James Hardie Industries PLC (JHX) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the James Hardie first quarter fiscal year '26 results. (Operator Instructions)

感謝您的支持，歡迎來到 James Hardie 26 財年第一季業績報告。（操作員指示）

I would now like to hand the conference over to Joe Ahlersmeyer, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁喬‧阿勒斯邁爾 (Joe Ahlersmeyer)。請繼續。

Thank you, operator, and thank you to everyone for joining today's call. Please note that during the course of prepared remarks and Q&A, management may refer to non-GAAP financial measures and make forward-looking statements. You can refer to several related cautionary and other notes on slide 2 for more information.

謝謝接線員，也謝謝大家參加今天的電話會議。請注意，在準備好的評論和問答過程中，管理階層可能會參考非公認會計準則財務指標並做出前瞻性陳述。您可以參考投影片 2 上的幾個相關警告和其他說明以獲取更多資訊。

Forward-looking statements made during today's conference call and in the presentation materials speak only as of the date of this presentation. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on forward-looking statements. 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.

今天的電話會議和簡報資料中所作的前瞻性陳述僅代表本演示之日的觀點。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述的結果有重大差異。因此，提醒投資者不要過度依賴前瞻性陳述。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。

I'm now pleased to hand the call over to our Chief Executive Officer, Mr. Aaron Erter.

我現在很高興將電話交給我們的執行長 Aaron Erter 先生。

Hello, everyone. In a moment, I'll discuss our most recent results and how we are thinking about the quarters ahead. But it is only fitting to open my comments with some perspective on our future now that James Hardie and AZEK are one company.

大家好。稍後我將討論我們最近的業績以及我們對未來幾季的展望。但由於 James Hardie 和 AZEK 現在已成為一家公司，因此以對我們的未來的一些看法作為我的評論的開端是再合適不過的了。

The combination of these two businesses, now completed, has created a leading provider of exterior home and outdoor living solutions. We have significantly expanded our offering and in doing so, have strengthened our customer value proposition and position James Hardie to capture multiple opportunities for material conversion, with a total addressable market more than twice the size of legacy James Hardie.

兩家公司現已完成合併，打造出一家領先的戶外家居和戶外生活解決方案提供商。我們大幅擴展了產品範圍，從而強化了我們的客戶價值主張，並使 James Hardie 能夠抓住材料轉換的多種機會，其總目標市場規模是原有 James Hardie 的兩倍多。

Our team is stronger as one, and we are better equipped than ever to serve our customers and create value for all our stakeholders. I am pleased with the focus shown by everyone through pre-integration planning and now into integration execution and, in particular, with an unwavering dedication to working safely each day and serving our customer partners. The integration is off to a very positive start, and I look forward to sharing more details on our actions and progress towards our synergy targets in just a few moments. The material conversion opportunity that lies ahead is substantial, and we will strategically invest where we see long-term returns to support our future growth.

我們的團隊更加團結，我們比以往任何時候都更有能力服務客戶並為所有利害關係人創造價值。我很高興看到大家在整合前規劃和整合執行過程中都表現出了高度的專注，特別是他們堅定不移地致力於每天安全工作並為我們的客戶合作夥伴提供服務。整合工作目前取得了非常積極的進展，我期待著稍後分享有關我們為實現協同目標所採取的行動和取得的進展的更多細節。未來的材料轉換機會是巨大的，我們將在能夠獲得長期回報的地方進行策略性投資，以支持我們未來的成長。

Please turn to slide 5. Presently, demand in both repair and remodel and new construction in North America are challenging. Uncertainty is a common thread throughout conversations with customer and contractor partners. Homeowners are deferring large ticket remodeling projects like residing and affordability remains the key impediment to improvement in single-family new construction, where more recently, homebuilders are moderating their demand expectations and slowing starts to align their home inventory with a decelerating pace of traffic and sales.

請翻到投影片 5。目前，北美地區的修繕改造和新建需求都面臨挑戰。不確定性是與客戶和承包商合作夥伴對話的共同點。房主們正在推遲大型改造項目，例如居住和負擔能力仍然是改善單戶住宅新建築的主要障礙，最近，房屋建築商正在降低需求預期並放慢開工速度，以使他們的房屋庫存與減速的交通和銷售速度保持一致。

For legacy James Hardie, first-quarter results were largely as we had anticipated and reflect an expected normalization of channel inventories due to moderating growth expectations by our customers as uncertainty built throughout April and early May. And although we had contemplated this dynamic within our initial outlook, incremental market softness across single-family new construction has led to more defensive inventory posturing at distributors and dealers, contributing to a lower volume outlook for our business.

對於傳統的 James Hardie 而言，第一季的業績與我們預期的基本一致，並反映了通路庫存的預期正常化，這是由於 4 月和 5 月初不確定性加劇導致客戶的成長預期放緩。儘管我們在最初的展望中已經考慮到了這種動態，但單戶住宅新建築市場的逐漸疲軟，導致分銷商和經銷商的庫存採取了更多的防禦性態勢，導致我們的業務銷量前景下降。

In May, we built into our full-year guidance and assumption that end-market demand could decline by approximately mid-single digits, driven by expectations for further decline in repair and remodel. Over the course of the summer, single-family new construction activity has been weaker than anticipated, and we have adjusted our expectations to account for softer demand. Furthermore, we believe it is prudent to plan for more cautious order patterns and defensive inventory positioning at our channel partners, exacerbated by the slower seasonality of new construction into the back half of the calendar year.

五月份，我們在全年指導和假設中考慮到，受維修和改造需求進一步下降的預期影響，終端市場需求可能下降約中等個位數。整個夏季，單戶住宅新建活動一直弱於預期，我們已調整預期以應對疲軟的需求。此外，我們認為，在我們的通路合作夥伴中規劃更謹慎的訂單模式和防禦性庫存定位是明智之舉，而下半年新建建築的季節性放緩則加劇了這種情況。

Amidst this dynamic, we're also conservatively expecting to benefit from recent homebuilder exclusivity wins and new product launches more so in FY27 and beyond rather than the back half of FY26 as previously planned.

在這種動態中，我們也保守地預計，近期房屋建築商的獨家經營權勝利和新產品的推出將更多地受益於 2027 財年及以後，而不是之前計劃的 2026 財年下半年。

Turning to legacy AZEK results. The business delivered a strong June quarter, with performance exceeding previously provided guidance. Deck, Rail & Accessories saw mid-single-digit sell-through growth driven by continued expansion in the channel and contribution from innovative new products, particularly within railing.

轉向遺留的 AZEK 結果。該業務在六月季度表現強勁，業績超出了先前提供的指引。甲板、欄桿和配件的銷售額實現了中等個位數成長，這得益於通路的持續擴張以及創新新產品（尤其是欄桿產品）的貢獻。

In addition to the sustained momentum on the top line, AZEK demonstrated impressive margin performance in the quarter, all the while continuing to invest in long-term growth initiatives. As we stated, when we announced the combination, AZEK is a strong complement to James Hardie due to the long-term growth profile and the underpinnings from material conversion.

除了營業收入持續成長的勢頭之外，AZEK 本季度還表現出了令人印象深刻的利潤率表現，同時繼續投資於長期成長計畫。正如我們宣布合併時所述，AZEK 憑藉其長期成長前景和材料轉化的基礎，成為 James Hardie 的有力補充。

TimberTech's continued growth through softer overall markets demonstrates the resilience of the demand profile for the decking category and the strong value proposition of the product offering. Together, we expect to accelerate top-line performance to drive double-digit long-term growth within our North America businesses. In a few moments, Rachel will expand upon our consolidated FY26 guidance and expectations across our new reportable segments. But first, I would like to share an update on our key strategic priorities, integration efforts, and early progress towards our synergy targets.

TimberTech 在整體市場疲軟的情況下仍保持成長，證明了裝飾類別需求的彈性和產品提供的強大價值主張。我們期望共同加速營收業績，推動北美業務實現兩位數的長期成長。稍後，Rachel 將詳細說明我們對新報告部門的 26 財年綜合指導和預期。但首先，我想分享一下我們的主要策略重點、整合工作以及協同目標的早期進展。

Please turn to slide 6. We remain committed to outperforming market demand over the long term and are employing strategies to deliver on this commitment, notwithstanding near-term conditions. Our actions are centered around our value proposition to customers. Our solid execution against these strategies amplifies our expansive material conversion opportunity.

請翻到幻燈片 6。無論短期情況如何，我們仍致力於長期超越市場需求，並採取策略來履行這項承諾。我們的行動以我們對客戶的價值主張為中心。我們堅定地執行這些策略，擴大了我們廣泛的材料轉化機會。

We are resolute in our strategy that is grounded in being homeowner-focused, customer- and contractor-driven. In essence, this means that the driving force of our business is our unwavering commitment to delivering winning solutions across the customer value chain. Everything we do starts and ends with the customer.

我們堅定地堅持以房主為中心、以客戶和承包商為驅動的策略。本質上，這意味著我們業務的驅動力是我們堅定不移地致力於在整個客戶價值鏈中提供成功的解決方案。我們所做的一切都以客戶為始，也以客戶為終。

We have purposeful strategies to create demand across the value chain, winning over homeowners, contractors, and customers with our value proposition and fostering loyalty to the James Hardie brand. We have unmatched resilience and beauty in our innovative and differentiated product offerings. And our localized manufacturing, unrivaled by any other competitor, is instrumental to the growth plans of our largest, fastest-growing customers.

我們有明確的策略來創造整個價值鏈的需求，透過我們的價值主張贏得房主、承包商和客戶的青睞，並培養對 James Hardie 品牌的忠誠度。我們的創新和差異化產品具有無與倫比的彈性和美感。我們的在地化製造是任何其他競爭對手都無法比擬的，這對我們最大、成長最快的客戶的成長計畫至關重要。

Our customer partnership, our innovation focus, our broad product range, and scale of manufacturing and support network continually deliver material conversion wins. Our core strategies are working, and we will continue to invest strategically to profitably grow the business and bring our strategies to life as our end markets recover. We see immense material conversion opportunity ahead, fueling our growth engine and value creation flywheel.

我們的客戶合作夥伴關係、我們的創新重點、我們廣泛的產品系列以及製造和支援網路的規模不斷為我們帶來材料轉換的成功。我們的核心策略正在發揮作用，我們將繼續進行策略性投資，以實現業務獲利成長，並在終端市場復甦時將我們的策略付諸實踐。我們看到未來巨大的材料轉換機會，為我們的成長引擎和價值創造飛輪提供動力。

We are winning in the field by partnering with our customers and contractors and delighting homeowners. This success propels our organization forward and fuels my optimism about the future of James Hardie.

我們透過與客戶和承包商合作並讓房主滿意而在該領域取得勝利。這項成功推動了我們組織向前發展，並增強了我對 James Hardie 未來的樂觀態度。

We have the strongest team in the industry and the right strategy to go after our material conversion opportunity. I've said it before and I'll say it again, nobody in the industry has a sales team like James Hardie. We have shown an ability to rapidly onboard new contractors to the alliance, our loyalty program, which we will continue to grow and enhance over the coming years.

