GMS Inc (GMS) 2025 Q4 法說會逐字稿

Greetings, and welcome to GMS Inc.'s fourth quarter fiscal year 2025 earnings conference call. (Operator instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carey Phelps, Vice President, Investor Relations. Thank you. Please go ahead.

您好，歡迎參加 GMS Inc. 2025 財年第四季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。現在我很高興介紹主持人、投資者關係副總裁 Carey Phelps。謝謝。請繼續。

Thank you, Donna. Good morning, and thank you for joining us for the GMS earnings conference call for the fourth quarter and full year fiscal 2025. I'm joined today by John Turner, President and Chief Executive Officer; and Scott Deakin, Senior Vice President and Chief Financial Officer.

謝謝你，唐娜。早安，感謝您參加 2025 財年第四季和全年 GMS 財報電話會議。今天與我一起出席的還有總裁兼執行長約翰·特納 (John Turner) 和高級副總裁兼財務長 Scott Deakin。

In addition to the press release issued this morning, we have posted PowerPoint slides to accompany this call in the Investors section of our website at www.gms.com.

除了今天早上發布的新聞稿外，我們還在網站 www.gms.com 的投資者部分發布了與本次電話會議配套的 PowerPoint 幻燈片。

Now beginning with Slide 2. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties, many of which are beyond our control and may cause actual results to differ from those discussed today.

現在就從投影片 2 開始。在今天的電話會議上，管理層準備的評論和對您的問題的回答可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定性影響的事項，其中許多風險和不確定性是我們無法控制的，並且可能導致實際結果與今天討論的結果不同。

As a reminder, forward-looking statements represent management's current estimates and expectations. The company assumes no obligation to update any forward-looking statements in the future. Listeners are encouraged to review the more detailed discussions related to these forward-looking statements contained in the company's filings with the SEC, including the Risk Factors section in the company's 10-K and other periodic reports.

提醒一下，前瞻性陳述代表管理階層目前的估計和預期。該公司不承擔未來更新任何前瞻性聲明的義務。鼓勵聽眾查看公司向美國證券交易委員會提交的文件中有關這些前瞻性陳述的更詳細討論，包括公司 10-K 和其他定期報告中的風險因素部分。

Today's presentation also includes a discussion of certain non-GAAP measures. The definitions and reconciliations of these non-GAAP measures are provided in the press release and presentation slides. Please note that references on this call to the fourth quarter of fiscal 2025 relate to the quarter ended April 30, 2025.

今天的演講還包括對某些非公認會計準則指標的討論。新聞稿和簡報幻燈片中提供了這些非公認會計準則指標的定義和對帳。請注意，本次電話會議中提到的 2025 財年第四季是指截至 2025 年 4 月 30 日的季度。

Finally, once we begin the question-and-answer session of the call, in the interest of time, we kindly request that you limit yourself to 1 question and 1 follow-up. With that, I'll turn the call over to John Turner, whose discussion will start on Slide 3. JT?

最後，一旦我們開始電話問答環節，為了節省時間，我們懇請您將問題限制在 1 個，並進行 1 次跟進。接下來，我將把電話交給約翰·特納 (John Turner)，他的討論將從幻燈片 3 開始。JT？

Thank you, Carey. Good morning, and thank you all for joining us today. I'll begin by reviewing our full year and fourth quarter performance, which, overall, despite a continued challenging macro backdrop, came in at the higher end of the expectations we provided in March. I will then turn the call over to Scott to further review the financial results before concluding with an overview of our guidance and opening the line up for Q&A.

謝謝你，凱裡。早安，感謝大家今天參加我們的活動。首先，我將回顧我們的全年和第四季度業績，儘管宏觀環境持續充滿挑戰，但總體而言，我們的業績仍達到了我們在 3 月份給出的預期的較高水平。然後，我將把電話轉給史考特，讓他進一步審查財務結果，然後概述我們的指導意見並開始問答環節。

For the full year, net sales were $5.5 billion, up marginally compared to the prior year, driven by positive contributions from our recent acquisitions, including Kamco; Evan Building Supply, RS Elliott and Howard & Sons Building Materials. Organic sales for the year were $5.2 billion, down 5.4% on a same-day basis compared to the prior year. Net income for the full year was $115.5 million inclusive of the $42.5 million noncash goodwill impairment charge we recorded in the third quarter.

全年淨銷售額為 55 億美元，較上年略有成長，這得益於我們近期收購的 Kamco、Evan Building Supply、RS Elliott 和 Howard & Sons Building Materials 等公司的積極貢獻。全年有機銷售額為 52 億美元，與去年同期相比下降 5.4%。全年淨收入為 1.155 億美元，其中包括我們在第三季記錄的 4,250 萬美元非現金商譽減損費用。

Adjusted EBITDA was $500.9 million, and free cash flow for the year was $336.1 million or 67% of adjusted EBITDA. Looking at the fourth quarter, which is highlighted on Slide 4, we delivered solid results even as we continue to face pressure across the business, amid the ongoing macroeconomic challenges impacting our industry.

調整後的 EBITDA 為 5.009 億美元，年度自由現金流為 3.361 億美元，佔調整後 EBITDA 的 67%。回顧幻燈片 4 中突出顯示的第四季度，儘管我們的行業繼續面臨宏觀經濟挑戰，整個業務仍面臨壓力，但我們仍然取得了穩健的業績。

We reported $1.3 billion in net sales. Organic sales declined 8.3% per day, which was slightly better than our expectations. Net income was $26.1 million and adjusted EBITDA was $109.8 million, coming in at the high end of our outlook. Our cash flow generation continues to demonstrate our operational discipline through this down cycle, with $196.8 million of cash from operating activities and $183.4 million or 167% of adjusted EBITDA of free cash flow generated during the quarter.

我們報告的淨銷售額為 13 億美元。有機銷售額每天下降 8.3%，略好於我們的預期。淨收入為 2,610 萬美元，調整後 EBITDA 為 1.098 億美元，達到我們預期的高點。我們的現金流量產生在此行週期中繼續體現了我們的營運紀律，本季來自經營活動的現金為 1.968 億美元，自由現金流為 1.834 億美元，佔調整後 EBITDA 的 167%。

This was the highest level of quarterly free cash flow conversion in our company's history with the exception of our fiscal fourth quarter of 2020 when COVID first hit, and we moved swiftly and extraordinarily to protect the business. Even against a challenging backdrop, Ceilings and Complementary Products saw volume improvement during the quarter.

這是我們公司歷史上除 COVID 首次爆發的 2020 財年第四季外最高的季度自由現金流轉換率，我們迅速採取了非凡的行動來保護業務。即使面臨嚴峻的情勢，天花板和配套產品的銷售在本季仍有所提升。

Ceilings performed particularly well, given the continued benefits of the addition of Kamco combined with our intentional strategic focus on Architectural Specialties projects, which have higher average unit pricing. In Wallboard, the implementation of calendar 2025 manufacturer price increases came later than originally announced with only modest pricing actions realized in May.

鑑於 Kamco 的加入帶來的持續效益，加上我們有意將策略重點放在平均單價較高的建築專業項目上，天花板的表現尤其出色。在 Wallboard 中，2025 年製造商價格上漲的實施比最初宣布的要晚，5 月僅實施了適度的定價行動。

We continue to work diligently with our customers to affect these increases, as we continue to focus on protecting our margins. In Steel Framing, as our suppliers navigate the latest tariff actions, we have received notices of upcoming manufacturer price increases. Through the end of the fourth quarter, however, steel prices remain pressured.

我們將繼續與客戶密切合作以實現這些成長，同時我們將繼續致力於保護我們的利潤率。在鋼結構領域，隨著我們的供應商應對最新的關稅行動，我們收到了製造商即將漲價的通知。然而，到第四季末，鋼鐵價格仍面臨壓力。

Beyond steel, we anticipate minimal direct impact from tariffs, as most of our products distributed in the US and Canada are sourced domestically. We believe that the primary risk to our business from trade policy is the potential negative effect on broader demand.

除了鋼鐵之外，我們預期關稅的直接影響很小，因為我們在美國和加拿大分銷的大多數產品都是在國內採購的。我們認為，貿易政策對我們業務的主要風險是對更廣泛的需求產生潛在的負面影響。

Looking at our end markets on Slide 5, we are cautiously optimistic that we are nearing the bottom of the cycle. Although the intensity and duration of the downturn will vary by each market. Fourth quarter demand was down across both residential and commercial, as economic uncertainty dominated the headlines.

看看幻燈片 5 上的終端​​市場，我們謹慎樂觀地認為我們正接近週期的底部。儘管每個市場的經濟衰退強度和持續時間有所不同。由於經濟不確定性佔據頭條新聞，第四季度住宅和商業需求均下降。

As a result, wallboard industry volumes, as reported by the Gypsum Association, were down 10% in the first calendar quarter. Stubbornly high interest rates and policy uncertainty remain the primary impediments to growth both residentially and commercially. These factors are causing homebuyers to retreat to the sidelines, multifamily and commercial developers to pause or delay starts and regional banks to both increase their commercial lending requirements for new projects and lend less overall.

