Masterbrand Inc (MBC) 2023 Q4 法說會逐字稿

Welcome to MasterBrand's fourth-quarter and full-year 2023 earnings conference call.

歡迎參加 MasterBrand 的第四季和 2023 年全年收益電話會議。

(Operator Instructions) Please note that this conference call is being recorded.

（操作員說明）請注意，本次電話會議正在錄音。

I would now like to turn the call over to Farand Pawlak, Vice President of Investor Relations and Corporate Communication.

我現在想將電話轉給投資者關係和企業傳播副總裁 Farand Pawlak。

Thank you, and good afternoon.

謝謝你，下午好。

We appreciate you joining us on today's call.

我們感謝您參加今天的電話會議。

With me on the call today are Dave Banyard, President and Chief Executive Officer; and Andi Simon, Executive Vice President and Chief Financial Officer.

今天與我一起參加電話會議的是總裁兼執行長 Dave Banyard；和安迪·西蒙，執行副總裁兼財務長。

We issued a press release earlier this afternoon discussing our fourth-quarter and full-year 2023 financial results.

我們今天下午早些時候發布了一份新聞稿，討論了我們第四季度和 2023 年全年的財務業績。

If you do not have this document, it is available on the Investors section of our website at masterbrand.com.

如果您沒有此文件，可以在我們網站 masterbrand.com 的投資者部分取得。

I'd like to remind you that this call will include forward-looking statements in either our prepared remarks or the associated question-and-answer session.

我想提醒您，本次電話會議將在我們準備好的發言或相關的問答環節中包含前瞻性陳述。

Each forward-looking statement contained in this call is based on current expectations and market outlook, and is subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated.

本次電話會議中包含的每項前瞻性聲明均基於當前預期和市場前景，並受到某些風險和不確定性的影響，可能導致實際結果與當前預期有重大差異。

Additional information regarding these factors appears in the section entitled forward-looking statements in the press release we issued today.

有關這些因素的更多資​​訊請參閱我們今天發布的新聞稿中標題為前瞻性陳述的部分。

More information about risks can be found in our filings with the Securities and Exchange Commission under the heading Risk Factors in our full-year 2022 Form 10-K, and updated as necessary in our subsequent 2023 Form 10-Qs, which are available at sec.gov and masterbrand.com.

有關風險的更多信息，請參閱我們向美國證券交易委員會提交的2022 年全年表格10-K 中“風險因素”標題下的文件，並根據需要在後續的2023 年表格10-Q 中進行更新（可在sec 取得） .gov 和 masterbrand.com。

The forward-looking statements in this call speak only as of today, and the company does not undertake any obligation to update or revise any of these statements, except as required by law.

本次電話會議中的前瞻性陳述僅代表今天的情況，本公司不承擔更新或修改任何這些陳述的義務，除非法律要求。

Today's discussion includes certain non-GAAP financial measures.

今天的討論包括某些非公認會計準則財務指標。

Please refer to the reconciliation tables, which are in the press release issued earlier this afternoon and are also available at sec.gov and at masterbrand.com.

請參閱今天下午早些時候發布的新聞稿中的調節表，也可在 sec.gov 和 masterbrand.com 上取得。

Our prepared remarks today will include a business update from Dave, followed by a discussion of our fourth-quarter and full-year 2023 financial results from Andi, along with our initial 2024 financial outlook.

我們今天準備的演講將包括 Dave 的業務更新，隨後 Andi 討論我們的第四季度和 2023 年全年財務業績，以及我們最初的 2024 年財務展望。

Finally, Dave will make some closing remarks before we host a question-and-answer session.

最後，在我們主持問答環節之前，戴夫將做一些總結演講。

Now with that, let me turn the call over to Dave.

現在，讓我把電話轉給戴夫。

Thanks, Farand.

謝謝，法蘭德。

Good afternoon, everyone.

大家下午好。

We appreciate you joining us here today for our fourth-quarter and full-year 2023 earnings conference call.

感謝您今天參加我們的 2023 年第四季和全年財報電話會議。

This call marks not only the end of our 2023 fiscal year, but the end of our first year as a stand-alone public company.

這次電話會議不僅標誌著我們 2023 財年的結束，也標誌著我們作為獨立上市公司第一年的結束。

And I'm pleased to say we finished the fourth quarter and full year stronger than anticipated.

我很高興地說，我們第四季和全年的業績都比預期好。

Net sales in the fourth quarter were $677 million, a 14% decline over the same period last year.

第四季淨銷售額為6.77億美元，比去年同期下降14%。

This decline was at the favorable end of our expected range due to the relative strength of our customers servicing the new construction markets.

由於我們為新建築市場提供服務的客戶的相對實力，這一下降處於我們預期範圍的有利一端。

Despite this favorable performance against internal expectations, the year-over-year net sales decline was driven by lower volume due to continued overall softer end market demand.

儘管業績優於內部預期，但由於整體終端市場需求持續疲軟，銷售量下降，導致淨銷售額年減。

From an operational standpoint, the company continued to perform well.

從經營角度來看，公司持續表現良好。

We delivered adjusted EBITDA of $86 million in the fourth quarter and a related margin of 12.7%, 20 basis points higher than the same period last year.

第四季調整後 EBITDA 為 8,600 萬美元，相關利潤率為 12.7%，比去年同期高出 20 個基點。

Our ability to deliver another quarter of margin expansion, despite lower net sales on a year-over-year basis was due to continued disciplined use of our business system, The MasterBrand Way.

儘管淨銷售額年減，但我們仍能夠實現另一個季度的利潤成長，這要歸功於我們繼續嚴格使用我們的業務系統「MasterBrand Way」。

Cost savings from continuous improvement efforts and strategic initiatives more than offset the negative impact of lower volumes and lower average selling price from trade downs and the return of normal seasonal promotional activity.

持續改善工作和策略性措施帶來的成本節省，足以抵銷貿易下降和正常季節性促銷活動回歸帶來的銷售下降和平均售價下降的負面影響。

Our strategic initiatives have Align to Grow and Lead through Lean, continued to deliver strong year-over-year savings, specifically in the areas of supply chain, productivity, and quality management processes.

我們的策略性舉措是“透過精益實現成長和領先”，繼續實現逐年大幅節省，特別是在供應鏈、生產力和品質管理流程領域。

I'll provide you with more details on this shortly.

我很快就會向您提供更多詳細資訊。

Our focus on working capital improvements helped us deliver another quarter of better-than-expected free cash flow of $33 million.

我們對營運資本改善的關注幫助我們又實現了優於預期的 3,300 萬美元自由現金流。

Further inventory reductions driven by our supply chain team and common box efforts, as well as improved collection systems and processes drove this improvement.

我們的供應鏈團隊和共同盒子工作推動的庫存進一步減少，以及收集系統和流程的改進推動了這項改進。

Our strong free cash flow performance in the fourth quarter was despite our decision to accelerate certain capital expenditures and benefit from discount opportunities.

儘管我們決定加快某些資本支出並受益於折扣機會，但我們第四季的自由現金流表現強勁。

We were able to pull forward the spending due to the continued strength of operations and our constant readiness to execute on future capital projects.

由於營運的持續強勁以及我們始終做好執行未來資本項目的準備，我們能夠提前支出。

In total, full-year 2023 free cash flow was $348 million, 191% of net income surpassing our goal of delivering annual free cash flow in excess of net income.

總體而言，2023 年全年自由現金流為 3.48 億美元，佔淨利潤的 191%，超出了我們實現年度自由現金流超過淨利潤的目標。

In addition to these impressive operating results, we continue to improve on our already strong safety record.

除了這些令人印象深刻的營運業績外，我們還繼續改進本已良好的安全記錄。

I'm proud to say that in 2023, we achieved an ocean recordable rate of 0.84, a 19% improvement year over year.

我很自豪地說，2023 年，我們的海洋可記錄率達到 0.84，比去年同期提高 19%。

While we're proud of this industry-leading rate, our goal remains zero.

雖然我們對這一行業領先的利率感到自豪，但我們的目標仍然是零。

Keeping our associates safe is core to our culture.

