Builders FirstSource Inc (BLDR) 2026 Q2 法說會逐字稿

Good day, and welcome to the Builders FirstSource second 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)

大家好，歡迎參加 Builders FirstSource 2026 年第二季財報電話會議。今天的會議預計約一小時，包含管理層發言以及問答環節。(接線員指示)

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

現在我想把電話交給 Builders FirstSource 投資人關係資深副總裁 Heather Kos。請開始。

Good morning, and welcome to our second quarter 2026 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.

各位早安，歡迎參加我們 2026 年第二季財報電話會議。與我一同出席的有我們的執行長 Peter Jackson，以及財務長 Pete Beckmann。財報新聞稿與簡報已公布於我們的網站 investors.bldr.com。我們將在會議中引用該簡報。

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

今天討論的結果包含 GAAP 與經特定項目調整後的非 GAAP 結果。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。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（如適用）與相對應 GAAP 指標之調節表，以及我們認為其對投資人有用的原因說明。

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、簡報以及本次電話會議中的發言，包含《私人證券訴訟改革法》所定義的前瞻性及警示性陳述，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 提交的文件，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 second quarter results reflect the strength of our differentiated platform and the adaptability of our operating model. We remain focused on the factors within our control including managing the business with discipline and leveraging both our technology capabilities and our value-added solutions. This approach continues to strengthen our position as the partner of choice to homebuilders.

謝謝你，Heather，各位早安。我們第二季的結果反映出我們差異化平台的實力，以及營運模式的適應力。我們仍專注於可控因素，包括以紀律管理業務，並運用我們的科技能力與加值解決方案。這樣的做法持續強化我們作為住宅建商首選合作夥伴的地位。

While housing market conditions remain weak, we are continuing to invest in innovation and capabilities that enhance the customer experience, improve efficiency across the value chain and reinforce our competitive advantages. Our business model is built to perform through the cycle, and we are confident in our ability to outgrow the market over time and create sustainable long-term value for our shareholders.

儘管房市狀況仍然疲弱，我們仍持續投資於創新與能力建置，以提升客戶體驗、改善價值鏈各環節的效率，並鞏固我們的競爭優勢。我們的商業模式旨在穿越景氣循環仍能表現出色；我們對於長期能夠超越市場成長並為股東創造可持續的長期價值充滿信心。

Now let's turn to slide 4. Our second quarter performance underscores the resilience of our platform in a challenging housing environment. Sales and adjusted EBITDA were in line with expectations, supported by the strength of our team, our value-added solutions and the discipline embedded in how we run our business.

現在請看第 4 頁投影片。我們第二季的表現凸顯了在具挑戰性的住宅環境下，我們平台的韌性。在團隊實力、加值解決方案，以及我們經營方式中內建的紀律支持下，營收與調整後 EBITDA 符合預期。

Before turning to our strategic priorities, let me spend a moment on the market backdrop. Ongoing geopolitical uncertainty, persistent inflation, and elevated interest rates continue to weigh on affordability and consumer sentiment, creating a challenging demand environment for new residential construction. In response, we have lowered our full year guidance to reflect a more cautious view of housing starts. Pete will walk through the updated assumptions in his remarks.

在談到我們的策略重點之前，我先花一點時間說明市場背景。持續的地緣政治不確定性、頑固的通膨，以及偏高的利率，持續壓抑可負擔性與消費者信心，為新建住宅需求帶來具挑戰性的環境。因此，我們下調了全年財測，以反映對住宅開工量更為審慎的看法。Pete 將在他的發言中說明更新後的假設。

Despite these macro headwinds, we remain committed to executing our strategy with a sustained focus on share growth, continuous improvement and prudent capital allocation. We cannot control the market, while consistent execution against these priorities will strengthen how we operate today and position us to accelerate growth as conditions improve.

儘管面臨這些總體逆風，我們仍致力於執行策略，並持續聚焦於市占成長、持續改善，以及審慎的資本配置。我們無法控制市場，但只要持續一致地落實這些優先事項，就能強化我們當前的營運方式，並在環境改善時讓我們具備加速成長的有利位置。

In single family, builders are actively managing elevated inventory levels and costs in certain markets. At the same time, they are moving towards a greater mix of build-to-order homes versus specs. This environment plays to our strengths, and we expect to capture share by delivering outstanding customer service, bundling our broad product portfolio to drive affordability and applying technology in ways that make our sales teams more effective.

在單戶住宅方面，建商正積極管理部分市場偏高的庫存水位與成本。同時，他們也正轉向提高「按單建造」（build-to-order）住宅相對於「投機建造」（spec）住宅的比重。這樣的環境有利於發揮我們的優勢；我們預期將透過提供卓越的客戶服務、整合我們廣泛的產品組合以提升可負擔性，以及以科技方式提升銷售團隊效能來取得市占。

Performance varied by region, with continued softness across Texas and Colorado, partially offset by relative strength in the Northeast. Multifamily, higher interest rates have pushed out project start dates and bidding remains competitive.

各地區表現不一，德州與科羅拉多州持續疲弱，但東北地區相對強勁，部分抵銷了影響。在多戶住宅方面，較高的利率使專案開工日期延後，且投標競爭仍然激烈。

As the industry works through existing projects and occupancy rates remain below desired levels in many markets, developers continue to take a cautious approach to new starts. Based on the current pipeline, we expect multifamily results to remain pressured through the balance of the year.

隨著產業消化既有專案，且許多市場的入住率仍低於理想水準，開發商對新的開工案仍採取審慎態度。根據目前的案源管線，我們預期多戶住宅業務的結果在今年剩餘期間仍將承壓。

Slide 5 highlights how we are navigating the current environment while preserving the flexibility to invest for the long term. Our operating model enables us to rightsize capacity, control spending, and align working capital with demand, all without compromising our commitment to customers. We have consolidated 36 facilities so far in 2026 and 91 in total over the last three years, while maintaining an on-time and in-full delivery rate above 90%. These actions build on the broader cost discipline that Pete will detail.

第 5 頁投影片重點說明我們如何在保有長期投資彈性的同時，因應目前的環境。我們的營運模式使我們能夠調整產能規模、控制支出，並使營運資金與需求對齊，同時不影響我們對客戶的承諾。截至 2026 年目前為止，我們已整併 36 個據點；過去三年合計整併 91 個據點，同時維持準時且足量交付率（on-time and in-full）高於 90%。這些行動建立在更廣泛的成本紀律之上，Pete 將進一步說明。

Supported by our industry-leading scale and leadership team, we are confident in our ability to manage through today's environment, while strengthening the operating leverage we expect to realize as the market recovers.

在我們業界領先的規模與領導團隊支持下，我們有信心能在當前環境中穩健經營，同時強化我們預期在市場復甦時可實現的營運槓桿。

Slide 6 lays out the key initiatives underway across our four strategic pillars. This quarter, we believe we maintained our share in a challenging market, generating $28 million in productivity savings through targeted supply chain and logistics initiatives and made steady progress on our SAP implementation. Together, these efforts reinforce our ability to compound value over time.

第 6 頁投影片列出我們四大策略支柱下正在推進的關鍵計畫。本季，我們認為在艱困市場中維持了市占，並透過聚焦的供應鏈與物流計畫創造 2,800 萬美元的生產力節省，同時在 SAP 導入方面持續穩步推進。綜合而言，這些努力強化了我們隨時間累積價值的能力。

Turning to slide 7. In the second quarter, we deployed approximately $50 million towards return-enhancing opportunities aligned with our capital allocation priorities. Strong free cash flow generation through the cycle gives us the flexibility to invest in the business, pursue accretive acquisitions and return capital to shareholders.

接著看第 7 頁投影片。第二季，我們依循資本配置優先順序，投入約 5,000 萬美元於可提升報酬的機會。我們在景氣循環中持續強勁的自由現金流創造能力，使我們能靈活投資於業務、追求具增益性的併購，並回饋資本給股東。

Turning to slide 8. M&A remains an important lever in our capital allocation framework. We are focused on pursuing acquisitions that enhance our value-added product offerings and strengthen our position in desirable geographies.

接著看第 8 頁投影片。在我們的資本配置架構中，併購仍是重要的槓桿。我們聚焦於能強化加值產品供給、並鞏固我們在理想地理區位競爭地位的收購案。

In June, we acquired Precision Design & Trim, expanding our installation capabilities in the Boise area. Since the BMC merger in 2021, we have completed 42 acquisitions representing nearly $2.3 billion in annual sales, the equivalent of a top 6 LBM player. With the industry still fragmented, we see significant runway ahead and expect M&A to remain a key contributor to our long-term growth.

6 月，我們收購了 Precision Design & Trim，擴大我們在 Boise 地區的安裝能力。自 2021 年與 BMC 合併以來，我們已完成 42 件收購案，合計代表近 23 億美元的年營收規模，相當於 LBM 產業前 6 大業者的量體。由於產業仍高度分散，我們看到未來仍有可觀的成長跑道，並預期併購將持續成為我們長期成長的重要貢獻來源。

Turning to slide 9. As we continue to advance our digital strategy, we are sharpening our focus on the areas where we believe we can create the most meaningful near-term value. Based on what we have learned from our AI and digital investments to date, we are increasingly prioritizing initiatives that improve the effectiveness and efficiency of our sales teams, enhance customer connectivity and integrate seamlessly with the growing homebuilder technology ecosystem.

接著看第 9 頁投影片。在我們持續推進數位策略的同時，我們也更聚焦於我們認為能在短期內創造最具意義價值的領域。根據我們迄今在 AI 與數位投資上的學習，我們正日益優先推動能提升銷售團隊效能與效率、強化客戶連結，並可與日益成長的住宅建商科技生態系無縫整合的計畫。

We continue to direct our resources towards practical, scalable capabilities that support growth, improve execution and better serve our customers while protecting and building on the digital capabilities and IP we have developed. We remain confident that technology will be an important long-term differentiator for BFS, and we are ensuring our investments are aligned with opportunities that will drive the greatest value for our business. Highlighting one of our team members is something I look forward to every quarter.

我們持續將資源導向務實、可擴展的能力建置，以支持成長、提升執行力並更好地服務客戶，同時保護並延伸我們已建立的數位能力與智慧財產（IP）。我們仍深信科技將是 BFS 長期的重要差異化因素，並確保我們的投資與能為公司帶來最大價值的機會保持一致。每一季能介紹我們的一位團隊成員，都是我所期待的事情。

Today, I want to recognize Ralph Cummins, an inside sales representative at our Bainbridge Island, Washington location, who is celebrating 40 years with BFS and our legacy companies. In 1986, moviegoers were introduced to the original Top Gun. In that same year, Ralph began his journey with our company. Both has stood the test of time, although Ralph has had a much bigger impact on the people around it.

