Core & Main Inc (CNM) 2025 Q2 法說會逐字稿

Hello, and welcome to the Core & Main Q2 2025 earnings call. My name is Alex. I'll be cordoning today's call. (Operator Instructions)

您好，歡迎參加 2025 年第二季核心與主要收益電話會議。我的名字是亞歷克斯。我將封鎖今天的電話。（操作員指示）

I will now hand it over to Glenn Floyd, Director of Investor Relations. Please go ahead.

現在我將把它交給投資者關係總監 Glenn Floyd。請繼續。

Good morning, and thank you for joining us. I'm Glenn Floyd, Director of Investor Relations at Core & Main. We appreciate you taking the time to be with us today for our fiscal 2025 second quarter earnings call.

早安，感謝您加入我們。我是 Core & Main 投資者關係總監 Glenn Floyd。感謝您今天抽空參加我們的 2025 財年第二季財報電話會議。

Joining me this morning are Mark Witkowski, our Chief Executive Officer; and Robyn Bradbury, our Chief Financial Officer. On today's call, Mark will begin by sharing an overview of our business and recent performance, Robyn will follow with a review of our second quarter results and our outlook for the rest of fiscal 2025.

今天早上與我一起出席的還有我們的執行長馬克‧維特科夫斯基 (Mark Witkowski) 和我們的財務長羅賓‧布拉德伯里 (Robyn Bradbury)。在今天的電話會議上，馬克將首先概述我們的業務和近期業績，隨後羅賓將回顧我們的第二季度業績以及我們對 2025 財年剩餘時間的展望。

We'll then open the line for Q&A, and Mark will wrap up with closing remarks.

然後我們將開始問答環節，馬克將做最後發言。

As a reminder, our press release, presentation materials and the statements made during today's call may include forward-looking statements. These are subject to various risks and uncertainties that could cause actual results to differ materially from our expectations.

提醒一下，我們的新聞稿、簡報資料和今天電話會議中的聲明可能包含前瞻性陳述。這些都受到各種風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

For more information, please refer to the cautionary statements included in our earnings press release and in our filings with the SEC. We will also reference certain non-GAAP financial measures during today's discussion. We believe these metrics provide useful insight into the underlying performance of our business.

欲了解更多信息，請參閱我們的收益新聞稿和提交給美國證券交易委員會的文件中包括的警告聲明。在今天的討論中，我們也將參考某些非公認會計準則財務指標。我們相信這些指標為我們了解業務的基本表現提供了有用的見解。

Reconciliations to the most comparable GAAP measure are available in both our earnings press release and the appendix of today's investor presentation. Thank you again for your interest in Core & Main. I'll now turn the call over to our Chief Executive Officer, Mark Witkowski.

我們的收益新聞稿和今天的投資者報告附錄中均提供了與最具可比性的 GAAP 指標的對帳。再次感謝您對 Core & Main 的關注。現在我將把電話轉給我們的執行長馬克‧維特科夫斯基 (Mark Witkowski)。

Thanks, Glenn, and good morning, everyone. We appreciate you joining us today. If you're following along with our second quarter earnings presentation, I'll begin on Page 5 with a business update. I'm proud of our associates' dedication to supporting customers and delivering critical infrastructure projects. Our teams drove nearly 7% net sales growth in the quarter including roughly 5% organic growth.

謝謝，格倫，大家早安。感謝您今天加入我們。如果您有關注我們的第二季財報，我將從第 5 頁開始介紹業務更新。我為我們的員工致力於支持客戶和交付關鍵基礎設施項目而感到自豪。我們的團隊推動了本季近 7% 的淨銷售額成長，其中包括約 5% 的有機成長。

Municipal demand remained healthy, supported by traditional repair and replacement activity, advanced metering infrastructure conversion projects and the construction of new water and wastewater treatment facilities. Our nonresidential end market was stable in the quarter.

在傳統維修和更換活動、先進計量基礎設施轉換項目以及新水和廢水處理設施建設的支持下，市政需求仍然保持健康。本季我們的非住宅終端市場保持穩定。

Highway and street projects remain strong, institutional construction has been steady and we're seeing continued momentum from data centers. While data centers represent a small portion of our sales mix today, customer sentiment points to continued growth in this space, and we expect it to become a larger portion of our sales mix over time.

高速公路和街道計畫依然強勁，機構建設穩步推進，資料中心也持續保持成長動能。雖然資料中心目前只占我們銷售組合的一小部分，但客戶情緒表明該領域將繼續成長，我們預計隨著時間的推移，它將成為我們銷售組合中更大的一部分。

On the residential side, flat development for single-family housing, which accounts for roughly 20% of our sales, slowed during the quarter, especially in previously fast-growing Sunbelt markets.

在住宅方面，占我們銷售額約 20% 的獨棟住宅開發在本季有所放緩，尤其是在先前快速成長的陽光地帶市場。

We believe higher interest rates, affordability concerns and lower consumer confidence are weighing on demand for new homes. And until these macro headwinds ease, we expect activity in this end market will continue to soften through the second half.

我們認為，更高的利率、對負擔能力的擔憂以及更低的消費者信心正在影響新房屋需求。在這些宏觀不利因素緩解之前，我們預計該終端市場的活動將在下半年繼續疲軟。

As a result, we are factoring in a lower residential outlook into our full year expectations, which Robyn will speak to in more detail. Against this market backdrop, we drove significant sales growth and market share gains across key initiatives, including treatment plant and feasible high-density polyethylene projects where our technical expertise and consistent execution continue to differentiate Core & Main in the industry.

因此，我們將較低的住宅前景納入了全年預期中，羅賓將對此進行更詳細的說明。在這樣的市場背景下，我們在關鍵舉措中實現了顯著的銷售成長和市場份額成長，包括處理廠和可行的高密度聚乙烯項目，我們的技術專長和一致的執行力繼續使 Core & Main 在行業中脫穎而出。

We are also deepening relationships with large regional and national contractors especially those pursuing critical infrastructure projects across the country.

我們也正在深化與大型區域和國家承包商的關係，特別是那些在全國範圍內開展關鍵基礎設施項目的承包商。

These customers increasingly value our ability to support them with consistent service, scale and product availability wherever their projects take them. Sales of meter products declined year-over-year, primarily due to project delays in the current year and a difficult comparison to last year's 48% growth rate.

這些客戶越來越重視我們為他們提供一致的服務、規模和產品可用性的能力，無論他們的專案將帶到哪裡。電錶產品銷售額較去年同期下降，主要原因是本年度專案延遲，且與去年 48% 的成長率難以相比。

However, we have a growing backlog of metering projects we expect to release in the second half of the year, supporting our expectation for strong full year metering sales growth.

然而，我們預計下半年將發布的計量項目積壓量不斷增加，這支持了我們對全年計量銷售強勁成長的預期。

Additionally, a healthy pipeline of bids and continued project awards gives us confidence in both the near- and long-term outlook for metering upgrade projects. Gross margins performed well in the quarter at 26.8%, up 10 basis points sequentially from Q1 and up 40 basis points year-over-year.

此外，良好的投標管道和持續的專案授予使我們對計量升級專案的近期和長期前景充滿信心。本季毛利率表現良好，達到 26.8%，比第一季季增 10 個基點，比去年同期成長 40 個基點。

Our gross margins reflect strong execution of our private label and sourcing initiatives, while our local teams continue to capture market share. At the end of the day, our performance is largely driven by how well we support our customers, making sure they have the right products at the right time with the service they need to keep projects on schedule and on budget.

我們的毛利率反映了我們自有品牌和採購計劃的強勁執行，同時我們的本地團隊繼續佔領市場份額。歸根結底，我們的業績很大程度上取決於我們如何支援客戶，確保他們在正確的時間獲得正確的產品以及所需的服務，從而確保專案按時按預算完成。

At the same time, our operating costs were elevated this quarter. We've experienced unusually high employee benefit costs and inflation in other categories like facilities, fleet and other distribution-related expenses. We have also carried higher costs from recent acquisitions, which have contributed to sales group, but have not yet reached their full synergy potential.

同時，本季我們的營運成本有所上升。我們經歷了異常高的員工福利成本以及設施、車隊和其他分銷相關費用等其他類別的通貨膨脹。我們也承擔了近期收購帶來的更高成本，這些收購對銷售集團有所貢獻，但尚未充分發揮其協同潛力。

Although we anticipated some of these pressures, certain costs were more pronounced than expected. To address these factors, we have implemented targeted cost-out actions to improve productivity and operating margins.

儘管我們預料到了其中的一些壓力，但某些成本比預期的更為明顯。為了解決這些因素，我們實施了有針對性的成本削減措施，以提高生產力和營業利潤率。

We expect a portion of the savings to be realized in the second half of this year with a larger annualized benefit in 2026. We expect to achieve additional synergies tied to recent acquisitions. Our integration approach is phased and growth-oriented, starting with people, sales and operations to position each business for success.

我們預計部分節省將在今年下半年實現，2026 年的年度收益將更大。我們期望透過最近的收購實現更多的協同效應。我們的整合方法是分階段的、以成長為導向的，從人員、銷售和營運開始，為每個業務定位以取得成功。

Once that foundation is in place, we evaluate opportunities in terms of costs and resources and develop plans to drive SG&A synergies. Our approach to cost management will be measured and focused on realigning the business with the demand environment, without jeopardizing future performance, growth opportunities or the ability to serve our customers.

