Louisiana-Pacific Corp (LPX) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 Louisiana-Pacific Corporation Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季路易斯安那太平洋公司財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Aaron Howald, VP of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Aaron Howald。

Thank you, operator, and good morning, everyone. Thank you for joining us to discuss LP's results for the first quarter of 2025 as well as our updated outlook. On the call with me this morning are Brad Southern, LP's Chief Executive Officer; and Alan Haughie, LP's Chief Financial Officer. After prepared remarks, we will be happy to take a round of questions. During this morning's call, we will refer to a presentation that has been posted to LP's IR web page, which is investor.lpcorp.com. Our 8-K filing, earnings press release, and other materials are also available there.

謝謝接線員，大家早安。感謝您加入我們討論 LP 2025 年第一季的業績以及我們的最新展望。今天早上與我通話的是 LP 的執行長 Brad Southern；以及 LP 財務長 Alan Haughie。準備好發言後，我們將很樂意回答一輪提問。在今天早上的電話會議中，我們將參考已發佈到 LP 的 IR 網頁（即 investor.lpcorp.com）的簡報。我們的 8-K 文件、收益新聞稿和其他資料也可在那裡取得。

As always, I will caution you that today's discussion contains forward-looking statements and non-GAAP financial metrics as described on Slides 2 and 3 of the earnings presentation. The appendix of the presentation also contains reconciliations that are further supplemented by this morning's 8-K filing. Rather than reading those materials, I will incorporate them herein by reference.

像往常一樣，我要提醒您，今天的討論包含前瞻性陳述和非 GAAP 財務指標，如收益報告的第 2 張和第 3 張幻燈片所述。簡報的附錄還包含由今天上午的 8-K 文件進一步補充的對帳表。我不會閱讀這些資料，而是將它們作為參考納入本文。

And with that, I'll call over to Brad.

說完這些，我就打電話給布萊德。

Thanks, Aaron, and thank you all for joining us today to discuss LP's results for the first quarter. As you all know, 2025 began volatility and disruption in the US and Canadian economies. Tariff uncertainty has weakened consumer sentiment and triggered significant pullbacks in equity markets. Single-family starts fell by 6% in the first quarter due in part to this volatility as well as some unfavorable weather in the Southeast. The same factors also contributed to a softening in commodity OSB prices. Against this backdrop, LP's Siding business continues to grow, expand margins, gain share, and realize higher prices.

謝謝，Aaron，也謝謝大家今天加入我們討論 LP 第一季的業績。眾所周知，2025年美國和加拿大經濟開始出現動盪和混亂。關稅不確定性削弱了消費者情緒，並引發股市大幅回檔。第一季獨棟住宅開工量下降了 6%，部分原因是這種波動以及東南部的一些不利天氣。同樣的因素也導致了商品定向刨花板價格的疲軟。在此背景下，LP 的壁板業務持續成長，利潤率不斷擴大，市場份額不斷增加，價格也不斷上漲。

We also introduced new and more specialized products in the quarter that will add energy to the growth flywheel. While we are watching the macro backdrop closely, we see no signs of a slowdown in Siding. In fact, our order file is robust and remains on track for a record second quarter. As a result, we are raising our full year outlook for Siding, as Alan will detail in a few minutes.

我們也在本季推出了新的、更專業的產品，這將為成長飛輪增添活力。雖然我們密切關注宏觀背景，但我們沒有看到 Siding 出現放緩的跡象。事實上，我們的訂單文件非常強勁，並且預計在第二季度創下紀錄。因此，我們上調了 Siding 的全年預期，艾倫將在幾分鐘內詳細說明。

Page 5 of the presentation shows a summary of financial highlights for the first quarter. Net sales in the quarter were $724 million. This is flat to prior year as 11% growth in Siding offset lower OSB prices. EBITDA was down $20 million. The oversimplified bit, lower OSB prices all flow through to EBITDA and Siding growth has about a 50% incremental EBITDA margin. So a $20 million EBITDA impact from these offsetting revenue changes is about what we would expect. However, OSB prices are temporary, and our goal is to make Siding growth permanent. Siding growth means leverage that drives margin expansion. Our Siding business delivered a 26% EBITDA margin in the first quarter, and we expect more of the same in the second quarter.

簡報的第 5 頁顯示了第一季財務亮點的摘要。本季淨銷售額為 7.24 億美元。這與去年持平，因為壁板 11% 的成長抵消了 OSB 價格的下降。EBITDA下降了2000萬美元。太簡單來說，較低的 OSB 價格全部流入 EBITDA，而 Siding 成長則具有約 50% 的增量 EBITDA 利潤率。因此，這些抵銷收入變動將產生 2000 萬美元的 EBITDA 影響，這與我們預期的差不多。然而，OSB 價格只是暫時的，我們的目標是讓 Siding 的成長永久化。壁板成長意味著推動利潤率擴大的槓桿。我們的壁板業務在第一季實現了 26% 的 EBITDA 利潤率，我們預計第二季的利潤率將更高。

If you were able to join us in Las Vegas for the International Builder Show, you might have seen our newest and most specialized Siding product. At IBS, we introduced the two-tone ExpertFinish products, we are calling our naturals collection, which is designed to capture the look of stained wood. Our booth displayed six different pre-finished color combinations, each of which is available in both Cedar and Brushed Smooth finishes. This new collection complements our existing 16 color palette and adds a new aesthetic while still delivering industry-leading durability and ease of installation.

如果您能夠參加我們在拉斯維加斯舉辦的國際建築展，您可能已經看到了我們最新、最專業的壁板產品。在 IBS，我們推出了雙色 ExpertFinish 產品，我們稱之為自然系列，旨在捕捉染色木材的外觀。我們的攤位展示了六種不同的預加工顏色組合，每種顏色都有雪松和拉絲光滑兩種飾面可供選擇。這個新系列補充了我們現有的 16 種顏色，增加了新的美感，同時仍然提供業界領先的耐用性和易於安裝的特性。

We are early in the rollout, but customer response has been very enthusiastic. About 14% of our volume in Q1 was from recently launched products, including about 10% of volume from ExpertFinish. These products drive growth and contribute a positive mix effect on price. We are confident that our new product development pipeline will continue to contribute to growth, material conversion, and share gain for SmartSide.

我們剛開始推出這項服務，但客戶的反應非常熱烈。我們第一季約有 14% 的銷售來自最近推出的產品，其中約 10% 的銷售來自 ExpertFinish。這些產品推動了成長並對價格產生了積極的組合效應。我們相信，我們的新產品開發管道將繼續為 SmartSide 的成長、材料轉換和份額成長做出貢獻。

Before I turn the call over to Alan, I know tariffs are top of mind, so let me discuss them briefly. The EBITDA impact of tariffs in the first quarter was about $2 million for Siding. This is primarily from retaliatory tariffs imposed on US-made products exported to Canada. We also saw some small impacts on imported raw materials. If the current tariff regime continues through year-end, Siding would see an EBITDA impact of about $12 million. This is the assumption we are making for the purpose of updated guidance.

在我將電話轉給艾倫之前，我知道關稅是大家最關心的問題，所以讓我簡單討論一下。第一季關稅對 Siding 的 EBITDA 影響約 200 萬美元。這主要是由於美國對加拿大出口的產品徵收了報復性關稅。我們也看到進口原料受到了一些小的影響。如果現行關稅制度持續到年底，Siding 的 EBITDA 將受到約 1,200 萬美元的影響。這是我們為了更新指導而做出的假設。

We won't speculate about what changes or new tariffs might be announced in the future, but we can affirm what we have said in the past about the paused 25% tariffs with Canada. LP's products are USMCA compliant, making them exempt from US tariffs. If that were to change, which we do not anticipate, we have numerous contingency plans, including flexibility in our supply chains and our operating network. Tariffs could also be a factor in our pricing strategy.

