銷。我們持續經歷大宗商品通貨緊縮，這主要歸因於定向刨花板價格下跌。雖然即將實施的關稅和產能合理化有助於木材市場更加穩定，但定向刨花板（OSB）產能的增加持續造成價格下行壓力。有機銷售額下降是由於多戶型住宅銷售下降 23%，與去年同期相比，住宅銷售活動水準較低。

Additionally, single-family declined 9%, attributable to lower starts activity and value per start, while repair and remodel increased 3%, driven by strength in the Mid-Atlantic and South Central regions. As we've noted on recent calls, there are a few key factors reconciling single-family starts to our core organic sales. First, as a reminder, there was a roughly three-month lag from a [start tour] for sale. Second, the value of the average home has fallen as size and complexity have decreased over time. Third, margins remain pressured throughout the supply chain as affordability concerns continue to be paramount.

此外，由於開工活動和每筆開工價值下降，單戶住宅價格下降 9%，而受中大西洋地區和中南部地區強勁增長的推動，維修和改造價格上漲 3%。正如我們在最近的電話會議中指出的那樣，有幾個關鍵因素將單戶住宅開工量與我們的核心有機銷售額相協調。首先，提醒一下，從[開始巡迴]開始銷售大約有三個月的延遲。其次，隨著時間的推移，房屋面積和複雜程度不斷下降，普通房屋的價值也隨之下降。第三，由於負擔能力問題仍然至關重要，整個供應鏈的利潤率仍面臨壓力。

Despite these challenges, we continue to lead the building products market and serve as a trusted partner to our customers. For the second quarter, gross profit was $1.3 billion, a decrease of 11% compared to the prior year period. Gross margin was 30.7%, down 210 basis points, primarily driven by single and multi-family margin normalization, as well as a below normal source environment. Adjusted SG&A of $818 million increased $4 million, primarily attributable to acquired operations, partially offset by lower variable compensation due to lower sales. On an annual basis, adjusted SG&A was approximately 30% fixed and 70% variable with volumes, enabling flexibility during challenging periods.

儘管面臨這些挑戰，我們仍繼續引領建築產品市場，並成為客戶值得信賴的合作夥伴。第二季毛利為13億美元，較去年同期下降11%。毛利率為 30.7%，下降 210 個基點，主要原因是單戶和多戶型利潤率正常化，以及來源環境低於正常水準。調整後的銷售、一般及行政費用為 8.18 億美元，增加了 400 萬美元，主要歸因於收購業務，但銷售額下降導致的浮動薪酬降低部分抵消了這一影響。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。

As Peter touched on previously, we are focused on carefully managing our SG&A and are well positioned to leverage our costs as the market grows. Adjusted EBITDA was $506 million, down 24%, primarily driven by lower gross profit. Adjusted EBITDA margin was 12%, down 300 basis points from the prior year, primarily due to lower gross profit margins and reduced operating leverage. Adjusted EPS was $2.38, a decrease of 32% compared to the prior year. On a year over year basis, share repurchases, enabled by our strong free cash flow generation, [added] roughly $0.18 per share for the second quarter.

正如彼得之前提到的，我們專注於精心管理銷售、一般和行政費用，並做好在市場成長時利用成本的準備。調整後的 EBITDA 為 5.06 億美元，下降 24%，主要原因是毛利下降。調整後的 EBITDA 利潤率為 12%，較前一年下降 300 個基點，主要原因是毛利率下降和經營槓桿降低。調整後每股收益為 2.38 美元，較前一年下降 32%。與去年同期相比，由於我們強勁的自由現金流產生，股票回購在第二季每股增加了約 0.18 美元。

Now let's turn to our cash flow, balance sheet and liquidity on slide 14. Our second quarter operating cash flow was $341 million, a decrease of $111 million, mainly attributable to lower net income. We generated free cash flow of $255 million. Our trailing 12 months free cash flow yield was 9%, and operating cash flow return on invested capital was 18%. Our net debt to adjusted EBITDA ratio was approximately 2.3 times while our fixed charge coverage ratio was roughly 6 times.

現在讓我們來看看投影片 14 上的現金流量、資產負債表和流動性。我們第二季的營運現金流為 3.41 億美元，減少了 1.11 億美元，主要原因是淨收入下降。我們產生了2.55億美元的自由現金流。我們過去 12 個月的自由現金流收益率為 9%，投資資本的營運現金流回報率為 18%。我們的淨負債與調整後 EBITDA 比率約為 2.3 倍，而我們的固定費用覆蓋率約為 6 倍。

In May, we completed a $750 million offering of 6.75% senior unsecured notes due 2035 to pay down the balance on our ABL. Additionally, we upsized our ABL facility by $400 million to $2.2 billion. We have no long-term debt maturities until 2030. Our maturity profile enables us to remain operationally and financially disciplined while preserving a flexible balance sheet for accretive capital deployment.

5 月份，我們完成了價值 7.5 億美元的 2035 年到期的 6.75% 優先無擔保票據的發行，以償還 ABL 的餘額。此外，我們將 ABL 設施的規模擴大了 4 億美元，達到 22 億美元。2030年之前我們沒有長期債務到期。我們的成熟度狀況使我們能夠在營運和財務上保持紀律，同時保持靈活的資產負債表以進行增值資本部署。

Moving to second quarter capital deployment. Capital expenditures were $86 million. We deployed $61 million on acquisitions, and we repurchased 3.3 million shares at an average price of $118.27 per share for $391 million. We currently have $500 million remaining on our share repurchase authorization. While our 2.3 times leverage ratio is slightly above our target range, we remain comfortable with our net debt levels.

轉向第二季的資本部署。資本支出為8600萬美元。我們投入了 6,100 萬美元用於收購，並以平均每股 118.27 美元的價格回購了 330 萬股，總價值為 3.91 億美元。我們目前的股票回購授權還剩餘 5 億美元。雖然我們的 2.3 倍槓桿率略高於我們的目標範圍，但我們對淨債務水準仍然感到滿意。

We will continue to execute our capital allocation priorities and remain disciplined stewards of capital on the path to maximizing value creation. On slide 15 and 16, we show our 2025 scenarios and outlook. Given the dispersion of potential housing market and commodity outcomes for the rest of the year, we have laid out a scenario analysis to demonstrate how we are positioned to generate resilient financial performance.

我們將繼續執行我們的資本配置優先事項，並在最大化價值創造的道路上繼續嚴謹地管理資本。在第 15 和 16 張投影片上，我們展示了 2025 年的情景和展望。考慮到今年剩餘時間內潛在房地產市場和商品結果的分散性，我們制定了情境分析來展示我們如何實現有韌性的財務表現。

As you can see, the bottom of our guidance range corresponds to lower assumptions for single-family starts and commodity prices. Our latest forecast assumes single-family is down 10% to 12% for the year. We continue to expect a multi-family headwind to sales of $400 million to $500 million and a headwind to EBITDA of less than $200 million, with most of the drag already coming in the first half of the year.

如您所見，我們的指導範圍的底部對應於單戶住宅開工率和商品價格的較低假設。我們最新的預測是，今年獨棟住宅數量將下降 10% 至 12%。我們仍然預計，多戶型住宅的銷售額將面臨 4 億至 5 億美元的阻力，EBITDA 將面臨不到 2 億美元的阻力，而且大部分阻力已經出現在上半年。

We also expect R&R end market to be flat. As a result, we are guiding net sales in the range of $14.8 billion to $15.6 billion. We expect adjusted EBITDA to be $1.5 billion to $1.7 billion. Adjusted EBITDA margin is forecast to be in the range of 10.1% to 10.9%. Given the below normal starts environment, we expect our 2025 full year gross margin to be below long-term normalized levels and in a range of 29% to 30.5%.

我們也預期 R&R 終端市場將保持穩定。因此，我們預計淨銷售額將在 148 億美元至 156 億美元之間。我們預計調整後的 EBITDA 將達到 15 億美元至 17 億美元。調整後的 EBITDA 利潤率預計在 10.1% 至 10.9% 之間。鑑於開工環境低於正常水平，我們預計 2025 年全年毛利率將低於長期正常水平，介於 29% 至 30.5% 之間。

We expect free cash flow of $800 million to $1 billion. Our revised guidance assumes average commodity prices in the range of $375 to $425 per thousand board foot. Please refer to our earnings release and presentation for a list of key 2025 assumptions.

我們預計自由現金流為 8 億至 10 億美元。我們修訂後的指南假設商品平均價格在每千板英尺 375 美元至 425 美元之間。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。

Additionally, we want to provide color for Q3 because of our ongoing macro volatility and to align with builder expectations. We expect Q3 net sales to be between $3.65 and $3.95 billion given a weaker-than-normal building season. Q3 adjusted EBITDA is expected to be between $375 million and $425 million. In closing, we are closely monitoring the current environment and remain agile to mitigate downside risk in the near term while also investing strategically for the future. I'm confident in our ability to drive long-term growth by executing our strategy, leveraging our exceptional platform and maintaining financial flexibility.

此外，由於持續的宏觀波動，我們希望為第三季增添色彩，並與建築商的預期保持一致。鑑於建築季節較弱，我們預計第三季淨銷售額將在 36.5 億美元至 39.5 億美元之間。第三季調整後的 EBITDA 預計在 3.75 億美元至 4.25 億美元之間。最後，我們正在密切關注當前環境，並保持靈活性以減輕短期內下行風險，同時也為未來進行策略性投資。我相信，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，我們有能力推動長期成長。

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. I want to close today by emphasizing the transformation of BFS. Today, we are an exceptionally improved organization, one powered by differentiated product offerings, including our value-added solutions, our relentless focus on operational excellence and disciplined capital deployment strategies. This evolution is illustrated on slide 18, which highlights how our performance in a challenged starts environment is substantially better today than in 2019.

