Gibraltar Industries Inc (ROCK) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Gibraltar Industries second-quarter 2025 financial results conference call.

女士們、先生們，早安，歡迎參加直布羅陀工業 2025 年第二季財務業績電話會議。

(Operator Instructions)

（操作員指示）

This call is being recorded on Wednesday, August 6, 2025.

本次通話於 2025 年 8 月 6 日星期三錄製。

I would now like to turn the conference over to Carolyn Capaccio of Alliance Advisors IR. Please go ahead.

現在，我想將會議交給 Alliance Advisors IR 的 Carolyn Capaccio。請繼續。

Thank you, Joanna. Good morning, everyone, and thank you for joining us today.

謝謝你，喬安娜。大家早安，感謝大家今天加入我們。

With me on the call is Bill Bosway, Gibraltar Industries' Chairman, President, and Chief Executive Officer and Joe Lovechio, Gibraltar's Chief Financial Officer.

與我一起參加電話會議的還有直布羅陀工業公司董事長、總裁兼執行長比爾‧博斯韋 (Bill Bosway) 和直布羅陀財務長喬‧洛夫基奧 (Joe Lovechio)。

The earnings press release was issued this morning as well as the slide presentation that management will use during the call, are both available in the investors section of the company's website, gibraltar1.com. Gibraltar's earnings press release and remarks contain non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the earnings press release that was issued today.

收益新聞稿已於今日上午發布，管理層將在電話會議上使用的幻燈片演示均可在公司網站 gibraltar1.com 的投資者專區找到。直布羅陀的收益新聞稿和評論包含非公認會計準則 (GAAP) 財務指標。在今天發布的收益新聞稿中可以找到 GAAP 與調整後財務指標的對帳表。

Further, please note that continuing operations exclude net sales and operating results of the renewables business, which has been classified as held for sale and as a discontinued operation and that adjusted results exclude the net sales and operating results of the residential electronic locker business, which was sold on December 17, 2024.

此外，請注意，持續經營不包括再生能源業務的淨銷售額和經營業績，該業務已被歸類為持有待售和已終止經營，調整後的結果不包括住宅電子儲物櫃業務的淨銷售額和經營業績，該業務於 2024 年 12 月 17 日出售。

Also, as noted on slide 2 of the presentation, the earnings press release and slide presentation contained forward-looking statements with respect to future financial results. These statements are not guarantees of future performance and the company's actual results may differ materially from the anticipated events, performance or results expressed or implied by these forward-looking statements. Gibraltar advises you to read the risk factors detailed in its SEC filings, which can also be accessed through the company's website.

此外，如同簡報的第 2 張投影片中所述，收益新聞稿和投影片簡報包含有關未來財務結果的前瞻性陳述。這些聲明並非對未來績效的保證，本公司的實際結果可能與這些前瞻性聲明所表達或暗示的預期事件、績效或結果有重大差異。直布羅陀建議您閱讀其美國證券交易委員會 (SEC) 文件中詳述的風險因素，您也可以透過該公司的網站存取這些文件。

Now we'll turn the call over to Bill Bosway. Bill?

現在我們將電話轉給 Bill Bosway。帳單？

Thanks, Carolyn. Good morning, everyone, and thank you for joining today's call.

謝謝，卡洛琳。大家早安，感謝大家參加今天的電話會議。

We're going to take you through our second-quarter results, and we're going to review our guidance for continuing operations, which we are establishing today, and then we'll open the call for questions.

我們將向您介紹我們的第二季業績，並審查我們今天制定的持續經營指導，然後我們將開始提問。

Before we review the second-quarter results, I would like to discuss a recent announcement to strategically shift more focus to our building products and structures businesses. So let's turn to slide 3.

在我們回顧第二季的業績之前，我想討論一下最近的一項公告，即從策略上將重點轉移到我們的建築產品和結構業務上。讓我們翻到幻燈片 3。

As part of our ongoing strategic assessment and portfolio evaluation process, we continuously assess the overall attractiveness and key drivers of the end markets we are participating in as well as our ability to extract value and generate returns in each of these end markets. As in previous years, our business units kicked off their annual market assessments, and in parallel, we asked two separate advisory firms to also conduct assessments of each of our end markets and our respective businesses.

作為我們正在進行的策略評估和投資組合評估過程的一部分，我們不斷評估我們所參與的終端市場的整體吸引力和關鍵驅動因素，以及我們在每個終端市場中提取價值和產生回報的能力。與往年一樣，我們的業務部門開始了年度市場評估，同時，我們委託兩家獨立的顧問公司對我們的每個終端市場和各自的業務進行評估。

We reviewed our findings and recommendations of the Board in early 2025 and received approval to move forward with -- [with executing overall] plan. So on June 30th, we announced our plan to simplify the portfolio and focus on building products which really covers our residential business and focus on structures markets which really covers our both agtech and infrastructure businesses. And as part of the overall plan, the renewable segment has been classified as discontinued operations and held for sale.

我們在 2025 年初審查了董事會的調查結果和建議，並獲得批准繼續推進——[執行總體]計劃。因此，我們在 6 月 30 日宣布了簡化產品組合的計劃，並專注於建立真正涵蓋我們住宅業務的產品，並專注於真正涵蓋我們的農業科技和基礎設施業務的結構市場。作為整體計劃的一部分，可再生能源部門已被歸類為停止營運並持有待售。

We do anticipate a simpler portfolio with the right resources and capital focused on these markets will yield stronger growth, margin expansion, and cash flow performance, which will drive higher returns for our shareholders. For example, since 2023, when excluding renewables, our continuing operations have delivered solid and steady adjusted operating EBITDA margin improvement despite a slow residential building products and market, which now represents just over 70% of Gibraltar's total revenue.

我們確實預計，一個更簡單的投資組合，加上正確的資源和資本，將集中在這些市場，將帶來更強勁的成長、利潤率的擴大和現金流的表現，從而為我們的股東帶來更高的回報。例如，自 2023 年以來，當不包括可再生能源時，儘管住宅建築產品和市場增長緩慢，我們的持續經營業務仍實現了穩健的調整後運營 EBITDA 利潤率提升，目前住宅建築產品和市場佔直布羅陀總收入的 70% 多一點。

That being said, we are very excited to focus more on the building products and structures and markets. Markets we find attractive where we can build a leading position and participate across the broader value chain, markets which also have attractive revenue and profit pools with multiple avenues for growth, and markets driven by core fundamental demand drivers with opportunities to satisfy basic needs and solve big problems, and finally markets that have long runways for value creation.

話雖如此，我們非常高興能夠更專注於建築產品、結構和市場。我們發現具有吸引力市場，我們可以在其中建立領先地位並參與更廣泛的價值鏈；市場也擁有具有吸引力的收益和利潤池，具有多種增長途徑；市場由核心基本需求驅動因素驅動，有機會滿足基本需求並解決大問題；最後是擁有長期價值創造跑道的市場。

We are making this transition, and we are currently outpacing our end markets via participation gains through localized expansion initiatives and new products serving both existing and new customers. To date, in 2025, we have invested $208 million in selective M&A to build presence and scale our core competencies in these markets, with more to come.

我們正在進行這一轉變，目前我們正透過本地化擴張計劃和服務現有客戶和新客戶的新產品，透過參與度的提高而超越我們的終端市場。截至目前，2025 年，我們已投資 2.08 億美元用於選擇性併購，以在這些市場建立影響力並擴大我們的核心競爭力，未來還會進行更多投資。

Now let's turn to slide 4 and we'll talk about our second-quarter results. We executed well in the second quarter and delivered 14% adjusted sales growth, which reflects strong contributions from our acquired metal roofing and structures businesses, additional participation gains in building accessories, and growth in infrastructure. These gains collectively offset project start delays in agtech and ongoing market softness impacting our residential, mail, and package business.

