Installed Building Products, Inc. (IBP) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Installed Building Products first quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候各位。歡迎參加 Installed Building Products 2026 年第一季財務業績電話會議。（接線員指示）提醒您，本次會議將被錄音。

I would now like to turn the conference over to your host, Ryan Ricketts, Director of Investor Relations and Financial Planning and Analysis. You may begin.

現在我想將會議交給主持人——投資人關係暨財務規劃與分析總監 Ryan Ricketts。您可以開始了。

Good morning, and welcome to Installed Building Products first quarter 2026 earnings conference call. Earlier today, we issued a press release on our financial results for the 2026 first quarter, which can be found in the investor relations section of our website.

各位早安，歡迎參加 Installed Building Products 2026 年第一季財報電話會議。今天稍早，我們已發布 2026 年第一季財務結果新聞稿，可於本公司網站的投資人關係專區查閱。

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. 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. In addition, management refers to certain non-GAAP and adjusted financial measures on this call.

在今天的電話會議中，管理層的事先準備發言及對各位提問的回覆，可能包含符合聯邦證券法所定義之「前瞻性陳述」。這些前瞻性陳述係基於管理層目前的信念與預期，並受多項因素影響，可能導致實際結果與今日所述內容出現重大差異。請參閱我們向 SEC 提交的文件，以了解警示性陳述與風險因素。除非聯邦證券法另有要求，對於因新資訊或未來事件而需更新任何前瞻性陳述，我們不承擔任何責任或義務。此外，管理層在本次電話會議中亦會提及若干非 GAAP 及調整後財務衡量指標。

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

您可在公司財報新聞稿與投資人簡報中，找到該等非 GAAP 指標與最接近之 GAAP 對應項目的調節表；兩者皆可於本公司網站的投資人關係專區取得。今天上午的電話會議由董事長兼執行長 Jeffrey Edwards、財務長 Michael Miller 主持；我們也邀請到行政暨永續長 Jason R. Niswonger，以及營運長 Brad Wheeler 一同與會。

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

Jeff，現在我把電話交給您。

Thanks, Ryan, and 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 in more detail before we take your questions. We delivered solid top-line results despite the impact of having many fewer working days at several branches due to extreme weather conditions, which resulted in a $20 million missed revenue opportunity, as we previously mentioned on our 2025 fourth quarter call in February.

謝謝你，Ryan，也向今天加入我們的各位道早安。如同以往，我會先分享一些重點，接著把電話交給 Michael，他將更詳細說明我們的財務結果，之後我們再回答各位的提問。儘管極端天候導致多個分公司工作日大幅減少、造成約 2,000 萬美元的營收機會損失（我們先前已在 2 月的 2025 年第四季電話會議中提及），我們仍交出穩健的營收表現。

The macroeconomic backdrop also changed midway through the first quarter, partially due to geopolitical factors raising uncertainty for US consumers and making new home sales more challenging. Service quality is a controllable factor that we continued to maintain at a high level for our customers during the quarter. Emphasizing product diversification and prudent expense management have continued to be key initiatives.

第一季中段，總體經濟背景也出現變化，部分原因是地緣政治因素提高不確定性，使美國消費者更為觀望，並讓新屋銷售更具挑戰。服務品質是我們可控的因素，本季我們持續為客戶維持高水準的服務品質。強調產品多元化與審慎的費用管理，仍是我們的關鍵推動重點。

Our commercial end market continued to show strength, delivering double-digit installation sales growth with heavy commercial sales growth exceeding 20% during the quarter. Even with industry-specific headwinds expected to continue to affect our new residential installation segment in the near term, our overall business has been resilient.

我們的商用終端市場持續展現強勁動能，安裝銷售額達到雙位數成長，其中重型商用銷售成長在本季超過 20%。即使預期產業特定逆風在短期內仍將影響我們的新住宅安裝業務，我們整體業務仍展現韌性。

All the credit goes to the hardworking men and women across our more than 250 branches throughout the United States and those who support them from our office in Columbus, Ohio. To everyone at IBP, thank you for your hard work and dedication. Looking at our 2026 first quarter performance, consolidated sales decreased 4% and same branch sales declined 6%. Positive same branch commercial sales growth was more than offset by residential same branch sales growth headwinds within our installation segment.

這一切都歸功於全美超過 250 個分公司辛勤工作的同仁，以及在俄亥俄州哥倫布辦公室支援他們的團隊。IBP 的每一位同仁，感謝你們的努力與投入。回顧 2026 年第一季表現，合併銷售額下降 4%，同店（同分公司）銷售下降 6%。安裝業務中，商用同店銷售的正向成長，仍被住宅安裝業務同店銷售成長所面臨的逆風所抵銷。

With respect to our new single-family end market, activity has been slower than we had hoped by this point in the spring selling season, with some geographic markets feeling more upbeat than others. We continue to effectively manage both material and labor to meet the needs of our customers and remain flexible to adjust to the varying demand across regions.

就新建獨棟住宅終端市場而言，截至春季銷售旺季的這個時間點，市場活動比我們原先期望的更為緩慢，且不同地理市場的景氣感受不一。我們持續有效管理材料與人力，以滿足客戶需求，並保持彈性，以因應各地區不同的需求變化。

In our multifamily end market, both our contract backlog and partnership across branches to win business and deliver installed services continues to grow, which is encouraging. Our commercial end market remained a bright spot in the 2026 first quarter, with sales in our installation segment up 11% on a same branch basis from the prior year period. Our heavy commercial end market continued to be the dominant driver of same branch sales growth, which more than offset weakness in our light commercial end market.

在多戶住宅終端市場方面，我們的合約在手訂單（backlog）以及各分公司之間為爭取業務並交付安裝服務的合作持續成長，令人鼓舞。我們的商用終端市場在 2026 年第一季仍是亮點，安裝業務的同店銷售較去年同期成長 11%。重型商用終端市場仍是同店銷售成長的主要驅動力，並且足以抵銷輕型商用終端市場的疲弱。

Based on the growth in our heavy commercial contract backlogs, we believe heavy commercial sales and profitability are poised to remain healthy in 2026. During the 2026 first quarter, we completed a total of four acquisitions, representing approximately $28 million of annual sales from a diverse product set in both residential and commercial end markets.

基於重型商用合約在手訂單的成長，我們認為 2026 年重型商用的銷售與獲利能力可望維持健康水準。在 2026 年第一季，我們共完成四項併購，涵蓋住宅與商用終端市場的多元產品組合，合計約代表 2,800 萬美元的年化銷售額。

Acquisitions during the quarter included an installer of insulation across new residential and commercial end markets throughout Texas, Louisiana, Arkansas, and Oklahoma, with annual sales of approximately $5 million. A provider of a wide range of value-added mechanical insulation services for diverse commercial and industrial applications, serving key commercial and industrial hubs across Wisconsin, Iowa, Minnesota, Michigan, and Illinois, with annual sales of approximately $13 million. An installer of insulation primarily across new residential and light commercial markets throughout Kansas and Oklahoma, with annual sales of approximately $3 million.

本季併購包括：一家在德州、路易斯安那州、阿肯色州與奧克拉荷馬州，服務新住宅與商用終端市場的隔熱材料安裝商，年化銷售額約 500 萬美元。一家提供多元加值機械隔熱服務的供應商，應用於各類商用與工業用途，服務威斯康辛州、愛荷華州、明尼蘇達州、密西根州與伊利諾州等主要商用與工業樞紐，年化銷售額約 1,300 萬美元。一家主要在堪薩斯州與奧克拉荷馬州，服務新住宅與輕型商用市場的隔熱材料安裝商，年化銷售額約 300 萬美元。

An installer of waterproofing applications across new residential, multifamily, and commercial markets throughout Minnesota, with annual sales of approximately $7 million. Although deal timing is hard to predict, our current outlook for acquisition opportunities in 2026 is strong, and we expect to acquire at least $100 million of annual revenue this year.

一家在明尼蘇達州，服務新住宅、多戶住宅與商用市場之防水工程安裝商，年化銷售額約 700 萬美元。雖然交易時點難以預測，但我們目前對 2026 年的併購機會展望強勁，並預期今年至少併購 1 億美元的年化營收。

In terms of broader housing construction activity, US Census Bureau data for the 2026 first quarter showed single-family starts decreased 6% from the prior year, while multifamily starts were up 21% for the same period. I'm proud of our team's continued success and commitment to doing an excellent job for our customers.

就更廣泛的住宅建築活動而言，美國人口普查局（US Census Bureau）2026 年第一季數據顯示，獨棟住宅開工量較去年同期下降 6%，而多戶住宅開工量在同期間上升 21%。我為團隊持續成功並致力於為客戶提供卓越服務而感到自豪。

Once again, to everyone at IBP, thank you. I remain encouraged by the fundamentals of our industry, our competitive positioning, and I'm optimistic about the prospects ahead for IBP in the broader insulation and complementary building products installation business.

再次向 IBP 的每一位同仁致謝。我仍對本產業的基本面與我們的競爭定位感到鼓舞，並對 IBP 在更廣泛的隔熱與互補建材安裝業務之未來前景保持樂觀。

Before I turn the call over to Michael, I want to thank Darren for his contributions over the past five years as he pursues another opportunity, and I wish him all the best in his future endeavors. Ryan Ricketts has been appointed Director of Investor Relations and Financial Planning. He has played an integral role in our financial planning and analysis function and is a natural fit to lead our investor relations efforts. I look forward to his contributions as we continue to execute on our strategy and engage with the investment community.

