Pool Corp (POOL) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 Pool Corporation 2025 年第二季電話會議。（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 Chief Financial Officer. 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。

Thank you, and welcome to our second 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.

謝謝，歡迎參加我們的 2025 年第二季財報電話會議。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 included in our press release are posted to our corporate website in the Investor Relations section. We have 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。我們的新聞稿中包含的非公認會計準則財務指標的描述和對帳已發佈在我們公司網站的投資者關係部分。我們在投資者網站上發布了一份演示文稿，總結了新聞稿和電話評論中的要點。

Peter Arvan, our President and CEO, will begin today's call with his comments.

我們的總裁兼執行長 Peter Arvan 將在今天的電話會議上發表他的評論。

Thank you, Melanie, and good morning, everyone. We were very pleased to see positive sales growth in the second quarter, along with stable gross margins and steady operating margins versus the prior year. Given all the challenges affecting the broader economy and industry dynamics, I consider these results to be very solid. They are a testament to the team and reflect our ability to deliver outstanding value and exceptional service to our customers, further reinforcing POOLCORP's leadership position in the industry.

謝謝你，梅蘭妮，大家早安。我們非常高興地看到第二季的銷售額實現了正成長，同時毛利率和營業利潤率與去年同期相比保持穩定。考慮到影響更廣泛的經濟和產業動態的所有挑戰，我認為這些結果非常可靠。它們是團隊的證明，反映了我們為客戶提供卓越價值和卓越服務的能力，進一步鞏固了 POOLCORP 在業界的領導地位。

The second quarter started off similar to how we exited the first quarter. We saw encouraging trends in most areas of the business through April and early May, unfavorable weather conditions in certain markets through mid-June, tempered demand but turned more favorable towards the end of the quarter, helping us post a modest sales gain.

第二季的開局與第一季的開局類似。我們看到，4 月和 5 月初，大多數業務領域都呈現令人鼓舞的趨勢，6 月中旬某些市場出現不利的天氣條件，需求有所緩和，但在本季度末轉為有利，幫助我們實現了適度的銷售增長。

The macro uncertainty and constantly developing policy decisions, combined with no signs of interest rate easing continue to pressure new pool construction and larger renovation projects. Despite this, our construction-related sales fared better than the permit data would have suggested.

宏觀不確定性和不斷發展的政策決策，加上沒有利率放鬆的跡象，繼續給新泳池建設和大型改造項目帶來壓力。儘管如此，我們的建築相關銷售表現比許可數據顯示的更好。

As you all know, permit data indicates that new pool construction is down high single digit, but it's still too early to call the year. It is worth noting that the second quarter trends improved from the first quarter, but still represent a headwind on a year-over-year basis. The remodel activity we expect will be modestly better than the new construction activity for the balance of the year.

眾所周知，許可數據顯示新泳池建設數量下降了個位數，但現在斷言今年還為時過早。值得注意的是，第二季的趨勢較第一季有所改善，但與去年同期相比仍呈現逆風。我們預計，今年餘下的改造活動將略好於新建活動。

The aging installed base necessitates certain remodel and renovation projects each year, creating ongoing demand. We believe that larger renovation projects in the most recent quarters have been split into phases, allowing consumers to reduce their spend per project or spread out the spend over a longer time frame.

老化的安裝基礎每年都需要進行某些改造和翻新項目，從而產生持續的需求。我們認為，最近幾季的大型裝修項目已被分為幾個階段，使消費者可以減少每個項目的支出或將支出分攤到更長的時間內。

For the second quarter results, we reported $1.8 billion in net sales, up 1%, reflecting our team's effort in executing on strategic areas of our business. Maintenance products performed well, including strong growth in our private label chemical products. On sales related to new construction and renovation activities, we saw improving trends during the quarter, creating less of a drag on sales than in recent quarters. Tariff-driven price increases had a modest impact on the quarter due to timing and was somewhat offset by deflation in our commodity categories.

就第二季業績而言，我們報告的淨銷售額為 18 億美元，成長 1%，這反映了我們團隊在執行業務策略領域所做的努力。維護產品表現良好，包括我們的自有品牌化學產品的強勁成長。對於與新建和裝修活動相關的銷售，我們看到本季的趨勢有所改善，對銷售的拖累比最近幾季有所減少。由於時間因素，關稅驅動的價格上漲對本季的影響不大，但在一定程度上被我們商品類別的通貨緊縮所抵消。

Regionally, we saw distinct trends across our four major US markets. Florida and Arizona each delivered solid 2% sales growth for the quarter, outperforming national averages. In both states, ongoing population growth in migration and favorable weather patterns fueled continued demand across the maintenance, renovation and new construction categories. Our strong local presence, robust distribution network and targeted marketing initiatives have kept us top of mind with pool professionals, allowing us to expand our customer base and capture additional market share. Additionally, franchise growth and emerging builder partnerships in these states further strengthens our position for long-term success.

從地區來看，我們看到美國四大主要市場呈現不同的趨勢。佛羅裡達州和亞利桑那州本季的銷售額均實現了 2% 的穩定成長，超過了全國平均水平。在這兩個州，持續的移民人口成長和有利的氣候模式推動了維護、翻新和新建築類別的持續需求。我們強大的本地影響力、強大的分銷網絡和有針對性的營銷舉措使我們在泳池專業人士中保持領先地位，從而使我們能夠擴大客戶群並獲得更多市場份額。此外，這些州的特許經營成長和新興的建築商合作夥伴關係進一步鞏固了我們長期成功的地位。

Texas and California continue to experience this challenge in new pool construction with sales down 2% and 3%, respectively, reflecting macroeconomic headwinds and tempered consumer confidence. However, maintenance and aftermarket sales in these markets remained resilient, highlighting the value of our established installed base and trusted service partnerships. Our teams in Texas and California are focused on supporting remodel activity and enhancing customer support to ensure we are well positioned for recovery as local economies and construction activities rebound in the future.

德州和加州在新泳池建設方面繼續面臨這項挑戰，銷售額分別下降了 2% 和 3%，反映出宏觀經濟逆風和消費者信心下降。然而，這些市場的維護和售後市場銷售仍然保持彈性，凸顯了我們已建立的安裝基礎和值得信賴的服務合作夥伴關係的價值。我們在德州和加州的團隊專注於支持改造活動和加強客戶支持，以確保我們在未來當地經濟和建築活動反彈時為復甦做好準備。

We remain confident that our disciplined investment and regionally tailored strategies will enable us to continue outperforming the broader market across all our core geographies. Additionally, we were encouraged by the sequential improvement in permit data for Texas as the quarter developed, although it is still negative.

我們堅信，嚴謹的投資和針對不同區域的客製化策略將使我們在所有核心地區繼續超越大盤。此外，隨著本季的發展，德州的許可數據連續改善，這令我們感到鼓舞，儘管數據仍然為負。

In Europe, net sales increased 2% for the quarter in local currency and 7% in US dollar. We saw sales growth in most European economies, particularly in the southern counties, while France dealt with colder temperatures but showed some improvement in June. We are encouraged that this trend for Europe continued into July.

在歐洲，本季淨銷售額以當地貨幣計算成長 2%，以美元計算成長 7%。我們看到大多數歐洲經濟體的銷售額都有所成長，尤其是南部國家，而法國雖然遭遇了寒冷天氣，但 6 月的情況有所改善。我們很高興看到歐洲的趨勢持續到了7月。

For Horizon, net sales declined 2% in the quarter. Maintenance product sales were solid. However, weakness in larger development areas -- I'm sorry, larger development-related construction projects muted those gains. Pricing, for the most part, has stabilized in the market, and we are encouraged with the month of day July sales trends.

對於 Horizo​​n 來說，本季淨銷售額下降了 2%。保養產品銷售穩健。然而，較大開發區域的疲軟——抱歉，較大的開發相關建設項目抑制了這些成長。整體而言，市場價格已經趨於穩定，我們對七月的銷售趨勢感到鼓舞。

Looking to our product sales mix, chemical sales grew 1% despite price deflation and weather headwinds in certain markets, highlighting the power of our brands and expanding offerings for our customers. When combined with our POOL360 WaterTest platform, it is a very strong chemical offering that will continue to take share as our brands grow. Customer feedback is excellent, and our confidence in this area and our entire retail support offering is strong.

縱觀我們的產品銷售組合，儘管價格下跌且某些市場面臨不利因素，化學品銷售額仍增長了 1%，這凸顯了我們品牌的實力並擴大了我們為客戶提供的產品範圍。與我們的 POOL360 WaterTest 平台相結合，它是一種非常強大的化學產品，將隨著我們品牌的發展而繼續佔據市場份額。客戶回饋非常好，我們對這一領域以及我們的整個零售支援服務充滿信心。

Building Materials sales declined 1%, a sequential improvement from what we saw in the first quarter and much of last year and better than the underlying trends would suggest. The results highlight the value of our NPT branded offering, improving trend -- including improved trends in our proprietary pool finish and the effectiveness of our consumer-facing showrooms and refreshed dealer showrooms that support our customers and enhance the pool owners design experience.

