Builders FirstSource Inc (BLDR) 2025 Q3 法說會逐字稿

Good day, and welcome to the Builders FirstSource third-quarter 2025 earnings conference call. Today's call is scheduled to last about 1 hour, including remarks by management and the question-and-answer session. (Operator Instructions)

大家好，歡迎參加 Builders FirstSource 2025 年第三季財報電話會議。今天的電話會議預計持續約 1 小時，包括管理層發言和問答環節。（操作說明）

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

現在我將把電話交給 Builders FirstSource 的投資人關係資深副總裁 Heather Kos。請繼續。

Good morning, and welcome to our third 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.

早安，歡迎參加我們2025年第三季財報電話會議。與我一起參加電話會議的有我們的執行長彼得傑克森和我們的財務長皮特貝克曼。獲利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提及該簡報。今天討論的結果包括根據GAAP準則和非GAAP準則調整後的結果。

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 the reconciliation of these non-GAAP measures to the corresponding GAAP measures were applicable and a discussion of why we believe they can be useful to investors in our earnings press release, SEC filings and presentation.

我們提供這些非GAAP結果僅供參考，不應與最直接可比較的GAAP指標割裂看待。您可以在我們的獲利新聞稿、提交給美國證券交易委員會的文件和簡報中找到這些非GAAP指標與相應的GAAP指標的調節表（如適用），以及我們認為這些指標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發言包含《私人證券訴訟改革法案》意義上的前瞻性和警示性聲明以及對未來業績的預測。請查閱今天新聞稿和我們提交給美國證券交易委員會的文件中的「前瞻性聲明」部分，以了解可能導致我們的實際結果與前瞻性聲明和預測之間存在差異的各種因素。

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

接下來，我將把電話交給彼得。

Thank you, Heather, and good morning, everyone. Over the past several years, we have transformed into a stronger organization powered by our leading network of value-added solutions, our relentless focus on operational excellence and superior capital deployment. These strengths, combined with our scale and a team dedicated to exceptional customer service have driven margin expansion, reinforced our industry leadership and extended our track record of success. By focusing on the factors within our control and leveraging our competitive advantages, we are competing effectively today and are well positioned to outperform our competitors as the market recovers.

謝謝你，希瑟，大家早安。在過去的幾年裡，我們憑藉領先的增值解決方案網絡、對卓越營運的不懈追求和卓越的資本部署，轉型成為一個更強大的組織。這些優勢，加上我們的規模和致力於提供卓越客戶服務的團隊，推動了利潤率的成長，鞏固了我們在業界的領先地位，並延續了我們成功的記錄。透過專注於我們可控的因素並利用我們的競爭優勢，我們今天能夠有效地參與競爭，並且隨著市場復甦，我們有能力超越我們的競爭對手。

Let's turn now to slide 4. Our third quarter results reflect the strength of our strategy and disciplined execution in a weak housing market. We continue to execute effectively and sustain healthy profitability despite a low-starts environment, underscoring our operational discipline and improvement since 2019.

現在我們來看第4張投影片。在疲軟的房地產市場中，我們第三季的業績反映了我們策略的優勢和嚴謹的執行力。儘管市場環境低迷，我們依然能夠有效執行並維持健康的獲利能力，這凸顯了我們自 2019 年以來在營運方面的自律和進步。

Let's take a minute to step back and talk about the market. Single-family construction remains soft as builders manage the pace of starts given affordability concerns, consumer uncertainty and elevated new home inventories. Demand remains tempered despite Fed rate cuts in 2025. As a reminder, Q4 is one of our slower quarters due to seasonality. Our builder customers have addressed these challenges by offering smaller and simpler homes as well as incentives such as interest rate buydowns.

我們不妨花點時間，退後一步，談談市場。由於購屋能力問題、消費者的不確定性以及新房庫存居高不下，建商控制開工速度，獨棟住宅建設依然疲軟。儘管聯準會將在2025年降息，但需求依然疲軟。提醒各位，由於季節性因素，第四季通常是我們業務較為淡季的季度之一。我們的建築商客戶透過提供更小更簡單的房屋以及利率買斷等激勵措施來應對這些挑戰。

That creates an environment where there are less sales dollars per start, and every start is more competitive on the affordability front. We are working closely with leveraging our broad product portfolio and bundled solutions to drive cost efficiencies while upholding the highest quality standards. In the multifamily market, activity is expected to remain muted through year-end, in line with our previous thinking. However, we have seen green shoots and quoting activity as our customers see improving financing costs. As a reminder, our first sale tends to lag a multifamily start by roughly 9 to 12 months.

這樣一來，每次啟動的銷售就會減少，每次啟動在價格方面都會更具競爭力。我們正緊密合作，利用我們廣泛的產品組合和捆綁式解決方案來提高成本效益，同時堅持最高的品質標準。與先前的預期一致，預計多戶住宅市場在年底前仍將保持低迷狀態。然而，隨著客戶融資成本的改善，我們已經看到了復甦的跡象和報價活動的增加。提醒一下，我們的首筆銷售通常比多戶住宅計畫啟動晚約 9 到 12 個月。

We continue to view multifamily as an appealing and profitable business for us, supported by a substantial mix of value-added products and attractive fundamentals. On slide 5, we highlight some of the key initiatives under our strategic pillars. In the third quarter, we invested more than $20 million in value-added solutions to expand our product offerings in key markets. This included opening a new millwork location in South Carolina and expanding our upgrading plants in seven states. We remain disciplined in how we deploy capital.

我們仍然認為多戶住宅對我們來說是一項有吸引力且有利可圖的業務，這得益於其豐富的增值產品組合和良好的基本面。在第 5 張投影片中，我們重點介紹了我們策略支柱下的一些關鍵舉措。第三季度，我們投資超過 2000 萬美元用於增值解決方案，以擴大我們在重點市場的產品供應。這包括在南卡羅來納州開設新的木工工廠，以及擴大我們在七個州的升級工廠。我們在資本運用上始終保持嚴謹的態度。

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. This capital deployment is strengthening our competitive position and driving long-term value creation. Operational excellence is crucial to how we run the business, as we develop talent, improve agility and embed technology into our operations. We generated $11 million in productivity savings in Q3, primarily through targeted supply chain initiatives.

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內生成長、進行策略併購以及向股東返還資本。這項資金投入將增強我們的競爭地位，並推動長期價值創造。卓越的營運對我們開展業務至關重要，因為我們需要培養人才、提高敏捷性並將技術融入我們的營運中。第三季度，我們透過有針對性的供應鏈舉措，實現了1,100萬美元的生產力提升。

Turning to slide 6. We are prudently managing discretionary spending and maximizing operational flexibility. In response to lower volumes over the last year, we have taken steps to align capacity across our facilities, manage headcount and control expenses. We are reducing variable costs today while also investing in needed capacity to ensure we are positioned to scale quickly with the expected recovery in demand.

翻到第6張投影片。我們正在謹慎管理可自由支配的支出，並最大限度地提高營運靈活性。為因應過去一年來銷售下降的情況，我們採取了措施，調整各工廠的產能，管理員工人數，並控制支出。我們目前正努力降低變動成本，同時也投資必要的產能，以確保我們能夠隨著預期需求的復甦而迅速擴大規模。

Year-to-date through September, we have consolidated 16 facilities, including 8 in the third quarter, 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.

截至今年9月，我們已整合了16個設施，其中第三季整合了8個。同時，我們保持了92%的準時足量交付率。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中積極主動的營運記錄，我們有信心繼續提供卓越的客戶服務。

Moving to slide 7. Our disciplined capital allocation strategy focuses on maximizing shareholder returns through organic growth, M&A and share repurchases. In the third quarter, we deployed over $100 million toward return-enhancing opportunities aligned with those priorities.

切換到第7張投影片。我們嚴謹的資本配置策略著重於透過內生成長、併購和股票回購來最大限度地提高股東回報。第三季度，我們投入超過 1 億美元用於與這些優先事項相符的、能夠提高回報的機會。

Drilling into M&A on slide 8, we remain focused on pursuing acquisitions that expand our value-added product offerings and advance our leadership position in desirable geographies. We have developed substantial and proven muscle memory to grow through M&A and have a track record of successful integration. In the third quarter, we acquired St. George Truss Company, a trust manufacturer serving builders in Southern Utah and Southern Nevada. In October, we acquired Builders Door & Trim and Rystin Construction.

在第 8 張投影片中深入探討併購時，我們仍然專注於尋求能夠擴大我們增值產品供應並鞏固我們在理想地區領導地位的收購。我們已經形成了透過併購實現成長的強大且行之有效的肌肉記憶，並擁有成功整合的記錄。第三季度，我們收購了聖喬治桁架公司，這是一家為猶他州南部和內華達州南部的建築商提供服務的桁架製造商。10 月份，我們收購了 Builders Door & Trim 和 Rystin Construction。

Together, the two companies formed a leading provider of door and millwork capabilities in the Las Vegas area, closing a key product gap in the region and strengthening our ability to deliver comprehensive solutions to our customers. We have made 38 acquisitions, representing over $2 billion in annual sales since the BMC merger in 2021, the equivalent of a top 10 LBM player, demonstrating our ability to execute and integrate seamlessly.

兩家公司強強聯合，成為拉斯維加斯地區領先的門窗及木製品供應商，填補了該地區的關鍵產品空白，並增強了我們為客戶提供全面解決方案的能力。自 2021 年與 BMC 合併以來，我們已完成 38 項收購，年銷售額超過 20 億美元，相當於排名前 10 的 LBM 企業，這證明了我們能夠無縫執行和整合。

And with the industry still fragmented, we see significant opportunity ahead. We remain confident that inorganic investments will remain an important driver of long-term growth.

由於產業目前仍處於分散狀態，我們看到了巨大的發展機會。我們仍然相信，非有機投資仍將是長期成長的重要驅動力。

Let's now turn to slide 9 and discuss the latest updates on our digital and technology strategy. We are accelerating the adoption of our digital capabilities in 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 in the industry.

現在讓我們翻到第 9 張投影片，討論一下我們數位化和技術策略的最新進展。我們正在加速採用數位化能力，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靈活性並支援長期成長。我們的 BFS 數位工具為我們的住宅建築商客戶帶來實際的好處，並使 BFS 成為該行業的重要技術合作夥伴。

Despite the weak market, we have seen continued adoption with our target audience of smaller builders. Since launching in early 2024, our digital tools have processed over $2.5 billion of orders and over $5 billion of quotes, representing increases in excess of 200% year-to-date. Importantly, we're seeing that digital is not just about incremental sales, it's a catalyst for a broader company growth.

儘管市場疲軟，但我們的目標受眾——小型建築商——仍然持續接受我們的產品。自 2024 年初推出以來，我們的數位工具已處理超過 25 億美元的訂單和超過 50 億美元的報價，年增超過 200%。重要的是，我們看到數位化不僅意味著銷售額的增加，它還是公司整體成長的催化劑。

The efficiencies and capabilities enabled by our digital tools, including artificial intelligence, accelerate the pace and elevate the precision of our quoting and sales operations. While it's evident that our initial business case around digital did not predict the timing of our outcomes very well, we remain convinced of the tremendous shareholder value that the digital tools will unlock for us.

我們的數位化工具（包括人工智慧）帶來的效率和能力，加快了報價和銷售業務的速度，並提高了其精準度。雖然很明顯，我們最初關於數位化的商業計劃並沒有很好地預測結果的時間，但我們仍然堅信，數位化工具將為我們釋放巨大的股東價值。

Continuing on the technology front, I'm pleased that we continue to make steady progress on our comprehensive implementation of SAP after the launch of two pilot markets in July. We've gained valuable insights from these initial pilots, and we'll be applying those learnings as we prepare for the next phase. During Q3, we also successfully converted to SAP for our centralized accounting functions as well as for all of our internal and external financial reporting.

在技​​術方面，我很高興地看到，繼7月在兩個試點市場啟動後，我們在全面實施SAP方面繼續穩步取得進展。我們從這些初步試點計畫中獲得了寶貴的經驗，我們將把這些經驗應用到下一階段的準備工作中。第三季度，我們也成功地將集中式會計功能以及所有內部和外部財務報告系統轉換為 SAP 系統。

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. Recognizing one of our incredible team members each quarter is one of the best parts of my role. Today, I want to spotlight Harold Fuqua, driver at our Lebanon, Tennessee yard, who recently celebrated 40 years with BFS.

儘管這些轉換從來都不容易，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提升機會感到興奮。每個季度表彰我們團隊中一位傑出的成員是我工作中最大的樂趣之一。今天，我想重點介紹我們位於田納西州黎巴嫩的貨運站的司機哈羅德·富誇，他最近慶祝了在 BFS 工作 40 週年。

Harold is known for his dependability, strong work ethic and love of the Tennessee Volunteers. The dedication shows in his commitment, he's often at the yard before 4:00 AM, and in the way he shares his experience, having trained more than 100 drivers over the years.