確保員工安全是我們文化的核心。

As you can see, a strong finish to an exceptional first year, none of which would have been possible without our dedicated associates.

正如您所看到的，我們為出色的第一年畫上了圓滿的句號，如果沒有我們敬業的員工，這一切都是不可能實現的。

So I'd like to take a moment to recognize them.

所以我想花點時間來認識他們。

Their efforts, coupled with the tools of The MasterBrand Way, has helped drive engagement and a culture of problem-solving at all levels of the organization.

他們的努力與 MasterBrand Way 的工具結合，幫助推動了組織各個層面的參與和解決問題的文化。

This culture allows associates closest to the work to best understand the challenges to bring those forward and address them.

這種文化使最接近工作的員工能夠更好地理解提出並解決這些挑戰的挑戰。

This can be in the form of a formal kaizen event or simply using the proven tools in our toolkit.

這可以採取正式的改善活動的形式，也可以簡單地使用我們工具包中經過驗證的工具。

In 2023, we once again saw the impact of this approach on our financial performance with roughly $50 million of continuous improvement savings in the year.

2023 年，我們再次看到了這種方法對我們財務表現的影響，當年持續改善節省了約 5,000 萬美元。

In addition to these savings, our associates continue to unlock hidden capacity at our facilities.

除了這些節省之外，我們的員工也持續釋放我們工廠的隱藏產能。

This capacity and further advances in our common box initiative allowed us to flex operations and align our manufacturing network with end market demand in 2023, which helps support our strong decremental adjusted EBITDA margin performance.

這種能力和我們通用盒子計劃的進一步進步使我們能夠靈活運作並使我們的製造網路與 2023 年終端市場需求保持一致，這有助於支持我們強勁的遞減調整後 EBITDA 利潤率表現。

Beyond financial and operational benefits, we look at Lean as the ultimate engagement tool.

除了財務和營運效益之外，我們還將精實視為終極參與工具。

When associates are leading change within their own plants and they see their decisions and actions I feel empowered, which drives higher engagement and our engagement score reflects this.

當員工在自己的工廠內領導變革時，他們看到自己的決定和行動，我感到自己被賦予了權力，這會推動更高的敬業度，我們的敬業度分數也反映了這一點。

On a semi-annual basis, we completed employee satisfaction survey and our satisfaction score continues to improve and outperform the manufacturing benchmark.

我們每半年完成一次員工滿意度調查，我們的滿意度得分持續提高並超越製造基準。

While we're proud of these results in 2023, we believe we can deliver greater CI savings and become an even better place to work in the coming year.

雖然我們對 2023 年的這些成果感到自豪，但我們相信，我們可以在來年實現更大的 CI 節省，並成為更好的工作場所。

On that note, I'd like to speak about our plans for 2024, specifically how end market served by our customers finished last year and the demand environment we expect for 2024, along with the opportunities we have to invest in growth and drive operational efficiencies to achieve the long-term financial targets we introduced at our 2022 Investor Day.

就此而言，我想談談我們 2024 年的計劃，特別是去年我們客戶服務的終端市場的完成情況以及我們對 2024 年的需求環境的預期，以及我們必須投資於增長和提高運營效率的機會實現我們在2022 年投資者日提出的長期財務目標。

US single-family new construction was a bright spot in the fourth quarter of 2023, with relative strength compared to normal seasonality.

美國單戶新建建築是 2023 年第四季的亮點，與正常季節性相比相對強勁。

We saw improving demand within some segments and regions throughout the fourth quarter, specifically large production builders, so much so that we kept a few facilities online for our anticipated two-week holiday shutdown.

我們看到第四季度某些細分市場和地區的需求有所改善，特別是大型生產建築商，以至於我們在預計的兩週假期停工期間保留了一些設施。

Declining mortgage rates and less interest rate volatility, along with a solid inventory of spec homes has helped drive demand in the single-family new construction market.

抵押貸款利率下降和利率波動較小，加上規格住宅庫存充足，有助於推動單戶新建築市場的需求。

Large production builders, in particular, were able to capitalize on this pent-up demand for housing, and we've seen this strength continue into the first quarter of 2024.

特別是大型生產建築商能夠利用這種被壓抑的住房需求，我們看到這種強勁勢頭持續到 2024 年第一季。

We expect to see this strength continue through the year, resulting in mid-single digit year-over-year growth in 2024 in the new construction market, with large and medium builders performing the best.

我們預計這一勢頭將持續一整年，導致 2024 年新建築市場實現中個位數同比增長，其中大中型建築商表現最佳。

The demand these customers are seeing points to the fact that there is an underlying need for housing even in the current interest rate environment.

這些客戶所看到的需求表明，即使在當前的利率環境下，也存在對住房的潛在需求。

While there could be upside to this demand forecast, we are also cognizant that builders may see constraints in land and labor, along with potential for some supply chain disruptions in certain categories.

儘管這項需求預測可能有上行空間，但我們也意​​識到，建築商可能會遇到土地和勞動力方面的限制，以及某些類別供應鏈可能中斷的情況。

We think our view of the market and single-family new construction is balanced between the potential demand and the potential constraints.

我們認為我們對市場和單戶新建築的看法是在潛在需求和潛在限制之間取得平衡的。

Overall, we're optimistic about new construction as we saw momentum develop at the end of 2023 and carry forward into 2024.

總體而言，我們對新建設持樂觀態度，因為我們看到勢頭在 2023 年底發展並延續到 2024 年。

We think recent indicators validate the underlying demand in the housing market from years of underbuilding, which bodes well for our current and long-term outlook.

我們認為，最近的指標證實了房地產市場多年來建設不足的潛在需求，這對我們當前和長期的前景來說是個好兆頭。

As for our dealer and retail customers who primarily service the repair and remodel market, performance followed a similar trajectory to prior quarters with demand down in the mid-teens year over year.

至於主要為維修和改造市場提供服務的經銷商和零售客戶，其業績軌跡與前幾季相似，需求年減了十幾歲。

This demand environment showed up in both our retail and dealer channels.

這種需求環境在我們的零售和經銷商通路中都有體現。

While the fourth quarter is usually the softest quarter for repair and remodel due to normal seasonality, we believe this market remains down as consumers are prioritizing other spending and being more thoughtful of large ticket items in general.

雖然由於正常的季節性因素，第四季度通常是維修和改造最疲軟的季度，但我們認為，由於消費者優先考慮其他支出，並且總體上對大件商品更加考慮，因此該市場仍然低迷。

We continue to see consumers look to lower their total project costs, extend decision lead time, and choose fewer features in their orders.

我們繼續看到消費者希望降低專案總成本、延長決策週期並在訂單中選擇更少的功能。

Accordingly, we expect to see this portion of the market remain softer in the near term as we annualize these impacts, particularly in the first quarter of 2024.

因此，隨著我們對這些影響進行年度化，特別是在 2024 年第一季度，我們預計這部分市場在短期內將保持疲軟。

In total, we expect the US repair and remodel market for cabinets to be down mid-single digits for 2024 with more significant year-over-year declines early in the year as consumers remain cautious about spending, particularly on larger ticket items.

總體而言，我們預計2024 年美國櫥櫃維修和改造市場將出現中個位數下降，並且由於消費者對支出（尤其是在大件商品上）保持謹慎態度，年初的同比下降將更為顯著。

In Canada, both the new construction and repair and remodel markets remained weak through the fourth quarter and experienced double-digit declines.

在加拿大，新建和維修及改造市場在第四季仍然疲軟，並出現了兩位數的下降。

We currently expect to see soft end market demand continue in Canada with the market being down high-single digits year over year in 2024.

目前，我們預期加拿大的軟終端市場需求將持續，到 2024 年市場將比去年同期出現高個位數下降。

This outlook is based on new housing starts being meaningfully lower, and repair and remodel activity being down mid-single digits year over year.

這一前景是基於新屋開工量大幅下降，以及維修和改造活動年減中個位數。

Taking into account the dynamics we're seeing in new construction and repair and remodel markets across North America, we would expect our overall market demand to be down low-single digits year over year in 2024.

