Installed Building Products Inc (IBP) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Installed Building Products first quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Darren Hicks, Vice President of Investor Relations. Please go ahead.

您好，歡迎參加已安裝建築產品 2025 年第一季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Darren Hicks。請繼續。

Good morning, and welcome to Installed Building Products first quarter 2025 earnings conference call. Earlier today we issued a press release on our financial results for the first quarter, which can be found in the investor relations section of our website.

早安，歡迎參加已安裝建築產品 2025 年第一季財報電話會議。今天早些時候，我們發布了第一季財務業績的新聞稿，您可以在我們網站的投資者關係部分找到。

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based on management's current beliefs and expectations and are subject to factors that could cause actual results to differ materially from those described today.

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聯邦證券法所定義的前瞻性陳述。這些前瞻性陳述是基於管理層當前的信念和期望，並受可能導致實際結果與今天描述的結果大不相同的因素的影響。

Please refer to our SEC filings for cautionary statements and risk factors. We undertake no -- no duty or obligation to update any forward-looking statement as a result of new information or future events, except as required by federal securities laws. In addition, management refers to certain non-GAAP and adjusted financial measures on this call.

請參閱我們向美國證券交易委員會提交的文件，以了解警示聲明和風險因素。除聯邦證券法要求外，我們不承擔因新資訊或未來事件而更新任何前瞻性聲明的責任或義務。此外，管理階層在本次電話會議上提到了某些非公認會計準則和調整後的財務指標。

You can find a reconciliation of such non-GAAP measures to the nearest GAAP equivalent in the company's earnings release and investor presentation. Both of which are available in the investor relations section of our website.

您可以在公司的收益報告和投資者介紹中找到此類非 GAAP 指標與最接近的 GAAP 指標的對帳表。上述資訊均可在我們網站的投資者關係部分找到。

This morning's conference call is hosted by Jeff Edwards, our Chairman and Chief Executive Officer; and Michael Miller, our Chief Financial Officer, and we are also joined by Jason Niswonger, our Chief Administrative and Sustainability Officer.

今天早上的電話會議由我們的董事長兼首席執行官 Jeff Edwards 主持；以及我們的首席財務官邁克爾·米勒 (Michael Miller)，還有我們的首席行政和可持續發展官傑森·尼斯旺格 (Jason Niswonger)。

Jeff, I will now turn the call over to you.

傑夫，我現在將電話轉給你。

Thanks, Darren, and good morning to everyone joining us on today's call. As usual, I will start the call with some highlights and then turn the call over to Michael, who will discuss our financial results and capital position in more detail before we take your questions.

謝謝，達倫，大家早安，歡迎參加今天的電話會議。像往常一樣，我將首先介紹一些亮點，然後將電話轉給邁克爾，他將在回答您的問題之前更詳細地討論我們的財務表現和資本狀況。

IBP delivered solid first quarter financial results reflecting our focus on maintaining a high level of installation service for our customers across the US. Our core home building customers continued to navigate industry-wide housing affordability challenges in a slower than expected spring selling season. Still, we continue to play our integral role in making homes and buildings as energy efficient and efficiently constructed as possible.

IBP 第一季的財務業績表現穩健，反映出我們致力於為美國各地的客戶提供高水準的安裝服務。在比預期慢的春季銷售季節中，我們的核心住宅建築客戶繼續應對全行業住房負擔能力的挑戰。儘管如此，我們仍繼續發揮不可或缺的作用，使住宅和建築盡可能節能、有效率地建造。

We expect housing demand to remain connected to changes in affordability and the macroeconomic backdrop this year. In the current environment, we are competing from a strong financial position, and our home building customers are operating from a position of health as well, which helps in navigating market uncertainty.

我們預計今年住房需求仍將與負擔能力的變化和宏觀經濟背景相關。在當前環境下，我們憑藉強大的財務實力參與競爭，我們的房屋建築客戶也擁有健康的營運狀況，這有助於我們應對市場不確定性。

Longer term, our view on demand for our installed service is unchanged. We believe long term trends across our residential, commercial end markets are favorable as builders work to meet demand through the increased supply of houses, apartments, and commercial structures.

從長遠來看，我們對已安裝服務的需求的看法沒有改變。我們相信，隨著建築商努力透過增加房屋、公寓和商業建築的供應來滿足需求，我們的住宅和商業終端市場的長期趨勢是有利的。

IBP's business model remains consistent and centered around geographic and product and market growth with a disciplined approach to capital allocation. Throughout our business, we believe that less than 10% of the adverse products we buy and install are sourced outside of the US. We are working with our suppliers to reduce any potential tariff impacts. At present we do not anticipate meaningful disruptions to our business.

IBP 的業務模式保持一致，以地理、產品和市場成長為中心，並採用嚴格的資本配置方法。在我們的整個業務中，我們相信，我們購買和安裝的不良產品中不到 10% 來自美國以外。我們正在與供應商合作，以減少任何潛在的關稅影響。目前，我們預計我們的業務不會受到重大干擾。

Our business continues to generate strong operating cash flow, and we remain committed to investing in growth and prudently returning capital to shareholders throughout economic cycles. During the first quarter, we continued to grow through acquisition. Paid nearly $57 million in cash dividends or $2.07 per diluted share and repurchased approximately $34 million of our common stock.

我們的業務持續產生強勁的經營現金流，我們將繼續致力於在整個經濟週期中投資成長並審慎地向股東返還資本。第一季度，我們透過收購持續成長。支付了近 5,700 萬美元的現金股利或每股 2.07 美元，並回購了約 3,400 萬美元的普通股。

As we pursue initiatives focused on achieving profitable growth and maximizing returns for our shareholders, we remain committed to doing the right thing for our employees, customers, and communities.

在我們致力於實現獲利性成長和股東回報最大化的同時，我們始終致力於為我們的員工、客戶和社區做正確的事情。

Looking at our first quarter sales performance, consolidated sales decreased 1%, and same branch growth was down 4%. In our largest end market, new single family installation sales were down relative to the same period last year, partially due to one less selling day in unusually difficult weather which impacted our ability to complete jobs during the quarter.

從我們第一季的銷售業績來看，綜合銷售額下降了 1%，同店銷售額成長下降了 4%。在我們最大的終端市場，新單戶住宅安裝銷售額與去年同期相比有所下降，部分原因是異常惡劣的天氣導致銷售日減少了一天，影響了我們在本季度完成工作的能力。

On the same branch basis, multifamily sales in our installation segment decreased 5% following a strong year-over-year comparison of a 13% increase in the first quarter of last year. We continue to see strategic growth opportunities as our centralized service-oriented model continues to partner with our existing branch network to broaden our geographic footprint and product offering in the multifamily end market.

在同一分公司基礎上，我們安裝部門的多戶型銷售額下降了 5%，而去年第一季同比增長了 13%。隨著我們的集中式服務導向模式繼續與我們現有的分支網路合作，擴大我們在多戶型終端市場的地理覆蓋範圍和產品供應，我們繼續看到策略成長機會。

On the same branch basis, first quarter commercial sales in our installation segment declined modestly from the prior year. Strong same branch sales growth within our heavy commercial business was offset by a decrease in sales from our light commercial markets.

以同一分行計算，我們安裝部門第一季的商業銷售額較上年同期略有下降。我們重型商用車業務同部門銷售的強勁成長被輕型商用車市場的銷售下降所抵銷。

The strength in our heavy commercial and market was driven in part by successfully winning jobs in the rapidly growing data center construction industry. Based on our current backlog, we expect growth in heavy commercial sales to continue throughout this year.

我們在重型商業和市場中的優勢部分得益於在快速成長的資料中心建設行業中成功贏得工作。根據我們目前的積壓訂單，我們預計今年全年大型商用車的銷售將持續成長。

During the first quarter, cash flow from operating activities increased 9% to $92 million which primarily reflected effective management of working capital. Acquisitions continue to be our top priority as we consider all of our options for capital allocation.

第一季度，經營活動現金流成長 9% 至 9,200 萬美元，主要反映了對營運資金的有效管理。當我們考慮所有資本配置選擇時，收購仍然是我們的首要任務。

Despite our growth over the years, we believe a meaningful opportunity still exists for us to expand our geographic presence and diversify the mix of building products we install across our national branch network.

