Core & Main Inc (CNM) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Core and Main First Quarter 2026 Earnings Conference Call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Core & Main 2026 會計年度第一季財報電話會議。(接線員指示)

I will now hand the conference over to Landon Althoff, Vice President of Investor Relations. Landon, please go ahead.

現在我將把會議交給投資人關係副總裁 Landon Althoff。Landon，請開始。

Good morning, and thank you for joining us. I'm Landon Althoff, Vice President of Investor Relations at Core & Main. We appreciate you taking the time to be with us today for Core & Maine's fiscal 2026 first quarter earnings call. Joining me this morning are Mark Witkowski, our Chief Executive Officer; Robyn Bradbury, our Chief Financial Officer; and Brad Coles, our President.

各位早安，感謝各位加入我們。我是 Core & Main 投資人關係副總裁 Landon Althoff。感謝各位今天撥冗參加 Core & Main 2026 會計年度第一季財報電話會議。今天早上與我一同出席的有：執行長 Mark Witkowski、財務長 Robyn Bradbury，以及總裁 Brad Coles。

Mark will start with a business update. Brad will then discuss the value CORD Main is providing across our smart utility and treatment plant solutions initiatives, and Robin will follow with a review of our financial results and reaffirmed outlook for fiscal 2026. After, we will open the line for questions and Mark will wrap up with closing remarks.

Mark 將先進行業務更新。接著 Brad 將說明 Core & Main 透過智慧公用事業與處理廠解決方案計畫所提供的價值，然後 Robyn 將回顧我們的財務結果，並重申 2026 會計年度的展望。之後我們將開放提問，最後由 Mark 以結語作結。

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. For more information, please refer to the cautionary statements included in our earnings release and our filings with the SEC.

提醒各位，我們的新聞稿、簡報資料，以及今天電話會議中的發言可能包含前瞻性陳述。這些陳述受多項風險與不確定性影響，可能導致實際結果與我們的預期有重大差異。更多資訊請參閱我們財報新聞稿及向美國證券交易委員會（SEC）提交文件中的警示性說明。

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. Reconciliations to the most comparable GAAP measures are available in both our press release and the appendix of today's investor presentation. Thank you again for your interest in Core & Main.

我們在今天的討論中也會提及若干非 GAAP 財務衡量指標。我們相信這些指標能為公司業務的基本表現提供有用洞見。與最可比 GAAP 指標的調節表可在我們的新聞稿以及今日投資人簡報的附錄中取得。再次感謝各位對 Core & Main 的關注。

I'll now turn the call over to our Chief Executive Officer, Mark Witkowski.

現在我把電話會議交給我們的執行長 Mark Witkowski。

Thanks, Landon, and good morning, everyone. Thanks for joining us today. Before getting into the details of the quarter, it's helpful to frame the broader demand backdrop. The fundamental drivers of water infrastructure investment remain firmly intact as utilities continue to prioritize essential water infrastructure systems that support public health and community growth, creating resilient demand across our business.

謝謝你，Landon，各位早安。感謝各位今天加入我們。在進入本季細節之前，先就更廣泛的需求背景做個說明會更有幫助。隨著公用事業持續優先投入支撐公共衛生與社區成長所需的關鍵水務基礎設施系統，水務基礎設施投資的基本驅動因素依然穩固，為我們的業務帶來具韌性的需求。

This demand provides a strong foundation, while our diversified end market exposure helps balance near-term uncertainty and supports our performance through cycles. Against that backdrop, we delivered a solid start to fiscal 2026 with first quarter net sales of $1.9 billion, adjusted EBITDA of $226 million, and adjusted diluted EPS of $0.72.

這樣的需求提供了堅實基礎，而我們多元化的終端市場曝險有助於平衡短期不確定性，並支持我們穿越景氣循環的表現。在此背景下，我們在 2026 會計年度有個穩健的開局：第一季淨銷售額 19 億美元、調整後 EBITDA 2.26 億美元，以及調整後稀釋每股盈餘（EPS）0.72 美元。

These results reflect disciplined execution and the underlying resilience of our business and support our confidence in the full-year outlook we communicated in March. Our associates across the business remain focused on execution, and serving our customers, leveraging the competitive strengths of Korn Main. Our local teams bring the knowledge and experience to help customers.

這些結果反映了嚴謹的執行力與我們業務的內在韌性，也支持我們對 3 月所溝通之全年展望的信心。我們全體同仁仍專注於執行與服務客戶，發揮 Core & Main 的競爭優勢。我們的在地團隊具備知識與經驗，能協助客戶。

Navigate the most complex projects, simplifying their supply chains, and ensuring the efficient flow of materials to keep critical infrastructure projects moving forward. That local relationship-driven model, supported by our national scale and capabilities, continues to differentiate Core and Main, and positions us to deliver long-term value for our customers and shareholders.

應對最複雜的專案、簡化其供應鏈，並確保物料高效率流動，以推動關鍵基礎設施專案持續前進。這種以在地關係為驅動的模式，在我們的全國規模與能力支持下，持續讓 Core & Main 脫穎而出，並使我們能為客戶與股東創造長期價值。

Turning to our end markets, municipal demand remains strong during the quarter, and continues to serve as a core source of growth for the business. Activity is supported by aging water infrastructure, essential repair and replacement work, and the largely non-discretionary nature of municipal spending.

就終端市場而言，本季市政需求依然強勁，並持續成為公司成長的核心來源。相關活動受老化的水務基礎設施、必要的維修與汰換工程，以及市政支出多屬非選擇性（剛性）特性所支撐。

These needs extend well beyond any single federal funding cycle and reflect the long-term modernization required to keep critical water, wastewater and storm drainage systems operating reliably for communities. Approximately 95% of water infrastructure funding is supported by state and local sources, reinforcing the durable, locally driven nature of this market, and we continue to see a sustained pipeline of projects.

這些需求遠不止於任何單一的聯邦資金週期，反映出為確保社區關鍵的供水、污水與雨水排水系統可靠運作所需的長期現代化。約 95% 的水務基礎設施資金來自州與地方來源，進一步強化此市場具耐久性且由地方驅動的特質；我們也持續看到穩定的專案管線。

These characteristics reinforce municipal as our most stable end market, and provide a strong foundation through varying economic conditions. Non-residential demand remains mixed across project types and geographies, but overall activity has been stable. We are seeing healthy momentum in certain project types, including data centers and manufacturing facilities, with fire protection sales benefiting from strengthened data center, and multifamily construction activity, as well as higher steel prices.

這些特性使市政成為我們最穩定的終端市場，並在不同經濟環境下提供強勁基礎。非住宅需求在不同專案類型與地理區域間仍呈現分歧，但整體活動保持穩定。我們在某些專案類型看到良好動能，包括資料中心與製造設施；消防防護產品銷售受益於資料中心與多戶住宅建案活動增強，以及鋼價上漲。

Data centers continue to gain momentum, and we are securing a steady stream of new project wins across multiple regions of the country. These projects are particularly attractive for our business given the significant water infrastructure required to support cooling systems as well as the broader downstream demand they create within surrounding communities.

資料中心持續增溫，我們在全國多個地區持續取得穩定的新專案得標。就我們的業務而言，這些專案特別具吸引力，因其冷卻系統所需的大量水務基礎設施投資，以及其在周邊社區所帶動的更廣泛下游需求。

We see data centers as a compelling long-term growth opportunity for Core and Maine. These projects require significant investment in water, wastewater, storm drainage, and fire protection infrastructure, and involve complex multi-phase project life cycles that align well with our technical capabilities, product breadth, and execution expertise.

我們將資料中心視為 Core & Main 具吸引力的長期成長機會。這些專案需要在供水、污水、雨水排水與消防防護基礎設施上投入大量資本，且涉及複雜的多階段專案生命週期，與我們的技術能力、產品廣度與執行專長高度契合。

Our national scale, sourcing strength, dedicated project teams, and technical resources combined with the deep relationships, and local market knowledge of our branch network position us well to capture this opportunity. We are seeing strong bidding activity and customer engagement across multiple regions, reinforcing our confidence in this growth driver.

我們的全國規模、採購優勢、專責專案團隊與技術資源，結合分公司網絡深厚的客戶關係與在地市場知識，使我們具備良好條件把握此機會。我們在多個地區看到強勁的投標活動與客戶互動，進一步強化我們對此成長動能的信心。

Strong data center and manufacturing activity has largely offset softness in traditional commercial construction. Residential markets remain challenged with year-over-year declines against a strong prior year comparison.

強勁的資料中心與製造業活動，已在很大程度上抵消傳統商業建築的疲弱。住宅市場仍具挑戰，受去年同期高基期影響，年對年呈現下滑。

As a reminder, residential lot development started out with optimism in the first quarter of fiscal 2025, but activity pulled back as we moved throughout the second quarter and softened further in the back half of the year. Since then, conditions have largely stabilized. While we have not seen further deterioration relative to how we exited fiscal 2025, we have also not seen a meaningful improvement, which is in line with our expectations.

提醒各位，2025 會計年度第一季住宅地塊開發一開始相對樂觀，但進入第二季後活動回落，並在下半年進一步走弱。自那之後，市場狀況大致已趨於穩定。雖然相較於我們在 2025 會計年度結束時的狀況並未見到進一步惡化，但也尚未看到明顯改善，這與我們的預期一致。

Near-term activity will continue to be influenced by interest rates and affordability, but we remain optimistic on the long-term outlook given the structural undersupply of housing and meaningful pent-up demand. Our teams remain focused on driving above-market growth through the strength of our value proposition and the execution of our product, customer, and geographic expansion initiatives.

短期活動仍將受到利率與可負擔性影響，但鑑於住宅供給結構性不足與可觀的累積需求，我們對長期展望仍保持樂觀。我們的團隊仍專注於透過我們價值主張的優勢，以及產品、客戶與地理擴張計畫的執行，推動高於市場的成長。

For example, treatment plant and smart utility solutions, including advanced metering infrastructure, software, analytics, installation, and ongoing support, delivered double-digit and high single-digit growth during the quarter, respectively.

例如，處理廠與智慧公用事業解決方案（包括先進計量基礎設施、軟體、分析、安裝與持續支援）在本季分別實現兩位數成長與高個位數成長。

This performance reflects the breadth of our capabilities, which extend well beyond product distribution, to supporting customers across the full life cycle of their infrastructure needs. Over time, we have invested in both local and national resources to deepen our technical expertise, expand project support, and broaden customer coverage, enabling us to serve a wider range of projects at greater scale and complexity.