在我把電話交給 Michael 之前，我想感謝 Darren 過去五年的貢獻；他將追求另一個機會，並祝福他未來一切順利。Ryan Ricketts 已被任命為投資人關係暨財務規劃總監。他在我們的財務規劃與分析職能中扮演不可或缺的角色，也非常適合領導我們的投資人關係工作。隨著我們持續執行策略並與投資社群互動，我期待他帶來的貢獻。

With this overview, I'd like to turn the call over to Michael to provide more detail on our 2026 first quarter financial results.

以上為概述，接下來我想把電話交給 Michael，請他更詳細說明我們 2026 年第一季的財務結果。

Thank you, Jeff, good morning, everyone. Consolidated net revenue for the first quarter was down 4% to $661 million, compared-$685 million for the same period last year. Same branch sales for the installation segment were down 7% for the first quarter, as an 11% decline in new residential same branch sales was partially offset by an 11% increase in commercial same branch sales.

謝謝你，Jeff，各位早安。第一季合併淨營收年減 4% 至 6.61 億美元，相較去年同期為 6.85 億美元。第一季安裝業務的同店銷售年減 7%；其中新住宅同店銷售下降 11%，部分被商用同店銷售上升 11% 所抵銷。

Although the components behind our price mix and volume disclosures have several moving parts that are difficult to forecast and quantify, price mix was flat during the first quarter. However, when including heavy commercial, price mix increased 3%. Volume during the 2026 first quarter decreased by 10%, partially caused by adverse weather.

儘管我們揭露的價格/組合（price mix）與銷量（volume）背後包含多項變動因素，難以預測與量化，但第一季的價格/組合持平。然而，若納入重型商用業務，價格/組合上升 3%。2026 年第一季銷量下降 10%，部分原因為不利天候。

With respect to profit margins in the first quarter, our business achieved adjusted gross margin of 32.2% compared-32.7% in the prior year period. This slight year-over-year decrease in margin during the quarter was driven by increased depreciation within cost of goods sold and higher vehicle insurance costs.

關於第一季的利潤率，我們的業務達成調整後毛利率32.2%，相較於去年同期的32.7%。本季毛利率年對年小幅下降，主要是因為銷貨成本中的折舊增加，以及車輛保險成本上升所致。

Adjusted selling and administrative expenses were stable compared to the 2025 first quarter. As a percent of first quarter sales, adjusted selling and administrative expense was 20.9% compared [20.1%] in the prior year period. Administrative costs were impacted by higher medical and general liability insurance costs, which were 36% higher than prior year, as well as higher facility costs.

調整後銷售與管理費用相較於2025年第一季維持穩定。以第一季銷售額的百分比來看，調整後銷售與管理費用為20.9%，相較於去年同期的[20.1%]。管理成本受到較高的醫療與一般責任保險成本影響（較去年高出36%），以及較高的設施成本影響。

Adjusted EBITDA for the 2026 first quarter was $92 million, reflecting an adjusted EBITDA margin of 13.9%, and adjusted net income was $48 million or $1.79 per diluted share. Although we do not provide comprehensive financial guidance, based on recent acquisitions, we expect second quarter and full-year 2026 amortization expense of approximately $10 million and $40 million, respectively.

2026年第一季調整後EBITDA為9,200萬美元，反映調整後EBITDA利潤率為13.9%；調整後淨利為4,800萬美元，或稀釋後每股1.79美元。雖然我們不提供完整的財務指引，但基於近期收購案，我們預期2026年第二季與全年攤銷費用分別約為1,000萬美元與4,000萬美元。

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, 2026. For the three- months ended March 31, 2026, we generated $102 million in cash flow from operations, an 11% year-over-year increase.

若我們在未來期間完成任何收購，我們預期上述估計將隨之變動。此外，我們仍預期截至2026年12月31日止的全年有效稅率為25%至27%。截至2026年3月31日止的三個月，我們自營運活動產生1.02億美元現金流，年對年增加11%。

Our first quarter net interest expense was $10 million, compared to $8 million for the 2025 first quarter, partially driven by a write-off of debt issuance costs. We would expect second quarter net interest expense of approximately $10 million.

第一季淨利息費用為1,000萬美元，相較於2025年第一季的800萬美元，部分原因是沖銷債務發行成本。我們預期第二季淨利息費用約為1,000萬美元。

At March 31, 2026, we had a net debt to trailing 12-month adjusted EBITDA leverage ratio of 1.2 times compared [1.17 times] at March 31, 2025, which remains well below our stated target of 2 times. At March 31, 2026, we had $346 million in working capital, excluding cash and cash equivalents. Capital expenditures and total incurred finance leases for the three months ended March 31, 2026, were approximately $18 million combined, which was approximately 3% of revenue.

截至2026年3月31日，我們的淨負債對過去12個月調整後EBITDA之槓桿比率為1.2倍，相較於2025年3月31日的[1.17倍]，仍明顯低於我們所宣示的2倍目標。截至2026年3月31日，我們的營運資金為3.46億美元（不含現金及約當現金）。截至2026年3月31日止三個月，資本支出與已發生的融資租賃總額合計約1,800萬美元，約占營收的3%。

We ended the first quarter with $474 million in cash on the balance sheet. We will continue to prioritize acquisitions with long-term strategic benefits and attractive returns on invested capital. We expect positive free cash flow will continue to support shareholder returns and stock buybacks based on prevailing market conditions.

第一季結束時，資產負債表上的現金為4.74億美元。我們將持續優先考量具長期策略效益且投入資本報酬具吸引力的收購案。我們預期正向自由現金流將持續在現行市場條件下支持股東報酬與股票回購。

During the 2026 first quarter, we repurchased approximately 91,000 shares of common stock at a total cost of $25 million. At March 31, 2026, the company had approximately $475 million available under a stock repurchase program, which expires March 1, 2027. IBP's Board of Directors approved the first quarter dividend of $0.39 per share, which is payable on June 30, 2026 to stockholders of record on June 15, 2026.

2026年第一季期間，我們以總成本2,500萬美元回購約91,000股普通股。截至2026年3月31日，公司在股票回購計畫下尚有約4.75億美元可用額度，該計畫將於2027年3月1日到期。IBP董事會核准第一季每股0.39美元的股利，將於2026年6月30日支付給截至2026年6月15日登記在冊的股東。

The second quarter dividend represents a more than 5% increase over the prior year period. We are committed to continuing to grow the company while returning excess capital to shareholders through our dividend policy and opportunistic share repurchases.

第二季股利較去年同期增加逾5%。我們致力於在持續成長公司的同時，透過股利政策與機會性股票回購將多餘資本回饋股東。

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

以上為概述，接下來我把電話交回Jeff作結語。

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 you.

謝謝，Michael。我想在結束我們的預先準備發言前，再次感謝IBP員工的辛勤付出與對公司的承諾。我們多年來的成功，都是因為有你們才得以實現。

Operator, let's open up the call for questions.

接線員，請開放提問。

Sam Reid, Wells Fargo.

Wells Fargo 的 Sam Reid。

Awesome. Thanks so much, guys, for taking my questions. I wanted to see if you had an updated outlook on industry pricing. I know one of the OEMs put through a price increase on the resi side earlier this week. Just maybe your high-level thoughts on achievability on that price and ability to pass along to the builders, understanding full well that you over-index perhaps more to private custom builders versus some of the large publics.

太好了。非常感謝各位回答我的問題。我想了解你們對產業定價是否有更新的展望。我知道本週稍早有一家OEM在住宅端調漲了價格。想請教你們對該價格調漲的可達成性，以及將成本轉嫁給建商的能力之高層看法；也理解你們的客戶結構可能更偏向私人客製建商，而非一些大型上市建商。

Yes, this is Michael. Excuse me. Thanks for that question. As we've talked in the past, the time when the manufacturers are able to get traction in pricing, both us and them, quite frankly, is when the demand environment is strong and material is tight. That does not exist in the current operating environment.

是的，我是Michael。不好意思。謝謝你的提問。如同我們過去談過的，製造商能在定價上取得進展的時點——坦白說，不論是我們或他們——通常是在需求環境強勁且材料供應吃緊的時候。目前的營運環境並不存在這樣的條件。

The, you know, production builders, particularly the entry-level market, continues to be weak and, you know, there's a ready supply of available material. You may know that one of the manufacturers is getting ready to bring back online a significant amount of capacity. We don't see there being any tightness in fiberglass material, certainly in the near term. The demand environment just is not there that would really support a price increase. Now, that's on the fiberglass side.

你知道，量產型建商，特別是入門市場，仍然疲弱，而且可取得的材料供應充足。你可能也知道，其中一家製造商正準備讓相當大的一部分產能重新上線。我們看不到玻璃纖維材料會出現任何吃緊情況，至少在短期內不會。需求環境並不足以真正支撐漲價。以上是就玻璃纖維端而言。

On the spray foam side, there have been two announced price increases that are approximately about a 25% price increase. We do believe that price increase will have traction and that the market will take a substantial percentage of that price increase. The spray foam manufacturers' factor costs have increased significantly, and as a consequence, they're really not making money at the current pricing.

至於噴塗泡棉端，已宣布兩次漲價，合計約為25%的漲幅。我們確實相信這次漲價會有推進力，市場將會接受其中相當大的一部分漲幅。噴塗泡棉製造商的要素成本已大幅上升，因此在目前的定價下，他們其實賺不到錢。

They need and will get that price increase. Spray foam, as pretty much everyone knows, is really a semi-custom, custom home product. The flexibility or willingness of, you know, the builders there and the homeowners there to accept a price increase on a spray foam application is pretty good.

