FirstService Corp (FSV) 2023 Q4 法說會逐字稿

Welcome to the fourth-quarter 2023 earnings call. Today's call is being recorded.

歡迎參加 2023 年第四季財報電話會議。今天的通話正在錄音。

Legal counsel requires us to advise that the discussion scheduled to take place today may contain forward-looking statements that involve known and unknown risks and uncertainties. Actual results may materially different from any future results, performance, or achievements contemplated in the forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's annual information form as filed with the Canadian Securities Administration and in the company's annual report on the Form 40-F as filed with the US Securities and Exchange Commission.

法律顧問要求我們告知，計劃於今天進行的討論可能包含涉及已知和未知風險和不確定性的前瞻性陳述。實際結果可能與前瞻性陳述中預期的任何未來結果、績效或成就有重大差異。有關可能導致實際結果與前瞻性陳述中的結果存在重大差異的因素的更多資​​訊包含在公司向加拿大證券管理局提交的年度資訊表以及公司向加拿大證券管理局提交的40-F 表格年度報告中。美國證券交易委員會。

As a reminder, today's call is being recorded. Today is February 6, 2024. I would like to turn the call over to Chief Executive Officer, Mr. Scott Patterson. Please go ahead.

提醒一下，今天的通話正在錄音。今天是 2024 年 2 月 6 日。我想將電話轉給執行長史考特·帕特森先生。請繼續。

Thank you, Justin, and welcome, ladies and gentlemen, to our fourth-quarter and year-end conference call. I'm on with Jeremy Rakusin, our CFO. Thank you for joining us today. We're very pleased with how we finished the year and with our momentum as we head into 2024.

謝謝賈斯汀，女士們、先生們，歡迎參加我們的第四季和年終電話會議。我與我們的財務長 Jeremy Rakusin 交談。感謝您今天加入我們。我們對這一年的結束以及邁向 2024 年的勢頭感到非常滿意。

Before I jump into the quarterly results, I want to make a few comments about the year. We closed out 2023 with our revenue up 16% over 2022 and our EBITDA up 18%. Very strong results.

在進入季度業績之前，我想對這一年發表一些評論。2023 年，我們的營收比 2022 年成長了 16%，EBITDA 成長了 18%。非常強勁的結果。

Organic growth for the year at 10% accounted for over half of our top-line increase. And importantly, the organic growth was balanced equally across our divisions. Both FirstService residential and FirstService brands grew organically by 10%. We've had some time now to reflect on these results for the year, and we could not be more proud of our teams for how they performed. 2023 represents the third consecutive year with organic growth at 10%, and that is a reflection on our teams and their ability to consistently gain market share.

今年 10% 的有機成長占我們營收成長的一半以上。重要的是，我們各部門的有機成長是均衡的。FirstService 住宅品牌和 FirstService 品牌有機成長了 10%。我們現在有一些時間來反思今年的這些成果，我們為我們團隊的表現感到無比自豪。 2023 年是連續第三年實現 10% 的有機成長，這反映了我們的團隊及其持續獲得市場份額的能力。

Now I'll turn to the fourth quarter. Total revenues were up 6% over the prior year and right in line with our internal expectations. The growth for the quarter related entirely to acquisitions. Organic growth was nil due to a very strong Q4 last year, driven by significant large claims activity from Hurricanes Ian and Fiona that lead to outsized revenues for our restoration brands.

現在我要談談第四季。總收入比上年增長 6%，完全符合我們的內部預期。本季的成長完全與收購有關。由於去年第四季非常強勁，受到颶風伊恩和菲奧娜的大量索賠活動的推動，有機增長為零，這導致我們的修復品牌收入過大。

EBITDA for the quarter was flat at $103 million, and again, right in line with our expectations. Jeremy will jump into the margin and earnings per share detail in his comments.

本季 EBITDA 持平，為 1.03 億美元，再次符合我們的預期。傑里米將在評論中詳細介紹利潤率和每股收益。

Looking at our divisional results, FirstService residential revenues were up 12%, 9% organically. The results are consistent with the previous three quarters of this year and reflect solid growth from net new contract wins, and again, was broad based across North America with all of our regions showing gains. Looking forward to the coming year, we expect to show growth at FirstService residential at the high-single-digit level with organic growth starting to ease back during the year into the mid-single-digit range, which is our long-term average in this business. This is a contractual recurring revenue model with only modest swings quarter to quarter.

從我們的部門表現來看，FirstService 住宅收入有機成長了 12%、9%。結果與今年前三個季度一致，反映了淨新合約的穩健增長，並且在整個北美地區都有廣泛的基礎，我們所有地區都出現了增長。展望來年，我們預計 FirstService 住宅的成長將達到高個位數水平，而有機成長將在年內開始回落至中個位數範圍，這是我們的長期平均水平這項業務。這是一種合約性經常性收入模式，季度與季度之間只有適度的波動。

Moving on to FirstService brands, revenues for the quarter were up 1% compared to the very strong prior-year quarter that was up 28% over the same quarter in 2021. Revenues declined 7% on an organic basis, with gains at Century Fire and our home improvement brands more than offset by the headwinds at our restoration brands.

接下來是 FirstService 品牌，與非常強勁的去年同期相比，本季的營收成長了 1%，而去年同期的營收比 2021 年同期成長了 28%。營收有機下降 7%，Century Fire 和我們的家居裝修品牌的收益被我們的修復品牌的逆風所抵消。

Let me go through each segment, and I'll start with restoration, which includes our results for Paul Davis and First Onsite. Revenues for the quarter came in lighter than expectation and were down more than 10% against a tough comp in the prior year. We experienced very mild weather patterns across North America during the quarter. And in addition, our remaining Hurricane Ian-related backlog did not progress as we expected.

讓我逐一介紹每個部分，我將從恢復開始，其中包括 Paul Davis 和 First Onsite 的結果。該季度的收入低於預期，與去年同期相比下降了 10% 以上。本季北美各地的天氣模式非常溫和。此外，我們剩餘的與伊恩颶風相關的積壓工作並沒有像我們預期的那樣取得進展。

We produced only a modest amount of storm-related work about $15 million during the fourth quarter, which historically is our strongest storm-related revenue quarter. By comparison, we generated $85 million in revenue last year from Hurricane Janet and Fiona.

第四季我們只製作了約 1500 萬美元的少量與風暴相關的工作，這在歷史上是我們與風暴相關收入最強勁的季度。相較之下，我們去年從珍妮特颶風和菲奧娜颶風中獲得了 8,500 萬美元的收入。

We've seen an uptick in activity in Q1 from the frigid weather in much of North America experienced in mid-January, and we expect a solid quarter that it will not be at the level we experienced in Q1 last year off the back of Winter Storm Elliot and the hurricanes. Our expectation is that Q1 restoration revenues will be down at least 10% from prior year.

