James Hardie Industries PLC (JHX) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the James Hardie Q4 FY '24 Results Call. (Operator Instructions) There will be a presentation followed by a question-and-answer session. (Operator Instructions)

感謝您的耐心等待，歡迎參加 James Hardie 24 財年第 4 季業績電話會議。 （操作員說明）將進行演示，然後進行問答環節。 （操作員說明）

I would now like to hand the conference over to Mr. Aaron Erter, CEO. Please go ahead.

現在我想將會議交給執行長 Aaron Erter 先生。請繼續。

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

謝謝你，接線生。大家早安、晚上好，歡迎參加我們的第四季和 2024 財年整體業績簡報。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。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. Joining me is our CFO, Rachel Wilson. For today's call, I will start by providing a strategy and operations update. Rachel 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. Before I share an update on our strategy and operations, I would like to take this opportunity to thank all of our team members around the world who remain focused on safely delivering the highest quality products, solutions and services to our customer partners. Our James Hardie team truly represent the very best in our industry and consistently enable our superior value proposition.

轉到第 3 頁，您將看到我們今天的議程。與我一起的是我們的財務長 Rachel Wilson。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，雷切爾將討論我們的財務業績，我將返回討論我們的前景、指導並提供簡短的結束語。然後我們將打開它供提問。在分享我們的策略和營運的最新資訊之前，我想藉此機會感謝我們在世界各地的所有團隊成員，他們始終專注於向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 James Hardie 團隊真正代表了我們行業中最優秀的團隊，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 team's focus remains simple; working safely, partnering with our customers, investing in long-term growth and driving profitable share gain. Our fourth quarter results continue to highlight how impactful that focus has been and is reflected in our full year results. For the full year, we achieved record global net sales of just under $4 billion, up 4% versus the prior corresponding period with record global adjusted net income of $708 million, up 17% versus the prior corresponding period. Both our global net sales and adjusted net income results were again supported by volumes in North America that have outperformed the market. For the full year, North American volume was just over 3 billion standard feet, and we delivered that with a record 31.9% EBIT margin.

讓我們從第 5 頁開始簡要介紹業務動態。我們團隊的重點仍然很簡單；安全工作、與客戶合作、投資長期成長並推動可獲利的份額成長。我們第四季的業績持續凸顯了這一重點的影響力，並反映在我們的全年業績中。全年，我們的全球淨銷售額創歷史新高，接近 40 億美元，比去年同期成長 4%，全球調整後淨利創歷史新高，達到 7.08 億美元，比去年同期成長 17%。我們的全球淨銷售額和調整後淨利結果再次受到北美銷售優於市場的支撐。全年北美銷量略高於 30 億標準英尺，我們實現了創紀錄的 31.9% 息稅前利潤率。

The adjusted net income result was also supported by solid year-over-year financial results in our Asia Pacific region. In the EU, business performance improved year-over-year and we are seeing momentum in growing our high-value products. For the 12 months, we generated record operating cash flow of $914 million, up 50% year-over-year. We have continued to accelerate our investment in long-term growth, supporting our marketing tentpoles, driving awareness and conversion in targeted regions to aid in sustaining profitable share gain. We have done this in the face of a challenging and what has been uncertain markets around the globe. Rachel will share additional details regarding the quarterly results in the financial section. While uncertainty continues to affect our end markets, our focus remains on partnering with our customers and controlling what we can control to outperform in the markets we participate.

調整後的淨利潤結果也得到了亞太地區穩健的年比財務表現的支持。在歐盟，業務績效逐年改善，我們看到了高價值產品成長的動能。過去 12 個月，我們創造了創紀錄的營運現金流 9.14 億美元，年增 50%。我們繼續加快對長期成長的投資，支持我們的行銷支柱，提高目標地區的知名度和轉換率，以幫助維持獲利性份額成長。面對全球充滿挑戰和不確定的市場，我們做到了這一點。雷切爾將在財務部分分享有關季度業績的更多詳細資訊。儘管不確定性繼續影響我們的終端市場，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，以在我們參與的市場中表現出色。

Now, please turn to Page 6 and our global strategic framework. As I continue to emphasize 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. I remain 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.

現在，請翻到第 6 頁和我們的全球策略架構。正如我繼續強調的，我們全球策略的核心是，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 項關鍵策略措施。第一，實現獲利成長並在我們有權獲勝的領域分享份額。第二，為我們的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。我對我們的團隊和我們的策略仍然充滿信心。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。

We accelerate our strategic initiatives by establishing competitive advantages through our strategic enablers without compromising on our foundational imperatives. Over the last few quarters, we have shared pieces of our value proposition that go beyond the product. This has included our marketing tentpoles, which helped drive demand, our unrivaled business support and our localized manufacturing, which improves our customer experience. Over the next 2 slides, I will show you how far James Hardie has come and pull together all the pieces that demonstrate clearly how we are driving long-term value creation.

我們透過策略推動者建立競爭優勢來加速我們的策略舉措，同時不影響我們的基本要求。在過去的幾個季度中，我們分享了超出產品範圍的價值主張。這包括我們幫助推動需求的行銷支柱、無與倫比的業務支援以及改善客戶體驗的在地化製造。在接下來的兩張投影片中，我將向您展示詹姆斯哈迪 (James Hardie) 所取得的成就，並將所有內容整合在一起，清楚地展示我們如何推動長期價值創造。

Let us now turn to Slide 7. In FY '24, our North American business continued to profitably take share. Our FY '24 volumes grew by 1% year-over-year against a market where in FY '24 major remodeling contracted by 11% in single-family new construction and calendar year '23 contracted by 6%. Our strong above-market growth in FY '24 was driven by, number one, our partnerships with the large builders who took considerable share during the year; and number two, our continued focus on driving material conversion in the repair and remodel space. Over the last 2-plus decades, James Hardie has built considerable awareness and goodwill with contractors and builders across the country with our superior siding solution.

現在讓我們轉向幻燈片 7。24 財年，我們的北美業務繼續獲利並佔據市場份額。我們 24 財年的銷量年增 1%，而 24 財年單戶新建建築的重大改建則收縮了 11%，而 23 財年則收縮了 6%。我們在 24 財年實現了高於市場的強勁成長，第一是我們與大型建築商的合作夥伴關係推動的，這些建築商在這一年中佔據了相當大的份額；第二，我們繼續專注於推動維修和改造領域的材料轉換。在過去的二十多年裡，James Hardie 憑藉我們卓越的壁板解決方案在全國各地的承包商和建築商中建立了相當大的知名度和商譽。

Since the year 2000, we have sold over 45 billion standard feet of product. This includes siding, Trim, Soffit as well as interior products. Within the same time frame and siding alone, we have sold over 28 billion standard feet of product. Conceptually, this is equivalent to fully cladding over 11 million homes. While this is an admirable achievement, there is more to be gained. Since joining James Hardie, just under 2 years ago, you have heard me talk about how we are a homeowner-focused, customer and contractor-driven. This focus is what will help to drive ongoing profitable share gain and further material conversion, resulting in more homes being clad with James Hardie products over the years to come.

自 2000 年以來，我們已售出超過 450 億標準英尺的產品。這包括壁板、裝飾、拱腹以及室內產品。在相同的時間範圍內，僅壁板，我們就售出了超過 280 億標準英尺的產品。從概念上講，這相當於對超過 1100 萬戶住宅進行全面覆蓋。雖然這是一項令人欽佩的成就，但還有更多的收穫。自從不到兩年前加入 James Hardie 以來，您就聽過我談論我們是如何以房主為中心、以客戶和承包商為導向的。這一重點將有助於推動持續的獲利份額成長和進一步的材料轉換，從而在未來幾年內讓更多的家庭使用 James Hardie 產品。

Turning to Slide 8 to discuss this in more detail. At James Hardie, we are investing in long-term value creation. Over the last 10 years, James Hardie has taken consistent market share. The U.S. Census reports fiber cement share of primary cladding of new homes at 23% in 2022, up from 16% in 2012, equivalent to just under 1% of share gain per year. To sustain and build on this growth, we continue to invest in demand creation. This investment occurs across the entire value chain and is aligned with our homeowner-focused, customer and contractor-driven mindset. We accomplished this by leveraging our marketing tentpoles, which include TV and sports sponsorships, influencer partnerships, in-store marketing at our retail partners as well as targeted marketing with our contractors. Demand creation ultimately drives increased awareness for James Hardie products and creates long-term demand across the value chain.

請參閱幻燈片 8 更詳細地討論這一點。在詹姆斯哈迪，我們投資於長期價值創造。在過去 10 年裡，詹姆斯哈迪 (James Hardie) 一直佔據著穩定的市場份額。美國人口普查報告顯示，到 2022 年，纖維水泥在新住宅主覆層中的份額將從 2012 年的 16% 上升至 23%，相當於每年份額增長略低於 1%。為了維持和鞏固這一成長，我們繼續投資於創造需求。這項投資發生在整個價值鏈中，符合我們以房主為中心、以客戶和承包商為導向的理念。我們透過利用我們的行銷支柱來實現這一目標，其中包括電視和體育贊助、有影響力的合作夥伴關係、零售合作夥伴的店內行銷以及與承包商的有針對性的行銷。需求創造最終會提高人們對 James Hardie 產品的認知度，並在整個價值鏈中創造長期需求。

Next, we have our innovative solutions. We have high-quality and differentiated product solutions that meet the needs of our customer partners and homeowners. In the Northeast and Midwest, which are R&R dominant, we have significant opportunity to penetrate with our ColorPlus portfolio of products. These products are engineered for extreme climate and offer superior durability, citing what James Hardie products delivers lasting beauty for the homeowner with minimal maintenance. In new construction, which dominates the southern parts of the U.S., we have opportunity for growth while defending existing share through our prime and sampling products.

接下來，我們有創新的解決方案。我們擁有高品質和差異化的產品解決方案，可以滿足我們的客戶合作夥伴和房主的需求。在 R&R 占主導地位的東北部和中西部，我們有很大的機會滲透我們的 ColorPlus 產品組合。這些產品專為極端氣候而設計，具有卓越的耐用性，並引用了 James Hardie 產品以最少的維護為房主提供持久美麗的效果。在美國南部地區占主導地位的新建築中，我們有成長機會，同時透過我們的優質產品和樣品產品捍衛現有份額。

As I previously mentioned, we remain the predominant hard siding of choice for 24 of the top 25 large builders. We remain committed to these large builders as we expand our focus to grow with the rest of the top 200. Currently, we provide approximately 80% of the hard siding needs for the top 200 builders, and we are committed to further growing our share. Across both R&R and new construction, our products continue to offer superior design and curb appeal. Our end market presence for over 25 years has also made us a trusted brand. Both of these play a part in driving ongoing long-term value creation.

