Core & Main Inc (CNM) 2025 Q3 法說會逐字稿

Hello, and welcome to the Core & Main Q3 2025 Earnings Call. My name is Alex. I'll be coordinating today's call. [Operator Instructions] I'll now hand it over to Glenn Floyd, Director of Investor Relations. Please go ahead.

大家好，歡迎參加2025年第三季核心及主要業務收益電話會議。我叫亞歷克斯。我將負責協調今天的電話會議。【操作員指示】現在我將把發言權交給投資人關係總監格倫‧佛洛伊德。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 Core & Main's fiscal 2025 Third Quarter Earnings Call. Joining me this morning are Mark Witkowski, our Chief Executive Officer, and Robyn Bradbury, our Chief Financial Officer. .

早安，感謝各位的參與。我是格倫·弗洛伊德，Core & Main 的投資者關係總監。感謝您今天抽出時間參加 Core & Main 2025 財年第三季財報電話會議。今天早上和我一起接受採訪的有我們的執行長馬克·維特科夫斯基和財務長羅賓·布拉德伯里。。

Mark will begin today's call by sharing an update on our business and recent performance. Robyn will follow with a review of our third quarter results and our outlook for the year. We'll then open the line for Q&A, and Mark will wrap up with closing remarks.

馬克將在今天的電話會議上首先分享我們公司的最新業務進展和近期業績。Robyn接下來將回顧我們第三季的業績以及我們對全年的展望。接下來我們將開放問答環節，馬克將作總結發言。

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.

再次提醒，我們的新聞稿、簡報資料以及今天電話會議上發表的聲明可能包含前瞻性聲明。這些都受到各種風險和不確定因素的影響，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.

有關更多信息，請參閱我們盈利新聞稿和提交給美國證券交易委員會的文件中包含的警示性聲明。在今天的討論中，我們也會提及一些非GAAP財務指標。我們相信這些指標能夠為我們業務的潛在表現提供有用的見解。

Reconciliations to the most comparable GAAP measures are available in both our press release and in 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.

與最可比較的 GAAP 指標的調整表可在我們的新聞稿和今天投資者簡報的附錄中找到。再次感謝您對Core & Main的關注。現在我將把電話交給我們的執行長馬克·維特科夫斯基。

Thanks, Glenn, and good morning, everyone. Before we dive into our results, I want to start by reminding everyone of Core & Main's value proposition. Core & Main is a leading specialty distributor of water infrastructure products and services in North America supporting the repair, upgrade and expansion of our nation's critical water systems.

謝謝格倫，大家早安。在深入探討我們的成果之前，我想先提醒大家一下 Core & Main 的價值主張。Core & Main 是北美領先的水基礎設施產品和服務專業經銷商，致力於支援我國關鍵水系統的維修、升級和擴建。

Our competitive advantages, including national scale and resources, local market expertise backed by the best trained sales force industry-specific technology and comprehensive product solutions position us to lead an attractive secular growth market, driven by aging infrastructure, increasing water demand and ongoing investment needs.

我們擁有全國規模和資源、本地市場專業知識、訓練有素的銷售團隊、行業專用技術和全面的產品解決方案等競爭優勢，這使我們能夠引領一個極具吸引力的長期成長市場，該市場由老化的基礎設施、不斷增長的用水需求和持續的投資需求所驅動。

Our business model is built for resilience. Today, municipal projects represent over 40% of our sales providing steady, predictable demand, supported by reliable funding sources. Our non-residential end market, which represents roughly 40% of sales benefits from a diverse project mix across commercial, industrial, and infrastructure applications, many of which are poised for growth.

我們的商業模式旨在增強韌性。如今，市政項目占我們銷售額的 40% 以上，提供了穩定、可預測的需求，並有可靠的資金來源支持。我們的非住宅終端市場約佔銷售額的 40%，受益於商業、工業和基礎設施應用等多元化的項目組合，其中許多項目都蓄勢待發，即將迎來成長。

Residential activity represents less than 20% of our sales. And while near-term dynamics in this market remain challenged, we continue to view the long-term outlook as attractive, supported by population growth and a structural undersupply of housing. This diversification, combined with emerging growth drivers like data centers and treatment plant modernization provides a strong foundation for our business.

住宅業務占我們銷售額的不到 20%。儘管該市場的近期動態仍面臨挑戰，但我們仍然認為長期前景誘人，這得益於人口增長和住房結構性供應不足。這種多元化發展，加上資料中心和污水處理廠現代化等新興成長動力，為我們的業務奠定了堅實的基礎。

Core & Main consistently produces strong free cash flow and compelling returns on invested capital, giving us the flexibility to reinvest in the business, pursue strategic growth opportunities and return capital to shareholders. We continue to control our own destiny through disciplined execution on multiple fronts.

Core & Main 持續產生強勁的自由現金流和可觀的投資資本回報，使我們能夠靈活地對業務進行再投資，尋求策略性成長機會，並向股東返還資本。我們透過在多個方面嚴謹執行，繼續掌控自己的命運。

For example, expanding into high-growth geographies, broadening our product offering in areas like treatment plants, smart meters, infusible HDPE and deploying our strong balance sheet to pursue accretive M&A opportunities, including our recent expansion into the $5 billion Canadian market.

例如，拓展到高成長地區，擴大我們在處理廠、智慧電錶、不熔高密度聚乙烯等領域的產品供應，並利用我們強大的資產負債表尋求增值併購機會，包括我們最近拓展到價值 50 億美元的加拿大市場。

These strategic investments are expanding our addressable market, strengthening customer relationships, and positioning us to capture above-market growth as near-term headwinds survive. Equally important, our pricing discipline and gross margin expansion in recent quarters demonstrate the strength of our value proposition in addition to our team's ability to execute.

這些策略投資正在擴大我們的目標市場，加強客戶關係，並使我們能夠在短期不利因素持續存在的情況下獲得高於市場平均水平的成長。同樣重要的是，我們近幾季的定價策略和毛利率成長，不僅反映了我們團隊的執行能力，也證明了我們價值主張的強大實力。

We are staying focused on what we can control and building the foundation for sustained growth and profitability. Turning now to the quarter. We delivered positive net sales growth despite tough residential demand and a tough comparison from last year, driven by contribution from acquisitions and strong performance across our sales initiatives.

我們將專注於我們能夠控制的事情，並為持續成長和獲利能力奠定基礎。現在來看季度部分。儘管住宅需求疲軟，且與去年同期相比基數較高，但我們仍實現了淨銷售額正增長，這主要得益於收購帶來的貢獻以及我們各項銷售舉措的強勁表現。

Municipal construction remains strong, supported by a highly favorable funding and demand environment. The recent federal government shutdown and little-to-no impact on the municipal projects we support as roughly 95% of funding for these projects comes from state and local sources. Local utility rate revenues and municipal bonds are dependable sources of funding and certain states are also advancing new legislation to repair and upgrade aging infrastructure.

在資金和需求環境高度有利的支撐下，市政建設仍保持強勁勢頭。最近的聯邦政府停擺對我們支持的市政項目幾乎沒有影響，因為這些項目約 95% 的資金來自州和地方政府。地方公用事業費率收入和市政債券是可靠的資金來源，一些州也在推動新的立法，以修復和升級老化的基礎設施。

Recent actions include Texas authorizing up to $20 billion of funding for new water supply projects over the next 2 decades. New York deploying approximately $3 billion in new water infrastructure investments and Arkansas committing more than $500 million to water and sewer upgrades, each reinforcing a robust project pipeline. The state revolving funds provide a renewable source of capital to support water and wastewater infrastructure projects with current balances exceeding $100 billion in total.

近期舉措包括德州批准在未來 20 年內撥款高達 200 億美元用於新的供水計畫。紐約州投入約 30 億美元用於新的水利基礎設施建設，阿肯色州承諾投入超過 5 億美元用於供水和污水處理升級，這兩項投資都加強了強勁的項目儲備。州循環基金為水和廢水基礎設施項目提供再生資金來源，目前總餘額超過 1000 億美元。

Supplemental funding from the Infrastructure Investment and Jobs Act remains a multiyear tailwind with roughly $30 billion allocated to the states and more expected next year, but only a fraction deployed by municipality so far. Taken together, these dynamics provide long-term funding for critical water infrastructure projects that can no longer be deferred and remain essential to public health and economic development.

《基礎設施投資和就業法案》提供的補充資金將繼續帶來多年的利好，目前已向各州撥款約 300 億美元，預計明年還將有更多撥款，但迄今為止，市政當局僅動用了其中一小部分。綜合來看，這些因素為關鍵的水利基礎設施項目提供了長期資金，這些項目不能再被推遲，而且對公共衛生和經濟發展仍然至關重要。

In nonresidential, we continue to see healthy growth in infrastructure projects such as road and bridges, education and health care and data centers. This growth is helping to offset softness in commercial, retail and office space projects. Data centers represent a low single-digit portion of our total sales mix today, but they are becoming a more meaningful driver of our growth as AI-driven capacity expands.

在非住宅領域，我們繼續看到基礎設施項目（如道路和橋樑、教育和醫療保健以及資料中心）的健康成長。這一成長有助於抵消商業、零售和辦公空間專案的疲軟態勢。資料中心目前在我們總銷售額中所佔比例僅為個位數，但隨著人工智慧驅動的容量不斷擴大，它們正成為我們成長的重要驅動力。

These projects require more water infrastructure than traditional manufacturing facilities due to cooling needs as they draw large volumes from local water supplies. This often necessitates upgrades to municipal systems and in some cases, on-site water treatment facilities to conserve usage. We also see private investment flowing to public utilities to build capacity creating opportunities for Core & Main across the municipal and private end markets.

由於這些項目需要冷卻用水，並且會從當地供水系統抽取大量水，因此它們需要比傳統製造設施更多的水利基礎設施。這通常需要對市政系統進行升級，在某些情況下，還需要建造現場水處理設施以節省用水。我們也看到私人投資流入公共事業領域，以提升其能力，為 Core & Main 在市政和私人終端市場創造機會。

Data center development doesn't happen in isolation. As these campuses come online, they attract workers and ancillary businesses driving demand for housing, retail and commercial services, all of which drive the need for new water infrastructure.

