SiteOne Landscape Supply Inc (SITE) 2025 Q3 法說會逐字稿

Greetings and welcome to the SiteOne Landscape Supply Inc. third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 SiteOne Landscape Supply Inc. 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, John Guthrie. You may begin.

現在我謹將會議交給主持人約翰‧格思裡先生。你可以開始了。

Thank you and good morning, everyone. We issued our third-quarter 2025 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com.

謝謝大家，大家早安。今天上午，我們發布了 2025 年第三季收益新聞稿，並將幻燈片簡報發佈到我們網站的投資者關係部分 investors.siteone.com。

I'm joined today by Doug Black, our Chairman and Chief Executive Officer; Scott Salmon, Executive Vice President-Strategy and Development; and Eric Elema, Vice President, Finance and Corporate Controller.

今天與我一同出席的有：董事長兼執行長道格·布萊克；執行副總裁兼策略與發展主管斯科特·薩爾蒙；以及財務副總裁兼公司財務總監埃里克·埃萊馬。

Before we begin, I would like to remind everyone that today's press release, slide presentation, and the statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission.

在開始之前，我想提醒大家，今天的新聞稿、幻燈片演示以及本次電話會議中發表的聲明均包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性聲明。這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。此類風險和不確定性包括盈利報告和我們向美國證券交易委員會提交的文件中列出的因素。

Additionally, during today's call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release and in the slide presentation.

此外，在今天的電話會議中，我們將討論非GAAP指標，我們認為這些指標有助於評估我們的表現。這些措施的對比情況可在我們的獲利報告和幻燈片簡報中找到。

I would now like to turn the call over to Doug Black.

現在我想把電話交給道格布萊克。

Thanks, John. Good morning and thank you for joining us today. We were pleased to achieve solid results during the third quarter with 4% net sales growth, including 3% organic daily sales growth, and 11% growth in adjusted EBITDA compared to the prior-year period despite continued softness in our end markets.

謝謝你，約翰。早安，感謝各位今天收看我們的節目。儘管終端市場持續疲軟，但我們很高興在第三季度取得了穩健的業績，淨銷售額增長了 4%，其中有機日銷售額增長了 3%，調整後 EBITDA 比上年同期增長了 11%。

Our teams are executing our initiatives well, yielding excellent SG&A leverage, good gross margin improvement, and meaningful market share gains. We also benefited from a more favorable price/cost environment yielding a 1% improvement in pricing for the quarter. Finally, we added three excellent companies to SiteOne during the quarter and one more in October, expanding our full product line capability in those local markets.

我們的團隊很好地執行了各項舉措，取得了優異的銷售、一般及行政費用槓桿效應、良好的毛利率提升以及顯著的市場份額增長。我們也受益於更有利的價格/成本環境，使得本季價格提高了 1%。最後，本季我們為 SiteOne 新增了三家優秀的公司，10 月又新增了一家，擴大了我們在這些本地市場的全線產品能力。

Overall, with strong teams, a winning strategy, and excellent execution of our commercial and operational initiatives, we're delivering solid performance and growth in 2025 despite softer and markets. Adding in to 2026, we are confident in our ability to drive continued performance and growth in the coming years.

總體而言，憑藉強大的團隊、制勝的策略以及商業和營運舉措的出色執行，儘管市場疲軟，我們仍將在 2025 年實現穩健的業績和成長。展望2026年，我們有信心在未來幾年繼續保持良好的業績和成長。

I will start today's call with a brief review of our unique market position and our strategy, followed by some highlights from the quarter. John Guthrie will then walk you through our thrid quarter financial results in more detail and provide an update on our balance sheet and liquidity position. Scott Salmon will discuss our acquisition strategy. And then, I will come back to address our latest outlook before taking your question.

今天，我將首先簡要回顧我們獨特的市場地位和策略，然後介紹本季的一些亮點。接下來，John Guthrie 將更詳細地向您介紹我們第三季的財務業績，並更新我們的資產負債表和流動性狀況。斯科特·薩爾蒙將討論我們的收購策略。然後，我會先談談我們最新的展望，然後再回答您的問題。

As shown on slide 4 of the earnings presentation, we have a strong footprint of more than 680 branches and 4 distribution centers across 45 US states and 6 Canadian provinces. We are the clear industry leader, over 3 times the size of our nearest competitor and larger than 2 through 10 combined. Yet we estimate that we only have about an 18% share of the very fragmented $25 billion wholesale landscape products distribution market.

如收益報告第 4 頁所示，我們在美國 45 個州和加拿大 6 個省擁有超過 680 家分行和 4 個配送中心，業務遍及各地。我們是產業絕對領導者，規模是排名第二至第十位競爭對手的三倍多，比它們的總和還要大。然而，據我們估計，我們在非常分散的 250 億美元園林產品批發分銷市場中僅佔約 18% 的份額。

Accordingly, our long-term opportunity to grow and gain market share remains significant. We have a balanced mix of business with 65% focused on maintenance, repair, and upgrade; 21% focused on new residential construction; and 14% on new commercial and recreational construction.