現在讓我們翻到投影片 4，討論一下我們的第二季業績。我們在第二季度表現良好，實現了 14% 的調整後銷售額成長，這反映了我們收購的金屬屋頂和結構業務的強勁貢獻、建築配件的額外參與收益以及基礎設施的成長。這些收益共同抵消了農業科技專案啟動延遲以及持續的市場疲軟對我們的住宅、郵件和包裹業務的影響。

Overall, in market trends and demand remain consistent and residential, and we continue to gain participation in both retail and wholesaler channels as well, in our project-based businesses, agtech and infrastructure, backlog increased 43% to $278 million.

總體而言，市場趨勢和需求保持一致，住宅方面，我們繼續在零售和批發商管道獲得參與，在我們的基於項目的業務、農業科技和基礎設施方面，積壓訂單增加了 43%，達到 2.78 億美元。

Adjusted operating income and EBITDA margin were 14.5% and 17.8% respectively, and adjusted EPS increased 11% over last year. We generated $44 million in operating cash flow and $25 million in free cash flow as we funded key capital initiatives in each of our businesses.

調整後的營業收入和 EBITDA 利潤率分別為 14.5% 和 17.8%，調整後的 EPS 比去年增長 11%。由於我們為每項業務的關鍵資本計畫提供了資金，因此產生了 4,400 萬美元的營運現金流和 2,500 萬美元的自由現金流。

With respect to portfolio management, we announced in June that our Board of Directors approved our plan to sell the renewables business. The sale process is active and discussions are ongoing with various potential buyers and we are targeting to complete the sale by year end. As previously mentioned, we invested $208 million in selective M&A since January, and our pipeline of additional M&A opportunities is very active, particularly in the building products' segment.

關於投資組合管理，我們在六月宣布董事會批准了出售再生能源業務的計畫。銷售過程正在進行中，正在與各個潛在買家進行討論，我們的目標是在年底前完成銷售。如前所述，自 1 月以來，我們在選擇性併購方面投資了 2.08 億美元，而且我們的其他併購機會管道非常活躍，特別是在建築產品領域。

Now let's review the business segments, and Joe will start with residential.

現在讓我們回顧一下業務部門，喬將從住宅開始。

Thanks, Bill and good morning, everyone. Let's start with residential on slide 5.

謝謝，比爾，大家早安。讓我們從幻燈片 5 上的住宅開始。

Adjusted net sales for our residential segment increased by $18.8 million or 8.9%, driven by our metal roofing business which was acquired at the very end of Q1. Organic revenue was down less than 1%, driven by participation gains in building accessories as we continue to expand into more local markets and benefit from new products launched last year. Strength in building accessories was offset by slowness and the mail and package and market, which is driven mainly by lower new construction starts in 2024.

我們的住宅部門的調整後淨銷售額增加了 1,880 萬美元，即 8.9%，這得益於我們在第一季末收購的金屬屋頂業務。隨著我們繼續拓展更多本地市場並受益於去年推出的新產品，建築配件的參與度有所提高，有機收入下降不到 1%。建築配件的強勁表現被經濟放緩以及郵件和包裹市場所抵消，這主要受到 2024 年新建築開工率下降的影響。

Now turning to margins. Adjusted operating and EBITDA margins decreased 90 basis points and 60 basis points, respectively, remaining at strong levels with improvement in contribution from building accessories and metal roofing, which offset the impact from lower volume in mail and package. We continue to execute well and drive profitability benefits from 80/20 initiatives, and we remain on track to complete all business system conversions in 2026.

現在轉向利潤。調整後的營業利潤率和 EBITDA 利潤率分別下降了 90 個基點和 60 個基點，但仍保持在強勁水平，建築配件和金屬屋頂的貢獻有所改善，抵消了郵件和包裹量下降的影響。我們繼續良好執行並從 80/20 計劃中獲得盈利效益，我們仍有望在 2026 年完成所有業務系統轉換。

So guys, let's move to slide 6. I'll give you an update on the residential market and some new activity in our expansion initiatives.

各位，讓我們轉到第 6 張投影片。我將向您介紹住宅市場的最新情況以及我們擴張計劃中的一些新活動。

So the residential market continues to be down versus 2024, both in the quarter and on a year-to-date basis. I think as everyone knows, housing affordability and interest rate levels continue to weigh on new and existing home sales in multiple regions. That being said, we are seeing home prices come down and inventory of homes increase in certain regions as well.

因此，無論是本季或年初至今，住宅市場與 2024 年相比都持續下滑。我想眾所周知，住房負擔能力和利率水準繼續對多個地區的新房和現房銷售造成壓力。話雖如此，我們也看到某些地區的房價下降，房屋庫存增加。

From a channel perspective, retailer point of sale results in the quarter reflect roofing excesses were down between 5% and 6%, with some states and regions down more than others. As well, ARMA reported shingle shipments to distribution for the quarter were down 4.3%, and the Independent Distributor Alliance Corporation, the IDAC survey, reflected sales from distribution to contractors down a similar amount.

從通路角度來看，本季零售商銷售點的業績反映屋頂過剩量下降了 5% 至 6%，其中一些州和地區的降幅比其他州和地區更大。此外，ARMA 報告稱，本季分銷的瓦片出貨量下降了 4.3%，獨立分銷商聯盟公司（IDAC 調查）反映分銷商對承包商的銷售額也下降了類似的幅度。

But for us, overall, building accessories, which correlates closely with the roofing accessories market was actually up 2.3% during the quarter, driven by participation gains and the impact of new products. As we experienced in the first quarter, we believe we outpaced end-market demand and we will remain focused on driving more participation in the second half of the year. And when the end market returns to growth, we will be in an even better position to accelerate our business.

但對我們來說，總體而言，與屋頂配件市場密切相關的建築配件在本季度實際上增長了 2.3%，這得益於參與度的提高和新產品的影響。正如我們在第一季所經歷的那樣，我們相信我們超出了終端市場的需求，並且我們將繼續專注於在下半年推動更多的參與。當終端市場恢復成長時，我們將處於更有利的位置來加速我們的業務。

Our mail and package product sales, specifically for our centralized mail solutions, were down just over 7% in the quarter. Historically, given a centralized mail system is one of the last things installed in a multi-family property, we tend to see revenue about one year after a new build has been started. To put this in perspective, in 2024, starts for multi-family new construction reported down over 35%, which has resulted in less demand and revenue for us in 2025. Given our sales were down 7% and a market down over 35% demonstrates our team's ability to drive significant participation gains in challenging market conditions.

我們的郵件和包裹產品銷售額（特別是集中郵件解決方案的銷售額）在本季下降了 7% 多一點。從歷史上看，由於集中式郵件系統是多戶住宅中最後安裝的設備之一，我們往往會在新建工程開始後一年左右看到收入。換個角度來看，2024 年，多戶型新建築開工量報告下降了 35% 以上，這導致 2025 年我們的需求和收入減少。鑑於我們的銷售額下降了 7%，市場下滑超過 35%，這表明我們的團隊有能力在充滿挑戰的市場條件下推動參與度的顯著提升。

We also remain active in our local market expansion initiative and recently added another location in Oklahoma City to the acquisition of Gideon Steel panel supply. Gideon's last 12 months of revenue were approximately $10 million with EBITDA margins of 20%. Gideon is a leading provider of metal roofing systems and roofing accessories in the OC market, and we're excited to have the leadership team stay on board and drive future growth and profitability.

