Builders FirstSource Inc (BLDR) 2026 Q1 法說會逐字稿

Good day, and welcome to the Builders FirstSource first-quarter 2026 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) I'd now like to turn over to Heather Kos, Senior Vice President, Investor Relations for Builders FirstSource. Please go ahead.

大家好，歡迎參加 Builders FirstSource 2026 年第一季財報電話會議。今天的會議預計約一小時，包含管理層發言與問答環節。(接線員指示) 現在我想把電話交給 Builders FirstSource 投資人關係資深副總裁 Heather Kos。請開始。

Good morning, and welcome to our first-quarter 2026 earnings call. With me on the call are Peter Jackson, our CEO; and Pete Jackman, 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. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures.

各位早安，歡迎參加我們 2026 年第一季財報電話會議。與我一同出席的有我們的執行長 Peter Jackson，以及財務長 Pete Jackman。財報新聞稿與簡報已公布於我們的網站 investors.bldr.com。我們將在通話中引用該簡報。今天討論的結果包含 GAAP 與非 GAAP 結果，並就特定項目進行調整。我們提供這些非 GAAP 結果僅供資訊參考，不應脫離與其最直接可比的 GAAP 指標而單獨看待。

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

您可在我們的財報新聞稿、向 SEC 提交的文件及簡報中，找到這些非 GAAP 指標與相對應 GAAP 指標（如適用）的調節表，以及我們認為其對投資人有用的原因說明。我們在新聞稿、簡報及本次電話會議中的發言包含《私人證券訴訟改革法》所定義的前瞻性與警示性陳述，以及對未來結果的預測。請查閱今日新聞稿中的前瞻性陳述章節，以及我們向 SEC 提交文件中的相關內容，以了解可能導致實際結果與前瞻性陳述及預測不同的各項因素。

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

接下來，我把電話交給 Peter。

Thank you, Heather, and good morning, everyone. Our first-quarter results reflect the adaptability of our operating model as we delivered strong strategic share growth in weak housing market. Across the organization, we remain focused on the factors within our control, including serving our customers, expanding our differentiated portfolio of value-added solutions, and leveraging technology to accelerate growth and drive operational excellence.

謝謝你，Heather，各位早安。我們第一季的結果反映了營運模式的適應力，即使在疲弱的住宅市場中，我們仍實現了強勁的策略性市占成長。在整個組織中，我們持續專注於可控因素，包括服務客戶、擴大我們具差異化的加值解決方案組合，以及運用科技加速成長並推動卓越營運。

This disciplined approach continues to strengthen our leading position as a trusted world-service partner to homebuilders. By continuing to invest in innovation and the capabilities that matter most to our customers, we are reinforcing our role as the leading building materials provider and extending our competitive advantages. Our strategy enables us to outperform as the market normalizes and to deliver sustainable long-term value for our shareholders. Let's turn now to slide 4.

這種紀律性的做法持續強化我們作為住宅建商值得信賴的一站式服務夥伴之領先地位。透過持續投資創新與客戶最重視的能力，我們正在鞏固作為領先建材供應商的角色，並延伸我們的競爭優勢。我們的策略使我們能在市場正常化時表現優於同業，並為股東創造可持續的長期價值。現在請看投影片第 4 頁。

Our first-quarter results highlighted our agility despite the challenging housing market and seasonally lower time of the year for the industry. We landed at the upper end of the expected Q1 range for sales and EBITDA even if the macro was worse than we expected. We continue to lean on our exceptional team, leading value-added solutions and robust operating model to drive performance.

我們第一季的結果凸顯了在充滿挑戰的住宅市場，以及產業每年此時季節性較淡的情況下，我們仍具備敏捷應變能力。即使總體環境比我們預期更差，我們的銷售額與 EBITDA 仍落在第一季預期區間的上緣。我們持續倚重卓越的團隊、領先的加值解決方案與強健的營運模式來推動績效。

Let me take a moment to share some perspective on the market. The housing market remains weak as affordability challenges and muted consumer confidence continue to weigh on demand. In recent months, geopolitical tensions have added to market volatility by contributing to higher interest rates and additional inflationary pressure.

我先花點時間分享對市場的觀察。住宅市場仍然疲弱，因為可負擔性挑戰與偏弱的消費者信心持續壓抑需求。近幾個月，地緣政治緊張局勢透過推升利率並帶來額外通膨壓力，進一步加劇市場波動。

The surprise of the Middle East conflict and the uncertainty around implications for both affordability and consumer confidence have undermined the spring selling season. While we are managing what's in our control, these conditions have created sales and cost headwinds that we don't expect to fully offset this year. Sales improved in the first quarter, in line with expectations and daily sales continued to build in April. However, sentiment is clearly weaker. As people discuss, our revised full year guidance reflects these dynamics.

中東衝突的突發，以及其對可負擔性與消費者信心影響的不確定性，削弱了春季銷售旺季。雖然我們正管理可控事項，但這些情況造成了銷售與成本的逆風，我們預期今年無法完全抵銷。第一季銷售如預期改善，4 月的日均銷售也持續回升。然而，市場情緒顯然更為疲弱。如大家所討論，我們修訂後的全年財測反映了這些動態。

Despite ongoing macro challenges, we remain committed to advancing our strategy, including a sustained focus on share growth, continuous improvement, and capital allocation. We cannot control the market, but advancing our initiatives will enable us to realize share gains, improve the way we operate, and position us to accelerate growth with any level of recovery. We expect to capture single-family share growth by delivering outstanding customer service, bundling our broad product portfolio to drive affordability, and leveraging cutting-edge technology.

儘管總體環境挑戰持續，我們仍致力於推進策略，包括持續聚焦市占成長、持續改善與資本配置。我們無法控制市場，但推動各項計畫將使我們得以取得市占、改善營運方式，並在任何程度的復甦下都能加速成長。我們預期將透過提供卓越客戶服務、整合我們廣泛的產品組合以提升可負擔性，以及運用尖端科技，來取得獨棟住宅的市占成長。

Multi family, quoting activity remains active, but the uptick in interest rates has deferred certain projects. Given the current project pipeline, we don't anticipate a meaningful improvement in our multifamily results until next year. In response to the current market weakness, we are prudently managing spending and maximizing operational flexibility as outlined on slide 5. We remain operationally disciplined and have taken actions to reduce costs in line with demand while preserving our ability to partner with our customers and invest in innovation and technology.

在多戶住宅方面，報價活動仍然活躍，但利率上升已使部分專案延後。基於目前的專案管線，我們預期要到明年，多戶住宅業務的結果才會有顯著改善。為因應目前市場疲弱，我們正如投影片第 5 頁所述，審慎管理支出並最大化營運彈性。我們維持營運紀律，並已採取行動使成本隨需求調整，同時保留與客戶合作以及投資創新與科技的能力。

So far in 2026, we have consolidated 21 facilities following the consolidation of 55 total facilities over the prior two years, all while maintaining an on-time and in-full rate greater than 90%. Supported by our industry-leading scale, experienced leadership team, and proven ability to operate proactively through the cycle, we are confident in our ability to make the necessary adjustments and continue to deliver exceptional customer service.

截至 2026 年目前為止，我們已整併 21 處據點；在前兩年累計整併 55 處據點的基礎上持續推進，同時維持準時且足量（on-time and in-full）交付率高於 90%。在我們業界領先的規模、經驗豐富的領導團隊，以及已證實能在景氣循環中主動營運的能力支持下，我們有信心能做出必要調整，並持續提供卓越的客戶服務。

On slide 6, we highlight some of the key initiatives under our strategic pillars. Our capital deployment is strengthening our competitive position and driving long-term value creation. Since the inception of the buyback program in August of 2021, we have repurchased nearly 50% of our total shares outstanding. Operational excellence is crucial to how we run the business as we develop talent, improve agility and increasingly embed technology into our operations.

在投影片第 6 頁，我們重點說明策略支柱下的一些關鍵計畫。我們的資本部署正在強化競爭地位並推動長期價值創造。自 2021 年 8 月啟動庫藏股計畫以來，我們已回購接近已發行在外總股數的 50%。卓越營運是我們經營方式的核心，我們持續培育人才、提升敏捷性，並日益將科技深度嵌入營運之中。

We generated $6 million in productivity savings in Q1, primarily through targeted supply chain and logistics initiatives. Moving to slide 7. Our prudent capital allocation strategy focuses on maximizing shareholder returns. In Q1, we deployed $360 million towards return-enhancing opportunities aligned with our priorities. 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.

第一季我們創造了 600 萬美元的生產力節省，主要來自針對性的供應鏈與物流計畫。接著看投影片第 7 頁。我們審慎的資本配置策略聚焦於最大化股東報酬。第一季，我們投入 3.6 億美元於符合優先事項、可提升報酬的機會。我們在景氣循環中一貫強勁的自由現金流，使我們能靈活投資有機成長、推動策略性併購，並回饋資本給股東。

Drilling down 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 and synergy capture.

在投影片第 8 頁進一步說明併購。我們仍專注於推動能擴大加值產品供應、並在理想地理區域提升領導地位的收購案。我們已建立深厚且經驗證的併購成長能力，並擁有成功整合與實現綜效的良好紀錄。

As a reminder, we acquired premium building components in January, marking our company's first trust and wall panel operations in York. Since the P&C merger in 2021, we have made 41 acquisitions representing over $2.3 billion in annual sales, the equivalent of a top 6 LBM player. Demonstrating our ability to execute and integrate seamlessly. With the industry still fragmented, we see significant opportunities ahead and are confident that inorganic investments will remain an important driver of long-term growth.

提醒一下，我們在 1 月收購了 Premium Building Components，這標誌著公司在 York 的首個桁架與牆板（wall panel）營運據點。自 2021 年 P&C 合併以來，我們已完成 41 起收購，合計代表超過 23 億美元的年銷售額，相當於一家前 6 大的 LBM 業者。這展現了我們無縫執行與整合的能力。在產業仍然分散的情況下，我們看到前方有顯著機會，並有信心外生成長投資仍將是長期成長的重要驅動力。

Turning to slide 9. We continue to differentiate by digitally enabling our team members, strengthening customer relationships and advancing value-added product development to support long-term growth. Our investments in automation, AI, and digital integrations are focused on simplifying and accelerating the building process for our customers.

接著看投影片第 9 頁。我們持續透過數位化賦能團隊成員、強化客戶關係，以及推進加值產品開發來支持長期成長，從而形成差異化。我們在自動化、AI 與數位整合方面的投資，聚焦於為客戶簡化並加速建造流程。

In Q1, our digital platform processed nearly $800 million of quotes as we continue to automate key steps of the process. Later this year, we will roll out the next generation of digital solutions. Deploying emerging technologies to support builders across key stages of the homebuilding journey. The platform will include four integrated hubs: community, plan, selections, and construction. All accessible through mybldr.com with embedded AI capabilities, providing actionable insights through a single unified platform. Builders will have access to connected tools and real-time data to coordinate the build, reduce waste, and sell homes faster.