他們需要、也將會取得這次漲價。如同幾乎所有人都知道的，噴塗泡棉基本上是半客製、客製住宅的產品。在噴塗泡棉的施作上，建商與屋主對於接受漲價的彈性或意願相當不錯。

I would say that within the contractor base, that is within the spray foam contractor base, there is a lot of discipline around price. We definitely think that we'll see that happen, and it will certainly benefit our price mix in the back half of the year.

我會說，在承包商端，也就是噴塗泡棉承包商群體之中，對價格有很強的紀律。我們確實認為會看到這件事發生，而且在今年下半年將明顯有利於我們的價格組合。

Just as context maybe, spray foam represents about 11% of our total sales. I would say on the spray foam side that there will probably be less incentive for, you know, certainly entry-level or even move-up buyers to switch to spray foam, and they'll stay with fiberglass. Again, as we talked before about the difference between spray foam and fiberglass, you know, an average spray foam job is sort of 2 times an average fiberglass job.

補充一下背景，噴塗泡棉約占我們總銷售額的11%。我會說在噴塗泡棉端，入門級，甚至換屋升級型買家，轉用噴塗泡棉的誘因可能會更低，他們會繼續使用玻璃纖維。再次如我們先前談過噴塗泡棉與玻璃纖維的差異，一個平均的噴塗泡棉案子大約是平均玻璃纖維案子的2倍。

That's not really a like for like comparison because your average spray foam house is going to be much larger on a square footage basis than a typical fiberglass job. Just to give you a relative sense of the difference between cost of spray foam and, you know, fiberglass. It definitely will have an impact on price mix for us in the back half of the year. As I said, we expect that the spray foam manufacturers will realize a significant percentage of that 25%.

但這並非完全同質的比較，因為平均的噴塗泡棉住宅在坪數（面積）上通常會比典型的玻璃纖維案子大得多。這只是讓你相對感受一下噴塗泡棉與玻璃纖維的成本差異。這確實會在今年下半年對我們的價格組合產生影響。如我所說，我們預期噴塗泡棉製造商將能實現該25%漲幅中的相當大一部分。

Incredibly helpful color there. Maybe switching gears a little bit to industry capacity utilization. You know, you alluded to some capacity that's coming back online. You know, we have, however, seen, let's call it a little bit of better data on the start side.

這些補充說明非常有幫助。或許稍微轉到產業產能利用率的話題。你提到有一些產能正在重新上線。不過我們也看到，在開工端的數據似乎稍微好一些。

Yes.

是的。

Realize a lot of this is probably on the production builder side, just curious your perspective on fiberglass industry capacity and where it sits today. Thanks.

我知道其中很多可能是在量產型建商那邊，但我想請教你對玻璃纖維產業產能、以及目前所處位置的看法。謝謝。

This is Jeffrey. There's, you know, absolutely no tightness right now in terms of material flow, so I wouldn't anticipate it getting that way for at least some period of time.

我是 Jeffrey。就材料供應流動而言，目前完全沒有緊俏的情況，所以我不預期至少在一段時間內會變得緊張。

Yeah. As we've said in previous calls, the manufacturers are doing an excellent job of, you know, managing their capacity. You know, we feel, you know, very good about the current environment and particularly with the additional plant coming online, because there is some signs, you know, of the market getting better. You know, production builder entry level is still weak, no doubt.

對。如同我們在先前的電話會議中提到的，製造商在管理產能方面做得非常好。我們對目前的環境感覺很好，尤其是隨著新增的工廠上線，因為市場確實出現一些轉好的跡象。當然，量產型建商的入門級市場仍然疲弱，毫無疑問。

The, you know, the public builders, I think, you know, have a relatively reasonably positive outlook for the rest of the year. We'll see if that materializes. You know, based on some of the recent information, both survey information that we've seen, Census Bureau information, which currently we're not putting a lot of confidence in, you know, we think that the year could end up being flat in terms of macro starts. We'll see.

我認為上市建商對今年剩餘時間的展望相對合理且偏正面。我們看看是否會實現。根據我們看到的一些近期資訊，包括調查資料以及人口普查局的資料（目前我們對其可信度不高），我們認為今年在總體開工量方面可能最終會持平。再看看。

You know, I would say that in April, we saw some very encouraging signs. You know, our private builder business was actually up in April. We've had continued weakness though, in the public builder market. Our sales with them are really tracking their sales, so you know, their home-building revenue in the most recent quarter was down, you know, low teens, and our revenue with them was down a little bit better than that. You know, we're tracking well with them. It's just that there's a lot of weakness there on the entry level.

我會說，4 月我們看到一些非常令人鼓舞的跡象。我們的民營建商業務在 4 月其實是成長的。不過在上市建商市場，我們仍持續看到疲弱。我們對他們的銷售基本上是跟著他們的銷售走，所以他們最近一季的住宅建造營收年減約低十幾個百分點，而我們對他們的營收降幅比那個還要稍微好一些。我們與他們的走勢匹配得很好。只是入門級市場那邊有很大的疲弱。

Really appreciate the color, guys. Thanks so much.

非常感謝這些補充說明，各位。非常謝謝。

Sure.

不客氣。

Stephen Kim, Evercore ISI.

Stephen Kim，Evercore ISI。

Yeah. Thanks a lot, guys. Appreciate it. I guess first question would be related to the multifamily outlook. You know, you mentioned before that the backlogs were looking strong, and I think you got some easier comps here in the back half of the year.

是的。非常感謝，各位。很感激。我想第一個問題與多戶住宅的展望有關。你之前提到在手訂單看起來很強，而且我想今年下半年比較基期也更容易。

Are you still feeling pretty optimistic that you should be able to show strong year-over-year strength in multifamily? Is there anything that you saw in the March industry numbers in terms of multifamily starts? Does that kind of square with sort of the activity levels that you're seeing in your customer base?

你們是否仍相當樂觀，認為多戶住宅可以呈現強勁的年對年成長？你們在 3 月的產業數據中，有看到多戶住宅開工量方面的任何訊號嗎？那是否與你們在客戶群中看到的活動水準相符？

Yeah. This is Michael. On the census information right now, we're just not putting a lot of confidence in those numbers. I would say we continue to be very encouraged on the multifamily side. Just to give you some sense, you know, the high-rise multifamily, which we do very little of, it's only, you know, it's less than 1% of revenue, it's about 5% of our multifamily revenue. In the quarter, that high-rise multifamily revenue was down almost 50%, okay?

是的。我是 Michael。就目前的人口普查資料而言，我們對那些數字並沒有放太多信心。我會說，我們在多戶住宅端仍然非常受到鼓舞。給你一些概念，高層多戶住宅我們做得很少，營收占比不到 1%，約占我們多戶住宅營收的 5%。本季高層多戶住宅營收下滑了將近 50%，好嗎？

As you know from our disclosures, that total multifamily revenue was down in the quarter on the same branch basis only about 10%. What's interesting, the reason why I bring that up, is the high-rise multifamily backlogs actually turned mid-single digit positive in the quarter. We feel encouraged that even that part of the market, which is admittedly a very weak part of the market, we're seeing some light at the end of that tunnel. In our, what I would consider traditional, so not high-rise multifamily, the backlogs continue to grow.

如同你從我們的揭露所知，以同分公司口徑來看，本季整體多戶住宅營收僅下滑約 10%。有趣的是，我之所以提這點，是因為高層多戶住宅的在手訂單在本季其實轉為中個位數的正成長。我們感到受到鼓舞的是，即便是那一塊市場（坦白說確實是市場中非常疲弱的一塊），我們也開始看到隧道盡頭的一點光。而在我們所謂的傳統多戶住宅（也就是非高層）方面，在手訂單仍持續成長。

We had a very good April within that sector and, you know, we feel good about what the back half of the year is going to look like. I have to put in a caveat, though, that we have seen some projects getting slow walked, if you will, and that are slowing down. Even though we feel very confident about the strength of our backlog, you know, we don't have the ability to, you know, prevent, if you will, a GC from slowing down development of projects.

我們在該領域的 4 月表現非常好，而且我們對今年下半年的樣貌感覺不錯。不過我必須補充一點：我們確實看到有些專案被「慢慢推進」，也就是進度放緩。即使我們對在手訂單的強度很有信心，但我們無法、如果你要這麼說的話，去阻止總承包商（GC）放慢專案開發。

You know, depending upon how that develops through the rest of the year, that could put us in a position where, you know, the comps aren't positive. Overall, as we look at the multifamily business for us, it continues to be the same story where we're gaining share, profitably gaining share. Our team is doing an excellent job of, you know, going into new markets and gaining good profitable share in those markets. Even if we don't see a strong inflection in the back half of 2026, we feel very confident in what we're going to see in 2027.

視今年剩餘時間的發展而定，這可能會讓我們面臨一種情況：也就是年對年比較可能不會是正成長。整體而言，從我們的多戶住宅業務來看，故事仍然一樣：我們正在擴大市占，而且是以獲利的方式擴大市占。我們的團隊在進入新市場、並在那些市場取得良好且具獲利性的市占方面做得非常出色。即便我們在 2026 年下半年沒有看到強勁的轉折，我們對 2027 年將會看到的情況仍非常有信心。

Got you. The second question, I guess, relates to data centers. It's kind of been a topic of conversation for a lot of folks. Can you give us a sense for, you know, are you relatively over or under indexed to data centers across your businesses? Is that something that is, you know, even sizable enough to really be worth calling out or not?