儘管我們多年來不斷發展，但我們相信仍然存在一個有意義的機會來擴大我們的地理覆蓋範圍並使我們在整個全國分支網絡中安裝的建築產品組合多樣化。

During the 2025 first quarter and in May of 2025, we completed the following acquisitions. A South Carolina-based installer of a diverse mix of after paint products, including closet shelving, shower doors, mirrors, primarily in the new residential and market with annual revenue of nearly $6 million and a Wisconsin-based installer of spray foam and air barrier products in the commercial end market with annual revenue of nearly $4 million.

在2025年第一季和2025年5月，我們完成了以下收購。一家總部位於南卡羅來納州的公司，主要在新住宅市場安裝各種油漆後產品，包括壁櫥架、淋浴門、鏡子，年收入近 600 萬美元；另一家總部位於威斯康辛州的公司，在商業終端市場安裝噴塗泡沫和空氣屏障產品，年收入近 400 萬美元。

To date, we have acquired over $10 million of annual revenue and although dealt is hard to predict, we expect to acquire over $100 million in annual revenue in 2025. Based on the US Census Bureau, single family starts year-to-date through March 2025 have decreased by 6%.

到目前為止，我們的年收入已超過 1,000 萬美元，雖然交易很難預測，但我們預計到 2025 年我們的年收入將超過 1 億美元。根據美國人口普查局的數據，截至 2025 年 3 月，年初至今的單戶住宅開工數量下降了 6%。

We continue to believe that our business is supported by a fundamental undersupply of residential housing and gradual building code adoption for the purpose of improved energy efficiency across the US. Our strong customer relationships, experienced leadership team, national scale, and diverse product categories across multiple and markets are advantages when navigating the ebbs and flows of demand related to the US construction market.

我們仍然相信，我們的業務受到美國住宅供應不足和為提高能源效率而逐步採用的建築規範的支持。我們強大的客戶關係、經驗豐富的領導團隊、全國規模以及跨多個市場的多樣化產品類別，都是我們應對美國建築市場需求起伏的優勢。

Although the uncertainty around tariffs, inflation, and consumer sentiment influences prevailing market conditions in our industry and many others, we remain focused on profitability and effective capital allocation to drive earnings growth and value for our shareholders.

儘管關稅、通貨膨脹和消費者情緒的不確定性影響著我們行業和許多其他行業的現行市場狀況，但我們仍然專注於盈利能力和有效的資本配置，以推動盈利增長和股東價值。

I'm proud of our team's continued success and commitment to doing an excellent job for our customers. To everyone at IBP, thank you. I remain encouraged by our competitive positioning and optimistic about the prospects ahead for IBP and the broader installation and other building product installation business. So with this overview, I'd like to turn the call over to Michael to provide more detail on our first quarter financial results.

我為我們團隊的持續成功和致力於為客戶提供優質服務而感到自豪。我要向 IBP 的每一個人表示感謝。我對我們的競爭定位仍然感到鼓舞，並對 IBP 以及更廣泛的安裝和其他建築產品安裝業務的前景感到樂觀。因此，有了這個概述，我想將電話轉給邁克爾，讓他提供有關我們第一季財務業績的更多詳細資訊。

Thank you, Jeff, and good morning, everyone. Consolidated net revenue for the first quarter decreased 1% to $685 million compared to $693 million for the same period last year. The modest decrease in sales during the quarter reflected single digit declines across all our core and markets, partially offset by revenue from recent acquisitions. Same brand sales were down 4% for the first quarter.

謝謝你，傑夫，大家早安。第一季綜合淨營收為 6.85 億美元，較去年同期的 6.93 億美元下降 1%。本季銷售額的小幅下降反映了我們所有核心市場和市場的個位數下降，但部分被近期收購的收入所抵消。第一季同品牌銷售額下降4%。

Although the components behind our price mix and volume disclosure have several moving parts that are difficult to forecast and quantify, we achieved a 1.5% increase in price during the first quarter. This result was offset by a 5.6% decrease in job volumes relative to the first quarter last year.

儘管我們的價格組合和數量披露背後的組成部分有幾個難以預測和量化的變動部分，但我們在第一季實現了 1.5% 的價格上漲。與去年第一季相比，就業人數下降了 5.6%，抵消了這一結果。

With respect to profit margins in the first quarter, our business achieved adjusted gross margin of 32.7%, down from 33.9% in the prior year period. The margin headwind during the quarter was in part related to higher vehicle insurance and depreciation expense.

就第一季的利潤率而言，我們的業務實現調整後毛利率32.7%，低於去年同期的33.9%。本季利潤率的下降部分與車輛保險和折舊費用的增加有關。

Adjusted selling and administrative expense as a percent of first quarter sales was 20.1% compared to 19% in the prior year period. The increase was due primarily to lower sales and higher administrative wages and higher facility costs.

調整後的銷售和管理費用佔第一季銷售額的百分比為 20.1%，而去年同期為 19%。成長的主要原因是銷售額下降、管理薪資上漲、設施成本上升。

Of the $6 million dollar increase in adjusted selling and administrative expense, $4.4 million was due to acquisitions and startup expenses. Adjusted EBITDA for the 2025 first quarter decreased to $102 million reflecting an adjusted EBITDA margin of 15%, and adjusted net income decreased to $58 million or $2.08 per diluted share.

調整後的銷售和管理費用增加了 600 萬美元，其中 440 萬美元是由於收購和啟動費用。2025 年第一季調整後 EBITDA 下降至 1.02 億美元，調整後 EBITDA 利潤率為 15%，調整後淨收入下降至 5,800 萬美元或每股攤薄收益 2.08 美元。

Although we do not provide comprehensive financial guidance. Based on recent acquisitions, we expect second quarter 2025 amortization expense of approximately $10 million and full year 2025 expense of approximately $40 million.

儘管我們不提供全面的財務指導。根據最近的收購，我們預計 2025 年第二季攤銷費用約為 1,000 萬美元，2025 年全年攤提費用約為 4,000 萬美元。

We would expect these estimates to change with any acquisitions we close in future periods. Also, we continue to expect an effective tax rate of 25% to 27% for the full year ending December 31, 2025. Now let's look at our liquidity position, balance sheet, and capital requirements in more detail.

我們預計這些估計會隨著我們未來期間完成的任何收購而改變。此外，我們繼續預期截至 2025 年 12 月 31 日的全年有效稅率為 25% 至 27%。現在讓我們更詳細地了解我們的流動性狀況、資產負債表和資本要求。

For the three months ended March 31, 2025, we generated $92 million in cash flow from operations compared to $85 million in the prior year period. The year-over-year increase in operating cash flow was primarily associated with improvements in working capital, which more than offset lower net income.

截至 2025 年 3 月 31 日的三個月，我們的營運現金流為 9,200 萬美元，去年同期為 8,500 萬美元。經營現金流年增主要與營運資本改善有關，足以抵銷淨收入的下降。

At March 31, 2025. We had a net debt trailing 12 month adjusted EBITDA leverage ratio of 1.17 times compared to 0.97 times at March 31, 2024, which remains well below our stated target of 2 times. At March 31, 2025, we had $351 million in working capital excluding cash and cash equivalents.

截至2025年3月31日。我們的淨債務過去 12 個月調整後的 EBITDA 槓桿率為 1.17 倍，而 2024 年 3 月 31 日為 0.97 倍，仍遠低於我們設定的 2 倍目標。截至 2025 年 3 月 31 日，我們的營運資金（不含現金及現金等價物）為 3.51 億美元。

Capital expenditures and total incurred finance leases for the three months ended March 31, 2025, were approximately $21 million combined, which was approximately 3% of revenue. With our strong liquidity position and modest financial leverage, we continue to prioritize expanding the business through acquisition and returning capital to shareholders.

截至 2025 年 3 月 31 日的三個月的資本支出和發生的融資租賃總額總計約為 2,100 萬美元，約佔收入的 3%。憑藉強大的流動性狀況和適度的財務槓桿，我們繼續優先透過收購來擴大業務並向股東返還資本。

During the 2025 first quarter, IBP repurchased 200,000 shares of its common stock at a total cost of $34 million. At March 31, 2025, the company had approximately $466 million available under its stock repurchase program. IBP's Board of Directors approved the second quarter dividend of $0.30 -- $0.37 per share, which is payable on June 30, 2025, to stockholders of record on June 13, 2025. The second quarter dividend represents a 6% increase over the prior year period.