第一季，我們的數位平台處理了近 8 億美元的報價，我們也持續將流程中的關鍵步驟自動化。今年稍晚，我們將推出新一代數位解決方案。運用新興科技，在住宅建造旅程的關鍵階段支援建商。該平台將包含四個整合式中樞：社區、平面圖、選配與施工。所有功能皆可透過 mybldr.com 存取，並內嵌 AI 能力，透過單一統一平台提供可採取行動的洞察。建商將可使用互聯工具與即時數據來協調施工、降低浪費，並更快售出住宅。

Digital is central to how we operate today, particularly with our sales organization, where these tools create opportunities to capture share, expand product adoption, and deepen customer relationships. Recognizing one of our outstanding team members each quarter is one of my favorite parts of our earnings call. Today, I'm proud to highlight members of our Middletown New York Millwork team. Sam Lane, Dan Livingston, Anthony Legmen, and Eddie Walsh, who are recognized by the New York State Police for their compassion and willingness to help a community member in need during dangerously cold winter weather.

數位化是我們當前營運方式的核心，尤其是在我們的銷售組織中，這些工具創造了機會，讓我們得以爭取市占、擴大產品採用，並深化客戶關係。在每季的財報電話會議中表揚一位傑出團隊成員，是我最喜歡的環節之一。今天，我很自豪要表揚我們位於紐約州米德爾敦（Middletown）的木作（Millwork）團隊成員。Sam Lane、Dan Livingston、Anthony Legmen 與 Eddie Walsh，他們因在嚴寒冬季天候下，展現同理心並願意協助一位有需要的社區居民，而獲紐約州警察表揚。

Earlier this year, first responders contacted Sam and his team after identifying a local resident whose front door was severely damaged and no longer provided adequate protection from the coal. The officers were seeking to purchase a replacement or to help ensure the individual safety. When our team learned that the situation and the residents need, they stepped in immediate, producing a brand-new prehung door at no cost and assisting with the installation, I'm truly grateful to our Middletown millwork team for living our BFS purpose every day to build a better future for those we serve.

今年稍早，第一線應變人員在發現一位當地居民的前門嚴重損壞、已無法提供足夠的防寒保護後，聯繫了 Sam 與他的團隊。警員希望購買一扇替換門，或協助確保該名人士的安全。當我們的團隊得知此情況與該居民的需求後，立即介入，免費製作一扇全新的預裝門（prehung door）並協助安裝；我由衷感謝我們米德爾敦木作團隊每天實踐 BFS 的使命，為我們所服務的人打造更美好的未來。

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

接下來我把電話會議交給 Pete，請他更詳細說明我們的財務結果。

Thank you, Peter, and good morning, everyone. Our first-quarter performance reflects disciplined execution in a weak housing market. We remain focused on managing our operations and working capital while advancing key growth initiatives to drive long-term success. Turning to our first-quarter results on slides 10 through 12. Net sales decreased 10% to $3.3 billion, driven by lower organic sales and commodity deflation, partially offset by growth from acquisitions.

謝謝你，Peter，各位早安。我們第一季的表現反映出在疲弱的住宅市場中仍能紀律執行。我們仍專注於管理營運與營運資金，同時推進關鍵成長計畫，以驅動長期成功。接著看投影片 10 到 12 的第一季結果。淨銷售額下降 10% 至 33 億美元，主要受有機銷售下滑與大宗商品價格通縮影響，部分被併購帶來的成長所抵銷。

The core organic sales decrease was driven by an 11% decline in single family reflecting lower starts activity and reduced value per start and a 1% decline in both multifamily and repair and remodel, consistent with our expectations given muted activity levels and consumer uncertainty. As we've noted on recent calls, several factors reconciled single family starts to our organic sales.

核心有機銷售下滑主要來自獨棟住宅（single family）下降 11%，反映開工活動減少以及每次開工的平均價值降低；而多戶住宅（multifamily）與修繕翻新（repair and remodel）各下降 1%，符合我們在活動水準偏弱與消費者不確定性下的預期。如同我們在近期電話會議中提到的，有幾項因素使獨棟住宅開工數與我們的有機銷售之間出現差異。

First, there is an approximate three-month lag between the start and our first sale. Second, average home value has declined as homes have become smaller and less complex, creating a sales headwind, we believe a comparable start has declined in value by 10% on average since 2019.

第一，從開工到我們首次出貨（首次銷售）約有三個月的落後期。第二，隨著房屋變得更小且複雜度降低，平均房屋價值下滑，形成銷售逆風；我們認為自 2019 年以來，可比的每次開工平均價值已下降約 10%。

Third, housing affordability constraints continue to pressure margins across the supply chain. Against this backdrop, we believe we grew share in the first quarter, reflecting our market-leading offerings and continued role as a trusted partner.

第三，住宅可負擔性限制持續對供應鏈各環節的利潤率造成壓力。在此背景下，我們相信第一季我們提升了市占，反映我們市場領先的產品組合，以及持續作為值得信賴合作夥伴的角色。

For the first quarter, gross profit was $0.9 billion, a decrease of 17% compared to the prior-year period. Gross margin was 28.3%, down 220 basis points, primarily driven by a declining start environment. Adjusted SG&A of $740 million decreased $31 million, primarily due to lower variable compensation amid lower sales and lower headcount, partially offset by acquired operations.

第一季毛利為 9 億美元，較去年同期下降 17%。毛利率為 28.3%，下滑 220 個基點，主要受開工環境走弱所致。調整後銷售、一般及行政費用（SG&A）為 7.40 億美元，減少 3,100 萬美元，主要因銷售下滑導致變動薪酬降低與人力編制下降，部分被併購業務所抵銷。

As we touched on in February, we linked further into our downturn playbook with $100 million of cost actions, which includes $75 million in year-over-year cost reductions and $25 million in cost avoidance. These actions include deeper cuts to overtime and temporary labor, adjustments to incentive compensation plans, reduced merit and overhead spend, additional facility consolidations, and tighter controls on discretionary spending.

如同我們在 2 月提到的，我們進一步啟動景氣下行應對手冊，採取 1 億美元的成本行動，其中包含 7,500 萬美元的年對年成本降低與 2,500 萬美元的成本避免。這些行動包括更大幅度削減加班與臨時用工、調整獎酬激勵計畫、降低調薪與管理費用支出、進一步整併據點，以及更嚴格控管非必要支出。

To date, all actions are complete or meaningfully underway. We realized $13 million in the first quarter and are on track to achieve our cost reductions this year. This positions us to leverage our costs as the market improves.

截至目前，所有行動均已完成或已實質推進。我們在第一季已實現 1,300 萬美元效益，並按計畫在今年達成成本降低目標。這使我們在市場改善時能更有效槓桿化成本結構。

Adjusted EBITDA was $214 million, down 42%, primarily driven by lower gross profit. Adjusted EBITDA margin was 6.5%, down 360 basis points from the prior year, primarily due to lower gross profit margins and reduced operating leverage. Adjusted EPS was $0.27 and a decrease of 82% compared to the prior year.

調整後 EBITDA 為 2.14 億美元，下降 42%，主要由毛利降低所致。調整後 EBITDA 利潤率為 6.5%，較去年下降 360 個基點，主要因毛利率下降與營運槓桿降低。調整後每股盈餘（EPS）為 0.27 美元，較去年下降 82%。

Now let's turn to the cash flow, balance sheet, and liquidity on slide 13. Our first-quarter operating cash flow was $87 million, down $45 million primarily due to lower net income. For the quarter, we delivered $43 million of free cash flow, underscoring the strength and consistency of our cash generation profile. Our trailing 12 months free cash flow yield was approximately 10%. Operating cash flow return on invested capital was 13%.

現在我們看投影片 13 的現金流、資產負債表與流動性。第一季營運現金流為 8,700 萬美元，減少 4,500 萬美元，主要因淨利下降。本季我們創造 4,300 萬美元自由現金流，凸顯我們現金創造能力的強勁與一致性。過去 12 個月自由現金流殖利率約為 10%。投入資本的營運現金流報酬率為 13%。

Our net debt to adjusted EBITDA ratio was approximately 3.2 times, while higher than our long-term target, we are confident in the strength of our balance sheet with strong liquidity of $1.5 billion. We remain comfortable with our net debt levels and we'll continue to execute our capital allocation priorities with discipline to maximize long-term value creation.

淨負債對調整後 EBITDA 比率約為 3.2 倍，雖高於我們的長期目標，但我們對資產負債表的穩健性仍具信心，並擁有 15 億美元的強勁流動性。我們仍對目前淨負債水準感到安心，並將持續以紀律執行資本配置優先事項，以最大化長期價值創造。

Moving to the first-quarter capital deployment. Capital expenditures $45 million. We deployed $12 million on acquisitions, and we repurchased 3.3 million shares for $303 million. Earlier today, we announced that our Board of Directors authorized $500 million in share repurchase, inclusive of the $200 million remaining under our April 2025 authorization.

接著看第一季的資本運用。資本支出為 4,500 萬美元。我們在併購上投入 1,200 萬美元，並以 3.03 億美元回購 330 萬股。今天稍早，我們宣布董事會核准 5 億美元的股票回購額度，其中包含 2025 年 4 月授權案下尚餘的 2 億美元。

On slides 14 and 15, we outlined our latest 2026 outlook and assumptions, which reflect continued weakness in housing starts, ongoing affordability pressure, and a more cautious consumer. Compared to 2025, single family and multifamily starts are expected to be down 2.5% and repair and remodel down 1%. As a result, we are adding net sales in the range of $14.6 billion to $15.6 billion; adjusted EBITDA of $1.1 billion to $1.5 billion; and adjusted EBITDA margin of 7.5% to 9.6%.

在投影片 14 與 15，我們說明最新的 2026 年展望與假設，反映住宅開工持續疲弱、可負擔性壓力延續，以及更為謹慎的消費者。相較 2025 年，預期獨棟與多戶住宅開工分別下降 2.5%，修繕翻新下降 1%。因此，我們預估淨銷售額介於 146 億至 156 億美元；調整後 EBITDA 介於 11 億至 15 億美元；調整後 EBITDA 利潤率介於 7.5% 至 9.6%。

We expect our 2026 full-year gross margin to be in the range of 27.5% to 29%, reflecting the below-normal starts environment. We expect free cash flow of approximately $400 million to $500 million. The year-over-year change is driven primarily by a $180 million swing in working capital and lower EBITDA. In 2025, we benefited from a working capital release driven by the lower sales environment exit the year. In 2026, we anticipate the second half to be stronger, which requires investment in working capital.

我們預期 2026 全年毛利率介於 27.5% 至 29%，反映低於常態的開工環境。我們預期自由現金流約為 4 億至 5 億美元。年對年變動主要由營運資金 1.8 億美元的擺動以及較低的 EBITDA 所驅動。2025 年，我們受惠於在較低銷售環境下年末退出所帶來的營運資金釋放。2026 年，我們預期下半年將較強勁，因此需要投入營運資金。

Our guidance assumes average commodity prices in the range of $390 to $410 per thousand board foot in line with the long-term average of $400. Despite continued end market softness, commodity prices have pushed higher since mid-December, driven by rising input costs.

我們的指引假設平均大宗商品價格介於每千板英尺（thousand board foot）390 至 410 美元，與長期平均 400 美元一致。儘管終端市場仍偏弱，自 12 月中旬以來，大宗商品價格已走高，主要由投入成本上升所帶動。

For Q2, we expect net sales to be between $3.75 billion and $4.05 billion and adjusted EBITDA to be between $300 million and $350 million. The shape of the full year implies a heavier second-half contribution as we lap the starts decline due to the rapid deceleration of starts to reduce new home inventory levels.

