Janus International Group Inc (JBI) 2025 Q1 法說會逐字稿

Hello, and welcome to the Janus International Group first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ms. Sara Macioch, Senior Director, Investor Relations of Janus. Thank you. You may begin, Ms. Macioch.

您好，歡迎參加 Janus International Group 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我想將電話轉給主持人、Janus 投資者關係高級總監 Sara Macioch 女士。謝謝。您可以開始了，馬喬克女士。

Thank you, operator, and thank you all for joining our earnings conference call. I am joined today by our Chief Executive Officer, Ramey Jackson; and our Chief Financial Officer, Anselm Wong. We hope that you have seen our earnings release issued this morning. We have also posted a presentation in support of this call, which can be found in the Investors section of our website at janusintl.com.

謝謝接線員，也謝謝大家參加我們的收益電話會議。今天和我一起出席的是我們的執行長 Ramey Jackson；以及我們的財務長 Anselm Wong。我們希望您已經看到了我們今天早上發布的收益報告。我們也發布了支持此次呼籲的演示文稿，可以在我們網站 janusintl.com 的投資者部分找到。

Before we begin, I would like to remind you that today's call may include forward-looking statements. Any statements made describing our beliefs, plans, strategies, expectations, projections and assumptions are forward-looking statements. The company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control.

在我們開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述。任何描述我們的信念、計劃、策略、期望、預測和假設的陳述均為前瞻性陳述。由於多種原因，公司的實際結果可能與此類前瞻性陳述所預期的結果不同，其中許多原因是我們無法控制的。

Please see our recent filings with the Securities and Exchange Commission, which identify the principal risks and uncertainties that could affect our business, prospects and future results. We assume no obligation to update publicly any forward-looking statements, and any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of the date when it is made.

請參閱我們最近向美國證券交易委員會提交的文件，其中列出了可能影響我們的業務、前景和未來結果的主要風險和不確定性。我們不承擔公開更新任何前瞻性聲明的義務，我們在本次電話會議中做出的任何前瞻性聲明僅基於我們目前掌握的信息，並且僅代表聲明做出之日的觀點。

In addition, we will be discussing or providing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted EPS. Please see our release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure.

此外，我們今天將討論或提供某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的淨收入和調整後的 EPS。請參閱我們的發布和文件，以了解這些非 GAAP 指標與最直接可比較的 GAAP 指標之間的對帳情況。

On today's call, Ramey will provide an overview of our business. Anselm will continue with a discussion of our financial results and 2025 guidance, before Ramey shares some closing thoughts and we open up the call for your questions.

在今天的電話會議上，Ramey 將概述我們的業務。安瑟姆將繼續討論我們的財務業績和 2025 年指引，然後雷米將分享一些結束語，然後我們將開始回答您的問題。

At this point, I will turn the call over to Ramey.

現在，我將把電話轉給雷米。

Thank you, Sara, and good morning, everyone. Thank you all for joining us today. I'm pleased with our start to 2025 with results mostly in line with our expectations despite ongoing macroeconomic volatility. Our team continues to execute well in this challenging environment, maintaining our focus on operational excellence and disciplined capital allocation, while positioning the business for long-term success. The strength of our business model has enabled us to navigate these headwinds effectively while continuing to invest in the future.

謝謝你，薩拉，大家早安。感謝大家今天的參與。我對我們 2025 年的開局感到滿意，儘管宏觀經濟持續波動，但結果基本上符合我們的預期。我們的團隊在這種充滿挑戰的環境中繼續表現出色，保持對卓越營運和嚴謹的資本配置的關注，同時為業務的長期成功做好準備。我們強大的商業模式使我們能夠有效應對這些不利因素，同時繼續投資未來。

With that, let me start by highlighting a few key themes related to our first quarter results. First, despite ongoing market uncertainty, we're seeing growth in our backlog and continued stability in our pipeline. Second, we're making progress on our cost reduction plan, which is yielding tangible benefits. Third, we continue to demonstrate financial strength with robust cash generation and disciplined capital allocation. And finally, we believe we are well positioned to navigate the current tariff environment.

首先，我來強調一下與我們第一季業績相關的幾個關鍵主題。首先，儘管市場持續存在不確定性，但我們的積壓訂單仍在成長，並且我們的產品線持續保持穩定。第二，我們的成本削減計劃正在取得進展，並產生實際的效益。第三，我們持續透過強勁的現金產生和嚴格的資本配置展現財務實力。最後，我們相信我們已準備好應對當前的關稅環境。

For the first quarter of 2025, we delivered revenue of $210.5 million, down 17.3% compared to first quarter of 2024. Total Self-Storage saw a decrease of 23.1% given the decline in volume associated with the uncertainty in the economic and interest rate environment. Our Commercial and Other sales channels saw a decrease of 1%, driven by a softness in rolling sheet door market, partially offset by a contribution from our TMC acquisition completed last May.

