Installed Building Products Inc (IBP) 2025 Q2 法說會逐字稿

Greetings and welcome to the Installed Building Products second-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加已安裝建築產品 2025 年第二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。

It is now my pleasure to introduce your host Darren Hicks, Vice President of Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹主持人、投資者關係副總裁 Darren Hicks。謝謝您，先生。你可以開始了。

Good morning and welcome to Installed Building Products second quarter 2025 earnings conference call. Earlier today, we issued a press release on our financial results for the second 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 年第二季財報電話會議。今天早些時候，我們發布了第二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含義內的前瞻性陳述。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 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.

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。

In addition, management refers to certain non-gap and adjusted financial measures on this call. You can find a reconciliation of such non-gap 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.

此外，管理階層在本次電話會議上提到了某些非差距和調整後的財務指標。您可以在公司的收益報告和投資者介紹中找到此類非差距指標與最接近的 GAAP 等值的對賬，這兩份資料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, 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執行長 Jeff Edwards、財務長 Michael Miller 主持，我們的首席行政和永續發展長 Jason Niswonger 也出席了會議。

Jeff, I'll now turn the call over to you.

傑夫，我現在把電話轉給你。

Thanks, Darren. Good morning to everyone joining us today. 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。今天參加我們會議的各位早安。像往常一樣，我將首先介紹一些要點，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 continues to deliver strong financial results demonstrating the high value installation services we provide our home building customers. Our market positioning and focus on service is especially valuable as many home builders rely on relationships with experienced partners to navigate today's evolving market dynamics.

IBP 持續取得強勁的財務業績，證明了我們為房屋建築客戶提供的高價值安裝服務。我們的市場定位和對服務的關注尤其有價值，因為許多房屋建築商依靠與經驗豐富的合作夥伴的關係來應對當今不斷變化的市場動態。

While we expect housing affordability to remain a challenge over the near term, we are confident in the long term fundamentals of the US housing industry and the effectiveness of our growth focused capital allocation strategy. We are focused on growing earnings and cash flow through geographic expansion and end product and market diversification. We will continue to explore opportunities for operational improvements and remain disciplined with capital allocation.

雖然我們預期住房負擔能力在短期內仍將是一個挑戰，但我們對美國住房產業的長期基本面以及以成長為重點的資本配置策略的有效性充滿信心。我們專注於透過地理擴張和最終產品和市場多樣化來增加收益和現金流。我們將繼續探索營運改善的機會，並嚴格控制資本配置。

Through the first half of 2025, we paid nearly $68 million in cash dividends, or $2.44 per diluted share, and repurchased approximately $84 million of our common stock. As we pursue profitable growth while maximizing returns for our shareholders, we remain committed to doing the right thing for our employees, customers, and communities.

截至 2025 年上半年，我們支付了近 6,800 萬美元的現金股息，即每股攤薄股息 2.44 美元，並回購了約 8,400 萬美元的普通股。在我們追求獲利成長並最大化股東回報的同時，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 second quarter sales performance, consolidated sales increased 3% and same branch sales grew 1%. In our largest market, same branch new single family installation sales were roughly flat compared to a nearly 10% decline in US single family completions relative to the same period last year. Our relative performance is encouraging and reflects a tremendous effort from employees at branches across the nation as well as at support group.

從我們第二季的銷售業績來看，綜合銷售額成長了 3%，同店銷售額成長了 1%。在我們最大的市場中，同一部門的新建單戶住宅安裝銷售額大致持平，而美國單戶住宅竣工量與去年同期相比下降了近 10%。我們的相對錶現令人鼓舞，反映了全國各地分支機構以及支持小組員工的巨大努力。

Sales in our Malta family and market held up well on a relative basis with backlogs at key branches showing growth on a year to year basis. According to the US Census Bureau, we have seen double-digit Malta family starts growth in the 2025 second quarter relative to the same period last year.

我們馬耳他家族和市場的銷售相對保持良好，主要分支機構的積壓訂單逐年增長。根據美國人口普查局的數據，與去年同期相比，2025 年第二季馬耳他新屋數量實現了兩位數的成長。

This is the first time we have witnessed double-digit multi-family starts growth in nearly two years and the first time observing two consecutive quarters of positive starts growth since the first quarter of 2023. While this data is subject to revisions, the conclusion that the market is improving is consistent with the model family activity we are seeing in several markets in which we compete.

這是近兩年來我們首次見證多戶型住宅開工量出現兩位數成長，也是自 2023 年第一季以來首次連續兩季出現正成長。雖然這些數據可能會有所修改，但市場正在改善的結論與我們在參與競爭的幾個市場中看到的模範家庭活動一致。

On the same branch basis, second quarter commercial sales on our installation segment increased 9% from the prior year period. Our heavy commercial activity continued to be the dominant driver of sales growth in this end market. Based on the growth in our heavy commercial backlog, we believe sales are poised to remain healthy beyond 2025.

以同一分行計算，我們安裝部門第二季的商業銷售額比去年同期成長了 9%。我們活躍的商業活動繼續成為該終端市場銷售成長的主要驅動力。根據我們大量商業積壓訂單的成長情況，我們相信 2025 年後銷售仍將保持健康。

During the six months ended June 30, 2025, cash flow from operating activities increased 11% to $182 million which primarily reflected effective management of working capital. The pace of acquisitions has slowed this year relative to prior years, but we remain disciplined in our approach to find well-run businesses that would support attractive returns on invested capital, make strategic sense, and fit well culturally.

截至 2025 年 6 月 30 日的六個月內，經營活動現金流成長 11% 至 1.82 億美元，這主要反映了對營運資金的有效管理。與前幾年相比，今年的收購步伐有所放緩，但我們仍堅持嚴謹的態度，尋找能夠支持可觀的投資資本回報、具有戰略意義且文化契合度高的經營良好的企業。

Our core residential installation and market remains highly fragmented with considerable opportunity for consolidation. As previously announced during the 20,252 quarter, we acquired a Wisconsin-based installer of spray foam and air barrier products in the commercial and market with annual revenue of nearly $4 million.

我們的核心住宅安裝和市場仍然高度分散，具有相當大的整合機會。正如先前在 20,252 季度宣布的那樣，我們收購了一家位於威斯康辛州的商業和市場噴塗泡沫和空氣屏障產品安裝商，年收入近 400 萬美元。

To date, we have acquired over $10 million of annual revenue, and we continue to work toward acquiring over $100 million in annual revenue. Based on the US Census Bureau, single family starts year-to-date through June 2025 have decreased by 7%.