建築材料銷售額下降了 1%，與第一季和去年大部分時間的情況相比有所改善，並且比潛在趨勢所顯示的水平好。結果凸顯了我們的 NPT 品牌產品的價值和不斷改善的趨勢——包括我們專有泳池裝飾的改善趨勢以及面向消費者的展廳和更新的經銷商展廳的有效性，這些展廳為我們的客戶提供支援並增強泳池業主的設計體驗。

Equipment sales, which include cleaners increased 1% during the quarter -- which exclude cleaners increased 1% during the quarter, reflecting modest price realization and stable replacement volumes, mitigating the year-over-year decrease in new construction units. For context, the most recent price increase went into effect late in the quarter.

本季度，包括清潔劑在內的設備銷售額成長了 1%，不包括清潔劑的設備銷售額也成長了 1%，這反映了適度的價格實現和穩定的更換量，緩解了新建築單位的同比下降。具體來說，最近一次價格上漲是在本季末生效的。

Looking at our end markets. Our commercial sales increased 5% in the second quarter, supported by the investments we have made in developing our commercial team, designating commercial warehouses and expanding start-to-finish project capabilities.

看看我們的終端市場。我們第二季的商業銷售額成長了 5%，這得益於我們在發展商業團隊、指定商業倉庫和擴展從開始到結束的專案能力方面所做的投資。

Sales to our independent retail customers declined 3% in the quarter, showing a similar cadence during the quarter on what we saw in overall sales, but with greater headwinds -- weather headwinds on our DIY maintenance in May and early June, considering our retailers heavy concentration in northern markets. We saw much improved retail sales in these markets in the latter half of June.

本季度，我們對獨立零售客戶的銷售額下降了 3%，與本季整體銷售額的下降節奏相似，但面臨的阻力更大——考慮到我們的零售商高度集中在北方市場，5 月和 6 月初我們的 DIY 維護面臨天氣阻力。我們看到六月下半月這些市場的零售額大幅改善。

For our Pinch A Penny franchise group, representing our franchisees' sales to their end customers, sales increased 1% for the quarter, reflecting their best-in-class offering and customer experience, while also noting their Sunbelt concentration with less weather headwinds this quarter.

對於我們的 Pinch A Penny 特許經營集團（代表我們的特許經營商向其最終客戶的銷售），本季度銷售額增長了 1%，這反映了他們一流的產品和客戶體驗，同時也表明他們本季度集中在陽光地帶，天氣逆風較少。

Now let me comment on gross margin results. As you saw, the business posted a solid 30% gross margin for the quarter, consistent with the same period last year. I'm pleased with our team's collective effort and focus in this critical area. We have seen historically downward cycles place additional pressure on winning business. And through collaborating with our supply chain teams and pricing specialists and making smart decisions on the ground, we've been able to maintain gross margins in line with prior year in a very challenging and dynamic environment. Melanie will cover this in more detail in her prepared remarks.

現在讓我對毛利率結果進行評論。如您所見，該業務本季的毛利率達到了 30%，與去年同期持平。我對我們團隊在這個關鍵領域的集體努力和專注感到滿意。我們從歷史上看到，下行週期給成功的業務帶來了額外的壓力。透過與我們的供應鏈團隊和定價專家合作並做出明智的決策，我們能夠在充滿挑戰和動態的環境中保持與去年持平的毛利率。梅蘭妮將在她準備好的演講中更詳細地討論這一點。

Our continued investment in digital innovation are paying off with POOL360 platform transactions now represent 17% of net sales, up from 14.5% last year, reflecting enthusiastic customer adoption and creating durable competitive advantages that are hard to replicate.

我們對數位創新的持續投資正在獲得回報，POOL360 平台交易量目前佔淨銷售額的 17%，高於去年的 14.5%，這反映了客戶的熱情採用並創造了難以複製的持久競爭優勢。

We celebrated the opening of our 450th branch during the quarter. Strategic openings in the market with higher pool densities continue to be the driver in further building out our footprint and positioning ourselves for further share expansion. We opened two new locations during the quarter and four year-to-date. Our Pinch A Penny franchise network added five new stores in the quarter, including the first new store in North Carolina and increasing the Pinch A Penny locations to 302 franchised stores.

本季度，我們慶祝了第 450 家分行的開幕。在市場上策略性地開放具有更高池密度的市場將繼續成為我們進一步擴大業務範圍和為進一步擴大份額做好準備的動力。我們在本季開設了兩家新店，今年迄今已開設了四家新店。我們的 Pinch A Penny 特許經營網絡在本季度增加了 5 家新店，其中包括北卡羅來納州的第一家新店，使 Pinch A Penny 特許經營店總數增至 302 家。

As we move through the peak season, we expect sales in the back half of the year to be modestly up with the full year performance anticipated to be relatively flat. In the absence of an interest rate cut or external catalyst, we are updating our diluted earnings per share guidance for the year to a range of $10.80 to $11.30, which includes a $0.10 realized benefit from ASU year-to-date.

隨著旺季的到來，我們預計下半年的銷售額將小幅上升，而全年業績預計相對持平。在沒有降息或外部催化劑的情況下，我們將今年每股攤薄收益預期更新為 10.80 美元至 11.30 美元，其中包括今年迄今從 ASU 實現的 0.10 美元收益。

We remain highly confident in the long-term fundamentals of our industry with the demographic trends, desirability of at-home leisure and continued need for maintenance and renovation supporting ongoing demand, we believe that when the macro backdrop improves and the housing turnover resumes, new pool construction and renovation activity will accelerate and POOLCORP will be uniquely positioned to capitalize on that growth.

我們對產業的長期基本面仍然充滿信心，人口趨勢、居家休閒的渴望以及持續的維護和翻新需求支撐著持續的需求，我們相信，當宏觀背景改善和住房週轉恢復時，新泳池的建設和翻新活動將會加速，POOLCORP 將佔據獨特的優勢來利用這一增長。

Finally, I want to thank the entire POOLCORP team for your dedication and adaptability. Your commitment enables us to deliver exceptional value and reliability to our customers and partners and importantly, drive success for our shareholders, we look forward to the opportunities ahead.

最後，我要感謝整個 POOLCORP 團隊的奉獻精神和適應能力。您的承諾使我們能夠為客戶和合作夥伴提供卓越的價值和可靠性，更重要的是，為我們的股東帶來成功，我們期待未來的機會。

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

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。

Thank you, Pete, and good morning again, everyone. We continue to see robust maintenance activity, benefiting from both volume and industry pricing. While new construction permits are improving in several key markets, we have not yet seen a consistently positive trends across all regions. We are closely monitoring these variations and remain prepared to capitalize on opportunities as they arise.

謝謝你，皮特，大家早安。我們繼續看到強勁的維護活動，受益於數量和行業定價。儘管幾個主要市場的新建築許可證數量正在改善，但我們尚未看到所有地區都出現持續的正面趨勢。我們正在密切關注這些變化，並隨時準備好抓住出現的機會。

Both the traditional pool season price increases implemented earlier in the year and the subsequent late April, early May price increases enacted by certain vendors to react to higher expected tariffs have passed through and have been accepted into the marketplace. Although initially up for discussion, there was not a third wave of June price increase that impacted our cost to date.

今年稍早實施的傳統泳池季節價格上漲，以及隨後 4 月下旬和 5 月初某些供應商為應對預期更高的關稅而實施的價格上漲，都已生效並被市場接受。儘管最初進行了討論，但六月的第三波價格上漲尚未影響到我們迄今為止的成本。

Pricing for the quarter benefited sales 2% to 3%, but continues to be offset by 1% related to chemical and commodity selling prices. Chemicals, specifically trichlor, are seeing selling prices less than what we saw in the second quarter of prior year. This pricing, although lower than last year, still represents a significant premium over 2020. We saw volume increases, in particular, in our private label chemical sales activity.

本季定價使銷售額成長了 2% 至 3%，但仍被化學品和商品銷售價格所抵銷 1%。化學品，特別是三氯的售價低於去年第二季的水平。這項定價雖然低於去年，但仍比 2020 年有顯著溢價。我們看到了銷售量的成長，特別是我們的自有品牌化學品銷售活動。

Negative comparisons from discretionary spend leveled out with just a 2% impact overall on the sales for the quarter. As Pete highlighted, our investments at our NPT showroom continue to pay dividends and showcasing for our builder customers and homeowners the many options where our unique NPT-branded tile decking and pool-finished products are available to customize their backyards. Our resulting building material sales decrease of 1% is outpacing the market activity compared to permit trends.

