Pool Corp (POOL) 2025 Q1 法說會逐字稿

Good day, and welcome to the Pool Corporation First Quarter 2025 Conference Call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Pool Corporation 2025 年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Melanie Hart, Senior Vice President and CFO. Please go ahead.

現在，我想將會議交給高級副總裁兼財務長梅蘭妮·哈特 (Melanie Hart)。請繼續。

Good morning, and welcome to our first quarter 2025 earnings conference call. Our discussion, comments and responses to questions today may include forward-looking statements, including management's outlook for 2025 and future periods. Actual results may differ materially from those discussed today. Information regarding the factors and variables that could cause actual results to differ from projected results are discussed in our 10-K.

早上好，歡迎參加我們的 2025 年第一季財報電話會議。我們今天的討論、評論和對問題的回答可能包括前瞻性陳述，包括管理階層對 2025 年及未來時期的展望。實際結果可能與今天討論的結果有重大差異。我們的 10-K 中討論了可能導致實際結果與預測結果不同的因素和變數的資訊。

In addition, we may make references to non-GAAP financial measures in our comments. A description and reconciliation of our non-GAAP financial measures is included in our press release and posted to our corporate website in the Investor Relations section. We have also included a presentation on our investor website to summarize key points from our press release and call comments.

此外，我們可能會在評論中引用非公認會計準則財務指標。我們的非公認會計準則財務指標的描述和對帳包含在我們的新聞稿中，並發佈在我們公司網站的投資者關係部分。我們還在投資者網站上新增了一個演示文稿，總結了新聞稿和電話評論中的要點。

We will begin today with comments from Peter Arvan, our President and CEO.

今天我們將從總裁兼執行長 Peter Arvan 的發言開始。

Thank you, Melanie, and good morning to everyone on the call. Earlier this morning, we reported our first quarter results and affirmed our full year guidance for 2025. While the first quarter started off with some challenging weather in key markets, we began to see some improvement in conditions in March. Although also meaningful this year, the Easter holiday occurred three weeks later than last year falling into the second quarter versus the first.

謝謝你，梅蘭妮，電話裡的各位早安。今天早些時候，我們報告了第一季業績並確認了 2025 年全年業績指引。雖然第一季開始時主要市場遭遇了一些惡劣天氣，但我們從三月開始看到情況有所改善。儘管今年的復活節假期同樣意義重大，但比去年晚了三週，落在了第二季度，而非第一季。

As expected, our maintenance product sales performed well during the quarter and so far into the season. The recurring nondiscretionary demand of these products is durable in all economic cycles, and we believe we can continue to achieve above-market growth based on our strategic initiatives around customer experience, private label products, POOL360 and our expanded footprint.

正如預期的那樣，我們的維護產品銷售在本季度以及迄今為止表現良好。這些產品的反覆的非必需品需求在所有經濟週期中都是持久的，我們相信，基於我們圍繞客戶體驗、自有品牌產品、POOL360 和擴大的業務範圍的戰略舉措，我們可以繼續實現高於市場的成長。

At the time of our last call, there appeared to be some signs of macro stability approaching, but we have seen the challenging economic environment continue to weigh on new pool construction and to a lesser degree, renovation activities. Our dealers are reporting that the uncertainty of the macroeconomic environment and persistently high interest rates is causing a wait-and-see pattern in demand for large discretionary purchases.

在我們上次通話時，似乎有一些宏觀穩定即將來臨的跡象，但我們已經看到充滿挑戰的經濟環境繼續對新泳池建設造成壓力，並在較小程度上對翻新活動造成壓力。我們的經銷商報告稱，宏觀經濟環境的不確定性和持續的高利率導致大宗可自由支配購買的需求呈現觀望模式。

By and large, they are reporting that inquiries are steady, but time to contract is still protracted. In aggregate, the permit data in the first quarter was softer than 2024, which is somewhat surprising given the more optimistic outlook prior to the recent tariff actions.

總體而言，他們報告稱詢價情況穩定，但簽約的時間仍然很長。總體而言，第一季的許可數據比2024年要弱，考慮到最近採取關稅行動之前的前景更為樂觀，這有些令人驚訝。

We are hopeful that as things settle, consumer confidence will help stabilize that. When we compare our new pool construction related sales to the permit data, almost without exception, we are outperforming the market, which gives us confidence that our overall value proposition to our customers continues to help us gain share in this area. Remodel activity will continue, but there may be some deferrals of discretionary remodel and replacement or reconfiguration of plans to complete projects in phases.

我們希望，隨著事態的穩定，消費者信心將有助於穩定這一局面。當我們將新泳池建設相關銷售額與許可證數據進行比較時，幾乎毫無例外，我們的表現都優於市場，這讓我們有信心，我們對客戶的整體價值主張將繼續幫助我們在這一領域獲得份額。改造活動將繼續進行，但可能會有一些酌情推遲改造和更換或重新配置計劃，以分階段完成專案。

Despite these persistent conditions, we are encouraged by improving trends in our top line performance, and we expect our initiatives will allow us to perform better than the market in all areas of our business as we push through the transition to a more normal industry environment. Another topic we would like to add some color on prior to discussing the quarter is our exposure to tariffs and how they are affecting the business as of the latest information that we have.

儘管這些情況持續存在，但我們對營收表現改善的趨勢感到鼓舞，我們預計，隨著我們推動向更正常的行業環境過渡，我們的舉措將使我們在所有業務領域的表現優於市場。在討論本季之前，我們想補充說明的另一個主題是我們的關稅風險以及根據我們掌握的最新信息，關稅對業務的影響。

Our exposure to direct imports in total is relatively small and would amount to less than 1% of revenue. For clarification, this includes some building material and maintenance products. Chemicals as a category, have little exposure because of domestic supply arrangements or exemptions. The biggest tariff impact in our business is being felt in the equipment area where the manufacturers have exposure for whole goods or components that are impacting their costs.

我們對直接進口的整體曝險相對較小，佔營收的不到 1%。需要澄清的是，這包括一些建築材料和維護產品。化學品作為一個類別，由於國內供應安排或豁免，其風險敞口很小。關稅對我們業務的最大影響體現在設備領域，製造商在該領域接觸到的整機或零件都會影響其成本。

Since our last earnings call, our largest equipment vendors announced and implemented an in-season price increase that range from 3% to 4% that took effect in April to address the March tariff announcements, and we increased our selling prices accordingly. We observed similar patterns during the pandemic years and those increases passed through the channel with no reversals. Our current thinking is this will be the case this time as well.

自上次財報電話會議以來，我們最大的設備供應商宣布並實施了季節性價格上漲，幅度從 3% 到 4%，以應對 3 月份的關稅公告，我們也相應提高了銷售價格。我們在疫情期間觀察到了類似的模式，這些成長通過了管道，沒有出現逆轉。我們目前的想法是，這次也會如此。

In addition to that, on Tuesday of this week, an additional 4% increase was announced by Pentair that will take effect on June 2 of this year. We will, in the normal course, raise our prices accordingly as these and future increases are announced and come into effect. Melanie will add additional color in her remarks and how we see these impacting our results. No doubt, we are living in a dynamic market condition, but the team is focused on execution and is very experienced.

此外，本週二，Pentair 宣布額外加薪 4%，將於今年 6 月 2 日起生效。隨著這些以及未來的漲價宣布並生效，我們將按照正常程序相應提高價格。梅蘭妮將在她的評論中添加更多內容，並解釋我們如何看待這些內容對我們的結果的影響。毫無疑問，我們生活在一個充滿活力的市場環境中，但團隊專注於執行並且經驗豐富。

Next, let me turn to our first quarter results. We reported $1.1 billion in net sales as our teams continue to execute on our strategic priorities. First quarter sales were down 4% versus last year, but down 2% on a same selling day basis, a similar improving trend to what we saw in the end of 2024. After a challenging January and February with tougher weather comps, we saw overall top line growth in March.

接下來，讓我來談談我們的第一季業績。隨著我們的團隊繼續執行我們的策略重點，我們報告的淨銷售額為 11 億美元。第一季銷售額較去年同期下降 4%，但同日銷售額下降 2%，與我們在 2024 年底看到的改善趨勢類似。在經歷了 1 月和 2 月的嚴峻天氣考驗之後，3 月我們實現了整體營收成長。

Maintenance product sales performed well with Chemicals volume and revenue growth, including double-digit growth in our private label chemical products. On new construction and remodel, we saw the continued effects of tight discretionary spending under the current macro backdrop, but this area provided less of a drag on top line than we have seen in recent quarters.

維護產品銷售表現良好，化學品銷售和收入均有所成長，其中自有品牌化學品實現了兩位數成長。在新建和改造方面，我們看到在當前宏觀背景下緊縮可自由支配支出的持續影響，但這一領域對營收的拖累比最近幾季要小。

Next, I will recap the P&L. Gross margins came in at 29.2% versus the 30.2% in the first quarter of 2024. Recall that last year, we realized a 110 basis point benefit from an import tax accrual reversal. Without that benefit, our prior year gross margin was closer to 29.1%, reflecting some year-over-year improvement largely driven by our pricing optimization and supply chain initiatives. Competitive pricing became more prevalent in the first quarter similar to what we observed at this time last year and typical for this time of year, however, using price appears to be more -- a more pronounced tactic by our competitors of late.

接下來，我將回顧損益表。毛利率為 29.2%，而 2024 年第一季為 30.2%。回想一下，去年，我們從進口稅應計逆轉中獲得了 110 個基點的收益。如果沒有這項福利，我們上一年的毛利率接近 29.1%，這反映出同比有所改善，這主要得益於我們的定價優化和供應鏈措施。與我們去年同期觀察到的情況類似，競爭性定價在第一季變得更加普遍，並且是每年這個時候的典型情況，然而，使用價格似乎更為——這是我們競爭對手最近更明顯的策略。

We evaluate these circumstances on a market-by-market basis and respond as we feel appropriate on a market-by-market basis. Both our field and support to manage controllable expenses and even with inflationary increases and investments in our network expansion, operating expenses increased only 2% during the first quarter. We generated operating income of $77.5 million and operating margin of 7.2%, reflecting structural improvements in the first quarter operating margin as compared to our pre-pandemic first quarter operating margins that range from 5.7% to 6.5%.

我們根據每個市場的具體情況進行評估，並根據每個市場的具體情況採取我們認為適當的應對措施。我們的現場和支援部門都致力於管理可控費用，即使通貨膨脹增加以及對網路擴展的投資，第一季的營運費用也僅增加了 2%。我們實現了 7,750 萬美元的營業收入和 7.2% 的營業利潤率，與疫情前第一季 5.7% 至 6.5% 的營業利潤率相比，第一季營業利潤率有所結構性改善。

We generated diluted earnings per share of $1.42, including a $0.10 ASU tax benefit. Covering sales in more detail. By major geographic market sales increased 2% in Arizona, came in flat for California and declined 1% in Florida and 11% in Texas. As we mentioned on our year-end call, we saw challenging weather in January and February in varying markets, which notably impacted sales in Texas and to a lesser extent, some areas in Florida.

我們產生的每股攤薄收益為 1.42 美元，其中包括 0.10 美元的 ASU 稅收優惠。更詳細介紹銷售情況。按主要地理市場劃分，亞利桑那州的銷售額增長了 2%，加州的銷售額持平，佛羅裡達州的銷售額下降了 1%，德克薩斯州的銷售額下降了 11%。正如我們在年終電話會議上提到的那樣，我們在 1 月和 2 月看到不同市場的天氣都十分嚴峻，這顯著影響了德克薩斯州的銷售，並在較小程度上影響了佛羅裡達州部分地區的銷售。

Again, we did see improvement in March as total company revenues turned positive in contrast to January and February and continues in April. In Europe, net sales declined 4% in local currency and 6% in US dollars. As it continues to work through the macro uncertainties but is mostly holding the improved trends we began to see in the back half of 2024. While France, our largest presence in Europe sees pressure from tough market conditions on new construction, we see positive trends in Spain and Portugal signaling a solid setup for the season in those markets.