資料中心的發展並非孤立進行的。隨著這些園區投入使用，它們吸引了工人和配套企業，從而帶動了對住房、零售和商業服務的需求，所有這些都推動了對新水利基礎設施的需求。

And this concentrated population growth place a strain on local water systems triggering further investment in water distribution and treatment infrastructure. We're seeing this firsthand of the major hyperscale campus near South Bend, Indiana, where project-related demand has been so substantial that our local branches nearly tripled in size over the past few years.

人口的集中增長給當地供水系統帶來了壓力，促使人們進一步投資於供水和處理基礎設施。我們在印第安納州南本德附近的大型超大規模園區親眼目睹了這一點，那裡的項目相關需求非常巨大，以至於我們當地的分支機構在過去幾年裡規模幾乎擴大了三倍。

In many cases, the initial investment for data centers unlocks capacity for broader municipal, residential and nonresidential expansion, creating a long-term tailwind across our core markets. As we expected and discussed on last quarter's call, residential lot development softened during the quarter, particularly in the Sun Belt markets.

在許多情況下，資料中心的初始投資釋放了更廣泛的市政、住宅和非住宅擴張的容量，從而為我們的核心市場創造了長期的順風。正如我們在上季度電話會議上所預期和討論的那樣，本季住宅用地開發有所放緩，尤其是在陽光地帶市場。

Builders are carefully pacing lab development against housing affordability concerns and consumer uncertainty. But as housing affordability improves in the future, we will be well positioned to capitalize on the release of pent-up demand.

考慮到住房負擔能力問題和消費者的不確定性，建築商正在謹慎地控制實驗室的開發進度。但隨著未來住房負擔能力的提高，我們將能夠更好地利用被壓抑的需求釋放。

Our growth initiatives continue to lay the foundation for long-term results. Let me highlight a few areas where our execution is creating competitive advantages. First, our product initiatives, including fusible HDPE treatment plant solutions and geosynthetics each achieved double-digit growth in the quarter.

我們的成長舉措持續為長期業績奠定基礎。讓我重點介紹一下我們在哪些方面執行力能夠創造競爭優勢。首先，我們的產品計劃，包括可熔 HDPE 處理廠解決方案和土工合成材料，在本季度均實現了兩位數的成長。

As we expand our ability to deliver integrated solutions for aging water infrastructure. Meter products returned to high single-digit growth in the third quarter. Recent contract awards, including our largest metering contract award to date, give us confidence in both near and long-term demand for our advanced metering products. Driving growth through geographic expansion also remains a key priority.

隨著我們不斷提升為老舊水利基礎設施提供綜合解決方案的能力。第三季度，計量產品恢復了高個位數成長。最近獲得的合同，包括我們迄今為止最大的計量合同，讓我們對近期和長期市場對我們先進計量產品的需求充滿信心。透過地域擴張來推動成長仍然是一項關鍵優先事項。

We recently opened new branches near Houston and Denver, bringing our year-to-date total to 5 new occasions. We expect to open more branches for fiscal year-end, and we are evaluating over a dozen additional high-growth markets for future expansion. These new branches enhance our proximity to high-growth markets and increase our service levels, supporting continued market share gains.

我們最近在休士頓和丹佛附近開設了新的分店，使我們今年迄今為止的新店達到了 5 家。我們預計在本財年末開設更多分行，我們正在評估十幾個其他高成長市場，以備未來擴張。這些新分公司增強了我們與高成長市場的聯繫，提高了我們的服務水平，從而支持我們繼續擴大市場份額。

In September, we completed the acquisition of Canada Waterworks, further expanding our growth platform in a fragmented $5 billion Canadian addressable market. This acquisition aligns with our core strengths and increases exposure to growing end markets. Canada is a natural adjacency to our U.S. markets, and we're excited to welcome the Canada Waterworks team to Core & Main.

9 月，我們完成了對加拿大水務公司的收購，進一步擴大了我們在分散的 50 億美元加拿大潛在市場中的成長平台。此次收購符合我們的核心優勢，並增加了我們在不斷成長的終端市場中的份額。加拿大與我們美國市場天然相鄰，我們很高興歡迎加拿大自來水公司團隊加入 Core & Main。

Integration activities are underway with a solid plan to realize synergies. While we continue to invest in growth, we remain equally focused on improving profitability. Gross margins improved by 60 basis points year-over-year to 27.2%, reflecting the success of our private label initiative and disciplined sourcing and pricing execution.

整合工作正在進行中，並制定了切實可行的計劃來實現協同效應。在持續投資成長的同時，我們也同樣注重提高獲利能力。毛利率年增 60 個基點至 27.2%，反映了我們自有品牌計畫的成功以及嚴格的採購和定價執行。

Our private label strategy continues to produce strong results, and we are on track for private label products to represent approximately 5% of our total sales this year. On SG&A, we've implemented roughly $30 million of annualized cost savings in an effort to improve operating leverage and maximize the efficiency of our business.

我們的自有品牌策略持續強勁成效，我們預計今年將實現自有品牌產品佔總銷售額約 5% 的目標。在銷售、一般及行政費用方面，我們已實施了約 3,000 萬美元的年度成本節約，以期提高營運槓桿並最大限度地提高業務效率。

We expect to realize these savings over the next 12 months. We remain disciplined in our headcount decisions by selectively filling critical sales roles, while reallocating resources to areas of the business with the greatest growth potential.

我們預計將在未來 12 個月內實現這些節省。我們在人員配置決策方面保持嚴謹，有選擇地填補關鍵銷售職位，同時將資源重新分配到業務中最具成長潛力的領域。

At the same time, we continue to invest in modern technologies to help us drive future SG&A leverage. These tools strengthen customer service, uncover more selling opportunities and expand our ability to take advantage of emerging AI capabilities. We expect these investments to enhance productivity and support margin expansion.

同時，我們將繼續投資於現代技術，以幫助我們提高未來的銷售、一般及行政費用槓桿率。這些工具可以加強客戶服務，發現更多銷售機會，並增強我們利用新興人工智慧技術的能力。我們預計這些投資將提高生產效率並支持利潤率擴張。

Our strong free cash flow provides flexibility to pursue strategic M&A, invest in organic growth and return capital to shareholders. Profitable growth remains our top capital allocation priority, supported by a robust pipeline of acquisition and greenfield opportunities.

我們強勁的自由現金流為我們提供了靈活性，可以進行策略併購、投資內生成長以及向股東返還資本。獲利成長仍然是我們資本配置的首要任務，我們擁有強大的收購和新建專案儲備來支持這一目標。

We will remain disciplined on valuation and returns while maintaining balance sheet flexibility to drive shareholder value. As part of our disciplined capital allocation strategy, earlier this morning, we announced a $500 million increase to our share repurchase authorization.

我們將繼續嚴格把控估值和回報，同時保持資產負債表的彈性，以提升股東價值。作為我們嚴謹的資本配置策略的一部分，今天早上我們宣布將股票回購授權增加 5 億美元。

This action reflects our conviction in our growth outlook and free cash flow generation, and the Board shared confidence in our ability to continue creating long-term shareholder value. With this expanded capacity, we can act opportunistically as market conditions present attractive opportunities.

這項措施體現了我們對自身成長前景和自由現金流的信心，董事會也對我們持續創造長期股東價值的能力充滿信心。憑藉擴大的產能，我們可以抓住市場機遇，在市場條件出現有利時機時採取行動。

We are gaining momentum across our sales, growth margin and operational initiatives. Strengthening our ability to drive organic growth, expand margins and achieving operating leverage. We remain confident in the attractiveness of our end markets over the medium and long term, and we continue to invest in our associates and value-added capabilities to capture growth and market share.

我們在銷售、成長利潤率和營運舉措方面都取得了進展。增強我們推動內生成長、擴大利潤率和實現營運槓桿的能力。我們對終端市場的中長期吸引力仍然充滿信心，並將繼續投資於我們的員工和增值能力，以獲取成長和市場份額。

In closing, I want to express my sincere appreciation for our teams across the country. Their dedication and focus on execution have been instrumental in advancing our strategic priorities, and I couldn't be more proud of what we've accomplished together this year.

最後，我要對全國各地的團隊表達衷心的感謝。他們的奉獻精神和對執行的專注對推進我們的策略重點起到了至關重要的作用，我對我們今年共同取得的成就感到無比自豪。

Thank you for your continued support and confidence in our vision. With that, I'll turn the call over to Robyn to review our third quarter financial results and outlook for the year. Go ahead, Robyn.

感謝您一直以來對我們願景的支持與信任。接下來，我將把電話交給 Robyn，讓她回顧我們第三季的財務表現和全年展望。請繼續，羅賓。

Thanks, Mark. Good morning, everyone. I'll start on Page 7 of our presentation with some highlights from our third quarter results. Net sales increased 1% to $2.1 billion. Organic volumes and prices were roughly flat versus prior year, while acquisitions contributed about one point of growth.

謝謝你，馬克。各位早安。我將從簡報的第 7 頁開始，介紹我們第三季業績的一些亮點。淨銷售額成長1%，達到21億美元。與前一年相比，有機銷售量和價格基本上持平，而收購貢獻了約一個百分點的成長。

We delivered positive pricing across nearly all product categories in the third quarter. The one exception was municipal PVC pipe where prices are down roughly 15% year-over-year and nearly 40% from the 2022 peak. As we've noted in prior quarters, even with the continued moderation in PVC pipe pricing, our discipline has enabled us to sustain a stable price environment overall.

第三季度，我們幾乎所有產品類別都實現了積極的定價策略。唯一例外的是市政PVC管材，其價格年減了約15%，比2022年的峰值下降了近40%。正如我們在前幾個季度所指出的，即使PVC管道價格持續走低，但我們的自律使我們能夠維持整體上穩定的價格環境。

We estimate our end markets were down low single digits in the quarter, driven by declines in residential lot development and a tough comparison from last year. The residential decline was concentrated in Sunbelt markets like Florida, Texas, Arizona and Georgia, where developers have slowed the pace of new development.

