James Hardie Industries PLC (JHX) 2025 Q1 法說會逐字稿

Welcome to the James Hardie fiscal first-quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Joe Ahlersmeyer, Vice President of Investor Relations. Please go ahead.

歡迎參加 James Hardie 2025 財年第一季財報電話會議。（操作員指示）現在我想將電話交給投資者關係副總裁喬·阿勒斯邁爾 (Joe Ahlersmeyer)。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining today's call. Please note that on today's call, management will be referring to non-GAAP financial measures and making forward-looking statements. You can refer to several related cautionary notes on page 2 for more information.

謝謝您，接線生。大家好，感謝大家參加今天的電話會議。請注意，在今天的電話會議上，管理階層將參考非公認會計準則財務指標並做出前瞻性陳述。您可以參考第 2 頁的幾個相關注意事項以獲取更多資訊。

Also, unless otherwise indicated, our materials and comments refer to figures in US dollars and any comparisons made are to the corresponding period in the prior fiscal year. Now please turn to page 3, where you will find the agenda for today's call.

此外，除非另有說明，我們的資料和評論均指美元數字，並且所做的任何比較均與上一財年的同期進行比較。現在請翻到第 3 頁，您將看到今天電話會議的議程。

I'm joined by Aaron Erter, Chief Executive Officer of James Hardie; and Rachel Wilson, our Chief Financial Officer. Aaron will share key messages for the quarter and discuss our strategy before handing it over to Rachel, who will go through our results in more depth, detail our outlook and guidance, and provide an update on our financial position and capital allocation framework.

與我一起出席的還有 James Hardie 執行長 Aaron Erter 和財務長 Rachel Wilson。在將工作交給 Rachel 之前，Aaron 將分享本季度的關鍵資訊並討論我們的策略，Rachel 將更深入地介紹我們的業績，詳細說明我們的展望和指導，並提供我們財務狀況和資本配置框架的最新資訊。

Then Aaron will return to summarize and close out our prepared remarks. At that time, we will move to Q&A. I'm now pleased to hand the call over to our Chief Executive Officer, Mr. Aaron Erter.

然後 Aaron 將回來總結並結束我們準備好的演講。屆時，我們將進入問答環節。我現在很高興將電話交給我們的執行長 Aaron Erter 先生。

Thanks, Joe. Before I begin, I would like to take the opportunity to thank all our employees around the world who work to safely deliver the highest quality products, solutions and services to our customers. Our employees truly represent the very best in our industry, and I am proud of their ongoing contributions to James Hardie success.

謝謝，喬。在開始之前，我想藉此機會感謝我們遍布全球的所有員工，他們致力於安全地向客戶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的最優秀水平，我為他們為 James Hardie 的成功做出的持續貢獻感到自豪。

Now let's begin on page 4. The collective effort and focus of our teams enabled a solid start to the year. I believe our results continue to serve as proof points that we are driving profitable share gain through this dynamic and uncertain market environment and that our superior value proposition is helping our customers grow and achieve success.

現在我們從第 4 頁開始。我們團隊的共同努力和專注為今年帶來了良好的開端。我相信，我們的業績將繼續證明，我們正透過這個充滿活力和不確定的市場環境推動獲利份額的成長，並且我們卓越的價值主張正在幫助我們的客戶成長並取得成功。

This is of particular importance and is especially appreciated by our business partners in what has been a challenging market. Our operational focus starts with executing our strategy and delivering on our commitments.

這一點尤其重要，在充滿挑戰的市場中，我們的業務夥伴也對此表示特別讚賞。我們的營運重點始於執行我們的策略和履行我們的承諾。

As I will discuss in a moment, we have strong conviction in our strategy to be homeowner focused, customer and contractor driven. But it starts with our people and I believe we have the best team in the industry. We are well positioned to win in the marketplace and drive consistent value for our stakeholders.

正如我稍後將要討論的，我們堅信我們的策略是以房主為中心、以客戶和承包商為驅動的。但它始於我們的員工，我相信我們擁有業內最好的團隊。我們已做好充分準備在市場上取勝並為我們的利害關係人創造持續的價值。

In the quarter, business conditions remain challenging. We anticipate that our markets will contract low single digits to mid-single digits for the fiscal year and that the second quarter will be particularly challenging.

本季度，商業環境依然充滿挑戰。我們預期本財年我們的市場將萎縮低個位數至中個位數，而第二季將尤其具有挑戰性。

But as an organization, we're being proactive in our positioning ourselves for when markets transition to recovery. Our people are managing decisively through the current environment, relentlessly pursuing outperformance versus our end markets.

但作為一個組織，我們正在積極主動地為市場復甦做好準備。我們的員工在當前環境下果斷管理，堅持不懈地追求超越終端市場的績效。

We continue to deliver robust profitability while simultaneously investing to scale for growth and gain share through our efforts across the value chain. This is a deliberate choice that will enable us to maintain our position of strength and accelerate our profitable share gain to generate sustained double digit top line growth and even stronger margins over the long term.

我們繼續實現強勁的獲利能力，同時透過在整個價值鏈上的努力進行投資以擴大成長並獲得市場份額。這是一個經過深思熟慮的選擇，它將使我們能夠保持優勢地位，加速獲利份額的成長，從而實現持續的兩位數營收成長，並在長期內實現更高的利潤率。

We delivered a solid start to the year, we surpassed our bottom line expectations, and delivered on each of our first quarter commitments by achieving all three of our guidance metrics. North America volumes rose slightly in the quarter and were within the range we committed to in May, despite headwinds in certain important geographic markets.

我們今年取得了良好的開端，超出了我們的底線預期，並透過實現所有三個指導指標兌現了我們第一季度的每一個承諾。儘管某些重要地理市場面臨阻力，但本季北美銷售略有成長，且處於我們 5 月承諾的範圍內。

We acted to offset these pockets of softness through targeted cost savings and delivered a 31.2% North America EBIT margin, just above the midpoint of our guidance. We are investing and we will continue to invest prescriptively and strategically across the value chain, as the underlying fundamentals speak to the opportunity for sustainable growth, even as we anticipate our markets will remain challenging in the coming quarter and for the remainder of the fiscal year.

我們透過有針對性的成本節約來抵消這些疲軟因素，並實現了 31.2% 的北美息稅前利潤率，略高於我們預期的中點。我們正在投資，並將繼續在整個價值鏈中進行規範性和戰略性的投資，因為基本面表明存在可持續增長的機會，儘管我們預計我們的市場在下個季度和本財年剩餘時間內仍將面臨挑戰。

Finally, we achieved total adjusted net income of $178 million, which surpassed our expectations driven by robust operating results across each of our regions. In addition to delivering on our Q1 commitments in North America, I am proud of how our teams in Asia Pacific have performed while contending with softer markets.

最終，我們實現了 1.78 億美元的總調整後淨收入，超出了我們的預期，這得益於我們各個地區強勁的經營業績。除了履行我們在北美第一季的承諾之外，我還為我們在亞太地區的團隊在應對疲軟市場時的表現感到自豪。

With strong execution against our strategic priorities to defend and grow share, along with the strong profitability we have continued to demonstrate in our core markets, I remain very optimistic about the future of our APAC business.

透過強力執行我們捍衛和增加市場份額的戰略重點，以及我們在核心市場持續展現的強勁盈利能力，我對我們亞太區業務的未來仍然非常樂觀。

And in Europe, our teams delivered record sales, driving strong growth in our high value products, with these sales up low double digits in the quarter. The foundation we are building today will serve as a solid platform for profitable growth in the years to come. And I look forward to sharing our continued progress along the way.

在歐洲，我們的團隊實現了創紀錄的銷售額，推動了高價值產品的強勁成長，本季這些產品的銷售額實現了兩位數的成長。我們今天建構的基礎將成為未來幾年獲利成長的堅實平台。我期待著分享我們一路以來不斷的進展。

Our near term playbook is working as we navigate the current environment. And I have confidence in our team's ability to continue to win in the market by delivering on our strong customer value proposition. This confidence underpins our ongoing commitment to outperform our end markets and enables us to reaffirm our full year guidance.

在我們應對當前環境的過程中，我們的近期計劃正在發揮作用。我相信我們的團隊有能力透過實現強大的客戶價值主張來繼續在市場上取勝。這種信心鞏固了我們持續致力於超越終端市場的承諾，並使我們能夠重申全年指引。

Please turn to slide 5. During the quarter, we hosted an Investor Day where we brought our value proposition to life, and showed you firsthand what it means to be homeowner focused, customer and contractor driven. We have been doing this in one form or another for many years.

請翻到投影片 5。在本季度，我們舉辦了投資者日活動，在會上我們將我們的價值主張變為現實，並親自向您展示了以房主為中心、以客戶和承包商為驅動的意義。多年來，我們一直以各種形式這樣做。

The enhancement in the strategy today versus those of the past is that our approach has become a holistic effort by our teams across the entire value chain. Importantly, we are doing it the right way and not sacrificing on our foundational imperatives.

與過去相比，今天的策略有所增強，因為我們的方法已經成為整個價值鏈團隊的整體努力。重要的是，我們正在以正確的方式做這件事，並且不會犧牲我們的基本要求。

Zero harm and the Hardie operating system are our commitments to putting world class safety at the forefront of all that we do and continually improving how we get work done across the company.

零傷害和 Hardie 作業系統是我們的承諾，將世界一流的安全放在我們所做的一切工作的首位，並不斷改進我們在整個公司的工作方式。

As a testament to this commitment, we recently celebrated five years without a lost time incident at our manufacturing plant in Orejo, Spain. Nothing is more important than the safety of our workforce. So to each of our team members who share in this achievement, I say thank you.

為了證明這項承諾，我們最近慶祝了位於西班牙奧雷霍的製造工廠五週年無工時損失事故。沒有什麼比我們員工的安全更重要。因此，我要向每一位分享這項成就的團隊成員表示感謝。

Sustainability is foundational at James Hardie. Each of our employees plays a role in putting sustainability into action, and this cross functional collaboration is driving progress toward meeting our ambitious commitments. That's why I'm so proud of our teams for recently earning James Hardie recognition by Green Builder Media as a 2024 Ego Leader, a distinction that honors the most forward thinking manufacturers in the industry.

永續性是 James Hardie 的基石。我們的每位員工都在將永續發展付諸行動中發揮作用，這種跨職能的合作正在推動我們朝著實現雄心勃勃的承諾邁進。這就是為什麼我為我們的團隊感到如此自豪，他們最近獲得了 Green Builder Media 頒發的 James Hardie 2024 年自我領袖稱號，這一殊榮旨在表彰業內最具前瞻性思維的製造商。

Next week, we will publish our FY24 sustainability report, which I encourage everyone to read to learn more about how we're building a culture of sustainability and making progress against our ambitious goals. And of course, when it comes to our people, I believe we have the best talent in the industry.

下週，我們將發布 24 財年永續發展報告，我鼓勵每個人都閱讀該報告，以進一步了解我們如何建立永續發展文化以及如何在實現雄心勃勃的目標方面取得進展。當然，說到我們的員工，我相信我們擁有業內最優秀的人才。

Day in and day out, I see the drive, talent, commitment, and passion, as we work towards our purpose of building a better future for all. And it's even better when those outside our organization agree.

日復一日，我看到了我們為所有人創造更美好未來的目標而努力的動力、才華、承諾和熱情。如果我們組織外部的人也同意的話，那就更好了。

Recently, two of our leaders, Kelly Pehler and Justine Simmons were recognized by HBS Dealer as top women and hardware and building supply, the industry's premier award for celebrating the impact of women and recognizing female leaders who possess the traits of business excellence and the potential to make a difference in their companies and communities.