我們看到，由於 1 月中旬北美大部分地區經歷了寒冷天氣，第一季的活動有所增加，我們預計該季度的活動將不會達到去年冬季後第一季的水平風暴艾略特和颶風。我們預計第一季恢復收入將比去年下降至少 10%。

Moving now to our home improvement brands, including California Closets, CertaPro Painters, Floor Coverings International, and Pillar To Post Home Inspection. As a group, these brands were up mid-single digit versus the prior year with organic growth low single digit, very similar results to those we posted in Q3.

現在轉向我們的家居裝修品牌，包括 California Closets、CertaPro Painters、Floor Coverings International 和 Pillar To Post Home Inspection。作為一個整體，這些品牌與上年相比成長了中個位數，有機成長低個位數，與我們在第三季發布的結果非常相似。

We continue to face real headwinds in home improvement and lead activity continues to be sluggish, still off year over year. It's a real tribute to the tenacity of our teams in this segment that we've driven growth the last two quarters in this environment. Interest rate levels and record low home sales have negatively impacted consumer demand, and we don't expect this to abate until late in the year or next year. That said, our teams in home improvement are confident that they can continue to grind out modest gains through 2024.

我們在家居裝修方面繼續面臨真正的阻力，鉛活動繼續低迷，而且逐年下滑。我們在過去兩個季度在這種環境下推動了成長，這確實是對我們團隊在這一領域的頑強精神的致敬。利率水準和創紀錄的低房屋銷售對消費者需求產生了負面影響，我們預計這種影響要到今年年底或明年才會減弱。也就是說，我們的家居裝修團隊有信心在 2024 年之前繼續取得小幅成長。

I'll finish my review of the Q4 results with Century Fire, which had another very strong quarter, exceeding our expectations with organic growth near 20%. Similar to previous quarters this year, we are seeing strength across each of installation, service and inspection, and our national accounts division, and almost all our branches are performing and growing. The Century team has really done a great job this year.

我將結束對 Century Fire 第四季業績的回顧，該季度又表現強勁，有機成長接近 20%，超出了我們的預期。與今年前幾季類似，我們看到安裝、服務和檢查以及我們的國民帳戶部門以及幾乎所有分支機構都在表現和成長。世紀團隊今年確實做得非常好。

Looking forward, we're expecting continued strong results but certainly more modest growth off the back of the 20% growth this year. Backlogs are solid, both flat with prior year end. Based on current bid activity, our expectations for 2024 growth at Century is high single digit, which is more in line with our experience prior to this past year.

展望未來，我們預計業績將繼續強勁，但在今年 20% 的成長之後，成長肯定會更加溫和。積壓訂單數量穩定，與去年底相當。根據目前的投標活動，我們對 Century 2024 年成長的預期為高個位數，這更符合我們去年之前的經驗。

Before I pass over to Jeremy, I want to spend a few minutes introducing our new platform acquisition, the Roofing Corp of America, which we closed in late December. Roofing Corp is a $400 million revenue business that operates from 16 branches across 11 states. It offers end-to-end roofing services, including new installation, reroofing, and repair and maintenance primarily to commercial property owners and managers. 90% of the revenue is commercial, and the focus go forward is commercial.

在我向 Jeremy 提問之前，我想花幾分鐘介紹一下我們收購的新平台 Roofing Corp of America，我們在 12 月底關閉了該平台。Roofing Corp 是一家營收達 4 億美元的企業，在 11 個州設有 16 家分公司。它主要向商業地產業主和管理者提供端到端屋頂服務，包括新安裝、屋頂翻新以及維修和保養。 90%的收入來自商業，未來的重點是商業。

It's a business that has come together over the last five years through acquisition. We spent significant due diligence time on each acquired company and each branch and came away very impressed with the businesses that make up Roofing Corp and with the teams, both corporately and at the branch level. We're excited about the opportunity in roofing and excited to be partnering with these groups led by Randy Korach, CEO.

這是一家在過去五年中透過收購合併而成的企業。我們對每家收購的公司和每個分公司都投入了大量的盡職調查時間，並對 Roofing Corp 的業務以及公司和分公司層面的團隊留下了深刻的印象。我們對屋頂領域的機會感到很興奮，也很高興能與執行長蘭迪·科拉奇 (Randy Korach) 領導的這些團隊合作。

We've been looking at Roofing in general since late 2020. I've mentioned it on this call in the past. It shares many of the same characteristics as our other businesses in terms of being an essential property service operating in a huge fragmented market with growth potential, both organically and through tuck-under acquisitions. It's also highly complementary with restoration and fits well with the broader thesis we have around repair and maintenance and restoration of the built environment and the growth potential in that space. Growth from the continual expansion of the built environment but also from the increased frequency and volatility of weather.

自 2020 年底以來，我們一直在關注屋頂的整體情況。我過去曾在這次電話會議中提到過這一點。它與我們的其他業務有許多相同的特徵，即作為在一個巨大的分散市場中運營的基本物業服務，具有增長潛力，無論是有機增長還是透過隱藏收購。它也與修復高度互補，並且非常適合我們圍繞建築環境的修復、維護和恢復以及該空間的增長潛力的更廣泛的論文。成長來自於建築環境的不斷擴張，也來自於天氣頻率和波動性的增加。

Restoration, roofing, painting flooring, we will benefit from weather across all of businesses in the coming years. Roofing Corp finished 2023 with momentum. They have a strong backlog of work, and we expect solid organic growth in the mid- to high-single-digit range for 2024. We also expect to be active in terms of building the acquisition pipeline and seeking out tuck-unders.

修復、屋頂、油漆地板，我們將受益於未來幾年所有業務的天氣。Roofing Corp 的 2023 年勢頭強勁。他們有大量積壓的工作，我們預計 2024 年將實現中高個位數的穩健有機成長。我們也希望積極建立收購管道並尋找折價方案。

With that, let me pass you over to Jeremy, who will provide a more detailed review of our performance and pull together a consolidated look-forward for 2024. Jeremy?

接下來，我將把您交給 Jeremy，他將對我們的表現進行更詳細的回顧，並對 2024 年做出綜合展望。傑里米？

Thank you, Scott, and good morning, everyone. Scott just highlighted we are pleased with the strong full-year 2023 financial results we delivered even in the face of a more tempered fourth quarter when we were up against very strong prior-year Q4 2022 headwinds. I will parse out these details in my commentary starting first with a summary of our consolidated performance and following up with a segmented breakdown across our two divisions.