就第二季而言，我們預期淨銷售額介於 37.5 億至 40.5 億美元，調整後 EBITDA 介於 3 億至 3.5 億美元。全年走勢顯示下半年貢獻較大，因我們將在去年開工下滑的比較基期上（lap）逐步消化；此前開工快速減速是為了降低新屋庫存水位。

In closing, we are closely monitoring the current environment and remaining agile to mitigate downside risk in the near term while also investing strategically for the future. Supported by a fortress balance sheet and strong free cash flow through the cycle, we continue to manage capital with rigor, drive for organic growth and productivity savings, and pursue M&A. We remain well situated to compound value through our strategic initiatives.

最後，我們正密切監控當前環境並保持敏捷，以在短期內降低下行風險，同時也為未來進行策略性投資。在堅實的資產負債表與穿越景氣循環的強勁自由現金流支持下，我們將持續以嚴謹方式管理資本、推動有機成長與生產力節省，並尋求併購（M&A）。我們仍處於有利位置，可透過策略性計畫持續累積價值。

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

那麼，我把電話交回給 Peter，請他做一些最後的補充。

Thanks, Pete. We are the nation's largest supplier of building materials to homebuilders in new residential construction, combining unmatched scale with deep global execution across every major housing market we serve. We are number in manufactured components, windows, doors, and millwork, providing significant value to builders.

謝謝，Pete。我們是全美最大的住宅建築新建案之建材供應商，結合無可匹敵的規模，以及在我們所服務的每個主要住宅市場中深厚且全球化的執行能力。我們在預製構件、窗戶、門以及木作（millwork）方面居於領先地位，為建商提供顯著價值。

Our footprint, digital platform, and install capabilities create an unparalleled structural advantage. With our experienced cycle-tested team, we expect to deliver solid results in the near term and significant upside when the market recovers. Thank you again for joining us today.

我們的據點布局、數位平台與安裝能力，形成無可比擬的結構性優勢。憑藉我們經驗豐富、歷經景氣循環考驗的團隊，我們預期短期內可交出穩健成果，並在市場復甦時帶來顯著上行空間。再次感謝各位今天與會。

Operator, let's please open the call now for questions.

接線員，麻煩現在開放提問。

(Operator Instructions) John Lovallo, UBS.

(接線員指示) John Lovallo，瑞銀（UBS）。

Despite the headwinds that you've articulated in housing so far this year, I mean we would argue that the spring selling season has probably been a little bit better than feared and better year over year with most builders posting year-over-year order growth. I mean I do recognize there's a three-month lag from -- for you guys from when you start getting activity. But is this kind of better-than-expected spring part of the driver of the second half step-up that you're expecting? Along with just the easier comps?

儘管你們已闡述今年迄今住宅市場面臨的逆風，但我們會認為春季銷售旺季可能比原先擔心的要好一些，而且多數建商的訂單年增都呈現成長，表現也優於去年同期。我也理解你們從開始看到活動到實際反映，約有三個月的落後期。不過，這種優於預期的春季表現，是否是你們預期下半年走強的驅動因素之一？再加上比較基期更容易？

John, yes, so thanks for the question. We absolutely did see a nice build at the beginning of the year. There were a number of different conversations we were having about the positive momentum, both on the public and the private side. It's important to remember that we generally see the headlines for the public builders, but they're a significant, but not universal coverage of the industry.

John，是的，謝謝你的問題。我們確實在年初看到不錯的增長。我們當時就正向動能進行了多方面的討論，無論是上市建商或非上市建商端皆然。需要記住的是，我們通常看到的是上市建商的新聞標題；它們雖然重要，但並不能涵蓋整個產業。

That momentum at the beginning of the year, I think, has been good. It's just not -- I don't think able to withstand negative headwinds around uncertainty. That's what we called out here. I still think we'll see a good year. I just think it will be a little bit weaker than what we anticipated and that has led to pressures throughout the business, whether it be on the inflation side or just the competitive dynamics side.

我認為年初的動能確實不錯。只是——我不認為它足以抵禦圍繞不確定性的負面逆風。這就是我們在此指出的部分。我仍然認為今年會是不錯的一年。只是我覺得會比我們原先預期稍弱一些，而這也對整體業務造成壓力，不論是通膨面，或是競爭態勢面。

Makes sense. And then maybe just digging a little bit deeper. The outlook implies a pretty nice improvement in margin in the second half at the midpoint, I think a [26%] adjusted EBITDA margin would be 9.6%, which is, I think, 200 basis points higher than the first half. I mean what are you kind of expecting to be the big drivers of this improvement?

了解。那再深入一點。以指引中位數來看，你們的展望暗示下半年毛利率會有相當不錯的改善；我想若以[26%]調整後 EBITDA 利潤率來看會是 9.6%，大概比上半年高 200 個基點。你們預期這項改善的主要驅動因素會是什麼？

Yeah. Thanks for the question. So it's really driven by the leverage that we gain out of the summer selling seasons, with the strength in our sales flowing through. Some of it's related to the sequential performance and management of our cost structure. We outlined our productivity was $6 million in the first quarter. We're still targeting our $50 million to $70 million for the full year, as well as the cost actions that we've outlined. So the $100 million of cost actions are well underway. We've completed most actions.

是的。謝謝你的問題。這主要來自我們在夏季銷售旺季所獲得的營運槓桿，銷售強勁帶動效益向下傳導。其中一部分也與我們成本結構的逐季表現與管理有關。我們提到第一季的生產力提升為 600 萬美元。我們仍以全年 5,000 萬至 7,000 萬美元為目標，並且也在推進我們已說明的成本措施。因此，1 億美元的成本行動正在順利進行中。我們已完成大多數措施。

Now it's just realizing those benefits as we move forward, which should help accelerate some of that leverage we would see in the back half of the year.

接下來就是在往前推進的過程中把這些效益實現出來，這應該有助於加速我們在下半年看到的部分槓桿效益。

Charles Perron-Piche, Goldman Sachs.

Charles Perron-Piche，高盛（Goldman Sachs）。

First, I just want to draw a more into the gross margin guidance embedded for the balance of 2016. I think you mentioned last quarter, Q1 would be the low point for the year. But obviously, it sits on the midpoint of the revised range. So how does it inform your expectations for the balance of the year? And what drives your expectations for the high end versus the low end of that range?

首先，我想更深入了解 2016 年剩餘期間指引中所隱含的毛利率走勢。我記得你們上季提到第一季會是全年低點。但顯然第一季落在修正後區間的中位數。那這對你們對今年剩餘期間的預期有何啟示？以及，推動區間高端相對於低端的因素是什麼？

So what we had signaled last earnings call is Q1 would be the low watermark as we were anticipating a stronger build in the selling season as Peter had mentioned, with the uncertainty as well as the increase in input costs, specifically around fuel, a lot of that inbound is still unknown that we're anticipating from our supply partners. It's not nominal amount of impact that it will have on the cost.

我們在上次財報電話會議所傳達的是：第一季會是低點，因為我們原本預期如 Peter 所提到的，在銷售旺季會有更強的建案開工／建造動能；但在不確定性以及投入成本上升（尤其是燃料）之下，許多我們預期會從供應夥伴端傳導而來的進貨成本，目前仍有不少未知。這對成本的影響幅度並非微不足道。

We've left the margin range fairly wide. We look to navigate what that looks like as we move forward. At the same time, we do expect to pass through where a distributor passed through those cost increases, but some of it is timing related. And as we work through that, it's probably going to have a muted impact on our margins. So we had signaled a build in margins as we go through the year and we leverage our fixed costs and cost of goods sold. That's still the case. We still anticipate that, but maybe not to the same degree, given the sales volume expectations.

我們把毛利率區間維持得相對寬。我們會在往前推進時，視情況來因應與調整。同時，我們確實預期會把這些成本上升轉嫁出去，這是通路商會做的成本轉嫁，但其中一部分與時點有關。而在我們消化這些因素的過程中，對毛利率的影響可能會相對溫和。因此，我們先前提到隨著年度推進，毛利率會逐步回升，並透過固定成本與銷貨成本的槓桿來改善。這點仍然成立。我們仍預期如此，只是考量銷售量的預期，改善幅度可能不如原先程度。

Got it. Okay. That's helpful color. And considering the challenging housing backdrop and the profitability outlook you've highlighted, I would imagine some of your competitors are struggling significantly at these levels. I guess, how are you seeing some of them behave in this market environment? And are you seeing some smaller players exiting capacity?

了解。好的。這些補充很有幫助。另外，考量你們提到的艱困住宅市場背景與獲利展望，我想你們的一些競爭對手在目前水準下應該承受相當大的壓力。你們觀察到他們在這種市場環境下的行為如何？是否看到一些較小的業者退出產能？

Yeah, it's a great question, Charles. The answer is, yeah, there's a ton of pressure. And there are smaller players that are certainly struggling. There are players that have closed down a lot of facilities. We've obviously talked about it publicly, but they're doing it privately. We've seen that in the market. We've seen a lot of turnover. People are making significant headcount reductions, talent coming on to the market in some instances, we've seen aggressive behavior, certainly, a mix, as you might expect, right? The bell curve of performers in this market is what we see in terms of reactions.

是的，這是個很好的問題，Charles。答案是：是的，壓力非常大。而且確實有一些小型業者在苦撐。也有業者關閉了許多據點／設施。我們當然曾在公開場合談過，但他們也在私下進行。我們在市場上看到了這些情況。我們看到很高的流動率。有人在大幅縮減人力；在某些情況下，人才流入市場；我們也看到更具侵略性的行為——如你所預期，是各種反應的混合。我們看到的是，在這個市場中，不同表現者的反應呈現常態分布（bell curve）。

Some people are trying to pursue product categories perhaps that they haven't before. So new entrants and new competition in certain buckets. We've seen irrational behavior where people will throw numbers out and then not be able to fulfill and have to back off. And so churn in the market. And just in general, a lot of very aggressive behavior.

有些人可能在追逐過去未曾涉足的產品類別。因此在某些品類出現新進者與新的競爭。我們也看到一些不理性的行為：有人隨口報出數字，結果無法履約，最後不得不退縮。因此市場出現反覆震盪與汰換。整體而言，就是非常激進的競爭行為。

So people alluded to it. I think sometimes it's hard to -- it's hard to relate to what people are seeing in the market, but we're -- volume levels or starts that would be comparable to 2019, but the content of the house is even smaller by another 10%. So we're certainly seeing a market that's at substantially lower levels of volume running through it even after having an additional five years of capacity adds and things going on. So the market is absolutely adapting. Capacity is coming out -- some of the weaker players are really struggling. We're hearing rumors of not being able to pay bills and delays and layoffs, but we'll see how it pans out.