謝謝，皮特。今天，我想透過強調 BFS 的轉型來結束我的演講。今天，我們是一個得到了極大改進的組織，由差異化的產品提供動力，包括我們的增值解決方案、我們對卓越營運的不懈關注以及嚴謹的資本配置策略。投影片 18 展示了這一演變過程，強調了我們在充滿挑戰的起步環境中的表現今天比 2019 年有了顯著改善。

Our business is positioned to accelerate when starts increase and current headwinds begin to subside. Our current -- our customer relationships are deepening, our operational efficiency is improving, and our technology platform is creating real value for the business. By controlling what we can control and leveraging our competitive advantages, we will continue to compound long-term shareholder value.

當開工率增加且當前的不利因素開始減弱時，我們的業務將會加速發展。我們目前—我們的客戶關係正在加深，我們的營運效率正在提高，我們的技術平台正在為業務創造真正的價值。透過控制我們能夠控制的事物並利用我們的競爭優勢，我們將繼續增加長期股東價值。

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

感謝您今天加入我們。接線員，我們現在開始回答問題。

(Operator Instructions) Matthew Bouley, Barclays.

（操作員指示） Matthew Bouley，巴克萊銀行。

Good morning everyone. Thank you for taking the questions. So whether we're talking installation, digital, the value-add investments you're making this year, be curious if you can speak a little more where, I guess, specifically or even provide examples of how you are strengthening your competitive position and partnering with your builder customers in this type of, I guess, disappointing starts environment? And sort of what those tactics might mean for your growth and profitability in the future when we eventually get to that environment where starts were to stabilize or improve? Thank you.

大家早安。感謝您回答這些問題。因此，無論我們談論的是安裝、數位化還是您今年所做的增值投資，您是否可以再多說一點，具體來說，或者舉例說明您如何在這種令人失望的開局環境中加強您的競爭地位並與您的建築商客戶合作？當我們最終進入穩定或改善的環境時，這些策略對您未來的成長和獲利能力意味著什麼？謝謝。

Good morning, Matt, and thank you for the question. Yes, happy to. So a couple of key areas. I think the most basic one is improving our on-time and in-full performance to ensure that our builders are able to be as efficient as possible. I would argue, nobody is better at it than we are --

早安，馬特，謝謝你的提問。是的，很高興。有幾個關鍵領域。我認為最基本的是提高我們的準時和全額績效，以確保我們的建築工人盡可能有效率。我想說，沒有人比我們更擅長這一點--

We're well over 90%, and we are known in the industry as the trusted partner to be able to ensure that consistent performance over time. If you think about some of the things we're doing to align more closely with builders, it's figuring out ways to achieve the goals that they have, and their primary goal is stated to us and broadly is affordability. So what are the products that are going to most directly allow them to build a high-quality, cost-efficient home.

我們的比率遠超過 90%，我們在業界被譽為值得信賴的合作夥伴，能夠確保長期穩定的表現。如果您想想我們正在做的一些事情，以便與建築商更加緊密地保持一致，那就是找出實現他們目標的方法，他們向我們闡明的主要目標大體上就是可負擔性。那麼哪些產品能夠最直接地幫助他們建造一個高品質、高性價比的家呢？

In some cases, there are product substitutions. In some cases, there are new applications. The pace of the build and the alignment of the build process with what we're doing, we continue to enhance the integrations with our customers, looking for ways to pass data and align schedules and forecasts in a very, very efficient and highly reliable way.

在某些情況下，會有產品替代。在某些情況下，有新的應用。建置的速度和建置流程與我們正在做的事情的一致性，我們繼續加強與客戶的整合，尋找以非常高效和高度可靠的方式傳遞資料和協調時間表和預測的方法。

A big piece of that is around technology, both in the core systems, but as well as digital. Digital is another way where we have seen customers benefit in terms of utilizing both online tools, but also the three-dimensional digital twin to optimize their build process to find pockets of waste that can be removed and to create efficiencies in terms of communication and process improvement.

其中很大一部分與技術有關，既包括核心系統，也包括數位系統。數位化是另一種方式，我們看到客戶既可以利用線上工具，也可以利用三維數位孿生來優化他們的建置流程，以找到可以消除的浪費，並在溝通和流程改進方面提高效率。

All of that is really linked back to our role as connector between builders and vendors. Right? So our ability to operate effectively in a highly efficient digital environment to link our trusted vendor partners with our customers is really that way that we're reinforcing and strengthening and at the same time, ensuring that we're learning from past cycles and having the right capacity on the ground in the right markets.

所有這些都與我們作為建築商和供應商之間的連接者的角色息息相關。正確的？因此，我們在高效的數位環境中有效運營，將我們值得信賴的供應商合作夥伴與我們的客戶聯繫起來的能力實際上是我們正在加強和鞏固的能力，同時確保我們從過去的周期中學習，並在正確的市場中擁有適當的實地能力。

That's a big piece of where we talk about building for the future and being ready. So all of that basically boils down to as the turn starts, and we believe it will come, not quite yet, but we believe it's on its way, we are going to be better positioned than anybody to really grow and take advantage of highly efficient relationships with customers, trusted relationships with customers and massive capacity to be able to truly create value for shareholders and be more of a trusted partner in this space.

這是我們談論建立未來和做好準備的一個重要部分。所以，所有這一切基本上可以歸結為轉折點的開始，我們相信它會到來，雖然還沒有完全到來，但我們相信它正在路上，我們將比任何人都處於更有利的位置，真正實現增長，並利用與客戶的高效關係、與客戶的信任關係和巨大的產能，真正為股東創造價值，成為這個領域更值得信賴的合作夥伴。

Excellent. Well, that's great color, Peter. Really appreciate that. Secondly, maybe diving into the near term and the gross margins. Correct me if I'm wrong, but I think this is the first quarter where your gross margins were actually higher sequentially, perhaps since 2023.

出色的。嗯，顏色真棒，彼得。真的很感激。其次，也許深入研究短期和毛利率。如果我錯了，請糾正我，但我認為這是你們毛利率實際上連續更高的第一個季度，也許是自 2023 年以來。

Which at least surprised us, maybe not you, but what actually drove that? Why did the margins improve in Q2 sequentially? Kind of what does that imply about the Q2 exit rate? And maybe what are you assuming in that margin within the kind of Q3 and second half guide? Thank you.

這至少讓我們感到驚訝，也許您並不感到驚訝，但究竟是什麼導致了這種情況？為什麼第二季的利潤率會季增？這對於第二季的退出率意味著什麼？那麼，您對第三季和下半年指南中的利潤率有何假設？謝謝。

Thanks, Matt. Great question. We're actually very pleased with that margin performance for Q2. As we had noted last -- on the last call that we were going to see margins drifting down sequentially through the year, it was a direct down, and we were very pleased with the performance as we had a little better than expected in the multi-family and R&R space that contributed to that margin outperformance.

謝謝，馬特。好問題。事實上，我們對第二季的獲利表現非常滿意。正如我們上次提到的那樣 - 在上次電話會議上，我們會看到利潤率在全年連續下降，這是直接下降，我們對業績感到非常滿意，因為我們在多戶型和 R&R 領域的表現略好於預期，這有助於利潤率的優異表現。

And just to contextualize it, that 20 basis points increase over Q1, that's worth about $8 million. So it's pretty small in the grand scheme of things, but we're very pleased with the outperformance.

具體來說，第一季增加的 20 個基點價值約為 800 萬美元。因此，從總體來看，它的規模相當小，但我們對它的出色表現感到非常滿意。

Got it. Yeah. And any color there on what was assumed in kind of Q3 and second half?

知道了。是的。那麼對於第三季和下半年的預期有何具體消息嗎？

Again, we're looking at sequential normalization or declines through the balance of the year to our stated full year forecast or full year guidance of margin. But it's very consistent with what we said in the prior quarter, given the competitive landscape and the softer than normal starts environment is going to continue to put that pressure on margins.

再次，我們正在研究全年餘額的連續正常化或下降，以達到我們所述的全年預測或全年利潤指引。但這與我們上一季所說的非常一致，考慮到競爭格局和比正常情況更疲軟的開工環境將繼續對利潤率造成壓力。

Michael Dahl, RBC.

邁克爾·達爾（Michael Dahl），RBC。

Morning, thanks for taking my questions. Maybe just to pick up on that last point. I guess you did a 30.6% gross margin in the first half of the year. You say (technical difficulty) there with the high end effectively being kind of flat to the first half, the low end implying a really sharp step down. And it seems like the 3Q guide does imply some sort of step down. So just to press a little more on status quo given what you're experiencing in the market today, a little better direction or fine-tuning on where in that range, things are under kind of the status quo environment?

早上好，感謝您回答我的問題。也許只是為了強調最後一點。我估計你們上半年的毛利率是30.6%。您說（技術難度）高端實際上與前半部分持平，低端意味著真正急劇的下降。看起來第三季的指南確實暗示了某種程度的降幅。那麼，考慮到您目前在市場上所經歷的情況，您是否想對現狀再多施加一點壓力，在現狀環境下，對這個範圍內的情況進行更好的指導或微調？

And more broadly, just as you think about all these dynamics, any updated views on how you're balancing or looking to balance share and margin in the current environment?

更廣泛地說，正如您思考所有這些動態一樣，對於如何在當前環境中平衡或尋求平衡份額和利潤率，您有什麼更新的看法嗎？

Well Mike, thanks. Yeah. So part of the dynamic here is what's being said broadly. Obviously, there are a lot of public homebuilders that have released over the past couple of weeks versus kind of our signal here that it's a bit worse than what people are thinking. As you know, we spent a lot of time with customers.