我們估計，本季我們的終端市場出現了個位數百分比的下滑，主要原因是住宅用地開發減少以及與去年同期相比的業績下滑。住宅市場下滑主要集中在佛羅裡達州、德州、亞利桑那州和喬治亞州等陽光地帶市場，這些地區的開發商已經放慢了新開發案的步伐。

Activity appears to have stabilized as we moved through the quarter, and we remain confident in the attractive long-term fundamentals of these high-growth markets. Our overall portfolio is resilient. demand continues to be a source of strength, and we're seeing solid activity in large complex nonresidential projects where our scale, product breadth and technical expertise give us a strong competitive position.

隨著本季的推進，市場活動似乎趨於穩定，我們仍然對這些高成長市場的長期基本面充滿信心。我們的整體投資組合具有韌性。需求持續強勁，我們看到大型複雜非住宅專案活動活躍，在這些專案中，我們的規模、產品廣度和技術專長使我們擁有強大的競爭優勢。

This balanced mix across end markets flexibility through varying demand environment. Gross margin in the third quarter was 27.2%, up 60 basis points year-over-year. This improvement was driven by benefits from our private label initiative and disciplined purchasing and pricing execution. Total SG&A expenses increased 8% to $295 million.

這種均衡的組合能夠靈活應對不斷變化的需求環境，滿足終端市場的靈活性。第三季毛利率為 27.2%，較去年同期成長 60 個基點。這項改進得益於我們自有品牌計畫的成效以及嚴格的採購和定價執行。銷售、管理及行政費用總額增加 8% 至 2.95 億美元。

SG&A growth in the quarter was driven by acquisitions, elevated inflation in areas like facilities and fleet higher employee benefits costs and strategic investments to support future growth. SG&A in the third quarter was $7 million lower than the second quarter, reflecting a reduction in one-time items and disciplined cost management. Cost inflation in our industry typically runs in the low single-digit range annually, but it's trending closer to mid-single digits this year.

銷售、一般及行政費用本季成長主要由收購、設施和車隊等領域的通貨膨脹加劇、員工福利成本增加以及為支持未來成長而進行的策略投資所推動。第三季銷售、一般及行政費用比第二季減少了 700 萬美元，反映出一次性專案減少和嚴格的成本管理。我們行業的成本通膨通常每年都在個位數低位波動，但今年的趨勢是接近個位數中位數波動。

Against the softer end market backdrop and no incremental pricing, the productivity gains we're delivering aren't enough to fully absorb these pressures, especially given how efficient we already operate from an SG&A as a percentage of sales standpoint. This level of inflation is not typical, and while we expect it to moderate over time, we have moved quickly to address it.

在終端市場疲軟且沒有價格上漲的情況下，我們所取得的生產力提升不足以完全抵銷這些壓力，尤其考慮到從銷售、一般及行政費用佔銷售額的百分比來看，我們已經運作得非常有效率。這種程度的通貨膨脹並不常見，雖然我們預計隨著時間的推移通貨膨脹會有所緩和，但我們已經迅速採取措施應對。

Since the last quarter, we've implemented $30 million of annualized cost savings with roughly $1 million of savings recognized in the third quarter. These savings primarily reflect reductions in personnel-related costs as we've eliminated approximately 4% of nonsales focus full since last quarter.

自上一季以來，我們已實現了 3,000 萬美元的年度成本節約，其中第三季確認的節約額約為 100 萬美元。這些節省主要反映了人員相關成本的降低，因為自上個季度以來，我們已經裁減了約 4% 的非銷售重點人員。

We expect fourth quarter SG&A to be roughly $25 million lower than the third quarter due to a seasonal reduction in sales and the results of our cost actions. Our approach is measured and focused on stripping resources without compromising customer service or long-term growth.

由於季節性銷售下降和成本控制措施的效果，我們預計第四季度銷售、管理及行政費用將比第三季減少約 2,500 萬美元。我們採取穩健的策略，專注於在不影響客戶服務或長期成長的前提下削減資源。

While we take targeted actions to improve efficiency, we continue to invest in growth-focused roles to support product line and geographic expansion, including Greenfields. We have an experienced management team that understands what takes to drive operational excellence through cycles, balancing near-term efficiency with the investments required to continue positioning Core & Main for long-term growth and success.

在採取有針對性的措施提高效率的同時，我們繼續投資於以成長為導向的職位，以支持產品線和地理擴張，包括新建項目。我們擁有一支經驗豐富的管理團隊，他們了解如何透過週期性變化推動卓越運營，在短期效率和持續投資之間取得平衡，從而使 Core & Main 能夠繼續保持長期成長和成功。

We are committed to driving annual SG&A rate improvement going forward. Adjusted diluted EPS increased approximately 3% to $0.89 compared to $0.86 last year. Growth was driven by higher adjusted net income and the benefit of a lower share count from share repurchases.

我們致力於在未來持續改善年度銷售、管理及行政費用率。經調整後的稀釋每股收益成長約 3%，達到 0.89 美元，去年同期為 0.86 美元。成長主要得益於調整後淨收入的增加以及股票回購帶來的流通股數量減少。

As a reminder, we exclude intangible amortization from adjusted EPS because a significant portion relates to the formation of Core & Main following our 2017 leveraged buyout. This adjusted metric better reflects the underlying earnings power and free cash flow generation of our business, which is why we view it as an important indicator of our performance.

提醒一下，我們在調整後的每股盈餘中不包括無形資產攤銷，因為其中很大一部分與我們在 2017 年槓桿收購後成立 Core & Main 有關。調整後的指標更能反映了我們業務的潛在獲利能力和自由現金流產生能力，因此我們認為它是衡量我們績效的重要指標。

Adjusted EBITDA of $274 million was 1% below the prior year, while adjusted EBITDA margin declined 30 basis points to 13.3%, driven by a higher SG&A as a percentage of net sales. This was partially offset by 60 basis points of gross margin expansion. Turning to the balance sheet, cash flow and capital allocation. We ended the quarter with net debt at nearly $2.1 billion and net debt leverage of 2.2 times, well within our target range.

經過調整的 EBITDA 為 2.74 億美元，較上年下降 1%，而經調整的 EBITDA 利潤率下降 30 個基點至 13.3%，主要原因是銷售、一般及行政費用佔淨銷售額的比例上升。毛利率上升 60 個基點，部分抵銷了上述影響。接下來來看資產負債表、現金流量和資本配置。本季末，我們的淨負債接近 21 億美元，淨負債槓桿率為 2.2 倍，皆在我們的目標範圍內。

Liquidity was $1.3 billion, including $89 million of cash and the remainder under our ABL facility. Operating cash flow was $271 million, reflecting nearly 100% conversion from adjusted EBITDA and highlighting the strength of our cash generation ability.

流動資金為 13 億美元，其中包括 8,900 萬美元現金，其餘部分則根據我們的 ABL 融資安排提供。經營現金流為 2.71 億美元，幾乎 100% 由調整後的 EBITDA 轉化而來，凸顯了我們強大的現金創造能力。

Over the last 12 months, we have generated free cash flow equal to 5.6% of our market capitalization, a level that has more than doubled the average free cash flow yield of S&P 500 companies and meaningfully above specialty distribution peers. We returned $50 million to shareholders through share repurchases during the third quarter, reducing our share count by roughly 1 million.

在過去的 12 個月裡，我們產生的自由現金流相當於我們市值的 5.6%，這一水平是標準普爾 500 指數公司平均自由現金流收益率的兩倍多，並且顯著高於專業分銷同行。第三季度，我們透過股票回購向股東返還了 5,000 萬美元，使我們的股票數量減少了約 100 萬股。

Year-to-date, we've repurchased approximately 2.9 million shares for $140 million, including an additional $43 million deployed so far through the fourth quarter. We announced a $500 million increase to our share repurchase authorization this morning, bringing our total capacity to approximately $684 million.

今年迄今，我們已回購約 290 萬股股票，總額達 1.4 億美元，其中包括截至第四季已投入的 4,300 萬美元。今天上午，我們宣布將股票回購授權額度增加 5 億美元，使我們的總回購能力達到約 6.84 億美元。

Since our 2021 IPO, we have repurchased over 15 million shares, roughly 20% of our original shares outstanding, reflecting our commitment to returning capital to shareholders. We remain opportunistic with share repurchases, and our strong cash-generating ability provides ample capacity to continue evaluating organic and inorganic instruments to maximize long-term value.

自 2021 年首次公開募股以來，我們已回購超過 1,500 萬股，約占我們已發行股份總數的 20%，體現了我們對股東返還資本的承諾。我們仍將伺機回購股票，我們強大的現金創造能力為繼續評估有機和無機工具以實現長期價值最大化提供了充足的能力。

Turning to our outlook on Page 9. We are reaffirming the full year guidance we issued in September, including net sales of $7.6 billion to $7.7 billion, adjusted EBITDA of $920 million to $940 million, and operating cash flow $550 million to $610 million. Full year net sales growth is projected at 4% to 5%, excluding the impact of one fewer selling week compared to last year, which represents a roughly 2% headwind for FY25.

接下來請看第9頁的展望。我們重申9月發布的全年業績指引，包括淨銷售額76億美元至77億美元，調整後EBITDA 9.2億美元至9.4億美元，經營現金流5.5億美元至6.1億美元。預計全年淨銷售額將增長 4% 至 5%，不包括比去年少一周的銷售週的影響，這給 2025 財年帶來了約 2% 的不利影響。

End market volumes are anticipated to be flat to slightly down for the year, reflecting a low double-digit decline in residential lot development, partially offset by low to mid-single-digit growth in municipal volumes and a roughly flat non residential market.

預計今年終端市場銷量將持平或略有下降，反映出住宅用地開發出現兩位數的低幅下降，部分被市政用地銷量的個位數低幅至中幅增長以及非住宅市場大致持平所抵消。

Pricing is expected to have a neutral impact on sales growth, and we remain on track to deliver 2 to 4 percentage points of above-market growth. Gross margin is expected to improve year-over-year supported by continued private label growth and disciplined purchasing and pricing execution.

預計定價對銷售成長的影響為中性，我們仍有望實現比市場平均高出 2 至 4 個百分點的成長。預計在自有品牌持續成長以及嚴格的採購和定價執行的支撐下，毛利率將比去年同期提高。

We have successfully mitigated a dynamic environment over the last few years, and I'm extremely proud of how consistently our teams have executed. We've meaningfully expanded our market share while broadening our addressable market through product and service adjacencies. We've demonstrated disciplined pricing, deliver sustainable gross margin expansion and generated strong free cash flow to reinvest in the business and return capital to shareholders.