所以大家都有提到。我想有時候很難——很難把人們在市場上看到的情況連結起來，但我們目前看到的量能或開工水準大致相當於 2019 年，可是房屋的內容（配置／用料等）又再縮小了約 10%。因此，即便在過去五年又新增了更多產能、發生了各種變化，我們仍然看到市場實際流通的量能處於顯著更低的水準。所以市場確實正在調整。產能正在退出——一些較弱的業者真的很吃力。我們聽到一些傳聞，包括付不出帳款、延遲、裁員等，但還要看最後會如何發展。

We're still strong in this. We're still able to, I think, take advantage. We alluded to that a little bit, we're sort of leaning in a little bit this quarter, harder than we have and taking advantage of some of those opportunities. It's not easy right now, but I'm absolutely proud of this team for what we've been able to do. We're still strong in this market, even though it's not.

我們在這方面仍然很強。我認為我們仍然能夠把握機會、加以利用。我們稍早也略有提到，本季我們某種程度上比以往更積極投入一些，並把握其中一些機會。現在確實不容易，但我對這個團隊能做到的事情感到非常自豪。即使市場狀況不佳，我們在這個市場仍然很強。

Got it. Peter, and good luck with the quarter.

了解。Peter，也祝你們本季順利。

Rafe Jadrosich, Bank of America.

美國銀行的 Rafe Jadrosich。

I just wanted to start on the share repurchase in the quarter. You are above the sort of target, the long-term target leverage range, but you bought back $300 million. Can you just talk about that decision and strategy going forward?

我想先從本季的股票回購談起。你們的槓桿水準高於所謂的目標、長期目標槓桿區間，但你們仍回購了3億美元。能否談談這個決策，以及未來的策略？

Sure. Yeah, when we talk about our capital deployment strategy, it's very consistent with what we've seen. I would say, the way I would frame that is, first, making sure that our balance sheet and our debt is rock solid. We have plenty of liquidity.

當然。是的，當我們談到資本配置策略時，它與我們一貫的做法非常一致。我會這樣框架：第一，確保我們的資產負債表與債務結構非常穩健。我們有充足的流動性。

Second, that we're investing in the core of the business, continuing to make sure we have what we need from a capital investment perspective. Third, looking at the M&A environment, the inorganic opportunities and what high return targets are out there for us to consider and then finally, what does it make sense to lean in and buy back shares. And I think we saw the dip this quarter in reaction to the dynamics of what was going on in the Middle East and saw it as an opportunity to pick up shares of BFS at a tremendous discount.

第二，我們投資於業務核心，持續確保從資本支出角度來看，我們具備所需的一切。第三，觀察併購環境、外生成長機會，以及有哪些高報酬的標的值得我們考慮；最後，評估在什麼情況下適合加碼並回購股票。我認為本季因中東局勢的動態影響，股價出現回落，我們把它視為以極大折價買進BFS股票的機會。

We have a lot of confidence in our balance sheet and where we stand on the leverage perspective, certainly with the decline in EBITDA levels, it's resulted in some of the multiples. The leverage multiple as you mentioned, is being a bit higher but it's not an area of concern for the business. We're going to remain disciplined. We're going to remain thoughtful about how we do it. And at no point are we going to impair our strength on the balance sheet or our liquidity position.

我們對資產負債表以及槓桿水準的狀況很有信心；當然，隨著EBITDA水準下滑，確實使得一些倍數指標受到影響。如你所提到，槓桿倍數略高一些，但這並不是我們對業務感到擔憂的領域。我們會保持紀律。我們會審慎思考如何執行。我們絕不會在任何時點削弱資產負債表的強度或我們的流動性部位。

That's helpful. And then just on the inflation side, how are you -- could you just help us understand how you handle higher diesel costs and some of the inflation? Does that get passed along to your customers through surcharges? And maybe just talk about the exposure in terms of the transport on the fuel side.

這很有幫助。另外在通膨方面，你們如何處理柴油成本上升以及一些通膨？這些會透過附加費轉嫁給客戶嗎？也請談談在運輸燃料方面的曝險程度。

Yeah, absolutely. And we certainly saw, as did everyone else in the space and across the world, increases in fuel costs, diesel specifically. We take those costs as inputs, and we will surcharge our customers passing along. And sometimes it's embedded in the way that we price our product and how to service our customers. So it's all embedded and we do pass that through. We evaluate it very closely. And like I mentioned on a prior question, it's not an insignificant amount on the inbound and it's not insignificant on the outbound. We do take that very serious and passing it through.

是的，當然。我們確實看到燃料成本上升——和同業以及全球其他人一樣——尤其是柴油。我們把這些成本視為投入成本，並會對客戶加收附加費予以轉嫁。有時也會反映在我們產品定價方式以及服務客戶的方式之中。因此這些都已內含在內，我們確實會轉嫁。我們會非常密切地評估。而且如我在先前問題提到的，無論是進貨端或出貨端，金額都不可忽視。我們非常重視並會加以轉嫁。

Ryan Merkel, William Blair.

William Blair 的 Ryan Merkel。

I want to go back to gross margins. What was the biggest surprise in the quarter because you did beat the street on sales? And then on the guidance, how did you think about that? Did you just extrapolate what you saw in the first quarter or did you add a little bit of incremental weakness to the guide?

我想回到毛利率。本季最大的意外是什麼？因為你們的銷售確實優於市場預期。另外在指引方面，你們是怎麼思考的？你們只是把第一季看到的情況外推，還是在指引中加入了一些額外的疲弱假設？

Ryan, yes, thanks for the question. So I think the challenge that we face in this current environment is the variety of products that we're selling and the dynamics that are happening in each one of those categories. What I would say in Q1 is if you look at the trends, the core of the business is pretty well leveled out. They're certainly hand-to-hand combat in certain areas, in certain parts of the country, so you get sort of the normal variability.

Ryan，是的，謝謝你的問題。我認為我們在目前環境面臨的挑戰，是我們銷售的產品種類很多，而每個品類都在發生不同的動態變化。我會說在第一季，如果你看趨勢，業務核心已經相當程度趨於平穩。當然在某些地區、某些市場仍是短兵相接的競爭，所以會出現一些正常的波動。

If you think about lumber commodity and the value add, where I think we were surprised is in the specialty products and the other categories. That was where it was certainly more challenging, more volatile than we expected. Not happy about it, recognizing it for what it is and trying to account for that on a go-forward basis. But that's the core of the story.

如果你把木材大宗商品與加值產品放在一起看，我認為讓我們感到意外的是特種產品以及其他品類。那部分的確比我們預期更具挑戰、波動更大。我們對此不滿意，但也如實認知其狀況，並試圖在未來的規劃中把它納入考量。但這就是整個故事的核心。

So Ryan, if I could add to that. What's also working really well is our funding program. Where we picked up a little bit of mix is on the lumber and sheet goods. So as we've been successful with our manufactured or value-added sales, we picked up a little bit more on the lumber and sheet which is a lower margin category, which had a little mix impact. So that's all evidence of some of the share that we've been able to capture on the lumber side, leveraging that value-added capability.

Ryan，如果我可以補充一下。另外運作得非常好的是我們的融資方案。我們在產品組合上稍微增加的是木材與板材（sheet goods）。因此，當我們在製造品或加值型銷售方面取得成功時，我們在木材與板材上也多了一些占比；那是毛利較低的品類，所以對組合帶來一些影響。這也證明我們在木材端能夠取得一些市占，並運用我們的加值能力來帶動。

Got it. Okay. And then just back on the guide, I know it's an uncertain environment. So did you just extrapolate sort of the trends in 1Q? Or did you add a little bit of cushion in the guidance? Curious how you thought about it.

了解。好。那再回到指引，我知道環境不確定。所以你們只是把第一季的趨勢外推嗎？還是你們在指引中加入了一點緩衝？想了解你們是怎麼思考的。

I would say we don't just extrapolate we're looking at our buildup from the bottoms up as we think about our sales projections for the year, what's in the pipeline, what we're hearing from our customers, the economists, we take all things into consideration as we develop our guide. And we have a normal seasonal curve. So it's a little more muted than what we had communicated last quarter -- or last quarter. But it's still a seasonal curve and we're seeing certain parts of the country saw out and start to gain momentum as we get into the summer selling season. We're playing closer to the pin, Ryan.

我會說我們不是單純外推；我們是自下而上建立模型，思考全年銷售預測：管線裡有哪些案子、我們從客戶那裡聽到什麼、經濟學家的看法等，我們在制定指引時會把所有因素都納入考量。而且我們有正常的季節性曲線。所以相較於上季我們所溝通的，這次的季節性曲線稍微溫和一些——或相較於上季。但仍然是季節性曲線；我們也看到某些地區在進入夏季銷售旺季時，開始回升並逐步累積動能。Ryan，我們現在的操作更貼近目標、保守一些。

Mike Dahl, RBC Capital Markets.

RBC Capital Markets 的 Mike Dahl。

I want to follow up on the kind of strategic share comment. So I think in the past, you've talked about others have been more competitive on the lumber and dirty side, not necessarily wanting to share that way. It doesn't sound like this is specifically the goal of, let's win back share in lumber, it's more kind of a function of some other strategy. But can you just elaborate a little bit more on kind of the shift that you've made there? And then if there's any way to quantify when we think about the mix in the act gross margin, what that really cemented the quarter and in the guide?

我想追問你剛才提到的策略性市占評論。我記得過去你們談過，其他同業在木材以及較低階（dirty）那一端競爭更激烈，你們不一定想用那種方式去搶市占。聽起來這次並不是明確以「把木材市占搶回來」為目標，而更像是其他策略的結果。但你能否再多談一點你們在這方面做出的轉變？另外，如果可以量化的話，當我們思考實際毛利率（act gross margin）的產品組合影響時，本季以及指引中，究竟是哪些因素主導了結果？

Thanks, Mike. Listen, man, there was a lot of feedback there. So I think I got it, but if I don't, please just correct me in the answer. So your question was about what's the bundling -- a little bit more on the bundling, what do we think that's doing in terms of the margins and the business. So our bundling is really the culmination of all the work we've done to offer the variety of products. It's the ability to come in and say, to a builder, we can make your life simpler and more efficient and put together an affordability package for you if you're interested in buying lumber plus trust plus millwork, plus windows, or whatever we're offering in that particular market.

謝謝，Mike。聽著，老兄，那裡有很多回饋。所以我想我理解了，但如果我沒有理解，請在回答中直接糾正我。所以你的問題是關於綑綁（bundling）——想再多談一點綑綁，我們認為這對毛利率和業務會產生什麼影響。所以我們的綑綁其實是我們為了提供多樣化產品所做所有工作的集大成。它讓我們能夠對建商說：我們可以讓你的工作更簡單、更有效率；如果你有興趣購買木材加上屋架（truss）加上木作（millwork）再加上窗戶，或是我們在該市場提供的任何產品，我們都可以為你組合出一套可負擔性方案。

The opportunity there is to have some sort of back end or some sort of combined pricing that allows us to fill capacity, keep our operations humming. But by combining it offer a superior value while at the same time offering or capturing more gross margin dollars for ourselves. So pretty straightforward in that regard. The mix impact right now, I think Pete alluded to it in the past, I think we've walked away from more of the lumber than maybe we have to right now. We can kind of pick that up, has a little bit of a negative impact on margins by virtue of mix.