謝謝你，斯科特，大家早安。Scott 剛剛強調，我們對 2023 年全年強勁的財務業績感到滿意，儘管我們面臨著上年 2022 年第四季非常強勁的逆風，第四季的情況更為溫和。我將在評論中解析這些細節，首先總結我們的綜合業績，然後對我們兩個部門進行細分。

During the fourth quarter, we reported consolidated revenues totaling $1.08 billion and adjusted EBITDA of $103.3 million, up 6% and 1% respectively, with our margin at 9.6% compared to 10.1% in the prior-year period. For the full year, consolidated revenues increased 16% to $4.33 billion and depended by strong and broad-based 10% organic growth. Adjusted EBITDA came in at $415.7 million, up 18% over the prior year and yielding a 9.6% margin, up 20 basis points compared to 9.4% in 2022.

第四季度，我們的綜合營收總計 10.8 億美元，調整後 EBITDA 為 1.033 億美元，分別成長 6% 和 1%，利潤率為 9.6%，而去年同期為 10.1%。全年綜合收入成長 16%，達到 43.3 億美元，這得益於強勁且廣泛的 10% 有機成長。調整後 EBITDA 為 4.157 億美元，比上年增長 18%，利潤率為 9.6%，比 2022 年的 9.4% 增長 20 個基點。

From a net earnings perspective in the fourth quarter, adjusted EPS was $1.11, down from $1.22 in last year's fourth quarter. For the full year, we reported adjusted EPS of $4.66, up 10% over the $4.24 in 2022.

從第四季淨利角度來看，調整後每股盈餘為1.11美元，低於去年第四季的1.22美元。我們報告全年調整後每股收益為 4.66 美元，比 2022 年的 4.24 美元增加 10%。

Our annual interest costs almost doubled versus the prior year, largely attributable to the higher interest rate environment. Higher rates in 2023 compared to 2022 had a more than $0.30 per share or 7% negative impact on our adjusted EPS growth, which otherwise would have matched our EBITDA annual growth rate in 2023. Note that these comments on our adjusted EBITDA and adjusted EPS results respectively reflect adjustments to GAAP operating earnings and GAAP EPS, which are disclosed in this morning's press release and are consistent with our approach in prior periods.

我們的年度利息成本比前一年幾乎翻了一番，這主要歸因於較高的利率環境。與2022 年相比，2023 年的利率較高，對我們調整後的每股盈餘成長產生了超過0.30 美元或7% 的負面影響，否則，我們的調整後每股盈餘成長將與2023 年的EBITDA年度增長率相匹配。請注意，這些對我們調整後EBITDA 和調整後每股收益結果的評論分別反映了對GAAP 營業收益和GAAP 每股收益的調整，這些調整已在今天上午的新聞稿中披露，並且與我們之前期間的方法一致。

Now we'll provide additional commentary on our division results for both the fourth quarter and full year. At FirstService residential for the fourth quarter, revenues were $496 million, up 12% versus the prior-year period and the division reported EBITDA of $43.5 million, up 14% quarter over quarter. Our margin for the quarter was 8.8%, modestly higher than the 8.6% level in Q4 2022.

現在，我們將對第四季度和全年的部門業績提供更多評論。FirstService住宅第四季營收為4.96億美元，較上年同期成長12%，該部門報告的EBITDA為4,350萬美元，較上一季成長14%。我們本季的利潤率為 8.8%，略高於 2022 年第四季 8.6% 的水準。

For the full year, revenues hit the $2 billion mark, increasing by 13% over 2022, including 10% organic growth. We also delivered an 11% increase in annual EBITDA with our full-year margin at 9.4% and in line with the 9.5% margin for 2022. The margin is also down the middle of our typical 9% to 10% annual margin band for the FirstService residential division and a range consistent with what we also see for 2024.

全年營收突破 20 億美元大關，比 2022 年成長 13%，其中有機成長 10%。我們的年度 EBITDA 成長了 11%，全年利潤率為 9.4%，與 2022 年 9.5% 的利潤率一致。該利潤率也低於 FirstService 住宅部門典型的 9% 至 10% 年度利潤率範圍的中間值，且該範圍與我們對 2024 年的預測一致。

Shifting now to our FirstService brands division and focusing first on Q4, we recorded revenues of $583 million, a 1% increase. As Scott referenced, our restoration operations had lower revenues versus prior year due to the mild weather during the current quarter compared to the contribution from significant hurricane events in late 2022. The brands division saw a solid organic revenue growth excluding this restoration-related headwind.

現在轉向我們的 FirstService 品牌部門，首先關注第四季度，我們的營收達到 5.83 億美元，成長 1%。正如 Scott 所提到的，與 2022 年底重大颶風事件的貢獻相比，由於本季氣候溫和，我們的恢復業務收入較上年下降。排除與恢復相關的不利因素，品牌部門的有機收入實現了穩健成長。

For the fourth quarter, our brands division EBITDA came in at $61.1 million, down 9% versus the prior-year quarter. Our division margin during the quarter was 10.5%, down from 11.7% in Q4 2022. And as expected, it matched the margin level for the prior sequential third quarter, which we noted in our Q3 earnings call.

第四季度，我們的品牌部門 EBITDA 為 6,110 萬美元，比去年同期下降 9%。本季我們的部門利潤率為 10.5%，低於 2022 年第四季的 11.7%。正如預期的那樣，它與我們在第三季財報電話會議中指出的上一季連續第三季的利潤水平相匹配。

The profitability and margins were lower within our restoration businesses as a result of the reduced weather-driven activity levels and revenues. Margins at our home services brands also moderated in the fourth quarter compared to prior year as increased promotional pricing and marketing initiatives were implemented to preserve our top-line growth.

由於天氣驅動的活動水準和收入減少，我們的恢復業務的獲利能力和利潤率較低。與去年同期相比，我們的家居服務品牌的利潤率在第四季度也有所放緩，因為為了保持我們的營收成長而實施了促銷定價和行銷舉措的增加。

For the full year, revenues were very strong, up 19%, including 11% organic growth. Our annual EBITDA grew 24%, resulting in a 10.4% full-year margin, up 50 basis points versus the prior year of 9.9%. We will continue to experience quarterly and even annual shifts in our brand division margins into 2024 and beyond, particularly in light of our restoration operations, which depend on certain levels of baseline weather-driven activity.

全年營收非常強勁，成長了 19%，其中有機成長 11%。我們的年度 EBITDA 成長 24%，全年利潤率為 10.4%，比上年的 9.9% 成長 50 個基點。到 2024 年及以後，我們的品牌部門利潤率將繼續經歷季度甚至年度變化，特別是考慮到我們的恢復業務，這取決於一定程度的基線天氣驅動活動。

The more periodic and larger area-wide storm events can further exacerbate the year-over-year margin profiles within restoration and thereby influence the brand's margin comparisons. Despite these near-term fluctuations, our focus continues to be on the longer-term secular market opportunity for our restoration, repair and maintenance brand to deliver attractive compounded growth rates.