我們不會猜測未來可能會宣布哪些變化或新的關稅，但我們可以確認我們過去關於暫停對加拿大徵收 25% 關稅的說法。LP 的產品符合 USMCA 規定，因此可免徵美國關稅。如果情況發生變化（我們預計不會發生），我們有許多應急計劃，包括供應鏈和營運網路的靈活性。關稅也可能是我們定價策略的因素。

And finally, we enjoy the added flexibility of $1 billion in liquidity. None of that would make us immune from tariffs, but we are confident that we could partially mitigate tariff impacts if the situation changes. Meanwhile, we remain focused on what we can control, safety, efficiency, product innovation, share gains, growth, leverage and margin expansion. In a very uncertain environment, the LP team kept their focus and executed our strategy with agility and determination. OSB prices have softened in recent weeks, as I said a moment ago, our Siding order file remains quite strong.

最後，我們享有 10 億美元流動資金的額外彈性。這些都不能使我們免受關稅的影響，但我們相信，如果情況發生變化，我們可以部分減輕關稅的影響。同時，我們仍然專注於我們能夠控制的領域，即安全、效率、產品創新、份額成長、成長、槓桿和利潤率擴大。在非常不確定的環境中，LP 團隊保持專注，並以敏捷和決心執行我們的策略。OSB 價格近幾周有所走軟，正如我剛才所說，我們的壁板訂單文件仍然很強勁。

I want to take a moment to express how proud I am of our team members and to thank them for their efforts and dedication. I'll conclude by saying that I am very confident that our recent integration of the businesses under a CCO, COO structure, reporting to Jason Ringblom in his new role as LP's President positions LP for many more years of strategic continuity and execution.

我想花點時間表達我對我們團隊成員的自豪感，並感謝他們的努力和奉獻。最後我想說的是，我非常有信心，我們最近將業務整合到首席商務官和首席營運官的架構下，並向新擔任 LP 總裁的 Jason Ringblom 匯報工作，這將使 LP 在未來許多年保持戰略連續性和執行力。

And with that, I will turn to Alan for an update on segment results, cash flow, and our updated guidance before we take your questions.

在回答您的問題之前，我將向艾倫介紹分部業績、現金流量和我們的最新指導。

Thanks, Brad. Pages 8 and 9 of the presentation show the first quarter year-over-year revenue and EBITDA bridges. Both are fairly straightforward, but a few factors bear some discussion.

謝謝，布拉德。簡報的第 8 頁和第 9 頁顯示了第一季同比收入和 EBITDA 橋。兩者都相當簡單，但有幾個因素值得討論。

For Siding on page 8, 9% higher volumes and 2% higher prices compounded for 11% revenue growth. Volume growth actually outperformed single-family starts in the quarter by 15 points, consistent with ongoing material conversion and share gains boosted by robust demand for panel products. Of these, shed customers are experiencing what appears to be a sustainable recovery after a long period of soft demand following the surge they experienced during COVID.

對於第 8 頁的 Siding，銷量成長 9% 且價格上漲 2%，營收成長 11%。本季度，房屋銷售成長實際上比單戶住宅開工量高出 15 個百分點，這與持續的材料轉換和因板材產品需求強勁而推動的份額增長相一致。其中，棚戶區客戶在經歷了新冠疫情期間需求激增之後，經歷了長期的疲軟，目前正經歷著可持續的復甦。

I should also mention that although the margin on panels is healthy, they are priced below lap, trim, and soffit. So while panel growth boosted volumes and helped with margins, it also brought a negative price mix effect that offset the positive mix effect from higher ExpertFinish. In other words, please don't infer any slowdown in ExpertFinish from the softer year-over-year price growth. On the contrary, the first quarter set records for both volume and revenue in ExpertFinish.

我還應該提到，儘管面板的利潤率很高，但它們的價格低於搭接、裝飾和拱腹。因此，雖然面板成長促進了銷售並有助於提高利潤率，但它也帶來了負面的價格組合效應，抵消了更高的 ExpertFinish 帶來的正面組合效應。換句話說，請不要根據年比價格成長放緩推斷 ExpertFinish 的成長會放緩。相反，第一季 ExpertFinish 的銷售和收入均創下了紀錄。

Other variances in the quarter were minor, with a $5 million increase in selling and marketing spend and minor variances in labor, raw material costs, and freight netting to zero. Tariff impact rounded to about $2 million in the quarter, without which, and it bears repeating, the first quarter EBITDA margin would have rounded to 27% instead of the reported 26%. So for Siding, despite the tariff-induced market volatility, it was a solid quarter for pricing power, growth, share gains, operating leverage and therefore, for margin expansion. And that trend continues into the second quarter, in which Siding orders are on pace to set new records for both volume and revenue.

本季的其他差異很小，銷售和行銷支出增加了 500 萬美元，勞動力、原材料成本和運費淨額的差異很小，為零。本季關稅影響約為 200 萬美元，如果沒有這筆影響，第一季的 EBITDA 利潤率將四捨五入為 27%，而不是報告的 26%。因此，對於 Siding 而言，儘管關稅引發市場波動，但本季在定價能力、成長、份額成長、營運槓桿以及利潤率擴張方面仍表現穩健。這一趨勢一直延續到第二季​​度，其中壁板訂單的數量和收入都創下了新紀錄。

For OSB on page 9, the bridges dominated by commodity OSB price fluctuations as is so often the case. Lower prices resulted in a $32 million reduction in revenue and EBITDA, a mix shift from structural solutions to commodity, which is not uncommon in soffit OSB markets, resulted in a net reduction of $13 million in revenue and $7 million in EBITDA compared to the prior year. And just as with the Siding segment, all of the variances were quite minor by comparison.

對於第 9 頁的 OSB，橋樑受商品 OSB 價格波動的主導，這是經常發生的情況。物價下跌導致收入和 EBITDA 減少 3,200 萬美元，從結構解決方案到商品的組合轉變（這在拱腹 OSB 市場中並不罕見）導致收入淨減少 1,300 萬美元，EBITDA 淨減少 700 萬美元（與去年相比）。就像 Siding 部分一樣，相較之下，所有的差異都非常小。

Page 10 shows cash flow for the quarter. As you will recall, we typically use cash to build working capital in the first quarter primarily log inventory to prepare our mills for the spring breakup. And working capital increases consumed about $74 million with taxes, interests and other costs, combining for a further $24 million of outflow. We invested $64 million in capital projects, spent $61 million to repurchase shares, and paid $20 million in dividends. And this brought our ending cash balance to $256 million.

第 10 頁顯示了本季的現金流量。您可能還記得，我們​​通常在第一季使用現金來建立營運資金，主要是原木庫存，為我們的工廠做好春季休息的準備。營運資本增加消耗了約 7,400 萬美元的稅金、利息和其他成本，總計又造成 2,400 萬美元的資金流出。我們在資本項目上投資了 6,400 萬美元，花費 6,100 萬美元回購股票，並支付了 2,000 萬美元的股息。這使我們的期末現金餘額達到 2.56 億美元。

Having recently expanded our revolving credit facility to $750 million, which I should add is completely undrawn, LP had $1 billion in liquidity at the end of the quarter. And to save you the trouble in Q&A, no, we're not planning to borrow from the expanded revolver to fund share repurchases. We will continue to earn the cash, invest in growth, and return cash to shareholders in that order, which brings me to LP's updated guidance on page 11.