2025 年第一季度，我們的營收為 2.105 億美元，與 2024 年第一季相比下降 17.3%。由於經濟和利率環境的不確定性導致自助儲存量下降，自助倉儲總量下降了 23.1%。我們的商業和其他銷售管道下降了 1%，因為捲簾門市場疲軟，但部分被我們去年 5 月完成的 TMC 收購的貢獻所抵消。

Our Noke Smart Entry system continues to gain traction in the market with 384,000 installed units at quarter end, representing sequential growth of 5.2%. We're excited about the momentum we're building in this business and see opportunities for further growth as customer adoption of Noke Ion continues in 2025.

我們的 Noke 智慧入口系統繼續在市場上獲得關注，截至季度末已安裝 384,000 台，環比增長 5.2%。我們對這項業務所取得的進展感到非常興奮，隨著客戶在 2025 年繼續採用 Noke Ion，我們看到了進一步成長的機會。

While customers remain cautious about their liquidity and capital deployment in the current environment, we are confident in the underlying demand for self-storage solutions. The restructuring initiatives we implemented in 2024 are progressing well, with our structural cost reduction plan on track to deliver approximately $10 million to $12 million in annual pretax cost savings by the end of 2025. These actions are designed to improve margins, simplify our organizational structure and enhance our operational efficiencies.

儘管客戶在當前環境下對流動性和資本配置仍持謹慎態度，但我們對自助倉儲解決方案的潛在需求充滿信心。我們在 2024 年實施的重組措施進展順利，我們的結構性成本削減計畫預計在 2025 年底前實現每年約 1,000 萬至 1,200 萬美元的稅前成本節約。這些措施旨在提高利潤率、簡化組織結構並增強營運效率。

From a financial standpoint, we continue to demonstrate the resilience of our business model. Our excellent cash flow generation and balance sheet have provided us the financial flexibility to make a voluntary prepayment of $40 million on our first lien term loan and repurchased 0.6 million shares for $5.1 million under our share repurchase program during the quarter. At quarter end, we had $16.3 million remaining on our share repurchase authorization.

從財務角度來看，我們持續展現我們商業模式的彈性。我們出色的現金流量產生能力和資產負債表為我們提供了財務靈活性，使我們在本季度自願預付 4000 萬美元的第一期留置權定期貸款，並根據我們的股票回購計劃以 510 萬美元的價格回購了 60 萬股股票。截至季末，我們的股票回購授權餘額為 1,630 萬美元。

I'd like to take a moment to address tariffs and the potential expense impacts to Janus. While the bulk of our steel and material inputs are sourced domestically, we do have some exposure to components sourced from areas that we expect will be impacted by tariffs. We have dual sources for many of our components which, coupled with our inventory on hand, allows us to mitigate much of our exposure to tariffs in 2025.

我想花點時間談談關稅及其對 Janus 的潛在費用影響。雖然我們的大部分鋼鐵和材料投入都來自國內，但我們確實接觸到一些我們預計將受到關稅影響的地區的零件。我們的許多零件都有雙重來源，再加上我們現有的庫存，使我們能夠在 2025 年減輕大部分關稅風險。

At this time, we estimate the total potential expense impact related to tariffs for 2025 to be in the low single-digit millions. At the current expected tariff rates beyond 2025, we estimate the potential ongoing annual impacts to be in the range of $10 million to $12 million. We anticipate that our productivity and commercial actions will provide a mitigating effect against these impacts.

目前，我們估計 2025 年與關稅相關的潛在費用總影響將達到數百萬美元。按照目前預計的2025年以後的關稅稅率，我們估計潛在的持續年度影響將在1000萬美元至1200萬美元之間。我們預計我們的生產力和商業行動將減輕這些影響。

As we look ahead, we remain confident in the long-term fundamentals of our business. We expect the self-storage industry to continue to benefit from strong underlying demand drivers and believe there is significant opportunity for our R3 business as consolidation across the self-storage industry, coupled with the average facility age exceeding 20 years, will lead customers focusing their capital allocation on existing properties. As an industry leader in self-storage solutions, our strong balance sheet, exceptional cash flow generation and suite of innovative offerings positions us well to deliver attractive long-term shareholder value.

