RPM International Inc (RPM) 2026 Q1 法說會逐字稿

Good day, and welcome to the RPM International fiscal 2026 first-quarter earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 RPM International 2026 財年第一季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Matt Schlarb, Vice President of Investor Relations and Sustainability. Please go ahead.

現在我將把會議交給投資者關係和永續發展副總裁馬特·施拉布。請繼續。

Thank you, Clowie, and welcome to RPM International's conference call for the fiscal 2026 first quarter. Today's call is being recorded. Joining today's call are Frank Sullivan, RPM's Chair and CEO; Rusty Gordon, Vice President and Chief Financial Officer; and Michael Laroche, Vice President, Controller and Chief Accounting Officer. This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com.

謝謝 Clowie，歡迎參加 RPM International 2026 財年第一季電話會議。今天的通話將會被錄音。今天參加電話會議的有 RPM 董事長兼執行長 Frank Sullivan；副總裁兼財務長 Rusty Gordon；以及副總裁、財務總監兼首席會計官 Michael Laroche。本次電話會議也將進行網路直播，可透過 RPM 網站 www.rpminc.com 進行即時或回放。

Comments made on this call may include forward-looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different. For more information on these risks and uncertainties, please review RPM's reports filed with the SEC.

本次電話會議中的評論可能包含基於當前預期的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險和不確定性的更多信息，請查看 RPM 向美國證券交易委員會提交的報告。

During this conference call, references may be made to non-GAAP financial measures. To assist you in understanding these non-GAAP terms, RPM has posted reconciliations to the most directly comparable GAAP financial measures on the RPM website. Also, please note that our comments will be on a -- on an as-adjusted basis and all comparisons are to the first quarter of fiscal 2025 unless otherwise indicated.

在本次電話會議期間，可能會提及非公認會計準則財務指標。為了幫助您理解這些非GAAP術語，RPM已在RPM網站上發布了與最直接可比較的GAAP財務指標的調節表。另外，請注意，我們的評論將基於調整後的數據，除非另有說明，所有比較均與 2025 財年第一季進行比較。

We have provided a supplemental slide presentation to support our comments on this call, and it can be accessed in the Presentations and Webcasts section of the RPM website. As a reminder, certain businesses that are previously part of the Specialty Products Group have been reallocated to other segments effective June 1, 2025. As a result, all references today reflect the updated structure and prior year figures have been recast accordingly. This change has no impact on consolidated results.

我們已提供補充幻燈片簡報以支持我們對本次電話會議的評論，該簡報可在 RPM 網站的「簡報和網路直播」部分中存取。提醒各位，原先屬於特種產品集團的某些業務已於 2025 年 6 月 1 日起重新分配到其他業務部門。因此，今天所有參考資料均反映了更新後的結構，前一年的數據也已相應重新計算。此項變更對合併業績沒有影響。

With that, I would like to turn the call over to Frank.

接下來，我想把電話交給弗蘭克。

Thank you, Matt, and good morning. I'll start the call with a high-level overview of our first quarter results, followed by Michael Laroche, who will cover the financials in more detail. Matt will then provide an update on cash flow and the balance sheet and provide some details on our Industrial Coatings Group. Rusty Gordon will then conclude our prepared remarks with our outlook for the second quarter and fiscal year 2026. As always, we'll be happy to answer your questions after our prepared remarks.

謝謝你，馬特，早安。我將首先對我們第一季的業績進行高屋建瓴的概述，然後由 Michael Laroche 更詳細地介紹財務狀況。接下來，Matt 將介紹現金流量和資產負債表的最新情況，並詳細介紹我們的工業塗料集團。接下來，Rusty Gordon 將總結我們準備好的發言，並展望 2026 年第二季和全年業績。像往常一樣，在我們的演講結束後，我們將很樂意回答您的問題。

Looking at slide 3. The pivot to growth I discussed over the last few quarters was on full display with organic revenue growth complemented by the successful integration of strategic acquisitions. All segments achieved record quarterly sales and generated 6% growth or better in what continues to be a challenging macro environment. All three segments increased adjusted EBIT to achieve another record quarter for RPM, thanks to the sales growth and MAP 2025 benefits, which offset several other profitability headwinds.

請看幻燈片3。我在過去幾季中討論的向成長轉型已經充分展現出來，有機收入成長與策略性收購的成功整合相輔相成。在宏觀經濟環境持續充滿挑戰的情況下，所有業務板塊均實現了創紀錄的季度銷售額，並實現了 6% 或更高的成長。由於銷售成長和 MAP 2025 的利好，RPM 的三個業務部門調整後 EBIT 均有所增長，實現了又一個創紀錄的季度，這抵消了其他幾個盈利能力方面的不利因素。

The first quarter represents the 14th time in the last 15 quarters where we have achieved record adjusted EBIT. This is a credit to our associates. We're focused on realizing the power of RPM by leveraging our entrepreneurial spirit to grow sales, while continuing to work to find new ways to operate more efficiently.

第一季是我們在過去 15 個季度中第 14 次實現調整後 EBIT 創紀錄的季度。這要歸功於我們的同事。我們專注於發揮 RPM 的威力，運用我們的創業精神來促進銷售成長，同時繼續努力尋找更有效率的營運方式。

Next, on slide 4 are examples of the key factors that allowed us to achieve record results in the first quarter despite the challenging demand backdrop. These include turnkey offerings in roofing and flooring where we both supply and apply the product, a competitive advantage in a labor-constrained construction market, customer-focused new product introductions, strategic M&A in core categories as well as in new adjacent categories.

接下來，第 4 張投影片列舉了一些關鍵因素，這些因素使我們在第一季儘管面臨充滿挑戰的需求環境，仍然取得了創紀錄的業績。這些優勢包括：提供屋頂和地板的交鑰匙工程服務（我們既供應產品又負責施工），在勞動力受限的建築市場中獲得競爭優勢，以客戶為中心的新產品推出，以及在核心類別和新的相鄰類別中進行策略性併購。

Engineered solutions that meet and exceed the demanding specifications of building projects in areas such as infrastructure, data centers, schools, hospitals and pharmaceutical manufacturing. System selling that offers comprehensive solutions for all six sides of the building envelope, a focus on repair and maintenance, which offers a compelling value proposition and where demand is less volatile than new construction; hiring additional sales and sales support staff across our Construction Products Group and Performance Coatings Group segments in contrast with many of our competitors; and continuously implementing efficiency initiatives built on the legacy of our MAP to Growth and MAP 2025 achievements.

工程解決方案能夠滿足並超越基礎設施、資料中心、學校、醫院和製藥製造等領域建築專案的嚴格規範。系統銷售提供針對建築圍護結構六個方面的全面解決方案，重點關注維修和維護，這提供了極具吸引力的價值主張，並且需求波動性小於新建工程；與許多競爭對手相比，我們在建築產品集團和高性能塗料集團部門增聘了銷售和銷售支援人員；並不斷實施基於我們「成長計畫」和「2025 年計畫」成就的效率提升措施。

These include the consolidation of six facilities currently in process. Over the last six to nine months, we have been talking about a pivot to growth in a frustratingly no-growth environment. To make a pivot to growth, we recognize that we would have to do some things differently. Today, we are doing many things differently while most of our competitors are responding to the no-growth environment by cutting costs, reducing headcount and suspending benefits.

其中包括目前正在進行的六個工廠的合併。在過去的六到九個月裡，我們一直在討論如何在令人沮喪的零成長環境下成長。我們體認到，要實現成長，就必須改變一些做法。如今，我們的大多數競爭對手都在透過削減成本、裁員和暫停福利來應對零成長的環境，而我們卻在許多方面採取了不同的做法。

We are expanding sales associates and support staff, a $5.3 million in additional spending in Q1 over the prior year of new employees in this area. We are increasing advertising, especially in our continuing to be challenged consumer business with year-over-year advertising up $3.2 million, and we are rebuilding our M&A pipeline with $2.1 million of higher acquisition-related costs in Q1, while we are maintaining all of our benefit programs, including our 401(k) match which is roughly the equivalent of $0.06 per share per quarter.

我們正在擴充銷售人員和支援人員，第一季在該領域新增員工的支出比去年同期增加了 530 萬美元。我們正在增加廣告投入，尤其是在我們持續面臨挑戰的消費者業務方面，廣告投入同比增長 320 萬美元；同時，我們正在重建併購渠道，第一季收購相關成本增加 210 萬美元；此外，我們還維持所有福利計劃，包括 401(k) 匹配計劃，該計劃每季度每股匹配約 0.06 美元。

These growth investments are having the desired outcome with unit volume growth in our Construction Products Group, up 4% despite negative construction market dynamics and unit volume growth up 8% in our Performance Coatings Group, pretty remarkable in any environment. These self-help measures have been drivers of our recent results and remain critical elements of our coming success.

這些成長投資已取得預期成果，儘管建築市場動態不佳，但我們的建築產品集團的銷量仍增長了 4%，而我們的高性能塗料集團的銷量增長了 8%，這在任何環境下都相當出色。這些自助措施是我們近期成果的驅動力，也是我們未來成功的關鍵因素。

I'll now turn the call over to Mike Laroche to cover the financials in more detail.

現在我將把電話交給麥克·拉羅什，讓他更詳細地介紹財務狀況。

Thank you, Frank. On slide 5, consolidated sales increased 7.4% to a record with a nice balance between organic and M&A growth. Key drivers included items Frank just mentioned, led by systems and turnkey solutions for high-performance buildings and a focus on maintenance and repair.

謝謝你，弗蘭克。在第 5 張投影片中，合併銷售額成長了 7.4%，創歷史新高，有機成長和併購成長之間取得了良好的平衡。主要驅動因素包括弗蘭克剛才提到的那些，以高性能建築的系統和交鑰匙解決方案為主導，並專注於維護和維修。

Q1 adjusted EBIT increased 2.9% to a record as volume growth allowed us to leverage MAP 2025 initiatives and overcome headwinds from higher raw material costs and temporary cost inefficiencies from plant consolidations. SG&A as a percentage of sales increased, it was due to higher health care costs, which was up $8.8 million over the prior year, higher M&A expense as well as investment in growth initiatives. First quarter adjusted EPS was a record $1.88 driven by adjusted EPS improvement, adjusted EBIT improvement partially offset by an increase in interest expense resulting from higher debt levels from acquisition financing.