一旦建立了這個基礎，我們就會評估成本和資源方面的機會，並制定計劃來推動銷售、一般和行政費用的協同效應。我們的成本管理方法將經過衡量並專注於根據需求環境重新調整業務，同時不會危及未來的績效、成長機會或服務客戶的能力。

We remain confident in the long-term growth and profitability prospects of Core & Main, including our ability to drive SG&A improvements and generate substantial value for shareholders. We continue to be balanced in how we allocate capital. During the quarter, we generated $34 million of operating cash flow and deployed approximately $24 million across organic growth initiatives, share repurchases and debt service.

我們仍然對 Core & Main 的長期成長和獲利前景充滿信心，包括我們推動銷售、一般和行政費用改善並為股東創造巨大價值的能力。我們在資本分配方面持續保持平衡。本季度，我們產生了 3,400 萬美元的營運現金流，並在有機成長計畫、股票回購和債務償還方面投入了約 2,400 萬美元。

Year-to-date, we have repurchased $47 million of shares, reducing our share count by nearly $1 million. Our growth strategy is driven by organic growth and complementary acquisitions. After the quarter, we announced the acquisition of Canada Water Works, a three-branch distributor of pipe, valves, fittings and storm drainage products in Ontario, Canada. We expect the transaction to close later this month, further enhancing our position in the multibillion-dollar Canadian addressable market.

今年迄今為止，我們已經回購了價值 4,700 萬美元的股票，使我們的股票數量減少了近 100 萬美元。我們的成長策略由有機成長和互補收購驅動。本季度結束後，我們宣布收購加拿大水務公司，這是一家位於加拿大安大略省的擁有三個分支機構的管道、閥門、配件和雨水排水產品分銷商。我們預計該交易將於本月稍後完成，進一步增強我們在數十億美元的加拿大目標市場中的地位。

With this acquisition, we now have five locations in Ontario, all established through value-enhancing M&A. This has created a platform for meaningful growth in Canada. On the organic side, we're making prudent investments to enhance our capabilities and better serve customers.

透過此次收購，我們現在在安大略省擁有五個辦事處，全部透過增值併購建立。這為加拿大的有意義的成長創造了一個平台。在有機方面，我們正在進行審慎的投資，以增強我們的能力並更好地服務客戶。

We recently opened new locations in Kansas City and Wisconsin, strengthening our presence in priority markets. We are also evaluating additional high-growth markets for future expansion.

我們最近在堪薩斯城和威斯康辛州開設了新店，加強了我們在重點市場的影響力。我們也正在評估其他高成長市場以供未來擴張。

These investments are designed to generate long-term growth, strengthen our market share and support our goal of delivering above-market growth over the coming years. We have plans to open several more locations this year, and I look forward to sharing updates on these initiatives.

這些投資旨在實現長期成長、加強我們的市場份額並支持我們在未來幾年實現高於市場的成長的目標。我們計劃今年開設更多門市，我期待分享這些措施的最新消息。

Before turning the call over to Robyn, I want to reiterate my confidence in Core Main's growth and margin expansion opportunity. We are well positioned to benefit from future investments in aging US water infrastructure, we have the right team in place to execute on the opportunities ahead and we look forward to delivering even greater value to our customers suppliers, communities and shareholders.

在將電話轉給 Robyn 之前，我想重申我對 Core Main 的成長和利潤擴張機會的信心。我們已做好準備，從未來對美國老化水利基礎設施的投資中獲益，我們擁有合適的團隊來抓住未來的機遇，我們期待為我們的客戶供應商、社區和股東提供更大的價值。

Thank you for your continued support and trust in our vision. With that, I'll turn the call over to Robyn to walk through our financial results and outlook for the remainder of the year.

感謝您對我們願景的持續支持與信任。說完這些，我將把電話轉給羅賓，讓她介紹我們的財務表現和今年剩餘時間的前景。

Go ahead, Robyn.

繼續吧，羅賓。

Thanks, Mark. I'll start on Page 7 of the presentation with some highlights from our second quarter results. As Mark mentioned, we grew net sales nearly 7% in the quarter to $2.1 billion. Organic sales were up roughly 5% with the balance of growth coming from acquisitions. Prices continue to be flat overall, and our teams worked diligently to sustain pricing in an evolving tariff and end market environment.

謝謝，馬克。我將從簡報的第 7 頁開始介紹我們第二季業績的一些亮點。正如馬克所提到的，本季我們的淨銷售額成長了近 7%，達到 21 億美元。有機銷售額成長約 5%，其餘成長來自收購。價格整體保持平穩，我們的團隊努力在不斷變化的關稅和終端市場環境中維持價格。

In total, we estimate that our end markets grew in the low single digits range. We outperformed the market with significant sales growth and market share gains in our treatment plant and fusible high-density polyethylene initiatives.

總體而言，我們估計我們的終端市場成長率在個位數左右。我們的處理廠和可熔高密度聚乙烯計畫的銷售額和市佔率均大幅成長，表現優於市場。

Gross margin came in at 26.8%, up 10 basis points from the first quarter and up 40 basis points year-over-year. The sequential and year-over-year improvement were both largely driven by continued execution of our private label and sourcing initiatives and contribution from accretive acquisitions. SG&A expenses increased 13% this quarter to $302 million.

毛利率為26.8%，較第一季上升10個基點，較去年同期上升40個基點。連續和年成長主要得益於我們持續執行自有品牌和採購計劃以及增值收購的貢獻。本季銷售、一般及行政費用增加 13%，達到 3.02 億美元。

Roughly half of the $34 million increase was related to incremental costs from acquisitions and timing of onetime and other nonrecurring costs. The remainder was made up of volume-related growth, inflation and distribution-related costs and investments to drive future growth and market share gains.

3,400 萬美元增幅中約有一半與收購產生的增量成本以及一次性成本和其他非經常性成本的時間表有關。其餘部分由與數量相關的成長、通貨膨脹和與分銷相關的成本以及推動未來成長和市場份額成長的投資組成。

We implemented certain productivity and cost-out measures earlier this year, but with higher costs and inflation continuing to pressure our operating margins and our expectation of softer residential demand, we will be taking additional targeted cost reduction actions in areas that won't impact our ability to serve customers. Importantly, we will continue to make strategic investments to strengthen the business.

我們在今年稍早實施了一些生產力和成本削減措施，但由於成本上升和通貨膨脹繼續對我們的營業利潤率造成壓力，並且我們預計住宅需求將趨於疲軟，我們將在不會影響我們服務客戶能力的領域採取額外的有針對性的成本削減措施。重要的是，我們將繼續進行策略性投資以加強業務。

We're seeing strong results from our sales initiatives, and we have opportunities to accelerate that with additional investment. We intend to keep expanding through greenfield locations to better serve customers and capture share while also investing in technology solutions that improve efficiency and support long-term margin expansion.

我們的銷售計劃取得了顯著成果，我們有機會透過額外投資來加速這一進程。我們打算透過新建工廠繼續擴張，以更好地服務客戶、佔領市場份額，同時投資於提高效率和支持長期利潤率擴張的技術解決方案。

Interest expense was $31 million in the second quarter, down from $36 million in the prior year. The decrease was primarily driven by lower fixed and variable interest rates on our senior term loan credit facilities and lower average borrowings under our ABL credit facility. Our provision for income tax was $41 million compared to $42 million in the prior year. Our effective tax rate was 22.5% for the quarter versus 25% a year ago. The decrease in effective tax rate was primarily due to tax benefits associated with equity-based compensation.

第二季利息支出為 3,100 萬美元，低於去年同期的 3,600 萬美元。下降的主要原因是我們的高級定期貸款信貸額度的固定和浮動利率較低，以及我們的 ABL 信貸額度下的平均借款較低。我們的所得稅準備金為 4,100 萬美元，而前一年為 4,200 萬美元。本季我們的有效稅率為 22.5%，去年同期為 25%。有效稅率的下降主要是由於與股權薪酬相關的稅收優惠。

Adjusted diluted earnings per share increased approximately 13% to $0.87 compared to $0.77 in the prior year. The increase reflects higher adjusted net income as well as the benefit of a lower share count following our share repurchase activity across fiscal years 2024 and 2025.

調整後每股攤薄收益為 0.87 美元，較上年同期的 0.77 美元成長約 13%。這一增長反映了調整後淨收入的增加，以及我們在 2024 和 2025 財年進行股票回購活動後股票數量減少的好處。

We exclude intangible amortization because a significant portion of it relates to the formation of Core & Main following our leverage buyout in 2017. We believe adjusted diluted EPS better reflects the results of our operating strategy and the value creation we're delivering for shareholders. Adjusted EBITDA increased 4% to $266 million in the quarter, while adjusted EBITDA margin declined 40 basis points to 12.7%.

我們排除無形資產攤銷，因為其中很大一部分與我們 2017 年槓桿收購後 Core & Main 的形成有關。我們相信，調整後的稀釋每股盈餘更能反映了我們的經營策略的結果以及我們為股東創造的價值。本季調整後 EBITDA 成長 4% 至 2.66 億美元，而調整後 EBITDA 利潤率下降 40 個基點至 12.7%。

The decline in adjusted EBITDA margin was driven by higher SG&A as a percentage of net sales, which we are taking actions to optimize. Turning to the balance sheet and cash flow. We ended the quarter with net debt of $2.3 billion and net debt leverage of 2.4 times, within our stated goals. Total liquidity was $1.1 billion, consisting primarily of availability under our ABL credit facility. Net cash provided by operating activities was $34 million in the quarter, down from $48 million in the prior year.