這樣的表現反映我們能力的廣度：不僅止於產品配銷，也能在客戶基礎設施需求的全生命週期提供支援。長期以來，我們在在地與全國層級皆投入資源，以深化技術專業、擴大專案支援並拓展客戶覆蓋，使我們能以更大的規模與更高的複雜度服務更廣泛的專案。

It also reflects growing customer demand for solutions that improve system visibility, reduce water loss, and drive more efficient infrastructure operations. Brad will cover this in more detail shortly. Technology also continues to be an important differentiator for Core & Main and a key enabler of our long-term growth strategy.

這也反映客戶對於可提升系統可視性、降低漏水並推動更高效率基礎設施營運之解決方案的需求日益增加。Brad 稍後將更詳細說明。科技也持續是 Core & Main 的重要差異化因素，以及我們長期成長策略的關鍵推動力。

We are focused on leveraging our industry-specific proprietary digital tools, and developing AI-enabled solutions to improve productivity, enhance the customer experience and simplify workflows for both our associates and customers. Our capabilities in these areas of focus help deepen customer relationships, improve execution across our network, and further reinforce our differentiated value proposition.

我們專注於運用我們具產業特定性的專有數位工具，並開發具 AI 賦能的解決方案，以提升生產力、強化客戶體驗，並為我們的同仁與客戶簡化工作流程。我們在這些重點領域的能力有助於深化客戶關係、提升我們整體網路的執行力，並進一步鞏固我們差異化的價值主張。

We also continue to expand our geographic footprint. Opening five new greenfield locations in attractive markets during the quarter. We are well on track to open a record eight to 10 greenfield locations in fiscal 2026. These openings further strengthen our local service model while extending the benefits of our national scale and capabilities into new or under-penetrated markets.

我們也持續擴大我們的地理版圖。本季在具吸引力的市場新設五個綠地據點。我們正按計畫在 2026 會計年度開設創紀錄的 8 至 10 個綠地據點。這些新據點在延伸我們全國規模與能力優勢至新市場或滲透率較低市場的同時，也進一步強化我們在地服務模式。

Alongside our greenfield expansion, we see a robust pipeline of acquisition opportunities across our highly fragmented industry. We remain actively engaged on a number of high-quality opportunities to expand our capabilities, extend our geographic reach, and add strong local talent and customer relationships.

除綠地擴張外，我們也在高度分散的產業中看到強勁的併購機會管線。我們仍積極推進多項高品質機會，以擴充我們的能力、延伸地理覆蓋範圍，並納入優秀的在地人才與客戶關係。

These opportunities would broaden our product and solutions offering, expand our addressable market, and deepen our technical expertise, further strengthening our position as a trusted partner for municipal water infrastructure projects.

這些機會將擴大我們的產品與解決方案組合、提升可服務市場規模，並深化我們的技術專業，進一步強化我們作為市政供水基礎設施專案可信賴合作夥伴的地位。

We see particular opportunity to continue building out our treatment plant capabilities where we have a strong foundation and a clear path to advancing toward more comprehensive turnkey solutions similar to what we have achieved in smart utility.

我們特別看到持續建構水處理廠能力的機會；我們在此領域已有堅實基礎，且有清晰路徑可朝向更完整的一站式交鑰匙解決方案邁進，類似我們在智慧公用事業（smart utility）所達成的成果。

While timing can vary, the pipeline remains very active and M&A remains a core pillar of our growth strategy, and we're confident in our ability to execute as these opportunities advance. Our gross margin initiatives continue to deliver structural improvement.

雖然時點可能有所不同，但機會管線仍非常活躍，而併購仍是我們成長策略的核心支柱；隨著這些機會推進，我們對自身的執行能力充滿信心。我們的毛利率改善計畫持續帶來結構性提升。

In the first quarter, we expanded gross margins 50 basis points year over year, driven by continued growth in private label, sourcing optimization, and disciplined pricing execution, consistent with the trajectory we've demonstrated in recent quarters.

第一季我們的毛利率年增 50 個基點，主要受惠於自有品牌持續成長、採購來源最佳化，以及嚴謹的定價執行，與我們近幾季所展現的趨勢一致。

We generated strong operating cash flow during the quarter, supporting continued reinvestment in the business while returning meaningful capital to shareholders through share repurchases. Fiscal year-to-date, we have deployed $125 million in repurchases, approximately 80% of what we did in all of fiscal 2025.

本季我們創造強勁的營運現金流，支持持續再投資於業務，同時透過庫藏股回購向股東返還可觀資本。截至本會計年度目前為止，我們已投入 1.25 億美元進行回購，約為 2025 會計年度全年回購金額的 80%。

Robyn will cover our cash flow and capital allocation in more detail shortly. We're proud of our team's ability to execute in a dynamic environment. Their consistent focus and discipline, combined with the strength of our business model, positions us well to continue creating value for our customers and shareholders.

稍後 Robyn 將更詳細說明我們的現金流與資本配置。我們為團隊在多變環境中的執行能力感到自豪。他們一貫的專注與紀律，加上我們商業模式的強韌性，使我們具備良好條件，持續為客戶與股東創造價值。

I'd like to now turn it over to Brad to spend a few minutes on two areas that continue to be important municipal growth drivers for Core and Main. Smart utility and treatment plant solutions, which are strong examples of how we create value through differentiated capabilities.

接下來我想把時間交給 Brad，請他用幾分鐘談談兩個對 Core & Main 而言仍是重要市政成長驅動因素的領域。智慧公用事業與水處理廠解決方案，這兩者都是我們透過差異化能力創造價值的強力例證。

Both categories benefit from the breadth of our platform, deep technical expertise, and ability to support larger, more complex customer projects, which continue to drive above market growth.

這兩個類別都受惠於我們平台的廣度、深厚的技術專業，以及支援更大型、更複雜客戶專案的能力，持續推動高於市場的成長。

Over to you, Brad.

交給你了，Brad。

Thanks, Mark, and great to be with you all today. Smart utility and treatment plant solutions continue to be compelling municipal growth opportunities for core and Main, and clear examples of how we translate differentiated capabilities and targeted investments into sustained above-market growth.

謝謝 Mark，很高興今天能與各位相聚。智慧公用事業與水處理廠解決方案持續是 Core & Main 具吸引力的市政成長機會，也清楚展現我們如何將差異化能力與聚焦投資轉化為持續的超越市場成長。

Across the country, municipalities and private utilities are increasingly focused on modernizing aging metering infrastructure to improve billing accuracy, to reduce nonrevenue water, enhance system visibility, and operate more efficiently as their networks become more complex. These projects are primarily funded through local rate adjustments and operating budgets.

在全國各地，市政單位與民營公用事業愈來愈著重於現代化老舊的計量（抄表）基礎設施，以提升帳單計費準確性、降低非收益水（nonrevenue water）、強化系統可視性，並在其網路日益複雜之際更有效率地營運。這些專案主要透過地方費率調整與營運預算來提供資金。

Many municipalities are still reliant on manual read or drive-by systems, and these legacy systems still represent a majority of the connections in the United States. They are labor-intensive, less reliable, and increasingly difficult to manage at scale.

許多市政單位仍依賴人工抄表或車載巡讀（drive-by）系統，而這些舊式系統在美國仍占多數連接點。它們勞力密集、可靠性較低，且愈來愈難以在大規模下管理。

Advanced metering solutions with real-time two-way communication address these challenges while also enabling efficiencies in customer self-service and billing for the back office and advanced analytics, proactive maintenance planning, and water loss prevention for the operations staff. But they also introduce complexity around technology integration, project sequencing, and long-term lifecycle support.

具即時雙向通訊的先進抄表解決方案可因應這些挑戰，同時也能為後台帶來客戶自助服務與計費效率，並為營運人員提供進階分析、主動式維護規劃與漏水防治。但這些方案也會在技術整合、專案排程，以及長期全生命週期支援方面引入複雜度。

As a result, customers are looking for partners that can deliver complete solutions, not just hardware. That's where Core & Main continues to differentiate. We have a leading position in smart utility solutions with access to leading manufacturers and technologies, but what truly sets us apart is how we bring these solutions to market.

因此，客戶正在尋找能提供完整解決方案的合作夥伴，而不只是硬體供應商。這正是 Core & Main 持續展現差異化之處。我們在智慧公用事業解決方案方面具領先地位，能取得領先製造商與技術；但真正讓我們與眾不同的是我們將這些解決方案推向市場的方式。

We provide an integrated turnkey offering that combines hardware, software, analytics, installation, project management and ongoing service through a single trusted partner. We support customers across the full project lifecycle from early assessment and system design through installation and deployment to software integration and long-term maintenance.

我們提供整合式交鑰匙方案，透過單一可信賴的合作夥伴，結合硬體、軟體、分析、安裝、專案管理與持續服務。我們支援客戶涵蓋專案全生命週期，從前期評估與系統設計，到安裝與部署，再到軟體整合與長期維護。

This model reduces execution risk, shortens implementation timelines, and simplifies what are often multi-year mission-critical projects. Our ability to consistently execute at scale has enabled us to win larger, more complex contracts, including multi-year smart utility programs with some of the country's largest municipal and private utilities.

此模式可降低執行風險、縮短導入時程，並簡化那些往往為期多年的關鍵任務型專案。我們一貫能以規模化方式穩定交付的能力，使我們得以贏得更大型、更複雜的合約，包括與全國部分最大市政與民營公用事業簽訂的多年期智慧公用事業計畫。

When successfully implemented, these projects can often help municipalities reduce future cost increases to their end users. In our last call, we highlighted being awarded what we believe is the largest smart utility contract in US history. That momentum continues in 2026 with several additional large and multi-year project wins.

這些專案若成功導入，往往能協助市政單位降低未來對終端用戶的成本上升幅度。在上次電話會議中，我們提到獲得我們認為是美國史上最大的智慧公用事業合約。這股動能在 2026 年持續延伸，我們又拿下數個額外的大型與多年期專案。

These municipal customers increasingly rely on Core and Main for system design, network infrastructure, software and analytics, installation, and even ongoing support throughout the life of the asset. Our recent wins underscore the demand across municipalities of all sizes, from some of the largest utilities in the country to mid-sized and local communities, reinforcing the broad and durable nature of this opportunity.

這些市政客戶愈來愈依賴 Core & Main 提供系統設計、網路基礎設施、軟體與分析、安裝，甚至在資產全生命週期中的持續支援。我們近期的得標凸顯各種規模市政單位的需求，從全國最大的公用事業到中型與在地社區皆然，進一步印證此機會的廣泛性與持久性。

We have invested significantly to scale and enhance these capabilities. We built dedicated national smart utility and project management teams, expanded our installation and service footprint, and strengthened partnerships with leading technology providers.