今天，我想表揚在華盛頓州班布里奇島據點任職的內勤銷售代表 Ralph Cummins，他正慶祝在 BFS 及我們的傳承公司服務滿 40 週年。1986 年，影迷首次認識了原版《捍衛戰士》（Top Gun）。同一年，Ralph 也開始了他在我們公司的旅程。兩者都經得起時間考驗，儘管 Ralph 對周遭人們的影響要大得多。

Ralph has built his career in retail sales and takes pride in keeping the store's inventory aligned with what customers need. He maintains a close pulse on the local market, consistently sharing insights that help the Bainbridge Island team better serve the builders and contractors that count on us. Ralph is also known for one especially sweet tradition. Every week, he bakes cookies for the team and our customers. Thank you, Ralph, for all time sweetness.

Ralph 的職涯建立於零售銷售領域，並以確保門市庫存與客戶需求保持一致為榮。他密切掌握在地市場脈動，持續分享洞見，協助班布里奇島團隊更好地服務仰賴我們的建築商與承包商。Ralph 也以一項特別甜蜜的傳統聞名。每週他都會為團隊與我們的客戶烘焙餅乾。謝謝你，Ralph，帶來長久的甜蜜。

It's team members like you who make me proud to lead BFS.

正是像你這樣的團隊成員，讓我以領導 BFS 為榮。

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 second quarter results reflect the continued discipline we are applying across costs, working capital and capital deployment. We remain focused on operating efficiently today while advancing the initiatives that support durable growth.

謝謝你，Peter，各位早安。我們第二季的結果反映出我們在成本、營運資金與資本配置方面持續採取的紀律。我們仍專注於在當下高效率營運，同時推進支持長期成長的各項倡議。

Turning to the second quarter results on slides 10 through 12. Net sales decreased approximately 9% to $3.9 billion, reflecting lower core organic sales and commodity deflation, partially offset by growth from acquisitions. Organic sales declined 8% in single-family, 10% in multifamily and 2% in repair and remodel. These results were generally in line with our expectations given ongoing market softness and consumer uncertainty. As we've noted on recent calls, several factors reconcile single-family starts to our core organic sales.

接著看投影片 10 到 12 的第二季結果。淨銷售額約下降 9% 至 39 億美元，反映核心有機銷售下滑與大宗商品通縮，部分被併購帶來的成長所抵銷。有機銷售在單戶住宅下降 8%、多戶住宅下降 10%，以及修繕與翻新下降 2%。在市場持續疲弱與消費者不確定性之下，這些結果大致符合我們的預期。如同我們在近期電話會議中提到的，有幾項因素可用來調和單戶住宅開工數與我們的核心有機銷售之間的差異。

First, there is an approximate three-month lag between a start and our first sale. Second, the value of a comparable start has declined by roughly 10% on average since 2019 as homes have become smaller and more value engineered. Third, affordability pressure has extended into pricing across the supply chain, contributing to lower average selling prices per start. Against this backdrop, we believe that we have maintained share in the quarter, reflecting the competitiveness of our value proposition and our role as a trusted partner to homebuilders.

第一，從開工到我們首次出貨（銷售）約有三個月的落後期。第二，自 2019 年以來，由於房屋面積變小且更強調價值工程（value engineered），可比開工案的價值平均約下降 10%。第三，可負擔性壓力已延伸至供應鏈各環節的定價，導致每個開工案的平均售價下降。在此背景下，我們相信本季我們維持了市占，反映我們價值主張的競爭力，以及我們作為住宅建商可信賴夥伴的角色。

For the quarter, gross profit was $1.1 billion, a decrease of 16.3% compared to the prior year period. Gross margin was 28.1%, down 260 basis points, primarily driven by a declining starts environment and related headwinds.

本季毛利為 11 億美元，較去年同期下降 16.3%。毛利率為 28.1%，下降 260 個基點，主要受開工環境下行及相關逆風所致。

Adjusted SG&A of $781 million decreased $37 million primarily due to lower variable compensation, reduced head count and the benefits of cost actions, partially offset by acquired operations and higher fuel and delivery expenses. Building on the actions we have already taken we remain on track to deliver our previously announced $100 million of cost reductions as we continue to proactively manage the business, we have identified an additional $40 million of run rate savings, increase in our total cost actions targeted for 2026 to $115 million.

調整後 SG&A 為 7.81 億美元，減少 3,700 萬美元，主要因變動薪酬降低、員工人數減少以及成本措施帶來的效益；部分被併購業務以及較高的燃料與配送費用所抵銷。在既有措施的基礎上，我們仍按計畫達成先前宣布的 1 億美元成本削減；同時，隨著我們持續主動管理業務，我們又辨識出額外 4,000 萬美元的年度化節省，使我們針對 2026 年的總成本措施目標提高至 1.15 億美元。

As a reminder, these specific 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 and discretionary spending. These incremental actions are reflected in our updated guidance and reinforce our ability to protect profitability, generate strong free cash flow and preserve the flexibility to invest in the business through the cycle.

提醒一下，這些具體措施包括：更深度削減加班與臨時人力、調整獎勵薪酬方案、降低調薪幅度與管理費用支出、進一步整併據點，以及更嚴格控管非必要支出。這些新增措施已反映在我們更新後的財測中，並強化我們保護獲利能力、創造強勁自由現金流，以及在景氣循環中保有投資彈性的能力。

Adjusted EBITDA was $329 million, down 35% and adjusted EBITDA margin was 8.5%, down 350 basis points primarily due to lower gross profit and reduced operating leverage on the sales decline. Adjusted EPS was $1.17, a decrease of 51% compared to the prior year.

調整後 EBITDA 為 3.29 億美元，下降 35%；調整後 EBITDA 利潤率為 8.5%，下降 350 個基點，主要因毛利降低以及銷售下滑導致營運槓桿下降。調整後 EPS 為 1.17 美元，較去年下降 51%。

Now let's turn to the cash flow, balance sheet, and liquidity on slide 13. Our second quarter operating cash flow was $68 million compared to $341 million in the prior year, reflecting lower net income.

接著看投影片 13 的現金流、資產負債表與流動性。我們第二季營運現金流為 6,800 萬美元，去年同期為 3.41 億美元，反映淨利較低。

Free cash flow for the quarter was $32 million. On a trailing 12-month basis, our free cash flow yield was approximately 7%, and operating cash flow return on invested capital was 10%. Our net debt-to-adjusted EBITDA ratio was approximately 3.6 times, while above our long-term target, we remain comfortable with our leverage position. Our position is supported by $1.6 billion in liquidity and our strong free cash flow generation. We expect to move back within our target range as EBITDA recovers with the market.

本季自由現金流為 3,200 萬美元。以過去 12 個月計算，我們的自由現金流殖利率約為 7%，投入資本的營運現金流報酬率為 10%。我們的淨負債對調整後 EBITDA 比率約為 3.6 倍，雖高於我們的長期目標，但我們對目前的槓桿水準仍感到安心。我們的狀況受到 16 億美元流動性與強勁自由現金流創造能力的支持。我們預期隨著市場復甦、EBITDA 回升，將回到目標區間內。

Second quarter capital deployment included $36 million of capital expenditures and $14 million on acquisitions, with no share repurchases in the quarter.

第二季資本配置包括 3,600 萬美元資本支出與 1,400 萬美元用於併購，本季未進行庫藏股買回。

Slides 14 and 15 outline are updated 2026 outlook and assumptions. Our guidance reflects continued weakness in housing starts, ongoing affordability pressure and a more cautious consumer. Compared to 2025, we now expect single-family source to be down nearly 7%, multifamily starts down 4% and repair and remodel activity down 1%. As a result, we are guiding net sales in the range of $14 billion to $14.8 billion, adjusted EBITDA of $1 billion to $1.2 billion and adjusted EBITDA margin of 7.1% to 8.1%.

投影片 14 與 15 概述我們更新後的 2026 年展望與假設。我們的指引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，我們目前預期單戶住宅開工將下降近 7%、多戶住宅開工下降 4%，修繕與翻新活動下降 1%。因此，我們預估淨銷售額介於 140 億至 148 億美元，調整後 EBITDA 介於 10 億至 12 億美元，調整後 EBITDA 利潤率介於 7.1% 至 8.1%。

We expect our 2026 full year gross margin to be in the range of 27.5% to 28.5%, reflecting below normal starts activity. We expect free cash flow of approximately $400 million to $500 million. 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.

我們預期 2026 全年毛利率介於 27.5% 至 28.5%，反映低於正常水準的開工活動。我們預期自由現金流約為 4 億至 5 億美元。我們的指引假設平均大宗商品價格介於每千板英尺 390 至 410 美元，與長期平均 400 美元一致。

While lumber prices have pushed slightly higher, OSB remains weak. For Q3, we expect net sales to be billion to $3.6 billion to $3.9 billion and adjusted EBITDA to be $275 million to $325 million.

雖然木材價格略有走高，但 OSB（定向結構刨花板）仍然疲弱。就第三季而言，我們預期淨銷售額為 36 億至 39 億美元，調整後 EBITDA 為 2.75 億至 3.25 億美元。

In closing, we are remaining agile to mitigate near-term pressures while investing strategically for the long term. Supported by strong liquidity, disciplined execution and consistent free cash flow, we continue to manage capital with rigor, drive organic growth and productivity and execute on our M&A pipeline. We remain well positioned to create long-term value for our shareholders.

最後，我們將保持敏捷，以緩解短期壓力，同時為長期進行策略性投資。在強勁流動性、嚴謹執行與穩定自由現金流的支持下，我們將持續以嚴謹態度管理資本、推動有機成長與生產力，並執行我們的併購（M&A）管線。我們仍具備良好定位，為股東創造長期價值。

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

接下來，我把電話會議交回給 Peter，請他做一些最後的補充。

Thanks, Pete. As the nation's largest supplier of building materials and value-added services, we combine national scale with strong local market relationships across the housing ecosystem. We maintain leading positions in manufactured components, windows, doors and millwork.

謝謝，Pete。作為全美最大的建材與加值服務供應商，我們結合全國規模與在住宅生態系中各地市場的強大在地關係。我們在預製構件、窗戶、門與木作（millwork）等領域維持領先地位。

Our footprint, digital platform and installation capabilities create a durable competitive advantage and strengthen our value proposition with customers. Backed by our experienced cycle-tested team, we are confident in our ability to deliver resilient results in the current environment and to capture meaningful upside as the housing market recovers.

我們的據點布局、數位平台與安裝能力，形成持久的競爭優勢，並強化我們對客戶的價值主張。在經驗豐富、歷經景氣循環考驗的團隊支持下，我們有信心在目前環境中交出具韌性的成果，並在住宅市場復甦時掌握可觀的上行空間。

Later this year, we will host our investor deck where we plan to share more on our growth strategy, operational initiatives, capital allocation framework and long-term value creation opportunities. We are excited to discuss our vision of the future with the investment community.