那裡的機會在於，透過某種後端機制或某種合併定價，讓我們能夠填滿產能、讓營運持續順暢運轉。但透過組合提供，我們能提供更優越的價值，同時也為自己帶來或取得更多的毛利額（gross margin dollars）。所以在這方面相當直接明瞭。至於目前的組合（mix）影響，我想 Pete 之前有提過，我想我們可能比現在需要的程度更大幅度地退出了部分木材業務。我們可以把那部分再撿回來，但由於產品組合的關係，會對毛利率造成一點負面影響。

I would tell you that's not the biggest impact or a negative mix in this quarter -- sorry, or negative margins this quarter. I think the primary issue is what I was outlining before about the other products, the specialty products. It's just gotten tighter I would say, surprised us how quickly it got tight in the quarter. But the core of the business, the lumber and lumber sheet and the value-add, I think, is performing largely in line with what we expect.

我會告訴你，這並不是本季最大的影響或負面組合——抱歉，或本季毛利率下滑的主因。我認為主要問題是我先前提到的其他產品、也就是特殊產品（specialty products）。我會說那部分變得更吃緊了，而且我們也驚訝於本季內收緊的速度有多快。但業務核心——木材、板材以及加值產品（value-add）——我認為整體表現大致符合我們的預期。

Yes, that's helpful. Sorry, Chris. Hopefully, the follow-up comes in clearer. The -- just then to kind of dovetail understanding those comments in terms of that's not really the main driver. Some of the public builders have commented about cost increases are not taking cost increases or want to push them off. We have heard some concerns about players like yourselves being caught in the middle in an inflationary environment. Obviously, historically, there's been sufficient ability to pass through costs, given your position in the market.

是的，這很有幫助。抱歉，Chris。希望追問能更清楚一些。那——為了把你的評論串起來理解，也就是說那並不是主要驅動因素。一些上市建商提到，他們不接受成本上漲，或想把成本上漲往後推。我們也聽到一些擔憂，認為像你們這樣的業者在通膨環境中可能會被夾在中間。顯然，從歷史上看，鑑於你們在市場中的地位，一直都有足夠能力把成本轉嫁出去。

But maybe specifically on the commodity pricing right now, there have been periods of time where you might be a quarter or two of margin compression as commodities rose. I think you moved away from a lot of the longer duration contracts. So that's been a little less of an issue in recent years. But can you talk through whether there's any timing differentials on -- I know you mentioned fuel, but also on the commodity side that might be pressuring margins in the near term?

但也許更具體地談談目前的大宗商品（commodity）定價：過去曾有一些時期，當大宗商品上漲時，你們可能會有一到兩季的毛利率被壓縮。我認為你們已經遠離了許多期限較長的合約。所以近年來這個問題小了一些。但你能否談談是否存在任何時間差——我知道你提到燃料，但也包括大宗商品端——可能在短期內對毛利率造成壓力？

Yeah. No, that's a good question. So I'll start with the commodity side. You're right. We have largely moved away from those long-term contracts. And we're accurately -- we, I think, done a better job of matching our commitments to our customers with our purchasing profile and the way we're bringing it in. So certainly, it's a little bit of that, but if it was big enough to mention I'd be calling it out. So it's fairly modest in terms of the number.

是的。不，這是個好問題。我先從大宗商品端開始。你說得對。我們在很大程度上已經不再採用那些長期合約。而且我們更精準——我認為——在把對客戶的承諾與我們的採購結構、以及我們的進貨方式做更好的匹配。所以確實有一點這方面的影響，但如果大到值得特別提，我就會把它點出來。所以就數字而言，影響相當有限。

The broader question I think you asked is probably the more urgent one and it has to do with, well, builders are saying they're not going to take price increases and vendors are saying, well, we're going to get price increases. So that's going to leave us holding the bag. I'd say that's not true. I think we're pretty good at this. And the balance here is we provide a value to this market on behalf of both of those parties. And there's a level of profitability that we're going to need to see in order to continue to participate.

我想你問的更廣泛的問題可能更迫切：建商說他們不會接受漲價，而供應商說他們會漲價。那就會讓我們來背鍋。我會說這不是真的。我認為我們在這方面相當擅長。這裡的平衡在於：我們代表雙方為這個市場提供價值。而我們要持續參與其中，就必須看到一定程度的獲利能力。

So to the extent we have good long-term partnerships and the market wants product there's going to be a pass-through of whatever it needs to be. Now do we play a mediating role in that? Absolutely, right? We're in the discussions between vendors and builders and builders and vendors, depending on the dynamic. It's very clear to us that we have an affordability problem, right? We are trying to help the builders achieve that goal in any way we can. But at no point does that involve us becoming a charitable institution and losing money in order do it.

因此，只要我們有良好的長期合作關係，而且市場需要產品，就會有必要的成本轉嫁（pass-through），該轉嫁多少就會轉嫁多少。那我們是否在其中扮演調解角色？當然，是的。我們參與供應商與建商之間、以及建商與供應商之間的討論，取決於當時的互動態勢。我們非常清楚，我們面臨的是可負擔性問題（affordability problem），對吧？我們正試著以任何可能的方式協助建商達成那個目標。但任何時候都不包含讓我們變成慈善機構、為了做到這點而虧錢。

So there's a balance, right? And I think they understand I've had conversations with a number of them. And I think they're going to do what they need to do and they're going to press and we're going to do what we need to do, and we're going to hold the line where it's appropriate. But in the middle, there's a lot of value and a lot of work to be done, and I think we're particularly good at navigating that.

所以這是一種平衡，對吧？我想他們也理解——我和其中不少人談過。我認為他們會做他們必須做的事，他們會施壓；我們也會做我們必須做的事，在適當的地方守住底線。但在中間，有很多價值、也有很多工作要做，而我認為我們特別擅長在其中穿梭拿捏。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊（Barclays）。

Just sticking on the gross margin topic. So this guidance change of 100 basis points or so. I heard you mention several drivers. You had the competitive environment, change in your starts assumption from flat to down low-single digits. It sounds like price cost due to fuel, talked about lumber mix, and then the specialty products and other margin.

我繼續聚焦在毛利率的議題上。所以這次指引下修大約 100 個基點左右。我聽到你提到幾個驅動因素。包括競爭環境、你們對開工量（starts）的假設從持平改為下滑低個位數。聽起來也有價格/成本（price-cost）因燃料因素、談到木材組合，以及特殊產品與其他毛利率。

My question is really is any one of those, the biggest issue? Or maybe you can kind of rank order the drivers of that change? Obviously, what I'm trying to do is get conviction on what it would take to sort of halt that decline in gross margin.

我的問題是，這些因素中是否有任何一項是最大的問題？或者你能否大致把這次變動的驅動因素做個排序？顯然，我想做的是對於要如何才能讓毛利率下滑趨勢停止，建立更強的信心。

Thanks for the call, Matt, for the question, Matt. Yeah, I think the answer is, if I'm scaling the level of impact, the biggest one is the specialty. I think the second piece is, it's a lot of different stuff in the inflationary component is an important one. It's kind of the impact of fuel and what we're trying to do to manage it. That's more of an outbound cost thing that we're managing. It's certainly, I would say the others are more comparable in size for the starts impact the competitive dynamic mix impact and the fuel on the gross margin side.

謝謝這通電話，Matt，也謝謝你的問題，Matt。是的，我想答案是：如果要按影響程度來衡量，最大的一項是特殊產品（specialty）。第二部分是通膨相關的很多不同因素，其中一個重要因素是通膨。也就是燃料的影響，以及我們試圖如何管理它。那比較偏向我們在管理的出貨端成本（outbound cost）。至於其他因素——開工量影響、競爭態勢、組合影響，以及燃料對毛利率端的影響——我會說它們的量級更接近、彼此差不多。

Got it. No, that's -- got it. Perfect. That's helpful. And then the second one, the cost savings, the $100 million in 2026. It's the same number from last quarter. Obviously, your overall earnings rejection has come down. So my question is, is there any more room to press on that? And how are you thinking about the balance of hanging on to cost, hanging on to labor, et cetera, versus what it would take to kind of press on more, I guess, austerity type measures?

了解。不，這——了解。很好。這很有幫助。第二個問題是成本節省，2026 年的 1 億美元。這個數字和上季一樣。顯然，你們整體的獲利預期已經下修。所以我的問題是：這方面還有沒有更多加碼空間？以及你們如何看待在保留成本、保留人力等之間的平衡，與如果要再更用力推進、我想是更偏緊縮（austerity）類措施，需要做到什麼程度？

So I think that the short answer to that is we're always looking at changing the size of the business and cutting costs in a market like this. The primary focus remains on the variable side to ensure that we're matching the people doing the work with the work that we have. And that is the biggest dollar amount by far that you're going to feel in our results.

所以我認為，對此最簡短的回答是：在像這樣的市場環境下，我們一直都在評估調整業務規模並削減成本。主要重點仍放在可變成本端，以確保我們讓實際執行工作的人力配置，與我們手上擁有的工作量相匹配。而這一塊到目前為止是你會在我們業績中感受到的、金額最大的一項。

We're working through and as Pete mentioned, largely through most of the cost outs. I think at least initially, we need to digest the impact of that and make sure that we're able to deliver on the things that we're committed to delivering before we take another pass. That said, we will continue to look at it. And as the year progresses, we'll see what we need to do. We're not announcing anything today, nothing new to that.

我們正在推進相關工作，正如Pete提到的，我們在很大程度上已經完成了大部分的成本削減。我認為至少在初期，我們需要先消化其影響，並確保在再次進一步調整之前，我們能夠交付我們承諾要交付的事項。話雖如此，我們會持續檢視。隨著年度推進，我們會看看需要採取哪些措施。我們今天不會宣布任何事情，沒有新的內容可補充。

Keith Hughes, Truist.

Keith Hughes，Truist。

Thank you with the margin hit on specialty. It seems like it's now everything you do. Has it changed the relative margins amongst the products, the pressures of the downturn are they still kind of rank order the same top to bottom.

謝謝。關於專業品類（specialty）的毛利率受到衝擊，看起來現在幾乎影響到你們做的所有事情。這是否改變了各產品之間的相對毛利率？在景氣下行的壓力下，它們的排序是否仍大致維持由高到低的同樣順序？

They're still rank order pretty much the same. I think what you see, Keith, in its the academic in me is kind of fascinated by you actually saw the wave of cost reductions and competitiveness flow through our P&L similar to the way you would see it hit the job side. It started with the lumber. It's a commodity move quickly. It reset quickly all the margins reset quickly, then it worked through some of the value-added products as you get into the structure and we're seeing it, we're all the way through to some of the dogs and cats on the back side of the build that we deliver. So the relative performance, still very similar, but the timing at which we saw the resets was in that order and why we're seeing the specialty now is just a bit more than we thought.

它們的排序基本上仍然一樣。Keith，我想你看到的是——我學術背景那一面其實對此很著迷——你確實看到成本下降與競爭力的變化，像你在工地端看到的那樣，逐步反映到我們的損益表上。它是從木材開始的。木材屬於大宗商品，變動很快。它很快就重新定價、所有毛利率也很快重置；接著影響擴散到一些加值產品，當你進入結構材等領域時我們也看到了；而現在我們一路看到後段我們交付的、一些比較零碎的品項也受到影響。所以相對表現仍非常類似，但我們看到重置發生的時間點就是依照那個順序；而我們現在在specialty看到的影響，只是比我們原先預期的稍微大一些。

David Manthey, Baird.