了解。第二個問題我想與資料中心有關。這一直是很多人討論的話題。你能否讓我們了解一下：就你們各項業務而言，你們在資料中心的曝險是相對偏高還是偏低？這塊是否規模大到值得特別提出來談，還是不一定？

We do some of that work, but we are under indexed to it, I would say, given the activity that's happening right now. Our heavy commercial business, you know, as we noted, continues to perform at an extremely high level.

我們有做一部分這類工作，但以目前正在發生的活動量來看，我會說我們在這方面的比重偏低。我們的重型商用業務，如同我們提到的，仍持續在非常高的水準上表現。

Even though the comps have gotten, you know, more difficult because of the outperformance there, in the quarter, the heavy commercial business grew, like, 22%. They're doing a phenomenal job, and it is not data center driven. It's really across a lot of verticals and, you know, we can't say enough shout-outs about how what a great job that team is doing.

儘管因為先前表現超預期而使比較基期變得更具挑戰，本季重型商用業務仍成長了大約 22%。他們做得非常出色，而且並不是由資料中心所帶動。實際上是橫跨許多垂直領域；我們真的怎麼稱讚都不為過，這個團隊做得非常好。

Got you. Okay, great. Thanks a lot, guys.

了解。好，很棒。非常謝謝，各位。

Sure.

不客氣。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Thanks. Good morning, everyone.

謝謝。各位早安。

Morning.

早安。

I just, first question just on gross margins. I think it was kind of the big variance between my estimate and probably the streets as well and I would presume maybe weighing on the stock here today. I appreciate the color in terms of the year-over-year variance.

我第一個問題是關於毛利率。我認為這可能是我的預估與市場共識之間最大的差異，也可能因此今天對股價造成壓力。我很感謝你們就年對年差異所提供的補充說明。

I think you said higher depreciation, higher vehicle insurance. I was also kind of wondering around the sequential decline of about 280 basis points, which is, you know, much greater than we've seen in the last few years. In the last four years, I'm going back here, there was a 90 basis points, decline last year, but before that it was relatively flat.

我想你提到折舊較高、車輛保險較高。我也在想，按季下滑約280個基點，這個幅度你知道，比我們過去幾年看到的要大得多。過去四年我回頭看，去年下滑了90個基點，但在那之前相對持平。

I'm wondering just what the drivers were sequentially and if this is kind of a new bar to think about in terms of how we should progress throughout the year.

我想了解按季來看驅動因素是什麼，以及這是否算是一個新的基準，讓我們在思考今年接下來的走勢時作為參考。

Yeah, Michael, this is Michael. You know, the gross margins did still come in within our 32%-34% range. Again, we look at that range on a full year basis, not in any one quarter. Really the decline, and I'll call out some specific items, but really it was the volume, right?

是的，Michael，我是Michael。你知道，毛利率仍落在我們32%–34%的區間內。再次強調，我們看的是全年口徑的區間，而不是單一季度。真正的下滑——我會點出一些具體項目——但主要是量的問題，對吧？

When we lose volume, other cost of goods sold, not material, not labor, the team did an excellent job of managing material and labor. The other cost of goods sold number is, you know, semi-variable and not directly variable. When we have lower volume, as we did in the quarter, it just, it compresses to some extent, the gross margin. To give you just some context for the gross margin, this is year-over-year, not Q4 to Q1.

當我們失去出貨量時，銷貨成本中的其他項目（不是材料、不是人工）——團隊在材料與人工的管理上做得非常出色。其他銷貨成本這個數字，你知道，是半變動成本，並非完全隨量變動。當我們像本季一樣量較低時，它在某種程度上就會壓縮毛利率。先給你一些毛利率的背景說明：這裡是年對年比較，不是第四季到第一季。

This is something that we haven't really talked about before, but I think it's worth highlighting. Our product margin. At the, you know, gross margin level before other cost of goods sold, the product margin was actually up 70 basis points from first quarter last year to first quarter this year. Unfortunately, it was offset by the mix from complementary products, which was a 20 basis point headwind to gross margin.

這是我們之前其實沒怎麼談過的，但我覺得值得強調。我們的產品毛利。在你知道、扣除其他銷貨成本之前的毛利率層級，產品毛利率其實從去年第一季到今年第一季提高了70個基點。不過很可惜，被互補性產品的組合影響所抵銷，對毛利率造成20個基點的逆風。

The other distribution and manufacturing operations, which naturally have lower gross margins, were a 40 basis point headwind to gross margin. Then, which we called out in the prepared remarks, depreciation was a 30 basis point headwind to gross margin, and vehicle insurance was as well a 30 basis points headwind to gross margin. Somewhat offsetting that again, was the 70 basis point improvement in product margin.

其他配銷與製造營運（其毛利率自然較低）對毛利率造成40個基點的逆風。接著，如同我們在事先準備的講稿中提到的，折舊對毛利率造成30個基點的逆風，車輛保險也同樣對毛利率造成30個基點的逆風。而部分抵銷上述影響的，仍是產品毛利率改善70個基點。

Again, something we haven't really talked about before, the heavy commercial business, which was a 20 basis point improvement to gross margin. The other thing about gross margin, I think it's important for us to point out, you know, our obviously our vehicle costs are in gross margin, in other costs of goods sold. While fuel really did not impact significantly the first quarter, we would expect that to have an impact over the rest of the year of $15 million-$20 million in other costs of goods sold, assuming, you know, the current, particularly diesel cost, environment that we're under right now.

再者，這也是我們以前不太談的：重型商用業務對毛利率帶來20個基點的改善。關於毛利率還有一點我覺得很重要要說明：你知道，我們的車輛成本當然包含在毛利率裡、在其他銷貨成本中。雖然燃料在第一季並未造成顯著影響，但我們預期在今年其餘時間會對其他銷貨成本造成1,500萬到2,000萬美元的影響，前提是你知道，在我們目前所處的、特別是柴油成本的環境下。

Okay. No, I appreciate all that detail, Michael. Just maybe to follow up on that, two kind of points. I guess one, it does sound like you're saying, at least on a year-over-year basis, I'm curious if on a sequential basis that the pricing dynamics between yourself and the builders haven't changed significantly. I think the concern out there is perhaps that the builders are really pushing back on vendors and suppliers and perhaps yourselves around price. So I'm just wondering if, number one, it sounds like what you're saying is that perhaps is not as big of a factor on a sequential basis. Maybe I'll just stop there, let you answer that before I ask another one.

好的。不，我很感謝你提供這麼多細節，Michael。我想再追問兩點。第一，至少從年對年來看，聽起來你是在說，你們與建商之間的定價動態按季並沒有顯著改變，我想確認一下。市場上的擔憂是，建商可能正在對供應商與廠商（也包括你們）在價格上施加更大壓力。所以我想問第一點：聽起來你說這可能不是按季變動的主要因素。我先停在這裡，讓你回答後我再問下一個。

Yeah. You know, where there is pricing pressure for sure is at the entry level, you know, home builder. You know, the public builders at that level. Just as a reference point, that represents about 14% of total revenue. I would say the team has done a very good job of maintaining market share and working hard to maintain margin. There's definitely some pressure there given the weakness that is experiencing there.

是的。你知道，確實有定價壓力的地方是在入門級市場，也就是入門級住宅建商。你知道，那些在該層級的上市建商。作為參考，這部分約占總營收的14%。我會說團隊在維持市占、並努力維持毛利方面做得很好。鑑於那一端正在經歷的疲弱，確實存在一些壓力。

Now, quite frankly, though, I think go forward, just based upon their guidance, what we're seeing, we believe a lot of that pressure is easing now and that the, you know, the difficulties that we were having with that again is starting to ease. We're seeing, you know, good pricing with the, you know, the private builders with particularly the custom, semi-custom builders.

不過坦白說，我認為往後看，根據他們的指引以及我們所看到的情況，我們相信很多壓力現在正在緩解，而你知道，我們之前在那方面遇到的困難也開始緩和。我們看到你知道，與民營建商，特別是客製與半客製建商之間，定價表現良好。

That work continues to, you know, meet our expectations and as I mentioned earlier, you know, turn positive in April. We're feeling good from that perspective. Really the gross margin pressure, and actually the EBITDA margin pressure, and I'm sure someone will ask about administrative expenses, and we'll talk about that. It really was costs that are not directly variable that, you know, to some extent, we don't have a lot of control of. You know, for example, vehicle insurance, which is, you know, is up 25%. It's a significant number, particularly when you have flat to down sales environments.

這些工作持續進行，符合我們的預期；如我先前提到的，你知道，4月轉為正向。從這個角度我們感覺不錯。毛利率壓力——其實還有EBITDA利潤率壓力——我相信也會有人問到管理費用，我們會談。真正的原因是一些不直接隨量變動的成本，在某種程度上我們也沒有太多控制力。例如車輛保險，你知道，上漲了25%。這是一個很大的數字，尤其是在銷售持平到下滑的環境下。

Okay. In other words, because, you know, I'm just looking last year, you know, sales went down to about $65 million, and margin sequentially went down 90 basis points. Here you have sales down $90 million and margins went down 280 basis points. Is it really more of the, some of the cost inflation dynamics that you're seeing then the vehicle insurance, maybe the logistical costs, fuel costs, things of that nature that is more of the culprit on a sequential basis? Is that fair to say in addition to maybe some of the, you know, underabsorbed, fixed cost, broadly speaking?