過去幾年，我們成功地應對了不斷變化的環境，我為我們團隊始終如一的出色表現感到無比自豪。我們透過產品和服務拓展，大幅擴大了市場份額，同時也擴大了目標市場。我們展現了嚴格的定價策略，實現了可持續的毛利率成長，並產生了強勁的自由現金流，用於再投資業務並向股東返還資本。

Our next objective is to convert that momentum into stronger growth and improved SG&A leverage. We have the management team in place to execute on that plan, supported by a long track record of operational excellence and disciplined cost management.

我們的下一個目標是將這種勢頭轉化為更強勁的成長和更高的銷售、管理及行政費用槓桿率。我們擁有執行該計劃所需的管理團隊，並有長期卓越的營運記錄和嚴格的成本管理作為支援。

We remain confident in the long-term fundamentals of our end markets and with the strategic investments we've made, combined with our balance sheet flexibility and improve execution, we are well positioned to continue growing above the market through disciplined execution, value-accretive M&A and the exceptional service that enables us to support our customers and capture opportunities.

我們對終端市場的長期基本面依然充滿信心，憑藉我們所做的戰略投資、靈活的資產負債表和不斷改進的執行力，我們有能力通過嚴謹的執行、增值併購以及卓越的服務，繼續保持高於市場平均水平的增長，從而更好地支持我們的客戶並抓住機遇。

With that, we'll open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Brian Biros, Thompson Research Group LLC.

Brian Biros，Thompson Research Group LLC。

Hey, good morning. Thank you for taking my questions today. Can you talk about the large complex projects that you talked about, if you have any updated market share numbers, growth rates or kind of revenue exposure numbers. Our understanding from a variety of contexts of these projects, depending on how you classify them, are seeing growth rates well above other end markets.

嘿，早安。感謝您今天回答我的問題。您能否談談您之前提到的那些大型複雜項目，是否有最新的市場份額數據、成長率或收入敞口數據？根據我們對這些項目的各種了解（取決於你如何對它們進行分類），我們發現它們的成長率遠高於其他終端市場。

And that distributors still play a critical role in these projects, maybe even more so. As many products are still going through distribution as opposed to OEM direct helping control the flow of products to the site. So just curious to what you're seeing given the value you provide there to these large projects?

分銷商在這些項目中仍然發揮著至關重要的作用，甚至可能更加重要。許多產品仍然透過分銷管道銷售，而不是由 OEM 直接銷售，這有助於控制產品流向現場。所以，我很好奇，考慮到你為這些大型專案提供的價值，你看到了什麼？

Yes, Brian. It's Mark. We're excited about these complex projects, in particular, the data center activity that we've seen out there and for a number of reasons and some of which you mentioned there, I mean, these fit really right into our value proposition where these local relationships with the underground contractors really matter.

是的，布萊恩。是馬克。我們對這些複雜的專案感到興奮，特別是我們看到的資料中心活動，原因有很多，其中一些正如你剛才提到的，我的意思是，這些專案非常符合我們的價值主張，因為與地下承包商的本地關係真的非常重要。

They really rely on that local distribution to get them all the products that they need, and that's on scale really comes into play as well and having access to all the material that they need to really be that one-stop shop for our customers.

他們非常依賴本地分銷來獲得他們所需的所有產品，規模化分銷也發揮了重要作用，並且能夠獲得他們所需的所有材料，從而真正成為我們客戶的一站式商店。

So it really becomes critical, the ability to be able to timely supply all the products that they need, the pace of these projects as quick as you can imagine. And we're in a really good position just given our geographic diversity to capture a lot of that business.

因此，能否及時供應他們所需的所有產品就變得至關重要，這些專案的進度要盡可能快。憑藉我們地域上的多樣性，我們處於非常有利的地位，能夠贏得很多業務。

And I gave that example on the call about a market that Rob and I recently visited about a year ago to really see this in action and on-site and talking to the customers there about really the value proposition and how they rely on our consistent and quality service that we provide really puts us in a great position, then as these projects pop up in other markets.

我在電話會議上舉了一個例子，關於我和羅布大約一年前訪問的一個市場，目的是真正了解這種情況的實際運作，並與當地客戶交談，了解我們的價值主張，以及他們如何依賴我們提供的持續、高質量的服務，這確實使我們處於非常有利的地位，然後當這些項目在其他市場出現時，我們就能更好地應對。

And in many cases, those customers travel to the next project. And we're really in a great position to capture that. So yes, we've seen really good growth in communities where these pop up. I'd say, as I've mentioned, this is still kind of a low single-digit overall exposure for us, but we've seen it grow rapidly. And like I said, really excited about really the growth that that's driving in that space.

很多情況下，這些客戶會繼續參與下一個專案。我們確實處於非常有利的位置來抓住這個機會。是的，我們看到這些場所出現的社區都取得了非常好的成長。正如我之前提到的，這對我們來說仍然是一個較低的個位數風險敞口，但我們已經看到它迅速增長。正如我所說，我對該領域正在推動的成長感到非常興奮。

I'd say and what we see as these projects typically put a lot of demands on the water systems. That does a couple of things. One, it increases the value of water in a lot of these communities, which puts money back into the communities for further investment and then obviously puts a strain on the systems as well, which requires additional investment typically, some of which is done by the companies that are building these projects and then turned over to the municipality.

我認為，我們看到的這些項目通常會對供水系統提出很高的要求。這樣做有兩個作用。首先，它提高了許多社區的水的價值，從而為社區帶來資金，用於進一步投資；其次，它顯然也給供水系統帶來了壓力，通常需要額外的投資，其中一些投資是由建設這些項目的公司進行的，然後移交給市政當局。

So we've just really seen a lot of characteristics there that drive some long-term demand for us, and I'm excited about that.

所以我們已經看到了很多能夠推動我們長期需求的特點，我對此感到很興奮。

Yes. It'd be interesting to see where that goes over the next few years. I guess on the guidance, it looks like it's largely maintained. But I think the municipal outlook was raised slowly, now expected to be up low single digits to mid-single digits, where last quarter, look like it was just low single digits. So maybe just what's causing that slight raise?

是的。未來幾年事態會如何發展，值得關注。我覺得從指導方針來看，這似乎基本上已經維持了。但我認為市政經濟前景緩慢上調，目前預計將達到個位數低點到個位數中位，而上個季度看起來只是個位數低點。那麼，究竟是什麼原因導致了這種輕微的成長呢？

And is that just a short-term timing kind of for Q4? Or is that maybe signaling we could see an improved municipal market into the mid-single digits going forward for you guys?

這只是針對第四季的短期計畫嗎？或者這是否預示著，未來市政債券市場可能會有所改善，收益率可望達到個位數中段？

Yeah. Thanks Brian. We have a lot of confidence in our municipal end market. There's significant funding going in there all at all levels. So -- on the federal side, there's still ample funding coming in at those levels, very little of the IIJA spending has been spent really at all with the municipalities are using a lot of local water funds to support their projects, and we're seeing them increase rates to customers there.

是的。謝謝你，布萊恩。我們對市政終端市場充滿信心。各個層面都投入了大量資金。所以——在聯邦方面，資金仍然充足，但 IIJA 的支出實際上很少，市政當局正在使用大量地方水務資金來支持他們的項目，我們看到他們提高了客戶的水費。

So there are good tailwinds there. And then like Mark mentioned in the prepared remarks, there's a lot of state-level funding going out to support municipalities as well. So did lift it a little bit but just feel really good about the municipal end market over the short term, medium term, long term.

所以那裡有很好的順風。正如馬克在準備好的演講稿中所提到的那樣，州政府也提供了大量資金來支持市政當局。所以確實稍微提振了一些，但我對市政終端市場的短期、中期和長期前景都感到非常樂觀。

Matthew Bouley, Barclays Services Corp.

馬修·布利，巴克萊服務公司

Good morning, everyone. Thank you for taking the questions. I wanted to follow up on the end market side. Obviously, you just touched on muni. What I'm getting at is if you have any kind of early thoughts on 2026.

各位早安。感謝您回答這些問題。我想跟進一下終端市場方面的情況。顯然，你剛才提到了市政交通。我的意思是，你對 2026 年有什麼初步的想法嗎？

So given where municipal is, I think I heard you say residential might have been some signs of stabilization in Q3. Obviously, you got non-reservoir it sounds like the data center piece is driving things. So just I don't know, any help on kind of early thoughts and directional trends into 2026 there? Thank you.

鑑於市政市場目前的情況，我想我聽到您說住宅市場在第三季可能出現了一些穩定的跡象。顯然，你沒有遇到儲層問題，聽起來像是資料中心部分在驅動問題。所以，我不知道，有沒有人可以幫忙預測2026年的發展趨勢和初步看法？謝謝。

Yeah, thanks, Matt. Good morning, it's Mark. Yeah. As Robyn touched on in terms of the municipal end market, we continue to see that as a really strong, steady growth for us as we wrap up 2025 and into 2026 and beyond. Non residential for us is, like we've talked about on previous calls, it's a mixed bag there.

謝謝你，馬特。早上好，我是馬克。是的。正如 Robyn 在市政終端市場方面所提到的那樣，我們認為，在 2025 年即將結束、2026 年及以後，市政終端市場將繼續保持強勁、穩定的成長。對我們來說，非住宅業務的情況，就像我們之前在電話會議中討論過的那樣，喜憂參半。

We've seen some really good strength in areas like these more complex projects that we see, and then there's been pockets of softness with the lighter commercial business that tends to follow some of the residential activity. So as we think about the resi side, obviously, we're watching rates closely.

我們看到，在一些較複雜的專案領域，市場表現非常強勁；而在一些與住宅活動密切相關的較輕型商業領域，市場則出現了一些疲軟的跡象。所以，當我們考慮住宅方面的問題時，顯然，我們會密切關注利率。

There's more decisions here coming up from the Fed in December, and we'll see what they touch on in terms of the outlook. So we want to see a little bit more on that front before we call residential as we go forward. It clearly softened into the second half of the year, which we warn people at earlier this year. So we're likely to see maybe a bit of a headwind as we start off 2026.