調整後的 EBITDA 利潤率下降是由於銷售、一般及行政費用佔淨銷售額的百分比上升所致，我們正在採取措施進行優化。轉向資產負債表和現金流。本季末，我們的淨債務為 23 億美元，淨債務槓桿為 2.4 倍，符合我們既定的目標。總流動資金為 11 億美元，主要包括我們的 ABL 信貸安排下的可用資金。本季經營活動提供的淨現金為 3,400 萬美元，低於去年同期的 4,800 萬美元。

The decline was primarily due to higher investment in working capital, partially offset by higher net income, lower tax payments and timing of interest payments. During the second quarter, we returned $8 million to shareholders through share repurchases, bringing our total for the first half of fiscal 2025 to $47 million and reducing our share count by nearly 1 million shares.

下降的主要原因是營運資本投資增加，但淨收入增加、稅金支付和利息支付時間減少部分抵消了這一影響。在第二季度，我們透過股票回購向股東返還了 800 萬美元，使我們 2025 財年上半年的總回購額達到 4,700 萬美元，並將我們的股票數量減少了近 100 萬股。

As of today, we have $277 million remaining under our share repurchase program. Next, I'll cover our revised outlook for fiscal 2025 on Page 9. We are very pleased with our sales growth, gross margin expansion and capital allocation efforts through the first half of the year.

截至今天，我們的股票回購計畫還剩餘 2.77 億美元。接下來，我將在第 9 頁介紹我們對 2025 財年的修訂展望。我們對上半年的銷售成長、毛利率擴張和資本配置努力感到非常滿意。

However, higher operating costs and softer residential demand have resulted in operating margins coming in below our expectations. As a result, we are lowering our guidance to reflect current market conditions and higher operating expenses.

然而，營運成本上升和住宅需求疲軟導致營業利潤率低於我們的預期。因此，我們下調了預期，以反映當前的市場狀況和更高的營運費用。

We now expect net sales of $7.6 billion to $7.7 billion, adjusted EBITDA of $920 million to $940 million and operating cash flow of $550 million to $610 million. We expect end market volumes to be slightly down for the full year. Municipal end market volumes are expected to grow in the low single digits, nonresidential volumes are expected to be roughly flat and residential lot development is expected to decline in the low double digits.

我們現在預計淨銷售額為 76 億美元至 77 億美元，調整後 EBITDA 為 9.2 億美元至 9.4 億美元，營運現金流為 5.5 億美元至 6.1 億美元。我們預計全年終端市場銷量將略有下降。預計市政終端市場交易量將以低個位數成長，非住宅交易量預計將大致持平，而住宅地塊開發量預計將以低兩位數下降。

Residential volumes were soft in the quarter and have weakened further through August, consistent with our updated guidance. We still expect pricing to have a neutral impact on full year sales, and we remain on track to deliver 2 to 4 percentage points of above-market growth.

本季住宅交易量疲軟，並且在整個 8 月進一步減弱，這與我們最新的指導一致。我們仍然預計定價將對全年銷售額產生中性影響，並且我們仍有望實現高於市場 2 至 4 個百分點的成長。

We expect adjusted EBITDA margins in the second half of the year to be slightly lower than the first half, reflecting continued gross margin performance, offset by a softer residential market and a higher SG&A rate. In summary, we continue to execute our growth initiatives, expand gross margins and make the strategic investments needed to position the business for long-term success.

我們預計下半年調整後的 EBITDA 利潤率將略低於上半年，這反映了持續的毛利率表現，但被疲軟的住宅市場和更高的銷售、一般及行政費用率所抵消。總之，我們將繼續執行我們的成長計劃，擴大毛利率，並進行必要的策略性投資，以確保業務的長期成功。

We have favorable long-term demand characteristics across each of our end markets, many levers to drive organic above-market performance, a healthy M&A pipeline and numerous opportunities to improve operating margins.

我們在每個終端市場都有良好的長期需求特徵、許多推動有機高於市場表現的槓桿、健康的併購管道和大量提高營業利潤率的機會。

We are taking targeted actions to align the business with current demand trends and deploying capital to accelerate growth and enhance shareholder returns. We are confident in our ability to execute on the opportunities ahead, and we look forward to delivering even greater value to our customers, suppliers, communities and shareholders.

我們正在採取有針對性的行動，使業務與當前的需求趨勢保持一致，並部署資本以加速成長並提高股東回報。我們對自己抓住未來機會的能力充滿信心，並期待為我們的客戶、供應商、社區和股東創造更大的價值。

With that, we'll open it up for questions.

有了這些，我們就可以開始提問了。

(Operator Instructions)

（操作員指示）

Brian Biros of Thompson Research Group.

湯普森研究小組的 Brian Biros。

Hey, good morning. Thank you for taking my questions today. On the guidance changes, I guess, the adjustment to the resi outlook from flat to down low double digits looks to account for maybe a little bit more than the adjustment to total sales overall.

嘿，早安。感謝您今天回答我的問題。關於指導方針的變化，我猜，對住宅前景從持平到下降兩位數的調整看起來可能比對整體總銷售額的調整要多一點。

So, it seems like maybe there's something at least positive partially offsetting that resi impact? Maybe that's slightly better municipal market, maybe it's just recent M&A being added in. Can you just touch a little bit more on the puts and takes to the revenue guidance there? Because it seems like has more than just the resi impact to the top line.

那麼，似乎至少存在一些正面因素可以部分抵消這種影響？也許這是稍微好一點的市政市場，也許只是最近加入的併購。您能否再多談那裡的收入指導的投入和產出？因為它似乎不僅對營收產生影響。

Yeah, thanks, Brian, for the question. You're right. Resi is kind of the main driver for the reduction in the sales guide. We we're expecting that to be flat kind of earlier in the year.

是的，謝謝 Brian 提出這個問題。你說得對。Resi 是銷售指南減少的主要動力。我們預計今年早些時候這一數字將持平。

It has declined kind of during the quarter, continued to soften after the quarter, and we're expecting that to be in the low double digits range now. That's the majority of the decline there. And then we do have some other areas of bright spots on the top line that are offsetting some of that.

本季有所下降，季度結束後繼續走軟，我們預計現在將處於兩位數的低點範圍內。這就是那裡下降的大部分原因。然後，我們確實在收入方面有一些其他亮點，可以抵消其中的一些影響。

So, some of our sales initiatives continue to perform really well, like things like treatment plants, some of our fusible high-density polyethylene product lines are performing well. The municipal market remains strong with ample funding, and we're seeing a lot of demand there, too.

因此，我們的一些銷售計劃繼續表現良好，例如處理廠等，我們的一些可熔高密度聚乙烯產品線表現良好。市政市場依然強勁，資金充足，我們也看到那裡的需求很大。

So those are kind of the puts and takes on the top line with the revised guide.

這些就是修訂指南中最重要的內容。

Understood. And then second question for me, I guess, just the water category overall is kind of getting a lot of attention now. You just got to be a green initiative angle. Now it's seemingly a crucial part of the AI infrastructure build-out and kind of just the general reindustrialization trend. You have that in some of your prepared remarks and I think in the press release things about your technical expertise, your consistent execution, we need to share gains, focusing on the larger contractors.

明白了。對我來說，第二個問題是，我想，現在整個水類別都受到了許多關注。你只需要成為一個綠色倡議者。現在，它似乎是人工智慧基礎設施建設的關鍵部分，也是整體再工業化趨勢的一部分。您在一些準備好的發言中提到了這一點，我認為在新聞稿中也提到了您的技術專長、您的一貫執行力，我們需要分享收益，並專注於較大的承包商。

So I guess just bigger picture here kind of going forward, where do you see, I guess, the biggest opportunities for growth with the way the water market is evolving?

所以我想從更大的角度來看，隨著水市場的發展，您認為最大的成長機會在哪裡？

Thank you.

謝謝。

Yeah, Thanks, Brian. Great question. And I would tell you, we're obviously very favorable and overall water market. And we've really seen more and more demands for waters.

是的，謝謝，布萊恩。好問題。我想告訴你，我們顯然非常看好整個水市場。我們確實看到對水的需求越來越大。

You've seen these data centers going up in certain areas that need energy and water to satisfy those types of projects. So we're seeing the demands with projects like that. I think the value of water has improved. You're seeing rates passed at the local level more and more so that the municipalities are very healthy right now. And that's giving them more opportunities to get projects designed and ultimately improve the aging infrastructure, which is really the key piece that's really behind the multiyear tailwinds that we have in that municipal market.

您已經看到這些資料中心在某些地區建立，這些地區需要能源和水來滿足這些類型的專案。所以我們看到了此類項目的需求。我認為水的價值已經提高了。您會看到稅率越來越多地在地方層級通過，因此市政當局現在非常健康。這為他們提供了更多的機會來設計專案並最終改善老化的基礎設施，這實際上是我們在市政市場中多年順風的關鍵因素。

But then when you throw on top of that, some of the demands now for water, which are even more with some of these projects that are going on, obviously sets us up really well. And that's a big part of why we continue to invest in this business, invest in resources, invest in facilities. Those tailwinds are there. We're capturing a lot of those, as you're seeing in the municipal results. We're obviously facing some temporary headwinds here with the residential market being softer.

但是，如果再加上現在對水的需求，以及正在進行的一些項目帶來的更多需求，顯然，這對我們來說非常有利。這就是我們持續投資這項業務、投資資源、投資設施的重要原因。那些順風就在那裡。正如您在市政結果中看到的那樣，我們正在捕捉其中的許多資訊。由於住宅市場疲軟，我們顯然面臨一些暫時的阻力。

We're on the front end of a lot of this with lot development. Our results obviously go into the July period. So I think we're facing some of this a little earlier than some are seeing it on the residential side, but that municipal strength and then that strength that we're seeing with some of these projects in the nonresidential space like data centers is definitely helping offset some of that weakness.