展望未來，我們仍對業務的長期基本面充滿信心。我們預計自助倉儲產業將繼續受益於強勁的潛在需求驅動因素，並相信我們的 R3 業務具有巨大的發展機會，因為自助倉儲行業的整合，加上平均設施使用年限超過 20 年，將導致客戶將資本配置集中在現有物業上。作為自助儲存解決方案產業的領導者，我們強大的資產負債表、卓越的現金流量產生能力和一系列創新產品使我們能夠為股東提供具有吸引力的長期價值。

Now I'll turn the call over to Anselm for a detailed review of our financial results and updates to our 2025 guidance. Anselm?

現在，我將把電話轉給安瑟姆，讓他詳細審查我們的財務表現並更新我們的 2025 年指引。安瑟倫？

Thanks, Ramey, and good morning, everyone. As Ramey highlighted, we continue to navigate a challenging macroeconomic environment and are pleased to deliver results that were largely in line with our expectations.

謝謝，Ramey，大家早安。正如雷米所強調的，我們繼續應對充滿挑戰的宏觀經濟環境，並很高興能取得基本符合我們預期的成果。

In the first quarter, consolidated revenue of $210.5 million was 17.3% lower as compared to the prior year quarter, with declines in all three sales channels. Together, our Self-Storage business was down 23.1%, new construction was down 25.5%, while R3 was up 19.3% for the quarter.

第一季度，綜合營收 2.105 億美元，較去年同期下降 17.3%，三個銷售管道均下滑。總體而言，本季我們的自助倉儲業務下降了 23.1%，新建築業務下降了 25.5%，而 R3 成長了 19.3%。

The decline in revenues for new construction was almost entirely due to a decline in volume associated with macroeconomic uncertainty and sustained high interest rates impacting liquidity, causing some customers to adjust project timing. The R3 decline was driven by a nearly 50% decrease in retail big-box conversions and facility expansion activity, partially offset by increases in door replacement and renovation activity. For the quarter, the impact to organic revenues was driven roughly 10% by price and 90% by volume.

新建築收入的下降幾乎完全是由於宏觀經濟不確定性導致的產量下降以及持續的高利率影響流動性，導致一些客戶調整專案時間。R3 的下滑是由於零售大賣場轉型和設施擴建活動減少近 50%，但被門更換和翻新活動的增加部分抵消。本季度，對有機收入的影響約有 10% 是受價格影響，90% 是受銷售影響。

In the first quarter, the international segment saw total revenues increase by $6.5 million or 44.2% compared to prior year. The change is attributable to increased volumes as a result of normalizing local market conditions compared to prior year, which was negatively affected by the UK recessionary period starting late fiscal 2023 and impacting most of fiscal 2024. Due to the international businesses lower margin profile, this had a negative impact on the company's overall adjusted EBITDA margin.

第一季度，國際部門總收入較上年增加 650 萬美元，成長 44.2%。這一變化歸因於與前一年相比，當地市場條件正常化導致銷量增加，而上一年受到了 2023 財年末開始並影響到 2024 財年大部分時間的英國經濟衰退期的負面影響。由於國際業務利潤率較低，這對公司整體調整後的 EBITDA 利潤率產生了負面影響。

Our Commercial and Other segment saw a 1% decline in the first quarter, driven by market softness for rolling sheet doors, largely offset by contribution from the TMC acquisition. First quarter adjusted EBITDA of $38.4 million was down 42.1% compared to the first quarter of 2024. This resulted in an adjusted EBITDA margin of 18.2%, a decrease of approximately 790 basis points from the prior year period. The decrease in profitability was due to lower volumes impacting our ability to leverage fixed costs as well as impacts of geographic segment and sales channel mix.

我們的商業及其他部門在第一季下降了 1%，因為捲簾門市場疲軟，但這在很大程度上被 TMC 收購帶來的貢獻所抵消。第一季調整後的 EBITDA 為 3,840 萬美元，與 2024 年第一季相比下降了 42.1%。調整後的 EBITDA 利潤率為 18.2%，較去年同期下降約 790 個基點。獲利能力下降的原因是銷售下降影響了我們利用固定成本的能力，以及地理區域和銷售管道組合的影響。

In the quarter, we realized approximately $1.5 million in savings associated with the previously announced cost reduction program, and we expect to realize approximately $10 million to $12 million in annual pretax cost savings by the end of 2025. For the first quarter, we produced adjusted net income of $17.7 million, a decrease of 51.6% from the prior year and adjusted EPS of $0.13. We generated cash from operating activities of $48.3 million and free cash flow of $41.9 million in the quarter.