聯準會將在 12 月做出更多決定，我們將看看他們對經濟前景會談些什麼。所以，在正式宣布住宅計畫啟動之前，我們希望看到這方面有更多的資訊。到了下半年，疫情明顯有所緩解，我們在今年稍早提醒人們這一點。因此，我們可能會在 2026 年初遇到一些阻力。

But just given the overall levels of residential, I think we've covered most of that risk for any further softening of that. I would expect that at some point here, that pent-up demand is going to release, and we'll be back into really good residential growth that could then spur some of that additional commercial development.

但就整體住宅水平而言，我認為我們已經規避了住宅市場進一步走軟的大部分風險。我預計，在某個時候，這種被壓抑的需求將會釋放，我們將再次迎來良好的住宅成長，這反過來又可以刺激一些額外的商業開發。

And I think on top of kind of continued investment in these data centers, I don't see that slowing down here anytime soon that provides a really good backdrop here at some point when we see that resi market release.

而且我認為，除了對這些資料中心的持續投資之外，我預計這種投資在短期內不會放緩，這為住宅市場在某個時候的釋放提供了非常好的背景。

Okay. Got it. Second one, kind of jumping into the margins. Obviously, a solid gross margin result there above 27%. So if I heard you correctly, I think you said SG&A would be down $25 million sequentially in Q4. And correct me if I'm wrong, but that seems to imply the gross margin probably ends up fairly similar sequentially.

好的。知道了。第二點，有點像是跳到邊緣地帶。顯然，毛利率超過 27%，表現穩健。如果我沒聽錯的話，您說第四季銷售、管理及行政費用將比上一季減少 2,500 萬美元。如果我理解有誤請指正，但這似乎意味著毛利率在各個季度之間可能都相當接近。

So I'm just curious if this kind of 7% level is sort of a new normal here? And any sort of additional color there on what's driving this there? Thank you.

所以我很好奇，這種7%的比例在這裡是不是一種新的常態？還有什麼其他因素在驅動這一切嗎？謝謝。

Yeah, sure, Matt, I'll take that one. So you're right. We had really strong gross margin performance in the quarter, driven by growth in our private label initiative. We did a really good job with some purchasing and pricing execution in the quarter.

好的，馬特，我接受這個任務。你說得對。本季我們的毛利率表現非常強勁，主要得益於自有品牌業務的成長。本季我們在採購和定價執行方面做得非常出色。

And we do expect to be able to continue to enhance gross margins from here, leveraging some of those margin initiatives that we've talked about. Gross margin in the fourth quarter should be -- it's probably going to be more in the range between the second and third quarter.

我們預計能夠繼續提高毛利率，並利用我們之前討論過的一些提高毛利率的舉措。第四季的毛利率應該會——可能會更接近第二季和第三季的水平。

Third quarter will probably be a little bit higher, maybe the peak level for the year as it can move around a little bit, but expecting a good result in the fourth quarter for gross margins, expecting -- you're right, expecting to bring SG&A down by about $25 million as we start to recognize some of the cost actions that we've done already. So should be a good result there.

第三季可能會略高一些，或許會達到全年最高水平，因為這個數字可能會略有波動，但預計第四季度毛利率會取得良好結果，預計——你說得對，預計銷售、一般及行政費用將減少約 2500 萬美元，因為我們開始意識到我們已經採取的一些成本控制措施。所以應該會有個好結果。

And then we expect to, like I said, continue to expand gross margins annually from there. It might not be exactly perfect sequentially every quarter. But on an annual basis, we expect to get that expansion.

然後，正如我所說，我們預計毛利率將逐年提高。可能不會每季都完全完美。但從年度來看，我們預計會實現這種成長。

Great. Thanks, Robin. Good luck, guys.

偉大的。謝謝你，羅賓。祝你們好運。

David Manthey, Robert W. Baird & Co Inc.

大衛曼西 (David Manthey)、羅伯特W貝爾德公司 (Robert W. Baird & Co Inc.)

Thank you. Good morning, everyone. First question on the top line. Last quarter, you said you expected residential to continue to soften through the second half. And Robyn, if I heard you right, you said you're seeing stabilization at the end of the third quarter. I don't want to read too much into that, and I know it's not getting stronger, but is that a slightly more optimistic residential view than you were expecting 90 days ago?

謝謝。各位早安。第一行第一個問題。上個季度，您曾表示預計住宅市場將在下半年繼續疲軟。羅賓，如果我沒聽錯的話，你說你看到第三季末情況趨於穩定。我不想對此過度解讀，也知道情況並沒有好轉，但這是否比你90天前預期的住宅市場前景稍微樂觀一些？

Yeah, thanks, Dave. Thanks, Dave. For resi, we started to see, like we talked about on the last quarter call, we really started to see that soften at the end of July, and it really continued into August, September and October. So for the full quarter, it was soft and it was down in that kind of low double digits to mid-teens range for the quarter. I wouldn't say we've seen good movement there.

是啊，謝謝你，戴夫。謝謝你，戴夫。對於住宅市場，正如我們在上個季度電話會議上所討論的那樣，我們在7月底開始看到市場真正開始走軟，並且這種趨勢一直持續到8月、9月和10月。因此，整個季度經濟疲軟，跌幅在兩位數到十幾的範圍內。我不會說我們在那方面看到了良好的進展。

We've just seen it kind of soften as homebuilders were developing less lots, awaiting some better affordability and some better demand there. So not a lot of movement during the quarter, but it did really perform in line with what we expected. We started to see some of that soften late last quarter and saw that continue throughout the quarter.

我們看到，隨著房屋建築商減少地塊開發，等待房價更實惠、需求更大時，這種趨勢有所緩和。所以本季並沒有出現太大的變化，但實際表現確實符合我們的預期。上個季度末，我們開始看到這種趨勢有所緩解，並且這種緩解趨勢一直持續到本季末。

Okay. Thank you. And Second, on gross margin. With private label at 5% of the mix, it doesn't seem large enough to move the needle. I know you talked about it a lot, and I'm sure there's a wide disparity between all other products and private label. But could you maybe talk about the magnitude of that in terms of stack ranking relative to gross margin benefit?

好的。謝謝。其次，關於毛利率。自有品牌產品僅佔總銷售量的 5%，似乎不足以產生顯著影響。我知道你經常談到這個問題，而且我確信所有其他產品與自有品牌之間存在很大的差異。但您能否談談，就毛利率收益而言，這種排名上的影響有多大？

And then you mentioned some of the other sourcing and pricing initiatives. Could you really lean into those a little bit and give us an idea of maybe some of those other buckets that are lifting gross margin? And how much opportunity remains in the coming, say, one to three years?

然後您還提到了一些其他的採購和定價措施。您能否更深入地探討一下這些方面，並為我們介紹還有哪些因素正在提升毛利率？那麼在未來一到三年內還有多少機會呢？

Yeah, sure. So private label is a big driver for us. And I would say in the quarter, a good portion of that was driven by private label growth and then -- the other half or less than half was driven by our really strong execution on purchasing and pricing. And private label has expanded our margins, I would say, pretty significantly over the last several years since we started getting into this and driving the growth there.

當然可以。因此，自有品牌是我們的一個重要驅動力。我認為，本季很大一部分的成長是由自有品牌成長所推動的，而另一半或不到一半的成長則是由我們在採購和定價方面非常強勁的執行力所推動。可以說，自有品牌在過去幾年裡顯著提高了我們的利潤率，因為我們開始涉足這一領域並推動其成長。

So we're really happy with the 5% of sales that we will have at the end of this year. Our long-term target there is in that 10% to 15% range. So lots of opportunity to continue to expand there. As we move forward into the upcoming years, I would say private label is going to still be a pretty big driver there.

因此，我們對今年年底能達到 5% 的銷售額感到非常滿意。我們長期的目標是達到 10% 到 15% 的水平。所以那裡有很多繼續擴張的機會。展望未來幾年，我認為自有品牌仍將是推動市場發展的重要因素。

We think that can drive something like 10 basis points to 20 basis points a year, some of our sourcing initiatives can drive additional margin enhancement on top of that. So those are areas that we have a lot of confidence and ability to continue to drive the gross margin improvement. Sourcing is a lot of managing the relationships with our suppliers and spend -- shifting our spend where is the best positioning us in the marketplace.

我們認為這每年可以帶來 10 到 20 個基點的成長，而我們的一些採購措施還可以在此基礎上進一步提高利潤率。因此，我們對這些領域充滿信心，也有能力繼續推動毛利率的提升。採購很大程度上是管理與供應商的關係和支出——將我們的支出轉移到最能讓我們在市場中佔據有利地位的地方。

And then on the purchasing side, we did a really nice job this year of buying ahead of price increases similar to how we always do. We see price increases coming to the market kind of in the early springtime frame. And we're always constantly managing our inventory to make sure we're optimizing margin as much as possible.

在採購方面，我們今年也做得非常好，像往年一樣提前採購，以應對價格上漲。我們預計早春時節市場價格將會上漲。我們始終在不斷管理庫存，以確保盡可能優化利潤率。

Terrific. Thank you.

了不起。謝謝。

Thanks, Dave.

謝謝你，戴夫。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Thanks, good morning, guys. Just want to go back to SG&A. So the guide for 4Q, does that fully embed the run rate of SG&A savings? That $30 million analyzed that will be baked into 4Q? And then on the one hand, you're talking about you're running very lean right now. But then I think the slides, and you referenced you're exploring further opportunities.

謝謝，各位早安。只想回到SG&A。那麼，第四季的業績指南是否完全反映了銷售、一般及行政費用的節省率？分析顯示，第四季將計入的3,000萬美元是多少？一方面，你說你現在的營運非常精簡。但是，從幻燈片來看，你也提到你正在探索更多機會。

So it's actually wondering what kind of direction you're moving in, in terms of looking at further productivity?

所以，其實是在思考，就進一步提高生產力而言，你的發展方向是什麼？

Yes. Yeah. Sure, Nigel. Thanks for the question. So the $30 million, a lot of that will hit in Q4 from a run rate perspective, not all of it. I would say it's probably going to be more in the kind of $5 million range of SG&A savings impact in the fourth quarter from some of the actions that we've taken.