David Manthey，Baird。

Guys, I'm wondering if you're expecting to see any relief in the size and complexity of homes as rates are more or less stable here. I mean at some point, I think maybe it just mix up naturally as buyers would skew more affluent because of the affordability, but maybe not. Could you just discuss the second derivative rate of change and any expectations you have that as a leading indicator ahead of unit volumes going up?

各位，我想問的是，隨著利率在這裡大致趨於穩定，你們是否預期房屋的面積與複雜度會出現任何緩解？我的意思是，某個時間點可能會自然出現產品組合的變化，因為在可負擔性因素下，買方可能會更偏向較富裕族群，但也可能不會。你們能否談談「二階變化率」的變化，以及你們是否預期這會作為單位量回升之前的領先指標？

Yeah, Dave, thanks for that question. It's a fascinating one. We debated it internally going back and forth. I think that the dynamic we've seen up until now is very much a bifurcation of the market, right? You've got strength at the large-scale, the more affluent buyer, the cast fire, if you will. But on the counter, you have a lot more homes shrinking and using in complexity at the bottom end.

好的，Dave，謝謝你的問題。這是一個很有意思的問題。我們內部也反覆討論過。我認為到目前為止我們看到的動態，很大程度上是市場的兩極分化，對吧？高端、大型規模、較富裕的買方那一端仍然強勁，可以說是「火力全開」。但相對地，在低端市場，你會看到更多房屋在縮小、複雜度也在降低。

So the starter homes are more starter. They're simpler. There's less in them. There are also -- not only is it square footage, but it's single pipe stand-alone to the townhouse offering as well, right? So those dynamics we think have played out pretty aggressively. It is our opinion that stability to improvement in the market will likely lead to a reacceleration of some of those factors, meaning people would prefer to live in a detached welcome. People would prefer to have a larger home. People would prefer to have a better inputs to those homes. I think until we work through some of the affordability of the low end, it's going to be slow (inaudible). I think if you get more of -- more certainty, right, a reduction in uncertainty, that will be welcome. I think you'll see more stability through the middle and upper tiers of the market, and we will see a little bit of that.

所以入門住宅變得更「入門」。它們更簡單。配置更少。而且不只是坪數的問題，產品型態也從獨棟（single-family stand-alone）轉向聯排屋（townhouse）等供給形式，對吧？我們認為這些動態已經相當激烈地發生了。我們的看法是，市場若從穩定走向改善，可能會讓其中一些因素重新加速，也就是說，人們會更偏好住在獨棟住宅。人們會更偏好更大的房子。人們會更偏好在這些房子裡使用更好的投入（用料/配置）。我認為在我們解決低端市場部分可負擔性問題之前，這個過程會比較慢(聽不清)。我認為如果能有更多——更多確定性，對吧，不確定性降低，這會是好事。我認為你會看到中端與高端市場更穩定，而我們也會看到一些這樣的變化。

Okay. And if you could just update us on the ERP, how far are you? And what does the time line look like from here?

好的。另外，如果可以的話，請你們更新一下ERP的進度，目前到哪一步了？接下來的時間表大概是什麼樣子？

Yeah, sure. So for those of you who don't recall, we're in the midst of an SAP implementation. We are doing it in a very incremental way. So it's not a risk to the overall business. We did a preliminary pilot last year and have been doing some work to dial it in so that we can scale it. We're going to test those changes later on this year with another rollout. And then the expectation is it will start to accelerate in 2027 for the next kind of few years, I guess, based on the current schedule. We'll see how it goes as we start to trigger it.

好的，當然。如果各位不記得了，我們正在進行SAP導入。我們採取非常循序漸進的方式來做。因此不會對整體業務造成風險。我們去年做了初步試點，並持續做一些調整把它校準到位，以便能夠擴大規模。我們會在今年稍晚透過另一波上線來測試這些變更。然後依照目前的排程預期，從2027年開始會在接下來幾年加速推進。等我們開始啟動推動後，再看看實際進展如何。

But we think we're ready to have a really nice rollout later this year to prove it out to prove out a new training regime and some of the other stuff we built. But that's kind of the thinking around it. It's going well. It's slow process. I'm very impatient, but I think the team is doing a good job.

但我們認為今年稍晚我們已經準備好進行一次非常好的上線推廣，用來驗證成效，也驗證新的訓練機制以及我們建立的其他一些內容。大致上就是這樣的思路。目前進展順利。這是一個緩慢的過程。我個人很沒耐心，但我認為團隊做得很好。

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Everyone. So a little bigger picture here, I guess. I think installed products are something around kind of high teens or so of your sales with the install including the products you're selling, clearly. It seems like that's a value-add area that builders are willing to pay for. How are you thinking about installed generally, is this an area you can lean into in the current environment? And maybe where do you see your install offering going here over time.

各位好。我想從更宏觀的角度問一下。我認為你們的安裝式產品（installed products）銷售占比大概在十幾個百分點的高段左右，而安裝服務本身也包含你們所銷售的產品，這點很清楚。看起來這是一個建商願意付費的加值領域。你們如何看待整體安裝業務？在目前的環境下，這是否是你們可以加大投入的領域？以及隨著時間推移，你們認為安裝服務的供給會往哪個方向發展？

Thanks, Trey. Yeah, I think install is still a compelling offering. It's got the combined benefit of taking work off of the builder, making the job site more efficient, and capturing the off-site benefits of all the other things we're able to do. Right? So whether that be installed trust, installed windows, we do some install framing, we leverage ready frame, there's a bunch that we do.

謝謝，Trey。是的，我認為安裝仍然是一個很有吸引力的方案。它同時具備幾個好處：替建商減少工作量、讓工地更有效率，並且把我們能做到的其他事情所帶來的場外效益一併納入。對吧？所以不論是安裝屋架（truss）、安裝窗戶，我們也做一些框架安裝（framing），我們運用ready frame，我們做的事情很多。

I believe that even in a market like this, where there's depressed volumes, we're doing quite well with it. It's growing or it's performing better than market, put it that way, right? It might be down, but it's down less than the overall starts, where I think it's really going to shine though is as this market starts to turn. I'm a firm belief that the lack of skilled labor will continue to be a challenge for this country in this industry for a long time. And I think the efficiencies captured in the installed model that we offer will be a differentiator and a competitive advantage as the market begins to accelerate again.

我相信即使在像現在這樣、量能低迷的市場裡，我們在這方面的表現仍相當不錯。它在成長——或者說，它的表現優於市場，換句話說，對吧？它可能也在下滑，但下滑幅度小於整體開工量（starts）。而我認為它真正會發光發熱的是當市場開始轉向時。我堅信，技術工人短缺在這個國家、在這個產業，仍會是長期的挑戰。我認為我們所提供的安裝模式所帶來的效率，將會在市場再次加速時成為差異化因素與競爭優勢。

Got it. That makes sense. And then on the -- with cash flow and on the balance sheet, Pete, you guys are -- you mentioned you're expecting second half to be stronger, which will require investment in working capital. Any additional color you can give us there on what that use could be or what you're baking in there for working capital as a use of cash with your updated free cash flow guide for the year?

了解。這很合理。接著在——就現金流與資產負債表而言，Pete，你們——你們提到預期下半年會更強，這將需要投入營運資金。就這部分你能否再多補充一些細節：這筆資金用途可能會是什麼？或是在你們更新後的全年自由現金流指引中，你們把營運資金作為現金用途大概納入了哪些假設？

Yeah. So the working capital increase is going to be generally around or your receivables. So as we have higher sales per day as we exit the year, we'll have higher receivables that will carry over that finish line. I think we highlighted last quarter that the year-over-year changes in the change in working capital, specifically year to year was going to be about $300 million.

是的。所以營運資金的增加主要會來自應收帳款。因此，當我們在年底前的每日銷售額提高時，應收帳款也會增加，並會延續到跨年那個時間點。我想我們在上一季已強調過，營運資金變動的年對年變化，具體來說，年比年大約會是3億美元。

Because of the lower guidance, we pulled that back, we're looking at about $180 million in the change in working capital year on year which is that change is helping to offset the lower EBITDA that we had outlined. And then there's some other docking cats with the CapEx guidance that we had changed that kind of make up the delta.

由於指引下修，我們把那個數字往回調，目前我們看年對年營運資金變動約為1.8億美元；這個變動有助於抵消我們先前所提到的較低EBITDA。另外，還有一些其他項目與我們調整過的資本支出（CapEx）指引相關，這些大致上補足了差額。

But that's really the bigger pieces of it. Now if you also think about inventory with higher inflationary costs on a relative basis point to point, inventory cost is going to be a little bit higher as well. So we try to factor in all the real working -- operating working capital pieces as well as the things around it. I hope that helps give the frame.

但主要就是這幾個較大的部分。另外，如果你也把庫存考量進來，在通膨成本較高的情況下（以相對、逐點比較而言），庫存成本也會稍微高一些。所以我們會把所有真正的營運資金——營運性營運資金的各個構成項目，以及周邊相關因素一併納入考量。希望這能幫助你掌握整體框架。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

Great. Thanks, and good morning, everyone. Just looking at kind of the base business, it looks like the current guide is down on sales, 4% to 5%, a little bit more than the drop in end market assumptions I think last quarter, you had kind of assumed a certain level of share gains this year. Have you dialed that back at all? Or how does maybe inflation play into that as well?

很好。謝謝，大家早安。就基礎業務來看，目前指引顯示銷售下滑4%到5%，我覺得這比終端市場假設的下滑幅度還要多一些；我記得上一季你們曾假設今年會有一定程度的市占提升。你們有把那部分下修嗎？或者通膨在其中又是如何影響的？

Yeah. Thanks for the question. So when you're looking at the base business and the trend, you have to also factor into the margin change, the price because that's going to weigh on the top line as well. No, we have not pulled back on our share gains or organic growth. We're still driving that forward in addition to what we had talked about earlier on the bundling and going after strategic share gains where it makes sense and where it's profitable. So that's all baked into the base business trend that you're looking at. But that weight from price is certainly a factor on the sales line.

是的。謝謝你的問題。所以當你看基礎業務與趨勢時，也必須把毛利率變動中的價格因素納入，因為那也會對營收端（top line）造成壓力。沒有，我們並沒有下調我們對市占提升或有機成長的預期。我們仍在推進這些，同時也如先前所談到的，透過組合銷售（bundling）並在合理且有利可圖的地方爭取策略性市占提升。所以這些都已反映在你所看到的基礎業務趨勢中。但價格帶來的壓力確實是營收線上的一個因素。

And that would be, I guess, a component of competitiveness on gross margin, not necessarily an assumption of vendor-led price decreases. Is that the right way to think about it?

那我想這應該是毛利率競爭力的一個組成部分，而不一定是假設供應商主導的降價。這樣理解對嗎？

That's correct. But we've talked about all the factors that weigh into that margin performance. So the competitive nature is certainly one of Peter has mentioned the specialty and what we've seen on the specialty side, a little bit of the mix that we talked about. So yeah, the competitive environment is still active and with a lower start environment, it's going to continue to persist.