我們也積極開展本地市場擴張計劃，最近在俄克拉荷馬城收購了 Gideon Steel 面板供應公司，並在此基礎上增加了另一個地點。Gideon 過去 12 個月的營收約為 1,000 萬美元，EBITDA 利潤率為 20%。Gideon 是 OC 市場領先的金屬屋頂系統和屋頂配件供應商，我們很高興領導團隊能夠繼續留任並推動未來的成長和獲利能力。

To date, in 2025, we have entered nine new locations through either organic or M&A Investment, and we expect to expand our location efforts with three to four additional operations before year end to better support customers and also increase our participation.

截至目前，到 2025 年，我們已透過內部發展或併購投資進入了 9 個新地點，並且我們預計在年底前將新增三到四個地點，以更好地支持客戶並提高我們的參與度。

Now let's move on to agtech.

現在讓我們來討論農業科技。

So turning to slide 7, agtech net sales growth benefited from the acquisition of Lane Supply, which helped offset the effect of delays and start dates on three larger controlled environment agriculture projects. Despite these project delays, demand continued to accelerate with backlog increasing 71%. On an organic basis, excluding Lane Supply, backlog increased 33%, and we believe that backlog is the clearest indication of our future revenue trends.

因此，轉到投影片 7，農業科技淨銷售額的成長得益於對 Lane Supply 的收購，這有助於抵消三個較大的受控環境農業專案的延遲和開始日期的影響。儘管這些項目延遲，但需求仍在繼續加速，積壓訂單增加了 71%。從有機角度來看，不包括 Lane Supply，積壓訂單增加了 33%，我們認為積壓訂單最能清楚地表明我們未來的收入趨勢。

Segment adjusted operating margin decreased to 100 basis points driven by the impact of the delayed controlled environment agriculture projects and resulting lower volume partially offset by project mix and Lane Supply's contribution. Adjusted EBITDA margin increased 20 basis points as it excludes the impact of higher amortization resulting from the acquisition of Lane and its related intangible assets.

由於受控環境農業項目延遲的影響以及由此導致的產量下降，部門調整後的營業利潤率下降至 100 個基點，但項目組合和 Lane Supply 的貢獻部分抵消了這一影響。調整後的 EBITDA 利潤率增加了 20 個基點，因為它排除了收購 Lane 及其相關無形資產所導致的更高攤銷的影響。

So guys, let's turn to slide 8. I'll give you a little more color on the CEA initiatives.

各位，讓我們翻到第 8 張投影片。我將向您詳細介紹一下 CEA 舉措。

So during the quarter, I'd mentioned we had three larger CEA projects moved from the first half to the second half of the year. I'm going to discuss two of those three CEA projects on this slide. So on the left, the Houwelings' retrofit project is a $90-million project funded by both the owners and through a USDA loan, which is relatively typical. We started phase one of the project in Q2 with design and engineering services and maintenance services.

因此，在本季度，我提到我們有三個較大的 CEA 專案從上半年轉移到下半年。我將在這張投影片上討論這三個 CEA 專案中的兩個。因此，在左邊，Houwelings 的改造項目是一個耗資 9000 萬美元的項目，由業主和美國農業部貸款資助，這是相對典型的。我們在第二季啟動了專案的第一階段，提供設計、工程服務和維護服務。

Phase two, which starts the major retrofit and construction of the project, was originally scheduled to start in Q2 and is now scheduled to begin on September 1 when funds from the USDA loan are now expected to be released. This project will have some benefit in Q3 and then accelerate in Q4 and also be impactful for most of 2026 as well.

第二階段將開始對該項目進行大規模改造和建設，原計劃於第二季度開始，現計劃於 9 月 1 日開始，預計屆時美國農業部貸款資金將到位。該項目將在第三季產生一些效益，然後在第四季度加速，並對 2026 年的大部分時間產生影響。

Shortly after quarter end, we were also awarded two new projects by Pomas Farms totaling $13.6 million in contract value. These two projects were originally scheduled to be signed in Q2, but each was delayed due to the water rights issue, which has since been resolved. The first project is what we refer to as a greenhouse Lift project where we are in this case, raising the height of an existing 4.9-acre growing facility by over 6 feet. The second project is an expansion of the existing Pomas bell pepper growing facility by 18 acres, which is shown as phase two on the first picture on the right hand side of the slide.

季度末後不久，我們還獲得了 Pomas Farms 授予的兩個新項目，合約總價值為 1,360 萬美元。這兩個項目原定於第二季度簽約，但由於水權問題而被推遲，目前該問題已解決。第一個項目是我們所說的溫室升降項目，在這種情況下，我們將現有的 4.9 英畝種植設施的高度提高 6 英尺以上。第二個項目是將現有的波馬斯甜椒種植設施擴大 18 英畝，如幻燈片右側第一張圖片所示，為第二階段。

These Pomas projects are not yet included in our backlog data shared earlier in the projects were signed after quarter end. The project is funded. We're finalizing designs and the project is planned to start in October.

這些 Pomas 項目尚未包含在我們之前分享的積壓數據中，因為這些項目是在季度末之後簽署的。該計畫已獲得資助。我們正在完成設計，該項目計劃於十月啟動。

On slide 9, I'd also like to highlight two other projects currently in process. The $4.8-million expansion of the Lewis Ginter Botanical Conservatory in Richmond, Virginia, a partner of ours for many years from the inception of the conservatory through all the additions and expansions completed over the years. In this expansion, we're adding a 3,500-square-foot tropical greenhouse and a 3,500-square-foot butterfly greenhouse.

在第 9 張投影片上，我還想重點介紹目前正在進行的另外兩個專案。位於維吉尼亞州里士滿的劉易斯金特植物溫室耗資 480 萬美元進行擴建，自植物溫室成立之初到多年來完成的所有增建和擴建，該溫室一直是我們的合作夥伴。在這次擴建中，我們增加了一個 3,500 平方英尺的熱帶溫室和一個 3,500 平方英尺的蝴蝶溫室。

The TAP INS project on the right side of the slide represents a new innovative design created with our customers to utilize our greenhouse growing structures and systems knowledge to develop and build a $2.4-million, 3.5-acre, 30,000-square-foot indoor temperature controlled miniature cutting course, bar, and restaurant which is located in Overland Park, Kansas. I have to say it's pretty exciting to see yet another creative and in use application for our structures.

幻燈片右側的 TAP INS 專案代表了我們與客戶共同創造的全新創新設計，利用我們的溫室種植結構和系統知識，在堪薩斯州歐弗蘭帕克開發和建造一個耗資 240 萬美元、佔地 3.5 英畝、30,000 平方英尺的室內溫控微型切割場、酒吧和餐廳。我不得不說，看到我們的結構有另一個富有創意且正在使用的應用程序，真是令人興奮。

Given the new CEA starts plan for the second half, the performance of Lane Supply in its current backlog, and our pipeline of new opportunities; we expect the agtech business to deliver growth in solid operating margins in 2025. We also expect to continue to book additional projects in 2025 as demonstrated by the POMAS projects and further build our backlog for 2026.

鑑於新的 CEA 下半年啟動計劃、Lane Supply 目前積壓訂單的表現以及我們的新機遇，我們預計農業科技業務將在 2025 年實現穩健的營業利潤率增長。我們也預計在 2025 年繼續預訂更多項目，如 POMAS 項目所示，並進一步增加 2026 年的積壓訂單。

Now let's move on. We'll discuss the infrastructure business.

現在讓我們繼續。我們將討論基礎設施業務。

So turning to slide 10, our infrastructure net sales increased $0.4 million or 1.6%, driven by continued strong execution. Demand remains solid with backlog increasing 3% and quoting activity remains robust, supported by ongoing investment and funding at both the federal and the state levels.