今年稍晚，我們將舉辦投資人簡報會，屆時我們計畫分享更多有關我們的成長策略、營運推動措施、資本配置架構，以及長期價值創造機會的內容。我們很期待與投資社群討論我們對未來的願景。

Thank you again for joining us today. Operator, please open the line for questions.

再次感謝各位今天加入我們。接線員，請開放提問線路。

(Operator Instructions) John Lovallo, UBS.

(接線員指示) John Lovallo，瑞銀（UBS）。

The first one is you reduced your single family starts outlook, and you now expect to mid-single digit to high single-digit declines. Your fourth quarter revenue outlook, though implies sales are up about 4% year over year. So if we think about roughly a three-month lag between starts and revenue, wouldn't single family starts need to inflect positively year over year over the next few quarters to hit that target?

第一個問題是，你們下調了單戶住宅開工的展望，現在預期將出現中個位數到高個位數的下滑。不過，你們第四季營收展望卻暗示銷售額年增約4%。因此，如果我們考慮開工到營收大約有三個月的落後期，為了達成該目標，單戶住宅開工在接下來幾季是否需要在年比年基礎上轉為正成長？

Yes, that's right. I think the context for this is the dramatic decline we saw in builder behavior last year. I think that's the right sort of lens to look at this through. It's not really an increase in this year would be a seasonal decline like you'd expect, compared against last year's precipitous decline, it looks a little bit better.

是的，沒錯。我認為其背景在於我們去年看到建商行為出現劇烈下滑。我認為用這個角度來看是對的。今年其實不是真的增加，而是如同你預期的季節性下滑；但相較於去年急遽下跌，看起來就會好一些。

Okay. Understood. And then through some of our checks, it seems like some of the more recent high-cost market entrants that have been sort of competing on price have been flushed out of the market. I wonder if you could maybe confirm that. And then has this resulted in any easing and sort of the competitive dynamic in those markets?

好的。了解。另外，根據我們的一些查核，似乎近期進入高成本市場、並以價格競爭的部分新進者已被市場淘汰。想請你們是否能確認一下。以及這是否使得那些市場的競爭態勢有所緩和？

Well, I don't know that I can speak to specifics about flushing out. I hope you're right. I think that the reality is, there's been some pretty aggressive price discovery. Folks have gotten -- have been absolutely focused on filling capacity around the industry. I think that people have made aggressive moves, sometimes too aggressive and shown meaningful regret.

嗯，我不確定我能否就「被淘汰」的具體情況發表評論。我希望你說得對。我認為現實是，市場出現了相當激進的價格發現。業界各方都非常專注於填滿產能。我認為有些人採取了激進的動作，有時甚至過於激進，並且顯示出明顯的後悔。

The ability of our team to be able to navigate through that, certainly, margins have been under pressure. That's obvious. But to be able to do that and hold share from our leadership position. I think our team is doing a great job on that.

我們團隊能夠在其中穿梭應對；當然，毛利率一直承受壓力。這很明顯。但能在這樣的情況下仍從我們的領導地位守住市占。我認為我們團隊在這方面做得非常好。

I also think there are some tailwinds coming, I mean we will all see lumber moving in a stronger direction. If OSB hadn't sort of eroded underneath it, I think that might be a nice story on the strength line. But all of this is really dependent on what the overall market is going to do, the sense of uncertainty that the consumer feels and what builders are trying to do to react. I think that's really what it blows down to.

我也認為有一些順風正在到來；我的意思是，我們都會看到木材價格走向更強的方向。如果OSB（定向刨花板）沒有在底下侵蝕，我想這在強度端可能會是一個不錯的故事。但這一切其實都取決於整體市場會怎麼走、消費者感受到的不確定性，以及建商為了因應而試圖採取的作法。我認為這才是歸根結底的關鍵。

Matthew Bouley, Barclays.

Matthew Bouley，巴克萊（Barclays）。

I guess a question around, again, what your homebuilder customers are doing around trying to reduce their direct costs. Maybe you can update us on their pushback versus the sort of vendor price increases that we're seeing out there. Obviously, you're calling out lower price and, I think, manufactured products and specialty building products. Certainly in the market, we're seeing vendor price increases and siding, roofing, et cetera. So maybe just kind of update us kind of tick through all your major categories and what you're seeing from a pricing perspective and the ability to push that down to builders.

我想再問一個問題，關於你們的住宅建商客戶為了降低其直接成本所採取的作法。也許你可以更新一下，他們對於我們在市場上看到的供應商漲價，所展現的抵制力道如何。顯然你們提到製造產品與專業建材的價格較低。但在市場上，我們看到供應商在壁板、屋頂等品類都有漲價。所以也許請你依序談談你們各主要品類的價格狀況，以及將這些漲價轉嫁給建商的能力。

Yes. Thanks, Matt. That's a good question. There's been a lot of activity. Certainly, some categories are able to pass through just by virtue of what they are and what they're made of.

是的。謝謝你，Matt。這是個好問題。市場上確實有很多動態。當然，有些品類因其性質與材料構成的關係，能夠把價格直接轉嫁出去。

The reality of petroleum internationally right now is under pressure. There are certain categories that are moving in response to that. I would say most of the other categories are pretty flat. There hasn't been much movement in terms of inflation. There are a couple of categories, some subcategories that on a year-over-year basis, are still showing pretty meaningful declines on the prices that the manufacturers are charging.

目前國際原油的現實狀況正承受壓力。有些品類會因此而有所反應。我會說其他大多數品類都相當持平。就通膨而言，變動不大。有幾個品類、一些子品類，以年比年來看，製造商報價仍呈現相當明顯的下滑。

You think about some of the things we've talked about in the past, an EWP on a year-over-year basis is still down. There are certain millwork subcategories that are still down. There are absolutely competitive dynamics in certain of the categories that have limited manufacturers' ability to pass through. I think that applies to us in some degree.

想想我們過去談過的一些項目，EWP（工程木製品）以年比年來看仍在下跌。某些門窗木作（millwork）子品類仍在下跌。在某些品類中確實存在競爭態勢，限制了製造商轉嫁漲價的能力。我認為這在某種程度上也適用於我們。

We've, I think, done a good job of managing our capacity, but I think it's fair to say we have more capacity than we need for the existing market. So we're making the prudent steps necessary to resize down, but also trying to make sure we're prepared to take advantage of a return to growth, which we think is likely to happen, at some point in the future. So that there in lies kind of that challenge of finding the right pricing levels.

我認為我們在管理產能方面做得不錯，但公平地說，以目前市場規模而言，我們的產能高於所需。因此我們正採取必要且審慎的措施來縮減規模，同時也要確保一旦成長回歸（我們認為未來某個時點很可能會發生），我們已準備好把握機會。因此，挑戰就在於找到合適的定價水準。

We are seeing pass-through -- builders rightfully so, are fighting for every penny and trying to manage their own affordability, but this has to be a win-win. And I think as the market works through that price discovery process, we're getting to a more predictable outcome on margins. I'd say we're not quite where we want to be yet, but it's a lot more stable over the past six months than we've seen over the past few years.

我們確實看到轉嫁——建商理所當然地為了每一分錢而努力，並試圖管理自身的可負擔性，但這必須是雙贏。我認為隨著市場走過價格發現的過程，我們正朝向更可預測的毛利結果前進。我會說我們還沒完全到達想要的水準，但過去六個月比起過去幾年已穩定得多。

Got it. Okay. Second one is on M&A. Obviously, from a leverage perspective, presumably, you're going to be more careful with share repurchase here. But I would think from an M&A perspective, certainly, you can acquire EBITDA and perhaps leverage neutral fashion.

了解。好的。第二個問題是關於併購（M&A）。顯然，從槓桿的角度來看，你們在股票回購上應該會更謹慎。但我認為從併購角度，你們當然可以收購EBITDA，並且可能以槓桿中性的方式進行。

So what are you seeing out there in terms of the pipeline? And when you have the kind of challenging market conditions like this, whether from a historical perspective or sort of what you're actually seeing now, is there a scenario where you might see more assets come to market? And how would you be looking to approach that?

那麼你們目前看到的案源（pipeline）如何？在這樣具挑戰的市場環境下，不論是從歷史經驗或你們現在實際看到的情況，是否可能出現更多資產被拿到市場上出售的情境？你們會如何看待並採取行動？

Yes. Thanks, Matt. Good question. We still think M&A is a great opportunity for us, right? There are a lot of players out there.

是的。謝謝你，Matt。好問題。我們仍然認為併購對我們而言是很好的機會，對吧？市場上有很多參與者。

There are a lot of desirable players out there in our space. So we're continuing to probe and stay close. We certainly have been speaking to a handful of players that are looking to make a move now various reasons. And think this is a good time for us to continue to lean into those opportunities. So we'll continue to do that.

在我們這個領域裡，有很多理想的標的。因此我們會持續探詢並保持密切接觸。我們確實一直在與少數幾家因各種原因希望現在採取行動的業者洽談。我們認為現在是我們持續加大投入這些機會的好時機。所以我們會繼續這麼做。

You're right. I mean, the elevated leverage not because of debt, but because of the cycle, certainly is something we're attentive to. I want to be respectful of it. But do not feel concerned with where we are. Liquidity is strong.

你說得對。也就是說，目前槓桿偏高並不是因為負債，而是因為景氣循環；這當然是我們會留意的事情。我希望對此保持尊重與審慎。但對我們目前的位置並不感到擔憂。流動性很強。

Our maturities are strong. Our disciplines, our cash flows are still good. So our ability to take advantage of opportunities that present themselves at a time like this, in particular, absolutely. We are still interested. And there are some deals in the pipeline at this point, and we keep looking for the right ones to keep showing up.

我們的到期結構很穩健。我們的紀律、我們的現金流仍然良好。因此，在像現在這樣的時點，我們絕對有能力把握出現的機會，尤其如此。我們仍然有興趣。而且目前確實有一些交易正在推進中，我們也會持續尋找合適的案子出現。

So looking forward to that opportunity to go down.

所以很期待能把握那個下行時的機會。

Charles Perron-Piche, Goldman Sachs.

Charles Perron-Piche，高盛。

First, I'd like to touch on the commodity. Given the move in lumber that we've seen you to date, I would have expected maybe incremental upside to your commodity price outlook for this year and contributions to result, the fact that your outlook remains the same reflect more of an expectation of a moderation in lumber and commodity prices in the second half? Or are you seeing greater difficulty to pass on some of those cost increases to your customers in this environment?