哈羅德以其可靠性、強烈的職業道德和對田納西志願者的熱愛而聞名。他的奉獻精神體現在他的投入上，他經常在凌晨 4 點前就到場，而且他樂於分享自己的經驗，多年來已經培訓了 100 多名司機。

He's also earned a reputation for driving over the region's toughest hills with skill and care. I'm honored to recognize Harold and so many others across BFS, whose hard work and commitment continue to move us forward.

他還因駕駛技術嫻熟、謹慎小心地翻越該地區最崎嶇的山路而贏得了聲譽。我很榮幸能夠表彰 Harold 和 BFS 的許多其他員工，他們的辛勤工作和奉獻精神不斷推動我們前進。

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

現在我將把電話交給皮特，讓他更詳細地討論我們的財務表現。

Thank you, Peter, and good morning, everyone. We continue to execute our strategy in a down market, responding to near-term challenges and carefully managing costs, while preserving our ability to invest for the future.

謝謝你，彼得，大家早安。在市場低迷時期，我們繼續執行我們的策略，應對近期挑戰，謹慎控製成本，同時保持我們未來投資的能力。

Our financial agility, supported by a healthy balance sheet and strong free cash flow through the cycle, enables us to deploy capital prudently to fuel organic growth, pursue strategic M&A and return capital to shareholders. These investments are bolstering our competitive position as we invest for the future.

我們擁有穩健的資產負債表和強勁的自由現金流，這使我們能夠在整個經濟週期中保持財務靈活性，從而謹慎地部署資本，推動內生成長，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力，因為我們正在為未來投資。

Let's begin by reviewing our third quarter performance on slides 10 through 12. Net sales decreased 6.9% to $3.9 billion, driven by lower organic sales and commodity deflation, partially offset by growth from acquisitions. The core organic sales decrease was driven by a 12% decline in single-family due to lower starts' activity and value per start as well as a 20% decline in multifamily, in line with our expectations amid muted activity levels against stronger prior year comps. Additionally, Repair and Remodel decreased 1% given consumer uncertainty.

讓我們先回顧一下第 10 到 12 頁投影片中我們第三季的業績。淨銷售額下降 6.9% 至 39 億美元，主要原因是內生性銷售額下降和大宗商品通貨緊縮，但部分被收購帶來的成長所抵銷。核心有機銷售額下降主要受單戶住宅下降 12% 和多戶住宅下降 20% 的影響，這主要是由於開工量和單價降低。這與我們對去年同期強勁的市場活動水準下市場疲軟的預期相符。此外，由於消費者的不確定性，維修和改造業務下降了 1%。

As we've noted on recent calls, there were a few key factors reconciling single-family starts through our core organic sales. First, as a reminder, there is a roughly three-month lag from a start to our first sale. Second, the value of the average home has fallen as size and complexity have decreased over time, creating in additional sales headwind.

正如我們在最近的電話會議中提到的，有幾個關鍵因素可以協調單戶住宅開工量和我們的核心有機銷售額。首先提醒一下，從專案啟動到完成第一筆銷售，大約需要三個月的時間。其次，隨著房屋面積和複雜程度的降低，平均房屋價值也隨之下降，這進一步阻礙了房屋的銷售。

Third, margins remain pressured throughout the supply chain as affordability concerns continue to be paramount. Based on this, we believe our third quarter share was flat to up slightly as we continue to be the industry leader and a trusted partner to our customers.

第三，由於價格承受能力問題仍是首要考慮因素，整個供應鏈的利潤率仍面臨壓力。基於此，我們認為第三季市佔率持平或略有成長，因為我們繼續保持行業領先地位，並成為客戶值得信賴的合作夥伴。

For the third quarter, gross profit was $1.2 billion, a decrease of 13.5% compared to the prior year period. Gross margin was 30.4%, down 240 basis points, primarily driven by below-normal starts' environment. Compared to an approximately 27% gross margin in 2019, our Q3 gross margin reflects the substantial investments we have made in value-added solutions and our continuous improvement.

第三季毛利為12億美元，較上年同期下降13.5%。毛利率為 30.4%，下降 240 個基點，主要原因是開工量低於正常。與 2019 年約 27% 的毛利率相比，我們第三季的毛利率反映了我們對增值解決方案的大量投資以及我們持續的改善。

Adjusted SG&A of $790 million increased $7 million, primarily due to acquired operations, partially offset by lower variable compensation due to lower sales. 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.

經調整後的銷售、一般及行政費用為 7.9 億美元，增加了 700 萬美元，主要原因是收購業務，部分被銷售額下降導致的可變薪酬減少所抵銷。正如 Peter 之前提到的，我們專注於謹慎管理銷售、一般及行政費用，並已做好充分準備，隨著市場成長利用我們的成本優勢。

Adjusted EBITDA was $434 million, down approximately 31%, primarily driven by lower gross profits. Adjusted EBITDA margin was 11%, down 380 basis points from the prior year, primarily due to lower gross profit margins and reduced operating leverage. Our ability to maintain a double-digit EBITDA margin in a weak market is a testament to the strength of our transformed business.

調整後的 EBITDA 為 4.34 億美元，下降約 31%，主要原因是毛利下降。經調整的 EBITDA 利潤率為 11%，較上年下降 380 個基點，主要原因是毛利率下降和經營槓桿降低。在市場疲軟的情況下，我們仍能保持兩位數的 EBITDA 利潤率，這證明了我們轉型後的業務實力。

Adjusted EPS was $1.88, a decrease of 39% compared to the prior year. On a year-over-year basis, share repurchases enabled by our strong free cash flow generation, added roughly $0.10 per share for the third quarter.

調整後每股收益為 1.88 美元，比上年下降 39%。與去年同期相比，由於我們強勁的自由現金流，股票回購使第三季每股收益增加了約 0.10 美元。

Now, let's turn to our cash flow, balance sheet and liquidity on Slide 13. Our third quarter operating cash flow was $548 million, a decrease of $182 million, mainly driven by lower net income. We generated free cash flow of $465 million. Our trailing 12-month free cash flow yield was approximately 8%, and our operating cash flow return on invested capital was 15%. Our net debt to adjusted EBITDA ratio was approximately 2.3 times, while our fixed charge coverage ratio was roughly 6 times.

現在，讓我們來看看第 13 張投影片上的現金流量、資產負債表和流動性。第三季經營現金流為 5.48 億美元，減少了 1.82 億美元，主要原因是淨收入下降。我們產生了4.65億美元的自由現金流。我們過去 12 個月的自由現金流收益率約為 8%，經營現金流量投資報酬率為 15%。我們的淨負債與調整後 EBITDA 比率約為 2.3 倍，而我們的固定費用保障比率約為 6 倍。

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. Moving to third quarter capital deployment. Capital expenditures were $83 million, and we deployed $19 million on acquisitions. We currently have $500 million remaining on our share repurchase authorization.

2030 年之前我們沒有長期債務到期。我們的成熟度使我們能夠在保持營運和財務紀律的同時，保持靈活的資產負債表，以實現增值資本部署。進入第三季資本部署階段。資本支出為 8,300 萬美元，其中 1,900 萬美元用於收購。我們目前還有5億美元的股票回購授權額度。

We remain comfortable with our net debt levels, and we'll continue to execute our capital allocation priorities in a disciplined manner on the path to maximizing value creation. On slides 14 and 15, we show our 2025 outlook and assumptions. On a year-over-year basis, our latest forecast assumes single-family starts down 9% for the year, multifamily starts down mid-teens and R&R end market to be flat.

我們對目前的淨債務水準感到滿意，並將繼續以嚴謹的方式執行資本配置優先事項，以實現價值創造最大化。在第 14 和 15 張幻燈片中，我們展示了我們對 2025 年的展望和假設。根據我們最新的預測，與前一年相比，單戶住宅開工量將下降 9%，多戶住宅開工量將下降 15% 左右，而翻新改造終端市場將保持不變。

The 2025 multifamily headwind to sales of $400 million to $500 million and EBITDA of less than $200 million has largely been digested and remains on track. As a result, we are guiding net sales in the range of $15.1 billion to $15.4 billion.

2025 年多戶住宅銷售額預計為 4 億至 5 億美元，EBITDA 預計低於 2 億美元的不利因素已基本消化，並繼續按計劃進行。因此，我們預計淨銷售額將在 151 億美元至 154 億美元之間。

We expect adjusted EBITDA to be $1.625 billion to $1.675 billion. Adjusted EBITDA margin is forecast to be in the range of 10.6% to 11.1%. We expect our 2025 full year gross margin to be in the range of 30.1% to 30.5%, reflecting our strong execution in a below-normal starts' environment. We expect free cash flow of $800 million to $1 billion. Our revised guidance assumes average commodity prices in the range of $370 to $390 per thousand board foot versus the long-term average of $400.

我們預計調整後 EBITDA 為 16.25 億美元至 16.75 億美元。調整後 EBITDA 利潤率預計在 10.6% 至 11.1% 之間。我們預計 2025 年全年毛利率將在 30.1% 至 30.5% 之間，這反映了我們在低於正常水準的開工環境下的強勁執行力。我們預計自由現金流為 8 億至 10 億美元。我們修訂後的指導意見假設平均商品價格在每千板英尺 370 美元至 390 美元之間，而長期平均價格為每千板英尺 400 美元。

Moving to slide 16. We recognize that 2026 is coming into focus as we approach year-end. Like we did last year, we have laid out a scenario analysis to demonstrate how we are positioned to generate resilient financial performance across a range of potential housing market and commodity conditions.

切換到第16張投影片。隨著年底臨近，我們意識到 2026 年的前景越來越清晰。就像我們去年所做的那樣，我們制定了情境分析，以展示我們如何在各種潛在的房屋市場和商品條件下實現穩健的財務表現。

As you can see, we have included a new scenario that provides a perspective on our performance in a normal housing environment. I want to emphasize that this is not guidance, but these scenarios should help clarify our range of performance expectations for 2026 and demonstrate the strength of our best-in-class operating platform.

如您所見，我們加入了一個新的場景，從正常住房環境的角度來審視我們的表現。我想強調的是，這並非指導意見，但這些情景應該有助於明確我們對 2026 年業績的預期範圍，並展示我們一流營運平台的實力。

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

最後，我們將密切關注當前環境，並保持靈活應對，以降低短期內的下行風險，同時也進行面向未來的策略投資。我相信，透過執行我們的策略、利用我們卓越的平台並保持財務靈活性，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.

最後，我將把電話交還給彼得，讓他再說說最後的想法。

Thanks, Pete. I want to close by emphasizing the transformation of BFS, as illustrated on slide 17. Today, we are an exceptionally improved organization, one powered by our value-added solutions and digital tools, our relentless focus on operational excellence and a disciplined capital deployment strategy. These improvements, combined with our scale have positioned us to accelerate growth as we return to a normalized starts environment. By controlling what we can control and leveraging our competitive advantages, we will continue to deliver exceptional long-term shareholder value.

謝謝你，皮特。最後，我想強調 BFS 的轉變，如投影片 17 所示。如今，我們已成為一個實力顯著提升的組織，這得益於我們的增值解決方案和數位化工具、對卓越營運的不懈追求以及嚴謹的資本部署策略。這些改進，再加上我們的規模，使我們能夠在恢復正常的創業環境後加速成長。透過控制我們能夠控制的因素並利用我們的競爭優勢，我們將繼續為股東創造卓越的長期價值。

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

再次感謝您今天蒞臨。接線員，現在開始接受提問。

(Operator Instructions)

（操作說明）

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Morning, guys. Thank you for taking the questions. So I want to start on the framework, the scenarios for FY26. If I'm looking at it right, it seems like you're implying kind of maybe a mid- to high 9% EBITDA margin at the midpoint versus this year, obviously, 10.6% to 11.1%. Is that because you're, I guess, implying exiting this year between '29 to '30 on gross margin, and the expectation is that, that should continue kind of given builders negotiating back with suppliers? Or is the SAP implementation part of that? Just, I guess, what are some of the moving pieces behind that margin outlook in 2026? Thank you.

早上好，各位。感謝您回答這些問題。所以我想先從 2026 財年的框架和方案開始。如果我理解正確的話，你似乎暗示的EBITDA利潤率中點可能在9%到9%之間，而今年顯然是10.6%到11.1%。我猜你的意思是說，今年毛利率會在 2029 年至 2030 年之間達到峰值，而且考慮到建築商正在與供應商談判，預計這種情況會持續下去？或者說，SAP實施也是其中的一部分？我想問的是，影響2026年利潤率前景的因素有哪些？謝謝。

Hey, Matt, it's Peter. I think you're right, for the most part. It's not an SAP thing. It is a sense of both where we have gotten to at the exit of '25, but also our read on the competitive environment and what the dynamics are. It's basically a leveling out.

嘿，馬特，我是彼得。我覺得你說的總體上是對的。這不是SAP的問題。這不僅反映了我們在 2025 年底所取得的成就，也反映了我們對競爭環境和動態的理解。基本上是趨於平穩。

We're about to the bottom. We're thinking based on everything we're seeing on the margin side. But that question is out there in terms of which way the market will go as we signaled with the sort of up and down version of the scenarios. So try to give a middle-of-the-road view on where we think it's going to end up.