是的。是的。當然可以，奈傑爾。謝謝你的提問。因此，從營運效率的角度來看，這 3000 萬美元中的大部分將在第四季度到賬，但並非全部。我認為，我們採取的一些措施可能會在第四季度為銷售、一般及行政費用節省約 500 萬美元。

.Some of them will go into effect. We've executed on the changes, but we'll realize more of the savings in FY26. So we won't get the full run rate in Q4, but we'll get the full run rate into FY26. And then remind me of your second question, Nigel?

其中一些將會生效。我們已經執行了這些變更，但要到 2026 財年才能實現更多的節省。因此，我們在第四季無法達到全部運行速度，但到 2026 財年我們將達到全部運行速度。然後，奈傑爾，請你提醒我你的第二個問題？

Yeah. The second part of the question was really around -- on the one hand, you're talking about you're running very lean, you're not going to sacrifice growth initiative, et cetera. But then you also then talk about other productivity actions you're exploring. So I'm just wondering what direction you see above and beyond that $30 million?

是的。問題的第二部分實際上是圍繞著——一方面，你說你的營運非常精簡，你不會犧牲成長計畫等等。但你隨後也談到了你正在探索的其他提高生產力的方法。所以我想知道，除了這3000萬美元之外，你認為未來的發展方向是什麼？

Yeah, sure. Yeah, and we do -- we -- if you compare us to others, we do have a very efficient SG&A rate already. We haven't gotten the operating leverage that we expected lately, and so that's where the cost-out actions came from. We do have a lot of things that we're working on to gain additional productivity in addition to the cost-out actions that we've already taken.

當然可以。是的，而且我們確實——我們——如果你把我們和其他公司比較，我們的銷售、一般及行政費用率已經非常有效率了。最近我們沒有獲得預期的營運槓桿效應，所以才採取了削減成本的措施。除了我們已經採取的成本削減措施之外，我們還在努力採取許多措施來提高生產力。

And a lot of that stems around technology to make us more efficient to service our customers better, to automate more in the back office. And so we have made some investments in technology that we believe will result in further productivity and help us get that SG&A leverage starting into next year.

而這一切很大程度上都源自於技術，旨在提高我們的效率，更好地服務客戶，並在後台實現更多自動化。因此，我們對科技進行了一些投資，我們相信這將進一步提高生產力，並幫助我們從明年開始獲得銷售、一般及行政費用的槓桿作用。

Okay. I'll leave it there. Thanks.

好的。我就說到這兒吧。謝謝。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛集團。

Hi, good morning, guys. So, I wanted to touch on the private label discussion again. Can you just -- maybe just elaborate on what the constraint is on potentially moving private label in that initiative since you are seeing some good gains from that? And then where are you seeing the biggest penetration across your product lines or systems?

大家好，早安。所以，我想再談談自有品牌的問題。您能否詳細說明一下，鑑於您在推行自有品牌方面取得了一些不錯的成果，那麼在推行自有品牌方面可能存在的限制是什麼？那麼，在您的產品線或系統中，哪些領域的滲透率最高？

Yeah Joe. Hey, it's Mark. Thanks for the question. Yes, I would tell you on private label, we've been really pleased with the progress that we've made there. We've expanded our capabilities there pretty significantly, things that you need to continue to grow it at that pace, obviously include a lot of the product work that's done.

是的，喬。嘿，我是馬克。謝謝你的提問。是的，就自有品牌而言，我們對所取得的進展非常滿意。我們已大幅擴展了這方面的能力，要繼續以這樣的速度發展，顯然需要完成許多產品方面的工作。

We've got great engineers and researchers that help us on that product development that has to be sourced and vetted to continue to end up through the system. You need the logistics capability. So we continue to invest in distribution space and facilities and equipment to work all that product through the system.

我們擁有優秀的工程師和研究人員，他們幫助我們進行產品開發，這些產品必須經過篩選和審查才能最終進入市場。你需要物流能力。因此，我們將繼續投資於分銷空間、設施和設備，以便讓所有這些產品都能順利地透過整個系統進行分銷。

Obviously, you need some customer acceptance on that side. So these are all kind of well-ingrained processes that we have to continue to expand that and has really been the key piece to -- as Robyn mentioned, allow us to expand gross margins here over the past few years. So we've got continued opportunities there. That's big part of what we continue to look at.

顯然，你需要獲得客戶的認可。所以這些都是根深蒂固的流程，我們必須繼續擴大這些流程，正如 Robyn 所提到的，這些流程確實是過去幾年我們能夠擴大毛利率的關鍵。所以，我們在那裡還有持續的機會。這是我們持續關注的重要部分。

I'd say we've got a really solid plan over the next two to three years to expand that. I think a pace of one point or, so a year is something that we felt as achievable and something that we've been able to deliver historically. So we'll continue to work down those paths and think should expect to see that growth as we move forward.

我認為我們已經制定了一個非常完善的計劃，將在未來兩到三年內擴大規模。我認為每年增長一個百分點左右的速度是我們認為可以實現的，而且從歷史數據來看，我們也能夠做到這一點。所以我們會繼續沿著這些方向努力，並且相信隨著我們不斷前進，會達到這樣的成長。

Got it. That's helpful, Mark. And then I guess my follow-on question, look, it's interesting to hear you talking about the data center opportunity. Clearly, that is going to continue to accelerate, and there's a lot of momentum in the market. I guess as you think about your positioning, your capabilities, whether you need to make investments in certain regions in order to participate in a more meaningful way going forward.

知道了。那很有幫助，馬克。然後，我想問個後續問題，聽您談論資料中心的機遇，真是令人感興趣。顯然，這種趨勢也將持續加速，市場動能強勁。我想，當你思考你的定位、你的能力時，你會考慮是否需要在某些地區進行投資，以便在未來以更有意義的方式參與其中。

Maybe just kind of talk a little bit through like whether there is additional investment that's necessary. And then also, to some degree, why it's such a small portion of your business today, given that there has been development over the last few years?

或許可以稍微討論是否需要額外的投資。此外，考慮到過去幾年的發展，為什麼它如今在你們業務中所佔比例如此之小？

Yeah. Thanks, Joe. As it relates to the scale, I think we obviously participate on a lot of projects all throughout the country, large-scale water replacement projects, other types of commercial and residential development.

是的。謝謝喬。就規模而言，我認為我們顯然參與了全國各地的許多項目，包括大型供水改造項目以及其他類型的商業和住宅開發項目。

So this is still a good and important part of our business that's growing rapidly. I would tell you, we're always looking to make additional investments and improve our market position across the country, but we're -- we've got a great foundation.

所以這仍然是我們業務中一個良好且重要的組成部分，並且正在快速成長。我想說的是，我們一直在尋求追加投資，以提升我們在全國的市場地位，但——我們已經擁有了堅實的基礎。

We have a broad geographic reach. So wherever these hyperscalers go to make these investments. We're always in a good kind of foundational position based on the local relationships that we have. It's still very much a local business.

我們的業務覆蓋範圍很廣。所以，無論這些超大規模資料中心營運商去哪裡進行投資。基於我們擁有的本地關係，我們始終處於良好的基礎地位。它仍然是一家地道道的本地企業。

It's typically some of our best customers that are working on these types of projects because they're so critical to those developers to be successful where we've got the best relationships locally. We tend to get a lot of this work in areas where we need to earn those relationships with the customers that are doing that work.

通常情況下，參與這類專案的都是我們最好的客戶，因為這類專案對於這些開發商的成功至關重要，而我們在當地也擁有最好的關係。我們往往在需要與客戶建立良好關係的領域中獲得這類工作。

Those are investments that we make similar that we would operate in other markets where we're trying to improve our market position. So you should expect as there is growth in data centers in certain markets that we're looking to enhance our capabilities, build out our capacity and make sure that we can serve that to the best of the customers' needs.

這些投資與我們在其他市場為提升市場地位而進行的營運方式類似。因此，隨著某些市場資料中心的成長，我們應該會尋求增強自身能力、擴大容量，並確保能夠最大限度地滿足客戶的需求。

So I think it looks very similar in terms of the investments. We've also got national relationships with some of the large contractors to get involved in these. So we attack it from various aspects, and we'll continue to invest to make sure that we get more than our fair share of that business.

所以我覺得從投資角度來看，它們非常相似。我們也與一些大型承包商建立了全國性的合作關係，以便參與這些專案。因此，我們將從各個方面著手解決這個問題，並將繼續投資，以確保我們獲得遠超我們應得的市場份額。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Good morning. Robyn, you had talked about cost inflation running kind of mid-single digit versus maybe more typical low single-digit rate. And I'm wondering if you could give any more context in terms of the drivers there? And then just maybe in terms of cadence, like when those comps get easier when you might expect that rate to normalize or any other color there?

早安.羅賓，你之前說過成本通膨率大概是個位數中段，而不是更常見的個位數低段。我想請問您能否提供更多關於當地司機方面的資訊？然後，就節奏而言，例如當這些合成變得更容易時，你可能會期望速率趨於正常化，或出現其他任何顏色？

Sure Yeah. I would say the areas that we've seen driving the majority of the inflation this year have been on our facilities, on our fleet and on medical costs. So those are the main drivers. Obviously, those are some big buckets of costs for us are our largest bucket of cost is personnel-related expense and then it's our facilities after that.

當然可以。我認為，今年推動通貨膨脹的主要因素是我們的設施、車隊和醫療成本。所以，這些都是主要驅動因素。顯然，這些都是我們的大筆開支，其中最大的開支是人員相關費用，其次是設施費用。

So as we go through and renew some leases that we've had in the past that -- we've gotten really good pricing on some of those fair market values are up and causing some inflation there. And then -- similarly on the fleet, we've just seen inflation there over time. And then medical is an area that we've had a big impact last quarter. We had a lot of high-cost claims, but there's also a lot of inflation hitting that area.

因此，當我們續簽一些過去的租賃合約時——我們之前以非常優惠的價格獲得了一些公平的市場價值，而這些價值的上漲導致了通貨膨脹。同樣地，在艦隊方面，我們也看到了隨著時間的推移而出現的通貨膨脹。上個季度，我們在醫療領域也取得了顯著成效。我們有許多高額索賠，但同時該領域也受到了嚴重通貨膨脹的影響。

So expect that to continue into the fourth quarter. Don't have a lot of that remediating in the fourth quarter yet. But I would say we started -- we'll probably anniversary around that around the second quarter of next year. That's when we started to see the larger impacts of that inflation. So do expect it to moderate at some point in the coming quarters and get back to something that's a little bit more normalized for our industry.