因此，根據石膏協會報告，第一季牆板產業產量下降了 10%。持續的高利率和政策的不確定性仍然是住宅和商業成長的主要障礙。這些因素導致購屋者退居二線，多戶住宅和商業開發商暫停或推遲開工，而地區性銀行則增加了對新項目的商業貸款要求，並減少了整體貸款。

For residential, while single-family is experiencing softness, there remains a clear and fundamental need for housing in both the United States and Canada that continues to give us optimism for the eventual recovery of that sector. In the near term, given recent share gains and some regional strength, we expect to slightly outpace normal seasonal trends.

對於住宅而言，雖然單戶住宅市場正在經歷疲軟，但美國和加拿大對住房的需求仍然明顯且基本，這讓我們對該行業的最終復甦繼續抱持樂觀態度。短期內，鑑於近期的市場份額成長和一些地區的實力，我們預計其成長速度將略高於正常的季節性趨勢。

Specifically, with Wallboard volumes expected to be flat to up slightly for our fiscal first quarter, we expect similar year-over-year growth in single-family volumes throughout the balance of our fiscal year. In multifamily, rents have been stable or have continued to rise in most markets since COVID.

具體來說，由於預計第一財季牆板銷量將持平或略有上升，我們預計整個財年剩餘時間單戶住宅銷售將實現類似的同比增長。自新冠疫情爆發以來，大多數市場的多戶住宅租金一直保持穩定或持續上漲。

Also, developers appear to be modestly optimistic about demand levels, as the number of new starts has possibly bottomed and recently begun to increase. Once there is less uncertainty in the broader macro environment, we expect demand to return for this end market, hopefully, with year-over-year declines in our sales volumes ending by early calendar 2026.

此外，開發商似乎對需求水準持溫和樂觀態度，因為新開工數量可能已觸底並最近開始增加。一旦更廣泛的宏觀環境的不確定性減少，我們預計該終端市場的需求將會回升，希望到 2026 年初我們的銷售量能夠結束同比下滑的趨勢。

Commercial activity continues to also be negatively impacted by high interest rates, the lack of available financing and again, general economic uncertainty contributing to soft starts and mixed results among commercial applications early this calendar year. We expect this dynamic to continue, but moderate with some recovery in our business towards the first half of calendar 2026. This assumes we see rates decrease as expected and generally improved confidence in the direction of the economy.

商業活動持續受到高利率、缺乏可用融資以及總體經濟不確定性的負面影響，導致今年年初商業應用啟動緩慢、結果好壞參半。我們預計這種動態將持續下去，但隨著我們的業務在 2026 年上半年有所復甦，這種動態將有所緩和。這假設我們看到利率如預期下降，並且對經濟走向的信心普遍增強。

Within Commercial, current category strength continues to come from larger projects and those that are not as dependent on private financing, particularly those in public education, health care and technology. Notably, we have a data center backlog that extends well into 2026, and there is no indication of these projects slowing down in the near term.

在商業領域，目前的類別優勢仍然來自於較大的項目和那些不依賴私人融資的項目，特別是公共教育、醫療保健和技術領域的項目。值得注意的是，我們的資料中心積壓訂單將延續到 2026 年，並且沒有跡象表明這些項目在短期內會放緩。

Data centers continue to be an excellent offering for us, as they utilize both our core and complementary products, often with higher-end specifications, helping to fill the gap left by the ongoing malaise in office activity. As we look ahead, we expect that the near term will remain challenging for our business and the industry as a whole, given the rate environment and macroeconomic dynamics at play.

資料中心仍然是我們出色的產品，因為它們利用我們的核心產品和補充產品，通常具有更高端的規格，有助於填補辦公活動持續低迷留下的空白。展望未來，考慮到利率環境和宏觀經濟動態，我們預計短期內我們的業務和整個產業仍將面臨挑戰。

That said, given our focus on our customers and exceptional service as well as the execution of our four strategic pillars to expand share in our core products, grow our complementary products, expand our platform and drive improved productivity and profitability, we expect to capitalize on long-term growth opportunities for the company and value creation opportunities for our stakeholders.

儘管如此，鑑於我們專注於客戶和卓越的服務，以及執行四大戰略支柱，即擴大核心產品的份額、發展互補產品、擴展平台並提高生產力和盈利能力，我們期望利用公司的長期增長機會和為利益相關者創造價值的機會。

As we've discussed in previous quarters, we have taken decisive action to further align and rationalize our operations with our volume and the market realities of today, setting us up for more efficient realization of growth through the next cycle. Notably, we've continued to execute on a significant cost savings program through which we took actions to achieve another $25 million in annualized cost savings in our fiscal fourth quarter, higher than the $20 million we projected earlier.

正如我們在前幾個季度所討論的那樣，我們已採取果斷行動，進一步調整和合理化我們的運營，以適應我們的數量和當今的市場現實，為我們在下一個週期更有效地實現增長做好準備。值得注意的是，我們繼續執行一項重大的成本節約計劃，透過該計劃，我們採取行動，在第四財季實現了另外 2500 萬美元的年度成本節約，高於我們之前預計的 2000 萬美元。

With these actions, we have implemented a total of $55 million of annualized cost savings during fiscal 2025. We also continue to pay down debt and return cash to our shareholders through repurchase activity. We reduced net debt by more than 10% during the quarter, leaving us within our target debt leverage range of 1.5 times to 2.5 times with high confidence in our ability to continue generating excellent cash flow.

透過這些行動，我們在 2025 財政年度實現了總計 5,500 萬美元的年度成本節約。我們也繼續透過回購活動償還債務並向股東返還現金。本季度，我們的淨債務減少了 10% 以上，使我們的債務槓桿率保持在 1.5 倍至 2.5 倍的目標範圍內，我們對繼續產生優質現金流的能力充滿信心。

With that, I'll turn the call over to Scott.

說完這些，我會把電話轉給史考特。

Thanks, JT. Good morning, everyone. Starting with Slide 6, net sales for our fiscal fourth quarter were ahead of our forecast as market conditions recovered slightly after a particularly challenging winter. As compared with a year ago, net sales of $1.3 billion decreased 5.6% or 4.1% on a per day basis.

謝謝，JT。大家早安。從第 6 張投影片開始，由於市場狀況在經歷了一個特別艱難的冬季後略有回升，我們第四財季的淨銷售額超出了我們的預期。與去年同期相比，淨銷售額 13 億美元下降 5.6%，即每天下降 4.1%。

Ceilings, which continue to benefit from project mix and complementary products, both saw volume growth during the quarter, while our other product categories experienced weaker sales than a year ago. Organically, sales decreased 9.7% or 8.3% on a per day basis as compared with the fourth quarter of fiscal 2024, coming in slightly ahead of our guidance.

天花板繼續受益於項目組合和互補產品，在本季度均實現了銷售增長，而我們的其他產品類別的銷售則比一年前有所疲軟。與 2024 財年第四季相比，有機銷售額下降 9.7% 或每天下降 8.3%，略高於我們的預期。

As JT mentioned, given the ongoing uncertainty in the market and across the industry, we continue to implement additional cost reduction actions during the quarter, working to take out another $25 million in annualized operating costs, bringing our total to $55 million of cost reductions implemented during fiscal 2025.

正如 JT 所提到的，鑑於市場和整個產業持續存在的不確定性，我們在本季將繼續實施額外的成本削減措施，努力再削減 2,500 萬美元的年度營運成本，使我們在 2025 財年實施的成本削減總額達到 5,500 萬美元。

These savings reduced general SG&A expenses, which, together with 4-yard closures were principally realized through workforce reductions, leveraging efficiencies gained from our previous technology and process investments designed to better optimize our operational activities. We estimate that we captured roughly 1/3 of the quarterly run rate of our latest round of savings during this fiscal fourth quarter, as much of the actions were implemented during the last half of the quarter.

這些節省減少了一般銷售、一般及行政費用，這些節省與 4 個場址的關閉主要透過裁員實現，利用我們以前的技術和流程投資所獲得的效率，旨在更好地優化我們的營運活動。我們估計，我們在本財年第四季實現了最新一輪節省的季度運行率的約 1/3，因為大部分的行動都是在本季度後半段實施的。

We expect to realize the full quarterly run rate of our fiscal 2025 cost actions during the fiscal first quarter of 2026. Further supporting our cost reduction activity, we are continuing to consolidate our legacy subsidiary structure to drive greater efficiencies by leveraging ERP data standardization, removing redundancies and streamlining processes.

我們預計在 2026 財年第一季實現 2025 財年成本行動的全部季度運行率。為了進一步支持我們的成本削減活動，我們將繼續鞏固我們原有的子公司結構，透過利用 ERP 資料標準化、消除冗餘和簡化流程來提高效率。

As an example of the potential benefits, looking at the first division to implement this transformation. With the combination of four subsidiaries into one centralized division, redundant back-office operations were eliminated, disparate regional data was standardized and operational best practice deployment increased, resulting in reduced administrative costs, higher inventory turnover, lower DSO and decreased operating expenses.