本季度，我們透過先前宣布的成本削減計畫實現了約 150 萬美元的節省，預計到 2025 年底，每年將實現約 1,000 萬至 1,200 萬美元的稅前成本節省。第一季度，我們的調整後淨收入為 1,770 萬美元，較上年下降 51.6%，調整後每股收益為 0.13 美元。本季度，我們從經營活動中獲得的現金為 4,830 萬美元，自由現金流為 4,190 萬美元。

On a trailing 12-month basis, this represents a free cash flow conversion of adjusted net income of 170%. Capital expenditures in the quarter were $6.4 million. We finished the quarter with $217.1 million in total liquidity, including $140.8 million of cash and equivalents on the balance sheet.

以過去 12 個月為基礎，代表調整後淨收入的自由現金流轉換率為 170%。本季資本支出為 640 萬美元。本季結束時，我們的總流動資金為 2.171 億美元，其中包括資產負債表上的 1.408 億美元現金及等價物。

Our total outstanding long-term debt at quarter end was $557 million, and net leverage was 2.3 times, well within our target range of 2 to 3 times. Aided by our strong balance sheet and cash position to start the year and consistent with our capital allocation priorities during the quarter, we repurchased 0.6 million shares for $5.1 million as part of our $100 million share repurchase program.

季度末我們的未償還長期債務總額為 5.57 億美元，淨槓桿率為 2.3 倍，遠低於我們 2 至 3 倍的目標範圍。由於我們年初強勁的資產負債表和現金狀況，並與我們本季的資本配置重點一致，我們以 510 萬美元的價格回購了 60 萬股股票，這是我們 1 億美元股票回購計畫的一部分。

At quarter end, the company had $16.3 million remaining on its share repurchase authorization. We also made a voluntary prepayment of $40 million on our first lien term loan, which will lower our overall interest expense for the year by an estimated $2.2 million. The annualized impact is expected to be $2.7 million.

截至本季末，該公司的股票回購授權餘額為 1,630 萬美元。我們還自願提前償還了第一筆留置權定期貸款 4000 萬美元，這將使我們今年的總利息支出減少約 220 萬美元。預計年化影響為 270 萬美元。

Now moving to our 2025 guidance. Based on our first quarter results, current visibility into our end markets and current expectations of the direct impacts from tariffs, we are reaffirming our full year guidance for revenues and adjusted EBITDA. We continue to expect revenues to be in the range of $860 million to $890 million and adjusted EBITDA to be in the range of $175 million to $195 million, reflecting an adjusted EBITDA margin of 21.1% at the midpoint.

現在轉向我們的 2025 年指導。根據我們第一季的業績、目前對終端市場的了解以及對關稅直接影響的當前預期，我們重申全年收入和調整後 EBITDA 的預期。我們繼續預期營收在 8.6 億美元至 8.9 億美元之間，調整後的 EBITDA 在 1.75 億美元至 1.95 億美元之間，中間值調整後的 EBITDA 利潤率為 21.1%。

As we look at the cadence of results for the year, we reiterate our expectation for results to strengthen in the back half of 2025. Additionally, as the year progresses, we expect our customers to begin shifting their focus towards R3 initiatives as facility owners focus more on optimizing and upgrading existing properties over new construction. As a reminder, the margin profiles for new construction and R3 are similar. So we are agnostic about moves between the two sales channels.

當我們回顧今年的業績節奏時，我們重申對 2025 年下半年業績將會增強的預期。此外，隨著時間的推移，我們預計我們的客戶將開始將重點轉向 R3 計劃，因為設施所有者更注重優化和升級現有物業而不是新建築。提醒一下，新建築和 R3 的利潤率相似。因此，我們不清楚這兩個銷售管道之間的變化。

New construction is expected to remain soft in the first half of the year as we work through customers' expanded project timelines. We continue to anticipate being near the higher end of the free cash flow conversion of adjusted net income target range of 75% to 100% in 2025. Please refer to the presentation we have posted for additional details on our key planning assumptions for 2025.

由於我們正在努力完成客戶延長的專案時間表，預計上半年新建築將保持疲軟。我們繼續預計，2025 年調整後淨收入的自由現金流轉換率將接近 75% 至 100% 的目標範圍的高端。請參閱我們發布的演示文稿，以了解有關 2025 年主要規劃假設的更多詳細資訊。

Thank you. I will now turn the call over to Ramey for his closing remarks. Ramey?

