James Hardie Industries PLC (JHX) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the James Hardie First Quarter Fiscal Year 2024 Results Briefing. Today's briefing is hosted by James Hardie CEO, Mr. Aaron Erter; and CFO, Mr. Jason Miele. (Operator Instructions)

感謝您的耐心等待，歡迎您參加 James Hardie 2024 財年第一季業績簡報。今天的發表會由 James Hardie 執行長 Aaron Erter 先生主持；兼財務長 Jason Miele 先生。 （操作員說明）

I'd now like to hand the conference over to James Hardie CEO, Mr. Aaron Erter. Please go ahead, sir.

現在我想將會議交給 James Hardie 執行長 Aaron Erter 先生。請繼續，先生。

Thank you, operator. Good morning and good evening to everyone, and welcome to our first quarter fiscal year 2024 results briefing. Turning to Page 2, you will see our standard cautionary note on forward-looking statements.

謝謝你，接線生。大家早安，晚上好，歡迎參加我們的 2024 財年第一季業績簡報。翻到第 2 頁，您將看到我們關於前瞻性陳述的標準警告說明。

Please note that the presentation today does contain forward-looking statements and the use of non-GAAP financial information. Also, except where we explicitly state otherwise during our prepared remarks, all references to monetary amounts should be assumed to be in U.S. dollars.

請注意，今天的簡報確實包含前瞻性陳述和非公認會計準則財務資訊的使用。此外，除非我們在準備好的發言中明確說明，否則所有提及的貨幣金額應假定以美元為單位。

Moving to Page 3, you will see our agenda for today. As always, I'm joined by our CFO, Jason Miele. For today's call, I will start by providing a strategy and operations update. Jason will then discuss our financial results, and I will return to discuss our outlook, guidance and provide a brief closing. We will then open it up for questions.

轉到第 3 頁，您將看到我們今天的議程。像往常一樣，我們的財務長 Jason Miele 也加入了我的行列。在今天的電話會議中，我將首先介紹策略和營運方面的最新情況。然後傑森將討論我們的財務業績，我將回來討論我們的前景、指導並提供簡短的結束語。然後我們將打開它供提問。

Before we begin, I would like to take this opportunity to thank all of our employees around the world who remain focused on safely delivering the highest quality products, solutions and services to our customer partners. Our employees truly represent the very best in our industry and consistently enable our superior value proposition.

在開始之前，我想藉此機會感謝我們在世界各地的所有員工，他們始終致力於為我們的客戶合作夥伴安全地提供最高品質的產品、解決方案和服務。我們的員工真正代表了我們行業中最優秀的人才，並始終如一地實現了我們卓越的價值主張。

Let's start on Page 5 with a brief business update. Our teams remain laser-focused on partnering with our customers, managing decisively and controlling what we can control. Our first quarter results highlight how impactful that focus has been. In Q1, our adjusted net income increased 13% to $174.5 million, which was above the top end of our guidance range.

讓我們從第 5 頁開始簡要介紹業務動態。我們的團隊始終專注於與客戶合作、果斷管理並控制我們可以控制的事情。我們第一季的業績突顯了這項重點的影響力。第一季度，我們調整後的淨利潤成長 13%，達到 1.745 億美元，高於我們指導範圍的上限。

This was driven by higher-than-expected volumes in North America. Our North America volume of 748 million standard feet was a 5% beat to the top end of our volume guidance, and we delivered that at a record 31.3% EBIT margin, which is in line with the volume sensitivity analysis we provided you in May. Jason will unpack it a bit more in the financial section.

這是由於北美銷售高於預期所致。我們的北美銷量為7.48 億標準英尺，比銷量指導上限高出5%，並且我們以創紀錄的31.3% 息稅前利潤率交付了這一數據，這與我們5 月份向您提供的銷量敏感性分析一致。傑森將在財務部分進一步解釋它。

The net income result was also supported by strong results in our Asia Pac and European regions. And importantly, we generated operating cash flow of over $0.25 billion. While markets remain uncertain, our focus remains on partnering with our customers and controlling what we can control to deliver differentiated results.

亞太地區和歐洲地區的強勁業績也支持了淨利潤結果。重要的是，我們產生了超過 2.5 億美元的營運現金流。儘管市場仍存在不確定性，但我們的重點仍然是與客戶合作並控制我們可以控制的內容以提供差異化的結果。

Now please turn to Page 6 and our global strategic framework. At the heart of our global strategy, we are homeowner focused, customer and contractor driven. With that in mind, all 3 regions remain focused on our 3 key strategic initiatives: number one, profitably grow and take share where we have the right to win; number two, bring our customers high-value differentiated solutions; and number three, connect and influence all the participants in the customer value chain. We accelerate our strategic initiatives by establishing competitive advantages through our strategic enablers. And both our strategic initiatives and strategic enablers build upon our foundational imperatives.

現在請翻到第 6 頁和我們的全球策略架構。作為我們全球策略的核心，我們以房主為中心，以客戶和承包商為導向。考慮到這一點，所有 3 個地區仍然專注於我們的 3 個關鍵策略舉措：第一，獲利成長並在我們有權利獲勝的地方分享；第二，為客戶帶來高價值的差異化解決方案；第三，連結並影響客戶價值鏈中的所有參與者。我們透過策略推動者建立競爭優勢，加速我們的策略舉措。我們的策略性舉措和策略推動因素都建立在我們的基本要求之上。

I am confident in our team and our strategy. Combined, they position us to execute at a high level and drive profitable share gains in all 3 regions. Today, I want to spend some time discussing all 3 of our strategic initiatives in a bit more detail using our North American business as an example.

我對我們的團隊和我們的策略充滿信心。結合起來，它們使我們能夠在所有 3 個地區實現高水準執行並推動可獲利的份額成長。今天，我想花一些時間以我們的北美業務為例，更詳細地討論我們所有 3 項的策略舉措。

Let's now turn to Slide 7 to discuss these initiatives, profitably grow and take share where we have the right to win and bring our customers high-value differentiated solutions. When we look at the United States geographically, we believe we have the right to win across the entire country. Internally, we break the country into 8 geographic regions, which we discussed in detail in our September 2022 Investor Day.

現在讓我們轉向幻燈片 7 來討論這些舉措、實現盈利增長並分享我們有權獲勝的領域，並為我們的客戶帶來高價值的差異化解決方案。當我們從地理上看美國時，我們相信我們有權利在整個國家獲勝。在內部，我們將國家分為 8 個地理區域，我們在 2022 年 9 月的投資者日詳細討論了這些區域。

From a market segment perspective, we have chosen to focus on repair and remodel, single-family new construction and multifamily new construction. We believe that our value proposition provides us the right to win in all of these market segments and we endeavor to drive profitable share gains in all 3 market segments, each and every day. We do this through bringing our customers high-value, differentiated solutions. Our teams ensure we are leveraging the entirety of our superior value proposition to provide our customer partners the right solutions for their geographic region and market segment.

從細分市場的角度來看，我們選擇專注於修繕改造、單戶新建和多戶新建。我們相信，我們的價值主張為我們提供了在所有這些細分市場中獲勝的權利，並且我們每天都努力在所有三個細分市場中推動可獲利的份額成長。我們透過為客戶提供高價值、差異化的解決方案來實現這一目標。我們的團隊確保我們充分利用我們卓越的價值主張，為我們的客戶合作夥伴提供適合其地理區域和細分市場的正確解決方案。

Some examples of how we bring this to life. Repair and remodel is a large opportunity for our continued growth. As we have mentioned many times, the U.S. has an aging home inventory with over 40 million homes over 40 years old. Specifically, in the Northeast, Midwest and Carolinas, we have a significant opportunity to penetrate R&R for those regions.

我們如何將其變為現實的一些例子。維修和改造是我們持續發展的巨大機會。正如我們多次提到的，美國擁有超過 4000 萬套 40 年以上房屋的老化房屋庫存。具體來說，在東北部、中西部和卡羅來納州，我們有很大的機會滲透這些地區的 R&R。

Our ColorPlus portfolio of products is the right solution for our customer and contractor partners to profitably grow together. Shifting to new construction for a moment, we have a significant opportunity to grow profitably together with our customer partners across the entire nation. That said, currently, the South represents our largest new construction opportunity. The South is a prime product market for us. And as we discussed at length in February, we partnered closely with our customers, including the big builders to provide them with Cemplank, which we believe was the right product solution to help them compete and accelerate growth.

我們的 ColorPlus 產品組合是我們的客戶和承包商合作夥伴共同獲利成長的正確解決方案。暫時轉向新建築，我們有一個與全國各地的客戶合作夥伴一起實現盈利增長的重要機會。也就是說，目前，南方代表著我們最大的新建設機會。南方是我們的主要產品市場。正如我們在 2 月詳細討論的那樣，我們與客戶（包括大型建築商）密切合作，為他們提供 Cemplank，我們相信這是幫助他們競爭和加速成長的正確產品解決方案。

Speaking of partnering with new construction and strong customer partnerships, you would have seen last week that we announced an exclusive national relationship with D.R. Horton, the largest homebuilder in the United States. This agreement makes us D.R. Horton's exclusive hard siding provider nationally. This 3-plus year agreement is a testament to our focus on the customer and providing them the right products at the right time to drive growth together.

說到與新建築和強大的客戶合作夥伴關係，您可能已經看到上週我們宣布與 D.R. 建立獨家全國合作關係。霍頓公司是美國最大的住宅建築商。這項協議使我們 D.R.霍頓在全國範圍內獨家提供硬壁板。這項為期三年多的協議證明了我們對客戶的關注，並在正確的時間為他們提供正確的產品以共同推動成長。

It is our team's responsibility to ensure we offer the right solutions to our customer, builder and contractor partners to enable profitable growth. The right solution varies by geographic region and market segment. There will be periods of time where different geographies and different market segments grow at different rates.