作為潛在利益的一個例子，我們來看看第一個實施這項轉型的部門。透過將四家子公司合併為一個集中式部門，消除了冗餘的後台操作，標準化了不同的區域數據，並增加了營運最佳實踐的部署，從而降低了管理成本，提高了庫存週轉率，降低了 DSO 並減少了營運費用。

We look forward to our other US divisions concluding similar efforts by the end of this calendar year. As a result of our cost reduction efforts, we are well positioned to exit this cycle as a better, more efficient operator. Now before we proceed into the rest of the results for our fourth quarter, please note that we had one less selling day during this year's fourth quarter as compared to the prior year.

我們期待我們其他美國分部在今年年底前完成類似的努力。透過努力降低成本，我們已做好準備，以更好、更有效率的營運商身分結束這一循環。在我們討論第四季度的其他業績之前，請注意，與去年相比，今年第四季的銷售日數少了一天。

First, on revenues. Looking at our US markets, revenues for our single-family end market increased 4.5% on a per day basis as compared with the fourth quarter of fiscal 2024. Multifamily and Commercial revenues, on the other hand, full 32.4% and 10.1%, respectively, on a per day basis. Given the significant decline in Multifamily, total US residential revenues declined 6% per day as compared with the prior year period.

首先，關於收入。綜觀我們的美國市場，與 2024 財年第四季相比，我們的單戶住宅終端市場營收每天成長 4.5%。另一方面，多戶住宅和商業收入以日計算分別成長 32.4% 和 10.1%。由於多戶住宅銷售量大幅下滑，美國住宅總收入與去年同期相比每天下降 6%。

By product category, Wallboard sales for the quarter of $526.6 million were down 10.1% over the same period last year or 8.7% on a per day basis. Single-family volumes in the US were down 1.9% per day, outperforming our expectations as we successfully picked up share during the quarter. US Multifamily Wallboard volumes were down 37.6% per day and Commercial volumes were down 18.3% per day.

按產品類別劃分，本季牆板銷售額為 5.266 億美元，較去年同期下降 10.1%，或按日均下降 8.7%。美國單戶住宅銷售量每天下降 1.9%，超出了我們的預期，因為我們在本季度成功獲得了市場份額。美國多戶型牆板銷量每天下降 37.6%，商業牆板銷量每天下降 18.3%。

Organically, fourth quarter Wallboard sales were down 12.5% compared with the prior year period or 11.1% on a per day basis, comprised of a 12.1% decrease in volume, partially offset by a 1% increase in price and mix. Reflective of myriad capacity utilization and commodity dynamics influencing wallboard manufacturing, pricing has remained resilient throughout the cycle.

從有機角度來看，第四季度牆板銷售額與去年同期相比下降了 12.5%，即每天下降了 11.1%，其中銷量下降了 12.1%，但價格和產品組合上漲了 1%，部分抵消了這一下降。反映出影響牆板製造的無數產能利用率和商品動態，價格在整個週期中保持了彈性。

The average realized price for wallboard for the fourth quarter was $478 per thousand square feet, down only marginally from a third quarter price of $479, all the result of the mix shift toward lower dollar single-family wallboard products.

第四季牆板的平均實現價格為每千平方英尺 478 美元，僅比第三季的 479 美元略有下降，這都是由於產品組合向價格更低的單戶牆板產品轉移所致。

On a like-for-like product basis, wallboard pricing, excluding mix was up 1% sequentially for the quarter. Year-over-year, pricing was up from $475 in the prior year period. As JT mentioned, manufacturers launched small regional price increases in May, and we expect our team's work to implement these increases to continue at least through the summer.

以同類產品計算，本季牆板價格（不含混合價格）季增 1%。與去年同期相比，價格上漲了 475 美元。正如 JT 所提到的，製造商在 5 月推出了小幅區域價格上調，我們預計我們團隊實施這些上調的工作至少會持續整個夏季。

Due to the soft demand conditions and uncertainty in the macro environment, it is too soon to know how successful the adoption of these increases will be in the near term. For Ceilings, sales of $201 million were up 6.4% compared to the prior year period or 8.1% on a per day basis, representing a 1.4% increase in volume and a 6.8% improvement in price and mix.

由於需求疲軟和宏觀環境的不確定性，現在判斷這些上調措施在短期內能否取得成功還為時過早。天花板的銷售額為 2.01 億美元，比去年同期增長 6.4%，或按日增長 8.1%，這意味著銷量增長 1.4%，價格和組合改善 6.8%。

Organic sales for Ceilings grew 2.9% in total or 4.5% on a per day basis for the quarter despite a 1.5% decrease in volume, given constrained commercial activity due to the macroeconomic and lending environment. Price and mix increased 6%, benefiting from both the normal cadence of regular price increases on Ceilings as well as a favorable shift towards architectural specialties products.

由於宏觀經濟和貸款環境導致商業活動受限，儘管銷量下降了 1.5%，但本季天花板的有機銷售額總體增長了 2.9%，即每天增長了 4.5%。價格和組合上漲了 6%，這得益於天花板定期價格上漲的正常節奏以及向建築專業產品的有利轉變。

Steel framing sales of $189.2 million were down 14.2% for the quarter or 12.8% on a same-day basis versus the prior year quarter, as volumes were down 2.6% and price and mix were down 10.2%. On an organic basis, steel framing sales were down 17.9% in total or 16.6% on a same-day basis with a 10.1% decline in volume and a 6.5% decline in price and mix.

鋼框架銷售額為 1.892 億美元，本季下降 14.2%，與去年同期相比下降 12.8%，因為銷量下降 2.6%，價格和組合下降 10.2%。從有機角度來看，鋼框架銷售額總計下降 17.9%，當日下降 16.6%，其中銷量下降 10.1%，價格和組合下降 6.5%。

Recent tariff announcements on steel have indeed resulted in price increase announcements from our suppliers and we do expect eventual higher pricing as a result. However, due to the continuing soft consumption levels in steel's primary end markets, including automotive, structural construction and appliances, the broader tariff activity has for now only set a likely bottom for pricing in our applications.

最近宣布的鋼鐵關稅確實導致我們的供應商宣布漲價，我們預計最終價格也會上漲。然而，由於汽車、結構建築和家電等鋼鐵主要終端市場的消費水平持續疲軟，更廣泛的關稅活動目前僅為我們的應用定價設定了一個可能的底部。

As such, although still difficult to predict, while there could be upside, we are assuming relatively flat steel prices for our business in the near term. Complementary product sales of $416.9 million for the quarter were nearly flat a year ago in total or up 1.4% on a per day basis, representing the 20th consecutive quarter of per day growth in this margin-accretive category.

因此，儘管仍然難以預測，但可能會有上漲空間，我們假設短期內我們業務的鋼鐵價格將相對持平。本季互補產品銷售額為 4.169 億美元，與去年同期相比基本持平，日均銷售額增長 1.4%，這是該利潤增長類別連續第 20 個季度實現每日平均增長。

On an organic basis, sales were down 7.3% or 5.8% on a same-day basis. We continue to see Complementary Products as an attractive expansion opportunity and are targeting its growth at twice the rate of our core products. Similarly, as the broader sector has faced the pressure of recent macro challenges, this category has organically contracted more slowly than our core products.

從有機銷售額來看，當日銷售額下降了 7.3%，或 5.8%。我們繼續將互補產品視為一個有吸引力的擴張機會，並計劃將其成長速度定為我們核心產品的兩倍。同樣，由於整個行業面臨近期宏觀挑戰的壓力，這一類別的有機收縮速度比我們的核心產品要慢。

Within Complementary Products, we are particularly focused on expanding our reach in tools and fasteners, given the fragmentation of its niche pro-focused market. Insulation as there is a real opportunity for pull through organic growth within our current commercially focused footprint and exterior finishes, such as stucco in siding, particularly through leveraging the capabilities from our recent RSL8 acquisition.

在互補產品領域，考慮到專業細分市場的分散性，我們特別注重擴大工具和緊固件領域的覆蓋範圍。隔熱材料，因為在我們目前以商業為重點的足跡和外部裝飾（例如壁板中的灰泥）中，存在著透過有機成長實現真正成長的機會，特別是透過利用我們最近收購的 RSL8 的能力。

In total, these three product types grew 2% for the fourth quarter or 3.6% on a per day basis. With and stucco firmly in our wheelhouse, we've also recently begun to include siding in our exterior finish offerings and have already captured work from some of the country's largest homebuilders.

總體而言，這三種產品類型在第四季度增長了 2%，即每天增長了 3.6%。在我們的專業領域中，灰泥是我們不可或缺的，最近我們也開始將壁板納入我們的外牆裝飾產品中，並且已經獲得了國內一些最大的房屋建築商的訂單。

Now turning to Slide 7, which highlights our profitability for the quarter. Gross profit of $416.2 million decreased 7.7% compared to the prior year quarter. Our gross margin of 31.2% was flat sequentially and in line with our expectations on stable price cost dynamics, but down 70 basis points from the prior year reflecting decreased sales volumes and as a result, lower vendor incentive income as compared to the prior year period.