到目前為止，我們的年收入已超過 1,000 萬美元，我們將繼續努力，爭取年收入超過 1 億美元。根據美國人口普查局的數據，截至 2025 年 6 月，年初至今的單戶住宅開工數量下降了 7%。

The current interest rate environment and related housing affordability challenges expected to persist. We believe a larger than previously expected decline in single family housing starts is likely this year. Still, over the long term, we continue to believe that our business is supported by a fundamental undersupply of residential housing and the gradual adoption of advanced building codes for the purpose of improved energy efficiency across the US.

當前的利率環境和相關的住房負擔能力挑戰預計將持續存在。我們認為，今年獨棟住宅開工數量的下降幅度可能超過先前的預期。不過，從長遠來看，我們仍然相信，我們的業務受到住宅供應根本不足以及美國為提高能源效率而逐步採用先進建築規範的支持。

We believe IBP continues to operate from a position of strength. As we take advantage of opportunities and navigate any challenges in the second half of the year, our strong customer relationships, experienced leadership team, national scale, and diverse product categories across multiple markets create a solid platform for IBP to perform well through the ebbs and flows of demand related to the US construction market.

我們相信 IBP 將繼續保持強勁營運。當我們抓住機會並應對下半年的任何挑戰時，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為 IBP 創造了堅實的平台，使其能夠在美國建築市場需求的起伏中表現良好。

Although macroeconomic uncertainty 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. I'm proud of our team's continued success and commitment to doing an excellent job for our customers.

儘管宏觀經濟的不確定性影響著我們行業和許多其他行業的普遍市場狀況，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。我為我們團隊的持續成功和為客戶提供優質服務的承諾感到自豪。

To everyone at IBP, thank you. I remain encouraged by our competitive positioning and I'm optimistic about the prospects ahead for IBP and the broader installation and complementary building product installation business.

感謝 IBP 的每一個人。我對我們的競爭定位仍然感到鼓舞，並且我對 IBP 以及更廣泛的安裝和互補建築產品安裝業務的前景感到樂觀。

So with this overview, I'd like to turn the call over to Michael to provide more detail on our second quarter financial results.

因此，有了這個概述，我想將電話轉給邁克爾，以提供有關我們第二季財務業績的更多詳細資訊。

Thank you, Jeff, and good morning everyone. Consolidated net revenue for the second quarter increased 3% to a second quarter record of $760 million compared to $738 million for the same period last year. Same brand sales for the installation segment increased 1% for the second quarter. With a 9% increase in commercial same brand sales partially offset by a single digit decline in residential same brand sales.

謝謝你，傑夫，大家早安。第二季綜合淨營收成長 3%，達到創紀錄的 7.6 億美元，去年同期為 7.38 億美元。第二季安裝部門同品牌銷售額成長了 1%。商業同品牌銷售額成長 9%，但住宅同品牌銷售額個位數下降，部分抵銷了這一成長。

Although the components behind the price mix and volume disclosure have several moving parts that are difficult to forecast and quantify, we achieved a 0.8% increase in price during the second quarter. This result was offset by a 1.1% decrease in job volumes relative to the second quarter last year. It is important to note. That the results of our heavy commercial and market are not included in the price volume disclosures.

儘管價格組合和數量披露背後的因素有幾個難以預測和量化的變動部分，但我們在第二季度實現了 0.8% 的價格上漲。與去年第二季相比，就業人數下降了 1.1%，抵消了這一結果。值得注意的是。我們的重型商業和市場的結果不包括在價格數量披露中。

With respect to profit margins in the second quarter, our business achieved an adjusted gross margin of 34.2%. An increase from 34.1% in the prior year period and up from 32.7% in the 2025 first quarter. The year over year increase in margin during the quarter was in part related to a shift in customer and product mix.

就第二季的利潤率而言，我們的業務實現了34.2%的調整後毛利率。較去年同期的 34.1% 有所成長，也較 2025 年第一季的 32.7% 有所成長。本季利潤率年增部分與客戶和產品組合的轉變有關。

Adjusted selling and administrative expense as a percent of second quarter sales was 18.8% compared to 18.5% in the prior year period. The increase was due primarily to higher administrative wages and higher facility costs. Of the $7 million increase in adjusted selling and administrative expense, approximately $3 million was due to acquisitions.

調整後的銷售和管理費用佔第二季銷售額的百分比為 18.8%，而去年同期為 18.5%。成長的主要原因是行政工資和設施成本的增加。調整後的銷售和管理費用增加了 700 萬美元，其中約 300 萬美元是由於收購造成的。

Adjusted for the 2025 second quarter increased to $134 million reflecting an adjusted IBEA margin of 17.6%, and adjusted net income increase to $81 million or $2.95 per diluted share.

經調整後，2025 年第二季增至 1.34 億美元，反映調整後的 IBEA 利潤率為 17.6%，調整後的淨收入增至 8,100 萬美元或每股攤薄收益 2.95 美元。

Although we do not provide comprehensive financial guidance based on recent acquisitions, we expect a third quarter 2025 amortization expense of approximately $10 million and full year 2025 expense of approximately $40 million. We would expect these estimates to change with any acquisitions we complete in future periods. Also, we continue to expect an effective tax rate of 25% to 27% for the full year ending December 31, 2025.

雖然我們沒有根據最近的收購提供全面的財務指導，但我們預計 2025 年第三季的攤銷費用約為 1000 萬美元，2025 年全年的攤銷費用約為 4000 萬美元。我們預計這些估計會隨著我們未來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%。

Now, let's look at our liquidity position, balance sheet, and capital requirements in more detail. For the six months and to June 30, 2025, we generated $182 million in cash flow from operations compared to $164 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 set lower year-to-date net income.

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。截至 2025 年 6 月 30 日的六個月內，我們的營運現金流為 1.82 億美元，去年同期為 1.64 億美元。經營現金流年增主要與營運資本改善有關，足以抵銷年初至今淨收入的下降。

Our second quarter net interest expense was $8 million for both the 2025 and 2024 second quarters. As lower interest income from investments was offset by lower cash interest expense on outstanding debt. At June 30, 2025, we had a net debt to trailing 12 month adjusted EBITDA leverage ratio of 1.15 times compared to one time at June 30th, 2024, which remains well below our stated target of 2 times.