因此，我們實現長期成長和獲得市場份額的機會仍然十分巨大。我們的業務構成均衡，其中 65% 的業務專注於維護、維修和升級；21% 的業務專注於新建住宅；14% 的業務專注於新建商業和休閒設施。

As the only national full product line wholesale distributor in the market, we also have an excellent balance across our product lines as well as geographically. Our strategy to fill in our product lines across the US and Canada, both organically and through acquisition, further strengthens this balance over time.

作為市場上唯一全國性的全線產品批發分銷商，我們在產品線和地理分佈方面也保持著良好的平衡。我們透過自身發展和收購來充實我們在美國和加拿大的產品線的策略，將隨著時間的推移進一步加強這種平衡。

Overall, we believe our end market mix, broad product portfolio, and geographic coverage offer us multiple avenues to grow and create value for our customers and suppliers while providing important resilience and softer markets like the markets we're experiencing today.

整體而言，我們相信我們的終端市場組合、廣泛的產品組合和地理覆蓋為我們提供了多種成長途徑，並為我們的客戶和供應商創造價值，同時在像我們今天所經歷的這種較為疲軟的市場中，也能提供重要的韌性。

Turning the slide 5, our strategy is to leverage the scale, resources, functional talent, and capabilities that we have as the largest company in our industry, all in support of our talented, experienced, and entrepreneurial local teams to consistently deliver superior value to our customers and suppliers.

翻到第 5 張投影片，我們的策略是利用我們作為業內最大公司所擁有的規模、資源、職能人才和能力，支持我們才華橫溢、經驗豐富且富有創業精神的本地團隊，從而持續為我們的客戶和供應商提供卓越的價值。

We've come a long way in building SiteOne and putting the teams and systems in place to fully execute our strategy at a high level across each of our product lines. In the current challenging market environment, we're making good progress in leveraging our capabilities to drive tangible results with consistent market share gains, improved SG&A leverage, and steady gross margin improvement.

我們在建立 SiteOne 方面取得了長足的進步，並建立了相應的團隊和系統，以便在我們每條產品線上全面、高水準地執行我們的策略。在當前充滿挑戰的市場環境下，我們正利用自身能力取得良好進展，以持續的市佔率成長、提高銷售、一般及行政費用槓桿率和穩步提高毛利率，從而推動實際成果。

Our control and operational initiatives, we believe that we are delivering industry-leading value for our customers and suppliers; and solid performance improvement and growth for our shareholders this year. Importantly, we are gaining momentum for continued success in the years to come. These initiatives are complemented by our acquisition strategy which fills in our product portfolio, moves us into new geographic markets, and adds terrific new talent to SiteOne.

我們相信，透過我們的管控和營運舉措，我們將為客戶和供應商創造行業領先的價值；並在今年為股東帶來穩健的業績提升和成長。重要的是，我們正在積蓄力量，為未來幾年的持續成功奠定基礎。這些舉措與我們的收購策略相輔相成，該策略完善了我們的產品組合，使我們進入新的地理市場，並為 SiteOne 增添了優秀的新人才。

Taken altogether, we believe our strategy creates superior value for our shareholders through organic growth, acquisition growth, and adjusted EBITDA margin expansion.

總而言之，我們相信我們的策略透過內生成長、收購成長和調整後 EBITDA 利潤率的擴大，為股東創造了卓越的價值。

On slide 6, you can see our strong track record of performance and growth over the last eight years. From an adjusted EBITDA margin perspective, we benefited from extraordinary price realization due to rapid inflation in commodity products during 2021 and 2022.

在第 6 張投影片中，您可以看到我們過去八年來強勁的業績和成長記錄。從調整後的 EBITDA 利潤率來看，由於 2021 年和 2022 年大宗商品價格快速上漲，我們受益於非同尋常的價格實現。

In 2023 and 2024, we experienced significant headwinds as those commodity prices came down. In 2024, we also experienced further adjusted EBITDA dilution from the acquisition of Pioneer, a large turnaround opportunity with great strategic fit, and from our other focus branches which resulted from the post-COVID market headwinds.

2023年和2024年，由於大宗商品價格下跌，我們遭遇了重大不利因素。2024 年，由於收購 Pioneer（這是一個具有巨大戰略契合度的重大扭虧為盈機會）以及受新冠疫情后市場逆風影響，我們的其他重點分支機構也進一步稀釋了調整後的 EBITDA。

In 2025, our pricing has transitioned from negative 1% in the first quarter, to flat in the second quarter, to up 1% in the third quarter as commodity deflation continues to dissipate. We expect to exit 2025 with pricing up 1% to 2%, setting us up for more normal inflation and price realization in 2026.