翻到第 10 張投影片，受持續強勁執行力的推動，我們的基礎設施淨銷售額增加了 40 萬美元，即 1.6%。在聯邦和州兩級持續投資和資金的支持下，需求依然強勁，積壓訂單增加 3%，報價活動依然強勁。

Segment adjusted operating and EBITDA margins improved 300 basis points and 290 basis points respectively, driven by strong execution, effective supply chain management, and product line mix. We continue to expect sales growth and margin expansion in this business in 2025.

受強勁執行力、有效供應鏈管理和產品線組合的推動，分部調整後的營業利潤率和 EBITDA 利潤率分別提高了 300 個基點和 290 個基點。我們繼續預計 2025 年該業務的銷售額和利潤率將實現成長。

So now let's move to slide 11 to discuss our balance sheet and cash flow. At June 30, we had cash on hand of $43 million and $395 million available on our revolver. During the quarter, we generated approximately $44 million in cash from operations from net income and management of working capital. During the quarter, we used $18.2 million or about 5.9% of sales for capital expenditures, including investments in our residential expansion initiatives and in our agtech facility move. We expect CapEx for the year to be approximately 3% to 4% of sales.

現在讓我們轉到第 11 張投影片來討論我們的資產負債表和現金流。截至 6 月 30 日，我們手頭上有 4,300 萬美元現金，還有 3.95 億美元的循環信貸可供使用。本季度，我們透過淨收入和營運資金管理產生了約 4,400 萬美元的經營現金。在本季度，我們使用了 1,820 萬美元（約佔銷售額的 5.9%）作為資本支出，包括對住宅擴建計劃和農業科技設施搬遷的投資。我們預計今年的資本支出約佔銷售額的 3% 至 4%。

Free cash flow generation expanded on a sequential basis to 8% of sales as expected, and we are on track to hit our 2025 target of 10% of sales. Our revolving credit facility remains untapped and we remain debt free. We expect to continue to generate strong cash flow in 2025 and in the coming years. Our capital allocation priorities for 2025 are to continue to invest in our organic growth and operating systems for scale with capital expenditures of approximately 3% to 4% of sales for the year.

自由現金流產生依序擴大至銷售額的 8%，符合預期，我們可望實現 2025 年銷售額 10% 的目標。我們的循環信貸額度尚未使用，我們仍然沒有債務。我們預計在 2025 年及未來幾年將繼續產生強勁的現金流。我們 2025 年的資本配置重點是繼續投資於我們的有機成長和規模營運系統，資本支出約佔當年銷售額的 3% 至 4%。

We continue to explore inorganic growth opportunities with a focus on our leadership positions in our current residential and agtech end markets and have an active pipeline of high-quality M&A. Our strong balance sheet supports this effort and provides optionality and flexibility.

我們將繼續探索無機成長機會，重點關注我們在當前住宅和農業科技終端市場的領導地位，並擁有活躍的高品質併購管道。我們強大的資產負債表支持了這項努力並提供了可選性和靈活性。

Lastly, we plan to continue to deploy capital for value creation through opportunistic share repurchases and have $200 million remaining under our current stock repurchase authorization.

最後，我們計劃繼續透過機會性股票回購來部署資本以創造價值，並且根據我們目前的股票回購授權，剩餘資金為 2 億美元。

Now I'll turn the call back to Bill.

現在我將把電話轉回給比爾。

Let's move to slide 12 and let's talk about the drivers that support our plan for 2025 guidance for continuing operations.

讓我們轉到第 12 張投影片，討論一下支援我們 2025 年持續營運指導計畫的驅動因素。

First, we anticipate overall demand remain consistent with market conditions as well as with our internal expectations. In the residential market, we expect current conditions to persist and as a result, we remain focused on driving participation gains, local market expansions, and ramping and integrating our recent metal roofing acquisitions. The metal roofing acquisitions are performing as anticipated, integration activities are in process, and we are excited to welcome Gideon to the team as well.

首先，我們預期整體需求將與市場狀況以及我們的內部預期保持一致。在住宅市場，我們預計當前狀況將持續下去，因此，我們將繼續專注於推動參與度成長、本地市場擴張以及擴大和整合我們最近的金屬屋頂收購。金屬屋頂收購的進展符合預期，整合活動正在進行中，我們也非常高興地歡迎 Gideon 加入團隊。

In agtech and infrastructure, we have solid order backlog and expect additional bookings in the second half as well. Although we had some CEA project starts move out of the first half, these projects will be impactful in the second half of the year. Also, we expect demand in our Lane Supply business to continue at its existing pace as it supports new store and retrofit initiatives across its core customer base.

在農業科技和基礎設施領域，我們有大量訂單積壓，預計下半年還會有更多訂單。儘管我們有一些 CEA 專案在上半年開工，但這些專案將對下半年產生影響。此外，我們預計 Lane Supply 業務的需求將繼續保持現有速度，因為它支援其核心客戶群的新店和改造計劃。

And lastly, with respect to tariffs, we continue to manage the dynamic tariff environment through similar initiatives we deployed during the incredibly high inflationary period we experienced in '21 and '22. To date, we have been able to minimize the impact of tariffs and we expect to manage accordingly throughout the remainder of the year.

最後，關於關稅，我們將繼續透過在 2021 年和 2022 年經歷的極高通膨時期採取的類似舉措來管理動態關稅環境。到目前為止，我們已經能夠將關稅的影響降至最低，並且我們預計在今年剩餘時間內也能採取相應的措施。

Now let's turn to slide 13 and we'll review our 2025 guidance from continuing operations.

現在讓我們翻到第 13 張投影片，我們將回顧 2025 年持續經營的指導。

We expect net sales to range between $1.15 billion and $1.2 billion, up approximately 16%, adjusted operating margin to range between 14.6% and 14.9%, adjusted EBITDA margin to range between 17.5% and 17.7%, GAAP EPS to be in the range of $3.67 and $3.91. That's down from last year, primarily due to the gain on sale from the company's electronic blocker business at the end of 2024. Adjusted EPS to be in the range of $4.20 and $4.45, up approximately 13%, and free cash flows -- sales to net sales of 10%.

我們預計淨銷售額將在11.5億美元至12億美元之間，成長約16%；調整後營業利潤率將在14.6%至14.9%之間；調整後EBITDA利潤率將在17.5%至17.7%之間；GAAP每股收益將在3.67美元至3.91美元之間。這一數字較去年下降，主要原因是公司2024年底出售電子攔截器業務的收益。調整後的每股收益在 4.20 美元至 4.45 美元之間，成長約 13%，自由現金流——銷售額與淨銷售額比為 10%。

To finish, we will continue to monitor the macro environment. We'll make adjustments as necessary. Our team is prepared and we'll execute accordingly. At the same time, we are very excited to simplify our portfolio and be able to apply more focus and resources on our continuing operations. I would say I'm grateful to our teams across Gibraltar for their dedication and flexibility as we evolve our portfolio, execute our key initiatives, and obviously deliver on our plans.

最後，我們將繼續監測宏觀環境。我們將根據需要做出調整。我們的團隊已做好準備，我們將採取相應行動。同時，我們非常高興能夠簡化我們的產品組合，並能夠將更多的精力和資源投入到我們的持續營運中。我想說，我感謝直布羅陀各地的團隊在我們發展投資組合、執行關鍵舉措和實現計劃的過程中所展現的奉獻精神和靈活性。

Now, let's open the call up and we'll take your questions.

現在，讓我們開始通話並回答您的問題。

(Operator Instructions)

（操作員指示）

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Maybe just start with a little housekeeping, just the revenue contribution in Q2 from metal roofing acquisitions. If I missed it, I apologize, just trying to get a sense for what the true organic growth look like.