我們擁有業界最強大的團隊和正確的策略來追求材料轉換機會。我以前說過，現在我再說一遍，業內沒有人擁有像 James Hardie 這樣的銷售團隊。我們已經展現出快速吸收新承包商加入聯盟的能力，我們的忠誠度計畫將在未來幾年繼續發展和完善。

Additionally, approximately 40% of new contractors added in the prior year were introduced to the program by a customer sales representative, a clear proof point of how we have amplified our commercial efforts by leveraging our deep partnership with our customers, leading to not just hundreds but thousands of feet on the street. This comes as a result of our focus across the entire value chain, which is driving demand creation and building brand awareness.

此外，去年新增的承包商中約有 40% 是由客戶銷售代表介紹加入該計劃的，這清楚地證明了我們如何透過利用與客戶的深厚合作關係來擴大我們的商業努力，從而使我們的客戶數量不只達到數百英尺，而是達到數千英尺。這是因為我們專注於整個價值鏈，從而推動需求創造和品牌知名度建立。

Turning to new construction. We continue to achieve success in deepening our partnerships and supporting homebuilders growth objectives. Over the last year and a clear demonstration of the appreciation for our innovative product solutions and unrivaled business support, we have announced multi-year national hard siding and trim exclusivity agreements with several large homebuilders, including Beazer Homes in July. We were also recognized as a national preferred partner by David Weekley Homes, representing our 18th award in 21 years. We continue to strive for excellence and continuous innovation in terms of the products and solutions we provide to our valued customers.

轉向新建築。我們在深化合作夥伴關係和支持房屋建築商成長目標方面繼續取得成功。在過去的一年裡，為了明確表達對我們創新產品解決方案和無與倫比的業務支持的讚賞，我們宣布與幾家大型房屋建築商達成多年期全國硬壁板和裝飾獨家協議，其中包括 7 月份的 Beazer Homes。我們也被 David Weekley Homes 評為全國首選合作夥伴，這是我們 21 年來第 18 次獲獎。我們將繼續致力於為尊貴的客戶提供卓越產品和解決方案並不斷創新。

Beauty and resilience define our entire suite of products with beautiful aesthetics that appeal to homeowners and resilience that provides frontline defense against the elements, moisture, pests, and fire to protect what matters most.

美觀和彈性定義了我們的整個產品系列，其美觀度吸引著房主，而彈性則提供了抵禦惡劣天氣、潮濕、害蟲和火災的第一道防線，保護最重要的東西。

During the quarter, our global innovation team led by our Chief Innovation Officer, Joe Lu, was recognized for outstanding innovative culture by the National Association of Manufacturers. By committing to our values of being bold and progressive and collaborating for greatness, we are driving innovation and helping to shape the future of our industry through the introduction of new aesthetics, which continue to delight homeowners and solutions increasing the productivity of contractors like statement essentials.

本季度，由首席創新長 Joe Lu 領導的全球創新團隊因其出色的創新文化而獲得了美國製造商協會的認可。透過秉承大膽進取、合作共贏的價值觀，我們正在推動創新，並透過引入新的美學來幫助塑造我們行業的未來，這將繼續讓房主感到滿意，並提供解決方案來提高承包商的生產力，就像聲明要點一樣。

We are also targeting material conversion wins against brick and stucco with products such as Hardie Architectural Panel, adding incremental runway on top of what has been our core focus and wood-look siding. As another example of our product innovation, our ColorPlus offering helps create beautiful, distinguished homes with superior aesthetics, customization, and durability. ColorPlus is strategically important across both new construction and repair and remodel.

我們還計劃利用 Hardie 建築面板等產品實現材料轉換，取代磚塊和灰泥，在我們核心關注點和木質外觀壁板的基礎上增加增量跑道。作為我們產品創新的另一個例子，我們的 ColorPlus 產品有助於打造具有卓越美觀、客製化和耐用性的美麗、卓越的家居。ColorPlus 對於新建建築、修復和改造都具有重要的戰略意義。

Our focused efforts and investments enabled outperformance versus prime products in the first quarter. The value proposition we can offer with ColorPlus also continues to underpin our opportunity to grow alongside large homebuilders and new construction.

我們的專注努力和投資使得第一季的產品表現優於主要產品。我們透過 ColorPlus 提供的價值主張也繼續鞏固我們與大型房屋建築商和新建築一起成長的機會。

ColorPlus's superior aesthetics and virtually limitless range of color options provides differentiation to the exterior of homes and builder communities, increasing the appeal to the homeowner, and therefore, expediting the sales cycle and supporting the ASP for our home builder partners. In other words, we are seeing that builders who utilize James Hardie ColorPlus are selling homes faster and for more money. We continue to see significant runway for ColorPlus growth against inferior solutions within repair and remodel in the Northeast and Midwest, two regions right for material conversion through the residing of aging homes with appreciated values that remain clad with other substrates.

ColorPlus 卓越的美學效果和幾乎無限的色彩選擇範圍為住宅和建築商社區的外觀提供了差異化，增加了對房主的吸引力，從而加快了銷售週期並為我們的住宅建築商合作夥伴提供了 ASP 支援。換句話說，我們看到使用 James Hardie ColorPlus 的建築商能夠更快地出售房屋，並且能賣出更高的價格。我們繼續看到 ColorPlus 在東北部和中西部地區的修復和改造領域相對於劣質解決方案具有顯著的增長空間，這兩個地區非常適合通過保留其他基材並具有升值價值的老舊房屋進行材料轉換。

Our innovation strategies also apply to the installation process for our home builder and contractor partners, which again includes ColorPlus, offering time and cost savings, particularly in areas with constrained labor availability and higher painting costs. We are increasingly innovating to make James Hardie the most intuitive products to install in the marketplace.

我們的創新策略也適用於我們的房屋建築商和承包商合作夥伴的安裝過程，其中再次包括 ColorPlus，可節省時間和成本，特別是在勞動力有限和塗裝成本較高的地區。我們不斷創新，使 James Hardie 成為市場上最直觀的產品。

In parts of the Midwest and specifically with our statement collection, we are piloting a number of these innovative products and solutions to reduce install time and thereby labor costs, and the early results continue to be highly encouraging. We believe these initiatives will unlock a much larger range of addressable homes at more affordable price points.

在中西部部分地區，特別是透過我們的報表收集，我們正在試用一些創新產品和解決方案，以減少安裝時間，從而降低勞動力成本，早期結果仍然非常令人鼓舞。我們相信，這些措施將以更實惠的價格提供更多類型的可尋址住房。

Turning to our global operations. This function is the key to providing the unrivaled business support that our customers demand and have come to expect from James Hardie. We are the industry leader providing the highest service levels that enable customers to run their supply chains with greater flexibility, knowing that the strength of our localized manufacturing network will respond to their needs.

轉向我們的全球業務。此功能是提供客戶所要求的和對 James Hardie 所抱有的期望的無與倫比的業務支援的關鍵。我們是行業領導者，提供最高水準的服務，使客戶能夠更靈活地運營其供應鏈，並且知道我們本地化製造網絡的實力將滿足他們的需求。

I recently appointed Ryan Kilcullen to the newly established position of Chief Operations Officer. Over his 18 years of experience at James Hardie, most recently as Executive Vice President of Operations, Ryan has demonstrated beyond a doubt that he is the right leader to continue driving excellence across our expanded network of manufacturing and logistics. Currently, Ryan and his team are laser-focused on controlling the controllables and driving continuous improvement to help offset inflation and lower volume.

我最近任命 Ryan Kilcullen 擔任新設立的營運長一職。Ryan 在 James Hardie 工作了 18 年，最近擔任營運執行副總裁，他毫無疑問地證明了自己是繼續推動我們不斷擴大的製造和物流網絡卓越的合適領導者。目前，Ryan 和他的團隊正專注於控制可控因素並推動持續改進，以幫助抵消通貨膨脹和產量下降。

In the quarter, we overdelivered on our global internal cost savings target, led by strong progress in procurement and R&D. We continue to see runway for continuous improvement across our manufacturing, commercial, and back-office functions, contributing to both our cost synergy target and organic margin expansion goals.

本季度，在採購和研發方面取得強勁進展的帶動下，我們超額完成了全球內部成本節約目標。我們繼續看到製造、商業和後台職能持續改進的空間，這有助於實現我們的成本協同目標和有機利潤率擴張目標。

In both Australia and New Zealand and in Europe, we remain focused on areas in which we have the right to win and where we can continuously improve profitability. In Australia and New Zealand, our strategy is consistent and focused. We are leveraging innovation to accelerate material conversion against brick and masonry, and we are optimizing our network for future growth. In Australia, we continue to grow our strong category share across our end markets through demand creation and strategic partnerships with large homebuilders, and we expect to outperform the market which we anticipate will be flat to down in FY26.

無論是在澳洲、紐西蘭或歐洲，我們仍然專注於我們有能力取勝且能夠持續提高獲利能力的領域。在澳洲和紐西蘭，我們的策略是一致且有重點的。我們正在利用創新來加速磚石材料的轉化，並且我們正在優化我們的網路以實現未來的發展。在澳大利亞，我們透過創造需求和與大型房屋建築商建立策略合作夥伴關係，繼續在終端市場中擴大我們強勁的品類份額，我們預計我們的表現將優於市場，我們預計 26 財年市場將持平或下降。

The ANZ business is well positioned to take full advantage of a future market recovery. In Europe, the market environment remains similar to recent quarters. We are focused on our core strategy of driving double-digit sales growth in high-value products. To that point, our Therm25 fiber gypsum flooring product continues to receive accolades across the industry, including our most recent recognition, the Plus X Award, which highlighted the product's performance across categories for innovation, quality, functionality, ergonomics, and sustainability.

澳新銀行的業務已做好準備，充分利用未來的市場復甦。在歐洲，市場環境與最近幾季相似。我們專注於推動高價值產品兩位數銷售成長的核心策略。到目前為止，我們的 Therm25 纖維石膏地板產品繼續獲得業界的讚譽，包括我們最近獲得的 Plus X 獎，該獎項強調了該產品在創新、品質、功能、人體工學和永續性等類別中的表現。

We have a solid plan to expand our margins in Europe comprised of purposeful investment to drive operating leverage alongside sales growth and cost savings from the optimization of our production footprint and freight management. Across our businesses, our teams are committed to executing on purposeful strategies that drive sustained long-term market outperformance. These plans are grounded in capturing the material conversion opportunity and driving value for our customer partners.

我們有一個完善的計劃來擴大我們在歐洲的利潤率，包括有目的的投資以推動營運槓桿，同時透過優化我們的生產足跡和貨運管理來實現銷售成長和成本節約。在我們的業務中，我們的團隊致力於執行有目的的策略，以推動持續的長期市場領先表現。這些計劃旨在抓住材料轉換機會並為我們的客戶合作夥伴創造價值。

Please turn to slide 7. On July 1, we welcome the AZEK team in the James Hardie. But before I detail our plans for a seamless integration, I'd like to take a moment to thank Jesse Singh and the rest of the AZEK team who have been instrumental in the success of AZEK and collaborated closely for an expedited close.