2025 年，隨著大宗商品通貨緊縮持續消退，我們的定價策略從第一季的 -1% 轉為第二季的持平，再轉為第三季的上漲 1%。我們預計 2025 年底物價將上漲 1% 至 2%，這將為 2026 年更正常的通貨膨脹和物價實現奠定基礎。

Furthermore, we are achieving excellent progress with Pioneer and our other focus branches in 2025 and expect to continue achieving improvements over the next several years as we bring their performance up to the SiteOne average.

此外，我們在 2025 年與 Pioneer 和其他重點分支機構的合作取得了顯著進展，並期望在未來幾年內繼續取得進步，使它們的業績達到 SiteOne 的平均水平。

In summary, we believe we are positioned to drive strong adjusted EBITDA margin improvement in 2025, and in the coming years as we execute our initiatives and as the market headwinds turn to tailwinds.

總而言之，我們相信，隨著我們各項舉措的實施以及市場逆風轉順風，我們有能力在 2025 年及未來幾年實現調整後 EBITDA 利潤率的強勁提升。

Since the beginning of 2014, we've completed over 100 acquisitions, adding more than $2 billion in acquired revenue to SiteOne, which demonstrates the strength and durability of our acquisition strategy. These companies expand our product line capabilities and strengthen SiteOne with excellent talent and new ideas for performance and growth.

自 2014 年初以來，我們已完成 100 多項收購，為 SiteOne 增加了 20 億美元的收購收入，證明了我們收購策略的實力和持久性。這些公司拓展了我們的產品線能力，並為 SiteOne 帶來了優秀的人才和新的理念，從而增強了 SiteOne 的表現和成長實力。

Given the fragmented nature of our industry and our current market share, we believe that we have a significant opportunity to continue growing through acquisitions for many years to come.

鑑於我們所在行業的分散性和我們目前的市場份額，我們相信，在未來很多年裡，我們有很大的機會透過收購繼續發展壯大。

Slide 7 shows the long runway that we have ahead in filling in our product portfolio which we aim to do primarily through acquisition, especially in the nursery, hardscapes, and landscape supplies categories. We are well-connected with the best companies in our industry and expect to continue filling in these markets systematically over the next decade.

投影片 7 顯示，我們在完善產品組合方面還有很長的路要走，我們的主要目標是透過收購來實現這一目標，尤其是在苗圃、硬質景觀和景觀用品類別中。我們與業內最優秀的公司建立了良好的聯繫，並期望在未來十年內繼續有條不紊地開拓這些市場。

I will now discuss some of our third quarter highlights as shown on slide 8. We achieved 4% net sales growth in the third quarter with 3% organic daily sales growth and 1% growth due to acquisitions compared to the prior year.

接下來我將討論投影片 8 中所示的第三季的一些亮點。與去年同期相比，我們第三季淨銷售額成長了 4%，其中有機日銷售額成長了 3%，收購帶來的成長了 1%。

Organic sales volume grew 2% during the third quarter, reflecting continued share gains, partially offset by end-market softness in new residential construction and repair and upgrade. Pricing was up 1% in the third quarter, marking a meaningful improvement versus the prior-year period. As expected, the growth in maintenance-related demand remained steady in Q3, and we achieved 3% organic daily sales growth with our agronomic products.

第三季有機銷售額成長 2%，反映出市場佔有率的持續成長，但部分被新建住宅建設和維修升級等終端市場的疲軟所抵消。第三季價格上漲了 1%，與去年同期相比有了顯著改善。正如預期的那樣，第三季維護相關需求的成長保持穩定，我們的農藝產品實現了 3% 的有機日銷售成長。

The residential new construction end market was down during the quarter especially in Texas, Florida, Arizona, and California. The repair and upgrade market continued to be soft, but we believe this market is beginning to stabilize versus prior year, while commercial demand also remains stable. Accordingly, with the benefit of market share gains and more favorable weather, we achieved 3% organic daily sales growth with our landscaping products.

本季住宅新建市場終端市場下滑，尤其是在德州、佛羅裡達州、亞利桑那州和加州。維修和升級市場仍然疲軟，但我們認為與去年相比，該市場正開始趨於穩定，而商業需求也保持穩定。因此，憑藉市場份額的成長和更有利的天氣，我們的園林綠化產品實現了每日3%的有機銷售額成長。

Overall, we believe that we are consistently outperforming the market through our commercial initiatives which, in combination with the recovery in pricing, should allow us to achieve positive organic daily sales growth for the remainder of this year even in a down market.

總體而言，我們相信，透過我們的商業舉措，我們一直在不斷超越市場表現，再加上價格的回升，即使在市場低迷的情況下，也應該能夠讓我們在今年剩餘的時間裡實現正的有機每日銷售額增長。

Gross profit increased 6% and gross margin improved by 70 basis points to 34.7% due to higher price realization and gains from our initiatives. This outcome was higher than expected as our teams executed well and as the deflation and grass seed and PVC pipe was more than offset by stronger pricing and other products which had a positive impact on gross margin.