我們最近將循環信貸額度擴大到 7.5 億美元，我應該補充一下，這筆信貸額度尚未提取，LP 在本季度末擁有 10 億美元的流動資金。為了避免您在問答過程中遇到麻煩，我們不打算從擴大的循環信貸額度中藉款來為股票回購提供資金。我們將繼續按順序賺取現金、投資成長並向股東返還現金，這讓我想到了第 11 頁的 LP 更新指南。

As already stated, more than once commodity prices have softened recently, while Siding appears to be on track for a record second quarter. We anticipate year-over-year revenue growth in the 9% to 10% range for Siding, generating between $445 million and $455 million in revenue, an EBITDA margin of about 26% implies EBITDA between $110 million and $120 million. These results will not only be records for revenue and EBITDA, but would also exceed the volume record set during the peak of COVID demand, a year that saw almost 1.6 million housing starts in the US.

如前文所述，大宗商品價格近期已多次走軟，而 Siding 似乎有望在第二季創下紀錄。我們預計 Siding 的年營收成長率將在 9% 至 10% 之間，營收將在 4.45 億美元至 4.55 億美元之間，EBITDA 利潤率約為 26%，意味著 EBITDA 將在 1.1 億美元至 1.2 億美元之間。這些結果不僅將創下收入和 EBITDA 的新高，而且還將超過新冠疫情需求高峰期間創下的銷售紀錄，那一年美國新屋開工量接近 160 萬套。

For the full year, we now expect Siding revenue of about $1.7 billion and EBITDA between $425 million and $435 million. We're applying the same philosophy to our tariff assumptions as we did in our first quarter guide three months ago, namely that the current state continues through the remainder of the year, a state which leads us to expect roughly $12 million of tariff headwind in EBITDA. Despite this, we've increased the midpoint of our guide by $10 million, which can be thought of as a $22 million increase in EBITDA from growth and leverage, partly offset by the $12 million of tariff impact.

就全年而言，我們目前預計 Siding 的營收約為 17 億美元，EBITDA 在 4.25 億美元至 4.35 億美元之間。我們對關稅假設採用了與三個月前第一季指南中相同的理念，即當前狀態將持續到今年剩餘時間，這種狀態使我們預計 EBITDA 中的關稅逆風約為 1200 萬美元。儘管如此，我們還是將指導價的中點提高了 1000 萬美元，這可以被認為是由於增長和槓桿作用而導致的 EBITDA 增加 2200 萬美元，但被 1200 萬美元的關稅影響部分抵消。

For OSB, with Random Lengths falling recently, a prudent modeling approach will be to assume that commodity OSB prices remained flat at last Friday's level for the remainder of the year, which is exactly what we've done. So with that assumption, the second quarter OSB EBITDA should be in the $15 million to $25 million range, extending the midpoint of that range through the second half of the year, yields a full year EBITDA estimate for OSB of $110 million to $120 million.

對於定向刨花板 (OSB) 而言，由於隨機長度近期有所下降，謹慎的建模方法是假設商品 OSB 價格在今年剩餘時間內將保持在上週五的水平，而這正是我們所做的。因此，基於這一假設，第二季度 OSB EBITDA 應該在 1500 萬美元至 2500 萬美元的範圍內，將該範圍的中點延伸至今年下半年，則 OSB 全年 EBITDA 估計為 1.1 億美元至 1.2 億美元。

Now for the avoidance of doubt, this is not an attempt to predict actual commodity prices, but simply a conservative approach that we hope is useful for modeling. So in summary, it was a surprisingly clean quarter given the noisy and turbulent market backdrop. And while consumer sentiment and commodity prices are being pressured by tariff uncertainty, our Siding order file seems to be weathering the storm nicely so far.

現在，為了避免疑問，這並不是試圖預測實際商品價格，而只是一種我們希望對建模有用的保守方法。總而言之，考慮到喧囂動盪的市場背景，這是一個令人驚訝的乾淨的季度。儘管消費者情緒和商品價格受到關稅不確定性的壓力，但到目前為止，我們的壁板訂單文件似乎安然度過了難關。

And with that, I'd like to open up the call for Q&A. Operator?

現在，我想開始問答環節。操作員？

(Operator Instructions) Ketan Mamtora, BMO Capital Markets.

（操作員指令）Ketan Mamtora，BMO 資本市場。

Congrats on a strong quarter in Siding. Maybe to start there, can you talk about sort of two or three key drivers for this out-performance versus single-family starts? And if you can just talk about how the R&R piece of this demand is also holding up?

恭喜 Siding 本季業績表現強勁。也許從這裡開始，您能否談談與獨棟住宅開工率相比，這種表現優異的兩三個關鍵驅動因素？您能否談談 R&R 部分的需求如何？

Ketan, I'd be glad to answer that. Thank you. Really, we have seen strength in the Q1, saw strength across our entire order file. If there was any weakness at all, it was at the home centers in Q1. We saw a particular improvement in shed orders compared to Q1 of last year, where we were -- had a pretty weak Q1. So the comp there was kind of easy.

Ketan，我很樂意回答這個問題。謝謝。確實，我們看到了第一季的強勁表現，也看到了整個訂單文件上的強勁表現。如果有任何弱點的話，那就是第一季的家居中心。與去年第一季相比，我們的脫銷訂單有了特別好的改善，而去年第一季的表現相當疲軟。所以那裡的比賽相當輕鬆。

But in order to hit the numbers that we did see strength in both the R&R sector, as evidenced by the volumes of ExpertFinish that we sold. And then a little bit of a surprise that our new construction and normal two-step distribution business held up really well as well. So it really wasn't across the board. Strength in the order file with particular strength on the shed side, as Alan mentioned, with the panel sales.

但為了達到這個數字，我們確實看到了 R&R 領域的實力，這從我們銷售的 ExpertFinish 數量就可以看出。令人有點驚訝的是，我們的新建築和正常的兩步驟分銷業務也表現良好。所以這確實不是全面的。正如艾倫所提到的那樣，訂單文件實力雄厚，尤其是在棚屋方面，面板銷售實力雄厚。

Understood. And just as my follow-up, how do you feel sort of about inventories in the channel at the moment, given sort of the uncertainty around tariffs and just the macro backdrop as you look at sort of both the home center channel and the pro channel, how would you characterize inventories and this is specifically to kind of Siding?

明白了。正如我的後續問題，考慮到關稅的不確定性以及家庭中心渠道和專業渠道的宏觀背景，您對目前渠道中的庫存有何看法，您如何描述庫存，特別是對於 Siding 來說？

Yes. Well, first of all, on the home center inventories, what we are pretty sure happened in Q1 was they pulled down inventories because we know that the sell-through for our products at the home centers was good, though our intake of orders in Q1 wasn't. So there was inventory pull down at the home center. So now I would call those normal.

是的。嗯，首先，關於家居中心庫存，我們非常確定第一季度發生的事情是他們減少了庫存，因為我們知道我們產品在家居中心的銷售情況很好，儘管我們第一季的訂單量並不大。因此家居中心的庫存下降了。所以現在我會稱這些為正常。

And then in the channel, it's seasonally where it needs to be given the fact that spring is breaking across the country. So I mean, a little high compared to an annual number, but right where we like it to be as far as the seasonality.

然後在海峽中，這是季節性的，因為全國各地都即將進入春天。所以我的意思是，與年度數字相比，這個數字有點高，但就季節性而言，這個數字正好是我們喜歡的。

And some evidence of that is we're prompt on our order file in Siding. So there's not -- distributors are able to get shipments depending on the SKU in two to three weeks. So there really isn't a need for distribution to build inventory because of our prompt delivery, given the fact that Sagola is running so good now. So we feel good about inventories as it relates to the Siding.