沒錯。但我們也談過所有會影響毛利率表現的因素。所以競爭態勢當然是其中之一；Peter也提到專業品類（specialty）以及我們在專業品類端所看到的情況，還有我們提過的一些產品組合（mix）因素。所以是的，競爭環境仍然活躍，而在開工環境較弱的情況下，這種狀況會持續存在。

Okay. Great. And then just on manufactured products kind of price cost, lumber has been on a nice low run here through Q1 stabilizing at higher levels in Q2. Did you feel like on the trust side, you're able to fully pass that through or maybe how do you balance that price cost dynamic with the desire to fill up capacity and make sure you're covering more of those fixed costs going forward?

好的。很好。接著談到製造產品的價格與成本：木材價格在第一季一路走低，第二季在較高水準趨於穩定。在桁架（truss）這一塊，你們覺得能完全把成本轉嫁出去嗎？或者你們如何在價格/成本動態與希望填滿產能、確保未來能覆蓋更多固定成本之間取得平衡？

Yeah. The fixed cost dynamic is certainly a volume aspect that we talked about with seasonality and fill in the plants and making sure that we're utilizing as much as we can. That factors into some of our facility rationalization Peter mentioned in his remarks that we had closed 21 locations so far this year. Some of those are manufacturing operations where we're trying to make sure we're consolidating and maximizing that utilization.

是的。固定成本的動態確實與出貨量有關，我們也談過季節性、填滿工廠產能，以及確保我們盡可能提高產能利用率。這也與Peter在談話中提到的部分據點整併有關：今年迄今我們已關閉21個據點。其中一些是製造營運據點，我們希望確保能夠整併並最大化利用率。

As far as the trust, we are passing the cost through, there's a little bit of lag on a trust design because you design and that cost basis is built in typically when you're co-inhibiting. So it's a little more extended than just the short term on the lumber and sheet goods. However, that resets with each trust that you're bidding and quoting. So it's got a little bit of a lag, but it's something that we're proud of on how our margins have performed and how well the team does with the product that we deliver to our customers. it's going to continue to be a higher-margin category for us as we look in the future.

至於桁架，我們確實有把成本轉嫁出去；但桁架的設計有一些時間差，因為你在設計時，成本基礎通常是在你共同投標/共同參與（co-inhibiting）時就被納入。所以相較於短期的木材與板材（sheet goods），它的反映會更拉長一些。不過，每一次你對桁架進行投標與報價時，這個成本基礎都會重新設定。因此確實有些滯後，但我們也為我們的毛利表現、以及團隊在向客戶交付產品方面做得多好而感到自豪。未來展望下，這仍會是我們較高毛利的品類。

Sam Reid, Wells Fargo.

Sam Reid，Wells Fargo。

I actually wanted to circle back to a comment that was made in the prepared remarks on April. I believe if I heard correctly, you saw a little bit of a sales improvement in April. I was just curious, is that a function of the macro. And maybe just contextualize that April sales improvement in the context of normal seasonality.

我其實想回到先前在備妥講稿中提到、關於4月的一個評論。如果我沒聽錯的話，你們在4月看到銷售有些改善。我想請教，這是總體環境（macro）的因素嗎？另外，能否把4月銷售改善放在正常季節性脈絡下，幫我們做個說明？

Yeah, I think you hit it there. It's normal seasonality. We do see sustained growth from January through at least May and then it sort of ebbs and flows throughout the rest of the year, depending on the month and the focus that the builders have in terms of what they're trying to accomplish and the reactivity to the selling season and how well it's gone. But given the normal seasonality around the country, this is what it's supposed to do. And it's doing it. I think for all of us, we just like it to be a little bit better and a little bit broader.

是的，我想你說到重點了。這就是正常的季節性。我們通常會看到從1月到至少5月的持續成長，之後在一年剩餘時間會依月份而有起伏，取決於建商當月想達成的目標、對銷售旺季的反應，以及旺季表現如何。但就全國正常的季節性而言，這就是它應該呈現的樣子。而它也確實如此。我想對我們所有人來說，只是希望它能更好一些、也更全面一些。

That makes perfect sense there. And then switching gears, maybe going down a little bit on that install piece. We've been hearing from a lot of the builders that they're getting concessions on labor, that's one of the key components that some of the big guys have indicated is driving thick and brick savings. I'm just curious for your installed business, do you see any of those benefits there potentially flowing through the P&L? Just talk through that implication.

這完全說得通。接著換個話題，往安裝（install）這塊再深入一點。我們從很多建商那邊聽到，他們在勞務上拿到一些讓利（concessions）；一些大型建商也指出，這是推動「stick and brick」成本節省的關鍵因素之一。我想請教，就你們的安裝業務而言，你們是否也看到這些好處可能反映到損益表（P&L）？請談談其影響。

Well, I'd say good news and bad news on that. Yeah, we're seeing it and no, it doesn't flow to the P&L. It flows through to the job site, right? I mean that labor has a relatively modest margin, well, I guess, everything has a relatively modest margin these days. But it's dominantly a baseline competitive component, much like commodity lumber in the space. We're adding value by virtue of our efficiency. So there's some benefit there, but a lot of that is passing through.

嗯，我會說這裡有好消息也有壞消息。是的，我們有看到；但不，它不會流到損益表。它會流向工地端，對吧？我的意思是，勞務的毛利相對不高——不過我想，現在什麼的毛利都相對不高。但它主要是一個基礎的競爭性構成要素，就像這個領域的商品木材一樣。我們是透過效率來創造價值。所以那裡會有一些好處，但其中很大一部分會被轉嫁出去。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

Well, Peter, I guess to kind of kick things off, your sales in 1Q and even 2Q somewhat backward-looking in terms of starts and starts have actually been grinding higher a little bit. Curious what are you hearing from your customers on spring selling fees because you're calling for a better back half. The public guys have been pretty -- I mean it's out there, but just any color on that with the private customers you deal with day to day.

嗯，Peter，我想先從這裡開始，你們在第一季、甚至第二季的銷售，從開工量（starts）的角度來看多少有點偏向回顧性，但實際上開工量一直在小幅走高。我想了解的是，你從客戶那邊聽到關於春季銷售費用（spring selling fees）的情況如何，因為你們預期下半年會更好。上市公司那邊的說法已經相當多——我是說外界都看得到——但就你們日常接觸的民營客戶而言，能否提供一些補充說明？

Yeah. Thanks, Phil. So yeah, I mean, like to recap Q3, Q4 -- middle of Q3 and through Q4. That's pretty rough, right? They pull back forward on their storage in order to burn off the speck in the (inaudible) that they have in the ground. And I'd say that was true, very broadly. Anybody who booking its specs was looking at the slowdown very cautious about that new product on the ground.

是的。謝謝，Phil。所以，是的，我的意思是，回顧一下第三季、第四季——第三季中段到第四季。那段時間相當艱難，對吧？他們把庫存往前拉回（pull back forward on their storage），以便把手上在地裡的（inaudible）spec 庫存消化掉。我會說這在很大範圍內都是真的。任何在接單（booking）spec 的人，都在看著放緩的情況，對於把新產品放到地面上（on the ground）都非常謹慎。

No reaction to that, at the beginning of this year, I think you saw a differentiated performance. You saw some builders who have been more successful in that effort, see really nice start, right? We have a couple of builders who are doing candidly some of their best business ever because they are able to start with a clean sheet, build exactly what the current consumer is looking for, and putting it into the ground at pace.

今年年初對此沒有什麼反應，我想你看到的是表現出現分化。你看到一些建商在這方面做得更成功，開工表現非常不錯，對吧？我們有幾家建商坦白說正在做他們有史以來最好的生意之一，因為他們能夠從一張乾淨的白紙開始，完全依照當前消費者想要的去建造，並且以一定的速度把產品落地（putting it into the ground at pace）。

Others are still worried about the burn off. And so there's a mix. Now that characterization that I just gave you is really a public-builder storyline and largely what you saw. So I think in general, not too bad, pretty decent year. On balance, I would probably say that it's neutral to negative, but it's neutral to where they were, and there's some optimism in that number.

其他人仍然擔心去化（burn off）。所以情況是混合的。我剛剛給你的那種描述，其實主要是上市建商的敘事，也大致就是你所看到的。所以我認為整體而言，不算太糟，是相當不錯的一年。綜合來看，我可能會說是中性偏負面，但相對於他們原本的狀態是中性的，而那個數字裡也帶有一些樂觀。

When I go to the other side of this equation though is the private guys, which is still 40%, 45% of the starts. The impact of uncertainty, the impact of the war and the volatility in the stock market. I think you've had some people just say, you know what, let's just wait a little bit. And I don't think that was the tone earlier I think before the war, there was a bit of a sense of, hey, this isn't too bad. Mortgage rates look pretty good.

但如果我看這個等式的另一邊，也就是民營建商，他們仍占開工量的 40%、45%。不確定性的影響、戰爭的影響，以及股市波動。我想有些人只是說，你知道嗎，我們先再等等看。而我不認為早些時候的氛圍是這樣；我想在戰爭之前，大家還有一種感覺是，嘿，情況其實沒那麼糟。房貸利率看起來也相當不錯。

When it crossed [599,] there was some optimism -- but I think that has pulled back and slowed down. Again, I don't think that -- it's not the lights have turned off. I don't want to call an end to anything. But it's a bit more tepid than we were hoping for, given what we had seen earlier on in the year. So trying to reset around that, putting our best foot forward as to what we think is going to play out. But Hopefully, that's helpful.

當它突破 [599,] 時，曾經有一些樂觀——但我認為那已經回落並放緩了。再說一次，我不認為——並不是燈都熄了。我不想宣告任何事情結束。但相較於我們年初看到的情況，現在確實比我們希望的更偏溫（tepid）。所以我們試著圍繞這點重新校準，並以我們認為將會發生的情境，盡可能把最好的方案拿出來。但希望這些有幫助。

Yeah, that's very helpful, Peter. Really appreciate the color. And let me preface this question. I have a necessary seen, it's not clear to me yet the merit of going vertical, horizontal, I mean, for some of these larger distributors that have made big investments recently. But one of them in particular, made a splash with during the LBM market now as well as the insulation side of things. I'm just curious, does that give you a rethink in terms of your approach, which has been more targeted around your core or you're considering actually going more horizontal, how does that like perhaps change the competitive landscape and how you go to market? Just given what you're seeing in the broader industry at large?

是的，這非常有幫助，Peter。非常感謝你提供的補充說明。我先為這個問題做個鋪陳。我必須說，我目前還不太看得出走向垂直整合或水平擴張的價值所在——我是說，對於一些最近做了大筆投資的大型經銷商而言。但其中有一家特別引人注目，在 LBM 市場以及保溫材料（insulation）這一塊都掀起了不小的聲量。我想了解的是，這會不會讓你重新思考你們的策略？你們過去比較是圍繞核心業務做更精準的布局；你們是否會考慮更偏水平擴張？這會如何改變競爭格局以及你們的市場進入策略（go to market）？就你對整個產業大環境的觀察而言？

Yeah. Thanks, Phil. I hadn't heard anything about what you're talking about. Yeah, just didn't. So I think our comments on this have, I think, been pretty consistent. Hopefully, we'll be familiar. We really like the business that we've been able to put together. We've done some of these other things over the years. I think it's public record. We spun off our [chips in] business. We do very little in insulation. We do very little in roofing isn't to say we don't do it. There are certain markets where it makes sense to include it in our offering, but it's not an area of focus for us. And we think that's because there's very little overlap in terms of the benefit that these products can provide by virtue of the way that they're provided and by virtue of the customer that is purchasing what they're selling.