2025 年第一季度，IBP 回購了 20 萬股普通股，總成本為 3,400 萬美元。截至 2025 年 3 月 31 日，該公司根據股票回購計畫可用資金約為 4.66 億美元。IBP 董事會批准第二季股利為每股 0.30 至 0.37 美元，將於 2025 年 6 月 30 日支付給 2025 年 6 月 13 日登記在冊的股東。第二季的股利比去年同期增加了 6%。

With this overview, I will now turn the call back to Jeff for closing remarks.

概述完畢後，我現在將電話轉回給傑夫，請他作最後發言。

Thanks, Michael. I'd like to conclude our prepared remarks by once again thanking IBP employees for their hard work and commitment to our company. Our success over the years is made possible because of all of you. Operator, let's open up the call for questions.

謝謝，麥可。在結束我們的演講時，我想再次感謝 IBP 員工為我們公司所做的辛勤工作和承諾。我們這些年來的成功都是因為你們大家的努力才得以實現的。接線員，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Stephen Kim, Evercore ISI.

史蒂芬金 (Stephen Kim)，Evercore ISI。

Hi, this is a (inaudible) for Stephen. Thanks for taking the question. I just wanted to get an idea of how you're managing your labor force in this pressure demand environment.

你好，這是給史蒂芬的（聽不清楚）。感謝您回答這個問題。我只是想了解一下在這種壓力需求環境下您是如何管理勞動力的。

Hi, this is Michael. Good morning. I think you really have to break it down into the various labor components in terms of the install labor versus the salesforce and then the G&A labor. The install labor really fluctuates consistently with the volume of jobs.

你好，我是麥可。早安.我認為你確實必須將其分解為各種勞動力組成部分，包括安裝勞動力、銷售人員以及一般行政費用 (G&A) 勞動力。安裝勞動力實際上隨著工作量而不斷波動。

So our intention is really never to hold crews when it comes to the install labor. There is an exception to that statement, and it would be times like we had in the first quarter where you had both the California fires and some of the severe weather in the bottom half of the country.

因此，我們的真正目的是絕不在安裝勞動力方面阻止施工隊。這句話也有例外，就像我們在第一季所經歷的那樣，當時既有加州大火，又有美國下半部的一些惡劣天氣。

In those instances you will hold labor because you know that it's a temporary situation. But when you're in a situation where there's a prolonged headwind relative to volume you would then obviously adjust your install labor to meet that demand expectation. As it relates to the salesforce. I mean, generally speaking, you're not adjusting your sales force in terms of headcount unless it's a situation where you expect to have significant prolonged headwinds as it relates to volume.

在這些情況下，你會暫停分娩，因為你知道這只是暫時的情況。但是，當您處於相對於產量而言長期面臨逆風的情況時，您顯然會調整安裝勞動力以滿足需求預期。因為它與銷售人員有關。我的意思是，一般來說，你不會在員工人數方面調整銷售隊伍，除非你預期在銷售量方面會面臨長期重大阻力。

In terms of the G&A labor force, we're constantly looking to optimize and have the right headcount and right people doing the right things within G&A. I would say that, clearly a focus of ours has been to make sure that, we have optimization within the G&A ranks, and that's obviously something that we're continuing to focus on and will focus on. And would expect to see some reductions in the G&A workforce as we're going forward here through the rest of the year.

在 G&A 勞動力方面，我們一直在尋求優化，擁有合適的員工數量和合適的人在 G&A 部門做正確的事情。我想說的是，我們的重點顯然是確保 G&A 等級得到優化，這顯然是我們將繼續關注並將繼續關注的事情。並且預計在今年剩餘時間內，G&A 員工的數量將會減少。

Great, thank you. And if I could just get one more follow up on the multi-family side, can you, it was touched upon briefly in the prepared remarks, but can you talk about how the [CQ] team is helping the branches manage through pressure in that end market?

太好了，謝謝。如果我可以再跟進一下多戶型住宅方面的問題，您在準備好的發言中已經簡要提到了這一點，但是您能否談談 [CQ] 團隊如何幫助分支機構應對終端市場的壓力？

Sure, that's a great question. As you know units under construction right now are down 20% from their peak last year, so from March of last year to March of this year, which is a huge headwind, and we are extremely proud of what the team was able to do with a 20% headwind having multi-family revenue only down 5% is in part a direct result of the benefits that we're seeing from CQ.

當然，這是一個很好的問題。如您所知，目前正在建設的單位數量比去年的峰值下降了 20％，因此從去年 3 月到今年 3 月，這是一個巨大的阻力，我們為團隊能夠克服 20％ 的阻力而感到非常自豪，多戶型收入僅下降了 5％，這在一定程度上是我們從 CQ 看到的收益的直接結果。

As I think everyone on the call knows, CQ does not manage all of our multi-family revenue. They only manage around 45% of our multi-family revenue. And they continue to show up positive results on the multi-family revenue that they're managing. Their backlog continues to be very solid, so we feel very strongly that we will continue to outperform the multi-family opportunity.

我想電話裡的每個人都知道，CQ 並不管理我們所有的多戶家庭收入。他們僅管理我們約 45% 的多戶家庭收入。他們所管理的多戶家庭收入持續取得正面成果。他們的積壓訂單仍然非常充足，因此我們堅信，我們將繼續在多戶型住宅機會方面取得優異表現。

That being said, we believe that units under construction need to come down at least another 10% in order to stabilize relative to historical trends based on current multi-family starts rates, although we do think multi-family starts have bottomed, as I'm sure everybody realizes, multi-family starts here today, as reported by the Census Bureau are up 9%. So We think that's encouraging for multi-family, the multi-family industry in '26, but we do think that the headwinds for multi-family for us and for the industry will persist through 2025.

話雖如此，我們認為，根據目前的多戶型住宅開工率，在建房屋數量需要至少再下降 10% 才能相對於歷史趨勢保持穩定，儘管我們確實認為多戶型住宅開工率已經觸底，但我相信每個人都意識到，正如人口普查局報告的那樣，今天的多戶型住宅開工率上漲了 9%。因此，我們認為這對於 26 年的多戶型住宅和多戶型住宅行業來說是令人鼓舞的，但我們確實認為，對於我們和整個行業來說，多戶型住宅面臨的阻力將持續到 2025 年。

Thanks for that. It's Steve. I just wanted to follow up real quickly. You mentioned the California fire and the weather impacts in the corridor on the residential [Singam]. I was wondering if you could quantify, roughly how large each of those was as a headwind in the quarter, and do you expect to fully recover that in 2Q or just how do we, how should we be thinking about the going forward outlook there?

謝謝。我是史蒂夫。我只是想盡快跟進。你提到了加州火災和天氣對住宅走廊的影響[辛甘]。我想知道您是否可以量化這些因素在本季度造成的阻力大概有多大，您是否預計這些阻力會在第二季度完全恢復，或者我們應該如何看待未來的前景？

Yeah, I mean the lost day is, call it $10 to $12 million. The day is lost, so for the year we have one less settling day. So that, we don't really necessarily make that up in terms of the weather impact, we estimate that was on a net basis because we did make some of it up in March was probably another $10 million to $20 million. Unfortunately, there's a little bit longer tail on that than there normally would be for a couple of reasons. One, the continued softness or the softness in single family combined with the fact that it wasn't just that we couldn't get to the job site, it was that all the other trades couldn't get to the job sites as well.

是的，我的意思是每天的損失大約是 1000 萬到 1200 萬美元。這一天已經過去了，所以今年我們又少了一個結算日。因此，我們實際上不一定會在天氣影響方面彌補這一點，我們估計這是淨額，因為我們在 3 月確實彌補了一些，大概是 1000 萬到 2000 萬美元。不幸的是，由於幾個原因，它的尾巴比正常情況下要長一點。一是持續的疲軟或單戶住宅的疲軟，再加上我們不僅無法到達工作現場，而且所有其他工種也無法到達工作現場。

So it's just sort of pushed out the recovery, if you will, of that additional revenue. And I think it'll be sort of measured throughout the second quarter and third quarter basically that we catch up on that lost revenue opportunity.

所以如果你願意的話，這只是推遲了額外收入的恢復。我認為，我們將在第二季和第三季進行衡量，以彌補失去的收入機會。

Okay. Great. Thanks a lot guys.

好的。偉大的。非常感謝大家。

Sure.

當然。

Michael Rehaut, JP Morgan.

摩根大通的麥可雷豪特。

Hi, this is Alex Isaac on for Mike. Thanks for taking my question. I want to ask related to trends in single family. How do you view between different end markets like production, regional, like local and custom, as well as like different regional areas. How do you sort of view the trends in those specific end markets?