證據就是我們能及時處理 Siding 的訂單文件。因此，分銷商可以根據 SKU 在兩到三週內收到貨物。因此，考慮到 Sagola 目前運作良好，由於我們的交貨及時，實際上不需要分銷來建立庫存。因此，我們對與 Siding 相關的庫存感到滿意。

And I'll go ahead and answer too on the OSB side. It might -- they might be a little lean right now, given the movement on pricing. So I would say, overall, the inventories for both products are where they need to be or a little light in the case of OSB.

我將繼續回答 OSB 方面的問題。考慮到價格的變動，他們現在可能有點拮据。因此我想說，總體而言，這兩種產品的庫存都處於需要的水平，或者就 OSB 而言庫存稍微少一些。

Michael Roxland, Truist Securities.

Truist Securities 的 Michael Roxland。

I'll just echo Ketan's two comments. Congrats on a very good quarter despite the backdrop. Just want to -- just -- in terms of your Siding margin, I wanted to get a sense of how we should think about the progression of that margin in the back half of the year, maybe into '26, particularly as you're expanding Houlton, you're pursuing a second investment.

我只是想重複 Ketan 的兩則評論。儘管背景如此，我們仍然祝賀本季取得了非常好的成績。只是想 - 只是 - 就您的 Siding 利潤率而言，我想了解我們應該如何考慮今年下半年（也許到 26 年）該利潤率的增長，特別是當您擴大 Houlton 時，您正在進行第二筆投資。

Your guidance also seems to imply some margin weakness relative to 1H, and I could just be on conservatism or cautiousness, I get that, but shouldn't Siding margins as you convert Houlton can trend down? And if so, when do you expect that business to take place?

您的指導似乎也暗示了相對於上半年利潤率會有所下降，我可能只是持保守或謹慎態度，我明白這一點，但當您轉換霍爾頓時，Siding 的利潤率不應該呈下降趨勢嗎？如果是的話，您預計該業務什麼時候會發生？

Yes. Well, I'll start with the question about the second half. Yes, speaking frankly, we always have produced what we like to think of as a safe forecast. And obviously, some of the conservatism that I had baked in to the first half, mostly in Q2, we've released my fears around sort of unidentified inflationary costs have so far not materialized, thankfully.

是的。好吧，我先從關於下半部的問題開始。是的，坦白說，我們始終做出我們認為安全的預測。顯然，我上半年，主要是第二季所秉持的一些保守主義，我們已經釋放了對某種未知通膨成本的擔憂，值得慶幸的是，這些擔憂迄今為止尚未成為現實。

And we are, of course, continuing to make sure that we provide adequate room for the operating flexibility that I saw from talent as the -- let's call it the reason for what has seen as margin conservatism. So there's no -- I would say I take the over on the second half versus the under, particularly given the non-materialization of my inflationary fears and the way the order file is progressing.

當然，我們將繼續確保為營運靈活性提供足夠的空間，我從人才中看到了這一點——我們稱之為利潤保守主義的原因。所以沒有——我想說，我選擇下半年的業績高於預期，而不是低於預期，特別是考慮到我的通膨擔憂沒有實現，以及訂單文件的進展情況。

But in 2027, next year -- what is next year, 2026, sorry. I left over 2026. Yes, we -- all other things being equal, we should see some margin expansion in 2026, because there will be no material impacts on the profit side from the investments in the new capacity. They won't be hitting until at least 2027.

但在 2027 年，也就是明年——明年是指哪一年，2026 年，抱歉。我離開的時候已經是2026年了。是的，在其他條件相同的情況下，我們應該會看到 2026 年的利潤率擴大，因為新產能的投資不會對利潤產生重大影響。他們至少要到 2027 年才會發動攻擊。

Got it. I appreciate that, Alan. And then just one quick follow-up on OSB. Obviously, capacity continues to be added there. It appears that is now looking at adding in addition to adding capacity in Canada may be considering a new facility in Alabama. Your thoughts around OSB maybe shift more value-add over commodity, maybe trying to expedite the shift away from -- or just in general try to shift away or continue to shift away from OSB and Siding. Any thoughts you have about OSB and the competitive dynamics there?

知道了。我很感激，艾倫。然後對 OSB 進行一次快速跟進。顯然，那裡的產能還在持續增加。看來，除了增加加拿大的產能外，該公司還可能考慮在阿拉巴馬州建立新工廠。您對 OSB 的想法可能是將更多的附加價值轉移到商品上，也許是試圖加快轉變——或者只是在總體上試圖轉變或繼續轉變 OSB 和壁板。您對 OSB 及其競爭動態有何看法？

Yes. So obviously, the competitive dynamics are playing out right now in a somewhat weaker housing market than we wish we had at this time of year and in this year. And as you mentioned, Mike, with the capacity came on last year, that's certainly being felt in the market right now and it's showing up in pricing.

是的。顯然，目前的房地產市場競爭態勢比我們今年這個時候和今年所希望的要弱一些。正如您所說，麥克，隨著去年產能的增加，現在市場肯定已經感受到了這一點，並且已經反映在定價上。

I'm still bullish on OSB in the long run as housing recovers. We're well-positioned given both our structural solutions and the bit of the commodity that we still manufacture to be a very efficient supplier with a really wide network that's appealing to the national builders. And so -- but we are one of those times right now where the industry is having to absorb some new capacity at a time of relatively weak demand, and that leads to conservatism and distribution on taking in inventory because they can get prompt orders and prices have been falling.

隨著房屋市場的復甦，我仍然對 OSB 的長期前景持樂觀態度。憑藉我們的結構解決方案和仍在生產的部分商品，我們處於有利地位，成為一個非常高效的供應商，擁有吸引全國建築商的廣泛網絡。所以——但我們現在正處於這樣的時期：在需求相對疲軟的時候，產業必須吸收一些新的產能，這導致了在吸收庫存方面的保守和分配，因為他們可以獲得即時訂單，而且價格一直在下降。

And so we're having to ride through that over the next little while, but I'm still like the OSB -- for the OSB business that we have today for the long run. But as you mentioned, our focus is growing Siding, converting facilities when we can and enjoying the stability that brings to our business, while also having the optionality on an OSB business that can generate a lot of cash and even a moderate market but certainly in the upmarket.

因此，我們必須在接下來的一段時間內度過這一難關，但我仍然喜歡 OSB——對於我們今天擁有的 OSB 業務，我們將長期堅持下去。但正如您所提到的，我們的重點是發展 Siding，在可能的情況下改造設施，享受為我們的業務帶來的穩定性，同時也可以選擇 OSB 業務，該業務可以產生大量現金，甚至中等市場，但肯定是高端市場。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

I wanted to think about the order file a bit and how much of the success in your order file reflects marketing investments? If you think it reflects 2023 spending or more recently in 2024? Just trying to gauge the success of that investment and the time lag from spend to bearing fruit.

我想稍微考慮一下訂單文件，訂單文件的成功有多少反映了行銷投資？您是否認為它反映了 2023 年的支出或最近的 2024 年的支出？只是想衡量這項投資的成功程度以及從支出到取得成果的時間差。

Yes. So listen, the investment we've made in repair and remodel, reciting emphasis that ExpertFinish has brought to us has been a long spend. Really, we started ramping up when we got off the allocation for COVID, when we started to have extra capacity to sell. That investment has been strategic. It is ongoing.