最近，我們的兩位領導人 Kelly Pehler 和 Justine Simmons 被 HBS Dealer 評為五金和建築供應領域的頂尖女性，這是業界首屈一指的獎項，旨在表彰女性的影響力，並表彰那些擁有卓越商業特質、有潛力為公司和社區帶來改變的女性領導者。

Kelly and Justine were selected from over 600 nominees. Kelly's leadership, cross-functional collaboration and commitment to her team earned her recognition as an honoree for business excellence, and Justine's accomplishments as a results driven and inspirational people leader earned her spot as a rising star honoree. I couldn't agree more with these selections, and I'm honored to have Kelly and Justine on the James Hardie team.

凱莉和賈斯汀從 600 多名候選人中脫穎而出。凱利 (Kelly) 的領導能力、跨職能協作和對團隊的承諾為她贏得了卓越商業成就獎，而賈斯汀 (Justine) 作為一名以結果為導向、鼓舞人心的領導者所取得的成就為她贏得了新星榮譽。我完全同意這些選擇，我很榮幸凱莉和賈斯汀加入詹姆斯哈迪團隊。

Put simply, everything you see on this slide is our blueprint by which together we move James Hardie forward. I remain confident in our team and our strategy. Together, they position us to execute at a high level and drive profitable share gain in all three regions.

簡而言之，您在這張投影片上看到的一切都是我們共同推動 James Hardie 前進的藍圖。我對我們的團隊和策略仍然充滿信心。它們共同使我們能夠高水準地執行任務，並在所有三個地區推動獲利份額的成長。

Please turn to slide 6. Our regional leaders detailed at our Investor Day how their priorities align that James Hardie's three strategic initiatives. As a reminder, those overall strategic initiatives are first, to profitably grow and take share where we have the right to win. Second, to bring our customers high value differentiated solutions. And third and finally, to connect and influence all participants in the customer value chain.

請翻到幻燈片 6。我們的地區領導在投資者日詳細介紹了他們的優先事項如何與 James Hardie 的三大策略舉措保持一致。提醒一下，這些整體策略舉措首先是實現獲利成長，並在我們有權取勝的領域中佔據份額。第二，為顧客帶來高價值的差異化解決方案。第三，也是最後一點，連結並影響客戶價值鏈中的所有參與者。

I will now briefly summarize each region's aligned strategic priorities. In North America, led by Sean Gadd, our first two strategic priorities aligned to the vast opportunities within our repair and remodel and new construction end markets.

現在我將簡要總結各地區協調一致的策略重點。在 Sean Gadd 的領導下，我們的前兩個策略重點與維修改造和新建築終端市場中的巨大機會一致。

Within repair and remodel, we know we can go and win against vinyl and wood, driving material conversion by leveraging our superior product offering. But by building an ecosystem across the value chain, we can leverage the access that our products provide to create additional value with our customer and contractor partners.

在修復和改造方面，我們知道我們可以戰勝乙烯基和木材，利用我們優質的產品推動材料轉換。但透過建立整個價值鏈的生態系統，我們可以利用我們的產品提供的存取權限與我們的客戶和承包商合作夥伴一起創造額外的價值。

Efforts like dream builder events, amplify our messaging to our customers to get incremental contractors to appreciate the overall value proposition and buy into our contractor alliance program. For new construction, it is about bolstering our share with our national homebuilder partners and extending our reach across all scaled homebuilders.

夢想建造者活動等活動擴大了我們向客戶傳達的訊息，讓越來越多的承包商認識到整體價值主張並接受我們的承包商聯盟計畫。對於新建築，我們的目標是加強與全國房屋建築商合作夥伴的份額，並擴大我們對所有規模房屋建築商的影響力。

We continue to integrate deeper with our existing customers as we demonstrate our unrivaled business support and the dependability that comes along with our strategically located network of manufacturing plants throughout the US, a clear competitive advantage.

我們將繼續與現有客戶進行更深入的整合，展示我們無與倫比的業務支援以及遍布美國的戰略性製造工廠網路所帶來的可靠性，這是一種明顯的競爭優勢。

Customer integration is taking the form of delivering the value that our homebuilder partners seek by setting goals and objectives that align with our customers' efforts around design, growth targets, and efficiency. In recognition of our unrivaled business support, this year we were once again recognized as a national preferred partner by David Weekley Homes, representing our 17th award in 20 years.

客戶整合的形式是透過設定與客戶在設計、成長目標和效率方面的努力一致的目標和目的，來實現我們的房屋建築商合作夥伴所尋求的價值。為了表彰我們無與倫比的業務支持，今年我們再次被 David Weekley Homes 評為全國首選合作夥伴，這是我們 20 年來第 17 次獲獎。

Meritage Homes, the fifth largest builder in the country, elected to deepen their strong relationship with James Hardie by signing a national hard siding and trim exclusive agreement extending to all divisions nationwide.

美國第五大建築商 Meritage Homes 選擇與 James Hardie 簽署全國硬壁板和裝飾獨家協議，該協議將涵蓋全國所有部門，以加深雙方的牢固關係。

This agreement expands our partnership, creating a new position for James Hardie products in several divisions and sets the standard on every new Meritage Home build across the country, a win that will influence what defines a beautiful home in these communities for decades to come.

該協議擴大了我們的合作夥伴關係，為 James Hardie 產品在多個部門創造了新的地位，並為全國範圍內建造的每個新的 Meritage Home 設定了標準，這一勝利將影響未來幾十年這些社區對美麗家園的定義。

And with our third strategic priority, we are accelerating profitable share gains through targeted marketing efforts to each participant across the value chain. This means driving brand awareness and building an ecosystem that allows us to be the partner and product of choice.

我們的第三個策略重點是透過針對價值鏈上每個參與者的有針對性的行銷來加速獲利份額的成長。這意味著提高品牌知名度並建立一個生態系統，使我們成為首選的合作夥伴和產品。

Our marketing investments are vital accelerators of our market share and our leading indicators give us confidence that we are investing in the right things. We will continue to employ a prescriptive test-and-learn approach that allows us to adapt rapidly and iteratively, adjusting as needed, by capitalizing on what is clearly working.

我們的行銷投資是我們市場份額的重要加速器，我們的領先指標讓我們相信我們正在投資正確的事情。我們將繼續採用規範的測試和學習方法，使我們能夠利用明顯有效的方法，快速、反覆地適應，並根據需要進行調整。

We remain encouraged by the leading indicators we previously shared with you at Investor Day around brand awareness, website traffic, qualified leads, and increases in our contractor alliance program.

我們仍然對先前在投資者日與您分享的有關品牌知名度、網站流量、合格潛在客戶以及承包商聯盟計劃增長的領先指標感到鼓舞。

Regarding our Asia Pacific region, led by John Arneil, our teams are defending and growing market share with both builders and homeowners with an emphasis on leveraging our right to win and customer integration. The material conversion opportunity is significant in our efforts to change the way homeowners remodel and builders build, position us to accelerate growth in fiber cements category share.

關於我們在亞太地區的業務，在約翰·阿內爾 (John Arneil) 的領導下，我們的團隊正在捍衛和擴大與建築商和房主的市場份額，重點是利用我們的獲勝權利和客戶整合。材料轉換機會對於我們努力改變房主改造和建築商建造的方式具有重要意義，使我們能夠加速纖維水泥類別份額的成長。

Finally, we continue to innovate to compete and win against brick and masonry. The concept of right to win is integral to where our efforts and resources should be focused to drive future value. And that is why today we announced our intention to exit the Philippines market.

最後，我們不斷創新，與磚石建築競爭並取得勝利。獲勝權的概念對於我們應該集中精力和資源來推動未來價值至關重要。這就是我們今天宣布退出菲律賓市場的原因。

We conducted a thorough review and ultimately determined that operating in the Philippines was not consistent with our value creation strategy. This was a very difficult decision, but it is the right decision for James Hardie.

我們進行了徹底的審查，最終確定在菲律賓開展業務不符合我們的價值創造策略。這是一個非常艱難的決定，但對詹姆斯哈迪來說，這是正確的決定。

Turning to Europe, led by Christian Claus , our team is laser focused on driving profitable growth through increased sales of high value products. Within fiber cement, we continue to build a foundation for growth, concentrating our demand creation efforts with decision makers, namely architects and specifiers.

轉向歐洲，在 Christian Claus 的帶領下，我們的團隊專注於透過增加高價值產品的銷售來推動獲利成長。在纖維水泥領域，我們持續建立成長基礎，集中精力為決策者（即建築師和規範制定者）創造需求。

Within fiber gypsum, increasing our product penetration using innovative solutions like Therm25, remains a key opportunity for us to further drive our value proposition with customers. The collective focus on high value products, along with our efforts to drive efficiencies across our business, underpins our plans to improve the profitability of this business significantly in the coming years.

在纖維石膏領域，使用 Therm25 等創新解決方案來提高我們的產品滲透率，仍然是我們進一步向客戶推動價值主張的關鍵機會。對高價值產品的共同關注，以及我們為提高整個業務的效率所做的努力，為我們在未來幾年大幅提高該業務盈利能力的計劃奠定了基礎。

In Germany, we were recognized for our exceptional and consistent focus on our customers, receiving the German customer award, which considers transparency, customer feedback and additional traits that align to our core organizational values. I am proud to say that our team achieved the highest score ever for a winner of this award, demonstrating a real commitment to being customer-driven.

在德國，我們因對客戶的持續關注而獲得認可，並獲得德國客戶獎，該獎項考慮透明度、客戶反饋以及符合我們核心組織價值觀的其他特質。我很自豪地說，我們的團隊取得了該獎項有史以來的最高分，展現了真正以客戶為導向的承諾。

Turning to slide 7, I'll summarize how our strategy builds upon its own momentum to drive long-term value creation. Starting with demand creation, we have prescriptive test-and-learn marketing programs. Leading indicators tell us that these are working. With respect to innovative solutions, we have the right products for the right customer at the right time.

翻到第 7 張投影片，我將總結我們的策略如何運用自身的動力來推動長期價值創造。從創造需求開始，我們有規範的測試和學習行銷計劃。領先指標告訴我們這些措施正在發揮作用。對於創新解決方案，我們在正確的時間為正確的客戶提供正確的產品。

Turning to unrivaled support, we are bringing value to our customers, but increasingly, we are harnessing the power of our customers to be our best salespeople, which means having not just hundreds but thousands of feet on the street.

談到無與倫比的支持，我們正在為客戶創造價值，但越來越多地，我們正在利用客戶的力量成為我們最好的銷售人員，這意味著我們不僅擁有數百英尺的銷售人員，而且擁有數千英尺的銷售人員。

And finally, what has been our heritage and what I believe our team is best in the industry at delivering material conversion, one home one neighborhood, one region at a time. And with the scale, we've achieved today and the support we have built around our teams, we believe we can accelerate material conversion. Each individual component of this cycle is perpetuated and amplified by the others, illustrating how together they form a flywheel for long term value creation.

最後，我想談談我們的傳統以及我相信我們的團隊在材料轉換方面在業內處於領先地位，一次為一個家庭、一個社區、一個地區提供材料轉換服務。憑藉我們今天所取得的規模以及團隊所建立的支持，我們相信我們可以加速材料轉換。這個循環的每個單獨組成部分都由其他組成部分延續和放大，說明它們如何共同形成一個飛輪，以創造長期價值。

Now turning to slide 8, this is where I will share how our strategy and value creation flywheel translate to our aspirations for long term performance. We've talked about our track record of material conversion, which has led to more than 11 million homes in North America to be glad with James Hardie.

現在翻到第 8 張投影片，在這裡我將分享我們的策略和價值創造飛輪如何轉化為我們對長期業績的期望。我們談到了我們在材料轉換方面的業績，這使得北美超過 1100 萬個家庭對 James Hardie 感到滿意。

It took us years to do this, to scale the business. And while this is a tremendous achievement for our organization, we accomplished this overwhelmingly through our superior product. We continue to have what we truly believe is the best product in the market.