謝謝。現在我將把電話交給雷米，請他作最後發言。雷米？

Thank you again, Anselm. Despite the challenges we faced in the first quarter, I'm encouraged by the positive signals we're seeing in our business, including growth in our backlog and the continued stability of our pipeline. While the broader market environment remains in flux, our strong balance sheet and cash flow generation gives us significant flexibility and optionality to continue investing in our business while seeking out and delivering accretive shareholder value-enhancing opportunities.

再次感謝你，安瑟姆。儘管我們在第一季面臨挑戰，但我們在業務中看到的正面訊號令我感到鼓舞，包括積壓訂單的成長和管道的持續穩定。儘管整體市場環境仍在不斷變化，但我們強勁的資產負債表和現金流創造能力為我們提供了極大的靈活性和選擇性，可以繼續投資於我們的業務，同時尋找並提供增值股東價值的機會。

The strategic alignment and resilience of our business model are reflected in our reaffirmed 2025 guidance. We believe we're well positioned to deliver long-term value for all stakeholders. A big thank you to our employees, customers and shareholders for your continued support. Again, thank you for joining us.

我們重申的 2025 年指導方針體現了我們商業模式的策略一致性和彈性。我們相信，我們有能力為所有利害關係人創造長期價值。非常感謝我們的員工、客戶和股東的持續支持。再次感謝您的參與。

Operator, we can now open up the lines for Q&A.

接線員，我們現在可以開通問答熱線了。

(Operator Instructions)

（操作員指示）

Jeff Hammond, KeyBanc.

傑夫·哈蒙德，KeyBanc。

Hey. Good morning, guys. So just listening to the public self-storage REITs, it seems like fundamentals are stabilizing or maybe moving a little off the bottom. I know rates are still stubborn. But just wondering, one, what's the latest that you're seeing on kind of the pacing of some of these project delays starting to break free and move through the backlog? And two, just how would you characterize order activity and the pipeline behind it?

嘿。大家早安。因此，僅聽聽公共自助倉儲房地產投資信託基金 (REIT) 的情況，似乎基本面正在穩定，或者可能正在略微脫離底部。我知道利率仍然很頑固。但我只是想知道，第一，您看到這些項目延遲開始擺脫並開始處理積壓的最新進展是怎樣的？第二，您如何描述訂單活動及其背後的管道？

Yeah, great question, Jeff. We're seeing the move like you saw in Q4 that projects are moving in the pipeline. Unfortunately, still some of the stubborn rates that you mentioned. In terms of pipeline and backlog, we're seeing just a steady small growth in that, in both of those categories as well. So I think pretty good indication that stuff is moving.

是的，傑夫，這個問題問得很好。我們看到的動態就像您在第四季度看到的那樣，專案正在有序推進。不幸的是，仍然存在一些您提到的頑固利率。就管道和積壓訂單而言，我們看到這兩個類別都呈現穩定小幅成長。所以我認為這是一個很好的跡象，表明事情正在進展。

Yeah. Just to add to that, Jeff, there's no question we're looking at kind of the churn rates kind of pre-pandemic around 300 days. They're currently sitting around 500 days. So there's no question that it's maintained, it's been pushed out and seems to be fairly consistent moving forward.

是的。傑夫，補充一點，毫無疑問，我們正在研究疫情前約 300 天的流失率。他們目前已待了大約 500 天。因此毫無疑問，它得到了維護，並得到了推廣，並且似乎在向前發展過程中相當一致。

And just pipeline?

只是管道嗎？

Yeah, both. Both orders and pipeline have been on an uptick since the beginning of the year. Super happy with where we are there, and it continues to grow.

是的，兩者都有。自今年年初以來，訂單量和庫存量均呈現上升趨勢。我們對目前所處的位置非常滿意，並且還在繼續發展。

Okay. And then just on -- I appreciate the color on tariffs. Just on price. I think in your guide, you're originally saying, I think, price down high single digits. It was only 2% down in 1Q. And then I'm assuming you're probably seeing some steel inflation and some of the tariff inflation. So I'm just wondering how you're thinking about price downs relative to 90 days ago? And then just -- is the offset lower volumes or maybe that's an upside situation?

好的。然後就--我很欣賞關稅的顏色。只是價格。我認為在您的指南中，您最初是說，我認為價格會下降個位數。第一季僅下降了2%。然後我假設你可能會看到一些鋼鐵通膨和一些關稅通膨。所以我只是想知道您如何看待相對於 90 天前的價格下降？那麼——抵消量是否較低，或者這可能是個好的情況？

Yeah. No. Jeff, if you think about the pricing [what we get in here] for the full year, and we said it would blend into the year as we bleed off some of the older projects and in some of the newer ones. So that's why Q1 wasn't as impacted as much from a pricing point of view.