我們在這方面處於領先地位，並進行了大量開發。我們的結果顯然進入了七月。因此，我認為我們面臨的這種情況比住宅方面的情況要早一些，但市政實力以及我們在非住宅領域（如數據中心）的一些項目所看到的實力肯定有助於抵消部分弱點。

Matthew Bouley of Barclays.

巴克萊銀行的馬修‧布萊 (Matthew Bouley)。

Hey, good morning guys. Thank you for taking the questions. So just a question on the, I guess, the makeup of the guide. So at the midpoint, I guess, revenue cut by $50 million and EBITDA cut by $45 million, so I guess I hear you on the higher operating expenses but then you're also taking these targeted cost actions as well.

嘿，大家早安。感謝您回答這些問題。所以我猜這只是關於導遊的構成的一個問題。因此，我猜中間值是收入減少了 5000 萬美元，EBITDA 減少了 4500 萬美元，所以我想我聽到了您關於營運費用增加的消息，但您也採取了這些有針對性的成本行動。

So is it more -- it just simply takes a lot of time to get these cost actions into place, you mentioned more of a 2026 impact, I believe. Or is the kind of maybe changed mix of business with residential a lot weaker impacting the margin as well? I guess just what else would explain that kind of larger decremental EBITDA margin?

那麼，更重要的是——只是需要花費大量時間才能將這些成本行動落實到位，我相信您提到的更多的是 2026 年的影響。或者商業與住宅的組合可能會發生很大變化，對利潤率產生較大影響？我想還有什麼可以解釋 EBITDA 利潤率如此大幅下降的原因呢？

Yeah, Thanks, Matt. Yes, we are taking cost out. We have already taken some costs out. We started taking some out in the first quarter.

是的，謝謝，馬特。是的，我們正在降低成本。我們已經扣除了一些成本。我們在第一季就開始撤出一些。

We continue to do so in the second quarter. There is some kind of stubborn inflation and other higher cost areas that are continuing to offset some of that. So we will continue to do additional cost-out actions. We will see some of that in the second half, but the larger majority of that will be seen into FY '26. We -- some of the cost-out actions that we made earlier in the year in our fire protection product line that was experiencing some softness given some -- the market pressures on nonresidential at that time and also the steel pricing pressures that we were seeing in the fire protection.

我們在第二季繼續這樣做。存在某種頑固的通貨膨脹和其他成本較高的領域，這些因素正在繼續抵消其中的一些影響。因此，我們將繼續採取額外的成本削減措施。我們將在下半年看到其中的一些，但大部分將在 2026 財年看到。我們在今年稍早對消防產品線採取了一些成本削減措施，由於當時非住宅市場的某些壓力以及我們在消防領域看到的鋼材價格壓力，我們的消防產品線出現了一些疲軟。

That has since rebounded. So we took some cost out earlier in the year. It was very targeted to certain areas that we knew wouldn't disrupt the business, and now we're seeing that recovery, and we're well positioned for that.

此後，這一數字已出現反彈。因此我們在今年早些時候削減了一些成本。它針對的是我們知道不會擾亂業務的某些領域，現在我們看到了復甦，我們已經準備好了。

So we'll continue to do additional cost out targeted actions that won't impact our ability to service our customers or service growth. We'll continue to make investments in growth and Mark and I have been around the business for a long time.

因此，我們將繼續採取額外的成本有針對性的行動，這些行動不會影響我們為客戶提供服務的能力或服務成長。我們將繼續對成長進行投資，馬克和我已經在這個行業工作很長時間了。

So we kind of know where those cost actions can come out and where we need to make investments.

因此，我們知道這些成本行動會出現在哪裡以及我們需要在哪裡進行投資。

Okay. Got it. And then secondly, just on residential, specifically, obviously, a fairly substantial change to the outlook over the past relative to 90 days ago. So I guess what I'm trying to get at is, sort of, a, your visibility into that end market; and b, maybe how did residential look during both Q1 and Q2? You're talking about kind of low double digits.

好的。知道了。其次，僅就住宅而言，具體而言，與 90 天前相比，過去的前景顯然發生了相當大的變化。所以我想我想了解的是，a，你對終端市場的了解程度；b，第一季和第二季的住宅市場表現如何？你說的是低兩位數。

I'm wondering if the expectation is that it would weaken a lot further in the second half? And so, yes, just any color on the kind of cadence of residential? And then just more specifically, what you're hearing from customers in that group? Thank you.

我想知道是否預計下半年它會進一步走弱？那麼，是的，任何顏色都可以成為住宅的節奏嗎？那麼更具體地說，您從該群體的客戶那裡聽到了什麼？謝謝。

Yeah, Thanks, Matt. On the residential side, as we kind of work our way into 2025 really felt like that market was going to be flat overall as we got into the first quarter. And we actually saw some pretty, I'd say, decent residential performance in Q1, obviously wasn't great, but we at least saw some projects going earlier in the year and obviously had a really good first quarter, and some of that was just, I'd say, better performance there than we expected. If you go back to Q1, we were well over our consensus and expectations on the top line.

是的，謝謝，馬特。在住宅方面，隨著我們進入 2025 年，我們確實感覺到進入第一季時市場總體將持平。事實上，我們在第一季看到了一些相當不錯的住宅表現，顯然不是很好，但我們至少看到一些項目在今年早些時候開始，而且顯然第一季表現非常好，其中一些表現比我們預期的要好。如果回顧第一季度，我們的營收表現遠遠超出了共識和預期。

And really what we saw as we got into Q2, really saw residential weaken really throughout the quarter. We definitely started to hear some of those signs at the end of the first quarter, but it was more of like scaling back some projects and frankly, just continue to weaken as we got throughout Q2 and definitely into August, as Robyn had mentioned.

進入第二季後，我們確實看到住宅市場在整個季度確實出現疲軟。我們確實在第一季末開始聽到一些這樣的跡象，但這更像是縮減一些項目，坦白說，正如羅賓提到的那樣，隨著我們進入第二季度，尤其是在 8 月份，這種跡象會繼續減弱。

So that residential really kind of whipsawed from Q1 into Q2. We do think low double digit is the right way to look at it from here through the end of 2025. Obviously, we're expecting some kind of rate cut here in September.

因此，從第一季到第二季度，住宅市場確實出現了大幅波動。我們確實認為，從現在到 2025 年底，低兩位數的成長速度是正確的。顯然，我們預期九月會出現某種形式的降息。

I think that's starting to be reflected a little bit on the mortgage rate side, but we're definitely not seeing the investments in the infrastructure from the builders. That's kind of been a mixed bag. Some are investing in land, some aren't.

我認為這在抵押貸款利率方面開始有所體現，但我們肯定沒有看到建築商對基礎設施的投資。這真是好壞參半。有些人投資土地，有些人則沒有。

Definitely, we're not seeing the level of lot development going in to those at this point. So it's -- the results that we're seeing, I think, are kind of reflective of what obviously we're hearing from the customers and the scaling down is definitely what we felt in Q2.

毫無疑問，我們目前還沒有看到這些地塊的開發水準。所以，我認為，我們看到的結果在某種程度上反映了我們從客戶那裡聽到的回饋，而規模縮減確實是我們在第二季感受到的。

So we'll work through that. Obviously, we think there's continued significant pent-up demand that, that's just creating. At some point, that's going to release, and we want to be well positioned to capture that when it does

所以我們會努力解決這個問題。顯然，我們認為仍有大量被壓抑的需求正在產生。在某個時候，它會發布，我們希望能夠做好準備，抓住這個機會

Got it. Okay, thanks, Mark. Good luck, guys.

知道了。好的，謝謝，馬克。祝你們好運，夥計們。

David Manthey of Baird.

貝爾德的 David Manthey。

Thank and you might have just answered this in relation to 1 of Matt's questions there, but what was the residential market in the first half in terms of growth rate? And then your down low double-digit outlook, what does that imply for the back half?

謝謝，您可能剛剛回答了馬特的一個問題，但上半年住宅市場的成長率是多少？那麼，您預測的低兩位數成長率對於下半年意味著什麼？

Yeah, thanks, Dave. I'd say for the first half of the year, it was kind of down low -- or down mid-single digit to high single digit. And in the second half, obviously, I think that's overall going to be low double digit, slightly worse, just to get to the low double digit over the full year.

是的，謝謝，戴夫。我想說，今年上半年，它的成長率有點低——或者說是下降了中個位數到高個位數。而在下半年，顯然，我認為整體而言將會是低兩位數，稍微差一點，只是為了達到全年低兩位數的水準。

Got it. Okay. And then maybe back on the SG&A side. I think last quarter, you said that your organic revenues were up mid-single digits and organic same-store SG&A was up 4% year-over-year. Could you provide those organic figures for this quarter as well, so we can compare that?

知道了。好的。然後也許再回到銷售、一般及行政費用方面。我想上個季度，您說過您的有機收入成長了中等個位數，有機同店銷售、一般及行政費用年增了 4%。您能否也提供本季的有機數據，以便我們進行比較？

Yeah, Dave, when you think about how M&A impacted us in the quarter, it contributed about 2 points of growth to the top line. And then if you think about our growth in SG&A for a total company, it contributed about 3 points of that overall growth.

