Griffon Corp (GFF) 2025 Q1 法說會逐字稿

Greetings and welcome to the Griffin Corporation fiscal first quarter, 2025 earnings conference call.

問候並歡迎參加 Griffin Corporation 2025 財年第一季財報電話會議。

(Operator Instructions)

（操作員指令）

Brian G. Harris; Chief Financial Officer.

布萊恩·G·哈里斯首席財務長。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you.

謝謝。

Good morning and welcome to Griffin's first quarter fiscal 2025 earnings call.

早安，歡迎參加 Griffin 2025 財年第一季財報電話會議。

Joining me for this morning's call is Ronald J. Kramer; Griffin's Chairman and Chief Executive Officer.

參加今天早上電話會議的還有 Ronald J. Kramer；格里芬 (Griffin) 的董事長兼執行長。

A press release was issued earlier this morning and is available on our website at www.griffon.com.

今天早上已發布了一份新聞稿，可在我們的網站 www.griffon.com 上查閱。

Today's call is being recorded and the replay instructions are included in our earnings release.

今天的電話會議正在錄音，重播說明已包含在我們的收益報告中。

Our comments will include forward-looking statements about Griffin's performance.

我們的評論將包括有關格里芬表現的前瞻性陳述。

These statements are subject to risks and uncertainties that can change as the world changes.

這些聲明會受到隨著世界變化而變化的風險和不確定性的影響。

Please see the cautionary statements in today's press release and in our SEC filing, finally, some of today's remarks will adjust for items that affect comparability between periods.

請參閱今天的新聞稿和我們的美國證券交易委員會文件中的警告聲明，最後，今天的一些評論將根據影響期間可比性的項目進行調整。

These items are explained in our nongaap reconciliations included in our press release.

這些項目在我們的新聞稿中的非公認會計準則對帳表中進行了解釋。

With that.

就這樣。

I'll turn the call over to Rob.

我會把電話轉給羅布。

Thanks Brian, good morning, everyone and thanks for joining us.

謝謝 Brian，大家早安，謝謝你們加入我們。

Fiscal 2025 is off to a strong start in Q1.

2025 財年第一季開局強勁。

We delivered robust free cash flow of $143 million maintained solid operating performance at home and building products and sort continued profitability, improvements at consumer and professional products.

我們實現了 1.43 億美元的強勁自由現金流，保持了家居和建築產品穩健的營運業績，並繼續實現盈利，改善了消費和專業產品。

With this momentum, we are on track to achieve our financial targets for the year for the quarter.

憑藉這一勢頭，我們有望實現本季的年度財務目標。

HBP.

高血壓。

Revenue was consistent with the prior year and EBITDA increased by 2% revenue benefited from increased residential volume which was offset by reduced commercial volume.

營收與上年持平，EBITDA 成長 2%，這得益於住宅銷售的增加，但被商業銷售的減少所抵消。

EBITDA benefited from reduced material costs, partially offset by increased labor and distribution costs.

EBITDA 受益於材料成本的降低，但被勞動力和分銷成本的增加部分抵消。

In CPP first quarter revenue decreased 4% primarily due to decreased volume as all the CPP home markets except for Australia continued to see reduced consumer demand.

CPP 第一季營收下降 4%，主要由於除澳洲以外所有 CPP 本土市場的消費需求持續減少導致銷售下降。

Australia benefited from increased product offering sold through the retail channel and revenue contributed by the Pope acquisition CPP [in the] first quarter, increased by $13 million to $18 million.

澳洲受惠於透過零售通路銷售的產品供應增加，以及第一季收購 Pope CPP 所帶來的收入增加了 1,300 萬美元，達到 1,800 萬美元。

This increases in profitability reflects the positive effects of the global sourcing expansion initiative and increased volume in Australia [turns] capital allocation during the first quarter.

獲利能力的提高反映了全球採購擴張計劃和第一季澳洲資本配置增加的正面影響。

We repurchased $42 million of our stock. 610,000 shares at an average price of $69.40 per share at December. 31 390 million remains under our repurchase authorization since April 2023.

我們回購了價值4200萬美元的股票。 12 月平均股價為每股 69.40 美元，共 610,000 股。自 2023 年 4 月以來，我們的回購授權餘額仍為 313.9 億。

And through December, we have repurchased $468 million of our stock 9.5 million shares at an average price of $49.09.