考慮到我們在北美新建、維修和改造市場看到的動態，我們預計 2024 年整體市場需求將年比下降低個位數。

Andi will provide more color on our expected performance relative to this demand environment later in the call.

Andi 將在稍後的電話會議中提供更多關於我們相對於這種需求環境的預期表現的資訊。

Our assumptions factor in a moderate reduction in interest rates later in the year, which based on recent Federal Reserve commentary, appears probable.

我們的假設是今年稍後利率會適度下調，根據聯準會最近的評論，這似乎是可能的。

The key factors for us in our modeling are rate stability, which we are seeing today; and future rate reductions, which we have modeled in a similar fashion to the Fed commentary.

我們建模的關鍵因素是速率穩定性，這是我們今天看到的；以及未來的降息，我們以與聯準會評論類似的方式對其進行建模。

With that environment, we expect a gradual improvement in the existing housing turnover, along with a solidifying of demand levels for new construction as the year progresses.

在這種環境下，我們預計現有房屋成交量將逐步改善，並且隨著時間的推移，新建築的需求水準將得到鞏固。

We also expect to experience a lag effect as smaller ticket R&R products will pick up sooner than our larger ticket products.

我們也預期會出現滯後效應，因為小票 R&R 產品將比大票產品更快恢復。

While 2024 looks to be a transitionary year from a demand standpoint overall, we think the current rate trajectory, coupled with the long-term gap and housing supply will bode well for our end markets as we move through 2024 and beyond.

雖然從整體需求角度來看，2024 年似乎是過渡年，但我們認為，目前的利率軌跡，加上長期缺口和房屋供應，對於 2024 年及以後的終端市場來說是個好兆頭。

Given this market outlook, we are looking to build on the momentum we've created in 2023 with our strategic initiatives and position ourselves for long-term future demand.

鑑於這一市場前景，我們希望透過策略性舉措鞏固 2023 年創造的勢頭，並為未來的長期需求做好準備。

For those of you that attended our 2022 Investor Day or watched the replay, you've heard me speak about the positive flywheel effect of our tools and culture and the competitive advantage it provides us.

對於參加 2022 年投資者日或觀看重播的人來說，你們已經聽過我談論我們的工具和文化的正面飛輪效應以及它為我們提供的競爭優勢。

The financial and operational performance we exhibited in 2023 is evidence that this algorithm is working and we're ahead of schedule on our long-term targets.

我們在 2023 年展示的財務和營運績效證明該演算法正在發揮作用，並且我們提前實現了長期目標。

Our operations continue to mature, with a strong pipeline of continuous improvement initiatives for 2024.

我們的營運不斷成熟，並在 2024 年推出了一系列持續改進計劃。

As we improve operations and drive cost out of the organization, we have more bandwidth to focus our toolkit on growth and reinvesting in the business.

隨著我們改善營運並降低組織成本，我們將有更多的頻寬來將我們的工具包集中在業務成長和再投資上。

Now, I'd like to provide a little more detail on both these areas and the opportunity present in 2024 and beyond.

現在，我想更詳細地介紹這些領域以及 2024 年及以後出現的機會。

As I discussed on our last earnings call, MasterBrand's common box initiative and more standard work across the plants is allowing us to improve efficiency in many areas, the newest area of opportunity being our quality processes.

正如我在上次財報電話會議上所討論的那樣，MasterBrand 的通用盒子計劃和整個工廠更標準的工作使我們能夠提高許多領域的效率，其中最新的機會領域是我們的品質流程。

As part of our tech-enabled initiative, we're implementing technology to inspect product quicker and with a higher degree of accuracy.

作為我們技術支援計劃的一部分，我們正在實施技術來更快、更準確地檢查產品。

Since our last call, we've already launched some pilot programs.

自上次通話以來，我們已經啟動了一些試點計劃。

The technology being deployed provides both preventative and protective quality control, helping reduce quality issues, and identifying them should they occur.

正在部署的技術提供預防性和保護性品質控制，有助於減少品質問題，並在發生問題時進行識別。

Today, maintaining our quality standards requires significant human decision making.

如今，維持我們的品質標準需要重大的人為決策。

Once fully implemented, we believe these enhanced processes will automate many of these decisions, allowing for even greater productivity within our operations.

一旦完全實施，我們相信這些增強的流程將使許多決策自動化，從而提高我們營運的生產力。

Similar to our RFID deployment, this is another example of how our tech-enabled initiatives can use proven technology and continue to drive efficiency and better outcomes in the organization.

與我們的 RFID 部署類似，這是我們的技術支援計劃如何利用成熟的技術並繼續提高組織效率和更好成果的另一個例子。

Utilizing these savings, we're increasing our investment in the business for growth.

利用這些節省下來的資金，我們正在增加對業務的投資以實現成長。

As part of our tech-enabled initiative, our digital and technology team rolled out a new customer portal in the fourth quarter designed to improve the connection between us and our channel.

作為我們技術支援計畫的一部分，我們的數位和技術團隊在第四季度推出了一個新的客戶門戶，旨在改善我們與管道之間的聯繫。

The new MasterBrand connect was built on industry-leading software, and it will provide our sales team with a comprehensive customer view, including orders, cases, and more.

新的 MasterBrand connect 基於行業領先的軟體構建，它將為我們的銷售團隊提供全面的客戶視圖，包括訂單、案例等。

For our customers, it will ensure accurate order tracking, invoice access, and a marketing material repository fostering a seamless buying experience.

對於我們的客戶來說，它將確保準確的訂單追蹤、發票存取和行銷材料儲存庫，從而促進無縫的購買體驗。

The rollout of this portal is well underway and we're making good progress on getting our dealer and distributors on this application.

該入口網站的推出正在順利進行，我們在讓我們的經銷商和經銷商使用此應用程式方面取得了良好進展。

At the same time, our digital infrastructure team continues to make progress on cloud migration efforts.

同時，我們的數位基礎設施團隊在雲端遷移工作上持續取得進展。

Implementing modern tools in this arena further expands the capabilities of any overlaying platform, providing near real-time data across multiple metrics both to our team and to our customers.

在這個領域實施現代工具進一步擴展了任何疊加平台的功能，為我們的團隊和客戶提供跨多個指標的近乎即時的數據。

In 2023, we made significant progress in delivering that near real-time data internally, which has allowed our teams to shorten the timeline for continuous improvement projects, both in the planning phase and the execution phase.

2023 年，我們在內部提供近乎即時的數據方面取得了重大進展，這使我們的團隊能夠縮短持續改進專案的時間，無論是在規劃階段還是在執行階段。

In the past, we had to dig through various systems to find the data we needed to solve a problem, which often took weeks.

過去，我們必須深入研究各種系統才能找到解決問題所需的數據，這通常需要數週時間。

Today, we can find the same answers in hours, and in many cases, minutes.

如今，我們可以在數小時內找到相同的答案，在許多情況下甚至只需幾分鐘。

As we continue to improve the functionality of our portal, we believe the improved experience will ultimately make MasterBrand easier to do business with and enable our customers and ourselves to gain share and outgrow the market.

隨著我們不斷改進門戶的功能，我們相信改進的體驗最終將使 MasterBrand 更容易開展業務，並使我們的客戶和我們自己能夠獲得份額並超越市場。

The additional investments we made in 2023 in our tech-enabled initiative and increase the pace of change across our organization.

我們在 2023 年對技術支援計畫進行了額外投資，並加快了整個組織的變革步伐。

As we absorb that change culturally, we want to keep driving forward.

當我們吸收文化上的變化時，我們希望繼續前進。

Given our outlook for the market and our internal outlook on performance which Andi will go into detail on in a moment, we've decided to continue the higher pace of reinvestment in our business in 2024.

鑑於我們對市場的展望以及我們對業績的內部展望（安迪稍後將詳細介紹），我們決定在 2024 年繼續加快對業務的再投資步伐。

We have great momentum and want to stay ahead of the eventual improvements in demand by making these additional investments now.