也許只是從一些瑣碎的事情開始，只是第二季度來自金屬屋頂收購的收入貢獻。如果我錯過了，我深感抱歉，只是想了解真正的有機成長是什麼樣子的。

Yeah, residential is down just essentially flat, down less than 1% organically (multiple speakers) so the (multiple speakers) growth driven by metal roofing.

是的，住宅銷量基本上持平，有機下降不到 1%（多位發言者），因此（多位發言者）成長是由金屬屋頂推動的。

Perfect. Portfolio (multiple speakers) yeah, go ahead. I apologize.

完美的。投資組合（多位發言者）是的，繼續。我很抱歉。

Yeah, no, my bad. I -- so the key pieces of that are the roofing accessories, our biggest piece of resident residential was actually up 2.3%, metal roofing was up, and then that offset mail and package which is down 7% that I mentioned, that's -- those are the kind of key components you think about residential overall.

是的，不，我的錯。其中最關鍵的部分是屋頂配件，我們最大的住宅部分實際上上漲了 2.3%，金屬屋頂上漲了，然後是我提到的偏移郵件和包裹下降了 7%，這就是 — — 這些都是你對住宅整體考慮的關鍵組成部分。

That's really helpful.

這真的很有幫助。

And obviously the big news, the decision to divest in the renewable piece I guess. Number one, probably not a lot, but you can say as it relates to the process there expectations around timing, et cetera.

顯然，最大的新聞是，我猜決定剝離再生能源業務。首先，可能不是很多，但你可以說，因為它與流程有關，對時間安排等有期望。

And two, as we think about expansion from here, what are some examples of structures businesses outside of the current agtech canopies, et cetera that might be interesting adjacencies for you.

其次，當我們考慮從這裡擴展時，在當前的農業科技領域之外，有哪些結構化業務的例子可能會讓您感興趣。

Yeah, on the first question, yeah, process is very active right now. We're in discussions with potential buyers and our hope is that -- our plan is to try to close something -- close the sale by it before the end of the year. So teams are going full steam ahead on that front, which is good. We've got a lot of interest and that's where the process is as we know today.

是的，關於第一個問題，是的，現在進程非常活躍。我們正在與潛在買家進行討論，我們的希望是——我們的計劃是嘗試達成某種交易——在年底之前完成銷售。因此，各支球隊正全力以赴地推進這項進程，這是件好事。我們對此很感興趣，這就是我們今天所知的進程。

As it relates to additional structural opportunities, I think of it a little bit differently. We have -- think about the last three years, we've added CEA as a segment which is becoming bigger, and I think you're quite familiar with that. That's fruits and vegetables. We just added canopies and we have a core commercial business, and I showed you a couple examples of that today.

由於它與額外的結構性機會有關，我的看法略有不同。回想一下過去三年，我們增加了 CEA 這個日益壯大的部門，我想您對此非常熟悉。那是水果和蔬菜。我們剛剛增加了天篷，並且擁有核心商業業務，今天我向你們展示了幾個例子。

I think there's plenty of runway inside the segments we have versus adding more legs to that structural stool based on end market sizes. And if you recall, maybe in our last call, somebody had asked the size of the canopy structured market is close to $2 billion. So there's a lot of runway there. We think there's a lot of runway in CEA. And we also think there's plenty of opportunity to grow inside our core commercial business as well -- commercial institutional. So we're going to stay focused on the ones that we have, Dan, versus try to add more. We're just going to build out a bigger presence in the existing spaces we're in.

我認為，我們現有的細分市場中有足夠的發展空間，而不是根據終端市場規模在結構上增加更多支柱。如果你還記得的話，也許在我們上次的電話會議中，有人問過冠層結構市場的規模是否接近 20 億美元。那裡有很多跑道。我們認為東航還有很大的發展空間。我們也認為，我們的核心商業業務－商業機構內部也有很多發展機會。因此，丹，我們將繼續專注於我們已有的，而不是嘗試添加更多。我們只是要在現有的領域中擴大影響力。

Perfect.

完美的。

And then lastly, just confidence around the timing I think you mentioned September 1 for phase two, the USDA funding in hand or expected to be just confidence around that timing of that project.

最後，關於時間安排的信心，我想您提到了第二階段的日期是 9 月 1 日，美國農業部手頭上的資金或預計的資金只是對該項目時間表的信心。

Thanks again.

再次感謝。

I think the confidence is pretty high and we meet weekly with the owners and so we're doing activity with them today and have been since the beginning of Q1, but it's been mainly around doing the day-to-day maintenance. We're maintaining the operations for them, and we've been doing design engineering stuff for them as they're going through this retrofit initiative.

我認為信心非常高，我們每週都會與業主會面，所以我們今天正在與他們一起開展活動，並且從第一季開始就一直如此，但主要還是圍繞著日常維護。我們正在為他們維護運營，並且在他們進行改造計劃時，我們一直在為他們做設計工程工作。

So I think the USDA loan, which has been submitted and all the supporting documentation has been for some time, and people in general feel good about September having those funds released and we've got our supply chain ready to roll and I think that's where we're going to land. Whether September 1 or September 10, I can't give you a confidence level on that but we feel pretty good about September being the time where we're going to kick things into gear with that project.

因此，我認為美國農業部貸款已經提交，所有支持文件也已經準備好一段時間了，人們普遍對 9 月份發放這些資金感到滿意，我們的供應鏈已經準備就緒，我認為這就是我們要實現的目標。無論是 9 月 1 日還是 9 月 10 日，我都無法給您一個確定的答案，但我們對 9 月感到非常有信心，因為 9 月是我們啟動專案的時間。

Walter Liptak, Seaport Research.

沃爾特·利普塔克（Walter Liptak），海港研究。

I wanted to ask a couple of [them on] the renewables business as the discontinued op, and I wondered about any tax implications of the eventual sales.

我想向他們中的一些人詢問有關可再生能源業務作為已停止運營的業務的問題，並且我想知道最終銷售會產生什麼稅收影響。

Yeah, so, Walt, yeah, we would expect that that would be a pretty efficient tax from a tax perspective of that transaction. That's kind of how we kind of think about that just based on what we have that on for the book but also the fact that we have some carry forwards as well. So we feel pretty good from a tax perspective, that'll be pretty efficient.

是的，沃爾特，是的，我們預計從該交易的稅收角度來看，這將是一項非常有效的稅。這就是我們的想法，不僅基於我們在書中所做的事情，也基於我們也有一些結轉的事實。因此，從稅收角度來看，我們感覺非常好，這將非常有效。

Okay, great.

好的，太好了。

And then, if you do the divestiture, are there any efficiencies that you can gain from the divestiture, any corporate expenses, or things that might enhance the profits from the divestiture?

那麼，如果您進行資產剝離，那麼從資產剝離中可以獲得哪些效率、哪些公司費用或哪些因素可以提高資產剝離帶來的利潤？

Nothing of great magnitude. We're -- the way we're structured today, we're a very small corporate group, to start with and so the businesses are pretty much standalone. So I think when you separate out there's very little stranded cost. There's some -- we'll manage some of that through transition services agreements, so we'll be efficient on that front and then we'll redeploy particularly as we think about some of the M&A activity we have in front of us. So. I think we're going to be -- it all move towards enhancing our profitability and productivity as we go through this reorganizing of the portfolio, but we're not expecting -- we do not anticipate much strain of cost at all in this process.