我們花了數年時間來實現這一目標，擴大業務規模。雖然這對我們公司來說是一個巨大的成就，但我們之所以能夠取得這項成就，完全歸功於我們卓越的產品。我們始終堅信，我們的產品是市場上最好的。

But what excites me most is that we pulled together the best pieces of our strategies to address each individual member of the value chain and have moved to a holistic approach that is embodied in our strategy of being homeowner focused customer and contractor driven. That is what will allow us to more than double our presence across Americas housing from 11 million to 25 million homes over the next decade.

但最讓我興奮的是，我們整合了策略中的最佳部分來應對價值鏈中的每個成員，並轉向了一種整體方法，這體現在我們的策略中，即以房主為中心、以客戶和承包商為驅動。這使得我們在未來十年內能夠將美洲住房覆蓋範圍擴大一倍以上，從 1,100 萬戶增加到 2,500 萬戶。

And as we do that, we can aspire to drive peer leading financial results in our North America business that includes double digit top line growth and 500 basis points of adjusted EBITDA margin expansion. All together, we believe achieving these goals would enable us to triple our North American segment adjusted EBITDA.

當我們這樣做時，我們可以努力推動北美業務的同業領先財務業績，包括兩位數的營收成長和 500 個基點的調整後 EBITDA 利潤率擴張。總而言之，我們相信，實現這些目標將使我們的北美分部調整後 EBITDA 成長三倍。

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

現在我想讓 Rachel 分享更多關於我們第一季業績的細節。瑞秋？

Thank you, Aaron. Please turn to page 9. As Aaron noted, our collective effort and focus has led to a solid start in FY25, and our consolidated financial results were consistent with our expectations. In each of our regions, we are focused on driving profitable growth, and our results continue to demonstrate that we have the right strategy.

謝謝你，亞倫。請翻到第 9 頁。正如 Aaron 所指出的，我們的共同努力和專注使得 25 財年取得了良好的開端，我們的綜合財務表現符合我們的預期。在每個地區，我們都專注於推動獲利成長，我們的業績繼續證明我們擁有正確的策略。

Our North America teams delivered first quarter results in line with our volume and margin guidance. And regionally, we are responding to softer markets by actioning plans to win against competitive cladding materials and positioning our business to outperform the market.

我們的北美團隊第一季的業績符合我們的銷售和利潤預期。在區域層面，我們正透過制定計劃來應對疲軟的市場，以戰勝競爭激烈的覆層材料，並使我們的業務定位於超越市場。

At our Investor Day, we discussed the investments we are making to scale our business and accelerate profitable share gain, and these investments remain essential to sustaining our outperformance as markets transition to recovery.

在我們的投資者日，我們討論了為擴大業務規模和加速盈利份額增長而進行的投資，這些投資對於在市場向復甦過渡時維持我們的優異表現仍然至關重要。

Funding these types of investments, especially during cyclically weaker markets, we are focusing even more intently on delivering our value proposition to our customers and prioritizing investments and rationalizing expenses to defend our strong margins.

在為這些類型的投資提供資金時，特別是在週期性較弱的市場中，我們更加專注於向客戶提供我們的價值主張，並優先考慮投資和合理化支出以捍衛我們強勁的利潤率。

In Asia Pacific and Europe, our teams demonstrated a strong commitment to driving outperformance in tough markets, delivering first quarter results consistent with our expectations. In Asia Pacific, we are executing well on our strategies to defend and grow share. And in Europe, our growth in high value products is encouraging.

在亞太地區和歐洲，我們的團隊展現了在艱難市場中推動卓越表現的堅定承諾，實現了符合我們預期的第一季業績。在亞太地區，我們正在順利執行捍衛和擴大市場份額的策略。在歐洲，我們高價值產品的成長令人鼓舞。

Across all three regions, our results and strategies demonstrated commitment to delivering profitable growth. Ultimately, our first quarter results demonstrate how our strong margin delivery leads to substantial cash generation. This supports our growth aspirations while maintaining the strength and flexibility of our balance sheet.

在這三個地區，我們的業績和策略都反映了實現獲利成長的決心。最終，我們的第一季業績證明了我們強勁的利潤率如何帶來大量現金。這支持了我們的成長願望，同時保持了我們資產負債表的實力和靈活性。

Please turn to page 10 for the financial highlights of our fiscal first quarter. Total net sales grew 4% to just under $1 billion. We achieved record first quarter adjusted EBITDA of $286 million, an increase of 2% versus the same quarter of fiscal 2024. And finally, adjusted net income was $158 million, modestly ahead of our expectations.

請翻到第 10 頁，了解我們第一財季的財務亮點。總淨銷售額成長 4%，達到近 10 億美元。我們第一季的調整後 EBITDA 達到創紀錄的 2.86 億美元，比 2024 財年同期成長 2%。最後，調整後的淨收入為 1.58 億美元，略高於我們的預期。

We continued to execute on our share repurchase program in the quarter, buying back $75 million of our stock and increasing our authorization to $300 million. We exhibited strong sales due in the quarter and achieving results within our guidance, generating solid cash flows and maintaining balance sheet strength and flexibility and deploying excess capital to shareholders.

我們在本季繼續執行股票回購計劃，回購了 7,500 萬美元的股票，並將授權金額增加到 3 億美元。我們在本季度表現出強勁的銷售業績，並實現了預期業績，產生了穩健的現金流，保持了資產負債表的實力和靈活性，並向股東部署了多餘的資本。

Let's move to slide 11. Prior to a detailed review of segment performance, we have provided a year-over-year adjusted EBITDA bridge. Ultimately, we believe this cash focused metric draws a more direct connection between our operational performance in the quarter and our cash generation. EBITDA also aligns to our capital allocation framework, which addresses our investment priorities and disciplined deployment of cash.

讓我們翻到第 11 張投影片。在詳細審查各部門表現之前，我們提供了同比調整後的 EBITDA 橋。最終，我們相信這個以現金為中心的指標將我們本季的營運表現與現金產生量更直接地連結起來。EBITDA 也與我們的資本配置框架一致，該框架解決了我們的投資重​​點和現金的規範部署。

In the quarter, we delivered record total adjusted EBITDA of $286 million, an increase of $7 million or 2% growth versus the prior year. North America contributed $13 million overall adjusted EBITDA growth primarily through mid-single digit sales growth. Our segment EBITDA includes the impact of a non-cash asset impairment charge of $4 million related to manufacturing equipment no longer needed to support growth in one product line.

本季度，我們的調整後 EBITDA 總額達到創紀錄的 2.86 億美元，比前一年增加 700 萬美元，增幅為 2%。北美地區貢獻了 1300 萬美元的整體調整後 EBITDA 成長，主要得益於中等個位數的銷售額成長。我們的部門 EBITDA 包括 400 萬美元非現金資產減損費用的影響，該費用與不再需要支援某條產品線成長的製造設備有關。

Also, as expected, we incurred start-up costs in the quarter associated with recent capacity additions coming online. These start-up costs will continue into the second quarter and step up modestly. Even still our profitability improved year over year, despite further headwinds from ongoing inflation in categories like labor, freight, and cement. Importantly, we also continue to invest to scale the organization and position ourselves for future outperformance, incurring these costs in advance of anticipated volume growth.

此外，正如預期的那樣，我們在本季產生了與最近新增產能上線相關的啟動成本。這些啟動成本將持續到第二季​​並略有增加。儘管勞動力、貨運和水泥等類別的持續通膨帶來進一步阻力，我們的獲利能力仍然比去年同期有所提高。重要的是，我們還將繼續投資以擴大組織規模，為未來的卓越表現做好準備，並在預期的銷售成長之前承擔這些成本。

Europe also contributed positively to overall growth, adding $1 million driven by higher volume and average net sales price, while Asia Pacific reduced overall adjusted EBITDA by $5 million as higher average net sales price was more than offset by the impact of softer market volumes.

歐洲也對整體成長做出了積極貢獻，受銷售和平均淨銷售價格上漲的推動，歐洲增加了 100 萬美元，而亞太地區則因平均淨銷售價格上漲被市場銷售疲軟的影響所抵消，導致整體調整後 EBITDA 減少了 500 萬美元。

Research and development and corporate costs were mostly in line with the prior year on a percentage of sales basis including a non-cash benefit from lower stock compensation, primarily related to movements in our stock price in the first quarter.

研發和公司成本按銷售額百分比計算與上年基本持平，其中包括較低股票薪酬帶來的非現金收益，這主要與第一季股價變動有關。

Please turn to slide 12, where I will provide more details on first quarter results within our North American segment. North American net sales grew 5% in the quarter, primarily driven by a 4% rise in average net sales price.

請翻到第 12 張投影片，我將在其中提供有關北美分部第一季業績的更多詳細資訊。本季北美淨銷售額成長 5%，主要得益於平均淨銷售價格上漲 4%。

We implemented our annual price increase effective January 2024 at the beginning of our Q4. Our fiscal first quarter reflected the full benefit of this price increase, consistent with our prior expectations. Volumes rose slightly to 751 million standard feet, driven by low single digit growth in our exteriors business. Volume growth across much of the country was offset by market wide softness of new construction in the south.

我們在第四季初實施了將於 2024 年 1 月生效的年度價格上調。我們的第一財季充分體現了此次漲價帶來的好處，與我們先前的預期一致。受外飾業務低個位數成長的推動，銷量小幅上升至 7.51 億標準英尺。全國大部分地區的銷售成長被南方新建築市場整體疲軟所抵消。

Builders came into the year expecting strong growth, but persistent affordability challenges have led to more modest home buying demand. Builders have responded by slowing the pace of starts to manage our inventory of unsold homes and have maintained this pace of production.

建商預計今年將出現強勁成長，但持續的負擔能力挑戰導致購屋需求較為溫和。建築商的應對措施是放慢開工速度來管理未售出房屋的庫存，並保持了這一生產速度。

The structural foundations for new construction growth are highly attractive. We continue to deepen our relationships with scaled homebuilders as our expanded agreement with Meritage demonstrates, while executing against our material conversion strategy.

新建築成長的結構基礎極具吸引力。正如我們與 Meritage 擴大協議所表明的那樣，我們在執行材料轉換策略的同時，繼續深化與規模化住宅建築商的關係。

EBIT margin was 31.2%, down 10 basis points versus the prior year, but above the midpoint of our guidance. This includes $36 million of depreciation expense, which incorporates our new ColorPlus finishing capacity in Massachusetts, which came online in the quarter.

息稅前利潤率為 31.2%，較前一年下降 10 個基點，但高於我們預期的中位數。其中包括 3,600 萬美元的折舊費用，其中包括我們本季在馬薩諸塞州投入使用的新的 ColorPlus 精加工產能。

Importantly, we did not begin to recognize depreciation for our new capacity in Prattville during the fiscal first quarter, but had begun to do so during our fiscal second quarter. North America EBITDA grew 5% to $263 million, with EBITDA margin increasing 10 basis points to 36.1%.

重要的是，我們在第一財季沒有開始確認普拉特維爾新產能的折舊，但在第二財季已經開始這麼做了。北美 EBITDA 成長 5% 至 2.63 億美元，EBITDA 利潤率增加 10 個基點至 36.1%。

The benefits of annual price increase in savings from cost initiatives were partially offset by unfavorable labor, freight, cement and startup costs, as well as the $4 million manufacturing asset impairment charge. We are proactively responding with surgical reductions and spend to align to the current environment and market outlook.

成本措施帶來的年度價格上漲所帶來的節省，被不利的勞動力、運費、水泥和啟動成本以及 400 萬美元的製造資產減損費用部分抵銷。我們正在積極應對，大幅削減開支，以適應當前環境和市場前景。

We are prioritizing investments into the contractor, customers, and our product innovation, while reducing spend in areas such as the development of new marketing collateral and [TNE] Overall, the team continues to execute well as North America contends the dynamic market.

我們優先考慮對承包商、客戶和產品創新的投資，同時減少在開發新行銷材料和[TNE]等領域的支出。總體而言，隨著北美在充滿活力的市場中競爭，球隊繼續表現良好。

Turning to page 13, to discuss the Asia Pacific results. Sales decreased 2% in Australian dollars, primarily due to a 9% decrease in volumes, partially offset by 7% growth in average net sales price. Lower volumes were mostly driven by weak market demand in Australia.