我們已投入大量資源以擴大並強化這些能力。我們建立專責的全國智慧公用事業與專案管理團隊，擴大安裝與服務據點覆蓋，並強化與領先技術供應商的合作夥伴關係。

These partners include over a dozen software and analytics companies, along with a growing network of sensor hardware innovators, which we bring together to provide cutting-edge solutions to our municipal customers' biggest challenges.

這些合作夥伴包括十多家軟體與分析公司，以及日益擴大的感測器硬體創新者網路；我們將其整合，為市政客戶最重大的挑戰提供尖端解決方案。

Leveraging metering and acoustic leak detection data, we provide utility operators with advanced analytics and predictive failure models that help optimize capital deployment for proactive waterline replacements alongside turnkey billing solutions and customer self-service portals.

運用抄表與聲學漏水偵測資料，我們為公用事業營運者提供進階分析與預測性失效模型，協助其最佳化資本配置，以進行主動式輸水管線汰換；同時也提供交鑰匙計費解決方案與客戶自助服務入口網站。

Together, these investments allow us to support projects of virtually any size and complexity level while still leveraging our strong local customer relationships on the ground. A similar execution model underpins the strong municipal growth we're seeing in our treatment plant business. Treatment plant modernization has become an important priority for utilities as facilities age, regulatory requirements increase and communities face greater demands on water and wastewater systems.

綜合而言，這些投資使我們幾乎能支援任何規模與複雜度層級的專案，同時仍能善用我們在第一線深厚的在地客戶關係。類似的執行模式也支撐我們在水處理廠業務所見到的強勁市政成長。隨著設施老化、法規要求提高，以及社區對供水與污水系統的需求增加，水處理廠現代化已成為公用事業的重要優先事項。

These projects are supported by a mix of funding sources, including local utility budgets, state revolving funds, and other public programs, but they're ultimately driven by the essential need to maintain and modernize critical infrastructure. As a result, we continue to view investment in treatment plant infrastructure as a durable long-term opportunity.

這些專案由多元資金來源支持，包括地方公用事業預算、州循環基金（state revolving funds）及其他公共計畫，但最終驅動因素是維護並現代化關鍵基礎設施的必要性。因此，我們持續將水處理廠基礎設施投資視為具韌性的長期機會。

Treatment plant solutions are inherently complex, requiring deep technical expertise, precise coordination, and the ability to deliver highly specified products. We've made targeted investments to expand dedicated national treatment plant teams with engineering, estimating, and project management capabilities.

水處理廠解決方案本質上相當複雜，需要深厚的技術專業、精準的協調能力，以及交付高度規格化產品的能力。我們已進行聚焦投資，擴編專責的全國水處理廠團隊，並強化工程、估算與專案管理能力。

Our investments are focused on broadening the scope of products, solutions, and projects we can support, from local facility upgrades to large, multi-year regional treatment plants. As we scale, our ambition is to follow the needs of the customer and evolve towards a more integrated solutions and services model, similar to the capabilities we have built in smart utility.

我們的投資重點在於擴大我們可支援的產品、解決方案與專案範疇，從在地設施升級到大型、跨多年期的區域處理廠。隨著我們擴張規模，我們的企圖心是依循客戶需求，朝向更整合的解決方案與服務模式演進，類似於我們在智慧公用事業領域所建立的能力。

Organic investment will continue to drive that evolution, while M&A provides an opportunity to accelerate the expansion of our treatment plant platform. Today, Treatment Plant represents one of our fastest-growing product initiatives, consistently delivering double-digit growth as customers increasingly turn to core and main to help execute these critical infrastructure projects.

有機投資將持續推動這項演進，而併購（M&A）則提供加速擴展我們處理廠平台的機會。目前，處理廠是我們成長最快的產品倡議之一，隨著客戶愈來愈多轉向 core 與 main 來協助執行這些關鍵基礎建設專案，該業務持續繳出雙位數成長。

Importantly, these projects tend to be less cyclical, highly visible, and closely aligned with our core municipal relationships. Together, smart utility and treatment plant solutions illustrate the power of our model, strong local relationships backed by national scale, technical expertise, and disciplined investment.

重要的是，這些專案通常景氣循環性較低、能見度高，且與我們核心的市政客戶關係高度一致。智慧公用事業與處理廠解決方案共同展現了我們模式的力量：以強健的在地關係為基礎，並由全國規模、技術專業與嚴謹投資作為後盾。

This scalable and repeatable approach has supported approximately 15% and 25% net sales CAGRs in smart utility and treatment plant respectively over the past five years and continues to drive meaningful share gains across both categories. Importantly, the growth we're delivering in these areas is tied to steady long-term customer needs.

在過去五年中，這種可擴展且可複製的方法，分別支撐了智慧公用事業與處理廠約 15% 與 25% 的淨銷售複合年成長率（CAGR），並持續推動兩大類別的顯著市占提升。同樣重要的是，我們在這些領域所帶來的成長，係建立在客戶長期且穩定的需求之上。

Modernizing infrastructure, improving system efficiency, reducing water loss, and better serving communities. We remain highly confident in the municipal end markets and our ability to continue driving above-market growth as utilities seek partners that can execute complex projects reliably and at scale.

包括基礎建設現代化、提升系統效率、降低漏水率，以及更好地服務社區。我們對市政終端市場以及我們持續推動高於市場成長的能力仍深具信心，因為公用事業單位正尋求能以可靠且具規模方式執行複雜專案的合作夥伴。

I'll now turn it over to Robyn to cover our financials.

接下來我把時間交給 Robyn，請她說明我們的財務表現。

Thanks, Brad, and good morning, everyone. I'll begin on Page 8 of the presentation with an overview of our first quarter results. Net sales were in line with prior year at $1.9 billion. Organic volumes were down approximately 1% year-over-year, while acquisitions contributed about one point of growth.

謝謝你，Brad，各位早安。我將從簡報第 8 頁開始，概述我們第一季的業績。淨銷售額為 19 億美元，與去年同期持平。有機銷量年減約 1%，而併購貢獻約 1 個百分點的成長。

As a reminder, this performance is against a strong prior year comparison when we delivered approximately 10% growth and end markets, particularly residential, were more supportive. Overall, we estimate end market demand was down low single-digits in the quarter, driven primarily by a year-over-year decline in residential lot development on a tough prior year comparison, partially offset by healthy municipal growth.

提醒各位，這項表現是在去年同期基期強勁的情況下達成；當時我們實現約 10% 的成長，且終端市場（尤其是住宅）更為有利。整體而言，我們估計本季終端市場需求為低個位數下滑，主要由於住宅地塊開發活動較去年同期下降（在高基期下），部分被市政市場的健康成長所抵銷。

Municipal volumes were supported by repair and replacement activity, the largely non-discretionary nature of these projects, and continued growth in market share gains across our smart utility and treatment plant initiatives.

市政銷量受到維修與汰換活動、此類專案多屬非選擇性支出的特性，以及我們在智慧公用事業與處理廠倡議中持續提升市占的帶動。

Non-residential markets continue to show healthy activity across several project types, including data centers, but were offset by softer demand and light commercial construction, particularly retail and office related activity. Residential softness was driven by weakness in the Sunbelt markets. This reflects slower lot development activity versus a stronger prior year comparison.

非住宅市場在多種專案類型（包括資料中心）仍呈現健康活動，但被需求較疲弱的輕型商業建築所抵銷，尤其是零售與辦公相關活動。住宅市場疲弱主要來自陽光帶（Sunbelt）市場的走弱。這反映出相較於去年同期較強的基期，地塊開發活動放緩。

We saw steady residential lot development in the first quarter last year before a pullback in the second quarter and further declines in the back half of fiscal 2025. Sequentially, residential demand was stable relative to the fourth quarter and in line with our expectations.

去年第一季我們看到住宅地塊開發穩健，第二季開始回落，並在 2025 會計年度下半年進一步下滑。就季比而言，住宅需求相較第四季保持穩定，符合我們的預期。

Overall, pricing was stable during the quarter with increases across most of our product portfolio balanced by a year-over-year headwind from PBC. While PBC pricing remained below prior year levels, it has been stable sequentially, and we are beginning to see supplier price increases, which could become a modest sequential tailwind going forward.

整體而言，本季定價保持穩定；我們大多數產品組合的漲價，與 PBC 帶來的年對年逆風相互抵銷。雖然 PBC 定價仍低於去年水準，但季比已趨於穩定，且我們開始看到供應商價格上調，未來可能成為溫和的季比順風。

Gross margin in the first quarter was 27.2% up approximately 50 basis points versus the prior year. This improvement was driven by continued private label growth, sourcing optimization, and disciplined pricing and purchasing execution. Total SG&A expenses increased 2% to $299 million. This was primarily driven by strategic investments in growth, acquisition-related costs, and impacts of inflationary increases.

第一季毛利率為 27.2%，較去年同期提升約 50 個基點。此改善主要來自自有品牌持續成長、採購來源最佳化，以及嚴謹的定價與採購執行。SG&A（銷售、一般及行政）費用總額增加 2% 至 2.99 億美元。主要驅動因素為成長策略性投資、併購相關成本，以及通膨上升的影響。

Excluding the three-point impact of investments in M&A, SG&A declined modestly year-over-year, reflecting strong cost management. Adjusted diluted earnings per share increased approximately 6% to $0.72 compared to $0.68 last year. Growth was driven by higher adjusted net income and the benefit of lower share count from share repurchases.

若排除併購投資帶來的 3 個百分點影響，SG&A 年對年小幅下降，反映出強勁的成本管理。調整後稀釋每股盈餘約增加 6% 至 0.72 美元，去年為 0.68 美元。成長主要來自較高的調整後淨利，以及庫藏股回購降低股數所帶來的效益。

We were pleased with the 6% growth and a soft market reflecting our continued focus on execution. Adjusted EBITDA of $226 million was 1% above the prior year and adjusted EBITDA margin increased 10 basis points to 11.8% driven by 50 basis points of gross margin expansion.

我們對在市場偏弱情況下仍能達成 6% 成長感到滿意，這反映我們持續聚焦於執行力。調整後 EBITDA 為 2.26 億美元，較去年同期高 1%；調整後 EBITDA 利潤率提升 10 個基點至 11.8%，主要由毛利率擴張 50 個基點所帶動。

Turning to the balance sheet, cash flow, and capital allocation. We ended the quarter with net debt of $2 billion and net debt leverage of 2.2 times, well within our target range. Liquidity was nearly $1.4 billion, including $150 million of cash with the remainder available under our ABL facility.