好的。換句話說，因為你知道，我在看去年，銷售下滑到大約6,500萬美元，而毛利率按季下滑90個基點。這次你們銷售下滑9,000萬美元，毛利率卻下滑280個基點。按季來看，是否更主要是你們看到的一些成本通膨動態——像車輛保險、可能還有物流成本、燃料成本之類——才是更大的原因？再加上可能某些你知道，固定成本吸收不足，廣義來說，是這樣理解公平嗎？

Yes, broadly speaking. I mean, I will say because we've talked about this product margin, you know, during the call. I mean, the sequential product margin was down from the fourth quarter to the first quarter, but that's pretty typical, right? Part of that is just mix and, you know, again, there was some pricing pressure from the production builders.

是的，廣義來說是這樣。我的意思是，我會說因為我們在這通電話中談到了產品毛利率。我的意思是，按季來看，產品毛利率從第四季到第一季是下降的，但這相當典型，對吧？其中一部分只是組合因素，而且你知道，再次強調，來自量產型建商確實有一些定價壓力。

As I said, I think the team is doing an excellent job, excuse me, of, you know, managing that environment, you know, maintaining share and also working very hard to maintain price. Clearly, a lot of the decremental from the fourth quarter to the first quarter in the margin was in, you know, other costs of goods sold. You know, again, vehicles, the vehicle costs were the biggest culprit there.

如我所說，我認為團隊在那樣的環境下做得非常出色，抱歉——你知道，維持市占，同時也非常努力維持價格。很明顯，從第四季到第一季毛利率的遞減，很多是在你知道，其他銷貨成本。你知道，再次強調，車輛——車輛成本是其中最大的元兇。

Great. Thanks so much. Appreciate it.

很好。非常感謝。感激不盡。

Sure.

當然。

Susan Maklari, Goldman Sachs.

Susan Maklari，高盛。

Thank you. Good morning, everyone.

謝謝。各位早安。

Morning, Susan.

早安，Susan。

Good morning. My first question is on the weather and the regional implications that that had in the quarter. Can you talk a bit about how those branches performed in the first quarter? Is there a backlog that you have that's coming into the second quarter, and is that part of what's driving that improvement that you're seeing with some of those private builders? How should we just think about your ability to make up some of that volume and what that'll mean for results in the upcoming quarters?

早安。我的第一個問題是關於天氣以及其在本季對各區域造成的影響。你能談談第一季那些分公司表現如何嗎？你們是否有一些積壓訂單會進入第二季，這是否也是你們在部分民營建商那邊看到改善的原因之一？我們應該如何看待你們彌補部分出貨量的能力，以及這對接下來幾季的業績意味著什麼？

Yeah. This is Michael. I mean, we do think we'll make it up. The, you know, the biggest impact to the regions was primarily in the Mid-Atlantic. You know, those are some of our most profitable regions. Obviously, you never like to see weakness in your most profitable regions. We definitely think we'll make it back. It is definitely part of the reason why we think we're seeing, you know, while we're seeing positive comps in April with the, you know, private builders. Yes, I would say that we have the ability to make it up. I think it is going to be a slow makeup, to be honest with you.

是的。我是 Michael。我的意思是，我們確實認為會把它補回來。你知道，對各區域影響最大主要是在大西洋中部（Mid-Atlantic）。你知道，那些是我們最賺錢的一些區域。顯然，你不會樂見自己最賺錢的區域出現疲弱。我們確實認為會把它追回來。這也確實是我們認為我們正在看到的原因之一——你知道，為什麼我們在 4 月與私人建商（private builders）合作時看到正向的同店比較（comps）。是的，我會說我們有能力把它補回來。老實跟你說，我認為這會是一個緩慢的補回過程。

I mean, typically in these situations, we would make it up 30, 45 days, but, you know, it seems like it's just stretching out a little bit in terms of our ability, to get on top of that.

我的意思是，通常在這種情況下，我們會在 30 到 45 天內補回來，但你知道，看起來在我們把這件事掌握住的能力上，時間似乎拉得更長了一點。

Okay. All right. That's helpful color. Turning to M&A, can you just talk a bit about the environment that you're seeing there? It seems like you're continuing to be fairly active for deals, but just give us an overall update on the pipeline and including the ability to perhaps do some more deals on that commercial industrial side.

好的。好。這些補充說明很有幫助。轉到併購（M&A），你能否談談你們目前看到的環境？看起來你們仍然相當積極在做交易，但請就整體管線（pipeline）給我們一個更新，也包括在商用工業（commercial industrial）那一端，是否可能再做一些交易的能力。

This is Jeff, Susan. You know, I would say it's a healthy environment from in terms of an M&A, you know, backdrop. You know, we will continue to, you know, make the deals that like we've done historically. Pipeline's good and strong. We, you know, we did recently close a smaller, mechanical industrial installation business, and it continues to be an area of focus for us.

Susan，我是 Jeff。你知道，我會說就併購的整體背景而言，這是一個健康的環境。你知道，我們會繼續做我們歷來那樣的交易。管線良好且強勁。我們最近確實完成了一筆較小的機械工業安裝（mechanical industrial installation）業務收購，而這也持續是我們的重點領域。

Okay. All right. Thanks for the color. Good luck with the quarter.

好的。好。謝謝補充說明。祝你們本季順利。

Thanks, Susan.

謝謝，Susan。

Philip Ng, Jefferies.

Philip Ng，Jefferies。

Hey, guys. Michael, I appreciate you don't give guidance, but I think you were talking about how at least some of the survey work and what you're seeing out there, potentially single-family starts could be flat, and certainly we're not going to hold you to it.

嗨，各位。Michael，我理解你們不提供財測指引（guidance），但我想你剛才提到，至少從一些調查工作以及你們在外面看到的情況來看，獨棟住宅開工（single-family starts）可能會持平，當然我們也不會拿這個來約束你。

From the context of, you know, single-family, your same branch sales business was down double-digits in 1Q, and it was a little softer in fourth quarter as well. Weather was a factor, at least April sounds okay for your private side. Give us a little context how you kind of see the shape of the year kind of shaking out, and how the activity kind of panned out to start 2Q.

從獨棟住宅的角度來看，你們同分公司銷售（same branch sales）業務在第一季（1Q）是雙位數下滑，而第四季也稍微疲弱。天氣是個因素，至少聽起來你們私人端 4 月表現還可以。請給我們一些背景，你們怎麼看今年的走勢輪廓，以及第二季（2Q）一開始的活動表現如何。

I mean, on a, you know, consolidated basis for the install, so that includes the heavy commercial business. Organic growth, we were up, including acquisitions, but organic growth was down, you know, like 2%. What did help the organic growth, quite frankly, though, is price mix was up over 4%.

我的意思是，以安裝（install）的合併口徑來看——所以包含重型商用（heavy commercial）業務。包含收購在內的成長是正的，但有機成長（organic growth）是下滑的，大概 -2%。不過坦白說，對有機成長有幫助的是，價格/組合（price mix）上升了超過 4%。

Price mix was up excluding the heavy commercial business, but the heavy commercial business, just like it did in the first quarter, helped the price mix. Volumes were down, but they're down less than they have been over the past several months and over the past quarter. The volume weakness really is still coming from the entry-level production builders.

即便排除重型商用業務，價格/組合仍然上升；但重型商用業務就像第一季一樣，對價格/組合也有助益。量（volumes）是下滑的，但下滑幅度比過去幾個月以及上一季要小。量的疲弱主要仍然來自入門級量產建商（entry-level production builders）。

You know, if we think about the business right now, you know, the production builder business continues to be soft, but other parts of the business are starting to show resiliency, both from a volume perspective and a price mix perspective.

你知道，如果我們看目前的業務，量產建商業務仍然偏弱，但業務的其他部分開始展現韌性，不論是從量的角度或價格/組合的角度。

Okay, that's helpful. I mean, it sounds like volumes have firmed up a little bit versus 1Q. That's encouraging. I guess your largest competitor obviously is merging with a large distributor, roofing and LBM. Jeff, perhaps how do you kind of think about that impact, you know, your ability to compete, your go-to-market strategy and on the procurement front? I mean, from what I can tell, you guys buy super well already insulation. Does this kind of change how you think about the competitive landscape and perhaps your philosophy on the M&A side as well?

好的，這很有幫助。聽起來量相較第一季確實回穩了一些。這令人鼓舞。我想你們最大的競爭對手顯然正在與一家大型通路商合併，涵蓋屋頂（roofing）與 LBM（木材與建材，lumber and building materials）。Jeff，也許你能談談你們如何看待這個影響——你們的競爭能力、上市策略（go-to-market strategy）以及採購端（procurement front）？我的理解是，你們在保溫材料（insulation）的採購上本來就買得很有優勢。這是否會改變你們對競爭格局的看法，以及你們在併購端的理念？

Well, I would say that we aren't anticipating any great changes. They've been a competitor, you know, all along, as long as we've been public and beforehand even, and we expect that to continue.

嗯，我會說我們不預期會有任何重大變化。他們一直都是競爭對手——從我們上市以來，甚至在那之前就是——我們也預期這種情況會持續。

From an M&A perspective, you know, potentially, you know, this could be an upside in that they may not be quite as, you know, as interested in some of the install businesses based on their thrust more towards the, you know, the distribution end of things.

從併購的角度來看，可能這反而是個利多，因為基於他們的重心更偏向通路（distribution）端，他們對某些安裝（install）業務可能就不會那麼有興趣。

Okay. I'm just curious, in terms of your customers, builders, when you go to market and you negotiate, I believe it's all local, and that's how you bid it. Is there much overlap in terms of interaction for like a LBM guy versus a install guy for installation in terms of that go-to-market strategy? I'm just trying to gauge if that, you know, has any impact from a bundling standpoint as you compete with them more head-on from that standpoint.