可自由支配支出的負面比較趨於平穩，對本季的整體銷售額僅產生了 2% 的影響。正如 Pete 所強調的，我們在 NPT 展廳的投資繼續帶來回報，並向我們的建築商客戶和房主展示了我們獨特的 NPT 品牌瓷磚地板和泳池成品的眾多選擇，可用於定制他們的後院。由此導致的建築材料銷售額下降了 1%，與許可趨勢相比，這一下降超過了市場活動。

I'm very pleased to be reporting a positive comp sales quarter. We continue to showcase our ability to get pricing in the market as a result of both our service levels and our focus on the aftermarket, resulting in a 1% sales benefit. Impacts of discretionary spend in remodel and new pool construction were a 2% headwind, but again improving from a 3% impact in the first quarter. We were encouraged to see the positive results in Europe and better horizon trends.

我很高興地向大家報告本季的銷售額表現良好。我們繼續展示透過我們的服務水準和對售後市場的關注在市場上獲得定價的能力，從而獲得 1% 的銷售收益。改造和新泳池建設的可自由支配支出的影響帶來了 2% 的阻力，但較第一季的 3% 有所改善。我們很高興看到歐洲取得了積極的成果和更好的前景趨勢。

Gross margins of 30% for the quarter remained strong. We continue to see our internal initiatives related to supply chain improvements, private label growth and effective pricing, enabling us to maintain margins even with lower building material product sales and impact from customer mix. We saw normalized second quarter seasonal margin benefit. We reported a 1% increase in operating expenses for the second quarter.

本季毛利率仍保持強勁，為 30%。我們繼續看到與供應鏈改進、自有品牌成長和有效定價相關的內部舉措，這使我們能夠在建築材料產品銷售下降和客戶組合影響的情況下保持利潤率。我們看到第二季季節性利潤率收益正常化。我們報告第二季的營運費用增加了 1%。

Through our earnings release date, we have now opened eight new locations since the same time last year, contributing around 1% to the expense increase with our disciplined operations offsetting other cost increase drivers. Our volume-related expenses for both compensation and freight remained very well managed. During the quarter, we were able to maintain expenses as a percentage of revenue of 14.7%. We realized operating income of $273 million, an improvement compared to $271 million in prior year. Interest expense of $12.2 million represented a reduction of $1.8 million, altogether generated diluted earnings per share of $5.17 compared to $4.99, which is up 4% from second quarter of last year.

截至我們的收益發布日期，自去年同期以來，我們已經開設了 8 家新門市，對費用成長貢獻了約 1%，但我們嚴謹的營運抵銷了其他成本增加因素。我們的賠償和運費等與數量相關的費用仍然得到很好的管理。本季度，我們能夠將支出佔收入的百分比維持在 14.7%。我們實現了 2.73 億美元的營業收入，與去年同期的 2.71 億美元相比有所提高。利息支出 1,220 萬美元，減少 180 萬美元，共每股攤薄收益 5.17 美元，去年同期為 4.99 美元，較去年第二季增長 4%。

Summarizing our second quarter results, we are pleased with the positive signs related to discretionary spend in the pool and outdoor living space, and our ability to utilize our technology tools to grow our private label chemical sales while leveraging our network to generate positive income over prior year.

總結我們第二季度的業績，我們對與游泳池和戶外生活空間的可自由支配支出相關的積極跡象感到滿意，並且我們能夠利用我們的技術工具來增加我們的自有品牌化學品銷售，同時利用我們的網絡創造比去年同期正收入。

Moving on to our balance sheet. We finished the quarter with inventory balances of $1.3 billion, which is up 3% from the prior year. This increase includes new product offerings and supply chain actions to stock our network location for the season. We expect that our inventory patterns for the rest of the year would follow a typical seasonal pattern with balances drawn down through the third quarter, which will position us to evaluate our needs for the 2026 season during the fall and winter early by offering.

繼續我們的資產負債表。本季末我們的庫存餘額為 13 億美元，比上年增長 3%。這一增長包括新產品的供應和供應鏈行動，以便為本季的網路位置提供庫存。我們預計，今年剩餘時間的庫存模式將遵循典型的季節性模式，餘額將在第三季度減少，這將使我們能夠在秋季和冬季初期透過提供庫存來評估我們對 2026 年季節的需求。

Inventory days on hand improved 1.5 days from prior year second quarter. Our 1.47 leverage ratio remains at the lower end of our targeted leverage range. In early July, we amended and extended our term loan facility to increase capacity, lengthen the maturity and obtain more favorable borrowing terms.

庫存天數較去年第二季改善了1.5天。我們的 1.47 槓桿率仍處於目標槓桿範圍的低端。7月初，我們修改並延長了定期貸款額度，以增加貸款額度、延長貸款期限並獲得更優惠的借貸條件。

Cash flow for the quarter remains in line with our annual expectation of achieving 90% to 100% of net income and cash flow from operations, weighted more heavily to the second half of the year from a cash generation standpoint.

本季的現金流符合我們的年度預期，即實現 90% 至 100% 的淨收入和經營現金流，從現金產生的角度來看，下半年的現金流佔比更大。

Consistent with first quarter 2025, we increased the pace at which we have completed share repurchases, purchasing $104 million during the quarter, an increase of $36 million in the prior year second quarter. Year-to-date, we have exceeded prior year repurchases by $76 million and have $516 million remaining under our share repurchase authorization.

與 2025 年第一季一致，我們加快了完成股票回購的速度，本季購買了 1.04 億美元，比去年同期第二季增加了 3,600 萬美元。年初至今，我們的回購額已超過去年同期 7,600 萬美元，且我們的股票回購授權金額仍為 5.16 億美元。

As we look out over the second half of the year, on our first quarter call, we referenced an expected future dated June equipment cost increase. With the changing tariff landscape, we do not actually see an increase in cost with a June effective date. However, there were some additional vendors over the initial group of 20 that did push through May effective price increases.

展望下半年，我們在第一季電話會議上提到，預計未來 6 月設備成本將會增加。隨著關稅情勢的變化，我們實際上並沒有看到六月生效後成本的增加。不過，除了最初的 20 家供應商之外，還有一些其他供應商確實推動了 5 月的有效價格上漲。

Sales for the full year now are expected to be relatively flat with last year, reflecting some pricing benefit from the April-May price increases, but no significant change in discretionary spending from current levels for the rest of the year. Although trends have improved throughout the year, based on the activity to date, we do not anticipate a pace that would provide a significant benefit to 2025.

目前預計全年銷售額將與去年基本持平，反映出 4 月至 5 月價格上漲帶來的一些價格優勢，但今年剩餘時間的可自由支配支出與當前水準相比不會發生顯著變化。儘管全年趨勢有所改善，但根據迄今為止的活動，我們預計這種改善速度不會為 2025 年帶來顯著的效益。

Gross margin rate is also expected to be in line with the prior year full year, which would represent an improvement after considering the nonrecurring positive import tax included in 2024. Execution on realization of tariff-driven price increases and supply chain improvements are net positive that are offsetting any impact from product and customer mix.

預計毛利率也將與去年全年持平，考慮到 2024 年的非經常性正進口稅，這將是一個改善。實現關稅驅動的價格上漲和供應鏈改善的執行是淨正面的，可以抵消產品和客戶組合的任何影響。

As you have come to expect from us, SG&A expenses will continue to reflect productivity to offset inflationary increases and be adjusted real time based on actual volumes at each sale center location. The year-over-year increases in the back half are expected to be higher than the current quarter, likely ranging from a 2% to 3% increase for the full year, an improvement from the 3% previously estimated and will include the cost spent on the new sales centers we will open this year.

正如您對我們的期望，銷售、一般和行政費用將繼續反映生產力以抵消通貨膨脹的成長，並根據每個銷售中心的實際銷售進行即時調整。預計下半年的同比增長將高於本季度，全年增幅可能在 2% 至 3% 之間，高於先前估計的 3%，並將包括我們今年將開設的新銷售中心的成本。

We do not have any significant changes to our expectations regarding interest expense and our estimated tax rate. We have included those ranges along with our forecasted share count as part of our quarterly earnings presentation posted to the website. The update on our interest expense range to be $46 million to $47 million, includes the incremental share repurchases we have done year-to-date.

我們對利息支出和估計稅率的預期沒有任何重大變化。我們已將這些範圍與預測的股票數量一起作為發佈到網站的季度收益報告的一部分。我們的利息支出範圍更新為 4,600 萬美元至 4,700 萬美元，其中包括我們今年迄今進行的增量股票回購。

Having completed our largest quarter of the year, we have updated our expected diluted EPS range to $10.80 to $11.30, including the $0.10 ASU tax benefit recognized year-to-date.