接著談資產負債表、現金流與資本配置。本季末淨負債為 20 億美元，淨負債槓桿倍數為 2.2 倍，遠在我們的目標區間內。流動性接近 14 億美元，其中包含 1.5 億美元現金，其餘可透過我們的 ABL 融資額度動用。

Operating cash flow was $82 million, an increase of $5 million compared to the prior year quarter. Over the last 12 months, we've generated free cash flow yield of 6.4% of our market capitalization. That's more than double the average of S&P 500 companies and meaningfully above specialty distribution peers.

營運現金流為 8,200 萬美元，較去年同期季度增加 500 萬美元。過去 12 個月，我們的自由現金流殖利率為市值的 6.4%。這不僅是標普 500 企業平均水準的兩倍以上，也明顯高於專業分銷同業。

It's also worth noting that consistent with the seasonal profile of our business, the majority of our annual cash generation is expected in the second-half of the fiscal year. We returned $88 million to shareholders through share repurchases during the first quarter, reducing our share count by roughly 1.8 million shares, our highest level of open market share buybacks in a single quarter.

同時也值得注意的是，依照我們業務的季節性特徵，我們預期年度現金產生的大部分將出現在會計年度下半年。第一季我們透過股票回購向股東返還 8,800 萬美元，使股數減少約 180 萬股，為我們單一季度在公開市場回購的最高水準。

Including additional repurchases after quarter end, we've already repurchased 2.5 million shares through fiscal 2026, representing roughly 80% of our total buybacks for all of fiscal 2025. This level of capital deployment reflects the strength of our cash generation profile and the confidence we have in our business, while maintaining a strong balance sheet and liquidity position.

包含季後的額外回購在內，截至 2026 會計年度我們已回購 250 萬股，約占 2025 會計年度全年回購總量的 80%。這樣的資本投放水準反映我們現金產生能力的強勁，以及我們對業務的信心，同時維持穩健的資產負債表與流動性部位。

That financial flexibility allows us to continue balancing shareholder returns with continued reinvestment and strategic growth opportunities. Looking forward, we will remain opportunistic with share repurchases supported by strong cash generation while also maintaining the flexibility to pursue attractive growth investments in M&A that maximize long-term value.

這樣的財務彈性使我們得以在股東報酬、持續再投資與策略性成長機會之間維持平衡。展望未來，在強勁現金產生的支持下，我們將持續把握股票回購的機會，同時也保有彈性，以透過併購（M&A）追求具吸引力的成長投資，最大化長期價值。

Turning to our outlook on page 10, we are reaffirming our full year guidance we issued in March, including net sales of $7.8 billion to $7.9 billion, adjusted EBITDA of $950 million to $980 million, and operating cash flow conversion of 60% to 70% of adjusted EBITDA. We continue to expect overall end market volumes to be roughly flat for the year, with strength in municipal markets supported by durable funding sources and the nondiscretionary nature of demand, offset by a continued cautious outlook and private construction.

接著看第 10 頁的展望，我們重申 3 月發布的全年指引，包括淨銷售額 78 億至 79 億美元、調整後 EBITDA 9.5 億至 9.8 億美元，以及營運現金流轉換率為調整後 EBITDA 的 60% 至 70%。我們仍預期全年整體終端市場銷量大致持平；市政市場在穩健資金來源與需求非選擇性特質的支撐下維持強勢，但將被民間建築持續審慎的展望所抵銷。

Overall, we continue to expect to drive above market volume growth through our sales and geographic expansion initiatives, including strength and smart utility and treatment plant solutions, as well as the opening of a record 8 to 10 greenfield locations and attractive markets.

整體而言，我們仍預期透過銷售與地理擴張倡議推動高於市場的銷量成長，包括智慧公用事業與處理廠解決方案的強勁表現，以及在具吸引力的市場新設創紀錄的 8 至 10 個綠地據點。

As we previously mentioned, we have seen recent supplier price increases in PVC, which could provide a modest tailwind as we move through the balance of the year. At the same time, elevated geopolitical uncertainty could weigh on end market volumes across residential and certain non-residential categories through impacts on interest rates, affordability, and consumer confidence.

如我們先前提到的，我們近期已看到PVC供應商價格上調，這在今年剩餘期間可能帶來溫和的順風。同時，居高不下的地緣政治不確定性，可能透過對利率、可負擔性與消費者信心的影響，進而壓抑住宅以及部分非住宅類別的終端市場出貨量。

Our reaffirmed guidance range reflects these dynamics. On profitability, we continue to expect adjusted EBITDA margin expansion through execution of our gross margin initiatives. The realization of benefits from previously announced cost actions and leveraging our fixed cost structure as we grow.

我們重申的指引區間已反映這些動態。在獲利能力方面，我們仍預期透過推動毛利率改善措施，帶動調整後EBITDA利潤率擴張。並實現先前宣布的成本行動所帶來的效益，以及在成長過程中槓桿化我們的固定成本結構。

Operating cash flow is also expected to remain strong, and our capital allocation priorities remain unchanged. We will continue to invest in the business to drive long-term growth while returning capital to shareholders through share repurchases.

營運現金流亦預期將維持強勁，而我們的資本配置優先順序維持不變。我們將持續投資於業務以推動長期成長，同時透過庫藏股回購向股東返還資本。

We remain confident in the strength of our business and our ability to execute. Our operating model has proven resilient across varying market environments, and we continue to deliver disciplined pricing, expand margins, generate strong cash flow and gain share.

我們對業務的韌性以及執行能力仍充滿信心。我們的營運模式已在不同市場環境中證明具備韌性，我們也持續落實有紀律的定價、擴大利潤率、創造強勁現金流並提升市占率。

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

接下來，我將開放提問。

(Operator Instructions)

(接線員指示)

Matthew Bouley, Barclays Services Corp.

Matthew Bouley，Barclays Services Corp.

Good morning, everyone. Thank you for taking the questions. Just starting off on the guide. So obviously, no change to the full year EBITDA guide. So maybe a fairly simple question here, but I'm just curious if within that guide, if anything has changed.

各位早安。謝謝讓我提問。先從指引開始。很明顯，全年EBITDA指引沒有變動。所以也許是個相對簡單的問題，但我想了解在這個指引之內，是否有任何地方發生了變化。

Within kind of the moving pieces, whether we're thinking end markets year-to-date, obviously your comments there on inflation and potential PVC pipe price increases, really just as anything kind of tracking a little bit different versus your initial expectations kind of 90 days into the year.

就各項變動因素而言，包含年初至今的終端市場表現，以及你們剛才對通膨與PVC管材可能漲價的評論；主要想問的是，在今年過了大約90天之後，是否有任何項目相較於你們最初的預期，走勢略有不同。

Hi, Matt. Thanks for the question. On the guide, we maintained the guide and left it where it was, given that we're still in the first quarter. Everything's come in pretty much in line with our expectations. So the market's been in line with our expectations. Nothing's really changed from a market standpoint on what we're expecting.

嗨，Matt。謝謝你的問題。關於指引，我們維持原先的指引不變，因為我們仍在第一季。目前各項結果大致符合我們的預期。市場表現也符合我們的預期。就市場面而言，我們對未來的預期並沒有真正改變。

I would say the only thing that's a little bit different is pricing, and I'll give you a little bit of color on the way that we're thinking about that. But pricing was about flattish in the quarter, virtually every product category was either flat or up. PVC was a headwind just given the timing of the declines in the prior year.

我會說唯一稍有不同的是定價，我補充一些我們對此的看法。本季定價大致持平，幾乎所有產品類別不是持平就是上升。PVC則因前一年價格下滑的時間點因素而形成逆風。

We have started to see price increase announcements from our suppliers, but we haven't seen that hit our revenue numbers yet. So, possible for there to be a little bit of upside in the back half of the year, but. As a reminder, PVC will still be down year-over-year even if we do get some uplift.

我們已開始看到供應商宣布漲價，但目前尚未反映在我們的營收數字上。因此，今年下半年可能會有一些上行空間，但……提醒一下，即便價格有所回升，PVC仍會呈現年減。

What we have seen is that we've seen it stabilize over the last couple of months and that's been very positive for us, but not expecting it to be a major driver as we go throughout the rest of the year. So, given all of that and the uncertainty still with the macroeconomic environment, we thought it was prudent to leave the guide where it is, could cause some additional inflation or tougher markets. So with all of those things in mind, the guide is maintained.

我們看到的是，過去幾個月價格已趨於穩定，這對我們非常正面，但我們不預期它會在今年剩餘期間成為主要驅動因素。因此，綜合上述以及總體經濟環境仍具不確定性，我們認為將指引維持不變是審慎之舉，因為可能會帶來額外通膨或更艱困的市場。基於這些考量，我們維持原指引。

Okay. Perfect. Thanks for that, Robin. Secondly, maybe on meters and smart utilities. Brad gave really great detail there around kind of what's differentiated about your strategy, so I'm not going to ask you to rehash that, but maybe to just kind of hit on some of the specific debates, you hear from some of the challenges with the OEMs more specifically over the past three, six months, etc.

好的。非常好。謝謝你，Robin。第二個問題，想談談儀表與智慧公用事業。Brad剛才已非常詳細說明你們策略的差異化之處，所以我不會請你再重複一遍；但想請你針對一些具體的爭論點談談，例如過去三到六個月OEM端更具體面臨的挑戰。

So maybe if you can -- obviously, it's hard to know what's kind of going on exactly at other companies, but maybe you kind of touch on a little bit what you think may be different between what you're actually seeing and why what you're seeing is different than what a lot of these kind of OEMs are saying on the meter side.

所以如果可以的話——當然很難確切知道其他公司到底發生什麼事——但也許你可以談談，你認為你們實際看到的情況有何不同，以及為什麼你們看到的情況會與許多OEM在儀表端所說的有所差異。

Yeah. Sure, man. I'll take that one. Our meter business is rich with these big projects where we are kind of uniquely positioned to take a number of solutions from different partners integrate them, and that's where we're winning the really big long-term projects and that pipeline is strong.

好的。當然，老兄。我來回答。我們的儀表業務有許多大型專案，我們具備相對獨特的定位，能把不同合作夥伴的多種解決方案加以整合；而我們正是在這裡贏得那些真正大型、長期的專案，而且目前的專案管線很強。

I think we have a very high win rate, and I think we're competing at sort of the top of the heap and that slice of the meter world. But there's also for many years and remains, there's a lot of meter sales that go on in our call it our everyday business, and a lot of small meter systems that have been in place for years.