好的。我只是好奇，就你們的客戶——建商——當你們去市場上談判時，我相信都是在地方層級進行，也是你們投標的方式。在上市策略上，就安裝而言，LBM 的人和安裝承包商之間在互動上有很多重疊嗎？我只是想評估，當你們在那個角度更正面競爭時，從綁售（bundling）的角度看，這是否會帶來任何影響。

No, we don't. No, because keep in mind that what we're providing is an install solution, so the material and the labor. On the distribution side, whether it's roofing or, you know, lumber or whatever, the distributor is drop shipping the material there, and then the builder is subcontracting out the labor to another contractor.

不會，我們不會。不會，因為請記住，我們提供的是安裝解決方案，也就是材料加上人工。在通路端，不論是屋頂、木材或其他，通路商是把材料直接配送（drop shipping）到現場，然後建商再把人工分包（subcontracting）給另一家承包商。

Okay. That's what I thought. Really helpful color. Thank you so much.

好的。這跟我想的一樣。非常有幫助的補充說明。非常感謝。

Sure.

當然。

Michael Dahl, RBC Capital Markets.

Michael Dahl，RBC Capital Markets。

Thanks for taking my questions. I want to go back to gross margins. Again, appreciate you don't give the guidance, but when I think about the components that you laid out, you know, certainly seems like some things, to your point, would be kind of volume leverage that shift throughout the year.

謝謝回答我的問題。我想回到毛利率（gross margins）。再次感謝你們不提供指引，但當我思考你們列出的構成要素時，你知道，確實看起來有些因素——如你所說——會是量的槓桿（volume leverage）在一年中逐步轉變。

You've got kind of like insurance costs, the fuel costs that you mentioned, and then it seems like maybe at least in the near term, given the relative growth of complementary and other products, maybe some headwinds there. Think about that 32-34 range. Is there anything, like in those pieces, there do seem to be some incremental, certainly year-over-year headwinds relative to what you were seeing last year. Anything you can do to help drill down a little more on within that range where we should be thinking about?

你們提到保險成本、燃料成本，然後看起來至少在短期內，考量到互補性與其他產品（complementary and other products）的相對成長，可能也會有一些逆風。再看你們提到的 32%–34% 區間。在這些項目裡，似乎確實存在一些相較去年更大的增量逆風（year-over-year headwinds）。你能否再幫我們更細緻地拆解一下，在這個區間內我們應該如何判斷落點？

Yeah. To be honest with you, a lot is going to depend upon, you know, where the production builders come out in terms of the year. If they get closer to, you know, looking at their guidance, basically, they're talking about home building revenue being down the rest of the year about 5%.

是的。老實說，很多將取決於量產建商（production builders）今年最終的表現。如果他們更接近他們的指引——基本上他們在談的是，今年剩餘期間的住宅建造營收（home building revenue）大約會下滑 5%。

You know, us being down, say, 5% with them, I think that puts, you know, less pressure, if you will, on gross margin. To your point, some of the headwinds that we experienced in gross margin in the first quarter are going to follow us throughout the year. You know, we still feel confident about the 32%-34%. There's, you know, there's a lot going on right now.

你知道，我們相較於他們下滑，比如說 5%，我認為這會讓毛利率承受的壓力更小一些。如你所說，我們在第一季毛利率上遇到的一些逆風，將會在全年持續影響我們。你知道，我們對 32%-34% 這個區間仍然有信心。目前確實有很多事情正在發生。

As we mentioned, you know, the spray foam price increase is more than likely to stick at a very high level. You know, gutters, which are about 6% of total revenue, you know, aluminum costs are up 20%. We don't see that subsiding anytime in the near future. There are definite headwinds to gross margin going forward. The team has done an incredible job, you know, being able to manage the price cost headwinds that we've experienced.

如我們提到的，噴塗泡棉的漲價很可能會在非常高的水準上維持下去。你知道，天溝約占總營收的 6%，鋁的成本上漲了 20%。我們不認為短期內會回落。未來毛利率確實面臨逆風。團隊在管理我們所經歷的價格與成本逆風方面做得非常出色。

We have, you know, complete confidence that they will continue to do that. I think that's evidenced by the fact that the product margin that we talked about earlier was up 70 basis points year-over-year. They're doing it. They're doing a great job, there are a lot of headwinds out there for sure. On a full-year basis, we continue to be confident that we will fall in that 32%-34% range.

我們對他們能持續做到這一點充滿信心。我認為這可從我們先前提到的產品毛利率年增 70 個基點看出來。他們正在做到。他們做得非常好，外部確實有很多逆風。以全年來看，我們仍然有信心會落在 32%-34% 的區間。

Okay. Appreciate that. Then follow up just specifically on the fuel dynamic. Was it 15%-20% just for the balance of the year? There's some run rate into 1Q. It doesn't sound like based on some of your other comments, you've implemented or contemplated surcharges, but any comments around pass-through mechanisms versus other internal actions you can do to help mitigate that?

好的。感謝說明。接著具體追問一下燃料的變動。15%-20% 是指今年剩餘期間嗎？第一季已經有一些運行水準的影響。聽起來根據你們其他評論，你們並沒有實施或考慮燃油附加費，但能否談談成本轉嫁機制與你們可採取的其他內部措施，以協助緩解影響？

Yeah. There's no doubt we will work hard to try and offset it. It's certainly something that is on top of mind for everybody in terms of the additional fuel costs. That $15 million-$20 million is for the rest of the year. You know, call it, you know, a little bit over $5 million per quarter that we would expect to, you know, feel the impact there. You know, we are getting fuel surcharges from some of the manufacturers, particularly the fiberglass manufacturers, you know, based on the additional transportation shipping costs. As a percentage of our overall cost structure, that's honestly fairly small. You know, again, we're going to work very closely with our customers to make sure that our costs and our prices to them, you know, are aligned properly.

是的。毫無疑問，我們會努力嘗試抵消這個影響。就額外燃料成本而言，這確實是大家最關注的議題之一。那 1,500 萬到 2,000 萬美元是指今年剩餘期間。你知道，大概可以說每季略高於 500 萬美元，我們預期會感受到這方面的影響。你知道，我們確實從部分製造商那裡收到燃油附加費，特別是玻璃纖維製造商，因為運輸與配送成本增加。以我們整體成本結構的比例來看，老實說那部分相當小。再說一次，我們會與客戶非常密切合作，確保我們的成本以及我們對他們的價格能夠適當對齊。

Yeah. Okay. Thank you.

好的。好的。謝謝。

Sure.

不客氣。

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens Inc.。

Good morning. You mentioned seeing some projects, you know, being delayed or slow-rolled in multifamily. Just curious, is that more, you know, kind of geographic specific? You know, if so, where are you seeing most of that? Is this these delays, you know, more widespread?

早安。你提到看到一些多戶住宅的專案被延後或放慢推進。想請教這是否比較偏向特定地區？如果是的話，你們主要在哪些地區看到這種情況？這些延遲是否更為普遍？

I wouldn't say it's necessarily geographic specific. I mean, it's really, it's project specific. It depends upon the specific project and the specific market. I wouldn't say that it's highly concentrated in one market over another.

我不會說這必然是地理區域特定的。我的意思是，這其實是專案特定的。取決於特定專案以及特定市場。我不會說它高度集中在某一個市場而非另一個市場。

You mentioned, you know, some of the pricing pressure around the entry level, which you know, you mentioned is 14% of your revenue. Are you seeing any more, you know, pricing pressure, if you will, you know, on the multifamily side of things now that you're, you know, we're starting to see a little, you know, more delays, more, you know, a little softer market there?

你提到入門級產品周邊存在一些定價壓力，而你也提到那部分占你們營收的 14%。在多戶住宅這一端，現在你們是否看到更多定價壓力？畢竟你們開始看到一些延遲、那邊市場稍微轉弱一些。

No, I would say that environment's been pretty stable, you know. I would say there's, you know, there was some pressure during the course of 2025, but I would say that it's very stable, especially as we start to inflect positively here from a, you know, units under construction.

沒有，我會說那個環境一直相當穩定。我會說在 2025 年期間確實有一些壓力，但我會說現在非常穩定，特別是當我們在「在建單位數」方面開始出現正向拐點之際。

I think that, I mean, maybe not clearly, but, you know, we believe that multifamily basically is in balance in terms of cycle times. You know, obviously, with the exception of if things are getting slow roll, that might impact it a little bit. Then cycle times on single family are extremely well, probably the lowest they've been in 10 years or more, so.

我認為，可能不是很明顯，但我們相信多戶住宅在工期週期時間方面基本上是平衡的。你知道，當然，若事情被放慢推進，可能會對此有些影響。至於單戶住宅的工期週期時間非常好，可能是 10 年以上最低的水準，所以。

Yep. Yep. Okay, thanks for that. The last one for me, we haven't talked too much about commercial, you know, seems to be doing very well. It's been a bright spot here for a while now. You know, with some of the shift in the macro, you know, that we're seeing, any signs of delays or, you know, similar kind of slow rolling or anything like that on the commercial side? Or is the backlog you have, you know, in place kind of suggesting you should continue to see this level of, you know, relative strength in commercial?