我們團隊的責任是確保為客戶、建築商和承包商合作夥伴提供正確的解決方案，以實現獲利成長。正確的解決方案因地理區域和細分市場而異。在某些時期，不同地區和不同細分市場會以不同的速度成長。

And those differences in underlying growth rates will naturally change our product mix. What we are focused on is ensuring we outperform in each geographic region, in each market segment by leveraging our product portfolio and superior value proposition. I'm aware that in recent years, product mix was highlighted as a top priority. But today, I want to be clear, we are laser focused on profitable share gain and taking share where we have the right to win.

這些潛在成長率的差異自然會改變我們的產品組合。我們的重點是透過利用我們的產品組合和卓越的價值主張，確保我們在每個地理區域、每個細分市場中表現出色。我知道，近年來，產品組合被強調為重中之重。但今天，我想澄清的是，我們專注於獲利性份額成長，並在我們有權獲勝的地方奪取份額。

We will no longer be going into the details of product mix, such as what percentage of our mix is Cemplank, what percentage is ColorPlus, et cetera. We drive strong margins in all geographic regions and in all market segments with all of our products. We believe we have the right value proposition and set of solutions to win in every geographic region and in all 3 market segments we target in the U.S.

我們將不再討論產品組合的細節，例如我們的組合中 Cemplank 的百分比是多少，ColorPlus 的百分比是多少，等等。我們的所有產品在所有地理區域和所有細分市場都帶來了強勁的利潤。我們相信，我們擁有正確的價值主張和一套解決方案，可以在每個地理區域以及我們在美國瞄準的所有 3 個細分市場中獲勝。

I believe the EBIT margins of 29% in Q4, 31.3% in Q1, while our Cemplank mix was increasing, is proof positive to that point. Let's now turn to Slide 8 to discuss how we connect and influence all the participants in the value chain and how we are focused on solidifying James Hardie as the brand of choice in building products.

我相信，在我們的 Cemplank 組合不斷增加的同時，第四季 29% 的息稅前利潤率、第一季 31.3% 的息稅前利潤率證明了這一點。現在讓我們轉向幻燈片 8，討論我們如何聯繫和影響價值鏈中的所有參與者，以及我們如何專注於鞏固 James Hardie 作為建築產品首選品牌的地位。

In recent years, we have used the audience category we call Christine to describe the target homeowner for James Hardie. However, based on detailed studies we have performed, we know our opportunity goes well beyond Christine. There are numerous types of homeowners we are focused on, and we believe we have the right to win with all of them.

近年來，我們使用稱為克里斯汀的受眾類別來描述詹姆斯哈迪的目標房主。然而，根據我們進行的詳細研究，我們知道我們的機會遠遠超出了克里斯汀的範圍。我們關注的房主有多種類型，我們相信我們有權利贏得所有類型的房主。

Our product teams are focused on connecting and influencing our value chain participants. We do this through tools and resources that enable them to easily connect with James Hardie. We also do this through marketing to all value chain participants to effectively ensure they know our superior value proposition.

我們的產品團隊專注於連結和影響我們的價值鏈參與者。我們透過工具和資源來做到這一點，使他們能夠輕鬆地與詹姆斯哈迪聯繫。我們也透過向所有價值鏈參與者行銷來做到這一點，以有效確保他們了解我們的卓越價值主張。

When we do all of these things collectively, we become the brand of choice. We have numerous marketing tools that enable our value chain to be successful. I'd like to refer to these as tent poles, which you can see at the bottom of the slide, starting with sponsorships such as the Magnolia Network and HGTV Dream Home that helped drive awareness across the country.

當我們共同完成所有這些事情時，我們就成為了首選品牌。我們擁有眾多行銷工具，使我們的價值鏈成功。我想將這些稱為帳篷桿，您可以在幻燈片底部看到，首先是 Magnolia Network 和 HGTV Dream Home 等贊助商，這些贊助商幫助提高了全國的知名度。

Cause marketing. This includes collaborating with community-based organizations such as Habitat for Humanity, where we work together to build a better future for all.

事業行銷。這包括與仁人家園等社區組織合作，共同為所有人建立更美好的未來。

Homeowner marketing. This includes our in-store retail presence to ensure we capture the DIY homeowner and foot traffic and brand retail provides. Homeowner marketing also includes our collaborations with influencers, most notably our partnership with Chip and Joanna Gaines.

房主行銷。這包括我們的店內零售業務，以確保我們捕獲 DIY 房主、客流量和品牌零售提供的服務。房主行銷還包括我們與影響者的合作，最引人注目的是我們與奇普蓋恩斯和喬安娜蓋恩斯的合作。

Trade marketing. We have specific marketing directed at and supporting our trade professionals, the contractors and installers.

貿易行銷。我們有專門針對並支持我們的貿易專業人士、承包商和安裝人員的行銷活動。

Lastly, local marketing. We have specific campaigns targeted to specific regions to address the needs and thoughts of the value chain participants in that local area. As an example, we recently launched our Texas Tough marketing campaign. This campaign highlights the durability of our products and the fact they are locally made in our 2 Texas facilities.

最後，在地化行銷。我們針對特定地區進行了特定活動，以滿足該地區價值鏈參與者的需求和想法。舉個例子，我們最近發起了「德州艱難」行銷活動。該活動強調了我們產品的耐用性以及它們是在我們德克薩斯州的 2 家工廠中本地製造的事實。

Our team continues to make great strides in helping James Hardie become the brand of choice and in connecting and influencing our value chain. This will further enhance our ability to drive profitable share gains over the long term.

我們的團隊在幫助 James Hardie 成為首選品牌以及連結和影響我們的價值鏈方面繼續取得巨大進步。這將進一步增強我們長期推動獲利性股票收益的能力。

Now let's turn to Slide 9. We have returned to driving profitable share gain as a top strategic initiative. Let's take a look at how impactful this has been to James Hardie over the long term. The chart on the left is external data from the U.S. Census, which measures external cladding share in single-family new construction.

現在讓我們轉向投影片 9。我們已重新將推動獲利性份額成長作為首要策略舉措。讓我們看看這對詹姆斯哈迪的長期影響有多大。左圖是來自美國人口普查的外部數據，該數據衡量單戶新建建築的外部覆蓋層比例。

Over the past 10 years, the share of fiber cement as a primary cladding in new construction has increased 7%, reaching 23% share of the market in 2022. This demonstrates our ability to consistently drive share gain. On the right is our North American adjusted EBIT dollars over the past 10 years. What this data shows is that over those 10 years, our adjusted EBIT dollars have grown at an outstanding CAGR of 13%, and our adjusted EBIT margin for this 10-year period was 26%.

過去 10 年來，纖維水泥作為新建建築主要包層的份額增加了 7%，到 2022 年將達到 23% 的市場份額。這表明我們有能力持續推動份額成長。右邊是過去 10 年北美地區調整後的息稅前利潤。這些數據表明，在這 10 年裡，我們調整後的息稅前利潤以 13% 的複合年增長率增長，而這 10 年期間我們調整後的息稅前利潤率為 26%。

These results are outstanding across the 10-year period and demonstrate proven long-term profitable share gain. What excites me most is that we have refined our strategy to be homeowner focused, customer and contractor driven. As we continue to accelerate this strategy, I believe this will only bolster the long-term profitable growth metrics you see here.

這些業績在十年期間表現出色，並證明了長期盈利的份額增長。最令我興奮的是，我們已經完善了我們的策略，以房主為中心，以客戶和承包商為導向。隨著我們繼續加速這一策略，我相信這只會增強您在這裡看到的長期獲利成長指標。

With that, I'll now turn it over to Jason to discuss our financial results.

現在，我將把它交給傑森來討論我們的財務表現。

Thank you, Aaron. Let's start on Page 11 to discuss our global results for the first quarter. We have started fiscal year 2024 strong with an excellent set of results, including a beat to our adjusted net income guidance. Group net sales were $954.3 million. This result was supported by higher average net sales price in all 3 regions. Adjusted net income increased 13% to $174.5 million. Global adjusted EBITDA margin was a record 29.2%, and operating cash flow was an outstanding $252.3 million.

謝謝你，亞倫。讓我們從第 11 頁開始討論第一季的全球業績。我們以一系列出色的業績開啟了 2024 財年的強勁勢頭，其中包括超出了我們調整後的淨利潤指引。集團淨銷售額為 9.543 億美元。這一結果得到了所有 3 個地區較高的平均淨銷售價格的支持。調整後淨利成長 13%，達到 1.745 億美元。全球調整後 EBITDA 利潤率為創紀錄的 29.2%，營運現金流高達 2.523 億美元。

Globally, our teams are executing our strategy with a focus on controlling what we can control. In an uncertain and unsettled market, it was important to start the year strong. And our teams did just that, delivering our best ever first quarter results for both adjusted net income and operating cash flow.

在全球範圍內，我們的團隊正在執行我們的策略，重點是控制我們可以控制的事情。在不確定且不穩定的市場中，以強勁的開局非常重要。我們的團隊做到了這一點，在調整後的淨利潤和營運現金流方面實現了有史以來最好的第一季業績。

Turning to Slide 12. We will remain focused on the global results, specifically adjusted net income. We have added a new slide to summarize the adjusted net income results versus the prior corresponding period. Adjusted net income increased $20.2 million to $174.5 million, an increase of 13%. The improved result was primarily driven by strong EBIT growth in North America and APAC, which combined to contribute $29.9 million increase to adjusted net income.

轉向幻燈片 12。我們將繼續關注全球業績，特別是調整後的淨利潤。我們新增了一張新投影片來總結調整後的淨利潤結果與去年同期的比較。調整後淨收入增加 2,020 萬美元，達到 1.745 億美元，成長 13%。業績改善主要得益於北美和亞太地區息稅前利潤的強勁增長，這兩個地區合計為調整後淨利潤增加了 2,990 萬美元。

The largest headwind to adjusted net income was a $7.5 million increase in general corporate costs, driven primarily by the increase in stock compensation expenses. Our adjusted effective tax rate was 22.9%, which is our best estimate of the full year FY '24 rate. Overall, an excellent bottom line results. As I mentioned earlier, adjusted net income of $174.5 million is our strongest first quarter ever. Our global team is excited that we have gotten off to a strong start to the year and are focused on delivering a strong second quarter to maintain our momentum.