在完成了今年最大的一個季度後，我們已將預期稀釋每股收益範圍更新為 10.80 美元至 11.30 美元，其中包括今年迄今確認的 0.10 美元 ASU 稅收優惠。

We continue to focus on running a strong business through this period of higher interest rates and reduced consumer spending. Our actions on sales that support market share gains and on our gross margins holding up in a slower demand environment, suggest strong fundamentals that will support the business in discretionary growth returns. Our capital allocation, expense management and strategic actions remain focused on long-term profitability.

在利率上升和消費支出減少的時期，我們將繼續致力於強勁經營業務。我們的銷售措施支持了市場份額的成長，並且在需求放緩的環境下我們的毛利率保持不變，這表明強勁的基本面將支持業務的可自由支配的成長回報。我們的資本配置、費用管理和策略行動仍注重長期獲利能力。

Thanks, everyone, for listening in on today's call. We will now begin our Q&A session.

感謝大家收聽今天的電話會議。我們現在開始問答環節。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作員指示）高盛的蘇珊·馬克拉里 (Susan Maklari)。

My first question is, I wanted to get a better sense of how you're thinking about the full year. Appreciating Melanie's comments around some of the dynamics with tariffs and pricing and the implications that, that will have. But when you think about some of the momentum that you're seeing around some of the company-specific initiatives, how should we think about what that will add to the year, especially given the strength you saw in the second quarter relative to some of those incremental headwinds that may come through as you consider some of the moves in the operating environment and tariffs?

我的第一個問題是，我想更了解您對全年的看法。感謝梅蘭妮對關稅和定價動態及其影響的評論。但是，當您考慮到公司某些特定舉措所展現出的勢頭時，我們應該如何看待這些舉措將為今年帶來什麼，尤其是考慮到您在第二季度看到的相對於一些可能出現的增量阻力的強勁勢頭，考慮到經營環境和關稅方面的一些舉措？

Yes. Good question, Susan. I think the business is performing well with a lot of uncertainty in the market. I think one of the shining stars is the fact that the maintenance and repair business of the growing installed base is still very resilient. So that's good. People still love their pools. People have to repair their pools. That is continuing as we talked about.

是的。問得好，蘇珊。我認為，儘管市場存在許多不確定性，但業務表現良好。我認為其中一個亮點是，不斷增長的安裝基數的維護和維修業務仍然非常有彈性。這很好。人們仍然熱愛游泳池。人們必須修復他們的游泳池。正如我們討論的那樣，這仍在繼續。

I would say that the renovation business is different than it was a few years ago. As I mentioned in my comments, we feel like many of the larger renovation projects are being broken up in the phases to make them more digestible. And I think that trend is going to continue for the balance of the year as long as there's no interest rate relief.

我想說的是，現在的裝修業務與幾年前已經不一樣了。正如我在評論中提到的，我們覺得許多大型改造項目正在分階段進行，以使其更易於消化。我認為，只要不降低利率，這一趨勢就將在今年年底前持續下去。

I believe that in the -- on the construction side, the larger builders are the ones that are winning in this environment. And more specifically, it's larger builders in the highly desirable areas, right? So the southern cities that are still doing well.

我相信，在建築方面，規模較大的建築商才是這種環境的贏家。更具體地說，它們是位於熱門地區的大型建築商，對嗎？南部城市依然表現良好。

So from where we are spending our time and effort, we've invested in the NPT centers in the areas where we do see new pool construction growing. We have refreshed our product offering there. We have invested, as you know, with developing our private label chemical brands and are -- we're seeing great traction in those areas. And again, that just ties into the maintenance business, and making sure that we are the preferred brand. Our technology is getting good reviews, and we're seeing a nice increase in adoption.

因此，從我們投入的時間和精力來看，我們在新泳池建設不斷增長的地區投資了 NPT 中心。我們已經更新了那裡提供的產品。如您所知，我們已經投資開發我們的自有品牌化學品牌，並且我們在這些領域看到了巨大的發展勢頭。再說一次，這與維護業務息息相關，並確保我們是首選品牌。我們的技術得到了良好的評價，採用率正在顯著增長。

And for context, remember, we never said that it was going to rocket straight up. We are looking for consistent progressive growth in our -- the adoption of our tools, and we are certainly seeing that. The feedback on the tools has been good. We continue to invest in those tools to improve the overall customer experience. And I think that's what's driving further adoption.

就上下文而言，請記住，我們從來沒有說過它會直線上升。我們正在尋求我們的工具採用率的持續進步增長，而且我們確實看到了這一點。這些工具的回饋很好。我們將繼續投資這些工具以改善整體客戶體驗。我認為這就是推動進一步採用的因素。

And I guess lastly, we continue to open locations in areas that we see continued growth, both short term and long term. We look at markets like Texas, for instance. And in our commentary, we said that construction in Texas has been under pressure, is down, but our view on that is that that's really tied to the greater Texas housing market, which appears to be a little bit overbuilt. Existing inventory continues to climb, so I think this is a short-term problem for Texas. But long term, we believe Texas is a great pool market for us now and in the future, it will be too. So we continue to invest in those markets.

最後，我想我們會繼續在我們看到持續成長的地區開設分店，無論是短期還是長期。例如，我們關注德克薩斯州這樣的市場。在我們的評論中，我們說德克薩斯州的建築業一直面臨壓力，處於下滑狀態，但我們認為，這實際上與德克薩斯州更大的房地產市場有關，該市場似乎有點過度建設。現有庫存持續攀升，所以我認為這對德州來說是一個短期問題。但從長遠來看，我們相信德州現在對我們來說是一個很好的泳池市場，而且將來也將如此。因此我們繼續投資這些市場。

So some of our investments are paying off short term. Certainly, our focus on capacity expansion or capacity creation and our focus on customer experience, which is allowing us to win at the dealer level. I think making sure that our value proposition for the customer is unmatched is helping us win at the dealer level. I think our demand creation activities from a marketing perspective, again, are helping us win at the dealer level.

因此，我們的一些投資在短期內獲得了回報。當然，我們專注於產能擴張或產能創造，也專注於客戶體驗，這使我們在經銷商層面取得了勝利。我認為確保我們為客戶提供的價值主張是無與倫比的，有助於我們在經銷商層面取得成功。我認為，從行銷角度來看，我們的需求創造活動再次幫助我們在經銷商層面取得成功。

So I think the company is -- given the current environment and where we have -- where we've placed our investments, as those that I've mentioned and perhaps the investments that we've made in improving our supply chain team and investments in our commercial team, those are all highlighted in our results and are helping drive POOLCORP.

因此我認為，考慮到當前的環境和我們所處的位置，我們的投資方向，正如我所提到的，以及我們在改善供應鏈團隊和商業團隊方面所做的投資，都在我們的業績中得到了突出體現，並有助於推動 POOLCORP 的發展。

Okay. That's great color. And then maybe following up, when you do think about the pricing that has been passed through to the market this year relative to some of those headwinds that you mentioned around consumers breaking down renovation projects and those types of things. I mean how are you thinking about the elasticity of demand in the industry? Do you think that some of your suppliers are thinking more about price versus volume as they consider the outlook for the macro? And how maybe they'll be approaching that going forward?

好的。顏色真棒。然後也許接下來，當您考慮今年傳遞給市場的定價相對於您提到的消費者分解裝修項目和諸如此類的事情的一些不利因素時。我的意思是您如何看待該行業的需求彈性？您是否認為，您的一些供應商在考慮宏觀前景時，更多地考慮價格而不是數量？他們未來可能會如何處理這個問題？

I think it falls into two categories, Susan. I think that a portion of our sales of all products are discretionary and a portion of them are nondiscretionary. So I think as it relates to price, and price going up on equipment, I would tell you that if it's a -- if your pump has failed, whether your pump is 10% more or 5% more or 2% more than it was last year, I really think it's irrelevant. You have to replace the pump.

我認為它分為兩類，蘇珊。我認為我們所有產品的銷售中，有一部分是可自由支配的，一部分是不可自由支配的。因此，我認為，就價格和設備價格上漲而言，我會告訴你，如果你的泵出現故障，無論你的泵比去年多 10% 還是 5% 還是 2%，我真的認為這無關緊要。您必須更換幫浦。

I would tell you that we do see -- our dealers are reporting that some consumers are opting to fix pumps and repair pumps. So if we look at our parts sales, for instance, our parts sales are outpacing total sales growth in almost every market. So I think that there are some trade-offs being made with, well, can I fix it versus replace it. So I think in nondiscretionary areas, I don't really think the pricing is having an impact on whether it gets repaired or replaced, although sometimes people are opting to have it replaced if the repair cost is too high.