正如我之前提到的，我們仍然是前 25 名的大型建築商中 24 家的主要硬壁板選擇。我們將繼續致力於這些大型建築商，同時擴大我們的重點，與其餘200 強建築商一起成長。我們的份額。在 R&R 和新建築中，我們的產品繼續提供卓越的設計和遏制吸引力。超過 25 年的終端市場佔有率也使我們成為值得信賴的品牌。這兩者都在推動持續的長期價值創造方面發揮作用。

Next, we have our unrivaled support. James Hardie products have a superior value proposition. That is visible from the street. For our customers and partners who use our products, the unrivaled support and localized manufacturing we provide directly benefits them each and every day. These benefits include customer integration that ensures the right products are delivered to the right place and at the right time. Interactive in-person events such as our Dream Builder program, which provides product education and training support. And finally, our Contractor Alliance program, which is about supporting our contractors with lead generation and co-branding, all in support of helping grow their businesses to drive long-term material conversion to James Hardie products.

接下來，我們將獲得無與倫比的支持。 James Hardie 產品具有卓越的價值主張。從街上就可以看到這一點。對於使用我們產品的客戶和合作夥伴來說，我們提供的無與倫比的支援和在地化製造讓他們每天都直接受益。這些好處包括客戶集成，確保在正確的時間將正確的產品交付到正確的地點。面對面的互動活動，例如我們的夢想建造者計劃，該計劃提供產品教育和培訓支援。最後，我們的承包商聯盟計劃旨在為我們的承包商提供潛在客戶開發和聯合品牌支持，所有這些都是為了幫助他們發展業務，推動長期材料向 James Hardie 產品的轉換。

As an example, for every contractor's completed home that utilizes this co-branding or localized marketing, they can expect to generate, on average, an incremental 12 leads and an additional 2 more jobs sold. As I mentioned, James Hardie has owned more than 11 million homes in the U.S. Every home that is clad with James Hardie is a lasting mark on the residential streetscape. The long-lasting beauty of James Hardie products helps to further drive awareness of our product and channel future material conversion in neighborhoods across America. As we continue to invest in demand creation, offer the right products and solutions for our customer partners and provide unrivaled business support, this will drive a virtuous cycle of material conversion, profitable share gain and long-term value creation, resulting in more homes being clad in James Hardie products.

舉例來說，對於每個利用這種聯名或在地化行銷的承包商完成的住宅，他們預計平均會增加 12 個潛在客戶並額外銷售 2 個工作機會。正如我所提到的，詹姆斯哈迪 (James Hardie) 在美國擁有超過 1100 萬套住宅。 James Hardie 產品的持久美觀有助於進一步提高我們產品的知名度，並引導美國社區未來的材料轉換。隨著我們繼續投資於創造需求，為我們的客戶合作夥伴提供合適的產品和解決方案，並提供無與倫比的業務支持，這將推動材料轉換、盈利份額增長和長期價值創造的良性循環，從而使更多的房屋成為現實。

Now, I would like to hand it over to Rachel to share more details about our fourth quarter results. Rachel?

現在，我想將其交給 Rachel，分享有關我們第四季業績的更多詳細資訊。雷切爾？

Thank you, Aaron. Let's start on Page 10 to discuss our global results for the fourth quarter. Our team has delivered a strong set of results in the fourth quarter compared to last year with consistent and focused execution through fiscal year 2024. For the quarter, group net sales were up 9% to just over $1 billion, adjusted net income increased 19% to $174.2 million, the global adjusted EBITDA margin was 27.9%, up 250 basis points and operating cash flow for FY '24 was a record $914.2 million, up 50%. Our team is focused on executing on our strategy and these consistent results demonstrate the value of focused execution.

謝謝你，亞倫。我們從第 10 頁開始討論第四季的全球業績。與去年相比，我們的團隊在第四季度取得了一系列強勁的業績，並在2024 財年保持一致和專注的執行。調整後淨利成長19% 2024 財年全球調整後 EBITDA 利潤率為 27.9%，成長 250 個基點，達到 1.742 億美元，創紀錄的 9.142 億美元，成長 50%。我們的團隊專注於執行我們的策略，這些一致的結果證明了專注執行的價值。

Now, turning to Slide 11, I'll detail our adjusted net income waterfall for the fourth quarter. As mentioned, adjusted net income increased 19% or $28 million year-over-year to $174.2 million and was in line with guidance provided in February. The increase was primarily driven by strong EBIT growth in North America, which contributed $35.9 million to the increase in adjusted net income. The increase was also supported by growth in EU, which contributed $3.6 million to the increase in adjusted net income.

現在，轉向投影片 11，我將詳細介紹我們第四季調整後的淨利瀑布。如前所述，調整後淨利潤年增 19%，即 2,800 萬美元，達到 1.742 億美元，符合 2 月份提供的指導。這一成長主要得益於北美息稅前利潤的強勁成長，為調整後淨利潤的成長貢獻了 3,590 萬美元。這一增長也受到歐盟成長的支持，歐盟為調整後淨收入的成長貢獻了 360 萬美元。

During the quarter and as part of our ongoing marketing investments to drive long-term growth, global SG&A, including corporate, increased 24% to $164.2 million. This equates to 16.3% of revenues, up from 14.5% last year. Sequentially, global SG&A was up 5% compared to the third quarter of fiscal year 2024. The increase in investment primarily in our marketing tentpoles reflects our continued focus on growing brand awareness and driving profitable share gain. In Q4 year-over-year, we saw our homeowner leads up 22% nationally and our high-opportunity R&R markets or epicenter markets, up over 2x.

本季度，作為我們推動長期成長的持續行銷投資的一部分，包括企業在內的全球 SG&A 成長了 24%，達到 1.642 億美元。這相當於收入的 16.3%，高於去年的 14.5%。隨後，與 2024 財年第三季相比，全球銷售、管理及行政費用 (SG&A) 成長了 5%。與去年同期相比，我們的房主在第四季度在全國範圍內增長了 22%，而我們的高機會 R&R 市場或震央市場則增長了 2 倍以上。

General corporate SG&A expenses decreased modestly year-over-year. Higher employee costs, stock compensation expenses and professional fees offset prior year New Zealand weather tightness expenses and general corporate SG&A expenses were flat sequentially. Our FY '25 full year estimated adjusted tax rate range is 23.5% to 24.5%. This compares to the FY '24 full year tax rate of 23%. We are proud of our global teams for the way they've executed in a challenging market and we will remain focused on consistent execution to similarly deliver in fiscal 2025.

一般企業銷售、管理及行政費用較去年同期小幅下降。較高的員工成本、股票補償費用和專業費用抵消了去年紐西蘭的天氣緊張費用和一般企業銷售、一般管理費用與上一季持平。我們 25 財年全年預計調整後稅率範圍為 23.5% 至 24.5%。相比之下，24 財年全年稅率為 23%。我們為我們的全球團隊在充滿挑戰的市場中的執行方式感到自豪，我們將繼續專注於一致的執行，以在 2025 財年實現類似的目標。

Let's now move to Page 12 to discuss the North American results. Beginning with the top line results. For the quarter, North America net sales of $735.2 million was up 13% versus the prior corresponding period and our average net sales price was up 4%. Volume of 766.3 million standard feet, increased 9% year-over-year and was in line with our guidance range. During the quarter, overall housing end markets remain mixed. Industry experts have highlighted that major project R&R continues to be under pressure, estimating the segment decline 11% year-over-year in Q4, while single-family new construction was up double digits in the December quarter. As a reminder, we use a 1-quarter lag methodology as applied to single-family new construction starts to better align the data to the timing of our reported sales.

現在讓我們轉到第 12 頁討論北美的結果。從頂行結果開始。本季度，北美淨銷售額為 7.352 億美元，較上年同期成長 13%，平均淨售價上漲 4%。成交量為 7.663 億標準英尺，年增 9%，符合我們的指導範圍。本季度，整體房屋終端市場依然喜憂參半。行業專家強調，大型項目的 R&R 繼續面臨壓力，預計第四季度該領域將年減 11%，而單戶新建建築在 12 月所在季度出現兩位數增長。提醒一下，我們對單戶新建築開工採用 1 季度滯後方法，以便更好地將數據與我們報告的銷售時間保持一致。

Similar to the third quarter, our strategic initiative to partner with big builders helped drive strong volume growth in the South Central region in areas such as Texas, which is new construction dominant. In addition, we continue to see strong growth in the West. These regions outperformed our total North American volume growth. Our key R&R markets in the North were down single digits year-over-year. This compares favorably to major project R&R, which was down low double digits. And importantly, our exterior cladding volume was up low double digits. Additionally, we have continued to succeed in growing our presence in the multifamily sector, which accounts for approximately 15% of our new construction exposure, up from 10%.

與第三季類似，我們與大型建築商合作的策略性舉措幫助推動了德州等中南部地區銷售的強勁成長，這些地區是新建築占主導地位的。此外，我們繼續看到西方的強勁成長。這些地區的表現優於北美地區的總銷售成長。我們在北方的主要 R&R 市場年減了個位數。這與主要項目 R&R 相比是有利的，後者下降了低兩位數。重要的是，我們的外牆包層體積增加了兩位數。此外，我們繼續成功擴大在多戶住宅領域的業務，該領域約占我們新建築業務的 15%，高於 10%。

Now, turning to margins. The North American EBIT margin improved by 270 basis points versus the prior corresponding period to 31.7%, and similar to volume was in line with our guidance range. EBIT dollars in the fourth quarter were up 23% to $233 million versus the prior corresponding period. EBIT benefited from a higher average net sales price as well as lower input costs. Compared to last year, pulp prices and cost savings, including plant improvements, more than offset the year-over-year increase in cement and freight costs. Sequentially, we saw cement costs increase low double digits, in line with expectations in February.