由於價格實現率提高以及我們各項措施帶來的收益，毛利增加了 6%，毛利率提高了 70 個基點，達到 34.7%。由於我們的團隊執行得當，而且通貨緊縮、草籽和PVC管道的價格下跌被更強勁的價格和其他對毛利率產生積極影響的產品所抵消，因此這一結果高於預期。

Our SG&A as a percentage of net sales decreased 50 basis points to 28.4% compared to the prior-year period. For the base business, on an adjusted basis, SG&A as a percent of net sales decreased approximately 60 basis points versus last year, demonstrating our strong cost control and execution of our key initiatives, including continued improvement with our focus branch. We remain highly focused on achieving SG&A leverage through our initiatives while benefiting from the impact of positive pricing on organic daily sales growth.

與去年同期相比，我們的銷售、一般及行政費用佔淨銷售額的百分比下降了 50 個基點，至 28.4%。就基礎業務而言，經調整後，銷售、一般及行政費用佔淨銷售額的百分比較去年下降了約 60 個基點，這表明我們在成本控制方面取得了顯著成效，並有效執行了關鍵舉措，包括重點分支機構的持續改進。我們將繼續高度專注於透過我們的各項措施實現銷售、一般及行政費用槓桿效應，同時受益於積極定價對有機每日銷售成長的影響。

Adjusted EBITDA for the quarter increased 11% to $127.5 million and adjusted EBITDA margin improved 60 basis points to 10.1% due to higher net sales, improved gross margin, and increased SG&A leverage. The pricing continued to normalize and with our commercial and operational initiatives yielding stronger results, we are pleased to resume adjusted EBITDA margin expansion this year and expect to drive continued improvement in the coming years.

本季調整後 EBITDA 成長 11% 至 1.275 億美元，調整後 EBITDA 利潤率提高 60 個基點至 10.1%，這得益於淨銷售額增加、毛利率提高以及銷售、一般及行政費用槓桿率提高。價格持續趨於正常化，隨著我們的商業和營運舉措取得更強勁的成效，我們很高興今年能夠恢復調整後 EBITDA 利潤率的增長，並期待在未來幾年繼續推動改善。

In terms of initiatives, we are executing specific actions to improve our customer excellence, accelerate organic growth, expand gross margin, and increase SG&A leverage.

在措施方面，我們正在執行具體行動，以提高客戶滿意度、加速內生成長、擴大毛利率並提高銷售、一般及行政費用槓桿。

For gross margin improvement, we continue to increase sales with our small customers faster than our company average, drive growth in our private label brands, and improve inbound freight costs through our transportation management system.

為了提高毛利率，我們持續以高於公司平均的速度提高小型客戶的銷售額，推動自有品牌的成長，並透過運輸管理系統改善入庫貨運成本。

These initiatives not only improve our gross margin, but also add to our organic growth as we gain market share in the small customer segment as well as across product lines with our competitive private label brands like ProTrade, Solstice Stone, and Portfolio. Collectively, these three brands grew by 50% in the quarter and nearly 40% year-to-date.

這些措施不僅提高了我們的毛利率，而且隨著我們在小型客戶群以及產品線上憑藉我們具有競爭力的自有品牌（如 ProTrade、Solstice Stone 和 Portfolio）獲得市場份額，也促進了我們的有機成長。這三個品牌本季合計成長了 50%，今年迄今成長了近 40%。

To further drive organic growth, we are leveraging our increased percentage of bilingual branches and executing Hispanic marketing programs to create awareness among this important customer segment. We are also making great progress with our sales force productivity as we leverage our CRM and establish more disciplined revenue-generating habits and processes among our inside sales associates and over 600 outside sales associates. This year, our outside sales force is covering approximately 10% more revenue than in 2024 with no additional headcount which has allowed us to achieve higher organic sales growth at a lower cost.

為了進一步推動有機成長，我們正在利用不斷增加的雙語分支機構比例，並執行西班牙裔行銷計劃，以提高這一重要客戶群的認知度。我們利用客戶關係管理系統，並在內部銷售人員和 600 多名外部銷售人員中建立更嚴謹的創收習慣和流程，在銷售團隊的生產力方面取得了巨大進步。今年，我們的外部銷售團隊在不增加人員的情況下，實現了比 2024 年高出約 10% 的收入，這使我們能夠以更低的成本實現更高的有機銷售成長。

Our digital initiative with siteone.com has also helping us to drive organic daily sales growth as our results have shown that customers who are engaged with us digitally grow significantly faster than those who are not. Year-to-date, we've grown digital sales by over 125% while adding thousands of new regular users of siteone.com, helping customers to be more efficient and helping us to increase market share while making our associates more productive. A true win, win, win. Through siteone.com and our other digital tools, we are accelerating organic growth, and we believe we are outperforming the market.