截至 12 月，我們已以平均 49.09 美元的價格回購了 950 萬股股票，價值 4.68 億美元。

These repurchases have reduced Griffin's outstanding shares by 16.7% relative to the total shares outstanding at the end of the second quarter of fiscal 2023.

這些回購使得 Griffin 的流通股相對於 2023 財年第二季末的總流通股減少了 16.7%。

Also yesterday, the Griffin Board authorized a regular quarterly dividend of $0.18 per share payable on March 18th to shareholders of record on February 25th, marking the 54th consecutive quarterly dividend to our shareholders.

此外，昨天，格里芬董事會批准向 2 月 25 日登記在冊的股東派發每股 0.18 美元的定期季度股息，於 3 月 18 日支付，這是公司連續第 54 次向股東派發季度股息。

Our dividend has grown at an annualized compound rate of more than 18% since we initiated dividends in 2012.

自 2012 年開始派發股息以來，我們的股息年複合成長率超過 18%。

These actions reflect the strength and resiliency of our businesses as well as continued confidence in our strategic plan and outlook.

這些舉措體現了我們業務的實力和彈性，以及對我們的策略計畫和前景的持續信心。

I'll turn it back to Brian for a few more details on the quarter.

我將把話題轉回給 Brian，以了解有關本季度的更多詳細資訊。

Thank you Ron.

謝謝你，羅恩。

First quarter revenue of $632 million decreased 2% (inaudible) of $145 million increased 11% both in comparison to the prior year quarter.

第一季營收為 6.32 億美元，較去年同期下降 2%（聽不清楚），而 1.45 億美元則成長 11%。

Even our margin before unallocated amounts of 23% an increase of 270 basis points.

即使我們的未分配金額前的利潤率為23％，也增加了270個基點。

Gross profit on a GAAP basis for the quarter was $264 million compared to $237 million in the prior year quarter, excluding items that affect comparability from the current and prior period, gross profit was $264 million in the current quarter.

以美國通用會計準則計算，本季毛利為 2.64 億美元，去年同期為 2.37 億美元；扣除影響本期與上期可比性的項目，本季毛利為 2.64 億美元。

Compared to $248 million in the prior year.

相比之下，上年同期為 2.48 億美元。

Normalized gross margin increased year over year by 220 basis points to 41.8%.

標準化毛利率年增220個基點至41.8％。

First quarter.

第一季。

GAAP selling general and administrative expenses were $152 million consistent with the prior year excluding adjusting items from both periods.

根據 GAAP 計算的銷售一般及行政開支為 1.52 億美元，與去年同期一致，但不包括兩個期間的調整項目。

SG and A expenses were $151 million or 23.8% of revenue compared to the prior year of $147 million or 22.9% of revenue.

銷售及行政支出為 1.51 億美元，佔營收的 23.8%，去年同期為 1.47 億美元，佔營收的 22.9%。

First quarter.

第一季。

GAAP net income was $71 million or [$100.49] per share compared to $42 million in the prior quarter or $0.82 per share including items that affect comparability from both periods.

根據 GAAP 計算，淨收入為 7,100 萬美元，即每股 [100.49 美元]，而上一季淨收入為 4,200 萬美元，即每股 0.82 美元（包括影響兩個期間可比性的項目）。

Current quarter adjusted net income of $66 million or $39 per share compared to the prior year of $55 million or $7 per share, corporate and unallocated expenses excluding depreciation in the quarter of $14 million.

本季調整後淨收入為 6,600 萬美元或每股 39 美元，而去年同期為 5,500 萬美元或每股 7 美元，本季不包括折舊的企業和未分配費用為 1,400 萬美元。

Consistent with the prior year during the quarter, we realized $17.2 million in proceeds from the sale of real estate as a result of our CPP Global Source and expansion initiative, this offset capital expenditures of $17.5 million resulting in net capital expenditures of approximately $200,000 prior year, net capital expenditures were $14 million.

與去年同期相比，本季我們透過 CPP 全球資源和擴張計畫獲得了 1,720 萬美元的房地產出售收益，抵銷了 1,750 萬美元的資本支出，導致淨資本支出約為 20 萬美元，而去年同期的淨資本支出為 1,400 萬美元。

Regarding our segment performance.