現在，轉向邊緣。北美地區的息稅前利潤率較上年同期提高了 270 個基點，達到 31.7%，成交量與我們的指導範圍相似。第四季息稅前利潤較上年同期成長 23%，達到 2.33 億美元。息稅前利潤受益於平均淨銷售價格的提高以及投入成本的降低。與去年相比，紙漿價格和成本節約（包括工廠改進）遠遠抵消了水泥和貨運成本的同比增長。隨後，我們看到水泥成本以低兩位數成長，與 2 月的預期一致。

Additionally, we incurred approximately $3 million of startup ramp-up costs related to Prattville sheet machine 3 and our ColorPlus finishing capacity project in Westfield. During the quarter, SG&A increased 46% year-over-year, off a low base in the prior year. Our SG&A investment remains focused on our marketing tentpoles to drive long-term demand creation. As a percentage of sales, SG&A increased 2 percentage points. Despite housing market volatility, we are encouraged by our relative share performance. By partnering with our customers, the North American team delivered a strong fourth quarter.

此外，我們也承擔了與 Prattville 3 號片材機和 Westfield ColorPlus 印後產能專案相關的約 300 萬美元的啟動成本。本季度，SG&A 年成長 46%，較上年同期的低基數成長。我們的 SG&A 投資仍然集中在我們的行銷支柱上，以推動長期需求的創造。 SG&A 佔銷售額的百分比增加了 2 個百分點。儘管房地產市場波動，但我們的相對股票表現令我們感到鼓舞。透過與我們的客戶合作，北美團隊在第四季度取得了強勁的業績。

Let's now turn to Page 13 to discuss the Asia Pacific results. Similar to North America, it was a robust fourth quarter for our Asia Pacific segment. Net sales improved 5% versus the prior corresponding period to AUD 215.2 million. The net sales improvement was driven by a 9% increase in our average net sales price, partially offset by a 4% decrease in volumes. During the December quarter, Australian housing activity weakened with dwelling approvals falling 10% year-over-year. In calendar year '23, dwelling approvals were down 14% versus calendar year '22. During our Q4, the best-performing region was New Zealand.

現在讓我們翻到第 13 頁來討論亞太地區的結果。與北美類似，我們的亞太地區第四季表現強勁。淨銷售額較上年同期成長 5%，達到 2.152 億澳元。淨銷售額的成長是由平均淨銷售價格成長 9% 推動的，但銷量下降 4% 部分抵消了淨銷售額的成長。在 12 月季度，澳洲住房活動減弱，住宅審批量年減 10%。在 23 日曆年，住宅審批量比 22 日曆年下降了 14%。在第四季度，表現最好的地區是紐西蘭。

EBIT declined 1% to AUD 58.6 million. The result was driven by higher cash cost that was impacted by mix and partially offset by a higher average net sales price. SG&A increased 43% year-over-year as we continue to invest in long-term demand creation. As a percentage of sales, SG&A increased 3 percentage points. The APAC EBIT margin declined by 170 basis points versus the prior corresponding period to 27.2%. The Australian housing market remains challenged as the industry digests housing market affordability issues and a double-digit decline in building approvals. Despite this backdrop, our teams delivered 5% net sales growth by driving profitable share gain. Our Asia Pacific team has continued to partner with our customers to deliver a robust fiscal year.

息稅前利潤下降 1%，至 5,860 萬澳元。這一結果是由較高的現金成本推動的，現金成本受到混合的影響，並被較高的平均淨售價部分抵消。隨著我們繼續投資於創造長期需求，SG&A 年比成長 43%。 SG&A 佔銷售額的百分比增加了 3 個百分點。亞太地區息稅前利潤率較上年同期下降 170 個基點至 27.2%。澳洲房地產市場仍然面臨挑戰，因為該行業正在消化住房市場的負擔能力問題以及建築許可的兩位數下降。儘管存在這種背景，我們的團隊仍然透過推動獲利份額成長實現了 5% 的淨銷售額成長。我們的亞太團隊繼續與客戶合作，以實現強勁的財年。

We'll now turn to Page 14 to discuss the European results. Our European team had a solid fourth quarter as the team continues to execute well in a challenging market environment. The European market has declined double digits. As an example, German building permits were down 29% year-over-year in the 3 months to January 2024. European net sales were flat at EUR 118 million, primarily related to a 5% increase in ASP due to our strategic price increases and growth in high-value products. We continue to see our product mix shift towards our higher-value fiber cement offerings.

我們現在將翻到第 14 頁來討論歐洲的結果。我們的歐洲團隊在第四季度表現出色，因為該團隊在充滿挑戰的市場環境中繼續表現出色。歐洲市場出現兩位數下滑。例如，截至 2024 年 1 月的 3 個月內，德國建築許可證年減 29%。產品的成長。我們繼續看到我們的產品組合轉向更高價值的纖維水泥產品。

We are working closely with our customers to provide products that are geared to both multifamily and single-family homes. During the quarter, our fiber gypsum volumes were down low double digits, while high-value products were up mid single digits. We are pleased to see that high-value products are becoming a larger part of our overall mix. On a combined basis, overall European volumes declined 9%, which while significant represent a lower decline than the overall European market. Similar to our other geographies, SG&A increased 14% year-over-year. As a percentage of sales, SG&A increased 3 percentage points. In the EU, these investments included creating dedicated sales teams to commercialize our panel portfolio across Europe and driving market initiatives.

我們正在與客戶密切合作，提供適合多戶住宅和單戶住宅​​的產品。本季度，我們的纖維石膏銷售量下降了兩位數，而高價值產品則成長了中個位數。我們很高興看到高價值產品正在成為我們整體產品組合的重要組成部分。總體而言，歐洲整體銷售量下降了 9%，儘管降幅顯著，但低於整個歐洲市場的降幅。與我們其他地區類似，SG&A 年比成長 14%。 SG&A 佔銷售額的百分比增加了 3 個百分點。在歐盟，這些投資包括組建專門的銷售團隊，將我們的面板產品組合在歐洲商業化並推動市場舉措。

EBIT improved year-over-year to EUR 12.1 million, driven by a higher average net sales price. In addition, reduced volumes were partially offset by lower raw material costs, including paper and energy. EBIT margin improved by 360 basis points versus the prior corresponding period to 10.3%. We expect to deliver mid- to high single-digit EBIT margins near term and the focus for the EU team is execution on growing high-value products. This strategic emphasis will support the longer-term margin expansion opportunity. Finally, on April 1, we've adjusted our transfer pricing on the intercompany sale of product from the U.S. to Europe. This impact will be reflected in the EU segment in FY '25 with the offsetting value fully accruing to North America with thus no impact on a consolidated basis.

由於平均淨銷售價格上升，息稅前利潤年增至 1,210 萬歐元。此外，包括紙張和能源在內的原材料成本的下降部分抵消了產量的減少。息稅前利潤率較上年同期提高 360 個基點，達到 10.3%。我們預計近期將實現中高個位數的息稅前利潤率，歐盟團隊的重點是執行不斷成長的高價值產品。這一策略重點將支持長期利潤擴張機會。最後，我們在 4 月 1 日調整了從美國到歐洲的公司間產品銷售的轉讓定價。這種影響將反映在 25 財年的歐盟部分，抵銷價值完全計入北美，因此對合併基礎上沒有影響。

Turning to Page 15 to discuss cash flow, liquidity, capital allocation and capital expenditures. Our robust operating cash flows reflect our strong margins, which [dampen] superior value proposition that we offer our customers, builders and contractors. In FY '24, our operating cash flow was $914.2 million. This record cash flow result was driven by strong financial results in all 3 regions and a working capital improvement of $31.1 million. We continue to maintain a strong liquidity position with a Q4 net leverage ratio of 0.67x and liquidity of $958.2 million.

翻到第 15 頁討論現金流、流動性、資本配置和資本支出。我們強勁的營運現金流反映了我們強勁的利潤率，這[削弱]了我們為客戶、建築商和承包商提供的卓越價值主張。 24 財年，我們的營運現金流為 9.142 億美元。這項創紀錄的現金流結果是由所有 3 個地區強勁的財務業績和 3,110 萬美元的營運資本改善所推動的。我們持續保持強勁的流動性頭寸，第四季淨槓桿率為 0.67 倍，流動性為 9.582 億美元。

We are stewards of investor capital. Our capital allocation framework is first and foremost to invest in organic growth. We do this while maintaining a flexible balance sheet and deploying excess capital to our shareholders. During Q4, we repurchased 1.9 million shares for $75 million at an average per share price of USD 39.42. For FY '24, we repurchased 8.7 million shares for $271.4 million at an average price of $31.42. As we look to Q1 FY '25, we plan to continue to repurchase shares under our USD 250 million buyback program. Over the last 12 months, our superior cash flow has allowed us to fund the buyback while maintaining balance sheet flexibility.

我們是投資者資本的管家。我們的資本配置框架首先是投資於有機成長。我們在這樣做的同時保持靈活的資產負債表並向股東配置多餘的資本。第四季度，我們以 7,500 萬美元的價格回購了 190 萬股股票，平均每股價格為 39.42 美元。 24 財年，我們以 2.714 億美元的價格回購了 870 萬股股票，平均價格為 31.42 美元。展望 25 財年第一季，我們計劃繼續根據 2.5 億美元的回購計畫回購股票。在過去 12 個月中，我們優越的現金流使我們能夠為回購提供資金，同時保持資產負債表的靈活性。

Regarding capital expenditures, our FY '24 spend totaled $449.3 million, with an additional $75 million in CapEx incurred but not yet paid. In FY '25, we are continuing to invest to prepare for future demand, and we are expecting CapEx of between $500 million to $550 million. Key investments include early works for Brown and Greenfield capacity additions in North America and proven initiatives globally to unlock existing capacity as well as investments in the Hardie Operating System initiatives. I'll discuss our long-term growth and capacity in more detail in a few slides. We have robust operating cash flows, substantial liquidity and a flexible balance sheet, which enables us to invest in profitable growth.