是的。謝謝，Phil。我沒有聽說你提到的那件事。是的，真的沒有。所以我想我們對這件事的評論一直都相當一致。希望大家都很熟悉。我們非常喜歡我們所建立起來的這門生意。這些年來我們也做過一些其他事情。我想這是公開資訊。我們把我們的 [chips in] 業務分拆出去了。我們在保溫材料方面做得非常少。我們在屋頂（roofing）方面也做得非常少——並不是說我們完全不做。在某些市場，把它納入我們的產品組合是合理的，但它不是我們的重點領域。我們之所以這麼看，是因為就這些產品能帶來的效益而言，無論是供應方式，或是購買這些產品的客戶類型，彼此之間的重疊其實非常有限。

So not true in every instance, but we think this is the right place for us. We feel very good about our ability to compete in our core market and to win. We think our strategic advantages in our core market are the things that are -- that have benefited us in the past and will continue to.

所以並非每一種情況都如此，但我們認為這對我們來說是正確的位置。我們對自己在核心市場的競爭與勝出能力非常有信心。我們認為，我們在核心市場的策略優勢——也就是過去讓我們受益、未來也會持續讓我們受益的那些因素。

I am not intimidated by any player in our market right now by virtue of what they can do. Some are far better than others at telling the story. And I can absolutely offer my admiration for a good storyteller. I love that since up.

就目前而言，基於他們能做的事情，我不會被我們市場上的任何參與者所嚇到。有些人在講故事方面遠比其他人更擅長。而我也絕對願意表達我對一位好說書人的欣賞。我很喜歡那種（inaudible）。

So I'll get better at it, but let's just agree that we are the biggest, we are the best and -- of anybody.

所以我會在這方面變得更好，但我們就同意一點：我們是最大、我們是最好——在所有人之中。

Reuben Garner, The Benchmark Company.

Reuben Garner，The Benchmark Company。

I appreciate you squeezing me in. If this is a repeat, I apologize. I had some feedback earlier on the call, but you mentioned specialty margins a couple of times. I was wondering if you could give a little more color on what you're seeing there. Is it specific products within specialty? Is it just broad-based kind of price cost pressure? What's driving the margin headwind there?

感謝你讓我插個問題。如果這是重複問題，我先道歉。我剛才在電話會議前段有些回音，但你提到專業品類（specialty）毛利好幾次。我想請你再多補充一些你在那裡看到的情況。是專業品類裡的特定產品嗎？還是更廣泛的價格與成本壓力？是什麼在推動那裡的毛利逆風（margin headwind）？

Well, specialty for us by virtue of what we cover is a list about as long as you are. It's everything we sell outside of those primary categories. So it's things like siding, roofing, it's the gypsum, it's cement. It's anything that we're doing is a long list. So it's that culmination of a bunch of small hits that is the outline that we're providing around the specialty that other category, if you look at our investor presentation materials. That's where it's being hit.

嗯，對我們而言，所謂 specialty，因為我們涵蓋的範圍，它的清單幾乎跟你一樣長。它指的是我們在那些主要品類之外所銷售的一切。所以像是外牆板（siding）、屋頂（roofing）、石膏板（gypsum）、水泥（cement）。我們做的任何東西都在那張很長的清單裡。所以這其實是許多小幅衝擊累積起來的結果；如果你看我們投資人簡報資料，那個「specialty／其他」類別，就是受到影響的地方。就是那裡在被打到。

Okay. So just to be clear, it's not necessarily the digital or install piece with -- that I believe is within that segment as well. It's more the kind of the long list of products that you sell?

了解。所以確認一下，並不一定是數位化或安裝（install）那一塊——我相信那也在該部門裡——而是更多來自你們銷售的那一長串產品？

It's not the it will be too small to move the needle. I mean, install is in there, but it's not a -- that's not a meaningful change from what we're able to drill down into it and it's that long list and a bunch of slices. Sorry, it's just hard going forward there. The rest of the day, trying to part it all out for you. I don't think that makes sense.

不是說它會小到不足以帶來實質影響。我的意思是，安裝確實在裡面，但就我們能夠深入拆解的內容來看，那並不是一個——那不是有意義的變化；它是一長串清單和一堆切分項。抱歉，往後要在那裡推進真的很難。今天剩下的時間，我們會試著把它全部拆開來給你。我不覺得那樣做有意義。

Min Cho, Texas Capital Securities.

Min Cho，Texas Capital Securities。

Just a couple of quick questions here. Peter, you mentioned that value per start was down in the quarter, but have you started to see any stabilization there? Or do you expect it to decline for the intermediate term?

我這裡有幾個很快的問題。Peter，你提到本季每次開工的價值（value per start）下降了，但你們是否已開始看到那裡有任何穩定的跡象？還是你預期在中期它會繼續下滑？

Well, the callout was 10% versus 2019. So it's a longer-term decontenting. I would say it's fairly leveled out we are -- we might see a point of movement in any given quarter. But it's not moved as dramatically as it did about 1.5 years, 2 years ago.

嗯，我們點出的比較是相對於2019年下降10%。所以這是一個較長期的去內容化（decontenting）。我會說它已經相當趨於持平——我們可能在任何一個季度看到一些波動。但它不像大約1.5年前、2年前那樣出現那麼劇烈的變動。

That definitely makes sense. And also, your value-added sales remains a similar percentage of overall revenue, and I'm assuming that those margins are probably holding up better. But as long as pick back up, can you expect the value-added part of that -- of your business to grow faster or slower? And I know you had mentioned installation will probably grow faster, but just in terms of your just overall value-add products.

這確實很合理。另外，你們的增值銷售（value-added sales）仍維持在總營收中相近的占比，我猜那些毛利率應該維持得比較好。但隨著開工回升，你能否預期你們業務中的增值部分——也就是你們業務的那一塊——會成長得更快還是更慢？我知道你提到安裝可能會成長更快，但就你們整體增值產品而言呢？

No question. Value-add has historically been our high-growth area. We've got better capacity, better service levels, and particularly in a market that's labor-constrained, which it will be as this market turns, we will absolutely see better growth in value.

毫無疑問。增值業務歷來一直是我們的高成長領域。我們有更好的產能、更好的服務水準，尤其是在一個勞動力受限的市場——而當市場轉向時它確實會如此——我們絕對會看到增值業務更好的成長。

Adam Baumgarten, Vertical Research.

Adam Baumgarten，Vertical Research。

Just on -- I think you mentioned maybe not being able to recoup all the cost inflation, I assume that maybe relates to fuel in 2026. Can you give us a sense of the magnitude of the headwind you're expecting for '26 at this point?

關於——我想你提到可能無法完全收回所有成本通膨，我猜這可能與2026年的燃料成本有關。你能否讓我們了解一下，目前你們預期在’26年會面臨多大幅度的逆風？

Well, I mean, it blows down to that fundamental question of affordability and how much can you pass through and how much to eat. So the answer is in broad. It's market-specific depending on local profitability. I would tell you that we're taking it a bunch of different ways. Like Pete was saying, some of it's embedded into the cost that we're providing on the material side, particularly on the inbound cost.

嗯，我的意思是，這歸根結底回到那個基本問題：可負擔性，以及你能轉嫁多少、又必須吸收多少。所以答案是比較概括性的。它會因市場而異，取決於當地的獲利狀況。我可以告訴你，我們正用很多不同方式來處理。就像Pete說的，其中一部分已經內嵌在我們在材料端提供的成本裡，特別是在進貨成本上。

On the outbound, we're taking it in a couple of different ways, whether it's pass-through surcharge or part of the negotiation. I think the negative number that we're managing, it's probably around $100 million, right? So it's a meaningful number. The impact on the bottom line, I would say right now is a lot less than that based on what we're doing, but it's not zero.

在出貨端，我們也用幾種不同方式處理，不管是轉嫁型附加費（pass-through surcharge）或把它納入談判的一部分。我想我們正在管理的那個負面數字，大概在1億美元左右，對吧？所以這是一個相當有意義的數字。但對最終獲利的影響，我會說以我們目前採取的作法來看，遠小於那個數字，但也不是零。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO Capital Markets。

Just a couple of questions. On the competitive dynamics, you talked about specialty, but it struck me that you didn't talk about sort of on the trust side and the EWP side. Is it fair to say then that you're starting to see stabilization there?

我有幾個問題。在競爭動態方面，你談到了專業（specialty），但我注意到你沒有談到桁架（truss）端以及EWP端。那是否可以說，你們開始在那裡看到穩定了？

Yeah. Yeah. I mean it continues to be competitive at a given quarter could be up or down within a small range. But yeah, I think the -- our belief is that we have better clarity on the lumber and stability is starting to appear the manufactured product category, the broader value-add cap.

是的。是的。我的意思是，它仍然具有競爭性；在某個季度內，可能在一個小範圍內上下波動。但對，我想——我們的看法是，我們對木材的走勢有更清楚的能見度，而穩定性也開始在製造產品類別中出現，也就是更廣義的增值能力（value-add cap）。

That's helpful.

這很有幫助。

I'm going to be careful, right? This is a broad statement, but I think that's generally directionally correct.

我會謹慎一點，對吧？這是一個概括性的說法，但我認為整體方向上大致是正確的。

I see. Okay. And then just on leverage. I understand it's sort of a function of just how the EBITDA is moving through this year. But on the multiple side, is there a number where you feel that you don't want to go in terms of whether there's a four handle on it or whether it is sort of towards the high end of three, is there a way to think about that in general?

我了解。好的。接著談一下槓桿。我理解這某種程度上取決於今年EBITDA的變化。但就倍數而言，有沒有一個數字是你覺得不想跨過的——例如是否不希望到4倍開頭，或是偏向3倍的高端——一般來說該怎麼思考？

I mean the short answer is our comfort zone is 1% to 2%. So anything north of 1% to 2% is challenging. The threshold for us is always back to where do we believe the market is, where is our balance sheet, how do we manage that in a very thoughtful and strategic way in comparison to the opportunities that were presented. So I don't want to put a hard range around it, but we keep a very close eye on it. The Board keeps a very close eye on it. And ultimately, our commitment is to have a full-improved balance sheet with sufficient liquidity to do what we need to do.

我的意思是，簡短的答案是，我們的舒適區間是1%到2%。所以任何高於1%到2%的水準都會有挑戰。對我們而言，門檻永遠回到：我們相信市場在哪裡、我們的資產負債表狀況如何，以及相較於所呈現的機會，我們如何以非常審慎且具策略性的方式來管理。所以我不想把它框成一個硬性的區間，但我們會非常密切地關注。董事會也會非常密切地關注。最終，我們的承諾是維持一個全面改善的資產負債表，並具備充足的流動性來做我們需要做的事。

Thank you. This brings us to the end of today's question-and-answer session as well as Builders FirstSource first-quarter 2026 earnings call. We appreciate your time and participation. You may now disconnect.

謝謝。今天的問答環節以及Builders FirstSource 2026年第一季財報電話會議到此結束。感謝各位的時間與參與。您現在可以斷線。