沒什麼大不了的。我們——按照我們今天的結構，我們一開始就是一個非常小的企業集團，因此業務基本上是獨立的。所以我認為，當你分開時，擱淺成本就會很小。有一些——我們將透過過渡服務協議來管理其中的一些，因此我們將在這方面提高效率，然後我們將重新部署，特別是當我們考慮我們面臨的一些併購活動時。所以。我認為，隨著我們進行投資組合重組，一切都將朝著提高獲利能力和生產力的方向發展，但我們並不期望——我們預計在這個過程中不會產生太大的成本壓力。

Okay. All right, great.

好的。好的，太好了。

And just going back to the conversation about residential, you talked about the operating margin declined a little bit on volume in the mix with mail and packaging. You didn't mention anything about tariffs or inflationary metals anything like that. I wonder if you could talk a little bit about just the price cost and how you're feeling about the positioning of inventory for the back half of the year.

回到關於住宅的討論，您談到由於郵件和包裝業務量增加，營業利潤率略有下降。您沒有提到任何有關關稅或通膨金屬之類的事情。我想知道您是否可以談談價格成本以及您對下半年庫存定位的看法。

Yeah, yes, I mentioned, it really hasn't been an impact for us this year and we had the businesses together a week and a half ago. We have a pretty robust model that tracks tariffs by HPS code by any type of component of raw material coming from every country that we import from. So as tariffs change, which they seem to do that a little bit here and there, we get a real week-to-week idea of what, if any, impact it'll have for business and therefore that triggers what we need to do accordingly. And that's been pretty effective for us, through the first seven months, if you will, and we don't anticipate based on what we know today that changing for the rest of the year.

是的，是的，我提到過，這確實對我們今年沒有造成影響，而且我們一個半星期前就把業務整合在一起了。我們有一個非常強大的模型，可以透過 HPS 代碼追蹤來自我們進口的每個國家/地區的任何類型原材料成分的關稅。因此，隨著關稅的變化（他們似乎會不時地進行一些調整），我們每週都會真正了解它會對企業產生什麼影響（如果有的話），從而觸發我們需要採取的相應措施。如果你願意的話，這對我們來說非常有效，在前七個月，並且根據我們今天所知道的情況，我們預計今年剩餘時間的情況不會改變。

So as when you managed through these things, there's a confluence of variables that you're trying to pull and optimize. So whether it's existing inventory or price, cost management and as in our residential business, which is now 70% of what we do. And many of our contracts, we have clauses in place with commodity indexes that automatically drive recovery on something that flows through.

因此，當您管理這些事情時，您會嘗試拉動和最佳化一系列變數。因此，無論是現有庫存或價格、成本管理，以及我們的住宅業務，這占我們目前業務的 70%。我們的許多合約都包含商品指數條款，可以自動推動流通商品的復甦。

So we've got some built-in things. I think that'll help us navigate through it. And as I've said before as well, look, there's nothing today that's anywhere near the challenge that we saw in '21 and '22 trying to manage inflation, price costs, supply chain, availability, et cetera, et cetera. This is nothing like that. So I feel pretty confident in our approach and our discipline. It is a week-to-week thing as we learn around tariffs and how they may evolve but so far we've been able to minimize it pretty well.

所以我們有一些內建的東西。我認為這將有助於我們解決這個問題。正如我之前所說的那樣，看看吧，今天我們所面臨的挑戰遠不及 21 年和 22 年試圖管理通貨膨脹、價格成本、供應鏈、可用性等等。這根本不是那樣。因此，我對我們的方法和紀律非常有信心。這是一個每週都會發生的事情，因為我們會了解關稅及其可能如何演變，但到目前為止，我們已經能夠很好地將其最小化。

(Operator Instructions)

（操作員指示）

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

I had a high-level question about your strategy going forward with regards to the direct-to-contractor model and how you gain wallet share with the contractors and just thinking about, if the strategy is predicated on brand loyalty with regards to the contractors favoring your product when they buy from the distributor or would the strategy be more predicated on better serving the distributors and gaining loyalty from the distributors more so than the contractors, if you could speak to that.

我有一個關於你們未來直接面向承包商模式的戰略的高層次問題，以及你們如何從承包商那裡獲得錢包份額，我只是在想，如果這個戰略是基於品牌忠誠度，即承包商在從分銷商那裡購買產品時青睞你們的產品，或者這個戰略是否更多地基於更好地服務分銷商並獲得分銷商而不是承包商的忠誠度，請問問你能談談這個問題嗎？

Yeah, so Julio, when you think about wholesale and contractor, there's two distinct ways business are being done. The traditional building accessories work that we do, which is all the roofing accessories, trims, flashings, ventilation, and that has historically gone through wholesalers and/or big-box, right? And 80% of contractors buy or contractors by about 80% of their needs through wholesale, 20% through big-box, which is why I think you saw folks like Home Depot buy SRS.

是的，胡里奧，當你考慮批發和承包商時，有兩種截然不同的業務開展方式。我們所做的傳統建築配件工作，包括所有的屋頂配件、裝飾、防水板、通風設備，這些過去都是透過批發商和/或大型商場進行的，對嗎？80% 的承包商透過批發購買其所需物品，20% 透過大型商場購買，我想這就是為什麼你會看到像 Home Depot 這樣的人購買 SRS。

That being said, yeah, there are certain products around that have brands that contractors like and they stay with airv ent for us as a good example is probably the leading ventilation product in the industry. That's in our core business. Now when you talk about metal roofing, it's a different -- there's two types of metal roofing business models, if you will.

話雖如此，是的，有些產品確實有承包商喜歡的品牌，他們選擇 airv ent，對我們來說，一個很好的例子可能是行業領先的通風產品。這是我們的核心業務。現在，當您談論金屬屋頂時，它是不同的——如果您願意的話，有兩種類型的金屬屋頂商業模式。

One, if you're just talking about panels that would go out on say a barn or some ag-type application, those panels have traditionally been sold through wholesale and big-box guys. There's very limited variety of what's available, so they're an inventory product, if you will. They're common size, common colors, and there are very few colors that are offered. In fact, usually it's a non-painted thing. And so when people talk about metal roofing through that channel, that's what they're really talking about.

首先，如果您只是談論那些用於穀倉或某些農業應用的太陽能電池板，那麼這些太陽能電池板傳統上是透過批發商和大型商場銷售的。可供選擇的品種非常有限，所以如果你願意的話，它們是一種庫存產品。它們都是常見的尺寸、常​​見的顏色，而且提供的顏色很少。事實上，通常它是一種非繪畫的東西。因此，當人們透過該管道談論金屬屋頂時，他們真正談論的就是這個。

When you think about metal roofing of the companies that we have acquired in the metal roofing initiative that we're going into, this is a direct sale to a contractor, but it centers around a custom solution set for a home or light commercial facility or light commercial building. And that's not inventory product. That's a product that is made either on site, which we can do or it's made in our shop, but it really stems from a set of architectural drawings that then a contractor brings to us that we make for that specific home or that specific building.

當您想到我們在即將開展的金屬屋頂計劃中收購的公司的金屬屋頂時，這是直接銷售給承包商，但它圍繞著為家庭或輕型商業設施或輕型商業建築定制的解決方案集。這不是庫存產品。這是一種可以在現場製作的產品，我們可以這樣做，也可以在我們的商店製作，但它實際上源於承包商帶給我們的一套建築圖紙，我們為特定的房屋或特定的建築製作。

And obviously, as you might expect, wholesalers and big-box retailers, they don't necessarily create demand. They actually serve demand, right? They support demand, but they're not out practically trading demand whereas the contractor in this case is.

顯然，正如您所料，批發商和大型零售商不一定會創造需求。他們確實滿足了需求，對嗎？他們支援需求，但他們實際上並沒有進行需求交易，而本例中的承包商卻進行了。

So this is a manufactured solution that a wholesaler or big-box retailer would not want to inventory because everything's unique to the individual site. And therefore, that's a direct-to-contractor engagement for us. It opens up a different profit and revenue opportunity being direct.