關於我們的分部表現。

As Ron mentioned earlier revenue for homebuilding products was consistent with the prior year quarter, reflected [collecting] increased residential volume offset by reduced commercial volume.

正如羅恩之前提到的，住宅建築產品的收入與去年同期持平，反映出住宅銷售的增加被商業銷售的減少所抵消。

Price mix was also in line with the prior year quarter adjusted EBITA increased 2% compared to the prior year quarter.

價格組合也與去年同期一致，調整後的 EBITA 較去年同期成長了 2%。

As reduced material costs were offset by increased labor and distribution costs.

由於材料成本的減少被勞動力和分銷成本的增加所抵消。

Consumer and professional products revenue decreased 4% from the prior year quarter to $237 million due to decreased volume driven by reduced consumer demand in North America and the United Kingdom, partially offset by organic growth in Australia and a 4% contribution from the [pope] acquisition PPP adjusted EBITDA increase by $13 million from the prior year quarter to $18 million.

消費品和專業產品收入較去年同期下降 4% 至 2.37 億美元，原因是北美和英國的消費者需求下降導致銷量下降，但澳洲的有機成長和 [pope] 收購帶來的 4% 貢獻部分抵消了這一影響，PPP 調整後的 EBITDA 較去年同期增加 1,300 萬美元至 1,800 萬美元。

Primarily due to the positive effects from our now completed global sourcing expansion initiative and the increased volume in Australia.

主要是由於我們現已完成的全球採購擴張計劃和澳洲產量增加所產生的正面影響。

Regarding our balance sheet and liquidity.

關於我們的資產負債表和流動性。

As of December 31, 2024 we had net debt of $1.3 billion.

截至 2024 年 12 月 31 日，我們的淨債務為 13 億美元。

A net debt to (inaudible) leverage of 2.4 times was calculated based on our debt governance compared to 2.5 times leverage.

根據我們的債務治理結構，與 2.5 倍槓桿率相比，淨負債與（聽不清楚）槓桿率的比率為 2.4 倍。

At the end of last year's first quarter, our net debt and leverage decrease from our year end, September 2024 even after returning $51 million to shareholders through dividends and stock buybacks in the quarter.

截至去年第一季末，儘管我們在該季度透過股息和股票回購向股東返還了 5,100 萬美元，但我們的淨債務和槓桿率仍較 2024 年 9 月年底有所下降。

All aspects of our fiscal 2025 guidance provided in November 2024 remain unchanged including $2.6 billion of revenue and $575 million to $600 million of segment adjusted EBITDA which excludes unallocated costs and certain other charges that affect comparability and free cash flow exceeding net income for the year.

我們在 2024 年 11 月提供的 2025 財年指引的所有方面保持不變，包括 26 億美元的收入和 5.75 億至 6 億美元的分部調整後 EBITDA（不包括未分配成本和影響可比性的某些其他費用以及自由現金流超過當年的淨收入）。

We continue to anticipate 2025 HBP and CPP revenue will both be in line with 2024 HBP Sales are expected to benefit from increased residential volume which will be offset by reduced demand for commercial projects.

我們繼續預期 2025 年 HBP 和 CPP 收入都將與 2024 年 HBP 銷售額保持一致，預計住宅銷售將受益於住宅銷售的增加，但商業項目需求的減少將抵消這一增長。

And we expect to return to normal seasonal patterns which includes reduced volume during winter months.

我們預計將恢復正常的季節性模式，包括冬季的銷售減少。

CPP.

加共市。

Sales are expected to reflect continued growth in Australia but offset by weakness in North America which is expected to persist through the first half of 2025.

預計銷售額將反映澳洲的持續成長，但將被北美的疲軟所抵消，預計這種疲軟將持續到 2025 年上半年。

Now I turn the call back over to Ron.

現在我把電話轉回給羅恩。

Thanks Brian.

謝謝 Brian。

Our 2025 is off to an excellent start with strong free cash flow, continued solid operating performance at HBP and continued improved profitability at CPP.

我們的 2025 年開局良好，自由現金流強勁，HBP 營運績效持續穩健，CPP 獲利能力持續提升。

These results reinforce our confidence and our outlook for the year.