關於資本支出，我們 24 財年的支出總計 4.493 億美元，另外還有 7,500 萬美元的資本支出已發生但尚未支付。在 25 財年，我們將繼續投資，為未來的需求做好準備，我們預計資本支出將在 5 億至 5.5 億美元之間。主要投資包括北美布朗和格林菲爾德產能增加的早期工作、全球範圍內釋放現有產能的行之有效的舉措以及對 Hardie 操作系統舉措的投資。我將在幾張投影片中更詳細地討論我們的長期成長和能力。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，這使我們能夠投資於獲利成長。

Turning now to Page 16 to discuss our progress on HOS initiatives. The Hardie Operating System or HOS, is about improving how we get work done at James Hardie. This requires continued investments in critical company-wide initiatives that will support consistent delivery of operational savings year-over-year. In FY '25, we'll be making investments to accelerate strategic opportunities and enable future cost savings. These investments are reflected within our guidance. This is an important step in our company's growth as these investments will enhance our foundation for efficient scaling. This time last year, we set out a series of cumulative saving targets over the period FY '24 to FY '26 versus the base level from FY '23. We've made significant progress on these targets over the year.

現在翻到第 16 頁，討論我們在居屋計畫的進展。 Hardie 作業系統（HOS）旨在改善 James Hardie 的工作方式。這需要對全公司範圍內的關鍵措施進行持續投資，以支持逐年持續實現營運節省。在 25 財年，我們將進行投資以加速策略機會並實現未來成本節約。這些投資反映在我們的指導下。這是我們公司發展的重要一步，因為這些投資將增強我們高效擴展的基礎。去年的這個時候，我們制定了 24 財年至 26 財年期間的一系列累積儲蓄目標（相對於 23 財年的基準水準）。一年來，我們在這些目標上取得了重大進展。

In our first full year, we have realized USD 31 million in global HMOS savings against the 3-year target of $100 million. This was driven by less unplanned machine downtime and improved rolled throughput yield, which is a defect-free measure ultimately helping reduce product reject costs. Across procurement and R&D value improvements, we have realized USD 52 million in savings against the 3-year target of $60 million. This was achieved by improved management of indirect spend, R&D value improvements and supply chain optimization. We now expect to surpass our initial goal. And finally, we've realized $31.1 million improvement in working capital. We expect progress to continue, particularly given the Q4 seasonality of accounts receivable. Our global teams have made significant progress on our targets. These savings are helping to fuel our growth by supporting the financial means to continue to invest in profitable share gain.

在我們的第一個全年中，我們在全球 HMOS 中實現了 3,100 萬美元的節省，而 3 年目標為 1 億美元。這是由於計劃外機器停機時間減少和軋製產量提高所致，這是一項無缺陷措施，最終有助於降低產品廢品成本。在採購和研發價值提升方面，我們實現了 5,200 萬美元的節省，而 3 年目標為 6,000 萬美元。這是透過改善間接支出管理、提高研發價值和優化供應鏈來實現的。我們現在期望超越我們最初的目標。最後，我們的營運資金改善了 3,110 萬美元。我們預計進展將繼續，特別是考慮到第四季度應收帳款的季節性。我們的全球團隊在實現我們的目標方面取得了重大進展。這些節省的資金支持財務手段繼續投資於可獲利的股票收益，有助於推動我們的成長。

Turning now to Page 17 to discuss the outlook for long-term capacity. As Aaron mentioned at the beginning of the call, we are focused on driving long-term value creation. To support future demand, we have capacity additions at various stages of development to meet our expectations for profitable share gain. Starting with North America and Prattville, we are on track for commissioning sheet machine 3 in Q1. The combinations of sheet machine 3 and 4 will add 600 million standard feet and bring total nameplate capacity at Prattville to 1.2 billion standard feet. The expansion of the Prattville site enables us to better serve the growing demand for both new construction and R&R from a key central location in the U.S.

現在翻到第 17 頁，討論長期產能的前景。正如亞倫在電話會議開始時提到的那樣，我們專注於推動長期價值創造。為了支持未來的需求，我們在不同的發展階段增加了產能，以滿足我們對獲利份額成長的預期。從北美和普拉特維爾開始，我們預計在第一季調試 3 台板材機。 3 號和 4 號片材機的組合將增加 6 億標準英尺，使普拉特維爾的總銘牌產能達到 12 億標準英尺。普拉特維爾基地的擴建使我們能夠更好地滿足美國重要中心位置對新建築和 R&R 日益增長的需求。

At Westfield, we are on track to commence production at our dedicated ColorPlus facility in Q1. This site will allow us to better serve the R&R markets in the Northeast, which is a key focus area for us. Finally, in FY '24, we purchased land in Missouri for greenfield future site. The Crystal City site plays a key role in our long-term planning to meet our expectations for continued material conversion and profitable share gain. In Europe, our Orejo Brownfield site in Spain is set to add 252 million standard feet to take nameplate capacity up to 527 million standard feet. This site will improve our overall manufacturing cost position. Similar to North America, in FY '24, we purchased land in Europe as part of our long-term capacity planning process. We remain excited about the opportunities ahead for our high-value product offerings.

在 Westfield，我們預計在第一季在專門的 ColorPlus 工廠開始生產。該網站將使我們能夠更好地服務東北部的 R&R 市場，這是我們的重點領域。最後，在 24 財年，我們在密蘇裡州購買了土地，用於未來的綠地建設。水晶城工廠在我們的長期規劃中發揮關鍵作用，以滿足我們對持續材料轉換和盈利性份額增長的期望。在歐洲，我們位於西班牙的奧雷霍布朗菲爾德工廠計劃增加 2.52 億標準英尺，使銘牌容量達到 5.27 億標準英尺。該網站將改善我們的整體製造成本狀況。與北美類似，24 財年，我們在歐洲購買了土地，作為長期產能規劃流程的一部分。我們對高價值產品未來的機會仍然感到興奮。

At James Hardie, we've grown our market share consistently over the last decade as illustrated on Slides 7 and 8. To meet expected demand, we fund capacity and keep development at various stages to flexibly meet profitable share gain. This includes optimizing existing capacity with HOS, including HMOS improvements as well as balancing Brownfield and Greenfield capacity development.

在James Hardie，我們的市佔率在過去十年中不斷增長，如幻燈片7 和8 所示。增長。這包括透過 HOS 優化現有容量，包括 HMOS 改進以及平衡棕地和綠地容量開發。

I'll now turn it back over to Aaron.

我現在將其轉回給亞倫。

Thank you, Rachel. We have delivered record results in FY '24 in a difficult operating environment. In addition, we have continued to outperform our end markets. These results are proof points that we are accelerating and taking share, all while we have increased our investment and long-term demand creation.

謝謝你，雷切爾。我們在 24 財年在困難的營運環境中取得了創紀錄的業績。此外，我們的表現持續優於終端市場。這些結果證明我們正在加速並佔據份額，同時我們增加了投資和創造長期需求。

Let's now move to Page 19 to discuss our market outlook and guidance. For our largest market, North America, we are again providing the calendar year 2024 market outlook data from several external data providers. The average estimate for single-family new construction is for growth of 7%. Multifamily new construction is forecasted to contract 21%. In Repair and Remodel, our largest end market, is estimated to decline 4%. Using these external ranges along with our assumed market segment exposures, the implied range for our blended addressable market is down 6% to up 3%, implying an average 2% decline. This compares to the flat outlook that was forecasted in February. It won't come as a surprise to you to see that these third-party forecasts for R&R have weakened throughout the quarter, led by a deferral and interest rate cut expectations.

現在讓我們轉到第 19 頁來討論我們的市場前景和指導。對於我們最大的市場北美，我們再次提供來自多個外部資料提供者的 2024 年市場前景資料。單戶新建建築的平均預期成長率為 7%。多戶型新建建築預計將收縮 21%。在我們最大的終端市場維修和改造方面，預計將下降 4%。使用這些外部範圍以及我們假設的細分市場風險，我們的混合目標市場的隱含範圍為下降 6% 至上升 3%，這意味著平均下降 2%。與 2 月預測的前景持平相比。看到這些第三方對 R&R 的預測在整個季度都因延期和降息預期而減弱，您不會感到驚訝。

That said, since joining James Hardie, I have seen us execute our strategy at a high level and increase our investment in long-term demand creation. Our business and team remain in a strong position to capitalize on the expected return to growth in the R&R segments over the years ahead. We remain laser-focused on driving profitable share gain and are demonstrating this with market outperformance.

也就是說，自從加入詹姆斯哈迪以來，我看到我們在高水準上執行我們的策略，並增加了對創造長期需求的投資。我們的業務和團隊仍處於有利地位，可以利用未來幾年 R&R 領域的預期成長回報。我們仍然專注於推動獲利份額的成長，並以優異的市場表現證明了這一點。

If you turn to Page 20, we have again provided the volume sensitivity analysis for FY '25. This sensitivity analysis was prepared in the same manner as last quarter, which assumes our current range of expectations for raw material costs and freight rates while continuing 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 beyond Q1 fiscal year 2025. Regardless of how markets fluctuate, we remain focused on outperforming our end markets.

如果您翻到第 20 頁，我們再次提供了 25 財年的成交量敏感度分析。此敏感性分析的準備方式與上季相同，假設我們目前對原材料成本和運費的預期範圍，同時繼續按當前計劃投資於成長。這些銷售量只是為我們在北美的息稅前利潤率敏感度提供背景，不應被視為 2025 財年第一季之後的銷售指引。

Now please turn to Page 21. Today, we are providing 2 sets of guidance; Q1 fiscal year 2025 and full year guidance for 2025. For Q1, we are providing 3 points of guidance. First, we expect North America volumes to be in the range of 745 million to 775 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 $155 million to $175 million. Now turning to Page 22. For fiscal year 2025, we are providing 3 points of guidance. First, we expect North America volumes to be in the range of 2,950 million standard feet to 3,150 million standard feet. Second, we expect North America EBIT margin to be in the range of 29% to 31%. And lastly, we expect global adjusted net income to be in the range of $630 million to $700 million.

現在請翻到第21頁。 2025 財年第一季和 2025 年全年指引。首先，我們預計北美的產量將在 7.45 億至 7.75 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 1.55 億美元至 1.75 億美元之間。現在翻到第 22 頁。首先，我們預計北美產量將在 29.5 億標準英尺至 31.5 億標準英尺之間。其次，我們預期北美的息稅前利潤率將在 29% 至 31% 之間。最後，我們預計全球調整後淨利潤將在 6.3 億美元至 7 億美元之間。

In FY '25, we remain homeowner-focused, customer and contractor-driven. This strategy will enable us to deliver long-term profitable share gain and material conversion. To action this, we are focused on customer partnerships. This is about investing in and working with our customers to activate our value proposition to help profitably grow their businesses. Demand creation. This is about investing in targeted marketing to drive awareness of James Hardie solutions across the value chain. This includes homeowner marketing and investing in programs and events that support our contractors to grow their businesses. Regarding our expectations for PDG were above-market growth. We continue to expect strong PDG in FY '25 of at least 4%. As a reminder, PDG should be looked at on a rolling 12-month view and not quarterly.