再次，我們確實看到 3 月份有所改善，因為與 1 月和 2 月相比，公司總收入轉為正值，並且 4 月份也繼續保持這一勢頭。在歐洲，以當地貨幣計算的淨銷售額下降了 4%，以美元計算的淨銷售額下降了 6%。它繼續努力克服宏觀不確定性，但基本上保持了我們在 2024 年下半年開始看到的改善趨勢。儘管我們在歐洲最大的業務所在地法國面臨嚴峻的市場環境對新建築建設的壓力，但我們看到西班牙和葡萄牙的積極趨勢，預示著這些市場本季將保持穩健的發展。

For Horizon, net sales declined 4% in the quarter. While commodity pricing has shown sign of stabilization, deflation impacted Horizon results by 4% on a year-over-year basis, most notably in PBC. Volumes came in flat overall for the period, tempered by weather and a soft macro. Maintenance-related sales are helping offset pressure on both commercial and residential irrigation, but our team remains encouraged by our pipeline of projects heading into the second quarter.

對於 Horizo​​n 來說，本季淨銷售額下降了 4%。儘管大宗商品價格已顯示出穩定的跡象，但通貨緊縮對 Horizo​​​​n 的業績產生了 4% 的同比影響，其中最顯著的是中國人民銀行。受天氣和宏觀疲軟的影響，本期間交易量整體持平。與維護相關的銷售有助於抵消商業和住宅灌溉的壓力，但我們的團隊仍然對進入第二季的專案管道感到鼓舞。

Related to our product sales mix, chemical sales were up 1% for the quarter, with volume increasing as well as total sales. Our -- as we observed last year, market prices declined during the first quarter compared to year-end, but we believe pricing will rationalize further as the industry enters the busier selling season. We remain focused on gaining shelf space and dealer stores with our best-in-class chemical programs, converting dealers chemical lines is a strategic focus area for our business, but it is a longer-than-normal selling process.

與我們的產品銷售組合相關，本季化學品銷售額成長了 1%，銷售量和總銷售額均增加。正如我們去年觀察到的那樣，第一季的市場價格與年底相比有所下降，但我們相信，隨著行業進入更繁忙的銷售季節，價格將進一步合理化。我們仍然專注於透過我們一流的化學品項目來獲得貨架空間和經銷商商店，轉換經銷商的化學品生產線是我們業務的戰略重點領域，但這是一個比正常銷售過程更長的過程。

Our success so far in this area is encouraging. Building Materials sales declined 5%, a sequential improvement from what we saw in the fourth quarter and much of last year. The improvement in our NPT branded product finish pool finish and tile, particularly in a tight environment, highlights the power of our offering and the unmatched value seen by our customers.

我們迄今為止在這一領域取得的成就令人鼓舞。建築材料銷售額下降了 5%，與第四季和去年大部分時間的情況相比有所改善。我們的 NPT 品牌產品飾面泳池飾面和瓷磚的改進，特別是在狹窄的環境中，凸顯了我們產品的強大功能以及客戶所看到的無與倫比的價值。

Equipment sales, which excludes cleaners, declined 4% during the quarter, following spikes from repair activities in much of Florida during the first quarter of 2024. Our inventory is well positioned for the season as our early buy terms allow for delivery from our vendors in the fourth quarter or the first quarter of each year based on manufacturers capacity. Aftermarket demand remains healthy. Automation and innovation remain top priorities for homeowners and our ability to partner with our vendors and utilize our expansive network to effectively bring those products to market, highlighting the strength and value of our team.

由於 2024 年第一季佛羅裡達州大部分地區的維修活動激增，設備銷售額（不包括清潔劑）在本季度下降了 4%。我們的庫存已為本季做好了充分準備，因為我們的早期購買條款允許我們的供應商根據製造商的產能在第四季度或每年第一季交貨。售後市場需求依然強勁。自動化和創新仍然是房主的首要任務，我們有能力與供應商合作並利用我們廣泛的網絡有效地將這些產品推向市場，凸顯了我們團隊的實力和價值。

Looking at our end markets. Our commercial business sales increased 7% in the first quarter. We are pleased with the continued progress in this area as we leverage knowledge gained from recent acquisitions to align with our sales force, leverage brand names and expand our warehouse distribution capabilities and enhance our expertise serving this robust market. Sales to our independent retail customers declined 1% in the first quarter, showing some improvement trends ahead of the peak season.

看看我們的終端市場。我們商業業務銷售額第一季成長了7%。我們對這一領域的持續進展感到高興，因為我們利用從最近的收購中獲得的知識來協調我們的銷售隊伍，利用品牌名稱，擴大我們的倉庫配送能力，並增強我們服務這個強勁市場的專業知識。第一季度，我們對獨立零售客戶的銷售額下降了 1%，在旺季來臨之前呈現一些改善趨勢。

For Pinch a Penny franchise -- for the Pinch a Penny franchisees group, representing our franchisee sales to their end customers. Sales came in flat for the quarter, showing some impacts from varying Texas and Florida weather patterns and the normalization after hurricane repairs in the fourth quarter. Collectively, these results show the stability of the maintenance market and our progress to expand our capabilities to serve the key do-it-yourself end markets.

對於 Pinch a Penny 特許經營權——對於 Pinch a Penny 特許經營商集團，代表我們的特許經營商向其最終客戶進行銷售。本季銷售額持平，顯示德州和佛羅裡達州天氣模式變化以及第四季颶風修復後恢復正常的影響。總的來說，這些結果表明了維護市場的穩定性以及我們在擴大服務關鍵 DIY 終端市場的能力方面所取得的進展。

For POOL360, orders processed continued to expand at close to -- or continue to expand, and we're close to 13% of total sales for the first quarter of 2020 -- for the first quarter growing from 11% in the first quarter of last year, utilize the opportunities that the first quarter offers through industry shows and retail events to educate our consumers and potential customers on these value-added tools.

對於 POOL360 而言，處理的訂單繼續以接近或繼續擴大的速度增長，我們接近 2020 年第一季總銷售額的 13%（第一季比去年第一季的 11%），利用第一季度透過行業展會和零售活動提供的機會，向我們的消費者和潛在客戶介紹這些增值工具。

Along with growth in orders process, we observed double-digit growth in our private label chemical sales, further highlighting our progress from the streamlined abilities of the POOL360 water test and POOL360 service to direct our customers to our private label solutions driving growth and productivity for our dealers and for POOLCORP. We continue to expand our wholesale distribution network, opening two new locations in the first quarter, bringing our total locations to just shy of 450.

隨著訂單處理量的成長，我們的自有品牌化學品銷售也實現了兩位數的成長，進一步凸顯了我們在 POOL360 水質測試和 POOL360 服務簡化能力方面的進步，從而引導我們的客戶使用我們的自有品牌解決方案，推動我們的經銷商和 POOLCORP 的成長和生產力。我們繼續擴大批發分銷網絡，第一季開設了兩家新店，使我們的總店數接近 450 個。

Our Pinch a Penny franchise network added its first store in Arizona, positioning us to expand into this key do-it-yourself market. With three stores opening this quarter, we are now coming close to 300 Pinch a Penny franchisees. As we enter the industry's seasonally most significant time of year, we confirm our full year EPS guide in a range of $11.10 to $11.60, including the 10% -- including an updated $0.10 estimated benefit from ASU.

我們的 Pinch a Penny 特許經營網絡在亞利桑那州開設了第一家店，使我們能夠擴展到這個關鍵的 DIY 市場。本季有三家門市開業，現在我們的 Pinch a Penny 特許經營店數量已接近 300 家。隨著我們進入該行業一年中最重要的季節性時期，我們確認全年每股收益指南在 11.10 美元至 11.60 美元之間，包括 10%——包括來自 ASU 的最新 0.10 美元預計收益。

Through our thoughtful and innovative investments, we believe we have positioned ourselves to capture more available demand than anyone else in the industry during the most critical part of the season. Our teams will focus on providing the best customer experience while leaning into advanced POOL360 offerings to help our customers grow their business. Tools remain highly sought after with continued concentration towards the higher end.

透過我們深思熟慮和創新的投資，我們相信我們已經做好準備，在季節最關鍵的時期比業內任何其他人都能抓住更多的可用需求。我們的團隊將專注於提供最佳的客戶體驗，同時依靠先進的 POOL360 產品來幫助我們的客戶發展業務。工具仍然受到高度追捧，人們的注意力繼續集中在高端產品上。

Remodeling activity will continue despite some projects being spaced out over multiple projects or longer time spans. Through our robust distribution network, we will continue to focus on best serving both the professional contractors and servicers as well as the retailers to also reach the do-it-yourself pool owner. We will utilize our four domestic central shipping locations to create supply chain efficiencies and fulfill demand needs better than anyone in the industry, benefited by our ample cash flows and disciplined capital allocation practices, we will invest in strategic growth and shareholder returns while maintaining a strong balance sheet.

儘管有些項目分散在多個項目之間或時間跨度較長，但改造活動仍將持續。透過我們強大的經銷網絡，我們將繼續致力於為專業承包商和服務商以及零售商提供最佳服務，並接觸到 DIY 泳池業主。我們將利用我們四個國內中心運輸地點來創造供應鏈效率並比業內任何人都更好地滿足需求，受益於我們充足的現金流和嚴格的資本配置實踐，我們將投資於戰略增長和股東回報，同時保持強勁的資產負債表。

The seasonally significant second quarter underway, our teams will be relentless in providing an industry-leading customer experience and improving on capacity creation through utilizing of our innovative technology solutions, best-in-class team, unmatched value proposition and continued investment in the industry that builds upon itself.

在具有季節性意義的第二季度即將到來之際，我們的團隊將堅持不懈地提供業界領先的客戶體驗，並透過利用我們的創新技術解決方案、一流的團隊、無與倫比的價值主張和對產業的持續投資來提高產能創造。

Unlike a year ago, this year, we have an additional in-season price increases that will help offset the slower start to the year on discretionary spending. I would like to thank our POOLCORP team, who I can always count on our -- to operate on our initiatives, particularly well in this key time of year. They continue to battle and win in a challenging market in a challenging market and through our teaming with supply partners, creating value for our customers. I look forward to seeing what they will accomplish during the season.

與去年不同，今年我們額外增加了季節性價格，這將有助於抵消年初可自由支配支出放緩的影響。我要感謝我們的 POOLCORP 團隊，我總是可以信賴他們——他們會出色地執行我們的計劃，尤其是在一年中的這個關鍵時刻。他們在充滿挑戰的市場中不斷拼搏並取得勝利，並透過與供應合作夥伴的合作，為我們的客戶創造價值。我期待看到他們在本賽季取得的成就。

I will now turn the call over to Melanie Hart, our Senior Vice President and Chief Financial Officer for her detailed commentary. Melanie?

現在，我將把電話轉給我們的高級副總裁兼財務長梅蘭妮哈特 (Melanie Hart)，請她發表詳細評論。梅蘭妮？

Thank you, Pete. Exiting the quarter, we saw improved momentum in mark sales, finishing them up on a same-day basis at 2% over prior year. The improvements we saw in March were not enough to cover for the tough weather we saw early in the quarter in January and February, resulting in a 2% decrease on a same selling day basis compared to the prior year for the full quarter. We were successful in the quarter in passing through the vendor price increases that were put in place at the beginning of the year.