這些結果增強了我們的信心和對今年的展望。

We'll continue to use the strong operating performance and free cash flow of our businesses to drive a capital allocation strategy that delivers long term value for our shareholders.

我們將繼續利用我們業務的強勁營運績效和自由現金流來推動資本配置策略，為我們的股東創造長期價值。

This strategy includes investing in our businesses opportunistically [repurchasing] shares and reducing debt.

這項策略包括適時投資我們的業務（回購股票）和減少債務。

To conclude this, I want to express my sincere gratitude to all of our Griffin employees around the world whose dedication and effort have driven our financial success.

最後，我要向全球所有的 Griffin 員工表達誠摯的感謝，他們的奉獻和努力推動了我們的財務成功。

I couldn't be prouder of what we've accomplished together and there's much more ahead.

我對於我們共同取得的成就感到無比自豪，未來我們將取得更多的成就。

Operator will take any questions.

接線員將回答任何問題。

Thank you.

謝謝。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Our first question comes from the line of Roberts health with baird.

我們的第一個問題來自羅伯茨健康與貝爾德的熱線。

Please proceed with your question.

請繼續回答您的問題。

Hey, good morning guys.

嘿，大家早安。

Thanks for taking the question.

感謝您回答這個問題。

So within CPP, you guys have switched to a sourcing strategy and the tools and storage businesses.

所以在 CPP 內部，你們已經轉向採購策略以及工具和儲存業務。

Any way to help us understand the geographical mix of the imported products.

有什麼方法可以幫助我們了解進口產品的地理結構。

Now, like any key regions or countries or any other color you could give there.

現在，就像您可以在那裡給出任何關鍵區域或國家或任何其他顏色一樣。

Sure sir.

當然可以，先生。

Your question is obviously touching upon tariffs.

您的問題顯然涉及關稅。

So let me start with, the tariff situation is extremely fluid with that said, given the proposed tariff on Mexico, Canada and China, we are comfortable with maintaining our 2025 financial guidance similar to tariffs in 2018, we expect to mitigate the effects of changing tariff policy through a combination of price supplier negotiations and further diversifying our global supply chain.

首先，關稅情況非常不穩定，考慮到對墨西哥、加拿大和中國的擬議關稅，我們願意維持與 2018 年關稅類似的 2025 年財務指導，我們希望透過結合價格供應商談判和進一步多樣化我們的全球供應鏈來減輕關稅政策變化的影響。

As we exit our fiscal 2025 we expect our tariff mitigation measures to be implemented and in effect allowing griffin to maintain its long term margin target.

當我們退出 2025 財年時，我們預計我們的關稅減免措施將得到實施，並實際上允許 Griffin 保持其長期利潤率目標。

And to your question specifically, yes, we do have significant amounts coming from China related to our lawn and garden and Hunter Fan businesses.

具體來說，回答您的問題，是的，我們確實有大量資金來自中國，與我們的草坪花園和 Hunter Fan 業務有關。

Those are the only significant areas where tariffs could have, and

這些是唯一可能徵收關稅的重要領域，

(inaudible).

（聽不清楚）。

Got it and then just an update on capital allocation.

明白了，然後只是關於資本配置的更新。

At today's level, kind of how are you thinking about debt pay down versus buybacks?

在今天的水平上，您如何考慮債務償還與債務回購？

We continue to believe our stock is opportunistically attractive and at these levels, we'd rather buy stock and pay down debt, but we can do both.

我們仍然相信我們的股票具有機會吸引力，在目前的水平上，我們寧願購買股票並償還債務，但我們可以兩者兼而有之。

Thank you.

謝謝。

Our next question comes from the line of Bob Levi with CJS securities.

我們的下一個問題來自 CJS 證券的 Bob Levi。

Please proceed with your question.

請繼續回答您的問題。

Good morning.

早安.

Congratulations on continued strong performance.

恭喜您繼續取得出色的表現。

Thanks, Bob.

謝謝，鮑伯。

Thanks.

謝謝。

Good morning.

早安.

Yeah.

是的。

So speaking of obviously, you've made great progress in CPP and you just talked a little bit about the tariff situation, but there, you've talked about getting margins up over the next few years, substantially from here as well.