我們與 siteone.com 的數位化合作也幫助我們推動了每日自然銷售額的成長，因為我們的結果表明，與我們進行數位互動的客戶的成長速度明顯快於那些沒有進行數位互動的客戶。今年以來，我們的數位銷售額成長了 125% 以上，同時 siteone.com 新增了數千名固定用戶，這不僅幫助客戶提高了效率，也幫助我們擴大了市場份額，同時提高了員工的工作效率。真是三贏！透過 siteone.com 和我們的其他數位工具，我們正在加速自然成長，我們相信我們的表現優於市場。

With the benefit of DispatchTrack, which allows us to more closely manage our customer delivery, we are now able to improve both associate and equipment efficiency for delivery while more consistently pricing this service. We believe that we can significantly lower our net delivery expenses while improving the experience for our customers.

透過 DispatchTrack，我們可以更緊密地管理客戶的配送，從而提高員工和設備的配送效率，同時更穩定地為這項服務定價。我們相信，我們可以在大幅降低淨配送成本的同時，改善客戶的體驗。

So far this year, we have reduced our net delivery expense by approximately 30 basis points on delivered sales which represent approximately one-third of our total sales. This is a major initiative, and we expect to make significant progress this year and in the next two to three years.

今年到目前為止，我們已將已交付銷售額的淨交付費用降低了約 30 個基點，這約占我們總銷售額的三分之一。這是一項重大舉措，我們預計今年以及未來兩到三年內將取得顯著進展。

Last year, we mentioned that we are intentionally managing our underperforming branches or focus branches to ensure that they have the right teams, the right support, and are executing our best practices to bring their performance up to or above the SiteOne average.

去年，我們提到過，我們正在有意識地管理業績不佳的分支機構或重點分支機構，以確保它們擁有合適的團隊、合適的支持，並執行我們的最佳實踐，從而使它們的業績達到或超過 SiteOne 的平均水平。

As a part of these aggressive efforts, we consolidated or closed 22 locations in 2024 to strengthen our operations and better serve our customers at a reduced cost. During the third quarter, we improved the adjusted EBITDA margin of our focus branches by over 200 basis points, and we expect to gain a meaningful adjusted EBITDA margin lift for SiteOne in the coming years as we improve the performance of these branches.

作為這些積極舉措的一部分，我們在 2024 年合併或關閉了 22 個地點，以加強我們的運營，並以更低的成本更好地為我們的客戶服務。第三季度，我們重點分支機構的調整後 EBITDA 利潤率提高了 200 多個基點，我們預計隨著這些分支機構業績的改善，SiteOne 的調整後 EBITDA 利潤率將在未來幾年獲得顯著提升。

To support further progress in 2026 in the face of potentially soft markets, we are planning to consolidate or close an additional 15 to 20 branches and serve existing customers from nearby branches at a lower cost. We will provide further detail on this later in the call.

為了在 2026 年面對可能疲軟的市場時支持進一步發展，我們計劃合併或關閉另外 15 至 20 家分行，並透過附近的分行以更低的成本為現有客戶提供服務。我們將在稍後的通話中提供更多細節。

Taken altogether, we are gaining momentum with our commercial and operational initiatives which are improving our capability to drive organic growth, increase gross margin, and achieve operating leverage.

總的來說，我們的商業和營運舉措正在取得進展，這些舉措正在提高我們推動內生成長、提高毛利率和實現營運槓桿的能力。

On the acquisition front, as I mentioned, we added four excellent companies to our family during the quarter and in October. And we have added six companies and approximately $40 million and trailing 12-month sales to SiteOne so far in 2025.

在收購方面，正如我之前提到的，我們在本季和10月份將四家優秀的公司納入了我們的大家庭。截至 2025 年，我們已為 SiteOne 新增了 6 家公司，過去 12 個月的銷售額約為 4,000 萬美元。

As we mentioned earlier in the year, most of our more advanced discussions are with smaller companies this year. And so we expect 2025 will be a lighter-than-normal year in terms of acquired revenue, even as we aggressively cultivate key targets for future years.

正如我們今年稍早提到的，我們今年的大部分深入洽談都是與規模較小的公司進行的。因此，我們預計 2025 年的收購收入將低於正常水平，即便我們正在積極開發未來幾年的關鍵目標。

In our fragmented industry, we still have plenty of high-quality targets, and we remain well-positioned to grow consistently through acquisition for many years with an experienced acquisition team, (inaudible) in deep relationships with the best companies, a strong balance sheet, and an exceptional reputation for being a great long-term home for companies in our industry.