謝謝你，皮特。本季結束時，我們看到品牌銷售動能有所改善，當日銷售額比去年同期成長了 2%。3 月的改善不足以彌補本季初 1 月和 2 月遭遇的惡劣天氣的影響，導致整個季度的同日銷售量與去年同期相比下降了 2%。本季度，我們成功地執行了年初實施的供應商價格上漲政策。

These previously announced increases were expected to benefit sales by 1% to 2% on an overall product blend, with continued negative 1% impact for chemicals and commodities, netting to an overall plus 1% for pricing in the quarter. We continue to be encouraged by our progress on our Chemical business which is a good proxy for over 60% of our sales that are derived from the maintenance of the installed base.

預計先前宣布的這些漲價將使整體產品組合的銷售額增長 1% 至 2%，而化學品和大宗商品將繼續受到 1% 的負面影響，從而使本季的定價總體上漲 1%。我們化學業務的進展繼續令我們感到鼓舞，這很好地表明我們的 60% 以上的銷售額來自於已安裝基礎的維護。

Volumes increased for these products and benefited total sales for the quarter by an estimated 1%. Discretionary spend in the new construction and remodel areas have still not seen a recovery, resulting in an estimated 3% drag on sales activity. We did see negative comparables and permits across most of our large states, However, the trend continues to improve in some of our key markets.

這些產品的銷量有所增加，使本季的總銷售額增長了約 1%。新建和改造領域的可自由支配支出仍未出現復甦，導致銷售活動受到約 3% 的拖累。我們確實看到大多數大州的可比性和許可證數量都呈現負面狀態，但是，我們的一些主要市場的趨勢仍在繼續改善。

Summing up the sales impact for the quarter, we saw a plus 1% on maintenance volumes, plus 2% on realized vendor price increases offset by a negative 1% on pricing impact from chemicals and commodities, a 2% loss on one less selling day, a decline of 3% on volumes on sales of discretionary products for new pools and remodel activity, and a 1% impact on sales for declines in Horizon and Europe combined. The first quarter included one less selling day than prior year for a total of one less selling day for the full year 2025 compared to 2024.

總結本季度的銷售影響，我們發現維護量增長了 1%，供應商實際價格上漲了 2%，但被化學品和大宗商品定價影響的負 1%、銷售日減少一天造成的 2% 損失、新銷售額和改造活動非必需產品銷售量下降 3% 以及 Horizo​​n 和歐洲地區合計泳池下降造成的 1% 影響所抵消。第一季的銷售日比前一年少一天，因此 2025 年全年的銷售日總數比 2024 年少一天。

Our gross margin for the quarter finished at 29.2% or 10 basis points higher than prior year when considering the 110 basis points positive impact recognized in first quarter 2024 related to import taxes. We realized benefits during the quarter from our pricing initiatives and supply chain, including higher levels of private label chemical sales with offset from less favorable customer mix.

如果考慮到 2024 年第一季與進口稅相關的 110 個基點的正面影響，我們本季的毛利率為 29.2%，比去年同期高出 10 個基點。本季度，我們從定價措施和供應鏈中獲得了收益，包括自有品牌化學品銷售水準的提高，以及不太有利的客戶結構帶來的收益。

In the current period, with lower discretionary demand, our larger customers are still winning a higher proportion of the business in the market. While this may put some pressure on margins, the stickiness of these larger customers is evident in our ability to capture sales in periods where demand for discretionary product is slower and we are best at serving their broader needs. Early by sales were similar in both periods and they did not have a meaningful impact on margins. Product mix was a slight drag with lower building materials and strong growth in commercial sales, which also had a slight negative margin impact.

在當前可自由支配需求較低的時期，我們的大客戶仍在市場上贏得更高比例的業務。雖然這可能會對利潤率造成一些壓力，但這些大客戶的黏性顯然使我們有能力在非必需品需求較慢的時期獲得銷售，並且我們最擅長滿足他們的更廣泛的需求。兩個時期的早期銷售額相似，對利潤率沒有產生重大影響。由於建築材料價格較低以及商業銷售強勁成長，產品結構略有拖累，這也對利潤率產生了輕微的負面影響。

We saw some instances of aggressive competitive pricing for certain orders that appears to be in response to continued softness in the market. On the margin side, this was the main difference from our initial forecast and diluted some of the benefits we have seen on our internal initiatives. Operating expenses for the first quarter were $235 million, an increase of only 2% over prior year.

我們看到某些訂單的激烈競爭定價的情況​​，這似乎是為了應對持續疲軟的市場。在利潤方面，這是與我們最初預測的主要差異，並稀釋了我們在內部舉措中看到的一些好處。第一季營運費用為 2.35 億美元，僅比上年成長 2%。

First quarter includes the impact of our annual merit increases, continued investments in our technology offerings as well as increased spend for the six sales centers operating second quarter of last year. This modest expense increase demonstrates leverage gains from our ongoing capacity creation efforts and disciplined variable cost management.

第一季包括我們的年度績效加薪、對科技產品的持續投資以及去年第二季營運的六個銷售中心的支出增加的影響。這一適度的費用增長表明，我們持續的產能建設努力和嚴格的變動成本管理帶來了槓桿收益。

Operating income of $78 million was a decrease of $31 million compared to prior year, including the $13 million import tax impact that benefited first quarter of 2024. We reduced interest expense by $2.3 million compared to the first quarter of 2024 and reported diluted earnings per share of $1.42 compared to $2.04 in prior year which included an additional $0.09 from ASU and $0.24 for import taxes. Operationally, the resulting change in EPS would have been $0.29, primarily driven by top-line activity.

營業收入為 7,800 萬美元，較前一年減少 3,100 萬美元，其中包括 2024 年第一季受益的 1,300 萬美元進口稅影響。與 2024 年第一季相比，我們的利息支出減少了 230 萬美元，每股攤薄收益為 1.42 美元，而去年同期為 2.04 美元，其中包括來自 ASU 的 0.09 美元和進口稅的 0.24 美元。從營運角度來看，每股盈餘的變化將為 0.29 美元，這主要受營業收入活動的影響。

Overall for the quarter, we realized continuing improvement in sales trends, consist performance in maintenance product categories and strong value growth in private label chemicals driven in part by our POOL360 applications. We also continued to grow both our wholesale distribution sales center network and franchisee store network while executing with strong expense discipline.

總體而言，本季度，我們實現了銷售趨勢的持續改善、維護產品類別的穩定表現以及自有品牌化學品價值的強勁增長，部分原因是我們的 POOL360 應用。我們也持續擴大批發分銷銷售中心網絡和特許經營店網絡，同時嚴格執行費用管理法規。

We continue to benefit from our strong balance sheet position. Our days sales outstanding of 25.9 days reflects an improvement compared to 26.9 days in prior year, reflecting our continued strong credit management process and collections discipline. In view of market conditions, we thoughtfully executed early by ordering to ensure the right inventory was on hand. Inventory balances increased $171 million from year-end as we receive products across our vast footprint to position for sale. The balance at the end of March of $1.46 billion reflects less than the prior year of $1.5 billion for the inventory stocking improvements we have made.

我們繼續受益於強勁的資產負債表狀況。我們的未償銷售天數為 25.9 天，與去年的 26.9 天相比有所改善，反映出我們持續強大的信用管理流程和收款紀律。鑑於市場狀況，我們深思熟慮地提前下訂單，以確保有足夠的庫存。由於我們在廣大的業務範圍內接收產品並準備銷售，庫存餘額較年底增加了 1.71 億美元。3 月底的餘額為 14.6 億美元，低於上年的 15 億美元，因為我們對庫存進行了改進。

Inventory days on hand improved 3 days from prior year first quarter. We ended the quarter with total debt of $1 billion, debt and interest expense typically increases from first to second quarter as we build inventory for the season and as early by payments are due during the second quarter. Even early in the season, as we increased our inventory position, we have been able to maintain our leverage ratio of 1.47 at the lower end of our target.

庫存天數較去年第一季改善了3天。本季結束時，我們的總債務為 10 億美元，由於我們為本季建立庫存，並且最早在第二季付款，債務和利息支出通常會從第一季增加到第二季。即使在季節初期，隨著我們增加庫存，我們也能夠將槓桿率維持在目標的低端 1.47。

We reported $27 million in cash flow from operating activities during the quarter. This year, higher inventory purchases and timing of related payments use incremental cash of $70 million. We also made the payment of the 2024 deferred tax amount, which reflected $68.5 million less in cash flow during the quarter unrelated to the current year activity.

我們報告本季經營活動現金流為 2700 萬美元。今年，更高的庫存採購和相關付款的時間表使用了 7000 萬美元的增量現金。我們也支付了 2024 年遞延稅款，反映出與本年度活動無關的季度現金流減少了 6,850 萬美元。

During the quarter, we completed total share repurchases of $56 million, an increase of $40 million over prior year and have $291 million remaining under our share repurchase authorization. At our upcoming Board meeting, we will present our request to the Board to increase our authorization so that we have plenty of capacity to continue our opportunistic share repurchase activity within the parameters of our disciplined capital allocation approach.

本季度，我們完成了總計 5,600 萬美元的股票回購，比上年增加 4,000 萬美元，我們的股票回購授權剩餘金額為 2.91 億美元。在即將召開的董事會會議上，我們將向董事會提出增加授權的請求，以便我們有足夠的能力在我們嚴謹的資本配置方法的範圍內繼續進行機會性股票回購活動。

Moving into our expectations for the current year. I'll start with the expected impacts to our business of tariffs. We primarily sell our products domestically and so expect that announced tariffs will have a minimal impact on our direct import. Examples of which would be in the tile and maintenance product categories and represent less than 1% of our total annual purchasing activity. Recently announced tariffs, we have received an incremental 3% to 4% price increase from around 20 or so of our vendors.

進入我們對今年的期望。我首先要談談關稅對我們業務的預期影響。我們的產品主要在國內銷售，因此預計宣布的關稅對我們的直接進口的影響將很小。例如磁磚和維護產品類別，占我們年度採購總量的不到 1%。最近宣布的關稅，我們已經從大約 20 家供應商獲得了 3% 至 4% 的增量價格上漲。

As we have historically, we would expect that those cost increases will be passed on to our dealer customers. We communicate as these increases are announced by our vendors and adjust pricing as quickly as the market circumstances allow. The impact (technical difficulty) for the year, for the full year. This will increase our pricing benefit to 2% for the annual period.

正如我們過去的做法一樣，我們預計這些成本增加將轉嫁給我們的經銷商客戶。一旦供應商宣布漲價，我們就會進行溝通，並根據市場狀況盡快調整價格。全年的影響（技術難度）。這將使我們年度定價效益提高至 2%。

Our initial sales guidance are flat to a low single-digit increase, included 1% to 2% net for pricing volume growth on maintenance and flat discretionary spending. Permit data, a reasonable approximation of new construction activity remains lower than the prior year levels through the end of the first quarter. There has also been a new level of uncertainty in the macro environment since February, including sustained higher interest rates, increased tariffs, a volatile stock market, which we believe could be more impactful to our traditional homeowner demographic.