第一季調整後息稅前利潤成長 2.9%，創歷史新高，銷售成長使我們能夠利用 MAP 2025 計劃，並克服原材料成本上漲和工廠整合帶來的暫時性成本效率低下等不利因素。銷售、一般及行政費用佔銷售額的百分比有所增加，這是由於醫療保健成本增加（比上一年增加了 880 萬美元）、併購支出增加以及對增長計劃的投資所致。第一季調整後每股收益達到創紀錄的 1.88 美元，這主要得益於調整後每股收益的改善，調整後息稅前利潤的改善部分被收購融資導致的債務水平上升所抵消，從而增加了利息支出。

Moving to our geographic results on slide 6. Growth was led by Europe, which benefited from acquisitions and favorable FX. North America grew 5.9%, driven by systems and turnkey solutions for high-performance buildings. Performance in emerging markets was mixed, with strength in Africa and Middle East, driven by infrastructure and other projects with pending specifications.

接下來，我們來看第 6 張投影片中的地理分析結果。歐洲引領了成長，受益於收購和有利的匯率。北美市場成長了 5.9%，這主要得益於高性能建築的系統和交鑰匙解決方案。新興市場表現參差不齊，其中非洲和中東表現強勁，這主要得益於基礎設施和其他一些規格尚未確定的項目。

Segment results begin on slide 7. Construction Products Group sales increased to a record driven by systems and turnkey roofing solutions serving high-performance buildings and infrastructure projects. This was partially offset by softness in Europe, and the disaster restoration business has increased demand last year related to hurricane activity did not repeat. MAP 2025 and higher sales drove the record adjusted EBIT, which was in addition to strong growth in the prior year. This was partially offset by temporary inefficiencies from plant consolidations and SG&A growth investments.

分段結果從第 7 張投影片開始。建築產品集團的銷售額創下歷史新高，這主要得益於為高性能建築和基礎設施項目提供的系統和交鑰匙屋頂解決方案。歐洲市場的疲軟部分抵消了這一影響，而去年與颶風活動相關的災後重建業務需求增加，但並未重現。MAP 2025 和更高的銷售額推動了調整後 EBIT 創紀錄的成長，而前一年也實現了強勁成長。工廠整合和銷售、管理及行政費用成長投資帶來的暫時性效率低下部分抵銷了上述影響。

Performance Coating Group is on slide 8. The segment achieved record sales with broad-based strength in turnkey flooring, protective coatings and specialty OEM. Acquisitions also contributed to the sales increase. Adjusted EBIT was a record driven by higher sales and MAP 2025 benefits, partially offset by growth investments and unfavorable mix. These record results were in addition to strong growth in the prior year.

高性能塗料集團在第 8 張投影片。該業務板塊憑藉著交鑰匙地板、防護塗料和特種OEM的廣泛優勢，實現了創紀錄的銷售額。收購也促進了銷售額的成長。經調整後的息稅前利潤創歷史新高，主要得益於更高的銷售額和 MAP 2025 帶來的收益，但部分被成長投資和不利的產品組合所抵消。這些創紀錄的業績是在前一年強勁成長的基礎上取得的。

On slide 9, the Consumer Group sales increased to a record as a result of the successful integration of the Pink Stuff and Ready Seal acquisitions. DIY demand remained soft, and product rationalization also had a negative impact on sales. Adjusted EBIT increased driven by acquired businesses with accretive margins and MAP 2025 benefits, which were partially offset by cost inflation, reduced fixed cost utilization from lower volumes, temporary inefficiencies from plant consolidation and increased marketing expenses.

投影片 9 顯示，由於成功整合了 Pink Stuff 和 Ready Seal 的收購，消費者集團的銷售額創下歷史新高。DIY需求依然疲軟，產品精簡也對銷售產生了負面影響。經調整的息稅前利潤增長主要得益於收購業務帶來的利潤增長和 2025 年 MAP 計劃的收益，但部分被成本上漲、銷量下降導致的固定成本利用率降低、工廠整合帶來的暫時效率低下以及營銷費用增加所抵消。

Now I'll turn the call over to Matt, who will cover the balance sheet, cash flow and the Industrial Coatings Group.

現在我將把電話交給 Matt，他將介紹資產負債表、現金流量和工業塗料集團的情況。

Thank you, Mike. Two key hallmarks of our MAP 2025 program have been improved profitability and working capital efficiency. These have enabled us to enter fiscal year '26 with a strong balance sheet even after having the largest share of acquisitions in the company's history in fiscal 2025.

謝謝你，麥克。我們的 MAP 2025 計畫的兩個關鍵特點是提高了獲利能力和營運資金效率。這些優勢使我們能夠在 2025 財年進行公司史上規模最大的收購後，依然保持強勁的資產負債表進入 2026 財年。

We utilized the strong financial position in the first quarter to acquire Ready Seal, a leader in exterior wood stains. This easy-to-use product strengthens our offerings in this category and demonstrates our focus on expanding in core and adjacent markets. Although we have increased our M&A activity, our balance sheet remains healthy with low leverage ratios and liquidity of $933 million at the end of the first quarter, which positions us to take advantage of future strategic opportunities.

我們利用第一季強勁的財務狀況收購了戶外木材著色劑領域的領導者 Ready Seal 公司。這款易於使用的產品增強了我們在該類別中的產品實力，並展現了我們專注於拓展核心市場和鄰近市場的決心。儘管我們增加了併購活動，但我們的資產負債表依然健康，槓桿率低，第一季末流動資金達 9.33 億美元，這使我們能夠抓住未來的戰略機會。

During the first quarter, we also returned $82 million to shareholders through dividends and share repurchases. CapEx increased $11.7 million from the prior year, driven by growth investments, including the purchase of RPM's recently constructed Malaysia plant. Inventory increases were driven by strategic purchases to mitigate the impact of future tariffs and ensure high service levels during plant consolidations, partially offset by MAP improvements.

第一季度，我們也透過分紅和股票回購向股東返還了 8,200 萬美元。資本支出比前一年增加了 1,170 萬美元，主要得益於成長投資，包括收購 RPM 最近在馬來西亞建造的工廠。庫存增加是由於策略性採購，以減輕未來關稅的影響，並在工廠整合期間確保高服務水平，部分被MAP改進所抵消。

Now on slide 11, I would like to provide some background of business that has benefited from increased collaboration and growth investments, the Industrial Coatings Group or ICG. This business recently joined our Performance Coatings Group and sells a variety of products to multiple markets, including powder and liquid coatings for metal, high-end wood finishes, protective coatings for [pleasure], marine and recreation and wood preservation.

現在，在第 11 張投影片上，我想介紹一下受益於加強合作和成長投資的企業——工業塗料集團（ICG）。這家公司最近加入了我們的高性能塗料集團，並向多個市場銷售各種產品，包括金屬粉末和液體塗料、高端木器塗料、用於[休閒]、船舶和娛樂的保護塗料以及木材防腐劑。

Several of the markets they serve have been under pressure for the past several quarters, particularly those tied to housing. ICG organically grew revenues high single digits in the first quarter despite these challenging markets. This was achieved through investments in new salespeople and improved collaboration among its businesses which has allowed it to build on its legacy of high technical service levels and customer support.

在過去的幾個季度裡，他們服務的幾個市場都面臨著壓力，尤其是與住房相關的市場。儘管市場充滿挑戰，ICG 第一季的營收仍實現了接近兩位數的有機成長。這是透過投資新的銷售人員和改善公司內部的協作來實現的，這使得公司能夠鞏固其高技術服務水準和客戶支援的傳統。

Additionally, customer-focused innovation has accelerated, thanks to investments in collaboration at RPM's Innovation Center of Excellence, which opened in 2023. The Innovation Center also allows us to better demonstrate the high performance of ICG's products to customers. Going forward, ICG has additional collaboration opportunities with other high-performance coatings companies within RPM in PCG in areas like R&D and shared service facilities. They also continue to invest in training and development of salespeople and new products to grow share in existing markets and expand into adjacent areas.

此外，由於 RPM 於 2023 年開設了卓越創新中心，並加大了對合作的投資，以客戶為中心的創新也得到了加速發展。創新中心也使我們能夠更好地向客戶展示 ICG 產品的高性能。展望未來，ICG 將在研發和共享服務設施等領域與 RPM 旗下 PCG 的其他高效能塗料公司進行更多合作。他們也持續投資於銷售人員的培訓和發展以及新產品的研發，以擴大現有市場份額並拓展到鄰近領域。

Now I'd like to turn the call over to Rusty to cover the outlook.

現在我想把電話交給Rusty，讓他談談前景。

Thank you, Matt. Our second quarter outlook can be found on slide 12. We expect another quarter of record sales and record adjusted EBIT led by systems and turnkey solutions serving construction projects with demanding specifications as well as the focus on repair and maintenance. Acquisitions will also benefit growth in the quarter. We have also taken actions to address two of the larger profitability headwinds we experienced in the first quarter.

謝謝你，馬特。第二季展望請見第12頁投影片。我們預計本季銷售額和調整後息稅前利潤將再創新高，這主要得益於為滿足高規格要求的建築項目提供的系統和交鑰匙解決方案，以及對維修和維護的重視。收購也將有利於本季的成長。我們也採取了措施，以應對第一季遇到的兩大獲利障礙。

First, we have taken SG&A streamlining actions, including those enabled by the structural shift from four segments to three. Secondly, we have implemented pricing actions to recover the impact of inflation, including significant increases in metal packaging and niche products produced primarily in Asia, which we expect will continue to rise in the coming quarters.

首先，我們採取了銷售、一般及行政費用精簡措施，包括透過將結構從四個部門調整為三個部門而採取的措施。其次，我們採取了價格措施來應對通貨膨脹的影響，包括大幅提高主要產自亞洲的金屬包裝和利基產品的價格，我們預計未來幾季價格將繼續上漲。

Overall, we expect consolidated sales and adjusted EBIT to both increase by mid-single digits in the quarter. By segment, consumer is expected to grow sales moderately more than PCG and CPG due to acquisitions. Moving to our full year outlook on slide 13. We expect sales to be at the high end of our previously announced low single to mid-single-digit growth range as we benefit from previous growth investments and acquired businesses.