更週期性和更大範圍的風暴事件可能會進一步加劇恢復過程中的同比利潤狀況，從而影響品牌的利潤比較。儘管有這些近期波動，我們的重點仍然是我們的修復、維修和維護品牌的長期市場機會，以實現有吸引力的複合成長率。

Finally, to close up my commentary on the P&L, we reported lower corporate costs in the fourth quarter due to the benefit of foreign exchange movements. We also had larger-than-typical-acquisition-related items during the quarter, which negatively impacted GAAP operating earnings and GAAP EPS, which would have no effect on our EBITDA and adjusted EPS performance metrics. Of the $16 million amount in Q4, most related to earnouts tied to prior tuck-under acquisitions and transaction costs for the larger Roofing Corporate America acquisition as Scott previously described.

最後，為了結束我對損益表的評論，我們報告稱，由於外匯變動的好處，第四季的企業成本有所下降。本季我們還有比典型收購相關的項目，這對 GAAP 營運收益和 GAAP 每股盈餘產生了負面影響，這對我們的 EBITDA 和調整後每股盈餘績效指標沒有影響。在第四季度的 1,600 萬美元金額中，大部分與先前隱藏的收購相關的盈利以及較大的 Roofing Corporate America 收購的交易成本有關，正如 Scott 之前所描述的那樣。

Now I'll walk through a summary of our cash flow and capital deployment. For the fourth quarter, we delivered cash flow from operations after working capital totaling $110 million, double the level during the prior-year period. For the full year, operating cash flow was $280 million, up significantly over the $106 million in 2022, driven by strong operating earnings growth and conversion of working capital investments in our restoration operations from prior-year hurricane activity levels.

現在我將概述我們的現金流和資本部署。第四季度，扣除營運資金後的營運現金流總計 1.1 億美元，是去年同期水準的兩倍。全年營運現金流為 2.8 億美元，比 2022 年的 1.06 億美元大幅成長，這得益於強勁的營運收益成長以及恢復業務的營運資本投資從上一年颶風活動水準的轉換。

We incurred $25 million of capital expenditures during Q4, resulting in full-year CapEx of $93 million, which came in lower than our most recently indicated target of $100 million. In 2024, we expect total capital expenditures to increase in line with the growth of our operation to approximately $115 million.

第四季我們發生了 2,500 萬美元的資本支出，全年資本支出為 9,300 萬美元，低於我們最近設定的 1 億美元目標。到 2024 年，我們預計總資本支出將隨著我們業務的成長而增加，達到約 1.15 億美元。

Maintenance CapEx represents the predominant amount of this spending for service vehicle fleet, IT, and office leasehold replacement cycles across our brands, and will continue to represent roughly 2% of revenues and 20% of EBITDA on a consolidated basis. The fourth quarter also saw significant acquisition spending totaling $434 million, with the bulk of that amount to finance the Roofing Corp transaction.

維護資本支出占我們各品牌服務車隊、IT 和辦公室租賃更換週期支出的主要部分，並將繼續佔綜合收入的約 2% 和 EBITDA 的 20%。第四季還出現了總計 4.34 億美元的巨額收購支出，其中大部分用於為 Roofing Corp 交易提供資金。

For the year, we deployed almost $550 million towards acquisitions. And excluding the Roofing Corp transaction, our tuck-under acquisition program spending totaled close to $150 million, which contributes a mid-single-digit percentage of incremental revenue growth above our organic growth base.

今年，我們部署了近 5.5 億美元用於收購。不包括 Roofing Corp 交易，我們的隱藏收購計劃支出總計接近 1.5 億美元，這為我們的有機增長基礎之上的增量收入增長貢獻了中個位數百分比。

Beyond these growth-driven capital deployment priorities, we also continued our trend of growing our dividends by yesterday approving an 11% dividend increase to $1 per share annually in US dollars, up from the prior $0.90. We have now annually hiked our dividend 10% or higher every year over the past decade.

除了這些成長驅動的資本部署優先事項之外，我們還延續了增加股息的趨勢，昨天批准將股息增加 11%，以美元計算每年每股 1 美元，高於先前的 0.90 美元。在過去的十年裡，我們每年都會將股息提高 10% 或更高。

Our 2023 year-end balance sheet continues to be strong even after the larger Roofing Corp investment. We closed out the year with just under $1 billion of net debt; and our leverage sit at a conservative 2.1 times net debt to adjusted EBITDA, of only a half turn from the 1.6 times level at the end of 2022.

即使在 Roofing Corp 進行了更大的投資之後，我們 2023 年底的資產負債表仍然強勁。今年結束時，我們的淨債務略低於 10 億美元；我們的槓桿率為保守的淨債務與調整後 EBITDA 的 2.1 倍，僅比 2022 年底 1.6 倍的水平低半倍。

After current year end, this past January, we also bolstered our liquidity by tapping into $125 million of senior unsecured notes under our note holder master shelf facilities, which have five-to-seven-year maturities with interest coupons in the 5.5% area. Together with our cash on hand and availability under our bank credit facility, our current liquidity is approximately $400 million, which is ample for us to drive further acquisition growth as we work through our existing deal pipeline.

今年一月結束後，我們也透過在票據持有人主貨架設施下利用 1.25 億美元的優先無擔保票據來增強流動性，這些票據的期限為 5 至 7 年，息票利率為 5.5%。加上我們的手頭現金和銀行信貸額度下的可用資金，我們目前的流動性約為 4 億美元，這足以讓我們在處理現有交易管道時推動進一步的收購成長。

Looking forward, you've heard Scott comment on the individual brands' top-line, near-term growth indicators. With all that in mind, we see upcoming first-quarter consolidated revenue growth to be approximately 10%. Q1 margins will be lower versus prior year, with the residential division margin roughly flat and the brands division margin down due to our restoration operations, which are comparing against approximately $80 million of hurricane-related revenue in Q1 '23 that will not repeat in the first quarter of 2024.

展望未來，您已經聽到斯科特對各個品牌的頂線近期成長指標的評論。考慮到所有這些，我們預計即將到來的第一季合併收入成長率約為 10%。第一季的利潤率將低於去年，其中住宅部門的利潤率大致持平，而品牌部門的利潤率由於我們的恢復操作而下降，而與23 年第一季約8000 萬美元的颶風相關收入相比，這種收入在 2023 年第一季不會重複。2024 年第一季。

For the full year on a consolidated basis, we expect to deliver top-line growth in the low-teens percentage range, with a healthy base of organic growth on the back of continued momentum with our brands, together with approximately $400 million of revenue contribution from our Roofing Corp acquisition. With respect to profitability, residential margins will likely perform in line with prior-year quarters, while our brands margins should see modest year-over-year improvement during the latter half of the year when we are no longer comparing against the 2023 hurricane and winter storm events. Piecing it all together, we expect our consolidated EBITDA margin for the full year to be relatively in line to slightly up versus 2023.