我們快要到谷底了。我們是根據邊際方面的所有情況來思考的。但正如我們之前透過各種上漲和下跌情景所暗示的那樣，市場將朝著哪個方向發展仍然是個未知數。所以，我們盡量對事情的最終走向給予一個折衷的看法。

Overall, I think we're being successful. We're seeing the stabilization. I think we're getting close to the bottom. The real question comes when does the turn happen, the sooner the better, we're ready to go, but we need a little cooperation.

總的來說，我認為我們取得了成功。我們看到局勢趨於穩定。我認為我們已經接近谷底了。真正的問題是，轉變何時發生？越快越好，我們已經準備好了，但我們需要一些合作。

Yeah. No, absolutely. Makes sense. Thank you for that. So then the other one, I guess, just sticking with that slide, I wanted to ask on the normalized EBITDA guide. So obviously, it jumps out a little that it's a different number than what you gave at the Investor Day a couple of years ago.

是的。不，絕對的。有道理。謝謝。那麼，我想就另一個問題，還是繼續討論那張幻燈片吧，我想問一下關於標準化 EBITDA 指南的問題。很明顯，這個數字與幾年前你在投資者日上給出的數字有所不同。

I guess, the revenue number would look to be the main difference there. So I'm wondering if that's a comment on sort of the market share growth that you're assuming at that time, maybe the starting point on market share is a little bit different because of the decline in the market we've just had in the past year? Or just anything else you can kind of give us on what you think may be a little structurally different leading to that level of profitability at $1 million to $1.1 million? Thank you.

我想，收入數字應該是主要區別所在。所以我想知道，這是否是對您當時假設的市場佔有率成長的一種評論？或許由於過去一年市場的下滑，市佔率的起點有所不同？或者，您還能提供一些其他信息，說明您認為可能導致盈利水平達到 100 萬至 110 萬美元的結構性差異嗎？謝謝。

Yes. It's a good question, although I guess I'll start by pointing out, it's a bit of apples and oranges. So Investor Day, obviously, we're laying out our plans for the future based on where we were in the day, but initiatives, productivity, I mean, all the things that we outlined in that meeting, this is simply an attempt to say, based on where we are in 2025 and some basic level assumptions about what we think is going to play out over the next year in terms of back -- if we saw -- if we magically made this thing go back to normal over the next year, what would the numbers look like?

是的。這是一個很好的問題，不過我想先指出，這有點像是蘋果和橘子，兩者根本無法相提並論。所以，在投資者日上，我們顯然會根據當天的情況制定未來的計劃，但包括各項舉措、生產力等等，我的意思是，我們在會議上概述的所有內容，都只是試圖根據我們 2025 年的現狀以及我們對未來一年發展的一些基本假設來預測——如果我們奇蹟般地讓這種情況在未來一年恢復正常，那麼數據會是什麼樣子？

So in light of that big differences, the market, as you pointed out, dramatically different, the average size of the home, the average content of the home is markedly different. Your point about share, that's a fair comment, and I think the impact on deleveraging the business, given some of those dynamics in terms of the overall size of the market, that's in play in here, too.

鑑於這些巨大差異，正如您所指出的，市場截然不同，房屋的平均面積、房屋的平均配置也明顯不同。您提到的市場佔有率問題，這是一個合理的評論。我認為，考慮到市場整體規模的一些動態因素，這對降低企業槓桿率的影響也在這裡發揮作用。

But don't forget, I mean, this is not apples-to-apples in terms of the end year of Investor Day either. So there's a time line, just a metric snap the line difference here. Hopefully, this is a good reference point for you to see -- look, this market is weak. It's not normal for us to be at the level we are today. And it doesn't take much in terms of recovery to get us to the numbers that are meaningfully better based on the outputs of what this business is capable of. We're ready for that turn. We're excited about it to come, but that's maybe the best summary of the differences.

但別忘了，我的意思是，就年末投資者日而言，這也不是完全可比的。所以這裡有一條時間線，只要用指標來衡量這條線的差異。希望這能為你提供一個好的參考點——你看，這個市場很疲軟。我們達到今天的水平並不正常。而且，根據這項企業的能力，我們不需要進行太多的復甦措施，就能使數據顯著改善。我們已經準備好迎接那個轉捩點了。我們很期待它的到來，但這或許是對兩者差異的最佳概括。

Yeah, no, I appreciate all that. So thanks for the color there, Peter, and good luck, guys.

是的，我很感激這一切。彼得，謝謝你帶來的精彩表演，祝你們好運。

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

Good morning guys. Thanks for taking my call, my questions as well. The first one is, the midpoint of the outlook implies 4Q sales of about $3.42 billion adjusted EBITDA of about $341 million, which would imply a sequential quarter-over-quarter decremental of only about 18%. I think year-over-year, it would be about 38%, but both of these are better than what we've experienced over the past few quarters. So can you help us just understand what's driving the improvement there?

各位早安。謝謝你接聽我的電話，也謝謝你回答我的問題。第一個是，展望的中點意味著第四季銷售額約為 34.2 億美元，調整後 EBITDA 約為 3.41 億美元，這意味著環比下降幅度僅為 18% 左右。我認為年比來看，應該會成長38%左右，但這兩個數字都比過去幾季的情況好。那麼，您能否幫助我們了解是什麼因素推動了這方面的改進？

John, thanks for the question. It's -- I would say the general -- the essence of your comment is reasonable. We don't disagree with it. I think that there's a couple of factors at play. You've got a little bit of a lapping effect where the comps year-over-year are less dramatically down, but we're still in a market that's challenged.

約翰，謝謝你的提問。總的來說，我認為你的評論本質上是合理的。我們並不反對。我認為這裡面有兩個因素在起作用。雖然年減幅沒有那麼大，但市場仍面臨挑戰，這算是一種緩衝效應。

Pete, I don't know if you have anything to add on that.

皮特，我不知道你對此還有什麼補充。

Yeah. And as Peter said in his prepared remarks, Q4 is a seasonally lower quarter for us. So sequentially, we will see a step down from Q3, that's expected. As Peter mentioned on the lapping in the year-over-year, we are closing the gap. So we saw Q4 last year starting to compress, and we're now lapping -- getting closer to that lapping period.

是的。正如彼得在事先準備好的演講稿中所說，第四季通常是我們的淡季。因此，從第三季開始，我們將看到業績下滑，這是預期的。正如彼得在談到同比圈速時提到的那樣，我們正在縮小差距。所以我們看到去年第四季開始壓縮，而我們現在正處於加速期——越來越接近加速期。

Okay. Understood. And then the $3.42 billion in implied fourth quarter revenue would be down about 11% year-over-year. Can you help us just kind of bridge that 11% in terms of organic sales, M&A, commodities? And within the organic piece, what are the expectations for single-family versus multifamily versus R&R?

好的。明白了。那麼，隱含的第四季營收為 34.2 億美元，年減約 11%。您能否幫我們解釋一下，有機銷售、併購和商品交易方面這 11% 的成長是如何實現的？在有機部分，單戶住宅、多戶住宅和 R&R 的預期是什麼？

So the M&A will continue to be a good boost for us, as we've shared in our sales growth really every quarter and in our assumptions. It's roughly 5%. So that will continue. The margin pressure and headwinds that will show up in the form of pricing will continue to be a headwind in Q4, but as we outlined, maybe a little less significant, and we were getting closer to what we feel is a bottom.

因此，併購將繼續為我們帶來良好的成長，因為我們每季都實現了銷售成長，並且符合我們的預期。大約是5%。所以這種情況還會持續下去。利潤率壓力和價格方面的不利因素在第四季度仍將構成不利因素，但正如我們之前所述，這些不利因素可能略有減輕，而且我們認為已經接近底部。

And then, on the organic side, we still have a starts' assumption out there that's 920,000 single-family starts, which has step-downs on a quarterly basis. So still mid-teens double-digit decline in the fourth quarter. So that's really the big makeup and the headwind that we're seeing in the numbers.

此外，在有機成長方面，我們仍然假設單戶住宅開工量為 92 萬套，並且該數據按季度遞減。所以第四季仍然出現了兩位數的中段下滑。所以這就是我們在數據中看到的主要變化和不利因素。

Thank you, guys.

謝謝大家。

Charles Perron-Piche, Goldman Sachs.

查爾斯·佩隆-皮奇，高盛。

Good morning everyone. Thank you for taking my question. First, I just want to go back to the scenarios. I just want to understand how multifamily plays in it. I think multifamily starts are up 17% year-over-year, year-to-date through August. So I think the mix is skewed towards the larger building, which are -- I think are outside of your scope. But more broadly, how do you think about this multifamily recovery?

大家早安。感謝您回答我的問題。首先，我想回到之前的場景。我只是想了解多戶住宅在其中扮演什麼角色。我認為截至 8 月份，多戶住宅開工量年增了 17%。所以我認為，這種組合更偏向大型建築，而這些建築——我認為這超出了你的研究範圍。但更廣泛地說，您如何看待這種多戶住宅的復甦？

How is it embedding in your scenarios for next year given the green shoot noted in your prepared remarks? And what could that mean for the margin considering the larger amount of value-added content in that segment?

鑑於您在準備好的演講稿中提到的復甦跡象，您如何將其融入明年的計劃中？考慮到該細分市場中增值內容的數量更多，這對利潤率意味著什麼？

Yeah. Multifamily right now is 8% to 9% of our sales. We don't have a, call it a, swim lane or a row called out for multifamily. But in 2025, we were going down mid-teens for multifamily. In 2026, we're looking at a flat environment for us, even though the overall starts number is showing a recovery.

是的。目前多戶住宅銷售額占我們總銷售額的 8% 至 9%。我們沒有專門為多戶住宅設立的泳道或連棟房屋。但到 2025 年，多戶住宅的價格將下降到十幾美元。2026 年，我們預期市場環境將趨於平穩，儘管整體開賽次數有所回升。

It's just that lag and expectation of the market that we participate in. In that four stories, wood structures and below, it's going to be more of a flattish because of the time it takes to transition that start into a first sale for us. So that's the expectation of multifamily for 2026.

這只是我們所參與的市場的滯後性和預期而已。那四層樓高的木造建築，以及下面的建築，由於從開工到首次售出需要時間，所以會比較平坦。這就是對 2026 年多戶住宅的預期。

Okay. That's good color. And then understanding the market dynamics are outside of your control, but you've done a great job in the last few years to adjust your cost structure to protect profitability. Against the scenarios that you presented today, are you considering incremental productivity actions as an asset? And maybe taking a step back, can you talk about your ability to service demand should we see a faster-than-expected pickup in start activity going forward?

好的。顏色真好看。而且，市場動態是你無法控制的，但過去幾年你為調整成本結構以保障獲利能力做出了巨大貢獻。針對您今天提出的情況，您是否將提高生產力的措施視為一種資產？或許我們可以退一步，談談如果未來開工活動恢復速度超出預期，貴公司滿足需求的能力？

Yeah. No, good questions. The storyline around our business is one of day-to-day management, week-to-week, quarter-by-quarter at the location level, right? Yes, we're a national player. We coordinate as a team, but we run this business in a very entrepreneurial way based on the local market demand.

是的。沒錯，問得好。我們業務的故事主線是地方層級的日常管理、每週管理、每季管理，對吧？是的，我們是全國性企業。我們作為一個團隊進行協調，但我們根據當地市場需求，以非常創業的方式經營這項業務。

So what you've seen us do over -- well, over the long term, but particularly in the last year, where we've seen headwinds on the sales line, we've looked at it at the local market, how do we make sure we're able to meet our customers' needs and leveraging our existing footprint in the best way possible. That means really managing the variable portion of the spend, making sure we're aligning the hours and the location footprint and the trucks and all of it to what our customers really need that, that won't change. That will continue to be executed, meaning we will continue to react at that local market, and you'll continue to see that.

所以你們看到的是我們過去所做的——嗯，從長遠來看，尤其是在過去一年裡，我們看到銷售方面遇到了一些不利因素，我們審視了本地市場，思考如何確保我們能夠滿足客戶的需求，並以最佳方式利用我們現有的業務佈局。這意味著要真正管理支出中的可變部分，確保我們調整工作時間、地點佈局、卡車等所有方面，以滿足客戶的實際需求，而這些需求是不會改變的。這將繼續執行，也就是說我們將繼續在當地市場做出反應，你們也會繼續看到這一點。

We have kept our foot on the gas when it comes to productivity. The teams are engaged in a lot of different actions to try and make this business incrementally better this year than it was last year. Some of that candidly has been overwhelmed by the deleveraging. Even though we're more efficient on a per unit basis, the lack of units and the overhead that we sustain as a business of our scale means that some of our productivity numbers have gone red, even though the teams were doing good things.