在 25 財年，我們仍然以房主為中心，以客戶和承包商為導向。這項策略將使我們能夠實現長期獲利的股份收益和材料轉換。為此，我們重點關注客戶合作夥伴關係。這是關於投資並與我們的客戶合作，激活我們的價值主張，幫助他們的業務實現盈利成長。需求創造。這是關於投資有針對性的行銷，以提高 James Hardie 解決方案在整個價值鏈中的知名度。這包括房主行銷以及投資支持我們的承包商發展業務的計劃和活動。我們對 PDG 的預期高於市場成長。我們繼續預期 25 財年的 PDG 將強勁成長，至少達到 4%。提醒一下，PDG 應該以 12 個月的滾動視角而非季度視角來看待。

FY '24 was a very strong year for profitable share gain. In FY '25, we will continue to closely partner with the entire value chain to drive further profitable share gain. As you know, we have key agreements with the top 24 of 25 homebuilders across the U.S. to meet their hard siding needs. These agreements have remained unchanged. In addition, over the last 12 months, we have deepened our relationships with the top 200 homebuilders. We are growing awareness and demand with these builders by meeting their needs with the right product solutions.

24 財年是獲利性份額成長非常強勁的一年。 25 財年，我們將繼續與整個價值鏈密切合作，進一步推動獲利份額成長。如您所知，我們與美國 25 家住宅建築商中的前 24 家簽訂了重要協議，以滿足他們的硬壁板需求。這些協議保持不變。此外，在過去 12 個月中，我們加深了與 200 大住宅建築商的關係。我們透過使用正確的產品解決方案來滿足這些建築商的需求，從而提高他們的意識和需求。

Finally, investing for growth. You heard Rachel speak earlier about our ongoing investments in HOS initiatives to support the business' long-term growth. This investment is inclusive of preparing our business for scalable growth to meet our expectations for further material conversion. As I mentioned earlier, our team is energized and focused on driving profitable share gains and we are positioned to deliver another strong financial result in fiscal year 2025.

最後，投資促進成長。您之前聽到 Rachel 談到我們對居屋計畫的持續投資，以支持業務的長期成長。這項投資包括為我們的業務實現可擴展的成長做好準備，以滿足我們對進一步材料轉換的期望。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收益，我們有能力在 2025 財年再創強勁的財務表現。

Finally, please move to Page 23. We at James Hardie are a global growth company. Over the last 10 years to FY '24, we have grown global net sales with an annual compound growth rate of 10%. This is a testament to the value proposition that our products bring to our customers and partners. Our global operating cash flow over the last 3 years to FY '24 has expanded by 3x relative to that of FY '14. We have a highly profitable business and that allows for focused investment in organic growth opportunities. Our global adjusted return on capital employed over the last 3 years to FY '24 has averaged 45%. Our profitable returns and investments continue to showcase the power of investing in organic growth.

最後，請翻到第 23 頁。在截至 2024 財年的過去 10 年裡，我們的全球淨銷售額以年複合成長率 10% 的速度成長。這證明了我們的產品為客戶和合作夥伴帶來的價值主張。截至 2024 財年的過去 3 年，我們的全球經營現金流量比 14 財年增加了 3 倍。我們擁有高利潤的業務，可以集中投資於有機成長機會。截至 24 財年的過去 3 年，我們的全球調整後已動用資本報酬率平均為 45%。我們的獲利回報和投資繼續展示投資有機成長的力量。

Finally, our global adjusted net income over the last 10 years has grown with an annual compound growth rate of 14%, which has exceeded our sales growth rate. I am really proud of our team's ongoing ability to drive profitable share gain and execute consistently, delivering a strong fourth quarter result and demonstrating operational momentum as we head into FY '25. We are homeowner-focused, customer- and contractor-driven. Finally, I look forward to seeing a lot of you at our Investor Day next month, where we will show you our value proposition in the field and articulate our longer-term ambitions.

最後，我們過去10年的全球調整後淨利潤以14%的年複合成長率成長，這已經超過了我們的銷售額成長率。我對我們的團隊持續推動獲利性份額成長和持續執行的能力感到非常自豪，在我們進入 25 財年時，我們交付了強勁的第四季度業績並展示了營運勢頭。我們以房主為中心，以客戶和承包商為導向。最後，我期待在下個月的投資者日見到你們，屆時我們將向你們展示我們在該領域的價值主張，並闡明我們的長期目標。

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 first question comes from Keith Chau from MST.

（操作員說明） 您的第一個問題來自 MST 的 Keith Chau。

First question and perhaps the obvious one, I just want to work out your comments around market share growth for FY '25 against the guidance that you provided. So Aaron, you talked about delivering strong PDG for FY '25. There's a comment in the presentation of plan to outperform the market, which frankly is not quite as explicit as Hardie is typically is. But you're guiding to an addressable market of down 2%. At the midpoint of guidance, your volumes are flat. So effectively, the PDG is 2%. When the company has invested heavily in SG&A, this discussion about homeowner leads up 22%. And in your performance scorecard is a target of PDG of 400 basis points. And I take your point about not looking at a quarterly PDG. So, let's just work on full year numbers and effectively assume it's 2% based on the guidance. So, can you just help me square up how that all works? Because it just seems as though your comments on PDG is certainly more bullish than what the implied quantitative guidance is.

第一個問題，也許是顯而易見的一個問題，我只想根據您提供的指導來了解您對 25 財年市佔率成長的評論。 Aaron，您談到了為 25 財年提供強大的 PDG。在關於超越市場的計劃的介紹中有一條評論，坦率地說，這並不像哈迪通常那樣明確。但你引導的目標市場下降了 2%。在指導的中點，您的交易量持平。所以實際上，PDG 是 2%。當公司在 SG&A 上投入巨資時，有關房主的討論會上升 22%。在你的績效記分卡中，PDG 的目標是 400 個基點。我同意你關於不考慮季度 PDG 的觀點。因此，我們只研究全年數字，並根據指導有效假設為 2%。那麼，你能幫我弄清楚這一切是如何運作的嗎？因為看起來你對 PDG 的評論肯定比隱含的定量指導更樂觀。

Yes, absolutely. Yes, Keith, absolutely. And we'll walk you through it, and Rachel and I will tag team this. Obviously, one of the things that we did that you'll all notice, which is new for us under this leadership team has provided full year guidance. One of the things I'm proud of is the new process that we put in over a year ago and seeing the track record that we've had over the last year, we feel very confident in giving full year guidance here. Also, as you know, PDG and you just mentioned that it's best looked upon for a full year standpoint. Obviously, the last 12 months, if you look at our PDG growth in North America, it was high single digits. So, a really large bar for us to cross here from a PDG standpoint. I think part of it is the range here and where it's loaded. I'll have Rachel walk you through that and then I'll get back on and give you a few other comments here.

是的，一點沒錯。是的，基思，絕對是如此。我們將引導您完成整個過程，雷切爾和我將對此進行標記。顯然，我們所做的一件事你們都會注意到，這對我們在這個領導團隊領導下來說是新的，它提供了全年指導。我感到自豪的一件事是我們一年多前實施的新流程，看到我們去年的業績記錄，我們對在這裡提供全年指導感到非常有信心。另外，正如您所知，PDG 和您剛剛提到，最好從全年的角度來看待它。顯然，過去 12 個月，如果你看看我們在北美的 PDG 成長，你會發現它是高個位數。因此，從 PDG 的角度來看，我們需要跨越一個非常大的障礙。我認為其中一部分是這裡的範圍和加載的位置。我會讓 Rachel 引導你完成這個過程，然後我會回來給你一些其他的評論。

Rachel, you want to walk Keith through it.

雷切爾，你想讓基斯經歷這一切。

Absolutely. So, as we pointed out in that slide, while you point to the 2%, minus 2% of the average, the range right now is pretty broad, right? It's minus 6% to plus 3%. And when you really dig into, particularly in R&R, where it becomes more positive on a quarterly basis, it's in the back part of the year. And as we talk about our epicenter R&R market, guess what, steady winter, right? So that's something that we are taking into account as we think about our guidance range. Volume is our largest factor for revenue and margin and it is a broad range. We are trying to narrow that. So, rather than go all the way from the minus 6% to the plus 3%, you've noted correctly from flat point, it's really minus 3% to plus 3%.

絕對地。因此，正如我們在幻燈片中指出的那樣，雖然您指的是平均值的 2%、負 2%，但目前的範圍相當廣泛，對吧？其範圍為負 6% 至正 3%。當你真正深入研究時，尤其是在 R&R 領域，每季的情況都變得更加積極，那就是在今年的下半年。當我們談論我們的中心 R&R 市場時，你猜怎麼著，穩定的冬天，對吧？因此，這是我們在考慮指導範圍時考慮的因素。銷量是我們影響收入和利潤的最大因素，而且範圍很廣。我們正在努力縮小範圍。因此，您不是從負 6% 一直到正 3%，而是從平點正確地註意到，它實際上是負 3% 到正 3%。

We are expecting raw material headwinds, which are working to offset the cost and pricing and we continue to invest in the business. That's demand creation initiatives and HOS investments to enhance that scalability. And finally, look, we're early in the year. So, our unknowns around this broader macro and raw materials outlook are with us. We're forecasting net sales growth in all divisions with positive price in all regions. Margins remain strong and we do have a 4% North America PDG outlook with continued investment. So, we have some confidence around the momentum of our business.

我們預計原材料逆風將努力抵消成本和定價，我們將繼續投資該業務。這就是需求創造計劃和居屋投資，以增強可擴展性。最後，你看，我們已經進入年初了。因此，我們對更廣泛的宏觀和原材料前景充滿未知。我們預測所有部門的淨銷售額都會成長，所有地區的價格均為正數。利潤率依然強勁，透過持續投資，我們確實預期北美 PDG 前景為 4%。因此，我們對我們業務的勢頭有一定的信心。

I'll turn it back to Aaron.

我會把它轉回給亞倫。

Yes. No, I think you hit most of it Rachel. And look, Keith, I mean, the obvious here is we just came off what is a record FY '24. So, we do have a lot of positive momentum. We continue to expect to take share. As I mentioned, we do feel strongly of having 4% PDG growth. That's after a year of 8% PDG growth.