在合併的基礎上，我們預計全年的營收成長將保持在十幾位數的百分比範圍內，在我們品牌的持續成長動能的支持下，建立健康的有機成長基礎，並貢獻約4 億美元的收入來自我們對 Roofing Corp 的收購。就獲利能力而言，住宅利潤率可能會與去年同期持平，而我們的品牌利潤率在今年下半年應該會出現同比小幅改善，此時我們不再與 2023 年颶風和冬季進行比較風暴事件。綜上所述，我們預計全年的綜合 EBITDA 利潤率將與 2023 年相比略有上升。

This now concludes our prepared comments. Operator, please open up the call to questions and thank you.

我們準備好的評論到此結束。接線員，請打開電話提問，謝謝。

(Operator Instructions) Michael Doumet, Scotiabank.

（操作員指令）Michael Doumet，豐業銀行。

Hey, good morning, guys. Nice quarter. Scott, Jeremy, I think the -- maybe just to start on the guidance for the year. So the way I understand it for 2024, the guidance doesn't include any storm-related activity, which all else equal, would suggest lower EBITDA margins for 2024. But you're calling for flat to slightly higher EBITDA margins, which again would imply embedded margins are rising somewhere else. Just trying to see if we can break that down a little bit where the margin expansion is happening, whether it's Roofing Corp or something else.

嘿，早上好，夥計們。不錯的季度。史考特、傑瑞米，我認為──也許只是開始今年的指導。因此，根據我對 2024 年的理解，該指南不包括任何與風暴相關的活動，在其他條件相同的情況下，這將表明 2024 年的 EBITDA 利潤率較低。但你要求 EBITDA 利潤率持平或略高，這再次意味著其他地方的嵌入利潤率正在上升。只是想看看我們是否可以在利潤率擴張發生的地方稍微細分一下，無論是 Roofing Corp 還是其他公司。

Yes. Correct, Michael. I mean just to put a box around it, the top line, low teens, that does not include, as you said, any additional shot in the arm from storms. It also doesn't include unidentified tuck-under acquisitions.

是的。正確，邁克爾。我的意思是只是在它周圍放一個盒子，頂線，低十幾歲，這不包括，正如你所說的，風暴帶來的任何額外的刺激。它還不包括身份不明的隱藏收購。

And frankly, we do acquisitions every year. And if we continue with that cadence, you could see our top line and bottom line, frankly, resemble pretty close to the performance we just delivered in '23 over 2022. But again, we don't build that into our thinking. Yeah, I'd say the residential margins relatively flat, so no real pick up there.

坦白說，我們每年都會進行收購。如果我們繼續保持這種節奏，坦白說，您可以看到我們的營收和利潤與我們剛剛在 2022 年 23 年交付的業績非常接近。但同樣，我們並沒有將其納入我們的思維中。是的，我想說住宅利潤率相對持平，所以沒有真正的回升。

In the brands, it would be a little bit of mix. And we're adding the Roofing Corp transaction, which we come in at a low double-digit margins, and that has a little bit of a positive mix impact. And some of the efficiencies that we're going to start to see in our restoration operations from the implementation of the operating platform, it's not going to be in a straight line. But that incrementally, over the quarters, and into, frankly, beyond '24, it will be something that we're working on, and it should be a small margin enhancer for us as well during the course of 2024.

在品牌中，會有一點混合。我們還添加了 Roofing Corp 交易，該交易的利潤率較低，為兩位數，這對組合產生了一些積極的影響。我們將從操作平台的實施中開始在恢復操作中看到一些效率，它不會是直線的。但坦白說，在 24 年之後，這將是我們正在努力解決的問題，並且在 2024 年期間，這也應該對我們來說是一個小幅的利潤提升。

Super helpful. And maybe bigger picture here. So I do like the thesis around the roofing business. I'm wondering to what extent there are synergies between the restoration business and the roofing business. And I wonder, again, if you continue to expand the restoration business, whether or not there are other businesses where you might increasingly look to explore synergies.

超有幫助。也許還有更大的圖景。所以我確實喜歡這篇關於屋頂業務的論文。我想知道修復業務和屋頂業務之間的協同作用有多大。我再次想知道，如果您繼續擴大修復業務，是否還有其他業務您可能會越來越多地尋求探索協同效應。

Michael, certainly, roofing is complementary to restoration. And as I said in my prepared comments, we've been looking at it for a few years now and really became aware of it or more aware of it through First Onsite in our commercial restoration because we're regularly seeing opportunities in roofing and either subbing it out or walking away from it. So certainly, we became more aware of the opportunity through restoration, but it is a discrete opportunity that we see big opportunity. And there will be some collaboration certainly between the restoration brands and the Roofing Corp. But it is a discrete segment and a discrete opportunity for us.

邁克爾，當然，屋頂是修復的補充。正如我在準備好的評論中所說，我們已經研究它好幾年了，並且透過商業修復中的First Onsite 真正意識到了這一點，或者更加意識到了這一點，因為我們經常看到屋頂方面的機會，或將其替換掉或離開它。當然，我們透過恢復更加意識到了機會，但我們看到了巨大的機會，這是一個離散的機會。修復品牌和 Roofing Corp 之間肯定會有一些合作。但這對我們來說是一個離散的細分市場和一個離散的機會。

Beyond that, I mean, generally, the thesis around repair and maintenance and restoration and the impact that weather will have on that, I mean we were very bullish on it. We think CertaPro Painters will certainly benefit. And we are -- CertaPro every year is expanding its commercial capability. And again, we see collaboration between the areas going forward.

除此之外，我的意思是，總的來說，關於維修、保養和恢復的論文以及天氣對此的影響，我的意思是我們非常看好它。我們認為 CertaPro Painters 肯定會受益。我們 - CertaPro 每年都在擴大其商業能力。我們再次看到各領域之間的合作不斷發展。

Really helpful. Appreciate the color. Thank you, guys.

真的很有幫助。欣賞顏色。感謝你們。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey, good morning. Thank you. Just firstly, can you talk about top of the funnel trends in the home improvement brands? I think you said it continues to be sluggish. Are you seeing that weaken even more than you'd seen before? And then just as we think about the next couple of quarters there, how much visibility you have into revenue there just given the backlog that continues to convert?

嗨，早安。謝謝。首先，您能談談家飾品牌的漏斗頂部趨勢嗎？我想你說過它繼續低迷。您是否發現這種情況比以前更弱？然後，正如我們思考未來幾季的情況一樣，考慮到積壓訂單繼續轉化，您對那裡的收入有多少可見度？

It's now weaker, Stephen. It's holding off our lead activity, off 5% to 10%. So it's similar to the last few quarters we've had. And we would expect a similar results in the first half of the year to what you've seen in the last half of '23.