大家好，我是 Alex Isaac，代表 Mike 報到。感謝您回答我的問題。我想問一下單身家庭趨勢的問題。您如何看待不同的終端市場，例如生產、區域、本地和定制，以及不同的區域。您如何看待這些特定終端市場的趨勢？

Well, there I would say that in the quarter, right, our regional and local builder business was slightly better than the production builder or public builder business. We kind of think of the production builder business being aligned with the public.

嗯，我想說的是，在本季度，我們的區域和本地建築商業務略好於生產建築商或公共建築商業務。我們認為生產建設商的業務是與公眾保持一致的。

In the fourth quarter call last year, we mentioned that one of the things that we do every quarter is we measure orders and backlog at all the production builders or public builders combined with either their guidance or consensus relative to their revenue.

在去年第四季的電話會議上，我們提到，我們每季要做的事情之一就是衡量所有生產建築商或公共建築商的訂單和積壓訂單，並結合他們相對於收入的指導或共識。

When we compare that to -- and weight that based on our revenue with those public builders as we mentioned in the fourth quarter call, a couple of months ago, that based on those numbers or estimates, it came out to be a plus 3% for us on single family revenue with the public builders. Doing that same analysis this quarter, it's a minus 3% on the single family side with the public builders.

當我們將其與幾個月前第四季度電話會議上提到的與公共建築商的收入進行比較並進行加權時，根據這些數字或估計，我們發現與公共建築商合作的單戶住宅收入增長了 3%。本季進行同樣的分析，公共建築商建造的獨棟住宅價格為負 3%。

So we think that's a fairly key or a fairly decent indicator of where the public will be, at least based on people's expectations now. We would probably expect that we're going to continue to see the regional and local builder doing slightly better than that just given our footprint and our experience with them.

因此，我們認為這是一個相當關鍵或相當不錯的指標，可以表明公眾的立場，至少根據人們現在的期望來看是如此。考慮到我們的足跡和與他們的合作經驗，我們可能會預期區域和本地建築商的表現會繼續略好。

There has been a relative strength in a very in a weak market with some big custom home builders. Obviously the custom builders are less susceptible to some of the both macro-economic uncertainty and current rate environment just given the nature of the customer there. In terms of on a regional basis for single family, I think it's a lot of people have talked about this. Florida is very weak. Texas for us is still pretty solid, the West Coast is solid.

在非常疲軟的市場中，一些大型客製化住宅建築商表現相對強勁。顯然，考慮到客戶的性質，客製化建築商不太容易受到宏觀經濟不確定性和當前利率環境的影響。就單戶住宅的區域基礎而言，我認為很多人都討論過這個問題。佛羅裡達州非常弱。對我們來說，德州仍然相當穩固，西海岸也相當穩固。

We feel good about the Northeast and the Midwest, quite frankly. They seem to be pretty solid as well. The Mid-Atlantic is good, not great. But clearly our expectations for single family on a macro level just like everyone else's has changed in the past couple of months where I think we were all constructively at least flat to modestly up, whereas I would say that we'll be at best flat, probably down, mid to low single digits on the single family side this year.

坦白說，我們對東北部和中西部地區感覺良好。它們看起來也相當堅固。中大西洋地區不錯，但不是很好。但顯然，我們對單戶住宅的宏觀預期與其他人一樣，在過去的幾個月裡發生了變化，我認為我們都至少是持平或略有上升，而我想說，今年單戶住宅方面我們最多會持平，可能會下降，中低個位數。

Thanks. That makes a lot of sense. Appreciate all the color on that. And then, as my follow up was curious, on material prices like throughout the year and then into '26, how do you view those, especially with more like installation supply coming online?

謝謝。這很有道理。欣賞上面的所有色彩。然後，由於我的後續問題很好奇，對於全年以及 26 年的材料價格，您如何看待這些價格，尤其是隨著更多類似安裝供應的上線？

I mean the environment continues to be very benign.

我的意思是環境仍然非常良好。

Yeah, it's healthy. But certainly probably not inflationary.

是的，它很健康。但肯定不會導致通貨膨脹。

With the exception, of course, of, there's a lot of uncertainty around the tariff impacts. Fortunately, we source very large portion over 90% of what we buy, we source domestically, based on what we're -- what's been announced combined with working with our suppliers and negotiating with our suppliers for the things that we don't source domestically. We estimate that the impact of the tariffs could be anywhere between $10 million to $20 million which is about 1% of the cost of sales for us. So it's a pretty nominal impact, but it's still there.

當然，除了關稅影響存在許多不確定性之外。幸運的是，我們採購的商品中有很大一部分（超過 90%）都是在國內採購的，這取決於我們已宣布的計劃以及與供應商的合作情況，以及與供應商就我們不在國內採購的商品進行的談判。我們估計關稅的影響可能在 1000 萬美元到 2000 萬美元之間，約佔我們銷售成本的 1%。因此，它的影響很小，但仍然存在。

And obviously we will work to pass on any of those costs to our customers, but clearly it's not the best operating environment when it comes to any kind of an increased cost in an environment where -- you're seeing headwinds from a volume perspective.

顯然，我們會努力將這些成本轉嫁給我們的客戶，但從數量角度來看，當成本增加時，這顯然不是最佳的營運環境——你會看到逆風。

There's a lot of sense. Just a quick follow up on that. Would you say that the sourcing is -- like your individual sourcing is uniquely like more domestic or that's industry wide?

這很有道理。對此進行快速跟進。您是否認為採購是－就像您的個人採購是獨一無二的，更像國內採購還是整個產業的採購？

That's pretty representative of the products that we handle in the industry that we compete in that's pretty representative of the industry.

這非常具有代表性，代表了我們在所競爭的行業中經營的產品。

Yeah, and I would say that there are some of our suppliers, like, for example, our big suppliers of spray foam, there's a lot of talk about MDI and the cost of some of the inputs for spray foam going up that are sourced internationally.

是的，我想說的是，我們的一些供應商，例如我們的噴塗泡沫的大型供應商，有很多關於 MDI 的討論，而且一些噴塗泡沫投入的成本正在上漲，而這些投入的來源都是國際性的。

The bulk of our spray foam suppliers source their products and their chemicals domestically, so they're not susceptible necessarily to some of those restrictions. Now one thing that we haven't factored into that $10 million to $20 million and I think is really uncertain as to what the implications will be is. What if any -- so we feel fortunate that our suppliers are sourcing their materials domestically, but because other vendors may be sourcing their materials internationally.

我們的噴塗泡沫供應商大多在國內採購其產品和化學品，因此他們不一定受到其中一些限制的影響。現在，我們還沒有將這 1000 萬到 2000 萬美元考慮進去，我認為其影響確實不確定。如果有的話——所以我們感到幸運的是我們的供應商在國內採購材料，但因為其他供應商可能在國際上採購材料。

We don't know what the impact that will be on the overall price in the market. I mean, theoretically, a domestic distributor, supplier would increase their price of goods if the price of the internationally sourced goods are going up because of tariffs.

我們不知道這會對市場整體價格產生什麼影響。我的意思是，從理論上講，如果國際採購商品的價格因關稅而上漲，國內分銷商和供應商就會提高其商品價格。

Right. Yeah, that makes a lot of sense. I appreciate all the color on that.

正確的。是的，這很有道理。我很欣賞這一切的色彩。

Sure.

當然。

(Operator Instructions)

（操作員指示）

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Good morning, everyone.

大家早安。

Good morning, Susan.

早安，蘇珊。

Thinking a bit about the Gross margin, it sounds like there were some one time or sort of unique things that came through in the first quarter that may have been factors to that. So I guess can you talk a bit about what we saw in the first quarter and then how you're thinking about this set up for this year, given your focus on profitability and the service that you offer relative to the environment that we are in which starts coming down.

稍微考慮一下毛利率，聽起來好像第一季出現了一些一次性或獨特的事情，可能是造成這種情況的因素。所以我想您能否談談我們在第一季看到的情況，然後考慮到您關注的是盈利能力以及相對於我們所處的環境而言您所提供的服務，您對今年的安排有何看法？

Yeah, thanks for that question, Susan. So within cost of goods sold, our fleet expenses basically for the install fleet. So that includes depreciation, fuel and vehicle insurance. Because of the decline in sales and the increase in depreciation and increase in vehicle insurance, that was a headwind to the gross margin in the first quarter of about 60 basis points. While those costs are not fixed, they certainly don't. There's not variable relative to the volume of jobs very quickly. So they have a very lagging effect from a variability perspective.