所以顯然你們在 CPP 方面取得了巨大進展，而且你剛才談到了關稅情況，但是，你還談到了在未來幾年內大幅提高利潤率。

So maybe talk a little bit about the next key steps and you know, what, what the process is from here going forward on CPP margin expansion and I'll stop right there please.

因此，也許可以稍微談談接下來的關鍵步驟，您知道，從現在開始，CPP 利潤率擴大的進程是怎麼樣的，我就講到這裡。

Sure.

當然。

So through this year, we'll be transitioning from manufactured inventory to source inventory.

因此，今年我們將從製造庫存轉向來源庫存。

As we go through the year, we did build up inventory last year in anticipation of this transition.

隨著時間的推移，我們去年確實累積了庫存，以應對這一轉變。

And as we go forward, we'll continue to leverage the global supply chain.

隨著我們不斷前進，我們將繼續利用全球供應鏈。

Our initial move was to go with suppliers that we were already using for Australia and the UK and somewhat for the US and Canada and Step two as we've always planned is to then look across the globe for the best sourcing opportunities.

我們最初的舉措是與已經在澳洲和英國以及美國和加拿大使用的供應商合作，而第二步，正如我們一直計劃的那樣，是在全球範圍內尋找最佳的採購機會。

We will continue to design and bring new products to in particular into the US, of course, across the world as well.

我們將繼續設計並推出新產品，特別是銷往美國，當然也銷往世界各地。

And we expect over time, the consumer will come back from the levels that is at the low levels of purchasing that are currently happening.

我們預計，隨著時間的推移，消費者的購買力將從目前的低水準回升。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And then you also mentioned on HBP.

然後您還提到了 HBP。

Yes, residential up commercial down kind of in volumes there, talk about the headwinds and tailwinds in general to the commercial and resi door markets and your performance versus the overall market.

是的，住宅門市場交易量上升，商業門市場交易量下降，請談談商業和住宅門市場整體面臨的逆風和順風，以及相對於整體市場的表現。

Sure, on the residential side, we believe we're outperforming the market and gaining market share.

當然，在住宅方面，我們相信我們的表現優於市場並且獲得了市場份額。

We play mostly on the high end residential door and that part of the market continues to be strong on the commercial side over the last almost two years.

我們主要經營高端住宅門，過去近兩年來，該部分市場在商業方面持續保持強勁。

Now, the ABI's and the dodge momentum indexes have been soft, it feels like they're starting to bottom.

現在，ABI 和道奇動量指數一直疲軟，感覺它們開始觸底。

But in the meantime, that affects our commercial volume as it would anybody else.

但同時，這會對我們的商業量產生影響，就像對其他人一樣。

And we continue to believe that there is a pent up demand for housing and as interest rates ultimately get lower and consumer demand gets higher, we're going to see the benefit of growth in unit volumes and expect HBP to be able to continue its margin at 30% for this year.

我們仍然相信，住房需求被壓抑，隨著利率最終降低以及消費者需求上升，我們將看到單位數量增長帶來的好處，並預計 HBP 今年的利潤率將能夠繼續保持在 30%。

So we have an excellent business that is still got some upside for, an expansion in the US economy and particularly the US housing market.

因此，我們的業務非常出色，對於美國經濟特別是美國房地產市場的擴張仍有一定優勢。

Thank you.

謝謝。

Our next question comes from a line of Trey grooms with Stevens Inc. Please proceed with your question.

我們的下一個問題來自 Stevens Inc. 的 Trey 新郎團隊。

Hey, good morning, Ron and Brian and congrats on the good results.

嘿，早安，羅恩和布萊恩，恭喜你們取得好成績。

(inaudible) good morning.

（聽不清楚）早安。

So I just want to be clear on something from a from an earlier question and Brian your response to that.

因此，我只想澄清一下之前的一個問題，以及 Brian 對此的回答。

So is it fair to say now that you're assuming that tariffs will be kind of coming into play through the year on CPP and that you will be able to kind of, you'll be navigating that.

所以，現在您是否假設關稅將在今年對 CPP 產生影響，並且您將能夠駕馭它？

And as a result, you're reiterating the guide.