2025 年及 2024 年第二季的淨利息支出均為 800 萬美元。由於投資利息收入減少被未償債務現金利息支出減少所抵銷。截至 2025 年 6 月 30 日，我們的淨債務與過去 12 個月調整後 EBITDA 槓桿率為 1.15 倍，而 2024 年 6 月 30 日為 1 倍，仍遠低於我們設定的 2 倍目標。

At June 30, 2025, we had $356 million in working capital, excluding cash, and cash equivalents. Capital expenditures and total incurred finance leases for the three months ended June 30, 2025 were approximately $16 million combined, which was approximately 2% of revenue.

截至 2025 年 6 月 30 日，我們的營運資金（不含現金及現金等價物）為 3.56 億美元。截至 2025 年 6 月 30 日的三個月的資本支出和發生的融資租賃總額約為 1,600 萬美元，約佔收入的 2%。

With our strong liquidity position and modest financial leverage, we continue to prioritize allocating capital to achieve the best returns on capital and distributing excess cash to shareholders during the 2025 second quarter. IBP repurchased 300,000 shares of its common stock at a total cost of $49 million and 500,000 shares at a total cost of $84 million during the six months end of June 30, 2025. At June 30, 2025, the company had approximately $417 million available under its stock repurchase program.

憑藉強大的流動性狀況和適度的財務槓桿，我們將繼續優先分配資本，以實現最佳資本回報，並在 2025 年第二季度向股東分配多餘的現金。在截至 2025 年 6 月 30 日的六個月內，IBP 以總成本 4,900 萬美元回購了 300,000 股普通股，並以總成本 8,400 萬美元回購了 500,000 股普通股。截至 2025 年 6 月 30 日，該公司根據股票回購計畫可用資金約為 4.17 億美元。

IBP's board of directors approved the third quarter dividend of $0.37 per share, which is payable on September 30, 2025 to stockholders of record on September 15, 2025. The third quarter dividend represents a 6% increase over the prior year period.

IBP 董事會批准第三季股利為每股 0.37 美元，將於 2025 年 9 月 30 日支付給 2025 年 9 月 15 日登記在冊的股東。第三季股利比去年同期成長 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，請他作結束語。

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奉獻。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) Stephen Kim, Evercore ISI.

（操作員指示）Stephen Kim，Evercore ISI。

Great, thanks very much, guys. Yeah, really impressive results here in a challenging environment.

太好了，非常感謝大家。是的，在充滿挑戰的環境中取得了確實令人印象深刻的成績。

Lots of things we could potentially ask, but I guess you alluded to customer and product mix improving. You said it's not due to heavy commercial because it's not included, I think, in there. I just wanted to get a little bit more detail on what mix improvement you're seeing, like which end markets, like what what customer change are we seeing, that thing.

我們可能會問很多問題，但我想您提到了客戶和產品組合的改善。您說這不是由於過多的商業廣告，因為我認為它不包含在內。我只是想更詳細地了解您所看到的組合改進，例如哪些終端市場，例如我們看到的客戶變化是什麼，諸如此類。

Hey, Stephen, it's Michael. Thanks for the question. So really it's two things on the mixed front. We continue to see better relative performance from the regional and local builders than we did with the large national public builders during the quarter, which is the same thing as in the first quarter, although on a relative basis, performance with both really all of the single family business improved.

嘿，史蒂芬，我是麥可。謝謝你的提問。所以實際上這是混合方面的兩件事。我們繼續看到，本季區域和本地建築商的相對錶現優於大型全國公共建築商，這與第一季度的情況相同，儘管相對而言，所有單一家族企業的業績都有所改善。

A quite well relative to the first quarter of last year, I think in part because the Weather issues that we had in the first quarter, we were able to work through and catch up on that work faster in the second quarter than we had expected, so that was definitely a benefit when our sales growth is greater with the regional local builders because of their higher average job price, that benefits the price mix disclosure.

相對於去年第一季來說，情況相當不錯，我認為部分原因是我們在第一季度遇到了天氣問題，但我們能夠在第二季度比預期更快地解決並完成這項工作，因此，當我們與區域本地建築商的銷售增長更大時，這絕對是一個好處，因為他們的平均工作價格更高，這有利於價格組合披露。

The other thing that helped us as we did see solid growth in the complementary products and we're continuing to see really good gross margin improvement in the complementary products. I mean the margins are still considerably lower than installation, but in the quarter, the gross margin for the other products improved 100 basis points.

另一件對我們有幫助的事情是，我們確實看到了互補產品的穩健增長，並且我們繼續看到互補產品的毛利率真正得到很好的改善。我的意思是利潤率仍然遠低於安裝，但在本季度，其他產品的毛利率提高了 100 個基點。

And just to follow up on that complementary product margin improvement, what do you attribute that to, or was it again an issue of certain products within the complementary category that did particularly well and those happen to be the ones that have higher margins than others, just help us understand a little bit about what's going on within that.

為了跟進互補產品利潤率的提高，您將其歸因於什麼，或者這是否又是互補類別中某些產品表現特別好而利潤率高於其他產品的問題，請幫助我們了解其中發生的情況。

Yeah, it was fairly even improvement across. You're always going to have puts and takes, particularly if you're looking at just a quarter, but the team has been working very hard to improve the margins there, particularly as the insulation environment, given the weakness and continued weakness that we've all are aware of in the single family side of the business and you know what we believe will continue to be weakness in multi-family.

是的，整體來說進步相當均勻。你總是會有一些投入和產出，特別是如果你只看一個季度的話，但團隊一直在努力提高利潤率，特別是在隔熱環境下，考慮到我們都知道的單戶住宅業務的弱點和持續的弱點，你知道我們相信多戶住宅業務的弱點將繼續存在。

Through '25, so it really, and we've talked about this in previous quarters, it really focuses them highly on the complementary product opportunity and from their perspective, obviously they want to get that margin as close to the insulation margin as possible. Another thing that's been a tailwind there has been, and we've talked about this in previous quarters, is that CQ is doing an excellent job, for those of the people on the call.