總體而言，我們預計本季合併銷售額和調整後息稅前利潤均將達到中等個位數成長。按細分市場來看，由於收購活動，預計消費者產品的銷售成長將略高於個人護理產品 (PCG) 和消費品 (CPG) 產品。接下來，我們將在第13頁介紹全年展望。由於受益於先前的成長投資和收購的業務，我們預計銷售額將達到先前宣布的低個位數到中個位數成長範圍的高端。

As Frank mentioned, we are continuing these investments and, in some cases, increasing them to accelerate our pivot to growth. These investments will add to SG&A for the full year and including reallocating existing SG&A spend to the highest growth opportunities. We also expect to continue benefiting from several of the self-help measures Frank discussed.

正如弗蘭克所提到的那樣，我們將繼續進行這些投資，並在某些情況下增加投資，以加速我們向成長的轉型。這些投資將增加全年的銷售、一般及行政費用，包括將現有的銷售、一般及行政支出重新分配到成長潛力最大的領域。我們也希望繼續受益於弗蘭克所討論的幾項自助措施。

From a macro perspective, many of the trends we experienced in the first quarter particularly those related to economic uncertainty are expected to persist through the fiscal year. Taking all this into account, we anticipate adjusted EBIT will grow towards the lower end of our previously announced outlook of high single-digit to low double-digit growth.

從宏觀角度來看，我們在第一季經歷的許多趨勢，特別是與經濟不確定性相關的趨勢，預計將在本財年持續下去。綜合考慮以上因素，我們預期調整後的息稅前利潤將成長至我們先前公佈的高個位數至低兩位數成長預期範圍的下限。

That concludes our prepared remarks, and we are now happy to answer your questions.

我們的發言稿到此結束，現在我們很樂意回答各位的問題。

(Operator Instructions)

（操作說明）

Michael Sison, Wells Fargo.

麥可西森，富國銀行。

Hey guys, great start to the year. I hope your investors have been as good as the [Guardians]. But Frank, just when you think about the outlook for this year and being at the lower end, how much of that was due to your investments for growth? And how much of that was maybe due to weaker demand?

嘿，夥計們，新年伊始一切順利。我希望你的投資人和你一樣出色。【守護者】但是弗蘭克，當你考慮今年的前景以及較低的預期時，這其中有多少是因為你的成長投資？其中有多少是因為需求疲軟造成的？

So in our case, I think the investments to growth are delivering the desired outcome, higher levels of organic growth than as really being exhibited in the marketplace. I outlined in my prepared remarks about $10 million of higher year-over-year quarterly spend, $5.3 million on new hires in sales and sales associate areas, particularly at companies like Tremco Sealants, Tremco Roofing, Stonhard, the ICG businesses that Matt talked about, $2.1 million in higher M&A expense, we got a bigger pipeline.

所以就我們而言，我認為對成長的投資正在帶來預期的結果，實現了比市場上實際展現的更高的有機成長水平。我在準備好的演講稿中概述了季度支出比去年同期增加 1000 萬美元，其中 530 萬美元用於銷售和銷售助理領域的新員工招聘，尤其是在像 Tremco Sealants、Tremco Roofing、Stonhard 這樣的公司，以及 Matt 提到的 ICG 業務，併購支出增加了 210 萬美元，我們的業務渠道也更加完善我們的業務。

We're starting to see some better opportunities exhibited by the recent acquisitions we've completed versus what was a pretty quiet acquisition period during our MAP initiatives and $3.2 million of higher advertising mostly in consumer despite what continues to be a challenging environment there.

我們開始看到，最近完成的收購帶來了一些更好的機會，而先前我們在 MAP 計劃期間的收購活動則相當平靜。儘管消費市場環境依然充滿挑戰，但我們在消費者廣告方面的投入增加了 320 萬美元。

And then the last area that Mike highlighted on, which was disappointing was an $8 million higher expense for health care costs in the quarter versus the prior year. So those were the primary drivers of the lack of leverage to our bottom line, $10 million of it aside from health care costs, are very deliberate and they're having the desired outcome, and you'll see that continue. The spending that we've been doing and are doing now should serve us well in the coming quarters.

最後，麥克重點提到的一個令人失望的方面是，本季醫療保健費用比去年同期增加了 800 萬美元。所以，這些都是導致我們利潤成長乏力的主要原因，除了醫療保健成本之外，1000 萬美元的支出都是經過深思熟慮的，而且已經達到了預期效果，你會看到這種情況繼續下去。我們過去和現在所做的支出應該會在接下來的幾個季度對我們大有裨益。

Got it. And a quick follow-up for the Consumer Group. The organic growth was down 3%. It feels like the industry is weaker. Do you have any thoughts on where you think industry demand is for the Consumer Group?

知道了。還有一點要跟進，請消費者團體提出。有機成長率下降了3%。感覺這個行業正在走下坡。您認為消費者集團的產業需求在哪裡？

Is it down a little bit worse? And are you picking up share? And maybe minus-3, some evidence that your business is a little bit more stable than wall paint or the small projects? And any thoughts for kind of industry growth for Consumer Group for the rest of the year?

情況是不是更糟了？你正在擴大市場佔有率嗎？或許負3分，這能證明你的業務比牆漆或小專案更穩定一些？您對消費品產業今年剩餘時間的成長有何看法？

Sure. I do think that our Consumer Group is outperforming the broader industry. It's a challenging environment, and it's been that way for more than 1.5 years and those challenges continue. We're picking up share in some new categories. We've introduced a low-odor water-based spray paint, which is getting new shelf space. We're picking up share in some different accounts. And we're adding meaningfully in the cleaner category.

當然。我認為我們的消費者業務部門表現優於整個產業。這是一個充滿挑戰的環境，這種情況已經持續了一年半以上，而且這些挑戰仍在繼續。我們在一些新的品類中市佔率正在提升。我們推出了一款低氣味的水性噴漆，它正在重新上架銷售。我們在一些不同的帳戶中獲得了市場份額。我們在清潔劑領域也取得了顯著進展。

The Pink Stuff very importantly, puts our Consumer Group into the consumer products categories of cleaners or historically, our cleaners have been all Rust-Oleum based and really hardware store, paint aisle type of cleaner. So we're very excited about that. It opens up new channels that we haven't served before, grocery, dollar stores, things like that, and it opens up new geographies. It's a global brand. And so notwithstanding the challenges in the North American consumer markets, we are leaning into finding opportunities for growth in other areas.

非常重要的一點是，「粉紅色清潔劑」將我們的消費品集團歸類為清潔劑消費品類別，或者從歷史上看，我們的清潔劑都是以 Rust-Oleum 為基礎的，實際上是五金店、油漆區那種類型的清潔劑。我們對此感到非常興奮。它開闢了我們以前從未涉足的新管道，例如雜貨店、一元商店等等，同時也開拓了新的地域。這是一個全球品牌。因此，儘管北美消費市場面臨挑戰，我們仍致力於在其他領域尋找成長機會。

Great, thank you.

太好了，謝謝。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

Morning Mike.

早上好，麥克。

Hi, good morning. I was hoping that maybe you could give us a little bit more detail on the increased marketing spend in the consumer segment. It sounds like -- most of that is advertising, but is there some additional promotional spend or other -- maybe other categories of marketing? And can you also get into any specific product lines that have been a focus of that additional advertising or promotional spend?

您好，早安。我希望您能詳細介紹一下消費者領域行銷支出增加的情況。聽起來大部分是廣告費用，但有其他促銷支出或其他行銷類別嗎？您能否具體介紹一下，在哪些產品線上增​​加了額外的廣告或促銷支出？

Sure. So it's been higher advertising versus the past disproportionately more social media, e-commerce as opposed to TV advertising. We have focused a larger share, as you would imagine, in the cleaners category and part of it is the Pink Stuff spend as well. And so those are the principal areas where you're seeing higher spend in the consumer area and advertising.

當然。因此，與過去相比，廣告投入更高，社群媒體和電子商務的投入不成比例地超過了電視廣告。正如你所料，我們把更多精力放在了清潔用品類別上，其中一部分也來自 Pink Stuff 的支出。因此，這些是消費者領域和廣告支出增加的主要領域。

Right. And just to clarify there, the additional spend associated with Pink Stuff, is that just an acquisition contribution? Or are you expanding advertising beyond what Pink Stuff brought just as an acquisition?

正確的。另外，需要澄清一下，與 Pink Stuff 相關的額外支出，僅僅是收購貢獻嗎？或者，您正在拓展Pink Stuff收購後所帶來的廣告業務範圍？

It is both.

兩者兼具。

Got it. Okay. And then my second question is, I was hoping that you could help in understanding the impact of manufacturing inefficiencies. I don't know if there's a way to quantify that impact from plant consolidation in Q1. But I believe you called that out in Q4 as well.

知道了。好的。我的第二個問題是，我希望您能幫助我了解生產效率低下的影響。我不知道是否有辦法量化第一季工廠整合的影響。但我相信你在第四季也提到過這一點。

And I'm just curious, can you help us understand if that's increased versus Q4? And as we look at Q2, should the inefficiencies impact decline a little bit? Or could it worsen? Just helping us understand that trend, I think, would be very helpful. Thank you.

我只是好奇，您能否幫我們了解一下，與第四季相比，這個數字是否有所成長？那麼，展望第二季度，效率低下帶來的影響是否會略有下降？或者情況會惡化嗎？我認為，幫助我們了解這種趨勢將非常有幫助。謝謝。

Yeah, hi Mike, it's Rusty here. To answer your question, yes, we do have six plant consolidations and process. So there is some duplicative costs as we transition from one facility to another. So during the first quarter, there is about $10 million of unfavorable year-over-year conversion costs and unfavorable absorption that occurred. And we would continue to experience those, we believe, in the second quarter as the consolidations continue.