翻到第 13 頁，討論亞太地區的結果。以澳元計算，銷售額下降了 2%，主要原因是銷量下降了 9%，但平均淨銷售價格上漲了 7%，部分抵消了下降。銷量下降主要是由於澳洲市場需求疲軟。

The Australian market continues to be challenged by housing affordability and negative consumer sentiment arising from persistently high inflation and elevated interest rates. Despite this backdrop, we continue to work with our homebuilder partners, identifying consumer needs and collaborating on new product developments, each of which better positions us to gain profitable share as markets transition to recovery.

澳洲市場繼續面臨住房負擔能力和持續高通膨和高利率導致的負面消費者情緒的挑戰。儘管有這樣的背景，我們仍繼續與我們的房屋建築商合作夥伴合作，了解消費者需求並合作開發新產品，隨著市場向復甦過渡，每一項舉措都使我們更有能力獲得盈利份額。

We remain focused on winning category share and will continue to do so even amidst a challenging backdrop. Encouragingly, we have seen a modest improvement in orders from homebuilder customers that will take time for these early green shoots to translate to higher production and sales.

我們仍然專注於贏得品類份額，即使在充滿挑戰的背景下，我們仍將繼續這樣做。令人鼓舞的是，我們看到來自房屋建築商客戶的訂單略有改善，這些早期的綠芽需要時間才能轉化為更高的產量和銷售。

Asia Pacific EBIT margin was 30.4%, which includes depreciation and amortization expense of $5 million. EBITDA declined 9% to $46 million and EBITDA margin decreased 210 basis points to 34% as a benefit of higher average net sales price from favorable price and mix was offset by lower market volumes and our continued investments across the customer value chain. Similar to North America, we are pleased with the team's execution as they contend with dynamic and uncertain markets.

亞太地區息稅前利潤率為 30.4%，其中包括 500 萬美元的折舊和攤提費用。EBITDA 下降 9% 至 4,600 萬美元，EBITDA 利潤率下降 210 個基點至 34%，因為優惠的價格和產品組合帶來的平均淨銷售價格上漲的好處被較低的市場銷量和我們對整個客戶價值鏈的持續投資所抵消。與北美類似，我們對團隊在應對動態和不確定的市場時的表現感到滿意。

Turning to page 14 to discuss the European results. Net sales reached record levels and increased 8% in euros, with sales growth in both fiber gypsum and fiber cement products. We delivered 7% higher volumes, even as our markets remained challenged, with the impact of higher rates continuing to impact demand for our products in key countries such as the UK and France.

翻到第 14 頁討論歐洲的結果。淨銷售額達到創紀錄水平，以歐元計算成長了 8%，其中纖維石膏和纖維水泥產品的銷售額均有所增長。儘管我們的市場依然面臨挑戰，我們的銷售量仍成長了 7%，而且利率上調的影響繼續影響著英國和法國等主要國家對我們產品的需求。

These geographies are especially important for growth in high value products, including our fiber cement plank offering in the UK and our panels business in France. We are making progress, but the market environment has been an impediment to what we see as a full growth potential for the segment. In Germany, our largest European market, we are optimistic that market demand is beginning to bottom.

這些地區對於高價值產品的成長尤其重要，包括我們在英國的纖維水泥板產品和在法國的面板業務。我們正在取得進展，但市場環境阻礙了我們所認為的該領域充分發揮成長潛力。在我們最大的歐洲市場德國，我們樂觀地認為市場需求正在開始觸底。

Finally, on our top line performance, we are encouraged by the result of innovative new products such as Therm25 flooring. Our initial launch has demonstrated the value this product brings to our customers, which we highlighted at our Investor Day.

最後，關於我們的頂線業績，我們對 Therm25 地板等創新新產品的成果感到鼓舞。我們的首次發布已經證明了該產品為我們的客戶帶來的價值，我們在投資者日上強調了這一點。

To accelerate this performance, we've initiated a grassroots training campaign, which will enable us to reach 3,000 installers throughout fiscal 2025. EBIT margin was 9.6%, inclusive of $7 million depreciation and amortization expense.

為了加速這一業績，我們發起了一項基層培訓活動，這將使我們能夠在 2025 財年覆蓋 3,000 名安裝人員。息稅前利潤率為 9.6%，其中包括 700 萬美元的折舊和攤提費用。

Segment EBITDA grew 5% to $20 million and EBITDA margin decreased 20 basis points to 15.5% as the benefits of volume leverage were more than offset by the unfavorable impact of higher freight and paper costs. The focus for the EU team is execution on growing high value products. The strategic emphasis will support the longer term margin expansion opportunity.

分部 EBITDA 成長 5% 至 2,000 萬美元，EBITDA 利潤率下降 20 個基點至 15.5%，因為銷售槓桿帶來的好處被運費和紙張成本上漲的不利影響所抵銷。歐盟團隊的重點是實現高價值產品的成長。策略重點將支持長期利潤擴張機會。

As we previously shared on April 1, we adjusted our transfer pricing on the inter-company sale product from the US to Europe. This impact for the full fiscal year, which as we said, is approximately 200 basis points to Europe EBIT margin will be reflected in the EU segment in FY25 with the offsetting value fully accruing to North America. And thus, there is no impact on a consolidated basis.

正如我們之前在 4 月 1 日分享的那樣，我們調整了從美國到歐洲的公司間銷售產品的轉移定價。正如我們所說，這項影響對整個財年的影響約為歐洲息稅前利潤率的 200 個基點，並將在 25 財年的歐盟部門中得到體現，而抵銷價值將全部計入北美。因此，對合併基礎沒有影響。

This impact became effective April 1, but given the time it takes for the new higher cost inventory to work through to Europe's cost of sales, only a limited impact was felt in Europe's P&L during the quarter.

這一影響於 4 月 1 日生效，但考慮到新的高成本庫存需要時間才能反映在歐洲的銷售成本中，因此本季歐洲的損益表僅受到有限的影響。

Now turning to page 15, I'll provide our latest expectations on our end markets in North America. Starting with repair and remodel, the outlook for repair and remodel spending remains weak with higher ticket discretionary projects feeling more pressure than other categories.

現在翻到第 15 頁，我將提供我們對北美終端市場的最新預期。從維修和改造開始，維修和改造支出的前景依然疲軟，高價位可自由支配的項目比其他類別感受到更大的壓力。

High borrowing costs remain the primary challenge to affordability, enthusiasm for home improvement, which has contributed to homeowners deferring projects. In the near term, we continue to anticipate softness for remodeling activity, and our expectation is that market volumes could decline mid to high single digits this fiscal year.

高借貸成本仍然是負擔能力和房屋裝修熱情的主要挑戰，這導致房主推遲了專案。短期內，我們繼續預期改造活動將會疲軟，我們預期本財年的市場交易量可能會下降中高個位數。

When we spoke to you in May, we shared that external data providers expected R&R to decline approximately low to mid-single digits in calendar year 2024.

當我們在五月與您交談時，我們曾表示，外部資料提供者預計 2024 日曆年的 R&R 將下降約低至中等個位數。

Turning to new construction, the first quarter was relatively choppy as single-family homebuilders contended with high rates, rising inventories and soft traffic. Housing starts decelerated and then fell sequentially and homebuilder sentiment weaken throughout the quarter with survey participants citing softness in current traffic and sales.

談到新建築，第一季相對波動，因為獨棟住宅建築商面臨高利率、庫存增加和交通疲軟等問題。新屋開工速度減緩，隨後連續下降，整個季度房屋建築商信心減弱，調查參與者指出當前交通和銷售疲軟。

We believe it is prudent to moderate our view on new construction and assume that the softening in 1Q remains with us further into the year. We now expect volume growth for our products and single-family new construction to grow low to mid-single digits compared with to the external forecast, which calls for high single-digit growth for calendar year 2024 from our May call. For multifamily, we still anticipate significant decline in activity, mostly in line with the prior external forecast.

我們認為，謹慎的做法是調整對新建築的看法，並假設第一季的疲軟態勢將持續到今年年底。我們現在預計，我們的產品和單戶住宅​​新建量的成長率將達到低至中等個位數，而外部預測則認為，從 5 月的預測來看，2024 日曆年將實現高個位數成長。對於多戶型住宅，我們仍然預期活動將大幅下降，這與先前的外部預測基本一致。

Taken together with the overall market volumes declining low to mid-single digits. I cannot stress enough our commitment to outperforming any market environment, which is why we are reaffirming our expectation of delivering four points of market outperformance as measured by primary demand growth or PDG, supporting our full year North American volume expectations.

總體而言，市場交易量下降了低至個位數。我再怎麼強調我們致力於超越任何市場環境的承諾也不為過，這就是為什麼我們重申我們的期望，即以主要需求增長或 PDG 衡量實現四個市場超越點，以支持我們全年北美銷量預期。

As we mentioned at our recent Investor Day, we remain bullish on the long term prospects for repair and remodel as record home equity levels and rapidly aging housing stock should drive resetting activity for years to come.

正如我們在最近的投資者日上提到的那樣，我們仍然看好維修和改造的長期前景，因為創紀錄的房屋淨值水準和快速老化的房屋存量應該會推動未來幾年的重置活動。

We remain similarly optimistic about the long-term prospects for new construction given relatively lower levels of homebuilding over the last decade and the outlook for growth in households in line with long term trends. These structural underpinnings make it even more necessary to position ourselves now to sustain our outperformance as markets transition to recovery.

鑑於過去十年房屋建築水平相對較低，且家庭成長前景符合長期趨勢，我們對新建築的長期前景仍持同樣樂觀的態度。這些結構性基礎使得我們現在更有必要做好準備，以便在市場向復甦過渡時保持我們的優異表現。

Please turn to page 16. We are reaffirming our fiscal 2025 financial guidance. This is enabled by our solid start to the year and the actions we are taking to both accelerate our share gain and protect our strong margins.

請翻到第16頁。我們重申 2025 財年的財務指引。這是因為我們今年開局良好，並採取了措施來加速我們的份額成長並保護我們強勁的利潤率。

On the previous slide, I detailed our expectations for our end markets, which remain challenging. Our base case expectations are unchanged. Markets will remain challenging as we move through our fiscal year. That said, our updated forecast for North American volume in FY25 continues to be within the range we provided on our fourth quarter call, 2.95 billion to 3.15 billion standard feet, which represents roughly flat volume versus fiscal 2024 plus or minus 3%.

在上一張投影片中，我詳細說明了我們對終端市場的期望，這仍然充滿挑戰。我們的基本預期保持不變。隨著財政年度的推進，市場仍將面臨挑戰。也就是說，我們對 2025 財年北美運輸量的最新預測仍然在我們第四季度電話會議上提供的範圍內，即 29.5 億至 31.5 億標準英尺，與 2024 財年相比，運輸量大致持平，上下浮動 3%。

As a reminder, this incorporates 4 points of market outperformance or PDG as detailed on the previous slide. We expect North American EBIT margin for the full year to be between 29% and 31%, unchanged from our prior expectations, with a range directionally corresponding to the volume range.

提醒一下，這包含了上一張投影片中詳細說明的 4 個市場優異表現點或 PDG。我們預計北美全年息稅前利潤率將在 29% 至 31% 之間，與我們先前預期的相同，該範圍與銷量範圍方向相對應。

We continue to prioritize the right expenses, those that are necessary to scale the company for the future and accelerate our share gains as markets transition to recovery. We also continue to expect our total adjusted net income to fall within the range we provided in May, $630 million to $700 million.