是的。不。傑夫，如果你考慮全年的定價（我們在這裡得到的），我們說它會融入今年，因為我們會放棄一些舊項目和一些新項目。所以從定價的角度來看，第一季受到的影響並不大。

Okay. And then just real quick on the tariff number. Just help me understand the low single-digit million this year versus the $10 million to $12 million kind of on a full year run rate.

好的。然後快速介紹一下關稅數字。請幫我理解今年的低個位數百萬美元與全年 1,000 萬至 1,200 萬美元的運行率之間的差異。

Yeah. If you think about it, like we have -- as you know, how we buy our inventory, we have a decent amount of inventory already for the year. So it's not as you're not getting a full year impact for that. So when we actually looked at kind of our inventory positions as well as some of our mitigating actions, that's kind of how we got down to a much smaller impact for 2025.

是的。如果你仔細想想，就像我們一樣——正如你所知，我們如何購買庫存，我們今年已經擁有相當數量的庫存。所以，這並不意味著你沒有獲得全年的影響力。因此，當我們真正審視我們的庫存狀況以及一些緩解措施時，我們發現 2025 年的影響會小得多。

And if you look into next year on an annualized basis, that $12-ish million there is if there's no mitigation actions at all. And obviously, with our normal process in terms of sourcing things, we're currently looking at renegotiating some of those items as well as looking at other sources in addition to just general productivity to mitigate that for 2026.

如果你以年度為基礎來看明年，如果不採取任何緩解措施，那麼損失將達到 1200 萬美元左右。顯然，按照我們正常的採購流程，我們目前正在考慮重新協商其中一些項目，並在一般生產力之外尋找其他來源，以減輕 2026 年的這個問題。

Okay. Thanks.

好的。謝謝。

Philip Ng, Jefferies.

傑富瑞的 Philip Ng。

Hey, guys. I guess follow up on that question on pricing. Certainly better than expected, maybe that's timing and that's just kind of kicking a little more fully in the coming quarters. But help us kind of think through what you're seeing on the pricing front. Certainly, steel prices have moved up. You have some level of hedging.

嘿，大家好。我想就定價問題進行後續討論。肯定比預期的要好，也許這只是時機問題，而且會在接下來的幾季中發揮更充分的作用。但請幫我們思考一下您在定價方面看到的情況。確實，鋼材價格已經上漲。您有一定程度的對沖。

Maybe that's helpful. But is that an opportunity for pricing to get better perhaps in the back half or maybe an opportunity to kind of pick up some share just given your competitors, your smaller competitors are probably a little less equipped to kind of navigate through some of the supply challenges and certainly tariffs as well?

也許這有幫助。但這是否是一個讓價格在下半年變得更好的機會，或者是一個獲得一些市場份額的機會，因為你的競爭對手，你的小競爭對手可能不太有能力應對一些供應挑戰，當然還有關稅？

Yeah. So it's a great question, Phil. I think if you look at it from a price point of view, there's a bit of timing like you said. That's why the impact is not as much. I think if you look at steel, I think the suppliers have tried to kind of raise the price. And I think ultimately, it's going to be dictated by real demand and the demand hasn't been there, and that's why you see it fall back to a lower level than what the initial indication was.

是的。所以這是一個很好的問題，菲爾。我認為，如果從價格的角度來看，就像你說的那樣，時機有點問題。這就是為什麼影響不那麼大。我認為如果你看一下鋼鐵，你會發現供應商已經試圖提高價格。我認為，最終這將由實際需求決定，而實際需求並不存在，這就是為什麼你會看到它回落到比最初跡象更低的水平。

So it will be -- look, like we've always said about with our steel, we've got a good process how we buy it, and we're managing it. And if it does step up at the end of the year, we have the ability to put in commercial actions to mitigate if we need to.

所以，就像我們一直談論鋼鐵時所說的那樣，我們有一個很好的流程來購買和管理它。如果年底確實出現這種情況，我們有能力採取商業行動來緩解。

Okay. That's great color. And then on the R3 side of things, a few things, right? I mean the retail conversions has been a drag. When does that comp out? And then I think, Ramey, your comments suggested that perhaps some of your customers are pivoting from new construction to R3. Any like real tangible signs that's going to come through in the back half or later this year just based on orders and bidding? And how does that kind of ripple through? And any color on some of the rebranding efforts that's out there from some of your larger institutional customers?