是的，謝謝你的提問，蘇珊。因此，在銷售成本中，我們的車隊費用基本上是用於安裝車隊。其中包括折舊、燃料和車輛保險。由於銷售額下降、折舊增加以及車輛保險增加，這對第一季的毛利率造成了約 60 個基點的阻力。雖然這些成本不是固定的，但肯定不是。相對於工作量而言，變化並不大。因此，從可變性角度來看，它們具有非常滯後的影響。

Then, as we had mentioned in the fourth quarter call as well, on both spray foam and the other segments, so again that's our distribution and manufacturing segment which naturally has a lower gross margin, had better sales growth relative to the install segment. So as a consequence, those two things combined had about another 30 basis points of headwinds to gross margin in the quarter.

然後，正如我們在第四季度電話會議上提到的那樣，無論是噴塗泡沫還是其他部分，我們的分銷和製造部分自然具有較低的毛利率，但相對於安裝部分而言，銷售成長更好。因此，這兩件事加在一起對本季的毛利率造成了約 30 個基點的阻力。

Going forward for the rest of the year, I mean, we have talked about on a full year basis adjusted gross margin being in that range of 32 to 34. Obviously in the first quarter, we were at the lower end of that range. Historically, the first quarter is the lowest gross margin quarter because it's your lowest volume quarter. We would expect that to be the case through the rest of the '25 as well.

展望今年剩餘時間，我的意思是，我們已經討論過全年調整後的毛利率將在 32 至 34 的範圍內。顯然，在第一季度，我們處於該範圍的低端。從歷史上看，第一季是毛利率最低的季度，因為這是銷量最低的季度。我們預計在 2025 年剩餘時間裡情況也將如此。

However, I would caveat that and say that, we believe that, as we said in answer to the previous questions, that there will definitely be headwinds to volumes and demand for single family and multi-family throughout '25.

然而，我要提出一點警告，我們相信，正如我們在回答前面的問題時所說的那樣，在整個 25 年，單戶住宅和多戶住宅的數量和需求肯定會面臨阻力。

Okay. That's very helpful color, Michael. And then, speaking about price mix and appreciating the comments that you've already given, but it's good to see that that's holding positive even with a tough comp in there. As you think about just the set up for this year, can you talk about your ability to continue to see the benefits of that coming through and to keep that positive?

好的。這顏色很有幫助，麥可。然後，談論價格組合並感謝您已經給出的評論，但很高興看到即使在艱難的競爭中，價格仍然保持積極。當您考慮今年的安排時，您能否談談您是否有能力繼續看到由此帶來的好處並保持積極的態度？

Yeah, quite honestly, it's really lapping increases from still increases that happened in the -- kind of back half of last year. So as we said, relative to material costs that are very benign, we would expect that pricing would be very benign as well and that we wouldn't continue to see positive benefits throughout the year.

是的，說實話，這一增幅確實超過了去年下半年的增幅。因此，正如我們所說，相對於非常溫和的材料成本，我們預計定價也會非常溫和，我們不會在全年繼續看到積極的好處。

Okay, thank you. Good luck with everything.

好的，謝謝。祝一切順利。

Sure.

當然。

Michael Dahl, RBC Capital Markets.

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

Hi, thanks for taking my question. Let me talk through kind of the cadence a little bit more. I mean, appreciate the comments around the changing macro views. Yeah, you're a large supplier was talking about download in mid 10s in US resi yesterday and in their installation business. Your peers seem to be indicating pretty sharp declines in 2Q.

你好，謝謝你回答我的問題。讓我再多談談這種節奏。我的意思是，欣賞圍繞不斷變化的宏觀觀點的評論。是的，您是一家大型供應商，昨天正在談論美國住宅下載量在 10% 左右以及他們的安裝業務。您的同行似乎預測第二季度會出現相當急劇的下滑。

Yeah, I think both those are probably a combination of some of the single family and multi-family, but, can you just talk through kind of near term cadence, how you'd expect that volume progression to look particularly on the resi side but then I'm also curious the blend of heavy versus commercial. You were still down in the quarter on commercial overall. So maybe just talk through that that part as well, how that blends out.

是的，我認為這兩者可能都是單戶住宅和多戶住宅的結合，但是，您能否談談近期的節奏，您預計成交量的增長會如何，特別是在住宅方面，但我也很好奇重型住宅和商業住宅的融合。本季你們的商業整體表現仍然下滑。因此也許也只是討論一下那部分，它是如何融合的。

Sure, as you know, we don't provide guidance, but we definitely do think that there are going to be headwinds in the residential side, both single family and multi-family through the year, not just in the second quarter. So we think that those headwinds are going to persist unless there's some significant change in consumer confidence.

當然，如您所知，我們不提供指導，但我們確實認為，住宅方面將面臨阻力，無論是單戶住宅還是多戶住宅，而不僅僅是在第二季度。因此我們認為，除非消費者信心發生重大變化，否則這些不利因素將持續存在。

We do think -- particularly on the single family side. As we said to the answer to an earlier question, we do think that multi-family starts the bottom. We think that given the affordability issue that exists with single family. It does play into the strains of multi-family in terms of people's need for housing, but looking to multi-family as a temporary step before they do buy a single family home. As Jeff said in his prepared remarks, we feel very confident about the long term prospects of the core residential business, and so we feel very good about that.

我們確實這麼認為——特別是在單身家庭方面。正如我們在回答先前的問題時所說的那樣，我們確實認為多戶型住宅是從最底層開始。我們認為，考慮到單戶住宅存在的負擔能力問題。就人們的住房需求而言，它確實減輕了多戶住宅的壓力，但他們將多戶住宅視為購買單戶住宅之前的臨時措施。正如傑夫在準備好的演講中所說，我們對核心住宅業務的長期前景非常有信心，因此我們對此感到非常高興。

But again, we're going to have headwinds in throughout '25 in our opinion as it relates to both single family and multi-family. As it relates to the commercial business, I mean, the heavy commercial business is performing exceedingly well.

但我們認為，2025 年我們仍將面臨阻力，因為這與單戶住宅和多戶住宅有關。就商業業務而言，我的意思是，重型商業業務表現非常好。

That business was up over 14% in the quarter, and we're continuing to see very strong, solid backlogs and bidding in that business, and we suffered through a lot of pain in that business for a couple of years and are really pleased to see how well the team is just performing and executing in the heavy commercial side.

該業務在本季度增長了 14% 以上，我們繼續看到該業務非常強勁、穩固的積壓訂單和競標，我們在該業務上經歷了幾年的巨大痛苦，非常高興地看到團隊在重型商業方面表現和執行得如此出色。

Offsetting that was a little over 10% decline in the light commercial business, as you can tell from those differences, the light commercial business is still larger than the heavy commercial business, although that will probably flip by the end of the year given the current sales trends that we expect.

與此相抵消的是輕型商用業務略高於 10% 的降幅，從這些差異可以看出，輕型商用業務仍然比重型商用業務規模大，儘管考慮到我們預期的當前銷售趨勢，這種情況到年底可能會發生逆轉。

But we do expect the light commercial business, which is the worst performing part of our business or end market right now to continue to be weak. We would expect some recovery as we go into sort of the back half of the year, but when we think of it on a full year basis, the light commercial business will definitely be the weakest part of our end market segments.

但我們確實預期輕型商用業務（目前我們業務或終端市場中表現最差的部分）將繼續疲軟。我們預計進入下半年時會出現一些復甦，但從全年來看，輕型商用業務肯定是我們終端市場中最薄弱的部分。

Okay, that's very helpful. The second question, maybe just digging into the margins a little bit more, so I guess those impacts from like the vehicle stuff in particular, presumably it works in both directions so you would have benefited from it when sales were up and now sales are down. So it's getting spread across the smaller base. So when we think about that through the year -- is that something that's going to pressure your decrementals like there's a lot going on right with Nick and with that, but how do you think about the decrementals in the environment?

好的，這非常有幫助。第二個問題，也許只是稍微深入挖掘一下利潤率，所以我想那些來自車輛方面的影響，特別是來自車輛方面的影響，大概是雙向的，所以當銷售額上升而現在銷售額下降時，你會從中受益。因此它正在較小的範圍內傳播。因此，當我們考慮全年的情況時——這會給你的遞減量帶來壓力嗎？就像尼克身上發生了很多事情一樣，但是你如何看待環境中的遞減量？

Yeah, there's no doubt that it provides a headwind to the decrementals because we -- that in essence those costs are relatively fixed and we've talked a lot about decrementals and variable costs and we like to think of all costs being variable over time, but the reality is that when you're looking over say a 12 month to 18 month time frame, some of your costs are fixed.