我們最初的銷售預期是持平至低個位數成長，其中包括 1% 至 2% 的維護定價量成長和持平的可自由支配支出。許可數據顯示，截至第一季末，新建築活動的合理近似值仍低於去年同期水準。自 2 月以來，宏觀環境也出現了新的不確定性，包括持續的利率上升、關稅上調、股市波動，我們認為這些可能會對傳統的房主群體產生更大的影響。

Where our larger customers are confident in a similar number of builds as last year, other dealers in the market are still trying to (technical difficulty) season. (technical difficulty) gain more visibility in May and June, our two largest months of the year, however, at this point, we have considered in our range the possibility that we may still see some negative impact in the current year from lower discretionary spend.

我們的大客戶對與去年類似的生產數量充滿信心，而市場上的其他經銷商仍在努力（技術難度）應對季節變化。 （技術難度）在 5 月和 6 月（我們一年中最大的兩個月）獲得了更大的知名度，然而，在這一點上，我們已經考慮到了我們可能仍然會看到今年可自由支配支出減少帶來的一些負面影響的可能性。

Our forecasted gross margin range of 29.7% to 30% included our estimates that internal initiatives related to supply chain, pricing and increased private label would make up for the 20 bps of nonrecurring positive import tax benefit included in 2024. At this point in the year, we are not anticipating any significant gross margin benefit recovery from new pool construction and remodel activity, which is a significant component to reach the top end of our 30% gross margin target, and now believe that product mix could be a slight drag for the year.

我們預測的毛利率範圍為 29.7% 至 30%，其中包括我們的估計，即與供應鏈、定價和增加自有品牌相關的內部舉措將彌補 2024 年包含的 20 個基點的非經常性正進口稅優惠。在今年的這個時候，我們預計新泳池建設和改造活動不會帶來任何顯著的毛利率收益恢復，而這是實現我們 30% 毛利率最高目標的重要組成部分，現在我們認為產品組合可能會對今年造成輕微拖累。

Additionally, we have considered that the current market environment may result in a competitive pricing environment, putting pressure on margins outside of just the first quarter. Our forecast for sales considered at the low end, similar discretionary sales levels as first quarter, offset by the additional 1% tariff pricing.

此外，我們認為當前的市場環境可能會導致競爭激烈的定價環境，從而對第一季以外的利潤率造成壓力。我們對銷售的預測處於低端，可自由支配的銷售水平與第一季相似，但被額外的 1% 關稅定價所抵消。

At the midpoint, continued improving trends on discretionary as we have seen late in 2024 and into early 2025 and the additional 1% tariff pricing. Our forecast for margins considered at the low and midpoint, lower sales of higher-margin discretionary products, customer mix skews to larger customers and ongoing market pricing pressure.

在中期，正如我們在 2024 年末和 2025 年初所看到的那樣，可自由支配的支出趨勢繼續改善，並且還有 1% 的額外關稅定價。我們對利潤率的預測處於低點和中點，高利潤率的可自由支配產品的銷售較低，客戶結構偏向大客戶，且市場定價壓力持續存在。

And at the top end, a more traditional seasonal recovery of the market pricing. Expenses will continue to be very well managed and in accordance with the trend. Including the investments in the new sales centers and some incremental compensation expense, we expect expenses for the year to increase around over prior year. Our estimates for interest expense are still expected to be around $40 million to $45 million with higher interest expense in the second quarter after payment of early buys, turning lower during the third and fourth quarters as we collect on receivables from seasonal sales activity.

在高端市場，市場定價呈現出較傳統的季節性復甦。費用將繼續得到很好的管理並符合趨勢。包括新銷售中心的投資和一些增量補償費用，我們預計今年的支出將比前一年增加。我們對利息支出的估計仍預計在 4,000 萬至 4,500 萬美元左右，第二季在支付早期購買款後利息支出會更高，而隨著我們從季節性銷售活動中收取應收帳款，第三季和第四季的利息支出會降低。

Cash flow in 2025 is expected to be between 90% and 100% of net income and will be impacted by the deferred tax payment made in the first quarter of 2025 related to 2024. Our consistent capital allocation strategy consider a spend of approximately $50 million to $60 million on CapEx for the existing business, including new sales center openings, an estimated $20 million on acquisitions, dividends of around $200 million, with the remainder of the cash to be used for debt paydown and to repurchase shares opportunistically.

預計 2025 年的現金流量將佔淨收入的 90% 至 100%，並將受到 2025 年第一季與 2024 年相關的遞延稅款的影響。我們一貫的資本配置策略考慮為現有業務花費約 5,000 萬至 6,000 萬美元的資本支出，包括開設新的銷售中心、估計 2,000 萬美元的收購、約 2 億美元的股息，剩餘的現金將用於償還債務和適時回購股票。

Our annual tax rate is expected to be approximately 25%, excluding ASU. This rate is estimated to be 25.5% during the second and fourth quarters and lower in the third quarter. We are expecting approximately 37.8 million weighted average sales outstanding that will be applied to the net income attributable to common shareholders for the rest of the quarter.

我們的年稅率預計約為 25%，不包括 ASU。預計第二季和第四季這一比率為 25.5%，第三季這一比率會更低。我們預計加權平均未償銷售額約為 3,780 萬，這將計入本季度剩餘時間歸屬於普通股股東的淨利潤。

Our guidance remains unchanged at a diluted EPS range of $11.10 to $11.60, including the $0.10 ASU tax benefit recognized in the first quarter. We have proven our ability to manage the business in a profitable way during various market conditions and external (technical difficulty). Our POOLCORP team provides value to the customers and our vendors thus has a unique ability to outperform the market. The strategic actions we have taken in pricing, the technology and network expansion are showing positive results and position us for strong future performance as industry conditions ultimately normalize capability.

我們的預期保持不變，稀釋每股收益範圍為 11.10 美元至 11.60 美元，其中包括第一季確認的 0.10 美元 ASU 稅收優惠。我們已經證明，我們有能力在各種市場條件和外部環境中以盈利的方式管理業務（技術難度）。我們的 POOLCORP 團隊為客戶和供應商提供價值，因此具有超越市場的獨特能力。我們在定價、技術和網路擴展方面採取的策略行動正在取得積極成果，並為我們在行業條件最終恢復正常化時獲得強勁的未來表現奠定了基礎。

Thanks to everyone for participating in today's call. I will now turn the call over to the operator to begin our question-and-answer session.

感謝大家參加今天的電話會議。我現在將把電話轉給接線員，開始我們的問答環節。

(Operator Instructions) Ryan Merkel, William Blair.

（操作員指示）瑞安·默克爾、威廉·布萊爾。

I wanted to start with the second quarter. I just want to get everyone on the same page. Are you expecting low single-digit top line in the second quarter, which would be consistent with the full year? And is that what you're seeing in April so far?

我想從第二季開始。我只是想讓大家達成共識。您是否預計第二季的營收將達到個位數的低位，與全年的營收保持一致？這就是您在四月迄今看到的情況嗎？

Yes. I think that's a fair way to look at it, Ryan.

是的。我認為這是一個公平的看待這個問題的方式，瑞安。

Okay. And would you be seeing about 2 points of price in the second quarter? Or is that price more second half?

好的。您認為第二季的價格會上漲 2 點嗎？或者說價格更接近下半部？

I think it's probably going to be more second half because of the latest increase won't take effect in the beginning of June. So we'll see some in the second quarter, but the majority will come after second quarter.

我認為可能要到下半年才會發生，因為最新的增幅不會在六月初生效。因此，我們會在第二季度看到一些，但大多數將在第二季度之後出現。

Okay. And then I just want to go over the full year guidance again, and we'll just talk to the midpoint. I just want to make sure I heard everything correct. It sounds like 2 points of price, gross margins still flat. And then you think new pools, you could still see some growth in the second half of the year as we sit here today?

好的。然後，我只想再次回顧全年指導，我們只討論中間點。我只是想確保我聽到的一切都正確。聽起來價格上漲了 2 點，毛利率仍然持平。然後您認為新的游泳池，當我們今天坐在這裡時，您仍然可以看到下半年的一些增長嗎？

Yes. So as we -- if you look at the trends all the way throughout 2024 and even into the first quarter of 2025, although we're still comping negatively, they are continuing to improve with the exception of Texas. So really, the improvement we're seeing is in the Florida market in California and in Arizona. And so if that continues to improve, we would see expected in the back half kind of minus the hurricane comps, we could start to see some volume improvement when you're looking at kind of the midpoint of the range.

是的。因此，如果您觀察整個 2024 年甚至 2025 年第一季的趨勢，儘管我們的比較結果仍然為負，但除德克薩斯州外，其他情況都在繼續改善。因此，我們實際上看到的改善是在佛羅裡達市場、加利福尼亞州和亞利桑那州。因此，如果這種情況繼續改善，我們預計在後半部分減去颶風補償，當你查看範圍的中點時，我們可能會開始看到一些音量改善。

The low end of the range, would be -- take a little bit more pessimistic view of that and would suggest that because of what's going on just in the macro environment, that we may continue to see some pressures from discretionary expense throughout the full year.

該範圍的低端將是 - 對此採取更悲觀的看法，並表明由於宏觀環境中發生的事情，我們可能會在全年繼續看到來自可自由支配支出的一些壓力。

The outlier, Ryan, for us really in terms of construction activity so far this year is Texas. Texas is definitely softer than the other key markets. What we're hearing from dealers is that was a very tough start to the year. And honestly, there's a lot of reasons why, and I talked to several dealers myself, and I gave a lot of different assumptions. But -- some are weather related. Some are the macro, some are interest rates. Of late, things have improved. So the latest calls that we have with those dealers as they're feeling better than they were 30, 60 days ago. But still, that's the one that is harder to predict right now is how Texas is going to end up in terms of construction.

瑞安，就今年迄今為止的建築活動而言，對我們來說真正異常的是德克薩斯州。德州肯定比其他主要市場更疲軟。我們從經銷商那裡聽說，今年的開局非常艱難。老實說，原因有很多，我自己也和幾家經銷商談過，並給了許多不同的假設。但是——有些與天氣有關。有些是宏觀，有些是利率。最近，情況有所改善。我們與這些經銷商進行了最新通話，他們感覺比 30 或 60 天前好多了。但目前最難預測的是德州的建築業最終會如何發展。

Got it. And then just on gross margins, it's flat to outlook there, that would assume a little lift in the second half. I asked just because you mentioned product mix might be a little more hurt now and then you mentioned competitive market conditions.

知道了。就毛利率而言，前景持平，預計下半年會略有提升。我問這個問題只是因為您提到產品組合可能偶爾會受到一些影響，然後您又提到了競爭激烈的市場條件。

Yes. So I would say the -- in the modeling flat would be now flat, again, recognized in that slide is actually an improvement of 20 basis points. So flat would recognize that we're getting some benefits from our internal initiatives. But it would also continue to see some of that -- really the margin and product mix and customer mix could impact that. So when you look at kind of the range, we have the flat at the high end with some kind of modest impact from some of the other external factors at the lower end.

是的。所以我想說——在模型中，平台現在是平的，再次，在那張投影片中確認，實際上是 20 個基點的改善。因此，Flat 承認我們從內部措施中獲得了一定的好處。但它也將繼續看到其中的一些——利潤率、產品組合和客戶組合實際上可能會對此產生影響。因此，當您查看範圍時，我們會發現高端是平穩的，而低端則受到一些其他外部因素的適度影響。

Quinn Fredrickson, Baird.

奎因·弗雷德里克森，貝爾德。

Curious what your expectation is for new pool ASPs and/or bigger ticket remodels this year and if that's changed at all? I recognize the typical pool owner is an affluent consumer, but there seems to be some signs that even affluent consumers are being a bit pressured right now. So wondering if you're contemplating any trade down in terms of features, automation or lower ASPs?