好吧，麥克，謝謝。是的。因此，這裡的動態部分就是廣泛談論的內容。顯然，過去幾週有很多公共房屋建築商發布了與我們這裡不同的訊號，表明情況比人們想像的要糟糕。如您所知，我們花了很多時間與客戶在一起。

We spent a lot of time digging into the data. What I think you're seeing is a little bit of a bifurcation, a little bit of a difference in terms of the profile of who we are versus what the builders are doing in terms of their annual cycle. Just to put a finer point on it, we've talked about it before. We're about two third to the start and one third to the completion. If the builders get towards the back end of their year, they're looking at completing and selling homes.

我們花了很多時間挖掘資料。我認為您看到的是一點分歧，在我們的概況和建築商的年度週期所做的事情方面有一點點不同。為了更詳細地說明這一點，我們之前已經討論過它了。我們已開始約三分之二，並已完成約三分之一。如果建築商進入年底，他們會考慮完成並出售房屋。

But given the inventory environment and what we're seeing in terms of the land market, what we're hearing about the takedowns and the contracts, our sense is builders are slowing on the start side. And without a clear indicator that interest rates are going to move any time soon, I think in the best case scenario, it's going to be a little while. It probably won't help this year.

但考慮到庫存環境以及我們所看到的土地市場情況，以及我們所聽到的有關拆除和合約的消息，我們感覺建築商的開工速度正在放緩。由於沒有明確的指標表明利率將在近期變動，我認為在最好的情況下，也需要一段時間。今年可能沒什麼幫助了。

Our sense is that -- that's slowing that resetting to a lower rate in order to manage those completed home inventory levels. That's what's going to flow through. So that's the slowing indication that you've got from us. The higher end of our scenarios that we laid out for you is a flatter version based on kind of where we are now. So you think about it that way, but there's a -- not exactly, but directionally, I would say that's the band that we should think about. The competitive environment, as Pete mentioned, it's pretty stable, right? It's a tough market.

我們的感覺是——為了管理已完成的房屋庫存水平，這將減緩重置速度至較低的水平。這就是即將流經的東西。這就是您從我們這裡得到的放緩跡象。我們為您列出的較高端情境是基於我們目前所處狀況的較平坦的版本。所以你可以這樣想，但有一個——不完全是，但從方向上看，我想說那是我們應該考慮的樂團。正如 Pete 所提到的，競爭環境相當穩定，對嗎？這是一個艱難的市場。

There's a fight out there in terms of what we're seeing when we're quoting and looking at what's going on with share according to our [Calix], we think things are pretty well stabilized on the share side. And the signaling of what that took in order to stabilize is what Pete's got laid out in terms of the margins and the results for the rest of the year. Ultimately, I'd just go back to we're performing exceptionally well in a challenging market. It's not easy. We're focused on affordability, but the team is doing a phenomenal job. We're staying focused on the discipline necessary to run this business the right way and to prepare for the future. And we're ready to go when it turns.

就我們所看到的，當我們引用並觀察股票走勢時，根據我們的 [Calix]，我們認為股票方面的情況已經相當穩定。為了穩定局面，Pete 已經為今年剩餘時間的利潤和業績做好了準備。最終，我只想說，我們在充滿挑戰的市場中表現非常出色。這並不容易。我們注重的是可負擔性，但團隊做得非常出色。我們將繼續專注於以正確方式經營這項業務和為未來做好準備所需的紀律。當它轉彎時，我們就準備出發了。

We just need some cooperation from the external factors.

我們只是需要一些外在因素的配合。

Yeah, thanks for that, Peter. That's really helpful. And I guess similar vein, a lot of the concern or pushback that we get from investors is around trust specifically where there is excess nameplate utilization out there and you hear all the builders, this conversation, talking about how they are asking for and aggressively asking for help from all their partners to reduce costs.

是的，謝謝你，彼得。這真的很有幫助。我想類似的是，我們從投資者那裡得到的許多擔憂或阻力都與信任有關，特別是在銘牌利用率過高的情況下，你會聽到所有的建築商，在這次談話中，談論他們如何積極地向所有合作夥伴尋求幫助以降低成本。

Can you just help us understand from your perspective, the trust capacity environment, the differences you see on kind of name plate versus effective utilization? And maybe if you could talk about kind of your trust margins, at least directionally, how those have been performing or expected to perform within the balance of the year and your guidance? I think that might help.

您能否從您的角度幫助我們理解信任容量環境，以及您在銘牌類型和有效利用率方面看到的差異？也許您可以談談您的信任邊際，至少從方向上講，它們在今年餘下時間內的表現如何或預計會如何，以及您的指導？我認為這可能會有幫助。

Sure. Yeah. I mean, I know it's not going to come as a surprise to anybody. We're underutilized from a capacity perspective and trust, right, given where starts are, of course, we've got access. I think what we're particularly good at though is making sure we're running the business, driving off of the correct metrics.

當然。是的。我的意思是，我知道這不會讓任何人感到驚訝。從容量和信任的角度來看，我們的利用率還不夠，對吧，考慮到起點，當然，我們已經獲得了存取權限。我認為我們特別擅長的是確保我們按照正確的指標來經營業務。

So for example, every location is absolutely focused on board foot per labor hour metrics to ensure that the biggest expense that we have are people are producing in a way that makes sense for the operation. That's how you cover the overhead. That's how you ensure that we have a stable business. In those instances, where we don't have enough volume to absorb that fixed overhead, that's where we do things like you see in the materials, where we mothball operations or close operations or consolidate in order to ensure that the remaining facilities do have enough to stay stable.

舉例來說，每個地點都絕對關注每工時板英尺的指標，以確保我們最大的開支是人們以對營運有意義的方式進行生產。這就是你支付開銷的方法。這樣才能確保我們的業務穩定。在這種情況下，如果我們沒有足夠的產量來吸收固定的間接費用，我們就會採取像您在材料中看到的那樣的措施，即封存業務、關閉業務或合併，以確保剩餘的設施有足夠的產量來保持穩定。

It's one of the many advantages of our network of operations and something that our team is exceptionally good at. So that's an example of how we manage it broadly in the space. We're very confident that we are as efficient or better than anybody else in this space in certain markets. Certainly, it's hand to hand combat. No hesitation in saying that we've competed away some of the excess margins that we've seen over the past few years. I think all of us have strived very hard to make sure we're getting a fair return on what we do.

這是我們營運網路的眾多優點之一，也是我們的團隊非常擅長的事。這就是我們如何在該領域廣泛管理它的一個例子。我們非常有信心，在某些市場中，我們的效率與該領域的其他人一樣高，甚至更高。當然，這是肉搏戰。毫不猶豫地說，我們已經透過競爭消除了過去幾年出現的部分過剩利潤。我認為我們所有人都竭盡全力確保我們所做的事情能夠獲得公平的回報。

But that said, it is a competitive environment. That hopefully isn't a surprise, based on everything we've said in the past. But with all of that, we're still doing well. It is a very nice product line for us. It's something that, again, we will have and we'll continue to invest in to ensure that we're aligned with our customers when their need increases, and it will.

但話雖如此，這是一個競爭環境。根據我們過去所說的一切，希望這並不令人意外。但儘管如此，我們仍然做得很好。對我們來說，這是一條非常好的產品線。再次強調，我們會繼續投資於此，以確保在客戶需求增加時我們能夠與他們保持一致，事實也確實如此。

So we're not shy at all about where we are and continue to -- continuing to invest in those key areas where that capacity is going to be needed even if it's not needed as desperately today.

因此，我們對於自己的現狀毫不避諱，並將繼續投資——繼續投資於那些需要這種能力的關鍵領域，即使現在並不迫切需要這些能力。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good Morning guys thanks for taking my questions the first one is just on the commodity outlook that you guys laid out there. Just within -- in mind, the Canadian lumber tariffs, the antidumping and countervailing going from 14.5% to 27% as of a couple of days ago, sets you up to 34.5% on August 8, with probably a little chance of that changing. Just curious, what you think kind of the knock-on impact might be to lumber? And how does that kind of fit in the context of your forecast?

大家早安，謝謝你們回答我的問題，第一個問題是關於你們列出的商品前景。請記住，加拿大木材關稅、反傾銷和反補貼稅率幾天前從 14.5% 上升到 27%，到 8 月 8 日將達到 34.5%，而且這一數字可能還有一點變化。只是好奇，您認為這會對木材產生什麼樣的連鎖影響？這與您的預測有何關聯？

Thanks, John. Good morning. Thanks, John. we have factored in the duties and increases into our guidance for the lumber side. And we think the lumber right now has been more stable. I think the duties has helped that to remain at a pretty healthy level of above $400 per thousand, as you look at the composite of the lumber category.

謝謝，約翰。早安.謝謝，約翰。我們已經將關稅和漲價納入了木材方面的指導中。我們認為現在的木材更加穩定。我認為，從木材類別的綜合數據來看，關稅有助於將木材價格維持在每千美元 400 美元以上的健康水準。

The impact from the duties, I don't think will hit us really in our numbers for at least three to four months, given the lead time of what we already have on the ground, what we need to work through on what's already been ordered in the pipeline versus when we will receive that new wood with the duties on it and then be able to turn it out.

考慮到我們現有的準備時間、我們需要處理已訂購的木材的時間，以及我們何時收到已徵收關稅的新木材並將其生產出來，我認為關稅的影響至少在三到四個月內不會對我們的產量產生真正的影響。

So it will really have a minimal impact on our financial results in 2025. And we'll continue to assess that as we go into 2026. The big drag, as I mentioned in the prepared remarks, was on OSB. And OSB is something that continues to drift down. It's pressured because of oversupply. And we're going to have to just work through that as we try to find as an industry where that balance is.