請翻到幻燈片 7。7 月 1 日，我們在 James Hardie 迎接 AZEK 團隊。但在我詳細介紹我們的無縫整合計劃之前，我想花點時間感謝 Jesse Singh 和 AZEK 團隊的其他成員，他們對 AZEK 的成功起到了重要作用，並密切合作以加快完成任務。

It is imperative that we continue to build upon the strong momentum the AZEK team built by maintaining continuity with our customers and channel partners and achieving alignment across our collective North American organization as we accelerate growth by winning in the market and capturing commercial synergies as one James Hardie.

當務之急是，我們要繼續鞏固 AZEK 團隊所建立的強勁勢頭，與我們的客戶和通路合作夥伴保持連續性，並在整個北美組織內實現協調一致，透過贏得市場、作為 James Hardie 獲得商業協同效應來加速成長。

Our integration roadmap starts with the customer, both with how we engage with them and support them. We will maintain continuity in terms of the face to our customers, immediately leveraging the combined power of our unified sales force as well as our portfolio of leading brands, products, and solutions. Our dealer and distributor customers have seen the growth James Hardie can drive across their businesses, and we will continue to provide the support and solutions to further collective growth as key strategic partners.

我們的整合路線圖從客戶開始，包括我們如何與他們互動以及如何支持他們。我們將保持面向客戶的連續性，立即利用我們統一的銷售團隊的綜合力量以及我們領先的品牌、產品和解決方案組合。我們的經銷商和經銷商客戶已經看到了 James Hardie 在其業務中所能推動的成長，我們將繼續作為關鍵策略合作夥伴提供支援和解決方案，以進一步實現共同成長。

Internally, working safely through zero harm and efficiently through the Hardie operating system remain foundational imperatives. Key to our success today is also unifying our cultures and identifying best practices from both organizations to drive continuous improvement across our global operations, supporting and enabling the success of the combined organization. As I've said to our team, we aren't going to be married to the James Hardie or the AZEK way. We are going to be married to success.

從內部來看，透過 Hardie 作業系統實現零傷害安全高效工作仍然是基本要求。我們今天成功的關鍵還在於團結我們的文化，並找出兩個組織的最佳實踐，以推動我們全球業務的持續改進，支持和推動合併後組織的成功。正如我對我們的團隊所說的那樣，我們不會拘泥於 James Hardie 或 AZEK 的方式。我們將與成功結盟。

Moving to slide 8. In the short time since the transaction closed, we have made meaningful progress on our cost synergy realization and are seeing business wins from customers recognizing our combined value proposition and wanting to partner with us. The initial response we have seen has well exceeded my expectations.

移至幻燈片 8。自交易完成以來的短時間內，我們在成本協同效應的實現方面取得了有意義的進展，並且看到客戶認可我們的綜合價值主張並希望與我們合作，從而獲得了業務上的成功。我們看到的初步反應遠遠超出了我的預期。

We have tremendous confidence in our execution of a seamless integration, given the similarities of both companies' cultures, goals and operating models. Thus far, we are progressing well against our cost synergy commitments, having already actioned cost synergies accounting for more than 50% of our run rate target for general and administrative cost savings which we knew would be the quickest to realize.

鑑於兩家公司的文化、目標和營運模式的相似性，我們對實現無縫整合充滿信心。到目前為止，我們在成本協同承諾方面進展順利，已經實施的成本協同效應已達到我們一般和行政成本節約運行率目標的 50% 以上，我們知道這將是最快實現的。

For FY26, this solid run rate will drive approximately $20 million of P&L benefit primarily in the latter half of the year. We are on track to achieve our previously stated target of $125 million of cost synergies over three years, with room to deliver ahead of schedule. Productivity is ingrained in our culture through the Hardie Operating System, meaning we will continuously find ways to improve the overall cost structure of our business well after initial cost synergies have been captured.

對於 26 財年，這一穩健的運作率將主要在下半年帶來約 2,000 萬美元的損益。我們預計將實現先前提出的三年內實現 1.25 億美元成本協同效應的目標，並且還有提前完成的空間。生產力透過 Hardie 作業系統根植於我們的文化中，這意味著在獲得初始成本協同效應之後，我們將不斷尋找方法來改善我們業務的整體成本結構。

We are acting with thoughtful diligence to build upon our strength as a unified sales organization, which is key to harnessing our combined growth opportunity. Early feedback on our combination with AZEK from dealer customers has been very encouraging. And now that we have come together as one and are pursuing quick commercial synergy wins, our confidence in the strategic logic of the combined enterprise is greater than ever.

我們正在認真審慎地採取行動，增強我們作為統一銷售組織的實力，這對於利用我們的聯合成長機會至關重要。經銷商客戶對我們與 AZEK 的結合的早期回饋非常令人鼓舞。現在我們已經團結一致，並且正在追求快速的商業協同效益，我們對合併後企業的策略邏輯的信心比以往任何時候都更大。

We have already executed on several meaningful commercial synergy wins with major customers across the value chain, which serve as proof points of the rationale for bringing together our products into a comprehensive solution and provide motivation to every single team member of what is now the strongest sales organization across the building products industry.

我們已經與整個價值鏈上的主要客戶達成了多項有意義的商業協同效益，這證明了將我們的產品整合成一個綜合解決方案的合理性，並為目前建築產品行業最強大的銷售組織的每一位團隊成員提供了激勵。

We've had important dealer partners already commit to making AZEK their exclusive PVC trim offering, not only because of their strong alignment with James Hardie, but also because of the loyalty of their contractor customers to our brand. We have already seen contractor partners commit to newly offering both TimberTech Decking and James Hardie Siding. Their willingness to trust and work with James Hardie and TimberTech is informed by their familiarity with our leading brands and best-in-class support teams.

我們已經有重要的經銷商合作夥伴承諾將 AZEK 作為其獨家 PVC 裝飾產品，這不僅是因為他們與 James Hardie 的緊密合作，還因為他們的承包商客戶對我們品牌的忠誠度。我們已經看到承包商合作夥伴承諾新推出 TimberTech Decking 和 James Hardie Siding。他們願意信任 James Hardie 和 TimberTech 並​​與他們合作，因為他們熟悉我們的領先品牌和一流的支援團隊。

We've already seen some wins across the country, including members of our contractor alliance committing to offer TimberTech Decking and members of the Board, TimberTech's contractor program converting to James Hardie fiber cement siding. This is a testament to the trust and confidence our contractor partners have in us, and we are actively working to bring these programs and contractors together to accelerate our material conversion opportunity at the contractor level.

我們已經在全國範圍內看到了一些勝利，包括我們的承包商聯盟成員承諾提供 TimberTech Decking 和董事會成員，TimberTech 的承包商計劃轉換為 James Hardie 纖維水泥壁板。這證明了我們的承包商合作夥伴對我們的信任和信心，我們正在積極努力將這些專案和承包商聚集在一起，以加速我們在承包商層面的材料轉換機會。

We have also now an expanded line of total exterior solutions, which best position us to meet the needs of our homebuilder partners across the broad range of geographies and price points in which they participate. We believe that several recent wins at various levels of scale were due in large part to our homebuilder partners appreciation of our expanded offering and comprehensive solutions.

我們現在還擁有更廣泛的整體外部解決方案系列，這使我們能夠最好地滿足我們參與的廣泛地域和價格點的房屋建築商合作夥伴的需求。我們相信，最近在不同規模上取得的幾項勝利很大程度上歸功於我們的房屋建築商合作夥伴對我們擴大的產品範圍和全面的解決方案的讚賞。

Across all our existing customer partnerships, we have an on-purpose plan to communicate the enhanced value proposition we now offer. We committed to delivering more than $500 million of commercial synergies over five years, with benefits to begin showing in FY27, but my message to the organization has been clear. We will achieve well over $500 million in synergies. We will do it in under five years, and our relentless pursuit of these wins started on day one.

在我們所有現有的客戶合作夥伴關係中，我們有一個專門的計劃來傳達我們現在提供的增強的價值主張。我們承諾在五年內實現超過 5 億美元的商業綜效，其效益將在 2027 財年開始顯現，但我向組織傳達的訊息已經很明確了。我們將實現超過5億美元的綜效。我們將在五年內實現這一目標，我們對這些勝利的不懈追求從第一天就開始了。

The teams have clearly risen to the challenge, and through their actions in the field, have turned what once was just a thought into real-world share gains that will drive meaningfully faster growth in the years to come.

這些團隊顯然已經迎接了挑戰，並透過他們在實地的行動，將曾經的想法變成了現實世界的份額增長，並將在未來幾年推動更快的成長。

Now I'll turn it over to Rachel to review our results in more detail and discuss our outlook. Rachel?

現在我將讓 Rachel 更詳細地回顧我們的結果並討論我們的前景。瑞秋？

Thank you, Aaron. Please turn to slide 9.

謝謝你，亞倫。請翻到第 9 張投影片。

We delivered Q1 results largely consistent with our internal plan, navigating a dynamic near-term environment while also remaining focused on scaling the organization and investing in our business to drive long-term profitable growth. We will stay focused on the key strategies that have underpinned the strength of our long-term financial performance, including aligning our spend into the market environment, investing ahead of recovery, and evolving our plans to drive outperformance. Lastly, as Aaron mentioned, our integration synergy capture efforts are well underway.

我們第一季的業績與我們的內部計劃基本一致，在應對動態的短期環境的同時，仍然專注於擴大組織規模和投資我們的業務，以推動長期盈利增長。我們將繼續專注於支撐我們長期財務表現強勁的關鍵策略，包括根據市場環境調整我們的支出、在復甦之前進行投資以及改進我們的計劃以推動卓越業績。最後，正如 Aaron 所提到的，我們的整合協同效應捕獲工作正在順利進行中。

In a moment, I will introduce our guidance for FY26 inclusive of AZEK, as well as provide for some modeling considerations for the combined company. But first, please turn to slide 10 for the financial highlights of our fiscal first quarter.

稍後，我將介紹包括 AZEK 在內的 26 財年的指導，並為合併後的公司提供一些建模考量。但首先，請翻到第 10 張投影片，了解我們第一財季的財務亮點。

Total net sales were 9% below last year's strong first-quarter results, mostly consistent with our internal expectations at $900 million globally. We delivered $226 million of adjusted EBITDA in the quarter with an adjusted EBITDA margin of 25.1%. Total adjusted EBITDA declined 21% against last year's record 1Q and margins decreased by 370 basis points.

總淨銷售額比去年第一季的強勁業績低 9%，與我們全球 9 億美元的內部預期基本一致。本季我們的調整後 EBITDA 為 2.26 億美元，調整後 EBITDA 利潤率為 25.1%。總調整後 EBITDA 與去年第一季創紀錄的水平相比下降了 21%，利潤率下降了 370 個基點。

Adjusted net income in the quarter was $127 million, and adjusted diluted EPS was $0.29 per share. Lastly, free cash flow was $104 million, up 88%, driven by continued strength in the cash generation profile of our business and moderating capital spending requirements.

本季調整後淨收入為 1.27 億美元，調整後稀釋每股收益為 0.29 美元。最後，自由現金流為 1.04 億美元，成長 88%，這得益於我們業務現金產生能力的持續強勁以及資本支出需求的緩和。

Turning to our North American results on slide 11. North America net sales declined 12% in the quarter, driven by lower volumes, partially offset by an increase in average net sales price, or ASP. As we anticipated, price realization improved sequentially, as ASP rose plus 3% year over year, ahead of the 1% increase in the fourth quarter of FY25. Volumes declined double digits in exteriors, consistent with planning embedded in our previous guidance.