好的。顏色真棒。然後就 R3 方面而言，有幾件事，對嗎？我的意思是零售轉換一直是個拖累。那什麼時候結束？然後我想，Ramey，你的評論表明也許你的一些客戶正在從新建築轉向 R3。根據訂單和投標，有沒有什麼真正的實際跡象表明今年下半年或稍後會出現這種情況？這種影響會如何蔓延？您能否介紹一下一些較大的機構客戶正在進行的品牌重塑活動？

Yeah. So we're -- you're right. I think it's getting really low, the retail conversion piece of it. We've always said that there will always be some amount of it. But you're right, it's -- that's kind of why you saw the slow -- the negative in terms of R3 slow up much better this quarter. And what I would expect going forward is that it will be at a steady state there in terms of retail conversion.

是的。所以我們——你是對的。我認為零售轉換率確實變得很低。我們總是說，總會有一定數量。但你是對的，這就是為什麼你看到本季 R3 方面的負面影響減緩了很多。我預計未來零售轉換率將保持穩定狀態。

I think Ramey probably can address the other question in terms of kind of what we're seeing. But I can tell you, when we're looking at our backlog right now, we're starting to see incremental increases in that R3 piece where our customers are starting to put more projects of R3. And obviously, they come in various size, but we're starting to see that starting to increase.

我認為雷米可能可以根據我們所看到的情況回答另一個問題。但我可以告訴你，當我們現在查看積壓訂單時，我們開始看到 R3 部分的增量增加，我們的客戶開始投入更多的 R3 項目。顯然，它們有各種尺寸，但我們開始看到它們的數量開始增加。

Yeah. Just to follow-up, specifically on the rebranding. That opportunity is well underway. We are obviously partnering with our customers to accommodate that. And so that's -- you've heard me talk about that. That's a multiyear opportunity, specifically on the large one that we -- that you know of. And to Anselm's point, we're seeing others more institutional operators accelerate that way of remix, full renovations, a little bit of expansion and then office upgrades.

是的。只是為了跟進，特別是關於品牌重塑。這一機會正在順利進行中。我們顯然正在與客戶合作以滿足此要求。這就是——你已經聽我談論過這個了。這是一個多年的機遇，特別是我們所知道的那個大機會。正如安瑟姆所說，我們看到其他更多的機構運營商正在加速這種重組、全面翻新、少量擴張以及辦公室升級的方式。

So that's been a pleasant surprise in terms of the way that they're allocating capital. But I will say on the noninstitutional side of the business, they're pretty much on the sidelines from any CapEx expenditure at this time.

因此，就他們分配資本的方式而言，這是一個驚喜。但我要說的是，在非機構業務方面，他們目前基本上不參與任何資本支出。

And Ramey, any color on how this kind of progresses and ramps up? Backlog is getting better on R3, it's great. But how does that kind of ripple through? Does that dial up in the back half? Or this is more of a '26 event?

那麼 Ramey，您能具體說說這種情況是如何進展和升級的嗎？Backlog 在 R3 上變得越來越好，這很棒。但這種影響是如何產生的呢？後半部有撥號嗎？還是這更像是 26 年事件？

No, it does. It certainly dials up in the back half. As you know, these are projects that we've been working on for a while, have great visibility the way the R3 program works. I mean there's touch points all throughout the process. And so we're super comfortable with the timing because we play a big part in that in terms of tenant notification and just the project management side of it. So our expectation is it will certainly accelerate in the second half.

不，確實如此。它確實在後半部分撥號。如您所知，這些是我們已經開展了一段時間的項目，並且與 R3 計劃的運作方式具有很高的透明度。我的意思是整個過程都有接觸點。因此，我們對時間安排非常滿意，因為我們在租戶通知和專案管理方面發揮了重要作用。因此，我們預計下半年這一成長肯定會加速。

Okay. Appreciate the color.

好的。欣賞色彩。

Dan Moore, CJS Securities.

丹·摩爾（Dan Moore），CJS 證券。

Hi. So this is Will on for Dan. Last quarter, you started see signs of stabilization in commercial. Has that continued or is tariff and economic uncertainty impacted that momentum?

你好。這是威爾代替丹。上個季度，你開始看到商業穩定的跡象。這種情況會持續下去嗎？還是關稅和經濟不確定性影響了這種勢頭？

Yeah. It certainly has stabilized. We're seeing some growth in certain product lines, some opportunity in the carport and shed as we've previously announced where we positioned a door center kind of in the hub of where that product line is manufactured.