因此，它對我們 2025 年的財務表現的影響確實微乎其微。進入 2026 年，我們將繼續評估這一點。正如我在準備好的演講中提到的那樣，最大的拖累是 OSB。而OSB則是不斷向下漂移的東西。由於供應過剩，它面臨壓力。我們必須努力解決這個問題，並努力尋找產業中的平衡點。

Yeah, OSB is bad right now. There's -- nobody is happy with where OSB is, except for maybe people buying it at the end point.

是的，OSB 現在很糟糕。沒有人對 OSB 的現狀感到滿意，除非有人在最終購買它。

Got it. Okay. That's helpful. And then in terms of your net leverage, it's at I think 2.3 times. It's above the high end of the 1 to 2 times.

知道了。好的。這很有幫助。就淨槓桿而言，我認為是 2.3 倍。它高於1至2倍的高端。

You lowered the EBITDA forecast for the second half. I mean, how does this sort of influence the ability for you guys to buy back stock through the remainder of the year?

您下調了下半年的 EBITDA 預測。我的意思是，這對你們在今年剩餘時間內回購股票的能力有何影響？

Well, so our capital allocation priorities remain the same. We're going to continue to focus on maintaining a healthy balance sheet, fortress balance sheet. Some of the debt activities we did during Q2 helped continue to position us from a liquidity standpoint, which we feel very confident in at this time. We're managing our capital expenditures or organic growth to make sure that it's rightsized for the business that we're operating currently.

嗯，我們的資本配置重點保持不變。我們將繼續致力於維持健康的資產負債表、堡壘資產負債表。我們在第二季進行的一些債務活動幫助我們繼續從流動性的角度定位，我們目前對此非常有信心。我們正在管理我們的資本支出或有機成長，以確保其適合我們目前營運的業務。

We're evaluating inorganic growth through acquisitions. And right now, it's just a softer M&A environment. And then lastly, we'll look at stock buyback. As you probably saw in the prepared remarks and in the information that we've provided, we haven't done any since April when we announced the Q1 results.

我們正在評估透過收購實現的無機成長。而目前，併購環境較為疲軟。最後，我們來討論股票回購。正如您可能在準備好的演講稿和我們提供的資訊中看到的那樣，自 4 月宣布第一季業績以來，我們還沒有做過任何事情。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Yeah, thanks. Good morning, guys. I'm hoping -- just -- I can ask you a very high-level question here. Could you discuss the revenue and margin bridge as you think about from the [core] you just reported into that third quarter guidance that you gave? Essentially, just what are the main drivers of the sequential change from 2Q to 3Q?

是的，謝謝。大家早安。我希望——只是——我可以在這裡問你一個非常高級的問題。您能否從您剛剛報告的[核心]到您給出的第三季度指引中討論一下收入和利潤率的橋樑？本質上，從第二季到第三季的連續變化的主要驅動因素到底是什麼？

The sequential driver changes for revenue from Q2 to 3Q is really the starts environment that continues to weaken as we go through the quarter. Single-family starts, excuse me. A little bit of the continued normalization of multifamily, as we said largely was behind us in the first half of the year. There's still a little bit left in Q3, as I mentioned last quarter.

從第二季到第三季度，營收的連續驅動因素變化實際上是啟動環境，而隨著我們度過這個季度，啟動環境不斷減弱。單親家庭開始了，不好意思。正如我們所說，多戶型住宅的持續正常化在上半年基本上已經結束。正如我上個季度提到的，第三季還剩下一點點。

And the commodity deflation. So we're seeing a softer commodity environment than what we had projected from last quarter, and that's going to have an influence on the revenue in Q3.

以及商品通貨緊縮。因此，我們看到大宗商品環境比我們上個季度預測的要疲軟，這將對第三季的營收產生影響。

Okay. And just setting aside the 30-year conventional mortgage rate for right now, could you discuss the impact on BFS if short rates come down by, say, 50 basis points as we exit the year and into 2026?

好的。且不說現在的 30 年期傳統抵押貸款利率，您能否討論一下，如果到 2026 年短期利率下降 50 個基點，對 BFS 會產生什麼影響？

Well, it certainly is one. I think there are a number of different reasons, why that's true. While I do think it will likely have an impact on mortgage rates, the multi-family side of the business, I will tell you has a tremendous amount of promise right now. There are a lot of jobs that are sort of on the cusp, and I think 50 bps would help.

嗯，確實如此。我認為有很多不同的原因可以解釋為什麼這是事實。雖然我確實認為它可能會對抵押貸款利率產生影響，但我要告訴你，目前多戶型業務有著巨大的前景。有很多工作正處於風口浪尖，我認為 50 個基點會有所幫助。

I think that there's also sort of this uncertainty on the consumer side, that even those who can handle a mortgage in this vicinity are so unsettled by what they don't understand or what they don't trust yet that they've backed off. So I think a sense of lower rates and a little bit more stability could absolutely be a release in terms of demand activity, I think those are the key pieces of where it could help.

我認為消費者方面也存在這種不確定性，即使是那些可以處理此類抵押貸款的人，也會因為不理解或不信任的事情而感到不安，因此他們放棄了。因此，我認為較低的利率和稍微穩定一點的政策絕對可以釋放需求活動，我認為這些是能夠提供幫助的關鍵因素。

Charles Perron-Piche, Goldman Sacs.

查爾斯·佩隆-皮奇，高盛。

Thank you, good morning. I guess, first, I would like to talk about reduction in productivity savings expectation that you had for this year. Can you talk through the reasons behind that decline? And more broadly, when you think about opportunity for further cost takeout actions over time to build on the initiatives that you've completed year-to-date in terms of footprint?

謝謝，早安。我想，首先，我想談談您對今年生產力儲蓄預期的下降。您能談談這種下降背後的原因嗎？更廣泛地說，您是否考慮過隨著時間的推移採取進一步的成本削減行動，以鞏固您今年迄今在足跡方面已完成的舉措？

Yeah, I can start it off. If Pete has comments to add on, please do. In short, productivity is still core. We're still doing a tremendous amount of continuous improvement work. The reality is with about 30% of our SG&A being effectively fixed, and not variable with sales, we're seeing some deleverage that's offsetting.

是的，我可以開始了。如果 Pete 有要補充的評論，請補充。簡而言之，生產力仍然是核心。我們仍在進行大量的持續改善工作。實際情況是，我們的銷售、一般及行政費用中約有 30% 是有效固定的，並且不會隨著銷售額而變化，因此我們看到了一些抵消的去槓桿作用。

So our productivity metrics are driven by P&L outcome. As fun as it is to tell stories about how we can save money with X or Y project, it doesn't show up in the P&L. We don't count it to be true. So while there are certainly a lot of things going on, the offsetting headwinds are sort of eating that benefit. We're going to continue to press.

因此，我們的生產力指標是由損益結果所驅動的。儘管講述如何透過 X 或 Y 專案省錢的故事很有趣，但它並沒有出現在損益表中。我們認為這不是真的。因此，儘管確實有很多事情正在發生，但抵消的阻力在某種程度上正在抵消這種好處。我們將繼續施壓。

The organization, I think, is still aligned very well and performing very well. Just the reality of that deleveraging is on the account of -- is what's to account for the lower performance. But certainly, a lot of effort there. I miss anything.

我認為，該組織仍然協調得很好，而且表現得很好。去槓桿的現實原因在於──這就是造成業績下滑的原因。但可以肯定的是，我們付出了很多努力。我錯過了一切。

I think the second part of this question was regarding the closures that we've executed this year. So the 8 locations. As part of our ongoing management process that we evaluate the performance of our locations, we evaluate the capacity in our markets. We continue to make the prudent choices on what's best for the company and how do we maximize our ability to service the customer as well as generate the right returns.

我認為這個問題的第二部分是關於我們今年實施的關閉措施。所以是 8 個地點。作為我們持續管理流程的一部分，我們會評估各個地點的績效，評估我們市場的容量。我們將繼續審慎地選擇最適合公司的方式，以及如何最大限度地提高我們為客戶提供服務的能力並產生正確的回報。

As a reminder, we closed 30 locations last year. So this is just part of who we are and part of how we run the business, making sure that we have everyone operating at an expectation.

提醒一下，我們去年關閉了 30 家門市。所以這只是我們身分的一部分，也是我們經營業務的一部分，確保每個人都按照預期開展業務。

Got it. That's very good color, Peter and Pete. And then I guess, second, moving on to digital. You've talked about continued progress against your initiatives earlier this year and in your prepared remarks as well today. When you think about the continued progress over time, and you highlighted a $200 million target initially, it sounds like you're revising the time line.

知道了。彼得和皮特，顏色真好看。然後我想，其次，轉向數位化。您在今年早些時候以及在今天的準備好的發言中談到了您的倡議所取得的持續進展。當您考慮到隨著時間的推移持續取得進展，並且您最初強調了 2 億美元的目標時，聽起來您正在修改時間表。

But when you think about the adoption of the digital tools and your product across the market, what basically are the biggest pushback or inherent problem that are limiting the adoption? Is it really just driven by the market? Or any other things that you could adjust to really help your go to market strategy there?

但是，當您考慮整個市場對數位工具和產品的採用時，限制採用的最大阻力或固有問題是什麼？它真的只是由市場驅動嗎？或者您可以調整其他什麼事項來真正幫助您制定市場策略？

Yeah, that's a great question. Thank you. that's a great question. Thank you. I remain incredibly excited about the opportunity of digital and leveraging technology, whether it be core systems or the new AI -- agentic AI that we think is going to be really impactful. The reality is, increasingly, the realization is that digital isn't a tool, digital isn't a product, digital is very much the fabric of who we are. We'd like to think about these tools as being super suits that our employees can put on to better compete in the market.