我們來看第 11 張投影片上的北美業績。本季北美淨銷售額下降 12%，原因是銷量下降，但平均淨銷售價格（ASP）上漲部分抵消了下降。正如我們預期的那樣，價格實現環比改善，平均售價年增 3%，高於 2025 財年第四季 1% 的增幅。外部交易量下降了兩位數，這與我們先前指導中的計劃一致。

As expected, many customers made efforts to return to more normal inventory levels in the first quarter. Into the second quarter, we have seen these customers take an incrementally more defensive approach to inventory levels as market growth expectations have moderated from a few months ago. The impact is most notable in the South, specifically in Florida and Georgia as well as Texas, where we have a significant presence given our strong partnerships with scaled homebuilders. These geographies, heavily tilted toward new construction, have seen outsized pressure from affordability and elevated home inventories.

正如預期的那樣，許多客戶在第一季努力恢復到更正常的庫存水準。進入第二季度，我們看到這些客戶對庫存水準採取了逐步更加防禦的態度，因為市場成長預期較幾個月前有所緩和。影響最為顯著的是南部地區，特別是佛羅裡達州、喬治亞州和德克薩斯州，由於我們與規模化住宅建築商建立了牢固的合作關係，我們在這些地區擁有重要的影響力。這些地區嚴重傾向於新建房屋，承受著來自負擔能力和房屋庫存增加的巨大壓力。

Homebuilders are aligning production to a softer demand outlook as evidenced by seasonally adjusted single-family starts in the South falling around 25% since February and permits in that region declining sequentially each of the last four months.

房屋建築商正在根據較弱的需求前景調整生產，這體現在南部地區經季節性調整的獨棟住宅開工量自 2 月以來下降了約 25%，並且該地區的許可量在過去四個月中逐月下降。

Interior volumes declined double digits, while multi-family returned to growth with volumes up mid-single digits. North America adjusted EBITDA was $206 million with an adjusted EBITDA margin of 32.1%, down 400 basis points year over year. Lower volumes, unfavorable cost absorption, and persistent raw material inflation were the primary drivers of this decrease. Pulp was a primary driver of raw material inflation on a year-over-year basis in the first fiscal quarter, though we expect this headwind to subside through the year.

內陸住宅成交量下降了兩位數，而多戶住宅成交量則恢復成長，成交量增加了中位數。北美調整後 EBITDA 為 2.06 億美元，調整後 EBITDA 利潤率為 32.1%，較去年同期下降 400 個基點。產量下降、成本吸收不利以及原材料持續上漲是造成這一下降的主要原因。在第一財季，紙漿是原物料價格較去年同期上漲的主要推動因素，不過我們預期這項不利因素將在年內逐漸消退。

For the full year, we still anticipate total raw material inflation to run high single digits, but with the risk to the favorable side of the range based on our current pricing and forecast. We continue to control the controllable with favorable ASP, cost savings, and our focused clutch actions, helping to partially mitigate market volume declines and raw material headwinds.

對於全年而言，我們仍然預期原物料總通膨率將達到較高的個位數，但根據我們目前的定價和預測，有朝著有利方向發展的風險。我們繼續透過有利的平均售價、成本節約和重點突出的關鍵行動來控制可控因素，幫助部分緩解市場銷售下降和原材料逆風。

Please turn to slide 12. In our APAC and Europe segments, market conditions continue to be challenging, driven by macroeconomic uncertainty and consumer affordability concerns. Nevertheless, we strive to outperform through market cycles and believe we continue to drive outperformance in both regions during the quarter.

請翻到第 12 張投影片。在我們的亞太地區和歐洲地區，受宏觀經濟不確定性和消費者負擔能力擔憂的影響，市場狀況持續充滿挑戰。儘管如此，我們仍努力在市場週期中表現出色，並相信我們將在本季繼續推動兩個地區的出色表現。

APAC comparisons to prior year continue to be influenced by our decision to cease manufacturing and wind down commercial operations in the Philippines. Including this impact, Asia Pacific net sales declined 10% in the quarter or 8% in Australian dollars, primarily due to a 25% decrease in volumes, partially offset by a 22% rise in ASP in Australian dollars. Asia Pacific EBITDA declined 7% to $43 million and EBITDA margin increased 140 basis points to 35.4%.

亞太地區與去年同期的比較持續受到我們決定停止在菲律賓的生產和逐步減少商業營運的影響。計入這一影響，本季亞太地區淨銷售額下降 10%，以澳元計算下降 8%，主要原因是銷量下降 25%，但以澳元計算平均售價上漲 22% 部分抵消了這一影響。亞太地區 EBITDA 下降 7% 至 4,300 萬美元，EBITDA 利潤率增加 140 個基點至 35.4%。

Speaking only to our remaining operations in Australia and New Zealand, we saw a low single-digit increase in both volume and ASP leading to a mid-single-digit comparable net sales increase in local currency. EBITDA grew modestly and EBITDA margin was flat as the benefit from top-line growth and of savings were offset by increased investment in sales and marketing initiatives. We remain confident in our ability to execute on our strategies and outperform our markets.

僅就我們在澳洲和紐西蘭的剩餘業務而言，我們看到銷量和平均售價均實現了低個位數成長，從而導致以當地貨幣計算的可比淨銷售額實現了中等個位數成長。EBITDA 溫和成長，EBITDA 利潤率持平，因為營業收入成長和成本節省帶來的好處被銷售和行銷計劃投資的增加所抵消。我們對自己執行策略和超越市場的能力充滿信心。

In Europe, net sales increased 7% or 2% in euros, driven by higher average net sales price, partially offset by lower volumes, with Germany declining low single digits and the UK growing mid-single digits. EBITDA margin increased 50 basis points to 16% attributable to a higher average net sales price as well as lower freight and raw material costs.

在歐洲，淨銷售額增長 7%（以歐元計算增長 2%），這得益於平均淨銷售價格上漲，但銷量下降部分抵消了這一增長，其中德國銷售額下降了低個位數，而英國銷售額增長了中等個位數。由於平均淨銷售價格上漲以及運費和原材料成本下降，EBITDA 利潤率增加 50 個基點至 16%。

SG&A expense was higher related to increased investment in sales teams supporting growth strategies for high-value products. We continue to expect top-line growth in Europe this year, outperforming against the challenging market backdrop in the region, in part due to our confidence in strong high-value product sales growth despite relatively flat performance in Q1. Our top-line expectations, coupled with manufacturing facility rationalization and freight optimization efforts, also positions Europe for improved margin performance in FY26.

銷售、一般及行政費用較高是由於支持高價值產品成長策略的銷售團隊投資增加所致。我們繼續預計今年歐洲的營收將實現成長，在該地區充滿挑戰的市場背景下表現出色，部分原因是儘管第一季度表現相對平穩，但我們對高價值產品銷售強勁成長充滿信心。我們的營收預期，加上製造設施合理化和貨運優化工作，也使歐洲在 2026 財年的利潤率表現有望提高。

Now please turn to slide 13 where I will discuss guidance. Today, we are issuing guidance to incorporate the inorganic contribution from AZEK, which will be split across two new reporting segments representing our total North American exposure, Siding & Trim, and Deck, Rail & Accessories.

現在請翻到第 13 張投影片，我將在其中討論指導。今天，我們發布指導意見，納入來自 AZEK 的無機貢獻，該貢獻將分為兩個新的報告部門，代表我們在北美的總業務，即壁板和裝飾，以及甲板、欄桿和配件。

Starting with Siding & Trim, which will be comprised of our legacy James Hardie North America Fiber Cement business and AZEK's exteriors business. For our Siding & Trim segment, we expect FY26 net sales of $2.675 billion to $2.85 billion. We now believe market demand will decline high single digits in FY26 as demand continues to be negatively influenced by homeowner affordability pressure and uncertain macro conditions. Encouragingly, we continue to expect our disciplined value-driven pricing approach to yield solid price realization throughout FY26.

從 Siding & Trim 開始，它將由我們傳統的 James Hardie 北美纖維水泥業務和 AZEK 的外部業務組成。對於我們的壁板和裝飾部門，我們預計 26 財年的淨銷售額為 26.75 億美元至 28.5 億美元。我們現在認為，由於需求繼續受到房主負擔能力壓力和不確定的宏觀條件的負面影響，市場需求將在 2026 財年下降高個位數。令人鼓舞的是，我們繼續預計，我們嚴謹的價值驅動定價方法將在整個 26 財年實現穩健的價格實現。

Moving on to our Deck, Rail & Accessories segment, which consists of AZEK's legacy Deck, Rail & Accessories business. We expect net sales of $775 million to $800 million for the next nine months. Our sales forecast assumes DR&A sell-through up low single digits as secular tailwinds in the outdoor living category, and TimberTech market share gains continue to drive outperformance versus the broader R&R market.

接下來介紹我們的甲板、欄桿和配件部門，該部門由 AZEK 的傳統甲板、欄桿和配件業務組成。我們預計未來九個月的淨銷售額將達到 7.75 億美元至 8 億美元。我們的銷售預測假設 DR&A 的銷售量將隨著戶外生活類別的長期順風而增長，而 TimberTech 市場份額的成長將繼續推動其相對於更廣泛的 R&R 市場表現優異。

For the total company, FY26 adjusted EBITDA is expected to be $1.05 billion to $1.15 billion, which includes an approximately $250 million to $265 million contribution from the AZEK acquisition.

就整個公司而言，26 財年調整後的 EBITDA 預計為 10.5 億美元至 11.5 億美元，其中包括 AZEK 收購帶來的約 2.5 億美元至 2.65 億美元的貢獻。

As it relates to our adjusted EBITDA guidance, please note the following. Corporate costs previously accounted for in the AZEK Residential segment will now be recognized in general corporate costs. Our general corporate costs will no longer include unallocated R&D, which as of Q2, will be allocated to the business segments. The reclassification will be neutral to our total adjusted EBITDA. Prior to cost synergy realization, general corporate costs are expected to be approximately $225 million on an annual run rate basis. Lastly, we now expect free cash flow of at least $200 million in FY26.

由於它與我們調整後的 EBITDA 指南相關，請注意以下事項。先前在 AZEK Residential 部門中核算的公司成本現在將計入一般公司成本。我們的一般企業成本將不再包括未分配的研發費用，從第二季起，這些費用將分配給各個業務部門。重新分類對我們的總調整後 EBITDA 不會產生影響。在實現成本協同效應之前，預計一般企業成本將按年運行率計算約為 2.25 億美元。最後，我們目前預計 26 財年的自由現金流至少為 2 億美元。

We remain highly confident in the long-term cash generation profile of our business and are positioned for an acceleration in future years as transaction and integration costs declined and we reduced our interest expense through debt reduction.

我們對我們業務的長期現金產生狀況仍然充滿信心，並且隨著交易和整合成本的下降以及我們透過減少債務而降低利息支出，我們為未來幾年的加速發展做好了準備。

Additionally, investment in capacity expansion projects will decline for the next few years as our recent major projects have reached completion, and we continue to improve productivity from our existing capacity footprint through HMOS and advanced manufacturing initiatives.