調整後淨利潤的最大阻力是一般公司成本增加 750 萬美元，這主要是由於股票補償費用的增加。我們調整後的有效稅率為 22.9%，這是我們對 24 財年全年稅率的最佳估計。總體而言，取得了出色的底線結果。正如我之前提到的，調整後淨利潤為 1.745 億美元，是我們有史以來最強勁的第一季。我們的全球團隊很高興我們在今年取得了良好的開局，並致力於實現強勁的第二季以保持我們的勢頭。

Let's now move to Page 13 to discuss the North America results. Starting with the top line results. North America net sales decreased 6% to $694.8 million versus the prior corresponding period. Our average net sales price was up 3%, which helped offset a decrease in volumes of 9%. Volume at 748 million standard feet exceeded our guidance. As Aaron mentioned earlier, this was the primary reason for the beat to adjusted net income guidance.

現在讓我們轉到第 13 頁討論北美的結果。從頂行結果開始。北美淨銷售額較上年同期下降 6%，至 6.948 億美元。我們的平均淨銷售價格上漲了 3%，這有助於抵消銷量下降 9% 的影響。 7.48 億標準英尺的成交量超出了我們的指導。正如亞倫之前提到的，這是調整後淨利潤指引不如預期的主要原因。

Our team's focus on profitable share gain combined with stronger-than-expected market conditions led to the strong volume outcome. As we discussed on our February 2023 results briefing, our team was taking strong action to drive share gains with the largest builders in the U.S. This proactive partnering with these builders early in the calendar year to ensure we provided them the right solutions to drive their business is resulting in strong profitable share growth. We believe these actions directly impacted our first quarter volume results.

我們團隊對獲利份額成長的關注加上強於預期的市場狀況導致了強勁的銷售結果。正如我們在2023 年2 月業績簡報中討論的那樣，我們的團隊正在採取強有力的行動，以推動與美國最大的建築商的份額增長。我們在年初與這些建築商積極合作，以確保我們為他們提供正確的解決方案來推動他們的業務導致獲利份額強勁成長。我們相信這些行動直接影響了我們第一季的銷售結果。

In the second half of the quarter, May 15 through June 30, our order rates surged higher exceeding the daily order rate experienced in the first half of the quarter. This surge in order rate exceeded our expectations that underpinned our volume guidance. EBIT margin improved by 540 basis points versus the prior corresponding period to a record 31.3%. This margin was in line with the volume sensitivity analysis we provided in May. EBIT dollars in the first quarter were up 13% to a record $217.6 million. EBIT improved $25.8 million versus the prior corresponding period primarily due to higher price and lower freight costs. These improvements were partially offset by the decrease in volumes of 76 million standard feet by managing decisively and partnering with our customers, the North American team delivered an excellent first quarter result, with strong volumes, record EBIT and record EBIT margin.

在本季的後半段，即 5 月 15 日至 6 月 30 日，我們的訂單率飆升，超過了本季前半段的每日訂單率。訂單率的飆升超出了我們的預期，從而支撐了我們的銷售指導。息稅前利潤率較上年同期提高 540 個基點，達到創紀錄的 31.3%。這一利潤率與我們五月提供的成交量敏感度分析一致。第一季息稅前利潤成長 13%，達到創紀錄的 2.176 億美元。息稅前利潤較上年同期增加了 2,580 萬美元，主要是由於價格上漲和貨運成本下降。這些改進被銷量減少 7,600 萬標準英尺所部分抵消，透過果斷管理和與客戶合作，北美團隊交付了出色的第一季業績，銷量強勁，息稅前利潤和息稅前利潤率創歷史新高。

Let's now move to Page 14 to discuss the Asia Pacific results. Similar to North America, it was a strong start to FY '24 for our Asia Pacific segment. Net sales improved 5% versus the prior corresponding period to a record AUD 209.7 million. The net sales improvement was driven by higher average net sales price, partially offset by a volume decline of 8%, which is primarily due to our New Zealand business.

現在讓我們轉到第 14 頁討論亞太地區的結果。與北美類似，我們的亞太地區業務在 24 財年取得了良好的開端。淨銷售額較上年同期成長 5%，達到創紀錄的 2.097 億澳元。淨銷售額的成長是由平均淨銷售價格上漲推動的，但銷量下降 8% 部分抵消了這一增長，這主要是由於我們的紐西蘭業務所致。

EBIT improved 35% to a record AUD 69.5 million, driven by improved net sales with relatively flat cost of goods sold per unit and lower SG&A. EBIT margin improved by 750 basis points versus the prior corresponding period to a record 33.1%. Similar to North America, our Asia Pacific team has partnered with our customers and managed decisively to deliver an excellent first quarter. While we expect margins to remain strong based on the uncertain markets and increased investments in growth, we expect 33.1% margin to be the high point for the fiscal year.

息稅前利潤 (EBIT) 成長了 35%，達到創紀錄的 6,950 萬澳元，這得益於淨銷售額的成長、單位銷售成本相對平穩以及 SG&A 的降低。息稅前利潤率較上年同期提高 750 個基點，達到創紀錄的 33.1%。與北美類似，我們的亞太團隊與客戶合作，果斷地實現了出色的第一季業績。雖然我們預計由於市場的不確定性和成長投資的增加，利潤率將保持強勁，但我們預計 33.1% 的利潤率將成為本財年的最高點。

Please turn to Page 15 to discuss the European results. Our European team had a solid start to the year despite an unsettled market. Starting with the top line. Net sales of EUR 109.7 million was down 1%. A higher average net sales price of EUR 478 almost entirely offset an 18% decline in volumes, driven by lower housing market activity. First quarter EBIT and EBIT margin were down 5% and 50 basis points, respectively, versus the prior corresponding period to EUR 10.8 million and 9.8%, respectively. However, the EBIT and EBIT margin represents solid sequential improvement. The European team is laser-focused on driving profitable share gain in FY '24.

請翻至第 15 頁討論歐洲結果。儘管市場不穩定，我們的歐洲團隊今年仍取得了良好的開局。從頂線開始。淨銷售額為 1.097 億歐元，下降 1%。平均淨售價上漲至 478 歐元，幾乎完全抵消了房地產市場活動減少而導致的銷售量下降 18%。第一季息稅前利潤和息稅前利潤率較上年同期分別下降 5% 和 50 個基點，分別為 1,080 萬歐元和 9.8%。然而，息稅前利潤和息稅前利潤率代表著穩健的連續改善。歐洲團隊專注於推動 24 財年的獲利份額成長。

Turning now to Page 16 to discuss liquidity, cash flow, capital allocation and capital expenditures. We continue to maintain a strong liquidity position with our leverage ratio of 0.85x and liquidity of $580.7 million. We expect our continued robust operating cash flows will ensure we maintain the strong liquidity position. In the first quarter of FY '24, our operating cash flow was $252.3 million. This outstanding cash flow result was driven by the strong financial results of all 3 regions and a working capital improvement of $51.8 million.

現在翻到第 16 頁討論流動性、現金流量、資本配置和資本支出。我們持續保持強勁的流動性頭寸，槓桿率為 0.85 倍，流動性為 5.807 億美元。我們預計持續強勁的營運現金流將確保我們保持強勁的流動性狀況。 24 財年第一季度，我們的營運現金流為 2.523 億美元。這項出色的現金流業績得益於所有 3 個地區強勁的財務業績以及 5,180 萬美元的營運資本改善。

Regarding our payments to the AICF, in fiscal year '24, we will pay AUD 137.5 million to the AICF. This compares to our payment of AUD 158.8 million in fiscal year 2023. Our capital allocation framework remains unchanged. First and foremost, we invest in our organic growth. We maintain a flexible balance sheet, and when prudent, we deploy excess capital to our shareholders.

關於我們向 AICF 的付款，在 24 財年，我們將向 AICF 支付 1.375 億澳元。相比之下，我們在 2023 財年支付了 1.588 億澳元。我們的資本分配框架保持不變。首先也是最重要的是，我們投資於我們的有機成長。我們保持靈活的資產負債表，並在謹慎的情況下向股東配置多餘的資本。

Since our announcement of our share buyback program in November of 2022, we have repurchased 5.8 million shares for total consideration of USD 127.4 million. This reduction in our outstanding shares has helped our diluted earnings per share grew 14%, outpacing the growth in adjusted net income. Regarding capital expenditures. During the quarter, capital expenditures totaled $125.6 million. We expect to spend approximately $550 million on capital expenditures in FY '24 and we remain committed to keeping supply ahead of demand. We have robust operating cash flows, substantial liquidity and a flexible balance sheet, which enable us to continue to invest in profitable growth. Finally, today, we are announcing that we are canceling our plans to build a greenfield site in Victoria, Australia.

自 2022 年 11 月宣布股票回購計畫以來，我們已回購 580 萬股股票，總代價為 1.274 億美元。流通股的減少幫助我們的稀釋每股盈餘成長了 14%，超過了調整後淨利的成長。關於資本支出。本季資本支出總計 1.256 億美元。我們預計 24 財年的資本支出約為 5.5 億美元，並且我們仍然致力於保持供應領先於需求。我們擁有強勁的營運現金流、充足的流動性和靈活的資產負債表，這使我們能夠繼續投資於獲利成長。最後，今天，我們宣布取消在澳洲維多利亞州建造綠地的計劃。

I will now hand it over to Aaron to discuss this decision further. Please turn to Page 17. Aaron?