是的。是的。好的，謝謝。我最後一個問題：我們沒有太多談到商用，看起來表現非常好。它一段時間以來一直是亮點。在我們看到一些總體環境轉變的情況下，商用端是否有任何延遲跡象，或類似的放慢推進之類的情況？或者你們目前的在手訂單是否顯示商用仍可維持這種相對強勢的水準？

Yeah. I mean, other than the comps, continue to get more difficult as we go through the rest of the year, the team is doing an excellent job. I mean, the heavy commercial business was up, you know, over 20% in April. Even the light commercial business was up, you know, low double digits in April. You know, that business, as you know, is coming off a very easy comp. Don't read too much into that. Yeah, we feel very good about it. The team on the heavy commercial side has done a good job of even though they're putting up, you know, record revenue every quarter, they're actually continuing to grow their backlog. That's a very strong sign from our perspective.

是的。我的意思是，除了隨著今年剩餘時間推進、比較基期會持續變得更具挑戰之外，團隊做得非常出色。重型商用業務在 4 月年增超過 20%。即便是輕型商用業務在 4 月也有低雙位數成長。你知道，那項業務如你所知是建立在非常容易的比較基期之上。不要過度解讀。是的，我們對此感覺非常好。重型商用端的團隊做得很好，即使他們每季都創下、你知道、創紀錄的營收，他們其實仍在持續增加在手訂單。從我們的角度來看，這是一個非常強的訊號。

Yep. Okay. Got it. That's it for me. Thank you all. Good luck.

是的。好的。了解。我就這些。謝謝各位。祝順利。

Sure. Thanks, Trey Grooms.

好的。謝謝你，Trey Grooms。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Hey, good morning, guys. Just maybe sticking with heavy commercial. Sounds like growth, pretty strong growth expected to continue. Should we think about the composition of that growth, maybe more volume than price? 'Cause it seems like price has been a big driver over the last year.

嗨，早安，各位。我想可能延續重型商用的話題。聽起來成長、而且是相當強勁的成長，預期會持續。我們是否應該從成長的構成來看，可能是量的貢獻多於價？因為看起來過去一年價格一直是很大的驅動因素。

No, I think it'll continue to be price will continue to be a driver there. Obviously, you know, we'll say this probably a couple more times, is that, you know, the comps become increasingly more difficult for us, just given the outperformance that that business had experienced through 2025.

不，我認為價格仍會持續是那裡的驅動因素。當然，你知道，我們可能還會再說幾次：由於該業務在 2025 年的表現超出預期，我們的比較基期會變得愈來愈具挑戰性。

We definitely think it's going to be continue to be a price story as well. Part of that is because we're doing a much better job of selling multiple applications or products per job, right? In that instance, you know, kind of our average job, if you will, has a higher take per job, if I can use that terminology. You know, that's really helping that business from a pricing perspective.

我們確實認為這也將會持續是一個價格面的故事。其中一部分原因是，因為我們在每個案子上銷售多種應用或產品的表現好得多，對吧？在那種情況下，你知道，如果用這種說法，我們的平均案子每案取得的金額更高。你知道，從定價角度來看，這確實在幫助那項業務。

Got it. That makes sense. Just looking at the kind of flattish price mix here. I know last quarter mix was pretty nicely positive, offsetting some modest price pressure. Can you maybe break apart how price and mix in the quarter trended?

了解。這很合理。我只是看這裡價格/組合看起來有點持平。我知道上季組合面相當正向，抵消了一些溫和的價格壓力。你能否拆解一下本季價格與組合的走勢？

I'm sorry. Say that last part again.

不好意思。最後那部分再說一次。

Just the split between price and mix, because I know last quarter mix was nicely positive, offsetting some modest price weakness. Maybe, you know, how that looked in the first quarter?

就是價格和組合之間的拆分，因為我知道上季組合面相當正向，抵消了一些溫和的價格走弱。也許你可以談談第一季看起來如何？

As you know, that price mix disclosure is, you know, kind of very difficult to break down just because, you know, most people's price disclosures are like for like, and there's really no such thing as kind of like for like from our perspective.

如你所知，那個價格/組合的揭露，因為一些原因其實很難拆開來看，因為你知道，多數人的價格揭露都是同品同規（like-for-like），而從我們的角度來看，其實並不存在所謂的同品同規。

I would say that the pricing pressure, as we've said earlier, really came from the production builders and that the, you know, on the residential side, you know, pricing for the privates and, you know, regional local builders was pretty solid. Again, when I say that, it's all about average job price, right? What you're seeing within the production builders, while on a per square foot installed basis, you know, there's not as much pricing pressure as you would expect.

我會說，正如我們先前提到的，定價壓力主要來自量產型建商（production builders）；而在住宅端，私人建商以及區域/在地建商的定價相當穩健。再說一次，當我這麼說時，重點都在平均每案價格，對吧？你在量產型建商那邊看到的是，即便以每平方英尺安裝的基礎來看，定價壓力並沒有你預期的那麼大。

If on average, they're building a smaller house, even though that doesn't impact us that much, it does have some impact on the price with the production builders, right? To the extent that they're trying to get their average ASP down, and one of the ways they're doing that is by building a considerably smaller house, that naturally, even if our per square foot installed price is the same, it's there's less square feet to install. Does that make sense?

如果平均而言，他們在蓋更小的房子，即使這對我們影響沒那麼大，但對量產型建商的價格仍會有一些影響，對吧？在他們試圖把平均ASP（平均售價）壓低的情況下，而他們採取的方法之一就是蓋明顯更小的房子；那麼很自然地，即使我們每平方英尺的安裝價格相同，因為要安裝的平方英尺變少了。這樣說有道理嗎？

Yeah, it does. Thanks. Appreciate it. Best of luck.

有，有道理。謝謝。很感謝。祝你們一切順利。

Ken Zener, Seaport Research.

Ken Zener，Seaport Research。

Good morning, everybody.

各位早安。

Good morning, Ken.

早安，Ken。

The stock price kind of reminds me of when you had the commercial heavy cost headwinds X years ago, and there seemed to be a disproportionate impact, you know, from investors' perspective. You were very clear last quarter, talking 32%-34%, right, is your gross margin range.

股價讓我想起多年前你們商用占比較高、成本逆風的那段時間，從投資人的角度看，似乎造成了不成比例的影響。你們上季講得很清楚，32%到34%對吧，是你們的毛利率區間。

The street with three quarters that had been above 34% was surprised today. Yet you talked about your product margin being up, you know, and these headwinds that seem to be persistent. Do you see the possibility of a sub 32% gross margin before we come out within your long-term range, given the uncertainty around fuel surcharges, which I don't know if you're able to recoup those from customers quickly. Could you just kind of talk about that range, given the surprise we had today? Thank you very much.

市場在先前三個季度都高於34%，所以今天感到意外。但你們談到產品毛利率上升，以及這些看起來持續存在的逆風。考量到燃油附加費的不確定性（我不知道你們是否能快速向客戶回收），在回到你們長期區間之前，你們是否看到毛利率跌破32%的可能性？能否就這個區間談一談，鑑於我們今天的意外？非常感謝。

Yeah, Ken, this is Michael. I mean, you know, I have to firmly reiterate that we don't provide guidance. What I would say is that we continue to feel confident that on a full year basis, the gross margin will be between 32% and 34%. You know, the gross margin in the quarter was in that range, granted at the low end of that range.

是的，Ken，我是Michael。我的意思是，你知道，我必須堅定重申我們不提供指引。我想說的是，我們仍然有信心，以全年來看，毛利率會在32%到34%之間。你知道，本季毛利率也在那個區間內，只是落在區間的低端。

Yep.

是。

The first quarter is always at the low end of the range. You know, given the weakness that we saw in demand, again, the team did an excellent job of managing the costs that are directly variable. You know, the reality is that they can't control depreciation, they can't control, you know, vehicle insurance costs, and those things were major headwinds to gross margin in the quarter.

第一季一向都在區間的低端。鑑於我們看到的需求疲弱，再次強調，團隊在管理直接可變成本方面做得非常出色。但現實是，他們無法控制折舊，也無法控制車輛保險成本，而這些因素在本季對毛利率造成了主要逆風。

You know, we haven't done it enough. You know, we have to just really, you know, give a shout-out to the team because they're continuing to perform in what is, you know, a difficult operating environment. Quite frankly, you know, we continue to believe that they will do that through the rest of the year, and as a result, the gross margin will be in that 32%-34% range.

你知道，我們做得還不夠。我們真的必須好好表揚團隊，因為他們在一個艱難的營運環境中仍持續交出表現。坦白說，我們仍相信他們在今年剩餘時間也會做到，因此毛利率將落在32%到34%的區間。

Really appreciate how you broke down, right, depreciation, insurance, distribution, manufacturing, inputs. Would you expect that if we see some degree of normal seasonality to 2Q from 1Q, that these elements would be accretive to margins then?

非常感謝你把折舊、保險、配送、製造、投入成本等拆解說明。如果我們看到第二季相對第一季出現某種程度的正常季節性，你會預期這些要素會對毛利率有增益嗎？

I mean, as you pick up, right, you obviously just fell sequentially in sales, and it's expected you're going to rise. Would you get volume leverage essentially from net sales gains? Is that a logical conclusion given you're positive on your product margin and your heavy commercial margins?

我的意思是，隨著你們回升，對吧，你們的銷售額剛剛是季比下滑，而預期接下來會上升。你們是否基本上會因淨銷售成長而獲得量的槓桿（volume leverage）？鑑於你們對產品毛利率與重商用毛利率都持正面看法，這樣推論合理嗎？

Historically, yes. Our margins improve, you know, as we go into the seasonally stronger quarters, and the first quarter is seasonally always our weakest quarter from a volume perspective. As a consequence, the other cost of goods sold, you know, particularly vehicle expenses, hurt gross margins.