是的，這是一個很好的問題。謝謝。這是一個很好的問題。謝謝。我仍然對數位化和利用科技的機會感到無比興奮，無論是核心系統還是新的人工智慧——我們認為將產生真正影響的代理人工智慧。現實情況是，人們越來越認識到數位化不是一種工具，數位化不是一種產品，數位化是我們自身的重要組成部分。我們希望將這些工具視為我們的員工可以穿上以更好地參與市場競爭的超級套裝。

Makes us faster, makes us smarter, makes us more agile. The reality is it's not easy to do, and it takes a lot of investment. And unfortunately, it takes more time than I'd like for it to take. But we are seeing improvement. The core of the tools are delivering on the promise of finding and eliminating waste, improving communications with our customers, improving the efficiency and the effectivity, most importantly, of our internal teams.

讓我們更快，讓我們更聰明，讓我們更敏捷。但事實上這並不容易，需要大量的投資。不幸的是，它花費的時間比我希望的要多。但我們正在看到改善。這些工具的核心是兌現發現和消除浪費的承諾，改善與客戶的溝通，提高效率和效力，最重要的是提高我們內部團隊的效率和效力。

We're still 100% convicted that that's the right way for our business to win in the long run and that we're better positioned than anybody to do it. The reality right now is with our target customer today being the smaller customer and there being a tough market to adapt to, there's a piece of this that's development related and a piece of this that's -- customers are very focused on staying alive and managing affordability, and sometimes new ideas are slower to be adopted than at other times.

我們仍然百分之百地堅信，這是我們企業長期取勝的正確途徑，而且我們比任何人都更有能力做到這一點。目前的現實情況是，我們今天的目標客戶是較小的客戶，而且市場適應起來很困難，這其中一部分與開發有關，而另一部分則與客戶非常注重生存和管理承受能力有關，有時新想法的接受速度比其他時候要慢。

We're still seeing adoption. We're still seeing it pick up. We're still developing. I don't feel bad at all for the success that we've had, but it has been a little bit slower than we were anticipating. We're still seeing incremental growth, but it's still going in the right direction, just not at the right pace yet.

我們仍然看到人們的採用。我們仍然看到它正在回升。我們仍在發展中。對於我們所取得的成功，我一點也不感到難過，但它的進展比我們預期的要慢一些。我們仍然看到增量成長，但它仍然朝著正確的方向發展，只是速度還不正確。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

Hi, good morning. It's racing. Thanks for taking my questions. It's Rafe. Looking ahead, if starts stay where we are today for the extended period of time just because of the macro, are there levers that you could pull from a cost perspective? And then how do you think about balancing market share and margin?

嗨，早安。這是賽車。感謝您回答我的問題。是雷夫。展望未來，如果僅僅因為宏觀因素，開工率在較長時間內保持在目前的水平，那麼從成本角度來看，您是否可以採取一些措施？那麼您如何考慮平衡市場佔有率和利潤？

Yeah, I guess the first thing I'll highlight going into this is we've already -- the levers have been pulled in terms of just how we run the business. Right? With 70% of our SG&A and obviously, all of the COGS stuff being driven by volumes in order for us to perform the way we've already performed given the reset in sales and starts, you've already seen a lot of that being executed in real time. The larger chunky stuff on the fixed side, sure.

是的，我想我首先要強調的是，我們已經——就我們如何經營業務而言，已經開始採取行動。正確的？由於我們的 70% 銷售、一般及行政費用以及顯然所有的銷貨成本都是由銷量驅動的，為了使我們能夠在銷售和開工重置後保持我們已經有的表現，您已經看到其中很多內容正在實時執行。當然，固定側有較大的塊狀物體。

There's absolutely some of that, that we'll do. We'll continue to assess where we're already focused on the areas of discretionary spending and time to get certain investments. We're trying to be smart with all of that, where we're being thoughtful about today, but also not losing sight of the strategic vision and where we want to go. So I think that's an important part of all of the analysis.

我們肯定會做一些這樣的事情。我們將繼續評估我們已經關注的可自由支配支出領域和獲得某些投資的時間。我們試圖明智地處理所有這些問題，我們對今天的事情深思熟慮，但我們不會忽視戰略願景和我們想要去的地方。所以我認為這是所有分析的重要部分。

When it comes to the competitive environment and margins, it's a balance, right? I think that ultimately, we know we are invested and positioned in a way that it is appropriate for us to get a fair return for what we're providing in the marketplace. Certainly with the pressure on affordability, everybody wants it to be less. Everybody, I think, in general, would prefer that we just gave away free houses and then everybody could have one, but that's not how it works. And we are maintaining the right disciplines to ensure we've protected our position while making a fair margin. We absolutely walk away from business where that's not true.

當談到競爭環境和利潤時，這是一個平衡，對嗎？我認為，最終我們知道，我們的投資和定位是適當的，以便我們能夠從我們在市場上提供的產品中獲得公平的回報。當然，由於負擔能力的壓力，每個人都希望負擔得起。我認為，總體來說，每個人都希望我們免費贈送房子，這樣每個人都可以擁有一套，但事實並非如此。我們正在保持正確的紀律，以確保我們在獲得公平利潤的同時保護我們的地位。我們絕對不會從事不符合這一事實的業務。

And so that sort of balance is one that we've continued to maintain. And I think in the current environment, we feel like there's some equilibrium being found. Limits are being reached, but it's not quite over yet. We'll have to see. It really is dependent on this idea of does it get a little worse from here or is it stable where it is.

因此，我們一直保持著這種平衡。我認為在當前環境下，我們感覺已經找到了某種平衡。已經達到了極限，但還沒完全結束。我們得拭目以待。這確實取決於這個想法：情況是否會從現在開始變得更糟，還是保持穩定。

That's really helpful. And there is a slide that you guys included in the deck that just shows -- we're back to 2019 starts level, but your EBITDA margin is 300 basis points above where you were in 2019. Could it be helpful if you could just talk about like how much of that is mix, productivity, scale? Like what's sort of the bridge to the much higher margin today on the same start level?

這真的很有幫助。你們在簡報中附上了一張幻燈片，上面顯示——我們回到了 2019 年的開局水平，但你們的 EBITDA 利潤率比 2019 年高出 300 個基點。如果您能談談其中有多少是混合、生產力和規模，這會有幫助嗎？那麼，在同樣的起始水準下，如今實現更高利潤的途徑是怎麼樣的呢？

I don't know if I have that specific bridge off the top of my head, but our IR strategy deck has a bridge. I don't think it's in the current release for the quarter, but there is a bridge that shows you that directionality. But for those who haven't seen it yet or are flipping to it right now, it's a couple of pieces that you hit on them. Mix is an important one. We have substantially moved the business towards value-add based on both M&A and organic growth in terms of new capacity and expanded sales in those key categories.

我不知道我是否已經記住了那座特定的橋，但我們的 IR 策略甲板上有一座橋。我認為它不在本季度的當前版本中，但有一座橋樑可以向您展示該方向性。但對於那些還沒看過或現在正在翻閱的人來說，這是一些你可以觸及的片段。混合是很重要的一點。我們已大幅推動業務朝著基於併購和有機成長的增值方向發展，在新增產能和擴大關鍵類別的銷售方面均實現了增值。

The other bit is what I alluded to earlier, which is really the continuous improvement focus. We have gotten better at our trade by working together as a team, by leveraging our scale, by coordinating learnings and execution, the way that we partner with customers, everything from closest point of shipment to how we work with vendors to ensure we've got the right product in the right place to win.

另一點是我之前提到的，這實際上是持續改進的重點。透過團隊合作、利用我們的規模、協調學習和執行、與客戶的合作方式等各個方面，我們在我們的行業中變得更好，從最近的裝運點到我們如何與供應商合作，以確保我們在正確的地點獲得正確的產品以贏得勝利。

But those are the two big factors. Those are things we feel good about protecting we think are real and durable and have tremendous opportunity for leverage as we get into an expanding market.

但這是兩個重要因素。我們樂意保護這些東西，我們認為它們是真實而持久的，並且在我們進入不斷擴大的市場時具有巨大的槓桿機會。

Keith Hughes, Truist.

基斯·休斯，Truist。

Can you hear me now?

現在你能聽到我說話嗎？

We can.

我們可以。

Okay. Sorry about that. So in the slide, you talked about manufactured products being down about 10%. Can you talk about the influence acquisitions had on that? And also what units and price look like amongst those products?

好的。很抱歉。所以在幻燈片中，您談到製成品下降了約 10%。您能談談收購對此的影響嗎？這些產品的單位和價格是怎麼樣的？

Yeah, so I mean, acquisitions have continued to build the trust profile, a bigger part of the business in general. No question that it's been comparably impacted to the downside. Starts have been -- have absolutely flowed through the trust space. And I think we've talked about it in the past.

是的，我的意思是，收購一直在建立信任形象，這在整個業務中佔據了更大的比重。毫無疑問，它受到了同等程度的負面影響。開始已經－已經完全流經信任空間。我想我們過去已經討論過這個問題了。

While initially, I think all of the effort around affordability and management, quoting and all of that was really focused on the simpler products, as time has gone on, builders certainly have gotten more aggressive at quoting everything, including trust and EWP, which are the two primary categories, product subcategories in that manufacturing products bucket. EWP is a meaningful decliner.

雖然最初，我認為圍繞可負擔性和管理、報價等的所有努力都集中在更簡單的產品上，但隨著時間的推移，建築商肯定會更積極地引用所有東西，包括信任和 EWP，這是製造產品桶中的兩個主要類別、產品子類別。EWP 出現大幅下跌。

I think that's been pretty commonly discussed in the market where prices went up pretty substantially during the supply-constrained days of COVID and EWP was a major benefactor, a lot of that has pulled back and it continues to erode. But there's certainly been pressure on the core business as well, the core trust business. Pete, did you want to add?