嗨，麥克，我是拉斯蒂。回答您的問題，是的，我們確實有六個工廠合併和流程。因此，在從一個設施過渡到另一個設施的過程中，會產生一些重複成本。因此，在第一季度，出現了約 1000 萬美元的不利同比轉換成本和不利吸收。我們認為，隨著整合的持續，第二季我們將繼續經歷這些情況。

I'll just add a little color to that one example. Tremco's previously largest North American manufacturing facility was in Toronto. 30 years ago, we were in the sticks, but as Toronto grew up, we became surrounded by residential and so really (inaudible) forced out of there, sold that building with a five-year window to get out.

我來為這個例子增添一些色彩。Tremco之前在北美最大的製造工廠位於多倫多。 30年前，我們還在偏遠地區，但隨著多倫多的發展，我們被住宅區包圍，所以真的（聽不清楚）被迫搬離那裡，賣掉了那棟樓，給了我們五年時間搬走。

And so we are in the process of transferring that manufacturing from the Toronto facility to other parts of the US. And it's increasing inventory investment as we shift from Toronto to three other sites actually in North America. And also, as Rusty mentioned, some duplicative costs. So there's a couple of other plants like that, but that's the biggest example.

因此，我們正在將生產從多倫多工廠轉移到美國其他地區。隨著我們從多倫多轉移到北美其他三個地點，庫存投資也不斷增加。而且，正如Rusty提到的那樣，還有一些重複的成本。還有其他一些類似的植物，但這是最大的例子。

Very helpful. Thank you.

很有幫助。謝謝。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah, thanks for taking my question. Morning, Frank. So a question on the top line. The organic growth in Construction & Performance was really kind of stand out. And you gave a little bit of color on it, but can you drill down into some of the subsectors or end markets that are really driving that.

好的，謝謝你回答我的問題。早安，弗蘭克。所以，第一個問題是：建築與性能領域的自然成長確實非常突出。您對此進行了一些描述，但您能否深入探討真正推動這一趨勢的細分行業或終端市場？

And then how does the backlog look going forward for those respective businesses? Because it does seem like maybe on the guide, you're a little bit more conservative than the numbers that you just put up in those businesses.

那麼，這些企業未來的訂單積壓情況如何呢？因為看起來，你在指南中給出的數據似乎比你在那些企業中給出的數據要保守一些。

Sure. As I mentioned, we are leaning forward very aggressively in terms of expanding sales forces and sales associates. So in construction products, some of it's along some of the product lines we've added, and Tremco Roofing continue to see a solid backlog in terms of their reroofing, institutional roofing projects.

當然。正如我之前提到的，我們正在積極推動銷售隊伍和銷售人員的擴充。因此，在建築產品方面，部分產品是我們新增的產品線，而 Tremco Roofing 在屋頂翻新和機構屋頂專案方面繼續保持著穩定的訂單積壓。

But we acquired Pure Air a couple of years ago. It took us quite a while to get certified in every state and really train up our sales force on that refurbishment of big industrial and commercial HVAC units. We're starting to see sales take off in that category. WTI, which is our contracting, both repair and maintenance and then actually doing the whole supply and apply of major reroofing projects has grown actually faster than our material sales.

但我們幾年前收購了Pure Air。我們花了相當長的時間才獲得每個州的認證，並真正培訓我們的銷售團隊進行大型工業和商業暖通空調設備的翻新。我們開始看到該類別的銷售額開始飆升。WTI 是我們的承包業務，包括維修和維護，以及大型屋頂翻新專案的全部供應和施工，其成長速度實際上比我們的材料銷售成長速度更快。

It's a negative to our gross profit mix, but a positive to overall profitability and growth. So those are the areas there. In our Tremco Sealants business, our (inaudible) and construction products are driving a one Tremco approach. So we are starting to see sales reps both in sealants and roofing benefit each other with referrals.

這對我們的毛利結構產生了負面影響，但對整體獲利能力和成長產生了積極影響。以上就是那裡的區域情況。在我們的 Tremco 密封劑業務中，我們的（聽不清楚）和建築產品正在推動一個 Tremco 的方法。因此，我們開始看到密封劑和屋頂材料的銷售代表透過互相推薦而受益。

And then lastly, in Tremco Sealants, we are pursuing a much more aggressive approach to the entire wall. If you go back 15 years ago, we were selling gaskets and wet sealants into windows and door openings. Today, we're selling much a bigger portion of the sidewall building envelope, panelization, panelized EIFS, the ICF Nudura.

最後，在 Tremco Sealants，我們對整面牆採取了一種更積極主動的方法。回到 15 年前，我們當時銷售的是門窗密封墊和濕式密封劑。如今，我們銷售的側牆建築圍護結構、板式結構、板式外牆外保溫系統 (EIFS) 和 ICF Nudura 的份額要大得多。

And so that is helping our sales as well as we are getting a bigger share of wallet of a wall system versus those higher-end niche sealant products that were the tradition. I'll tell you one great example of that, 10 years ago, Tremco Sealants was about 40% project based, in other words, project specifications and about a 60% traditional distribution.

因此，這也有助於我們的銷售，因為我們獲得了牆體系統更大的市場份額，而傳統上，高端小眾密封劑產品則佔據了更大的市場份額。我舉個很好的例子，10 年前，Tremco Sealants 的業務大約 40% 是基於專案的，也就是說，是基於專案規範的，而大約 60% 是傳統的經銷模式。

So basically, our sealants, Vulkem and other things being sold into commercial and industrial and some residential markets through distribution. Today, we are 60% project-based and only 40% distribution. That distribution is where the impact of pretty punky construction markets dynamics is being felt and it's being more than overcome by project specifications that we're driving today and really a flip of that project versus distribution model.

基本上，我們的密封劑 Vulkem 和其他產品透過分銷管道銷往商業、工業和一些住宅市場。目前，我們的業務模式 60% 是基於項目，只有 40% 是基於分銷。這種分銷方式正是建築市場動態相當不穩定的體現，而我們今天推動的專案規範已經完全克服了這種影響，真正實現了專案與分銷模式的翻轉。

Got it. Okay. No, that's helpful. And the Performance Coatings Group, I guess, the same question because it does seem like that one, the organic growth really kind of spiked up there.

知道了。好的。不，這很有幫助。我想，高性能塗料集團的情況也一樣，因為看起來該集團的自然成長確實出現了大幅成長。

Sure. So our Stonhard business has been very aggressive in both efficiencies and hiring salespeople to drive greater sales, and it's been effective. And that's been the purest play add sales reps effectively modeled within RPM over the last couple of years. Our Industrial Coatings Group is really outperforming, part of it is a couple of years of underperformance because of how much they do that touches housing, so windows, doors, cabinets, things like that.

當然。因此，我們斯通哈德的業務在提高效率和招募銷售人員以推動更大銷售額方面都非常積極，而且效果顯著。而這正是過去幾年 RPM 中銷售代表最有效的純粹的行銷策略。我們的工業塗料集團表現確實非常出色，部分原因是過去幾年業績不佳，因為他們所從事的工作與房屋息息相關，例如窗戶、門、櫥櫃等等。

But traditionally, whether powder coatings, metal coatings, we have played in the small to medium-sized, low volume, high service areas. And we have been adding salespeople and capabilities to start competing and winning larger accounts. For instance, this past year, it's the first time we have ever sold project to John Deere. And so we are starting to move upstream and competing effectively in some of the larger accounts, and you can see that in our numbers as well.

但傳統上，無論是粉末塗料或金屬塗料，我們都主要服務於中小規模、小批量、高服務水準的領域。我們一直在增加銷售人員和提升銷售能力，以便開始參與競爭並贏得更大的客戶。例如，去年我們首次將專案賣給了約翰迪爾公司。因此，我們開始向上游發展，並在一些較大的客戶中有效地展開競爭，這一點也可以從我們的數據中看出。

Got it. Thanks very much for the color.

知道了。非常感謝您提供的顏色。

Thank you.

謝謝。

David Begleiter, Deutsche bank.

大衛‧貝格萊特，德意志銀行。

Thank you, good morning.

謝謝，早安。

Good morning, David.

早安，大衛。

Frank, just looking at the guidance back in July versus today with the full year, what's changed to cause you to go to the lower end of that range versus your assumptions back in July?

弗蘭克，看看你七月份的業績指引和現在的全年業績指引，是什麼變化導致你從七月份的預期轉向了業績指引範圍的下限？

So a couple of things. One, we continue to see challenging dynamics in the gross profit margin. We held up our gross profit margin in Q1, but some of that's mix. In Consumer, we've got a higher gross margin mix out of the Pink Stuff, for instance. And so the uncertainty around tariffs remains.

有兩件事。第一，我們持續看到毛利率面臨嚴峻的挑戰。第一季我們的毛利率保持穩定，但部分原因是產品組合的差異。例如，在消費品領域，粉紅色食品的毛利率佔比更高。因此，關稅方面的不確定性仍然存在。

We knew we were going to be making and have been making these investments in growth. I think the biggest surprise to us in the quarter was the health care cost increase. That's driven by a couple of particular high-cost cases. And also, the fact in the first six months, we've had about a $6 million.

我們知道我們將要進行這些成長方面的投資，而且也一直在進行這些投資。我認為本季最大的意外是醫療保健成本的上漲。這是由幾個特別高成本的案例所推動的。此外，前六個月我們已經獲得了約 600 萬美元的收入。

This is six months now in that quarter over the last six months, a $6 million higher increase for coverage in a lot of these weight loss drugs. And so I would say one-third of that $8 million in the quarter is more permanent with these higher weight loss drug costs and two-third was hopefully, onetime related to some extraordinary expense. So that was the biggest challenge that we saw in the quarter.

過去六個月，該季度許多減肥藥的健保覆蓋範圍增加了 600 萬美元。因此，我認為本季 800 萬美元的支出中，三分之一是由於減肥藥成本上漲而導致的永久性支出，而三分之二則可能是一次性支出，與某些特殊開支有關。所以，這是我們本季遇到的最大挑戰。

Very helpful. And just on pricing, not the critical here, but could you raise prices earlier to account for the tariff cost increases? Or are you satisfied with the timing of these price increases? Thank you.