我現在將把它交給亞倫進一步討論這個決定。請翻到第17頁。亞倫？

Thank you, Jason. Today, we are announcing the cancellation of our greenfield expansion in Victoria, Australia. Last quarter, we announced the cancellation of the pilot plant within our Rosehill facility in Sydney. That is important to this greenfield decision because that now enables the possibility to add brownfield capacity at Rosehill. And as we have always stated, brownfield capacity is always our preference when adding capacity to our network.

謝謝你，傑森。今天，我們宣布取消在澳洲維多利亞州的綠地擴張。上季度，我們宣布取消雪梨羅斯希爾工廠內的試點工廠。這對綠地決策非常重要，因為這使得增加羅斯希爾棕地產能成為可能。正如我們一直所說，在增加網路容量時，棕地容量始終是我們的首選。

In addition, the centralization of our capital, construction and engineering teams under one global leader, Ryan Kilcullen, continues to drive value. This team has identified additional brownfield opportunities at our Carole Park facility. And our continuous focus on HMO execution continues to expand our capacity potential.

此外，我們的資本、建設和工程團隊集中在一位全球領導者 Ryan Kilcullen 的領導下，繼續推動價值的成長。團隊在我們的卡羅爾公園工廠確定了更多棕地機會。我們對 HMO 執行的持續關注不斷擴大我們的產能潛力。

We believe that with our brownfield options, we can meet our share gain goals in Australia and New Zealand for the next 15-plus years. And that makes this decision clear. We will add brownfield capacity over a longer-term horizon, better utilizing our capital dollars while meeting market demand. I believe this is another excellent example of this team taking decisive action, which, in this case, will drive an improved return on capital while not impacting our profitable share growth in the region.

我們相信，透過我們的棕地選擇，我們可以實現未來 15 年多在澳洲和紐西蘭的份額成長目標。這使得這個決定變得清晰。我們將在較長時期增加棕地產能，更好地利用我們的資本，同時滿足市場需求。我相信這是該團隊採取果斷行動的另一個很好的例子，在這種情況下，這將提高資本回報率，同時不會影響我們在該地區的盈利份額增長。

Moving to Page 18. Let's now shift to a discussion on market outlook and guidance. Before looking forward to the second quarter, I just want to reiterate something Jason said earlier. Globally, our teams are executing our strategy with a focus on controlling what we can control. In an uncertain and unsettled market, it was important to start the year strong. And our teams did just that, delivering our best ever first quarter financial results for both adjusted net income and operating cash flow.

轉到第 18 頁。現在讓我們轉向討論市場前景和指導。在期待第二季之前，我只想重申傑森之前說過的話。在全球範圍內，我們的團隊正在執行我們的策略，重點是控制我們可以控制的事情。在不確定且不穩定的市場中，以強勁的開局非常重要。我們的團隊做到了這一點，在調整後的淨利潤和營運現金流方面實現了有史以來最好的第一季財務業績。

Now please turn to Page 19. For our largest market, North America, we have again provided the market outlook data from several external data providers. The external ranges have changed for all 3 market segments. The average estimate for single-family new construction improved from down 17% to down 12%. Multifamily new construction improved from down 16% to down 12%. And repair and remodel, actually worsened slightly, now with an average estimate of down 12%.

現在請翻到第19頁。對於我們最大的市場北美，我們再次提供了幾個外部資料供應商的市場前景資料。所有 3 個細分市場的外部範圍均發生了變化。單戶新建建築的平均預估從下降 17% 提高到下降 12%。多戶住宅新建建築數量從下降 16% 下降至下降 12%。而修復和改造，實際上略有惡化，現在平均估計下降了 12%。

You will remember that last quarter, our view of the market was in the bottom half of the ranges from the external data providers. However, now 8 months into the calendar year, and with these revised ranges, we are now cautiously optimistic regarding the housing markets and are accepting the entirety of the ranges as possible outcomes for the year. Using these external ranges along with our assumed market segment exposure for FY '24, the implied range for our blended addressable market is down 5% to 18%, with an average of down 12%.

您會記得，上個季度，我們對市場的看法處於外部資料提供者範圍的下半部分。然而，今年已經過去 8 個月了，隨著這些修訂後的範圍，我們現在對房地產市場持謹慎樂觀態度，並接受整個範圍作為今年可能的結果。使用這些外部範圍以及我們假設的 24 財年細分市場曝險，我們的混合目標市場的隱含範圍將下降 5% 至 18%，平均下降 12%。

Overall, we are happy with the start of the fiscal year from a market activity perspective, while acknowledging uncertainty remains and our expectation that we returned to normal seasonality for the December quarter. Regardless of market conditions for the remainder of the year, I remain confident that we will be able to deliver growth above market and strong financial results. And that confidence is rooted in what we have delivered over the last 3 quarters: EBIT margin of 27%, 29% and 31.3%, sequentially, on volumes of 701 million, 704 million and 748 million standard feet, respectively. We remain laser-focused on driving profitable share gain and are encouraged by the stronger-than-expected market conditions to start our fiscal year.

總體而言，從市場活動的角度來看，我們對本財年的開始感到滿意，同時承認不確定性仍然存在，並且我們預計 12 月季度將恢復正常季節性。無論今年剩餘時間的市場狀況如何，我仍然相信我們將能夠實現高於市場的成長和強勁的財務表現。這種信心植根於我們過去三個季度所取得的成績：息稅前利潤率依次為 27%、29% 和 31.3%，銷量分別為 7.01 億、7.04 億和 7.48 億標準英尺。我們仍然專注於推動獲利性份額成長，並受到本財年開始時強於預期的市場狀況的鼓舞。

Now if you turn to Page 20, we have again provided the volume sensitivity analysis for FY '24. This sensitivity analysis was prepared in the same manner as last quarter, which assumes our current range of expectations on raw material costs and freight rates and assumes we continue to invest in growth as currently planned. These volumes are simply to provide context to our EBIT margin sensitivity in North America and should not be construed as volume guidance for any quarter and fiscal year 2024. Regardless of how markets fluctuate, we are confident we will outperform our end markets.

現在，如果您翻到第 20 頁，我們再次提供了 24 財年的成交量敏感度分析。此敏感度分析的準備方式與上季相同，假設我們目前對原物料成本和運費的預期範圍，並假設我們繼續以目前計劃投資於成長。這些銷量只是為我們在北美的息稅前利潤率敏感度提供背景信息，不應被視為 2024 年任何季度和財年的銷量指導。無論市場如何波動，我們都有信心跑贏終端市場。

Now please turn to Page 21. Today, we are providing 3 points of guidance for our second quarter of fiscal year 2024. The First, we expect North America volumes to be in the range of 740 million and 770 million standard feet. Second, we expect North America EBIT margin to be in the range of 30% to 32%. And lastly, we expect global adjusted net income to be in the range of $170 million to $190 million. As I mentioned earlier, our team is energized and focused on driving profitable share gain, and we are positioned to deliver another strong result in our second quarter.

現在請翻到第 21 頁。今天，我們為 2024 財年第二季提供 3 點指引。第一，我們預計北美銷量將在 7.4 億至 7.7 億標準英尺之間。其次，我們預期北美的息稅前利潤率將在 30% 至 32% 之間。最後，我們預計全球調整後淨利潤將在 1.7 億美元至 1.9 億美元之間。正如我之前提到的，我們的團隊充滿活力，專注於推動獲利性股票成長，我們準備在第二季再創強勁業績。

Finally, please move to Page 23. As always, I want to close with who we are at James Hardie, a global growth company. I am proud of our team's ability to navigate these uncertain markets and to be able to deliver such a strong first quarter. We are homeowner focused, customer and contractor driven.

最後，請翻到第 23 頁。與往常一樣，我想以 James Hardie 的身份作為結束語，這是一家全球成長型公司。我為我們的團隊有能力駕馭這些不確定的市場並能夠實現如此強勁的第一季業績而感到自豪。我們以房主為中心，以客戶和承包商為導向。

With that, I would like the operator to open the line up for questions.

在此，我希望接線員能夠開放提問隊列。

(Operator Instructions) Your question today comes from Shaurya Visen from Bank of America.

（操作員指示）您今天的問題來自美國銀行的 Shaurya Visen。

Congrats on a very good quarter. So for the North America business, could you give us a sense of how the volumes moved in repair and remodel versus new construction? So the overall volumes were down 9%. What was the rough mix in new construction and repair and remodel? And also, as you mentioned, second half of the quarter was stronger than the first. Could you just help us quantify it? Broad range would be fine.

恭喜您度過了一個非常好的季度。那麼，對於北美業務，您能否讓我們了解維修和改造與新建築的數量變化？因此總銷量下降了 9%。新建、維修和改造的大致組合是什麼？而且，正如您所提到的，本季下半年的表現強於上半年。你能幫我們量化一下嗎？範圍寬一點就好了。

Shaurya, thank you for the question. What I would say is, we're not going to specifically break out the segments there. I would say just generally, we saw more volume weighted to single-family new construction. Also, the volume is reflected there by what's going on in the United States from single-family new construction builds, right?

紹裡亞，謝謝你的提問。我想說的是，我們不會具體分解那裡的部分。我想說的是，一般來說，我們看到單戶新建建築的體積比重更大。此外，美國單戶新建築的情況也反映了這一數量，對嗎？

So the areas of Texas and Florida, we saw more volumes there. As far as how we saw it moving at the latter end of the quarters, I would say it was focused on just what I said, single-family new construction. So hope that answers your question. But as far as breaking it out between the 3 segments, we're not going to do that. I would just say, generally speaking, we were weighted more towards single-family new construction versus R&R.

因此，在德克薩斯州和佛羅裡達州，我們看到了更多的銷售。至於我們如何看待它在本季末的發展，我想說它的重點是我所說的單戶新建建築。希望這能回答您的問題。但就將其分為三個部分而言，我們不會這樣做。我只想說，一般來說，我們更傾向於單戶新建築而不是 R&R。

Your next question comes from Niraj Shah from Goldman Sachs.