我們勢頭強勁，希望透過現在進行這些額外投資來領先於需求的最終改善。

Now, I'll turn the call over to Andi for a more in-depth discussion of our financial results and additional details on our 2024 outlook.

現在，我將把電話轉給 Andi，以更深入地討論我們的財務表現以及 2024 年展望的更多細節。

Thanks, Dave.

謝謝，戴夫。

I'll begin with an overview of our fourth-quarter financial results, then I'll touch briefly on our full-year 2023 financial highlights.

我將首先概述我們第四季度的財務業績，然後簡要介紹我們 2023 年全年的財務亮點。

Lastly, I will provide our thoughts around 2024 and our full-year outlook.

最後，我將提供我們對2024年的想法和全年展望。

Fourth-quarter net sales were $677.1 million, a 13.7% decline compared to $784.4 million in the same period last year.

第四季淨銷售額為 6.771 億美元，較去年同期的 7.844 億美元下降 13.7%。

Our top-line performance was primarily the result of expected volume declines in the market, along with a slight softening in our net ASP, largely due to continued trade down activity and the return of anticipated targeted promotions.

我們的營收表現主要是由於市場預期銷售下降以及淨平均售價略有疲軟，這主要是由於持續的貿易下降活動和預期有針對性的促銷活動的回歸。

Gross profit was $223.1 million in the fourth quarter, up 3.8% compared to $215 million in the same period last year.

第四季毛利為2.231億美元，較去年同期的2.15億美元成長3.8%。

Gross profit margin expanded 550 basis points year over year, from 27.4% to 32.9%.

毛利率年增550個基點，從27.4%增至32.9%。

This year-over-year margin expansion was driven by consistent execution on master brand strategic initiatives, specifically supply chain efforts, continuous improvement, and cost actions which more than offset the effects of reduced volume, trade downs, and personnel inflation, including variable compensation.

利潤率的同比增長是由對主品牌戰略計劃的持續執行所推動的，特別是供應鏈工作、持續改進和成本行動，這些行動遠遠抵消了銷售減少、貿易下降和人員膨脹（包括可變薪酬）的影響。

Similar to last quarter, gross profit again benefited from some discrete items in the period.

與上季類似，毛利再次受益於期內的一些離散項目。

Most notably, we received the final insurance proceeds of $3.2 million related to the tornado damage sustained at our Jackson, Georgia facility earlier in the year.

最值得注意的是，我們收到了與今年早些時候喬治亞州傑克遜工廠遭受龍捲風損壞相關的 320 萬美元的最終保險賠償金。

Selling, general and administrative expenses were $152.4 million, 5.5% lower compared to the same period last year.

銷售、一般和管理費用為 1.524 億美元，比去年同期下降 5.5%。

The absence of corporate allocations from Fortune Brands, and lower outbound freight and commissions due to volume declines more than offset personnel inflation, costs of being a standalone company, and increased investment in our strategic initiatives particularly tech-enabled.

Fortune Brands 缺乏企業分配，以及由於銷售下降而導致的出境運費和佣金下降，足以抵消人員膨脹、成為獨立公司的成本以及對我們策略計劃（尤其是技術支援）的投資增加。

Net income was $36.1 million in the fourth quarter, a 134.4% year-over-year increase compared to $15.4 million in the same period last year.

第四季淨利為3,610萬美元，較去年同期的1,540萬美元年增134.4%。

This increase was primarily driven by higher operating income due to a $20.4 million asset impairment charge in the prior year quarter that did not reoccur.

這一成長主要是由於上一季 2,040 萬美元的資產減損費用沒有再次發生而導致營業收入增加。

This, coupled with lower year-over-year restructuring charges, more than offset higher interest expense in the quarter compared to the prior year.

再加上年比重組費用的降低，足以抵銷本季較前一年增加的利息支出。

2023 is restructuring charges related to our decision to exit an idle facility and the rightsizing of our Canadian manufacturing network, resulting in a $6 million restructuring charge in the fourth quarter, as compared to $14.2 million in the prior year quarter, related to various market and footprint capacity adjustments towards the end of 2022 as demand softened.

2023 年是與我們決定退出閒置設施以及調整加拿大製造網絡規模相關的重組費用，導致第四季度的重組費用為 600 萬美元，而去年同期為 1,420 萬美元，與各種市場和業務相關隨著需求疲軟，到2022 年底，足跡產能將進行調整。

Interest expense was $15.3 million in the fourth quarter, compared to $2.2 million in the same period last year.

第四季利息支出為 1,530 萬美元，去年同期為 220 萬美元。

This interest expense relates to debt necessary to fund the dividend to Fortune Brands at the time of the spinoff.

該利息費用與分拆時為 Fortune Brands 支付股息所需的債務有關。

Income tax was $7.1 million for a 16.4% effective tax rate in the quarter, compared to $4 million or a 20.6% rate in the fourth quarter of 2022.

本季所得稅為 710 萬美元，有效稅率為 16.4%，而 2022 年第四季所得稅為 400 萬美元，有效稅率為 20.6%。

Please keep in mind the fourth-quarter tax rate is a relevant rate equating to the difference between the prior quarters year-to-date rate and the actual annual effective tax rate.

請記住，第四季稅率是一個相關稅率，相當於上一季年初至今稅率與實際年度有效稅率之間的差額。

Diluted earnings per share were $0.28 in the fourth quarter of 2023 based on 129.9 million diluted shares outstanding, an increase from diluted earnings per share of $0.12 in the fourth quarter of last year based on 129.1 million diluted shares outstanding.

根據 1.299 億股稀釋後流通股計算，2023 年第四季稀釋每股收益為 0.28 美元，較去年第四季根據 1.291 億股稀釋後流通股計算的稀釋每股收益 0.12 美元有所增加。

Adjusted EBITDA was $85.8 million compared to $97.8 million in the same period last year.

調整後 EBITDA 為 8,580 萬美元，去年同期為 9,780 萬美元。

Adjusted EBITDA margin expanded 20 basis points to 12.7% compared to 12.5% in the comparable period of the prior year, despite lower sales.

儘管銷售額下降，但調整後 EBITDA 利潤率仍較上年同期的 12.5% 成長 20 個基點至 12.7%。

Similar to what we've achieved in prior quarters, our strong margin performance was driven by continued execution on MasterBrand's strategic initiatives, particularly around supply chain improvements, productivity, and restructuring savings.

與我們前幾季取得的成績類似，我們強勁的利潤率表現是由持續執行 MasterBrand 的策略舉措推動的，特別是在供應鏈改善、生產力和重組節省方面。

The quarter also benefited from discrete items, which were included in our revised outlook, primarily the $3.2 million of insurance proceeds we mentioned earlier.

該季度還受益於我們修訂後的展望中包含的離散項目，主要是我們之前提到的 320 萬美元的保險收益。

These items together more than offset year-over-year volume declines, the impact of trade downs, and personnel inflation.

這些項目加起來足以抵銷銷量年減、貿易下降和人員通膨的影響。

Moving on to our full-year results.

接下來是我們的全年業績。

We delivered net sales of $2.7 billion in 2023, down 16.8% over the prior year.

2023 年，我們的淨銷售額為 27 億美元，比上年下降 16.8%。

Our year-over-year top-line result was primarily driven by market related volume declines.

我們的年比營收結果主要是由市場相關的銷售下降所推動。

However, our early pricing actions in 2022 contributed to a favorable year-over-year ASP in 2023, despite increased trade-down activity.

然而，儘管降價活動有所增加，但我們在 2022 年的早期定價行動為 2023 年的平均售價帶來了有利的影響。

Gross profit was $901.4 million, down 4.2% compared to $940.5 million last year.

毛利為 9.014 億美元，比去年的 9.405 億美元下降 4.2%。

Gross profit margin expanded 440 basis points year over year from 28.7% to 33.1%.

毛利率年增440個基點，從28.7%增至33.1%。

Full-year margin expansion was driven by higher net ASP, supply chain efforts, continuous improvement initiatives, and cost actions, which more than offset lower volume, trade downs, personnel inflation, and investments in our tech-enabled initiatives.