此外，由於我們最近的主要項目已經完工，未來幾年對產能擴張項目的投資將會下降，我們將繼續透過 HMOS 和先進製造計劃來提高現有產能的生產力。

In FY26, we expect total capital expenditures of approximately $400 million, including $75 million of spending for AZEK over the next three quarters. Looking further ahead, we expect to maintain a disciplined approach to capital expenditures with our North American business, inclusive of AZEK investing 6% to 7% of sales and CapEx over the long term. In addition to the guidance provided on Slide 13, in the Appendix of today's presentation, we have provided further modeling considerations for the combined company as well as a comprehensive breakdown of our current debt capital structure.

在 26 財年，我們預計總資本支出約為 4 億美元，其中包括未來三個季度對 AZEK 的 7,500 萬美元支出。展望未來，我們預計將對北美業務的資本支出保持嚴謹的態度，其中 AZEK 將長期投資 6% 至 7% 的銷售額和資本支出。除了投影片 13 中提供的指導之外，在今天簡報的附錄中，我們還提供了合併後公司的進一步建模考量以及我們當前債務資本結構的全面細分。

Slide 18 provides additional detail to bridge from our adjusted EBITDA guidance to adjusted diluted earnings per share for FY26, including our anticipated depreciation expense and interest expense adjusted, effective tax rate, and average diluted share count. Taking these modeling considerations into account, our FY26 adjusted EBITDA guidance of $1.05 billion to $1.15 billion corresponds to FY26 adjusted diluted earnings per share of $0.75 to $0.85. Embedded within this forecast is Q2 adjusted EBITDA of approximately $275 million and adjusted diluted EPS of approximately $0.15.

幻燈片 18 提供了更多詳細信息，以從我們的調整後 EBITDA 指引過渡到 26 財年的調整後稀釋每股收益，包括我們預期的折舊費用和調整後的利息費用、有效稅率和平均稀釋股數。綜合考慮這些模型因素，我們對2026財年調整後EBITDA的預期為10.5億美元至11.5億美元，對應2026財年調整後稀釋每股收益0.75美元至0.85美元。預測包含第二季調整後EBITDA約2.75億美元及調整後稀釋每股盈餘約0.15美元。

Turning to slide 14 in our capital allocation priorities. As our free cash flow accelerates in the coming years, we plan to diligently allocate capital to create value for all shareholders. This includes investing to drive organic growth, reducing our balance sheet leverage in line with our deleveraging commitments, and returning capital to shareholders.

翻到我們資本配置重點的第 14 張投影片。隨著未來幾年我們的自由現金流加速成長，我們計劃勤奮地分配資本，為所有股東創造價值。這包括投資以推動有機成長、根據我們的去槓桿承諾降低資產負債表槓桿率以及向股東返還資本。

Lastly, while we will prioritize the flexibility of our balance sheet, we see significant merit to AZEK's existing inorganic strategies around expanding capabilities in railing and recycling through small tuck-in acquisitions. Finally, we were very pleased to successfully complete our debt financing in June, including a $1.7 billion offering of senior secured notes.

最後，雖然我們將優先考慮資產負債表的靈活性，但我們認為 AZEK 現有的無機策略具有重大價值，即透過小型收購來擴大欄桿和回收能力。最後，我們非常高興地在六月成功完成了債務融資，其中包括發行 17 億美元的優先擔保票據。

The offering was multiple times oversubscribed and the notes were rated investment grade by multiple rating agencies. Shown in the Appendix on slide 19, gross debt stands at approximately $5.1 billion, with an annualized effective interest rate of approximately 5.7%, implying annualized interest expense of around $290 million. We are committed to rapidly reducing our net leverage and are reaffirming our commitment to reduce net leverage to at or below 2 times by two full years post-close.

此次發行獲得了數倍超額認購，且該票據被多家評級機構評為投資等級。如附錄第 19 頁所示，總債務約為 51 億美元，年化有效利率約為 5.7%，這意味著年化利息支出約為 2.9 億美元。我們致力於迅速降低淨槓桿率，並重申我們的承諾，在交易完成後整整兩年內將淨槓桿率降至 2 倍或以下。

Maintaining a strong and flexible balance sheet is a core component of our long-term capital allocation priorities, and we remain highly confident that the profitability and cash generation profile of the combined company will drive rapid deleveraging in line with our stated commitments.

保持強勁而靈活的資產負債表是我們長期資本配置重點的核心組成部分，我們仍然非常有信心，合併後公司的盈利能力和現金產生狀況將推動快速去槓桿，符合我們所做的承諾。

Thanks, Rachel. With the closing of the AZEK acquisition now behind us, we are working diligently to integrate and deliver on cost and commercial synergies on an accelerated timeline, positioning ourselves to capture the expansive material conversion opportunity ahead to deliver on our long-term value creation commitments to shareholders.

謝謝，Rachel。隨著 AZEK 收購的完成，我們正在努力整合並在加快的時間表內實現成本和商業協同效應，為抓住未來廣闊的材料轉換機會做好準備，履行對股東的長期價值創造承諾。

I am so proud of the focus and dedication shown by our One Hardie team over the last 50 days. And I am confident that together, we are elevating James Hardie to be a clear leader in the building products industry.

我為我們的 One Hardie 團隊在過去 50 天裡所表現出的專注和奉獻精神感到非常自豪。我相信，透過我們的共同努力，詹姆斯哈迪將成為建築產品行業的領導者。

With that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Phil Ng, Jefferies.

（操作員指示）Phil Ng，Jefferies。

When I look at your legacy North American fiber cement in the quarter, volumes were down about 15%. Kind of to get to your 2Q and full-year guide, appreciating you're guiding the segments a little differently. It implies like 20% declines in 2Q, probably a mid-teen decline. So appreciating a lot going on here with the single-family exposure in the South as well as destock.

當我查看本季的北美纖維水泥時，發現銷量下降了約 15%。有點像是了解您的第二季和全年指南，感謝您以略有不同的方式指導各個部分。這意味著第二季的降幅將達到 20%，甚至可能是 15% 左右。因此，我很欣賞南方獨戶住宅的曝光以及去庫存化。

Can you in help us parse out like the single-family outlook versus the inventory element to it? Because it's far more pronounced than I think most of those was expected. So just kind of help us think through how long it's going to take to parse out the inventory appreciating there's two pieces, right? There's a channel as well as, I guess, at the dollar level too.

您能幫我們分析一下單戶住宅的前景與庫存因素嗎？因為它比我想像的要明顯得多。所以請幫我們想想，要花多久時間才能分析出庫存中有兩件物品，對嗎？我想，在美元層面也有一個管道。

Yeah. Hey, Phil, thanks for the question. Let me start out by saying, look, we continue to make progress on our key strategic focus areas that involve the homeowner, customer, and contractor, and we're going to be much stronger with the integration of AZEK.

是的。嘿，菲爾，謝謝你的提問。首先我要說的是，我們在涉及房主、客戶和承包商的關鍵戰略重點領域繼續取得進展，而且透過整合 AZEK，我們將變得更加強大。

With the homeowner, we continue to be the number one siding brand in the United States with the contractor with the brand of choice for contractors and siding. And with AZEK, that's going to be the case with Decking, that's going to be the case with Trim, that's going to be the case with PergaLys. And we continue to add more contractors to our loyalty program each and every day.

對於房主來說，我們繼續成為美國排名第一的壁板品牌，也是承包商和壁板的首選品牌。AZEK 也是如此，Decking 也是如此，Trim 也是如此，PergaLys 也是如此。我們每天都會繼續增加更多的承包商加入我們的忠誠度計劃。

And then with our dealer partners, we're relied upon to be business consultants and hence, we are available in 25,000 points of distribution out there. Let me just -- as we answer this, I think it's important to ground and talk a little bit about Q1 and the results, and then we'll go into our guidance here.

然後，透過與我們的經銷商合作夥伴合作，我們可以成為業務顧問，因此，我們在那裡設有 25,000 個分銷點。讓我——當我們回答這個問題時，我認為重要的是先談談第一季和結果，然後我們再討論我們的指導。

Look, our Q1 results were as expected, and they were embedded in our FY26 guide. During the calendar year '25 March quarter, our customers ordered to really more optimistic expectations than we are here today and hence, some of the Q1 results that we're seeing. Relatively speaking, as we got into our first quarter, channel inventories were not out of line for the build season. As we progressed through the quarter, we saw our customers focus on inventory more as the outlook began to soften. The Q1 market environment was considered within our full-year guidance.

看，我們的第一季業績符合預期，並已納入我們的 26 財年指南中。在日曆年 3 月 25 日當季，我們的客戶訂單比我們今天的預期要樂觀得多，因此，我們看到了一些第一季的業績。相對而言，進入第一季後，通路庫存並未超出建設季節的範圍。隨著本季的進展，我們發現隨著前景開始疲軟，我們的客戶更加關注庫存。我們在製定全年指導時已考慮了第一季的市場環境。

North America R&R multi-family performed per our expectation. And we believe we performed in line with the market, really down mid-single digits. Inventory draw down aside. Single-family new construction starts became our demand was at approximately one quarter lag. In other words, the single-family new construction starts from January through March, in fact our April through June. And thus, that was part of our May guidance. We knew that.

北美 R&R 多戶型住宅的表現符合我們的預期。我們相信我們的表現與市場一致，確實下降了中個位數。庫存減少。單戶住宅新建築開工量與我們的需求量相比大約滯後了一個季度。換句話說，單戶住宅新建工程從一月開始到三月，實際上是從四月開始到六月。因此，這是我們五月指導的一部分。我們知道這一點。

Single-family new construction starts January through March, we're down 5% and really consistent with our underlying volume there. So with this weaker environment, we saw customers ordered less to manage inventory. And we did expect to see this in Q1, hence, what you're seeing there.

單戶住宅新建工程於 1 月至 3 月開始，下降了 5%，與我們在那裡的基本銷量基本一致。因此，在這種較弱的環境下，我們發現客戶為了管理庫存而減少了訂單。我們確實預計會在第一季看到這種情況，因此，您會看到這種情況。

Look, I think as we look forward, we talk about inventory, it's a forward-looking concept. Customer expectations for growth in calendar year '25 underpinned our May full-year guidance in our Q2 through Q4 expectations. And look, that's why we updated.

看，我認為當我們展望未來時，我們談論庫存，這是一個前瞻性的概念。客戶對 25 日曆年的成長預期支撐了我們 5 月對第二季至第四季全年的預期。瞧，這就是我們更新的原因。

And I think if you go back and you listen to our Q4 call, we talked a little bit about this, right? We talked about inventory being relatively normalized, but we said we did see blips on the radar out there. We talked about uncertainty as a growing theme in Q1. We talked about challenges in single-family new construction. And look, then we talked about for the full year, our guide included volumes ramping up through the year.

我想如果你回去聽聽我們的第四季電話會議，我們會談到這一點，對吧？我們談到庫存相對正常化，但我們確實看到了雷達上的波動。我們討論了不確定性作為第一季日益增長的主題。我們討論了單戶住宅新建過程中所面臨的挑戰。然後我們討論全年的情況，我們的指南包括全年銷售的增加。

So I think it's really important to put that in context as we talk about Q1 and then our guide as we move forward.