現在它更弱了，史蒂芬。它使我們的主導活動推遲了 5% 到 10%。所以這與我們過去幾季的情況類似。我們預計今年上半年的結果與 23 年下半年的結果相似。

So I mean, it's tough, it's grind. But we expect that we'll be up a bit top line. We are continuing to invest in marketing and continuing to focus on lead conversion and closing rate, which are really two levers more in our control that can help offset the headwinds, and we're having success with that.

所以我的意思是，這很艱難，很艱難。但我們預計我們的營收會上升。我們將繼續投資於行銷，並繼續專注於潛在客戶轉換率和成交率，這實際上是我們更能控制的兩個槓桿，可以幫助抵消不利因素，我們在這方面取得了成功。

Very helpful. And then as a follow-up within the fire business, is there much of a margin differential between the installation more tied to construction activity versus the recurring inspection and repair work? And just asking that in case we see construction activity paper over the next year or two. And the impact that it could have on the margins in the fire brand if there -- is it mix shift more towards the recurring revenue streams there?

很有幫助。然後，作為消防業務的後續工作，與建築活動密切相關的安裝與經常性的檢查和維修工作之間是否存在很大的利潤差異？只是問我們是否會在未來一兩年看到建築活動文件。如果有的話，它可能會對消防品牌的利潤產生影響——它的混合是否更多地轉向那裡的經常性收入流？

No, very, very similar. I would say 2023, the margins were similar. Historically, as we've experienced price increases in steel and other materials, it's impacted installation relative to service, which is more labor driven. But right now, they're running very similar.

不，非常非常相似。我想說的是 2023 年，利潤率是相似的。從歷史上看，由於我們經歷了鋼鐵和其他材料價格的上漲，它影響了相對於服務的安裝，而服務更多是由勞動力驅動的。但現在，他們的運作情況非常相似。

Great. Thank you.

偉大的。謝謝。

Stephen MacLeod, BMO Capital Markets.

史蒂芬‧麥克勞德（Stephen MacLeod），蒙特婁銀行資本市場部。

Thank you. Good morning, guys. I just wanted to circle around on a couple of things related to Q1, particularly within restoration, I know you gave some near-term guidance on the different components. But just wondering when you put it all together, how do you foresee Q1 organic growth evolving on a consolidated basis within the brands division?

謝謝。早上好傢伙。我只是想談談與第一季相關的一些事情，特別是在恢復方面，我知道您對不同的組成部分提供了一些近期指導。但只是想知道，當你把所有這些放在一起時，你如何預見第一季品牌部門內部整合基礎上的有機成長？

Jeremy, you want to handle that?

傑里米，你想解決這個問題嗎？

Sure. I think it's going to be pretty similar, Stephen, to what we just saw in Q4, similar headwinds in the order of $80 million. I think I mentioned in my prepared comments $80 million that we're going to be comping against in Q1 versus Q1 of 2023, and that's a similar headwind as what we had just in Q4.

當然。史蒂芬，我認為這將與我們剛剛在第四季度看到的情況非常相似，類似的阻力約為 8000 萬美元。我想我在準備好的評論中提到，我們將在第一季與 2023 年第一季進行比較，這與我們在第四季遇到的阻力類似。

So organic revenue growth, as Scott mentioned, was down 7%. It's going to be down about the same amount, including the storms. If you ex out this -- that $80 million headwind, it would be healthy organic growth for the brands division.

因此，正如斯科特所提到的，有機收入成長下降了 7%。包括暴風雨在內，氣溫下降的幅度大約相同。如果排除這 8000 萬美元的逆風，這對品牌部門來說將是健康的有機成長。

Yeah. Okay, great. And then just -- would you expect a similar type of margin impact in Q1 that you saw in Q4, considering the organic is roughly the same?

是的。好的，太好了。然後，考慮到有機利潤大致相同，您是否預期第一季的利潤率影響與第四季度的利潤率影響類似？

I said that residential will be flat and brands would be down on a consolidated basis. I would look for Q1 consolidated margins to be down roughly 100 basis points, perhaps a little bit more.

我說過住宅將持平，品牌將綜合下降。我預計第一季綜合利潤率將下降約 100 個基點，甚至可能更多。

Okay. And that would be flat resi and down brands to get to that.

好的。這將是平坦的Resi和羽絨品牌才能達到這一目標。

Yeah.

是的。

Consolidated, down for brands.

綜合來看，品牌下降。

Yeah. Obviously, brands down more than 100 if the other division is flat. But the consolidated would be 100 basis points of potential wider on the compression.

是的。顯然，如果其他部門持平，品牌就會下降 100 多個。但綜合來看，壓縮幅度可能更大100個基點。

Yeah. Okay. No, that's very helpful. Thanks, Jeremy.

是的。好的。不，這非常有幫助。謝謝，傑里米。

And then just a higher level -- having now owned the roofing business for six weeks or however long it's been, just wondering if you can give a little bit of color as to what you're seeing so far. I know you mentioned that the business finished the year strongly, which is great, but just wondering are there some wins or highlights that you can highlight that you've seen so far.

然後是一個更高的層次——現在擁有屋頂業務已經六個星期了，或者不管多久了，只是想知道你是否可以對你到目前為止所看到的情況提供一些色彩。我知道您提到該公司今年的業務表現強勁，這很好，但我想知道是否有一些勝利或亮點可以強調您迄今為止所看到的。

Yeah. I mean, it's certainly days, Stephen, thinking through the winds. I think that the biggest thing from our perspective is just our excitement to be partnering with this group. It's a strong team, and we're just filled with optimism about our opportunity in this business.

是的。我的意思是，史蒂芬，這確實是幾天的空想。我認為從我們的角度來看，最重要的事情是我們對與這個團隊合作感到興奮。這是一支強大的團隊，我們對這項業務的機會充滿樂觀。

We've got great operators at the branch level that -- and generally, the alignment with the management team around building the premier roofing contractor in the US and doing it the right way and ensuring that we're serving the customer and winning day-to-day and growing organically. And then topping that off with acquisitions, and we do expect to be participating as a consolidating industry. And we'll definitely -- I expect that we'll do some tuck. We'll have some success completing tuck-unders this year.

我們在分支機構層面擁有出色的運營商，總的來說，與管理團隊保持一致，圍繞打造美國一流的屋頂承包商並以正確的方式開展工作，確保我們為客戶提供服務並贏得勝利。今天並有機增長。然後透過收購來結束這一點，我們確實希望作為一個整合產業參與其中。我們肯定會——我希望我們會做一些褶皺工作。今年我們將成功完成折邊活動。

Okay. That's great. Thank you, Scott. And then maybe just a higher level. Just as we think about the year for 2024, looks like the comps are a bit tougher in both brands and resi in the first half of the year. So are you expecting the year to shape out that way with tougher comps in Q -- in the first half and then maybe some stronger growth in the back half of the year?