我想告訴你，我們確實看到了——我們的經銷商報告說，一些消費者選擇修理幫浦和維修幫浦。例如，如果我們看一下我們的零件銷售情況，就會發現我們的零件銷售成長速度幾乎超過了每個市場的總銷售成長速度。所以我認為需要做出一些權衡，我可以修復它還是更換它。因此，我認為在非自由支配領域，我並不認為定價會對維修或更換產生影響，儘管有時如果維修成本太高，人們會選擇更換。

I also think that there's some things on a pool pad, for instance, whether you're talking about if the heater is bad, and it's June, something like that can be deferred to later in the year when you need the heater. So again, that would fall into the discretionary area and certainly, new construction is discretionary. But when I look at the price of material as it relates to new pool construction, so even if the pad is up 5%, 6%, 10%, depending on what you have given that you're talking about a $15,000, $16,000 line item in a project, average pools now are $85,000 to $90,000. If the pool pad was $1,000 more or $1,000 less, I don't know that that causes the consumer to opt in or opt out as a result of that. So I think -- it's a long answer to your question, but I think it really depends on the circumstance, and how the consumers are navigating that.

我還認為，泳池墊上還有一些事情，例如，您是否在談論加熱器是否壞了，現在是六月份，這樣的事情可以推遲到今年晚些時候需要加熱器的時候。因此，這又屬於自由裁量權範圍，而且新建築當然是自由裁量的。但是當我查看與新泳池建設相關的材料價格時，即使墊料上漲了 5%、6%、10%，根據您所討論的項目中 15,000 美元、16,000 美元的項目，現在的平均泳池價格為 85,000 美元到 90,000 美元。如果泳池墊的價格多 1,000 美元或少 1,000 美元，我不知道這是否會導致消費者選擇加入或退出。所以我認為——對你的問題來說這是一個很長的答案，但我認為這實際上取決於具體情況，以及消費者如何應對這種情況。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Pete, just a first question on the outlook. What's the bottom line on why you lowered EPS guidance for the year? Is it that the first half was just a little bit below what you thought, or is it something else?

皮特，第一個問題是關於前景的。您下調今年每股盈餘預期的根本原因是什麼？是前半部比你想像的要差一點點，還是有其他原因？

No. It's really -- I think the first half, we had anticipated that there would be some interest rate cuts which didn't happen in the first half. And at this point, I have my doubts whether they happen in the second half at all. And if they do, whether in time to really kind of impact demand in the second half. So we just -- the adjustment was relatively minor that we made. I think that the maintenance business is good. The installed base is in great shape, whether at this part of the season, you could see the weather maps just like I have, it's very hot, and that's good for our business.

不。確實如此——我認為，我們預計上半年會出現一些降息，但這並沒有發生。而現在，我懷疑這些是否會發生在下半場。如果他們這樣做，是否會對下半年的需求產生真正的影響。所以我們只是——我們所做的調整相對較小。我認為維護業務很好。安裝基礎狀況良好，無論在這個季節的這個時候，你都可以像我一樣看到天氣圖，天氣非常熱，這對我們的業務有利。

But I think it's really looking at the outlook on new pool construction and saying without an interest rate cut, that will address the greater housing market. I think it would be tough to say that we believe that new pool construction is going to rebound this year. And if without new pool construction rebounding, even with a little bit of price working its way into the industry, those two things are going to offset.

但我認為這實際上是在關注新游泳池建設的前景，並且表示如果不降息，這將解決更大的房地產市場問題。我認為我們很難相信今年新泳池建設將會反彈。如果新泳池建設沒有反彈，即使價格稍微上漲，這兩件事也將被抵消。

Yes. I agree with that. Okay. That's helpful. And then my second question on gross margin. I was happy to see the 2Q and even the first half results, pretty good in a tough market. I guess my question is on the first quarter call, you talked about more price competition. Has this abated as you've gotten to the need of the season?

是的。我同意這一點。好的。這很有幫助。我的第二個問題是關於毛利率。我很高興看到第二季甚至上半年的業績在艱難的市場環境下表現相當不錯。我想我的問題是在第一季的電話會議上，您談到了更多的價格競爭。隨著您滿足了季節的需求，這種情況是否有所減輕？

Yes. If you remember, we talked about it, we said it's always more pronounced in the first quarter because of the timing of early by payments, and it's a smaller quarter. So from our perspective at this point, I don't really see anything new going on in that area. So I mean, we still -- we called out in our commentary, we still have seen some deflation on some of the chemicals. But by and large, I would say, I would classify competitive activity as nothing out of the norm.

是的。如果您還記得的話，我們討論過這個問題，我們說由於提前付款的時間，這種情況在第一季度總是更加明顯，而且第一季度的規模較小。因此從我們目前的角度來看，我並沒有看到該領域發生任何新的事情。所以我的意思是，我們仍然——我們在評論中指出，我們仍然看到一些化學品的價格下跌。但總的來說，我認為競爭活動並沒有什麼不正常的。

David Manthey, Baird.

大衛‧曼西，貝爾德。

Pete, just to follow on your comment on rates. I'm just wondering, are you referring to a cut in the Fed funds rate somehow impacting mortgage rates in the housing market in general. And then second, as it relates to that, the monthly payment buyer down here in Tampa, Florida, the minimum you pay for a pool of $60,000, which is higher than the industry average was back in 2021. So I'm wondering, given the pool content and general inflation we're seeing, is there even an interest rate that pulls that monthly payment buyer back in? So two-part question on rates.

皮特，我只是想關註一下你對利率的評論。我只是想知道，您指的是聯邦基金利率的降低是否會對整個房地產市場的抵押貸款利率產生某種影響。其次，與此相關的是，對於佛羅裡達州坦帕市的按月付款買家來說，最低支付金額為 60,000 美元，這高於 2021 年的行業平均水平。所以我想知道，考慮到我們所看到的資金池內容和整體通貨膨脹，是否存在一個可以吸引按月付款買家的利率？關於利率的問題分為兩部分。

I think there's a couple of things, Dave. I think the interest rate is -- has to do with housing turnover, right? Not so there's people that are in their home. I'm not moving, but I need to borrow money to buy the home. But at the elevated rate -- good news is my home equity is high. Bad news is the access at home equity is very expensive. I think if the Fed cuts rates and that works its way through the lending community all the way through mortgages for the family that isn't moving, it will have some impact on them, although I don't know that it would be a tremendous amount, as you mentioned.

我認為有幾件事，戴夫。我認為利率與房屋週轉率有關，對嗎？但事實並非如此，他們的家裡有人。我不會搬家，但我需要藉錢買房子。但在利率上升的情況下——好消息是我的房屋淨值很高。壞消息是，獲得房屋淨值的成本非常高。我認為，如果聯準會降低利率，而這項舉措對借貸產業產生影響，並影響到那些沒有搬家的家庭的抵押貸款，那麼就會對他們產生一定的影響，儘管我不知道這一影響會是巨大的，正如你所提到的。

I do think the bigger impact is housing turnover because we see a lot of activity as it relates to housing turnover, and I think there's people sitting on a lot of equity in their homes that if they could access that as part of a house transaction, if you will, to move to that bigger forever house where they want to build a house, I think that's where we'll see it.

我確實認為更大的影響是住房週轉率，因為我們看到很多與住房週轉率相關的活動，我認為有些人在他們的房屋中坐擁大量資產，如果他們能夠將其作為房屋交易的一部分來使用，那麼，如果你願意的話，就可以搬到更大的永久住宅，在那裡建造一所房子，我想這就是我們將看到的。

Got it. Okay. And then to follow on to Ryan's question as it relates to the outlook. In the past, I know you've said that once you sort of get past the midpoint of the third quarter and into the fourth quarter, the discretionary portion of your sales can have a greater impact on the overall. But as we look at the report here, you said that you saw an upturn at the end of June, you were encouraged by July trends and yet the guidance went lower. I'm just -- is it the expectation for second half growth in new and R&R, what's lower today versus 90 days ago, or was there something else in there?

知道了。好的。然後繼續回答 Ryan 關於前景的問題。我知道您過去曾說過，一旦過了第三季度中期，進入第四季度，銷售額中可自由支配的部分就會對整體產生更大的影響。但是，當我們查看這裡的報告時，您說您在 6 月底看到了好轉，您對 7 月的趨勢感到鼓舞，但預期卻下降了。我只是想知道——這是對下半年新產品和 R&R 成長的預期嗎？與 90 天前相比，今天有什麼降低嗎？還是還有其他原因？

Yes. I think it's -- I think that's exactly right, Dave. It's the expectation on new. I don't really see any improvement -- material improvement, if you will, in permit data that would suggest the back half of the year that new construction and large rental projects are going to increase. So I think we're looking at, okay, here's the trends we had for the first six months of the year and those don't really look like they're changing all that much on a month-over-month basis. But the rest of the business, the maintenance portion of the business is doing quite well. So I just don't see enough I don't see enough in the near term to suggest that new pool construction is going to improve materially. So that's why we made the small adjustment.