我認為這在市場上已經相當普遍地被討論過，在新冠疫情供應緊張的日子裡，價格大幅上漲，而 EWP 是一個主要的受益者，但其中許多已經回落並且還在繼續下降。但核心業務，即核心信託業務肯定也面臨壓力。皮特，你想補充嗎？

Yeah, just to remind, the multi-family is very heavy in the manufacturing, that's seen a lot of normalization. So that was down 28% in the quarter. So it's a pretty significant impact on that overall for the company in that category.

是的，只是提醒一下，多戶型住宅在製造業中佔比很大，而且已經逐漸正常化。因此本季下降了 28%。因此，這對該類別的公司整體產生了相當大的影響。

Okay. Is that -- the majority of this is [unit of clients] that we would have seen?

好的。這是不是－我們所見到的大部分都是[客戶單位]？

Yeah. Directionally, that's correct.

是的。從方向上看，這是正確的。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey, good morning, everybody. Thanks for taking my questions. So maybe for Pete and maybe a little housekeeping here. But on the new ERP rollout, maybe could you update us on how that's progressing and maybe the associated costs? I think it was expected to be about $140 million impact to SG&A in the back half, if I remember correctly.

嘿，大家早安。感謝您回答我的問題。所以也許對 Pete 來說，也許在這裡做點家事。但是關於新 ERP 的推出，您能否向我們介紹一下進展以及相關成本？如果我沒記錯的話，我認為預計下半年銷售、一般及行政費用將受到約 1.4 億美元的影響。

So I guess it would be offsetting some productivity gains that you guys had talked about in the first quarter. Any update there on the cost side of things, timing of when the rollout could be complete? Or anything you could -- any color you could give us on the ERP system?

所以我猜這會抵消你們在第一季談到的一些生產力成長。在成本方面有任何更新嗎？推出時間何時可以完成？或者您可以提供我們 ERP 系統上的任何顏色嗎？

Yeah, thanks for your question, Trey. I'll start and I'll hand it over to Peter for some additional color. Thanks for your question, Trey. I'll start, and I'll hand it over to Peter for some additional color. So the $140 million that we outlined last quarter is still the number. But I want to clarify that $140 million is really a cash expense that we expect to incur in 2025.

是的，謝謝你的提問，特雷。我先開始，然後將其交給彼得，讓他添加一些顏色。謝謝你的提問，特雷。我先開始，然後將其交給彼得，讓他添加一些顏色。因此，我們在上個季度提出的 1.4 億美元仍然是這個數字。但我想澄清的是，1.4 億美元實際上是我們預計在 2025 年產生的現金支出。

As it relates to SG&A, -- there's a schedule in the back of our earnings presentation, the Reg G that reconciles net income to adjusted net income. We have a line in there that is --

就銷售、一般及行政費用 (SG&A) 而言，我們的收益報告後面有一個時間表，即《Reg G》，它將淨收入與調整後的淨收入進行調節。我們有一條線--

Technology implementation expense.

技術實施費用。

Technology implementation expense that isolates the cost. It is excluded from our adjusted SG&A as we think about that 30% or 70% split. But we don't see any change in that projection for 2025 at this time.

隔離成本的技術實施費用。當我們考慮 30% 或 70% 的分成時，它被排除在我們的調整後銷售、一般和行政費用之外。但目前我們認為 2025 年的預測不會有任何改變。

Yeah, and in terms of the project, we had go live July 1. So we're about 30 days in. It's 22 locations in two markets. We are up and running. We certainly had speed bumps and issues, any ERP implementation will. We're working through it. We've got a really dedicated team both on the ground locally and field support center headquarters here, along with support from Accenture and SAP.

是的，就項目而言，我們將於 7 月 1 日上線。我們已經過去了大約 30 天。它在兩個市場有 22 個地點。我們已開始運作。我們肯定會遇到障礙和問題，任何 ERP 實施都會遇到。我們正在努力解決這個問題。我們在當地和現場支援中心總部都有一支非常敬業的團隊，同時也得到埃森哲和 SAP 的支援。

So we're -- everybody is diligently working through the issues, and we're still excited about what it represents in terms of enhanced functionality, modernization, interconnectability. I'm not sure if that's a word, but if it isn't, I just made a good one. But we'll move through it.

因此，我們每個人都在努力解決這些問題，並且我們仍然對它在增強功能、現代化和互聯互通方面所代表的意義感到興奮。我不確定這是不是一個詞，但如果不是的話，我只是造了一個好詞。但我們會克服它。

Okay. Perfect. And maybe one last one. Multi-family clearly has been an awful headwind for you guys. But when do you guys expect to see some stabilization there? Any uptick in the starts that we've seen when that might actually start to flow through for you guys? I know there's a pretty massive lag there. But just in general, maybe a general rule on how to think about the lag and when you guys might be able to see some stabilization on the multi-family side of things?

好的。完美的。也許還有最後一個。多戶家庭顯然對你們來說是一個巨大的阻力。但是你們什麼時候才能看到那裡的穩定呢？我們看到開始出現任何上升趨勢，什麼時候這些趨勢才可能真正開始惠及你們？我知道那裡存在相當大的滯後。但總的來說，也許有一個關於如何考慮滯後以及何時你們才能看到多戶型方面出現一些穩定的一般規則？

Yeah, thanks for the question. I think multi-family has been stabilizing. It's been more consistent sequentially from quarter to quarter, consistent with what we shared last quarter. So we're seeing that within our numbers with the backlogs that are levelling out. Obviously, they're a little lower than where they had been in the past and the history, and we've been rightsizing that side of the business as well to align with the volumes.

是的，謝謝你的提問。我認為多戶家庭已經趨於穩定。每季之間的連續性更加一致，與我們上個季度分享的內容一致。因此，我們從數據中看到，積壓訂單正在趨於平穩。顯然，它們比過去和歷史上的水平要低一些，而且我們也一直在調整這方面的業務規模，以適應銷售量。

As a reminder, we have about 9 to 18 months lead time on multi-family projects depending on the size and complexity of what it is and then the duration in which they run. So -- we are looking at the multi-family starts positive number as a good indicator that things are levelling off, and we expect to see that continue to build into 2026, and we'll look for that. We'll provide that information when we give guidance probably in the next couple of quarters.

提醒一下，多戶型專案的準備時間大約為 9 到 18 個月，具體取決於專案的規模和複雜程度以及運行時間。因此，我們將多戶型住宅開工數視為一個良好指標，表明情況正在趨於平穩，我們預計這一趨勢將持續到 2026 年，我們將繼續關注這一點。我們可能會在接下來的幾個季度提供指導時提供該資訊。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey guys, Pete, appreciate the great color, Peter and Pete. Great color on why the back half, your single-family starts sales could be weaker of the destock. Probably impossible question to answer, but when you kind of think through this, does that destock get flushed out by this year and you're in a better spot for next year?

嘿夥計們，皮特，欣賞這美麗的色彩，彼得和皮特。很好地解釋了為什麼下半年單戶住宅開工銷售可能會因去庫存而較弱。這個問題可能很難回答，但是當你仔細思考一下，這些去庫存是否會在今年被清除，而明年的處境是否會更好？

I'm awfully just trying to gauge, obviously, hard reset in expectations for '25, your ability to grow next year with some of this destock kind of getting flushed out, maybe multi-family is a good guy. And any perhaps any self-help levers you have at your disposal that we should be thoughtful about?

我只是想衡量一下，顯然，對 25 年的預期要進行嚴格的重置，隨著一些去庫存產品的推出，你明年的增長能力可能會增強，也許多戶型住宅是個不錯的選擇。您是否擁有一些可供我們使用的自助手段，值得我們深思熟慮？

Good morning, Phil. Yeah, I love impossible questions

早上好，菲爾。是的，我喜歡問一些不可能的問題

We eat impossible questions for breakfast.

我們把不可能的問題當早餐吃。

Yeah, the reality is there's been a lot of effort, I think, on the builder side to clear out or at least stabilize that inventory level. And unfortunately, it's run away from them a little bit I think on the ground. And that is evidenced by the -- below our most seasonal performance, right? You didn't see the summer run this year than any of us were expecting. That adjustment, I think, is already being made and is already being accounted for and does have a pretty strong opportunity to stabilize through the rest of this year.

是的，我認為事實是，建築商方面已經做出了很多努力來清理或至少穩定庫存水準。不幸的是，我認為它在地面上已經逃離了他們。這可以從我們最具季節性的表現中得到證明，對嗎？今年的夏季跑步比賽並不像我們任何人預期的那樣精彩。我認為，這種調整已經在進行中，並且已經被考慮，並且在今年剩餘時間內確實有很大機會實現穩定。

I think you couple that with -- I think it was David's question earlier about what if we start seeing rate cuts, I think that does set up pretty well for '26. Obviously, way too early to say, but it's not as if the inventory levels are catastrophic. Certainly worse in condos for The Wall Street Journal article this morning that it is in single-family homes. But it's still, I would say, manageable given the overall environment, particularly if you consider existing home sales being at such a low level.

我認為你把它與——我認為這是大衛之前提出的問題，如果我們開始看到降息，我認為這對 26 年來說確實是一個很好的開始。顯然，現在說這個還為時過早，但庫存水準並不至於達到災難性的程度。《華爾街日報》今天早上的文章指出，公寓的情況肯定比獨棟住宅的情況更糟。但我想說，考慮到整體環境，這仍然是可控的，特別是考慮到現有房屋銷售處於如此低的水平。

So I think we're okay. I don't think we're that far off of where growth is a realistic expectation for '26. But the trajectory, obviously, for the back half of this year is necessary to burn off that inventory and keep things back or get things back to a more stable level.