因此，您要重申該指南。

So in effect this navigation of the tariffs and the lack of impact is basically you're baking it into the guide.

因此實際上，這種關稅導航和缺乏影響基本上就是將其納入指南中。

Did I hear that right?

我沒聽錯吧？

Yes, you heard that correct.

是的，你聽得對。

We believe that the timing in the year and the mitigation strategies will keep us within our guidance.

我們相信，今年的時間安排和緩解策略將使我們保持在指導範圍內。

Perfect.

完美的。

Thank you for that.

謝謝你。

And I think that's an important point here, I mean, there's a lot of puts and takes around going around right now and, and a lot of noise around the tariffs and, it's definitely a question.

我認為這是一個重要的觀點，我的意思是，現在有很多利弊得失，而且圍繞關稅也有很多喧囂，這絕對是個問題。

I know you guys have been getting and, and we've been getting in as well.

我知道你們已經參與其中，而且我們也已經參與其中。

So thank you for clearing that up.

謝謝你澄清這一點。

And then on, let's see, HBP margins.

然後，讓我們看看 HBP 利潤率。

So, the margins there continue to be very strong demand on the residential side remains good.

因此，住宅方面的需求仍然非常強勁，利潤率仍然保持良好。

As you mentioned, you primarily play in the higher end.

正如您所提到的，您主要在高端市場競爭。

Is it fair to say that you know, high end continues to outperform entrylevel products?

您是否知道，高階產品的表現一直優於入門產品？

I know entry level is not really your bread and butter, but just wondering how that is comparing to entry level.

我知道入門級並不是你真正需要的，但只是想知道這與入門級相比如何。

And then you know what you're kind of still expecting on the pricing front across the, HBP portfolio here.

然後您就會知道，您對整個 HBP 產品組合的定價方面仍然抱有怎樣的期望。

Are you, are you still expecting kind of a price/cost to be similar in '24?

您還預期 24 年的價格/成本會相似嗎？

Excuse me this year versus '24?

對不起，今年和 24 年相比呢？

We, let me start by just saying, we view clopay and the market views clopay as the leading brand in the garage door category, residential category repair and remodel continues to be strong and we continue to be the leader in this space, which is why we think we're gaining market share.

首先我要說的是，我們認為 clopay 和市場都認為 clopay 是車庫門類別的領先品牌，住宅類別的維修和改造繼續保持強勁，我們將繼續成為該領域的領導者，這就是我們認為我們正在獲得市場份額的原因。

Yeah, I'll just add to that as far as the pricing, we do expect price to be in line and costs to be in line with 2024.

是的，我只想補充一點，就定價而言，我們確實預計價格將與 2024 年保持一致，成本也將與 2024 年保持一致。

And if there's any impacts on input costs for any reason, those will be mitigated likely via price.

如果因為任何原因對投入成本產生影響，這些影響很可能會透過價格來緩解。

We continue to believe the commercial side of the business.

我們仍然相信這項業務的商業性。

Cornell Cookson is going to grow as you know, the US economy recovers and you correctly point out that there is a swirl over tariffs, but the intent is ultimately a stronger and better US economy.

康乃爾庫克森將會成長，正如你所知，美國經濟正在復甦，你正確地指出，關稅問題正在引起軒然大波，但最終目的是讓美國經濟更加強大、更好。

And if that plays out will benefit on both the residential side and on the commercial side, we continue to see the residential side of our business doing well and we continue to believe that the commercial business has growth.

如果這一結果能夠同時惠及住宅和商業，那麼我們將繼續看到住宅業務表現良好，並且我們仍然相信商業業務將會成長。

Thank you.

謝謝。

Our next question comes from the line of SAM (inaudible) with Raymond James.

我們的下一個問題來自 Raymond James 的 SAM（聽不清楚）。

Please proceed with your question.

請繼續回答您的問題。

Good morning, Ron.

早安，羅恩。

Good morning, Brian.

早安，布萊恩。

How are you?

你好嗎？

Morning?

早晨？

Well, thank you.

好吧，謝謝你。

Two quick questions if I could.

如果可以的話，我有兩個快速問題。

You, I didn't hear if you mentioned it.

你，我沒聽見你是否提到這件事。

I missed it.

我錯過了。

I apologize but I didn't hear what repo might have been in January.