是的。所以聽著，我們在修復和改造方面所做的投資，以及 ExpertFinish 帶給我們的強調，都是長期的。實際上，當我們不再受到 COVID 的配給，開始有額外的銷售能力時，我們就開始加強銷售。這項投資具有戰略意義。它仍在進行中。

And we are seeing the fruit of that in the ExpertFinish order file and other products that get pulled along with that. That will be -- that's not a one-time slug of marketing and sales adds that you do and then you back away from it to be successful in repair and remodel, you have to have a brand, you have to have a presence, and you have to be top of mind when it comes time for a reside project. And so I'm encouraged by the progress we've gotten off of that investment, and we will continue to invest to drive growth there.

我們在 ExpertFinish 訂單文件和隨之而來的其他產品中看到了這項舉措的成果。那將是——那不是一次性的營銷和銷售廣告，你做完之後就放棄了，為了在維修和改造方面取得成功，你必須有一個品牌，你必須有一個存在，當涉及到居住項目時，你必須是最重要的。因此，我們對這項投資所取得的進展感到鼓舞，我們將繼續投資以推動那裡的成長。

Marketing, not so much a factor in new construction, where it's more about working directly with the builders and the contractors to get the product trialed, but for the DIY and R&R sector, that's investments that we're starting to see good returns off of.

行銷在新建築中並不是一個很重要的因素，因為新建築更多的是直接與建築商和承包商合作來試用產品，但對於 DIY 和 R&R 領域來說，這是我們開始看到良好回報的投資。

Let me add too that I think key driver to the order file has also been our investment in product development and innovation. About six years ago, we didn't have a prefinished product and now we have naturals that have just been launched, the next phase of that. And that's really opened up -- made the accessible market for us much, much bigger. And I'm really, really proud of the progress we've made there, the very innovative way we've approached the adaptability of our substrate to meet the needs of the homeowner or a contractor.

我還要補充一點，我認為訂單文件的關鍵驅動因素也是我們對產品開發和創新的投資。大約六年前，我們還沒有預製產品，而現在我們剛剛推出了天然產品，這是下一階段的產品。這確實為我們打開了大門——讓我們可以接觸到更大的市場。我對我們在那裡取得的進步感到非常自豪，我們以非常創新的方式實現了基材的適應性，以滿足房主或承包商的需求。

And if I want to look ahead, I'm confident that as long as we continue to make these market advancements and become more of a known brand in the US and also continue to develop the portfolio, there's a lot of headroom for continued growth with our SmartSide product line.

如果我要展望未來，我相信，只要我們繼續在市場上取得進步，成為美國知名品牌，並繼續開發產品組合，我們的 SmartSide 產品線就有很大的成長空間。

Okay. That's helpful color. And maybe this question builds on that topic that you were just discussing, Brad, which is the Siding growth being so far above housing, the backdrop at least more recently and longer term, I get that some of that is sheds come back. But with ExpertFinish making up a larger portion of volume and sales, do you think the Siding business decouples from starts when you think about the contrasting correlation, maybe some of that depends on builder series success. So I'm curious, pulling up the Siding outlook and how it compares housing and your long-term correlation and if it's changing.

好的。這是很有幫助的顏色。也許這個問題是基於你剛才討論的話題，布拉德，也就是外牆的增長遠高於住房的增長，至少在最近和長期的背景下，我知道其中一些是棚屋的回歸。但是，由於 ExpertFinish 佔據了銷售和銷售額的較大份額，當您考慮對比相關性時，您是否認為 Siding 業務與開工脫鉤，也許其中一些取決於建築商系列的成功。所以我很好奇，拉出 Siding 的前景以及它與住房和長期相關性的比較情況以及它是否正在改變。

Yes, it's a great question, Steven. So look, about two-thirds of our -- we estimate about two-thirds of the SmartSide doesn't go into new construction now. And so that -- you talk about shed repair and remodel our home center business and other things. So that is certainly insulated from new construction, though there are some positive impacts new construction have on repair and remodel. But let's just keep it simple and say two-thirds of it is not new home construction related.

是的，這是一個很好的問題，史蒂文。所以，我們估計大約三分之二的 SmartSide 目前沒有用於新建築。所以——您談論棚屋修理和改造我們的家居中心業務和其他事情。因此，這肯定與新建築無關，儘管新建築對維修和改造有一些正面影響。但我們簡單地說，其中三分之二與新房屋建設無關。

But I will say I think certainly, part of the strength in our order file, even though new home construction is down relative to where it was at COVID, as Alan mentioned, we're gaining market share in new home construction because of our builder series product innovation that we've long tried after the COVID cycle. And that market share gain in new construction was kind of all upside for us because we were relatively weak there up to five years ago. So if you take the two-thirds of our business that's not associated with new construction and the one-third that is and the market share opportunities we have to gain there, that's worked out really good for us in the first half of this year, those two things.

但我要說的是，我認為，儘管新房屋建設相對於 COVID 期間有所下降，但正如艾倫提到的那樣，我們的訂單文件確實表現強勁，但由於我們在 COVID 週期後長期嘗試的建築商系列產品創新，我們在新房建設中的市場份額正在不斷增加。新建築市場份額的成長對我們來說是件好事，因為五年前我們在該領域的業務相對較弱。因此，如果你把我們三分之二的業務與新建築無關，把三分之一的業務與新建築有關，以及我們必須在那裡獲得的市場份額機會，那麼這兩件事在今年上半年對我們來說真的很有好處。

So -- and I've talked a little bit on the call already about repair and remodel and innovation, but I really see a lot of upside for us and new construction as well as our builder series product line games credibility, we gain access to some new lumber yards and distribution opportunities, we'll continue to grow there as well. And there's a lot of -- and we're still in the big picture, have relatively low market share with large national builders.

所以 - 我在電話會議上已經談了一些關於維修、改造和創新的問題，但我確實看到了我們和新建築以及我們的建築商系列產品線遊戲信譽的諸多好處，我們獲得了一些新的木材場和分銷機會，我們也將繼續在那裡發展。而且還有很多——從總體來看，我們與大型全國建築商相比，市場份額相對較低。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

I wanted to start on the Siding side of things. As you think about the mix shift that you are seeing between sheds and then also some of the growth on the expert series side of things, any thought on how that mix will impact pricing this year?

我想從壁板方面開始。當您考慮到棚屋之間的混合變化以及專家系列方面的一些增長時，您是否想過這種混合將如何影響今年的定價？

And I guess, too, as you just think about the underlying factors that are coming through between tariffs and perhaps some upward pressure on raw materials, any thoughts there on price as well and what we should be expecting over the next couple of quarters in Siding?

而且我想，當您考慮關稅和原材料上行壓力等潛在因素時，您對價格有什麼看法？我們對未來幾季 Siding 的預期是什麼？

Well, Susan, we implemented a price increase effective January 1. We got it -- we feel like it was fully implemented by February 1. So we probably have -- we have a little bit of just price uplift because of the price increase happening in Q2, which we certainly factored into the guidance.

嗯，蘇珊，我們從 1 月 1 日起實施漲價。我們明白了——我們感覺它將於 2 月 1 日全面實施。因此，我們可能已經——由於第二季度價格上漲，我們的價格略有上漲，這當然已計入我們的預期。

And then on the mix side, as Alan mentioned, the strength in shed was a negative to pricing in Q1 and we see that somewhat normalizing in Q2, but we could get -- we're seeing an uptick on retail, home centers, which is also panel, so it can have a lower price impact. So all of that being equal, I think the ExpertFinish improvement is kind of -- is going to be kind of continue to be offset by the strength on the panel side of our business.