您的下一個問題來自高盛的 Niraj Shah。

I guess, firstly, and apologies if I've missed it, but have you updated the PDG target of 4 points for the year?

我想，首先，如果我錯過了，我很抱歉，但你是否更新了今年 4 分的 PDG 目標？

Niraj, we have not -- your question is have we updated the PDG target for the year? No, considering we just said it roughly 3 months ago, we have not.

Niraj，我們還沒有——你的問題是我們是否更新了今年的 PDG 目標？不，考慮到我們大約 3 個月前才說過，我們還沒有。

Okay. Fair enough. And I guess, secondly, in terms of the second quarter guide, it would be helpful to get sort of what you're thinking in terms of input cost, cement, pulp and freight, in particular, in that 30% to 32% range.

好的。很公平。其次，我想，就第二季指南而言，了解您在投入成本、水泥、紙漿和運費方面的想法會很有幫助，特別是在 30% 到 32% 的範圍內。

Yes. I'll let Jason go into details here. Obviously, we're seeing some favorability as it relates to freight. We're also seeing a smaller amount of favorability in pulp. And then there's other costs that I would say are unfavorable to us like cement. But Jason, do you want to dive in any other details?

是的。我會讓傑森在這裡詳細介紹一下。顯然，我們看到了一些與貨運相關的優惠。我們也看到紙漿的受歡迎程度有所下降。我想說還有其他成本對我們不利，例如水泥。但是傑森，你想深入了解其他細節嗎？

Yes. Niraj, obviously, you're familiar with our biggest costs, freight and pulp being 2 of them. Freight was at an all-time high Q1 of last year. We saw that come down throughout last year. So that favorability we expect to persist throughout the year but shrink each quarter when comparing versus the prior corresponding quarters.

是的。 Niraj，顯然，您熟悉我們最大的成本，運費和紙漿是其中的兩項。去年第一季貨運量創歷史新高。去年我們看到這數字有所下降。因此，我們預計這種好感度將持續一整年，但與之前的相應季度相比，每個季度都會縮小。

And then with pulp, we did get some favorability in Q1. We actually expect that to grow throughout the year. And as Aaron mentioned, there's some headwinds. We'll feel some headwinds with cement and a few other input costs. But yes, we feel good about the way our raw materials are shaping up for the full year and certainly had favorability in Q1 and expect a similar amount in Q2, just a slightly different mix.

然後，在紙漿方面，我們確實在第一季獲得了一些好感。我們實際上預計這一數字全年都會成長。正如亞倫所提到的，存在一些阻力。我們會感受到水泥和其他一些投入成本的一些阻力。但是，是的，我們對全年原材料的狀況感到滿意，並且肯定在第一季度受到青睞，並預計第二季度的數量類似，只是結構略有不同。

Your next question comes from Keith Chau from MST Marquee.

您的下一個問題來自 MST Marquee 的 Keith Chau。

First one, I just want to talk about -- you mentioned the plant network and plant configuration and some benefits there under Ryan's team. Can you give us a sense of how much more capacity HMOS is expected to unlock in the network, please?

第一個，我只想談談——你提到了瑞安團隊領導下的工廠網路和工廠配置以及一些好處。您能為我們介紹一下 HMOS 預計在網路中釋放多少容量嗎？

I know in recent years, there have been some benefits delivered from that program, but it seems like there's more. So if you can give us a sense of how much more there is to come out of the global network and if you can split it by region, that would be most useful.

我知道近年來該計劃帶來了一些好處，但似乎還有更多好處。因此，如果您能讓我們了解全球網路還有多少功能，並且可以按地區劃分，那將是最有用的。

Yes. Keith, I think we can go into more detail next quarter. Here's what I would say is HMOS continues to unlock capacity benefits. And I am very comfortable where we're at from a capacity standpoint, obviously from last quarter as we look into Q2 and beyond. So HMOS continues to be an asset for us. We'll talk more about HMOS and the Hardie operating system, just like I dove deeper into our strategy, into next quarter's call.

是的。基思，我想我們可以在下個季度討論更多細節。我想說的是 HMOS 繼續釋放容量優勢。從容量的角度來看，我對我們所處的位置感到非常滿意，顯然是從上個季度開始，當我們展望第二季度及以後的情況時。因此，HMOS 仍然是我們的一項資產。我們將更多地討論 HMOS 和 Hardie 作業系統，就像我在下個季度的電話會議中更深入地探討我們的策略一樣。

Okay. And then maybe just one quick follow-up. Were there any specific channel movements in the period that you'd want to call out? Anything -- was there any restocking of the channel given how significantly the new construction market turned around and how much of a focus that had been in the second quarter?

好的。然後也許只是一個快速的後續行動。您想指出的這段期間內是否有任何具體的管道變動？考慮到新建建築市場的明顯改善以及第二季的關注程度，該通路是否有任何補充庫存？

Yes. Keith, I wouldn't say anything that comes to mind that's unordinary. From -- obviously, single-family new construction has accelerated over the past quarter, and we expect it to continue to accelerate. That's part of our Q2 guidance. So if anything, it's been able to work with our customer partners and big builders making sure they have what they need.

是的。基思，我不會說任何我想到的不尋常的話。顯然，單戶新建建築在過去一個季度加速了，我們預計它將繼續加速。這是我們第二季指導的一部分。因此，如果有什麼不同的話，那就是它能夠與我們的客戶合作夥伴和大型建築商合作，確保他們擁有所需的東西。

Your next question comes from Lee Power from UBS.

你的下一個問題來自瑞銀集團的 Lee Power。

Aaron, just on the SG&A spend. Like we've obviously come through this period where you've talked in the past about reallocating and prioritizing SG&A spend as the market slowed. You're now saying you're cautiously optimistic. Like how should we think about reinvestment in SG&A? And any sort of guidance around, I don't know, a percentage of sales or dollar numbers that you think is appropriate would be great.

Aaron，只是關於 SG&A 支出。就像我們顯然已經經歷過這個時期一樣，您過去曾談到隨著市場放緩，重新分配和優先考慮 SG&A 支出。您現在說您持謹慎樂觀態度。例如我們該如何考慮 SG&A 的再投資？我不知道，任何有關您認為合適的銷售額百分比或美元數字的指導都會很棒。

Yes, Lee, a great question. I would just say this, over the past few quarters, I felt that our SG&A spend has been appropriate. I'd like to use the term pedaling clutch based upon uncertain markets. As we get more and more confidence that we do have now, we're going to continue to invest.

是的，李，這是一個很好的問題。我只想說，在過去的幾個季度中，我覺得我們的 SG&A 支出是合適的。我想根據不確定的市場使用踏板離合器這個術語。隨著我們現在的信心越來越大，我們將繼續投資。

I mean we've been investing in the right things. I would say we're just going to probably proliferate that more. And I'll start with, we always want to invest in our people. So that's training, career development, things like that. And then it's our customers. So we're going to continue to invest in areas that are going to help service our customers and really enhance our value proposition.

我的意思是我們一直在投資正確的事情。我想說的是，我們可能會增加更多。首先，我們始終希望投資我們的員工。這就是培訓、職涯發展等等。然後是我們的客戶。因此，我們將繼續投資於有助於服務客戶並真正增強我們價值主張的領域。

So that's going to be customer facing type of sales roles, that will also be marketing-related spend as well. So as I look at our SG&A spend moving forward, I don't really necessarily put a percentage on it because that can be misleading. But we're going to spend appropriately how we feel the sales dollars are coming in, in our outlook.

因此，這將是面向客戶的銷售角色，也將是與行銷相關的支出。因此，當我審視我們未來的 SG&A 支出時，我實際上不一定會給出百分比，因為這可能會產生誤導。但在我們的前景中，我們將根據我們認為的銷售收入來適當地支出。

Okay. Appreciate it. And then just as a follow-up. Look, I think in the past, when we've talked about the relative margin new construction, R&R and particularly some of these larger public builders. There's been kind of the comment that the margin is not that dissimilar because the cost to serve for some of these larger public builders is obviously lower. Do you think that's -- I mean you've obviously come out with the D.R. Horton announcement. Do you think that reasoning still holds? Or is there something going on with tactical pricing and needing to fend off some of your larger competitors? That means that doesn't necessarily hold with the Horton agreement.

好的。欣賞它。然後作為後續行動。看，我想在過去，當我們談論新建築、R&R，特別是一些大型公共建築商的相對利潤率時。有人評論說，利潤並沒有那麼不同，因為為一些大型公共建築商提供服務的成本明顯較低。你認為那是——我的意思是你顯然已經提出了 D.R.霍頓公告。您認為這個推理仍然成立嗎？或者是否存在戰術定價方面的問題，需要抵禦一些較大的競爭對手？這意味著這並不一定符合霍頓協議。

Yes, Lee, I want to get Jason into the mix here. So Jason, do you want to take this one?

是的，李，我想讓傑森加入。那麼傑森，你想買這個嗎？

Yes, Lee, if I understood your question correctly, it was about EBIT margins. Certainly, we have variation by segment at the gross profit margin level. But to your point, which we've definitely said prior about the cost to serve is quite different from R&R to new construction, et cetera.

是的，李，如果我正確理解你的問題，那是關於息稅前利潤率的。當然，不同細分市場的毛利率水準存在差異。但就您的觀點而言，我們之前已經明確說過，服務成本與 R&R 和新建建築等有很大不同。

So as Aaron would have talked about on the call today, we are very profitable in every segment with every product in every region. And so at the EBIT margin level, yes, there is a very good consistency in the EBIT margins we're able to deliver in all the segments.

正如亞倫今天在電話會議上所說的那樣，我們在每個地區的每個產品的每個細分市場都非常有利可圖。因此，在息稅前利潤水準上，是的，我們能夠在所有細分市場中提供的息稅前利潤率具有非常好的一致性。

Yes, Lee, I would just add -- sorry, I would just add. If you think about the focus on single-family new construction and the large builders, I think our margins we just registered really tell the story, right? And if you look at our guidance, it's going to tell the story as well that -- and that's what I was trying to say in my beginning is wherever we focus, it's profitable for us. So I think it's -- again, look at the results, it's highlighting that.