因此，我認為，當我們討論 Q1 以及我們未來的指南時，將其放在上下文中是非常重要的。

Okay. As you look forward, Aaron, just given the tougher demand backdrop, it's great that you guys are accelerating cost-out actions for the deal. Are there any other things you guys could do in terms of managing costs a little more effectively? Because demand drives is a pretty challenge right now. Is there headcount stuff you guys can do? Idle capacity? Because it's a pretty steep margin correction area. What's the game plan to kind of improve that margin profile as we kind of look out forward?

好的。展望未來，亞倫，考慮到更嚴峻的需求背景，你們加快了這筆交易的成本削減行動，這是一件好事。在更有效地管理成本方面，你們還可以做其他事情嗎？因為需求驅動現在是相當大的挑戰。你們可以做一些人員統計工作嗎？產能閒置？因為這是一個相當陡峭的邊際修正區域。展望未來，我們有什麼計畫可以改善利潤率狀況？

Yes, Phil, good question. Look, I go back to what we talked about has been a discipline for us at James Hardie for years, and we're bringing that discipline with the new James Hardie with AZEK being a part of it. And that's really our Hardie Operating System. So that extends into our benchmarks, which is how we manage our manufacturing plants.

是的，菲爾，問得好。瞧，我回想一下，我們多年來一直在談論的 James Hardie 的紀律，我們將這種紀律帶到了新的 James Hardie，AZEK 也是其中的一部分。這就是我們的 Hardie 作業系統。這延伸到了我們的基準，也就是我們管理製造工廠的方式。

Obviously, as the volumes come down, it gets more and more challenging. But we have the right focus. When volumes are high, you focus on throughput, now we're focused more on yield. Obviously, we're managing shifts as best we can. We're pedaling and clutching on certain expenditures out there with frozen headcount.

顯然，隨著交易量的下降，挑戰會變得越來越大。但我們的重點是正確的。當產量很高時，你會專注於吞吐量，但現在我們更專注於產量。顯然，我們正在盡力管理輪班。我們在凍結員工人數的情況下，努力維持某些支出。

And look, we're in the process of integrating two companies here. So we think there can potentially be opportunities there. So our team is disciplined. We are focused on this. We continue to accelerate our efforts.

你看，我們正在整合兩家公司。因此我們認為那裡可能存在機會。所以我們的團隊紀律嚴明。我們專注於此。我們將繼續加快努力。

Keith Chau, MST.

基思·週（Keith Chau），MST。

Just back on the inventory point, please. So you mentioned we spoke about it at the last quarter, which we certainly did, and that was 7.5 weeks into the quarter. So the destocking into the second half of the quarter must have been quite severe. But I just want to -- maybe if you can simplify it for us. Volumes were down 15% in the period. How much of that was actually attributed to inventory destocking?

請回到庫存點。所以你提到我們在上個季度談論過這個問題，我們確實這樣做了，那是在本季的第 7.5 週。因此本季下半段的去庫存現象肯定相當嚴重。但我只是想——也許您可以為我們簡化一下。在此期間，交易量下降了 15%。其中有多少實際上歸因於庫存減少？

And then as we look into the second quarter, how much of that impact will persist into the second quarter? And your views on your competitive standing as well in the market, please? Thank you.

然後，當我們展望第二季時，這種影響有多大程度會持續到第二季​​？請問您對貴公司在市場上的競爭地位有何看法？謝謝。

Yeah. Hey, Keith, thanks for the question here. Let me give you a little bit of a timeline of when we think about inventory here. We just talked about it, but I'll reiterate it again.

是的。嘿，基思，謝謝你提出這個問題。讓我給你提供一下我們考慮庫存的時間表。我們剛剛討論過這個問題，但我將再次重申。

So Q4 FY25 in March, we saw our customers prepared for growth, right? You think about the time, the election ended up happening in November, people were ready for growth. Look, and we talked about inventory not too high, but full well positioned for growth in the building season out there.

因此，在 3 月的 2025 財年第四季度，我們看到我們的客戶為成長做好了準備，對嗎？想想當時的情況，選舉最終在十一月舉行，人們已經為經濟成長做好了準備。你看，我們討論的庫存不是太高，但已經為建築旺季的成長做好了充分的準備。

As we got into April, we cited this on the call, a little bit of noise, a little bit of uncertainty. You get into May, we have our call, June environment softening. As we got into April, people were managing their inventory, right? So we already started to see a little bit of that destock as you talk about April through May.

進入四月，我們在電話會議上提到了這一點，有一點噪音，有一點不確定性。進入五月份，我們預測六月環境將會疲軟。進入四月，人們就開始管理庫存了，對吧？因此，正如您所說，四月到五月，我們已經開始看到一點點去庫存的現象。

And then look, as we got into July -- June, it was softening and then as we got into July, we really saw customers getting into defensive inventory posture. And look, this is a big part of the impetus for our lower outlook with inventory, with a dramatic change in single-family new construction. And then with that said, some of the benefits that we counted in for FY26, whether that be new products, whether that be the benefits from some of our exclusivities with homebuilders, those are all pushed out here.

然後看看，當我們進入七月至六月時，它開始走軟，然後當我們進入七月時，我們確實看到客戶採取了防禦性庫存姿態。看看吧，這是我們降低庫存預期的一個重要推動因素，單戶住宅新建量發生了巨大變化。話雖如此，我們在 26 財年計算的一些好處，無論是新產品，還是我們與房屋建築商的一些獨家合作帶來的好處，都在這裡推出。

The other thing I think it's really important to remember as we look forward is our year ends March 31. So as you look that the uncertainty and the visibility as you go from January of what is calendar year '26 to March, that's further out than a lot of people who are reporting here.

我認為，展望未來，另一件需要牢記的重要事情是，我們的財政年度將於 3 月 31 日結束。因此，當您看到從 26 年 1 月到 3 月的不確定性和可見性時，這比許多在這裡報導的人的預測還要遠。

I think the other part of your question is with our competitors out there. And look, I would just say this, we have really good competitors, don't have a bad thing to say about any of them. They compete well. We're all trying to go out there and utilize our value proposition.

我認為您問題的另一部分與我們的競爭對手有關。瞧，我只想說，我們有非常好的競爭對手，對他們任何一個人都沒有不好的評價。他們競爭很激烈。我們都在努力發揮我們的價值主張。

Look, I think what we have to remember is James Hardie has the leading position in most significant parts of the North American site market. This includes exclusive partnerships with top homebuilders, trusted relationships with pros in the industry, unmatched service, right? Everything we talked about as far as just our value proposition. Our position across the value chain is reflected in this what we always say, homeowner-focused customer- and contractor-driven.

看，我認為我們必須記住的是，James Hardie 在北美網站市場的大部分重要領域都處於領先地位。這包括與頂級房屋建築商的獨家合作夥伴關係、與行業專業人士的信任關係、無與倫比的服務，對嗎？我們所談論的一切都只涉及我們的價值主張。我們在整個價值鏈中的地位體現在我們一直說的「以房主為中心，以客戶和承包商為驅動」這一原則上。

We are in different parts of the country, right? And what I'm getting to here is certain areas that we are really strong with large homebuilders. We think about where a lot of the new construction is going on in the South region of the United States. We're seeing weakness there, right? So that is part of -- as we look for the guide for the rest of the year.

我們身處不同國家，對嗎？我在這裡要說的是，在某些領域，我們與大型房屋建築商相比確實實力雄厚。我們考慮在美國南部地區進行大量新建築建設。我們看到那裡存在弱點，對嗎？所以這是我們尋找今年剩餘時間指南的一部分。

So I think probably you're referring to or someone will ask about PDG. PDG is something that's really hard to quantify and look at in this type of dynamic market because not everything is moving in unison. It's all a little disparate, and it's a dynamic market out there. But look, in the areas we participate. We believe that we're holding our own. We believe that we continue to make strides with our main initiatives.

所以我想您指的可能是 PDG，或是有人會問到 PDG。在這種動態市場中，PDG 確實很難量化和觀察，因為並非所有事物都是同步發展的。一切都有些不同，這是一個充滿活力的市場。但看看我們參與的領域。我們相信，我們能夠堅持下去。我們相信，我們的主要舉措將繼續取得進展。

And look, we go back to what is our long-term growth profile and that is our organic fiber cement business. There is a tremendous amount of runway for us out there. If we think of the material conversion opportunities, 80% of the homes out there are not clad and James Hardie. We have a tremendous opportunity.

讓我們回顧一下我們的長期成長概況，那就是我們的有機纖維水泥業務。我們還有很長的路要走。如果我們考慮材料轉換機會，那麼 80% 的房屋都沒有覆蓋層，也沒有 James Hardie 的覆蓋層。我們面臨著巨大的機會。

And then you have the opportunity that we have with AZEK with the exteriors and outdoor living. You put these two together, we think and what we're seeing early on from some of the synergy results is we're going to continue to be able to accelerate this. That's what we're excited about from a long-term perspective.

然後你就有機會與 AZEK 一起打造外部和戶外生活。我們認為，將這兩者結合起來，並且從一些協同效應中我們早期看到的是，我們將能夠繼續加速這一進程。從長遠來看，這正是我們感到興奮的事情。

Sorry, just going back just seeing if you can put a framework or a number around the inventory destocking for the period of the impact going forward, please, in the second quarter? Any hangover into the second quarter?

抱歉，我只是回過頭來看看，您是否可以為第二季未來影響期間的庫存去庫存制定一個框架或數字？有任何後遺症延續到第二季​​嗎？

Yeah. Look, Q1 inventory aside, we believe we performed in line with market, which would be down mid-single digits. That's what I would say. And then Q2 and Q3, we think we continue to see some type of destock out there with our customer partners.

是的。你看，除了第一季的庫存之外，我們相信我們的表現與市場一致，市場將下降中等個位數。這就是我要說的。然後在第二季度和第三季度，我們認為我們將繼續看到客戶合作夥伴出現某種類型的去庫存現象。

And going back to our value proposition, as our customer partners are more cautious and making sure they're really vigilant with their inventory, we do have the supply chain with our localized manufacturing that are able to partner with them and be able to supply what they need when they need it.

回到我們的價值主張，由於我們的客戶合作夥伴更加謹慎，並確保他們對庫存保持警惕，我們確實擁有本地化製造的供應鏈，能夠與他們合作並能夠在他們需要時提供他們所需的東西。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

I guess, Aaron, first off, the big issue here seems to be the single-family new construction in the South. And if we zero in on that, how did the quarter evolve for that part of your business from sort of April to today? And is it still slowing or is it sort of stabilizing at this point?

我想，亞倫，首先，這裡最大的問題似乎是南方的獨戶住宅新建築。如果我們集中精力於此，那麼從四月到今天，你們這部分業務的季度發展如何？目前它還在放緩嗎？還是已經趨於穩定？

Yeah. Hey, Ryan, I'll just start by saying, as I mentioned before, and just to remind you, and then I'll turn it over to Rachel, she can add some context here, is we've talked and linked over the last two years of our partnership with the large homebuilders. And we are really value that partnership. We wouldn't trade that for anything. But also, if you think about a lot of or the majority of some of the starts out there, they've really been happening in the South. So that has impacted us.