我們將繼續優先考慮正確的支出，這些支出對於擴大公司未來規模以及在市場復甦過程中加速我們的份額成長是必要的。我們也繼續預期我們的總調整後淨收入將在我們 5 月提供的範圍內，即 6.3 億美元至 7 億美元。

And our plans for capital expenditures are also unchanged for the expected spend between $500 million and $550 million for this fiscal year. Our ability to reaffirm our fiscal year guidance demonstrates our organizational focus and commitment to controlling the controllable and resource prioritization.

我們的資本支出計畫也沒有變化，預計本財年的支出將在 5 億至 5.5 億美元之間。我們能夠重申財政年度指導，這表明我們的組織重點和對控制可控性和資源優先性的承諾。

As we look to the second quarter, our markets remain challenging. And while we have identified actions sufficient to offset incremental weakness across our fiscal year, it will take time to recognize these offsets.

展望第二季度，我們的市場仍充滿挑戰。儘管我們已經確定了足以抵消整個財政年度逐漸出現的疲軟狀況的行動，但認識到這些抵消措施仍需要時間。

With this context, our guidance for the coming quarter includes second quarter North American volumes within the range of 705 million to 735 million standard feet, down mid to high single digits versus the prior year. Second quarter North American EBIT margin in the range of 27.5% to 29.5% and total adjusted net income between $135 million and $155 million.

在此背景下，我們對下一季的預期是，第二季度北美的運輸量將在 7.05 億至 7.35 億標準英尺之間，與上年相比下降中高個位數。第二季北美息稅前利潤率在 27.5% 至 29.5% 之間，調整後淨收入總額在 1.35 億美元至 1.55 億美元之間。

Please turn to page 17 where I will discuss our cash generation and review our capital allocation priorities. It all starts with our strong margins, driving cash generation, the primary source of our available investment dollars.

請翻到第 17 頁，我將在其中討論我們的現金產生情況並審查我們的資本配置優先事項。一切都始於我們強勁的利潤率，推動現金產生，這是我們可用投資資金的主要來源。

In the quarter, we fully covered $130 million of CapEx spend and $75 million of share repurchase through our strong cash generation. We generated solid EBITDA, which we view as a measure to assess our cash generation abilities.

本季度，我們透過強勁的現金產生能力完全覆蓋了 1.3 億美元的資本支出和 7,500 萬美元的股票回購。我們實現了穩健的 EBITDA，我們將其視為評估我們現金創造能力的標準。

Despite the challenges in our end markets, we expect to generate sufficient cash flow to fund our internal growth needs this year. As markets transition to recovery, we expect to be even more cash generative. As we grow our cash flows, we will diligently follow our capital allocation priorities, which as a reminder, are first and foremost, to invest for organic growth while maintaining a strong and flexible balance sheet.

儘管我們的終端市場面臨挑戰，但我們預計今年將產生足夠的現金流來滿足我們的內部成長需求。隨著市場逐漸復甦，我們預期現金流將會更加充沛。隨著現金流的成長，我們將認真遵循我們的資本配置優先事項，提醒一下，首先，要投資有機成長，同時保持強勁且靈活的資產負債表。

Once we've achieved our two primary priorities, we look to deploy excess capital to shareholders. And finally, consideration of inorganic growth also sits within the full range of our capital allocation levers. Coming back to our two core priorities, investing for organic growth and maintaining a flexible balance sheet, we continue to execute on our pipeline of approved expansion actions.

一旦我們實現了兩個主要優先事項，我們就會尋求向股東部署剩餘資本。最後，對無機成長的考量也屬於我們資本配置槓桿的全部範圍。回到我們的兩個核心優先事項，即投資有機成長和維持靈活的資產負債表，我們將繼續執行已批准的擴張行動。

This fiscal year, we expect to complete our expansion of sheet machines 3 and 4 and continue work on the ColorPlus finishing line in our Prattville, Alabama facility, continue our brownfield expansion in Orejo, Spain, begin work on our brownfield expansion in Cleburne, Texas, and advanced the planning of our Crystal City, Missouri greenfield project.

在本財政年度，我們預計將完成 3 號和 4 號板材機的擴建，並繼續在阿拉巴馬州普拉特維爾工廠進行 ColorPlus 精加工生產線的建設，繼續在西班牙奧雷霍進行棕地擴建，開始在德克薩斯州克利伯恩進行棕地擴建，並推進密蘇裡州水晶城綠地項目的規劃。

Our financial position is strong. We have nearly $1 billion of total liquidity between our cash balance and available capacity on our revolver despite investing $130 million in CapEx in Q1 and continuing to execute on our share repurchase program. Our leverage ratio improved in the quarter to 0.66 times the 15th straight quarter at or below 1 times.

我們的財務狀況良好。儘管我們在第一季投資了 1.3 億美元的資本支出並繼續執行股票回購計劃，但我們的現金餘額和循環信貸可用容量之間仍有近 10 億美元的總流動資金。本季我們的槓桿率改善至 0.66 倍，連續第 15 季維持在 1 倍或以下。

Now moving to deploying excess capital, we deployed $75 million in the quarter to share repurchase a continuation of our commitment to returning cash to shareholders. In total we have repurchased $225 million of James Hardie stock as part of this program.

現在轉向部署過剩資本，我們在本季度部署了 7,500 萬美元用於股票回購，這延續了我們向股東返還現金的承諾。作為該計劃的一部分，我們總共回購了價值 2.25 億美元的 James Hardie 股票。

In June, the Board of Directors approved a $50 million increase in this program to $300 million. And finally, our approach to capital allocation is holistic and includes evaluating potential opportunities that may create value for our shareholders.

6 月份，董事會批准將該計畫的資金增加 5,000 萬美元，達到 3 億美元。最後，我們的資本配置方法是全面性的，包括評估可能為股東創造價值的潛在機會。

In assessing the merits of potential inorganic opportunities, we have established three clear criteria. First, the opportunity must accelerate our current strategy. Second, it must enhance our value proposition to our customers. And finally, it must be financially attractive and create clear financial value for shareholders over the long term.

在評估潛在無機機會的優點時，我們建立了三個明確的標準。首先，機會必須加速我們目前的策略。其次，它必須增強我們對客戶的價值主張。最後，它必須具有財務吸引力，並為股東長期創造明確的財務價值。

We view diligence stewardship of investor capital as an essential part of our overall success and effectiveness as a management team and believe we have the right framework in place to enhance shareholder returns through capital allocation.

我們認為，對投資者資本的盡職管理是我們作為管理團隊取得整體成功和效率的重要組成部分，並相信我們已經建立了正確的框架，可以透過資本配置來提高股東回報。

And with that, I'll turn it back over to Aaron.

說完這些，我會把話題還給 Aaron。

Thank you, Rachel. Please turn to slide 18, we delivered a solid start to the 2025 fiscal year with strong results in the first quarter. We are driving profitable share gain and executing consistently on our strategy. This positions us well to deliver on our commitments for the year and will position us to drive performance toward our long term financial aspirations when markets transition to recovery.

謝謝你，Rachel。請翻到第 18 張投影片，我們在第一季取得了強勁的業績，為 2025 財年開了個好頭。我們正在推動獲利份額的成長並持續執行我們的策略。這使我們能夠很好地履行今年的承諾，並將使我們能夠在市場復甦時推動業績實現我們的長期財務目標。

At James Hardie, we have been and are a growth company. The legacy principles that got us here are clear. We established the foundations and moats that afforded us our leading position in the market, and we did this primarily through a focus on our superior product performance.

在 James Hardie，我們過去是、現在也是一家成長型公司。讓我們走到今天這一步的傳統原則是明確的。我們建立了使我們在市場上處於領先地位的基礎和護城河，而我們做到這一點主要透過專注於我們卓越的產品性能。

We have been customer and contractor focused and drove efficiency in our operations through a focus on manufacturing scale and productivity. As a result of our past efforts, strong growth in sales and profits, high returns and significant cash flow generation, this established our track record of growth.

我們一直以客戶和承包商為中心，透過專注於製造規模和生產力來提高營運效率。由於我們過去的努力，銷售額和利潤強勁增長，高回報和大量現金流產生，這確立了我們的成長記錄。

Now on slide 19 as we look ahead, we believe the future of James Hardie as a growth company is now even more compelling with three primary pillars for shareholder value creation. First, we have the right strategy, one, where our success perpetuates driving even greater success. Second, we have bold aspirations and a talented team that delights and pursuing and achieving challenging goals. And third, our financial profile is attractive and will only continue to improve as we work towards achieving our longer term aspirational targets.

現在，當我們展望第 19 張幻燈片時，我們相信 James Hardie 作為成長型公司的未來將更加引人注目，因為它擁有三大股東價值創造支柱。首先，我們有正確的策略，我們的成功將持續推動我們取得更大的成功。其次，我們擁有遠大的抱負和一支才華橫溢的團隊，他們熱衷於追求並實現具有挑戰性的目標。第三，我們的財務狀況很有吸引力，隨著我們努力實現長期目標，我們的財務狀況只會繼續改善。

But with that, operator, please open the line for questions.

但是，接線員，請打開熱線來回答問題。

Matthew McKellar, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修麥凱勒 (Matthew McKellar)。

Great. Thanks very much. I mean, first, zooming out a little bit. What are the two or three things you need to get right in the new construction space in North America over the next year to deepen your relationship with homebuilders and ensure that you're setting up the business for above market growth over the long term as markets improve?

偉大的。非常感謝。我的意思是，首先，稍微縮小一點。明年，您需要在北美新建築領域做好哪兩三件事，以加深與房屋建築商的關係，並確保隨著市場好轉，您的業務能夠長期維持高於市場的成長？

Yeah. Hey, Matt, great question. Look, I think that we are getting it right with homebuilders. We've talked before about our success with the large homebuilders, whether that be the top 25 or the top 200, and it's really making sure we bring value to them. So that's understanding the needs that they have for each of the markets that they participate in.

是的。嘿，馬特，這個問題問得好。瞧，我認為我們與房屋建築商的合作做得很好。我們之前曾談到我們與大型房屋建築商合作所取得的成功，無論是前 25 名還是前 200 名，這確實確保我們為他們帶來價值。這樣就可以了解他們所參與的每個市場的需求。

I think the Meritage recent announcement is really key and an example of what we're doing and the value we're bringing. Not speak to Meritage, but they have really aggressive growth plans in the future. And I think it's symbolic that they picked us right, because we're there to be able to service them around the country, right. If you think about our local manufacturing, you think about the support, the list goes on and on with the value proposition that we're able to bring them.

我認為 Meritage 最近的公告非常關鍵，也是我們正在做的事情和我們帶來的價值的一個例子。雖然沒有提到 Meritage，但他們未來確實有積極的成長計劃。我認為他們選擇我們具有像徵意義，因為我們能夠在全國各地為他們提供服務，對吧。如果你考慮我們的在地製造，考慮支持，我們能為他們帶來的價值主張就會不斷增加。

Great. Very helpful. Thank you. And as a second question at the Investor Day, you talked about wanting to accelerate material conversion and growing R&R in the northeast and midwest specifically, is there anything incremental you can share with us today that gives you confidence that homeowner interest in James Hardie product in those regions, specifically is increasing or that your base of contractors ready to serve increased demand for James Hardie siding is growing, even if you don't see it in the volumes today.

偉大的。非常有幫助。謝謝。作為投資者日的第二個問題，您談到希望加速材料轉換和增加東北部和中西部地區的 R&R，今天您可以與我們分享一些增量資訊嗎？這些資訊可以讓您相信這些地區的房主對 James Hardie 產品的興趣正在增加，或者您準備好滿足 James Hardie 壁板日益增長的需求的承包商基礎正在增長，即使您今天沒有看到這種需求的數量。

Yeah, Matt, another great question. You're two for two here. Hey, I think you know, as we look at the challenges with R&R, we've talked a lot about the percentage of our business that is it represents almost two-thirds of the business.