很有幫助。至於價格方面，雖然這不是關鍵問題，但能否提前提高價格以應對關稅成本的增加？還是您對此次漲價的時機感到滿意？謝謝。

It would have been nice to raise prices earlier. The challenge with this tariff regime is it's on again, off again. And so we had reached agreement, for instance, in consumer with some of our larger accounts on price increases, if and when the tariff impacts occurred. And so sorting through -- the impact of tariffs is a challenge for everybody.

如果能早點漲價就好了。這種關稅制度的問題在於它時而實施，時而取消。因此，例如，我們與一些較大的客戶就消費者價格上漲達成了協議，以應對關稅的影響。因此，釐清關稅的影響對每個人來說都是一個挑戰。

As we sit here today and it's subject to change from one week to the next, the total unmitigated impact of tariffs on RPM is about $90 million or $95 million. We have effectively offset about half of that both through production shifts and pricing and agreements with suppliers, for instance, that might share costs.

就目前情況而言（這種情況可能每週變更），關稅對零售價格管理 (RPM) 的總未緩解影響約為 9,000 萬美元或 9,500 萬美元。我們已透過生產調整、定價以及與供應商達成協議等方式有效地抵消了其中大約一半的成本，例如供應商可以分擔成本。

Our biggest tariff-related impacts remain in our Consumer Group. It's disproportionately in packaging and frustratingly in metal packaging, where it's really not the tariff impact directly, it's the domestic steel producers that have raised their price in line with the tariff regimen.

關稅對我們消費者集團的影響最大。這種情況在包裝領域尤其嚴重，尤其令人沮喪的是，在金屬包裝領域更是如此。這其實不是關稅的直接影響，而是國內鋼鐵生產商根據關稅制度提高了價格。

So those are the big challenges. Price in the quarter was about 0.5% on a consolidated basis. It should be somewhat higher in Q2, but inflation is likely to be higher in Q2 because we'll start to see the full impact of the tariff regime in Q2 versus where we were in Q4, Q1.

這些就是我們面臨的主要挑戰。本季合併後的價格漲幅約為0.5%。第二季應該會略高一些，但第二季的通膨可能會更高，因為我們將在第二季開始看到關稅制度的全面影響，而第四季和第一季的情況則不同。

That's great. Thank you very much.

那太棒了。非常感謝。

Thank you.

謝謝。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Good morning.

早安.

Yeah, good morning. I think you guys have had a pretty strong focus on pulling some working capital out of this business, but you noted some offset this quarter from strategic inventories purchases. What did you stack up on and why?

早安.我認為你們一直非常注重從這項業務中抽取一些營運資金，但你們也提到本季策略性庫存採購抵消了一些影響。你選擇了哪些方面來進行排名？為什麼？

So we've stocked up on some of our construction products and in particular, Tremco Sealant products as we make this transition from what was previously the largest Sealants plant in North America in Toronto, two, three other plants in the US.

因此，我們儲備了一些建築產品，特別是 Tremco 密封劑產品，因為我們正在從之前位於多倫多的北美最大的密封劑工廠以及美國其他兩三家工廠過渡。

We have stocked up in the consumer space in some areas of new products. And in some raw material categories, and this has been true both to our benefit and to our detriment, we stocked up on some key raw materials like epoxy in front of some tariff price increases.

我們在消費品領域的某些新產品方面進行了庫存儲備。在某些原料類別中，這對我們有利也有對我們不利，我們在關稅價格上漲之前囤積了一些關鍵原料，例如環氧樹脂。

Understood. And then maybe just related on the price increases. How should we think about the shape of realization consumer? And is there more sort of regular structural price that you're getting across the other two businesses at this point?

明白了。然後或許還可以談談價格上漲的問題。我們該如何看待消費實現者的形態？那麼，目前您在其他兩家企業中是否獲得了更規律的結構性價格呢？

So again, price in the quarter was less than 1%. And in Q2, I would expect it to be in the 2% range. We're getting price finally in some of our consumer groups, again, appropriately related to packaging costs, which continue to increase, and we will monitor it as this tariff regime continues to be modified.

所以，本季價格再次低於 1%。我預計第二季這一比例將在 2% 左右。我們終於在一些消費者群體中獲得了合理的價格，這與不斷上漲的包裝成本密切相關，我們將隨著關稅制度的不斷調整而密切關注價格走勢。

Very helpful. Thank you so much.

很有幫助。太感謝了。

Thank you.

謝謝。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Good morning, Josh.

早安，喬希。

Good morning. This is Lucas Beaumont on for Josh. So I guess just kind of coming into the view was that RPM had sort of already scaled up from a cost perspective, so that as you could get to much higher sales that would drive incremental margin uplift on those with like less cost growth on the SG&A side.

早安.這是盧卡斯·博蒙特替喬許報道。所以我覺得逐漸形成的觀點是，RPM 從成本角度來看已經有所擴大，因此，隨著銷售額的大幅增長，那些在銷售、管理及行政費用方面成本增長較少的公司，其利潤率也會相應提高。

So I was just wondering if you kind of think that view is sort of incorrect or just sort of where are the cost investments going now that's different and then how should we think about the volume leverage that are coming through as we move forward from here? Thanks.

所以我想知道你是否認為這種觀點有點不正確，或者說現在的成本投資流向了哪裡，情況有所不同，那麼我們該如何看待接下來我們將要面臨的銷售槓桿效應？謝謝。

Sure. So first of all, historically, that's not correct. During the MAP initiatives, we were able to reduce our SG&A on a consolidated basis over the cycle, probably by 150 basis points. It was actually lower than that during COVID, but it was unsustainably low relative to no travel and a lot of cutback expenses during that time. So it's back up some but improved from where it was when we started the MAP initiative.

當然。首先，從歷史角度來看，這種說法並不正確。在 MAP 計畫實施期間，我們能夠在周期內將合併後的銷售、一般及行政費用降低約 150 個基點。疫情期間的實際數字比這還要低，但考慮到當時無法出行和大幅削減開支，這個數字低得難以持續。所以情況有所好轉，比我們啟動 MAP 計劃時的情況有所改善。

We had commented about $15 million of personnel-related expense reductions across three different areas. Part of it was the consolidation of our Specialty Products Group into the Performance Coatings Group and then also in consumer. We have reallocated probably half of that into sales and marketing.

我們曾就三個不同領域的人員相關費用削減 1500 萬美元提出建議。一部分原因是將我們的特殊產品集團併入高性能塗料集團，另一部分原因是將消費品集團併入高性能塗料集團。我們大概把其中一半的資金重新分配到了銷售和行銷方面。

And so as Rusty mentioned, we have a very deliberate focus on (inaudible) trying to drive efficiencies, continuing the efficiency drives from our MAP initiatives, particularly in G&A, as we have shrunk the number of ERPs and shrunk a number of places where we close the books from an accounting perspective every month, we have offshored some of those expenses to a shared service center in India.

正如 Rusty 所提到的，我們非常注重（聽不清楚）努力提高效率，延續 MAP 計劃的效率提升勢頭，尤其是在 G&A 方面，因為我們已經減少了 ERP 系統的數量，也減少了每月從會計角度結算賬目的許多環節，我們還將其中一些費用外包給了印度的共享服務中心。

But we are not putting all of those dollars on our bottom line. We are reallocating those to more salespeople, more advertising, really trying to drive best practices in e-commerce across our businesses. We tend to have our strongest teams in consumer, and we need to drive those disciplines into our industrial businesses.

但我們並沒有把這些錢都計入利潤。我們正在將這些資金重新分配給更多的銷售人員、更多的廣告宣傳，並真正努力在我們的業務中推動電子商務的最佳實踐。我們往往在消費品領域擁有最強大的團隊，我們需要將這些優勢運用到我們的工業業務中。

So there is a real pivot to growth here, which is challenging our businesses in an area of capital allocation. This is not high-level balance sheet capital allocation. This is how are you spending your dollars in SG&A to drive growth.

因此，這裡確實出現了向成長的真正轉變，這對我們在資本配置方面的業務提出了挑戰。這不是高層資產負債表資本配置。這就是你如何利用銷售、管理及行政費用來推動成長的。

Great, thanks. And then I guess just on the raw materials side, I guess, what's your sort of updated outlook there for inflation over the balance of the year. And between that and I guess, the investment in the higher cost on the SG&A side, if you could kind of just put it all together for us and tell us how you're thinking about net gross costs as [the year] progresses. Thanks.

太好了，謝謝。那麼，就原料方面而言，您對今年剩餘時間的通膨前景有何最新展望？再加上銷售、一般及行政費用方面較高的投資，如果您能把所有這些因素綜合起來，告訴我們您是如何看待隨著[一年]的推進，淨毛成本的變化情況，那就太好了。謝謝。

Sure. For the quarter, material inflation was about 1% on a consolidated basis. We anticipate it being up to about 2% to 3% in Q2, and it's disproportionately in consumer.

當然。本季度，材料通膨率以綜合基準計算約為 1%。我們預計第二季這一比例將達到 2% 至 3%，並且主要集中在消費者領域。

Right, thank you.

好的，謝謝。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Thank you. Morning. Will there be a public new three-year plan and should we think about an aggregate it being similar earnings impact to the MAP 2.0 plan?

謝謝。早晨。是否會公佈新的三年計畫？我們是否應該考慮其整體收益影響是否與 MAP 2.0 計劃類似？

So the answer to that is yes. We will probably be coming out with something public in the spring or summer of next year. As you know, we reorganized from four-group structure to three groups. We announced that in July. We have some leadership changes that will be forthcoming in the next couple of months.

所以答案是肯定的。我們可能會在明年春季或夏季向公眾推出一些內容。如你所知，我們已經將原有的四組結構重組為三組。我們在七月份宣布了此事。未來幾個月，我們將迎來一些領導層變動。

So in conjunction with those changes and quite candidly, to wait out what's been a crazy environment of uncertainty around these tariff regimes and certainty around where broadly, things are going is difficult. We'll be in a better position to put out publicly a new three-year plan next year. We are working internally on what we call MAP 3.0, but it's not ready for public prime time yet.