全年利潤率的成長是由更高的淨平均售價、供應鏈努力、持續改進計劃和成本行動推動的，這足以抵消銷售下降、貿易下降、人員膨脹和對我們技術支援計劃的投資。

Selling, general and administrative expenses were $569.7 million down 12.2% compared to the same period last year.

銷售、一般和管理費用為 5.697 億美元，比去年同期下降 12.2%。

As a reminder, in 2022, we were allocated a portion of Fortune Brands' costs.

提醒一下，2022 年，我們分配了 Fortune Brands 的部分成本。

In 2023, we had stand-alone costs, and if you compare the impact of the two, it was a net savings year over year in 2023 as anticipated.

2023 年，我們有獨立成本，如果比較兩者的影響，就會發現 2023 年，正如預期的那樣，同比實現了淨節省。

This savings, coupled with lower outbound freight and commissions due to volume declines, more than offset personnel inflation and roughly $15 million of strategic investments in the business.

這種節省，再加上由於數量下降而導致的出境運費和佣金下降，足以抵消人員膨脹和大約 1500 萬美元的業務策略投資。

Net income was $182 million compared to $155.4 million in the prior year.

淨利為 1.82 億美元，上一年為 1.554 億美元。

The increase was primarily due to an asset impairment charge of $46.4 million in 2022 that did not reoccur in 2023, higher amortization and restructuring charges in 2022, and a lower 2023 income tax expense.

這一增長主要是由於 2022 年資產減損費用為 4,640 萬美元（該費用在 2023 年沒有再次發生）、2022 年攤銷和重組費用較高以及 2023 年所得稅費用較低。

This was partially offset by interest expense of $65.2 million for the full-year 2023.

這被 2023 年全年 6,520 萬美元的利息支出部分抵銷。

Diluted earnings per share were $1.40 in 2023, up from pro forma diluted earnings per share of $1.20 and 2022.

2023 年稀釋每股收益為 1.40 美元，高於 2022 年預計稀釋每股收益 1.20 美元。

In the first three quarters of 2022, pro forma diluted earnings per share were calculated assuming that there were no dilutive equity instruments prior to the separation as there were no MVC equity awards outstanding.

2022 年頭三個季度，預估稀釋每股盈餘的計算假設分拆前不存在稀釋性權益工具，因為沒有未償還的 MVC 股權獎勵。

Adjusted EBITDA was $383.4 million in 2023 down 6.8%, compared to $411.4 million last year due to volume declines in the market and personnel inflation, partially offset by higher ASP, supply chain and continuous improvement initiatives, and cost action savings.

由於市場銷售下降和人員通膨，2023 年調整後 EBITDA 為 3.834 億美元，比去年的 4.114 億美元下降 6.8%，但部分被平均售價上升、供應鏈和持續改進計劃以及成本行動節省所抵消。

Adjusted EBITDA margin expanded 150 basis points to 14.1% for the full year compared to 12.6% (sic - see press release, "12.7%") in the prior year.

全年調整後 EBITDA 利潤率擴大 150 個基點，達到 14.1%，而上一年為 12.6%（原文如此 - 參見新聞稿，「12.7%」）。

We are extremely pleased with our operational momentum and proven ability to deliver full-year margin expansion of lower net sales.

我們對我們的營運勢頭以及在較低淨銷售額的情況下實現全年利潤率擴張的能力感到非常滿意。

We surpassed the goals we outlined at the beginning of last year, and we entered 2024 in a strong position to continue investing for future growth while preserving margins.

我們超越了去年初制定的目標，進入 2024 年，我們處於有利地位，可以繼續為未來成長進行投資，同時保持利潤率。

Turning to the balance sheet.

轉向資產負債表。

We ended the year with $148.7 million of cash on hand and $480.2 million of liquidity available on our revolver.

截至年底，我們手頭現金為 1.487 億美元，左輪手槍可用流動資金為 4.802 億美元。

Net debt at the quarter end was $559.1 million, resulting in a net debt to adjusted EBITDA leverage ratio of 1.5 times, consistent with the third quarter of 2023.

季末淨負債為 5.591 億美元，淨負債與調整後 EBITDA 槓桿率為 1.5 倍，與 2023 年第三季一致。

Our balance sheet remains strong, with the financial flexibility to invest in the business for growth.

我們的資產負債表依然強勁，具有投資業務成長的財務彈性。

Operating cash flow was $405.6 million for the 12 months ended December 31, 2023, compared to $235.6 million in the comparable period last year.

截至2023年12月31日的12個月，營運現金流為4.056億美元，去年同期為2.356億美元。

Our strong operational performance, as well as our working capital improvement plans, specifically around inventory management and collections drove this year-over-year improvement.

我們強勁的營運表現以及營運資金改善計畫（特別是圍繞庫存管理和收款）推動了這一同比改善。

Capital expenditures for the 12 months ended December 31, 2023 were $57.3 million compared to $55.9 million in the prior year.

截至 2023 年 12 月 31 日的 12 個月資本支出為 5,730 萬美元，而前一年為 5,590 萬美元。

As Dave mentioned, we made the decision to accelerate certain capital expenditures to benefit from discount opportunities resulting in us slightly exceeding our CapEx guidance.

正如戴夫所提到的，我們決定加快某些資本支出，以從折扣機會中受益，使我們略高於我們的資本支出指導。

Free cash flow was $348.3 million for the 12 months ended December 31, 2023, compared to $179.7 million in the comparable period last year.

截至 2023 年 12 月 31 日的 12 個月，自由現金流為 3.483 億美元，去年同期為 1.797 億美元。

This is a $168.6 million improvement year over year.

這比去年同期增加了 1.686 億美元。

As expected and disclosed in previous calls, cash outflows increased in the fourth quarter due to our last significant spin-related payments of Fortune Brands of roughly $30 million, increased capital expenditures, and the slowing of improvement on our working capital.

正如先前電話會議中所預期和披露的那樣，由於我們上次向 Fortune Brands 支付了約 3000 萬美元的重大剝離相關款項、資本支出增加以及營運資本改善放緩，第四季度現金流出增加。

Finally, during the fourth quarter, we repurchased approximately $6.1 million of our common stock under our existing stock repurchase program.

最後，在第四季度，我們根據現有股票回購計畫回購了約 610 萬美元的普通股。

Now, let's turn to our outlook.

現在，讓我們談談我們的展望。

As Dave mentioned, we expect our overall market demand to be down low-single digits year over year in 2024, with performance varying by end market.

正如 Dave 所提到的，我們預期 2024 年整體市場需求將年比下降低個位數，不同終端市場的表現有所不同。

For domestic markets, we expect to see mid-single digit growth in US new construction, and with US repair and remodel being down mid-single digits.

對於國內市場，我們預計美國新建建築將出現中個位數成長，而美國維修和改造將出現中個位數下降。

Overall, we expect both end markets in Canada to be down year over year, as both new construction and repair and remodel markets continue to be soft.

總體而言，我們預計加拿大的兩個終端市場都將同比下降，因為新建以及維修和改造市場持續疲軟。

With that market backdrop, we anticipate our 2024 net sales, it will be in the range of down low-single digits to flat year on year.

在這種市場背景下，我們預計 2024 年的淨銷售額將在低個位數下降至同比持平的範圍內。

Let me provide some additional color on the drivers of our net sales in relation to the market.

讓我為我們與市場相關的淨銷售額驅動因素提供一些額外的說明。

Our 2024 outlook contemplates the continued effect of trade downs and a more normalized pricing environment, including customary promotions.

我們對 2024 年的展望考慮了貿易下降和更正常化的定價環境（包括常規促銷活動）的持續影響。

We saw this pattern develop in the second half of 2023, so there's some annualization impact from a normal pricing and promotion environment in the first half of 2024, but we would expect to see less impact in the second half of the year as we get to normalized comparisons.

我們看到這種模式在 2023 年下半年發展，因此 2024 年上半年正常的定價和促銷環境會產生一些年化影響，但我們預計下半年的影響會較小，因為我們到了標準化比較。

We anticipate a more normal inflationary environment and we'll continue to evaluate price quarterly in response to that.