首先，我想談一下大宗商品。考量到目前為止我們看到木材價格的走勢，我原本預期你們今年對大宗商品價格展望以及對業績的貢獻可能會有一些額外上行；但你們的展望維持不變，這是否更多反映你們預期下半年木材與大宗商品價格會趨於溫和？或者在這樣的環境下，你們是否看到把部分成本上升轉嫁給客戶變得更困難？

So thank you for the question, Charles. So the commodity outlook is in line with what we had projected last quarter. We expected it to continue to float up through Q2 and then retreat a little in the second half of the year, and it's performing pretty much in line with that expectation. That's the reason for no change to that guidance.

Charles，謝謝你的問題。我們對大宗商品的展望與上季所預測的一致。我們原本就預期它會一路小幅走高到第二季，然後在下半年稍微回落，而目前的表現基本符合這個預期。因此我們才沒有調整該指引。

Okay. Okay. That's good color, Pete. And then in your prepared remarks, you noted that builder increasingly offering build-to-order solutions to differentiate themselves. You're seeing increased traction to your digital offerings as a result.

好的。好的。Pete，這個說明很有幫助。另外在你們的事先準備發言中，你提到建商為了差異化，愈來愈多提供按單建造（build-to-order）的解決方案。因此你們的數位化產品也看到更高的採用動能。

And how can you better serve your customers with your digital offering as a result of this shift?

在這個轉變之下，你們如何透過數位化產品更好地服務客戶？

Yes. We build to order is an obvious reaction from builders that have seen inventories grow, right? It's certainly a good discipline that they have displayed and I think will be effective in helping to manage the business over time, it will give us a more predictable target around which to make sure we're providing the right support.

是的。當建商看到庫存增加時，按單建造是一個很自然的反應，對吧？這當然是一種他們展現出的良好紀律，我認為長期而言會有效協助他們管理業務；同時也會讓我們有更可預測的目標，確保我們提供正確的支援。

You're absolutely right. Our digital tools are particularly suited to people trying to do plans and designs and then trying to leverage the tools through to being able to offer the best possible service and value proposition for our builder customers. So we're continuing to find ways to refine those tools and to offer those three-dimensional digital twins in a way that is going to create value for builders. So at the end of the day, that has to be the deliverable and the commitment that we live up to is to make the builders' life easier as they're building those homes.

你說得完全正確。我們的數位工具特別適合那些在做規劃與設計的人，並且能一路運用這些工具，進而為我們的建商客戶提供最佳的服務與價值主張。因此我們持續尋找方法來精進這些工具，並以能為建商創造價值的方式提供那些三維的數位孿生（digital twins）。所以歸根結底，我們必須交付並兌現的承諾，就是在建商建造這些房屋時，讓他們的工作更容易。

So you hit the nail on the head. I think our tools are absolutely good for that and build for that. And this is the type of market we think that plays to our strengths. As does our value-added offering, as does our bundling package as does our extremely experienced sales team and the subject of matter expertise that we have, those are all reasons that this build to order trend is going to play well for us.

所以你一語中的。我認為我們的工具絕對很適合這個方向，也正是為此而打造。而我們認為這類市場正好能發揮我們的優勢。同樣地，我們的加值型產品、我們的組合式方案、以及我們極具經驗的銷售團隊與我們擁有的主題領域專業（subject matter expertise），都是這股按單建造趨勢會對我們有利的原因。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

On the market share commentary, I think you said you held share in the second quarter. If I remember right, in the first quarter, I thought you gained some share. Did the competitive environment change in the second quarter relative to 1Q? And what's sort of the outlook for that in the back half of the year?

關於市占率的評論，我想你說第二季你們守住了市占。如果我沒記錯，第一季我以為你們有拿到一些市占。第二季相較於第一季，競爭環境有改變嗎？那下半年對此的展望如何？

If it changed meaningfully, I'd say it's ebbs and flows. What I would describe is that the overall market constricted a little bit in the second quarter. I would say the feel of the market, given the uncertainty and the volatility in the Middle East, I think the sense was, this is harder. That's more of an emotional comment to you than a data-driven comment. But the conversations that we have with builders, the conversations we're having in our operating review calls and speaking with the teams around the country, I think there was a sense of optimism at the beginning of the year that faded pretty meaningfully into the midst of the second quarter as things sort of ebbed and flowed pretty aggressively.

如果要說有明顯改變，我會說就是起起落落。我會這樣描述：第二季整體市場稍微收縮了一些。我會說，考量到中東的不確定性與波動，市場的感受是：這變得更難了。這比較像是情緒面的評論，而不是數據驅動的評論。但從我們與建商的對話、我們在營運檢討電話會議中的交流，以及與全國各地團隊的溝通來看，我認為年初那種樂觀情緒在第二季中期相當明顯地消退，因為情勢起伏變化得很劇烈。

But I don't know that there's more than that. I think that generally speaking, the holding share is just an indication of the competition day in, day out.

但我不確定是否還有更多可補充的。我認為一般而言，守住市占只是反映了日復一日的競爭狀況。

Okay. That's helpful. And then can you just talk about the inbound and outbound freight impact from higher diesel prices? How does that flow through your P&L? And then just the time like -- how much of a headwind was that to 2Q and what you're anticipating for the third quarter?

好的。這很有幫助。另外，你能談談柴油價格上升對進出貨運費的影響嗎？這會如何反映在你們的損益表（P&L）上？再來，就時間點而言——這對第二季造成多大的逆風？以及你們對第三季的預期是什麼？

Yes. Thanks for the question. So we haven't changed our position on what we expect for the full year. We're still expecting about a $100 million headwind from the higher fuel costs, the combination of the inbound and the outbound. We did see a little bit of softening during some of the ceasefire periods during the quarter.

好的。謝謝你的問題。我們對全年預期的立場沒有改變。我們仍預期燃料成本上升（包含進貨與出貨的合計）大約會帶來1億美元的逆風。在本季的一些停火期間，我們確實看到些許緩和。

But that doesn't give us enough visibility into the balance of the year with the increased tensions that we're holding on to that $100 million.

但在緊張情勢升高的情況下，這不足以讓我們對今年剩餘期間有足夠能見度，因此我們仍維持1億美元的假設。

We have seen our fuel surcharge and pass-through increased about 20% in the quarter. So we are effective at passing some of it through. We have more work to do. But the inbound, I think as we talked about last quarter, is really going to show up in the cost of inventory, the cost of the materials and that flows through cost of goods sold.

我們看到本季燃油附加費與轉嫁（pass-through）提高了約20%。所以我們在轉嫁其中一部分方面是有效的。我們還有更多工作要做。但進貨端，我想如同上季所談，主要會反映在庫存成本、材料成本上，並進一步流入銷貨成本（cost of goods sold）。

The outbound will be more in the SG&A line. So that's certainly a headwind in SG&A and the recovery of that is going to be up in sales and margin. So there's a little bit of distortion and geography on the P&L. But I think we're -- the team's job managing the costs, and we have -- there's always more work to do but we're managing it on this kind of fluid situation pretty well.

出貨端則會更多反映在SG&A項目。所以這確實會在SG&A形成逆風，而其回收會體現在銷售與毛利上。因此在損益表上會因地區等因素出現一些扭曲。但我認為我們——團隊在成本管理上的工作做得不錯；當然永遠還有更多可以做，但在這種流動的情勢下，我們管理得相當好。

Mike Dahl, RBC Capital Markets.

Mike Dahl，RBC資本市場。

First one on 3Q sales dynamic. Obviously, a little bit of a wide range. But given your normal bag to commodity prices and the blended lumber OSB basket, I would have thought that would flip to a pretty nice like low single-digit tailwind from an inflationary standpoint for commodities, which is been would imply at the midpoint or below sales that the volume would actually step worse on a year-on-year basis in 3Q. So I'm wondering, is that the case? Or is it something where like we did know your inventories up as a percentage of sales?

第一個問題是關於第三季銷售的動態。顯然你們給的區間有點寬。但考量你們通常對大宗商品價格、以及木材與OSB（定向刨花板）混合籃子的曝險，我原本以為從大宗商品通膨的角度，這會轉為相當不錯的低個位數順風；若是如此，在你們銷售指引的中位數或更低端，意味著第三季的銷量年對年其實會更差一步。所以我想問，是這樣嗎？還是說，像是我們確實知道你們的庫存占銷售比提高了？

Like is there still like a larger-than-normal kind of lag on commodities or some prebuying or contractual dynamic where it's just not impacting US quickly in 3Q, yes?

例如，是否仍存在比正常更大的大宗商品價格傳導落後、或一些預先採購、或合約機制，使得它在第三季還不會很快影響到我們在美國的表現，是嗎？

Yes. I would say you're spot on. The lag on the commodities and seeing those higher prices coming through into our inventory is still the case. We anticipate to pass that through. It will flip even with the expectation of being at a $400 per thousand midpoint in our guide.

是的。我會說你說得很準。大宗商品的滯後效應，以及那些較高價格逐步反映到我們庫存中的情況，仍然存在。我們預期會把這些成本轉嫁出去。即使在我們指引中以每千單位 400 美元為中點的預期下，這也會出現反轉。

That will be higher than the prior year on average for the year. So we should see a flip and a benefit in the back part of the year, but it's also on a lower sales activity level. So it's going to be muted from an overall contribution, but it will start to turn into a benefit.

這將使全年平均水準高於前一年。因此我們應該會在下半年看到反轉並帶來好處，但同時是在較低的銷售活動水準之下。所以整體貢獻會被削弱，但它會開始轉為正面效益。

Q3, kind of -- again, we are kind of slip from -- it was going well to the lights turned off happened in the third quarter. So you're also lapping that component. Obviously, it's more prevalent or more evident in the fourth quarter results, but there's a little bit of that there, too. So there's a couple of pieces that come into put.

第三季，有點——再說一次，我們有點像是從——原本進展順利到第三季突然「熄燈」那樣的情況。所以你也在比較那個基期因素。顯然在第四季的結果中更普遍或更明顯，但第三季也有一點。所以有幾個因素交織在一起。

Yes. No, I appreciate that. It seems like especially at the low end, it would imply the 3Q specific color that it would imply something that may be quite a bit worse on volume. And so I was trying to get at, like something unusual with the commodity relationship versus what we've normally seen? Or is that right that volume-wise, we should expect kind of almost like a worsening year-on-year trends within that guide.

是的。不，我很感謝這些說明。看起來尤其在低端情境下，第三季的具體說明似乎暗示出貨量可能會糟很多。所以我想釐清的是：是否有什麼不尋常的地方，像是大宗商品關係相較於我們以往看到的不同？或者你的意思是，就量的角度，我們應該預期在指引範圍內年對年趨勢幾乎是進一步惡化？

But the follow-up question then is on the gross margin dynamics, you're sitting at 28.2% in the first half of the year, your guide, obviously, at the midpoint 28.0%, I think last quarter, you talked about maybe it's down a little sequentially in 2Q, then up a little sequentially in 3Q, then seasonally down again in 4Q. Can you -- can you just talk with all the moving pieces now, what within the guide is the updated expectation for gross margin specifically in the second half and split between 3Q, 4Q?