是的。嘿，瑞安，我首先要說的是，正如我之前提到的，只是為了提醒你，然後我會把它交給瑞秋，她可以在這裡補充一些背景信息，那就是我們在過去兩年與大型房屋建築商的合作中進行了交談和聯繫。我們非常重視這種合作關係。我們不會用任何東西來交換這一點。但是，如果你想想那裡的許多或大多數新興事物，它們實際上都發生在南方。所以這對我們產生了影響。

As much as we talk about the outside analysts when we start this out for the year, we said, okay, single-family new construction is going to be flat to maybe down 1. I mean that's changed almost by 10 points. and it's magnified and it's accelerated in areas like the South. But Rachel, do you want to maybe hit this?

當我們在今年年初談論外部分析師時，我們說，好吧，單戶住宅新建數量將持平，甚至可能下降 1。我的意思是，這項變更幾乎達到了 10 個百分點，而且在南部等地區，這種變化更為明顯，而且速度更快。但是 Rachel，你想打這個嗎？

Yeah. So the first comment, as Aaron pointed out, single-family new construction, whether you want to look at the NAHB or [ERDS] or on a national level, they are moving their estimates from May until August or July or most recent by over 10 points. That is a very large swing in that time span as you think about from May until now.

是的。因此，正如 Aaron 指出的那樣，第一條評論是，對於單戶住宅新建項目，無論您是想查看 NAHB 還是 [ERDS] 還是從國家層面來看，他們都將預估數據從 5 月份調整到 8 月份或 7 月份，或者最近的調整幅度超過 10 個百分點。從五月到現在，這段時間跨度的波動非常大。

As you think about South permits as an example, is a leading indicator. If you look at April, it was [541]; May, [529]; and June, [517]. So again, we're prudently planning that this isn't done. So as we thought about our guidance and we really thought about the three factors Aaron's talked about of what could weigh, we thought about the third was the difference between a mid-single-digit to a high single-digit market decline in single-family new construction, another third due to the inventory calibration, and a final third really with that push out on some of the new product launches and wins that we've initially flagged for the back half of the year.

以南方許可證為例，這是一個領先指標。如果你看看四月份，它是[541]；五月，[529]；六月，[517]。因此，我們再次謹慎地計劃不做這件事。因此，當我們思考我們的指導方針時，我們認真思考了 Aaron 提到的三個可能產生影響的因素，我們認為第三個因素是單戶住宅新建市場中個位數到高個位數下滑之間的差異，另一個三分之一是由於庫存校準，最後三分之一實際上是由於我們最初計劃在下半年推出一些新產品並取得勝利。

Got it. Really helpful color.

知道了。確實很有幫助的顏色。

Yeah. Okay. And Ryan, just the other thing, I think I mentioned it before. As we look at our new guide, I mean, what we assumed in there is taking stock of the market, which we just walked through. taking stock of the cautiousness and the inventory takedown and then some of our initiatives out there.

是的。好的。瑞安，還有一件事，我想我之前提到過。當我們查看我們的新指南時，我的意思是，我們假設其中正在對市場進行評估，我們剛剛經歷了這一點。評估謹慎性和庫存減少，然後評估我們的一些措施。

But look, on the positive, with this exposure, when you think of longer-term, I think we have enviable position of leadership when we think about our partnership with these large homebuilders. They're going to win, right? And we're partnered with them.

但從積極的方面來看，有了這種曝光度，當你考慮長期時，我認為當我們考慮與這些大型房屋建築商的合作時，我們擁有令人羨慕的領導地位。他們會贏的，對吧？我們與他們合作。

And then as I said before, as our customer partners are more cautious around things like inventory, we do have the value proposition to partner with them. And that's the localized manufacturing we talk about and be able to deliver high-service levels, really short lead times, which is going to be critical as we move forward.

正如我之前所說，由於我們的客戶合作夥伴對庫存等問題更加謹慎，我們確實有與他們合作的價值主張。這就是我們所說的本地化製造，能夠提供高水準的服務，非常短的交貨時間，這對於我們未來的發展至關重要。

Got it. Thanks for that. And then my follow-up is a question on AZEK and the EBITDA contribution. Most of us were sort of penciling in EBITDA of $310 million to $315 million, and your guidance is a bit below that. Can you just walk us through some of the assumptions there? And are you assuming a more conservative outlook for the Deck, Rail & Accessories the next two quarters?

知道了。謝謝。然後我的後續問題是關於 AZEK 和 EBITDA 貢獻。我們大多數人預計 EBITDA 為 3.1 億美元至 3.15 億美元，但您的預測略低於這個數字。您能向我們簡單介紹一下其中的一些假設嗎？您是否認為未來兩個季度甲板、欄桿和配件的前景更加保守？

Yeah. I would just start out by saying the one month that we've had AZEK's part of the company and what they were able to demonstrate continues to show the leadership and the strength of the business. But Rachel, do you want to walk through the EBITDA?

是的。首先我想說的是，我們擁有 AZEK 公司一個月的時間，他們所展示的內容持續展現了公司的領導和實力。但 Rachel，你想了解一下 EBITDA 嗎？

Yeah, absolutely. First, our residential sell-through grew mid-single digits in the June quarter. As we think about our FY26 outlook, the DR&A sell-through and a growth planning assumption is in the low single digits. And we're not seeing that in moderation right now in the sell-through trends, but our outlook does contemplate maintaining a conservative channel inventory positioning and potential negative impacts continuing in the macroeconomic uncertainty. So we'll see, it's really to your point about that macroeconomic guide.

是的，絕對是如此。首先，我們的住宅銷售量在六月季度增加了中等個位數。當我們考慮 26 財年的前景時，DR&A 銷售量和成長計畫假設處於低個位數。目前，我們還沒有看到銷售趨勢出現緩和跡象，但我們的展望確實考慮到維持保守的通路庫存定位，以及宏觀經濟不確定性持續帶來的潛在負面影響。因此，我們將會看到，這確實符合您關於宏觀經濟指南的觀點。

Lee Power, JPMorgan.

摩根大通的李鮑爾 (Lee Power)。

Aaron, can you maybe just want to talk a little bit about where you think you sit at the moment with share in the major builders? Like you've obviously had a lot of announcements in terms of the top 20, you already controlled a lot of that. Where do you think you are? And maybe are those share gains being kind of matched with those builders who are outside the top 20?

亞倫，您能否簡單談談您認為目前您在主要建築商中的份額情況？就像您顯然已經發布了很多關於前 20 名的公告一樣，您已經控制了其中的許多內容。你認為你在哪裡？也許這些份額的增長與排名前 20 名之外的建築商的份額增長是一致的？

Yeah, Lee, good question. Like I started out and saying before is we're in an enviable position. The team has worked extremely hard. I think many of you know Sean Gadd, who runs the business for us. He and his team have worked over the last couple of years to build those relationships.

是的，李，這個問題問得好。就像我之前所說的那樣，我們處於令人羨慕的地位。整個團隊都極為努力。我想你們很多人都認識負責我們業務的 Sean Gadd。在過去幾年裡，他和他的團隊一直致力於建立這些關係。

And look, we talk about the top 25 builders, but it really extends out to the top 200 builders out there. And we would say, as we look at some of the agreements that we've signed that we continue to take share in our partnership with them. So like I said, single-family new construction, as we look at the outlook, we look at some of the partnership we have, this is part of the reason why we are resetting some of the expectations out there.

瞧，我們談論的是前 25 名建築商，但實際上它延伸​​到了前 200 名建築商。我們可以這麼說，當我們回顧我們簽署的一些協議時，我們會繼續在與他們的合作中佔有一席之地。所以就像我說的，對於單戶住宅新建項目，當我們看前景時，我們會看我們擁有的一些合作夥伴關係，這也是我們重新設定一些期望的原因之一。

But look, this is a blip on the radar. Again, from a long-term perspective and you think about the industry and who's going to win, I mean, these are customer partners that we want to be linked with, and we're fortunate to be able to do that and bring them to the value proposition we have.

但你看，這只是雷達上的一個光點。再說一次，從長遠的角度來看，你會考慮這個行業以及誰會贏，我的意思是，這些都是我們想要聯繫的客戶合作夥伴，我們很幸運能夠做到這一點並為他們帶來我們的價值主張。

Thanks. And then just a follow-up just on costs. Like in the past, you've chatted a lot about the cost. Like how do you think that plays out in the near term? And then maybe comment from Rachel, just how important that will be around hitting your leverage target that you've put out there post the acquisition?

謝謝。然後只是關於成本的後續問題。就像過去一樣，您已經談論了很多有關成本的問題。您認為短期內會出現什麼結果？然後 Rachel 可能會評論一下，這對於實現您在收購後設定的槓桿目標有多重要？

Yeah, Lee, good question. Look, I think we answered this a little bit when we talked about costs in some of the areas in which we can target. I think one of the things we have to remember, and look, we take this very seriously as we look at where we're at and we want to make sure we're delivering upon our commitments, is where we can take cost out, we are going to do so. So that means areas like marketing, that means how do we get more efficient in our plants, how do we accelerate some of our procurement efforts.

是的，李，這個問題問得好。瞧，我想當我們談論我們可以針對的一些領域的成本時，我們已經回答了這個問題。我認為我們必須記住的一件事是，我們非常認真地對待這個問題，看看我們目前的狀況，我們希望確保我們履行承諾，那就是我們可以在哪裡降低成本，我們就會這樣做。這意味著行銷等領域，意味著我們如何提高工廠的效率，如何加速一些採購工作。

We are very confident in our ability to be able to do that. This has been a dynamic market, as you can appreciate. We also don't want to make any rush decisions that are going to impact our long-term growth. So we are keeping that in mind and we're balancing that accordingly.

我們對自己做到這一點的能力非常有信心。如您所見，這是一個充滿活力的市場。我們也不想做出任何會影響我們長期發展的倉促決定。因此，我們會牢記這一點，並進行相應的平衡。

Rachel, go ahead.

瑞秋，說吧。

I think following up the comment around the deleveraging, and look, it starts and ends with having a strong margin and the right growth. And as a reminder, James Hardie has been delivering a 10% revenue CAGR for a long period. And over the past five years, we've delivered EBITDA margins in excess of 25% every single year, and that really reflects our strategic position and is unchanged in our outlook.

我認為，圍繞去槓桿的評論，其始末都是強勁的利潤率和正確的成長。需要提醒的是，James Hardie 長期以來一直保持著 10% 的複合年增長率。在過去五年中，我們每年的 EBITDA 利潤率都超過 25%，這確實反映了我們的策略地位，而且我們的前景沒有改變。

So as we proceed forward thinking ahead to the 2 times leverage position at the two full years post-close, we do think that we are well positioned to obtain that.

因此，當我們繼續展望收盤後整整兩年的兩倍槓桿率時，我們確實認為我們已準備好實現這一目標。

Timothy Wojs, Baird.