我們預計通膨環境將更加正常，我們將繼續每季評估價格以應對這一情況。

As Dave mentioned, our 2024 outlook assumes big ticket repair and remodel will lag smaller ticket items, resulting in a timing difference between our net sales and a broad R&R market recovery.

正如 Dave 所提到的，我們的 2024 年展望假設大件維修和改造將落後於小件物品，導致我們的淨銷售額與廣泛的 R&R 市場復甦之間存在時間差異。

To offset this net sales headwind, we have a variety of new products and channel-specific packages that launched late last year and in the early part of this year across both the new construction and repair and remodel markets.

為了抵​​消這種淨銷售逆風，我們在去年年底和今年年初在新建、維修和改造市場推出了各種新產品和特定通路的套餐。

As part of our Align-to-Grow initiative, we have tailored these products to satisfy the specific end markets and regions best positioned for growth.

作為我們「調整成長」計畫的一部分，我們客製化了這些產品，以滿足最適合成長的特定終端市場和地區的需求。

As these products gain traction, these incremental sales will more than help offset the previously discussed impacts of trade downs and customary promotions.

隨著這些產品獲得吸引力，這些增量銷售將有助於抵消先前討論的降價和常規促銷的影響。

As we enter the year, we are pleased with our existing manufacturing capabilities.

進入新的一年，我們對現有的製造能力感到滿意。

Our common box initiative provides the flexibility needed to adjust capacity up or down with demand.

我們的公用箱計畫提供了根據需求上下調整容量所需的靈活性。

In 2023, this flexibility, along with several cost actions, allowed us to deliver margins beyond our expectations.

2023 年，這種靈活性以及多項成本行動使我們能夠實現超出預期的利潤。

This flexibility also provides us with ample capacity to service our customers as demand strengthens.

隨著需求的增強，這種靈活性也為我們提供了充足的服務能力。

We will continue to be nimble and adjust our manufacturing network as needed to address any future market conditions.

我們將繼續靈活地根據需要調整我們的製造網絡，以應對未來的市場狀況。

This ability to flex manufacturing coupled with our strategic initiatives and continuous improvement efforts will allow us to offset the impact of softer sales and further invest in the business.

這種靈活製造的能力，加上我們的策略性舉措和持續改進努力，將使我們能夠抵消銷售疲軟的影響，並進一步投資於業務。

As Dave mentioned, given the success of our early tech-enabled initiatives, we plan to invest an incremental $20 million into this initiative in 2024.

正如 Dave 所提到的，鑑於我們早期的技術支援計畫取得了成功，我們計劃在 2024 年向該計畫追加投資 2,000 萬美元。

With 2024 shaping up to be a relatively stable year, particularly from a demand perspective, we are taking this opportunity to further invest and position ourselves for future growth when a more robust demand environment returns.

2024 年將是相對穩定的一年，特別是從需求角度來看，我們將藉此機會進一步投資，並為未來成長做好準備，以便在更強的需求環境回歸時為未來的成長做好準備。

With this in mind, we expect adjusted EBITDA in the range of $370 million to $400 million, with adjusted EBITDA margin of roughly 14% to 14.5% for 2024.

考慮到這一點，我們預計 2024 年調整後 EBITDA 將在 3.7 億至 4 億美元之間，調整後 EBITDA 利潤率約為 14% 至 14.5%。

Interest expense is expected to be approximately $55 million to $65 million, and we anticipate a tax rate between 25% and 26%.

利息支出預計約為 5,500 萬至 6,500 萬美元，我們預計稅率在 25% 至 26% 之間。

We are planning 2024 capital expenditures to be in the range of $55 million to $65 million.

我們計劃 2024 年的資本支出在 5,500 萬美元至 6,500 萬美元之間。

This investment is approximately 1.3 times depreciation, which is within our stated long-term goals.

這項投資大約是折舊的1.3倍，這在我們既定的長期目標之內。

Given the steps we have already taken to reduce working capital and these other factors, we expect free cash flow to continue to be in excess of net income for 2024, but the magnitude of working capital improvement in 2023 will not repeat.

考慮到我們已經採取的減少營運資本的措施和其他因素，我們預計 2024 年自由現金流將繼續超過淨利潤，但 2023 年營運資本改善的幅度不會重複。

Now that we are a year into being a standalone company, we will also initiate earnings per share guidance.

現在我們成為一家獨立公司已經一年了，我們還將啟動每股盈餘指引。

For 2024, we expect our adjusted diluted earnings per share to be in the range of $1.40 to $1.60.

2024 年，我們預計調整後的稀釋每股盈餘將在 1.40 美元至 1.60 美元之間。

With that, I would like to turn the call back to Dave.

說到這裡，我想把電話轉回給戴夫。

Thanks, Andi.

謝謝，安迪。

We're excited about the opportunity that 2024 holds for us.

我們對 2024 年為我們帶來的機會感到興奮。

Our ability to maintain adjusted EBITDA margins despite market headwinds while investing for future growth shows the strength of our culture, strategic initiatives, and business model.

儘管市場逆風，我們仍能維持調整後的 EBITDA 利潤率，同時為未來成長進行投資，這表明我們的文化、策略舉措和商業模式的實力。

We demonstrated the power of our culture and business in 2023, and we're excited to continue that momentum in 2024 and beyond.

我們在 2023 年展示了我們的文化和業務的力量，我們很高興能夠在 2024 年及以後繼續保持這一勢頭。

With that, I'll open the call up to Q&A.

接下來，我將開始問答環節。

(Operator Instructions) Garik Shmois, Loop Capital Markets.

（操作員指示）Garik Shmois，Loop Capital Markets。

Hi, thanks.

你好謝謝。

First of all, I was wondering if you could speak a little bit to how to better think about the cadence of the year with respect to sales and EBITDA margin?

首先，我想知道您是否可以談談如何更好地思考今年銷售額和 EBITDA 利潤率的節奏？

Sounds like first half is going to be a bit softer, then second half part of that is comp driven.

聽起來前半部會更柔和一些，然後後半部是由補償驅動的。

But any more color as to how to think about how sales and margins should progress as the year unfolds?

但是，對於如何思考隨著這一年的展開，銷售額和利潤率應該如何發展，還有更多的色彩嗎？

Yeah.

是的。

Thanks, Garik.

謝謝，加里克。

I think I'd say it's going to be a more normal year from a pace of demand.

我想我會說，從需求的成長速度來看，這將是更正常的一年。

And our normal years, you have a step down typically from Q4 into Q1 from a total demand standpoint.

在正常年份，從總需求的角度來看，通常會從第四季下降到第一季。

And you can look back in our filings, I'll give you the answer, it's in the ballpark of mid-single digits to high-single digits of a step down from the revenue generated in Q4 into Q1.

你可以回顧我們的文件，我會給你答案，從第四季到第一季產生的收入大約在中個位數到高個位數之間。

And then that picks up, particularly in the new construction side, as you go into the spring building season.

然後，當進入春季建築季節時，這種情況就會加劇，特別是在新建築方面。

And then you have robust demand, I'd say, through Q2 and Q3.

我想說，第二季和第三季的需求強勁。

And then it starts tapering off towards the end of the fall and into the holiday season.

然後在秋末和假期期間開始逐漸減少。

So that's our normal pattern.

這就是我們的正常模式。

And I think this year is shaping up in many ways to be normal.

我認為今年在很多方面都將變得正常。

And I think we started seeing some of that normalization in Q3 and Q4, both from a demand standpoint as well as from a pricing standpoint.

我認為，無論是從需求角度還是從定價角度來看，我們在第三季和第四季開始看到一些正常化。

So really, I'd say the only things that we have to overcome is that annualization of some of that trade down effect and the normal promotional.

所以說真的，我想說我們唯一需要克服的是部分降價效應和正常促銷的年化。

Because back last year at this time, we weren't seeing any promotion at all in the market, and still, people were actually still raising price, I think, in some cases.