是的。我認為這是——我認為這是完全正確的，戴夫。這是對新事物的期待。我確實沒有看到任何改善——如果你願意的話，許可數據中的實質改善表明今年下半年新建築和大型租賃項目將會增加。所以我認為我們正在看，好吧，這是我們今年前六個月的趨勢，這些趨勢看起來並沒有在月環比上發生太大變化。但其餘業務，即業務的維護部分做得相當好。因此，我認為短期內新泳池建設不會有實質的改善。這就是我們做出這一小調整的原因。

Trey Grooms, Stephens.

特雷格魯姆斯、史蒂芬斯。

Pete, could you talk about any inventory benefits to the margin in the second quarter? You have supply chain as a benefit in the bridge there, but any more color around that? And then also, as you kind of think about the puts and takes on the gross margin for the balance of the year, either Pete or Melanie, sorry.

皮特，你能談談第二季庫存對利潤率有何影響嗎？你們的橋樑具有供應鏈優勢，但是對此還有什麼其他解釋嗎？然後，還有，當您考慮今年餘額的毛利率時，無論是 Pete 還是 Melanie，抱歉。

Yes. So as it relates to the current quarter, the supply chain benefits are made up of a combination of multiple things that we're working on from a process standpoint and initiatives that we're doing. So we're continuing the throughput that we're getting from our CSLs that helped to lower our overall product cost. We're actually continuing some improvement as well on our freight activity there. So those are helping our product cost.

是的。因此，就本季而言，供應鏈優勢是由我們從流程角度進行的多項工作和我們正在採取的舉措組合而成的。因此，我們將繼續利用 CSL 所獲得的吞吐量來降低我們的整體產品成本。事實上，我們也持續改善那裡的貨運活動。所以這些都有助於降低我們的產品成本。

When we look at the incremental margins that we're getting on our private label products, those are also helping us. And then we did get some minor benefit, which would be a little bit more pronounced as we move forward for the rest of the year. From the price increases that went into effect late in the quarter. So as we look out for the balance of the year, we'll see a little bit of margin benefit from some of those incremental prices in the third and fourth quarter. And then we'll also see a little bit of improvement from the year-over-year change in the building materials as that started to moderate when you compare it to prior years.

當我們看到自有品牌產品所獲得的增量利潤時，這些利潤也正在幫助我們。然後我們確實獲得了一些小小的好處，隨著我們在今年剩餘時間的推進，這種好處會更加明顯。從本季末開始生效的價格上漲開始。因此，當我們展望今年的平衡時，我們會看到第三季和第四季的部分增量價格將帶來一些利潤收益。然後，我們也會看到建築材料的年比變化有所改善，與前幾年相比，這種變化開始緩和。

Got it. Okay. All right. That's helpful. And just to kind of circle back on the discretionary piece. It sounded like in the press release that there was some improving trends in discretionary. There was some mention of maybe some year-over-year increase there. But is it -- and I think from some of the slides, it implies that volume, I believe, is the way to think about it is volume is still down there, but you're getting some benefit from pricing that's maybe slightly more than offsetting that. Is that the right way to kind of bridge that commentary around discretionary?

知道了。好的。好的。這很有幫助。再回到自由裁量權部分。新聞稿中似乎說自由裁量權方面出現了一些改善趨勢。其中提到可能會出現年增長。但事實是——我認為從一些幻燈片來看，它暗示了交易量，我認為，思考它的方式是交易量仍然較低，但你從定價中獲得的一些好處可能略高於抵消這一點的好處。這是解決有關自由裁量權的評論的正確方法嗎？

Yes. So the improving trend was -- is really more sequential versus we're not seeing any net positive on the trends on Building Materials. But even when you look at permits, they're moderating from a decline year-over-year. So they are improving throughout the year. And then our actual building materials sales activity is showing much better results than that. So when you looked at Building Materials specifically, we were down about 5% quarter-over-quarter in the first quarter, and that improved to 1% in the second quarter. The pricing impact on building materials is not significant. So they just saw kind of more normalized 1% to 2% as it relates to inflationary pricing benefits.

是的。因此，改善趨勢實際上更具連續性，而我們並未看到建築材料趨勢有任何淨正面變化。但即使從許可證數量來看，其數量也呈現逐年下降的趨勢。所以他們全年都在進步。而我們的實際建築材料銷售活動卻顯示出比這更好的結果。因此，當你具體看建築材料時，我們在第一季環比下降了約 5%，而在第二季度則改善到了 1%。此次定價對建築材料的影響並不顯著。因此，他們只是看到了與通膨定價效益相關的更正常化的 1% 到 2%。

Andrew Carter, Stifel.

安德魯卡特（Stifel）。

What I wanted to ask is just stepping back on the questions around new construction. You've talked about the rates on one side and the hope of kind of lower rates to get existing home sales moving. But I guess, with where we are now with dealer capacity and obviously the dealer profit pool, I would argue is likely meaningfully expanded from 2019. Do you think they will actually turn their attention to try to grow volumes that's kind of supportive of the mid -- of kind of the mid- to high single digit for your algorithm? Or better said, I guess just step back from all of it, do you think mid-single digit to high single-digit construction is still possible with where pool costs are and where dealer capacity is today?

我想問的只是關於新建築的問題。一方面，您談到了利率，並希望透過降低利率來推動現有房屋銷售。但我想，考慮到我們目前的經銷商產能以及經銷商利潤池，我認為從 2019 年開始可能會有顯著擴大。您是否認為他們實際上會將注意力轉向嘗試增加支援中等規模的交易量——或者某種程度上支持您演算法的中高個位數的交易量？或者更確切地說，我想退一步來看，您是否認為在目前的泳池成本和經銷商產能的情況下，中個位數到高個位數的建設仍然可行？

Very interesting question. And I would say the answer is, I think it really depends on the dealer. I think we have some dealers that are trying to find a way to make the price of a pool more affordable. At the same time, if you survey the dealers, they would tell you that their SG&A, their operating costs, their labor costs, insurance, taxes fuel, everything is also up. So I think there is a -- I think there's -- there are some folks that are looking at it differently. There are some folks that say, like some of our dealers, Andrew, are actually doing quite well. So like the folks, again, that concentrate at the high end, that business, as we've said, it sounds like we repeated every call, but that business is good, was good and the outlook is still strong. It's really at the lower end.

非常有趣的問題。我想說的答案是，我認為這真的取決於經銷商。我認為我們的一些經銷商正在想辦法讓游泳池的價格更實惠。同時，如果你對經銷商進行調查，他們會告訴你，他們的銷售、一般及行政費用、營運成本、勞動成本、保險、稅費、燃油費等所有費用也都在上漲。所以我認為——我認為——有些人對此有不同的看法。有些人說，就像我們的一些經銷商安德魯一樣，實際上做得很好。因此，就像那些專注於高端業務的人一樣，正如我們所說的那樣，聽起來我們重複了每一個電話，但業務很好，前景仍然強勁。這確實處於較低水平。

And I don't know that you'll see a material drop in the basic cost of a pool. What I will say is, keep in mind that the average price of a pool has come up is much from mix as anything else. I mean, as Dave mentioned, the basic price for a small pool in Florida is still around $60,000. In other parts of the country, you can get an entry-level pool for that or a little bit less. The average is pulled up because of the current mix. And the reason for that is more about financing, the associated financing costs at the lower end where they're much more highly leveraged versus the cash buyer at the upper end.

我不知道游泳池的基本成本是否會出現實質的下降。我想說的是，請記住，游泳池的平均價格已經上漲了很多，與其他任何東西一樣。我的意思是，正如戴夫所提到的，佛羅裡達州一個小型游泳池的基本價格仍然在 60,000 美元左右。在該國其他地區，您可以以相同或更低的價格獲得入門級游泳池。由於目前的混合，平均值被拉高。原因更多在於融資，低端買家的相關融資成本比高端買家的槓桿率高得多。

Second question I would ask, with all the kind of tariffs kind of impact on supply chains and second order effect, have you seen anywhere out there where there's any tightness on products? I know you're domestic maybe tightness that would hit the lower end guys and might as well while I'm on the topic, anything on the labor front that you've seen out there, obviously, from your contractors, customers, but anything you would obviously -- that would be second order to you guys.