在我們這個分散的行業中，我們仍然有很多高品質的收購目標，並且憑藉經驗豐富的收購團隊、與最優秀的公司建立的深厚關係、強大的資產負債表以及作為業內公司長期理想歸宿的卓越聲譽，我們仍然處於通過收購實現多年持續增長的良好地位。

In summary, our teams are doing a good job of managing through the near-term market environment, leveraging our many opportunities for improvement, prudently adding new companies to SiteOne through acquisition, and building our company for the long-term.

總而言之，我們的團隊在應對近期市場環境、利用眾多改進機會、謹慎地透過收購將新公司納入 SiteOne 以及為公司長期發展而努力方面都做得很好。

Now John will walk you through the quarter in more detail. John?

現在約翰將更詳細地向你講解本季的內容。約翰？

Thanks, Doug. I'll begin on slide 9 with some highlights from our third quarter results. There were 63 selling days in the third quarter, same as the prior-year period. Organic daily sales increased 3% in the third quarter compared to the prior-year period driven by our sales initiatives and improved pricing.

謝謝你，道格。我將從第 9 張投影片開始，介紹我們第三季業績的一些亮點。第三季共有 63 個銷售日，與去年同期相同。受銷售措施和價格改善的推動，第三季有機日銷售額比上年同期成長了 3%。

Overall, we saw 2% deflation in Q1 2025 to 1% growth this quarter. Price increases, due in part to tariffs, have now more than offset the price decreases we're experiencing with certain commodity products. We have positive pricing in almost all categories, while commodity products, like grass seed and PVC pipes which were down approximately 13% and 10% respectively this quarter, are becoming less of a headwind.

總體而言，我們預計 2025 年第一季將出現 2% 的通貨緊縮，而本季將實現 1% 的成長。由於關稅等因素，價格上漲已經遠遠抵消了某些大宗商品價格的下降。我們幾乎所有類別的定價都是正面的，而本季分別下降了約 13% 和 10% 的草籽和 PVC 管等大宗商品，對價格的不利影響正在減弱。

Our outlook for price contribution for the fourth quarter is between 1% and 2%. And for the full year, pricing should end up flat to up approximately 1%.

我們對第四季價格貢獻的預期在 1% 到 2% 之間。全年來看，價格應該會持平或上漲約 1%。

Organic daily sales for agronomic products which include fertilizer, control products, ice melt, and equipment increased 3% for the third quarter due to solid demand in the maintenance end market and market share gains.

由於維護終端市場需求強勁以及市場份額增長，包括肥料、控制產品、融冰劑和設備在內的農藝產品有機日銷售額在第三季度增長了 3%。

Organic daily sales for landscaping products which include irrigation, nursery, hardscapes, outdoor lighting, and landscape accessories increased 3% for the third quarter due to our sales initiatives, improved pricing, and more favorable weather.

由於我們的銷售措施、價格改善和更有利的天氣，包括灌溉、苗圃、硬質景觀、戶外照明和景觀配件在內的園林綠化產品的有機日銷售額在第三季度增長了 3%。

Geographically, seven out of our nine regions achieved positive organic daily sales growth in the third quarter. Consistent with last quarter, we continued to see weaker sales in the Sun Belt states like Texas due to softness in the new residential construction end market.

從地理位置來看，我們九個區域中有七個地區在第三季度實現了正的有機日銷售額成長。與上一季一致，由於新建住宅建築終端市場疲軟，我們在德克薩斯州等陽光地帶各州的銷售額繼續走弱。

Acquisition sales, which reflect sales attributable to acquisitions completed in 2024 and 2025, contributed approximately $13 million or 1% to net sales growth.

收購銷售額（反映的是 2024 年和 2025 年完成的收購帶來的銷售額）為淨銷售額成長貢獻了約 1,300 萬美元或 1%。

Gross profit increased 6% to approximately $437 million for the third quarter compared to approximately $411 million for the prior-year period. Gross margin for the third quarter expanded 70 basis points to 34.7% due to improved price realization and benefits from our commercial initiatives like private label and small customer growth.

第三季毛利成長 6%，達到約 4.37 億美元，而去年同期約 4.11 億美元。由於價格實現率提高以及自有品牌和小型客戶成長等商業舉措帶來的收益，第三季毛利率成長了 70 個基點，達到 34.7%。

Selling, general, and administrative expenses or SG&A, increases 2% to approximately $357 million the third quarter. SG&A as a percentage of net sales decreased 50 basis points for the quarter to 28.4%. The SG&A leverage improvement reflects our actions to increase productivity and better align operating costs with the current market demand.

第三季銷售、一般及行政費用（SG&A）成長 2%，達到約 3.57 億美元。本季銷售、一般及行政費用佔淨銷售額的比例下降了 50 個基點，至 28.4%。銷售、一般及行政費用槓桿率的改善反映了我們為提高生產力和更好地使營運成本與當前市場需求保持一致而採取的行動。

For the third quarter, we recorded income tax expense of approximately $60 million which is consistent with the prior-year period. The effective tax rate was 20.4% for the third quarter compared to 26.2% for the prior-year period. The decrease in the effective tax rate was primarily due to an increase in the amount of excess tax benefits from stock-based compensation.