我們在提高生產力方面一直保持著高昂的鬥志。各團隊正在採取各種不同的行動，力求讓今年的業務比去年逐步改善。坦白說，其中一些已被去槓桿化所掩蓋。儘管我們單位產品的效率更高，但由於產品數量不足以及我們這種規模的企業所承擔的營運成本，一些生產力指標出現了下滑，即使團隊的工作表現良好。

And that goes, I think, to your last part of your question, which is we are going to be exceptionally well positioned to take advantage of growth because what we've been able to do in terms of the work that we do at local level is protect the capacity availability.

我認為這與你問題的最後一部分有關，那就是我們將處於非常有利的位置來利用成長，因為我們在地方層級所做的工作是保護產能可用性。

Yeah, of course, we'll have some rehiring to do, but making sure that we have kept our ability to serve at a higher level, while at the same time, scaling operations in the near term. It's something that we're very good at, and I think is going to be evident, was evident during sort of the COVID spike, where we were better positioned and better able to respond than everybody else.

當然，我們需要重新招募一些員工，但同時也要確保我們能夠維持較高的服務水平，並在短期內擴大營運規模。這是我們非常擅長的，我認為這一點將會很明顯，在新冠疫情高峰期就已經很明顯了，當時我們比其他任何人都更有優勢，也更有能力應對。

I think that's even going to be more true as we make this next turn because of the thoughtful investments we've made around those markets, where we knew we ran out of capacity last time, right? We've learned from those situations and made sure that we're going to be ready in the next turnaround key markets and key opportunity areas, so excited about it. I think it's going to be really good for this business. Like I said before, we just need a little momentum coming our way.

我認為，隨著我們進入下一個階段，這一點會更加真實，因為我們已經在這些市場進行了深思熟慮的投資，而我們知道上次在這些市場我們產能不足，對吧？我們從這些情況中吸取了教訓，並確保我們為下一個關鍵市場和關鍵機會領域做好準備，我們對此感到非常興奮。我認為這對這家公司來說絕對是件好事。正如我之前所說，我們只需要一點動力就能成功。

Okay, that's good color, Peter. Thank you for everything and good luck with the next quarter.

好的，彼得，這個顏色不錯。感謝你的一切付出，祝你下個季度一切順利。

Thank you, Charles. Appreciate it.

謝謝你，查爾斯。謝謝。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

Good morning. Thanks for taking my questions. Peter, it's really actually impressive how stable the gross margins have been year-to-date, obviously, step down versus last year about 30.5%, 30.7%, 30.4%, pretty remarkable stability above 30%. I guess I've got a two-part question here on the margin. I guess, it seemed like the margin came in better than your expectations in 3Q. So can you comment on what drove that?

早安.謝謝您回答我的問題。Peter，今年迄今毛利率的穩定性確實令人印象深刻，雖然與去年相比有所下降，約為 30.5%、30.7%、30.4%，但保持在 30% 以上，相當穩定。我這裡有個包含兩個部分的問題。我想，第三季的利潤率似乎比你預期的還要好。那麼，您能否談談是什麼原因導致了這種情況？

And then, with your fourth quarter guidance still at the midpoint, implying kind of 100 basis point sequential step down, is that something you're already seeing in your exit rate into the fourth quarter? Or is there kind of a buffer against the market softening, it's competitive, maybe things continue to weaken through the quarter? If you could address both of those, that would be great.

那麼，鑑於你們對第四季業績的預期仍然處於中點，這意味著環比下降 100 個基點，你們是否已經在第四季度的業績預期中看到了這種趨勢？或者說，是否存在某種緩衝機制來抵禦市場疲軟？市場競爭激烈，市場可能在本季持續走弱？如果你能解答這兩個問題，那就太好了。

Thanks, Mike. Good questions. So with respect to the margin performance in Q3, we did outperform what we had outlined. We did see a sequential step down. It just wasn't as significant as what we had originally thought and shared on the last call.

謝謝你，麥克。問得好。因此，就第三季的利潤率表現而言，我們確實超越了預期目標。我們確實看到了一個循序漸進的下降過程。它並沒有我們最初在上次通話中設想和分享的那麼重要。

Some of the outperformance is due to us buying better and us managing through our supply chain initiatives that has really helped in bolster. So we have a professional team that continues to look for the way to maximize and improve our bias. So that was what we're contributing to the outperformance in Q3.

部分業績優異歸功於我們更有效率的採購和供應鏈管理舉措，這些舉措確實起到了極大的幫助。因此，我們擁有一支專業的團隊，他們不斷尋找方法來最大限度地提高和改進我們的偏見。這就是我們第三季業績超預期的原因。

With respect to Q4, we're still outlining that, I'll call it, a step down for the, call it, exit quarter rate. We are seeing continued pressure across a weak market that we're operating in, but the team across the business is doing exceptionally well, managing pricing and being extremely disciplined and getting the sale at a level that we feel is appropriate for what we're providing from a service standpoint. It is a weak market that we're operating in. So that competitive dynamic is real, and we're operating and navigating extremely well

關於第四季度，我們仍在概述，我稱之為，下調，即，季度末利率。我們看到，在我們所處的疲軟市場中，壓力持續存在，但整個業務團隊都表現出色，他們管理價格，保持高度自律，並將銷售價格控制在我們認為與我們提供的服務相符的水平。我們所處的市場環境疲軟。所以這種競爭態勢是真實存在的，而我們應對得非常出色。

Okay. That's helpful. Thank you. My second question, just understanding your position that what you're putting out there today is normalized, is not necessarily apples-to-apples versus Investor Day, I wanted to drill down on there, still seems to be an implication that there's kind of that lower revenue per start dynamic happening. And I think there's kind of a debate on over some period of time is the content and size of home at least, is that a cyclical dynamic? Is it a structural dynamic?

好的。那很有幫助。謝謝。我的第二個問題是，我理解您今天所公佈的內容是正常化的，但這與投資者日的情況不一定完全相同。我想深入探討一下，這似乎仍然暗示著每次啟動的收入有所下降。我認為，隨著時間的推移，人們對房屋的組成和規模是否具有週期性變化存在一些爭論。這是結構性動態變化嗎？

If you're calling this kind of normalized, are you taking a different view on, you think that some of those pressures you've seen in the last couple of years that, that is kind of -- that is the new normal, even in kind of a recovery, you'd still expect those headwinds to persist?

如果你把這種情況稱為“正常化”，那麼你對過去幾年裡你所看到的某些壓力持有不同的看法嗎？你認為這些壓力已經成為新的常態，即使在某種程度的復甦中，你仍然預期這些不利因素會持續存在嗎？

Yeah. So I guess maybe the -- if I understand the question correctly, we're not trying to advertise or predict or bounce back to the old size and complexity of the home. We're just sort of acknowledging it where it is and drawing the line out from here. Could there be some recovery? Sure.

是的。所以我想，如果我理解這個問題沒錯的話，我們並不是想宣傳、預測或恢復到以前房屋的規模和複雜程度。我們只是承認它的存在，並以此為界限劃清界限。是否有可能恢復？當然。

Yeah, yeah. No question. I think the challenge today, though, to be honest, Mike, is affordability is a real thing, right? It's not a made-up media headline. It's what people are feeling, and that's going to take some time to recover back to maybe where it was five years ago.

是啊是啊。毫無疑問。不過說實話，我認為如今的挑戰在於，麥克，價格承受能力確實是個現實問題，對吧？這不是捏造的媒體標題。這是人們的感受，而這種感受需要一段時間才能恢復到五年前的程度。

So with that in mind, I think the step-off point on the normalized within that scenario chart is a real good sense of where we are today. I think there's potential upside on the starts number. I think there's realistic expectation that we should see upside on the commodity number. I mean, you look at the results of some of these mills, boy, they're suffering right now at these prices. So I think there's a lot that would indicate we can do better than normal.

因此，考慮到這一點，我認為該情境圖表中標準化後的起點能夠很好地反映我們目前的處境。我認為首發次數還有上漲空間。我認為，大宗商品價格上漲是合理的預期。我的意思是，你看看這些工廠的業績，哎，在這樣的價格下，它們現在過得很艱難。所以我認為有很多跡象表明我們可以做得比平常更好。

But I'd also don't want to -- I don't want to signal the wrong message to the broader investor community about what that says. That is just historical averages and kind of based on where we are today. And to your point, where we are today is really size and complexity of the home. That's what's in there.

但我也不想這樣做——我不想向更廣泛的投資者群體發出錯誤的訊息。這只是歷史平均值，某種程度上是基於我們目前的狀況。正如您所說，我們今天面臨的問題是房屋的規模和複雜性。裡面就是這些。

Okay, yeah, that makes sense, thanks.

好的，明白了，謝謝。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi, good morning, thanks for taking my question. You commented earlier that the market share was flat to up slightly in the quarter. I'm wondering if you could sort of just remind us on what you saw in terms of market share through the year, and then, the just broader competitive environment? And then what are you -- like what's embedded in the 2026 sort of outlook or scenarios in terms of the market share assumption?

您好，早安，感謝您回答我的問題。您之前提到過，本季市佔率持平或略有上升。我想請您簡要回顧一下您在過去一年中觀察到的市場份額情況，以及更廣泛的競爭環境？那麼，你們對 2026 年的市佔率假設，或者說對未來發展前景的展望中，具體包含了哪些內容呢？

Yeah. Thanks for the question, Rafe. So with respect to the market share, and we've provided in the past a bridge of our sales versus starts on a lag basis. And in the prepared remarks, we remind everyone that it's roughly a three-month lag. So when you look at the quarter, as we talked about, flat to up a little bit from a share standpoint.

是的。謝謝你的提問，拉夫。因此，就市場佔有率而言，我們過去曾提供銷售額與新車開工量之間的滯後關係圖。在準備好的發言稿中，我們提醒大家，這大約有三個月的延遲時間。所以，從季度來看，正如我們之前討論的，從市場份額的角度來看，基本上持平或略有增長。

If you look back to Q2 starts, they were down year-over-year about 8%. We're still seeing a little bit of headwinds from smaller home and complexity. It's pretty modest, but a little more on the cost basis side of things. And when you factor those structural adjustments in, we're at a flat to up slightly. When we zoom out for the year-to-date, where we are year-to-date, it's pretty flat.

回顧第二季的開工情況，與去年同期相比下降了約 8%。我們仍然看到小型住宅和複雜化帶來的一些不利因素。雖然價格比較低，但從成本角度來看，還是比較划算的。考慮到這些結構性調整，我們目前處於持平或略微上漲的狀態。如果我們把視角拉遠，看今年迄今為止的情況，就會發現它相當平穩。

It's pretty neutral. Starts are down about, I would say, 5% on a lag basis versus our 8% on sales, and then, taking into account some of those same structural adjustments, it comes out pretty flat. So again, a testament to the team and how well we're managing our price in this weak market and maintaining a share level that we feel is appropriate.

它相當中立。就滯後效應而言，新車銷量下降了約 5%，而銷量下降了 8%，考慮到一些結構性調整，最終結果基本上持平。所以，這再次證明了團隊的實力，以及我們在疲軟的市場中如何很好地管理價格，並維持我們認為合適的市佔率水準。

I think that's really the basis for why some of our comments are around -- we think we're getting to bouncing around the bottom here because of that combined sort of output. We see stabilization in margins, stabilization in share, which sort of, in my mind, indicates this is kind of where it wants to be right now. Now that has tremendous opportunity for us, obviously, as the market starts to pick up a little bit, especially given our available capacity and scale, but that's sort of the logic around that.

我認為這正是我們一些評論出現的原因——我們認為我們在這裡不斷徘徊在底部是因為這種綜合輸出。我們看到利潤率趨於穩定，市場佔有率也趨於穩定，在我看來，這表明它目前正處於理想的狀態。現在，隨著市場開始略有回暖，這顯然為我們帶來了巨大的機會，特別是考慮到我們現有的產能和規模，這就是其中的邏輯。

That's really, really helpful. And then just on the value-add, on a year-over-year basis has been down by more than lumber over the last few quarters. That spread, is that just the different end market exposure that's driving that? Is that competitive dynamics? And I think the longer-term goal is to -- for value add to sort of outpace commodity. Like when could that start to get back to a point where value add is outpacing

這真的很有幫助。而且，就增值部分而言，過去幾季以來，年比降幅比木材的降幅還要大。這種價差，是不是僅僅由不同的終端市場曝險所造成的？這是競爭動態嗎？我認為長遠目標是──讓附加價值超越大宗商品。什麼時候才能恢復到價值創造超過成長速度的程度？

Yeah. I think what you're seeing mostly in the value-add is from the multifamily side of the business and that year-over-year lapping that we have outlined. Remember that multifamily is much higher indexed towards the value-added products. We saw the truss stepping down, and that's been known, and we've been communicating. But the millwork is also now feeling at later in the build cycle from a multifamily standpoint. And so that's also in the value-added products. So you'll see both of those from a year-over-year basis is the largest contributor to that down percentage.