是的，戴夫，當你想到併購在本季對我們有何影響時，它為營收貢獻了約 2 個百分點的成長。然後，如果你考慮我們整個公司的銷售、一般和行政費用的成長，它對整體成長的貢獻約為 3 個百分點。

Okay. And then also last quarter, thinking about operating expenses, I believe you sort of implied you're expecting to see improving SG&A as a percentage of sales each quarter as we move through the year, which, on the old forecast, I think, sort of implied lower dollars each quarter.

好的。然後，同樣是上個季度，考慮到營運費用，我相信您暗示，隨著我們全年的發展，您預計每個季度的銷售、一般和行政費用佔銷售額的百分比都會有所提高，而根據舊的預測，我認為，這暗示著每個季度的銷售額都會下降。

But assuming no major M&A from here, do you think that the second quarter will be the high watermark for SG&A dollars this year as you implement these cost-out actions and normal seasonality impacts those numbers?

但假設現在沒有重大的併購，您是否認為，當您實施這些成本削減措施並且正常的季節性因素影響這些數字時，第二季將成為今年銷售、一般和行政費用的最高水位？

Yeah, Dave, we do. We've got -- as we talked about M&A and the record year we had in M&A that we did in the prior year, we've got a lot of opportunities there on the synergies. Those are things that we're working through. So we expect to continue to work through those and get some of those synergies recognized in the back half of the year and into FY '26. There were some onetime items in the second quarter that we don't expect to continue.

是的，戴夫，我們確實這麼做了。正如我們談到併購以及去年我們在併購方面創下的紀錄一樣，我們在協同效應方面有很多機會。這些都是我們正在努力解決的事情。因此，我們希望繼續努力，並在今年下半年和 26 財年實現部分協同效應。我們預計第二季的一些一次性項目不會繼續下去。

So that's contributing to a little bit higher SG&A kind of rate and dollars in the quarter. And so with those things combined, we do expect to start seeing some progress on SG&A. And we do have some seasonality in there, but when you look at the SG&A rate year-over-year, each quarter, we do expect that to kind of improve sequentially as we go throughout the rest of this year.

因此，這導致本季銷售、一般及行政費用率和金額略有上升。因此，綜合考慮這些因素，我們確實希望看到銷售、一般和行政費用方面取得一些進展。這其中確實存在一些季節性因素，但當你查看每個季度的同比銷售、一般和行政費用率時，我們確實預計，隨著今年剩餘時間的推移，這一情況會逐步改善。

Yeah, Okay. And if I could sneak 1 more in here as talking about all the seasonality and 2025 being an unusual year in terms of lack of acquisitions versus all the deals you've done historically, when you think about normal seasonality ex acquisitions, sort of the organic progression, how do you think about that? Do you think about it in terms of percentage of total full year sales per quarter? Do you think of sort of quarter-to-quarter growth rate?

是的，好的。如果我可以在這裡再偷偷加一句，談論所有的季節性因素，並且 2025 年是與您歷史上進行的所有交易相比缺乏收購的不尋常的一年，當您考慮正常的季節性因素（不包括收購）時，這是一種有機進展，您怎麼看？您是否以每季佔全年總銷售額的百分比來考慮這個問題？您認為季度成長率如何？

How do you think about the seasonality? And if you could just give us an idea of what we should expect this year because of the fact that you're very few or no acquisitions other than this Canada deal you just announced?

您如何看待季節性？由於除了剛剛宣布的加拿大交易之外，你們幾乎沒有其他收購，您能否告訴我們今年的預期是什麼？

Yeah, Dave, I'll give you some color around that. So the -- I would think about the second and the third quarter are typically similar size wise. And then we typically see about a 15% to 20% decline in the top line from the third quarter to the fourth quarter. You can see a little bit of uplift in the first quarter from the fourth quarter, but those are typically pretty well in line.

是的，戴夫，我會給你一些關於這方面的詳細資訊。所以——我認為第二季和第三季的規模通常相似。然後我們通常會看到從第三季到第四季營業收入下降約 15% 至 20%。您可以看到第一季比第四季略有上升，但總體而言，這些成長趨勢相當一致。

So it is a pretty kind of standard bell curve of the second and third quarter being the highest with it being a 15% to 20% decline from there ex any M&A activity.

因此，這是一個相當標準的鐘形曲線，第二季和第三季達到最高點，此後除併購活動外，下降 15% 至 20%。

Got it. Thank you very much.

知道了。非常感謝。

Sam Reid of Wells Fargo

富國銀行的 Sam Reid

Awesome thanks so much. I wanted to touch on your updated guide perhaps from a slightly different perspective. Just on the second half EBITDA margins, so it sounds like you're still expecting favorable year-over-year gross margin, if I heard correctly, Robyn.

太棒了，非常感謝。我想從稍微不同的角度談談您更新的指南。僅就下半年的 EBITDA 利潤率而言，如果我沒聽錯的話，羅賓，聽起來你仍然預計同比毛利率會很好。

But can you talk about what that looks like sequentially on the gross margin line relative to Q2, so just basically the guide path for gross margin as we look into Q3 and Q4?

但是，您能否談談與第二季相比，毛利率的連續變化情況，以及當我們展望第三季和第四季時，毛利率的指導路徑？

Yeah, we're expecting it to be stable, which would imply up in the 20 basis points range for the second quarter for gross margins. But our gross margin initiatives are performing very well. Private label has been performing well. Sourcing has been performing very well.

是的，我們預計它將保持穩定，這意味著第二季的毛利率將上升 20 個基點。但我們的毛利率舉措表現非常好。自有品牌表現良好。採購表現一直很好。

We expect to continue to make improvements on gross margins. But I would say, as we think about the back half of the year, we're thinking about it as stable to the second quarter. We've made a lot of progress in gross margins kind of already in the first half of the year and expect to see those trends continue and be stable in the second quarter or second half?

我們預計毛利率將持續提高。但我想說，當我們考慮下半年時，我們認為它會穩定到第二季。我們上半年的毛利率已經取得了很大進步，預計這一趨勢將在第二季或下半年繼續保持穩定？

That helps. And then as a follow-up. So one, could you just give us a rough sense as to the size of private label today, perhaps how much you were able to grow that in the second quarter relative to the first quarter? And then just a follow-up on the SG&A optimization initiatives. Could you just offer up some perspective on sizing those, just so we have a rough sense as to where you're going to exit the year into 2026? Thanks.

這有幫助。然後作為後續行動。那麼，您能否大致介紹一下目前自有品牌的規模，例如第二季相對於第一季成長了多少？然後只是對銷售、一般及行政費用 (SG&A) 優化措施的後續跟進。您能否提供一些關於這些規模的看法，以便我們大致了解您將在 2026 年達到什麼水平？謝謝。

Yeah, On the private label piece, as Robyn mentioned, we made some really good progress there, continue to to drive that through the business. Right now, it's about 4% of our revenue, but I'd say steadily growing and expect that to be even more as we exit 2025. So very pleased with the new products we've introduced. The pull-through to the branch network has been strong.

是的，正如羅賓所提到的，在自有品牌方面，我們取得了一些非常好的進展，並將繼續推動這項業務。目前，它約占我們收入的 4%，但我認為它會穩定成長，預計到 2025 年，這一數字還會更高。對我們推出的新產品非常滿意。對分支網路的拉動非常強勁。

And if we get a little help from the volume in the second half, we'll get -- really make even more progress on pulling some more private label through. And I'll let Robyn cover the question.

如果我們在下半年獲得一些銷售方面的幫助，我們將在推出更多自有品牌方面取得更大的進展。我會讓羅賓來回答這個問題。

I think, Sam, your question was on the sourcing side, right? We've made a lot of progress there, too. So we.

我認為，山姆，你的問題是關於採購方面的，對嗎？我們在那裡也取得了很大進展。所以我們。

It was on the sizing of the SG&A and.

這是關於銷售、一般及行政費用的規模。

Okay. Sorry about that. Yes, let me give you a little bit of color on that on the cost-out actions. So acquisition synergies is a big part of that and a big area that we have begun taking costs out there, and we've got a lot of opportunity. We've talked about that taking quite a bit of time to get as we integrate these businesses.

好的。很抱歉。是的，讓我稍微介紹一下成本削減措施給你。因此，收購綜效是其中很重要的一部分，也是我們開始降低成本的重要領域，我們有很多機會。我們說過，整合這些業務需要花費相當長的時間。

We've got a lot of controllable spend reductions that we've been working on with things like travel and over time. One thing that we've done a really good job on as a business is managing headcount and any of those controllable expenses. So the sizing of it is really inflation related. Some of our incentive comp increases are a little bit larger given the improvement on gross margin. And so those are some of the big areas that we're looking at.

我們一直在努力減少許多可控的開支，例如差旅費和加班費。作為一家企業，我們做得非常好的一件事就是管理員工人數和任何可控的開支。因此，其規模確實與通貨膨脹有關。鑑於毛利率的提高，我們的一些激勵補償增幅略有增加。這些就是我們正在關注的一些重要領域。

And as you look at the back half of the year, the SG&A rate is a little bit higher than the first half just given some of these inflationary and trends that we're seeing there.

而當你回顧下半年時，你會發現銷售、一般和行政費用率比上半年略高，這是由於我們看到的一些通貨膨脹和趨勢。

That helps. Thanks so much. I'll pass it on.

這有幫助。非常感謝。我會傳達的。

Mike Dahl of RBC.