到 25 年，我們確實在前幾個季度討論過這個問題，它確實高度關注互補產品機會，從他們的角度來看，顯然他們希望讓利潤率盡可能接近絕緣利潤率。另一件有利的事情是，我們在前幾個季度已經討論過這個問題，那就是 CQ 為電話會議中的人們做得非常出色。

CQ is our centralized multi-family management group that manages about 45% of our multi-family revenue. They've done an excellent job of one increasing the penetration of the complementary products, multi-family and doing it at, very acceptable margins. So there's really been several factors that have come together to contribute to, what the team has done is a pretty incredible performance in the quarter.

CQ 是我們集中式多戶型管理集團，負責管理我們約 45% 的多戶型收入。他們在提高互補產品（多戶型）的滲透率方面做得非常出色，而且利潤率也非常令人滿意。因此，實際上有多種因素共同作用，才使得該團隊在本季取得了相當出色的表現。

Excellent. Yeah, I appreciate it and congrats on the good results. Thanks.

出色的。是的，我很感激並祝賀你取得好成績。謝謝。

Thank you.

謝謝。

[Michael Root], JPMorgan.

[麥可魯特]，摩根大通。

Hi, how's it going? This is [Ellis] calling for Michael today. Congrats on the quarter. I want to ask about fiberglass and how price and supply trended, in you and then how you see that, going on through the back half and potentially affecting price/cost going forward.

嗨，最近怎麼樣？我是 [Ellis] 今天打電話給 Michael。恭喜本季。我想問一下玻璃纖維的情況，以及您的價格和供應趨勢如何，然後您如何看待這種情況，以及這種情況在下半年會如何發展，並可能影響未來的價格/成本。

This is Michael again. So we continuously work with both our customers and our suppliers for all of our materials, including fiberglass, and you know it's a continuous management of making sure that our price/cost is managed successfully, I think that Owen's Corning made it pretty clear in their call that there has not been real price deflation.

我又是麥可。因此，我們不斷與客戶和供應商合作，提供包括玻璃纖維在內的所有材料，您知道，這是一種持續的管理，以確保我們的價格/成本得到成功管理，我認為歐文康寧在電話會議中明確表示，並沒有出現真正的價格通貨緊縮。

On the fiberglass side, and you know we continue to believe that the environment will remain relatively benign, across the products that we purchase domestically. We do think that we will, while the impact from tariffs in the first half of the year has been immaterial, and we don't expect to see a material impact in the third quarter.

在玻璃纖維方面，您知道，我們仍然相信，對於我們在國內購買的產品而言，環境將保持相對良好。我們確實認為會的，儘管今年上半年關稅的影響並不大，我們預計第三季也不會產生重大影響。

There is an opportunity or we believe, I mean. Not knowing where things are going to ultimately And but we believe that we will start to see an impact in the fourth quarter, maybe 5 million or so relative to the tariffs. Now, obviously we will work with our customers and our suppliers to manage any impact that the tariffs may have, but we need to be cognizant that that's definitely a challenge going into the fourth quarter of this year.

我的意思是，我們相信，這是一個機會。不知道事情最終會如何發展，但我們相信，我們將在第四季度開始看到影響，相對於關稅而言，大約是 500 萬左右。現在，我們顯然將與我們的客戶和供應商合作，以應對關稅可能帶來的任何影響，但我們需要認識到，這無疑是今年第四季面臨的一個挑戰。

Thanks for the color there. And then, on the phone, I want to ask about single family and multi-family volumes, and you mentioned that there might be some, downside to the single family, but I want to ask you what drove the outperformance of IBP, against the overall market and how do you see that trending throughout the rest of the year?

感謝那裡的色彩。然後，在電話中，我想問一下單戶住宅和多戶住宅的交易量，您提到單戶住宅可能存在一些不利因素，但我想問您是什麼推動了 IBP 相對於整體市場的表現，以及您如何看待今年剩餘時間的趨勢？

Yeah, so this is Michael again, and I would say that, first and foremost we have to, thank and compliment our field team. They did an incredible job of performing in what is a very challenging environment in both single family and multi-family. What I'll do is just call out some states, and the states that I'm going to call out are all larger states for us where we have, greater than $10 million of revenue a quarter. So we had mid to high single digit growth in the Carolinas, so both North and South Carolina, Virginia, Texas, Tennessee, Ohio, Indiana, and Minnesota.

是的，我又是邁克爾，我想說，首先，我們必須感謝並讚揚我們的現場團隊。他們在單戶住宅和多戶住宅這種極具挑戰性的環境中表現出色，表現令人驚嘆。我要做的就是點名一些州，我要點名的這些州都是我們較大的州，我們每季的收入超過 1,000 萬美元。因此，我們在卡羅來納州實現了中高個位數的成長，北卡羅來納州和南卡羅來納州、維吉尼亞州、德克薩斯州、田納西州、俄亥俄州、印第安納州和明尼蘇達州也實現了中高個位數的成長。

So what you're seeing there is we're really benefiting from our historical strength in, our Midwestern markets and upper Midwestern markets. The large states for us that were flattish in the quarter were California, Georgia. Washington and New Jersey, really the big exception for us from a performance perspective on a statewide basis was Florida.

所以，您所看到的是我們確實受益於我們在中西部市場和中西部上游市場的歷史優勢。對我們來說，本季表現平平的大州是加州和喬治亞州。華盛頓和新澤西，從全州範圍的表現角度來看，對我們來說最大的例外是佛羅裡達州。

I think everybody knows that, Florida, both from a single family and multi-family perspective, is really struggling right now, and I think most people on the call realize that what we have Large presence in Florida. Our market share there is not what it should be.

我想每個人都知道，佛羅裡達州，無論從單戶家庭還是多戶家庭的角度來看，現在都非常困難，而且我認為電話會議中的大多數人都意識到我們在佛羅裡達州擁有巨大的影響力。我們在那裡的市場份額沒有達到應有的水準。

I mean, we've talked about that before, I guess perversely to some extent are lower than what we should have market share benefited us given the fact that Florida was so negative during the quarter.

我的意思是，我們之前已經討論過這個問題，我想，考慮到佛羅裡達州在本季度表現非常糟糕，市場份額在某種程度上低於我們應該獲得的水平，這對我們有利。

Yeah, so let's say our share is exactly where we wanted to maybe too, exactly.

是的，所以我們可以說我們的份額正是我們想要的，也許正是如此。

Although, I mean, ultimately Florida is is a good state, but we were particularly impressed with the team's efforts in Texas, given some of the noise in some of the Texas markets, but the team performed really well, so we're we're really, we're very proud of what they've done.