歷史上是的。隨著進入季節性較強的季度，我們的毛利率會改善，而第一季從量的角度來看一向是我們季節性最弱的季度。因此，其他銷貨成本，特別是車輛費用，會拖累毛利率。

You know, again, I would say that we expect full year gross margins to be in that 32% to 34% range. We do believe even though there are considerable headwinds for things that we've talked about that will continue, we would expect to see a typical seasonal gain as we go throughout the course of the year on a quarterly basis.

你知道，再次強調，我們預期全年毛利率會在32%到34%的區間。我們確實認為，儘管我們談到的那些因素帶來相當大的逆風且會持續存在，但隨著年度進程、以季度來看，我們仍預期會看到典型的季節性改善。

Appreciate that. If I could get one last question. Well, with TopBuild apparently going away, QXO, you know, not doing conference calls, you're the big provider of a good understanding of new home sales, given your good market share. Why is it that your confidence in the Census data is so bad?

感謝說明。如果我可以再問最後一題。嗯，隨著TopBuild顯然不再（參與/提供）了，QXO也不開法說會，而你們憑藉不錯的市占，算是能很好理解新屋銷售狀況的主要供應者。為什麼你們對人口普查局（Census）的數據信心這麼低？

I mean, the publics don't respond to the Census and, you know, and they dominate the Southeast, obviously. That's one reason. Is there something more structural about the data that you see undermined, or is it actually just, you know, more regional distortion that you're seeing? The Midwest makes sense, the Southeast doesn't. Could you expand on that given that we obviously have, we investors, look at that information historically, and you're saying it's not good. Thank you.

我的意思是，上市建商不回覆人口普查局的調查，而且你知道，他們顯然主導了美國東南部。這是一個原因。你看到的數據被削弱，是否有更結構性的因素？還是其實只是你看到更多區域性的扭曲？中西部的情況說得通，東南部卻不太說得通。你能否就此多談一些？因為我們投資人歷來都會看那個資訊，而你們卻說它不太可靠。謝謝。

Yeah. I mean, maybe I shouldn't have been so harsh, but, you know, I think on a month-to-month basis, we all know that that information gets heavily revised. Particularly when you saw the numbers in multifamily with the wide delta, I mean, that's not practical. It just doesn't make sense that something like that would happen. You have to have less confidence in the actual numbers.

是的。我的意思是，也許我不該那麼嚴厲，但你知道，我想以月對月來看，我們都知道那些資訊會被大幅修正。特別是當你看到多戶住宅（multifamily）的數字出現那麼大的差距時，我的意思是，那在實務上不太可能。那種事情發生就是不合理。你就必須對實際數字更缺乏信心。

Now, on a full-year basis or on a trailing LTM basis, is that data worthwhile, particularly the permit data? Yes, absolutely. Excuse me. We just, obviously we don't run our business based on what the US Census Bureau reports. You know, we continue to again see good strength, you know, moderate strength, I guess I should say, within the private builders.

那麼，以全年或過去十二個月（LTM）的角度來看，這些數據是否有參考價值，特別是許可證數據？是的，絕對有。不好意思。我們顯然不會依據美國人口普查局所公布的數據來經營公司。你知道，我們仍然持續看到私人建商那邊有不錯的強勁表現，應該說是溫和的強勁。

We feel good about, you know, where the multifamily business is doing and what it's doing, what the heavy commercial business is doing. You know, even though we continue to see weakness with the production builders, you know, the publics have, you know, noticeably increased their community counts and, you know, there's reason to feel encouraged about the back half of the year, particularly based on some of their comments, not just publicly, but to our salespeople and field people. We haven't seen a strong inflection there yet.

我們對多戶住宅業務的表現與走向、以及重型商用業務的表現與走向，都感到樂觀。你知道，儘管我們仍持續看到量產型建商疲弱，但上市建商的社區數量明顯增加，而且基於他們的一些評論——不只是公開場合，也包括對我們的業務人員與現場人員——我們有理由對下半年感到更受鼓舞。但我們還沒有看到那裡出現明顯的強勁拐點。

It also sounds like you're saying the entry level is where the pressure is not at the move up or higher end custom as well, correct?

聽起來你是在說，壓力主要在入門級市場，而不是在換屋（move-up）或更高端的客製市場，對嗎？

A 100%.

百分之百。

Thank you.

謝謝。

Yeah.

嗯。

Collin Verron, Deutsche Bank.

Collin Verron，德意志銀行。

Morning, thanks for taking my question. You gave a lot of helpful color on the gross margin. I just wanted to clarify. Were any of the headwinds that you saw in the first quarter one time in nature, or do you expect to see any of the impacts from maybe mix reversing?

早安，謝謝讓我提問。你對毛利率提供了很多很有幫助的補充說明。我只是想釐清一下。你們在第一季看到的任何逆風，有沒有屬於一次性的因素？或者你們是否預期會看到一些影響，例如產品組合（mix）反轉？

No, to be honest with you. I mean, I think that the growth in the complementary products or when the complementary products are at a better sales rate, if you will, than insulation, and when we say insulation, we mean fiberglass and spray foam. It definitely weighs on gross margin.

沒有，老實說沒有。我的意思是，我認為互補產品的成長，或是互補產品的銷售速度（如果你願意這麼說）比保溫材料更好時——而我們說的保溫材料是指玻璃纖維與噴塗泡棉——確實會對毛利率造成壓力。

The distribution and manufacturing business, which as I mentioned previously, was, you know, was a 40 basis points headwind to gross margin. It's good for EBITDA margins, but from a gross margin perspective, it definitely structurally is just the way that business is, does weigh on gross margins. That business is performing. You know, it's relatively small, but it's performing extremely well, and we expect it to continue to perform well.

配銷與製造業務，如我先前提到的，對毛利率造成了約40個基點的逆風。它對EBITDA利潤率是有利的，但從毛利率角度來看，這在結構上就是該業務的特性，確實會壓低毛利率。那項業務表現良好。你知道，它規模相對小，但表現非常出色，我們預期它會持續維持良好表現。

Again, on the gross margin side, you know, we feel confident about the 32%-34% range on a full-year basis. I did want to get in just a couple of quick notes on the administrative side because I think it's important. I understand why everybody's focusing in on the gross margin.

再說回毛利率方面，你知道，我們對全年32%到34%的區間很有信心。我也想在管理費用端補充幾點快速說明，因為我認為這很重要。我理解為什麼大家都把焦點放在毛利率上。

You know, in the quarter, medical insurance was up almost 40%, which was a 50 basis point headwind to overall margin. Facility costs were up 12%, which is about a 40 basis point headwind to overall margins. Liability insurance was up 35% in the quarter, which was a 40 basis points headwind in the quarter to margin. Again, all of these costs that we've called out are not directly controllable.

你知道，本季醫療保險費用上升了將近40%，對整體利潤率造成了50個基點的逆風。設施成本上升了12%，約對整體利潤率造成40個基點的逆風。本季責任保險上升了35%，對本季利潤率造成40個基點的逆風。再次強調，我們點出的這些成本都不是可以直接控制的。

I mean, they are over time, and believe me, we're working on managing those expenses. When you're in, you know, a flat to down in volume environment, it's hard to offset some of these costs that are going to increase, you know, just because of the nature of the market pricing for those costs. Now, it's our job and our team's job to work hard to offset those costs, to align our costs with our selling price and our customer mix. You know, everyone in the company is highly incented on profitability, and the team is working tirelessly to make sure that we're able to do that.

我的意思是，長期來看是可以的，相信我，我們正在努力管理這些費用。當你處在一個出貨量持平到下滑的環境時，很難去抵消某些會上升的成本，因為這些成本的市場定價本質上就是會上升。現在，我們的工作、以及我們團隊的工作，就是努力去抵消這些成本，讓我們的成本結構與售價及客戶組合相匹配。公司裡每個人都高度以獲利為激勵，團隊也不懈努力，確保我們能做到這一點。

Great. That's really helpful color, and you stole my second question. I guess I'll just ask about your comment about the slower, it just being slower to make up for the weather. I guess that was a little surprising just because it feels like there'd probably be capacity in the market given the slower demand and then the builder cycle times being low. I guess if you could just kind of expand on that, what's driving sort of your slower ability to make up for that weather headwind?

很好。這些補充說明非常有幫助，而且你把我的第二個問題也先回答了。我想我就問你提到的「回補天氣影響的速度比較慢」這點。我之所以有點意外，是因為在需求較慢的情況下，市場上應該會有產能，而且建商的施工週期也偏低。如果你能再多談一點，是什麼因素導致你們回補這個天氣逆風的能力變慢？

I think it was just generally speaking slower to come back than it normally is. I mean, it could be builders just slowing down a bit. I would say, you know, with the private builders, we were encouraged with what we saw in April, and we're encouraged with the dialogue, really across the footprint.

我認為整體而言，回升速度就是比平常慢。我的意思是，可能是建商只是放慢了一點。我會說，就私人建商而言，我們對四月看到的情況感到鼓舞，而且對整個營運版圖（footprint）範圍內的對話也感到鼓舞。

Great. I appreciate all the color.

很好。感謝你提供這些補充說明。

Sure.

當然。

This now concludes our question-and-answer session. I would like to turn the floor back to Jeffrey Edwards for closing comments.

現在問答環節到此結束。我想把時間交回給Jeffrey Edwards做結語。

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

我要感謝各位的提問，也期待我們下一次的季度電話會議。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。