預計這種情況會持續到第四季。第四季暫時還沒有太多需要補救的事情。但我認為我們已經開始了——我們可能會在明年第二季左右慶祝週年紀念日。正是在那時，我們開始看到通貨膨脹帶來更大的影響。因此，預計未來幾季內，這種情況會有所緩和，並恢復到我們行業較為正常的水平。

Okay. That's very helpful. And then just following up on data centers. Mark, I think that you made a reference to these being quick projects. I'm not sure if I heard that right.

好的。那很有幫助。然後就是跟進資料中心的情況。馬克，我想你之前提到這些都是短期專案。我不確定我是否聽得正確。

But in terms of kind of visibility into these projects, maybe time line, I'm sure it's hard to generalize, but is it possible to talk about sort of maybe what a typical project looks like in terms of your visibility into the demand and the time line and completing that?

但就這些項目的可見性而言，例如時間安排，我確信很難概括，但能否談談一個典型的項目在需求、時間安排和完成情況方面的可見性？

Yeah. Thanks Anthony. Yeah, happy to clarify that. These projects are -- they're not completed quickly. They're -- I'd say, the pace of construction of these is at a pace that requires that operational excellence that we provide our customers. So they're fast pace projects, they can last several years based on the nature of the build-out.

是的。謝謝你，安東尼。是的，很樂意解釋清楚。這些項目——它們不會很快完成。我認為，這些專案的建造速度需要我們為客戶提供的卓越營運能力。所以這些都是快節奏的項目，根據建設的性質，可能會持續數年時間。

We've seen some of the projects that we've worked on just they continue to add phases to these projects. So we'll get pretty good visibility out as we get involved in these, at least kind of a year out of work that's being done, and then those projects can then expand beyond their based on what we've seen.

我們看到我們參與的一些項目仍在不斷增加新的階段。因此，當我們參與這些專案時，至少在一年左右的時間裡，我們會對正在進行的工作有相當好的了解，然後這些專案可以根據我們所看到的擴展到更廣闊的領域。

So they can last quite a while, but your pace that you have to execute at is very quick, and that's where the trust that our customers place in us really comes in hand our ability to execute these projects so that they can be successful and they can be a preferred contractor on these projects going forward.

所以這些專案可能會持續相當長的時間，但你必須以非常快的速度執行，而這正是客戶對我們的信任真正發揮作用的地方，它決定了我們執行這些專案的能力，從而使專案能夠成功，並使我們成為未來這些專案的首選承包商。

That's when it really becomes a win-win for us and our customers when we're both working to complete those projects as efficiently as possible.

當我們和客戶共同努力以最高效的方式完成這些項目時，這才是真正意義上的雙贏。

Very helpful. I'll turn it over.

很有幫助。我把它翻過來。

Patrick Baumann, JPMorgan Chase & Co.

Patrick Baumann，摩根大通公司

Good morning. Had a couple cleanups here. Just on pricing, I think you said muni PVC pipe down about 15% in the quarter year-over-year kind of implies everything else was up like low single digits. Is that -- is that right? And then is that kind of that algo? Do you expect that to continue into '26 such that prices on net will remain stable?

早安.這裡做過幾次清理工作。就價格而言，我認為你說過市政PVC管道本季同比下降了約15%，這似乎意味著其他所有產品的價格都出現了個位數的上漲。是這樣嗎？是這樣嗎？那麼，這就是那種演算法嗎？你預期這種情況會持續到2026年，淨價會維持穩定嗎？

Yeah. Thanks, Pat. That's right. PVC pricing has kind of come down off its peak levels over time, and that's the right range of what we're seeing. Don't expect -- we don't expect a lot of changes from this point in the year. So pricing flat for the year.

是的。謝謝你，帕特。這是正確的。隨著時間的推移，PVC價格已經從峰值水平有所回落，而這正是我們目前看到的合理價格範圍。不要抱太大期望——我們預計從今年這個時候起不會有太大變化。所以今年的價格維持不變。

And as we get into FY 26, we'll provide more details on the next call. But expecting pricing to be at least flattish for FY26. We could have some product categories that are down but expect the majority of them to be up overall. So I feel like that's going to be stable at minimum.

進入 2026 財年後，我們將在下次電話會議上提供更多細節。但預計 2026 財年的價格至少會保持穩定。有些產品類別可能會出現下滑，但預計大部分產品類別的整體銷售量會上升。所以我覺得至少會比較穩定。

What are you seeing in other commodity products outside of the PVC stock? Yeah...

除了PVC庫存之外，您在其他大宗商品領域看到了什麼？是的...

Yeah. Well -- yes, if you think about steel and copper are really only true commodities that we have that move with the underlying markets, and those would both have price favorability for the year, they've been price favorable for a while, and I would expect that to continue. So those are small areas of our overall products and sales, but those are up, and I would say, virtually every product except where the municipal PVC is up year-over-year.

是的。嗯——是的，如果你仔細想想，鋼鐵和銅才是我們僅有的真正與基礎市場同步波動的商品，而且它們今年的價格都比較有利，事實上它們的價格已經有利一段時間了，我預計這種情況還會繼續下去。所以這些只是我們整體產品和銷售的一小部分，但這些產品都實現了成長，可以說，除了市政PVC產品外，幾乎所有產品的銷售額都比去年同期成長了。

And Doctor Iron is also up?

鐵醫生也醒了嗎？

Yeah. That's right.

是的。這是正確的。

Okay. And then on the M&A pipeline, can you just talk about like what you're seeing there? We've been a little bit of a lull here in terms of activity, what's causing that? And what -- how should we think about you guys deploying capital to M&A over the next 6 to 12 months? .

好的。那麼，關於併購交易方面，您能談談目前看到的情況嗎？最近我們的業務活動略顯平靜，這是什麼原因造成的呢？那麼，我們該如何看待你們在未來 6 到 12 個月內將資金投入併購呢？。

Yeah Pat, that's Mark. We're still very excited about the M&A pipeline that we've got. We've got some very active deals that we're working right now. We got many opportunities that we continue to see out on the horizon there has been, I'd say, a lull in the deals that are out in the market. We haven't, I'd say, missed out on anything in the market.

是的，帕特，那是馬克。我們仍然對現有的併購專案儲備感到非常興奮。我們目前正在積極推進一些非常有前景的交易。我們看到了很多機會，而且這些機會還在不斷湧現；但可以說，市場上的交易活動出現了一段低迷期。我認為，我們沒有錯過市場上的任何東西。

I just want to assure you of that. It has been a I'd say, a lull in activity. But we are working some in real time that we're excited about and expect you'll hear some announcements from us soon, and we continue to be very active on that front. So I'd expect from a capital deployment perspective, our priorities haven't changed. We'll continue to invest organically.

我只是想向你保證這一點。可以說，這段時間活動有所減少。但我們正在實時開展一些令我們興奮不已的項目，預計很快你們就會聽到我們的一些公告，我們將繼續在這方面保持積極行動。因此，從資本部署的角度來看，我認為我們的優先事項並沒有改變。我們將繼續進行有機成長投資。

We will deploy capital for M&A, and we'll continue to look at share repurchases as an authorization that we announced this morning. So continued right along with our strategy and the priorities that we've laid out.

我們將投入資金進行併購，並將繼續考慮今天早上宣布的股票回購計畫。因此，我們繼續按照既定的策略和優先事項開展工作。

Great. Thanks for the time.

偉大的。感謝您抽出時間。

Thank you.

謝謝。

Sam Reid, Wells Fargo Securities LLC.

Sam Reid，富國證券股份有限公司。

Thanks for taking my question. Just looking for a little bit more detail on the SG&A cuts. And perhaps could you just give us a sampling of some of the, call it, maybe more back-office type jobs that you're eliminating as part of this process? Are they concentrated at the branch level more skewed towards corporate? Just love some additional perspective there.

謝謝您回答我的問題。想了解更多銷售、管理及行政費用削減的細節。或許您能給我們舉個例子，說明一下在這個過程中，您正在裁減哪些後台類型的職位嗎？它們是否更集中於分公司層面，還是更偏向公司層面？很喜歡這裡提供的其他視角。

Yeah. Thanks for the question, Sam. Thanks for the question, Sam. We did -- like I said on the call, $40 million of cost out, the majority of that is personnel-related costs. We were able to make reductions in about 4% of our overall. We were not focused on anything that was driving sales.

是的。謝謝你的提問，山姆。謝謝你的提問，山姆。正如我在電話會議上所說，我們削減了 4000 萬美元的成本，其中大部分是與人員相關的成本。我們成功地將整體成本降低了約 4%。我們當時並沒有關注任何能夠促進銷售的因素。

I mean, we talked about in the last quarter that these were going to be very targeted actions, and we weren't going to do anything to compromise any customer service or long-term growth. And I think we've done a really good job of making sure those were targeted.

我的意思是，我們在上個季度就討論過，這些行動將非常有針對性，我們不會做任何損害客戶服務或長期成長的事情。我認為我們在確保這些行動具有針對性方面做得非常出色。

On the back-office side, I would say, over time, we've been able to leverage technology and become more efficient. So I wouldn't point to any particular role, but I would say we were able to make some changes generally across the board to take cost out overall and then some additional kind of supporting functions.

在後台方面，我認為隨著時間的推移，我們已經能夠利用科技並變得更有效率。所以我不會指出任何具體角色，但我認為我們能夠做出一些全面的改變，從而降低整體成本，並增加一些輔助功能。

So it was a mix of head count, which is why we didn't talk about it in a detailed way on the last call because we knew it was going to be a little bit broad in across the board, but also kind of very targeted to specific areas that maybe we've had some overlap from M&A or maybe we've converted systems, and we're able to become more efficient in that way.

所以，人員數量方面有很多因素，這也是為什麼我們在上次電話會議上沒有詳細討論的原因，因為我們知道這會涉及範圍比較廣，但也會針對一些特定領域，比如我們可能在併購中有一些重疊，或者我們可能已經轉換了系統，從而能夠提高效率。

That helps, Robyn. And then to switch gears here, just want to drill down a little bit on the muni -- or the meter business, I should say. It sounds like you were awarded a meter contract this quarter, if I'm not mistaken. Just maybe a little additional context on that.