是的。不，我想你大部分都擊中了雷切爾。基思，你看，我的意思是，很明顯，我們剛剛創下了 24 財年的紀錄。所以，我們確實有很多正面的勢頭。我們繼續期望獲得份額。正如我所提到的，我們確實對 PDG 成長 4% 感到強烈。那是在 PDG 增長了 8% 的一年之後。

Sorry, and so my follow-up then is, if you're still expecting 4% PDG growth, is the midpoint of your guidance range relevant based on where the midpoint of your addressable market expectation is? Because if you square up the two headline ranges, the implied PDG for the full year is 2%. And I take your point, you came off high PDG last year, depending on how you square off it's probably high single digits to low double digits. But in the prior year, PDG was low. So, you kind of -- you've got 2 years to square off. So, just help me understand, is the midpoint of guidance relevant or not based on your expectations for PDG of 4% and your addressable market change of negative 2%?

抱歉，那麼我的後續問題是，如果您仍然預期 PDG 成長 4%，那麼您的指導範圍的中點是否與您的目標市場預期的中點相關？因為如果將兩個標題範圍平方，則全年的隱含 PDG 為 2%。我同意你的觀點，你去年的 PDG 很高，這取決於你如何調整它可能是高個位數到低兩位數。但在前一年，PDG 較低。所以，你有 2 年的時間來準備。那麼，請幫助我理解，指導的中點是否相關，是否基於您對 PDG 4% 的預期和您可應對的負 2% 的市場變化？

Yes. Keith, what I would say to that, it's early in the year, it's a range. And as Rachel said, a large part of that, which, again, you look at PDG from a full year standpoint is loaded into the back half of the year.

是的。基思，我想說的是，現在是年初，這是一個範圍。正如 Rachel 所說，其中很大一部分，再次從全年的角度來看 PDG，都被加載到了下半年。

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, Rachel, just kind of continuing on from Keith's point around PDG. So, can you, Aaron, can you maybe talk a little bit about competition trends in the market? And maybe if we focus on the 24 of the top 25 large builders as an example. I think you mentioned today, 80% committed to growing share around this time last year. I think you were talking to north of 85%. I get they're very hard numbers to calculate. But can you maybe use that as an example and if there's any sort of changing trends around competition in that space?

Aaron、Rachel，只是繼續 Keith 關於 PDG 的觀點。那麼，Aaron，您能談談市場的競爭趨勢嗎？如果我們以排名前 25 名的大型建築商中的 24 家為例，也許會更好。我想你今天提到過，去年這個時候，80% 的人致力於增加份額。我認為你說的是85%以上的人。我知道它們是非常難以計算的數字。但您能否以此為例，看看該領域的競爭是否有任何變化趨勢？

Yes. Lee, it actually is morning here. We're here in Sydney. So, we're right here with you. I would say this, we have more share than we did last year as we started out the year. It continues to grow with the large builders. We've talked traditionally about the top 25. Over the last couple of quarters, I think I've introduced talking about the top 200. So, if we look at the top 200, we've grown from 131 contracts out there to 141 out there. So, we continue to grow and take share with these large builders. We talk a lot about SG&A and the investment there. Some of the investments that we've made are focusing on these top 200 builders. So, we've seen some good return early on when you think about some of these numbers here.

是的。李，這裡其實是早上。我們在雪梨。所以，我們就在你身邊。我想說的是，我們今年年初時所佔的份額比去年更多。它隨著大型建築商的不斷成長。我們傳統上討論的是前25 名合約。增加到141 份在那裡。因此，我們不斷成長並與這些大型建築商分享。我們談論了很多關於SG&A 和那裡的投資。我們所做的一些投資主要集中在這 200 強建築商。因此，當您考慮其中的一些數字時，我們很早就看到了一些不錯的回報。

The other thing I would say, when we talk about share, we've mentioned Trim is a large opportunity for us. So, if I look just the last 12 months and the progress we've made and what is our epicenter of focus market as it relates to R&R, the North, we've taken 1% share versus PVC out there in Trim. So, we're seeing some good share gains out there with large builders, one of our focus areas in Trim, obviously still in R&R, but that is a depressed market out there right now.

我要說的另一件事是，當我們談論份額時，我們提到 Trim 對我們來說是一個巨大的機會。因此，如果我只看一下過去 12 個月以及我們所取得的進展以及我們與 R&R 相關的重點市場中心是什麼，即北方，我們在 Trim 領域相對於 PVC 佔據了 1% 的份額。因此，我們看到大型建築商取得了一些不錯的份額，這是我們在 Trim 的重點領域之一，顯然仍在 R&R 領域，但目前市場低迷。

And just maybe as a follow-up, just any change in thinking about the timing of demand creation? Like homeowner leads up 22%, as you mentioned, marketing spend is elevated. I just be interested in your thoughts around kind of when that should flow through?

也許作為後續行動，對需求創造時間的思考是否有任何改變？就像您提到的，房主領先 22%，行銷支出也有所增加。我只是對你關於什麼時候該進行的想法感興趣？

Yes. Lee, I know you're asking when is R&R going to recover, right? Look, I think we all had some expectations, a lot of us in the industry that we were going to have interest rate cuts. We talked about it in the spring months ago, now it's further out if it happens at all in this calendar year. We really look at 4 things as it relates to R&R recovery. We look at existing home prices. So, they're recovering, right? Prices are good, that's positive for R&R. Consumer confidence, it's recovering. That's good for R&R. Contractor confidence, I would say it's stable. It's in positive territory, but not necessarily improving yet.

是的。 Lee，我知道你在問R&R什麼時候才能恢復，對吧？聽著，我認為我們行業中的許多人對降息有一些預期。我們在幾個月前的春天討論過這個問題，現在如果它在今年發生的話，那就更遠了。我們確實關注與 R&R 恢復相關的 4 件事。我們關注現有房價。所以，他們正在康復，對嗎？價格不錯，這對 R&R 來說是積極的。消費者信心正在恢復。這對 R&R 有好處。我想說承包商的信心是穩定的。它處於積極的領域，但不一定有所改善。

And then I think you're all aware, and you follow this as well as you look at big-box transactions. Look, it's in decline, and it's been in decline, I think, for almost 8 quarters now. So that's not good for R&R. It seems to correlate with some of those big box transactions. You heard one of the largest out there talk about larger transactions being down above the fleet. So -- but what I would say, and this is why we continue to invest, right? We've talked about all the older homes in the U.S. We talk about people staying in their homes longer. These are all variables that put together make us very optimistic for the long-term growth and the prospect of material conversion from vinyl or other substrates to James Hardie.

然後我想你們都知道了，你們會關注這一點，也會關注大宗交易。看，它正在下降，而且我認為，它已經下降了近 8 個季度。所以這對 R&R 不利。這似乎與一些大型交易有關。你聽到最大的交易之一談論更大的交易是在艦隊之上的。所以——但我想說的是，這就是我們繼續投資的原因，對吧？我們談論了美國所有的老房子。所有這些變數加在一起使我們對長期增長以及從乙烯基或其他基材到 James Hardie 的材料轉換的前景非常樂觀。

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

您的下一個問題來自 E&P 的 Harry Saunders。

Firstly, just wondering on the margin guidance for the full year, 29% to 31%. Just trying to square that with your quarterly average -- the quarterly averages. That implies your -- I guess, your guidance volume midpoint of 763 quarterly implied that's -- that should be more like 30% to 32%. So, just trying to square that, please?

首先，我想知道全年的利潤率指引，29% 至 31%。只是試圖將其與季度平均值相乘——季度平均值。這意味著你的——我想，你的季度指導量中點 763 意味著——應該更像是 30% 到 32%。那麼，只是想求平方，好嗎？

Thanks, Harry. A few factors here as we think about margin for the year. I'll start by talking about Aaron's emphasis on continued strategic investment that is around HOS, that is around demand creation. But also in raw materials, I've talked about it in the past, we do expect raw material costs to be higher in FY '25. As you know, our 4 primary input costs are pulp, cement, freight and labor, together, they represent about 50% of our variable COGS. And 6 of our top 8 inputs, we do forecast to increase mid-single to double-digit year-over-year. So that's some of the headwinds we are expecting to face.

謝謝，哈利。當我們考慮今年的利潤率時，這裡有幾個因素。我首先要談談亞倫對圍繞居屋、圍繞需求創造的持續戰略投資的強調。而且在原料方面，我過去曾談過，我們確實預期 25 財年原物料成本會更高。如您所知，我們的 4 種主要投入成本是紙漿、水泥、貨運和勞動力，它們合計約占我們可變 COGS 的 50%。我們預期 8 項投入中的 6 項將年增中個位數至兩位數。這就是我們預計將面臨的一些阻力。

Additionally, as you work yourself down the income statement, I did talk about the tax rate moving from 23% and we gave you a range of 23.5% to 24.5% at the midpoint of 24%, just to give you a feel for that. If you apply that to last year, it'd be worth about $9 million to net income. So, those are some of the factors that we're weighing as we go down. But again, we feel very confident about where we're positioned right now and our PDG position in the market.

此外，當您查看損益表時，我確實談到了稅率從 23% 調整，我們給您提供了 23.5% 到 24.5% 的範圍（中間值為 24%），只是為了讓您感受一下。如果將其應用到去年，淨利潤約為 900 萬美元。因此，這些是我們在下降時正在權衡的一些因素。但我們再次對目前的定位以及 PDG 在市場中的地位充滿信心。

And my follow-up, just I wanted to confirm, there's no lag in the R&R end market. So, your calendar year '24 end market guidance could be a little different to your FY '25 for R&R?

我的後續行動，只是我想確認一下，R&R 終端市場沒有延遲。那麼，您的 24 財年終端市場指導可能與 25 財年的 R&R 略有不同？

Yes. I think a factor here, Harry, is to probably talk about is when you look at (inaudible) and how has this changed, right, relative to where we were when we were looking at it in February. Yes, the higher interest rates were longer, but also it's the shape of the quarters. And so what's important here is in the front half of the year, if there is anything, even more negative. And in the back half of the year, where we were expecting that positive inflection, it's now pushed out. And as you think about our markets and their geographic location, that's actually fairly significant for us. So, when you just take that average of minus 2%, you got to think about the shape of when is that recovery expected to happen. And for us in our epicenter markets like we take advantage of it.