是的，毫無疑問，這會對遞減成本造成阻力，因為從本質上講，這些成本是相對固定的，我們已經討論了很多關於遞減成本和變動成本的問題，我們喜歡認為所有成本都會隨著時間而變動，但事實是，當你回顧 12 個月到 18 個月的時間範圍時，你的部分成本是固定的。

There's certain insurance costs that are fixed. In essence, brand facility costs are basically fixed. And so when we think it over sort of a 12 month time frame, we think of there being and I'm thinking of our total cost structure now, not just cost of goods sold, but that roughly 10% of our cost structure is fixed, about, 15% of our cost structure is lagging variable, so it takes time before it adjusts to changes in volume.

某些保險費用是固定的。本質上，品牌設施成本基本上是固定的。因此，當我們考慮 12 個月的時間範圍時，我們會想到，我現在考慮的是我們的總體成本結構，不僅僅是銷售商品的成本，而且大約 10% 的成本結構是固定的，大約 15% 的成本結構是滯後變量，因此需要時間來適應數量的變化。

And then about 75% of our overall costs are directly variable. The largest components of that being material and the install labor. So when you're in a situation when you have volumes decline when you had an expectation for volumes being flat or up, the fixed and lagging variable component of your cost structure really presents a significant headwind to margins and decremental margins. And that obviously came through in our same branch incrementally the margin, decremental margin in the quarter as everyone saw.

我們總成本的約 75% 都是直接變動成本。其中最大的組成部分是材料和安裝勞動力。因此，當您預期交易量持平或上升但交易量卻下降時，成本結構中的固定和滯後變數部分確實會對利潤率和遞減利潤率造成重大阻力。顯然，如大家所見，我們同一分行的利潤率在本季呈現遞增、遞減趨勢。

Okay. Thank you very much.

好的。非常感謝。

Sure.

當然。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Hey, good morning, everyone. Thanks for taking my questions. I guess to start on -- maybe working capital and free cash flow, you guys put up some good free cash flow in the quarter, seeing improvements in working capital. Michael, do you think this is or this kind of year-over-year improvement continues as we kind of look through the year, with the outlook you have for demand, or how should we be thinking about that?

嘿，大家早安。感謝您回答我的問題。我想先從營運資本和自由現金流開始，你們在本季實現了良好的自由現金流，營運資本有所改善。邁克爾，您認為，當我們回顧這一年，根據您對需求的展望，這種逐年改善的趨勢會持續下去嗎？或者我們應該如何看待這一點？

Yeah I mean it's one of the great things about this business is that when you are in a volume challenged, if you will, environment, the balance sheet naturally shrinks and you generate good free cash flow and given our commentary around what we think volumes are going to be like through on a full year basis, we would expect that we would continue to generate good free cash flow.

是的，我的意思是這項業務的一大優點是，當你處於數量挑戰的環境中時，資產負債表自然會縮小，你就會產生良好的自由現金流，並且根據我們對全年交易量的看法，我們預計我們會繼續產生良好的自由現金流。

Yeah, and then on the M&A side, you still have a target of $100 million revenue for this year. Clearly it's up to a little slower start maybe, and I know these things can be lumpy, but have you seen any change at all up there in the kind of in the pipeline as the outlook has gotten maybe a little more challenged and demand has, been a little weaker. Any change in the appetite on the M&A side from sellers?

是的，在併購方面，今年你的目標仍然是 1 億美元的收入。顯然，這可能是因為起步有點慢，我知道這些事情可能會不穩定，但是，隨著前景可能變得更具挑戰性，需求也有點疲軟，您是否看到管道方面有任何變化？賣方在併購方面的興趣有變化嗎？

No, this is Jeff, but no, not really, not at all. They're just like as you said, and we've said before, they are kind of lumpy and we're not control the timing a lot of times, but there's plenty of still kind of active negotiations and you know candidates out there.

不，這是傑夫，但不，真的不是，一點也不。正如您所說，我們之前也說過，它們有點不均勻，很多時候我們無法控制時間，但仍有許多積極的談判，您知道有很多候選人。

And M&A is absolutely our number one priority.

併購絕對是我們的首要任務。

Yeah, sure. Okay, got it. I'll pass it on. Thanks.

是的，當然。好的，明白了。我會傳達的。謝謝。

Sure.

當然。

Philip Ng, Jeffries.

Philip Ng，傑弗里斯。

Hey, guys, this is Maggie Miller on for Phil. First, going back to price mix that piece is holding up. Maybe you could break out the price versus mixed components of that and how you see specifically the mixed piece trending through the year.

嘿，大家好，我是 Maggie Miller，為 Phil 主持。首先，回顧價格組合這一塊。也許你可以將價格與混合成分進行對比，並具體看看混合部分在全年的趨勢。

And I know you've called out a relatively benign cost environment so far, but if we continue to see these demand headwinds, and you know there there's additional capacity coming on -- how do you think about the risk that fiberglass pricing falls and your ability to hold price and that type of backdrop?

我知道您到目前為止已經指出了相對溫和的成本環境，但如果我們繼續看到這些需求逆風，並且您知道還有額外的產能即將出現——您如何看待玻璃纖維價格下跌的風險以及您維持價格的能力和這種背景？

So I'll just -- I'll talk to the first part of that question and then Jeff can kind of talk to the second part of that question, although I would say we don't expect fiberglass pricing to to decline. As we've talked on numerous calls, the price mix disclosure for us is a very complicated disclosure, and there are a lot of moving pieces to it.

所以我只是 - 我會談談這個問題的第一部分，然後傑夫可以談談這個問題的第二部分，雖然我想說我們不希望玻璃纖維價格下降。正如我們在多次電話會議中談到的那樣，價格組合披露對我們來說是一個非常複雜的披露，其中涉及許多變化的部分。

What I would say is a couple of things, it does not include the price mix and volume disclosures do not include the heavy commercial business, right? So the fact that that business is very solid, pricing is very good and is up. It is not reflective in the price calculation.

我想說的是幾件事，它不包括價格組合，而且數量披露也不包括重型商業業務，對嗎？事實是，該業務非常穩固，定價非常好，而且還在上漲。它沒有反映在價格計算中。

What you're seeing in the price mix calculation is, as I mentioned in the answer to a previous question is there's definitely carry over pricing from last year that is keeping that positive, if you will. Combined with the fact that the production, as I mentioned earlier, the regional and local builders are performing slightly better than the public builders within our revenue base, just given the nature of our customers there.

正如我在回答上一個問題時所提到的，您在價格組合計算中看到的是，肯定存在去年的結轉定價，如果您願意的話，這將保持正值。結合生產的事實，正如我之前提到的，考慮到我們那裡客戶的性質，區域和本地建築商的表現在我們的收入基礎內略優於公共建築商。

What is presenting a challenge though to the price mix calculation, at least the way that we disclose it, is that you know the multi-family sales being down slightly more than the other components of price mix is obviously a headwind to that.

然而，對價格組合計算（至少是我們披露的方式）提出的挑戰是，您知道多戶型房屋銷售額的下降幅度比價格組合的其他組成部分略高，這顯然是一個阻力。

So what our expectation would be and I sort of alluded to this and the answer to -- one of the other questions is that, if things sort of stay the way that they are right in terms of a little bit more pressure on, well, significantly better than the overall market opportunity, more pressure on multi-family volumes than single family volumes. It would continue to add pressure and headwind to the price disclosure. I don't know if you want to add.

那我們的期望是什麼呢？我提到了這一點，而答案是——另一個問題是，如果事情保持現狀，那麼在壓力方面會稍微大一點，嗯，比整體市場機會好得多，多戶型房屋數量的壓力會比單戶型房屋數量的壓力更大。這將繼續給價格披露帶來壓力和阻力。我不知道您是否想添加。

On the material side, I mean, I think it's important to kind of back up a year, if not years, and look at how tight things were. I mean, it really got to the point where it was inefficient. It was harder for us to do business. There were SKUs we couldn't get, we were what we talked about before having to go to distribution sometimes and even the big boxes in terms of supply of materials. So I'd categorize this as moving closer to having an efficient market. It's still, fairly healthy despite the year-over-year decline, and quite frankly, it's kind of working the way it's supposed to.