第三季度，我們確認的所得稅費用約為 6,000 萬美元，與去年同期一致。第三季實際稅率為 20.4%，去年同期為 26.2%。實際稅率下降主要是因為股票選擇權激勵帶來的超額稅收優惠增加所致。

We continue to expect the 2025 fiscal year effective tax rate will be between 25% and 26%, excluding discrete items such as excess tax benefits.

我們仍預期 2025 財年的實際稅率將在 25% 至 26% 之間，不包括超額稅收優惠等特殊項目。

Net income attributable to SiteOne for the third quarter increased 33% to $59 million due to net sales growth, improved gross margin, and SG&A leverage. Our weighted average diluted share count was approximately $45 million at the end of the third quarter compared to $45.6 million for the prior-year period.

由於淨銷售額成長、毛利率提高以及銷售、管理及行政費用槓桿作用，SiteOne 第三季歸屬於公司的淨利潤成長了 33%，達到 5,900 萬美元。截至第三季末，我們的加權平均稀釋股份數約為 4,500 萬美元，而去年同期為 4,560 萬美元。

We did not make any share repurchases during the quarter (inaudible) quarter repurchased approximately 161,000 shares for $20 million under a 10b5-1 Plan. Year-to-date, we have repurchased approximately 656,000 shares for a total of approximately $78 million at an average price of approximately $118 per share. These repurchases reflect our continued commitment to disciplined capital allocation and returning value to our shareholders.

本季我們沒有進行任何股票回購（聽不清楚）本季根據 10b5-1 計畫回購了約 161,000 股，價值 2,000 萬美元。今年迄今為止，我們已回購約 656,000 股股票，總計約 7,800 萬美元，平均每股價格約為 118 美元。這些回購體現了我們對審慎的資本配置和為股東創造價值的持續承諾。

Adjusted EBITDA increased 11% to $127.5 million for the third quarter compared to $114.8 million for the prior-year period. Adjusted EBITDA margin improved approximately 60 basis points to 10.1%. Adjusted EBITDA includes adjusted EBITDA attributable to non-controlling interests of $1 million for the third quarter of 2025 compared to $0.8 million for the third quarter of 2024.

第三季調整後 EBITDA 成長 11% 至 1.275 億美元，去年同期為 1.148 億美元。調整後 EBITDA 利潤率提高了約 60 個基點，達到 10.1%。調整後 EBITDA 包括歸屬於非控股權益的調整後 EBITDA，2025 年第三季為 100 萬美元，而 2024 年第三季為 80 萬美元。

Now I'd like to provide a brief update on our balance sheet and cash flow statement as shown on slide 10. Working capital at the end of the third quarter was approximately $1.06 billion compared to approximately $992 million at the end of the same period prior year. The increase in working capital is primarily due to higher inventory purchases ahead of tariffs and growth in accounts receivable due to increased sales.

現在我想簡單介紹一下我們第 10 頁所示的資產負債表和現金流量表。第三季末的營運資金約為 10.6 億美元，而上年同期末約為 9.92 億美元。營運資金增加主要是由於關稅生效前庫存採購增加以及銷售額成長導致應收帳款成長所致。

Net cash provided by operating activities was approximately $129 million for the third quarter compared to approximately $116 million for the prior-year period. The increase in operating cash flow is primarily due to the improvement in the net income.

第三季經營活動產生的淨現金約為 1.29 億美元，而去年同期約為 1.16 億美元。經營現金流的增加主要是由於淨利的改善。

We made cash investments of approximately $16 million for the third quarter compared to approximately $21 million for the same period prior year. The decrease reflects lower acquisition investment compared to the same period prior year.

第三季度，我們的現金投資約為 1,600 萬美元，而去年同期約為 2,100 萬美元。與上年同期相比，此次下降反映出收購投資減少。

Capital expenditures of approximately $10 million are flat compared to the same period last year. Net debt at the end of the quarter was approximately $423 million compared to approximately $449 million at the end of the third quarter of last year. Leverage declined to 1 times trailing 12 months adjusted EBITDA from 1.2 times a year ago. As a reminder, our target year-end net debt to adjusted EBITDA leverage range is 1 to 2 times.

資本支出約 1000 萬美元，與去年同期持平。本季末淨債務約 4.23 億美元，而去年第三季末約為 4.49 億美元。槓桿率從一年前的 1.2 倍下降至過去 12 個月調整後 EBITDA 的 1 倍。再次提醒，我們預期年底淨債務與調整後 EBITDA 的槓桿率目標區間為 1 至 2 倍。

At the end of the quarter, we had available liquidity of approximately $685 million which consisted of approximately $107 million cash-on-hand and approximately $578 million in available capacity under our ABL facility.