雖然，我的意思是，佛羅裡達州最終是一個很好的州，但我們對該團隊在德克薩斯州的努力印象特別深刻，考慮到德克薩斯州一些市場的噪音，但該團隊的表現確實很好，所以我們真的，我們為他們所做的感到非常自豪。

That sounds great. Thanks for all the color and congrats again.

聽起來不錯。感謝所有的色彩並再次祝賀。

Thanks.

謝謝。

Mike Dahl, RBC Capital Markets.

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

Hi. Thanks for taking my questions. Just to follow up on this first diagnosing, yeah, performance and the quarter, appreciate the regional commentary. I mean this is pretty stark out performance against any any metric we can see for starts or your peers or suppliers, so you know I just want a little more color on outside of just regional and execution.

你好。感謝您回答我的問題。只是為了跟進這個第一次診斷，是的，表現和季度，感謝區域評論。我的意思是，與我們能看到的任何指標相比，這都是相當明顯的表現，無論是針對您的同行還是供應商，所以您知道，我只是想在區域和執行之外了解更多細節。

The quantification of help us understand those weather timing issues or or maybe quantify the complementary growth versus the insulation growth. I think it would just be helpful if we all had a better sense for, this was just such a strong spread versus versus the market is what was driving it.

量化有助於我們了解天氣時間問題，或量化互補成長與絕緣成長。我認為，如果我們都能更好地認識到，這是如此強勁的價差相對於市場而言的驅動因素，那麼這將會很有幫助。

Yeah, so as I mentioned earlier, we did see good growth, I'll be honest with you, better than we expected growth with the regional and local builders, and you know that growth continued through July actually, July was a pretty solid month for us, the new residential, so single family, multi-family combined was up very low single digits. I mean, in essence flat.

是的，正如我之前提到的，我們確實看到了良好的增長，說實話，區域和本地建築商的增長比我們預期的要好，而且你知道這種增長實際上持續到了 7 月份，7 月份對我們來說是一個相當穩健的月份，新住宅，單戶住宅和多戶住宅加起來只增長了非常低的個位數。我的意思是，本質上是平坦的。

And new commercial, which is a combination of both the light and the heavy commercial business, was up high teams. So you know the team continues to perform. Now do we expect that there's going to be, more headwinds or heavier, stronger headwinds in single family and multi-family as we go through the year? Absolutely, but we have confidence that the team will continue to perform better than the overall market, and clearly I think they demonstrated that.

而新商業，即輕型商業和重型商業業務的結合，則是由高級團隊組成的。所以你知道球隊會繼續表現出色。現在，我們是否預計，隨著今年的到來，單戶住宅和多戶住宅領域將面臨更多阻力，或更重、更強的阻力？當然，但我們相信該團隊的表現將繼續優於整體市場，而且我認為他們顯然已經證明了這一點。

In the second quarter, just to give you a sense, the regional and local builders in the quarter were up mid single digits for us and just as a reference point, the public, the large production builders represent about 30% of. Overall new single family revenue, which is about 60% of our overall revenue. So that relative outperformance from the regional and locals really did help our relative outperformance to the overall market.

在第二季度，只是為了讓您了解一下，本季區域和本地建築商的成長對我們來說是中等個位數，作為參考點，公眾、大型生產建築商約佔 30%。新建單戶住宅總收入約占我們總收入的 60%。因此，區域和本地市場的相對優異表現確實有助於我們實現相對於整體市場的相對優異表現。

Okay, that's helpful. And then just, I mean just on that point of forward-looking, I know you don't give the guidance, but given your comments about acknowledging how the lag starts declines are accelerating or building market pressures.

好的，這很有幫助。然後，我的意思是，就前瞻性這一點而言，我知道您沒有給出指導，但考慮到您關於承認滯後如何開始下降，正在加速或建立市場壓力的評論。

The July commentary is certainly helpful and anything else you can provide in terms of directionally or order of magnitude, how you're thinking about the balance of the year for your markets and then your performance quantitatively relative relative to that.

七月份的評論肯定很有幫助，您還可以提供任何其他方向或數量級方面的信息，您如何看待今年的市場平衡，以及您的表現相對於此的量化情況。

Yeah, and thanks for reiterating the fact that we don't provide guidance, but I would say that, our thought on the single family market is pretty much consistent with the commentary that most companies have, provided this quarter in terms of, single family starts being down, I think at this point we can say double digits as just high single digits and that the the comps are going to.

是的，感謝您重申我們不提供指導，但我想說，我們對單戶住宅市場的看法與大多數公司的評論基本一致，就本季度而言，單戶住宅開始下降，我認為在這一點上，我們可以說兩位數只是高個位數，而同類產品也將如此。

It's going to become more difficult on the starts front as we go through the second half, when we look at one of the things as you know that we do each quarter is we look at our sales to the public and then what obviously they report and then consensus as well.

當我們進入下半年時，開工方面會變得更加困難，當我們看我們每個季度都會做的事情之一時，我們就會看我們向公眾的銷售情況，然後顯然他們會報告什麼，然後也會達成共識。

And when we came out at the end of the year and reported in the first quarter, that indicated that our sales with them would have been up 3%. Right after the first quarter, that same information would have said that our sales are going to be down 3%.

當我們在年底發布第一季報告時，這表明我們與他們的銷售額成長了 3%。第一季結束後，同樣的資訊顯示我們的銷售額將下降 3%。

Now after the second quarter, what it would say is that our second half sales with them are going to be down at least 5%, right, so mid single digits. So what's the reason I'm even making this point or sharing this information is I think as we go through the back half of the year we're definitely going to face increasing challenges as it relates to single family. On the multi-family side, we are extremely pleased with the progress we're making there.

現在第二季過後，可以預見的是，我們下半年的銷售額將下降至少 5%，也就是中位數個位數。那麼，我提出這一點或分享這些資訊的原因是，我認為隨著我們度過今年下半年，我們肯定會面臨與單身家庭相關的越來越多的挑戰。在多戶住宅方面，我們對所取得的進展感到非常滿意。

Starts continue to be up, which we think is fundamentally very strong for the multi-family market. Our backlogs in multi-family are increasing. Bidding activity has picked up. We think that where we are right now on the multi-family side backlogs that we're feeling very constructive about what multi-family looks like in 2026.