現在轉到投影片 7，重點介紹我們本季的獲利能力。毛利為 4.162 億美元，較去年同期下降 7.7%。我們的毛利率為 31.2%，與上一季持平，符合我們對穩定價格成本動態的預期，但比去年下降了 70 個基點，這反映了銷售量的下降，因此與去年同期相比，供應商激勵收入有所下降。

Selling, general and administrative expenses were $315.1 million for the quarter, down slightly from $315.5 million in the prior year quarter, despite a $14 million year-over-year inorganic increase related to our recent acquisitions. Separately, we saw a $4 million increase in rent expense, a $4 million increase related to higher insurance claim costs and $1.5 million in severance expenses.

本季銷售、一般及行政開支為 3.151 億美元，較去年同期的 3.155 億美元略有下降，儘管與我們最近的收購相關的無機開支較去年同期增加了 1,400 萬美元。另外，我們發現租金支出增加了 400 萬美元，與保險索賠成本增加相關的支出增加了 400 萬美元，遣散費增加了 150 萬美元。

These expenses were fully offset by lower overall operating costs resulting from the structural cost reductions we took earlier this fiscal year together with lower variable costs as a result of lower sales volumes. As a reminder, we expect to realize additional savings in our first quarter fiscal 2026 results from those actions implemented during the fourth quarter.

這些費用被我們本財年早些時候採取的結構性成本削減措施以及銷售量下降導致的變動成本降低所完全抵銷。提醒一下，我們預計透過第四季實施的行動，我們將在 2026 財年第一季的業績中實現額外的節省。

SG&A expense as a percentage of net sales increased 130 basis points to 23.6% for the quarter, up from 22.3% a year ago, but reflected a sequential improvement compared with the prior quarter's level of 24.7%. General operating cost inflation, including higher rent expense, drove 110 basis points of deleverage, the majority of which was offset by the previously announced cost out actions.

本季度，銷售、一般及行政費用佔淨銷售額的百分比增加了 130 個基點，達到 23.6%，高於去年同期的 22.3%，但與上一季的 24.7% 相比有所改善。整體營運成本通膨（包括更高的租金支出）推動了 110 個基點的去槓桿，其中大部分被先前宣布的成本削減行動所抵消。

Accident claim activity contributed 30 basis points of deleverage. And net product price deflation, led by steel, was unfavorable to SG&A leverage by 30 basis points. The remainder of the year-over-year difference was related to reduced absorption on lower sales, offset partially by the benefit of acquisitions.

事故索賠活動貢獻了30個基點的去槓桿率。以鋼鐵為首的淨產品價格通貨緊縮對銷售、一般和行政費用槓桿率不利，下降了 30 個基點。其餘同比差異與銷售額下降導致的吸收量減少有關，但被收購帶來的好處部分抵銷。

On an adjusted SG&A basis, expenses as a percentage of net sales of 23.1% increased 130 basis points from 21.8%. All in, inclusive of a 5.7% increase in interest expense, net income decreased to $26.1 million compared to $56.4 million a year earlier. Net income per diluted share of $0.67 decreased from $1.39 per diluted share.

以調整後的銷售、一般及行政費用計算，費用佔淨銷售額的百分比為 23.1%，較 21.8% 增加了 130 個基點。總體而言，包括利息支出 5.7% 的成長，淨收入從去年同期的 5,640 萬美元下降至 2,610 萬美元。每股攤薄淨利 0.67 美元，低於每股 1.39 美元。

And finally, relating to the P&L. Adjusted EBITDA of $109.8 million came in at the high end of our expected range for the quarter and compared to $146.6 million a year ago. Adjusted EBITDA margin of 8.2% was down from 10.4% in the prior year period. With improvement in demand and less uncertainty in the market, particularly given the recent operating cost reductions, we continue to expect that annual EBITDA margin will return over time to a range of 10% to 12% in a more normalized environment.

最後，與損益表有關。調整後的 EBITDA 為 1.098 億美元，處於我們對本季預期範圍的高位，去年同期為 1.466 億美元。調整後的 EBITDA 利潤率為 8.2%，低於去年同期的 10.4%。隨著需求的改善和市場不確定性的減少，特別是考慮到最近營運成本的降低，我們繼續預計，在更正常的環境下，年度 EBITDA 利潤率將隨著時間的推移回升至 10% 至 12% 的範圍。

Now turning to the balance sheet on Slide 8. As of April 30, we had cash on hand of $55.6 million and $631.3 million of available liquidity under our revolving credit facility. Although we achieved a sequential reduction in net debt, our leverage ratio increased to 2.4 times adjusted EBITDA compared to 1.7 times a year ago, primarily due to the year-over-year decline in adjusted EBITDA.

現在轉到投影片 8 上的資產負債表。截至 4 月 30 日，我們手頭上有現金 5,560 萬美元，循環信貸額度下有可用流動資金 6.313 億美元。儘管我們的淨債務實現了連續減少，但我們的槓桿率從一年前的 1.7 倍上升至調整後 EBITDA 的 2.4 倍，這主要是由於調整後 EBITDA 同比下降。

Cash generation was a definite highlight in the quarter. Cash provided by operating activities for the quarter was $196.8 million compared to $204.2 million in the prior year quarter. Free cash flow was $183.4 million compared to $186.7 million for the same period last year, totaling 167% of adjusted EBITDA.

現金產生無疑是本季的一大亮點。本季經營活動提供的現金為 1.968 億美元，去年同期為 2.042 億美元。自由現金流為 1.834 億美元，而去年同期為 1.867 億美元，佔調整後 EBITDA 的 167%。

For the full year, we generated cash provided by operating activities of $383.6 million and free cash flow of $336.1 million, representing 67.1% of adjusted EBITDA, slightly exceeding our full year expectation. Capital expenditures for the quarter were $13.4 million compared to $17.5 million a year ago. Looking forward, for full year fiscal 2026 we now expect capital expenditures to total between $40 million and $45 million.

全年，我們經營活動產生的現金為 3.836 億美元，自由現金流為 3.361 億美元，佔調整後 EBITDA 的 67.1%，略高於我們的全年預期。本季資本支出為 1,340 萬美元，去年同期為 1,750 萬美元。展望未來，我們預計 2026 財年全年資本支出總額將在 4,000 萬美元至 4,500 萬美元之間。

During the quarter, we repurchased 348,600 shares of common stock for $26.4 million at an average price of $75.60 per share. At April 30, there was $192 million of share repurchase authorization remaining. For the full year, we repurchased 1.9 million shares of common stock for $164.1 million at an average cost of $85.27 per share.

本季度，我們以每股 75.60 美元的平均價格回購了 348,600 股普通股，總價值 2,640 萬美元。截至 4 月 30 日，剩餘的股票回購授權金額為 1.92 億美元。全年我們回購了 190 萬股普通股，回購金額為 1.641 億美元，平均每股成本為 85.27 美元。

Looking ahead, we expect to maintain a disciplined approach to capital allocation, as we balance stock buybacks with debt reduction, while maintaining enough cash to pursue attractive M&A opportunities that expand our offerings and build on strategic priorities.

展望未來，我們預計將保持嚴謹的資本配置方式，在股票回購和債務削減之間取得平衡，同時保留足夠的現金來尋求有吸引力的併購機會，擴大我們的產品範圍並建立戰略重點。

During this suppressed demand environment, we will continue to be tightly focused on managing operating efficiencies and cash, maintaining optimal financial flexibility to best position the company for a still widely expected eventual return to improved economics.

在這種需求受到抑制的環境下，我們將繼續緊緊關注管理營運效率和現金，以保持最佳的財務靈活性，以使公司處於最佳位置，以實現人們普遍預期的最終經濟復甦。

With that, I'll turn the call back over to JT who will start on Slide 9.

說完這些，我將把電話轉回給 JT，他從第 9 張投影片開始。

Thank you, Scott. We finished fiscal 2025 having undergone a period of macroeconomic difficulties that impacted our industry as a whole and will likely continue to do so for the remainder of calendar 2025. While we continue to expect a recovery to be tightly closed -- tied closely to mortgage rates and the broader macroeconomic environment, our team has been working diligently to service our customers and execute against our strategic priorities.

謝謝你，斯科特。我們在 2025 財年結束時經歷了一段宏觀經濟困難時期，這對我們整個產業產生了影響，並且很可能會在 2025 年剩餘時間內繼續產生影響。雖然我們仍然預期經濟復甦將非常接近——與抵押貸款利率和更廣泛的宏觀經濟環境密切相關，但我們的團隊一直在努力為客戶提供服務並執行我們的策略重點。

Despite headwinds, we believe that there is a great deal of pent-up demand that will materialize when conditions improve. Looking ahead, as Scott discussed, continuing business simplification efforts are on track to be finished by the end of this calendar year, leveraging standardized data sets, streamlining processes and reducing redundancies across our business units.