是的。我認為，你看到的增值主要來自多戶住宅業務以及我們概述的逐年增長。請記住，多戶住宅的增值產品比例要高得多。我們看到桁架正在下沉，這一點大家都知道，我們也一直在溝通。但從多戶住宅的角度來看，木工現在也顯得有些過時了。所以，這也屬於加值產品範疇。因此，從同比來看，這兩點是導致下降百分比的最大因素。

There's no question there's pressure across the board. I want to be real clear about that. And taking sales volume out of any of our value-add facilities by virtue of what it is that we do, right, we've installed -- we've invested in overhead in order to create efficiency when you put product through the factory. That's a tough environment when it comes to the competitive world and making sure those facilities are full. I think we're doing an exceptional job.

毫無疑問，各方面都存在著壓力。我想把這一點說清楚。而且，由於我們所做的工作，我們任何增值設施的銷售額都會受到影響，對吧？我們已經投入了資金——為了提高產品在工廠生產時的效率，我們已經安裝了相關設備。在競爭激烈的當今世界，要確保這些設施滿載運轉，這是一個非常艱難的環境。我認為我們做得非常出色。

I'm very proud of the team, but there is definitely a headwind there. And by the way, there is some pass-through product, right? There's some engineered wood in there that they've also faced a very similar situation in terms of headwinds on the top line.

我為這支隊伍感到非常自豪，但他們確實面臨一些不利因素。順便問一下，這裡有一些轉售產品，對吧？其中一些工程木材也面臨類似的情況，即頂部線路上的逆風。

Thank you. That's very helpful.

謝謝。那很有幫助。

David Manthey, Baird.

David Manthey，Baird。

Yeah, thank you. Good morning, guys.

是啊，謝謝。各位早安。

You really opened the floodgates here with this '26 scenario data, I would just say. But as we look at that data, if we go from the 2025 midpoint to the normalized midpoint, it looks like a contribution margin of a little over 20%. And I just wanted to check with you, if we think about long-term kind of secular, are you still thinking contribution margins on volume would be something in the high teens long term?

我只能說，你提供的 2026 年情境數據真的打開了潘朵拉魔盒。但當我們查看這些數據時，如果從 2025 年的中點到標準化的中點，看起來貢獻率略高於 20%。我只是想跟你確認一下，如果我們從長遠的角度來看，你是否仍然認為銷量貢獻率長期來看會維持在10%以上？

Well, I think the contribution margin also depends on what margins are doing and where we're seeing margins go. When you jump right to the normalized, we move that up to the midpoint of our long-term normalized margins

我認為貢獻毛利也取決於毛利率的走勢以及毛利率的走向。如果直接跳到標準化值，我們會將其上移至長期標準化利潤率的中點。

So it looks like a bigger step up in contribution from where we are today. As you look at the midpoint in 2026, that's an opposite scenario where we see a lot of that margin headwinds and pressure continuing. But a lot of it is the lapping effect of what we're seeing on the slope through 2025.

所以看起來，與我們目前的貢獻水準相比，這將是一個更大的進步。展望 2026 年中期，情況則恰恰相反，我們看到許多不利因素和壓力將繼續存在。但其中很大一部分是我們在 2025 年前看到的斜坡上的情況的疊加效應。

So that flow-through in contribution margin is largely dependent on which way our margin is moving.

因此，貢獻毛利的傳遞很大程度上取決於我們的毛利率的變動方向。

Right. And said another way, there's probably -- to normalization, there's some tailwinds that push that number up. But what I'm asking is just secular. If you think about the model growing volume, I think in the past, you said high teens. Is that still in play? Or has that changed?

正確的。換句話說，可能有一些利多因素會推動正常化進程，使這個數字上升。但我問的只是世俗的問題。如果你考慮一下模型的成長量，我想你過去說過十幾。這個方案還在實施嗎？或者情況已經改變了？

I'm actually drawing a blank on when we said that. I trust that what you said is right. I would say mid- to high teens is what we've -- what the way I think about it. I don't -- let me say it a different way. We're not intending to change any of our prior messaging or change our tune on this.

我一時想不起來我們是什麼時候說過這句話的。我相信你說的是對的。我認為，我們目前的情況是十幾歲到十幾歲之間——這是我的看法。我不會——讓我換個說法。我們無意改變之前的任何訊息傳遞方式，也不會改變我們在這個問題上的立場。

I think this is just an attempt to give a reference point as we think about what 2026 looks like.

我認為這只是為了在我們思考 2026 年的景象時提供一個參考點。

Yes. Okay. And so staying on this theme, I guess, as we're looking forward, when we look from the '25 midpoint to the flat scenario of '26, the contribution margin is actually, I think, slightly negative. But I think, Peter, as you said, you're taking 2025 as a whole as opposed to 2026 as a starting point of sort of where we are today or year-end 2025.

是的。好的。所以，繼續這個主題，我想，當我們展望未來時，從 2025 年的中點到 2026 年的平穩情況，我認為貢獻利潤實際上是略微為負的。但我認為，彼得，正如你所說，你是把 2025 年作為一個整體來看待，而不是把 2026 年作為我們今天所處的階段或 2025 年底的起點。

But just so as we think about moving from here to there, could you talk about the major buckets of puts and takes in the model, meaning you get productivity savings, you get some glide path from acquisitions, and then, the offsets there would be, what, labor inflation, occupancy, freight?

但是，當我們考慮從這裡到那裡時，您能否談談該模型中的主要投入和回報類別，也就是說，您可以獲得生產力節省，您可以從收購中獲得一些滑行路徑，然後，抵消因素是什麼，勞動力通脹、入住率、貨運？

Could you just talk about the moving parts that will flex that up and down into 2026, even on a flat start scenario?

您能否談談影響到 2026 年經濟狀況的各種因素，即使在開局平穩的情況下？

Yeah. I mean, you started rattling off most of them. So with the flat environment, we are jumping off of a lower point for 2025 than what the whole of the year is. I mentioned that. That was part of my other comments that I made on the margin and where are the margin movements.

是的。我的意思是，你開始把它們大部分都一股腦兒列舉出來。因此，在經濟環境趨於平穩的情況下，2025 年的起點比全年的起點要低。我提到過這一點。那是我之前在頁邊空白處以及頁邊空白移動情況中提出的其他意見的一部分。

We are going to expect lapping of acquisitions. So acquisitions completed to date would be reflected in that number. So there's a stub year period that would contribute. There are assumptions around inflation on costs, as you can imagine, every year that we would have that, and some productivity to offset it, but it's still in an environment where it's flat, and we're focusing a lot of our resources on the ERP deployment. So it's not going to be as strong as what we had shared a few years ago.

我們預計會出現收購重疊的情況。因此，迄今為止完成的收購都會反映在這個數字中。所以會有一個過渡年份，它會產生影響。正如你所想，我們對成本通膨做出了一些假設，每年都會有成本通膨，生產力也會提高以抵消通膨的影響，但目前經濟環境仍然較為平穩，我們將大量資源集中在 ERP 部署上。所以它不會像我們幾年前那樣牢固。

So that all contributed to what we're seeing for 2026.

所有這些因素共同促成了我們對 2026 年的展望。

Yeah. I think that -- Dave, that's one thing I'll emphasize is that, yes, the market is weak, but as we think about what we're doing as an organization, the transformation continues. Our investments in digital and technology are going to have tremendous payoff for the business. There's -- it's obvious that we're going to be able to empower our teams to grow, grow efficiently, to do things that, first of all, others can't do, but to give us -- that gives us an advantage as a partner and as a provider that we're committed to doing. There's certainly an investment associated with that, and we've been very transparent about it, I think.

是的。我認為——戴夫，我要強調的一點是，是的，市場疲軟，但當我們思考我們作為一個組織正在做的事情時，轉型仍在繼續。我們在數位化和技術方面的投資將為公司帶來巨大的回報。很明顯，我們將能夠賦能我們的團隊，讓他們成長，高效成長，去做一些別人做不到的事情，這讓我們作為合作夥伴和供應商擁有了優勢，而我們也致力於做到這一點。這其中肯定需要投入資金，而且我認為我們在這方面一直非常透明。

And really, that will continue in '26. It's just a thing to keep in mind as you think about those numbers.

而且，這種情況在 2026 年還會持續下去。在思考這些數字時，記住這一點很重要。

I appreciate the color. Thank you.

我喜歡這個顏色。謝謝。

Keith Hughes, Truist.

Keith Hughes，Truist。

You may have addressed this, but I just wanted to be clear. If we look at the scenario analysis for '26, the middle scenario of flat single-family, most of the numbers in that range are below what you're reporting for this year. Is it the flow-through from the start to the end of the year that will be affecting that EBITDA? Is there something else going on?

您或許已經解釋過這一點，但我還是想確認一下。如果我們看一下 2026 年的情景分析，也就是中等程度的獨棟住宅情景，那麼該範圍內的大多數數字都低於您今年報告的數字。是年初到年末的持續影響會影響 EBITDA 嗎？還有其他事情發生嗎？

Yeah. It's similar to some of the comments already. I would say that the biggest difference is around the exit margin levels and where that's going to result for the full year of '26. So it's not that things are necessarily going to get a lot worse from where they are but just recognizing that they got worse through '25.

是的。這和之前的一些評論類似。我認為最大的區別在於退出利潤率水平，以及這將對 2026 年全年產生怎樣的影響。所以，並不是說情況一定會比現在更糟，而是要意識到，到 2025 年情況已經變得更糟了。

Got it. And just a longer-term question, you always considered multifamily a lower -- definitely a lower ticket for you just given the smaller unit. And you're doing so much truss work and things now. As multifamily gets back to a growth vehicle, is that necessarily an inferior start or less of an inferior start in single-family versus what it was maybe five, six years ago?

知道了。還有一個更長遠的問題，你一直認為多戶住宅的房價更低——考慮到單元面積較小，對你來說肯定是更低的。你現在做了很多桁架之類的工作。隨著多戶住宅市場重新成為成長動力，這是否意味著單戶住宅市場的開局不如五、六年前，或者說單戶住宅市場的開局不如五、六年前？

That's a great question. I don't know if I know off the top of my head dollars per start splitting multifamily versus single-family. What I would tell you is it's very -- it's appealing for us because of the value-add exposure. Obviously, a lot of truss and a lot of millwork. But it's also a growth vector.

這是一個很好的問題。我一時想不起來多戶住宅和單戶住宅​​的每套啟動資金的具體差額是多少。我想告訴你的是，它對我們來說非常有吸引力，因為它能帶來增值曝光。顯然，用了大量的桁架和木工活。但它也是一個成長點。

We see that there's opportunity for us to do more in that space, particularly as we've been able to build our relationships with contractors, with developers. We think that will continue to be a source of strength for us. But it is -- it's a tricky one when we talk about communicating it to you guys because everybody wants to look at the multifamily headline number. And given our sort of subsection of that that's been a little bit of a disconnect. But we like the business, we like the profitability.

我們看到，在這個領域我們還有更大的發展空間，尤其是在我們與承包商和開發商建立了良好的關係之後。我們認為這將繼續成為我們的力量來源。但確實——當我們談到如何向你們傳達這個訊息時，這很棘手，因為每個人都想看多戶住宅的頭條數據。鑑於我們所處的這個小部分，這之間有點脫節。但我們喜歡這個行業，我們喜歡它的獲利能力。

And I think it has not just a good profile, but also the potential to grow quite well.

我認為它不僅擁有良好的發展前景，而且還具有相當大的成長潛力。

Okay, thank you.

好的，謝謝。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Hey, good morning, guys. This is Ethan on for Trey. Just going back to some earlier comments about share. Historically, you guys were able to take share at maybe a couple of hundred basis points above the market and obviously recognizing the current affordability challenged environment. But how should we think about Builders' long-term ability to continue to take share, maybe both in a flat market and on a longer-term time horizon?

嘿，各位早安。這是伊桑替特雷發言。再回顧一下之前關於分享的一些評論。從歷史上看，你們能夠以比市場高出幾百個基點的價格獲得市場份額，而且顯然也考慮到了當前經濟承受能力受限的環境。但是，我們應該如何看待建築商在市場低迷時期以及從長遠來看繼續擴大市場份額的長期能力呢？

Yeah. Thanks, Ethan. Good question. So I'm still a strong believer in our ability to take share. I think that the reality, if you go back over the past couple of years, we talk a lot about it, right?

是的。謝謝你，伊森。問得好。所以我仍然堅信我們有能力佔據市場。我認為，回顧過去幾年，我們經常談論這個問題，對吧？

I think we've lost some share on the pure commodity side of the business. I think that we've gotten to the point where we're saying no to any more of that. And I think we've levelled that out.

我認為我們在純大宗商品業務方面失去了一些市場份額。我認為我們已經到了堅決反對再發生這種事的地步了。我認為我們已經平衡了這一點。

I think on the side where we've gained the most share, it's primarily in the value-add space. We have had and have better capacity, better capabilities, a better competitive position than anybody else in the space. And so when the market is running healthily, but also when it's running aggressively, we are an obvious source of relief for builders who are trying to solve problems. And I think that's the storyline in the long run.