然後在混合方面，正如艾倫所提到的，庫存強勁對第一季度的定價產生了負面影響，我們預計第二季度這種情況會有所正常化，但我們可以獲得 - 我們看到零售、家居中心（也是面板）的銷量有所上升，因此對價格的影響較小。因此，在所有這些因素相同的情況下，我認為 ExpertFinish 的改進將繼續被我們業務面板的優勢所抵消。

And Alan, I don't know if you want to add anything to that?

艾倫，我不知道您是否想補充一點？

I would like to think the Q2 year-over-year pricing will be a touch higher than Q1 with the net of all those factors that Brad outlined being slightly to the upside.

我認為，第二季的年比定價將比第一季略高一點，因為布拉德概述的所有因素的淨值都會略有上升。

Okay. That's helpful. And then maybe shifting to OSB. As you think about the builders focus on affordability in this kind of an environment with rates holding higher, any thoughts on the implications that has for just one, overall OSB demand.

好的。這很有幫助。然後也許會轉向 OSB。當您考慮到在利率居高不下的情況下，建商會關注這種環境下的可負擔性時，您認為這對整體 OSB 需求有何影響？

But then two, I think you noted in your commentary that you are seeing a shift from structural solutions to some commodity product. Just any thoughts on the ability to that are emphasized the value of structural solutions and the trends there over the coming quarters.

其次，我認為您在評論中指出，您正在看到從結構性解決方案到某些商品產品的轉變。任何關於這種能力的想法都強調了結構性解決方案的價值以及未來幾季的趨勢。

Susan, you've hit on it, the affordability issue right now is an overriding issue for the builders or top of mind issue, maybe not overriding, but top of mind issue. And that tends to be negative to our mix of structural solutions. We're still continuing to invest and to sell into that. But right now, it's a tougher sale than it is in a market on OSB. So I would -- we're totally focused on that strategically and trying to drive structural solutions growth.

蘇珊，你說到了點子上，現在的負擔能力問題是建商最關心的首要問題，或者說最受關注的問題，也許不是最重要的，但卻是最受關注的問題。這往往對我們的結構性解決方案組合產生不利影響。我們仍在繼續投資和銷售。但目前，它的銷售比定向刨花板市場更困難。所以我會——我們完全專注於策略，並努力推動結構性解決方案的成長。

We are facing a headwind when we're in a relatively down market in OSB with all this extra capacity that's come on this year. So we will hopefully see improvement in the second half, but if -- but I wouldn't be baking that in significantly to any forecasting that I was doing for the rest of this year.

由於今年定向刨花板市場新增產能較多，且市場相對低迷，我們面臨逆風。因此，我們希望在下半年看到改善，但是如果——但是我不會將其與我對今年剩餘時間所做的任何預測進行重大調整。

Sean Steuart, TD Cowen.

肖恩·斯圖爾特（Sean Steuart），TD Cowen。

Just one question. We've seen a private competitor on the OSB side delay a conversion project for an OSB mill, and they are citing steel cost inflation and other inflation tied to tariffs as part of the rationale. I think last quarter, you guys laid out the rationale for the Houlton expansion being that Siding prices were rising faster than capital costs were and returns were being preserved. I'm wondering if the thinking has evolved there at all on the return profile for that project.

只有一個問題。我們看到 OSB 方面的一家私人競爭對手推遲了 OSB 工廠的改造項目，他們以鋼鐵成本上漲和與關稅相關的其他通貨膨脹作為理由。我認為上個季度，你們闡述了霍爾頓擴張的理由，即壁板價格上漲速度快於資本成本，而回報得以維持。我想知道對於該項目的回報情況是否有任何思考。

And can you give us some context on how much of the capital for that project is locked in at this point? How much you're exposed to potential inflation there?

您能否向我們介紹一下目前該專案鎖定的資本有多少？你們面臨多大程度的潛在通膨風險？

Let me speak to this strategically. I mean, to me, Sean, it's very different investment -- we think of it as a very different investment decision between Siding and OSB, where we're generating demand, which for an earlier answer, sales and marketing spend ahead of to try to drive that demand.

讓我從戰略角度談談這個問題。我的意思是，對我來說，肖恩，這是非常不同的投資 - 我們認為這是 Siding 和 OSB 之間非常不同的投資決策，我們在其中創造需求，對於早期的答案，銷售和營銷支出提前試圖推動這種需求。

And we've got -- also got stability of margins. So the ability for us to continuing to invest from a capital standpoint in Siding is the highest profile, the highest priority we have in the company. And while the higher cost to do one of these, to lower the return by definition, these projects and the Houlton project, in particular, still has a nice return, well above our cost of capital.

而且我們的利潤率也保持穩定。因此，從資本角度來看，我們繼續對 Siding 進行投資的能力是公司最受矚目、最優先考慮的事情。儘管實施這些項目的成本較高，本質上回報較低，但這些項目，尤其是霍爾頓項目，仍然有不錯的回報，遠高於我們的資本成本。

And then I'll see if Alan, concerned about how much has already been locked in, because I don't know that top of mind.

然後我會看看艾倫是否擔心有多少已經被鎖定，因為我不知道這一點。

Some of that has not, but the majority is still effectively still open. So -- but I echo Brad's point. I think the message to take away from this that it would take a hell of a lot of change first to lose our nerve on our Siding on accelerating capacity for us. My biggest fear is that no matter how fast we go will be too late -- late, let's say, not too late. That's somewhat terminal. We'll be late than I would want us to be. So it is full steam ahead.

其中一些還沒有，但大多數仍然有效開放。所以——但我同意布拉德的觀點。我認為，從中我們可以得到這樣的訊息：只有發生巨大的變化，我們才會失去對加速產能的信心。我最大的擔心是，無論我們走得多快，都會太晚——可以說，還不算太晚。這有點不妙。我們會比我希望的還要晚。因此，一切進展順利。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

(technical difficulty)

（技術難度）

Mark, you're breaking up pretty badly. We can't understand it. Sorry, Mark. We can hear you, but it's very badly distorted and broken up. Let's -- could I ask you to drop off the call, call back in, we'll put you back in the queue. Hopefully, we'll have a better connection.

馬克，你們的分手太糟糕了。我們無法理解。對不起，馬克。我們能聽到你的聲音，但聲音失真且斷斷續續。我們－我可以請您掛斷電話，然後再打過來，我們會把您重新排到隊列裡。希望我們能有更好的連結。

(technical difficulty) Can you hear me better now?

（技術難題）現在你能聽清楚我的話了嗎？

No, it's the same. We'll get you back. Operator, let's move on to the next one and then bring Mark back when he logs back in, please.

不，是一樣的。我們會把你送回來。接線員，我們先進行下一個，等馬克重新登入後再帶他回來。

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)。

I think you mentioned a record quarter for ExpertFinish. Please correct me if I heard that wrong. Could you maybe share any updated perspective on how margins in ExpertFinish are trending relative to the rest of the Siding business at this point?

我認為您提到了 ExpertFinish 創紀錄的季度。如果我聽錯了，請糾正我。您能否分享一下目前 ExpertFinish 的利潤率相對於其他 Siding 業務的趨勢如何的最新觀點？

I can. They still have a way to go. Again, if this business was at any sense, any kind of maturity, then that would be a concern to me, but given its growth rate, that's not a concern. But -- and you should take that as a positive sign for the future improvements in EBITDA margins as in fact, we raised the margin on ExpertFinish.

我可以。他們還有很長的路要走。再說一次，如果這個業務在任何意義上、任何程度上成熟，那對我來說將是一個擔憂，但考慮到它的成長率，這並不是一個擔憂。但是——您應該將其視為 EBITDA 利潤率未來改善的正面訊號，因為事實上，我們提高了 ExpertFinish 的利潤率。

So no, the ExpertFinish finished pricing is great, but the margin is still a slight drag. And as I've said before, it's probably doesn't sound too political, but I'm very confident in LP's ability to ultimately bring those margins on to something close to parity with the rest of the business on average, but yes, they're below, which is an opportunity.