是的。它確實已經穩定下來了。我們看到某些產品線有所增長，車庫和棚屋也有一些機會，正如我們之前宣布的那樣，我們將在該產品線的生產中心設置一個門中心。

So we're taking aggressive steps to gain share there. I would say the only thing that is relatively flat and it kind of came through in our numbers this quarter would be the commercial sheet door, which is typically its application is in metal buildings. So as you probably know, that sector is depressed, I would say, probably at a bottom right now. So any movement upward, we'll certainly get the benefit of that moving forward.

因此，我們正在採取積極措施來擴大市場份額。我想說，唯一相對平穩並且在本季度的數據中有所體現的是商用板門，它通常應用於金屬建築。所以你可能知道，這個行業處於低迷狀態，我想說，現在可能處於底部。因此，任何向上的舉動都必將使我們受益。

Thank you. And then in Self-Storage, a lot of small and midsized customers started delaying projects as long as a year ago. Of those projects that have been on the shelf for six, nine months or longer, are you starting to see more cancellations? Or conversely, are you starting to see more starts to move forward?

謝謝。然後在自助倉儲領域，許多中小型客戶早在一年前就開始推遲專案。對於那些已經擱置六個月、九個月或更長時間的項目，您是否開始看到更多被取消的項目？或者相反，您是否開始看到更多向前發展的跡象？

Yeah, we're starting to see more starts move forward. That's the best way to think about it. In terms of cancellations, we haven't seen anything out of the ordinary from cancellations of the backlog.

是的，我們開始看到更多的進展。這是思考這個問題的最好方式。就取消而言，我們尚未發現取消積壓訂單的任何異常情況。

Thank you.

謝謝。

John Lovallo, UBS.

瑞銀的約翰·洛瓦洛。

Good morning, guys. Thanks for taking my questions as well. The $10 million to $12 million of pretax cost savings from structural cost reduction still remains in place. You guys realized about $1.5 million in the first quarter. How should we sort of think of the cadence of those savings through the year? And what are some of the projects that are going to allow you to kind of drive those savings?

大家早安。也感謝您回答我的問題。透過結構性成本削減實現的 1,000 萬至 1,200 萬美元的稅前成本節省仍然有效。你們第一季的利潤約為 150 萬美元。我們該如何考慮全年儲蓄的節奏？那麼，哪些項目可以幫助您實現這些節省呢？

Sure. Thanks for the question, John. If you think about the cadence, we should probably be at a full run rate at the end of Q2 for those savings. There are various items and obviously, in our cost of goods sold in terms of setting our labor force for the volume that we're delivering and then also in our G&A line that we do in some leases that we no longer needed. So on pace there, and there's opportunity for incremental that we're seeing as we work through them as well.

當然。謝謝你的提問，約翰。如果你考慮節奏，我們可能應該在第二季末以全速運行以實現這些節省。有各種各樣的項目，顯然，在我們的銷售成本中，根據我們交付的數量設定勞動力，然後在我們的一般及行政費用中，我們處理一些不再需要的租賃。因此，我們在推進這項進程的同時，也看到了逐步推進的機會。

Got it. And then on the Noke installed units, 384,000. I think that was up about 5% sequentially, which is good. But it seems like the growth has kind of moderated a bit over the past few quarters. How are you kind of thinking about it through the remainder of the year and sort of the longer-term adoption?

知道了。諾克的安裝量為 384,000 台。我認為這比上一季增長了約 5%，這很好。但過去幾個季度，成長似乎有所放緩。您對於今年剩餘時間以及長期採用的情況有何看法？

Yeah. I think it's still going pretty strong for the new product, Noke Ion. I think as we always talked about is as the installed base gets bigger, then obviously, the sequential growth is going to get a bit small because you got a much larger base. But I think we're still bullish on the opportunity for the rest of the year and going into next year because the new product is really hitting a lot of the expectation, what the customers were looking for.

是的。我認為新產品 Noke Ion 的銷售量仍然非常強勁。我認為，正如我們一直在談論的那樣，隨著安裝基數的擴大，顯然連續增長會變得有點小，因為基數要大得多。但我認為我們仍然看好今年剩餘時間和明年的機遇，因為新產品確實滿足了許多客戶的期望和需求。

Okay. Fantastic. Thank you, guys,

好的。極好的。謝謝你們，

This does conclude today's question-and-answer session. I will now turn the program back over to Ramey for any additional or closing remarks.

今天的問答環節到此結束。現在我將節目交還給 Ramey，請他發表任何補充或結束語。

Thank you, everyone, for joining us today. We appreciate your support of Janus International and look forward to updating you on our progress. Have a great day.

感謝大家今天加入我們。我們感謝您對 Janus International 的支持，並期待向您通報我們的進展。祝你有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。