我認為我們的得標率非常高，也是在儀表市場中屬於最頂尖的競爭者之一，至少在那一塊市場切片上是如此。但多年來一直存在、且至今仍然存在的是，我們所謂的日常業務中也有大量儀表銷售，許多小型儀表系統已運行多年。

And those municipalities purchase meters on an ongoing basis, and that's driven by operations and maintenance, and it's also largely driven by things like residential expansion. And given that the residential market is soft, my suspicion there, and I think we see it in part of our business as well, is that part of the meter market is kind of flattish to not very exciting right now.

而這些市政單位會持續採購儀表，這主要由營運與維護需求所驅動，也在很大程度上受到住宅擴張等因素帶動。鑑於住宅市場疲弱，我的推測是——而且我們在自身業務的一部分也看得到——儀表市場中的那一部分目前大致持平，並不算特別令人振奮。

We're sort of uniquely powering our way through it on the strength of these large projects. And depending on what type of technology platform you're talking about with different meter manufacturers, they may be more concentrated kind of in that residential, small project or just ongoing maintenance of those existing systems where I could imagine they're seeing a little bit more pressure from just general residential slowness.

我們某種程度上是憑藉這些大型專案的強勁動能，獨特地一路推進。而依不同儀表製造商所採用的技術平台類型而定，他們可能更集中在住宅端、小型專案，或僅是既有系統的日常維護；在這種情況下，我可以想像他們會因整體住宅放緩而承受更大壓力。

All right. Well. Perfect. Thanks, Brad and good luck everybody.

好的。那麼……非常好。謝謝你，Brad，也祝各位順利。

Matthew Johnson, UBS AG.

Matthew Johnson，UBS AG。

Good morning, guys. Appreciate the time here. I guess first off, from a segment basis, I think Fire Protection sales were really the standout this quarter, up I think 17% year-over-year. And I think there's been some disruption at the OEM level over the past few months.

各位早安。感謝撥冗。我想先從事業部角度來看，本季消防防護（Fire Protection）銷售表現最為突出，年增我記得約17%。而且我認為過去幾個月在OEM層面出現了一些干擾。

So I guess how much of this strength would you guys attribute to call it kind of share shifts within this vertical as opposed to kind of the core end market strength I think you guys called out, I think in multifamily and data centers? I guess any other thoughts you can share in the trajectory of your fire protection business this year.

所以我想問，這樣的強勁表現，你們會有多少歸因於該垂直領域內的市占移轉（可稱為份額變動），而不是你們提到的核心終端市場強勁（我記得是在多戶住宅與資料中心）？另外，關於今年你們消防防護業務的走勢，還有沒有其他想法可以分享？

Yeah, sure. Thanks for the question. What I would tell you is we're really excited about the performance that we've seen within our fire protection product line. We've definitely benefited from a couple of areas that are, I'd say, more market-related. As we did point out, we're picking up a good chunk of the data center work there with that activity.

好的，當然。謝謝你的問題。我想說的是，我們對消防防護產品線的表現感到非常振奮。我們確實受惠於幾個我會說較偏市場面的因素。如同我們指出的，我們在資料中心相關工作量的活動中拿下了相當大的一部分。

So we've seen some good progress there as those projects get more towards the completion stage as those buildings get finalized, those fire protection systems are going in. So we've seen an uptick there. I'd say multifamily has been steady to a positive for us. We pick up a lot of good fire protection material from a multifamily perspective.

因此，隨著這些專案更接近完工階段、這些建築物逐步定案、消防防護系統陸續進場，我們在那裡看到了不錯的進展。所以我們看到那邊有一波上升。我會說，多戶住宅對我們而言一直是持平到偏正向。從多戶住宅的角度來看，我們拿到了很多優質的消防防護材料訂單。

And then we have seen an uplift in steel pricing. And that had been, I would say, at least about a couple of years of drag on the fire protection performance, as we've pointed out historically. So, seeing some positive price there has helped that product line.

另外，我們也看到鋼材價格上漲。而我會說，這至少在過去大約兩年一直拖累消防防護業務的表現，正如我們過去所指出的。因此，看到價格出現一些正向變化，對該產品線有所幫助。

And then I would tell you our performance in that product line has also improved over the last, I'd say, 12 to 18 months, and I do believe we're picking up some share there and for all those reasons, we've been really excited about the performance there.

此外，我也想告訴你，該產品線的表現也在過去大約12到18個月有所改善，而且我確實相信我們在那裡正在取得一些市占；基於所有這些原因，我們對那邊的表現感到非常振奮。

That's great. Appreciate that, Mark. And then I guess if we could just talk a little more about the meters business, I think sales are up, I think, 9% in the quarter. I think that's relative to, I think, 12% organic volume last quarter.

太好了。謝謝你，Mark。接著我想，如果可以的話，我們再多談一點水表業務。我認為本季銷售成長了9%。我想這是相對於上季大約12%的有機量成長。

So I guess any thoughts you guys can share on just the trajectory of that business moving forward, given I think the comp does get a lot easier next quarter? Any other kind of color or quantification you guys can share on some of the additional large contract wins that Brad mentioned.

所以我想請問，考量到我認為下季比較基期會容易很多，你們對這項業務未來走勢有什麼看法可以分享嗎？另外，對於Brad提到的一些額外大型合約得標案，你們還能提供任何補充說明或量化資訊嗎？

Yeah, I would tell you when you get down into a meter product line, and you look at that performance on a quarter-to-quarter basis, it can move around a little bit more than obviously, the overall business just given the very sizable projects that were awarded there. So you'll see that move around from time to time just based on the timing of when those projects release and when we're shipping.

是的，我會說，當你深入到水表產品線，並以季度對季度來看其表現時，因為那裡有非常大型的專案被授予，所以它的波動可能會比整體業務更大一些。因此，你會不時看到它有所起伏，主要取決於那些專案何時釋出以及我們何時出貨的時點。

Obviously, there's a lot of installation that has to happen there and a lot of things can adjust the timing of when we see those products go out the door. So I wouldn't glean in anything on kind of a quarter-to-quarter basis as it relates to our meter product line.

顯然，那裡還需要進行大量安裝，且有很多因素會調整我們看到這些產品出貨的時間點。所以，就我們的水表產品線而言，我不會從季度對季度的變化中解讀太多。

But as you've seen and what we've laid out for long-term kind of historical growth there, being in that kind of double-digit range is our expectation for the foreseeable future just given the amount of projects and opportunities we see across the municipal network.

但如你所見，以及我們就長期、歷史成長所提出的說法，在可預見的未來，我們的預期仍是維持在雙位數的成長區間，主要是因為我們在各市政網路中看到的專案量與機會非常多。

Joe Ritchie, Goldman Sachs Group Inc.

Joe Ritchie，高盛集團（Goldman Sachs Group Inc.）

Hey. Good morning, everybody. I guess my first hey, good morning. Yeah, so my first question is, if you think about your different end markets, as the year progresses, it seems like you're probably lapping your toughest comp from a residential perspective in Q1.

嗨。各位早安。我想先說聲嗨、早安。是的，所以我的第一個問題是，如果你從不同終端市場來看，隨著年度推進，看起來你們在住宅端於第一季應該是在對比最艱難的比較基期。

I mean, is it fair to assume that like we're at a bottom in volumes and that things should progress better as the year progresses? If any color around that would be helpful.

我的意思是，是否可以合理假設，量已經在谷底，且隨著年度推進情況應該會逐步改善？如果能就此提供一些補充說明會很有幫助。

Yeah, sure, Joe. We tried to lay out a little bit of that in the prepared remarks, but I'll give you a little bit more color on. Kind of as we sit here today versus where we were last year at this time. Last year at this time, we really started to feel some of the momentum softening, in particular in the residential end market.

好的，當然可以，Joe。我們在事先準備的講稿中有稍微提到一些，但我再補充更多背景。就我們今天所處的位置，相較於去年此時。去年此時，我們確實開始感受到動能轉弱，特別是在住宅終端市場。

We started to see projects getting scaled back and felt like we were starting to lose momentum and that clearly played out as we got into the second quarter, and then more fully into the back half of 2025. I would tell you as we sit here today, while the end markets are coming in kind of as we expected, we do feel some momentum. There has been a lot of good project activity, a lot of bidding activity.

我們開始看到專案規模被縮減，並感覺動能正在流失；而這也很明顯地在進入第二季後逐步顯現，並在2025年下半年更為全面地反映出來。我會說，就我們目前而言，雖然終端市場的表現大致符合我們的預期，但我們確實感受到一些動能。目前有很多良好的專案活動、也有很多投標活動。

We've been awarded a lot of really good projects. It gives us a lot of confidence about the back half of the year. We're just watching right now, just given all the uncertainty in the macro, and I think a lot of concern around energy cost, really what the timing of release is going to be on these projects.

我們也拿下了很多非常好的專案。這讓我們對下半年非常有信心。只是我們現在仍在觀察，考量到總體環境存在諸多不確定性，以及我認為市場對能源成本的擔憂，這些專案究竟何時會釋出。

So, probably some -- that's still a little bit of near-term uncertainty, but just given the fact that the backlogs are building really across all of our end markets, and the bidding activity continues to be strong, that we feel like the momentum is there, so it's a matter of timing and when some of these things are going to release. So, definitely feeling better than I'd say what we did kind of last year at this time.

所以，短期內可能仍有一些不確定性；但鑑於我們在所有終端市場的在手訂單都在增加，且投標活動持續強勁，我們覺得動能是存在的，接下來就是時點問題，以及其中一些專案何時會釋出。因此，整體感受確實比去年此時要好得多。

That's helpful, Mark. I guess my second question is like, look, really helpful to see the greenfield expansion continuing. I guess maybe just give us a little bit of color on like how you're prioritizing your locations. Are you following customers?

這很有幫助，Mark。我想我的第二個問題是，看到你們持續進行綠地擴張（greenfield expansion）真的很有幫助。我想請你們多補充一些，例如你們如何優先排序選址？你們是在跟著客戶走嗎？

A little bit more comment on this call around your data center business. Are you now going to try to like over-index your expansion into more data center-specific regions? To follow that growth, just any color there would be great.