所以，ExpertFinish 的成品定價很棒，但利潤率仍然略有下降。正如我之前所說，這可能聽起來不太政治化，但我對 LP 最終將這些利潤率提高到接近其他業務平均水平的能力非常有信心，但確實，它們低於平均水平，這是一個機會。

Great. And last for me, one of your Siding competitors announced a deal with the composite decking manufacturer. Do you think this transaction affects the competitive landscaping -- excuse me, competitive landscape in Siding in at all as the companies come together? And is there any kind of response you may be contemplating to this development?

偉大的。最後，你們的一家 Siding 競爭對手宣布與複合地板製造商達成協議。您認為這筆交易是否會影響競爭格局—請問，當兩家公司合併時，會對 Siding 的競爭格局產生影響？您是否正在考慮針對這項發展做出什麼反應？

We are very pleased with the market share gains we've made over the last decade in all aspects of our Siding business. We are confident in the product that we that we have is the best quality product on the market with a very high-value proposition, and we see no risk -- new risk associated with the transaction you're talking about.

我們對過去十年來壁板業務各方面所取得的市場份額成長感到非常滿意。我們相信，我們所擁有的產品是市場上品質最好、價值最高的產品，而且我們認為沒有風險——您所談論的交易不存在新的風險。

I mean, it's a competitive environment out there, and we're fighting it out every day, but we have a long runway for growth. We -- except for the panel business, we're at low market share, both in repair and remodel and large builder new construction. So we're focused on what we can execute and very confident we'll continue to have success across the board.

我的意思是，這是一個競爭激烈的環境，我們每天都在奮戰，但我們還有很長的成長空間。除了面板業務外，我們的市場份額很低，無論是在維修和改造還是大型建築商的新建築方面。因此，我們專注於我們能夠執行的事情，並且非常有信心我們將繼續取得全面成功。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

Thanks. Can you hear me any better?

謝謝。你聽清楚我的話嗎？

Much better. Sorry for the technical issues, Mark. I'm sure the line will go bad again if we got a difficult question. Proceeding --

好多了。抱歉，馬克，出現了技術問題。我確信如果我們遇到難題，線路就會再次出現問題。訴訟程序--

That could happen, although it was actually the question that just got asked. I'm -- that's not the case. And I'm going to follow up on it, which is you had, at one point, talked about the possibility of adding another leg to your business as well.

這可能會發生，儘管這實際上是剛剛提出的問題。我——事實並非如此。我將對此進行跟進，您曾經一度談到為您的企業增加另一個支柱的可能性。

And I mean, per the last question, the belief of that competitor is that there is a synergy because decking customers and siding customers often or doing it at the same -- doing the renovation at the same time and that, that can be helpful. Do you have a perspective on that? And are there things that could -- is that something that sort of in your shortlist to find other opportunities that maybe would be helpful to growing your Siding business over time?

我的意思是，根據最後一個問題，該競爭對手認為存在協同效應，因為裝飾客戶和壁板客戶經常同時進行或同時進行裝修，這可能會有所幫助。您對此有什麼看法嗎？還有什麼可以做的嗎——這些是否在您的候選名單中，以便找到其他可能有助於您隨著時間的推移發展壁板業務的機會？

So let me just -- I'm going to answer it specifically and then a little bit more generally. So we haven't focused on the fact -- we haven't recognized the correlation between someone that wants to install a deck also wants to reside their house. So that's not something in our discovery that we run across, on a more general answer to the question.

因此，讓我先具體地回答這個問題，然後再更籠統地回答一下。因此，我們沒有關注這一事實——我們沒有認識到想要安裝甲板的人和想要居住在自己的房子之間的關聯。因此，這不是我們在發現中遇到的關於該問題的更一般性答案的問題。

Keep in mind, particularly as it pertains to new construction and retail home centers, we have scale in our company. We have the second largest OSB manufacturer in the world, and we have the most exciting offering of Siding products in the world, in our opinion as well. So that's not something to do to this reorganization that we did where we believe bringing that power -- or we have discovered bringing that power consciously to the market does drive success and help us execute our strategy. So we have the scale that maybe others are looking for to be a key presence in the markets that we play in.

請記住，特別是在涉及新建築和零售家居中心時，我們公司具有規模。我們認為，我們是全球第二大 OSB 製造商，我們也提供全球最令人興奮的壁板產品。所以這與我們進行的重組無關，我們相信將這種力量——或者我們發現有意識地將這種力量帶入市場確實會推動成功並幫助我們執行我們的策略。因此，我們擁有其他人可能希望的規模，從而成為我們所參與的市場中的關鍵存在。

So I'd rather be partnered with as a siding manufacturer partner with an OSB business than almost anything else that I could think of. So when you talk about the third leg of the stool, that's not where we're focused from an M&A perspective. We -- the deals that we look at and we're looking almost looking at something all the time at some scale. It's really about something that would complement directly our Siding business and allow us to either grow that or our Structural Solutions business at a higher rate. That would be the things that would make sense for us.

因此，我寧願作為壁板製造商與 OSB 企業合作，而不是我能想到的任何其他合作。因此，當您談到凳子的第三條腿時，這並不是我們從併購角度關注的重點。我們 — — 我們所關注的交易，以及我們幾乎一直在以某種規模關注的某些事物。這實際上是一種能夠直接補充我們的壁板業務並使我們能夠以更高的速度發展壁板業務或結構解決方案業務的東西。這些事情對我們來說都是有意義的。

Very helpful, Brad. And just on the Section 232 investigation, with that -- everybody talks about it relative to lumber. Do you know does that have any implications for OSB or Siding depending on outcome?

非常有幫助，布拉德。就第 232 條調查而言，每個人都在談論與木材相關的問題。您是否知道這是否會對 OSB 或 Siding 產生影響（取決於結果）？

I don't think so. No.

我不這麼認為。不。

Jeffrey Stevenson, Loop Capital.

傑弗裡·史蒂文森，Loop Capital。

Congrats on a nice quarter. I wanted to follow up as well on the potential merger of your largest Siding competitor mentioned on prior questions. Do you think, Brad, there are potential near to mid-term citing share gain opportunities on the margin due to complexities around the integration and channel partnerships of the combined company?

恭喜本季取得良好業績。我還想跟進一下之前問題中提到的你們最大的 Siding 競爭對手的潛在合併。布拉德，您是否認為，由於合併後公司的整合和通路合作夥伴關係的複雜性，在中期內存在潛在的利潤率成長機會？

We will -- we are aggressively pursuing market share growth across the board. And so I don't know if that -- I can't comment on how much this would help us with those market share gains, but we are relentless on getting them. And we'll take any help we can get. So -- but I don't know specifically. We have not had a conversion to date because of the announcement. But I mean, obviously, we're being aggressive, and we'll continue to be aggressive as we sell into this market.

我們將—我們正在積極追求全面市場份額的成長。所以我不知道這是否——我無法評論這對我們獲得市場份額有多大幫助，但我們會堅持不懈地去實現它。我們將接受任何可能的幫助。所以——但具體情況我不太清楚。由於該公告，我們至今尚未進行轉換。但我的意思是，顯然我們正在積極進取，而且在向這個市場銷售產品時，我們將繼續積極進取。

Great. Now that makes sense. And then it's good to see the recovery and shed demand. I just wondered if you think this is more of a case right now of easy comparisons. Or do you believe it's a start of a sustainable recovery in end market demand?