因此，這是一個製造的解決方案，批發商或大型零售商不願意盤點，因為所有東西對於各個站點來說都是獨一無二的。因此，對我們來說，這是直接與承包商的合作。它開闢了直接不同的利潤和收入機會。

So as you think about our broader strategy, we have transitioned from being heavily oriented towards wholesalers seven years ago -- towards big-box retail. We've rebalanced that to have a bigger port of our sales going through wholesale versus retail aligned with the way the contractors has historically bought our core product lines. And then we've added a new channel through Metal Roofing Direct for specific homes and light commercial buildings. Those are the companies we bought.

因此，當您考慮我們的更廣泛的策略時，我們已經從七年前嚴重依賴批發商轉變為依賴大型零售店。我們重新調整了銷售管道，將更多的銷售額透過批發而非零售通路進行，這與承包商過去購買我們核心產品線的方式保持一致。然後，我們透過 Metal Roofing Direct 為特定住宅和輕型商業建築添加了一個新管道。這些就是我們收購的公司。

So now we've added a third channel and my point is that gives us access to multiple channels, multiple aspects of revenue and profit pools that exist in each of those respective channels. As it relates to why would a contractor come back to us in a metal roofing kind of scenario as I described, it's all about service. It's all about making sure that that contractor gets what they need. It's done right, it's done well, and they make their money to get up, they get down, and there's no quality issues. So it's speed, it's service.

所以現在我們增加了第三個管道，我的觀點是，這使我們能夠存取多個管道、多個方面的收入以及每個管道中存在的利潤池。至於為什麼承包商會在我描述的金屬屋頂情況下回到我們這裡，這都與服務有關。這一切都是為了確保承包商得到他們所需要的東西。做得對，做得很好，他們賺錢上去，他們下來，而且沒有品質問題。所以這就是速度，這就是服務。

And of course, you have to make things well and so you've got to have some competency around taking architectural drawings and fitting out an exact solution for a home or like commercial building. So that's how those start the long answer, but that's how those three channels actually stack up for us and our strategy is to be in all three, for the reasons I said. And if you think about consolidation at the wholesale level with Home Depot buying what they've bought with SRS and OXO buying beacon. I would argue that channel's already been consolidated for years, but now you have two new owners. We want to be in a third channel as well just so we have some sense of leverage of how do we serve this marketplace. It just so happens to be through metal roofing.

當然，你必須把事情做好，所以你必須具備繪製建築圖和為住宅或商業建築提供精確解決方案的能力。這就是長答案的開頭，但實際上這三個管道對我們來說就是這樣堆積起來的，我們的策略是同時涵蓋這三個管道，原因我已經說過了。如果你考慮批發層面的整合，家得寶 (Home Depot) 會購買他們透過 SRS 和 OXO 購買的商品。我認為該頻道已經整合多年了，但現在有兩個新主人。我們也希望進入第三個管道，這樣我們就能了解如何服務這個市場。它恰好是通過金屬屋頂。

But as you do more of that with a contractor direct, you become more -- they become more aware of you when they're doing a shingle roof as much as they are doing a metal roof. So they'll come direct us for a metal roof. They'll go through a wholesaler for a shingle roof. We're still making the same accessories that go on that roof, one way or the other. The biggest difference at the end of the day is when that metal roof happens for us, our basket goes from $400 to $500 for that roof to $40,000 for that roof and that's my point earlier about getting access to a bigger profit and revenue pool by getting into metal roof and going direct to a contractor. So we're not disrupting the wholesaler or the big-box guy because they're not in that business today. We're actually going very local and that's how we're building out our metal roofing business.

但是，當您與承包商直接進行此類工作時，您會變得更加——他們在建造木瓦屋頂時會更加了解您，就像他們在建造金屬屋頂時一樣。所以他們會直接來買金屬屋頂給我們。他們會透過批發商購買木瓦屋頂。不管怎樣，我們仍在製造安裝在屋頂上的相同配件。最終最大的區別是，當我們安裝好金屬屋頂後，我們的購買金額從 400 美元到 500 美元增加到 40,000 美元，這就是我之前所說的，透過安裝金屬屋頂並直接找承包商，可以獲得更大的利潤和收入。因此，我們不會幹擾批發商或大型商場，因為他們現在不從事這些業務。我們實際上非常注重本地化，這就是我們拓展金屬屋頂業務的方式。

Hopefully that makes some sense.

希望這能有些道理。

It's a fascinating answer. Thanks so much for the color.

這是一個非常有趣的答案。非常感謝這個顏色。

A couple of follow-ups there. What is the key brand you go to market with in metal roofing? Is it DOT Metals? Is it SEMCO?

那裡有幾個後續行動。您在金屬屋頂領域主推的市場品牌是什麼？是 DOT Metals 嗎？是 SEMCO 嗎？

It's all local. So this (multiple speakers) remember we talked about this localization effort, and the reason we're expanding into these MSAs is those contractors, those wholesalers know that local brand. They don't know Gibraltar. There's no value in trying to get people to think about Gibraltar. That contractor knows what he or she is most comfortable with, what works. And so we think our local brands actually make sense.

一切都是本地的。所以（多位發言者）記得我們討論過這個在地化工作，我們擴展到這些 MSA 的原因是那些承包商、那些批發商了解本地品牌。他們不了解直布羅陀。試圖讓人們思考直布羅陀是沒有意義的。承包商知道什麼是自己最滿意的、什麼才是有效的。因此我們認為我們的本地品牌實際上是有意義的。

What we try to do is the flywheel on the back end of that service, speed, supply chain, et cetera is Gibraltarized, if you will, but the front end is as local as it can be, and the secret is keeping it as local as you can while you leverage the back end.

我們嘗試做的是，如果您願意的話，將該服務、速度、供應鏈等後端的飛輪直布羅陀化，但前端盡可能本地化，而秘訣是在利用後端的同時盡可能保持本地化。

Understood.

明白了。

And then what is the turnaround time for when you receive an architectural drawing from these contractors to when they can expect delivery?

那麼，從您收到這些承包商的建築圖到他們預計交貨的周轉時間是多久？

And is that better than competitors or will it be better than the competitors as you kind of become more localized?

這是否比競爭對手更好，或者隨著你們變得更加本地化，​​這會比競爭對手更好嗎？

Yeah, you have to be able to perform in one- to three-day period. It depends on the size of the home or the building, the iterations you might have on the drawings themselves with the architect, but effectively when the drawings are done, that will be entered into a system automatically rips through into our machines and we start producing and that happens very quickly.

是的，你必須能夠在一到三天內完成。這取決於房屋或建築的大小，以及您可能與建築師對圖紙本身進行的迭代，但實際上，當圖紙完成時，它將輸入到一個系統中，自動進入我們的機器，然後我們開始生產，這個過程非常快。

Remember, I said there's two options here. Some contractors prefer we actually do it on site, so we have portable roll formers will take to the job site. And we'll roll and make adjustments as we go based on the set of drawings they have, and some will want to have everything made in the shop, but it's either real time, meaning within hours or it may be within a one- to three-day period. You've got to be able to do both or you're going to alienate yourself from some portion of the market.

記住，我說過這裡有兩個選擇。一些承包商更喜歡我們實際在現場進行操作，因此我們將便攜式捲材成型機帶到工作現場。我們會根據他們所掌握的圖紙不斷進行調整，有些人希望所有東西都在車間完成，但這要么是實時的，也就是幾小時內，要么可能是一到三天內。你必須能夠同時做到這兩點，否則你將會在某些市場中被淘汰。

Great.