是的，李，我只是補充一下——抱歉，我只是補充一下。如果你考慮到對單戶新建築和大型建築商的關注，我認為我們剛剛登記的利潤確實說明了問題，對嗎？如果你看一下我們的指導，它也會講述這樣的故事——這就是我一開始想說的，無論我們關注什麼，它對我們來說都是有利可圖的。所以我認為，再次看看結果，它強調了這一點。

Your next question comes from Daniel Kang from CLSA.

您的下一個問題來自里昂證券的 Daniel Kang。

Just a couple of questions in reference to Slide 19 where new construction is performing better than R&R. I guess the first question and to elaborate on Lee's point. I just wanted to ask you, Aaron, in terms of D.R. Horton, the arrangement there. Can you elaborate on how you've managed to win this deal and I guess your plans to expand this arrangement with other builders? And then my follow-up question is really on the slippage with R&R expectations. What do you think is driving this slippage into the full year?

只是關於幻燈片 19 的幾個問題，其中新建築的表現比 R&R 更好。我猜第一個問題並詳細闡述李的觀點。我只是想問你，Aaron，關於 D.R. 的問題。霍頓那邊的安排。您能詳細說明一下您是如何贏得這筆交易的嗎？我猜您計劃與其他建築商擴大這項安排？然後我的後續問題實際上是關於 R&R 預期的下滑。您認為是什麼原因導致全年業績下滑？

Daniel, as far as our deal with D.R. Horton, first and foremost, we're really proud to partner with them. And the way we've been able to get that done, first of all, we have the best sales team in the industry. And I like to use the quote that my Head of Sales, John Madson, uses: "We're humble but hungry." Right? And that's really the fact that this team has taken out there. And it's really about bringing a value proposition to our customers.

丹尼爾，就我們與 D.R. 的交易而言霍頓，首先也是最重要的是，我們非常自豪能夠與他們合作。我們能夠做到這一點的方式，首先，我們擁有業內最好的銷售團隊。我喜歡引用我的銷售主管約翰·麥德森 (John Madson) 說過的一句話：“我們謙虛但渴望。”正確的？這確實是該團隊已經採取的事實。這實際上是為了給我們的客戶帶來價值主張。

So I'm not going to disclose any details about it because we keep those confidential with our customer partners. But as far as are there opportunities to do similar deals with other builders, of course, we do have deals with 24 out of the 25 largest builders and a majority of the top 200. But I didn't say we have 100%, right? So we do have opportunity out there, and we'll continue to chase that opportunity. As far as why repair and remodel is lagging. You look at some of the outside data out there. I mean, really, as we talk to contractors and we're out in the field, I think really the biggest thing is there's a lot of potential tailwinds from a medium- and longer-term standpoint as it relates to R&R, right? People are staying in their homes. They have more equity in their homes than they ever have.

因此，我不會透露任何相關細節，因為我們會對我們的客戶合作夥伴保密。但就是否有機會與其他建築商進行類似的交易而言，當然，我們確實與25 家最大建築商中的24 家以及前200 名建築商中的大多數進行了交易。但我並沒有說我們有100%，對吧？所以我們確實有機會，我們將繼續追逐這個機會。至於為什麼修復和改造會落後。您查看一些外部資料。我的意思是，實際上，當我們與承包商交談並且我們在現場時，我認為真正最重要的是從中長期角度來看，與 R&R 相關，存在很多潛在的有利因素，對嗎？人們都待在家裡。他們的房屋淨值比以往任何時候都多。

If they want to move, it's hard to find a house and the mortgage rates are so high. I think what it really comes down to right now is people are -- there's still uncertainty out there. So in order to go move forward with what would be considered a large R&R project, I think people are sitting on the sidelines and waiting a little bit. That's not going to be forever. But I think if I have to just relay some of the feedback I've had out there in the field and from talking to contractors and our customers, that's really what's going on.

如果他們想搬家，就很難找到房子，而且抵押貸款利率又那麼高。我認為現在真正的問題是人們仍然存在不確定性。因此，為了推進大型 R&R 項目，我認為人們正在觀望並等待一段時間。這不會是永遠的。但我認為，如果我必須轉達我在現場以及與承包商和客戶交談中獲得的一些回饋，那麼這確實是正在發生的事情。

Your next question comes from Lisa Huynh from JPMorgan.

您的下一個問題來自摩根大通的 Lisa Huynh。

I guess my question, just following up on R&R and the weakness you're saying there. Can you be a bit more specific about what you're seeing in markets, wherever the trend is diverging? And just given we can kind of see line of sight to recovery, when do you expect to start to see things turning into '24?

我想我的問題只是跟進 R&R 以及你所說的弱點。您能否更具體地介紹一下您在市場中看到的情況（無論趨勢在哪裡出現分歧）？鑑於我們可以看到復甦的前景，您預計什麼時候開始看到事情變成「24」？

Jason, do you want to take this one?

傑森，你想買這個嗎？

Yes, Lisa. Look, obviously, we're only giving guidance for the second quarter for a reason. We believe the market remains unsettled. The slide we just talked about in detail on Page 19, those are for the R&R piece. That's 3 outside providers we get data from. We're calling down their estimate, it's just 1%. It was average minus 11%, now it's minus 12%.

是的，麗莎。顯然，我們只是為第二季度提供指導是有原因的。我們認為市場仍不穩定。我們剛剛在第 19 頁詳細討論了幻燈片，這些幻燈片是針對 R&R 部分的。我們從這 3 個外部提供者取得資料。我們下調了他們的估計，只有 1%。以前平均為-11%，現在為-12%。

And I think it's for all the reasons Aaron just talked about for the homeowner doing a large R&R project waiting to see what happens with the economy, et cetera. And our focus is controlling what we can control. We have the sidelines to deliver a very strong second quarter. I think what's important from our perspective, when we think about the repair and remodel market and the new construction market, we think they both are strong for the long term. And obviously, there's just a period here of uncertainty in the market in R&R. These experts are calling down 12% for the year, but we do like the fundamentals of where R&R is for the long term.

我認為這就是亞倫剛才談到的所有原因，房主正在做一個大型 R&R 項目，等待看看經濟會發生什麼，等等。我們的重點是控制我們能控制的事情。我們有機會實現非常強勁的第二季。我認為從我們的角度來看，重要的是，當我們考慮維修和改造市場以及新建市場時，我們認為它們從長遠來看都很強勁。顯然，R&R 市場目前正處於一段不確定時期。這些專家預計今年將下降 12%，但我們確實看好 R&R 的長期基本面。

Okay. So -- and I guess you talked about the EBIT margin differential between North America and APAC, just what's kind of driving APAC ahead of the North American division?

好的。那麼，我想您談到了北美和亞太地區之間的息稅前利潤率差異，到底是什麼推動亞太地區領先北美地區呢？

Yes. Look, I think you're comparing apples and oranges here to compare the 2 divisions here. I would just say this, and to speak to some of the strength with APAC here, they've been very successful in partnering with our customers to make sure we're able to service at a high level. That means they've been able to take price out there. I would say they also have lower SG&A and relatively flat cost of goods sold per unit. But our APAC team is doing a tremendous job capitalizing in that marketplace right now.

是的。看，我認為您在這裡比較蘋果和橙子是為了比較這裡的兩個部門。我只想說一下，在這裡談談亞太地區的一些實力，他們在與我們的客戶合作方面非常成功，以確保我們能夠提供高水準的服務。這意味著他們已經能夠定價。我想說的是，他們的銷售管理費用（SG&A）也較低，每單位銷售的商品成本也相對平坦。但我們的亞太團隊目前正在該市場的資本化方面做了大量工作。

Okay. Sure. Because I guess, historically, the APAC EBIT margins have been structurally below North America because all those obvious reasons like scale and manufacturing capacity. So I was just surprised to see it come ahead this quarter.

好的。當然。因為我猜，從歷史上看，亞太地區的息稅前利潤率在結構上一直低於北美，因為所有這些明顯的原因，如規模和製造能力。所以我很驚訝地看到它在本季實現。

No, if it's in the 30s like we saw there, that's -- we'll take it. That's pretty positive.

不，如果是在 30 年代，就像我們在那裡看到的那樣，那就是——我們會接受它。這非常積極。

Your next question comes from Peter Steyn from Macquarie.

您的下一個問題來自麥格理的 Peter Steyn。

Just a broader question, Aaron. What are the 2 or 3 things that you absolutely believe you have to get ready and write for a recovery, particularly in R&R activity? Obviously, right now, you've done new construction deals. How is that going to affect your flexibility is one of the questions that I have as a follow-up. But what are those things that absolutely have to be in place to maximize the opportunity for you over the next 3, 4 years?

只是一個更廣泛的問題，亞倫。您絕對相信必須為康復做好準備並撰寫的兩三件事是什麼，特別是在 R&R 活動中？顯然，現在您已經完成了新的建設交易。這將如何影響你的靈活性是我後續提出的問題之一。但是，為了在未來 3、4 年為您提供最大的機會，必須採取哪些措施？

Yes, it's a great question because if we look, as I mentioned before, R&R, which traditionally has been the largest share of our business, number one, we got to continue to focus on our customers. And what I mean by that is I use the term a lot, homeowner focused, customer and contractor driven. R&R really needs us to do all of that, right? So we're focusing on the homeowner with a lot of our marketing efforts. We're focusing on our customers and helping them have what they need, whether that be training, the list goes on and on. And from our contractor partners, helping them with their business and being able to go out and market James Hardie. So that's number one, Peter.