儘管面臨阻力，我們相信，當情況改善時，大量被壓抑的需求將會實現。展望未來，正如斯科特所討論的，持續的業務簡化工作預計將在今年年底前完成，利用標準化數據集，簡化流程並減少我們業務部門的冗餘。

Combined with the strong fundamentals of the business and our already implemented cost reductions, we believe our strategic approach should position the company to capture demand when it returns as a leaner, more efficient operator. Given this backdrop, let me turn to what our expectations for our product categories look like this next quarter.

結合強勁的業務基本面和我們已經實施的成本削減措施，我們相信，我們的策略方針應該能夠使公司在以更精簡、更高效的運營商身份回歸時抓住需求。有鑑於此背景，讓我來談談我們對下個季度產品類別的預期。

Starting with Wallboard on an organic basis and using our US business as the proxy, we anticipate single-family volumes to be flat to up slightly year-over-year for our fiscal first quarter. Multifamily organic wallboard volumes are expected to be down 25% to 30% for the first quarter, and commercial organic wallboard volumes are expected to be down low teens as compared with the prior year period.

從 Wallboard 的有機成長開始，以我們的美國業務為代表，我們預計第一財季單戶住宅銷售將與去年同期相同或略有上升。與去年同期相比，第一季多戶型有機牆​​板銷量預計將下降 25% 至 30%，而商用有機牆板銷量則預計將下降 10% 左右。

In total, including Canada, we expect first quarter organic wallboard volumes to be down high single digits and total wallboard volumes, including recent acquisitions, to be down mid- to high single digits. Although prices on a like-for-like product basis should be slightly higher year-over-year for Wallboard, including the impact of mix shifts, we anticipate our first fiscal quarter overall price and mix for wallboard to be roughly flat with the prior year period.

總體而言，包括加拿大在內，我們預計第一季有機牆板銷量將下降高個位數，而包括近期收購在內的牆板總銷量將下降中高個位數。儘管考慮到產品組合變化的影響，牆板的同類產品價格同比應該會略高，但我們預計第一財季牆板的總體價格和組合將與去年同期基本持平。

In Ceilings, a low single-digit decline in volumes is expected for our first fiscal quarter, reflective of the soft commercial end market conditions. In addition, the results of our Kamco business, whose acquisition was completed in March 2024, are now fully reflected in both the current quarter and the prior year period.

在天花板方面，預計我們第一財季的銷售量將出現低個位數下降，這反映了商業終端市場疲軟的狀況。此外，我們於 2024 年 3 月完成收購的 Kamco 業務的業績現已全面反映在本季和去年同期。

With a typical pattern of price increases anticipated, price and mix for Ceilings is expected to be up mid- to high single digits for our first fiscal quarter. Steel Framing, which is also heavily impacted by commercial market conditions, is expected to be down high single digits in volume and low single digits in price and mix.

由於預期價格將呈現典型的上漲模式，預計第一財季天花板的價格和組合將上漲中高個位數。鋼結構也受到商業市場狀況的嚴重影響，預計其銷售量將出現高個位數的下降，價格和結構將出現低個位數的下降。

While pricing does still have the potential to increase in subsequent quarters, given the lag dynamics from rolled steel through our manufacturing partners to us, we don't expect to see any significant improvement in the first quarter. With complementary products, while we remain focused on growing this product category due to its exposure to the commercial end market, we expect for year-over-year sales to be down low single digits in the first quarter.

雖然價格在接下來的幾季仍有上漲的潛力，但考慮到從軋鋼到製造合作夥伴再到我們的滯後動態，我們預計第一季不會出現任何顯著改善。對於互補產品，儘管我們仍然專注於擴大該產品類別，因為它在商業終端市場上佔有一席之地，但我們預計第一季的同比銷售額將下降個位數。

All in, and as shown on Slide 10, we anticipate net sales for our fiscal first quarter to be down low- to mid-single digits in total and down mid- to high single digits organically as compared to the prior year period. While gross margins are expected to be consistent with both our fourth quarter and the prior year period, around 31.2%, we expect to see lower operating expenses year-over-year as a result of our cost reduction actions and lower sales volumes.

總而言之，如幻燈片 10 所示，我們預計第一財季的淨銷售額與去年同期相比總體將下降低至中等個位數，有機下降中至高個位數。雖然預計毛利率將與第四季和去年同期持平，約為 31.2%，但由於我們採取了降低成本的措施且銷售量下降，我們預計營運費用將同比下降。

All considered, we anticipate that adjusted EBITDA will be in the range of $132 million to $137 million for the first fiscal quarter with margins in the 9.5% to 9.8% range. Cash flow generation should remain strong for fiscal 2026, likely 60% to 65% of adjusted EBITDA for the full year.

綜合考慮，我們預計第一財季調整後的 EBITDA 將在 1.32 億美元至 1.37 億美元之間，利潤率將在 9.5% 至 9.8% 之間。2026 財年的現金流量產生應保持強勁，可能達到全年調整後 EBITDA 的 60% 至 65%。

Before I conclude, I'd like to take a moment to thank the entire GMS team for their continued commitment to delivering outstanding service and adding value for our customers during soft market conditions. I'd also like to thank our customers and suppliers for their continued partnership working hard every day while navigating the same headwinds we are facing.

在結束之前，我想花點時間感謝整個 GMS 團隊，感謝他們在疲軟的市場條件下繼續致力於提供卓越的服務和為我們的客戶增加價值。我還要感謝我們的客戶和供應商，感謝他們在我們面臨同樣困難時每天努力合作。

As conditions improve, interest rates lower and uncertainty lessons, pent-up demand within the market should materialize, and we believe our strong foundation will set us up for continued shared success.

隨著條件的改善、利率的降低和不確定性的減少，市場中被壓抑的需求將會實現，我們相信，我們堅實的基礎將為我們繼續共同取得成功奠定基礎。

Thank you for joining us this morning. Donna, we can now open the line for questions.

感謝您今天上午加入我們。唐娜，我們現在可以開始回答問題了。

(Operator instructions)

（操作員指示）

David Manthey, Baird.

大衛‧曼西，貝爾德。

Yeah, thank you. Good morning. JT, you mentioned that sequential organic trends would be seasonally better next quarter. And I think quarter-to-quarter trends have been running below expectations for about a year now. Maybe I didn't catch it, did you outline why you feel that way?

是的，謝謝。早安.JT，您提到下個季度的連續有機趨勢將會更好。我認為大約一年來季度環比趨勢一直低於預期。也許我沒聽懂，你有沒有說明為什麼你會有這種感覺？

I think we referred specifically to the single-family market as that improvement and so we're just experiencing that. We also have some share gain that we've achieved with some of our bigger customers that we will enjoy for the balance of this year, Dave.

我認為我們特別提到了單戶住宅市場這種改善，所以我們正在經歷這種改善。我們也從一些大客戶那裡獲得了一些份額增長，我們將在今年剩餘時間裡享受這些增長，戴夫。

So we're really speaking primarily from an improvement in the single-family for our business, maybe not so much the whole market, although recent commentary from Lennar and also Horton, you guys have read it, the sky is not falling in that respect. So we feel pretty good about where we are and how we've bottomed, and we're experiencing that normal seasonality and a little bit better, like I said, today in single-family primarily.

因此，我們實際上主要談論的是單戶住宅對我們業務的改善，也許不是整個市場的改善，儘管 Lennar 和 Horton 最近的評論，你們已經讀過了，在這方面天空並沒有塌下來。因此，我們對目前的狀況和觸底情況感到非常滿意，我們正在經歷正常的季節性變化，而且情況有所好轉，就像我說的，主要是在單戶住宅方面。

Okay. Yes, it looks like based on your overall guidance you're pretty much in line with normal quarter-to-quarter trends into the first quarter, so hopefully, that holds up. And then second, as you're thinking about the technology and efficiency optimization efforts and this $25 million in annualized savings, I think you said it was mostly reps, but could you talk about the technology that you're implementing? And if there's any additional digital benefits beyond what you've already outlined in savings?

好的。是的，根據您的整體指導，您第一季的季度趨勢與正常的季度趨勢基本一致，所以希望這種情況能夠持續下去。其次，當您考慮技術和效率優化工作以及每年 2500 萬美元的節省時，我想您說這主要是代表，但您能談談您正在實施的技術嗎？除了您已經列出的節省之外，還有其他數字優勢嗎？

Yes. I mean we haven't done anything -- we never slowed down our investment in digital at all throughout this entire cycle, depending on when you want to say the cycle started declining. We've continued to focus really heavily on our digital efforts and our customer portal and our e-commerce efforts and our automation efforts.

是的。我的意思是我們沒有做任何事情——在整個週期中，我們從未放慢對數位的投資，這取決於你想說週期何時開始下降。我們一直高度重視我們的數位化工作、客戶入口網站、電子商務工作和自動化工作。

Part of that success is why we were able to take out the amount of cost we have been able to take out during this period, which is in excess of what we otherwise would have been able to do simply from a volume perspective. So our efficiencies have continued to get better on a year-over-year basis over the course of the last several years.