好的。那太棒了。謝謝你，斯科特。然後也許只是更高的水平。正如我們對 2024 年的展望一樣，今年上半年品牌和樹脂的競爭似乎都更加艱難。那麼，您是否預計今年上半年的業績會更強勁，然後下半年可能會出現更強勁的成長？

Not so much, and I think Scott spoke about it in residential. If you're talking top line, we're going to settle more into a mid-single digit organic top-line growth pattern. Brands mature -- their headwinds are most acute in the front half of the year, particularly Q1, and less so in Q2, but still there with respect to the hurricane related and Winter Storm Elliott-related work that we had.

沒那麼多，我認為斯科特在住宅中談到過這一點。如果你談論的是營收，我們將更採用中個位數的有機營收成長模式。品牌成熟了——他們的逆風在今年上半年最為嚴重，尤其是第一季度，第二季度則較少，但就我們所做的颶風相關和冬季風暴埃利奧特相關工作而言，仍然存在。

It starts to taper off in Q3. And as you know, it was pretty minimal for us in Q4 this year. So yeah, the headwinds were made as we move through the year.

第三季開始逐漸減少。如您所知，今年第四季對我們來說這是相當小的。所以，是的，當我們度過這一年的時候，逆風就出現了。

Okay. That's great. Well, thanks, guys. Appreciate it.

好的。那太棒了。嗯，謝謝，夥計們。欣賞它。

Daryl Young, Stifel.

達裡爾楊，斯蒂菲爾。

Good morning, everyone. Just sticking on the roofing theme, question around the growth focus and I guess how the organic model is going to work there and what some of the key variables are for winning market share. So is it about competing on price? Or is there a way to pursue a differentiation strategy in terms of large scale, or more complex roofing projects, or specialty facilities? Or any color you can give here on what differentiates the growth?

大家，早安。只是堅持屋頂主題，圍繞成長重點提出問題，我猜有機模型將如何在那裡發揮作用，以及贏得市場份額的一些關鍵變數是什麼。那麼這是價格競爭嗎？或者有沒有辦法在大規模、或更複雜的屋頂專案或專業設施方面推行差異化策略？或者你可以在這裡給出什麼顏色來區分生長？

I think first and foremost, it's a growing market. So there are tailwinds that will drive the growth in the market. And then, it comes down to serving the customer in the local market and having great leadership locally, great relationships, and delivering on your brand promise. And so this is a group that has done that historically. And one of the reasons why we're so excited about partnering with them is that kind of alignment.

我認為首先也是最重要的是，這是一個不斷成長的市場。因此，存在推動市場成長的有利因素。然後，歸根結底是為當地市場的客戶提供服務，在當地擁有出色的領導力、良好的關係，並兌現您的品牌承諾。所以這個組織在歷史上就已經做到了這一點。我們對與他們合作如此興奮的原因之一就是這種一致性。

So it's going to be -- the markets are huge. And it's very similar to our other markets. And the opportunity to grow organically is really through your culture, your people, and bringing it every day. And that's the same as all our businesses. And really, that's the opportunity that we saw.

所以，市場是巨大的。這與我們的其他市場非常相似。有機成長的機會實際上是透過你的文化、你的員工以及每天帶來的。這與我們所有的業務都是一樣的。事實上，這就是我們看到的機會。

We'll be taking a long-term perspective. It's incremental. And then it is early days, but there is an opportunity as we fill out our footprint to start develop a national account program similar to what we've done at First Onsite, Century Fire. And we'll be working on that in earnest in the coming years.

我們將採取長遠的眼光。這是增量的。現在還處於早期階段，但當我們填寫我們的足跡時，就有機會開始開發國民帳戶計劃，類似於我們在世紀火災的 First Onsite 所做的事情。我們將在未來幾年認真致力於此。

That's great color. Thank you.

那顏色真棒。謝謝。

And then on the residential property management side, we've seen a number of third-party technology platforms that have popped up in the last few years and looking at helping HOAs and residence to self-managed communities and record keeping and amenity booking and all that. Are you seeing any competitive risks related to that? I know you invest a lot in your own tech stack, but just any color you can give us there in terms of ability to keep winning market share on the resi side and any potential disruption?

然後在住宅物業管理方面，我們看到過去幾年出現了許多第三方技術平台，它們致力於幫助 HOA 和住宅實現自我管理社區、記錄保存和便利設施預訂等。那。您是否看到任何與此相關的競爭風險？我知道您在自己的技術堆疊上投入了大量資金，但是您可以給我們任何顏色，以保持在樹脂方面贏得市場份額的能力以及任何潛在的干擾嗎？

Yeah. I mean a lot of that technology would relate to smaller communities where they -- technology and the Board may be able to manage it themselves. You did mention self-management, so I think that's what you're speaking to.

是的。我的意思是，很多技術都與較小的社區有關，在這些社區中，技術和董事會可能能夠自行管理。你確實提到了自我管理，所以我認為這就是你所說的。

Our sweet spot is really the larger communities, more complex communities, high-rise lifestyle where there's large numbers of sited staff. Technology certainly matters, and as you suggest, we continue to invest in ours, but it's more about the day-to-day delivery of service from your teams.

我們的最佳點實際上是更大的社區、更複雜的社區、高層生活方式，那裡有大量的駐地員工。技術當然很重要，正如您所建議的，我們將繼續投資於我們的技術，但更多的是您的團隊提供的日常服務。

Got it. Okay. That's it for me. I'll jump back in the queue. Thanks, guys.

知道了。好的。對我來說就是這樣。我會跳回到隊列中。多謝你們。

Frederic Bastien, Raymond James.

弗雷德里克·巴斯蒂安，雷蒙德·詹姆斯。

Good afternoon, guys. Just wanted to dig a little further on the M&A side. Scott, on the brand side, you've been pretty vocal about adding services like roofing, insulation, and asbestos removal. Obviously, you took care of the roofing part with RCA, but wondering what are your views right now on the other two business lines that you are calling out in prior quarters.

下午好，夥計們。只是想在併購方面進一步深入挖掘。斯科特，在品牌方面，您一直非常熱衷於增加屋頂、隔熱和石棉清除等服務。顯然，您與 RCA 負責了屋頂部分，但想知道您現在對您在前幾個季度提出的其他兩條業務線有何看法。

Fredric, I mean, nothing close, but I think we're always going to be -- keeping our eyes out for adjacencies. And again, it's around this maintenance repair restoration space. When we service a large loss, commercial large loss, what other opportunities are there, and what are we walking away from? How can we deliver a better service to the customer, which is really what led us to roofing and to comment on some of the other things that you've mentioned.