是的，馬特，這又是一個好問題。你們在這裡是二對二。嘿，我想你知道，當我們審視 R&R 面臨的挑戰時，我們已經討論了很多關於我們業務的百分比，它幾乎佔了我們業務的三分之二。

But what we look at right now, obviously is how do we set ourselves up for future growth and long term material conversion opportunities. There's a tremendous amount of vinyl when you think about the midwest, you think about the Northeast, we illustrated that and brought it to life in our Investor Day.

但我們現在考慮的顯然是如何為未來的成長和長期的物質轉化機會做好準備。當你想到中西部、想到東北部時，你會看到大量的黑膠唱片，我們在投資者日上對此進行了說明並使其栩栩如生。

So what we like to talk about is some of the investments we're making. So as the markets start to come back, we're going to be there and we're going to help homeowners. We're going to help contractors to really accelerate that conversion.

因此，我們想談論的是我們正在進行的一些投資。因此，隨著市場開始復甦，我們將提供協助並幫助房主。我們將幫助承包商真正加快這一轉變。

So from a contractor standpoint, we're focusing on our contractor alliance program, so bringing them the support that they need. If we think about the journey for the homeowners, they decide to resize their help their homes, how do we make that journey shorter and easier for them, and that's a lot of what the branding that we're bringing.

因此，從承包商的角度來看，我們專注於我們的承包商聯盟計劃，從而為他們提供所需的支援。如果我們考慮房主的旅程，他們決定調整房屋大小，我們如何讓他們的旅程變得更短、更輕鬆，這就是我們帶來的品牌效應。

So I look at a combination of all these things. We've talked about it before, we talked about in our Investor Day, some of the leading indicators that we look at and all of those are pointing the right way for us. So I'm very pleased with our progress.

因此，我將所有這些因素綜合起來考慮。我們之前已經討論過這個問題，我們在投資者日討論過我們關注的一些領先指標，所有這些指標都為我們指明了正確的方向。所以我對我們的進展感到非常高興。

Lee Power, UBS.

瑞銀的李鮑爾（Lee Power）。

Hi Aaron, hi Rachel. Aaron, just if we think about volumes so far the first quarter, second quarter has declines in it's probably bigger to H2 than we would usually see. I guess the market volume slide that you've given is probably slightly softer than it was last time. Can you maybe chat a little bit about the trends that you've actually seen in the 2Q to date? Is it as simple as just an end market demand continuing to slow or is there something else that's going on that explains that?

嗨，Aaron，嗨，Rachel。亞倫，如果我們考慮第一季迄今的交易量，那麼第二季的下降幅度可能比我們通常看到的下半年更大。我想您給的市場交易量下滑可能比上次稍微緩和一些。您能否稍微談談您在第二季度迄今為止實際看到的趨勢？這只是因為終端市場需求持續放緩，還是有其他原因導致的？

Yeah, Lee, so I think probably what you're getting at is a little bit of seasonality with our volumes if you look at it from a traditional standpoint. What our guide points to us really reflects what we're seeing in the marketplace right now.

是的，李，所以我認為，如果你從傳統的角度來看，你可能了解到我們的銷量有一點季節性。我們的指南向我們指出了真實反映我們目前在市場上看到的情況。

And Rachel mentioned that she was going through a presentation on the opening remarks, near term in Q2, we have seen R&R, we have seen single-family new construction softening a little bit. So that really reflects the guidance range that we've put out there for Q2.

Rachel 提到，她正在準備一個關於開場白的演講，在第二季度的近期，我們已經看到了 R&R，我們看到單戶住宅新建築的數量有所下降。這確實反映了我們為第二季制定的指導範圍。

Okay. Thank you. And then Rachel, maybe I'd just be interested to hear how you're thinking about input costs, like the FY25 guide unchanged. Like have your assumptions around input costs of the business changed. And maybe remind us of what you're kind of thinking into them the back half?

好的。謝謝。然後 Rachel，也許我只是想聽聽你對投入成本的看法，例如 FY25 指南保持不變。例如，您對業務投入成本的假設是否改變了。也許可以提醒我們一下您對後半部的想法？

Yeah. So I've pointed out consistently that cement pulls into a lesser degree freight, also labor, our input cost that we expect to be unfavorable year over year and to the headwinds, we are expecting that to increase as a headwind as we go into Q2. But importantly, as we think about what we've been able to do with our cost savings and with ASP being up in all regions, we are positioned to work against some of those raw material headwinds.

是的。因此，我一直指出，水泥對運費和勞動力的拉動程度較小，我們預計投入成本將逐年不利，而且我們預計，進入第二季度，這種不利因素將會增加。但重要的是，當我們思考如何節省成本，以及所有地區的平均售價是否上漲時，我們可以應對一些原材料方面的不利因素。

Keith Chau, MST Marquee.

Keith Chau，MST Marquee。

Hi Rachel, hi Aaron. First question for Rachel. So in your prepared remarks, Rachel, you talked about some weakness in the south, particularly with homebuilders. Sounds like there is a channel impact in the second quarter as homebuilders align to what you're seeing for underlying sales and perhaps reducing inventory levels.

嗨，Rachel，嗨，Aaron。第一個問題問 Rachel。因此，Rachel，在您準備好的發言中，您談到了南方的一些弱點，尤其是房屋建築商。聽起來第二季會受到通路影響，因為房屋建築商會根據您所看到的基礎銷售額來調整，並可能降低庫存水準。

But can you give us a bit more detail and clarity around that dynamic? And have you tried to quantify what the potential impact could be in the second half? Because ultimately, if you look at the volume guidance for the full year, it does assume an acceleration of growth into the second half.

但是您能否向我們提供有關該動態的更多細節和清晰度？您是否嘗試過量化下半年可能造成的影響？因為最終，如果你看一下全年的銷售預期，它確實假設下半年成長會加速。

So underlying it seems like there's not too much of an issue but certainly for the second quarter there is. So can you give us a sense of what you think that potential impact is with what the home builders are trying to do with their starts, please?

因此從根本上看，似乎沒有太大的問題，但第二季度肯定存在問題。那麼，您能否向我們介紹一下，您認為這對房屋建築商的開工項目可能會產生哪些影響？

Sure. So I'll start with the second quarter, and you have heard on the public builder calls, they have cited affordability pressures continuing to impact demand and traffic levels, and that has caused some of the builders to moderate their start pace and manage our inventory. So we are seeing that reflecting that in our second quarter.

當然。因此，我將從第二季度開始，您在公共建築商電話會議上已經聽過，他們指出，負擔能力壓力繼續影響需求和交通水平，這導致一些建築商放慢開工速度並管理我們的庫存。因此，我們在第二季度看到了這一點的體現。

But as we think about the second half of the year and in total, first of all, we only have one quarter complete under our belts. So let's start there. I think we're really proud of the team that they did do what they said they would do and delivered and set us up.

但當我們思考下半年和整體情況時，首先，我們只完成了一個季度。那我們就從那裡開始吧。我認為我們真的為這個團隊感到驕傲，他們確實履行了他們的承諾，並為我們做好了準備。

There's a lot of uncertainty in the markets right now, and there's a wide range of estimates out there unless we expect those near term challenges, as I said, in Q2. But as you think about our annual guidance, that really that range does continue to reflect the breadth of that uncertainty. And we do recognize as soon as we get there, there's a lot of pent-up demand in new construction R&R when those markets transition to recovery when they're deployed to get there.

目前市場上存在許多不確定性，除非我們預期第二季會出現這些短期挑戰，否則市場上的估值範圍很廣。但當你考慮我們的年度指導時，你會發現這個範圍確實繼續反映了這種不確定性的廣度。我們確實意識到，一旦我們到達那裡，當這些市場部署到那裡並過渡到復甦階段時，新建築 R&R 中就會出現大量被壓抑的需求。

And my follow-up question to Aaron. So Aaron given the what we're seeing the uncertainties in the market at the moment. There's obviously a lot of discussion on SG&A at the last result call. But I'm trying to understand how you're thinking about SG&A now. Is the foot still on pedal or do you need to depress the clutch, giving your expectations of the volume profile into the rest of the FY25 and beyond?

這是我對 Aaron 的後續問題。因此，Aaron 考慮到我們目前看到的市場不確定性。上次業績電話會議中顯然對銷售、一般及行政費用 (SG&A) 進行了大量討論。但我想了解您現在對銷售、一般和行政費用 (SG&A) 有何看法。腳還踩在踏板上嗎？還是需要踩下離合器？根據您對 2025 財年剩餘時間及以後的音量曲線的預期？

Yeah, Keith, a good question here. Look we've always said that we've set up our SG&A to have the ability to pedal and clutch if we need to. I think the key here is to make sure that we're not hurting any of our long term strategic initiatives.

是的，基思，這是一個好問題。你看，我們總是說，我們已經設定了銷售、一般和行政費用，以便在需要時能夠踩踏板和踩離合器。我認為這裡的關鍵是確保我們不會損害任何長期策略舉措。

So we do have some clutch efforts in place. Let me give you an example of what those would be. So as we think to Q2, we were scheduled to do production on a new television commercial. That's something that the team we decided we could clutch on. Where I won't clutch on is making sure we're investing in our customer. So if we think about the contractor alliance program, that's something that we're full steam ahead on.

所以我們確實做出了一些關鍵的努力。讓我給你舉個例子來說明這些是什麼。因此，當我們想到第二季時，我們計劃製作一部新的電視廣告。我們團隊決定要抓住這一點。我不會堅持的是確保我們投資我們的客戶。因此，如果我們考慮承包商聯盟計劃，那就是我們正在全力推進的事情。

So this really what is about prioritization. We're not going to hurt ourselves from a long term standpoint. We don't manage the business quarter to quarter. We manage the business for the long term, which we have a lot of confidence as I expressed in Investor Day, that there's going to be a long term opportunity for us to really accelerate rate growth through material conversion. We need to make sure we're investing in the right things.

所以這實際上就是優先排序。從長遠角度來看，我們不會傷害自己。我們不會按季度管理業務。我們著眼於長期經營，正如我在投資者日所表達的那樣，我們對此充滿信心，我們將有一個長期機會，透過材料轉換來真正加速成長率。我們需要確保我們投資於正確的事情。

Andrew Scott, Morgan Stanley.

摩根士丹利的安德魯·斯科特。

Thank you. Good morning. Rachel, just a quick one on the North American margin guidance. I just wanted to be clear. Is the range you've given there, is that in your view consistent with the just the low volume sensitivity or is there anything else playing out, bringing that margin down for the second quarter?

謝謝。早安.Rachel，我想簡單談談北美的利潤指導。我只是想說清楚。您給出的範圍是否與您認為的低成交量敏感度一致，或者是否存在其他因素，導致第二季的利潤率下降？

It is a lower volume of that is consistent with that. We also pointed out we do feel raw materials are going to be particularly hard in Q2.

與此相符的是，其音量較低。我們也指出，我們確實認為第二季的原料供應將特別緊張。

Okay, thank you. And just the exit of the Philippines, thoughts on what that does to the margin for the Asia Pacific region?

好的，謝謝。菲律賓退出後，您認為這對亞太地區的利潤有何影響？

Yeah, I can answer that. If we think from a long term standpoint, our Asia Pacific margins will increase as we exit the Philippines. Look just to talk about this, this was a decision we didn't take lightly. As we looked at our business, we've looked at all the segments, we've looked at all the geographies. And we need to focus on our first strategic and tenant. This focus on areas where we have a right to win, and we're going to be able to create long term value, and that's why we made the decision to exit.

是的，我可以回答這個問題。如果我們從長遠角度考慮，隨著我們退出菲律賓，我們的亞太利潤率將會增加。就此而言，這是一個我們並沒有輕易做出的決定。當我們審視我們的業務時，我們審視了所有的細分市場，我們審視了所有的地區。我們需要專注於我們的第一個策略和租戶。我們專注於我們有權取勝的領域，我們將能夠創造長期價值，這就是我們決定退出的原因。

Harry Saunders, E&P.