開工量持續上升，我們認為這對多戶型住宅市場來說從根本上非常強勁。我們的多戶住宅積壓訂單正在增加。競標活動已開始回升。我們認為，就目前多戶型住宅積壓的情況來看，我們對 2026 年多戶型住宅的前景非常有信心。

But again, I have to reiterate that there's definitely going to be increasing headwinds in multi-family as we continue to work through the, units under construction and the backlog that's there, that will be a continual headwind for the back half of the year. That being said, as has been the case for years now, our multi-family business will outperform the overall market.

但我必須再次重申，隨著我們繼續處理在建單元和積壓訂單，多戶型住宅領域肯定會面臨越來越大的阻力，這將成為今年下半年持續的阻力。話雖如此，正如多年來的情況一樣，我們的多戶型業務將優於整體市場。

Yeah, that's all very helpful. Thank you.

是的，這些都很有幫助。謝謝。

Yeah.

是的。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

Good morning, everyone.

大家早安。

Good morning.

早安.

My first question -- good morning. My first question is going back to the gross margin. I want to talk a bit about the strength that you saw there. I appreciate your comments on the complementary products and how those are adding, but it also seems like the poor gross margin in there is holding on well despite all the pressures that are going on in housing. Can you talk a bit more about what you're seeing in there and how we should think about puts and takes over the coming quarters?

我的第一個問題——早安。我的第一個問題是回到毛利率。我想談談你在那裡看到的力量。我很欣賞您對互補產品及其附加價值的評論，但儘管房屋市場面臨許多壓力，但其較低的毛利率似乎仍能保持良好。您能否進一步談談您所看到的情況以及我們應該如何看待未來幾季的看跌和看漲？

Yeah, I mean, clearly the complementary products improvement in gross margin helps, although I would say there's an offset to that because, their margin is still, below insulation margin, and because, insulation revenue in the quarter was basically flat and the complementary products revenue increase high single digits, that lower margin is actually a bit of a pressure.

是的，我的意思是，互補產品毛利率的提高顯然有所幫助，儘管我會說這其中有一定的抵消作用，因為它們的利潤率仍然低於絕緣利潤率，而且因為本季度絕緣收入基本持平，而互補產品收入則增加了個位數，較低的利潤率實際上是一種壓力。

On overall gross margin, just because you have a higher rate of sales or a higher percentage of sales coming from lower margin products, even though they were considerably higher gross margin than they had been in the previous quarter. That's a lot to digest in that answer, so I apologize for that.

就整體毛利率而言，只是因為您有更高的銷售率或更高比例的銷售來自利潤率較低的產品，即使它們的毛利率比上一季高得多。這個答案有很多內容需要消化，所以我對此表示歉意。

The other thing that was definitely a headwind in this quarter and and in last quarter is definitely the performance of the heavy commercial business, particularly outfits done in.

本季和上個季度的另一個明顯不利因素肯定是重型商業業務的表現，尤其是成套設備的表現。

Did I say headwind, tailwind actually the heavy commercial business is performing exceedingly well both from a Revenue perspective and a margin perspective, I think we said in the first quarter that we expected that in the back half of the year the strength in heavy commercial would offset the weakness in light commercial.

我是否說過逆風、順風，實際上重型商用車業務無論從收入角度還是利潤角度來看都表現得非常好，我想我們在第一季度就說過，我們預計下半年重型商用車的強勁表現將抵消輕型商用車的疲軟表現。

Obviously it's more than offset the weakness in light commercial in this quarter, and we expect that trend to continue as we go through the back half of the year. The team, our heavy commercial team is just, really doing an excellent job, obviously we have some.

顯然，這足以抵消本季輕型商用車的疲軟影響，我們預計這一趨勢將在今年下半年持續下去。我們的大型商業團隊確實做得非常出色，顯然我們有一些出色的工作。

Structural or industry fundamentals that are supporting us. I mean, as everyone talks about what's going on from a data center perspective and just the op opportunity that's there. Our manufacturing and industrial backlogs have increased significantly and we're continuing to bid those jobs and bid them at very acceptable margins.

支持我們的結構性或產業基本面。我的意思是，每個人都在談論從資料中心的角度發生的事情以及那裡存在的操作機會。我們的製造業和工業積壓訂單大幅增加，我們將繼續競標這些工作，並以非常可接受的利潤率競標。

Okay, that's great color. And then you also noted in your remarks that the pace of acquisitions has slowed this year. Can you talk about the pipeline that you're seeing on deals and how we should think about your ability to hit that $100 million-plus target for 2025?

好的，顏色很棒。然後您在演講中也指出，今年收購的步伐有所放緩。您能談談您在交易中看到的管道嗎？以及我們應該如何看待您在 2025 年實現 1 億美元以上目標的能力？

Yeah, this is Jeff. So I guess to even be more specific, I'd say the pace of closing deals has fallen off which again for reasons sometimes completely beyond our control, we've had a number of deals over the last 24 months, some of size that for one reason or another made it nearly to the finish line and either one didn't happen for a particular reason.

是的，這是傑夫。所以我想更具體地說，我想說達成交易的速度已經下降了，這同樣是由於有時我們完全無法控制的原因，在過去的 24 個月裡，我們達成了許多交易，其中一些交易由於這樣或那樣的原因幾乎到達了終點線，而其中任何一筆交易都因為某種原因而沒有發生。

And or to have taken longer as we work through, issues with that particular purchase. So we still feel good about our prospects and we haven't been reporting this and Michael can maybe even add detail, but you know we've done a number of smaller deals too we're calling them bolt on deals that are not material enough probably individually to be sending out releases, et cetera.

或者說，我們處理該特定購買的問題需要更長的時間。因此，我們仍然對我們的前景感到樂觀，我們還沒有報告這一點，邁克爾甚至可以添加細節，但你知道我們也做了一些較小的交易，我們稱它們為附加交易，這些交易不夠重要，可能單獨發出新聞稿等。

But it's really a look forward into getting. More geography and more share into these other products covered by the bold on acquisitions. So I mean we continue to feel good that there's a good pipeline out there. There's some big businesses we still think that are, potentially going to be in the market even in our core insulation, competency, grouping, and we continue to look at other products and even other verticals to a degree, and always will, really, I think so it's just been tough to get a few deals closed.