是的。哈利，我認為這裡可能要討論的一個因素是，當你看到（聽不清楚）時，相對於我們二月看到的情況，這種情況發生了怎樣的變化。是的，利率越高，時間越長，但這也是季度的形狀。因此，這裡最重要的是今年上半年，如果有的話，甚至是更負面的。今年下半年，我們原本預計會出現正面的變化，但現在卻被延後了。當你想到我們的市場及其地理位置時，這對我們來說實際上相當重要。因此，當你只取負 2% 的平均值時，你必須考慮預計何時會出現復甦。對於我們的中心市場來說，我們可以利用它。

Your next question comes from Andrew Scott from Morgan Stanley.

您的下一個問題來自摩根士丹利的安德魯·斯科特。

In your prepared comments, you talked about your arrangements with the big builders. And if I'm not mistaken, you said they are unchanged. We obviously saw a little while ago, your competitor LP announced a supply arrangement with Lennar. They're a long-standing customer. I think I'm right in saying when you're only providing sampling to 2 players, they were one of them. Can I just clarify there that you don't believe you've lost any volume and your arrangement with Lennar has not changed?

在您準備好的評論中，您談到了與大型建築商的安排。如果我沒記錯的話，你說它們沒有改變。我們顯然不久前看到，你們的競爭對手 LP 宣布了與 Lennar 的供應安排。他們是我們的長期客戶。我認為我說得對，當你只向 2 名玩家提供樣本時，他們就是其中之一。我能否澄清一下，您不認為自己的銷量有所下降，並且您與 Lennar 的安排也沒有改變？

So Andrew, I'm not here to talk about our competitors. I do respect them. But our relationship, as I said, is unchanged. There's nothing new. Across the top 25 builders, we have relationships and we have an average of 80% share with the top 24.

安德魯，我不是來談論我們的競爭對手的。我確實尊重他們。但正如我所說，我們的關係並沒有改變。沒有什麼新鮮事。我們與排名前 25 的建築商建立了合作關係，並且與排名前 24 的建築商平均擁有 80% 的份額。

And maybe just in light of that, but also your push to increasing your share with the top 200 and the big builders, can you talk to us about that 4% to 5% price increase that was announced January 1. Do you think we should expect that to be delivered on the new housing segment? Or is this given the push into that segment? Is it more likely that that's diluted there and we only see it come through on the R&R side?

也許正是考慮到這一點，以及您努力增加在前200 名和大型建築商中的份額，您能否與我們談談1 月1 日宣布的4% 至5% 的價格上漲。做嗎？或者這是為了推動該細分市場？是否更有可能的是，它在那裡被稀釋了，我們只看到它在 R&R 方面體現出來？

Yes. I think what matters is we're going to have a positive average sale price, right? I think that's the key thing, Andrew. It doesn't matter where it comes from. We're going to have positive average sales price this year.

是的。我認為重要的是我們將擁有正的平均售價，對吧？我認為這是關鍵，安德魯。它來自哪裡並不重要。今年我們的平均銷售價格將為正值。

Well, Aaron, I mean positive is quite different to 4% to 5%. It sounds like you're suggesting substantially less than the full 4% to 5% dropping through?

嗯，Aaron，我的意思是陽性率與 4% 到 5% 完全不同。聽起來你建議的下降率要遠低於全部 4% 到 5%？

We roughly have 4% price, Andrew.

我們大約有 4% 的價格，安德魯。

Your next question comes from Brook Campbell-Crawford from Barrenjoey.

您的下一個問題來自 Barrenjoey 的 Brook Campbell-Crawford。

If you just look at the first quarter FY '25 volume guidance in North America, at the midpoint, it's basically the same, slightly lower than what you've delivered in the March quarter. And the March quarter would have had a pretty light January, I think, because there is pull forward of volume into December and January had some adverse weather, I think, in places like Texas. So, I'm just surprised you're not expecting a seasonal uplift or better volume in the June quarter versus March. And so can you provide a few comments around that, maybe what we're missing here?

如果你只看一下北美 25 財年第一季的銷售指引，在中點，它基本上是相同的，略低於你在 3 月季度交付的數量。我認為，3 月份季度的 1 月份情況會相當清淡，因為 12 月份的成交量有所提前，而且我認為，在德克薩斯州等地，1 月份天氣有些惡劣。因此，我只是感到驚訝的是，您並沒有預期 6 月份季度的銷量會比 3 月份出現季節性增長或更好。那麼您能否就此提供一些評論，也許我們在這裡缺少什麼？

I'll give it to Rachel here. You want to take it.

我會把它交給雷切爾。你想接受它。

Yes. Brook, a few points. You're right. It's flat sequentially March Q to June Q. But as a reminder, this is up 2% year-over-year. I mean, I've had a pretty chilly start to the year. So, we feel excited about where we are and we think that's reflective of the environment we're in.

是的。布魯克，有幾點。你說得對。 3 月至 6 月季度持平。我的意思是，今年的開局非常寒冷。因此，我們對自己所處的位置感到興奮，我們認為這反映了我們所處的環境。

And my follow-up, just around Australia, can you just provide some comments on what you're seeing there in the forward expectations or what your customers are telling you here on demand? Because I guess it looks like that's going to be a drag on earnings in FY '25, given the market softening. So, can you provide some maybe comments on volumes or margin expectations for the APAC region in FY '25?

我的後續行動是在澳洲各地，您能否就您在未來預期中看到的情況或您的客戶在這裡按需告訴您的內容提供一些評論？因為我認為，鑑於市場疲軟，這似乎將拖累 25 財年的獲利。那麼，您能否對 25 財年亞太地區的銷售或利潤率預期提供一些評論？

Yes. Brook, what I would say about Australia, it's a very challenging market right now. I think our volumes are projected to be roughly down 5%. But I will say this, we're having success from a pricing standpoint. I think our average sales price is up roughly 9% in Australia. It was in the fourth quarter. So, very challenging right now in the Australian market. I would almost characterize it as being, call it, a year ago what the U.S. faced. But look, our team continues to go out there and take share and have success with the value proposition that we're offering our customers out there.

是的。布魯克，關於澳大利亞，我想說的是，目前這是一個非常具有挑戰性的市場。我認為我們的銷量預計將下降約 5%。但我要說的是，從定價的角度來看，我們取得了成功。我認為我們在澳洲的平均銷售價格上漲了大約 9%。那是在第四季。因此，目前澳洲市場非常具有挑戰性。我幾乎會把它描述為美國一年前所面臨的情況。但看，我們的團隊繼續走出去，分享市場份額，並透過我們為客戶提供的價值主張取得成功。

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。

I just wanted to delve a little deeper on PDG. Your comment on 4% for the FY '25 year, it's still a great number to be positive, but it's a deceleration from the high single digits levels for FY '24, which you quoted. Can you just comment on what you're seeing in terms of, I guess, the competitive landscape to other substrates? Are you seeing an intensification from other materials?

我只是想更深入地研究 PDG。您對 25 財年 4% 的評論，這仍然是一個積極的數字，但與您引用的 24 財年的高個位數水平相比，這是一個減速。我想您能否評論一下您所看到的其他基材的競爭格局？您是否看到其他材料的強化？

Yes. What I'd say, Daniel, really good question. Look, as we look at PDG, I mean, we equate 4% to 1% market share gain. It is a very competitive market out there. But I think more than anything, it's the macro right now versus the competitive marketplace out there.

是的。我想說的是，丹尼爾，這是一個很好的問題。看，當我們看 PDG 時，我的意思是，我們相當於 4% 到 1% 的市佔率增益。這是一個競爭非常激烈的市場。但我認為最重要的是，目前的宏觀情勢與競爭激烈的市場之間的對比。

Yes, I got it.

是的，我知道了。

Yes. And then, Daniel, I mean, just look, once again, in any market, we have to outperform and we put forth what we think is going to be a challenging market environment, particularly in R&R, which is our largest segment. But we feel pretty confident that we're going to be able to go out there and attain that 4% PDG.

是的。然後，丹尼爾，我的意思是，再一次看看，在任何市場中，我們都必須表現出色，我們提出了我們認為將是一個充滿挑戰的市場環境，特別是在R&R 領域，這是我們最大的細分市場。但我們非常有信心能夠實現 4% 的 PDG。

And maybe one for Rachel, in terms of raw material and just general costs -- general inflation trends. Can you just provide some color on what you're seeing there?

也許對雷切爾來說，就原材料和一般成本而言——總體通膨趨勢。您能否為您所看到的內容提供一些顏色？

Yes. I mean, look, we talked about how our largest costs are pulp, cement, freight and labor. And I mean, I'd like to just pick up a paper and you know what's happening with pulp right now. Cement has been continuously up, but we did have a bunch of contracts come up in Q4, which we talked about. So, when you think those 2 in particular, and then I did mention that 6 of our top 8 input costs, we are expecting to increase mid to single and double digits year-over-year. So, this is why we're really pushing here on costs and really making sure that our programs are tight and also being very disciplined about pricing as we are expecting these headwinds.

是的。我的意思是，看，我們討論了我們最大的成本是紙漿、水泥、運費和勞動力。我的意思是，我只想拿起一張紙，你就知道紙漿現在發生了什麼事。水泥價格一直在上漲，但我們在第四季度確實有很多合同，我們對此進行了討論。因此，當您特別想到這 2 項時，然後我確實提到了我們前 8 項投入成本中的 6 項，我們預計將同比增長中位數到個位數和兩位數。因此，這就是為什麼我們真正在降低成本，確保我們的計劃嚴格，並且在定價方面非常嚴格，因為我們預計會出現這些阻力。

Your next question comes from Shaurya Visen from Bank of America.

您的下一個問題來自美國銀行的 Shaurya Visen。

Aaron, a question for you. Just some thoughts on your strategy given the competitive landscape. And I know you've previously spoken about it. But I'm just curious, just given your biggest competitor is now suggesting that they're focused on targeting the bigger builders that traditionally has been your market. So, 2 questions on that. Firstly, do you think the market is large enough for both of you? And secondly, do you expect pricing pressures as you two compete? Any thoughts around that?