哈里·桑德斯（Harry Saunders），E&P。

Morning, guys. Just a question perhaps asking a different way, given that softer guidance for the second quarter volumes and you're looking at the midpoint of your full year guidance, does assume a step-up in the second half. So I guess what gives you confidence to that midpoint of sort of improvement presumably in end markets versus the first half?

早安，大家。或許換個方式問這個問題，考慮到第二季度銷量的預期較弱，而你正在考慮全年預期的中點，確實假設下半年銷量會有所增長。那我想，是什麼讓您對終端市場與上半年相比的中期改善充滿信心呢？

Yeah, hey Harry, I'll start out and just reiterating, we're confident in the range. I don't know that we should talk to a lot of hypotheticals out there. This is all about our team's ability to go out there and outperform the market. So that gives us confidence in the range.

是的，嘿，哈利，我先重申一下，我們對這個範圍充滿信心。我不知道我們是否應該討論那裡的許多假設。這一切都取決於我們團隊走出去並超越市場的能力。這讓我們對該範圍充滿信心。

And look, part of our job here is Aaron pointed out, we've got to control the controllables and we really prioritize in the right spend in the right investments. And if you look at the three points of guidance, there's a lot two point to those are very much the control the controllables.

正如 Aaron 指出的，我們的部分工作是，我們必須控制可控因素，並優先考慮在正確的投資中進行正確的支出。如果你看這三點指導，你會發現其中兩點非常關鍵，而且都是可控的。

And on the volume point, and look, if the market stays as it is, that was clearly if it stays weak, there's no improvement, that would give us towards the lower part of the range and obviously to reach the higher part of the range we had to do around the [800], which we've done before. So again, there's a big breadth in that range and we're confident enough in the range.

從成交量來看，如果市場保持現狀，顯然如果市場繼續疲軟，沒有任何改善，那麼我們就會處於區間的下半部分，而要達到區間的上半部分，我們必須在 [800] 左右，我們以前也這樣做過。所以，這個範圍的廣度非常大，我們對這個範圍有足夠的信心。

Got it. Thank you. And my follow-up would be just can you give us a sense of how your internal view of R&R across FY25 has changed over the last three months. Appreciate you gave us external previously and perhaps what does the cadence of our comp performance look like through the balance of the year? Thanks.

知道了。謝謝。我的後續問題是，您能否讓我們了解過去三個月來您對 25 財年 R&R 的內部看法發生了怎樣的變化。感謝您之前給我們外部信息，也許您能想像到今年全年我們的公司業績節奏是怎樣的？謝謝。

Yeah, look, Rachel, go ahead.

是的，聽著，Rachel，繼續吧。

Yeah, look for R&R, we always want to go back to -- there's four factors we think about right. So first one we always talk about is consumer confidence. And right now, it has moderated a little bit given some of the geopolitical instability and frankly, uncertainty around some of the rates.

是的，尋找 R&R，我們總是想回到——我們認為正確的因素有四個。因此，我們首先談論的就是消費者信心。目前，考慮到地緣政治不穩定以及部分利率的不確定性，匯率已略有緩和。

For contractor sentiment, well, it's positive, it basically remained flat same level since June. We look at existing home equity prices and we are encouraged, we are seeing higher prices there. And from the big box transactions, unfortunately they've been calling negativity for eight or nine straight quarters of decline, particularly for the larger part.

就承包商情緒而言，這是積極的，自六月以來基本上保持在同一水平。我們觀察了現有的房屋淨值價格，並感到鼓舞，因為那裡的價格正在上漲。不幸的是，從大型交易來看，他們已經連續八到九個季度出現負面下滑，尤其是對於較大宗的交易而言。

So as we think about those four areas, our own assessment would be that it is probably a tad softer than when we spoke in May and May externally, number was low to mid, and now some of the pundits are really talking about mid-single digit to high single digit decline and particularly with a little bit of a weaker to 2H. So again, that's a bit of the external view and also our internal lens.

因此，當我們考慮這四個領域時，我們自己的評估是，它可能比我們在 5 月份和 5 月份對外談論時要弱一些，當時的數字是低到中等，而現在一些專家真正談論的是中等個位數到高個位數的下降，特別是下半年略有減弱。所以，這既是外部視角，也是我們的內在視角。

Brook Campbell-Crawford, Barrenjoey.

布魯克·坎貝爾-克勞福德，巴倫喬伊。

Yeah, good evening. Thanks for taking my question. Just I guess back to seasonality, I know you've invested a lot in sort of people and systems over the last while R&R you've talked to how that's really helping the business. Is that just I guess at this stage, what's your view around seasonality between 3Q and 4Q? Are you still expecting a pretty even outcome like what you are suggesting in May or is there some factors there to call it?

是的，晚上好。感謝您回答我的問題。我想回到季節性，我知道您在過去的 R&R 中對人員和系統投入了大量資金，您已經談到了這對業務有何真正的幫助。我猜想，在現階段，您對第三季和第四季之間的季節性有何看法？您是否仍期待像您在五月建議的那樣出現相當均衡的結果，或者是否存在一些因素可以稱之為均衡結果？

Yeah, Brook. I think if we look at, you know, the seasonality of our business over the last few years, who can really say there's been much of seasonality, right? It's been so much uncertainty to I like to say that the markets have been a little lumpy. If you will, so look, as I mentioned before, really our guide reflects what we're seeing in the marketplace. And we given the 2Q guide, we're confident in what our range is for the entire year. So we're going to keep it at that. I don't know as I said before that, we want to talk about any types of other further hypotheticals out there. Yeah.

是的，布魯克。我想，如果我們看一下過去幾年我們業務的季節性，誰能真正說季節性很強，對吧？我想說，市場存在太多的不確定性，有點不穩定。如果你願意的話，那麼看，正如我之前提到的，我們的指南確實反映了我們在市場上看到的情況。根據第二季的指導，我們對全年的範圍充滿信心。所以我們會維持現狀。我不知道，正如我之前所說，我們想討論任何其他類型的進一步的假設。是的。

Okay. Sounds good. And obviously, exiting of the Philippines, did you do a broader sort of assessment of your business, and any other aspects of the Group that are perhaps you're considering non-core at this point?

好的。聽起來不錯。顯然，退出菲律賓後，您是否對您的業務以及集團的任何其他方面進行了更廣泛的評估，也許您目前認為這些方面是非核心的？

Yeah, Brook. So as I mentioned before, as we developed our strategy, we did a really comprehensive review of our geographies, our business segments, products, you name it. And the Philippines that we came to that conclusion and I said before that we couldn't see any long term value creation there.

是的，布魯克。正如我之前提到的，在製定策略時，我們對我們的地理位置、業務部門、產品等進行了非常全面的審查。我們對菲律賓得出了這樣的結論，我之前說過，我們看不到那裡有任何長期的價值創造。

It's been a nice business for us. We have a great team there. But if I think about resources, right, and where we have the right to win, and we're going to get our greatest return, I felt that we could take those resources and put them elsewhere.

對我們來說這是一筆不錯的生意。我們在那裡有一支出色的團隊。但是，如果我考慮資源，以及我們在哪裡有權獲勝，以及我們將獲得最大的回報，我覺得我們可以利用這些資源並將其投入其他地方。

Peter Steyn, Macquarie.

麥格理銀行的彼得‧斯泰恩。

Hi, Aaron and Rachel. Thank you very much for your time. May just ask you around PDG for the year end, perhaps early into next year, just your perspective of how some of your additional contracts of Meritage, I'm thinking about [Houghton] last year. How those are coming through for you annualizing, accelerating some of your performance and perhaps contributing to a better outcome relative to market? Just how to think about that.

嗨，Aaron 和 Rachel。非常感謝您抽出時間。可能只是想問您有關 PDG 年底或明年年初的情況，您對 Meritage 的一些額外合約的看法，我正在考慮去年的 [Houghton]。這些對於您年度化發展有何影響，如何加速您的部分業績，甚至可能帶來相對於市場更好的結果？只是該如何去思考這個問題。

Yeah, Pete, look, we think we're on track to hit what we stated as our goal for North America, 4% PDG. Look, we're one quarter into the year. And as I've said before, it's best to look at PDG on an annual basis. So certainly as we think about wins like with Meritage and as we continue to get more and more wins, that's going to certainly help our costs.

是的，皮特，看，我們認為我們有望實現我們在北美設定的目標，即 4% PDG。瞧，今年已經過四分之一了。正如我之前所說，最好每年查看一次 PDG。因此，當我們考慮像 Meritage 這樣的勝利，並且隨著我們繼續獲得越來越多的勝利時，這肯定會幫助我們降低成本。

Yeah. And if I may just a very quick follow-up on that. Rachel, inventory up $30 million in the quarter and probably not atypical for this time of the year, but anything to think about there, perhaps a little bit more going into the channel associated with some of this?

是的。我可以就此做一個非常快速的跟進。瑞秋，本季庫存增加了 3000 萬美元，這在每年的這個時候可能並不罕見，但是有什麼需要考慮的嗎，也許會有更多的資金進入與此相關的管道？

Absolutely, (inaudible) one of the things we really look at is what's our service level associated with that inventory. And we want to make sure that it's investment to our customers and to delivering well. And we do feel that that was an appropriate investment that we had the right level of inventory to maintain at high levels of service and standards that we have put ourselves countable to.

當然，（聽不清楚）我們真正關注的事情之一是與該庫存相關的服務水準。我們希望確保這對我們的客戶來說是一筆投資，並且能夠帶來良好的效果。我們確實認為這是一項適當的投資，我們擁有適當的庫存水準來維持高水準的服務和標準。

Daniel Kang, CLSA.

里昂證券的 Daniel Kang。

Good morning, everyone. Congrats on the record result in Q1. Firstly, can you discuss the, I guess, the competitive landscape with regards to other substrates in the quarter. Have you noticed any increase in competitive intensity? How do you see that impacting the pricing outlook?

大家早安。恭喜您在第一季取得創紀錄的成績。首先，您能否討論本季其他基材的競爭格局。您是否注意到競爭強度增加？您認為這會對定價前景產生什麼影響？

Hey Daniel, great question there. Look, as we've talked before, and I think we've talked over the last two years, the competitive environment is severe as ever, right? Particularly when you have tough markets, everyone is doing everything they can to get it every piece of board out there to take every piece of board. What we do believe is, look, we continue to outperform the markets we participate in.

嘿，丹尼爾，這個問題問得好。你看，正如我們之前談到的，而且我想我們在過去兩年裡也談過，競爭環境一如既往的嚴峻，對吧？特別是在市場競爭激烈的時候，每個人都在盡全力去搶佔每一塊木板。我們確實相信，我們的表現將繼續超越我們所參與的市場。

And just a reminder for everyone, we're in large R&R, new construction, working with large builders and multifamily. The reason I say this, it's difficult given this market context to compare kind of like-for-like with our competition. That's why I think it's really good to look at our share gains over a longer period of time. And if you do so in the exterior cladding, I think you will see that we consistently have profitable share gains out there.

需要提醒大家的是，我們正在進行大型 R&R 和新建築工程，與大型建築商和多戶住宅企業合作。我之所以這麼說，是因為在這種市場環境下，我們很難與競爭對手進行同類比較。這就是為什麼我認為從較長時期觀察我們的份額成長是件好事。如果你在外牆覆層方面也這樣做，我想你會發現我們在那裡持續獲得可觀的市場份額。

Thanks, Aaron, for sure. My follow-up is with market expectations of rate cuts rising over recent weeks, just wondering if that is factored into your broader guidance for recovery in the second half from the, I guess, the near term softness that you're witnessing for 2Q?

非常感謝，Aaron。我的後續問題是，最近幾週市場對降息的預期不斷上升，我只是想知道這是否已經考慮到了您對下半年經濟復甦的更廣泛指導中，我猜，您在第二季度見證了短期疲軟？

Yeah, Daniel, I -- it's very encouraging as we see this rate and we hope to see more, but it's still early days. And the guidance that we put out there is reflected in what we said from the beginning of the year. I think actually if you go back and listen to our May call, we're about exactly where we said we would be.