但這確實是一件值得期待的事。透過大膽收購，我們可以將更多的地域和份額擴展到這些其他產品。所以我的意思是，我們繼續感到高興，因為那裡有一條很好的管道。我們仍然認為，即使在我們的核心絕緣、能力和分組領域，也有一些大企業有可能進入市場，並且我們會繼續在一定程度上關注其他產品甚至其他垂直行業，而且會一直關注，真的，我認為，只是很難達成幾筆交易。

Okay, thank you for the color and good luck with the quarter.

好的，謝謝你的顏色，祝你本季好運。

Great. Thanks.

偉大的。謝謝。

Keith Hughes, Truist Securities.

基斯·休斯（Keith Hughes），Truist Securities。

Hey, this is [Joegan] for but not but ends of life I guess for --

嘿，這是[Joegan]，但不是，但生命的終結，我猜是--

Could you, you're really breaking up. It was very, we didn't understand that question, sorry.

你能不能，你們真的要分手了。非常抱歉，我們不明白這個問題。

Yeah, sorry about that. I'll repeat, I mean they talked a little about heavy commercial and there are many signs of life, for the commercial side.

是的，很抱歉。我再說一遍，我的意思是他們談論了一些大型商業活動，而且商業方面有很多生命跡象。

Oh yeah, no, the short answer is no. The light commercial business continues to be weaker than, we expected, and we believe that will continue through '25. We don't have the same visibility in the light commercial business that we do in the heavy commercial business, so we'll know better as we get towards the end of the year.

哦，是的，不，簡短的回答是「不」。輕型商用業務持續弱於我們的預期，我們相信這種情況將持續到25年。我們對輕型商用業務的了解程度不如對重型商用業務的了解程度，因此，到年底時我們會有更深入的了解。

What '26 is going to look like, but that continues to be the weakest part of our end markets by far at this point. So but we felt very good in the quarter that the strength and heavy commercial offset that light commercial weakness.

26 年的情況將會如何，但到目前為止，這仍然是我們終端市場中最薄弱的部分。因此，我們在本季感覺非常好，強勁的商業表現抵消了輕度商業表現的疲軟。

Got you, man. I appreciate that. And then going back to most couple bit. When do you think, that term will start to hit results? I know you mentioned 2026. Is that how we should think about it?

明白了，老兄。我很感激。然後回到大多數情侶位。您認為該術語何時會開始產生效果？我知道你提到了 2026 年。我們該這樣思考嗎？

Yeah, I think it's 2026. I mean, depending upon how things go and the movement of projects through the backlog, we might see a little bit of benefit towards the end of '25. But I really think it's more of a '26 story and it may even, not get positive until we get into, the second or third quarter of '26, but we're very encouraged with the bidding activity, the what what's happening with the backlog, and as I mentioned earlier, the ability of CQ to really cross sell the complementary products into the multi-family projects that we're working on.

是的，我認為是 2026 年。我的意思是，根據事情的進展和專案在積壓工作中的進展情況，我們可能會在 25 年底看到一點好處。但我真的認為這更像是一個 26 年的故事，甚至可能直到我們進入 26 年第二季度或第三季度才會變得積極，但我們對競標活動感到非常鼓舞，積壓的情況如何，正如我之前提到的，CQ 能夠真正將互補產品交叉銷售到我們正在進行的多戶型項目中。

Yeah, I do really appreciate it. Thanks.

是的，我真的很感激。謝謝。

Sure.

當然。

Collin Verron, Deutsche Bank.

德意志銀行的 Collin Verron。

Good morning.

早安.

Thank you for taking my question. So it sounds at least some of the market outperformance is geographic mix driven, but when you look within the geographies that outperform, are you taking share within those markets in any sense to give us, any way to give us a sense of what those share gains might look like within those markets that you called out?

感謝您回答我的問題。因此，聽起來至少部分市場表現優異是由地理組合驅動的，但是當您查看表現優異的地區時，您是否以某種方式在這些市場中佔據份額，以便讓我們了解在您所說的那些市場中這些份額的增長情況？

Yeah, I mean certainly in specific markets we're gaining share, but you know as we've stated previously, our objective is for our customers to gain share and that for us to gain share through our customers. So it's really about working with the best customers in a marketplace that we believe. Are going to be most successful from a market share gain and we really, as just as a business model if you will, or a strategy that has been our objective, from a market share perspective is to really work with those customers to grow share that way as opposed to taking share from another competitor.

是的，我的意思是，在特定市場中我們確實在獲得份額，但正如我們之前所說，我們的目標是讓我們的客戶獲得份額，而我們則透過我們的客戶獲得份額。因此，我們相信這實際上就是與市場上最好的客戶合作。最大的成功來自於市場份額的成長，我們真的，如果你願意的話，作為一種商業模式，或者一種一直是我們目標的策略，從市場份額的角度來看，就是真正與那些客戶合作，以這種方式增加份額，而不是從另一個競爭對手那裡奪取份額。

Understood. Okay. And I guess just following up on that then, like based on what your customers are doing from a market share perspective, I guess how sustainable do you think these market share gains are called over the next 12 months just based on what you're hearing from them, to see very meaningful, so just curious as to how sustainable some of those trends are.

明白了。好的。那麼我想繼續跟進一下，例如基於你的客戶從市場份額角度所做的事情，根據你從他們那裡聽到的消息，你認為這些市場份額的增長在未來 12 個月內有多可持續，這看起來很有意義，所以我很好奇這些趨勢的可持續性如何。

I mean it's difficult to say, but I think fundamentally, as we commented, and I think a lot of people have commented, we do think that, the single family, multi-family markets are going to become more challenging in the second half.

我的意思是這很難說，但我認為從根本上來說，正如我們所評論的，而且我認為很多人都評論過，我們確實認為，單戶住宅和多戶住宅市場在下半年將面臨更大的挑戰。

Again, as I was saying on the multi-family side, we think it's setting up for a good '26.

再說一次，正如我在多戶住宅方面所說的那樣，我們認為這將為 26 年的良好發展奠定基礎。

I think they're still on the single family side, I think there's still quite a bit of uncertainty, not just the rate environment, but on the jobs front and, clearly affordability is challenged.

我認為他們仍然屬於單戶家庭，我認為仍然存在相當多的不確定性，不僅是利率環境，還有就業方面，而且顯然負擔能力也受到挑戰。

So I think that, as we look at it and we talk to customers about it.