加拿大皇家銀行的麥克達爾。

Good Morning, thanks for taking my questions. Sorry to keep harping on the SG&A. But in terms of the actual variance versus expectations, you've noted some things were even more pronounced. Can you just be more specific on what came in worse than expected? And then back to the question of kind of segment actions, when you think about all those different actions, do you have a good way of giving us kind of roughly how much is headcount related versus kind of fleet and infrastructure related in terms of the cost outs?

早上好，感謝您回答我的問題。抱歉，我一直在談論銷售、一般和行政費用。但就實際差異與預期而言，您已經注意到有些事情更加明顯。您能否更具體地說明哪些情況比預期的更糟？然後回到細分行動的問題，當您考慮所有這些不同的行動時，您是否有一個好的方法可以告訴我們，就成本支出而言，員工人數與車隊和基礎設施相關的成本大致有多少？

Yeah, thanks, Mike. Let me break down a little bit for you the kind of the contribution in the quarter. So if you think about the 13% increase in SG&A over the year, what we talked about was about half of that was M&A related, kind of onetime nonrecurring items. So if you think about that 13% growth, about 3 points of that was M&A and that's an area, like I said, we've got synergy opportunities there.

是的，謝謝，麥克。讓我為您稍微分解本季的貢獻類型。因此，如果您考慮到銷售、一般和行政費用 (SG&A) 在過去一年中增長了 13%，我們討論的是其中大約一半與併購相關，屬於一次性非經常性項目。因此，如果你考慮 13% 的成長，其中大約 3 個百分點來自併購，就像我說的，這是我們在那裡獲得協同效應機會的領域。

About 1 point of that growth was related to some onetime items, some changes that we're making to improve performance over time. Those are things like retention and severance and relocations. And then we had about 2 points of, I would call it, a surge in the quarter related to just some higher medical claims, insurance costs, things like that, that are a little bit unusual and had some timing impacts in the quarter.

其中約 1 個百分點的成長與一些一次性項目有關，這些項目是我們為逐步提高績效而進行的一些改變。這些是諸如留任、遣散和搬遷之類的事情。然後，我們在本季度出現了大約 2 個點的激增，我稱之為與一些更高的醫療索賠、保險成本等相關的激增，這些有點不尋常，並且對本季度產生了一些時間影響。

So that's kind of the first half. The second half of the SG&A increase year-over-year was a lot of items related to increased volume, inflation and investments that we're making into the business.

這就是前半部。下半年銷售、一般及行政費用較去年同期成長的原因有很多，包括銷售成長、通貨膨脹以及我們對業務的投資。

So I mentioned incentive compensation that's up more than our sales just given our gross margin enhancement and the nature of those compensation plans, that's worth about 1 point. We've seen a lot of inflation on our facilities and fleet. That's worth about 1 point. On the medical side and some of those insurance claims, we've seen a lot of inflation in that area. We've seen some higher cost claims that's worth about 2 points.

因此，我提到激勵薪酬的增幅超過了我們的銷售額，考慮到我們的毛利率提高和這些薪酬計劃的性質，這大約值 1 個百分點。我們的設施和車隊都出現了嚴重的通貨膨脹。這大約值 1 分。在醫療方面和一些保險索賠方面，我們看到該領域出現了大量通貨膨脹。我們看到一些成本更高的索賠，價值約為 2 分。

And then we've got a little bit of a difference in the way that the equity-based compensation is showing up. We've just got a new run rate there with three years of vesting. So that's worth about 1 point. And then like Mark and I said, we're going to continue to make investments in growth. So we feel good about the long-term dynamics of this business.

然後，我們在股權薪酬的呈現方式上發現了一點差異。我們剛剛獲得了三年歸屬期的新運行率。所以這值大約 1 分。然後就像馬克和我說的，我們將繼續投資成長。因此，我們對該業務的長期發展前景感到樂觀。

We're continuing to make investments in greenfields, investments in growth initiatives, investments in technology, and that's worth about a couple of points as well. So that kind of gives you the breakdown for that 13% growth that we saw in the quarter versus what we consider M&A and onetime versus kind of more structural related to volume and inflation.

我們將繼續對綠地、成長計畫和技術進行投資，這也值得幾分。因此，這可以讓你了解我們在本季度看到的 13% 的增長與我們認為的併購和一次性增長以及與數量和通貨膨脹相關的更具結構性的增長之間的區別。

Some of those inflation items were a lot higher than we were expecting. And so that's what we need to work to offset. So we've got several million dollars of cost-out actions that have been executed in the first half of the year.

其中一些通膨項目遠高於我們的預期。這就是我們需要努力去抵銷的。因此，我們在今年上半年已經實施了數百萬美元的成本削減措施。

I'd say we've got a meaningful amount of actions that are in process that we're working through. And we have -- to date, we have already managed headcount very well. It's not up much on a year-over-year basis. It's kind of more in that flatter range. And we'll take a look at that, but we're looking at areas where we can maybe not backfill where we can have some selective hiring where we have underperforming areas where we can take some cost out there.

我想說，我們正在採取大量有意義的行動。到目前為止，我們已經很好地管理了員工人數。與去年同期相比，成長幅度並不大。它更處於更平坦的範圍內。我們會對此進行研究，但我們正在研究可能無法填補的領域，我們可以進行選擇性招聘，在表現不佳的領域，我們可以降低一些成本。

But we've got -- we feel like we've got a lot of levers to pull here on the SG&A side. We're going to get it under control and offset some of this inflation. But we're also going to continue to make some of those investments for growth because of the long-term market dynamics.

但我們覺得我們在銷售、一般和行政費用方面有很多可以利用的槓桿。我們將控制通貨膨脹並抵消部分通貨膨脹。但由於長期的市場動態，我們也將繼續進行一些投資以實現成長。

Okay. Got it. My second question just on the pricing. I think you said it was neutral. Can you just give us a better sense of kind of how the commodity side trended through the quarter into 3Q?

好的。知道了。我的第二個問題是關於定價。我認為你說它是中性的。您能否讓我們更了解一下第三季大宗商品的趨勢？

And as you think about kind of natural and better for the year, just more elaborate a little more on what you're seeing on finished goods versus commodity right now?

當您考慮今年的自然和更好的情況時，您能否更詳細地說明您現在看到的成品與商品的情況？

Yeah, Mike, I'll take that one. On the pricing side, it kind of played out exactly the way we thought it would, neutral for the quarter. We did see some increases come through related to some of the, I call them, the non-pipe related products, some of which are imported by our suppliers.

是的，麥克，我會接受這個。在定價方面，它的表現與我們想像的完全一致，本季保持中性。我們確實看到一些與非管道相關產品相關的產品價格上漲，其中一些產品是由我們的供應商進口的。

There's a little bit of tariff, probably increase there into some of those prices that some of the suppliers passed along to start the year, which ultimately offset some of the moderating of the water -- larger diameter water PVC pipe that we have. We saw some moderation of that pricing through the first half of the year.

有一些關稅可能會增加，一些供應商在年初傳遞的價格可能會增加，這最終抵消了水的調節作用——我們擁有更大直徑的 PVC 水管。我們看到今年上半年價格有所緩和。

That will be likely a little bit of a headwind into the second half these other product categories that have seen increases has effectively offset that and expect that to continue to be stable, like we've talked about for a while.

這可能會對下半年造成一點阻力，但其他產品類別的銷售成長有效地抵消了這一影響，預計銷量將繼續保持穩定，就像我們之前談到的那樣。

Okay, that's fine.

好的，沒問題。

Yeah.

是的。

Collin Verron of Deutsche Bank.

德意志銀行的科林·維隆。

Good morning, thank you for taking my questions. My First, I just wanted to touch on the meter sales. It was a bit surprising just given the magnitude, you called out some project delays. I guess how much of the decline do you think was due to project delays? And what are your expectations for meter sales through the rest of the year? And sort of how you're thinking about long-term growth in that category still?

早上好，感謝您回答我的問題。首先，我只想談談電錶銷售。考慮到規模之大，你竟然指出一些項目延期，這確實有點令人驚訝。我猜您認為下降的程度有多少是由於專案延遲造成的？您對今年剩餘時間的電錶銷售情況有何預期？那麼您如何看待該類別的長期成長？

Yeah, sure. Thanks for the question. I would tell you on the meter side that the primary driver of the somewhat small decline in the quarter was the substantial growth we saw last year. We were up 48% in a quarter on meter sales. So that just gives you the magnitude of the initiative that we're driving there.

是的，當然。謝謝你的提問。我想告訴你，在電錶方面，本季略有下降的主要原因是我們去年看到的大幅成長。本季我們的電錶銷售額成長了 48%。這足以說明我們在此推動的舉措的規模。

And that performance last year was really, really strong. We did have some meter delays in the quarter. But really, I think the way to think about that is really just created a nice backlog for us that we expect to ship out in the back half of the year.

去年的表現確實非常強勁。本季我們確實遇到了一些儀表延遲的情況。但實際上，我認為這樣思考實際上只是為我們創造了一個很好的積壓訂單，我們預計將在今年下半年發貨。

The double color and you guys also talked about some greenfield opportunities here. I guess how should we think about the decision between greenfield and M&A and sort of the expenses associated with opening these branches and how quickly they ramp to sort of the company average metrics?

雙色和你們也談到了這裡的一些綠地機會。我想我們應該如何考慮在綠地投資和併購之間做出決定，以及開設這些分支機構的相關費用以及它們達到公司平均指標的速度有多快？

Yeah, sure. When we think about greenfields, we think about those in conjunction with M&A. So as we look across the US and Canada for priority markets, we're evaluating both of those opportunities. So is there an M&A opportunity, is there a greenfield opportunity, both are very attractive to us.