是的，這是一個很好的問題，因為正如我之前提到的，R&R 傳統上一直是我們業務中最大的份額，排名第一，我們必須繼續關注我們的客戶。我的意思是我經常使用這個詞，以房主為中心，以客戶和承包商為導向。 R&R 確實需要我們來做所有這些，對吧？因此，我們透過大量的行銷工作來關注房主。我們專注於我們的客戶並幫助他們獲得他們所需要的東西，無論是培訓，這樣的例子不勝枚舉。來自我們的承包商合作夥伴，幫助他們開展業務並能夠出去推銷詹姆斯哈迪。所以這是第一，彼得。

I think the other piece, because we anticipate, as R&R takes off, it's a tremendous opportunity for us. We want to make sure we're capitalizing on that. That's to have the capacity that we need. So if you think about one of the most important things we do, it's capital allocation. And that's why we're really excited about some of the projects that we have going on all over the world, but namely, you think about North America, our largest R&R opportunity and some of the things we're doing around HMOS, which was mentioned earlier, but also Prattville expansion and also our Westfield expansion with Color as well. So Peter, great question. I think if I have to name the top 2 things, those are it.

我認為另一件事是，因為我們預計，隨著 R&R 的起飛，這對我們來說是一個巨大的機會。我們希望確保我們能夠利用這一點。那就是擁有我們所需要的能力。因此，如果你考慮我們所做的最重要的事情之一，那就是資本配置。這就是為什麼我們對我們在世界各地進行的一些項目感到非常興奮，但也就是說，你想想北美，我們最大的 R&R 機會以及我們圍繞 HMOS 所做的一些事情，前面提到過，還有普拉特維爾(Prattville) 擴張以及我們的Westfield 擴張(Color)。彼得，好問題。我想如果我必須說出最重要的兩件事，那就是這些。

And are you comfortable that you're getting the contractor piece right?

您對承包商的工作是否正確感到滿意嗎？

Yes. Look, I've been working with contractors for almost 30 years. So can you ever get it 100% right? You focus on what you can control. So I think all the things that we need to control with the contractor, we're getting right. And look, as I mentioned before, we have the best team in the business. I firmly believe that being here almost a year of being out with our team.

是的。看，我已經與承包商合作了近 30 年。那你能百分百正確嗎？你專注於你能控制的事情。所以我認為我們需要與承包商一起控制的所有事情都是正確的。正如我之前提到的，我們擁有業內最好的團隊。我堅信，在這裡和我們的球隊在一起已經快一年了。

So I'm 100% confident that they're getting it right with the contractor. Just focusing on whatever their needs are. But again, it's homeowner focused, customer and contractor driven. I think that's maybe a little different for us that you've heard from before, as we said, homeowner over and over. And that's still important, but you notice that we're adding the contractor and the customer back in here. So yes, I do believe we're getting it right.

所以我 100% 相信他們與承包商的關係是正確的。只要專注於他們的需求即可。但同樣，它以房主為中心，由客戶和承包商驅動。我認為這對我們來說可能有點不同，正如我們一遍又一遍地從房主那裡聽到的那樣。這仍然很重要，但您注意到我們正在將承包商和客戶添加回此處。所以，是的，我確實相信我們做得對。

Your next question comes from Simon Thackray from Jefferies.

您的下一個問題來自 Jefferies 的 Simon Thackray。

Just a couple of questions. First of all, the cancellation of the Australian greenfields plant. And I know you talked about HMOS finding brownfields capacity that may not have been there before, and that's great news. But just of the $400 million-plus investment, how much of the business case shift was due to construction inflation and/or other factors that may have impacted the business case for canceling the greenfields in Victoria?

只是幾個問題。首先，取消澳洲綠地工廠。我知道您談到 HMOS 發現了以前可能不存在的棕地容量，這是個好消息。但在這 4 億多澳元的投資中，有多少商業案例的轉變是由於建築通膨和/或其他可能影響取消維多利亞州綠地商業案例的因素造成的？

Yes, Simon, 0. That did not compute or we didn't factor that in at all. I mean it was clearly -- as I came in, we took a look, and we're always relooking every single project. This is a major expenditure for us. And like I said, Ryan Kilcullen, as we centralized this underneath him, we did an exhaustive review. And one of the things that made this possible for us to cancel is we canceled our pilot plant. So that made brownfield opportunity, something that we could do. And by the way, we can't tell the pilot plants because we have ability to do that in existing plants. So look, as I said before, 1 of the most important things that we do is capital allocation, and this was really looking at this, scrutinizing this and just realizing that we had other options here. So 0 factored into escalating construction costs.

是的，西蒙，0。這沒有計算在內，或者我們根本沒有考慮到這一點。我的意思是，很明顯，當我進來時，我們進行了查看，並且我們總是重新審視每個項目。這對我們來說是一筆很大的開銷。正如我所說，Ryan Kilcullen，當我們將其集中在他的領導下時，我們進行了詳盡的審查。導致我們取消這項計劃的原因之一是我們取消了試點工廠。因此，這創造了棕地機會，這是我們可以做的事情。順便說一句，我們無法告訴試點工廠，因為我們有能力在現有工廠中做到這一點。所以，正如我之前所說，我們所做的最重要的事情之一是資本配置，這確實是在研究這個，仔細審查這個，然後意識到我們在這裡還有其他選擇。因此，建築成本上升的因素為 0。

That's really helpful, Aaron. And then just what was the level of [sunk] cost, therefore, including the land, which no doubt actively market back to the market?

這真的很有幫助，亞倫。那麼，包括土地在內的[沉沒]成本水準到底是多少，這無疑會積極地重新賣回市場？

Yes, Simon, we think we'll end up with a good economic outcome as we decide how we want to unwind this. At the time we move forward with potentially going down that path, but we'll provide more information to the market.

是的，西蒙，我們認為，當我們決定如何解決這個問題時，我們最終會取得良好的經濟成果。目前我們可能會沿著這條路前進，但我們將向市場提供更多資訊。

That's absolutely. And then just a real quick one for you. Just to follow up on the operating cash flow reconciliation. So you had $3 million of it released versus the $20 million build in the PCP and your payables gave you another $27 million. So I just want to understand the drivers of that inventory drawdown at the end of the quarter and what your expectations are in the second quarter for working capital, if I may.

絕對是這樣。然後給你一個真正的快速的。只是為了跟進經營現金流量調節。因此，您釋放了其中的 300 萬美元，而 PCP 中的建設金額為 2000 萬美元，而您的應付帳款又給了您 2700 萬美元。因此，如果可以的話，我只想了解季度末庫存減少的驅動因素以及您對第二季營運資金的預期。

Yes. So we have a clear goal in our LTI to get $50 million of working capital this year. So obviously, we've achieved that in Q1, but we're not satisfied with so we're going to continue to try to drive working capital down, Simon. I mean you have seen over the past couple of years, we did a really good job of driving inventory down. And then through this past 3 or 8 quarters or so as the markets became unsettled, we built some inventory.

是的。因此，我們的 LTI 有一個明確的目標，今年可獲得 5,000 萬美元的營運資金。顯然，我們在第一季已經實現了這一目標，但我們並不滿意，因此我們將繼續努力降低營運資本，西蒙。我的意思是，你已經看到，在過去的幾年裡，我們在降低庫存方面做得非常好。然後在過去的三到八個季度左右，隨著市場變得不穩定，我們建立了一些庫存。

So we think we're back in a really good spot with inventory, but we think there's more to do around receivables and payables, and we'll want to maintain inventories at kind of the levels they're at June 30. So more to go this year, but we got off to a really good start.

因此，我們認為我們的庫存回到了一個非常好的位置，但我們認為在應收帳款和應付帳款方面還有更多工作要做，我們希望將庫存維持在 6 月 30 日的水平。今年去，但我們有了一個非常好的開始。

Your next question, Sam Seow from Citi.

你的下一個問題是花旗銀行的 Sam Seow。

Just looking at the results compared to the, you got North American volumes down 9%, but EBIT margin obviously 31%. Just looking forward, as utilization comes back and operating leverage, is there any reason to think that margins could go higher again? Or is there something below the GP line that scales up with volumes?

僅看結果相比，北美銷量下降了 9%，但息稅前利潤率卻明顯上升了 31%。展望未來，隨著利用率和營運槓桿的回升，是否有任何理由認為利潤率可能會再次走高？或者在 GP 線以下是否有一些東西會隨著銷量的增加而擴大？

Yes. I'll let Jason tag team this with me. As far as margins going higher, our thought is that it's a very competitive marketplace out there, and we're going to continue, and we're going to continue or actually even increase our investment out there. So the guidance we gave, I believe that's probably our high point as we look for the year, Sam. But I'll let Jason dive in here with me on this.

是的。我會讓傑森和我一起標記這個團隊。就利潤率上升而言，我們認為這是一個競爭非常激烈的市場，我們將繼續下去，我們將繼續甚至實際上增加我們的投資。所以我們給的指導，我相信這可能是我們今年的最高點，山姆。但我會讓傑森和我一起深入討論這個問題。

Yes, Sam, I think the other thing to consider is as how the markets grow and get to top of cycle levels, that usually includes higher freight, higher pulp, higher cement, et cetera. Certainly, you saw that last year, it was [affected] by the war. But I think in any cycle, if you look back through our history, as you get towards the top of the cycle, the input cost increase as well. So I think we're comfortable with where we're at. It's a great quarter and guidance of 30% to 32% again in the second quarter, well within a really strong position through 6 months.

是的，薩姆，我認為另一件需要考慮的事情是市場如何成長並達到週期水平的最高點，這通常包括更高的運費、更高的紙漿、更高的水泥等等。當然，去年你也看到了，它受到了戰爭的影響。但我認為在任何週期中，如果你回顧我們的歷史，當你接近週期的頂部時，投入成本也會增加。所以我認為我們對目前的處境感到滿意。這是一個出色的季度，第二季度的指導值再次達到 30% 至 32%，在 6 個月內處於非常強勁的位置。

And just quickly, when I think about the rem report, I remember there being more of a cost-out feel to it. You had about $160 million worth of, I guess, lean savings and procurement savings in there to target. Just wondering how some of those costs out was in this result or how they layer in over the year.