我想問的第二個問題是，各種關稅對供應鏈的影響和二階效應，您是否看過任何地方出現產品緊張的情況？我知道你們國內的緊張局勢可能會對低端企業造成打擊，當我談到這個話題時，你們在勞動力方面看到的任何事情，顯然來自你們的承包商、客戶，但任何你們顯然會做的事情——這對你們來說都是次要的。

Yes. I -- we talk to our dealers. We don't get the sense that there's a labor problem. I think everybody has enough labor to do the work that there is today. As far as your other question on second order effect on tariffs, I'm not quite sure I understand that. Maybe you could expand a little bit, so I make sure I answer the right question.

是的。我—我們與我們的經銷商交談。我們沒有感覺到有勞工問題。我認為每個人都有足夠的勞動力來完成今天的工作。至於您關於關稅的二階效應的另一個問題，我不太確定我是否理解了。也許你可以稍微擴充一下，這樣我就能確保回答正確的問題。

Yes, I apologize. I meant more on the -- any kind of product shortage you're seeing. I know that you source domestically, but just the supply chain whips and stalls, if that's -- if that hits you.

是的，我很抱歉。我的意思更多的是——您所看到的任何一種產品短缺。我知道你們在國內採購，但供應鏈卻出現停滯，如果這影響到你們的話。

Yes, nothing out of the ordinary. In any given year, there will be an issue with something, but there's nothing that we can point to that says that, hey, there's a shortage of this material or that material that's affecting everybody. I would say supply chains are generally in very good shape.

是的，沒什麼異常。在任何一年中，都會出現一些問題，但我們無法指出任何跡象表明，這種材料或那種材料的短缺影響了每個人。我想說供應鏈整體狀況非常好。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

I'm curious, you guys mentioned in the -- in inventory. It's a little bit higher year-over-year. You mentioned ensuring customers have good access. But the first list was expanding product offering. I'm just curious if there's anything we should read into there, if you could elaborate on what that is? And then I have a follow-up.

我很好奇，你們提到了——庫存。與去年同期相比，這一數字略有上升。您提到要確保客戶能夠順利訪問。但第一份清單正在擴大產品供應。我只是好奇我們是否應該閱讀一些內容，您能詳細說明一下嗎？然後我有一個後續問題。

Yes. There's really nothing to read into that. Every year, manufacturers introduce new products into the market, and we have to make sure that we have those products available for sale as the sales development efforts are underway. So nothing really to read into that. And what I would also say is not -- we have really no concern on our end as to the inventory balances. We're actually very, very good at managing inventory. So we'll be exactly where we need to be at year-end.

是的。這實在沒什麼好解讀的。每年，製造商都會向市場推出新產品，我們必須確保在銷售開發工作正在進行時有這些產品可供銷售。因此，其實沒什麼好解讀的。我想說的是——我們真的不擔心庫存餘額。我們實際上非常擅長管理庫存。因此，到年底時我們就會達到所需的目標。

All right. And then as a follow-up, I guess, Melanie, probably more for you. Recent passage of the One Big Beautiful Bill. Is it -- might that have a favorable impact on your cash flow? Have you assessed where that might impact you is the primary question. And then, I guess, maybe either one of you, do you think it could have a derivative impact on your consumers? And could you possibly see it as soon as this year, potentially perception of tax benefit individually assisting in discretionary spending?

好的。然後作為後續，我想，梅蘭妮，可能對你來說還有更多。《一個大美麗法案》最近獲得通過。這是否會對您的現金流產生有利影響？您是否評估過這會對您產生什麼影響，這是首要問題。那麼，我想，也許你們中的任何一個人，都認為這會對你們的消費者產生衍生影響嗎？您是否有可能在今年就看到這一點，有可能認為稅收優惠有助於個人自由支配的支出？

Yes. So from the company standpoint, our tax team has done a very detailed analysis, and now you're prepping me from my answer to the Board next week. But we see it as some slight benefit. There's a couple of things on the international side that really won't have a material impact on our tax rate overall. But the biggest thing that we expect to see as a benefit is the change in the accelerated depreciation. So that will, for us, be a positive as it relates to -- at the cash flows on the tax side. On the homeowners, I don't know that we'll be able to see any type of quick reaction on that. Most people, I would suspect, are still kind of digesting the impacts, and we really haven't seen any significant changes in consumer confidence or spending of discretionary income at this point.

是的。因此，從公司的角度來看，我們的稅務團隊已經做了非常詳細的分析，現在您正在為我準備下週向董事會提交的答案。但我們認為這還是有點好處的。國際方面有幾件事實際上不會對我們的整體稅率產生實質影響。但我們期望看到的最大好處是加速折舊的變化。因此，對我們來說，這將是一件積極的事情，因為它與稅收方面的現金流有關。對於房主來說，我不知道我們是否能夠看到任何形式的快速反應。我想，大多數人仍然在消化這些影響，目前我們還沒有看到消費者信心或可自由支配收入支出發生任何重大變化。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

I wanted to touch on chemicals and dig deeper on pricing. So it sounds like the price backdrop in chems is still negative just based on the commentary, but it also sounds like you're not seeing a change or a deterioration, I should say, in the competitive backdrop. So if things are not getting more competitive. I guess the question is kind of why is pricing still negative here?

我想談談化學物質並深入探討定價問題。因此，僅從評論來看，化學品的價格背景似乎仍然是負面的，但聽起來你並沒有看到競爭背景發生變化或惡化。所以如果事情沒有變得更具競爭力的話。我想問題是為什麼這裡的價格還是負值？

Sam, that's a really good question. As we look at the market, there isn't a macro backdrop that says that there should be -- that we should see deflation on chems. We're in the heat of the season. Demand is good. I think -- what I would tell you -- here's the way I would characterize it is, there was pressure earlier in the year. Now there is -- things really haven't changed. So I don't think things are getting any worse. I think from a chemical perspective, prices are not much different than we saw earlier in the year. But I can't give you a scenario that says, hey, I think there's a backdrop that's going to lead to a decline -- a further decline in chemical pricing.

山姆，這真是一個好問題。當我們觀察市場時，並沒有宏觀背景表明我們應該看到化學品通貨緊縮。我們正處於最熱的季節。需求良好。我想——我想告訴你——我會這樣描述，今年早些時候就存在壓力。現在情況確實沒有改變。所以我不認為情況會變得更糟。我認為從化學品角度來看，價格與今年稍早相比沒有太大差別。但我無法給你一個場景說，嘿，我認為有一個背景會導致化學品價格進一步下跌。

No, that's helpful, Pete. I appreciate it. And then maybe just touching on Q2 sales in the context of some of the tariff noise during the quarter. And just want to maybe put a finer point. Did any of your customers as best you can tell, pull forward demand ahead of tariffs. If there was any demand pull forward, what would be the implications on Q3 in that scenario? Just any help on that would be appreciated.

不，這很有幫助，皮特。我很感激。然後也許只是在本季的一些關稅噪音背景下談到第二季的銷售情況。我只是想提出一個更細微的觀點。據您所知，您的任何客戶是否將需求提前於關稅？如果有任何需求提前，那麼在這種情況下對第三季會有什麼影響？任何幫助都將不勝感激。

Yes. No, I can't tell you that we really saw any material pull forward. Remember, so much of our business is pickup business every day. 70% of our business takes place at the counter, our transactions, if you will, take place to the counter and pickup. So I don't know that anybody -- we didn't see any material change in buying patterns. So I don't expect there to be a whipsaw into third or fourth quarter as a result of that. We would characterize buying patterns as normal for in-season.

是的。不，我不能告訴你我們確實看到了任何物質的進步。請記住，我們每天的大部分業務都是提貨業務。 70％ 的業務發生在櫃檯，我們的交易發生在櫃檯和提貨處。所以我不知道任何人——我們沒有看到購買模式有任何實質變化。因此，我預計第三季或第四季不會大幅波動。我們認為購買模式屬於季節性正常現象。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

First, just hoping you can review the gross margin bridge in a little bit more detail for the back half of the year, just as far as the puts and takes go with respect to the supply chain, the pricing, the mix that you outlined in the slide deck. I'm just wondering which of these categories are getting more favorable to get to gross margin growth in the second half?

首先，希望您能更詳細地回顧一下下半年的毛利率情況，包括您在投影片中概述的供應鏈、定價和組合方面的收益。我只是想知道這些類別中哪些更有利於實現下半年的毛利率成長？

Yes. So as we look at the second half, we'll see pricing will be a little bit more favorable. And we would expect that product mix, although it would still be a negative year-over-year when you're looking at individual quarters, it's trending more positive. So it will be a little bit less negative on the product mix side.

是的。因此，當我們展望下半年時，我們會看到定價會更優惠。我們預計，儘管從各季度來看，產品組合年比仍會出現負成長，但趨勢會更加正面。因此，從產品組合方面來看，負面影響會比較小。

Okay. That's helpful. And a smaller part of your business, but the improvement in Europe was notable. Wondering how much of that is improvement in the underlying market? Or I know the continent have a bit of a heat wave, especially in June. I was wondering if maybe that was a big driver of the growth there.