好奇您對今年新泳池 ASP 和/或更大票券改造的期望是什麼，以及是否有任何變化？我知道典型的泳池擁有者都是富裕的消費者，但似乎有一些跡象表明，即使是富裕的消費者現在也面臨一些壓力。所以想知道您是否正在考慮在功能、自動化或降低 ASP 方面做出任何妥協？

That's a good question. We've gotten a lot of feedback from dealers that or what we see in the past is still true that the higher-end consumer or higher-end pool buyer, if you will, that business is good, was good and will be good. In fact, most dealers would tell you that work in that part of the market that they are ASPs.

這是個好問題。我們從經銷商那裡得到了很多反饋，或者我們過去看到的情況仍然是真實的，即高端消費者或高端泳池買家，如果你願意的話，那生意很好，過去很好，將來也會很好。事實上，大多數經銷商都會告訴你，在那個市場部分工作的人就是 ASP。

So I can't tell you that those pools are getting more fancy. I think they're pretty much staying the same. But given the continued softness at the entry-level pool point, if you did just an average on the ASP of the pool, I would tell you that it is solid to up a little bit, and that's purely based on mix. So I'm not hearing a lot of the construction side, a lot of trade downs. I did mention on the remodel side. I mean the remodel market is interesting because it's a very big market.

所以我不能告訴你這些泳池變得越來越花俏。我認為它們基本上保持不變。但考慮到入門級泳池點的持續疲軟，如果您對泳池的平均售價進行平均，我會告訴您它會穩步上漲一點，而這純粹是基於混合的。因此，我沒有聽到太多有關建設方面、貿易下滑的消息。我確實有提到改造方面。我的意思是改造市場很有趣，因為它是一個非常大的市場。

And there is a lot going on in that has to be unpacked. Larger remodel projects, what we are seeing, what dealers are telling us is that, whereas in the past, and we started to see this, frankly, a couple of years ago, you just do the whole thing. They're breaking those up right, to say, okay, let's do the pool finish. Let's do the interior, let's do the decking or let's do the equipment, but let's break it up over time in order to get that done. So in total is getting done, it's being more space out. But the ASP, to answer your original question is probably up a little bit, but that's clearly based on mix.

其中還有很多事情要解決。我們看到，經銷商告訴我們，對於更大規模的改造項目，而在過去，坦白說，幾年前我們就開始看到這種情況，你只需要做整件事。他們正在把這些分開，然後說，好吧，讓我們完成游泳池。讓我們來做室內裝飾，讓我們來做裝飾，讓我們來做設備，但讓我們隨著時間的推移將其分解以完成。所以總的來說，就是要騰出更多的空間。但回答你最初的問題，ASP 可能會略有上升，但這顯然是基於混合的。

Okay. That's helpful. And then, Melanie, a question about gross margin. If at the low end of the guidance, building materials do remain in the range of declines that you saw in 1Q like you mentioned. How should we be thinking about gross margin in that area? Are there enough tailwinds from private label supply chain and pricing still to be approximately stable? Or we see some pressure in that scenario?

好的。這很有幫助。然後，梅蘭妮，我問一個關於毛利率的問題。如果處於指導的低端，那麼建築材料確實仍處於您提到的第一季所看到的下降範圍內。我們應該如何考慮該地區的毛利率？自有品牌供應鏈和定價是否有足夠的順風，仍保持大致穩定？或者我們在那種情況下看到了一些壓力？

No, we might see some pressure in that scenario because of the lower mix of those higher margin products.

不，在這種情況下我們可能會面臨一些壓力，因為利潤率較高的產品組合較少。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is adding to your comments on consumers breaking down some of that remodel work into smaller projects. Do you see any risk to the industry perhaps testing some of the price elasticity that we've seen? And any thoughts on how that could impact perhaps areas of the business relative to others' equipment, where there is more maintenance and necessary replacement nature to them.

我的第一個問題是補充您關於消費者將部分改造工作分解為較小項目的評論。您是否認為該行業有任何風險，或許正在測試我們所見過的一些價格彈性？您認為這會對與其他設備相關的業務領域產生什麼樣的影響嗎？這些設備需要更多的維護和必要的更換。

No, not really. Honestly, I think that there is some competitive situations where homeowners are -- so dealers are slower, so there are some competitive situations. But honestly, that that's typical for the industry. The only time that, that really didn't happen was during the high of the pandemic when people were saying, please, I'll pay you. But right now, I'll tell you the competitive dynamics are -- there's always going to be some work that's done to try and win a contract. It could be I'll be a little more competitive here or I will defer parts of the project.

不，不是真的。老實說，我認為存在一些競爭情況，房主——所以經銷商的速度比較慢，所以存在一些競爭情況。但說實話，這對這個行業來說很常見。唯一一次沒有發生這種情況是在疫情最嚴重的時候，當時人們說，拜託，我會付錢給你。但現在，我要告訴你競爭動態是——為了贏得合同，總是需要做一些工作。我可能會在這裡變得更有競爭力，或者我會推遲部分項目。

But remember, the material is the smallest part of the job, right? The labor piece is far bigger than the material. So even if you shave a little bit on Ontario and if a dealer wanted to be a little more aggressive, the bigger portion of the job is going to be the labor and the profit.

但請記住，材料是工作中最小的部分，對嗎？勞動力的價值遠大於物質的價值。因此，即使你在安大略省削減一點，如果經銷商想要更積極一些，那麼更大一部分工作將是勞動力和利潤。

Okay. That's helpful. And then it's encouraging to hear that you continue to see a path pull outperforming the industry even with all these headwinds that are coming through. Like you're gaining some good traction on some of these initiatives that you've got in place. Can you just talk a bit more on how you're thinking about those together as we enter the core of the season this year? And anything that's incremental there as you're looking out to perhaps later this year or even 2026.

好的。這很有幫助。然後，令人鼓舞的是，即使面臨所有這些不利因素，您仍然看到路徑拉動的表現優於行業。就像您已經實施的一些舉措正在獲得良好的進展一樣。當我們進入今年賽季的核心時，您能否再多談談您是如何考慮這些問題的？正如您所期待的，任何增量都會在今年晚些時候甚至 2026 年發生。

Yes. I think the investments that we've made in our chemical line, for instance, is -- and as I mentioned, for a dealer to switch the chemical line that's in the store, those are -- that's not -- you just don't walk in today and say, hey, please buy my chemicals and the they take everything off the shelf and put yours on the shelf. That's a longer selling cycle because that's part of the identity of the retail store.

是的。例如，我認為我們在化學品生產線上所做的投資是——正如我提到的，對於經銷商來說，更換商店中的化學品生產線，那些是——那不是——你今天不會走進來說，嘿，請購買我的化學品，然後他們把貨架上的所有東西都拿走，把你的放在貨架上。這是一個更長的銷售週期，因為這是零售店身分的一部分。

So we have a great chemical line, and we have great technology to go with it. And it's -- that's going to be something that will carry us for many years in the future. So it's nothing that, hey, we go in, we gobble up all the market share and then we sit. This is going to be a -- just a continued process to gain share.

因此，我們擁有出色的化學生產線，並且擁有與之相匹配的出色技術。這將會是未來許多年支持我們的事。所以這並不是說，嘿，我們進去，吞噬所有市場份額，然後坐下來。這將是一個持續獲得份額的過程。

We have great product. We have great technology. We have great marketing goes with it, and I think something that will be a longer-term growth avenue for us. Technology is another area, too, the technology continues to get better, adoption continues to increase and the -- our customers, our dealers continue to see value in that. So that's good. And again, in the pool industry, nothing changes fast. Everything takes time do.

我們有很棒的產品。我們擁有出色的技術。我們擁有出色的行銷能力，我認為這將成為我們長期的成長途徑。技術也是另一個領域，技術不斷進步，採用率不斷提高，我們的客戶、經銷商繼續看到其中的價值。這很好。再說一次，在泳池產業，沒有什麼是快速變化的。凡事都需要時間。

So we are working on that. So in terms of technology, we've always mentioned that or even chemical brands, too, once you get into the season, nobody is going to do that. So we're really at the end of the selling season for that. We'll start to see benefits for the sales that we made and conversions that we made and then we'll go right back to the conversion selling at the end of the season because now the dealers are going to run with what they have because the stores are busy and everybody is trying to open pools and getting somebody to switch right now is just not how the industry works.

所以我們正在努力。因此，就技術而言，我們一直提到這一點，甚至化學品牌也是如此，一旦進入季節，就沒有人會這樣做。因此，我們實際上已經處於銷售季節的末期。我們將開始看到我們所進行的銷售和轉換所帶來的好處，然後我們將在季末回到轉換銷售，因為現在經銷商將利用他們現有的資源，因為商店很忙，每個人都在試圖開設銷售池，現在讓某人轉換銷售並不是這個行業的運作方式。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

My first question was really with regards to what happens if the MA should take a turn for the worse here? And where do you have the greatest opportunity to flex the model in order to protect margins?

我的第一個問題實際上是關於如果 MA 在這裡變得更糟會發生什麼？為了保護利潤率，您最有可能在哪些方面靈活運用該模式？

Yes. That's a good question. So if the macro takes a turn for the worse. It's really going to affect us on the discretionary spending, which is on new pool construction and to a lesser degree, on remodel. The good news is, is that even as the macro has gone up and down, the maintenance and repair portion of our business, which is the largest portion of our business, and it's also where in the most important part of the year.

是的。這是個好問題。因此，如果宏觀形勢變得更糟。這確實會影響我們的可自由支配的開支，即新泳池的建設，以及程度較輕的改造。好消息是，即使宏觀經濟有起有落，維護和維修部分仍然是我們業務中最大的部分，也是一年中最重要的部分。

This is when people are getting ready to swim, want to swim -- so that business is good. We continue to have a great value proposition. We always staff up this time of year in anticipation of the full season being in swing and there's full season and swing your major construction season and the maintenance and repair. I would tell you that we are very judicious in terms of staffing up and adding expenses, many of our expenses, as you can imagine, are variable as it relates to transportation and labor.

這時人們正準備游泳，想要游泳——所以生意很好。我們將繼續秉持偉大的價值主張。我們總是在每年的這個時候增加員工，以期迎接整個季節的到來，而整個季節以及主要的施工季節以及維護和維修季節都會到來。我想告訴你，我們在增加人員和增加開支方面非常明智，你可以想像，我們的許多開支都是可變的，因為它與運輸和勞動力有關。

We keep a great eye on inventory. So we pay very close attention to the demand trends and what we're going to do from an inventory perspective. So I think POOLCORP has demonstrated over the years that we are very good at flexing from a cost perspective. There is -- if you look at our -- we're a performance-based company, so compensation expense is directly tied to performance of the company. So you have the variable portion of compensation that would flex to. But again, this is nothing new for pool. I think we are a team of very skilled operators, and this is not something that we haven't seen before.

我們密切注意庫存。因此，我們密切關注需求趨勢以及從庫存角度我們將採取的措施。所以我認為 POOLCORP 多年來證明我們非常擅長從成本角度進行彈性調整。如果你看看我們－我們是一家以績效為基礎的公司，因此薪酬費用與公司績效直接相關。因此，您有可變的補償部分。但這對撞球來說並不是什麼新鮮事。我認為我們是一支非常熟練的操作員團隊，這並不是我們以前從未見過的事情。

Okay. Second question is just on Pinch. There's a pullback in consumer confidence translated to growth in DIY versus do-it-for-me? And if so, how is the Pinch business positioning for this?