偉大的。現在這說得通了。很高興看到經濟復甦和需求下降。我只是想知道您是否認為這現在更像是一個易於比較的情況。還是您認為這是終端市場需求可持續復甦的開始？

No, I think it's -- it's always nice -- it's nice to 12 months later to have easy priors to compare against. But I do think it's a recovery. And I just -- we see this in softening markets for housing, the shed demand tends to go up as people -- I'm making a very general statement, but the need for space.

不，我認為——這總是件好事——12 個月後還能輕鬆地與之前的情況進行比較。但我確實認為這是一種復甦。我只是——我們看到房屋市場疲軟，隨著人們對住房的需求增加，棚屋需求趨於上升——我只是在做一個非常籠統的陳述，但對空間的需求卻在增加。

And so I'm not surprised, given the overall macroeconomics right now of the US economy to see shed coming back the way it has. And I do think for a while, it will be sustainable. This isn't just an inventory play or anything like that, the order file is really strong across the board there.

因此，考慮到美國經濟目前的整體宏觀經濟狀況，我並不感到驚訝，看到美國經濟以現在這樣的速度復甦。我確實認為，在一段時間內，它將是可持續的。這不僅僅是庫存遊戲或類似的東西，訂單文件在各個方面都非常強勁。

Kurt Yinger, D.A. Davidson.

庫爾特·英格（Kurt Yinger），地方檢察官戴維森。

Just one question on going back to new residential market share. I think at this point, the top 10 publics are about 40% of the new home market. Brad, you kind of alluded to. Historically, your share on the kind of new resi side has been largely dominated by the smaller builders. I guess, is there like a multiyear target you have in terms of kind of specifically penetrating that subset, I don't know if you want to stratify it as top 10 or top 50 or whatever.

關於重返新住宅市場份額，只有一個問題。我認為目前排名前十的上市企業佔據了新房市場的約40%。布拉德，你有點暗示了。從歷史上看，新住宅領域的份額主要由小型建築商主導。我想，您是否有一個多年的目標，專門針對滲透該子集，我不知道您是否想將其分層為前 10 名或前 50 名或其他。

But I was hoping you could talk to that as well as in terms of converting that share, is it something that you would expect to come in chunks? Or is it really a region-by-region battle and still show up in more of a smooth share gain fashion?

但我希望您能談談這一點，以及在轉換該份額方面，您是否希望分批進行？或者這實際上是一場地區間的戰鬥，並且仍然以更平穩的份額增長方式出現？

It's chunkier than repair and remodel because repair and remodel is just a grind to get incremental share. And it kind of comes steady, but slow where with the larger builders, it is program related. So you either get some of the volume or you don’t, or you get half of what you asked for or you don't. And so it can be kind of chunky.

它比修復和改造更為龐大，因為修復和改造只是為了獲得增量份額而進行的艱苦工作。它進展穩定，但速度較慢，因為對於較大的建築商來說，它是與程序相關的。因此，您要么獲得部分數量，要么得不到；要么獲得所要求數量的一半，要么一無所獲。所以它可能有點厚實。

But after you get past the top 3 or 4 or 5 big builders, it probably will manifest itself kind of smoothly because we'll be adding volume to the portfolio program by program. These programs run different time periods as far as one, two, three years. There -- some are signed in the middle of the year, some are signed at the end of the year.

但是，當你超越前 3、4 或 5 名大型建築商之後，它可能會順利地顯現出來，因為我們將逐一專案地增加投資組合的數量。這些計畫運作的時間長短不一，有的長達一年，有的長達兩年，有的長達三年。有些是在年中簽署的，有些是在年底簽署的。

And so I don't think -- and then by the way, once you sign them, you've got to ramp the market up to be able to service it. So it will probably be -- from Alan's perspective, there won't be any one quarter, we come in and say, we got a big, big builder here, and here's all the volume from it, and it's manifested this quarter. It will come as an overall growth to us.

所以我不認為——順便說一句，一旦你簽了合同，你就必須擴大市場才能為其提供服務。所以很可能——從艾倫的角度來看，不會有任何一個季度，我們進來說，我們這裡有一個很大的建築商，這是它的所有銷量，它在本季度就體現出來了。這對我們來說將是一種全面的成長。

But internal to us, it does feel kind of chunky because it's kind of a deal by -- it's not kind, it's specifically a deal-by-deal thing, sometimes even at the regional level. I don't know how helpful that answer was, it’s kind of all over the board, but that's how it feels to us.

但對我們內部而言，這確實感覺有點笨重，因為它是一種交易——它不是那種協議，而是一種具體交易，有時甚至是在地區層面上。我不知道這個答案有多大幫助，它有點過於籠統，但我們就是這麼覺得。

As far as setting goals, we have overall growth goals for that channel. I'm not going to mention that here. It's got this a little bit higher level of detail than we like to give. But we're leaning into that really, really hard. And we find opportunities for growth on a continual basis. And as I've mentioned before, we don't win them all, but we're winning enough for it to make a difference in our order file and to make a difference in our results as we've reported here today.

就設定目標而言，我們對該通路有整體成長目標。我不會在這裡提及這一點。它的細節比我們想要給的要高一點。但我們確實非常努力地實現這一點。我們不斷尋找成長機會。正如我之前提到的，我們並沒有贏得所有勝利，但我們已經贏得足夠多，足以對我們的訂單文件產生影響，並對我們的結果產生影響，正如我們今天在這裡報告的那樣。

And I'm really encouraged by the continued progress that we have there. I'm really appreciative of our sales team that we've really worked to upgrade and to enable them with our innovation to be successful in that channel. And so -- and then I look at that whole opportunity and just see nothing but upside for us. So it's really encouraging to see the success there and to know that, that there's a long runway for us to continue to be successful there.

我們在那裡取得的持續進展確實讓我備受鼓舞。我非常感謝我們的銷售團隊，我們確實努力升級並透過我們的創新幫助他們在該管道取得成功。所以——然後我審視整個機會，只看到對我們有利的一面。因此，看到我們在那裡取得的成功並知道我們還有很長的路要走才能在那裡繼續取得成功，這真的令人鼓舞。

Got it. That's great detail. And maybe one follow-up. If I look back at kind of the 2020 Investor Day presentation, you talked about kind of low teens share in that new single-family channel. My guess is that's worked its way higher over the last couple of years. I guess if we were to specifically look at that top heavy chunk of the market. Is there a good way or maybe a rule of thumb that you would have us think about kind of your market share with those large production builders at this stage?

知道了。非常詳細。也許還有一個後續行動。如果我回顧一下 2020 年投資者日的演講，您談到了新的單戶住宅管道中青少年的份額較低。我猜測，過去幾年裡，這數字已經上升。我想如果我們專門看一下市場頂部那塊重量級的板塊。有沒有什麼好的方法或經驗法則可以讓我們思考您目前在那些大型生產商中的市場份額？

Outside Lennar, there's a lot of upside.

除了 Lennar 之外，還有很多優勢。

I'm showing no further questions at this time. I would now like to turn it back to Aaron Howald for closing remarks.

我目前沒有其他問題。現在我想請 Aaron Howald 作最後發言。

Okay. Thank you, operator, and thank you all for joining us this morning and for bearing with us during our technical difficulties as well. With no further questions, we'll end the call there. And we look forward to connecting again on the next call. Stay safe, and we'll talk soon. Thank you.

好的。謝謝接線員，也謝謝大家今天早上加入我們，並在我們遇到技術困難時給予我們支持。如果沒有其他問題，我們就結束通話。我們期待下次通話時再次聯繫。注意安全，我們很快會再談。謝謝。