是的，當然。當我們考慮綠地時，我們會將其與併購聯繫起來考慮。因此，當我們在美國和加拿大尋找優先市場時，我們正在評估這兩個機會。那麼是否存在併購機會，是否有綠地機會，兩者對我們來說都非常有吸引力。

We've been able to generate really strong returns, whether we do a greenfield or an acquisition, obviously, do an acquisition, you're going to pick up that revenue and profitability much quicker. Greenfields will take a little longer, but typically, we're breaking even within the first couple of years and expect to be at kind of the company average in 3 to 5.

我們已經能夠產生非常強勁的回報，無論我們進行綠地投資還是收購，顯然，進行收購，您將更快地獲得收入和盈利能力。Greenfields 需要更長的時間，但通常情況下，我們會在前幾年內實現收支平衡，並預計在 3 到 5 年內達到公司平均水平。

So, there is a little bit of ramp-up in cost when you do greenfields. We're definitely accelerating our greenfield strategy with, I'd say, a renewed focus on driving our organic core growth in the business. And expect that you'll continue to see greenfields open up throughout the country in these priority markets as we review them and continue to have a nice, healthy pipeline of M&A as well that we're evaluating.

因此，當你進行綠地開發時，成本會稍微增加。我想說的是，我們肯定會加速我們的綠地策略，並重新將重點放在推動業務的有機核心成長。我們希望，隨著我們對這些重點市場進行審查，您將繼續看到全國各地出現新的發展機遇，我們也將繼續評估良好、健康的併購管道。

So we like having both of those levers as we look at those priority markets.

因此，當我們關注這些優先市場時，我們希望同時擁有這兩個槓桿。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Thanks.

謝謝。

Patrick Baumann of JPMorgan.

摩根大通的派崔克‧鮑曼。

Oh hi, good morning, Lot's been covered already. Just wanted to go back to the resi side quickly. So the move from flat to down low double, it just seems like a bigger revision than what we've seen from the starts data, so from that perspective. Just trying to understand, was there like an overbuild of lots that are now being reduced to at a greater magnitude than what we're seeing in starts? Maybe just address where lot development stands today to provide some context versus history and for the revision?

哦，嗨，早上好，Lot 已經被覆蓋了。只想快點回到住處。因此，從平穩到低雙的轉變，似乎比我們從開始資料中看到的修改更大，所以從這個角度來看。只是想了解一下，是否有過度建設的情況，而現在減少的程度比我們看到的開工程度還要大？也許只是解決目前地段開發的情況，以提供一些背景與歷史以及進行修訂？

Yeah, sure. If you go back again to the early part of the year, we felt it was going to be flat. That did kind of worsened throughout the first half of the year. I would say we probably saw some buildup and develop lots in the earlier part of the year, obviously, single-family starts has not really met that early expectation even though it was only kind of guided to at flat. So I think that's part of it.

是的，當然。如果回顧今年年初，我們感覺情況將會持平。今年上半年，這種情況確實有惡化。我想說，我們可能在今年早些時候看到了一些建設和開發項目，顯然，儘管只是引導單戶住宅開工量持平，但其開工量並沒有真正達到早期的預期。所以我認為這是其中的一部分。

Obviously, we've seen a phasing down of a lot of these projects. And then we did see in parts of the country where we have performed really well, frankly, in parts of Florida and the Southeast, which were pretty hot markets for a while, which was helping kind of keep resi kind of in at least that flat territory really fall off as we got into late in the Q2 and here to start Q3. So we've definitely seen the activity weaken on the lot side.

顯然，我們已經看到很多此類項目正在逐步減少。然後，我們確實看到，在部分地區，我們的表現確實很好，坦白說，在佛羅裡達州和東南部的部分地區，這些地區在一段時間內都是非常熱門的市場，這有助於將房地產保持在至少平穩的範圍內，隨著我們進入第二季度末期和第三季度初，房地產市場確實出現下滑。因此，我們確實看到地段方面的活動減弱了。

And we'll see -- ultimately when those developers decide to reinvest and get that going, I wouldn't say there's a a significant amount of developed lots, but there's definitely been an increase there just given the slowdown that we've seen in single family. But again, I believe that is temporary. We'll work through that this period of time.

我們將會看到——最終當這些開發商決定重新投資並開始行動時，我不會說會有大量已開發的地塊，但考慮到我們在單戶住宅領域看到的放緩，開發地塊的數量肯定會有所增加。但我再次相信這只是暫時的。我們會利用這段時間來解決這個問題。

And then we're going to be really well positioned to capture that growth as it comes back as these rates ease, you're seeing lumber prices drop, some of these things may ultimately lend themselves to better affordability, and we'll see that pent-up demand release.

然後，隨著利率下降，木材價格下降，其中一些最終可能有助於提高人們的負擔能力，我們將處於非常有利的位置來抓住這種增長機會，我們將看到被壓抑的需求得到釋放。

Okay. And then on the acquisition you did, just to clean up here, I assume that's not in the guidance since it hasn't closed. Any perspective on size of that deal? And then any update on how the pipeline for M&A looks these days?

好的。然後，關於您所做的收購，只是為了清理一下，我認為這不在指導範圍內，因為它還沒有完成。您對該交易的規模有何看法？那麼，目前併購通路的進度如何？有什麼最新消息嗎？

Yeah, sure, Pat. The acquisition we did in Canada was a three-branch acquisition with two locations around Toronto and another one in Ottawa. And those -- I would say, those branches are typical kind of branch size for us and kind of $15 million range and really excited about that 1 that really builds a great platform for us to grow from in Canada. That's now the second acquisition we've completed there.

是的，當然，帕特。我們在加拿大進行的收購涉及三家分店，其中兩家位於多倫多，另一家位於渥太華。我想說的是，這些分支機構的規模對我們來說是典型的，大約在 1500 萬美元左右，我真的很高興看到它為我們在加拿大的發展建立了一個很好的平台。這是我們在那裡完成的第二次收購。

I think it gives us a really good opportunity to not only build on the synergies there that we think we can bring, but start to put in some greenfields in Canada as well. So expect some continued growth there.

我認為這給了我們一個很好的機會，不僅可以在那裡發揮我們認為可以帶來的協同效應，還可以開始在加拿大投資一些綠地。因此預計那裡將繼續增長。

So one that we're really excited about, we got a great management team with that one and is really going to allow us to capture a lot of that addressable market in Canada that just hasn't been available for us before. And then the pipeline continues to be healthy. We've got a series of deals that we're looking at right now, I'd say, in various stages and varying sizes. We've got a lot of different opportunities that we're evaluating right now and really excited about it. Obviously, we absorbed a lot of M&A from the 2024 year.

因此，我們對此感到非常興奮，我們擁有一支優秀的管理團隊，這將使我們能夠佔領加拿大許多以前我們無法觸及的潛在市場。然後管道繼續保持健康。我想說，我們目前正在考慮一系列處於不同階段、規模各異的交易。我們現在正在評估許多不同的機會，並對此感到非常興奮。顯然，從 2024 年開始我們吸收了大量的併購。

You see get this 1 announced in Canada and excited to continue to drive that part of our growth strategy as we go forward.

您會看到我們在加拿大宣布了這一消息，並且很高興能夠在我們前進的過程中繼續推動這一部分的成長策略。

Anthony Pettinari of Citi.

花旗銀行的安東尼‧佩蒂納裡。

This is Asher Sohnen on for Anthony. I just wanted to ask about the current kind of competitive environment, if that's changed at all from the prior quarter. Maybe there's industry response to kind of resi demand slowing? Just any thoughts on competitive environment?

這是 Asher Sohnen 代替 Anthony 上場。我只是想問一下當前的競爭環境，與上一季相比是否有所變化。也許是產業對房地產需求放緩做出了反應？對競爭環境有什麼看法？

Yeah, thanks for the question. I would tell you there's been no real meaningful change in the competitive environment. It's been pretty typical for several quarters, expect it to continue. Along those lines, we've had, I'd say, in some very limited markets across the US.

是的，謝謝你的提問。我想告訴你，競爭環境並沒有發生真正有意義的改變。幾個季度以來，這種情況一直很典型，預計還會持續下去。按照這樣的思路，我想說，我們在美國的一些非常有限的市場上已經取得了成功。

We've had some regional competitors kind of going after each other pretty good, which frankly, plays right into our hands. I think our customers like the stability that the Core & Main brings, both in service and value. And overall, it's been, I'd say, pretty typical kind of competitive environment for several quarters now.

我們有一些地區競爭對手在互相競爭，坦白說，這對我們有利。我認為我們的客戶喜歡 Core & Main 帶來的穩定性，無論是在服務還是價值方面。總的來說，我想說，這幾季以來的競爭環境非常典型。

Great. And then can you just remind us which of your product groups are kind of most exposed to the resi end markets? And if that softness as resis making a kind of -- or that you anticipate kind of in the second half as well, kind of driving any shift in the mix or strategy around inventory positioning?

偉大的。然後您能否提醒我們哪些產品組最容易受到終端市場的衝擊？如果這種疲軟趨勢不會造成某種變化——或者您預計下半年也會出現這種變化，那麼是否會推動庫存配置組合或策略的轉變？

No, I wouldn't say there's a major difference on the resi side outside of, if you think about our fire protection product category that we have is much more focused on kind of non-resi for us, which includes that multifamily piece and most of that is kind of steel pipe on that piece of it. But the rest of the end markets for resi, non-resi and municipal really have a kind of a standard mix for the most part of all of our product categories.