是的，丹尼爾，我——看到這個速度非常令人鼓舞，我們希望看到更多，但現在還為時過早。我們發布的指導意見反映在我們年初所說的內容中。我認為，實際上，如果你回去聽聽我們五月的電話會議，你會發現我們實際上已經達到了我們所說的目標。

Sam Seow, Citi.

花旗銀行的 Sam Seow。

Hey, guys, thanks for taking the question. Look, clearly a lot of questions on guidance, but I just want to clarify. So we can look at the volume guidance (inaudible) Can you perhaps talk to the interior growth assumption in your 2Q guide? And also what you expect interiors in the second half?

嘿，夥計們，謝謝你們回答這個問題。看，顯然有很多關於指導的問題，但我只是想澄清一下。因此，我們可以看看數量指引（聽不清楚）您能否談談第二季度指南中的內部成長假設？您對下半年的內裝有何期待？

Yeah. So we talked about how exteriors were up low single digits and interiors were down as my implication mid-single digits. And so that is the trends that we are seeing right now. And as we said, I think on the exteriors and where it goes, we are into the hypotheticals and speculation, as Aaron pointed out, we feel very comfortable with the breadth of our range incorporating those venturalities.

是的。因此，我們討論了外部價格如何上漲了個位數，而內部價格如何下降（我暗示是中等個位數）。這就是我們現在看到的趨勢。正如我們所說，我認為就外觀和發展方向而言，我們都在進行假設和推測，正如 Aaron 指出的那樣，我們對涵蓋這些冒險精神的範圍感到非常滿意。

Okay. And then I guess given the emerging difference between large and small projects, I'm sure you've looked into the average size of the heart -- of average Hardie project in the funding source. So yeah, just wondering if you could share with us any info or details on the, I guess, the average dollar size of a remodel and the funding source or any additional detail there? Thank you.

好的。然後我想，考慮到大專案和小型專案之間出現的差異，我相信你已經研究過資金來源中平均 Hardie 專案的平均規模。是的，我只是想知道您是否可以與我們分享有關改造的平均金額和資金來源的任何信息或詳細信息，或者任何其他詳細信息？謝謝。

Yeah, I'll go back to the question before it's a little bit on the mortgage rates coming down a little bit, and how do you feel about that. Obviously, that's a nice leading indicator, but for R&R, the things that have to come down or the rates that help with what you're getting (inaudible) or credit.

是的，我先回到剛才的問題，關於抵押貸款利率下降的問題，您對此有何感想？顯然，這是一個很好的領先指標，但對於 R&R 來說，必須下降的東西或有助於您獲得（聽不清楚）或信用的利率。

So those are really some of the elements that we're waiting. And I did mention those four factors that we look at for R&R. So right now, we are seeing that for R&R, we do field still constrained. I think there is a lot of pent-up demand. We know we've got the strong fundamentals waiting there. But again, financing particularly for these larger sized projects are an important element and that piece is not yet in play.

這些確實是我們正在等待的一些元素。我確實提到了我們在 R&R 中考慮的四個因素。因此現在，我們看到，對於 R&R 而言，我們的領域仍然受到限制。我認為有很多被壓抑的需求。我們知道我們擁有強大的基本面。但再次強調，融資，特別是對這些大型專案的融資，是一個重要因素，而這一部分目前尚未發揮作用。

Niraj Shah, Goldman Sachs.

高盛的 Niraj Shah。

Hi, good evening. Firstly, just on startup costs, I think they were about $4 million in the first quarter. I'm just curious and apologies if I missed it, but what is embedded on that front for the second quarter and then for the full year?

嗨，晚上好。首先，僅就啟動成本而言，我認為第一季約為 400 萬美元。我只是好奇，如果我錯過了，請原諒，但第二季和全年在這方面有什麼進展？

Previously, we talked about the full year being about $10 million, but we did not give specific quarterly guidance on the start-up ramp-up costs.

之前我們談到全年約為 1000 萬美元，但我們沒有給出具體的啟動成本季度指引。

Okay. But the second quarter is expected to accelerate versus the first quarter?

好的。但預計第二季的成長速度將比第一季加快？

Yes, we did say that.

是的，我們確實這麼說過。

All right. Thanks.

好的。謝謝。

Shaurya Visen, Bank of America.

Shaurya Visen，美國銀行。

Good morning Aaron. Good morning Rachel. I just playing off the question that the (inaudible) can you give us some guidance in a slightly different way, and I appreciate if you can't give us more color, but look at just looking at the midpoint of your full year guide, yeah, and sort of take the second quarter midpoint, it sort of implies second half volumes to increase like 3%.

早上好，亞倫。早安，瑞秋。我只是在回答這個問題，（聽不清楚）您能否以稍微不同的方式給我們一些指導，如果您不能給我們更多細節，我將不勝感激，但請看一下全年指南的中點，是的，取第二季度的中點，這意味著下半年的銷量將增加 3% 左右。

And if you think about, you know, what we've done at the fourth quarter, flat volumes at your second quarter implies by [7]. I'm just trying to think what gives you the confidence that we'll have such a sharp pickup and especially considering Rachel, your comments, that a second quarter commentary from homebuilders has been very weak given affordability concerns.

如果你想想我們在第四季的表現，第二季的持平銷售意味著[7]。我只是想知道是什麼讓您有信心我們會出現如此急劇的回升，特別是考慮到 Rachel 的評論，由於對負擔能力的擔憂，第二季度來自房屋建築商的評論非常疲軟。

And last one just on PDG, I know you don't like speaking to it every quarter, but could you give us a sense if that number was around the 4% number for this quarter. Thank you.

最後一個關於 PDG 的問題，我知道您不喜歡每個季度都談論它，但您能否告訴我們，本季度這個數字是否在 4% 左右。謝謝。

Yeah, there's a lot of questions there. Let me see if I got all of them there, but good questions. Look, I would just say again, I'd reiterate, we're confident in the range that we have. I don't want to talk any type of further hypotheticals.

是的，有很多問題。讓我看看我是否回答了所有問題，但這些問題很好。瞧，我只想再說一遍，我重申一下，我們對我們擁有的範圍充滿信心。我不想談論任何類型的進一步的假設。

As we think about the range from a high end standpoint, if things stay weak, we would have to do [800] plus, which we have done before. But we are confident in the range that we have said. Look from a PDG standpoint, I'm going to stick with what I've said for the last, call it eight calls is we're not going to talk about PDG from a quarterly standpoint, it's best to look at that from an annual basis, and we'll stick with that.

當我們從高端的角度考慮範圍時，如果情況仍然疲軟，我們就必須做到 [800] 以上，就像我們以前做過的那樣。但我們對我們所說的範圍有信心。從 PDG 的角度來看，我將堅持我上次所說的內容，稱之為八次通話，因為我們不會從季度的角度談論 PDG，最好從年度的角度來看待它，我們將堅持這一點。

Kai Erman, Jefferies.

凱爾曼，傑富瑞。

Hi Aaron and Rachel, thank you for taking my question. Just a follow up on what Shaurya just asked. But in terms of your guided North American volumes in the second quarter and thinking about traditional seasonality, could you please step through what you've assumed for market conditions in third quarter and fourth quarter '25? If you guys are assuming a material recovery there to hit your full year guidance?

你好，Aaron 和 Rachel，感謝你們回答我的問題。這只是對 Shaurya 剛才問的問題的後續回答。但是，就您對第二季北美銷售的預期以及對傳統季節性的考慮而言，您能否詳細說明您對 2025 年第三季和第四季市場狀況的假設？你們是否假設那裡會出現實質的復甦並達到全年預期？

Yeah, happy to take that Kai. If you kind of look at the low end, again, there's the three points of guidance as reminder, right? It's not just volume. You also have margin, you had net income. And obviously two of those are a lot more controllable than the top line. But there's lots of focus on the call right now on the volumes, in particular, because of the uncertainty in the environment and the confluence of what rate cuts will come, when will they come, when will the pent-up demand transition.

是的，很高興接受這個 Kai。如果您看一下低端，那麼再次，有三點指導作為提醒，對嗎？這不僅僅是數量的問題。你還有利潤，有淨收入。顯然，其中兩條比頂線更易於控制。但現在人們非常關注交易量，特別是因為環境的不確定性，以及降息的力度、降息時間、被壓抑的需求何時轉變等因素。

On the low end of our volume guidance range, basically we can have the same pace, the same types of quarters, and that would hit us towards the lower end of our guidance range of volume. On the high end, as Aaron pointed out, it implies doing about [800] plus, and we have done that before. So again, that would be where are the macros and what is the environment we are in.

在我們的交易量指導範圍的低端，基本上我們可以擁有相同的速度、相同類型的季度，這將使我們達到交易量指導範圍的低端。正如 Aaron 指出的那樣，從高端來看，這意味著要做大約 [800] 以上，我們以前也這樣做過。所以，再說一遍，那就是宏在哪裡以及我們所處的環境是什麼。

Perfect. Thank you.

完美的。謝謝。

Al Harvey, JPMorgan.

摩根大通的艾爾哈維。

Yeah morning Aaron and Rachel. Just looking at the organic growth pace on slide 17. I was just wondering if you could be willing to indicate exactly what works are going on at Cleburne and the planning for Crystal City in 2025. And just confirm whether or not that falls within the $500 million to $550 million CapEx range?

是的，早上好，Aaron 和 Rachel。只看幻燈片 17 上的有機成長速度。我只是想知道您是否願意具體說明克利本正在進行的工作以及 2025 年水晶城的規劃。並確認這是否在 5 億至 5.5 億美元的資本支出範圍內？

Yeah, I'll start out. So we do have some preliminary planning that should be in that the guidance we gave for the Cleburne brownfield, and we do have activity that's going on in Crystal City is well there out.

是的，我這就出發。因此，我們確實有一些初步規劃，這些規劃應該包含在我們為克利本棕地提供的指導中，而且我們在水晶城開展的活動也已經順利完成。

There is a large piece that is kind of Cleburne brownfields. That's correct.

這裡有一大片區域是克利本棕地。沒錯。

Yeah. Okay.

是的。好的。

Okay, hey, just -- go ahead now.

好的，嘿，現在就繼續。

I'll just going to have a follow up there. Just maybe just in that context, wondering if you could just kind of step out more broadly CapEx plans in North America and how you're thinking about getting the '25 by '35 over there, over the next decade or so?

我將在那裡進行跟進。也許只是在這種背景下，想知道您是否可以更廣泛地介紹一下北美的資本支出計劃，以及您如何考慮在未來十年左右實現 25 到 35 的目標？

Yeah, we actually detailed that in our investor presentations during the roadshow. So I can you give a follow-up there with Joe to go through the detail of that. But we have a build as to what capacity would be required to reach that volume. And thus we have would be planned for it. So we'll have that covered for you and they can move directly to slide.

是的，我們實際上在路演期間的投資者演示中詳細說明了這一點。因此我可以與喬進行後續跟進，詳細討論此事。但我們已經知道需要多大的容量才能達到這個數量。因此我們已為此做好了計劃。所以我們會為您解決這個問題，他們可以直接移動到幻燈片。

Yeah, thank you Al. Hey look, I just want to end the call with saying thank you to all our teammates around the world for focusing on working safely while providing solutions to our customer partners. Look, in summary, hopefully what the takeaway here is, our plan is working by our Q1 results, and we are positioned to continue to accelerate growth and material conversion as the markets transition to recovery.

是的，謝謝你，艾爾。嘿，聽著，在通話結束時，我只想對世界各地的所有隊友表示感謝，感謝他們在為我們的客戶合作夥伴提供解決方案的同時注重安全工作。總而言之，希望這裡的要點是，我們的計劃正在根據第一季的業績發揮作用，並且隨著市場向復甦過渡，我們準備繼續加速成長和材料轉化。

Thank you all for the time. Appreciate it.

謝謝大家的時間。非常感謝。

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

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。