這通電話中也多談到一些你們的資料中心業務。你們現在是否會嘗試把擴張更偏重在資料中心更集中的區域？為了跟上那樣的成長，任何補充說明都會很棒。

Yeah, sure. What I would tell you on the greenfield side is over the last, I'd say, 12 to 18 months, we've really had, I'd say, a renewed focus on some real key markets across the U.S. And we've wanted to reinforce our position in some of those markets to capture what we believe is our fair share in some of those areas. And some of that has resulted in identification of some new greenfield opportunities.

好的，當然。就綠地方面而言，在過去大約12到18個月，我們確實重新聚焦於美國一些非常關鍵的市場。我們希望強化在其中一些市場的布局，以在那些地區取得我們認為應得的市占。而其中一部分也促使我們辨識出一些新的綠地機會。

In other cases it's maybe additional resources or new resources that we felt like we needed in some of those critical markets, and those are critical markets for us, one, because they're large. Maybe, there's much more of an opportunity that we see or in many cases, yeah, there's a lot of good large project activity there that we want to be able to capture.

在其他情況下，可能是我們認為在某些關鍵市場需要增加資源或導入新資源；而這些市場之所以對我們關鍵，第一是因為它們規模大。也許我們看到更大的機會；或在許多情況下，確實有很多優質的大型專案活動，我們希望能夠掌握。

So, we're going about it in all the various ways that you would expect for us to go after just with our organic growth initiatives. But those are kind of the key drivers as our looking at these key markets and developing the path to continue to grow and take the market opportunity that we see.

因此，我們會以你所預期的各種方式來推進，配合我們的有機成長計畫。但這些就是主要驅動因素：我們鎖定這些關鍵市場，並規劃持續成長的路徑，以把握我們所看到的市場機會。

Great. Thank you.

很好。謝謝。

Sam Reed, Wells Fargo.

Sam Reed，富國銀行（Wells Fargo）。

Thanks so much, guys. I wanted to touch on the meter business here a little bit more, drilling deeper on your analytics and support. Just curious, how big is that today in the context of your overall meter business and did I hear correctly that it was tracking up double-digits?

非常感謝，各位。我想再多談一點水表業務，並更深入到你們的分析（analytics）與支援服務。我想請教，目前在你們整體水表業務中，這一塊的規模有多大？以及我是否聽對了，它的成長是雙位數？

I would tell you in terms of the size, that's not as critical to how we think about it as it is additional capability that we provide the municipality to have another tool as we try to drive the demand of the overall meter upgrades and technology.

我會說，就規模而言，這並不像我們思考它時那麼關鍵；更重要的是，我們為市政單位提供了額外的能力，讓他們多一項工具，協助我們推動整體水表升級與技術的需求。

So still, as you think about our meter product line, the meter, the software, the billing systems is a large chunk of the revenue pieces, but what we bring is a lot of other capabilities with that that help drive the demand and get those meter systems in place. I would say it's a big growth area for us, but still relative to what we're driving in terms of meter revenue is still relatively small.

所以，當你思考我們的儀表產品線時，儀表、軟體、計費系統確實占了營收組成中的很大一塊，但我們同時也帶來許多其他能力，能協助帶動需求並讓那些儀表系統得以落地。我會說這對我們而言是一個很大的成長領域，但相較於我們在推動的儀表營收規模，仍然相對較小。

That helps. And then maybe switching gears back to data center, obviously very topical for all of us. I wanted to drill down though and get a sense for are there any new product lines or vendors that you've added recently that are perhaps helping drive that strength in your backlog? And then any context in terms of just how much bigger the backlog is in data center now versus last year?

這很有幫助。接著也許把焦點切回資料中心，顯然這對我們所有人來說都是非常熱門的議題。不過我想再深入一點了解，你們最近是否新增了任何新的產品線或供應商，可能正在推動你們在手訂單的強勁表現？另外，能否提供一些背景：目前資料中心的在手訂單相較去年大了多少？

Yes, Sam. The data center work, there's a couple of things that are working in our favor. I would say. Number one, data center markets have expanded, like the geography where they're looking for, number one, power and then land and water.

是的，Sam。資料中心的業務有幾個因素對我們有利。我會說。第一，資料中心市場已經擴張了，例如他們尋找的地理區域擴大了，主要是為了電力，然後是土地和水資源。

So now there's 15 or 18 market concentrations, if you will, where data centers are being built. And because we're present in those markets or we're further investing in those markets, we're aligned really well with where that construction activity is starting to happen across the country.

所以現在大概有15到18個市場聚集區（如果你要這麼說的話）正在興建資料中心。而因為我們已經在那些市場布局，或正在加碼投資那些市場，我們就能很好地對齊全國各地開始出現的建設活動。

Also, the data center project type, while what's unique about it is it demands a pretty high degree of precision project management. You can't make mistakes. There's a high level of execution risk in those projects. And we're well suited to that. That's right in our sweet spot.

另外，資料中心的專案類型，其獨特之處在於它對精準的專案管理要求非常高。你不能犯錯。這類專案的執行風險很高。而我們非常適合做這件事。這正是我們的強項所在。

We are typically aligned with the underground utility contractors in all those geographies who are the most renowned for having the capabilities to also deliver with excellence. And that's who's being sought by the general contractors and engineers and owners. But the work itself is very much aligned with our core business.

我們通常會與各地區的地下公用事業承包商合作，這些承包商以具備卓越交付能力而最負盛名。而這正是總承包商、工程師與業主所尋求的合作夥伴。但就工作本身而言，與我們的核心業務高度一致。

It's not requiring us to really move into any particular new product lines or areas or fabrications. We basically have all of the elements for a data center underground waterworks product in the core of our company. So it's playing to us really nicely.

這並不需要我們真正進入任何特定的新產品線、新領域或新的製造加工。基本上，資料中心地下水務工程產品所需的所有要素，在我們公司的核心業務中都已具備。所以對我們來說非常契合。

All helpful context. Thanks so much.

這些背景都很有幫助。非常感謝。

Brian Biros, Thompson Research Group.

Brian Biros，Thompson Research Group。

Hey. Good morning. Thank you for taking my questions today. On treatment plants, you delivered double-digit growth this quarter. You've talked about how you built out the capabilities to support that great growth, I think 25% CAGR over the last few years.

嗨。早安。謝謝你今天回答我的問題。關於處理廠（treatment plants），你們本季交出兩位數成長。你們也談到為了支撐這樣的強勁成長而建立能力，我記得過去幾年大概有25%的年複合成長率（CAGR）。

How large is treatment plants as a share of sales now, kind of what does the backlog look like there and maybe if there's any margin difference to consider?

目前處理廠業務占銷售額的比重有多大？那邊的在手訂單大概是什麼樣子？另外是否有任何毛利率差異需要考量？

I would tell you it's in the mid-single-digit range for us. And we continue to see, like you mentioned, good growth with the treatment plant side of the business and expect that to continue just given the capabilities that we continue to add. We see it as an area that is going to continue to see good funding as we move forward.

我會告訴你，對我們而言大約在中個位數百分比的區間。而且我們持續看到，如你所提到的，處理廠這一端的業務有不錯的成長，並預期在我們持續增加能力的情況下，這樣的趨勢會延續。我們認為，隨著我們往前走，這會是一個仍將持續獲得良好資金支持的領域。

So, I would tell you the other thing that we're focused on is continuing to expand the addressable kind of product that we can distribute into treatment plant facilities. We've made a lot of good improvements in those capabilities, some of which we've done organically. And then we're also looking at ways to do that through M&A that continue to expand our capabilities, just given the outlook we see there for treatment plant going forward.

所以，我會說我們另一個重點是持續擴大我們能夠在處理廠設施中分銷的可服務產品範圍。我們在這些能力上做了很多不錯的改善，其中一部分是透過內生成長完成的。同時我們也在尋找透過併購（M&A）來擴大能力的方法，因為基於我們對處理廠未來前景的看法，我們希望持續強化這一塊。

And secondly, if you have a new board member recently from American Water. Does anything change in how you kind of think about the regulated utility customer there or even anything beyond that in capital allocation or just any differences expected? Thank you.

第二個問題，你們最近新增了一位來自American Water的新董事。這是否會改變你們對受監管公用事業客戶的看法？甚至在資本配置上或其他方面，是否會有任何超出這範圍的變化或預期差異？謝謝。

Yeah. Thanks, Brian. Yeah. Glad you pointed that out. We did add Susan Hardwick, former CEO of American Water to our board. She's been a wonderful addition. She brings an incredible kind of customer perspective into our boardroom and is already adding great value to our discussions.

是的。謝謝，Brian。是的。很高興你提到這點。我們確實新增了Susan Hardwick（前American Water執行長）加入董事會。她是一個非常棒的補強。她為我們的董事會帶來非常深刻的客戶視角，並且已經在我們的討論中帶來很大的價值。

Nothing I would say it would change strategically what we're doing but just adds a tremendous amount of credibility given her industry background. And I think our focus on municipal and the municipal customer inclusive of private water will continue to be major focuses of ours, and she brings us a great perspective on.

我不會說這會在策略上改變我們正在做的事情，但鑑於她的產業背景，確實大幅提升了我們的可信度。我認為我們對市政端以及市政客戶（包含民營水務）的聚焦，仍將是我們的主要重點，而她也為我們帶來很好的觀點。

Nigel Coe, Wolfe Research LLC.

Nigel Coe，Wolfe Research LLC。

Hey, good morning, guys. This is [Wolfe Bracco] on for Nigel. I was first wondering on -- hey, good morning, guys. So the IIJA is set to expire later this year. I was just wondering how material you think this could be for you guys. Is this funding that you'd expect to be plugged by Congress? But just any thoughts on what the potential impact could be there?

嗨，各位早安。我是[Wolfe Bracco]，代替Nigel提問。我首先想問——嗨，各位早安。所以IIJA預計在今年稍晚到期。我想了解你們認為這對你們的影響會有多大。你們是否預期這筆資金會由國會補上？想請教你們對潛在影響的看法。

Yes. Thanks for the question, Will. I'll take that one. On IIJA, the remaining funding is expected to hit the state revolving funds this year. That doesn't mean that there's any cliff to the funding or there's any end to the funding. A lot of the funding has already hit the state revolving funds.

是的。謝謝你的問題，Will。這題我來回答。關於IIJA，剩餘資金預期會在今年撥入各州的循環基金（state revolving funds）。這並不代表資金會出現斷崖式下滑或資金會終止。有相當一部分資金已經進入各州的循環基金。

Only about a third or less of it has hit the municipality level yet. So there's still a lot of funding out there for municipalities to use and they can use that to be in the state revolving funds for them to use and utilize. A portion of that funding is in the grant form, and then the other portion is in low interest loans so a portion of that would get repaid back into those state revolving funds and used for future sources.