從物質方面來說，我認為回顧一年甚至幾年的情況並觀察當時的緊張程度是很重要的。我的意思是，它確實已經到了效率低下的地步。我們的生意變得更加困難了。有些 SKU 我們無法取得，有時我們必須去分銷商那裡購買，甚至無法獲得大箱的材料供應。因此，我將其歸類為朝向有效市場邁進。儘管同比有所下降，但仍然相當健康，坦白說，它正在按照應有的方式運作。

Okay, that's super helpful. And then how should we think about the opportunities you have in the SG&A line as we move through the year kind of taking into account those fixed and semi-fixed costs that you called out, and at what point would you be looking to start taking those costs out, if things are kind of steady state from here, down year-over-year but not getting worse, or would you have to see a material step down from where we are now to start making those cost out actions.

好的，這非常有幫助。那麼，我們應該如何看待您在全年銷售、一般和行政費用 (SG&A) 方面的機會，同時考慮到您提到的那些固定成本和半固定成本，以及您希望在什麼時候開始削減這些成本，如果情況從現在開始保持穩定，逐年下降但沒有惡化，或者您是否必須看到我們現在的水平大幅下降才能開始採取這些成本削減行動。

Yeah, that's, I appreciate the question, and we are focused on sort of optimizing G&A. We've targeted at least $15 million of cost reduction, which we have already taken steps to realize those savings which we believe we'll start feeling the impact of -- in the third quarter.

是的，我很感謝你的提問，我們專注於優化 G&A。我們的目標是削減至少 1500 萬美元的成本，我們已經採取措施實現這些成本節約，我們相信我們將在第三季度開始感受到其影響。

Those costs we are going to take out even if volumes improve from where our current expectations are, and we're going to continue to focus on optimizing the G&A cost structure as much as we can, quite frankly. This is an opportunity for us to kind of fundamentally optimize the spend on G&A, and the entire company is focused on getting there and getting that done.

即使銷售量比我們目前的預期有所提高，我們也會取消這些成本，坦白說，我們將繼續致力於盡可能優化 G&A 成本結構。這對我們來說是一個從根本上優化 G&A 支出的機會，整個公司都致力於實現這一目標。

The job one.

工作一。

Alright, thank you so much.

好的，非常感謝。

Ken Zener, Seaport Research.

肯‧澤納（Ken Zener），海港研究。

Good morning, everybody.

大家早安。

Good morning, Ken.

早安，肯。

Michael and Jeff (inaudible) one or two, feel free to chime in. I think you've made some very, again, luminative comments about the market and you're talking about demand, public and private, so I just would like to get your question one concept of right supply and demand. So we all can see what the publics are doing, and I think you broadly reflected that. But I'm surprised on the supply side, the census data talks about units under construction closer to [380 90,000].

麥可和傑夫（聽不清楚）有一兩個，請隨意插話。我認為您對市場做出了一些非常有啟發性的評論，並且您談到了公共和私人需求，所以我只想讓您的問題與正確的供需概念相符。所以我們都可以看到公眾在做什麼，我認為你大致反映了這一點。但我對供應方面感到驚訝，人口普查數據顯示，在建單位接近[380 90,000]。

Virtual the long term average of 280 and it seems that that's more on the private side where you have that excess. So can you think the strength you're seeing in the privates versus the apparent high supply that they have, if you would or do you think the data is wrong verse your perception of privates?

虛擬的長期平均值為 280，而且似乎這更多是在私人方面，因為你有多餘的部分。那麼，您是否可以認為，您所看到的私人力量與他們所擁有的明顯的高供應量有關，或者您認為數據與您對私人力量的看法是錯誤的？

Well, our perception is guided by our experience, not necessarily that macro information that you're looking at, and I think you're speaking just a single family and not multi-family, correct?

嗯，我們的看法是由經驗指導的，不一定是您正在查看的宏觀訊息，我認為您說的只是一個家庭，而不是多個家庭，對嗎？

Correct.

正確的。

Okay, so I would just say that over the past two quarters our experience has been that the sales level with the regional and local builders has been better than it has been with the production builders. Now, in the beginning of last year, that was not the case. The production builders -- the production builder business was pretty solid. It's still solid now, but I'm just talking about it on sort of a relative basis. In terms of there being a lot of excess inventory at the regional and local builders, I really don't think that's the case, quite frankly, at least that's not our experience and that's not the feedback that that we're hearing.

好的，我只想說，在過去兩個季度中，我們的經驗是，與區域和本地建築商的銷售水平比與生產建築商的銷售水平好。現在，在去年年初，情況並非如此。生產建造商－生產建造商業務相當穩固。現在它仍然很堅固，但我只是在相對的基礎上談論它。就區域和本地建築商存在大量過剩庫存而言，我真的不認為情況是這樣，坦白說，至少這不是我們的經驗，也不是我們聽到的回饋。

Very interesting cause the census at least presents something different. So I appreciate that. You gave comments, I know you don't give guidance but you did highlight that one gross margin, tends to be the lowest, structurally. And we saw SG&A, which also tends to be the highest in one cue, and that was up about 100 bits. You talked about $15 million targeted savings, but is it fair to assume the 100 basis points SG&A had when we saw in one cue, to kind of persist. If you think about it a year of years, the year progresses. As well, if you could mirror your gross margin comments to SG&A, that would be very helpful.

非常有趣，因為人口普查至少呈現出一些不同的東西。我很感激。您給出了評論，我知道您沒有給出指導，但您確實強調了毛利率在結構上往往是最低的。我們還看到了 SG&A，它也往往是一支球隊中最高的，而且上漲了約 100 位。您談到了 1500 萬美元的目標節省，但假​​設 SG&A 費用的 100 個基點能夠持續下去是否公平。如果你以一年一年的時間來思考，你會發現這一年一直在進步。此外，如果您能將您的毛利率評論反映到銷售、一般和行政費用中，那將非常有幫助。

Yeah, I mean, the difficult thing is that say let's just take G&A for example, G&A is relatively static, and we talked about this in the fourth quarter call, earlier this year is that, we expect G&A, absent these targeted reductions that we're making.

是的，我的意思是，困難的是，就拿 G&A 來說，G&A 相對穩定，我們在今年早些時候的第四季度電話會議上討論過這個問題，我們預計 G&A 不會出現我們正在製定的這些有針對性的削減計劃。

We expect G&A to grow with general inflation really outside of what's happening with volumes generally speaking, right, because it is we think of it as a dollar amount and not necessarily as a percentage of revenue, right?

我們預計，一般及行政費用會隨著整體通貨膨脹而增長，這實際上與交易量的總體情況無關，對吧，因為我們認為它是美元金額，而不一定是收入的百分比，對吧？

So if you look at the adjusted selling and administrative expense increase from the first quarter of last year to the first quarter of this year, the dollar increase was about $6 million. Of that $6 million increase, $4.4 million was related to acquisitions because obviously acquisitions come with selling a general administrative expense of their own.

因此，如果你看一下從去年第一季到今年第一季的調整後銷售和管理費用成長情況，你會發現成長金額約為 600 萬美元。在這 600 萬美元的增幅中，有 440 萬美元與收購有關，因為收購顯然伴隨著出售其自身的一般管理費用。

And then the startup costs associated with the internal distribution efforts that we've talked about now for a couple of quarters, which is going very well, by the way, but there still are startup costs associated with it. So our objective, and G&A, I'm kind of going back and forth between SG&A and G&A here, but G&A generally speaking is running between $105 million to $110 million a quarter.

然後是與內部分銷工作相關的啟動成本，我們已經討論了幾個季度，順便說一下，進展非常順利，但仍然存在相關的啟動成本。因此，我們的目標和 G&A，我在這裡在 SG&A 和 G&A 之間來回切換，但 G&A 一般而言每季在 1.05 億美元到 1.1 億美元之間。

And it's our objective on an annualized basis to be able to get that down, by say $15 million, although there will continue to be inflationary pressures within G&A. So we're working as Jeff said, and it's absolutely true. Job number one for us is to optimize G&A and we're working on that and we will continue to work on that throughout the year.

儘管 G&A 部門仍將面臨通膨壓力，但我們的目標是將這一數字按年度降低 1,500 萬美元。所以我們正在按照傑夫說的那樣去做，這是絕對正確的。我們的首要任務是優化 G&A，我們正在努力實現這一目標，並將全年繼續努力。

Thank you.

謝謝。

Sure.