這項成功的部分原因在於，我們能夠在這段期間消除掉大量成本，這超出了我們原本從數量角度能夠做到的範圍。因此，在過去幾年中，我們的效率逐年提高。

We have no slowdown in investment in our e-commerce. So we have some AI applications we're looking at, that are going to automate order entry for us. This next year, we are continuing to advance the actual B2B and B2C capability of our e-commerce. Our portal gets better all the time, although it's fully functioning now, we're up to almost 20% of our accounts receivable being collected online through our portal.

我們對電子商務的投資並沒有放緩。因此，我們正在研究一些可以自動為我們輸入訂單的人工智慧應用程式。明年，我們將持續提升電子商務的實際 B2B 和 B2C 能力。我們的入口網站一直在不斷完善，雖然現在已經完全投入使用，但我們透過入口網站線上收取的應收帳款高達近 20%。

I mean that's a really significant number, considering we have a lot of large customers that naturally pay another way. So we're just constantly seeing the metrics associated with what we've invested in getting better which allows us to be confident that even though we've taken the cost out that we have that we continue to deliver exceptional service, and we'll have that ability going forward.

我的意思是，考慮到我們有很多自然採用其他方式付款的大客戶，這是一個非常可觀的數字。因此，我們不斷看到與我們為改進而投資相關的指標，這使我們有信心，即使我們已經削減了成本，我們仍會繼續提供卓越的服務，並且我們將擁有繼續前進的能力。

Dave, also, I think you know, we've got a common ERP platform across our entire US footprint. And what's really nice about what we're doing as we clean up this data standardization is the ability to get better utilization out of those other technologies goes up. So not only do we get efficiencies in terms of working with that data, back-office efficiencies, et cetera, but some of those underlying tools that JT just mentioned actually become more effective with that cleaner data.

戴夫，我想您也知道，我們在整個美國業務範圍內都有一個通用的 ERP 平台。當我們清理資料標準化時，我們所做的真正有益的事情是能夠更好地利用其他技術。因此，我們不僅在處理資料、後台效率等方面獲得了提高，而且 JT 剛才提到的一些底層工具實際上在有了更乾淨的資料後變得更加有效。

Perfect thanks and good luck.

非常感謝，祝你好運。

Thanks.

謝謝。

Michael Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Michael Dahl。

Thanks for taking my questions. JT, maybe just to follow up on the single-family dynamic. I respect that some of the commentary as suggest that things aren't necessarily crushing, but that's also coming in context of the companies that you quoted reporting order trends that are still well below normal seasonality and some other commentary suggesting the bottom is a little bit elusive and apply -- and that they're more vocally applying pressure to their partners.

感謝您回答我的問題。JT，也許只是為了跟進單戶家庭的動態。我尊重一些評論的觀點，認為情況並不一定糟糕，但這也是基於以下背景：您引用的那些公司報告的訂單趨勢仍然遠低於正常季節性，而另一些評論則表明底部有點難以捉摸，而且他們正在更大聲地向合作夥伴施加壓力。

So I want to tie that back to your share gain because if I look at your single-family guide compared to single-family starts are under construction, it would imply a very healthy share gain. I think those numbers are still running down high single digits year-on-year. Help us understand the nature of the share gains, the categories? And then when the builders are asking for the concession, how you're balancing that kind of share versus margin and price dynamic?

因此，我想將其與您的份額收益聯繫起來，因為如果我將您的單戶住宅指南與正在建設中的單戶住宅開工量進行比較，這將意味著非常健康的份額收益。我認為這些數字比去年同期仍呈現高個位數下降趨勢。幫助我們了解份額收益的性質、類別？那麼，當建築商要求讓步時，您如何平衡這種份額與利潤和價格動態？

Yes. I mean we're leveraging our scale to help our builder partners where necessary. Obviously, we're somewhat limited as the distributor, but we have wonderful relationships back throughout the supply chain, right on the supply side. So we're working really diligently to help builders through this period of time and partner with builders through this period of time.

是的。我的意思是我們正在利用我們的規模在必要時幫助我們的建築商合作夥伴。顯然，作為經銷商，我們受到一定的限制，但我們與整個供應鏈，尤其是供應方，都保持著良好的關係。因此，我們正在非常努力地幫助建築商度過這段時期，並與建築商合作度過這段時期。

We feel pretty good about it, quite frankly. And I think it's part of this next quarter's guide, we just talked about. We know that we've picked up some share gain recently. So I think maybe we're just over performing a little bit. I wouldn't say dramatically. I'm guessing it's not quite as dramatic as you just rattled off there.

坦白說，我們對此感覺很好。我認為這是我們剛剛討論過的下一季指南的一部分。我們知道我們最近獲得了一些市場份額。所以我認為也許我們的表現只是有點過度了。我不會說太戲劇化。我猜事情並不像你剛才所說的那麼戲劇化。

I do think that we've done some things on a geographic basis to be better where builders are building. So we have some regional strength. Some of our greenfield activity over the course of the last several years has been focused in and around where builders are focused on building as well and so I think that's helping us.

我確實認為我們在地理基礎上做了一些事情，以便更好地為建築商提供建設場所。因此我們具有一定的地區實力。過去幾年中，我們的一些綠地活動一直集中在建築商也關注的地區及其周邊，所以我認為這對我們有幫助。

And our acquisition track record here has been pretty good, too. So I think we're picking up on the complementary product side. We're picking up some things that we otherwise, in the state of Florida, as an example, with RS Elliot, we wouldn't have had any of that and stucco business to speak of is really primarily multifamily.

我們在這裡的收購記錄也相當不錯。所以我認為我們在互補產品方面正在取得進展。我們正在收集一些東西，否則，在佛羅裡達州，例如 RS Elliot，我們不會有這些東西，而灰泥業務實際上主要是多戶型業務。

But if you think about stucco, the first level and still the second level in a lot of homes in Florida stucco out and so we're much better as a result of that RS Elliot acquisition down in Florida. So I think those are kind of the primary drivers.

但如果你想想灰泥，佛羅裡達州許多房屋的第一層和第二層仍然使用灰泥，因此，由於在佛羅裡達州收購 RS Elliot，我們的狀況要好得多。所以我認為這些是主要驅動因素。

Okay. Great. That's really helpful. And then just Shifting gears to the margin dynamics, it's nice to see the OpEx coming back down and some of the cost out starting to bear fruit at least looking at the guide in particular. The comments about margins, I don't know, 10% to 12% longer term. Historically, you had seen that in the COVID years, which benefited a lot from price and before that, you were slightly below.

好的。偉大的。這真的很有幫助。然後，將焦點轉移到利潤動態上，很高興看到營運支出回落，並且部分成本開始產生效果，至少從指南來看是如此。關於利潤率的評論，我不知道，長期來看是 10% 到 12%。從歷史上看，在 COVID 時期，價格上漲使股市受益匪淺，而在此之前，股市價格略低於這一水平。

So when you think about that margin target, how much would you attribute to being kind of dependent on a market outcome versus, obviously, you guys are doing a lot under the hood to improve the internal operations, cost efficiencies, data, transparency, et cetera. Help us kind of understand what's the self-help in there versus market dynamics?

因此，當您考慮利潤目標時，您會將其歸因於多大程度上依賴市場結果，而顯然，您在幕後做了很多工作來改善內部營運、成本效率、數據、透明度等。幫助我們了解其中的自助與市場動態有何不同？

Yes, I mean clearly, we still need the market to come back, right? I mean, we need to put some volume through the machine to get to those kinds of numbers, right? I mean we have the ability today to do a lot more volume even after taking out the cost that we've taken out. And all of that incremental volume across this cost structure means we're leveraging the fixed side, right straight to the bottom line.

是的，我的意思是，顯然我們仍然需要市場復甦，對嗎？我的意思是，我們需要透過機器輸入一些音量才能得到這些數字，對嗎？我的意思是，即使在扣除成本之後，我們今天仍然有能力完成更多的產量。而整個成本結構中的所有增量意味著我們正在利用固定端，直接達到底線。

So let me tell you, maybe half of what we think we can do is volume related, and the other half is just being leaner now going forward and the work that we've done both in our product mix, right, we've talked about complementary products being accretive, and we continue to grow that side of the business, but then also our cost structure. We're just leaner going into this.

所以讓我告訴你，也許我們認為我們能做的一半與數量有關，另一半只是現在更加精簡，以及我們在產品組合中所做的工作，對，我們已經談到了互補產品的增值，我們將繼續發展這方面的業務，同時也會發展我們的成本結構。我們只是更精簡地進入這個領域。

And again, I would expect not to have the same degree of inflation that we all experienced post COVID either, right, so on the cost side of the business I'm talking about. So a little bit of normalization in gross profit, a little bit of volume and leveraging our cost and product mix gets us right there.