好的。第二個問題是關於 Pinch 的。消費者信心的下降是否意味著 DIY 需求的成長，而不是「幫我做」的需求的成長？如果是的話，Pinch 的業務定位如何？

Interestingly enough, there hasn't been that pullback -- you would think that if the macro softens that it turns to a do-it-for-me or do DIY versus do it for me, but we really haven't seen a major shift in that area. I would tell you that most of our dealers and Pinch a Penny as well not only are they -- do they have great stores for people for the DIYer to come in and do their own thing.

有趣的是，並沒有出現這種回調——你可能會認為，如果宏觀經濟軟化，它就會變成“為我做”或“DIY”而不是“為我做”，但我們確實沒有看到該領域的重大轉變。我想告訴你，我們的大多數經銷商和 Pinch a Penny 不僅如此——他們還為 DIY 愛好者提供了很棒的商店，讓他們可以進來做自己的事情。

But they also do cleaning and service and maintenance. So I think both of our channel partners here, which is obviously the independents, which vastly outnumbers the Pinch a Penny stores, very big channel for us. They do a great job in terms of value proposition and catering to both. And I think Pinch a Penny does that as well. But have yet to see a shift to DIY versus do-it-for-me? Those trends remain relatively intact.

但他們也提供清潔、服務和維護服務。所以我認為我們這裡的兩個通路合作夥伴，顯然是獨立商店，數量遠遠超過 Pinch a Penny 商店，對我們來說是非常大的通路。他們在價值主張和滿足兩者需求方面做得很好。我認為 Pinch a Penny 也做到了這一點。但是，還沒有看到人們轉向 DIY 而不是「幫我做」嗎？這些趨勢仍然相對完整。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

I wanted to follow-up, Pete, on your comments about certain areas of price competitiveness. Is there any more detail relative to the types of products or perhaps the types of competitors where you're seeing this?

皮特，我想跟進你關於某些價格競爭力領域的評論。您是否還有關於產品類型或競爭對手類型的更多詳細資訊？

So as I've mentioned on almost every call, so the competitiveness from a price perspective is nothing new. Most of our competitors that we have, whether it's the newer folks that have entered the market or the traditional players in terms of their value proposition to the market, don't have what we do. So the way that we -- they compete with POOLCORP as they walk in and say whatever POOLCORP is selling you for, we will sell it to you for less. We also have, in most cases, the majority have a significant market share.

正如我在幾乎每次通話中提到的那樣，從價格角度來看，競爭力並不是什麼新鮮事。我們的大多數競爭對手，無論是進入市場的新公司，還是傳統的參與者，在市場價值主張方面，都不具備我們所做的事情。因此，我們與 POOLCORP 競爭的方式是，他們走進來並說，無論 POOLCORP 向您出售什麼，我們都會以更低的價格賣給您。在大多數情況下，我們也擁有相當大的市場份額。

So we would be a target. Again, nothing new. When you have a quarter like the first quarter, where demand was, I would say, nothing to get excited about, right, in terms of the discretionary and semi-discretionary portion of the business. It basically means that people are going to push harder and do things that, in my opinion, are unsustainable. And as I mentioned in the comments, we compete head-to-head in these markets. We are in it for the long term.

所以我們會成為目標。再次，沒有什麼新鮮事。當你經歷第一季這樣的一個季度時，我想說，就業務的可自由支配和半可自由支配部分而言，需求沒有什麼值得興奮的。它的基本意思是人們會更努力地去做一些在我看來不可持續的事情。正如我在評論中提到的，我們在這些市場上展開了激烈的競爭。我們將長期致力於此。

We've always been a value provider. We always focus on being the easiest company to do business with and providing the best customer experience. Sometimes, we have to be a little more aggressive on pricing, we're not going to lose share. There's other times where we see things that I know and our -- and more importantly, our operators now are not sustainable, and they don't chase things into the ground.

我們始終是價值提供者。我們始終致力於成為最容易合作的公司並提供最佳的客戶體驗。有時，我們必須在定價上更積極一些，這樣我們才不會失去市場份額。還有一些時候，我們會看到一些我知道的事情——更重要的是，我們現在的運營商是不可持續的，他們不會把事情追到窮途末路。

Great. That's helpful. And then maybe related to this -- but maybe this is for Melanie. But last time we went through a period of inflation, that had a very nice positive impact on your gross margin, and you don't seem to be really baking much of that in this time. So I'm curious, is it just not widespread enough yet? Or is the fact that this is happening against perhaps a weaker end market environment than the last out of inflation, does that sort of cap the opportunity here relative to gross margin?

偉大的。這很有幫助。然後可能與此有關——但也許這是給梅蘭妮的。但上次我們經歷了通貨膨脹時期，這對你們的毛利率產生了非常好的正面影響，而這次你們似乎並沒有真正發揮出這種影響。所以我很好奇，它是否還不夠普及？或者，事實是，這種情況可能是在終端市場環境比上次通膨時期更弱的情況下發生的，這是否會限制此處相對於毛利率的機會？

So it's really a little bit of all of the above. When we look at the number of vendors that we've heard from to date kind of caveating that -- that represents around 30% of our cost of products, which is how we get to the 1% benefit on the pricing for the rest of the year. When you look at kind of our current inventory balances because many of that is made up of our larger vendors. So it's going to be in the big vendors on the pool side, the big vendors on the irrigation side.

所以實際上它就是上述所有情況的綜合體。當我們查看迄今為止聽到的供應商數量時，我們發現這大約占我們產品成本的 30%，這就是我們如何在今年剩餘時間內獲得 1% 的定價收益。當您查看我們當前的庫存餘額時，您會發現其中許多是由我們的較大供應商構成的。因此，它將位於水池方面的大型供應商和灌溉方面的大型供應商之中。

For them, we actually have probably a little bit less of a proportion of inventory on hand because we have the ability to turn that inventory quicker. With that being said, as we did last time with the price increases, we certainly have the capital and the balance sheet to be able to kind of strategically take advantage of opportunities as they come through the market. And so we are positioned to do that, but do not have that kind of built into our current guidance at that moment in time.

對他們來說，我們庫存的比例實際上可能要少一點，因為我們有能力更快地週轉庫存。話雖如此，正如我們上次漲價一樣，我們當然擁有資本和資產負債表，能夠策略性地利用市場上出現的機會。因此，我們已做好準備，但目前尚未將其納入我們的指導方針中。

Steve, I think you made an astute observation that we're -- what is similar to last time is the pricing increases you've been covering us for a long time, so you know that in-season price increases are very atypical. So the last time we had them was during the pandemic, and it was a crazy demand environment. This time, we have increases that are coming from many of the large vendors. We expect them to flow through to the market. On the announced days, we take those prices up. The vendor have opportunity centers have offered us opportunities to participate in some prebuys.

史蒂夫，我認為你的觀察很敏銳——與上次類似的是，你長期以來一直在報道價格上漲，所以你知道旺季價格上漲是非常不典型的。因此，我們上次舉辦這些活動是在疫情期間，當時的需求環境非常瘋狂。這一次，許多大型供應商的報價都有所上漲。我們預計它們將流入市場。在公佈的日子裡，我們會提高這些價格。供應商機會中心為我們提供了參與一些預購的機會。

However, given the difference in the overall demand environment, we look at those on a case-by-case basis. So where they're financially attractive to us. We have the capital and the infrastructure to take advantage of that, where we view it as maybe not as attractive given the demand environment, we may be a little more tempered.

然而，考慮到整體需求環境的差異，我們會根據具體情況進行考慮。所以它們在經濟上對我們具有吸引力。我們擁有資本和基礎設施來利用這一點，考慮到需求環境，我們認為這可能不那麼有吸引力，我們可能會更加謹慎。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

I'll follow on that last one, tariffs, specifically. Melanie, it's -- you mentioned 30% of the cost of product has been what been put to you by suppliers thus far. What do you anticipate from other suppliers? I know it's a very fluid environment. Just curious, and then Pete answered a question earlier saying, hey, probably more back half rate weighted because of this incremental price increase from suppliers or a primary supplier in June, but you have the lower-priced inventory from early by in the second quarter. So could you impact -- the timing impact here, second quarter and back half?

我將具體討論最後一個問題，即關稅。梅蘭妮，您提到，到目前為止，產品成本的 30% 都是供應商向您收取的。您對其他供應商有何期望？我知道這是一個非常不穩定的環境。只是好奇，然後 Pete 早些時候回答了一個問題，他說，嘿，由於 6 月份供應商或主要供應商的增量價格上漲，可能更多的是後半利率加權，但從第二季度初開始你就有價格較低的庫存。那麼您能影響—這裡的時間影響，第二季和後半段？

Yes. So as it relates to kind of forecast impacts from other suppliers, we have not considered any at this point in time. So if we do get additional price increases from other suppliers, we would update as those come through. When you think about the timing of the increases, the bulk of that pricing went into effect really on Monday. So most of the vendors had an after Easter as the effective date for those price increases, with the most recently announced one coming through in -- with a June effective start date.

是的。因此，至於其他供應商的預測影響，我們目前還沒有考慮。因此，如果我們確實從其他供應商獲得額外的價格上漲，我們會及時更新。如果你考慮一下價格上漲的時間，你會發現大部分的價格實際上是在周一生效。因此，大多數供應商都將復活節後作為漲價的生效日期，最近宣布的漲價將於 6 月生效。

And the answer as far as kind of the overall impact on the sell-through, same thing is that we would expect that there is the opportunity for some benefits in margin for that sell-through. But when you think about kind of overall pricing sensitivity in the market, how quickly the customers are willing to accept those price rises, it's going to depend on the demand environment. So a little bit different from COVID where they -- the price increases were a bit be able to pass through because the consumers were beating down the door to in order to get those tools installed.

就對銷售量的整體影響而言，答案是相同的，我們預期銷售量利潤率有機會提高。但是，當你考慮市場整體價格敏感度時，客戶願意多快接受價格上漲，這將取決於需求環境。因此，與 COVID 略有不同，價格上漲在一定程度上能夠轉嫁，因為消費者為了安裝這些工具而湧入。

Understood. And then as a follow-up and for you, and it's been somewhat of a common theme. But on your confidence in new pool construction volumes going forward. Yes, I heard you on Texas. It looked like permits in the first quarter in Florida look particularly strong, though. Was that weather related perhaps? Or is that truly organic? And how much are you factoring permits into your guidance expectations, and that includes not only permits, but just feedback your hearing, it's a thematic question of how your level of confidence in the volume of new construction.

明白了。然後作為後續行動，對於您來說，這是一個共同的主題。但您對未來新泳池建造量的信心如何？是的，我在德克薩斯聽到了你的聲音。不過，佛羅裡達州第一季的許可證發放看起來特別強勁。這可能與天氣有關嗎？或者說這真的是有機的嗎？您在多大程度上將許可證納入了您的指導預期中，這不僅包括許可證，還包括您聽證會的回饋，這是一個主題問題，即您對新建築數量的信心程度如何。

Yes. Permits are a piece of a puzzle. So we have -- we look at -- we certainly look at the permit data. And permit data can also be a bit just because of timing and the timing that it takes to turn a permit in some areas. And then you have the weather component on, okay, yes, I pull the permit, but then the weather has cooperated in order to execute on that permit. So it's a piece of it. So we look at the permit data, we look at weather, and then we also talk to our talk to our dealers every day, frankly, about the demand environment.