那接續的問題是關於毛利率的動態：你們上半年毛利率是 28.2%，你們的指引顯然在中點是 28.0%。我記得上季你們談到可能是第二季環比小幅下滑、第三季環比小幅回升、第四季再因季節性下滑。能否——在現在這麼多變動因素之下，談談指引中對下半年毛利率的最新預期，特別是第三季、第四季的拆分？

Yes. So obviously, in the second half, that 28% midpoint would require a slightly below 28% in order to average down. We're seeing it kind of flat for the balance of the year at this point. There's still enough uncertainty on how it's really going to play out. But we took the approach based on where we exited Q3 and what we're seeing with the lower -- or Q2, excuse me, with the lower starts expectations for the full year, that it's going to be a continued competitive environment that we're going to have to continue to compete and win business every day.

是的。很明顯，下半年若要讓全年平均落在 28% 的中點，就需要略低於 28% 才能把平均拉下來。以目前來看，我們預期今年剩餘期間大致持平。對於實際會如何發展仍有足夠的不確定性。但我們的做法是，基於我們第二季（抱歉，剛才說第三季）結束時的狀況，以及我們看到的全年開工量預期下修，判斷這將是一個持續競爭的環境，我們必須每天持續競爭並贏得業務。

And so that's going to keep the pressure on the margins, but we're going to find a way to improve and capture every nickel we can.

因此這會讓毛利率持續承壓，但我們會想辦法改善，並把能拿到的每一分錢都抓住。

I mean, hopefully, it's pretty we said in the past. I mean, Mike, the stronger markets allow for more opportunities to manage both mix and price in a way that gives us stable margins. If we're calling down the top line, it's a tougher environment. It's not dramatically tougher, but we're trying to signal that those two go together. And hopefully, that's clear on what we said.

我的意思是，希望這點我們過去已經說得很清楚了。我是說，Mike，市場越強，就越有機會以能讓毛利率穩定的方式去管理產品組合與定價。如果我們下修營收，那環境就更艱難。不至於是大幅更艱難，但我們想傳達的是這兩者是連動的。希望我們所說的已經很清楚。

But we think it's pretty flat from where we're at now.

但我們認為大致會維持在目前水準附近。

David Manthey, Baird.

David Manthey，Baird。

I was wondering if you could give us your thoughts on multi-family housing. And I don't know if you have any credence to the NAHB numbers, but you guys have multifamily down mid-singles this year. they're calling for up mid-singles this year and then down in '27. Just wondering if you could talk about why there would be that disconnect there? Why your view is different?

我想請教你們對多戶住宅的看法。我不確定你們對 NAHB 的數據有多大信心，但你們預估今年多戶住宅是中個位數下滑；他們則預估今年中個位數成長，然後在 27 年下滑。想請你們談談為什麼會有這樣的落差？為什麼你們的看法不同？

And then given the long rates and affordability issues, it would seem like multi-family might be a reasonable relief valve, maybe short rates come down even if long rates don't. Could you talk about the medium term and maybe the prospects for multi-family?

另外，考量長端利率與可負擔性問題，看起來多戶住宅可能是一個合理的「洩壓閥」；也許即使長端利率不降，短端利率下降也會有幫助。能否談談中期來看，多戶住宅的前景？

Yes. No, absolutely. This one is a bit of an irritant for me. So I'm going to -- I'll say -- I'll anonymize this because it's not fair. We only play in a portion of the business.

是的。不，當然。這件事對我來說有點惱人。所以我會——我先說——我會把細節匿名化，因為那樣才公平。我們只參與這個業務的一部分。

So I will readily admit that maybe my perspective is skewed because we're only in 5-storey and below wood structures. So that could be the beginning of the end of the explanation of the next thing I'm going to say. But the multi-family published numbers do not make sense to us. I believe they are incorrect. I believe something happened in the Fed numbers or the way they're doing their surveys or something, I don't think they're right.

所以我很願意承認，也許我的觀點有偏差，因為我們只做 5 層樓及以下的木結構。所以這可能就是我接下來要說的解釋的起點與終點。但多戶住宅公開發布的數字對我們來說不合理。我認為它們是不正確的。我認為聯準會的數據或他們做調查的方式之類的地方發生了什麼事，我不覺得那些數字是對的。

I don't think there's any way they can be right.

我不認為它們有任何可能是對的。

And I've talked to a couple of other players, people in positions of authority that you would know their names, who do this for a living and they agree with me. This does not make sense. So maybe there's some aspect of the tower conversions or something that I'm not seeing that is causing these permits and starts numbers to be higher than what we are seeing. But I think we're actually doing decently in the multi-family space where we play.

我也跟其他幾個同業談過，是一些你會知道名字、身居要職、以此為業的人，他們也同意我的看法。這不合理。所以也許有一些我沒看到的因素，例如高樓改建之類，導致這些許可與開工數字高於我們所看到的情況。但我認為在我們所參與的多戶住宅領域，我們其實做得還不錯。

100% agree with you that if rates turn a little, the short rates will absolutely release, and we will see an increase I think we're positioned well to be able to take advantage of that with both trust and millwork as well as some other product categories that we've been leaning into. So feeling like that's a good opportunity for us when the time comes.

我百分之百同意你：如果利率稍微轉向，短端利率絕對會鬆動，我們也會看到成長；我認為我們已經做好準備，可以透過木材與木作（millwork）以及其他一些我們正在加碼的產品類別來把握這個機會。所以我覺得等時機到了，這對我們會是個很好的機會。

Okay. Yes, that's good color. And then second, I wanted to just make sure I understand the cost actions here. So I think you realized $13 million in the first quarter. I believe you said $28 million in the second quarter.

好的。是的，這些補充很有幫助。第二個問題，我想確認我對這裡的成本措施理解正確。所以我想你們在第一季實現了 1,300 萬美元。我記得你們說第二季是 2,800 萬美元。

But then there was a comment about another $15 million. Now it's $115 million remaining or something. Could you just give us sort of what's been achieved so far? What is yet to come in the cadence through the remainder of the year?

但之後又提到另外 1,500 萬美元的評論。現在是剩下 1.15 億美元之類的？你能否整理一下目前為止已經達成多少？以及今年剩餘期間的節奏上，還會有哪些要發生？

And then if you can just talk about how much of that is sort of variable, meaning comp and overtime and things like that versus structural that would remain in place even if the market gets better?

另外，如果可以的話，也請談談其中有多少是可變的——例如薪酬、加班等——相對於結構性的成本，即使市場轉好也會持續存在的那種？

Yes. So there's two components. So I think what you were referencing was really the productivity savings that we've identified and called out. Those are separate and in addition to the cost actions that we are continuing to execute against. What we had stated previously was $100 million of cost actions, $75 million of those were cost out year over year, $25 million of cost avoidance.

是的。所以有兩個部分。我想你提到的其實是我們已識別並對外說明的生產力節省。那些是獨立的，而且是額外加在我們持續執行的成本措施之上。我們先前說的是 1 億美元的成本措施，其中 7,500 萬美元是年對年實際降本（cost out），2,500 萬美元是成本避免（cost avoidance）。

That number has now been increased to $115 million in 2026, but $140 million if you count the full run rate that we expect from the $40 million of new cost actions that we're putting in place immediately. Those are largely -- the original $100 million is largely complete and underway. It's just realizing it through the passage of time through the balance of this year.

該數字如今已提高至 2026 年的 1.15 億美元；但若把我們預期將立即推動、來自新增 4,000 萬美元成本行動的完整執行率（run rate）納入計算，則為 1.40 億美元。其中很大一部分——原先的 1 億美元計畫基本上已完成並在推進中。接下來只是隨著時間推移，在今年剩餘期間逐步體現出來。

The $40 million, it's increasing what we were going after a bit more, and it's targeted specifically SG&A and more on the fixed cost side of the equation. So we see the reduction in the sales. We are very aware of the situation, and we're reacting to help make sure that we're not deleveraging more than we should. So that's the call and the reason for those cost actions, but they are separate from the productivity.

這 4,000 萬美元，是把我們原本要達成的目標再往上加一些，並且特別鎖定 SG&A（銷售、一般及行政費用），更偏向成本結構中的固定成本端。因此我們看到銷售下滑。我們非常清楚目前的情況，也正在採取行動，確保我們不會出現超出應有程度的去槓桿（deleverage）。所以這就是這些成本行動的出發點與原因，但它們與生產力（productivity）是分開的。

So I know how much you guys hate the cost avoidance, so I'll just take that out, right? We took the $75 million of cuts, got them done. We're adding another $40 million of cuts going to get them done. That is predominantly SG&A predominantly fixed. That's not the variable.

所以我知道你們有多討厭「避免成本」（cost avoidance）這種說法，那我就把它拿掉，對吧？我們做了 7,500 萬美元的削減，已經完成。我們再加上另外 4,000 萬美元的削減，也會把它做完。這主要是 SG&A，主要是固定成本。這不是變動成本。

The variable is already falling with the decline in sales and the work that the teams do day in, day out to run the business appropriately. So that $115 million annualized run rate of cuts is what we're executing because we're starting the $40 million right now in July, you're not going to get all $40 million this year. So that's where Pete says $15 million of that is going to hit this year. And the rest of it will flow through in the run rate into next year.

變動成本已經隨著銷售下滑而下降，加上團隊日復一日所做的工作，讓業務以適當方式運作。因此，我們正在執行的削減，其年化執行率為 1.15 億美元；因為我們在 7 月就開始推動這 4,000 萬美元，你不可能在今年把 4,000 萬美元全部拿到。所以 Pete 才會說其中大約 1,500 萬美元會在今年反映。其餘部分將在執行率中延續到明年。

Keith Hughes, Truist.

Keith Hughes，Truist。

Just kind of building on the last question, it seems like at the end of the year. On the down note, will you have to -- in the beginning of the year, reassess more fixed cost, if there's no signs of life here for 2027?

延續上一題，感覺到年底時，往下的情境下，如果到 2027 年仍看不到任何復甦跡象，你們是否必須——在年初重新評估更多固定成本？

Well, I mean just to maybe put a sharper point on it, we do it all the time. So by market, we are looking at what our capacity is, what our profitability is by location every month, every quarter. So we will absolutely do that. I think there is enough excess capacity based on where we are now, that will be a struggle for us for some time until the market turns.