我認為我們取得最大份額的領域主要是增值領域。我們過去和現在都擁有比業內任何其他公司都更強的產能、更強大的能力和更優越的競爭地位。因此，當市場運作健康，甚至運作強勁時，我們顯然可以成為建築商解決問題的可靠保障。我認為從長遠來看，這就是故事的主線。

We are still in an industry where skill trades, good labor is hard to find and increasingly retiring and becoming harder to find. And that's where our product portfolio or our offering is uniquely suited to meeting the demands of the future. And I think that gets accentuated when you think about digital.

我們仍然身處一個技術工人、優秀勞動力難以找到，而且越來越多的人退休，越來越難找到的行業。正因如此，我們的產品組合或產品供應才具有獨特的優勢，能夠滿足未來的需求。我認為，當你想到數位化時代時，這一點就更加突出了。

The magic of technology in our space is that it helps to take out waste, and it helps to enhance efficiency while sort of protecting the quality and the craft of what homebuilders do. We can assist.

科技在我們這個領域的神奇之處在於，它有助於消除浪費，提高效率，同時也能保護房屋建造者的工作品質和流程。我們可以提供協助。

We can be a support structure for that. And I think it positions us exceptionally well to be part of what is ultimately the maturing of an industry to meet some of the challenges that we face right now. And that, to me, that's share wins.

我們可以為此提供支援。我認為這使我們能夠處於非常有利的位置，參與到產業最終走向成熟的過程中，從而應對我們目前面臨的一些挑戰。對我來說，這就是分享勝利。

I absolutely believe that we are positioned to do that. We're certainly better positioned to do it in a growth environment. That's evident in our performance over the last decade. But I think, as you see and even in this tough market, we can hold our own, we can do well. And there are certain categories where we're doing very well.

我堅信我們有能力做到這一點。在經濟成長的環境下，我們當然更有能力做到這一點。這一點在我們過去十年的表現中顯而易見。但我認為，正如你所看到的，即使在如此艱難的市場環境下，我們也能站穩腳跟，也能做得很好。在某些領域，我們做得非常好。

I'd say install continues to be a bright spot. There are certain aspects of value add, there are certain markets in value add, where we're continuing to outperform the competition in the market. It's just a little tough to see with all the headwinds right now.

我認為安裝方面仍然是一大亮點。在加值服務的某些方面，在加值服務的某些市場中，我們持續超越市場競爭對手。現在逆風太大，視線有點模糊。

No, that's super helpful. And maybe diving more into the tech piece that you spoke on at the end of your comments there, can you talk more about the tech investments that you're making in the business? And how -- specifically how these could provide maybe outsized incremental returns when demand recovers versus prior cycles?

不，這太有幫助了。或許我們可以更深入地探討一下您在剛才的評論結尾提到的技術方面的問題，您能否詳細談談您在業務中進行的技術投資？那麼，具體來說，當需求復甦時，這些措施如何帶來比以往週期更大的增量效益呢？

Absolutely. Yeah. So the two main investments we're making right now are in the digital and technology space. So that one we've been working on for quite a while now, that's Paradigm, increasingly AI. I think there's two aspects to it, right?

絕對地。是的。因此，我們目前正在進行的兩項主要投資都集中在數位和技術領域。所以，我們已經研究了很長時間的這個項目，那就是 Paradigm，它越來越注重人工智慧。我認為這其中有兩個方面，對吧？

One is just the capability that it delivers our team to be the preferred partner, right? So if you think about the speed at which we can turn around an estimate, the accuracy, the reliability of our delivery, all of that is really dependent on high-quality communications internally and with the customer, clarity around what it is that the customer needs and our ability to provide it.

其一就是它賦予我們團隊成為首選合作夥伴的能力，對吧？因此，想想我們能夠以多快的速度給出估價，以及我們交付的準確性和可靠性，所有這些都真正取決於我們內部以及與客戶之間高品質的溝通，以及對客戶需求的清晰了解和我們滿足需求的能力。

The comes more easily when you have a wonderful tool and a structure around managing it, like we have with Paradigm, the three-dimensional digital twin, the capabilities that we're building around that. Those will increasingly empower our team to win head-to-head in the marketplace. So I see that as share gains, is what it boils down to.

當你擁有一個出色的工具和一個圍繞它進行管理的結構時，事情就會變得更容易，就像我們擁有 Paradigm 一樣，它是一個三維數字孿生體，我們正在圍繞它構建各種功能。這些舉措將日益增強我們團隊在市場競爭中獲勝的能力。所以我認為，歸根究底就是股價上漲。

And then there's the second piece of that, and that's obviously the significant investment we're making that gets dialed out in your adjusted EBITDA number around SAP, right?

然後還有第二部分，這顯然是我們對 SAP 進行的大量投資，這在你們調整後的 EBITDA 數據中被扣除了，對吧？

The Elevate -- Project Elevate, as we call it internally, is an initiative around introducing more modern software solutions into our field operations. So the management at the location level. It's a challenging project, right? All ERP implementations are. But hopefully, you've seen, right, we kicked it off this quarter.

「提升計畫」（我們內部稱之為「提升計畫」）是一項旨在將更現代化的軟體解決方案引入我們現場營運的計畫。所以，這是地方層級的管理問題。這是一個很有挑戰性的項目，對吧？所有ERP實施都是如此。但希望你們已經看到了，對吧，我們本季已經開始了。

It didn't materially impact our numbers at the consolidated level. But what it will do over time is accumulate in meaningfully improved efficiency. We see the opportunities for our folks to be more -- again, more capable, more insightful, more able to partner with vendors, more able to manage the costs, more able to provide consistent and high-level on-time and in-full performance.

這並未對我們的合併財務數據產生實質影響。但隨著時間的推移，它將逐步積累，最終帶來顯著的效率提升。我們看到了員工們可以變得更有能力、更有洞察力、更善於與供應商合作、更善於控製成本、更善於提供持續、高水準的準時、全面的績效的機會。

Those are the things that will, over time, contribute to productivity. We talk a lot about continuous improvement. Peter, where are you going to get all this money from? Well, there's your answer. We see it.

從長遠來看，這些因素都有助於提高生產力。我們經常談到持續改進。彼得，你打算從哪裡弄到這麼多錢？好了，答案就在這裡。我們看到了。

We see the opportunity. We have targets that we're going after. It will take some time to deliver it, as it always does with these types of large-scale initiatives. But I'm as confident as I ever have been that there is a pot of gold at the end of that rainbow. And there are advantages that sort of derive from that capability technologically that will have a halo effect on the broader business as well.

我們看到了機會。我們有要達成的目標。這類大規模專案總是需要一些時間才能完成。但我依然堅信，彩虹的盡頭一定有寶藏。而且，這種技術能力帶來的優勢也會對整個業務產生正面的影響。

Thank you. That's very helpful. Appreciate it.

謝謝。那很有幫助。謝謝。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Hey guys, relative to your guidance last quarter, good to see strong 3Q results, better than expected, and you revised the outlook higher, particularly on single-family. So you believe last quarter, you had some insights on how perhaps your customers were pursuing land development and how they're managing production and whatnot.

各位，與你們上個季度的業績指引相比，很高興看到第三季業績強勁，超出預期，而且你們還上調了業績展望，尤其是在獨棟住宅方面。所以您認為上個季度，您對客戶如何進行土地開發以及如何管理生產等方面有了一些了解。

I guess, what new insights have you kind of picked up from your builder customers? And how much input they provide for your base case scenario for 2026? And then just to dig into that a little bit more, how do you kind of envision the shape of the year unfolding in your base case for next year?

我想問的是，你從你的建築商客戶那裡獲得了哪些新的洞見？他們為你們2026年的基本情境預測提供了多少資訊？那麼，為了更深入探討一下，您如何設想明年基本情勢的發展走向呢？

Thanks for the question, Phil. So I won't be able to go down into the details about the shape of next year and that sort of thing. I can tell you what you're seeing in the results for this quarter from the publics, in particular, that's what we've been hearing. It's a mix. It's a struggle out there.

謝謝你的提問，菲爾。所以，我無法詳細介紹明年的具體情況等等。我可以告訴你，從公眾的回饋來看，本季的結果你會看到什麼，特別是我們一直聽到的回饋。這是一種混合體。外面的世界很艱難。

There's certainly struggle from a bunch of different directions. Obviously, the political climate has gotten trickier because housing is continuing to be a high-profile political discussion. The good news, I would say, is that the Road Act and some of the stuff that's out there, good bipartisan support. People are trying to come up with solutions to take away some of the barriers that have restricted our ability to build affordably, that I would argue have sort of crept into American society. That's good.

當然，各方都面臨諸多挑戰。顯然，由於住房問題持續成為備受關注的政治議題，政治環境變得更加複雜。好消息是，《道路法案》和一些其他相關法案都獲得了兩黨的良好支持。人們正努力尋找解決方案，以消除一些限制我們以經濟實惠的方式進行建設的障礙，我認為這些障礙已經悄悄滲入美國社會。那挺好的。

But any time you've got a political discussion, I think it's tough for the builders. They've talked about that. I think that the affordability profile for them still continues to be a challenge. You see that they're still dealing with very elevated incentives on their side of the fence. You've seen a couple of key players acknowledging how hard that is being forced to maybe even get more aggressive than they even want to be to clear some of the inventory.

但我覺得，只要涉及政治討論，對建築商來說就很艱難。他們討論過這個問題。我認為對他們來說，價格負擔能力仍然是一個挑戰。你可以看到，他們那邊仍然面臨非常高的激勵機制。你已經看到一些關鍵人物承認，為了清理庫存，他們被迫採取比自己原本意願更激進的手段，這有多麼困難。

That new home inventory is -- it's not problematic in terms of the overall amount of inventory available in the market, but it's certainly high for new. It's certainly high for new. And if not for, I would say, the depressed existing, we would be paying even more attention to it. What you're seeing, I think, in the behaviors is a real pullback in the starts' pace in order to make sure that those new homes -- that new home inventory is being managed. That's our results, right?

目前的房屋庫存量——就市場上的房屋總庫存量而言，這倒不是什麼問題，但就新房而言，這個數字確實很高。對於新設備來說，這個價格確實很高。如果不是因為憂鬱症患者的存在，我想說，我們會更關注這個問題。我認為，從這些行為可以看出，新房開工速度確實有所放緩，以確保新房庫存得到妥善管理。這就是我們的結果，對吧？

That's what we saw come in. That's what we've signaled to you. I think we've seen some stability at this low level. But I think all of us are wondering about the uncertainty. The uncertainty variable is something I hear from the builders a lot.

這就是我們看到進來的。這就是我們已經向你傳達的訊息。我認為我們已經看到這個低位保持了一定的穩定性。但我認為我們都對這種不確定性感到疑惑。我經常從建築商那裡聽到“不確定性”這個概念。

Their consumer, their customer is uncertain. They don't know what to make of where tariffs are going to be, where jobs are going to be, what this AI thing is going to do. And I think those are the themes that we hear that basically underpin some of these, what I would characterize as, market numbers for the last half of '25 and the early part of '26.

他們的消費者，他們的顧客，感到不確定。他們不知道關稅會如何變化，工作機會會在哪裡，人工智慧又會帶來什麼影響。我認為這些是我們聽到的一些主題，它們基本上支撐著我所描述的 2025 年下半年和 2026 年上半年的一些市場數據。

There's still a lot of optimism about where the market is going to go, about what we're capable of doing, about the value that's being offered. And with a little bit of help on a couple of areas, I do think there's room for growth and based on what we talk to the builders about.

人們仍然對市場走向、我們的能力以及所提供的價值抱持著很大的樂觀態度。在一些方面得到一些幫助後，我認為還有發展的空間，這也是根據我們與建築商的談話內容得出的結論。

Okay. Super. And I appreciate that you guys want to be prepared and ready for a recovery from a supply standpoint capacity. When we kind of look at your normalized situation, call it, 1 million to 1.1 million starts, what type of capacity utilization does that imply? I know you guys kind of built this up during the pandemic.

好的。極好的。我很欣賞你們希望從供應能力方面做好準備，迎接復甦。當我們觀察一下你們的正常狀況，比如說，100萬到110萬次啟動，這代表什麼樣的產能利用率？我知道你們是在疫情期間慢慢發展出來的。

So in a muted demand environment, which we're seeing right now, is there more work to do on the capacity front? Because if I look at your deck where you show single-family starts over a 10-year horizon, I mean, 3 out of the 10 years, we're actually below your normalized level. So how do you kind of balance that dynamic going forward in terms of capacity and headcount and just costs going forward as well?

因此，在目前這種需求疲軟的環境下，產能方面是否還有更多的工作要做？因為如果我看一下你的演示文稿，其中展示了未來 10 年的獨棟住宅開工量，我的意思是，在這 10 年中，有 3 年我們實際上低於你設定的正常水平。那麼，在未來的產能、人員配置和成本方面，您該如何平衡這種動態關係呢？

Yeah. No, that's a great question. So the short answer is that the high-level averages, I would describe as useless effectively because you get small markets with low capacity and big markets with no capacity, looks like an average capacity, but neither is true.