因此，坦白說，在當前關稅制度充滿不確定性的瘋狂環境下，以及對未來方向的不確定性，等待一段時間是很困難的。明年我們將更有能力公開發布新的三年計畫。我們正在內部開發我們稱為 MAP 3.0 的產品，但它尚未準備好向公眾正式推出。

Okay. And I think you had a consumer initiative to enter the dollar stores and supermarkets. How is that going?

好的。我認為當時消費者積極主動地進入了美元商店和超市。進展如何？

No, it's going well. Like Frank talked about, there's a real push to go into these adjacent categories and go into stores where we historically have not had a big presence. And with dollar stores, there's such a large footprint. So some of our companies have actually modified the packaging of their products so that they can get into those stores. And so we're seeing nice traction there.

不，一切進展順利。正如弗蘭克所說，我們確實在努力進軍這些相鄰的品類，並進入我們過去沒有太多業務的商店。而且，一元商店的佔地面積非常大。因此，我們的一些公司實際上已經修改了產品的包裝，以便能夠進入這些商店。因此，我們看到這方面進展順利。

So DAP in particular, has come out with some smaller size caulk sealant adhesive and repair products, had a really nice program there. And we're also seeing with the Pink Stuff opportunities to have discussions with retailers, for instance, in grocery and/or big drug store chains that traditionally we didn't have much of a relationship with.

特別是DAP公司，推出了一些小尺寸的填縫密封膠和修補產品，他們的產品線非常不錯。我們也透過 Pink Stuff 看到了與零售商進行討論的機會，例如與我們傳統上關係不大的雜貨店和/或大型連鎖藥局。

Thank you.

謝謝。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Morning, Frank.

早安，弗蘭克。

Hey, good morning, Frank, to you as well. I just want to come back to DIY, suggesting that the softness and it's been an extended two-year-plus period of softness there. What -- and you're spending some money on advertising, what are your thoughts on at least a flattening out or a rebound to take place in terms of DIY takeaway?

嘿，法蘭克，早安，你也一樣。我只想回到 DIY 的話題，建議說，柔軟度已經持續了兩年多。什麼？既然你們在廣告上投入了資金，你們認為DIY外送市場至少會出現趨於平穩或反彈嗎？

I appreciate the question. This pivot to growth is in anticipation of what we feel like will be some improved financial numbers as we get into the spring and summer of next year. If for no other reason, then we are annualizing two years of negative consumer takeaway in this space.

感謝您的提問。我們之所以轉向成長，是因為我們預計明年春夏兩季的財務數據將會有所改善。即使沒有其他原因，我們也要將兩年來該領域消費者的負面情緒轉化為年化利益。

And so you're getting down to levels, whether it's in architectural paint, which we don't play in or some of the spaces that we do that are unit volumes that are pre-COVID. And that some smart new products and I think some improvement in the housing market, which will happen with further interest rate cuts.

所以，你最終會發現，無論是建築塗料（我們不涉足的領域），還是我們所做的一些空間（即新冠疫情前的單元體積），都存在著很大的差異。而且我認為還會出現一些智慧新產品，房屋市場也會有所改善，而隨著利率進一步下調，這種情況將會發生。

Remember, a housing turnover is a big driver for our Consumer Group. Typically, people fix up their homes before they sell it and then the new buyer turns around, redecorates it. We are in a 40-year low for housing turnover. And so both the easier comps and improving interest rate environment, we anticipate will finally result in better dynamics in the spring and summer of next year, and we are doing what we can to lean into it.

請記住，房屋週轉率是我們消費者集團的重要驅動因素。通常情況下，人們會在賣房前對房屋進行修繕，然後新買家再重新裝修。目前房屋週轉率處於40年來的最低水準。因此，我們預計，隨著比較基數的降低和利率環境的改善，明年春夏兩季的市場動態將最終得到改善，我們正在盡一切努力順應這一趨勢。

Very helpful. And just speaking more near term, we've got the month of September under our belt, how would you compare the typical August to September this year relative to what you've typically seen historically?

很有幫助。就近期而言，九月已經過去，您認為今年的八月到九月與往年相比如何？

Sure. In the pivot to growth, we are accomplishing what we set out to do. And the numbers are really solid. And except for the extraordinary health care expense, I would expect our second quarter to look like our first quarter.

當然。在向成長轉型的過程中，我們正在實現我們既定的目標。而且這些數據非常可靠。除了特殊的醫療保健支出外，我預計第二季的情況將與第一季類似。

Terrific. Thank you so much.

了不起。太感謝了。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Good morning, Kevin.

早安，凱文。

Good morning, everyone. Frank, would you elaborate on the expansion of your sales force. From my side, a few of the things I'm curious about is where in the company you're adding, if it's concentrated in any particular businesses? How many people do you plan to add, is the $5.3 million pace of expense you alluded to, likely to be steady or increase or decrease?

各位早安。法蘭克，可以詳細介紹一下你們銷售團隊的擴張情況嗎？就我而言，我比較好奇的是，你們是在公司哪個部門擴張，是否集中在某些特定業務領域？您計劃增加多少人？您提到的 530 萬美元的支出速度可能會保持穩定、增加還是減少？

And finally, I imagine on day one it's not profitable, right, to add a salesperson, but over time, productivity increases, and they cross through and become profitable. What is that amount of time? Do you have a rule of thumb there to think about?

最後，我想第一天增加銷售人員是不會獲利的，對吧？但隨著時間的推移，生產力會提高，他們會逐漸獲利。那需要多長時間？你有什麼經驗法則可以參考嗎？

Sure. I appreciate the question. So as an example in our Tremco Roofing business, we have new hires in their sales training program. They are essentially apprentices for year one, they work under the tutelage of an experienced rep in year two and in year three, they're on their own. By year five, we have about a 30% turnover.

當然。感謝您的提問。以我們 Tremco Roofing 公司為例，我們有新員工正在參加銷售培訓計畫。第一年他們基本上是學徒，第二年在經驗豐富的代表的指導下工作，第三年他們就獨立工作了。到第五年，我們的員工流動率約為 30%。

And so that's the dynamic there. So we're expanding those training classes. So that's a payoff that will come, but that's been going on for the last couple of years. And so you're starting to see some benefits there. In both our Stonhard businesses and in Tremco Roofing, we are starting to add -- that's why I made it clear.

這就是那裡的動態。所以我們正在擴大培訓課程的規模。所以，這是終將到來的回報，但這種情況已經持續好幾年了。所以你開始看到一些好處了。在我們的 Stonhard 公司和 Tremco Roofing 公司，我們都開始增加人手——這就是我明確表示的原因。

It's not just salespeople, but sales support staff. We are adding support staff to better manage the contracts that we're taking where we apply or we have the supply and apply model. And some of our sales reps were being tied up with the dynamics of overseeing projects. And to the extent that we've been adding experienced people in project management, it frees up our good sales reps and sell more. And so those are examples of the areas where we've been adding people.

不僅是銷售人員，還有銷售支援人員。我們正在增加支援人員，以便更好地管理我們正在承接的合同，包括我們主動申請的合約以及我們採用的供應和申請模式的合約。我們的一些銷售代表則忙於監督專案進度。而且，隨著我們在專案管理方面增加經驗豐富的人員，這解放了我們優秀的銷售代表，也讓他們能夠賣出更多產品。以上就是我們增加人手的一些領域的例子。

Lastly, the effort starting under Ronnie Holman's leadership, Johnny Green, who runs our ICG, the Industrial Coatings Group was pulled together of a bunch of different relatively independent RPM businesses that did industrial or OEM metal coatings and wood finishes for wood repair products or wood preservative products.

最後，在 Ronnie Holman 的領導下，Johnny Green 開始努力，他負責我們的工業塗料集團 (ICG)，該集團由許多不同的、相對獨立的 RPM 企業組成，這些企業從事工業或 OEM 金屬塗料和木材飾面，用於木材修復產品或木材防腐產品。

And under the ICG, they have been pulled together and are cooperating and, in some cases, being coordinated more as a unit. So we can go to large accounts and deliver powder and liquid coatings in a more thoughtful, straightforward approach as opposed to having different approaches from different operating companies. So it's really been the integration of the sales approach in the ICG that's helping us. And it's well designed, it's being well executed, and you can see it in our numbers.

在國際海岸警衛隊（ICG）的領導下，他們被聚集在一起，進行合作，並且在某些情況下，作為一個整體進行協調。因此，我們可以以更周全、更直接的方式向大客戶提供粉末和液體塗料，而不是像不同的營運公司那樣採用不同的方法。所以，真正幫助我們的是ICG銷售方法的整合。它的設計很精良，執行也很到位，從我們的數據中就可以看出這一點。

Appreciate all the color there. And as a follow-up, if we take into account these new investments as well as the other ones that you alluded to on the call, how would you characterize the likely increase in total company SG&A expense this year?

欣賞那裡繽紛的色彩。作為後續問題，如果我們考慮到這些新的投資以及您在電話會議中提到的其他投資，您會如何描述公司今年銷售、管理及行政費用總額可能增加的情況？

Well, I don't -- the $10 million that I referred to in terms of higher advertising, higher selling and higher M&A costs probably extend quarter-by-quarter, the health care costs and costs we'll see. And we need to get to the point where we can leverage this big investment into higher sales growth.

嗯，我並不這麼認為——我提到的 1000 萬美元，包括更高的廣告費、更高的銷售費和更高的併購費，可能會逐季度增加，還有醫療保健成本和我們將看到的其他成本。我們需要達到這樣的階段：能夠利用這筆龐大投資，達到更高的銷售成長。

Quite honestly, with a few exceptions, we're accomplishing what we need to do on the top line and bottom line in our Performance Coatings Group and Construction Products Group, and you'll see that. We need consumer after two challenging two years to start generating positive organic growth in the top line and bottom line. It's not unique to us. I think we're outperforming the dynamics in the marketplace, but nobody here is happy with another quarter of negative organic growth in consumer.

坦白說，除了少數例外情況外，我們在高性能塗料集團和建築產品集團的營收和利潤方面都達到了預期目標，您將會看到這一點。經過兩年的挑戰，我們需要消費者開始在營收和利潤方面實現積極的有機成長。這並非我們獨有的問題。我認為我們目前的表現優於市場整體趨勢，但沒有人對消費者有機成長連續第二季出現負成長感到滿意。

Okay, thank you very much.