而且，我再次預計，也不會出現我們在 COVID 之後所經歷的那種程度的通貨膨脹，對吧，所以就我所談論的業務成本方面而言。因此，稍微規範一下毛利、稍微提高產量並利用我們的成本和產品組合就能讓我們達到目標。

Alright, thank you.

好的，謝謝。

Thank you appreciate it.

謝謝欣賞。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

Good morning everyone. Thank you for taking the questions. I'm going to stick to the single-family guide. As Mike alluded to, I think we just saw single-family starts probably down about 7% year-over-year in the month of May. And so, I hear you all on the share gain and partnering with your builder customers and all that, so my question is really the visibility that you have into that end market, to the extent you can look a little bit forward on orders.

大家早安。感謝您回答這些問題。我將堅持單戶住宅指南。正如麥克所提到的，我認為我們剛剛看到 5 月獨棟住宅開工量比去年同期下降了約 7%。因此，我聽到了你們關於市場份額增長和與建築商客戶合作等話題的討論，所以我的問題實際上是你們對終端市場的了解程度，以及你們在多大程度上可以預見訂單。

Just how do you think about or to what degree do you have visibility? And kind of secondly, thinking about kind of lag times and all that, I mean, just historically speaking, when would you see start activity end up flowing into your own shipments?

您如何看待或了解您的可見度如何？其次，考慮到滯後時間等等，我的意思是，從歷史上看，什麼時候你會看到開始的活動最終流入你自己的貨物中？

Thank you.

謝謝。

Yes, usually about three to six months because it's -- we're really very production-large-builder focus. We have less of a customer -- it's not really a focus as much as it's just the nature of the business. We don't have as big a custom homebuilder mix. So although a couple of the big production luxury builders, we do pretty well with.

是的，通常大約需要三到六個月，因為我們非常注重生產大型建築商。我們的客戶較少——這實際上並不是我們的重點，而只是業務的本質。我們的客製化房屋建築商組合併不多。儘管我們與幾家大型豪華生產製造商合作，但我們的合作仍然很順利。

So three to six months, Matt, is kind of the lead time there. Our visibility that we're very comfortable with is kind of the quarter. That's kind of why we give you a guide for a quarter. Obviously, it starts just collapse going forward then the outlook changes. But I don't think that's probably what we're going to see.

因此，馬特，三到六個月是那裡的準備時間。我們對本季的可見度感到非常滿意。這就是我們為您提供季度指南的原因。顯然，它一開始就崩潰了，然後前景就改變了。但我不認為我們會見到這樣的結果。

I think it's going to be challenging here for a little period of time from starts. But I believe that you'll get through the summer months, and we'll start to see a little bit of uptick again and get prepared for next year's spring selling season. I mean, just again, if you go back, this is going to be the fourth year most likely now of declining single-family home starts and home starts really in total.

我認為從一開始，這裡在一段時間內都會充滿挑戰。但我相信你會度過夏季，我們會再次看到一些上漲，並為明年春季銷售季節做好準備。我的意思是，如果你回顧一下，這很可能是獨棟住宅開工量和整體住宅開工量連續第四年下降。

And so that's almost always it's not a longer cycle than four years, four years usually about three to four years, right? And so it would be an exceptional situation to move into a fifth year with home starts down again. So I don't see anything out there that says things are going to be exceptionally bad. So our expectation is things will kind of bottom here and then move out going into next year's spring selling season. I mean we're already halfway through the calendar year.

所以這個週期幾乎總是不會超過四年，四年通常大約是三到四年，對嗎？因此，進入第五年房屋開工量再次下降將是一個特殊情況。因此，我沒有看到任何跡象表明情況會變得異常糟糕。因此，我們預計市場將在此觸底，然後進入明年春季銷售旺季。我的意思是我們已經過了今年的一半了。

Yes. Okay. Got it. And then, I guess, great color around kind of, I guess, streamlining the cost structure in terms of where you want to be if and when we do have that end market recovery. So I guess just double-clicking on the SG&A savings, maybe that incremental $25 million. You obviously gave a lot of great color on kind of what's behind that.

是的。好的。知道了。然後，我想，如果最終市場確實復甦了，那麼在你想要達到的水平方面，精簡成本結構將會是一個很好的例子。因此，我猜只需雙擊銷售、一般和行政費用節省，也許就能增加 2500 萬美元。您顯然對此背後的原因給出了很多精彩的描述。

But we always like to just kind of check on, I guess, the permanence of a lot of these cuts and I'm just trying to understand if and when you do have volume recovery to what degree does some of those costs actually kind of come back into the system versus to what degree do you think you've sort of permanently reduced the cost structure.

但我們總是喜歡檢查這些削減措施的持久性，我只是想了解，如果以及當產量確實恢復時，這些成本實際上會在多大程度上重新回到系統中，以及您認為在多大程度上永久性地降低了成本結構。

Thank you.

謝謝。

Yes. I mean, we've historically always talked about our fixed variable being 50-50. I think between the investments we've made in our productivity capability, the current structure of the business actually has some upside in volume before we would begin adding back even the very -- some of the variable costs. But I would tell you probably over a long run of growth, 50% of the cost stays out and 50% is variable and might come back.

是的。我的意思是，我們過去一直在談論的是我們的固定變數是 50-50。我認為，在我們對生產力能力的投資中，目前的業務結構實際上在數量上具有一定的上升空間，然後我們將開始增加甚至一些可變成本。但我想告訴你，在長期成長過程中，50% 的成本會保持不變，而 50% 的成本是可變的，可能會回來。

Okay, got it, thank you for that, JT. Good luck.

好的，明白了，謝謝你，JT。祝你好運。

Guys. Thanks, Matt, appreciate it.

夥計們。謝謝，馬特，非常感謝。

Brian Biros, Thompson Research Group.

布萊恩·比羅斯（Brian Biros），湯普森研究小組。

Hey, good morning, thank you for taking my questions. I guess sticking on kind of still the homebuilders and the single-family environment. Just I guess as the big homebuilders continue to be a larger share of the home starts, how does that impact, I guess, the distribution channel and your business?

嘿，早上好，感謝您回答我的問題。我想我們仍然會堅持房屋建築商和單戶住宅​​環境。我想，隨著大型房屋建築商繼續佔據房屋開工量的更大份額，這會對分銷管道和您的業務產生什麼影響？

On the one hand, I can kind of see big builders being able to take advantage of your offerings better than the smaller builders, but also maybe you lose some leverage when you have fewer customers there. So just curious to hear your thoughts on how the distribution channel and your company specifically is adapting its kind of go-to-market strategy here in the current environment?

一方面，我認為大型建築商能夠比小型建築商更好地利用您的產品，但當您的客戶較少時，您也可能會失去一些優勢。所以我很好奇想聽聽您對分銷管道和貴公司在當前環境下如何調整其市場進入策略的看法？

Yes. I mean in the near term, I think that's another tailwind to kind of what we're guiding to here is the fact that those big builders are significantly more positive than the small builders. And we've gained quite a bit of share with big builders over the last couple of years because of our service proposition, our national ability to service their business and really the quality of that delivery that ensures that in particularly in these times, no added cost going into their process as a result of them doing business with us, right?

是的。我的意思是，在短期內，我認為這是我們所指導的另一個順風，即那些大型建築商比小型建築商更積極。在過去的幾年裡，由於我們的服務主張、我們在全國範圍內為他們的業務提供服務的能力以及交付的質量，我們在大型建築商中獲得了相當大的份額，這確保了特別是在這些時候，他們與我們做生意不會增加任何成本，對吧？

If anything, we should help them be more lean and more efficient by having the most professional delivery capability in the industry. And so I think that's kind of why we appeal to them and we're great partners with them, right? They are important customers, and we're going to work with them.

如果可以的話，我們應該透過業界最專業的交付能力來幫助他們變得更加精簡和高效。所以我認為這就是我們吸引他們並成為他們優秀合作夥伴的原因，對吧？他們是重要的客戶，我們將與他們合作。

And we're going to help them through this period of time, and we're going to do everything we can on every side of our business to reduce cost, reduce product costs, reduce operating costs to help our builder partners through this period of time and keeps us going in the near term.

我們將幫助他們度過這段時期，我們將盡我們所能，在業務的各個方面降低成本，降低產品成本，降低營運成本，以幫助我們的建築商合作夥伴度過這段時期，並讓我們在短期內繼續前進。

And then in the long term, I really think there's going to be some significant growth in that channel when all this pent-up demand gets released. I think we saw some article yesterday, there's 1 million millennials that are either living together as roommates or back in their homes again through this down cycle, right?

從長遠來看，我確實認為，當所有這些被壓抑的需求被釋放時，該管道將會出現顯著的成長。我想我們昨天看到一篇文章，有 100 萬千禧世代要么作為室友住在一起，要么在這個經濟下行週期回到自己的家中，對嗎？

That's millennials, that's not young people. I mean that's people that are ready to form households and start buying houses. We got 1 million people sitting in that environment right now. So that alone says there's a lot of pent-up demand out there. And yes, we're better with national builders because our service proposition and partnering proposition really fits that business model.