弗雷德里克，我的意思是，沒有什麼接近的，但我認為我們總是會密切關注鄰近的情況。再說一次，它是圍繞著這個維護修理恢復空間的。當我們應對巨額損失、商業巨額損失時，還有哪些機會，以及我們要放棄什麼？我們如何為客戶提供更好的服務，這就是我們選擇屋頂並評論您提到的其他一些事情的真正原因。

Okay.

好的。

Nothing close, though.

不過，沒有什麼接近的。

Okay. And then this was I guess discussed a little earlier on, but presumably the RCA acquisition came in with a laundry list of potential targets. And is that what is giving you confidence that you might be able to bring in a couple of more tuck-ins on that side?

好的。我想這是早些時候討論過的，但 RCA 收購可能附帶了一份潛在目標的詳細清單。這是否給了你信心，讓你相信自己可以在這一側多做一些折邊動作？

Yeah. I don't know if it's a laundry list, but there's certainly a pipeline. And over the last few years, we've had many conversations. And so combining those efforts will create some opportunity this year. But it's -- we also are going to be very careful and focus on fit and strategy. But this -- roofing is a consolidating industry, and it's happening quickly, so we need to be there.

是的。我不知道這是否是一份清單，但肯定有一個管道。在過去的幾年裡，我們進行了許多對話。因此，結合這些努力將在今年創造一些機會。但我們也將非常小心，專注於配合和策略。但屋頂是一個整合產業，而且發生得很快，所以我們需要參與其中。

Great. That's all I have. Thank you.

偉大的。這就是我的全部。謝謝。

Tom Callaghan, RBC Capital Markets.

湯姆‧卡拉漢 (Tom Callaghan)，加拿大皇家銀行資本市場部。

Hey, good morning, guys. Maybe just on the residential side in terms of the building blocks for 2024, can you just talk about the pricing and what you're seeing there? Like I know, through the year in '23, obviously, renewals were running stronger than historical, but maybe what's embedded in your outlook into '24 there?

嘿，早上好，夥計們。也許只是在住宅方面，就 2024 年的建築而言，您能談談定價以及您在那裡看到的情況嗎？就我所知，在 23 年的這一年裡，續訂顯然比歷史上的要強勁，但也許你對 24 年的展望中包含了什麼？

Yeah, Tom, we've been running at 3%, and that contributed to the strong organic growth in the 10% range these past few quarters. Heading into '24 and built into I think in Scott's comments, about a settling back to a mid-single-digit range, is moving back down to the longer term and typical pricing dynamic in this industry, which is 1% to 2%.

是的，湯姆，我們一直以 3% 的速度運行，這促成了過去幾季 10% 範圍內的強勁有機成長。進入 24 年，我認為斯科特的評論中提到的關於回到中個位數範圍的內容，正在回到該行業的長期和典型定價動態，即 1% 到 2%。

So we're incrementally -- as we renew contracts throughout the year, we're starting to see that type of pricing dynamic settle back in there. And it makes sense, you know, wage inflation is coming down. And it's a price competitive industry, and we've always said that. So that's the look forward.

因此，隨著我們全年續約，我們開始逐步看到這種定價動態重新回歸。這是有道理的，你知道，薪資通膨正在下降。這是一個價格競爭激烈的行業，我們一直這麼說。這就是我們的期待。

Got it. Thanks for that. And then just maybe one more, and I know you guys touched upon it here in your prepared remarks. But just given the macro headwinds and obviously leads being down in the home improvement side of things, but obviously still showing gains. How are you thinking about that volume/market share versus the price promotion trade-off and the impact or related impact on margins there as we move forward into '24?

知道了。感謝那。也許還有一個，我知道你們在準備好的發言中談到了這一點。但考慮到宏觀逆風，顯然導致家居裝修方面的下降，但顯然仍顯示出收益。當我們進入 24 世紀時，您如何看待銷售/市場佔有率與價格促銷的權衡以及對利潤率的影響或相關影響？

Yeah, it's definitely a balance that we're working through. It's a growth-oriented group. And it's a time when we can, in some respects, take advantage of the market and gain share. But we want to balance it with margins. So we're looking to, this year, not go backwards on margin certainly and looking to increase it from our -- what we experienced in 2023.

是的，這絕對是我們正在努力實現的平衡。這是一個以成長為導向的團體。在某些方面，這是我們可以利用市場並獲得份額的時候。但我們希望透過利潤來平衡它。因此，今年我們的利潤率肯定不會倒退，而是希望在 2023 年的基礎上增加利潤率。

Okay. Great. Appreciate the color, guys. I'll turn back. Thanks.

好的。偉大的。欣賞一下這個顏色，夥計們。我會回頭。謝謝。

Daryl Young, Stifel.

達裡爾楊，斯蒂菲爾。

Yeah, sorry, guys, I guess just one last one. With respect to the national account strategy and now having fire restoration and roofing, all potentially pursuing the same customers, is there an insurance angle that's starting to work its way through on the commercial side and opportunities to be a preferred vendor with insurance companies as well? Or is it still kind of early days concept?

是的，抱歉，夥計們，我想只有最後一件事了。就國民帳戶策略以及現在的火災修復和屋頂而言，所有這些都可能追求相同的客戶，是否有一個保險角度開始在商業方面發揮作用，並有機會成為保險公司的首選供應商？或者這仍然是早期的概念？

It's not something that's risen to the top. Certainly, national insurance carriers are customers to Paul Davis and First Onsite. Not significant customers to Roofing Corp and not at all at Century Fire. So it's I think more isolated to restoration right now.

這不是什麼上升到頂峰的東西。當然，國家保險公司是 Paul Davis 和 First Onsite 的客戶。對 Roofing Corp 來說不是重要客戶，對 Century Fire 來說也不是。所以我認為現在更孤立於恢復。

Okay, that's great. Thanks.

好的，太好了。謝謝。

And thank you. And I'm showing no further questions. I would now like to turn the call back over to Scott Patterson for closing remarks.

謝謝你。我沒有再提出任何問題。現在我想將電話轉回給斯科特·帕特森（Scott Patterson），讓其致閉幕詞。

Thank you, Justin, and thank you all for joining. We're looking forward to a strong 2024, and we'll reconnect with you all in April around Q1. Have a great day.

謝謝賈斯汀，也謝謝大家的加入。我們期待 2024 年的強勁發展，我們將在 4 月第一季左右與大家重新聯繫。祝你有美好的一天。

Ladies and gentlemen, this concludes the first-quarter investors' conference call. Thank you for your participation and have a nice day.

女士們、先生們，第一季投資人電話會議到此結束。感謝您的參與，祝您有美好的一天。