提摩西‧沃伊斯，貝爾德。

Maybe just a question on just AZEK. To kind of go on Ryan's question, are there any definitional differences between kind of the adjusted EBITDA that you're including in your guidance and what AZEK reported in the DR&A segment that they had publicly disclosed? Because I know there's some comparison issue -- I mean, there's just timeframe issues. But I mean, the guidance or the EBITDA that we're including or that you're including in guidance, I mean, it is down year over year relative to last year. And obviously, we've seen pretty decent growth in EBITDA at AZEK.

也許這只是關於 AZEK 的一個問題。回答 Ryan 的問題，您在指導中包含的調整後 EBITDA 與 AZEK 在其公開披露的 DR&A 部分中報告的內容之間是否存在定義上的差異？因為我知道存在一些比較問題——我的意思是，存在時間框架問題。但我的意思是，我們所包含的指導或 EBITDA，或您在指導中包含的指導，我的意思是，與去年相比，它同比有所下降。顯然，我們看到 AZEK 的 EBITDA 實現了相當可觀的成長。

So could you just help us bridge if there's any sort of technical differences between the EBITDA contributions? And that business seems to be performing pretty well. Why would EBITDA down year over year?

那麼，如果 EBITDA 貢獻之間存在任何技術差異，您能否幫助我們解決？而且這項業務似乎表現得相當不錯。為什麼EBITDA會逐年下降？

Yeah, I'll take that. There are some technical differences. First, at the James Hardie definition, we do include the cost of stock-based compensation within our EBITDA. We do not exclude it. We also have some divisional differences.

是的，我會接受的。存在一些技術差異。首先，根據 James Hardie 的定義，我們確實將股票薪酬成本納入了 EBITDA 之中。我們並不排除這一點。我們也存在一些部門分歧。

So siding and trim is our former North America Fiber Cement business along with their AZEK exteriors business, whereas the DR&A is the rest of the legacy APAC business. We also have -- within corporate, we've given some guidance for that for a run rate of about $225 million on a combined consolidated basis. So we do now have those definitional differences.

因此，壁板和裝飾是我們以前的北美纖維水泥業務以及他們的 AZEK 外牆業務，而 DR&A 是其餘的 APAC 業務。在公司內部，我們也給了一些指導，即合併後的營運率約為 2.25 億美元。所以我們現在確實存在著這些定義上的差異。

Yeah. And Tim, we can take you through all of those.

是的。提姆，我們可以帶你了解所有這些。

Okay, yeah. It may just be helpful if there is something on stock. I guess the allocation of EBITDA is all kind of in the bag. If there's a big stock out number, I think that would be helpful. Otherwise, we can take it offline.

好的，是的。如果有庫存的話可能會有幫助。我猜 EBITDA 的分配已經很順利了。如果缺貨數量很大，我認為這會有所幫助。否則，我們可以將其下線。

Okay, great.

好的，太好了。

And I guess just maybe to level set everybody. Can you give us what you're expecting for volumes in the North America Fiber Cement legacy business in Q2 and in the back half of the year for the full year, please?

我想也許只是為了讓每個人都處於同一水平。您能否告訴我們您對第二季和下半年北美纖維水泥傳統業務全年銷售的預期？

So our guide does anticipate the legacy North American fiber cement business being down low double digits. And that is up more volume-related as we are expecting positive ASP, not only in North America, but frankly in all of our regions. So we are on track for that.

因此，我們的指南確實預期北美傳統纖維水泥業務的銷售額將下降兩位數。這與銷量有關，因為我們預計平均售價將呈現正成長，不僅在北美，而且坦白說，在我們所有的地區都是如此。所以我們正在朝著這個目標前進。

Keith Hughes, Truist.

基斯·休斯，Truist。

Based on some of your answers to questions that appears like in the guide, you're expecting inventory reductions of somewhat similar qualities -- quantities, excuse me, the remainder of the year we saw in the quarter. I don't think I've ever seen that before. That, in what your largest signings reporting smacks a big share loss. Could you talk about where you think your share position is? I've never seen anything quite like this before.

根據您對指南中出現的一些問題的回答，您預計庫存減少的品質會有些類似——數量，對不起，是我們在本季度看到的剩餘時間的數量。我想我以前從未見過這種情況。從你們最大的簽約報告中可以看出，這是一個巨大的份額損失。您能談談您認為您的股票地位如何嗎？我以前從未見過這樣的事情。

Yeah. So Keith, I think as we look at Q2, Q3, we would say that customers are going to continue to manage their inventory down. And that speaks to the cautiousness that we're seeing out there in the marketplace. We talked a little bit about the market from an R&R standpoint and then the dynamics from a single-family new construction standpoint as well. So yeah, we would see that in Q2 and Q3, Keith.

是的。所以 Keith，我認為當我們展望第二季和第三季時，我們會說客戶將繼續減少庫存。這說明我們在市場上看到的謹慎態度。我們從 R&R 的角度談論了一下市場，然後從單戶新建築的角度談論了市場動態。是的，我們會在第二季和第三季看到這一點，基斯。

So therefore, it looks like there's, at a minimum, some share loss going on here. To your comment in the quarter, you performed at the market. Usually, you're above the market. What's going on with the momentum of pace of your share in the siding market?

因此，看起來至少存在一些份額損失。對於您在本季的評論，您的表現符合市場預期。通常情況下，你的價格高於市場價格。你們在壁板市場的市佔率成長動能如何？

Yeah. So Keith, I think one of the things we have to remember here is the difference from a timing standpoint. When you look at our year, I think the other thing is the segments in which we compete are not apples-to-apples with some of our competitors out there. So I would not say we're losing any share. If we talk about our segments, large homebuilders out there, I just mentioned it, we keep gaining share with those top 200 out there.

是的。所以，基思，我認為我們必須記住的一件事是從時間角度的差異。當你回顧我們今年的表現時，我認為另一件事是，我們競爭的領域與我們的一些競爭對手並不完全相同。因此我不會說我們正在失去任何份額。如果我們談論我們的細分市場，大型房屋建築商，我剛才提到過，我們在前 200 名中的份額不斷增加。

If we think about some of the geographies in which we participate in more of the metro areas, we do not see that we're losing any share out there. So it is different from a timing. It's a different segment that we can compete in.

如果我們考慮一下我們參與的更多大都市地區的某些地區，我們並沒有發現我們在那裡失去了任何份額。所以它與時間不同。這是我們可以參與競爭的不同領域。

Okay. Let me switch to the AZEK. You've owned it for a month, we're lowering the sales, the sell-through. Trex is not lowering theirs. Are you having some integration obvious -- not problem, but there's always a little bit of hiccups when you do integrations. Are you seeing any of that coming in as you work on these two businesses together?

好的。讓我切換到 AZEK。您已經擁有它一個月了，我們正在降低銷售和銷售率。Trex 並未降低其價格。您是否遇到了一些明顯的整合問題——這不是問題，但是在進行整合時總是會出現一些小問題。當您共同經營這兩家公司時，您是否看到了其中的進展？

No, Keith. Look, we're not seeing anything but progress. We don't see a slowdown with that business. I think more than anything, we're being prudent as we look at some of the challenges out there in the marketplace. We don't see a slowdown with that business. We're very, very confident in the AZEK business.

不，基斯。瞧，我們除了進步什麼也沒看到。我們沒有看到該業務出現放緩。我認為最重要的是，我們在看待市場上的一些挑戰時要謹慎。我們沒有看到該業務出現放緩。我們對 AZEK 業務非常有信心。

Peter Steyn, Macquarie.

麥格理銀行的彼得‧斯泰恩。

I may just ask you, Aaron, specifically around the commercial synergies. You've put forward a very optimistic view both in volume and -- or sorry, value and timeline. And in the context of Ryan Kilcullen going to the COO role, I'm particularly interested in how you're thinking about the integration network-wise between AZEK and highly and how that plays into the realization of your commercial synergies in the dealer channel.

亞倫，我可能只會問你有關商業協同效應的具體問題。您對數量和——或者抱歉，價值和時間表——都提出了非常樂觀的看法。在 Ryan Kilcullen 擔任營運長的背景下，我特別感興趣的是您如何看待 AZEK 和 highly 之間的網路集成，以及這如何影響您在經銷商通路中實現商業協同效應。

Yeah. Hey, Peter, really good question. I think it's being 50 days in, probably too early to talk about how we would look at the network. What I can talk to is some of the revenue synergies. And like I mentioned before, we're really encouraged with some of the early wins, what I would call quick wins out there.

是的。嘿，彼得，這個問題問得真好。我認為現在已經過去 50 天了，談論我們如何看待網路可能還為時過早。我可以談一些收入綜效。正如我之前提到的，我們對一些早期的勝利感到非常鼓舞，我稱之為快速勝利。

Look, as we closed this a few days after, I hit the road with Jon Skelly, who's run the legacy AZEK business; and Sean Gadd, who has run the legacy Hardie business. And we've gone out and seen pretty much most of our major customers out there on both sides. So the conversations have been really encouraging.

你看，幾天後我們結束了這件事，我就和經營傳統 AZEK 業務的 Jon Skelly 以及經營傳統 Hardie 業務的 Sean Gadd 一起上路了。我們已經走出去，拜訪了雙方的大多數主要客戶。因此這些對話確實令人鼓舞。

Obviously, on a public call, we're not going to talk about it. But we've had some verbal commitments from some of our large dealer partners with some early wins to be able to come over to and take some of our product. As we talk about with our contractors, what we've been doing, and again, 50 days in is looking at both of our contractor partners and our networks and our loyalty networks and then able to really distribute leads across those networks out there.

顯然，在公開電話會議上，我們不會談論這個問題。但我們已經從一些大型經銷商合作夥伴那裡得到了一些口頭承諾，他們早期取得了一些成功，願意過來購買我們的一些產品。當我們與承包商交談時，我們一直在做的事情是，再次強調，50 天來，我們正在關注我們的承包商合作夥伴、我們的網絡和忠誠度網絡，然後能夠真正地在這些網絡中分配潛在客戶。

Their leads for James Hardie products coming from AZEK reps in the north and for AZEK products come from James Hardie reps in the South and West. And look, this is, I think, more so than anything, just a testament to how these two businesses complement each other, and how each business's individual strengths match an opportunity with each other. So we're in early days, but we're very, very encouraged from what we're seeing out there.

他們對 James Hardie 產品的線索來自北方的 AZEK 代表，而 AZEK 產品的線索來自南方和西方的 James Hardie 代表。而且，我認為這比任何事情都更能證明這兩家企業如何相互補充，以及每家企業各自的優勢如何與彼此的機會相匹配。因此，我們還處於早期階段，但從目前看到的情況來看，我們感到非常鼓舞。

So everyone, I think we're going to wrap it up here. Appreciate the questions and taking the time. Look, we continue to see significant opportunity ahead for James Hardie as we execute against our focused growth strategies and further accelerate growth through our combination with AZEK.

各位，我想我們應該就此結束。感謝您提出的問題並花費時間。看起來，隨著​​我們執行重點成長策略並透過與 AZEK 的合併進一步加速成長，我們繼續看到 James Hardie 未來的巨大機會。

I want to thank all of you for joining today's call, and please reach out to the team with any additional questions you may have. All right. Thank you, operator.

我要感謝大家參加今天的電話會議，如果您有任何其他問題，請聯絡團隊。好的。謝謝您，接線生。

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。