好的。這很有幫助。雖然這只佔你們業務的一小部分，但歐洲的改善卻十分顯著。想知道其中有多少是基礎市場的改善嗎？或者我知道非洲大陸有點熱浪，特別是在六月。我想知道這是否是那裡增長的一大推動力。

Yes. I think that, as I mentioned, it's really -- if I look at Europe, obviously, our largest market in Europe is France. France had -- France didn't help a lot. So France was down slightly for the quarter, even though Europe, the more southern countries in Europe are the ones that we're leading the charge. I would tell you that I think the weather is good, and it appears that there's a little more stability over there. So I was over there last quarter, and I came away more encouraged at the outlook for Europe, which has been a -- they've been in a tough spot for a few years. But the team appears to be more optimistic, and we're seeing it on the sales line, so we're encouraged.

是的。我認為，正如我所提到的，如果我看看歐洲，顯然我們在歐洲最大的市場是法國。法國——法國並沒有提供太多幫助。儘管歐洲（歐洲南部國家）是我們領先的國家，但本季法國的銷量略有下降。我想告訴你，我認為天氣很好，而且那邊的情況似乎更穩定。所以我上個季度去了那裡，我對歐洲的前景感到更加鼓舞，歐洲已經——幾年來一直處於困境之中。但團隊似乎更加樂觀，我們在銷售線上也看到了這一點，所以我們感到鼓舞。

Collin Verron, Deutsche Bank.

德意志銀行的科林‧維隆 (Collin Verron)。

In your prepared remarks, you provided some high-level commentary, but can you just provide any more color or put some numbers around how demand trended by month, and how things are tracking thus far in July? Just trying to understand if underlying demand, excluding some of those weather impacts accelerated throughout the quarter and as we exited June and if volumes could inflect positively at some point in '25 just with the discretionary end market decline shrinking.

在您準備好的發言中，您提供了一些高水準的評論，但您能否提供更多細節或一些數字來說明每月的需求趨勢以及 7 月迄今為止的情況如何？只是想了解，排除部分天氣影響後，潛在需求是否會在整個季度加速，以及在 6 月結束時，隨著可自由支配的終端市場跌幅縮小，交易量是否會在 25 年的某個時候出現積極變化。

Yes. I think we attempted to kind of frame that up as follows. Early in the quarter, the markets, April and May were stronger than the beginning of June. June is the biggest month of the year, is always going to be, May or June. So in the beginning of June, we saw a bit of a -- I wouldn't characterize it as a huge slowdown, but it wasn't as positive as it was earlier in the quarter for a couple of weeks. And then on the back half of June, things picked up again. And I would say that those trends have carried out into July. So we are encouraged at the near-term outlook.

是的。我認為我們嘗試將其構建如下。本季初，4 月和 5 月的市場表現強於 6 月初。六月是一年中最重要的月份，永遠是五月或六月。因此，在六月初，我們看到了一些——我不會將其描述為巨大的放緩，但它並不像本季度初的幾週那樣積極。到了六月下半月，情況又開始好轉。我想說這些趨勢已經持續到七月了。因此，我們對近期前景感到鼓舞。

Okay. Understood. And then just on the pricing dynamics, I understand that one of the manufacturers walked back some of a second price increase here, but I think another large manufacturer out publicly saying that they might be looking to take further price in the market later this year. So can you just talk about what you're seeing and hearing maybe about second half price increase as term suppliers, and what's baked into your guidance currently?

好的。明白了。然後就定價動態而言，據我了解，其中一家製造商已經放棄了第二次提價，但我認為另一家大型製造商公開表示，他們可能會在今年晚些時候尋求在市場上進一步降價。那麼，您能否談談作為長期供應商，您所看到和聽到的有關下半年價格上漲的情況，以及您目前的指導意見中包含了哪些內容？

Yes. I don't think we're going to see any increases aside from the normal increase that the manufacturers are going to put in at the end of the year. There was some contemplation about another in-season increase prior to the prebuy or early by and pricing for next year. That seemed to have abated. But now we're looking at -- we're starting to receive increases -- increased letters for the upcoming season. They'll take effect depending on the manufacturer sometime either in September or October, and those are contemplated in our guidance, what we know of now.

是的。我認為，除了製造商在年底的正常成長之外，我們不會看到任何成長。在預購前或明年早期定價之前，有人考慮再次進行季內漲價。但這種情況似乎已經有所緩解。但現在我們看到——我們開始收到增加的——關於即將到來的季節的信件數量有所增加。它們將根據製造商的不同在九月或十月的某個時候生效，這些都在我們的指導中有所考慮，這是我們目前所知道的。

Shaun Calnan, Bank of America.

美國銀行的肖恩卡爾南 (Shaun Calnan)。

Just first, on the 2% to 3% net price you realized outside of commodities. It looks like the manufacturers were realizing like more mid-single digits. So can you just break out what's included in commodities versus that other 2% to 3% bucket? Is that just equipment and you guys are kind of getting squeezed a little on price there? Or are there other things we should be thinking about that are included?

首先，關於您在商品之外實現的 2% 到 3% 的淨價。看起來製造商們正在實現更多中等個位數的成長。那麼，您能否列出商品中包含的內容與其他 2% 至 3% 的內容的差異？那隻是設備嗎？你們在價格上受到一些擠壓嗎？或者有其他我們應該考慮的事情嗎？

Yes. No, the main difference between what we're realizing from a price increase versus the equipment is that only 30% of our product mix overall is equipment. So when you're looking at the higher price realization that the equipment manufacturers are getting, that's only on a portion of our business. So things such as the building materials, those are seeing much more normal increases, 1% to 2%. And so really, the difference there is going to be product mix overall.

是的。不，我們從價格上漲與設備上漲中認識到的主要區別在於，我們整體產品組合中只有 30% 是設備。因此，當您看到設備製造商獲得的更高價格實現時，這只是我們業務的一部分。因此，諸如建築材料之類的商品的價格漲幅更為正常，為 1% 至 2%。因此，實際上，差異在於整體產品組合。

As it relates to the commodities, what we have grouped in there is generally going to be chemicals, plumbing and rebar. And to some extent, there is a little bit of decking material as well, some of our decking building materials.

就商品而言，我們通常將化學品、管道和鋼筋歸類到一起。並且在某種程度上，也存在一些裝飾材料，我們的一些裝飾建築材料。

Okay. Great. And then the private label chemicals continue to show good results despite what kind of seemed like a tough backdrop for chemicals for the industry. Can you talk about what's driving that growth? And then where private label sales are as a percentage of total chemical sales today versus the last couple of years?

好的。偉大的。儘管化學品行業面臨看似嚴峻的形勢，但自有品牌化學品仍持續表現出良好的業績。您能談談推動這項成長的因素嗎？那麼，與過去幾年相比，自有品牌銷售額佔化學品總銷售額的百分比是多少？

Yes. I would say what's driving the growth is we have a great portfolio of brands for the chemical space. So we, last year, refreshed all of the brands. We completed the lines. We added the POOL360 WaterTest software and decisions to change brands on chemicals are not short cycle decisions that the large retailers and our -- some of our other dealers make. So they -- it takes time for them to decide whether they're going to change to gain confidence.

是的。我想說，推動成長的原因是我們在化學領域擁有豐富的品牌組合。因此，我們去年更新了所有品牌。我們完成了線條。我們增加了 POOL360 WaterTest 軟體，更換化學品品牌的決定並不是大型零售商和我們的一些其他經銷商所做的短週期決定。所以他們需要時間來決定是否要透過改變來獲得信心。

So we know we have a good product. We know that we have really kind of best-in-class, a complete value proposition for chemicals, whether it's the POOL360 WaterTest, the consumer apps for the WaterTest and how those all work together. So we think that we have a good product. We think we have a great value proposition for the customer, and we think in time -- or as times go on, that will continue to grow, especially when you couple that with the rest of the things that we do for our dealers.

所以我們知道我們有一個好的產品。我們知道，我們擁有真正一流的、完整的化學品價值主張，無論是 POOL360 WaterTest，還是 WaterTest 的消費者應用程序，以及它們如何協同工作。所以我們認為我們有一個好的產品。我們認為我們為客戶提供了非常有價值的主張，並且我們認為隨著時間的推移，這種主張將會繼續增長，特別是當你將其與我們為經銷商所做的其他事情結合起來時。

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

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

I just want to thank you all for joining us today. We look forward to our next call, which is on October 23, when we will review our third quarter 2025 results. Enjoy the remainder of your summer, and have a great day.

我只想感謝大家今天的參加。我們期待 10 月 23 日的下一次電話會議，屆時我們將回顧 2025 年第三季的業績。享受剩下的夏天，並度過美好的一天。

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。