亞倫，問你一個問題。鑑於競爭格局，只是對您的策略的一些想法。我知道你之前已經談過這個問題。但我只是好奇，鑑於你們最大的競爭對手現在建議他們專注於瞄準傳統上屬於你們市場的更大建築商。那麼，有兩個問題。首先，您認為這個市場對你們兩個來說夠大嗎？其次，您預期雙方競爭時會面臨定價壓力嗎？對此有什麼想法嗎？

Yes. Thank you for the question. Look, I'd say number one, and you hear me talk about this a lot. We're going to focus on what we can control. So, I can't control what any competitors are doing out there. Look, our main competitor in my mind, is other substrates. So that is a very large total addressable market out there and we feel very, very confident in our ability to go and have material conversion. Look, I would just say this in reference to pricing, and I've said this before, we're not a commodity. We are not a commodity. So, this like-to-like whomever or whatever it may be, becomes a little bit irrelevant, right, when you think about the value proposition that we're offering to our customer partners. So yes, it's a competitive marketplace, but I feel very confident in our ability to go out and win. If you look at the results from last year, the type of PDG growth we had, we feel like in any market, we're going to be able to go out and take share.

是的。感謝你的提問。聽著，我想說第一，你常聽到我談論這件事。我們將專注於我們可以控制的事情。所以，我無法控制任何競爭對手在做什麼。看，我心目中我們的主要競爭對手是其他基材。因此，這是一個非常大的潛在市場，我們對我們進行材料轉換的能力非常非常有信心。聽著，我只是就定價而言，我之前已經說過，我們不是商品。我們不是商品。因此，當您考慮我們向客戶合作夥伴提供的價值主張時，這種喜歡無論是誰或什麼都變得有點無關緊要，對吧。所以，是的，這是一個競爭激烈的市場，但我對我們走出去並獲勝的能力非常有信心。如果你看看去年的結果，我們的 PDG 成長類型，我們感覺在任何市場，我們都將能夠走出去並獲得份額。

Rachel, a quick one for you. Just North America, look at your ASP increase for the quarter, which is 4%. Could you give us a sense of the price and the mix within that?

雷切爾，給你一個快速的。就北美而言，看看本季的 ASP 增幅，為 4%。您能為我們介紹一下價格和其中的組合嗎？

Our ASP has been 4%, correct, on a year-over-year on a Q4 basis. As we are looking ahead, this is a market where Aaron was saying where is Trim going to be, right? And what is the size of some of this. So, we are thinking about mix and R&R, as you know, from a gross margin perspective, does have a higher and the color has a higher gross margin even if we aren't equal on an EBIT basis. So again, while mix will be a factor, we are expecting positive ASP as discussed and really feel confident that we will [end up].

第四季度，我們的平均售價年增了 4%，這是正確的。當我們展望未來時，Aaron 曾說過 Trim 將在這個市場，對嗎？其中一些的大小是多少？因此，我們正在考慮混合和 R&R，正如您所知，從毛利率的角度來看，即使我們在息稅前利潤上不相等，但顏色確實具有更高的毛利率。因此，雖然混合將是一個因素，但我們預計所討論的平均售價為正，並且對我們將[最終]充滿信心。

Your next question comes from Simon Thackray from Jefferies.

您的下一個問題來自 Jefferies 的 Simon Thackray。

Rachel, just a quick one actually, we're going through a pretty decent period of investment as reflected in the CapEx and the D&A is going to have to move up as we've seen sequentially each quarter in '24. I think it would be helpful just to understand the impact on the EBIT margins on the [normal] cash side by getting some guidance on FY '25 group D&A because you've kindly done for CapEx. Would that be possible?

Rachel，實際上只是一個快速的問題，我們正在經歷一段相當不錯的投資時期，正如資本支出所反映的那樣，D&A 必須上升，正如我們在 24 年每個季度所看到的那樣。我認為，透過獲得有關 25 財年集團 D&A 的一些指導，了解 [正常] 現金方面的息稅前利潤率的影響將會有所幫助，因為您已經為資本支出做好了準備。這可能嗎？

Yes. We've not provided that guidance at the D&A level, but we have given you guidance about what we have coming on for CapEx, how much we're going to spend. And also, we have quite detailed on our property, plants and equipment in the 20-F. So that should be one that can be projected.

是的。我們沒有在 D&A 層級提供指導，但我們已經向您提供了關於我們的資本支出以及我們將花費多少的指導。此外，我們也對 20 層的財產、廠房和設備有相當詳細的了解。所以這應該是可以預測的。

So, then maybe just on SG&A expectations either in dollar terms or percentage terms then to '25, given that the group cash spend in the fourth quarter was approaching 12% of revenues. So that would be helpful. Are we to assume we're going to maintain at that level or adjust? Or is it up or down from the fourth quarter run rate?

因此，考慮到第四季度的集團現金支出接近收入的 12%，那麼也許只是以美元計算或以百分比計算的 SG&A 預期到 25 年。所以這會很有幫助。我們是否假設我們將維持在該水準或進行調整？或者與第四季的運行率相比是上升還是下降？

Yes. Simon, what I've always said is we're going to invest in the business what we need to for long-term growth. I would say if you have to look at it, though, as far as just modeling purposes, it's going to be similar as what you've seen before. That's what I would give with this.

是的。西蒙，我一直說的是，我們將對業務進行長期成長所需的投資。我想說的是，如果您必須看一下它，就建模目的而言，它會與您之前看到的類似。這就是我想給予的。

Can I just be cheeky and sneak in one just to understand something on Page 12. You've made the comment there, actually, that the exterior volume is up low double digits, but total volume is up 9% in Q4. What's -- how do I reconciliate that? Sorry, if it's obvious, but I don't quite understand that exterior volume is up low double digits, but sales volume is up 9%.

我可以厚臉皮地偷偷溜進去看看第 12 頁上的內容嗎？什麼是──我該如何協調？抱歉，如果這是顯而易見的，但我不太明白外部銷量成長了兩位數，但銷量卻成長了 9%。

Yes. I think that interiors would be down significantly more. That's where you're getting that. And it goes to reason when you think about what we talked about from some of the big boxes and some of their transactions, I think it correlates pretty well with that, Simon.

是的。我認為內裝的下降幅度會更大。這就是你得到的。當你思考我們從一些大盒子和他們的一些交易中談論的內容時，這是有道理的，我認為這與此非常相關，西蒙。

Look, this is an emphasis of how are we doing in the marketplace. So, there's PDG, but also there's a mix of products and just to emphasize that an exterior volume, we are continuing to be very strong here, being up low double digits.

看，這是我們在市場上表現如何的重點。因此，有 PDG，但也有多種產品，只是為了強調外部體積，我們在這裡繼續保持非常強勁的勢頭，保持低兩位數的成長。

Your next question comes from Sam Seow from Citi.

您的下一個問題來自花旗銀行的 Sam Seow。

Maybe just following on from Simon there. Aaron, when you took over, SG&A or since you took over, SG&A has probably increased $200 million. And if I annualize that fourth quarter number, it's getting close to $650 million. Just wondering, is there any flexibility in that? Could you bring that down to manage profitability? Or as you think about FY '25, is that fourth quarter exit rate largely what spend might look like irrespective of market conditions?

也許只是跟隨西蒙那裡。 Aaron，當你接手時，SG&A 或者自從你接手以來，SG&A 可能增加了 2 億美元。如果我將第四季的數字按年化，則接近 6.5 億美元。只是想知道，這有什麼彈性嗎？您能否降低這一點以管理獲利能力？或者，當您考慮 25 財年時，無論市場狀況如何，第四季度的退出率在很大程度上是否與支出相同？

Yes. Sam, look, a good question. We talked a lot about pedal and clutch, right? So, when we see the need to be able to do that, we can clutch spend particularly a lot of the marketing spend. But look, as I've said before, we're investing in long-term growth. We've talked about the opportunities that we see out there in R&R from a long-term standpoint. And we need to be ready, whether that be people, whether that be investment, what we're doing in CapEx, whether that be demand generation. We feel strongly with our strategy that we need to continue to invest in these areas. It's some of these, but it's also areas we've talked about HOS and some investments that we're doing today to ensure scalability but also cost savings in the future, systems, tools, processes, those types of things, Sam. So we are focused on that. Yes, we can clutch. But for the long-term viability of the business, we believe that these investments we're making right now are the right investments.

是的。山姆，聽著，這是個好問題。我們談了很多關於踏板和離合器的內容，對嗎？因此，當我們看到有必要做到這一點時，我們可以花費很多行銷費用。但正如我之前所說，我們正在投資長期成長。我們已經從長期的角度討論了我們在 R&R 中看到的機會。我們需要做好準備，無論是人員、投資、我們在資本支出所做的事情，或是需求的產生。我們強烈認為我們的策略需要繼續在這些領域進行投資。這是其中一些，但也是我們討論過居屋和我們今天所做的一些投資的領域，以確保可擴展性，同時也節省未來的成本，系統，工具，流程，這些類型的東西，Sam。所以我們專注於此。是的，我們可以抓住。但為了業務的長期生存能力，我們相信我們現在正在進行的這些投資是正確的投資。

So maybe just following on from that. The profitable share gain, the high single-digit is impressive, but largely driven by new housing implying the PDG in R&R piece is a fair bit lower. So my question is basically, is that right? And then after these heavy SG&A investment, what would be a realistic target for PDG in R&R specifically?

所以也許只是以此為基礎。獲利份額的成長，高個位數令人印象深刻，但主要是由新住房推動的，這意味著 R&R 部分的 PDG 相當低。所以我的問題基本上是，是嗎？那麼，在這些巨額 SG&A 投資之後，PDG 在 R&R 方面具體的現實目標是什麼？

Yes. Sam, really simply, we don't talk PDG by segment. As I said before, we're targeting 4% PDG growth for the year and that's what we're focused on.

是的。 Sam，很簡單，我們不按細分市場討論 PDG。正如我之前所說，我們今年的 PDG 成長目標是 4%，這就是我們的重點。

That does conclude our time for questions. I'll now hand back to Mr. Aaron for closing remarks.

我們的提問時間到此結束。現在我將請亞倫先生致閉幕詞。

All right. Thank you, operator. Appreciate everyone's time here. Thank you, and thank you to all the James Hardie employees around the world for a great FY '24 and looking forward to a positive FY '25. Thank you, all.

好的。謝謝你，接線生。感謝大家在這裡度過的時光。謝謝你們，也感謝世界各地的所有 James Hardie 員工，他們度過了一個美好的 24 財年，並期待著一個積極的 25 財年。謝謝你們。

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。