所以我認為，當我們觀察它並與客戶討論它時。

There's still a bit of uncertainty about what '26 is going to look like, so we think that those challenges are definitely going to persist in the second half and clearly we're going to be impacted by those challenges, but As we demonstrated in this quarter, I think our team is going to do a very effective job of managing in a very difficult environment.

對於 26 年的情況仍然存在一些不確定性，因此我們認為這些挑戰肯定會在下半年持續存在，而且我們顯然會受到這些挑戰的影響，但正如我們在本季度所展示的那樣，我認為我們的團隊將在非常困難的環境中非常有效地進行管理。

Great, I appreciate the color.

太好了，我很欣賞這個顏色。

Sure.

當然。

Ken Zener, Seaport Research.

肯‧澤納 (Ken Zener)，海港研究。

Good morning, everybody. Morning.

大家早安。早晨。

Doing a sound check. On gross margins, did you talk to the current quarter margins versus you know your long term targets just the baseline and can you address the current factors that You are Thinking might abate or just a mix issue the relative to that spread that we see today and I'm trying to ask because the try to gross margins for your long term, I believe is right you're highlighting right large or private regional builders first the public and that probably washes out when you think about operating leverage but can you maybe give us a sense of how that spread plays into it in your answer. Thank you.

進行聲音檢查。關於毛利率，您是否談過當季的利潤率，以及您的長期目標（僅僅是基準）？您能否解決您認為可能減弱的當前因素，或只是相對於我們今天看到的利差的混合問題？我想問一下，因為嘗試長期毛利率，我相信是正確的，您首先強調的是大型或私人區域建築商，其次是公眾，當您考慮經營槓桿時，這可能會被沖淡，但您能否在回答中讓我們了解一下利差是如何影響它的？謝謝。

You mean the difference between the publics and the regionals?

你指的是公眾和地區之間的差異嗎？

Right, because I mean if you just, right, if the public have a lower gross margin, they get better SG&A.

對，因為我的意思是，如果公眾的毛利率較低，他們就會獲得更好的銷售、一般和行政費用。

Considering people are trying to understand that dynamic.

考慮到人們正在試圖理解這種動態。

Well Yeah, I mean, it's, we talked about this on multiple quarters. The gross margin from the regional and local builders is higher. It's a higher average job price, but the cost to serve. Is higher and that's reflected in higher SG&A.

嗯，是的，我的意思是，我們已經多次討論過這個問題。區域和本地建築商的毛利率較高。這是一個較高的平均工作價格，但服務成本也較高。更高，這反映在更高的銷售、一般及行政費用。

I mean if you look at the quarter, selling expenses exactly where we would have expected it to be at about 4.7%, which is what it was the, second quarter last year, SG&A was a little bit higher than we would have expected, but the growth in SG&A from the first quarter of this year to the second quarter of this year was all driven by higher variable compensation, which is a direct result of the, really strong results on either on profitability. So I think everybody knows that, we have a highly variable compensation structure, particularly at the branch level. And for the branches that outperformed, they got paid for that outperformance.

我的意思是，如果你看一下本季度，銷售費用正好在我們預期的 4.7% 左右，也就是去年第二季度的水平，銷售、一般和行政費用略高於我們的預期，但今年第一季度到第二季度銷售、一般和行政費用的增長都是由更高的浮動薪酬推動的，這是盈利能力強勁增長的直接結果。所以我想大家都知道，我們的薪酬結構變化很大，特別是在分公司層級。對於表現優異的分支機構，他們會因優異的表現而獲得報酬。

Good. And then I asked you this last quarter and it sounds like you guys are really focusing on it now, but the private regional resilience for the public data I think is or was under appreciated are.

好的。然後我在上個季度問過你這個問題，聽起來你們現在真的很關注這個問題，但我認為公共資料的私人區域彈性被低估了。

Based on the public builders we're getting visibility into the first half of '26 based on their year end inventory units being scanned.

根據公共建築商的情況，我們可以透過掃描他們的年終庫存單位來了解 26 年上半年的情況。

Do you provide or expand on any comments for what you're seeing on those private to the regional builders because we can't see that outside of the Census inventory data which I'm not making a BLS comment but like I'm not sure it's onerous as it's presented, but if you could provide us some context there giving that upwards of 70% of your business. Thank you.

您是否提供或擴展了對您所看到的有關區域建築商私人情況的任何評論，因為我們無法在人口普查庫存數據之外看到這一點，我沒有對 BLS 做出評論，但我不確定它是否像它呈現的那樣繁重，但如果您可以為我們提供一些背景信息，說明這佔您業務的 70% 以上。謝謝。

Yeah, so I think what's important to note there is, the regional and local builders have much higher market share in the top half of the country versus the bottom half of the country. And I think everyone on this call is well aware of the fact that the top half of the country right now on the single family side and even the multi-family side is doing better, is performing better than the bottom half, and we have historically been overweight top half of the country, so.

是的，所以我認為值得注意的是，區域和本地建築商在該國上半部分的市場份額比下半部分的市場份額高得多。我認為參加此次電話會議的每個人都很清楚，目前該國上半部分的單戶住宅甚至多戶住宅表現都比下半部分更好，而且從歷史上看，我們對上半部分的持股比例過高，所以。

One of the things and one of the reasons why we're performing as well as we are is just our geographic historical geographic concentration in some of the markets that are just performing above the overall markets, Florida being a great example of a market that's been very negatively impacted. We have a lot of branches there, but as I said earlier, our share is just not that great, so we are definitely be benefiting from our, geographic footprint.

我們之所以表現如此出色，其中一個原因就是我們在某些​​市場的歷史地理集中度，這些市場的表現高於整體市場，佛羅裡達州就是一個受到非常負面影響的市場的典型例子。我們在那裡有很多分支機構，但正如我之前所說，我們的份額並不是那麼大，所以我們肯定會從我們的地理覆蓋中受益。

Thank you very much.

非常感謝。

Yeah.

是的。

There are no further questions at this time. I would now like to turn the floor back over to Jeff Edwards for closing comments.

目前沒有其他問題。現在我想把發言權交還給傑夫愛德華茲，請他發表最後評論。

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

感謝您的提問，我期待我們的下一次季度電話會議。謝謝。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。