所以我認為我們沒問題。我認為我們距離實現 26 年現實的成長預期並不遙遠。但顯然，今年下半年的軌跡是必要的，以消耗掉庫存並保持或使情況恢復到更穩定的水平。

Okay. Super. That's great color. On the M&A front, you guys mentioned inorganic as a means to kind of drive growth. Any color on the pipeline?

好的。極好的。顏色真棒。在併購方面，你們提到無機融資是推動成長的手段。管道上有顏色嗎？

Last quarter, you kind of commented, the pipeline has kind of dried up a little bit. So color on that front. And then the buildings distribution industry, we're seeing a handful of players get bigger and do a lot more consolidation, tackling different verticals. When you kind of think about your M&A strategy, any view of how that may evolve just given the industry is looking to broaden out and be more horizontal?

上個季度，您評論說，管道有點枯竭了。所以在那方面要注重色彩。然後，在建築分銷行業，我們看到少數參與者變得越來越大，並進行更多的整合，解決不同的垂直問題。當您考慮您的併購策略時，鑑於該行業正在尋求拓寬和更加橫向發展，您認為該策略將如何發展？

Yeah, well, it's funny. Unless you're doing a multibillion-dollar deal, it's been pretty quiet. A number of you -- there's a half a dozen floating around. I think the biggest problem -- and I know this won't come as a surprise to you. People are uncertain about where normal is. It's tough to get comfortable with the transaction price right, whether it be basing off of a high or expecting things you're going to get a bit better in the near future, so I'll just wait for that to happen or one of those situations.

是的，嗯，很有趣。除非你正在進行價值數十億美元的交易，否則這裡會相當安靜。你們中的一些人——有六個人在周圍徘徊。我認為最大的問題是——我知道這不會讓你感到驚訝。人們不確定哪裡是正常。很難對交易價格感到滿意，無論是基於高點還是預期在不久的將來情況會好轉，所以我只會等待這種情況發生或其中一種情況。

It's just limited the number of assets coming to market in what I would describe as the bite size scale. As you mentioned, it has gotten to be a more interesting dynamic more broadly in our space. You've got some big and very communicative players out there talking a lot. I think where we have been able to demonstrate meaningful value for shareholders is in that core, in that strike zone of servicing builders and the R&R space around complex projects in pros. So I think that's where we will continue to outperform. I think that's where we continue to be a competitor that is a force to be reckoned with. And we're going to continue to deliver on that promise.

它只是限制了進入市場的資產數量，我稱之為小規模。正如您所提到的，它在我們的領域中變得更加有趣。有一些大牌且非常善於溝通的球員在場上談論很多事情。我認為，我們能夠向股東展示有意義的價值的地方在於核心，在於服務建築商的打擊區以及圍繞專業人士的複雜項目的 R&R 空間。所以我認為我們將繼續在這方面表現出色。我認為這就是我們繼續成為一股不可忽視的競爭對手的原因。我們將繼續履行這項承諾。

I do think there's still tremendous opportunity to do more there. As we mentioned in the past, we're not going to stop looking in that window. We continue to scan the horizon for good opportunities with quality shareholder return. But we don't feel like it's burning a hole in our pocket either. I think we will continue to be prudent, and we'll -- we've, I think, have a tremendous track record of shareholder value creation, and we intend to continue that.

我確實認為那裡仍有巨大的機會可以做更多的事情。正如我們過去提到的那樣，我們不會停止關注這個視窗。我們將繼續尋找能為股東帶來優質回報的良好機會。但我們也不覺得這會讓我們花太多的錢。我認為我們將繼續保持謹慎，而且我認為我們在為股東創造價值方面有著出色的記錄，我們打算繼續這樣做。

Collin Verron, Deutsche Bank.

德意志銀行的科林‧維隆 (Collin Verron)。

Good morning. Thanks for taking my question. Just one for me. You've outlined the difference between BLDR single-family revenue, underperforming single-family starts for several quarters at least now. I just wonder if you can talk about where you think we are in that trend, and how much more downside there is to (inaudible) revenue per start, given what you're seeing or hearing from customers in terms of their new home footprint or floor plans? Just curious if you think we're approaching a bottom here on that metric. Or do you think this will be ongoing?

早安.感謝您回答我的問題。對我來說只有一個。您已經概述了 BLDR 單戶住宅收入與至少連續幾季表現不佳的單戶住宅開工量之間的差異。我只是想知道，您是否可以談談您認為我們處於這一趨勢的哪個階段，以及考慮到您從客戶那裡看到或聽到的新房佔地面積或平面圖，每次開工的收入（聽不清楚）還有多少下行空間？我只是好奇您是否認為我們在這個指標上已經接近底部。或者您認為這種情況會持續下去嗎？

Hey Collin, this is Pete. Thanks for the question. So the way that we look at it and I tried to outline that in the prepared remarks as we evaluate our sales single-family sales versus single-family starts lag basis. And I know in the past; we have typically shared some structural adjustments to how the starts have behaved or the value per start itself.

嘿，科林，我是皮特。謝謝你的提問。因此，我們以我們看待這個問題的方式，並在準備好的評論中嘗試概述這一點，因為我們評估了單戶住宅銷售與單戶住宅開工滯後的基礎。我知道在過去，我們通常會分享一些關於啟動行為或每次啟動本身的價值的結構性調整。

So as we look at that for Q2, our single-family sales were down relative to the lag starts by about 2%, 3%. And with the shrinking home size, it's really levelled off. We're not seeing much of a difference on the home size from year over year. So as we indicated last quarter, the levelling off of the smaller home is certainly there. We continue to see some of the cost and price reductions from manufacturers and included in some of our price normalization as an adjustment.

因此，當我們看第二季度時，我們的單戶住宅銷售額相對於滯後開始下降了約 2% 至 3%。隨著住房面積的縮小，這一趨勢實際上已經趨於平穩。我們沒有看到房屋面積與去年同期相比有太大的差異。正如我們上個季度指出的那樣，小型住宅的銷量肯定在趨於平穩。我們繼續看到製造商降低部分成本和價格，並將其作為調整納入我們的價格正常化。

And then the decontent team is becoming smaller as well. So all those things considered, we're pretty much on par with where we should be. We're not losing down. We don't see this gaining a lot of ground, but we're kind of right down the middle at this point. So that gives us an indication that we're leveling off and where we should be, and we're in a great position to accelerate growth as it turns.

然後，decontent 團隊也變得越來越小。因此，考慮到所有這些因素，我們已經達到了應有的水準。我們並沒有失敗。我們認為這不會取得太大進展，但目前我們處於中間位置。這表明，我們正在趨於平穩，處於我們應該處於的位置，我們處於加速成長的有利位置。

And to lose a little bit of the comment prior about where does pricing go, and how you feel about that balance between share and margin. That's where we get the confidence from. We've levelled out. We're starting to hit that equilibrium, and we'll just have to see where it goes from here.

並且稍微放棄之前關於定價走向的評論，以及您對份額和利潤之間的平衡有何看法。我們的信心就來自於此。我們已經穩定下來了。我們正開始達到這種平衡，我們只需要看看它接下來會走向何方。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

Hey, good morning, everyone. So the first question, Peter, you talked about on-time, in-full at 92%. I guess what's something we should benchmark or look for going forward as kind of a goal for the company?

嘿，大家早安。所以第一個問題，彼得，你談到了準時、全額完成率達到 92%。我想，我們應該以什麼為基準或以什麼為公司的未來目標？

Higher. Yeah, we have internal goals that we set in terms of improvement each year. Obviously, the better you get, the harder it is. There's a couple of different ways that we see executing against that improvement. And the obvious one is partnering with our vendors to ensure that our distribution network is as efficient and aligned as possible. So that's improving communication, that's aligning around inventory locations, just-in-time transactions, all those good things. So that's a big piece.

更高。是的，我們每年都會設定內部改善目標。顯然，你越優秀，就越難。我們看到有幾種不同的方法可以實現這項改進。顯而易見的是與我們的供應商合作，以確保我們的分銷網絡盡可能高效和協調。因此，這可以改善溝通，協調庫存位置，實現即時交易，所有這些都是好事。所以這是一個大問題。

And then on the other side, it's really around the alignment with the customer, getting clarity around where they're headed, working with customers and information sharing and alignment around detailed level needs. Again, a lot of that can be benefited if we're working through the digital environment. That is another way where our prediction capabilities improve, especially when you're leveraging what we're implementing, which is a more modern ERP with a granular level of visibility that I think is superior than what we've had historically.

另一方面，這實際上與客戶保持一致，明確他們的發展方向，與客戶合作，分享訊息，並根據詳細需求進行協調。再說一次，如果我們透過數位環境開展工作，很多事情都可以受益。這是我們的預測能力提高的另一種方式，特別是當您利用我們正在實施的方案時，這是一個更現代的 ERP，具有更細粒度的可視性，我認為這比我們過去所擁有的要好。

While not bad historically, I think this is a step even better that would allow us to improve on-time and in-full. But the team does a great job no matter which system we're in, but it's not easy.

雖然從歷史上看還不錯，但我認為這是更好的一步，可以讓我們按時、全面地改進。但無論我們處於哪種體系，球隊都表現出色，但這並不容易。

Got it. Okay. And then second question I had, it sounds like the -- you factored in the SLA into the lumber guidance. But I guess it's probably hitting a little later than we thought it would. I guess without giving guidance for '26, but maybe talking directionally about what happens to gross margins when you have to start taking on those higher prices.

知道了。好的。然後我的第二個問題是，聽起來像是——你將 SLA 納入了木材指導中。但我想它可能比我們想像的要晚一點到來。我想，雖然沒有給出 26 年的指導，但也許可以指導性地談談當你必須開始承擔更高的價格時毛利率會發生什麼變化。

And then, I guess, more importantly, how long do you guys think it will take to pass that out to the market and start to recoup that little higher cost that you're going to be paying?