好的，非常感謝。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Good morning, Jeff.

早安，傑夫。

Hi, good morning. Can you talk about how the Pink Stuff did on a pro forma basis? And is your roofing business -- is demand for roofing accelerating or decelerating in the current environment?

您好，早安。可以談談 Pink Stuff 的業績嗎？那麼，在當前環境下，您的屋頂業務—屋頂的需求是在加速還是減速？

So I'll let Matt address the Pink Stuff question. But on the roofing business, we're seeing higher revenue growth in roofing. Again, some of its ancillary product areas like Pure Air, which is the refurbishment of big HVAC units the disruption and cost of getting cranes to get big air handling units off of hospitals or high-rises in downtown settings, very disruptive, very costly to put in a new unit, and we acquired this business.

那麼，就讓馬特來回答關於「粉紅物質」的問題吧。但在屋頂工程業務方面，我們看到屋頂工程的收入成長更為顯著。再說，它的一些輔助產品領域，像是 Pure Air，就是大型 HVAC 設備的翻新。從醫院或市中心的高層建築中用起重機拆卸大型空氣處理設備會造成很大的干擾，而且安裝新設備的成本也很高，所以我們收購了這項業務。

We've developed it out over the last 2.5 years and a 25% or 30% of the cost of new can refurbish something that dramatically improves air quality, dramatically improves operating efficiency and extensive useful life anywhere from five to 10 years. And we are starting to see those revenues pick up. And so they're reflected in our Roofing division. So that's just one example.

在過去的 2.5 年裡，我們開發了這項技術，只需花費新產品成本的 25% 或 30%，就可以翻新一個能夠顯著改善空氣品質、顯著提高運行效率並延長使用壽命（5 至 10 年）的設備。我們開始看到這些收入回升。因此，這些特點也體現在我們的屋頂工程部門。這只是一個例子。

Yes. And then with the Pink Stuff, we've had it for a little over a quarter as part of RPM and the integration is going as expected. We mentioned that it's been accretive to margins or M&A has been, and certainly, the Pink Stuff is a contributing factor.

是的。至於 Pink Stuff，作為 RPM 的一部分，我們已經使用了超過一個季度，整合進展順利。我們提到過，併購提高了利潤率，而粉紅食品當然也是促成因素。

And like Frank talked about, we're taking the advertising that they did and inherited that. And then we're increasing our marketing in that area to grow the sales there and then also leveraging their presence in these different categories and [sales channels] where we traditionally haven't been as large.

就像弗蘭克說的那樣，我們繼承了他們之前的廣告策略。然後，我們將加強在該領域的營銷力度，以促進當地銷售，並利用他們在我們傳統上規模較小的不同類別和[銷售管道]中的影響力。

So organizationally, we're doing one more thing, which is in the early stages. We had about a $50 million, $60 million cleaning -- collection of cleaning products within Rust-Oleum. And within our Consumer Group now, we have a cleaning group, which includes the Pink Stuff and those previously driven by Rust-Oleum cleaning product categories, including Mean Green and the new patented two container packaging that we put out.

所以，在組織方面，我們還在做另一件事，目前還處於早期階段。Rust-Oleum 公司內部有價值約 5,000 萬至 6,000 萬美元的清潔產品系列。現在，在我們的消費者集團內部，我們有一個清潔產品集團，其中包括 Pink Stuff 以及以前由 Rust-Oleum 清潔產品類別驅動的產品，包括 Mean Green 和我們推出的全新專利雙容器包裝。

And so we're taking a more comprehensive approach to cleaning than what we had done in the past. And in terms of growth, it's the right way to go. The broad cleaners category is $12 billion to $15 billion in the United States. It's probably larger than the serviceable addressable market in the US that exists for small project [paint and patch] repair products, which has been our core for a long time. So we're really excited about it, but we're reorganizing internally to better be focused on that cleaning category area.

因此，我們正在採取比以往更全面的清潔方法。從成長的角度來看，這是正確的方向。在美國，清潔劑市場總規模為 120 億至 150 億美元。它可能比美國現有的小型專案（油漆和修補）維修產品的實際市場規模還要大，而這長期以來一直是我們的核心業務。所以我們對此感到非常興奮，但我們正在進行內部重組，以便更好地專注於清潔用品領域。

And then to go back to SG&A expense. Even if your health care costs for the quarter increased zero, your SG&A would have been up 10%. So is it an accumulation of acquisitions, spending and infrastructure. Like last year, your SG&A expense was basically flat. Why has there been such a jump? And maybe to repeat Kevin's question, like where should that grow to in 2026?

然後回到銷售、一般及行政費用。即使本季您的醫療保健費用沒有增加，您的銷售、一般及行政費用也會增加 10%。所以，這是收購、支出和基礎建設的累積。與去年一樣，您的銷售、一般及行政費用基本上持平。為什麼會出現如此大幅度的成長？或許可以重複凱文的問題，例如到 2026 年它應該發展到什麼程度？

So broadly speaking, there's three areas that are driving SG&A higher. One is acquisitions in both the Pink Stuff and Ready Seal. We have higher gross margins and higher SG&A spend, so a different P&L. So that's just a mix effect and the health care costs we talked about and then the $10 million in growth investments in the quarter, which I think is in pretty sharp contrast to peers that are cutting costs and suspending payments.

總的來說，有三個面向推高了銷售、一般及行政費用。其中一項是收購 Pink Stuff 和 Ready Seal 兩家公司。我們的毛利率較高，銷售、管理及行政費用也較高，因此損益表有所不同。所以這只是多種因素共同作用的結果，包括我們之前討論過的醫療保健成本，以及本季 1000 萬美元的成長投資，我認為這與那些削減成本和暫停支付的同行形成了鮮明的對比。

And we believe it's the right thing to do to trigger organic growth in what's in a very frustrating no-growth environment for most of the manufacturing for almost two years. So far, it's working, and we will continue to push those levers if it keeps driving an outperformance in organic growth.

我們認為，在製造業近兩年來一直處於令人沮喪的停滯狀態的情況下，為了刺激有機成長，這樣做是正確的。目前來看，這種策略是有效的，如果它能繼續推動有機成長取得優異成績，我們將繼續加強。

Thank you.

謝謝。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Thanks, good morning, everyone. Just wanted to go back to your sort of [growth algorithm]. So let's say, this year, your guidance for mid-single-digit sales growth and then high single-digit EBIT. Should we look at this as a normal year? Or is this a year where you have these temporary challenges, investments et cetera, such that in a more normal growth or maybe high incremental margins and your EBIT would grow more than high single digit.

謝謝大家，早安。只是想回到你那種風格。[增長演算法]。假設今年您的預期是銷售額達到中等個位數成長，然後息稅前利潤將達到高個位數成長。我們應該把今年看成是正常的一年嗎？或者說，今年你們遇到了這些暫時的挑戰、投資等等，因此，在更正常的成長或較高的增量利潤率下，你們的息稅前利潤成長將超過個位數。

Sure. So I do not think of this as a normal year. I talked about the uncertainty of the tariff regime and what it's done to the cost in raw materials and its stall broadly on big capital investment decisions of our customer base. And the inflation element, it's still in the SG&A areas. You're looking at underlying inflation of compensation in the 2.5% to 3% range.

當然。所以我認為今年並不尋常。我談到了關稅制度的不確定性，以及它對原材料成本的影響，並廣泛阻礙了我們客戶群的大型資本投資決策。而通貨膨脹因素仍包含在銷售、一般及行政費用中。您看到的是薪資的潛在通膨率在 2.5% 到 3% 之間。

So it's challenging. In a normal environment, and I'm not sure when we'll see that 7% revenue growth should be spinning out mid-teens earnings growth. And so is the lack of leverage to the bottom line, somewhat disappointing, yes. But I think time will tell. Some of our peers are going to be putting up flat or no growth, and you're going to see flat or declining EBIT margins.

所以這很有挑戰性。在正常情況下，我不確定何時才能看到 7% 的營收成長轉化為兩位數以上的獲利成長。因此，缺乏對最終結果的槓桿作用，確實有點令人失望。但我認為時間會證明一切。我們的一些同行將會出現成長停滯或零成長，你會看到息稅前利潤率停滯不前或下降。

When the [worm turns], we want to be in a position to outperform. And it's not just strategic thinking today. I can tell you in some of our industrial businesses, going back to the early 2000s, we overcooked expense cuts coming out of the 2000, 2001 recession and took 12 or 18 months to catch up when the markets turn positive. And we want to be in a better position today, and that's how we're thinking. Obviously, if we wake up in 2026 and the world is a worst place than it is today, we can take appropriate action if necessary.

當情勢逆轉時，我們希望能夠佔據有利位置，取得優異成績。而且，這不只是今天的策略思維問題。我可以告訴你，在我們的一些工業企業中，可以追溯到 2000 年代初，我們在 2000 年和 2001 年經濟衰退後過度削減開支，導致市場好轉時，我們花了 12 到 18 個月的時間才趕上。我們希望今天能處於更好的位置，我們也是這麼想的。顯然，如果我們在 2026 年醒來發現世界比今天更糟糕，我們可以根據需要採取適當的行動。

Thanks Frank. And then in Consumer, are you still intending to raise prices to sort of reflect raw materials environment? Or are you fully [caught up] after what you're planning to do in Q2?

謝謝你，弗蘭克。那麼在消費品方面，你們是否仍打算提高價格以反映原物料環境的變化？或者，在第二季完成你的計劃之後，你是否已經完全趕上了進度？

We have a level of price increases that were enacted at the end of Q1, which will benefit Q2 in consumer.

我們在第一季末實施了一定程度的價格上漲，這將使第二季的消費者受益。

Okay, thanks

好的，謝謝

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

Morning, Arun.

早安，阿倫。

Good morning, Frank. Thanks for taking my question. Hope you're well. So I guess two questions for me. So first off, I think you mentioned a $90 million to $95 million unmitigated impact from tax tariffs. Could you just walk through that?