嗯，我的意思是，為了把重點講得更清楚一點，我們一直都在做這件事。所以以市場為單位，我們每個月、每一季都在看各據點的產能狀況、以及各地點的獲利能力。所以我們絕對會這麼做。我認為以我們目前的位置來看，確實存在足夠的過剩產能，這會在市場轉向之前，讓我們困擾一段時間。

Now we're trying to find that balance. Near-term profitability and long-term capacity and opportunity. So we'll keep looking at it. But yes, that's our lot in life right now with the market as tough as it is.

現在我們正試著在兩者之間取得平衡：短期獲利能力，以及長期產能與機會。所以我們會持續檢視。但沒錯，市場這麼艱難，這就是我們目前必須面對的現實。

How many locations have you closed over the cycle here?

在這一輪週期中，你們關閉了多少個據點？

I think we're up to 91.

我想我們已經到 91 個了。

What did you begin back in '22, would you begin with?

你們在 2022 年開始時，原本有多少個？

Well, you got to remember, we're buying -- so we're probably about 30 or 40 down net, but we've added a bunch, whatever the delta is 60.

嗯，你得記得，我們也在收購——所以淨額來看大概少了 30 或 40 個，但我們也新增了不少，不管差額是多少，大概是 60。

So that 91, Keith, is over the last 2.5 years. So it's led a lot of acquisitions. We had some store openings on greenfield projects that were in process underway. So there is a lot of puts and takes.

所以那 91 個，Keith，是過去 2.5 年的數字。其中包含了很多併購。我們也有一些在進行中的綠地（greenfield）專案門市開幕。所以裡面有很多增減因素。

Okay. And final comment for what is worth, I agree with you on multi-family. These numbers don't make any damn sense. You just don't see about in the market at all.

了解。最後補充一句，僅供參考，我同意你對多戶住宅（multi-family）的看法。這些數字根本說不通。你在市場上也完全看不到那樣的情況。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

First topic is just monthly sales trends. Can you talk about how revenues trended through the quarter and into July? And then were there any big surprises or mostly as expected?

第一個主題是每月銷售趨勢。你能談談營收在本季內、以及進入 7 月後的走勢嗎？另外，有沒有什麼重大意外，還是大致符合預期？

Yes. Thanks. That's unfortunately the reason for the call then. I mean we -- what generally happens throughout the year, and we've talked about it is the seasonality and the seasonal curve. So we know by week what our expected run rate on a daily sales basis is coming out of the holiday, 4th July holiday, we had an expectation of sort of the normal run that sort of gets to the peak that you hold through late summer and then phase into the fall.

是的。謝謝。不幸的是，這也是我們今天開這通電話會議的原因。我的意思是——通常一年當中會發生的情況，而且我們也談過，就是季節性與季節曲線。所以我們按週掌握預期的執行率（run rate），以每日銷售來看，從假期後、7 月 4 日假期後，我們原本預期會出現某種正常的走勢，逐步爬升到高峰，並在夏末前維持，然後進入秋季逐步回落。

That didn't happen. The run didn't happen.

但那並沒有發生。那個走勢沒有出現。

So basically, the peak leveled out lower than we expected in July. And the conversations with our customers and the public comments, we've sort of basically concluded that we shouldn't expect for a late pop to hit. We're probably going to see the normal seasonal based on where we are.

所以基本上，7 月的高峰在比我們預期更低的水準就持平了。而透過與客戶的對話以及公開評論，我們基本上得出結論：不應期待之後會有一波晚到的反彈。我們大概只會看到符合目前位置的正常季節性表現。

If there's a ray of hope in all this, I think the good news is we don't expect last year's light switch. Oh, we're not going to build anymore. We've got too much inventory. I think that the behavior of the builders this year has been a little bit better aligned, sell a unit, build a unit -- sell a unit, start a unit kind of an approach. So I think they're more comfortable with the inventory levels.

如果要說這當中有一線希望，我想好消息是：我們不預期會重演去年的「電燈開關式」急轉。也就是「喔，我們不再蓋了。我們庫存太多了。」我認為建商今年的行為比較對齊了：賣一戶、蓋一戶——賣一戶、開工一戶，這樣的做法。所以我覺得他們對庫存水位更安心一些。

But it's -- yes, it was an unpleasant July in that regard.

但——是的，就這點而言，7 月確實不太好受。

Got it. All right. That makes sense in the context of the guide. All right. And then gross margin, how should we think about 3Q?

了解。好。放在你們指引（guide）的脈絡下就說得通了。好。那毛利率方面，我們該如何看待第三季（3Q）？

Should we assume normal seasonality or anything you want to flag?

我們應該假設正常季節性嗎？或是有什麼你想特別提醒的？

I don't know that there's anything to flag as we mentioned, kind of flat from where we are today, and it's going to be down on average for the second half relative to the first half in order to meet the midpoint of the guidance. So we're seeing margins holding stable, a little bit of wiggle in different categories, but for the all intents and purposes, pretty much stable margin environment.

我不覺得有什麼需要特別提醒的。如同我們提到的，大致上會與目前水準持平；而為了達到指引中點，下半年平均會相對上半年略低。所以我們看到毛利率維持穩定，不同品類之間會有些微波動，但就所有意圖與目的而言，整體毛利環境基本上相當穩定。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

I guess flat gross margins perhaps answers this question. But last quarter, Peter, you were talking about still a pretty competitive pricing environment where particularly the specialty category saw some price compression. So I'm just curious, what are you seeing in the marketplace? Some of the regional competitors, as you kind of alluded earlier, was super aggressive and maybe they have regrets now, but are you seeing any stabilization or it's still a little touch and goal, especially as you kind of wind down later in the year when seasonal things slow down?

我想毛利率持平或許已經回答了這題。但上季 Peter 你提到，定價環境仍相當競爭，尤其是專業品類（specialty category）出現一些價格壓縮。所以我想了解，你在市場上看到什麼？一些區域型競爭對手——如你先前提到的——當時非常激進，現在也許有點後悔，但你是否看到任何趨於穩定的跡象？還是仍有點拉扯，特別是進入年底、季節性放緩的時候？

Yes. Thanks, Phil. So yes, generally speaking, I would say the trend is towards stabilization. There are certain categories or markets that occasionally will show volatility, right? Some of it will get aggressive -- back forth by someone will back off and say, no, this doesn't make sense for us and stabilize and we'll get to status quo is in that market.

是的。謝謝，Phil。所以是的，整體而言，我會說趨勢正朝向穩定。某些品類或市場偶爾仍會出現波動，對吧？有時候會有人變得很激進——來回拉扯——之後又有人會退一步說，不，這對我們沒有意義，然後就穩定下來，我們也會回到該市場的現狀（status quo）。

Our discipline internally is really around ensuring that you're getting a breakeven or better or an appropriate market or some aspect of that we maintain the core discipline of running our business and maintaining it in a way that we like over the long run, right? Because we sometimes fall victim to the commentary from certain builders who -- well, you need to take losses because this is a hard market. And my response to that is, no, this is a win-win relationship, and we're both going to do this for profit because that's why we're here.

我們內部的紀律，確實是圍繞著確保你拿到的是損益兩平或更好、或是符合適當市場水準，或是其中某個面向；也就是說，我們維持經營事業的核心紀律，並以我們長期喜歡的方式來維持它，對吧？因為我們有時候會受到某些建商評論的影響——嗯，你得承受虧損，因為這是個艱難的市場。而我對此的回應是：不，這是一種雙贏的關係，我們雙方都會以獲利為目標來做這件事，因為這就是我們在這裡的原因。

And so we're going to say no to things that don't make sense. I don't think everybody in the space has -- as fine a pencil as we do. So I think you see behaviors for windows of time to get a little sideways. So therein lies all share versus margin conversation that we kind of have with regularity. Given our scale, it's pretty detailed, it's pretty broad, and you can sort of see it in different markets and the dynamic playing out, but we -- at the end of all this and looking at it in consolidation, see a trend towards it stabilizing, getting to numbers that we think are defensible given where we open -- and as volumes continue to hopefully stabilize and turn.

所以我們會對那些不合理的案子說不。我不認為這個領域裡每個人都像我們一樣算得那麼精細。所以我想你會看到在某些時間窗口裡，行為會有點走偏。因此，這就引出了我們經常討論的「市占率 versus 利潤率」的對話。以我們的規模來看，分析相當細、覆蓋面也很廣，你可以在不同市場看到這種動態的演變；但我們——在把所有這些放在一起綜合來看時——看到一個趨勢：它正在走向穩定，回到我們認為在我們開展業務的區域下屬於可防守的數字——而且隨著量能希望能持續穩定並回升。

We have a good sense of what that means for margins and where.

我們很清楚這對利潤率意味著什麼，以及會落在哪些地方。

Okay. Very helpful perspective, Peter. From an M&A perspective, it seems like you still have a fair amount of appetite. In terms of what you're seeing out there, is there a lot of assets coming to market, just given where we are in the cycle? Do you have reluctant sellers?

好的。Peter，這個觀點非常有幫助。從併購（M&A）的角度來看，你們似乎仍然有相當的胃口。就你們在外面看到的情況而言，考量到我們所處的景氣循環位置，是否有很多資產正在進入市場？會不會有不太情願的賣方？

How our multiple is kind of moving around? And then how are you kind of looking through all this, just given still a lot of uncertainty in earnings, right? What kind of multiple you're willing to pay? Or do you kind of view it as, this is great. We got to buy some assets on the cheap at the bottom cycle.

我們的估值倍數大概是怎麼波動的？然後在整體仍然存在很多獲利不確定性的情況下，你們是怎麼看穿這些雜訊的，對吧？你們願意支付什麼樣的倍數？或者你們是否把它視為：這很棒，我們可以在景氣循環底部用便宜的價格買到一些資產。

Just kind of help us think through that and then certainly put that in perspective with buybacks just given where our stock price is as well.

請幫我們梳理一下這個思路，另外也請把回購（buybacks）放進來一起看，畢竟我們的股價目前也在這個位置。

Yes. No, that's a good question. I mean it's a modest market. I wouldn't say that it's red hot. It's not ice cold.

是的。不，這是個好問題。我的意思是，這是一個溫和的市場。我不會說它非常火熱。也不是冰冷到不行。

There's a fair number of assets where people have raised their hands. You write about valuations, right? You've got to be very thoughtful about what you're buying. Every seller wants to use a 5-year run rate, you're right, a 5-year average, which is lunacy.

有相當多的資產是有人舉手表示要出售的。你提到估值，對吧？你必須非常審慎地思考你在買什麼。每個賣方都想用5年的run rate——你說得對，用5年平均——那簡直是荒謬。

But you also, I think, could be a little bit forward looking when you think about current year numbers. I think that's also an appropriate way to think about the business. Geographies matter, product categories matter. Those have always been true, but I would say especially so now. So the way we look at it is buying a really nice business with a good fit for us.