目前大約只有三分之一或更少的資金真正到達市政層級。因此，市政單位仍有大量資金可用，他們可以透過州循環基金來使用與動用這些資金。其中一部分資金是以補助（grant）的形式提供，另一部分則是低利貸款，因此其中一部分會償還回到這些州循環基金中，作為未來資金來源再利用。

And then in addition to that 95% of the funding that municipalities use for their water infrastructure is state and local and we think that those are really strong we're seeing municipalities increase water rates to their customers to be able to afford some of the upgrades.

此外，市政單位用於水務基礎建設的資金有95%來自州與地方層級，我們認為這些資金來源非常強勁；我們也看到市政單位提高對客戶的水費費率，以負擔部分升級所需。

We're seeing municipal bond growth in the municipal bond issuance that's going out there. So across the board on the federal, state and local level, we see ample funding for the municipal infrastructure investments in the short, medium and long-term.

我們也看到市政債的成長，以及市政債發行量的增加。因此，無論在聯邦、州或地方層級，我們都看到在短期、中期與長期，市政基礎建設投資都有充足的資金支持。

Got it. That's really helpful. Thanks, Robin. And then maybe for my follow-up, just to follow on to a couple of the prior questions. Just on the data center and the treatment plant businesses, I know you've had a number of investments and initiatives ongoing there to grow those.

了解。這非常有幫助。謝謝你，Robin。接著我的追問，延續前面幾個問題。關於資料中心與處理廠業務，我知道你們已經投入了多項投資與推動措施來促進成長。

Just any KPIs that you can provide on how those initiatives are progressing and I guess specifically as it relates to the number of salespeople that you've brought on that you're targeting and what the expected contribution is there?

就您能提供的任何KPI，說明這些計畫推進得如何；我想特別是就您已新增、且正在鎖定的業務人員數量，以及預期的貢獻為何？

Yeah. I would tell you more so on the treatment plant side where it becomes much more of a technical sale. We've added, I'd say, dozens of resources into our national teams to support our local execution on those projects. So that's been a good area of growth.

是的。我會更著重在水處理廠這一端，因為那更偏向技術型銷售。我們在全國團隊中新增了，我想說，數十名資源人力，以支援我們在這些專案上的在地執行。所以那一直是個不錯的成長領域。

Some of those resources can also help with some of the other larger projects like data centers that are out there, but also again, those projects, while large, are really kind of core to what we do locally, so the existing resources of which we have hundreds of sales teams and support resources in our local teams support large and small projects that are kind of core to what we do.

其中一些資源也能協助其他更大型的專案，例如外面的資料中心；但同樣地，這些專案雖然規模大，實際上仍屬於我們在地端業務的核心範疇。因此，我們既有的資源——我們在各地團隊中有數百個銷售團隊與支援資源——能同時支援大型與小型、且屬於我們核心業務的專案。

So I tell you, dozens of additional resources to support those complex projects that then work across the regions and really do a great job of following those projects through from bid through completion.

所以我會說，我們新增了數十名額外資源來支援這些複雜專案；他們會跨區域運作，並且在從投標到完工的整個過程中，確實把專案一路追蹤到底、做得非常好。

Got it. Thanks, Mark.

了解。謝謝你，Mark。

Michael Dahl, RBC Capital Markets Inc.

Michael Dahl，RBC Capital Markets Inc.。

Good morning. Thanks for taking my questions. First one, Robyn, just to circle back on pricing and also maybe gross margin dynamics, you mentioned that you haven't seen the PVC price increases flow through the year revenues yet. I do think some of these increases were supposedly effective from the OEMs the past couple of months.

早安。謝謝讓我提問。第一個問題，Robyn，我想回到定價以及可能的毛利率動態。你提到你們還沒看到PVC漲價反映到今年的營收中。我確實認為其中一些漲價據稱在過去幾個月已由OEM開始生效。

So have you accepted price increases and are you seeing that in your inventory? And can you kind of talk through whether there's anything assumed or kind of price cost differentials either good or bad in the next couple of quarters? And if you could also gross margins were strong in the quarter, were there any timing benefits on price costs helping that in 1Q?

所以你們是否已接受漲價、並在庫存中看到反映？以及你能否說明一下，未來幾季是否有任何假設，或是價格與成本差（不論正面或負面）的影響？另外，如果你也能談談：本季毛利率很強，1Q是否有任何價格/成本時點上的利多幫助？

Yeah. Thanks for the question, Mike. So on PVC, we have seen price increases from our suppliers. We have sequentially seen since the first quarter, we've seen. We've started passing along some of those price increases through our bidding and quoting activities, but that's why I said we haven't seen them in our sales activity yet.

是的。謝謝你的問題，Mike。就PVC而言，我們確實已看到供應商的漲價。自第一季以來，我們按季也看到——我們已經看到。我們已開始在投標與報價活動中轉嫁其中一部分漲價，但這就是我說我們在銷售活動中還沒看到它們的原因。

We did do a little buying ahead of price increases on PVC, and some of these other areas that are increasing. But we expect to see some of that in the majority of that would hit in the third quarter of things that we're bidding and quoting now that are sequentially higher on the price side for those PVC items, if that makes sense.

我們確實在PVC以及其他一些正在上漲的領域，做了一點提前採購。但我們預期，現在正在投標與報價的案子中，與這些PVC品項相關、按季在價格面較高的部分，多數會在第三季反映出來；如果這樣說得通的話。

And then on the gross margin side, really strong quarter for us for gross margin, our initiatives are performing well, private label is really strong. Fire protection, we talked about being up, there's a lot of private label in our fire protection business, so that helps lift those margins up too.

至於毛利率方面，這一季對我們來說毛利率非常強，我們的各項計畫執行得很好，自有品牌表現非常強。消防防護業務我們也提到有成長，而我們的消防防護業務中有很多自有品牌，因此也有助於把毛利率拉升。

We're expecting for the remainder of the year for gross margins to kind of remain at this similar levels to what we exited the first quarter in throughout the year, which would be a gross margin benefit year over year for the full year.

我們預期今年剩餘期間，毛利率大致會維持在與第一季結束時相近的水準，貫穿全年；就全年而言，這將帶來毛利率的年增效益。

Okay. That's very helpful. Thanks, Robin. Shifting gears, I mean, the SG&A side, it seems like, obviously, you've got some investments in there, but the cost outs are appear to have kind of provided some control kind of on an underlying basis.

好的。這非常有幫助。謝謝你，Robin。換個話題，我是說，在SG&A這一端，看起來你們顯然有一些投資，但成本削減似乎在基本面上提供了一些控管。

Can you just update us on kind of the progress against those, what's left to realize as the end markets have remained in kind of relatively places or how are you thinking about your SG&A here and whether or not there are other actions or opportunities there to drive further leverage?

你能否更新一下這些措施的進度、到年底還剩下多少可實現的部分？在終端市場仍大致維持在相對類似的狀態下，你們如何看待目前的SG&A？以及是否還有其他行動或機會，能進一步帶來營運槓桿？

Yeah. So SG&A for the quarter was up about 2%. And what I talked about earlier was about there's a point of that that's M&A related. There's about two points that are kind of investments in things like green fields and some of those resources we talked about to make investments into some of these big projects and complex projects. So, we've continued to make investments to support future growth.

是的。本季SG&A約成長2%。我先前提到，其中有一部分與併購（M&A）相關。大約有兩個百分點屬於投資，例如綠地據點（green fields），以及我們談到的那些資源投入，用來投資於一些大型專案與複雜專案。因此，我們持續進行投資以支援未來成長。

We did have a couple of points of inflation in there, and then we've got a couple actioned cost-out savings that helped offset some of that increase. So, we feel like our SG&A is well-positioned. So as we go throughout the rest of the year, and start seeing some growth in the back half, we'll be well-positioned on our SG&A to see some good performance there.

其中也有大約兩個百分點的通膨影響，然後我們也有幾項已落地的成本削減節省，協助抵銷部分增幅。所以我們認為SG&A的配置是到位的。因此，隨著今年後續推進、並在下半年開始看到一些成長，我們在SG&A方面會處於有利位置，預期能看到不錯的表現。

On the cost out peak, it's in line with what we expected. So we did that $30 million in the back half of last year, and we saw about a quarter of that benefit in the first quarter.

就成本削減的節奏而言，符合我們的預期。我們在去年下半年做了3,000萬美元，而第一季我們看到其中約四分之一的效益。

Colin Barron, Deutsche Bank.

Colin Barron，德意志銀行（Deutsche Bank）。

Good morning. Thank you for taking my questions. I just wanted to circle back on the water treatment plant. Can you just dive a little bit more into what's going on in sort of that end market? Are these new treatment plants? Are they upgrades, sort of repair and break?

早安。謝謝讓我提問。我想再回到水處理廠這塊。你能否再更深入說明一下，該終端市場目前的狀況？這些是新的處理廠嗎？還是升級、偏維修與汰換（repair and break）？

And I guess just like how meaningful can these individual projects be for you guys from a revenue perspective and maybe sort of dive a little bit deeper into sort of like the medium to longer-term kind of growth that this could provide you over the next several years?

另外我想問，從營收角度來看，這些單一專案對你們而言可能有多重要？以及能否再更深入談談，這在中期到長期可能在未來幾年為你們帶來的成長動能？

Yeah. I'll give you some color on that. I would say, first of all, treatment plant projects range in size from very small, let's call them rehabilitation or minor expansion all the way to completely new treatment plant construction. Actually, that is a rarer case, but a treatment plant facility can get completely retrofit in a sort of rehabilitation, which is essentially for us a complete rebuild of all the workings of the plant and all the piping and fabrication and connectivity.

好的。我補充一些背景。我會說，首先，處理廠專案的規模從非常小——我們稱之為整修（rehabilitation）或小幅擴建——一路到全新處理廠的建設。實際上，全新建廠是比較少見的情況；但處理廠設施可以在某種整修中被完全翻新（retrofit），而對我們而言，那本質上等同於把廠內所有運作系統、所有管線、製作加工（fabrication）與連接整體重建。

So whether it's rehabilitation or completely new construction for us, it's almost the same in-market exposure, which is great. That's what we see more often than not is new technology, new designs, getting more out of existing facilities by essentially redoing perhaps, one or two lines at a time, the main flows through the treatment plant.