早安，弗蘭克。謝謝您回答我的問題。希望你一切都好。所以我想問兩個問題。首先，我想你提到關稅帶來的未緩解影響為 9,000 萬至 9,500 萬美元。你能直接走過去嗎？

Is that maybe 10% or 20% of your raw materials bucket that you saw elsewhere that's, say, up 30% to 50% or something? And that's how you calculate that. And then the actions you've taken, are you resourcing from other locations? Is that correct on the tariff question?

是你看到的原料桶裡，有 10% 或 20% 的原料，在其他地方卻上漲了 30% 到 50% 呢？這就是計算方法。那麼，你採取的行動中，是否從其他地方調集了資源？關於關稅問題，我的理解正確嗎？

So I don't know off the top of my head, somebody will have to do the math for me in terms of the percent. But I can tell you that the three areas that we've had success in mitigating in some cases with certain suppliers. We have worked to understand the true cost and then we have agreed to split it, and so essentially sharing the pain. In certain cases, we have passed on price to our customers.

所以我一時想不起來，得有人幫我算一下百分比是多少。但我可以告訴你，我們已經成功地在某些情況下透過與某些供應商的合作緩解了以下三個方面的問題。我們努力了解了真正的成本，然後同意分攤成本，本質上就是共同承擔痛苦。在某些情況下，我們已將價格成本轉嫁給了客戶。

And in other cases, we have shifted production. So an example of production shift. Most of the Pink Stuff paste which is their iconic cleaning product that they really were founded with, which is produced in the UK, we have taken action to ship production of that to one of our US consumer plants to serve the consumer market.

在其他情況下，我們已經調整了生產方式。這是生產轉移的一個例子。他們的標誌性清潔產品 Pink Stuff 膏（也是他們創立的基石）大部分都產自英國，我們已經採取措施將其生產轉移到我們在美國的消費品工廠，以服務消費市場。

Unrelated but helping us is the shift from Toronto, the Tremco Sealant plant into the US although some USMCA is helping us between business in Canada and the US Mexico, again, it's complicated to figure out how that works. And then we have not fully offset all of the tariff impacts, as I indicated. About half of it has been mitigated, and we are working on the other half.

雖然與此無關，但對我們有幫助的是，Tremco Sealant 工廠從多倫多轉移到了美國。儘管美墨加協定 (USMCA) 對我們在加拿大和美國墨西哥的業務有所幫助，但要弄清楚它是如何運作的，這很複雜。而且，正如我之前提到的，我們還沒有完全抵消所有關稅影響。其中大約一半的問題已經緩解，我們正在努力解決剩下的一半問題。

Okay, thanks for that. And then just on the M&A front, I think you may have noted that fiscal '25 was one of your most active years, if not the most active year on that front. So I guess what are you seeing there? What's your kind of appetite to take leverage higher for the right property? And would that be mostly in PCG and CPG? Or where are you finding -- or is maybe consumer and cleaning or where are you finding opportunities? Thanks.

好的，謝謝。至於併購方面，我想您可能已經注意到，2025 財年是您在這一領域最活躍的年份之一，甚至可能是最活躍的年份。所以，你在那裡看到了什麼？你願意為了合適的房產而提高槓桿率到什麼程度？那主要是指個人護理產品（PCG）和消費品（CPG）產業嗎？或者，您在哪裡發現機會？例如，在消費品和清潔用品領域，或是您在哪些方面發現機會？謝謝。

So we've spent $600 million in the last five months, and it's all been a consumer between Ready Seal and Pink Stuff. And again, it's been a thoughtful approach to saying, all right, where are new categories where we can drive new growth. We have done a number of smaller product lines in our Construction Products Group. They've been very strategic as it relates to the building envelope and looking at different product categories that they would like to be in that they're not.

所以，在過去的五個月裡，我們花了 6 億美元，而這些錢全部都花在了 Ready Seal 和 Pink Stuff 這兩家公司的消費品上。再次強調，這是一種深思熟慮的方法，即思考「好的，哪些新類別可以推動新的成長」。我們在建築產品集團內開發了多個規模較小的產品線。他們在建築圍護結構方面非常注重策略，並且一直在關注他們想要進入但目前尚未涉足的不同產品類別。

So we have grown our market share and expansion joints for heavy industry and/or commercial. We've expanded market share in certain fireproofing and fire stopping product lines. And they've been small acquisitions but the opportunity to take a $5 million product line and turn it into a $15 million or $20 million product line with our distribution and our sales force is pretty exciting for us.

因此，我們擴大了市場份額，並為重工業和/或商業領域提供了伸縮縫。我們已擴大了某些防火和防火產品線的市場份額。雖然這些收購規模都不大，但有機會利用我們的分銷管道和銷售團隊，將一條價值 500 萬美元的產品線變成一條價值 1500 萬美元或 2000 萬美元的產品線，這讓我們感到非常興奮。

I will tell you that one of the benefits of the MAP to Growth initiative that I hope people appreciate. For a long time, we operated -- I'm talking 20-plus years with a debt-to-EBITDA ratio of 2.5% to 3%. And because of the stability of RPM still maintained an investment-grade rating, we just completed $600 million of debt-funded acquisitions and our debt to EBITDA is about 1.8% (sic – "1.8 times").

我要告訴大家的是，MAP to Growth計畫的一大好處，希望大家都能體會。很長一段時間以來——我指的是 20 多年——我們的債務與 EBITDA 比率一直保持在 2.5% 到 3% 之間。由於 RPM 的穩定性，其評級仍保持投資等級，我們剛剛完成了 6 億美元的債務融資收購，我們的債務與 EBITDA 比率約為 1.8%。

And so the benefits of the MAP initiative in terms of cash flow and profitability improvement -- I'm sorry, 1.8 times, not 1.8%. And so the benefits of the MAP initiatives are really part of our cash flow and our credit metrics as well. And so we've got plenty of dry powder to do acquisitions. The last comment I'll make is [PE] seems to be not as active. They seem to be more on the sell side and they're trying to raise a new fund side as opposed to being as aggressive in the acquisition market. So we're seeing deal flow at two or three multiple turns below where it was at the peak.

因此，MAP計畫在現金流和獲利能力改善方面的好處——抱歉，是1.8倍，不是1.8%。因此，MAP計劃帶來的好處也切實體現在我們的現金流量和信用指標。因此，我們手頭上有充足的資金進行收購。最後我想說的是，[PE] 似乎不太活躍了。他們似乎更傾向於出售資產，並且正在努力籌集新的資金，而不是在收購市場上積極進取。所以我們看到，目前的交易量比高峰期低了兩到三個週期。

Thanks.

謝謝。

This Concludes our question-and-answer session. I would like to turn the conference back over to RPM's Chairman and CEO, Frank Sullivan for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給 RPM 董事長兼執行長弗蘭克·沙利文，請他作閉幕致詞。

Thank you. I want to conclude with a comment about what's happening societally today and in relationship to my reference to 401(k). To a certain extent, there is a battle for the soul of what drives the economy in the US with a younger generation that starts to think maybe socialism is better than capitalism and that could not be further from the truth.

謝謝。最後，我想就當今社會正在發生的事情以及我提到的 401(k) 計劃發表一些評論。在某種程度上，美國經濟的驅動力正受到一場爭奪，年輕一代開始認為社會主義可能比資本主義更好，但這與事實相去甚遠。

In fact, the American form of capitalism over the last 200 years has brought more people out of poverty in our country and the world, has generated more wealth across generations, across ethnic groups, gender, you name it and has done more to spur innovation in technology, medicine, entertainment, despite all its flaws in any other system. I mentioned that because business has to be smart.

事實上，在過去的200年裡，美國式的資本主義使我國乃至全世界更多的人擺脫了貧困，為不同世代、不同種族、不同性別的人們創造了更多的財富，並且在科技、醫學、娛樂等領域的創新方面發揮了更大的作用，儘管它比任何其他制度都存在缺陷。我之所以提到這一點，是因為商業運作必須講究智慧。

When companies defer benefit payments that are long-term investments in the stability and security of our associates retirement to meet near-term earnings per share pressure that we all have, you're feeding that narrative. Private equity right now is working to open up $2 trillion worth of 401(k) assets to an asset class that because of its past success and its growth has average returns now that are not much better than what the broader market provides, but with a dramatically higher fee structure and liquidity, neither of which will work well in retirement plans like 401(k).

當公司為了應對我們所有人面臨的短期每股盈餘壓力，而推遲支付對員工退休生活穩定性和保障的長期福利時，你就是在助長這種論調。私募股權目前正​​努力將價值 2 兆美元的 401(k) 資產納入一個資產類別。由於該資產類別過去的成功和成長，其平均回報目前並不比更廣泛的市場提供的好多少，但其費用結構和流動性卻高得多，這兩點都不適合像 401(k) 這樣的退休計畫。

And so, I say that because the CEOs that matter, the Brian Moynihan, Jamie Diamonds, Jeff Bezos, Mark Zuckerberg, Doug Mcmillon need to be pounding the table in support of American capitalism. The alternative will not be good for anybody and need to provide examples of how American capitalism can create value for everybody, and we have to not feed the narrative out there that socialism might be a better model.

因此，我這麼說是因為那些真正重要的CEO，像是布萊恩·莫伊尼漢、傑米·戴蒙德、傑夫·貝佐斯、馬克·祖克柏、道格·麥克米倫，需要大力支持美國資本主義。另一種選擇對任何人都沒有好處，我們需要舉例說明美國資本主義如何為所有人創造價值，而且我們絕不能助長社會主義可能是更好模式的說法。

And I appreciate the opportunity to provide that perspective. Our second quarter will look much like our first quarter, couldn't be more proud of the RPM associates that have effectively executed on a pivot to growth in a continuing no-growth environment. We appreciate your time on the call today and look forward to welcoming any and all of you to the RPM Annual Meeting of Stockholders tomorrow at 1:30 Eastern Time. Thank you and have a great day.

我很感激有機會分享我的觀點。第二季的情況將與第一季非常相似，我為RPM的員工感到無比自豪，他們在持續低迷的環境下有效地實現了向成長的轉型。感謝您今天抽出時間參加電話會議，我們期待明天美國東部時間下午 1:30 歡迎各位參加 RPM 年度股東大會。謝謝，祝您今天過得愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。