是的。不，這是一個很好的問題。所以簡而言之，我認為高層平均值實際上是無用的，因為小市場容量低，大市場容量卻沒有，它們看起來像是平均容量，但實際上兩者都不是。

What I would tell you is this, the way we think about capacity is very local market driven, meaning as we looked at the results and what happened during the last five-year window or kind of five, six years, so 2019 through today and seeing the arc of utilization of some of these facilities, the -- we never got, in my opinion, to a dramatically high level of production, but we still struggled.

我想告訴你們的是，我們對產能的看法很大程度上受當地市場驅動，也就是說，當我們審視過去五年或五六年（即從 2019 年至今）的業績和情況，並觀察其中一些設施的利用率曲線時，我認為我們從未達到過非常高的產量水平，但我們仍然在努力。

And so what that revealed, I think, were the opportunities for us to enhance capacity to recognize where over time, the shift has occurred in terms of where the starts are and where the starts need to be and then where in those markets do we need to have a better footprint of capacity.

因此，我認為這揭示了我們有機會提高能力，從而認識到隨著時間的推移，發車地點和發車需求發生了哪些變化，以及在這些市場中，我們需要在哪些方面擁有更好的產能佈局。

That's what you've seen us invest in. It's sort of a rifle shot approach to capacity additions in response to where we got pinched versus, oh, well, there's a need, we'll just add it. We'll add it across the country or we'll peanut butter it. That's not how we think about it. So in light of that, we have definitely filled in some of those holes.

這就是你們看到的我們投資的領域。這是一種像步槍射擊一樣迅速增加產能的方法，以應對產能不足的情況，而不是，哦，好吧，有需要，我們就增加產能。我們會把它推廣到全國各地，或者我們會把它塗成花生醬。我們不是這樣想的。有鑑於此，我們確實填補了一些空白。

I would say where we had the biggest issues, we've moved the most aggressively. We're best positioned. There's a handful of stuff that we'll continue to do. But I do see it being less than it has been, certainly over the last three or four years, as we move forward until we get better clarity as to what the next leg of growth -- where the next leg of growth is going to be.

我認為，在問題最嚴重的地方，我們採取的行動也最為積極。我們處於最佳位置。有些事情我們會繼續做。但我認為，隨著我們不斷向前發展，直到我們對下一個成長階段——下一個成長階段將在哪裡——有更清晰的認識，成長速度肯定會比過去三、四年慢。

Okay, appreciate the call. Thank you so much.

好的，謝謝你的來電。太感謝了。

Collin Verron, Deutsche Bank.

科林‧維隆，德意志銀行。

Good morning. Thank you for taking my questions. When you look at the factors that have made BLDR track below lag single-family starts in your markets, do you think that that's fully stabilized at this point so you'll track more in line with lag starts in 2026? Or are you anticipating more headwinds in '26? And if so, can you help quantify what those might look like as we look at BLDR single-family sales versus starts?

早安.謝謝您回答我的問題。當你審視導致 BLDR 在你所在市場中低於滯後單戶住宅開工量的因素時，你認為目前這些因素是否已經完全穩定下來，以至於到 2026 年你的開工量會與滯後單戶住宅開工量更加一致？還是您預期 2026 年會面臨更多逆境？如果是這樣，您能否幫助我們量化一下，當我們觀察 BLDR 單戶住宅銷售與開工時，這些情況可能會是什麼樣子？

Yeah. Thanks, Collin. I think what we've tried to outline for you is that we are tracking with lag single-family starts at this point, taking into consideration the structural adjustments. If you're thinking about when on the face of the financial that will come true without having to do the additional adjustments, I think it depends on that stabilization of the home size and discontenting, which we're starting to see more of.

是的。謝謝你，科林。我認為我們已經向您概述的是，考慮到結構調整，目前我們正在追蹤單戶住宅開工情況的滯後情況。如果你在思考，從財務角度來看，這種情況何時才能在無需進行額外調整的情況下實現，我認為這取決於房屋規模和不滿情緒的穩定，而我們開始看到這種情況越來越多。

But what's a little more difficult right now is some of the cost basis and inputs that we're seeing from our manufacturers and suppliers that are being challenged with given different market dynamics and affordability items.

但目前比較困難的是，由於不同的市場動態和價格承受能力，我們的製造商和供應商在成本基礎和投入方面面臨一些挑戰。

So we're going to continue to do our analysis the way we have, and we'll be happy to share with you on future calls. But we think that we're getting to a point where those structural adjustments are starting to get a little bit less impactful, but they're still in there for our reconciliation.

因此，我們將繼續以我們一直以來的方式進行分析，並樂於在以後的電話會議上與您分享分析結果。但我們認為，這些結構性調整的影響正在逐漸減弱，但它們仍然存在於我們的和解過程中。

Great. That's helpful color. And then, I think you quickly mentioned some branch consolidation actions that you guys have taken. Any color as to like what the annual cost savings from these actions are? And just given the current demand environment, do you anticipate any further actions?

偉大的。這是個很有幫助的顏色。然後，我想您很快就提到了您採取的一些分支機構整合措施。能否提供一些關於這些措施每年可節省成本的具體資訊？鑑於目前的需求環境，您是否預計會採取任何進一步行動？

Yeah. So we've taken out 16 facilities this year, 30 last year, so 46 over the last 21 months. So it's something that we do as part of the fabric of who we are, and we talked about that last quarter. We're constantly evaluating where we have excess capacity. So we just talked about capacity with Peter on the prior question.

是的。所以今年我們關閉了 16 個設施，去年關閉了 30 個，過去 21 個月關閉了 46 個。所以，這是我們身分認同的一部分，我們在上個季度也討論過這個問題。我們一直在評估哪些地方有產能過剩。剛才我們和彼得討論了容量問題。

But we look at where we're -- we have excess, and we're rationalizing that and keeping in mind first and foremost our customer, trying to make sure that we're taking care of our customer.

但我們審視自身所處的位置——我們有過剩的資源，我們正在對此進行合理化處理，並且始終將客戶放在首位，努力確保我們能夠照顧好客戶。

So where we have additional facilities in a market that we can service more effectively from a single location versus multiple locations, we are going to continue to make those decisions. The capacity is across the board. So it's multifamily truss plans where we saw multifamily pullback. So we've talked about that, locations that are down in -- from a starts' standpoint, and we just don't need as much fixed cost.

因此，在某個市場中，如果我們擁有額外的設施，並且能夠從單一地點比從多個地點更有效地提供服務，我們將繼續做出這樣的決定。各方面產能均已提升。所以，我們看到多戶住宅桁架方案出現了回落。所以我們已經討論過這個問題，從明星的角度來看，那些位置較低的地方，我們不需要那麼多固定成本。

We're going to continue to evaluate this on a go-forward basis all the time. It's just part of what we do. And as we integrate acquisitions, and we look at the best way to service our customers from the right locations, where we have overlap. So I hope that answers your question, but it's going to be something we will continue to bring up and address as we move forward.

我們將持續對此進行評估。這只是我們工作的一部分。隨著我們整合收購項目，我們會考慮如何從我們業務重疊的合適地點為客戶提供最佳服務。希望這能解答你的疑問，但隨著工作的推進，我們也會繼續提出並解決這個問題。

Great, thank you.

太好了，謝謝。

Min Cho, Texas Capital Securities

Min Cho，德州資本證券

Great, thanks for squeezing me in here. Just two quick questions. So it's nice to see the good progression on sales and bids through your digital tools. Can you provide any update on the pilot? Have you expanded homebuilders into the pilot, and just kind of what they're using the most or getting the most value out of, and your expectations for the pilot kind of going into 2026?

太好了，謝謝你們擠出時間來。問兩個問題。很高興看到你們透過數位化工具在銷售和投標方面取得了良好的進展。您能提供一下關於試點計畫的最新進展嗎？你們是否已將房屋建築商納入試點範圍，以及他們最常使用或從中獲得最大價值的方面，以及你們對試點項目到 2026 年的預期？

Yeah. No, I'm happy to talk about it. So we have today is -- because it's an end-to-end platform, the participation rates in different aspects of the tool is pretty varied, as you might imagine. So I would say every piece of it is being used. That's good.

是的。不，我很樂意談論這件事。所以，正如你可能想像的那樣，今天的情況是——因為它是一個端到端的平台，該工具不同方面的參與率差異很大。所以我覺得每一部分都被充分利用了。那挺好的。

Adoption levels, obviously, for the easy stuff are sky high. We have -- pretty much everybody is using it for invoice review, delivery, photos and payments.

顯然，簡單易用的功能普及率非常高。我們已經——幾乎每個人都在使用它來進行發票審核、交付、拍照和付款。

There is a subset of that, that's using it for things like estimates and quoting. There's a subset that's really engaged on the home configure aspect, so the visualization tools. Customers are working through actually an expansion of what is in the catalog within home configure for the consumer to select from. So we've got a couple of customers that are leaning into that using it as a virtual model home type of a tool set for rendering and drafting.

其中一部分用途是用於估算和報價等。有一部分人非常關注家庭配置方面，也就是視覺化工具。客戶正在逐步擴展家居配置目錄中的產品種類，供消費者選擇。所以，我們有一些客戶正在積極採用這種方法，將其用作虛擬樣品屋類型的工具集，用於渲染和繪圖。

Certainly, scheduling has been an interesting piece because it's an included functionality. Builders are taking advantage of it when they're scheduling trades and the pace of the build. So I would say those are some of the bigger, more common pieces of utilization.

當然，日程安排一直是一個很有趣的部分，因為它是一項內建功能。建築商在安排工期和施工進度時會利用這一點。所以我覺得這些是比較大、比較常見的應用場景。

What we talked about in the past, and that I'll reemphasize on this call, is a big piece of this is also making sure we've got the training and the comfort level with our internal staff. The people are -- and that's why we emphasize that both the quoting and the sales that are flowing through the tool.

我們過去討論過，而且我今天還要再次強調，其中很重要的一部分是確保我們的內部員工接受過培訓並感到舒適。人們就是——這就是為什麼我們要強調透過該工具進行的報價和銷售。

The people within the BFS 4 walls are increasingly seeing the value of a centralized repository because remember, it's a library really. It's a place for the builder to store their plans and for us to be able to access them to do the work that we need to do. That's where we've seen really dramatic increases. And I think that's an indicator of where we expect the pilot to continue to build momentum.

BFS 4 內部的人們越來越意識到集中式儲存庫的價值，因為請記住，它實際上是一個函式庫。這是供建築商存放圖紙的地方，也是我們能夠訪問圖紙進行所需工作的地方。正是在那裡，我們看到了非常顯著的成長。我認為這表明我們預期該試點計畫將繼續發展壯大。

We'll have another nice booth at the IBS show this year, so you'll be able to see some of the latest things we're working on in terms of the development side. It's really leveraging increasingly the AI capabilities that we've been developing to increase two main things, right?

今年我們將在 IBS 展會上設立另一個漂亮的展位，所以您將能夠看到我們在開發方面正在進行的一些最新工作。它實際上正在不斷利用我們一直在開發的 AI 能力來增加兩件主要事情，對吧？

It's quality and accuracy and ease of use. Those are things that we think we have tremendous opportunity to improve. We've had some really nice team member adds internally that have been working on that.

它的品質、準確性和易用性都很好。我們認為這些方面還有很大的進步空間。我們內部新加入了一些非常優秀的團隊成員，他們一直在為此努力。

And I think we're going to continue to deliver some really powerful tools for the space, both internally to empower our team and enable our team, but also very importantly, obviously, for the customer and for their experience for them to battle this affordability challenge and to build these higher quality, more efficiently constructed homes.

我認為我們將繼續為這個領域提供一些非常強大的工具，既包括內部用於增強團隊能力和賦能團隊的工具，也包括非常重要的、顯然用於客戶和提升客戶體驗的工具，幫助他們應對住房負擔能力挑戰，並建造更高品質、更有效率的房屋。

Great. And then lastly, just you've mentioned insulation, your insulation business in the past, and you mentioned it today as one of your value-added services. It seems like labor has not been that big of an issue for homebuilders right now. Can you just talk about the longer-term outlook for this business?

偉大的。最後，您剛才提到了隔熱材料，您過去也經營過隔熱材料業務，今天您又把它列為您的加值服務之一。目前看來，勞動力短缺似乎不是房屋建築商面臨的大問題。能談談這家企業的長期前景嗎？

Yeah. No, you're right. In install, the labor side has certainly been a bit of a relief. It's -- the real question, I think, that nobody really -- nobody that I've talked to yet, at least, has clarity on is what is the impact of immigration.

是的。不，你說得對。安裝方面，人工成本確實減輕了不少負擔。我認為真正的問題是，至少在我交談過的人中，沒有人真正清楚移民的影響是什麼。

So there's been actually a reasonable stability in the labor market, certainly pressure -- downward pressure on cost per hour and perhaps an increased availability, but not perhaps as much as one might expect given how far down we are from the peak.