很快，當我想到雷姆報告時，我記得它有更多的成本支出的感覺。我猜你有大約價值 1.6 億美元的精益節約和採購節約作為目標。只是想知道其中一些成本是如何影響這個結果的，或者它們在一年中是如何分層的。

Yes. So you're referring to the Hardie operating system savings we highlighted in the LTI, which -- so there's a couple of components of procurement and R&D. We're off to a good start, Sam, but it's something we'll -- we plan to bring to the forefront of the presentation.

是的。所以你指的是我們在 LTI 中強調的 Hardie 作業系統節省的費用，其中包括採購和研發的幾個組成部分。薩姆，我們有了一個良好的開端，但我們計劃將其放在演示的最前面。

So Aaron kicks off each call with an update on strategy. We plan to provide an update on that in the second quarter. We just got it started. We like the progress we're making on both initiatives with R&D and procurement savings. It had an impact on Q1, but we believe it will have a bigger impact as the quarters roll on here in FY '24.

因此，亞倫在每次通話時都會介紹最新的策略。我們計劃在第二季提供最新情況。我們才剛開始。我們對研發和採購節省這兩項措施所取得的進展感到滿意。它對第一季產生了影響，但我們相信隨著 24 財年季度的到來，它將產生更大的影響。

Your next question comes from Harry Saunders from E&P.

您的下一個問題來自 E&P 的 Harry Saunders。

Just firstly, wondering if you could outline how price mix is sort of expected to play out over the remainder of the year, particularly for the sequential movement in North America. And then the follow-up, so can you talk through how the end market sort of looking specifically in the second half '24 versus that minus 12% given for the full year?

首先，想知道您是否可以概述價格組合在今年剩餘時間內預計將如何發揮作用，特別是北美的連續走勢。然後是後續行動，您能具體談談 24 年下半年的終端市場狀況與全年的負 12% 相比如何嗎？

Yes. Harry, we're not going to go through the detail on price mix as we talked before. In previous calls, they really outlined how we're going to run the business. And very simply, price is going to be up over the previous year. And that's how this looks as well. That's how we intend to run the business. So we're not going to dive into details of price mix.

是的。哈利，我們不會像之前討論的那樣討論價格組合的細節。在先前的電話會議中，他們確實概述了我們將如何經營業務。很簡單，價格將比去年上漲。這也是看起來的樣子。這就是我們經營業務的方式。因此，我們不會深入探討價格組合的細節。

I would just say price is going to be up year-over-year. As far as how the end markets are looking in the second half, look, we gave our guidance for Q2, and that's the -- that's what we're going to limit it to right now.

我只想說價格會逐年上漲。至於下半年終端市場的情況，我們給了第二季的指導，這就是我們現在要限制的範圍。

And if I could just -- sorry, just squeeze a follow up on that point. Are you sort of moving back towards more like a one quarter lag in start deciding cycle times normalize as the builders?

如果我可以——抱歉，就這一點進行後續跟進。隨著建築商的開始決定週期時間正常化，您是否會回到更像四分之一的延遲？

Yes, we're starting to see some normalization there, but you still have seen in the past 6 to 9 months, some very interesting trends between completions and starts. So I don't think we're completely through that yet. But over time, we do think that will normalize.

是的，我們開始看到一些正常化，但在過去的 6 到 9 個月裡，您仍然看到了竣工和開工之間的一些非常有趣的趨勢。所以我認為我們還沒有完全解決這個問題。但隨著時間的推移，我們確實認為這種情況將會正常化。

(Operator Instructions) Your next question comes from Brook Campbell-Crawford from Barrenjoey.

（操作員說明）您的下一個問題來自 Barrenjoey 的 Brook Campbell-Crawford。

Yes. Are you able to provide some commentary just on sort of wallet share for U.S. builders? And maybe you can kind of group it towards a broad comment on how your share compares between the top 25 and the top 200. That would be really helpful. And also perhaps if you can give a comment on Trim penetration between sort of those 2 groups.

是的。您能否就美國建築商的錢包份額提供一些評論？也許您可以將其分組為廣泛的評論，說明您的份額在前 25 名和前 200 名之間的比較。這將非常有幫助。也許您可以對這兩組之間的修剪滲透率發表評論。

Yes. Brook, what I would say, and I mentioned we have relationships, some type of exclusivity with 24 of the top 25 builders. As far as wallet share there, it would depend. But I would say just in generality, it's north of 85%. And then if we look at the top 200, we have relationships , and Jason, you have to check me here, I think with probably 65-plus percent of the top 200. So we do have opportunity out there. And when I talk about our teams being humble but hungry, those are areas that we're going to focus.

是的。布魯克，我想說的是，我提到我們與排名前 25 的建築商中的 24 家有某種類型的排他性關係。至於那裡的錢包份額，這將取決於。但我想說的是，一般來說，這個比例在 85% 以上。然後，如果我們看看前 200 名，我們有關係，傑森，你必須在這裡檢查我，我認為前 200 名中可能有超過 65% 的人。所以我們確實有機會。當我談到我們的團隊謙虛但充滿渴望時，這些都是我們要關注的領域。

And as far as trim penetration, and we can get back to you, I don't have an exact percentage here. But that's been an on focus initiative for us as a team, as the North American team is to make sure as we're selling a Hardie house, we're selling the Trim as well. And a lot of these deals that we're signing with builders is we're focused on not only the board, but also the Trim as well.

至於修剪滲透率，我們可以回覆您，我這裡沒有確切的百分比。但這對我們作為一個團隊來說是一個重點舉措，因為北美團隊要確保在我們出售 Hardie house 的同時，我們也出售 Trim。我們與建築商簽署的許多協議不僅關注主機板，還關注 Trim。

And just one follow-up with respect to sort of brownfield or greenfield. You made it quite clear that the plants here in Australia, but I might have missed the comments, but is there a similar approach to the capacity in the U.S., where we'll perhaps see opportunities for brownfield lines being added to existing plants and we call it the next sort of 5 years or so rather than -- rather than greenfield?

只是關於棕地或綠地的後續行動。您說得很清楚，澳大利亞的工廠，但我可能錯過了評論，但美國的產能是否有類似的方法，我們可能會看到在現有工廠中增加棕地生產線的機會，我們稱之為下一個五年左右，而不是──而不是綠地？

Yes. Brook, brownfield is preferred. I would say where we're at right now, and we are very comfortable with our greenfield approach and the decisions that we've made from a U.S. standpoint.

是的。布魯克，棕地是首選。我想說的是，我們現在所處的位置，我們對我們的綠地方法以及我們從美國的角度做出的決定感到非常滿意。

And Brook, I'd say, you've seen management analysis document, we did purchase the land for a future greenfield in Missouri during the quarter. And obviously, we're still progressing with Prattville 3 and 4. So we're comfortable with where we are with capacity, both brownfield and greenfield.

布魯克，我想說，你已經看過管理分析文件，我們確實在本季購買了密蘇裡州未來綠地的土地。顯然，我們仍在普拉特維爾 3 號和 4 號項目上取得進展。因此，我們對目前的容量（無論是棕地還是綠地）感到滿意。

Your next question comes from Paul Quinn from RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Paul Quinn。

Guys, just a great quarter in a difficult environment. I'm just trying to understand this exclusive arrangement with D.R. Horton because I suspect you'll pattern this out for the rest of the top 25 homebuilders. But -- and I'm just trying to reconcile that with the comment that you had equal EBIT margins amongst R&R and new home construction. So in light of that, what's the advantage for D.R. Horton to give you the exclusivity if it's not price?

夥計們，在困難的環境中度過了一個偉大的季度。我只是想了解一下與 D.R. 的獨家安排霍頓，因為我懷疑你會為排名前 25 名的住宅建築商中的其他人制定這個模式。但是——我只是想將這一點與您在 R&R 和新住宅建設中擁有相同的息稅前利潤率的評論相協調。那麼有鑑於此，D.R. 的優勢是什麼？如果不是價格的話，霍頓會給你獨家經營權嗎？

So Paul, what I would say and what I've learned over years and years of experiences is I don't speak for our customers. I'm not going to speak for them. So I would just -- you would probably have to ask D.R. Horton there. What I would say is what we're focused on is bringing a great value proposition to our customers, and that's what we're doing with D.R. Horton.

所以保羅，我想說的是，我多年來的經驗所學到的是，我不代表我們的客戶說話。我不會為他們說話。所以我想——你可能得問 D.R.霍頓在那裡。我想說的是，我們專注於為客戶帶來巨大的價值主張，這就是我們與 D.R. 一起做的事情。霍頓。

And the only thing I'd add, Paul, is what I had commented earlier. There would be a large disparity at the gross margin level. But when you get down to the EBIT margin and you consider how much G&A you're spending in these different areas, that's where the range gets a lot tighter.

保羅，我唯一要補充的是我之前評論過的內容。毛利率水準將存在較大差距。但是，當您考慮息稅前利潤率並考慮在這些不同領域花費了多少一般行政費用時，範圍就會變得更窄。

As there are no further questions at this time, I'll now hand the call back over to Mr. Erter for any closing remarks.

由於目前沒有其他問題，我現在將把電話轉回給埃爾特先生以供結束發言。

Yes. Thank you, operator. I'd just like to again thank all of our employees around the world who remain focused on safely delivering the highest-quality products, solutions and services to our customer partners. Our employees truly represent the very best in our industry and consistently enable our superior value proposition. Appreciate the time from everyone today. Thank you.

是的。謝謝你，接線生。我想再次感謝我們在世界各地的所有員工，他們始終致力於為我們的客戶合作夥伴安全地提供最高品質的產品、解決方案和服務。我們的員工真正代表了我們行業中最優秀的人才，並始終如一地實現了我們卓越的價值主張。感謝大家今天抽出時間。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。