因為去年的這個時候，我們在市場上根本沒有看到任何促銷活動，而且我認為，在某些情況下，人們實際上仍在提高價格。

So I think that's the trajectory of the year as we see our performance against that.

所以我認為這就是今年的軌跡，因為我們看到了我們的表現。

I think, in Q1, we're kind of aligned with that.

我認為，在第一季度，我們與這一點保持一致。

And then as we go into Q2, a lot of that programs that we launched that Andi highlighted start really coming through.

然後，當我們進入第二季度時，安迪強調的我們推出的許多計劃開始真正實現。

Because again, they tackled both new construction, as well as repair and remodel.

因為他們再次解決了新建、維修和改造問題。

And obviously, there's demand today and new construction and that helps, and so we've seen some good uptake on those programs already that demand really doesn't come through until you start getting into the second quarter.

顯然，今天的需求和新的建設有所幫助，因此我們已經看到這些計劃得到了一些良好的採用，但直到進入第二季度，需求才真正實現。

Got it.

知道了。

I did want to ask about some of the new products and programs that you recently launched.

我確實想問一下你們最近推出的一些新產品和計劃。

Just hoping you could go into a little bit more detail.

只是希望你能講得更詳細一些。

It sounds like it's a bit of a split between repair and remodel and new construction, but any more color as to how you're specifically targeting those different end markets?

聽起來修復、改造和新建之間有點分歧，但對於如何專門針對這些不同的終端市場，還有更多的色彩嗎？

And maybe speak to the different price points that these products are targeting?

或許可以談談這些產品的目標不同價位？

Yeah.

是的。

So I think the best example is one we've launched last year, which basically allowed us to work the trade down program with new construction.

所以我認為最好的例子是我們去年推出的一個例子，它基本上使我們能夠透過新建築來實施折價計劃。

But I'll give it -- starting to -- take a step back for a minute, the whole point of our Align-to-Grow initiative is to really segment your customers in a way that you understand exactly what they need, and then build an operating capacity that can deliver that to the customer.

但我要先退後一步，我們的「調整成長」計畫的全部要點是，以一種您準確了解他們需求的方式真正細分您的客戶，然後建立可以將其交付給客戶的營運能力。

And we've made a lot of progress on that over the past several years.

過去幾年我們在這方面取得了很大進展。

But in last year, more importantly, was really getting that specific segmentation down properly and having the machine behind it, if you will, with our plants and supply chain footprint to be able to deliver the full breadth of master brand in a lot of different ways to a lot of different customers.

但在去年，更重要的是，真正正確地進行了特定的細分，並在其背後配備了機器，如果你願意的話，我們的工廠和供應鏈足跡能夠在許多不同的領域提供主品牌的全面服務為許多不同的客戶提供多種方式。

And so I wouldn't say -- there's no big bang in any of this.

所以我不會說——這一切都沒有什麼大爆炸。

There's no one magic product that wins the day.

沒有一種神奇的產品能贏得勝利。

It's a lot of smaller changes that you're conforming with certain customer's need.

這是為了滿足某些客戶的需求而進行的許多較小的更改。

And if you have a very seamless operating model behind it, you can slide those customers as well as the consumer eventually.

如果你有一個非常無縫的營運模式背後，你最終可以吸引這些客戶和消費者。

But I mean, when you're talking new construction, it's often a very large customer that's doing it in mass.

但我的意思是，當你談論新建築時，通常是一個非常大的客戶正在大規模建造。

You can slide the scale around the bit, and really provide them with a full package of what they need to be successful, and you have to solve that problem operationally, which we have we've done a lot of work to be able to do in a very cost-effective way.

你可以調整規模，真正為他們提供成功所需的一整套東西，你必須在操作上解決這個問題，我們已經做了很多工作才能做到這一點以一種非常具有成本效益的方式。

So that's a big part of it.

這是其中很大一部分。

When we talk about packages that we're offering to specific customers, it's around being able to bring the full breadth and benefit of MasterBrand to our customers with whatever they need.

當我們談論向特定客戶提供的套餐時，我們指的是能夠將 MasterBrand 的全部廣度和優勢帶給我們的客戶，滿足他們的需求。

Then obviously, there's a lot of style changes that occur, there are different products configurations that are that are more style-focused that we're launching.

顯然，發生了許多風格變化，我們推出了更注重風格的不同產品配置。

And that's really, what I'd call, a normal process that we do every year.

這確實是我所說的我們每年都會做的正常過程。

But if you remember back to the way I described the COVID years, it is very difficult to do that from a supply chain standpoint.

但如果你還記得我描述新冠疫情時期的方式，從供應鏈的角度來看，要做到這一點非常困難。

And so we spent a lot of last year making sure we got the right new styles, new colors, and those sorts of things lined up so that -- and some of them launch again in the later part of last year, and then bringing that full platter of new styles and designs.

因此，去年我們花了很多時間來確保我們獲得了正確的新款式、新顏色以及諸如此類的東西，以便 - 其中一些在去年下半年再次推出，然後帶來這些全套新款式和設計。

And that's -- I'd say that's more normal course.

我想說這是更正常的過程。

We wouldn't expect to necessarily change the dynamic of our pace of business with those things, but you have to do them.

我們不期望這些事情一定會改變我們業務節奏的動態，但你必須這樣做。

Really, the change that we think really helps us outperform the market this coming year is the way we're tailoring various programs to various customers.

事實上，我們認為真正有助於我們在來年跑贏市場的變化是我們為不同客戶量身定制各種計劃的方式。

Well, that's helpful.

嗯，這很有幫助。

Last question is just on the trade down comments.

最後一個問題只是關於交易下跌的評論。

It's been a headwind for several quarters now.

幾個季度以來，這一直是逆風。

It sounds like you're -- anticipating that you're going to anniversary the worst of it in the first half of the year, but just curious as to, maybe, has the pace of the trade down behavior and stabilized at all?

聽起來您預計將在今年上半年度過最糟糕的周年紀念日，但只是好奇，也許交易下降行為的步伐是否已經穩定下來？

Is there anything that we should be looking out for to give us comfort that indeed in the second half of the year it should be stabilizing?

有什麼值得我們注意的事情可以讓我們感到安慰，因為今年下半年它確實應該趨於穩定嗎？

Yeah, I think it's followed the trajectory that we expected through Q3 and into Q4, and that the commentary we gave on it at the previous earnings call came to fruition.

是的，我認為它遵循了我們在第三季和第四季的預期軌跡，並且我們在先前的財報電話會議上對此發表的評論已經實現。

I'd say the reason we outperformed a bit to the higher end of our internal expectation was there was a bit more activity in volume that we were able to drive, particularly in the new construction market.

我想說，我們的表現略高於內部預期的較高端的原因是我們能夠推動更多的活動量，特別是在新建築市場。

But no, it's been very well received the way we're going about delivering different product that ultimately results in a trade down has been well received.

但不，我們提供不同產品並最終導致降價的方式受到了好評。

And frankly, that's the case in both end markets, the new construction and R&R.

坦白說，新建築和 R&R 兩個終端市場都是如此。

But no, I think the pace is such that it feels like this is being well received and I don't anticipate the need for any additional changes there.

但不，我認為速度如此之快，感覺這很受歡迎，我預計不需要任何額外的改變。

Sounds good.

聽起來不錯。

Okay.

好的。

Thanks for that.

感謝那。

I'll pass it on.

我會把它傳遞下去。

(Operator Instructions) Tom Mahoney, Cleveland Research.

（操作員說明）Tom Mahoney，克利夫蘭研究中心。

Hi, good afternoon.

嗨，下午好。

Just a follow-up on the question about promotions normalizing.

只是關於促銷正常化問題的後續行動。

Are you finding -- are there any types of promotions that are having success moving consumers into projects defined that maybe leads are running stable, it just takes some incremental promotion to convert them?

您是否發現，是否有任何類型的促銷活動能夠成功地將消費者吸引到定義的項目中，這些項目可能運作穩定，只需要一些增量促銷即可將其轉換？

Or are promotions more aimed at driving that lead activity, get customers interested in the first place?

或者促銷活動更旨在推動引導活動，首先讓客戶產生興趣？

Any way to characterize those?