是的。許可證是難題的一部分。所以，我們 — — 我們查看 — — 我們當然會查看許可證資料。而且許可證資料也可能只是因為時間和在某些地區轉換許可證所需的時間而有點不同。然後你又考慮到天氣因素，好的，是的，我拿到了許可證，但後來天氣也配合了，以便執行許可證。所以這是其中的一部分。因此，我們會查看許可證數據，查看天氣，然後我們每天也會與我們的經銷商坦率地談論需求環境。

But again, that's -- it's -- as I mentioned, it's a portion of our business. It's not the largest -- it's not the largest portion. It's not even the second largest portion of the business, right? It's the -- of the three, maintenance and repair, renovation remodel and new construction, it's the smallest part of the three. So it's something that we watch. And I mentioned, Texas is an area that we are paying particular attention to just because of the decline in permits. Florida is performing well. Florida is an amazing market for us and Florida is performing also. I guess I would tell you that I don't really have any new color to add on my confidence in new construction.

但正如我所提到的，這是我們業務的一部分。它不是最大的——它不是最大的份額。它甚至不是業務的第二大部分，對嗎？它是維護和修理、翻新和新建三者中最小的部分。所以這是我們所關注的事情。我提到過，由於許可證數量的減少，德克薩斯州是我們特別關注的一個地區。佛羅裡達州表現良好。佛羅裡達對我們來說是一個令人驚嘆的市場，佛羅裡達的表現也很好。我想我會告訴你，我真的沒有任何新顏色可以增強我對新建築的信心。

There's just so many factors at play everything we discussed. And then lay on top of that the macro and how people are feeling about their disposable income, discretionary income, 401(k) value. And then, of course, interest rates on those pools that will require some financing. I think if the Fed were to ease rates, that would certainly help encourage people. I think it would loosen up the housing market, which would also be a nice catalyst for new pool construction.

我們討論的所有事情都涉及很多因素。然後在此基礎上考慮宏觀因素以及人們對可支配所得、可自由支配所得和 401（k）價值的感受。當然，這些資金池的利率也需要一些融資。我認為，如果聯準會降低利率，肯定有助於鼓勵人們。我認為這會放鬆房地產市場，這也將成為新游泳池建設的良好催化劑。

Andrew Carter, Stifel.

安德魯卡特（Stifel）。

First question I wanted to ask, I just want to be crystal clear about the gross margin. You're now assuming flat. The previous guidance was flat to up slightly, what you said in the script. Do you have -- does that incorporate a week new construction remodel environment, therefore, building materials. And just to be clear, like is the high end of EPS guidance achievable at the flat gross margin? That's my first question.

我想問的第一個問題是，我只是想清楚地了解毛利率。您現在假設是平坦的。正如您在腳本中所說的那樣，之前的指導是持平或略有上升。您是否有—這是否包括一週的新建築改造環境，因此，建築材料。需要明確的是，在毛利率保持不變的情況下，是否可以實現 EPS 預期的高端？這是我的第一個問題。

The high end of the guidance is achievable at a flat gross margin.

在毛利率保持平穩的情況下，可以實現指導值的高端。

Okay. That's easy. Second question, I guess, I would ask, and just to drill down as I think you said it is we get the price communicated to us we take it as soon as possible. And obviously, that was the COVID story. Are you able to -- in this environment, have you taken the price increases immediately when they were announced? And kind of how is your competition proceeding here? Or is there a longer delay are you waiting, et cetera?

好的。這很簡單。我想問的第二個問題是，為了深入探討，我想您說過，我們會盡快將價格傳達給我們。顯然，這就是有關 COVID 的故事。在這種環境下，當價格上漲的消息宣布後，您是否能夠立即接受？你們的競爭進展如何？或者您是否在等待更長時間的延遲，等等？

So no, we're not waiting. So as in the normal course of business for POOLCORP, when they're -- with the effective date of the price increase, that's when we elevate the prices to our dealers. We notify the dealers when we get the receipt the price increases and the manufacturers notified them too. And then on the effect of data, we take the price up, which is something that is just what we always do.

所以，不，我們不會等待。因此，就像 POOLCORP 的正常業務流程一樣，當價格上漲生效時，我們就會提高經銷商的價格。當我們收到收據時，我們會通知經銷商價格上漲，製造商也會通知他們。然後根據數據的影響，我們提高價格，這正是我們一直在做的事情。

Your question on what competitors do. I mean there is -- by and large, the competitors do as well. I could tell you, I mean we have to go market by market, and there are some cases where somebody might say, hey, I'm going to hold the price for you in the attempt to lower business, the other thing somebody may do. And we do too, which is if our dealers come to us and said, hey, Pete, we have got in the 10 pools sold, and we used your quote, which was pre-price increase the pools are going to start imminently. Can we count on support on that.

您關於競爭對手做什麼的問題。我的意思是——總的來說，競爭對手也是如此。我可以告訴你，我的意思是我們必須逐個市場地去尋找，有些情況下有人可能會說，嘿，我將為你維持價格以試圖降低業務量，這是其他人可能會做的事情。我們也是這樣做的，也就是說，如果我們的經銷商來找我們說，嘿，皮特，我們已經賣出了 10 個游泳池，並且我們使用了你的報價，這是漲價前的報價，游泳池即將開始營業。我們能指望得到這方面的支持嗎？

And of course, those are things that we would support as well. So it's not like on Monday thing goes up. The majority of the price moves on Monday, and then we would make exceptions to support dealers more pre-quoted jobs, and to address competitive situations. But as a rule of thumb, by and large, when the price goes up, the data goes into effect, we take the prices up too.

當然，這些也是我們會支持的事情。所以這並不像週一那樣上漲。大多數價格在周一變動，然後我們會破例支持經銷商更多的預先報價的工作，並解決競爭情況。但根據經驗法則，總的來說，當價格上漲時，數據就會生效，我們也會提高價格。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

Noticing a pretty big swing in equipment spend between Q4 and Q1, up 6% to down 4%. It does sound like most of the impact demand shifts in Florida around storm recovery, which makes total sense. That said, kind of is a piece of the negative inflection also a function of discretionary pullback, maybe trade down from, let's call it, their best to good. And then more broadly, we all know equipment accounts for 30% of your mix. But how much of that is pure maintenance versus perhaps discretionary?

注意到第四季和第一季之間的設備支出波動很大，從上漲 6% 到下降 4%。聽起來佛羅裡達州的大部分影響需求都圍繞著風暴恢復進行轉移，這完全是有道理的。話雖如此，但某種程度上來說，這是一種負面拐點，也是自由裁量回調的函數，也許是從最佳狀態跌至良好狀態。更廣泛地說，我們都知道設備佔總資產的 30%。但其中有多少是純粹的維護費用，又有多少是可自由支配的費用？

Yes. I think you're assumption on the difference between fourth quarter and first quarter is essentially Florida and the hurricanes and the amount of equipment that got replaced in many cases, twice the back-to-back storms. So I think that's a fair assessment. On trade downs, I don't really see really see a lot of trade down. I was just looking through our product data set earlier this week, and I was thinking that we might see it, and I haven't seen it. People are still very tech -- the demand for tech for new pool equipment, especially if somebody's going to spend that kind of money to replace something that should have a 10-year life span. They're not looking to go backwards and say, hey, give me old technology and mechanical time clocks and no automation. I think the trend is solidly in place there.

是的。我認為您對第四季度和第一季之間差異的假設基本上是佛羅裡達州和颶風以及在許多情況下更換的設備數量，是連續風暴的兩倍。所以我認為這是一個公平的評估。關於貿易下滑，我並沒有真正看到很多貿易下滑的情況。本週早些時候，我剛剛瀏覽了我們的產品資料集，我認為我們可能會看到它，但我還沒有看到它。人們仍然非常注重技術——對新泳池設備的技術有很高的需求，特別是如果有人願意花那麼多錢來更換原本使用壽命為 10 年的設備。他們不想倒退，說，嘿，給我舊技術和機械時鐘，不要自動化。我認為那裡的趨勢已經牢固確立。

Your last part of the question that I think is related to equipment demand, how much is maintenance and how much is new construction. Certainly, in the first quarter, with new construction not being robust, that certainly plays a bigger portion -- plays a bigger part in the maintenance and equipment. Now remember, think about the market. So in your seasonal markets, the equipment that you sell in the seasonal markets is usually early buys that the dealers are taking because they're not installing equipment, so they would have started to do some repairs in the seasonal markets in March time frame.

我認為你問題的最後一部分與設備需求有關，維護費用是多少，新建費用是多少。當然，在第一季度，由於新建築並不強勁，這肯定發揮了更大的作用——在維護和設備方面發揮了更大的作用。現在記住，考慮一下市場。因此，在季節性市場中，您在季節性市場中銷售的設備通常是經銷商提前購買的，因為他們還沒有安裝設備，所以他們會在三月的季節性市場中開始進行一些維修。

So most of that is stocking their shelves for the upcoming season. When you get into the year-round markets, then the percentages don't really change. As a rule of thumb, we look at equipment and, say, for every pump we would sell for a new pool, we probably sell for repair and maintenance. Helps, Pete. And a follow-up here. I think I asked something similar on the last but maybe to revisit. We're one quarter down in philosophically, how should we be thinking about '26 recognizing you're not providing guidance. You're starting the year off arguably with an easy comp.

因此，其中大部分都是為即將到來的季節儲備貨物。當你進入全年市場時，百分比實際上並不會改變。根據經驗法則，我們會查看設備，比如說，我們出售的每個用於新泳池的泵，我們可能也會出售用於維修和保養的泵。有幫助，皮特。這裡有一個後續內容。我想我上次問過類似的問題，但也許會再問一次。從哲學角度來看，我們已經落後了四分之一，我們應該如何思考 26 年，並認識到你沒有提供指導。可以說，您以輕鬆的姿態開啟了新的一年。

But then on the other hand, we might not have a big lift in new pool in '25, which really means the base isn't going to be moving up all that much into next year. So I guess the question is adding those dynamics up, kind of how are you thinking about 2026 as it stands today, especially in the context of your all go.

但另一方面，25 年我們的新池子可能不會有太大的提升，這實際上意味著明年基數不會有太大的上升。所以我想問題是把這些動態加起來，你如何看待 2026 年的現狀，特別是在你的全部行動背景下。

Yes. I wish I had a great answer for you on 2026 quite frankly, we're trying to figure out what's going to transpire in 2025 because there seems to be no shortage of prices. Overall, what gives me great confidence in the business and the industry is that most of our business comes from the maintenance and repair of a growing installed base. So the installed base next year is going to be bigger than it is this year. So there will be more pools to service. The demand for newer products with automation connected pools, if you will, is going to continue to grow.

是的。我希望我能就 2026 年給您一個很好的答案，坦白說，我們正在試圖弄清楚 2025 年會發生什麼，因為價格似乎並不短缺。總的來說，讓我對這項業務和行業充滿信心的是，我們的大部分業務來自於不斷增長的安裝基礎的維護和維修。因此，明年的安裝基數將比今年更大。因此將會有更多的池子需要服務。如果你願意的話，對具有自動化連接池的新產品的需求將會持續成長。

And there's still an extremely large number of pools that are in place that have that full technology. So if I assume that the macro improves a little bit, which is really kind of my assumption is that the macro will improve a little bit, and I think we should see some recovery in demand for new product if, for some reason, the economy takes a turn for some unknown reason at this point, then I think where you see the effect, most notably would be in new construction.

目前仍有大量游泳池擁有此項完整技術。因此，如果我假設宏觀經濟有所改善，這實際上是一種假設，即宏觀經濟會有所改善，並且我認為我們應該看到對新產品的需求有所復甦，如果出於某種原因，經濟此時因某些未知原因而出現轉變，那麼我認為你會看到其影響，最明顯的將是新建築。

However, in terms of new construction, we're down so much from the peak. So we're down about 50% from the peak in terms of how much more it can fall. I mean we're basically slightly above the GFC number right now. So I don't see that taking a step down significantly more because most of the pools being built today are for the more affluent buyer that aren't really affected as much by the interest rate sensitivity that I think took out many of the entry-level pool buyers.