當然。

Adam Baumgarten, Zelman & Associates.

亞當‧鮑姆加滕 (Adam Baumgarten)，澤爾曼與合夥人公司。

Hey, thanks, guys. I guess I can appreciate that you talked about the material costs being stable. I'm assuming that was a sequential comment, but, and that your view is that they won't come down. But if the volumes get worse and capacity, or supply increases across the industry, why wouldn't prices come down like maybe they have historically in a weak macro and volume environment, Meaning that could benefit you guys.

嘿，謝謝大家。我想我可以理解您所說的材料成本穩定。我假設這是一個連續的評論，但是，你的觀點是它們不會下降。但如果產量下降，產能或整個產業的供應增加，那麼為什麼價格不會像歷史上宏觀和產量疲軟環境下那樣下降呢？這意味著這可能對你們有利。

I mean it's severe enough, that's obviously the case, as you pointed out, you said historically that's what happens. We just don't see it at that point at this point, that way at this point.

我的意思是，情況已經夠嚴重了，顯然就是這樣，正如你所指出的，你說從歷史上看，情況就是這樣的。我們只是在這一點上、在這一點上、在這一點上沒有看到這一點。

Yeah, if we're down, let's call it 3% on the single family side, and that's, I'm not saying we are, but we don't provide guidance, but say on the macro level, even if it's down 5%, that's not such a significant decrease in volume. That necessarily would warrant price -- lower price environment and as Jeff said we're in more of a normalized environment now versus the situation where we were at, 100% capacity and we couldn't get SKUs and material was hard to come by and right now material is readily available.

是的，如果我們下降了，我們就說單戶住宅方面下降了 3%，我並不是說我們下降了，但我們不提供指導，但在宏觀層面上，即使下降了 5%，數量上的下降也不是那麼顯著。這必然會保證價格——較低的價格環境，正如傑夫所說，我們現在處於更正常化的環境，而不是像以前那樣，產能達到 100%，我們無法獲得 SKU，材料也很難獲得，而現在材料很容易獲得。

I mean, manufacturers are capable of regulating the amount of material that they produce. I mean, clearly there's been some small amount of curtailment already, they like, obviously like to see the market be healthy and they're not going to make material that they can't sell or -- and not want to sell it in the price they can't sell that. So it's a little bit rational in that way as you would expect in terms of supply.

我的意思是，製造商有能力調節他們生產的材料數量。我的意思是，顯然已經出現了少量的減產，他們顯然希望看到市場健康，他們不會生產賣不出去的材料，也不想以賣不出去的價格出售。因此，從供應角度來看，這有點合理，正如您所期望的那樣。

Okay, got it. And then just sticking on the cost side, any meaningful opportunities for branch consolidation looking at your current footprint that could save some cost as well?

好的，明白了。然後僅從成本方面來看，從目前的規模來看，是否有任何有意義的分公司整合機會可以節省一些成本？

Yeah, we're continue, we always evaluate sort of the opportunities to bring branches together because it can be -- especially when we're doing these sort of small to acquisitions that we do that we don't really talk about. I mean that's part of the strategy of doing them is being able to combine locations.

是的，我們會繼續，我們總是評估將分支機構整合在一起的機會，因為它是可能的——特別是當我們進行這些我們不會真正談論的小型收購時。我的意思是，這樣做的策略的一部分是能夠結合地點。

And we have three locations or four locations right now that we're looking to combine, but that's just part of our sort of everyday management of the footprint to make sure that we're optimizing it as best as possible. I mean sometimes you'll say, if you have a lease that you're sort of stuck in, you might keep it open a little bit longer than you want to, but we really try to optimize the footprint as best as possible.

我們目前有三個或四個地點需要合併，但這只是我們日常管理足跡的一部分，以確保我們盡可能對其進行最佳化。我的意思是，有時你會說，如果你有一個陷入困境的租約，你可能會把它保留得比你想要的更久一點，但我們確實會盡可能地優化佔地面積。

I got it. Thanks. Best of luck.

我得到了它。謝謝。祝你好運。

Sure.

當然。

Jeff Stevenson, Loop Capital Markets.

傑夫史蒂文森（Jeff Stevenson），Loop Capital Markets。

Hey, thanks for taking my questions today. So first on the strong heavy commercial results during the quarter was a portion of that demand trend driven by previous delayed large commercial projects moving forward since the start of the year, and would you expect that trend to continue moving forward?

嘿，感謝您今天回答我的問題。因此，首先，本季強勁的商業業績是年初以來先前推遲的大型商業項目推動的需求趨勢的一部分，您是否預計這種趨勢會繼續向前發展？

We expect the trend to continue, and it was not any project specific.

我們預計這一趨勢將會持續下去，而且它與任何特定項目無關。

Got it. Okay, understood. And then, a healthy installation price mix during the quarter, which was great to see and, thanks for all the color and, expectations on fiberglass pricing, moving forward, but just shifting to spray foam, did you see any, sequential improvement in the quarter and what are your expectations for pricing trends moving forward?

知道了。好的，明白了。然後，本季的安裝價格組合很健康，這是令人高興的，感謝您對玻璃纖維定價的所有色彩和期望，但只是轉向噴塗泡沫，您是否看到本季度有任何連續的改善，您對未來定價趨勢的預期是什麼？

Yeah, we did see some price in the quarter. That the spray foam business is still, it's a very solid business as we've talked the past couple of quarters. It has been a headwind, just because there had been a significant decrease in pricing that now is stabilizing and rising for a number of factors, but the headwind to gross margin was less this quarter than it was last quarter. So we feel good that the spray for business will in the back half of the year, not be a headwind to gross margin.

是的，我們確實在本季看到了一些價格。正如我們在過去幾個季度中談到的，噴塗泡沫業務仍然是一項非常穩固的業務。這一直是個阻力，因為價格曾大幅下降，現在由於多種因素而趨於穩定和上升，但本季毛利率受到的阻力比上一季小。因此，我們感到欣慰的是，噴霧業務在下半年不會對毛利率造成不利影響。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Colin Veron, Deutsche Bank.

德意志銀行的科林·維隆。

Good morning. Thanks for taking my question. Just one for me. A lot of them have been taken. So I guess just looking at working capital and inventory, you talked about releasing some of that and generating good free cash flow in a down market. But when I look at your inventory balance in the quarter, it's a bit sequentially in a good amount year-over-year.

早安.感謝您回答我的問題。對我來說只有一個。其中很多已被拿走。因此，我想，只要看一下營運資金和庫存，您就會談到在低迷的市場中釋放其中的一部分並產生良好的自由現金流。但當我查看本季度的庫存餘額時，我發現與去年同期相比，庫存餘額環比增長了不少。

So any colors that just what's driving that, how much of its M&A pricing or mixed versus actual units, and just how much opportunity there is from inventory adjustments this year for cash flow generations just given the current demand backdrop.

那麼，任何顏色都只是推動因素，其併購定價或混合與實際單位的比例是多少，以及在當前需求背景下，今年庫存調整對現金流產生的機會有多大。

Yeah, so not a lot of its M&A, but obviously that's a component of it. The biggest component associated with it though, quite frankly, is this internal distribution effort that we're doing because we are opening and setting up new distribution facilities that are primarily focused on internal distribution and obviously that means adding. Inventory to those locations.

是的，它的併購並不多，但顯然這是其中的一部分。坦白說，與之相關的最大組成部分是我們正在進行的內部分銷工作，因為我們正在開設和建立新的分銷設施，這些設施主要側重於內部分銷，顯然這意味著增加。將庫存存入這些位置。

So that is definitely a driver there of the higher inventory balances. What I would say is that just like it happened in the first quarter, I mean, clearly receivables and primarily receivables but receivables and inventory will trend up or down with higher or lower volumes.

所以這肯定是庫存餘額增加的一個驅動因素。我想說的是，就像第一季發生的情況一樣，顯然應收帳款和主要應收帳款，但應收帳款和庫存將隨著交易量的增加或減少而呈上升或下降趨勢。

Understood. Thanks for the color, and good luck.

明白了。謝謝你的顏色，祝你好運。

Sure. Thank you.

當然。謝謝。

I would like to turn the floor over to Jeff for closing remarks.

我想請傑夫做最後發言。

Thank you all for your questions, and I look forward to our next quarterly call. Thanks again.

感謝大家的提問，我期待下一次季度電話會議。再次感謝。

This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。現在您可以斷開您的線路了，感謝您的參與。