有什麼方法可以描述這些特徵嗎？

Yeah, it's a fair question, Tom.

是的，這是一個公平的問題，湯姆。

I think it depends on the channel a little bit.

我認為這在一定程度上取決於頻道。

I would say that your larger format retailers are going to use that promotional arm to drive traffic a bit more than your dealers, because you can get other things in those retailers.

我想說的是，您的大型零售商將使用促銷手段來比您的經銷商增加更多的流量，因為您可以從這些零售商那裡獲得其他東西。

So you don't go to your small dealer to buy hammers and so on and so forth.

所以你不要去你的小經銷商買錘子之類的東西。

So the major retailers will use promotion more broadly to drive foot traffic in the store.

因此，主要零售商將更廣泛地利用促銷來增加商店的客流量。

But then once you've reach that point, it's really more you follow your sort of logic pattern of, first, trying to get the consumer to buy the product that they can afford by sliding them down and that's where the trade-down comes into play.

但一旦你達到了這一點，你實際上更多地遵循你的邏輯模式，首先，試圖讓消費者通過下滑來購買他們能負擔得起的產品，這就是降價的地方玩。

If you can get them into something that they're happy with and excited about at a lower price point, you don't have to talk about promotions.

如果你能以較低的價格讓他們獲得他們滿意和興奮的東西，那麼你就不必談論促銷。

And that's why I call them more normalized, because then, you use the promotion as a targeted activity for certain deals that you're trying to get done.

這就是為什麼我稱它們更加標準化，因為這樣，您就可以將促銷用作您想要完成的某些交易的有針對性的活動。

For example, if you have a consumer that's at a high-end product, you're probably not able to slide them down and they're doing a very expensive kitchen, but you might need that to nudge them over the edge in the current environment.

例如，如果您有一個購買高端產品的消費者，您可能無法讓他們失望，而且他們正在做一個非常昂貴的廚房，但您可能需要這一點來將他們推向當前的邊緣。環境。

So I think it really does depend it's very tactical in a lot of ways.

所以我認為這確實取決於它在很多方面都非常具有戰術性。

We look at it, as an executive team, as kind of overview of how are we functioning of moving the consumer where they want to be.

作為一個執行團隊，我們將其視為我們如何將消費者帶到他們想去的地方的概述。

And then our sales team is very adept at executing on the tactical side of that.

我們的銷售團隊非常擅長執行戰術方面的工作。

Understood.

明白了。

And then also getting into competitive environment.

然後也進入競爭環境。

There have been some recent upticks in transportation costs, and I think a topic for 2024 as well is the potential for tariffs to enter back into the conversation.

最近運輸成本有所上升，我認為 2024 年的一個主題也是關稅重新進入討論的可能性。

Can you describe the competitors' environments, I guess first of all, MasterBrand's exposure to those two things?

您能否描述一下競爭對手的環境，我想首先是 MasterBrand 接觸到這兩件事的情況？

And then the relative exposure of MasterBrand relative to competitors as potentially transportation has picked back up here?

然後，MasterBrand 相對於競爭對手的相對曝光（因為潛在的交通運輸）在這裡有所回升？

And then as tariffs enter the conversation?

然後當關稅進入討論時呢？

Yeah, sure.

好，當然。

I guess I'll break it apart.

我想我會把它拆開。

I'll talk about the cost side of it.

我會談談它的成本方面。

I think, obviously, we're paying attention to it and we would bake that into our basket of how we think about inflation in general.

我認為，顯然，我們正在關注它，我們會將其納入我們對通膨的整體看法中。

Our supply chain team weathered it was probably the worst storm if you could ever have in our business over the '22 and '21 time periods, and so I think we're pretty adept that this is nothing compared to that.

我們的供應鏈團隊經受住了這可能是我們業務在 22 世紀和 21 世紀期間可能遇到的最嚴重的風暴，因此我認為我們非常清楚，與此相比，這根本算不了什麼。

So I think their process is pretty well established on how to navigate when you have transportation scenarios, both on the ocean or even in the trucking world.

因此，我認為他們的流程已經很好地確定了當您有運輸場景時如何導航，無論是在海上還是在卡車運輸領域。

So we pay attention to it.

所以我們關注它。

I think we'll monitor it over time.

我想我們會隨著時間的推移對其進行監控。

I think you're seeing some uptick right now.

我認為你現在看到了一些上升。

But generally, what happens is as the market normalizes, so does the cost.

但一般來說，隨著市場正常化，成本也會改變。

And so I think if the new normal is you can't go through the Suez, then, yes, it's a little more expensive to go around the horn but I think the pricing always reacts first and then normalizes over time.

所以我認為，如果新常態是你不能通過蘇伊士運河，那麼，是的，繞過喇叭會更貴一些，但我認為價格總是首先做出反應，然後隨著時間的推移而正常化。

So we're paying attention to it.

所以我們正在關注它。

Tariffs, I don't have any crystal ball on what the government's going to do on that.

關稅，對於政府將採取什麼行動，我沒有任何水晶球。

So again, we react if necessary, and we're obviously very active when it comes to discussing these matters with the Department of Commerce, as well as our various representatives, because we cover a lot of the United States and in that regard.

因此，如果有必要，我們會做出反應，而且在與商務部以及我們的各個代表討論這些問題時，我們顯然非常積極，因為我們覆蓋了美國的大部分地區，在這方面。

So we have a lot of conversations with Congress around these topics.

因此，我們與國會圍繞這些話題進行了許多對話。

In terms of the competitive dynamic in that, I don't know how well they performed during the tumultuous period of the COVID years, but I think we outperformed them.

就競爭動態而言，我不知道他們在新冠疫情動盪時期的表現如何，但我認為我們的表現優於他們。

I would not ever bet against my competitors figuring things out because there are some good competitors out there.

我永遠不會打賭我的競爭對手能解決問題，因為那裡有一些優秀的競爭對手。

So I'm sure that some of them have figured that out.

所以我確信他們中的一些人已經明白了這一點。

But I think we've highlighted in the past that our competitive product in that space has been strong.

但我認為我們過去已經強調過，我們在該領域的產品競爭力很強。

It's served us very well.

它為我們提供了很好的服務。

I'll highlight our Mantra product line, grew high-teens last year.

我將重點介紹我們的 Mantra 產品線，去年已發展到​​十幾歲。

In the face of the market we were in, that's, I think, pretty great performance.

面對我們所處的市場，我認為這是相當出色的表現。

There may have been some cannibalization of our own with the trade down effect, but I still think I would challenge -- you if you look at import numbers, I would challenge any of those competitors whether they grew at that rate.

由於貿易下降效應，我們自己可能會受到一些蠶食，但我仍然認為我會挑戰——如果你看看進口數據，我會挑戰任何一個競爭對手，無論他們是否以這樣的速度增長。

So I think we have a great product and that's part of -- part of our product introductions are to continue to build out that product, because consumers love it, as do our channel.

所以我認為我們有一個很棒的產品，這是我們產品介紹的一部分是繼續開發該產品，因為消費者喜歡它，我們的管道也是如此。

So it's another piece of the competitive puzzle, but that's what we do every day, is figure out how to win.

所以這是競爭難題的另一個部分，但這就是我們每天所做的，就是弄清楚如何獲勝。

Understood.

明白了。

Thanks for the time.

謝謝你的時間。

Thanks, Tom.

謝謝，湯姆。

There are no further questions at this time.

目前沒有其他問題。

I'll turn the floor back to Farand Pawlak for closing remarks.

我將請法蘭德·帕拉克（Farand Pawlak）致閉幕詞。

Thank you, operator, and thank you, everyone, for joining us here today.

謝謝接線生，也謝謝大家今天加入我們。

We appreciate your interest and support and look forward to speaking with you in the future.

我們感謝您的興趣和支持，並期待將來與您交談。

This concludes our call.

我們的通話到此結束。

Thank you for joining MasterBrand fourth-quarter and full-year 2023 earnings conference call.

感謝您參加 MasterBrand 2023 年第四季和全年財報電話會議。