不，我不會說在住宅方面存在很大的差異，如果你想想我們的防火產品類別，我們更側重於非住宅部分，其中包括多戶住宅部分，其中大部分是鋼管。但對於我們大部分產品類別而言，住宅、非住宅和市政的其他終端市場確實存在一種標準組合。

It's obviously very local. It depends on what those local specifications are. Really for us, it's really an assessment of where we're aligning some of those resources.

顯然，它非常具有當地特色。這取決於當地的規範。對我們來說，這實際上是對我們如何協調這些資源的評估。

So if resi gets softer in an area, we may move some of that headcount and resources in other areas that are driving growth. So we think about resource allocation, that's really more of how we think about the moves that we've got to make.

因此，如果某個地區的房地產市場變得疲軟，我們可能會將部分員工和資源轉移到推動成長的其他地區。因此，我們考慮資源分配，這實際上更多的是我們如何思考我們必須採取的行動。

And as part of the kind of the targeted actions that Robyn was referring to that we're making and putting in place so we can continue to invest in the business where we're growing. Where there's market headwinds or underperformance, we're shifting some of those resources and ultimately managing the cost that way to make sure we continue to capture the growth that's there.

作為羅賓提到的有針對性的行動的一部分，我們正在製定和實施這些行動，以便我們能夠繼續投資我們正在發展的業務。當市場面臨逆風或表現不佳時，我們會轉移部分資源，並最終以這種方式管理成本，以確保我們繼續抓住現有的成長機會。

Great thanks I'll send it over.

非常感謝，我會把它寄給你。

Keith Hughes of Truist Securities.

Truist Securities 的 Keith Hughes。

This is Julian on for Keith. I know you already touched on it a little bit, but how should we think about pricing in third quarter versus fourth quarter?

這是朱利安 (Julian) 代替基斯 (Keith)。我知道您已經稍微談及了這一點，但是我們應該如何考慮第三季和第四季的定價呢？

For pricing, we're expecting it to be flattish for the remainder of the year, and I would think about that for both the third quarter and the fourth quarter. That pricing has been very stable over the last few quarters now, and we're expecting that to continue. So I would say no notable changes expected there.

對於定價，我們預計今年剩餘時間內價格將保持平穩，我認為第三季和第四季的價格都將保持穩定。過去幾個季度，價格一直非常穩定，我們預計這種狀況將持續下去。所以我想說，預計不會有顯著的變化。

Nigel Coe of Wolfe Research.

沃爾夫研究公司的 Nigel Coe。

Oh thanks. Good morning. Yeah, we've touched on a lot of the stuff here, but just to want to circle back to SGNA, if I may, just so I understand the guide, if gross margins are going to be fairly flat to second quarter, it seems like SGA dollars stepped down versus a 302 into 2. I just want to make sure that's correct. And I'm just wondering what the impact of the fifty-3rd week has on SGNA specifically.

噢，謝謝。早安.是的，我們在這裡討論了很多東西，但如果可以的話，我只是想回到 SGNA，這樣我就可以理解指南，如果毛利率到第二季度將保持平穩，那麼 SGA 美元似乎會下降，而不是從 302 下降到 2。我只是想確保它是正確的。我只是想知道第 53 週對 SGNA 具體有什麼影響。

Yeah, thanks, Nigel. You're right, the SGNA dollars are going to step down quite a bit in the second half compared to the first half, and that's, related to cost out actions and also just the lower volumes that we're expecting, which then, creates a little bit of pressure on the rate in the second half because of the lower volumes, but you're thinking about that the right way. And then the way that we're thinking about the fifty-3rd week, that's.

是的，謝謝，奈傑爾。您說得對，與上半年相比，SGNA 美元在下半年將會大幅下降，這與成本削減措施以及我們預期的交易量較低有關，這會因為交易量較低而對下半年的利率造成一點壓力，但您的想法是正確的。然後我們思考第五十三週的方式就是這樣。

An extra or one last week of sales kind of we categorize it in the 4th quarter in that January time frame, obviously there's some variable SGNA related to that that will come out, but when you think about it from an EIA perspective, it should be in that kind of $8 to $10 million range.

我們將額外或最後一周的銷售額歸類為 1 月份期間的第 4 季度，顯然會出現一些與此相關的可變 SGNA，但從 EIA 角度考慮，它應該在 800 萬到 1000 萬美元的範圍內。

Okay, that's helpful. Thanks. And then obviously, I think we understand that the drivers of the residential weakness and and maybe the flat outlook was a tad optimistic, in hindsight, non-res I think is the big debate though, and it seems it could go in two directions here, we've got a weakening economy, but then we've got a lot of, these mega projects, data centers, etc. So. I'm just curious, Mark Robin, how you see, based on, I don't know, feedback from the fields, customers, what sort of direction do you think this breaks into as we go into 2026? Do you think non-res as a category gets stronger, or is there some risk there as you go to 26?

好的，這很有幫助。謝謝。然後顯然，我認為我們了解住宅市場疲軟的驅動因素，也許持平的前景有點樂觀，但事後看來，非住宅市場才是最大的爭論點，而且似乎可能會朝兩個方向發展，我們的經濟正在走弱，但我們有很多大型項目、數據中心等。所以。我只是好奇，馬克羅賓，根據來自各個領域和客戶的回饋，您認為到 2026 年，這種情況會朝什麼方向發展？您認為非房地產類別會變得更強大嗎？或者當達到 26 個類別時是否存在一些風險？

Yeah, thanks, Nigel. I think that, that's definitely how we're seeing the non-residential area right now. There's a lot of puts and takes in that.

是的，謝謝，奈傑爾。我認為，這肯定就是我們現在看到的非住宅區的情況。這其中有很多得失。

In that market, both by project types and, frankly by geography as well, so we're seeing a lot of variation there.

在那個市場中，無論是按項目類型，還是按地理位置，我們都看到了許多變化。

Do you think there's a lot of good things there to be excited about, in particular on this, highway work, street work, that we get a lot of storm drainage, product, put in place on those types of projects, that's been really strong. The data center activity seems like that's got plenty of legs to it yet, and we pick up, I'd say more than our fair share of that work, which has really helped cushion some of the softer commercial and retail kind of development in that area, which I wouldn't expect that we're going to see any near term return of that really until we see some of the the pent up residential start to release, so.

您是否認為有很多好事值得興奮，特別是在這方面，公路工程，街道工程，我們在這些類型的項目上實施了大量雨水排水產品，這真的很強大。資料中心活動似乎還有很大的發展空間，而且我認為我們承擔的工作已經超過了我們應承擔的份額，這確實有助於緩解該地區一些較為疲軟的商業和零售業發展，我認為在我們看到一些被壓抑的住宅市場開始釋放之前，我們不會看到短期內出現任何復甦。

I'd expect probably more of the same out of non-resi kind of, for us just given our exposure there and how those work, it's going to kind of just the broad project types that we service, it's going to kind of flatten out, which is what we've experienced in 25, so I wouldn't see a lot of upside or downside as we think about that one, going forward, at least in the in the in the very near term.

我預計非住宅領域的情況可能與此類似，考慮到我們在那裡的曝光率以及它們的運作方式，我們所服務的廣泛項目類型將會趨於平穩，這就是我們在 25 年所經歷的，因此，當我們考慮這一點時，我不會看到太多的上行或下行空間，至少在短期內不會。

Okay, thank you.

好的，謝謝。

Yeah.

是的。

Thank you. And it's time I'll now hand back to Mark Wakowski for any further remarks.

謝謝。現在我將把發言權交還給馬克‧瓦科夫斯基 (Mark Wakowski)，請他發表進一步的評論。

Thank you all again for joining us today. I want to close out by recognizing our associates for their dedication and commitment to delivering exceptional service to our customers.

再次感謝大家今天的參與。最後，我要對我們的員工表示感謝，感謝他們為我們的客戶提供卓越服務的奉獻和承諾。

This quarter, we delivered solid sales growth driven by resilient and market demand, stable pricing, and continued market share gains.

本季度，受強勁的市場需求、穩定的定價和持續的市場份額成長的推動，我們實現了穩健的銷售成長。

We're seeing strong results from our growth initiatives, and we believe there's an opportunity to accelerate that momentum with additional investment.

我們的成長計畫取得了強勁成果，我們相信有機會透過增加投資來加速這一勢頭。

We recently expanded our presence with new locations and priority markets and announced an acquisition that broadens our footprint in Canada.

我們最近透過新地點和重點市場擴大了我們的業務，並宣布了一項擴大我們在加拿大的業務範圍的收購。

These actions reflect our disciplined approach to investing in the business to drive long-term growth.

這些行動體現了我們嚴謹的投資業務以推動長期成長的態度。

We're well positioned to capitalize on long-term secular drivers of water infrastructure investment, including aging systems, population growth, and increasing regulatory requirements. With the right team in place, a growing platform, and a proven strategy, we are confident in our ability to execute on the opportunities ahead and deliver even greater value to our customers, suppliers, communities, and shareholders.

我們已做好準備，充分利用水利基礎設施投資的長期驅動因素，包括老化的系統、人口成長和日益嚴格的監管要求。憑藉著優秀的團隊、不斷發展的平台和行之有效的策略，我們有信心抓住未來的機遇，為我們的客戶、供應商、社群和股東創造更大的價值。

Thank you for your continued interest in coum Main operator, that concludes our call.

感謝您對 coum Main 運營商的持續關注，我們的通話到此結束。