所以不論是整修或全新建設，對我們來說在終端市場的曝險幾乎相同，這很棒。我們更常看到的是導入新技術、新設計，透過本質上重做既有設施（例如一次重做一到兩條處理線），來從既有設施中榨取更多產能，也就是重做處理廠內主要的流程動線。

We see this as it does not seem to be slowing. The funding has been strong, but I think more importantly, this is just a sort of a non-discretionary investment that the municipalities are, they must do because the demands on both clean water side and the sanitary sewer side, and separating storm sewer for that matter just continue to be constant challenges with movement of the population, some of these large capital projects that are demanding more water than ever.

我們看到這個趨勢似乎沒有放緩。資金挹注一直很強，但我認為更重要的是，這是一種非選擇性（non-discretionary）的投資：各地方政府必須做，因為無論是潔淨用水端、衛生下水道端，以及（就此而言）雨水下水道分流，隨著人口移動都持續面臨固定的挑戰；再加上一些大型資本專案對用水需求比以往更高。

So, we see it as a pretty durable long-term trend that is driving good growth for us. Obviously, as it gets bigger, those percentage growth rates are harder and harder to come by, but we still see this as a significant above-market driver of growth for us for the foreseeable future.

因此，我們認為這是一個相當具韌性的長期趨勢，正在推動我們良好的成長。當然，規模越大，要取得那樣的百分比成長率就越來越不容易，但我們仍認為，在可預見的未來，這會是推動我們成長、且顯著高於市場的關鍵驅動因素。

That's really helpful color. Thank you. And then I guess I just wanted to touch on your maybe some more near-term expectations here. You called it the tough comp that you saw in the first quarter. I think you still saw like a high single-digit comp in 2Q, but the two-year stack gets a little bit easier.

這些補充說明非常有幫助。謝謝你。接著我想再談一下你們對於較近期的一些預期。你提到第一季面臨較艱難的比較基期。我想你們在第二季仍看到大約高個位數的同店比較，但兩年期疊加的比較會稍微容易一些。

So I guess I'm just trying to understand what your near-term sales expectations are around 2Q, can you start to see growth here in the second quarter, and sort of any color on how trends have been in May, and the first part of June?

所以我想我是在試著了解你們對第二季附近的短期銷售預期是什麼；你們是否開始能在第二季看到成長？另外也想請你們分享一下5月以及6月前半段的趨勢如何？

Yeah. Thanks for the question. So if you remember, last year, we started to see the decline in residential in really the back part of the second quarter. So, May and June still had pretty decent performance from a residential standpoint before we really started to see that slowdown in July. We are expecting, I would say, some slight growth in the second quarter with the majority of that growth kind of in the second-half of the year where we have some easier comps.

是的。謝謝你的提問。如果你還記得，去年我們是在第二季後段才真正開始看到住宅端下滑。所以從住宅的角度來看，5月和6月在我們於7月真正開始看到放緩之前，表現仍相當不錯。我們預期第二季會有些微成長；我會說，大部分的成長會出現在下半年，因為比較基期會更容易一些。

And like we mentioned, we've been building momentum with bidding activity and backlog activity and expect a lot of that to release in the back half of the year. So, flattish for the first quarter, slight growth in the second quarter and then kind of that low to mid-single-digit growth in the third and fourth quarter of this year is how we're thinking about the seasonality.

而且如同我們提到的，我們在投標活動與在手訂單（backlog）方面一直在累積動能，並預期其中相當一部分會在下半年釋放出來。因此，我們對季節性的看法是：第一季大致持平、第二季小幅成長，然後今年第三、第四季大約是低到中個位數的成長。

Great. Thank you.

很好。謝謝。

Keith Hughes, Truist Securities.

Truist Securities 的 Keith Hughes。

Thanks. Just one more question on the treatment center business. You talked about some acquisitions around it. Are there specific entities and branches that just work on that end-user market? Are you referring to that or can you give some detail on what you mean there?

謝謝。再問一個關於處理廠（treatment center）業務的問題。你提到在這方面有一些併購。是否有特定的法人實體與分支機構是專門服務那個終端用戶市場的？你指的是這個嗎？或者你能否更詳細說明你所指的內容？

Well, first of all, the way that a treatment plant project is ultimately going to be local and it's going to need materials, staging, packaging, and generally the more complex the project, the more beneficial it is that we have a core main store, if you will, close to the project to do all of that off-site material handling.

嗯，首先，處理廠專案最終會是地方性的，而且會需要材料、暫存、包裝；一般而言，專案越複雜，我們在專案附近設有一個核心的主要門市（如果你願意這麼稱呼）就越有利，能在場外完成所有這些材料處理作業。

But the teams that are executing. The pre-sale process, the design, these alternative funding long iterative processes, they're engaged. Those teams are generally going to be concentrated at either the regional or the national level, and they work out of various virtual offices around the country.

但負責執行的團隊——售前流程、設計、這些替代性融資且反覆迭代時間很長的流程——他們都會參與其中。這些團隊通常會集中在區域或全國層級，並透過全國各地不同的虛擬辦公室運作。

And as the project approaches execution time, there's sort of a relationship formed with the branch that's going to carry the kind of actual logistics load, if you will. When we talk about acquisitions in this space, it's not so much the need for acquisition of our traditional footprint and know, to be clear, there's not a branch that specifically does treatment plant product only as all of our branches can do treatment plant product work.

而當專案接近執行階段時，就會與將承擔實際物流負荷的分支機構建立某種合作關係。當我們談到在這個領域的併購時，並不是那麼著重於收購我們傳統的據點版圖；而且要說清楚，並沒有哪個分支是只做處理廠產品的，因為我們所有分支都能承接處理廠產品相關的工作。

The acquisitions are more as we expand our product offering, we're really proximate to the next part of the product that goes the next step inside the plant like actuated valves or engineered pipe stands or different kinds of metal fabrications that make up the bodies of the plant, and in order to sell those products, you have to have knowledge and credibility and expertise and that's more like what we're talking about when we look at M&A is how can we continue to bring more of that knowledge, expertise, talent and capability so that we can offer a more broad offering.

這些併購更多是為了擴充我們的產品供應；我們希望更貼近廠內下一步所需的產品，例如電動/致動閥門（actuated valves）、工程化管道支架（engineered pipe stands）或各類金屬製作件，這些構成了廠體的本體。要銷售這些產品，你必須具備相關知識、可信度與專業能力；因此我們在看併購時，談的更像是：我們如何持續引進更多這方面的知識、專業、人才與能力，讓我們能提供更廣泛的產品組合。

Okay. Let me ask a question on M&A, just a little bit picture, bigger picture to finish this off. M&A has been adding a modest amount in the quarter, in recent quarters, below what it was several years ago. Are you reaching a size, because you're very large now, large network? Are you reaching a size where acquisitions are just going to be a smaller amount in terms of added revenue than in previous years or are we just in a lull for deals right now?

了解。我再問一個關於併購的問題，稍微拉高一點、從更宏觀的角度作為收尾。近幾季併購對單季的貢獻都只是小幅增加，低於幾年前的水準。你們是否因為現在規模很大、網路也很大，已經到了某個程度，使得併購在新增營收上的貢獻相較過去幾年會變小？還是說我們只是正處於交易的空窗期？

Yeah. Thanks, Keith. As I've mentioned on previous calls, we've definitely been in a lull from an M&A standpoint, and we haven't really seen a lot of deals in the space. So what we have seen, I'd say, more recently is a pretty notable uptick in the pipeline. There have been a lot more that have come across the desk recently.

是的。謝謝，Keith。如我在先前的電話會議中提到的，從併購角度來看，我們確實處於一段空窗期，而且在這個領域並沒有看到很多交易。不過我會說，最近我們看到案源管線有相當明顯的增加。最近有更多案子送到我們桌上。

I would say I couldn't be more excited about some of the opportunities that we've seen that range from small tuck-ins right in the core to larger opportunities like you've seen us complete in the past, and then some opportunities that are kind of right in the customer mix that we're talking about with municipal and treatment plant and some of these areas that could be really great opportunities for us.

我會說，我對我們看到的一些機會感到非常振奮；這些機會涵蓋從核心業務中的小型補強式併購（tuck-ins），到像你們過去看到我們完成過的較大型機會，另外也有一些機會正好落在我們所談的客戶組合上——例如市政與處理廠等領域——這些都可能是對我們非常好的機會。

So we've advanced, I'd say, a number of them through our process, and they're getting in the late stages. So you should expect that we'll get right back on track, and if not overperform some of our M&A goals. There's no shortage of opportunities out there. It's been more of a timing and lumpiness just from an M&A availability standpoint but really pleased with what I'm seeing right now.

因此，我們已經推進其中不少案子進入我們的流程，我會說它們正進入後期階段。所以你們應該可以預期我們會很快回到正軌，甚至可能超越我們的一些併購目標。市場上不缺機會。更多是時間點與不均勻性（lumpiness）——就併購案源可得性而言——但我對目前看到的情況非常滿意。

Okay. Thank you.

好的。謝謝。

We have reached the end of the question-and-answer session. I will now turn the call back to Mark Witkowski, CEO, for closing remarks.

問答環節到此結束。現在我將把電話交回給執行長 Mark Witkowski 作結語。

Thank you again for joining us today. As we close out the quarter, we are in a position of strength to deliver above-market growth, both organically and through acquisitions. While we do not expect near-term tailwinds in residential, we see plenty of opportunities to capture growth within our municipal and non-residential end markets, and we have the team and experience to deliver on our 2026 outlook.

再次感謝各位今天加入我們。在本季結束之際，我們處於有利位置，能夠實現高於市場的成長，無論是有機成長或透過併購。雖然我們不預期住宅端在短期內會有順風，但我們在市政與非住宅終端市場中看到許多可掌握的成長機會，而且我們具備團隊與經驗，能夠達成我們對2026年的展望。

Importantly, the long-term fundamentals underpinning our business remain firmly intact. The need to modernize aging infrastructure, support population growth, and deliver reliable water systems continue to drive sustained demand.

重要的是，支撐我們業務的長期基本面依然非常穩固。現代化老舊基礎設施、支援人口成長，以及提供可靠供水系統的需求，持續推動長期且穩定的需求。

Combined with the investments we've made in the business and the depth and experience of our team, we remain confident in our ability to navigate the current environment, and continue delivering durable long-term value for shareholders.

再加上我們對業務所做的投資，以及團隊的深度與經驗，我們仍有信心能在當前環境中穩健前行，並持續為股東創造可持續的長期價值。

Thank you for your continued interest in Core and Main. Operator, that concludes our call.

感謝各位持續關注 Core and Main。接線員，我們的電話會議到此結束。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。