因此，勞動力市場實際上相當穩定，當然也存在壓力——每小時成本面臨下行壓力，勞動力供應可能有所增加，但考慮到我們距離高峰還有多遠，這種壓力可能沒有人們預期的那麼大。

And the sense that I've heard from folks is that there's a meaningful drag from the immigration work that's been done. So the real question comes on the turn. When the turn comes, and we start trying to build more homes, how much labor is actually going to be there and be available to do some of this work? Don't know. I think it's too early to say at this point because I think the reverse immigration and where people have sort of backed out of the market, hard to see.

我從人們那裡聽到的感覺是，已經完成的移民工作造成了相當大的阻礙。所以真正的問題在於轉彎處。當情況好轉，我們開始建造更多房屋時，究竟會有多少勞動力能夠勝任這項工作？不知道。我覺得現在下結論還為時過早，因為逆向移民以及人們退出市場的情況很難看清。

So we'll see. But I do think that it is likely to be a reinforcing characteristic or a reinforcing factor as to why our value-add is more valuable to builders over time. The more we can do to maximize the use of skilled trade labor and do it in a way that is reliable and high quality for builders, I think the more successful we're going to be. And we've got a lot of experience doing that.

我們拭目以待。但我認為這很可能是強化因素，或者說是強化特徵，可以解釋為什麼隨著時間的推移，我們的增值對建築商更有價值。我認為，如果我們能夠最大限度地利用熟練技工，並以可靠、高品質的方式為建築商提供服務，我們就會越成功。我們在這方面有很多經驗。

Excellent, great. Thank you. Good luck.

太好了。謝謝。祝你好運。

Reuben Garner, Benchmark.

Reuben Garner，基準。

Thank you. Good morning, and thanks for squeezing me in, guys. I'm going to squeeze 2 into one quick question. The specialty building products category has been pretty steady of late. I don't think there's been a lot of acquired revenue in that space. Are the install and the digital initiatives large enough or growing fast enough that that's driving the bulk of that?

謝謝。早安，謝謝各位擠出時間陪我。我打算把兩個問題合併成一個簡短的問題問。近來，特種建築產品類別一直保持穩定。我認為在這個領域還沒有出現很多收購帶來的收入。安裝和數位化措施的規模是否足夠大，或者成長速度是否足夠快，以至於它們推動了大部分成長？

And then in the same vein, for '26, would -- do you view the digital initiatives, the install initiatives as the biggest growth above the market drivers for you guys?

同樣地，對於 2026 年，你們是否認為數位化措施和安裝措施是比市場驅動因素更大的成長動力？

Or is there some other initiatives that you would point to that's likely to be what helps you grow above the market? Thanks guys.

或者，您認為還有哪些其他措施可能有助於您實現高於市場平均的成長？謝謝各位。

Yeah. Thanks for the question. On the first part, in that specialty products, just real quick on the digital, the digital software sales will flow through that. That hasn't largely changed. Our focus on digital sales and the pull-through is really going to be in the product categories.

是的。謝謝你的提問。第一部分，在那些特色產品方面，簡單來說，數位軟體的銷售將透過這部分進行。這種情況並沒有發生太大變化。我們真正關注的是數位銷售和拉動效應，重點將放在產品類別上。

So the digital software sales isn't really influencing that per se.

所以，數位軟體的銷售本身並沒有真正影響到這一點。

The install, however, as Peter mentioned, is a good growth driver for us. Yes, it may be down a little bit year-over-year, largely driven by the multifamily, but it's not down near as much as the overall market from that standpoint.

不過，正如彼得所提到的，這次安裝對我們來說是一個很好的成長驅動力。是的，雖然同比可能略有下降，這主要是由於多戶住宅市場下滑所致，但從這個角度來看，其降幅遠不及整體市場。

So we are outpacing the market with install, and the labor portion goes through that specialty and other category, whereas the product categories will be in the natural product categories. So that's what you're seeing from that install and other. We haven't materially bought anything that would influence that specialty bucket otherwise, but it is performing well.

因此，我們在安裝方面領先市場，人工部分將歸入專業和其他類別，而產品類別將歸入天然產品類別。所以這就是你從那次安裝和其他安裝中看到的內容。我們沒有購買任何會對那個特殊桶產生其他影響的實質物品，但它的表現很好。

It's been more stable from a cost standpoint, and it's been stable from a sales standpoint.

從成本角度來看，它更加穩定；從銷售角度來看，它也更加穩定。

You can imagine that the specialty is something that has a strong correlation to a lot of our more R&R and other focused markets, which are more stable in general than the single-family space. So that's a component of why it does that. In terms of thinking about the future and where we see continued growth, again, I think that our ability to provide a superior product within both the value-add space, if you think about what READY-FRAME offers, what truss and doors offer, that's still very impactful. We think that over time, that will continue to grow faster than market.

您可以想像，這種專業性與我們許多更注重休閒娛樂和其他重點領域的市場有著強烈的相關性，這些市場通常比獨棟住宅市場更穩定。這就是它這樣做的原因之一。展望未來以及我們認為未來將持續成長的方向，我認為，我們在增值領域提供卓越產品的能力，例如 READY-FRAME 產品、桁架和門窗產品，仍然具有非常重要的影響。我們認為，隨著時間的推移，它的成長速度將繼續超過市場平均水平。

The install, and what we're able to do in candidly a variety of product categories just to create ease of doing business for our builder customers, we think that's an offering that has been and will continue to be well received.

安裝，以及我們能夠坦誠地在各種產品類別中所做的一切，都是為了方便我們的建築商客戶開展業務，我們認為這項服務過去一直受到歡迎，將來也會繼續受到歡迎。

I think you'll see in '26, some consistency in our areas of focus. We'll certainly -- we'll be leaning in, in a lot of areas because we're a pretty broad company. And depending on which market we're in, we may have different priorities. But I think those components still will bring through in '26.

我認為在 2026 年，你會看到我們在關注領域中保持一定的穩定性。我們肯定會－我們會在很多領域加大投入，因為我們是一家業務範圍很廣的公司。根據我們所處的市場不同，我們的優先事項也可能不同。但我認為這些因素在 2026 年仍然會發揮作用。

Thanks again guys and good luck to the rest of the year.

再次感謝各位，祝福你們今年餘下的日子一切順利。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

Hi, thanks for taking my questions today. So truss pricing continues to be pressured in a challenging residential demand environment, and -- I wondered if you've seen any improvement in industry supply-demand imbalances as we move through the back half of the year? Would you expect truss pricing to continue to trend lower as we move into 2026?

您好，感謝您今天回答我的問題。因此，在充滿挑戰的住宅需求環境下，桁架價格繼續面臨壓力，我想知道，隨著我們進入下半年，您是否看到行業供需失衡的情況有任何改善？您認為進入 2026 年，桁架價格會繼續走低嗎？

Yeah. No, I think it's a good observation. It's certainly been an area of pressure, and I alluded to that earlier. We are seeing some stability. I think the market broadly has moved aggressively.

是的。不，我認為這是一個很好的觀察。這無疑是一個壓力較大的領域，我之前也提到過這一點。我們看到局勢趨於穩定。我認為市場整體走勢強勁。

I think all of us have seen the opportunity to be part of the solution in the affordability space by being that partner to customers. The return on investment question, I think, is what is important when you're thinking about truss, right? There's -- that's not an EBITDA metric, right, because there's depreciation associated with it.

我認為我們都看到了在提高產品可負擔性方面成為解決方案一部分的機會，那就是成為客戶的合作夥伴。我認為，在考慮桁架時，投資報酬率問題才是最重要的，對吧？這不是 EBITDA 指標，對吧，因為它涉及折舊。

So I think what has happened is the market has made some aggressive moves and gotten some stability and some clarity around what a good return on investment is. It's always hard to predict where it's going to go, but our sense is that it's gotten to where it should be and where it's going to get to for the time being. And it will have an opportunity to improve from where it is. But obviously, we're going to stay close to it.

所以我認為目前的情況是，市場採取了一些積極的舉措，並獲得了一定的穩定性，也對良好的投資回報率有了更清晰的認識。雖然很難預測它未來的走向，但我們的感覺是，它已經到達了它應該到達的地方，就目前而言，它也會到達那裡。它將有機會在現有基礎上有所改進。但很顯然，我們會密切關注它。

I think our competitive position and our cost position vis-a-vis the productivity work we've done over the years makes us the decider at the end of the day, do we want the business or not? Allows us to do that in a way that others can't compete with.

我認為，就我們多年來在提高生產力方面所取得的成就而言，我們的競爭地位和成本優勢最終決定了我們是否想要這筆業務。這使我們能夠以他人無法匹敵的方式做到這一點。

So we're interested in being a responsible market participant. We think an appropriate margin and return on investment is the right way to think about it from a shareholder perspective. But ultimately, we are going to win this battle, and we're going to stay in the space in a way that maintains our leadership position.

所以我們希望成為負責任的市場參與者。我們認為，從股東的角度來看，適當的利潤率和投資報酬率才是正確的考量。但最終，我們將贏得這場戰鬥，並繼續保持我們的領導地位。

Great. And earlier this year, Peter, you mentioned there's some slowdown in the M&A pipeline due to macro uncertainties, but you've continued to make strategic bolt-on acquisitions in important value-added categories such as door and millwork. And I wondered if the M&A pipeline has started to see some improvement as the year progressed.

偉大的。彼得，今年早些時候，你提到由於宏觀經濟的不確定性，併購活動有所放緩，但你們仍在門窗和木製品等重要的增值類別中繼續進行戰略性補充收購。我想知道隨著今年的推進，併購交易的進展是否有所改善。

Yeah. It's a good point. There have been some ebbs and flows. And I think we've been fortunate that a few of the flows were with assets that we really thought were great additions. I'm super excited about the acquisitions in the Nevada market, right?

是的。這是一個很好的觀點。期間經歷了一些起伏。我認為我們很幸運，其中一些資金流與我們真正認為非常好的資產有關。我對內華達州市場的收購感到無比興奮，對吧？

That Las Vegas door and millwork category has been kind of an eyesore on my tracker for a while now. I don't like seeing a blank in that category because it's such a good one for us.

拉斯維加斯門窗及木製品類別在我的追蹤器上已經顯得有點礙眼一段時間了。我不喜歡看到這個類別是空白的，因為這對我們來說是一個非常好的類別。

And we picked up two fantastic businesses. I'm really excited about what we're going to be able to do working together to be that preferred partner in that market. It's a market where we already do very, very well and seeing how much better we'll do with that additional category. That's an example for us of where those opportunistic tuck-ins can be very impactful and important to us. And we continue to see them.

我們收購了兩家非常優秀的企業。我非常興奮，因為我們將攜手合作，成為該市場的首選合作夥伴。我們在這個市場已經做得非常好了，現在想看看新增這個類別後我們會做得更好多少。這對我們來說就是一個例子，說明那些伺機而動的補充對我們來說可能非常重要且影響深遠。我們繼續看到它們。

I think we saw a little bit of a boost there in businesses that were sort of in market, but it ebbs and flows depending on the uncertainty around the space. That's true within the M&A space, just like it's true for consumers at this point.

我認為我們看到一些原本就在市場上的企業出現了一些成長，但這種成長會隨著市場不確定性的加劇而起伏不定。這一點在併購領域也是如此，就像目前對消費者來說也是如此。

Great, thank you.

太好了，謝謝。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Hey guys, thanks for squeezing me in. I think you had mentioned some procurement savings, which probably helped margins a little bit. Can you maybe talk about where you saw some better cost positions there?

嘿，各位，謝謝你們擠出時間陪我。我想你之前提到過採購方面的節省，這可能對利潤率有幫助。您能否談談您在那裡看到了哪些更具成本優勢的定價策略？

No, we're really not going to get into the details. What I can tell you is that our team is well organized, and our communication with our operations has put us in a good position to really be able to identify those opportunities and take advantage of them in a way that has really helped us in the short term, so I think that's--

不，我們真的不會深入討論細節。我可以告訴你們的是，我們的團隊組織有序，與營運部門的溝通也讓我們能夠很好地識別並利用這些機會，這在短期內確實對我們有所幫助，所以我認為這——

Yeah. The only bit of color I'll add is we're advantaged by virtue of our scale and who we are. If you're a vendor and you want something to go away that's a problem for you, we're a very quiet customer. We like helping people have problems go away. And sometimes that creates opportunities for us.

是的。我唯一要補充的是，我們的規模和我們自身的優勢使我們擁有了優勢。如果你是供應商，想要解決某個對你來說是個問題的問題，我們是非常安靜的客戶。我們喜歡幫助人們解決問題。有時這會給我們創造機會。

So we're committed to being that type of partner for our vendors and helping them. And I think this is an example of where we were able to do that.

因此，我們致力於成為供應商的這種合作夥伴，並為他們提供協助。我認為這就是我們能夠做到這一點的一個例子。

Okay, great. Thanks, that's helpful.

好的，太好了。謝謝，這很有幫助。

And this does conclude the question-and-answer session, and also, will conclude the Builders FirstSource third quarter 2025 earnings conference call and webcast. You may disconnect at this time and have a wonderful rest of your day.

問答環節到此結束，Builders FirstSource 2025 年第三季財報電話會議和網路直播也到此結束。您可以斷開連接，祝您今天餘下的時間愉快。