那很有幫助，羅賓。然後，我想換個話題，稍微深入探討一下市政——或者更確切地說，是計量業務。如果我沒記錯的話，你這季好像拿到了一份電表合約。或許可以再補充一些背景資訊。

And then talk to the high single-digit growth -- just maybe give me some context on whether that's coming from newer projects or whether that's more kind of just recurring from kind of some of your longer-term meter contracts? Thanks.

然後談談個位數的高成長——能否請您提供一些背景信息，說明這是來自新項目，還是更多地來自一些長期計量合約的經常性增長？謝謝。

Yeah. Thanks, Sam. It's Mark. We continue to be really successful on the smart meter front. We've been, I would say, pivotal in advancing the digitization of the municipalities.

是的。謝謝你，山姆。是馬克。我們在智慧電錶領域持續取得巨大成功。我認為，我們在推動市政數位化方面發揮了關鍵作用。

And this is an area where we can really drive demand by going in and selling the value that we can bring by really converting them from a manual or kind of a legacy maybe first generation system that they put in really provide them the advantages of a modern system.

在這個領域，我們可以透過進入並銷售我們能夠帶來的價值來真正推動需求，透過真正地將他們從手動或某種遺留的（可能是第一代）系統轉變為現代系統，從而為他們提供現代系統的優勢。

So we've been, I'd say, very successful in many parts of the country selling some of the largest municipalities now, which have been, I'd say, some of the slower adopters of the technology. So we're really starting to see some movement there and really gain the confidence of our manufacturer partners that we help sell their products for to really be the lead and drive the demand of the system enhancements for the municipality.

所以，我認為我們在全國許多地區都取得了巨大的成功，現在已經向一些最大的市政當局銷售了產品，而這些市政當局可以說是這項技術接受度較低的群體。因此，我們確實開始看到一些進展，並真正贏得了我們幫助銷售其產品的製造商合作夥伴的信任，從而真正成為引領和推動市政系統改進需求的先鋒。

So real pleased with the progress there. We have achieved that over the last couple of years, some of the largest projects and not only our company's history, but in the country's history in terms of the size and scale of these. So that's going to be a continued driver of growth for us and just really excited about the performance of our team there and continue to expect good growth ahead of us.

我對那裡的進展非常滿意。在過去幾年裡，我們實現了這一目標，完成了一些規模最大的項目，這些項目不僅在我們公司歷史上是最大的，而且就其規模而言，也是國家歷史上最大的。因此，這將繼續成為我們成長的驅動力，我們對團隊在該領域的表現感到非常興奮，並繼續期待未來會取得良好的成長。

All really helpful. Thanks so much.

都很有幫助。非常感謝。

Matthew Johnson, UBS.

馬修約翰遜，瑞銀集團。

Hey, good morning, guys. Appreciate the time. I guess first half, if we could just talk a little bit about Greenfields. I think you guys have opened five year-to-date is what you said. I guess could you guys provide a little more color on, I guess, your ambitions for the rest of the year.

嘿，大家早安。感謝您抽出時間。我想上半場，如果我們能稍微聊聊格林菲爾德的話。我記得你們說過，今年至今已經開了五家店。我想請你們詳細介紹一下，關於你們今年剩餘時間的計畫和目標。

Are there any specific markets that you're targeting, whether it be in the U.S. or Canada? And then its target for FY26 also to open 5 to 10 new Greenfields?

你們的目標市場是否有特定目標，例如美國或加拿大？那麼，其2026財年的目標也是新建5到10個綠地工程嗎？

Yeah. Good morning. Thanks for the question. Yes, we are really excited about some of the Greenfields that we've got open this year. As we've mentioned on the call, a couple of good markets or we've got coverage today but really looking to continue to expand in both Denver and Houston is really priority markets for us.

是的。早安.謝謝你的提問。是的，我們對今年開放的一些綠地計畫感到非常興奮。正如我們在電話會議中提到的，目前我們已經涵蓋了幾個不錯的市場，但真正希望繼續在丹佛和休士頓這兩個對我們來說非常重要的市場進行擴張。

We've got I'd say, several more identified, a few of which I expect will get opened between now and the end of the year still and a really good pipeline ahead of us that we're evaluating. We've got over a dozen markets right now that we're assessing for continued attention and growth and expect you'll see continued growth from a greenfield perspective.

我們已經確定了幾個項目，其中一些項目預計會在今年年底前啟動，而且我們還有一條非常好的研發管線正在評估中。我們目前正在評估十幾個市場，以決定是否繼續關注並實現成長，預計從新市場角度來看，您將會看到持續成長。

As we've talked about on previous calls, we typically are able to get those profitable within at least breakeven within the first year and profitable in years two and three. And we've had really good success there as we've opened more this year. And the ones we've opened in prior years were continuing to perform as well.

正如我們在之前的電話會議中討論過的，我們通常能夠讓這些項目在第一年至少實現收支平衡，並在第二年和第三年實現盈利。今年我們開設了更多分店，並且取得了非常好的成功。而我們前幾年開設的那些門市也一直保持著良好的業績。

So that will be a continued strategy that you see as we look to continue to expand our geographic presence, and that would be both in the U.S. and in Canada.

因此，這將繼續是我們擴大地域覆蓋範圍的策略，無論是在美國還是在加拿大。

That's great. Thanks Mark. And then I guess just one more for me. You guys talked a little bit about some of the different state funding that's gone, I think, across Texas, New York and Arkansas. And I think the number in Texas is far larger around $20 billion.

那太棒了。謝謝你，馬克。然後，我想我再來一杯吧。你們剛才稍微談到了一些州政府的撥款情況，我想這些撥款涉及德克薩斯州、紐約州和阿肯色州。而且我認為德州的數字要大得多，大約有 200 億美元。

So I guess, could you guys talk a little bit about how large the Texas market is for you guys and kind of what your participation rate looks like in that state and kind of how impactful you think this new bill could be for you guys moving forward?

所以我想，你們能否談談德州市場對你們來說有多大，你們在該州的參與率大概是多少，以及你們認為這項新法案對你們未來的發展會有多大影響？

Yeah. Texas is a very important market for us. As you can imagine, as you think about construction spend across the U.S. for us, Florida Texas, California. Those are really important markets, and they tend to drive just in those three states on can really drive our business. So this additional investment into Texas, I think, will be really important to us. We've got good strong position in Texas and expect us to be able to capitalize on that.

是的。德州對我們來說是一個非常重要的市場。您可以想像，當我們考慮美國各地的建築支出時，佛羅裡達州、德克薩斯州、加利福尼亞州的情況就是如此。這些都是非常重要的市場，而且僅在這三個州，它們就能真正推動我們的業務發展。因此，我認為，這筆對德州的額外投資對我們來說非常重要。我們在德克薩斯州擁有穩固的地位，並期望能夠充分利用這一優勢。

In addition, Texas has had other advancements. One of the elements that we're excited about, which is very long-term oriented that they now provide for corrugated HDPE as a solution for a lot of storm drainage work, and Texas, which has been a heavy concrete market as well.

此外，德克薩斯州還取得了其他方面的進展。我們感到興奮的一點是，從長遠來看，他們現在提供波紋 HDPE 作為許多雨水排水工程的解決方案，而德州也是一個混凝土市場很大的地區。

So as we work to advance a lot of those products into the products that we distribute that can be another good long-term growth driver. That's not -- those investments aren't things that happen overnight but really set up a good foundation and you'll continue to see us invest in Texas, just like we announced the greenfield in Houston. I'd expect that you'll continue to see us make more investments in the state.

因此，當我們努力將許多這類產品推廣到我們分銷的產品中時，這可以成為另一個良好的長期成長動力。並非如此——這些投資不是一朝一夕就能完成的，而是真正奠定了良好的基礎，你會看到我們繼續在德克薩斯州投資，就像我們宣佈在休士頓新建一個項目一樣。我預計你們將會看到我們繼續加大對該州的投資。

Thank you. At this time, I'll now pass it back to Mark Witkowski for any further remarks.

謝謝。現在，我將把發言權交還給馬克‧維特科夫斯基，請他補充說明。

Thank you all again for joining us today. Before we close, I want to leave you with a few key points. Over the last several years, Core & Main has executed exceptionally well through an unprecedented environment. We captured benefits from large price increases in 2021 and 2022, committed to holding it, and that is exactly what we've delivered. During that period, we also said we were over earning gross margin by roughly 100 to 150 basis points.

再次感謝各位今天蒞臨。在結束之前，我想和大家分享幾個要點。過去幾年，Core & Main 在前所未有的環境下表現出色。我們從 2021 年和 2022 年的大幅提價中獲益，並承諾保持這一價格，而我們也確實做到了。在此期間，我們也表示我們的毛利率比預期高出約 100 至 150 個基點。

We moved through that normalization exactly as we expected, and we're now back to delivering steady structural gross margin expansion. Today, we're managing through stubborn inflation, higher cost and softer end markets. But we're not standing still.

我們完全按照預期完成了正常化過程，現在我們又恢復了穩定的結構性毛利率成長。如今，我們正努力應對頑固的通貨膨脹、不斷上漲的成本和疲軟的終端市場。但我們並沒有停滯不前。

We've executed cost actions, and we see a clear path to generate future growth and operating leverage. Our strategic investments and sales initiatives are creating real share gains and our diversified model positions us to generate resilient profitable growth.

我們已經採取了成本控制措施，並且看到了實現未來成長和營運槓桿的明確路徑。我們的策略性投資和銷售措施正在創造真正的市場份額成長，而我們多元化的商業模式使我們能夠實現穩健的獲利成長。

We've navigated several unusual years with discipline, consistency and transparency and we're confident in our ability to deliver long-term value as the market returns to a more supportive backdrop. Thank you for your continued interest in Core & Main. Operator, that concludes our call.

我們憑藉自律、堅持和透明的態度度過了幾個不同尋常的年份，我們有信心在市場回歸更有利的環境後，繼續創造長期價值。感謝您一直以來對Core & Main的關注。接線員，通話到此結束。

Thank you all for joining us today's call. You may now disconnect your lines.

感謝各位參加今天的電話會議。現在您可以斷開線路了。