但同時，我認為當你看當年度的數字時，也可以稍微更具前瞻性。我覺得這也是思考這門生意的一種合適方式。地理區域很重要，產品類別也很重要。這些一直都是真的，但我會說現在尤其如此。所以我們的看法是：買進一家非常好的企業，而且與我們高度契合。

This is a nice time to do it. We still have cash flows. We're still generating cash on a regular basis.

現在是做這件事的好時機。我們仍然有現金流。我們仍然在持續、規律地產生現金。

I think the overlay on this entire story is the numbers are just smaller than -- the cash flows are smaller, the M&As are smaller. Any conversations even what we've done already so far this year around share buybacks are smaller. So that's -- I think that by virtue of our business being smaller, that's probably the way to think about what we're up to, and we'll continue to execute the strategy. I think the core of it is very consistent. It still works for us. We still like it.

我認為貫穿整個故事的背景是：數字都變小了——現金流變小了，併購規模也變小了。即便是我們今年到目前為止已經做過、或正在談的股票回購，規模也更小。所以——我想，因為我們的業務變小了，這大概就是理解我們在做什麼的方式，而我們會繼續執行策略。我認為核心非常一致。它對我們仍然有效。我們仍然喜歡它。

Sam Reid, Wells Fargo.

Sam Reid，富國銀行（Wells Fargo）。

I wanted to circle back on guidance here and drill down a little bit on the fourth quarter. So when you look at the implied Q4 EBITDA range, it does imply a fairly wide spectrum of outcomes. Could you just talk to what you need to see to hit the high end of that range? Because I believe it would imply a sequential step-up in EBITDA dollars. So just walk me through the building blocks there.

我想回到指引（guidance）這一塊，並稍微深入談談第四季。所以當你看隱含的Q4 EBITDA區間時，它確實暗示了相當寬的結果範圍。你能不能談談，要達到那個區間上緣，你們需要看到什麼？因為我相信那會意味著EBITDA金額會季對季上升。所以請帶我走一遍那裡的組成要素。

Yes. I'd probably back you up. We continue to be consistent in the way that we narrow guide as we go through the year, consistent with the prior years. So as we get to Q3, we'll tighten it up a bit more. I know you're trying to look for the exit rate and the possibility of what Q4 would be.

是的。我可能會先把你的問題往回拉一點。我們一如既往地維持一致做法：隨著年度進行，我們會逐步收斂指引區間，這也與過去幾年一致。所以到Q3時，我們會再把區間收緊一些。我知道你是在試著看退出水準（exit rate）以及Q4可能會是什麼樣子。

I would tell you, we try to go down the middle. We give obviously a range because there's uncertainty and unknowns that continue to present themselves. But if you go down the middle, that's probably more in line with where the thinking would be at this current time. And we're not in a position where we're going to give actual exit rate information or guidance, which I know is not helpful for you as you start to look forward to 2027 and putting numbers together there.

我會告訴你，我們會盡量取中間值。我們當然提供一個區間，因為仍然存在不確定性與未知因素會持續出現。但如果你取中間值，那大概更符合我們目前這個時間點的想法。而我們不會提供實際的退出水準資訊或指引；我知道當你開始展望2027、把數字拼起來時，這對你並不有幫助。

Never hurts to try. Maybe let me ask a more philosophical question here. We are obviously seeing the builders lean deeper into more build-to-order. It's coming up on builder earnings calls and showing up in builder numbers. So two implications for that.

試試看總沒壞處。那我換個比較哲學性的問題。我們顯然看到建商更深入地轉向更多的按單建造（build-to-order）。這在建商的財報電話會議上被提到，也反映在建商的數字裡。所以這有兩個含意。

One, does that have any implication on your lag versus starts just given build-to-order homes, a little different from spec homes? And then also, as you see more build-to-order, is there potential for more take per start?

第一，考量按單建造的房屋與投機建造（spec homes）有點不同，這會不會對你們相對於開工（starts）的落後期（lag）造成任何影響？第二，當你看到更多按單建造時，每一個開工對應的承接量（take per start）是否有可能更高？

Well, that's a really good question. I think the answer is, it may extend the lag a little to order by its nature, has more likelihood of change orders or adaptations throughout this process. However, I want to be a little careful with that because most of the folks making the pivot are spec builders so they don't offer that much variability anyway. So I don't know that it will be meaningful, maybe a little.

嗯，這真的是個很好的問題。我想答案是：按單建造就其本質而言，可能會讓落後期稍微拉長一些，因為在過程中更可能出現變更單或調整。不過我想在這裡稍微謹慎一點，因為多數做這個轉向的人其實是以投機建造為主的建商，所以他們本來就不提供太多變化。所以我不確定這會不會很有意義，可能有一點點。

In terms of dollars that go in, same kind of general answer and say, yes, order -- build-to-order is generally going to have more dollars in it. But if you're just shifting a spec builder or a largely spec builder or first move-up type of home, the amount of incremental is fairly modest. So don't be wrong, we'll take every penny or every stick, but I don't know that it's going to be meaningful.

至於投入的金額，也是類似的答案：是的，按單建造一般來說會有更多金額。但如果你只是把一個投機建造為主、或大多是投機建造、或是首次換屋（first move-up）類型的房子做轉換，增量其實相當有限。所以別誤會，我們會把每一分錢、每一根木料都拿到手，但我不確定它會不會很有意義。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

Maybe a question on what you're hearing from your private builder customers on a couple of fronts. The publics seem to be willing to trade some volume here to protect their gross margins. Are you seeing similar actions out of your private customers? And then the publics have also been very vocal about not taking on some of the price increases that the building products companies are pushing. Are you seeing more success getting those price increases passed along to your private customers versus the public?

想請教一下，關於你們從私人建商客戶那邊聽到的情況，主要有幾個面向。上市建商似乎願意在這裡犧牲一些銷量，以保護其毛利率。你們是否也看到你們的私人客戶採取類似的作法？另外，上市建商也非常明確地表示，不會全盤承擔建材公司所推動的一些漲價。相較於上市建商，你們是否看到把這些漲價轉嫁給私人客戶更成功？

Well, I don't think anyone is immune to the affordability pressures. I think it's fair to say that the higher up the food chain you are, the easier it is. The amount of pass-through on the private side, I would say, just by virtue of the way that they approach negotiations the larger builders are a sharper instrument. I would say that the smaller guys depends more on the individuals involved in the markets that they play in. That isn't to say that there's a meaningful difference, but there's a difference.

嗯，我不認為有人能免於可負擔性壓力。我想可以說，你在產業鏈位置越上游，就越容易一些。就私人端的轉嫁幅度而言，我會說，單就他們談判方式來看，大型建商的談判手段更為犀利。至於小型業者，則更取決於各個市場中參與的個人以及他們所在的市場。這並不是說差異很大，但確實有差別。

That scale matters.

規模很重要。

I think that the words, I would not use different words if I was a large homebuilder. But the reality is nobody in this industry is doing this for charitable purposes. There are points where you have to just say no. and this is the price. And if you don't want it, that's fine, but you're not buying it from us for less than this price.

我想，如果我是大型住宅建商，我用詞也不會不同。但現實是，這個產業裡沒有人是做慈善的。有些時候你必須直接說不，這就是價格。如果你不想要，沒關係，但你不可能用低於這個價格向我們購買。

And that's the battle, right? That's what we're all engaged in right now because it's gotten back to that point of knowing where your lines are. And I think in the conversations we have with vendors, we have a lot of great vendor partners. They're trying, they're scrapping. We all know we need to build more houses.

而這就是戰場，對吧？這也是我們現在所有人都在投入的事情，因為已經回到必須清楚知道自己底線在哪裡的階段。我想在我們與供應商的對話中，我們有很多很棒的供應商夥伴。他們在努力、在拚搏。我們都知道需要蓋更多房子。

I think all of us have been very intentional about tightening our belts and being good partners in a tough time in the industry, but there's a threshold where you just can't go past.

我想我們所有人都非常有意識地勒緊褲帶，在產業艱難的時期做個好夥伴，但有一個門檻是你不能再往下讓的。

It's -- now you're harming your company for the good of an industry, and that's not what we're here to do. So there is pass-through happening, there is a back and forth happening. It's challenging, but I think we all know how to do it, and we're all -- we're all representing our companies the best we can.

因為那樣就變成你為了整個產業的利益而傷害自己的公司，而這不是我們在這裡的目的。所以確實正在發生轉嫁，也確實有來有往。這很具挑戰，但我想我們都知道怎麼做，而且我們都在盡我們所能、以最佳方式代表各自的公司。

Okay. And then second question is maybe related to some of your commentary, and it's another one on gross margin. You've talked about your expectations here near term, but the full year guide still doesn't imply a pretty wide range for the second half. So I guess the question is, what gets you maybe to the high end of your 2026 gross margin range, and it seems like maybe a little bit of a slowing environment. And then related to that, you brought down the high end of your range, but you left the bottom end unchanged.

好的。第二個問題可能跟你剛才的一些評論有關，也是關於毛利率。你談到近期的預期，但全年指引看起來仍然意味著下半年有相當大的區間。所以我想問的是，什麼因素會讓你們達到 2026 年毛利率區間的高端？而且看起來環境可能稍微放緩。另外相關地，你們下調了區間的上緣，但下緣維持不變。

So is that an indication of perhaps maybe a limit to how much margin you're willing to trade for market share gains in this environment?

這是否表示，在這樣的環境下，你們願意為了市占率提升而犧牲毛利的幅度可能有其上限？

Yes, that's a heavy question, Trevor. So there are a couple of different pieces to it. I think that the way that margins will shift, there's some mix components, there's some competitive dynamics depending on which markets are stronger than others. You've got different mark profiles. So there's a combination of events that I think could position us to do a little bit better than the median, right?

是的，Trevor，這問題很重。這裡面有幾個不同的部分。我想毛利率的變動方式，包含一些產品組合因素，也包含競爭動態，取決於哪些市場比其他市場更強。你也會有不同的加價（markup）結構。所以我認為有一連串因素的組合，可能讓我們表現得比中位數好一些，對吧？

And I think that we've outlined that. We certainly have seen it at certain points, and there's a possibility that could play out that way.

我想我們已經把這些說明過了。我們確實在某些時點看到過這種情況，而且也有可能會以那樣的方式發展。

The downside planning and scenario planning is something we do a ton of around here. So we laid out a worse a lower case scenario than where we have ended up so far this year. And I don't -- I still don't think we're going to get there, but we wanted to give you the lower bound. So I think that's why you're seeing us not move the lower end of it. It's not what we had hoped for, but it's not what we had feared either.