那是千禧世代，不是年輕人。我的意思是那些準備組建家庭並開始買房子的人。目前，我們有 100 萬人處於這種環境中。因此，僅憑這一點就可以看出，存在著大量被壓抑的需求。是的，我們與國家建築商的合作更順利，因為我們的服務主張和合作主張確實符合這種商業模式。

Got it. And then, I guess, if you could talk about what you're seeing kind of across the return-to-office movement here. We were at NeoCon earlier this month. Return-to-office trend there seems to be kind of slow and steady pace, actually happening, but nothing to get too excited about currently? I guess, how are you guys thinking about that going forward? And kind of what are you seeing in the market today?

知道了。然後，我想，您可以談談您在這裡看到的重返辦公室運動的情況。本月初我們參加了 NeoCon。重返辦公室的趨勢似乎正在緩慢而穩定地發生，但目前還沒有什麼值得太興奮的嗎？我想，你們對於接下來的進展有什麼想法？您今天在市場上看到了什麼？

Thank you.

謝謝。

Yes. I mean longer term, it's a really nice opportunity. In the very near term, right, we're not touting it because it's not happening to the extent that yet is driving a ton of TI work and that tenant improvement work is what's so important for us. An equally important trend is the conversion of all of this office space to residential, particularly in some of the major metros, it would be very good for us in New York City as an example.

是的。我的意思是，從長遠來看，這是一個非常好的機會。在短期內，我們不會大力宣傳，因為它還沒有發展到推動大量 TI 工作的程度，而租戶改善工作對我們來說非常重要。同樣重要的趨勢是將所有辦公空間改建成住宅，特別是在一些主要的大都市，以紐約市為例，這對我們非常有利。

I think we just saw a forecast in New York. There's like 14 buildings that have now been approved and permitted to be converted. So that's really good business for us as well. So I guess, we are cautiously optimistic, but I wouldn't put that in a 12-month view for us. I think that's still calendar 2027-type time frame when things might be better there.

我想我們剛剛看到了紐約的預報。目前已有 14 棟建築獲得批准並允許改建。所以這對我們來說也是一件好事。所以我想，我們持謹慎樂觀的態度，但我不會將其放在 12 個月的視野中。我認為這仍然是 2027 年曆類型的時間框架，那時那裡的情況可能會更好。

When it does come back, though, that's really good for us. I mean that prior to COVID was a huge part of our business, and we were the best at it. And I think we're still pretty damn good at it. And when it happens, it will happen for us. But again, too far out into the future still to getting too excited about it.

但當它真的回來時，這對我們來說真的很好。我的意思是，在新冠疫情爆發之前，這是我們業務的重要組成部分，而且我們在這方面做得最好。我認為我們在這方面仍然做得相當好。當它發生時，它就會發生在我們身上。但同樣，未來還太遙遠，我們無法對此感到太興奮。

Kurt Yinger, D.A. Davidson.

庫爾特·英格、D.A.戴維森。

Yes. Great. I just wanted to go back to kind of wallboard pricing and hopefully, you guys could give maybe a little bit more color around kind of high level, the time line in terms of what you're absorbing in terms of some of those regional price increases? How you're thinking about maybe success? And what would be required for that from a demand perspective? And maybe ultimately, how that ties back into wallboard price cost for GMS going forward?

是的。偉大的。我只是想回到牆板定價的問題，希望你們能夠提供更多關於高層次的細節，以及你們對某些區域價格上漲的吸收時間表？您認為可能會成功嗎？從需求角度來看，這需要什麼？也許最終，這與未來 GMS 的牆板價格成本有何關聯？

Yes. I would tell you that our guide incorporates basically the ability to pass through limited price increases and/or work backwards and take that cost out of our business. So it's the magnitude of what we're going through now and experiencing is nothing like we experienced a year ago when everybody thought things were going to be better and the prices all went in and then two, three months later, things start to fall apart from a volume perspective.

是的。我想告訴你，我們的指南基本上包含了透過有限的價格上漲和/或逆向工作並將該成本從我們的業務中剔除的能力。所以我們現在所經歷的程度與一年前完全不同，當時每個人都認為情況會好轉，價格也都上漲了，但兩三個月後，從數量上看，情況開始崩潰。

I think everybody understands the environment we're in today, all of our partners understand where we are, and we're all working through it together from a cost perspective. And then we're pushing through where we have to push through, it's pretty limited, quite frankly.

我認為每個人都了解我們今天所處的環境，我們所有的合作夥伴都了解我們的處境，並且我們都在從成本角度共同努力解決這個問題。然後，我們正在努力突破我們必須突破的領域，坦白說，這是非常有限的。

Okay. Okay. That's helpful. And then if we kind of look at some of the numbers that the Gypsum Association has in terms of expected industry capacity and and layer on a more challenged kind of volume scenario this year. It's not hard to see kind of industry operating rates fall back to mid- to high 70s level this year.

好的。好的。這很有幫助。然後，如果我們看一下石膏協會在預期行業產能方面的一些數據，並分析今年更具挑戰性的產量情境。不難看出，今年該產業的開工率將回落至75%左右的水平。

I guess how do you think about that in terms of the resiliency of pricing sustaining and maybe any other kind of high-level thoughts around the industry's ability to kind of hold pricing with that sort of kind of operating rate environment?

我想您如何看待價格維持的彈性，以及圍繞行業在這種營運率環境下維持價格的能力的其他高層想法？

I mean there's still a lot of inflation on the manufacturer side on the inputs with the synthetic and natural gypsum situation, all the capital that's been invested to handle that situation. I would guess that through a short period of time, which we're looking at here six months, maybe nine months with a recovery and outlook into calendar 2026, it looks like it's more of a recovery, I think things can stay pretty resilient. If you were going to go into a significant downturn, recessionary-type situation, well, then things could be different. That's not what I'm expecting.

我的意思是，製造商在合成和天然石膏的投入方面仍然存在很大的通貨膨脹，所有的資本都是為了應對這種情況而投入的。我猜想，經過一段較短的時間，也就是我們目前所看到的六個月或九個月的復甦期，展望 2026 年，情況看起來會更加復甦，我認為情況會保持相當好的彈性。如果你要陷入嚴重的經濟衰退，那麼情況可能會有所不同。這並不是我所期待的。

Particularly for an extended period.

特別是在較長的一段時間內。

Yes, particularly for an extended period. I mean we're not expecting a deep recessionary environment, but obviously, if that happens, it's a different situation and everybody has to act differently.

是的，特別是在較長的一段時間內。我的意思是，我們並不期望出現嚴重的經濟衰退環境，但顯然，如果發生這種情況，情況就會有所不同，每個人都必須採取不同的行動。

Okay. That makes sense. And I guess you talked about kind of the more extreme negative demand environment potential for 2026 and the unlikelihood of that. But if we were to think about demand just being pretty stagnant again and maybe some competitive forces coming back into the market, is that a scenario that concerns you? Or do you really need to have demand deteriorate further for some of those more negative scenarios around pricing or price cost to really materialize in your view?

好的。這很有道理。我想您談到了 2026 年可能出現的更極端的負面需求環境以及這種可能性。但是，如果我們考慮到需求再次陷入停滯，也許一些競爭力量又會重新回到市場，這種情況會讓您擔心嗎？或者，您認為，是否真的需要需求進一步惡化，才能真正實現有關定價或價格成本的一些更負面的情況？

We say it doesn't concern me. I certainly would prefer not to have another year of muted demand, all the way through '26. Not as much fun as a better economy. I don't really know what to tell you from a price perspective if we got into a full year of, let's say, 75% utilization of capacity. Could there be some erosion in price?

我們說這與我無關。我當然不希望再經歷一年需求低迷的時期，直到 26 年。不如經濟好轉有趣。如果我們全年的產能利用率達到 75%，那麼從價格角度來看我真的不知道該告訴你什麼。價格會有所下降嗎？

Yes, I mean, there could be, I guess, you've got a full year of 75% kind of utilization rates again into '26. But I also do believe that there's still a lot of pent-up inflation that these manufacturers are -- have eaten. And there's still a lot of investments to be done. I mean there's -- the whole industry is not completely ready to go to -- away from synthetic yet and synthetic continues to go away. So there's still that challenge.

是的，我猜，到 26 年，全年的利用率可能會再次達到 75%。但我也確實相信，這些製造商仍然承受著大量被壓抑的通貨膨脹。還有很多投資要做。我的意思是，整個產業還沒有完全準備好擺脫合成燃料，而且合成燃料還在繼續消失。所以仍然存在這個挑戰。

Okay, no, that's very helpful perspective. Thank you.

好的，不，這是一個非常有用的觀點。謝謝。

Thanks Kurt.

謝謝庫爾特。

Thank you. Ladies and gentlemen, this concludes today's question-and-answer session and today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

謝謝。女士們、先生們，今天的問答環節和活動到此結束。現在您可以斷開線路或退出網路廣播，享受剩餘的一天。

Thank you.

謝謝。