我很抱歉，但我沒有聽說一月份的回購情況。

And then related to that and I have a follow up related to that.

然後與此相關，我對此有一個跟進。

Should we anticipate that kind of $40million , $50million, $60 million recorder pays to, to be similar to what you're expecting throughout the year.

我們是否應該預期 4000 萬美元、5000 萬美元、6000 萬美元的記錄支付額與您全年預期的數額相似。

We purchased $42 million for the quarter ending December 31 and you'll have to wait to get the second quarter repurchase when we report in May.

我們在截至 12 月 31 日的季度中購買了 4,200 萬美元，您必須等到我們 5 月報告時才能獲得第二季的回購。

And you should expect that we're going to continue to generate substantial free cash flow.

你應該預料到我們將繼續產生大量的自由現金流。

And depending on the price of the stock will continue to be a buyer at these levels, expect us to continue to be a buyer.

並且取決於股票價格是否會繼續在這些水平上成為買家，預計我們將繼續成為買家。

And my second question [getting] back to CPP is the entirety of the spring product at this point already landed or are you still waiting for additional product therefore, would be subjected to tariffs.

我的第二個問題是，回到 CPP，目前所有春季產品是否已到貨，還是仍在等待更多產品，因此需要繳納關稅。

A significant portion of the spring product has landed?

春季產品有相當一部分已經落地？

Thank you.

謝謝。

Our next question comes from the line of Julio Romero with Sidoti and company.

我們的下一個問題來自 Julio Romero 和 Sidoti 等人。

Please proceed with your question.

請繼續回答您的問題。

Thanks.

謝謝。

Hey, good morning, Ron Brian.

嘿，早上好，Ron Brian。

First question here on CPP.

這是關於 CPP 的第一個問題。

You know, really strong CPP margins on lower volume.

您知道，在較低的銷售量下，CPP 利潤率確實很高。

Can you expand on what you're seeing in North America by channels of product lines, any notable changes to call out?

能否詳細說明您在北美產品線通路看到的情況，有什麼值得注意的變化嗎？

Especially if the global sourcing strategy is kind of fully up and running here.

特別是如果全球採購策略在這裡已經全面實施的話。

And then secondly, what can CPP margins look like when demand does recover in North America?

其次，當北美需求復甦時，CPP 利潤率會是什麼樣子？

Sure.

當然。

So it's really across all our product lines.

所以它確實涵蓋了我們所有的產品線。

We're seeing the consumer be weak and not spending what we've seen in the past.

我們發現消費者的消費能力較弱，支出沒有達到過去的水準。

And as far as going forward, it's really our 15% margins across CPP globally, which is a balance of 12% for the lawn and garden business across the globe and 20% for Hunter Fan business.

就未來而言，我們全球 CPP 的利潤率實際上是 15%，其中全球草坪和花園業務的利潤率為 12%，而 Hunter Fan 業務的利潤率為 20%。

Excellent.

出色的。

And then for my follow up, you were able to sell some real estate related to CPP here in the quarter to $217 million.

然後，作為我的後續跟進，您在本季度以 2.17 億美元的價格出售了一些與 CPP 相關的房地產。

Just how much more runway is there for additional proceeds from real estate and equipment sales interview?

從房地產和設備銷售訪談中到底還有多少額外收益？

Sure.

當然。

So we have about $5 million of health for sale assets on our balance sheet.

因此，我們的資產負債表上有約500萬美元的健康待售資產。

So we expect at least $5 million over time.

因此我們預計隨著時間的推移至少會達到 500 萬美元。

Thank you.

謝謝。

We have reached the end of the question and answer session and I'll now turn the call back over to CEO Ron Kramer foreclosed remarks.

問答環節已經結束，現在我將把電話轉回給執行長 Ron Kramer，請他發表演說。

We continue to be excited about where our company is headed.

我們對於公司的未來發展方向持續感到興奮。

We're going to execute our business plan and continue to deliver outstanding performance and we look forward to speaking to you in May.

我們將執行我們的業務計劃並繼續提供出色的表現，我們期待五月與您交談。

Thank you and ladies and gentlemen, this concludes today's conference.

謝謝各位，女士們、先生們，今天的會議到此結束。

(Operator Instructions)

（操作員指令）