然而，就新建築而言，我們已經從巔峰狀態下降了很多。因此，就可能進一步下跌而言，我們已經從高峰下跌了約 50%。我的意思是我們現在基本上略高於全球金融危機的數字。因此，我不認為會出現大幅下降，因為目前建造的大多數游泳池都是為較富裕的買家準備的，他們實際上並不會受到利率敏感性的太大影響，我認為利率敏感性讓許多入門級游泳池買家望而卻步。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

This is Ethan, on for Trey. Maybe first off, just high level, the tariff impacts, given where things stand today, you mentioned you feel confident and your ability to pass through these increases, particularly on the equipment side, given that the majority of those products are sold through R&R and that has a nondiscretionary component. So my question being, to what extent do you believe tariffs could potentially drive any demand destruction via higher prices or at the very least a trade down? And with that in mind, given that the new construction backdrop has been so difficult for several years now, if that were to happen, would it be more on the discretionary R&R side or the new build side.

我是 Ethan，代替 Trey。也許首先，只是高層次的關稅影響，考慮到目前的情況，您提到您有信心並且有能力承受這些增長，特別是在設備方面，因為這些產品中的大多數是通過 R&R 銷售的，並且具有非自由支配的成分。所以我的問題是，您認為關稅在多大程度上可能透過提高價格或至少降低交易價格來導致需求破壞？考慮到這一點，鑑於幾年來新建築的背景一直很困難，如果發生這種情況，那麼它將更多地集中在可自由支配的 R&R 方面還是新建方面。

Yes. I think that the price increases, as I mentioned before, I think they're going to pass through the market because, again, the vast majority of that product is sold for maintenance and repair, nondiscretionary, the pump stop working, the filters leaking, the heater , I have to replace that. I can't operate the pool without it. So I think that's one way to think about it. And then -- in terms of an overall pool project, given the escalating cost of a pool and an in-ground pool $80,000 to $100,000 depending on where you are now and the type of pool that you build if you told me that the equipment and the equipment pad is, let's call it, $15,000.

是的。我認為價格上漲，正如我之前提到的，我認為它們會通過市場傳遞，因為絕大多數產品都是為維護和維修而出售的，不可自由支配的，泵停止工作，過濾器洩漏，加熱器，我必須更換它。沒有它我就無法操作游泳池。所以我認為這是思考這個問題的一種方式。然後 - 就整個游泳池專案而言，考慮到游泳池和地下游泳池的成本不斷上升，根據您現在的位置和您建造的游泳池類型，如果您告訴我設備和設備墊的成本是 15,000 美元，那麼成本將在 80,000 美元到 100,000 美元之間。

If you told me that it was going to be 3% higher, I don't know that, that's going to cause people to say, okay, 3% of the $15,000 is up, so I'm out. So I don't really think it's going to have a material demand destruction impact on the new pool construction. What I do think people look at is the overall market. So if tariffs were to continue or tariffs were to get worse than 401(k)s and equity values will continue to drop. I think that's far more meaningful to new pool construction than a 3% increase.

如果你告訴我它會上漲 3%，我不知道，這會讓人們說，好吧，15,000 美元上漲了 3%，所以我退出。所以我並不認為這會對新泳池建設產生實質的需求破壞影響。我確實認為人們關注的是整體市場。因此，如果關稅繼續下去或關稅變得比 401（k）計劃更糟糕，股票價值將繼續下降。我認為這對新泳池建設來說比 3% 的成長更有意義。

No, yes. That's fair. That's very helpful. And then last one, maybe one for Melanie. Any changes to the operating expense cadence for the year. You previously mentioned that you're going to do some investments into the retail centers and there's going to be some incentive comp to think about? And then maybe how you might flex the OpEx given various possibilities on where gross margin could end up for the year, depending on what new build ends up doing.

不，是的。這很公平。這非常有幫助。最後一個，也許是給梅蘭妮的。年度營運費用節奏的任何變化。您之前提到過，您將對零售中心進行一些投資，並且會考慮一些激勵措施嗎？然後也許您可以根據新建項目的最終用途，在考慮全年毛利率可能達到的各種可能性的情況下調整營運支出。

Yes. No real change on the cadence. So timing of investments should be relatively consistent we will, depending upon where the top line falls. We will be managing the variable expenses as it relates to that, particularly around our ads for incremental warehouses and drivers, particularly freight expense. And then ultimately, at the lower end of the range, we wouldn't see the incremental add for the incentive compensation that we talked about earlier.

是的。節奏上沒有真正的變化。因此，投資時機應該相對一致，這取決於營業額的水平。我們將管理與此相關的變動費用，特別是圍繞增量倉庫和司機的廣告，特別是運費。最終，在該範圍的低端，我們不會看到我們之前談到的激勵薪酬的增量增加。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

Two quick clarification questions for me. Just the first one, just simplify the pricing outlook. Is it fair to assume that the April price increases are in your guidance, but the June 1 pending additional support is not yet. I just wanted to be clear on what exactly is in the guidance and what's not?

我需要快速澄清兩個問題。僅第一個，只是簡化定價前景。是否可以公平地假設，四月份的價格上漲是在你的指導範圍內，但六月待定的額外支持尚未到位。我只是想弄清楚指南中到底包含什麼內容，不包含什麼內容？

Yes. So we do have -- so June 1 at this point in time, we've only heard from one vendor. And because we knew about that ahead of the call, that is included in the 1% that we provided.

是的。所以我們確實有——截至 6 月 1 日，我們只收到了一家供應商的消息。因為我們在通話之前就知道了這一點，所以這包含在我們提供的 1% 中。

It is. Okay. And then secondly, just on the sales piece coming back, showing growth in March. It sounds like continued here in April. Is there anything kind of unusual that occurred that drove the growth, any kind of onetime items or markets. I think you cited maybe Florida or maybe the delay in Easter this year, maybe that helped here in April. But just wondering kind of anything unusual that helped support the growth and just the level of confidence that's sustainable.

這是。好的。其次，就銷售情況而言，三月呈現成長。聽起來四月還會繼續。是否有任何不尋常的事情發生推動了成長，任何一次性項目或市場。我想您提到的可能是佛羅裡達州，或者是今年復活節的推遲，也許這對四月有所幫助。但我只是想知道是否有任何不尋常的事情有助於支持成長和可持續的信心水平。

Yes. I think the Easter holiday was certainly part of it, too. I also recall that last April from a weather perspective wasn't great. So I think that's probably helping out, at least earlier in the month, but that's really it. There would be nothing else of any significance.

是的。我認為復活節假期當然也是其中的一部分。我還記得去年四月的天氣不太好。所以我認為這可能會有所幫助，至少在本月初是這樣，但事實也僅此而已。除此之外，再沒有其他重要的事情了。

Collin Verron, Deutsche Bank.

德意志銀行的科林‧維隆 (Collin Verron)。

I guess I was just curious on your thoughts on why Texas is underperforming your other large markets, just since the macro environment and interest rate environment nationwide? And just why you're comfortable in thinking that those headwinds might not lead into your other large states?

我想我只是好奇你的想法，為什麼由於全國的宏觀環境和利率環境，德克薩斯州的表現不如其他大市場？那麼，您為什麼放心地認為這些不利因素可能不會影響到其他大州呢？

Because we -- it's an interesting question. I've spoken to a lot of builders in Texas. And I think that there's still -- so if I look at Texas weather and I look at the southern part of Texas, the Southern Texas market, I would say that the weather during the first quarter of the year was pretty wet pretty miserable. What's interesting about Texas is the new construction market in Texas has been -- and if you look at the permit data, it shows, that's been -- it's been very tough, but the maintenance business in Texas has been very good as a result of the weather. So I think that in talking to the dealers, so we're obviously much closer to it, and they're looking at their lead flow and phone calls, if the dealers were telling me that, hey, I just think this is -- we can't explain it.

因為我們——這是一個有趣的問題。我與德克薩斯州的許多建築商交談過。我認為仍然存在——如果我看看德克薩斯州的天氣，看看德克薩斯州南部，德克薩斯州南部市場，我會說今年第一季的天氣非常潮濕，非常糟糕。德州有趣的地方在於，德州的新建築市場一直——如果你查看許可數據就會發現——非常艱難，但由於天氣原因，德州的維護業務一直很好。因此我認為，在與經銷商交談時，我們顯然更接近這一點，他們正在查看他們的潛在客戶流量和電話，如果經銷商告訴我，嘿，我只是認為這是 - 我們無法解釋它。

That's going to be really bad, then I would pass on that same information. But right now, they're saying that you're still ringing. First quarter was tough from a contract conversion perspective, weather didn't help, macro uncertainty didn't help. But we also talk to dealers and all of the other markets, and they seem to be holding up better. So I can't point to anything specifically that would lead me to think it's going to bleed over into the other markets because they're -- frankly, aside from the weather isn't anything unique about Texas.

那將會非常糟糕，然後我會傳遞同樣的訊息。但現在，他們說你仍在打電話。從合約轉換的角度來看，第一季是艱難的，天氣沒有幫助，宏觀不確定性也沒有幫助。但我們也與經銷商和所有其他市場進行了交談，他們似乎表現得更好。因此，我無法指出任何具體因素使我認為它會滲透到其他市場，因為——坦白說，除了天氣之外，德州並沒有什麼獨特之處。

That's helpful color. And I just wanted to touch real quick on the private label growth. You called that in chemicals being up double digits. Can you just talk about the opportunity for private label and this macro backdrop and the presentation of the top line and gross margin perspective that, that could have?

這是很有幫助的顏色。我只是想快速談談自有品牌的成長。您說的是化學品價格上漲了兩位數。您能否談談自有品牌的機會和宏觀背景以及其可能帶來的收入和毛利率前景？

Yes. I think that there's still significant room to grow the private label products. I think our suite of products, frankly, has never been better. But again, these are products that are part of the brand associated with our dealers, if you will. I'm talking on the retail side. So those are longer cycle sales. We recognize that. We know that. And we've been working very diligently towards that. I'm very pleased with the results.

是的。我認為自有品牌產品仍有很大的成長空間。坦白說，我認為我們的產品套件從未如此出色。但如果您願意的話，這些產品都是我們經銷商旗下品牌的一部分。我談的是零售方面。所以這些是周期較長的銷售。我們認識到這一點。我們知道這一點。我們一直在為此努力。我對結果非常滿意。

So I think that there's still significant runway on the private label sales. And I think that's -- it's margin accretive to us. And it also, from a competitive perspective, is great because they can only get those products from us. You combine that with the technology, the value proposition that the dealer has is very, very good and puts them in a very, very competitive situation in their local markets.

因此我認為自有品牌銷售仍有很大的發展空間。我認為這可以增加我們的利潤。而且從競爭的角度來看，這也是一件好事，因為他們只能從我們這裡獲得這些產品。將其與技術結合，經銷商的價值主張非常非常好，並使他們在當地市場處於非常有競爭力的地位。

This concludes our question-and-answer session. I would now like to turn the conference back over to Peter Arvan, President and CEO, for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交還給總裁兼執行長 Peter Arvan，請他致閉幕詞。

Thank you all for joining us today. We look forward to our next call, which will be on July 24 when we release our second quarter 2025 results. Have a wonderful day. Thank you.

感謝大家今天的參與。我們期待下一次電話會議，將於 7 月 24 日舉行，屆時我們將發布 2025 年第二季業績。祝您有美好的一天。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。