然後，我想，更重要的是，你們認為需要多長時間才能將其推向市場並開始收回你們將要支付的那點稍高的成本？

Yeah, I mean, I think we're going to treat the new lumber price like we treat prices in general. We're a distributor. We don't make a tremendous amount of money on distributing lumber. Nobody does. And so the reality is we're not eating a 20-point increase in lumber. Facts. It's not possible. So it will be passed through. The market will adapt.

是的，我的意思是，我認為我們會像對待一般價格一樣對待新木材價格。我們是經銷商。我們並沒有從分銷木材中賺到很多錢。沒人知道。所以現實情況是，我們不會吃掉增加 20 個百分點的木材。事實。這是不可能的。所以它將被傳遞。市場將會適應。

Now the reality of it, though, is there is a rebalancing that's occurring. There's substitution, there's behaviour by individuals within the market to compete at that breakeven level. So I think that while there's certainly going to be an impact on the Canadian side, there is some shifting that will have to happen in order to digest.

但現在的現實是，重新平衡正在發生。存在替代，存在市場內個人在損益兩平水準上競爭的行為。因此我認為，雖然這肯定會對加拿大方面產生影響，但必須做出一些轉變才能消化。

And remember, the amount of demand that is coming from new construction is still dwarfed by the R&R space. So with the weakness in R&R, you're just looking at a space where it's going to be hard to get a ton of price in general, but there's a threshold of performance, there's a cost structural that isn't going to be able to be crossed for very long before the whole thing resets.

請記住，新建築的需求量與 R&R 空間的需求量相比仍然相形見絀。因此，由於 R&R 的弱點，你看到的只是這樣一個空間，在這個空間裡，通常很難獲得大量的價格，但有一個性能門檻，有一個成本結構，在整個事情重置之前，很長一段時間都無法跨越。

So it will be interesting to see how it plays out. You're right. It's a little slower than I think we're expecting. But given the demand profile, I'm not horribly surprised. I think staying stable where it is on the lumber side is a pretty maybe decent performance given everything else considered. OSB is just a different story.

因此，看看它如何發揮作用將會很有趣。你說得對。我認為它比我們預期的要慢一點。但考慮到需求狀況，我並不感到太驚訝。我認為，考慮到其他所有因素，在木材方面保持穩定可能是相當不錯的表現。OSB 則是不同的故事。

Reuben Garner, The Benchmark Company.

魯本‧加納 (Reuben Garner)，基準公司。

Thanks for taking my question guys. Most of them have been answered. I just have one quick one. Your starts forecast, I know it's typically in your geographies. Can you just talk about what specifically you're seeing geographically? I know Texas, for instance, is a big market for you and has been in the news headlines lately.

謝謝你們回答我的問題。大多數問題都已得到解答。我只有一個快速答案。我知道，您的開始預測通常發生在您所在的地區。您能否具體談談您在地理上看到的情況？例如，我知道德克薩斯州對你們來說是一個很大的市場，而且最近一直是新聞頭條。

Do you have any markets that you're over indexed to that are outperforming? Do you feel like you're that kind of 10% to 12% decline will kind of actually be in line with the broader market?

您是否關注過任何表現優異的市場？您是否認為 10% 到 12% 的跌幅實際上與大盤走勢一致？

Let me try and add some color and you re-steer me if you think I'm off base. in general, I would tell you that we're exposed to where new starts are. So when people talk about how rough it is in Florida and how challenging it is in Texas, I'm going to say, yes, that is correct. The dynamics in those markets, given the scale of new construction over the recent years and the impact of some of the new cost profiles in particular, in Florida, the impact is meaningful, and that's where we've seen the biggest impact.

讓我嘗試添加一些色彩，如果您認為我偏離了基礎，請重新引導我。總的來說，我會告訴您，我們已經了解了新的起點在哪裡。因此，當人們談論佛羅裡達州的情況有多麼艱難以及德克薩斯州的情況有多麼具有挑戰性時，我會說，是的，這是正確的。考慮到近年來新建築的規模以及一些新的成本狀況的影響，這些市場的動態在佛羅裡達州的影響是巨大的，而這正是我們看到的最大影響。

Now that said, we are in 43 states. So certain parts of the country are far more stable. We've got parts of the country -- the Northwest has just been healthier. It's just not gone as far, I would say, either direction, and they're chugging along. Sometimes New England will make the headlines because they'll have a big percentage change.

話雖如此，我們目前已遍佈 43 個州。因此，該國某些地區更加穩定。我們已經了解到部分地區的情況—西北地區的健康狀況已經有所改善。我想說，無論哪個方向，事情都沒有走得太遠，他們只是在穩步前進。有時新英格蘭會成為頭條新聞，因為他們會有很大的百分比變化。

But candidly, they just don't have a lot of starts. It's just a much smaller market for us. And so it has less of an impact. But broadly, a lot of red on the map, a little bit of green, but it's those core and traditional starts markets where you'd expect us to be talking that that's accurate for us.

但坦白說，他們只是沒有太多的起步。對我們來說這只是一個小得多的市場。因此影響較小。但總體而言，地圖上有很多紅色，有一點綠色，但這些是那些核心和傳統的起步市場，你會期望我們談論這些市場，這對我們來說是準確的。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Thank you (inaudible) and thanks for taking my question. Peter, maybe to start with, on your point of substitution in lumber, are you seeing more signs of [Southern Yellow Pine] being used in your residential construction maybe for cross applications? Because historically, our understanding has been builders tend to prefer this [spruce trade] which comes in Canada?

謝謝（聽不清楚），謝謝您回答我的問題。彼得，首先，關於木材替代的問題，您是否看到更多跡象表明 [南方黃松] 被用於住宅建築，或許用於交叉應用？因為從歷史上看，我們的理解是建築商傾向於選擇來自加拿大的雲杉貿易？

Yeah, I think historically, spruce, SPF in general is considered a superior product. It's preferred by the building community in most markets. It's simply the massive availability of the Southern Yellow Pine. Without getting into too much of the detail, it's still preferred, but if the cost differential was big enough, people will make decisions to manage affordability in ways that may be detrimental to them in other aspects of the build.

是的，我認為從歷史上看，雲杉、SPF 通常被認為是優質產品。它是大多數市場建築界的首選。這只是因為南方黃鬆的供應量龐大。無需過多細節，它仍然是首選，但如果成本差異足夠大，人們將做出管理負擔能力的決定，而這可能會對他們在建築的其他方面造成不利影響。

And how you -- have you started to see that happen yet and with the price differential that we have today or not yet?

那麼您——您是否已經開始看到這種情況發生，並考慮到我們今天存在的價格差異？

Oh yeah, We've seen that for years. That's been, I would say, a modest trend for a long time. The question is whether or not this markup is enough to create a step function change in the pace. At this point, I would say no, it continues to be measured, but I hesitate to predict where that might go.

哦，是的，我們已經看到這種情況很多年了。我想說，這是一個長期的溫和趨勢。問題是，這種加價是否足以在速度上產生階躍函數式的變化。在這一點上，我會說不，它會繼續被衡量，但我不敢預測它會走向何方。

Got it. Okay. That's helpful. And then Peter, one more on [trust] margins, just order of magnitude, how would they compare today versus what they were in 2019?

知道了。好的。這很有幫助。然後彼得，再問一個關於[信任]利潤率的問題，只是數量級，今天與 2019 年相比如何？

Better.

更好的。

Alex Rygiel, Texas Capital

亞歷克斯·里吉爾（Alex Rygiel），德州資本

Thank you. Good morning, Peter and Pete. Have you seen any competitors pull back and or suppliers take notable actions to reduce supply?

謝謝。早安，彼得和皮特。您是否看到任何競爭對手撤退或供應商採取顯著行動減少供應？

Not really. Don't get me wrong, everybody is managing it. And I think we've talked a lot about the downturn and the impact and the deleveraging that everybody is experiencing. But I don't think anybody has done anything dramatic. Probably the most dramatic that I can think of a couple of [millworks].

並不真地。別誤會我的意思，每個人都在管理它。我認為我們已經多次討論過經濟衰退及其影響以及每個人都在經歷的去槓桿化。但我不認為有人做過任何戲劇性的事情。這可能是我能想到的最戲劇性的[木製品]。

And then as it relates to your guidance, you trimmed it a little bit. What changed from your prior plan?

然後，由於它與您的指導相關，您對其進行了一點修剪。與您之前的計劃相比有什麼變化？

It's really the market. The market is weaker than we had originally forecasted, both in starts -- single-family starts in particular, but also in the OSB. So those are the two mains.

這確實是一個市場。市場比我們最初預測的要弱，無論是開工量（尤其是單戶住宅開工量），還是 OSB 開工量。這就是兩個主要方面。

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. One quick one here. On the R&R side, I guess the outlook still calls for flat. And I think you've seen growth there so far through the first two quarters here. Does that apply a drop into negative here in the back half? Or is that kind of still steady and you're just outpacing the flat outlook for R&R? Thank you.

嘿，早安。感謝您回答我的問題。這裡簡單說一下。在 R&R 方面，我猜測前景仍然持平。我認為，到目前為止，我們已經看到了前兩個季度的成長。這是否意味著後半部會出現負值下降？或者這種狀況仍然穩定，只是超過了 R&R 的平穩前景？謝謝。

It's really the latter, just outpacing the flat outlook for R&R. The flat R&R is really for the market, not necessarily our sales.

事實是後者，只是超過了 R&R 的平淡前景。平坦的 R&R 實際上是為了市場，不一定是為了我們的銷售。

Thank you. And 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.

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