偉大的。

I have one more here for you and it's about the structures business. Can you talk a bit about the fact that structures encompasses agtech and infrastructure, have those two segments cross in the past and what potential synergies do you see between the two of them going forward?

我這裡還有一條訊息與結構業務有關。您能否談談結構涵蓋農業科技和基礎設施的事實，這兩個部分過去是否有交叉，以及您認為兩者之間未來有哪些潛在的協同作用？

Yeah, I would say, we've characterized infrastructure in the structures business simply because of the -- it supports a bridge structure as opposed to there's some synergy that connects those guys in the back end because it really hasn't in the past and I don't want to mislead people think that there is something there but it's a project-based business. It's a structure that we have to engineer to. It's just has some similarities to the rest of our agtech business or agtech-type applications that I referenced in the slide. So that's the connection.

是的，我想說，我們將基礎設施描述為結構業務，僅僅是因為 - 它支持橋樑結構，而不是有一些協同作用將後端的那些人連接起來，因為過去確實沒有，我不想誤導人們認為那裡有一些東西，但它是一個基於項目的業務。這是我們必須設計的結構。它與我在幻燈片中提到的其他農業科技業務或農業科技類型的應用程式有一些相似之處。這就是聯繫。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thank you again, two quick follow-ups.

再次感謝您，還有兩個快速的後續問題。

One, following along Julio's last question. Infrastructure, obviously you've done a tremendous job on the margin front with that business. Just thinking longer term from a portfolio optimization perspective, does it necessarily fit into those two buckets that we're thinking about and, might there be thoughts or opportunities to monetize that.

一、繼續回答 Julio 的最後一個問題。基礎設施，顯然你們在該業務的利潤方面做了大量工作。僅從投資組合優化的角度進行長期思考，它是否一定適合我們正在考慮的這兩個方面，以及是否有將其貨幣化的想法或機會。

Yeah, I think we've talked about this a little bit and with others as well. Our strategy with infrastructure is to continue to get it better and the team's done a great job getting us to where we are today. There is some new technology that has come out, but it really -- that we've launched, but it really is a -- it's a relatively niche business in the infrastructure world, infrastructure like building products is pretty fast when you think about the different categories.

是的，我想我們已經和其他人討論過這個問題了。我們的基礎設施策略是不斷改進，團隊的出色工作使我們達到了今天的水平。有一些新技術已經問世，但它確實是——我們已經推出了，但它確實是——它是基礎設施領域中一個相對小眾的業務，當你考慮不同的類別時，像建築產品這樣的基礎設施發展速度相當快。

So our strategy has not been to build out around what we do into a bigger platform. We're one of the leaders in this space today, so I wouldn't suggest that that's going to be our approach. I do think there's some -- like I said, some new technology coming out that we think will be beneficial doing a good job for Gibraltar right now. Is it something that could play a different role in the future? Yes, that's possible as well. But right now, we like what we're doing and we're going to continue to hopefully drive the business.

因此，我們的策略並不是圍繞著我們所做的事情來建立一個更大的平台。我們是當今該領域的領導者之一，因此我不認為這將是我們的方法。我確實認為，正如我所說，一些新技術的出現將有利於直布羅陀目前的良好發展。它在未來會發揮不同的作用嗎？是的，這也是有可能的。但現在，我們喜歡我們正在做的事情，我們將繼續希望推動業務發展。

The second thing I would add, just as a general comment around infrastructure and this I don't think has been talked a lot about openly yet, at least publicly, but there's a lot of effort going on right now in DC in a bipartisan way for the next phase of the infrastructure bill, and I think, that would be great to see and just from folks that we're connecting with, there is a lot of good activity there, and I think you're going to see additional funding going forward, which makes us happy to be in that space as well. So stay tuned on that as we learn collectively what happens there.

我想補充的第二件事是，作為關於基礎設施的一般性評論，我認為這個問題還沒有公開討論過，至少在公開場合是這樣，但目前華盛頓兩黨正在為下一階段的基礎設施法案做出大量努力，我認為，這將是一件很棒的事情，從我們聯繫的人來看，那裡有很多好的活動，我認為你會看到未來會有額外的資金，這也讓我們很高興進入這個領域。因此，請繼續關注，我們將共同了解那裡發生的事情。

Very helpful.

非常有幫助。

Last one is just the question on the cadence of growth or seasonality embedded in the revised guidance. Obviously, a lot of moving parts when you strip out renewables. You gave pro forma financials earlier this morning as we look to Q3 and Q4. Joe, is there anything you can guide us to in terms of year-over-year revenue or EPS growth Q3 relative to Q4 off of those pro forma numbers? Just trying to avoid a modeling headache within the confines of your revised guidance.

最後一個問題是關於修訂後的指導意見中所包含的成長節奏或季節性的問題。顯然，當你去除再生能源時，會有很多活動部件。當我們展望第三季和第四季時，您今天早上提供了備考財務報表。喬，根據這些備考數據，您能否告訴我們第三季相對於第四季的年比收入或每股盈餘成長？只是想避免在修訂後的指導範圍內出現建模難題。

Yeah, I mean, I would say expect kind of the normal seasonality that we've seen in the past on kind of the residential side, particularly the building accessories. And then as we talked about some of these project pushouts on agtech, you're going to see more of that in Q4 versus Q3.

是的，我的意思是，我想說，我們預計住宅方面，特別是建築配件方面會出現我們過去看到的正常季節性。然後，當我們談論農業科技領域的一些項目推出時，你會在第四季度看到比第三季度更多的此類項目。

Yeah, that's helpful (multiple speakers)

是的，這很有幫助（多位發言者）

(multiple speakers) and I think that's probably (multiple speakers) I would say that's -- and that's kind of unique to this year on the agtech side. Obviously we -- if you build a -- that base and that cadence comes a little bit more predictable, just the size of the projects when they move it matters, but if we have more of them actually active then there's less of that seasonality issue.

（多位發言者）我認為這可能是（多位發言者）我想說的是──這是今年農業科技方面獨有的。顯然，如果你建立一個基礎，那麼節奏就會更加可預測，只是項目移動時的規模很重要，但如果我們實際上有更多活躍的項目，那麼季節性問題就會減少。

But ultimate day if you fast forward, you're thinking about '26, '27 as building products becomes a bigger piece of who we are and we build the base on the agtech side. I think the seasonality is going to be in general, probably mainly reflective of the historical view you've seen in building products, which is slow as first quarter, you build in second and third, and Q4 is always depending on the weather the third strongest quarter. So that's the way I think things will evolve over time as well.

但如果你快轉，最終你會想到 26 年、27 年，因為製造產品將成為我們業務中更重要的一部分，我們在農業科技方面建立了基礎。我認為季節性總體上是主要的，可能主要反映您在建築產品中看到的歷史觀點，即第一季度緩慢，第二季度和第三季度開始建設，而第四季度始終取決於天氣，是第三強勁的季度。所以我認為隨著時間的推移事情也會這樣發展。

Thank you. We have no further questions. I will turn the call back over to Mr. Bosway for closing comments.

謝謝。我們沒有其他問題了。我將把電話轉回給 Bosway 先生，請他發表最後評論。

Well, thank you everyone again for joining us today. Coming up, we do plan to present at the Seaport Summer Investor and Sidoti Small-Cap conferences as well as other events. Thank you again for your ongoing support of Gibraltar, and we look forward to speaking to you again after our third-quarter report. Take care.

好吧，再次感謝大家今天的加入我們。接下來，我們計劃在 Seaport Summer Investor 和 Sidoti Small-Cap 會議以及其他活動中進行演講。再次感謝您對直布羅陀的持續支持，我們期待在第三季報告後再次與您交談。小心。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。