下行情境規劃與情境推演是我們在這裡做得非常多的事情。因此，我們提出了一個比今年迄今實際結果更差、更低的情境。我仍然不認為我們會走到那一步，但我們想提供給你們一個下限。所以我想這就是你看到我們沒有調整下緣的原因。這不是我們所希望的，但也不是我們所擔心最糟的情況。

So I think that there's your answer there in terms of why we weren't necessarily moving the bottom. Again, kind of back to my prior statement, there is a walkaway point with all of this. And I think we're confident in our ability to recognize where we're not doing -- we're unwilling to take business that doesn't contribute to what we're trying to accomplish and be able to walk away at that point is the right thing for this business regardless of what other players do. So that's the line, I think we've been able to understand and manage the business around.

所以我想，這就是為什麼我們不一定要調整下緣的答案。再回到我先前的說法，這一切都有一個「走人點」（walkaway point）。我想我們有信心能辨識到：當某些生意無法對我們想達成的目標有所貢獻時，我們不願意接，並且能在那個點選擇退出；不論其他同業怎麼做，這對這門生意而言都是正確的。所以我想這就是那條界線，而我們也一直能理解並據此管理這門業務。

The good news is, we don't have to be down there all the time, right? We know how to continue to protect our margins. We're still profitable in cash flow positive and doing a lot of good things strategically at a time when the broader market is under a ton of pressure. So I think we feel good about our ability to execute and to continue to drive forward. But it's a challenge.

好消息是，我們不需要一直待在那麼低的位置，對吧？我們知道如何持續保護我們的毛利。在整體市場承受巨大壓力的時候，我們仍然獲利、現金流為正，並且在策略上做了很多正確的事。所以我想我們對自身的執行能力以及持續推進的能力感到有信心。但這確實是個挑戰。

It's a dogfight out there, and we're doing well. I think we're doing better than our competition, but it's tough.

外面競爭非常激烈，我們做得不錯。我想我們做得比競爭對手更好，但確實很艱難。

Reuben Garner, The Benchmark Company.

Reuben Garner，The Benchmark Company。

Peter, the cost actions that you've taken, you mentioned the incremental being fixed on the SG&A side. What about kind of in your -- any of your manufacturing assets? Can you update us on anything you've done within that $115 million and if there isn't much there, I guess, what it would take for you guys to move towards taking some of that out?

Peter，關於你們採取的成本措施，你提到在 SG&A 端，增量部分是固定的。那在你們的製造資產方面呢？你能否更新一下，在那 1.15 億美元當中，你們在這方面做了哪些事？如果那部分其實不多，那我想問，你們需要什麼條件才會朝著把其中一部分移除（削減）前進？

And I guess, secondarily, as a part of that, have you seen any smaller competitors pull or take assets down?

另外，作為相關的延伸問題，你們是否看到一些較小的競爭對手撤出或縮減資產？

Yes. Yes. No, that's a good question. Let me clarify. So when we talk about the facilities that is a mix between what shows up in SG&A and what shows up in COGS.

是的。是的。不，這是個好問題。我先澄清一下。所以當我們談到設施（facilities）時，那是 SG&A 與 COGS 之間的混合項目。

So you're talking about the manufacturing facilities a meaningful portion of that is up in COGS by virtue of what they do. We have absolutely taken down facilities as part of the 91 that we've closed over the past couple of years. That is inclusive in that number.

所以你說的製造設施，其中相當一部分會因其功能而列在 COGS 裡。我們確實已經縮減了設施，這是我們過去幾年關閉的 91 個據點的一部分。那個數字已包含這些。

The way we think about it is, it's your variable right -- it's your variable cost. So as sales come down, you have to take down those variable costs, at least the ones that show up that way. And then a component of that will show up down in the below -- in the SG&A portion of the P&L. The fixed stuff, right? The line items identified is fixed, the cost category is identified is fixed that aren't necessarily tied to specific sales volumes that's what we're really leading into with those other conversations.

我們的思考方式是：那是你的變動成本，對吧？所以當銷售下滑時，你就必須把那些變動成本降下來，至少是那些以變動方式呈現的部分。而其中一部分會在損益表的下方——也就是在 SG&A 的部分——呈現。至於固定的部分，對吧？我們所指出的那些科目是固定的、所界定的成本類別是固定的，並不一定與特定銷售量直接連動；這就是我們在其他對話中真正要切入的重點。

I won't call you -- I won't tell you it's super rigid in terms of exactly every dollar coming from where, but the vast majority of the focus on those cost cuts that we've talked about, that $115 million is SG&A related.

我不會跟你說——我不會告訴你在每一美元究竟來自哪裡這件事上有多麼僵化，但我們談到的那些成本削減中，絕大多數的重點，那1.15億美元是與SG&A相關的。

Got it. And then you guys have a pretty national footprint, but you still have some differences versus kind of broader starts numbers. Can you talk geographically about any areas of -- in particular of strength or weakness within your portfolio?

了解。接著你們的據點相當遍及全國，但相較於更廣泛的開工數據，你們仍有一些差異。你能否從地理區域的角度談談，在你們的投資組合中有哪些特別強勢或弱勢的地區？

Yes. Definitely. And I actually forgot to answer the second half of your first question. Yes, we've absolutely seen competitors closing facilities around us in similar ways. So I think that broadly speaking, everyone is trying to figure out how they can adapt.

是的。當然。而且我其實忘了回答你第一個問題的後半段。是的，我們確實也看到競爭對手以類似方式在我們周邊關閉設施。所以我認為，廣義來說，每個人都在想辦法適應。

I think one advantage that we have is the multiple locations per market allow us to be more flexible while still retaining the customer base and maintaining on time and in full ratios and keeping the customers happy. So I think that's been to our advantage in that regard. Others have to exit more dramatically from either chunks of the market or markets entirely.

我認為我們的一個優勢是，每個市場有多個據點，讓我們在仍能保留客戶基礎、維持準時且足量（on time and in full）的比率並讓客戶滿意的同時，更具彈性。所以我認為這在這方面對我們是有利的。其他人則不得不更劇烈地退出某些市場區塊，甚至完全退出某些市場。

The second half of the question, so where we're seeing some weakness still persist a little bit in Texas and Colorado. Those are pretty important markets for us. Where we're seeing strength is really in the entire Northeast is performing well. But obviously, there's just a different starts exposure in the Northeast versus some of the other markets.

問題的後半段，我們仍看到德州與科羅拉多有些疲弱持續存在。那些對我們而言是相當重要的市場。我們看到的強勢其實是在整個東北部，表現良好。但很明顯，東北部相較於其他一些市場，其開工（starts）曝險結構不同。

In your point about where we service versus where we don't, we see that, too. We're in most of the large MSAs, but I'd say we're probably covering 80-ish percent of starts nationally. There are certain parts of the country we're not in Chicago, we're not in South Florida. We're not -- we're not heavily into chunks of Illinois and Indiana, we've got pockets where we're doing great in Indiana, but we don't cover the entire market. So there's examples like that.

你提到我們服務的地區與未服務的地區，我們也有同樣的觀察。我們在多數大型都會統計區（MSA），但我會說我們大概涵蓋全國約80%左右的開工量。有些地區我們沒有進入，例如我們不在芝加哥，也不在南佛羅里達。我們也沒有——我們並未深度布局伊利諾伊州與印第安納州的部分區域；我們在印第安納州有一些表現很好的據點，但沒有覆蓋整個市場。所以有這類例子。

where we have seen strength in some of the headlines where we just don't participate. So it's part of it. It's not a major part of the story, but it's there.

在一些新聞標題所呈現的強勢地區，我們其實並未參與。所以這是其中一部分因素。它不是這個故事的主要部分，但確實存在。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

Can you talk about the size, value and complexity of single-family housing starts this year given builders increased focus on build-to-order homes and whether you've seen any change in mix as the year progressed?

能否談談今年單戶住宅開工在規模、價值與複雜度方面的情況？考量到建商更聚焦於按單建造（build-to-order）的住宅，以及你們是否看到隨著年度推進，產品組合有任何變化？

Yes. We really haven't seen change year over year or sequentially in the size of home. The size has been pretty stable. As far as the complexity, there's still the value engineering that's been taking place, and we continue to see some cost out year over year or opportunity out on the sales versus start. It's pretty modest, maybe in the 1% to 2% range.

是的。我們在房屋面積大小方面，無論年對年或季對季，其實都沒有看到變化。面積相當穩定。至於複雜度，仍在進行價值工程（value engineering），而且我們持續看到年對年有一些成本下降，或是在銷售相對於開工（sales versus start）上有一些機會。幅度相當溫和，大概在1%到2%的區間。

So it's not a big factor at this point. But it's still there as we see more townhomes or shifts to the type of dwelling space that is being delivered to the market.

所以目前這不是一個很大的因素。但它仍然存在，因為我們看到更多聯排住宅（townhomes），或交付到市場的住宅型態有所轉移。

Okay. Great, Pete. And I was wondering if you could provide any more color on the $50 million reduction in CapEx guidance and specifically areas you're able to cut or delay this year in a more conservative residential demand environment?

好的。很好，Pete。另外我想請你再多補充一些關於資本支出（CapEx）指引下調5,000萬美元的細節，特別是在較保守的住宅需求環境下，今年你們能夠削減或延後投資的具體領域有哪些？

Yes. It's part of the cost actions as we think about conserving capital in a shrinking market or a tightening market, we don't need to invest as much in some of the replacement of our rolling stock, our fleet and equipment. We have the ability to redeploy and move that equipment around and make sure that our operations are taken care of and they have what they need. And so it's just approach to tighten that up as well as not needing to invest as much for growth, especially in markets that we already have a density and a footprint that we can service very well.

是的。這是成本行動的一部分；當我們考量在市場萎縮或趨緊時要保存資本，我們不需要在部分滾動資產（rolling stock）、車隊與設備的汰換上投入那麼多。我們有能力重新部署並調度那些設備，確保營運都能被照顧到、也具備所需資源。因此，這是一種收緊的做法，同時也因為不需要為成長投入那麼多，尤其是在我們已具備密度與據點、能夠很好地提供服務的市場。

We don't need to continue to expand at this time. We continue to evaluate every market by market, and they have different needs and they have different capabilities. So we're -- we do that on a regular basis. We just felt for this year, it was more prudent to pull back on some of the capital expenditures and conserve that capital.

我們目前不需要持續擴張。我們仍會逐一市場進行評估，每個市場有不同需求，也有不同能力。所以我們——我們會定期這麼做。我們只是認為今年更審慎的作法是收回部分資本支出並保存資本。

Thank you. That does conclude our allotted time for question and answers. I'll now turn the call back over to our presenters for any final or closing remarks.

謝謝。我們分配的問答時間到此結束。我現在把電話交回給我們的簡報人員，請他們做任何最後或結語的說明。

Thank you for your time today. And if you have any questions, you can follow up with the Investor Relations team.

感謝各位今天撥冗參與。如果你有任何問題，可以再與投資人關係團隊聯繫。

Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。你現在可以掛線。