截至季末，我們擁有約 6.85 億美元的可用流動資金，其中包括約 1.07 億美元的現金和約 5.78 億美元的 ABL 可用額度。

Our priority from a balance sheet and funding perspective is to maintain our financial strength and flexibility so we can execute our growth strategy in all market environments.

從資產負債表和資金角度來看，我們的首要任務是保持財務實力和靈活性，以便我們能夠在所有市場環境下執行我們的成長策略。

Before I turn the call over to Scott, I'd like to take a moment to share that this will be my final earnings call as CFO. As previously announced, I will be retiring at the end of the year. It's been a true privilege to serve SiteOne over the past 20-plus years, and I'm incredibly proud of the company we built and the progress we've made together.

在將電話交給 Scott 之前，我想花一點時間告訴大家，這將是我作為財務長的最後一次財報電話會議。正如之前宣布的那樣，我將於年底退休。在過去的 20 多年裡，能夠為 SiteOne 服務是我的榮幸，我為我們共同建立的公司和所取得的進步感到無比自豪。

I'm all pleased to welcome Eric Elema, our incoming CFO, who will be stepping in to the role beginning in January. Eric has been a key leader and partner in building our finance organization and has played an integral role in shaping the strategy and driving execution at SiteOne.

我非常高興地歡迎 Eric Elema 加入我們，他將擔任財務長一職，從一月開始。Eric 一直是我們財務組織建立的關鍵領導者和合作夥伴，並在 SiteOne 的策略制定和執行過程中發揮了不可或缺的作用。

I'll now turn it over to Eric to briefly introduce himself.

現在我把麥克風交給艾瑞克，讓他簡單地自我介紹一下。

Thanks, John. I want to start by thanking you for your leadership and mentorship. You've built a best-in-class financial organization and have set a strong foundation for continued success. I'm honored to step in to the CFO role and excited to continue supporting our teams and executing our strategy.

謝謝你，約翰。首先，我要感謝您的領導和指導。您已建立起一流的財務組織，並為持續成功奠定了堅實的基礎。我很榮幸能夠擔任財務長一職，並期待繼續支持我們的團隊並執行我們的策略。

From a financial and operational standpoint, nothing is changing. We remain focused on disciplined execution, driving performance and growth, and delivering value for our stakeholders. I look forward to working closely with Doug and the leadership team as well as all our associates in the next chapter.

從財務和營運角度來看，一切都沒有改變。我們將繼續專注於嚴謹的執行、推動績效成長，並為我們的利害關係人創造價值。我期待在下一個階段與道格和領導團隊以及所有同事緊密合作。

I will now turn the call over to Scott for an update on our acquisition strategy.

現在我將把電話交給史考特，請他介紹我們的收購策略的最新進展。

Thanks, Eric, and thank you, John, for your leadership and contributions to SiteOne. It's been a pleasure working alongside you. I'll now provide an update on our acquisition strategy.

謝謝艾瑞克，也謝謝約翰，謝謝你們對 SiteOne 的領導和貢獻。和你一起工作非常愉快。接下來我將介紹我們的收購策略的最新進展。

As shown on slide 11, we acquired three companies in the third quarter and one more post quarter, bringing the total to six acquisitions year-to-date, with a combined trailing 12-month net sales of approximately $40 million. Since 2014, we have acquired 104 companies with approximately $2 billion in trailing 12-month net sales added to SiteOne.

如投影片 11 所示，我們在第三季收購了三家公司，並在季度後又收購了一家，使今年迄今的收購總數達到六家，過去 12 個月的淨銷售額合計約為 4000 萬美元。自 2014 年以來，我們收購了 104 家公司，為 SiteOne 增加了約 20 億美元的過去 12 個月淨銷售額。

Turning to slide 12 through 15, you will find information on our most recent acquisitions. On July 24, we acquired Grove Nursery, a single-location wholesale distributor of nursery products in Northwest Minneapolis, Minnesota. The addition of Grove Nursery now enables us to provide a full range of products to our customers in the Twin Cities.

翻到第 12 至 15 頁，您將找到有關我們最新收購的資訊。7 月 24 日，我們收購了 Grove Nursery，這是一家位於明尼蘇達州明尼阿波利斯西北部的單店苗圃產品批發分銷商。收購 Grove Nursery 後，我們現在可以為雙子城的客戶提供全系列產品。

Also on July 24, we acquired Nashville Nursery, a single-location wholesale nursery in Northwest Nashville, Tennessee. Joining forces with Nashville Nursery further strengthens our position as the leading wholesale distributor of nursery products in central Tennessee.

7 月 24 日，我們還收購了位於田納西州納許維爾西北部的納許維爾苗圃，這是一家單店批發苗圃。與納許維爾苗圃的合作進一步鞏固了我們作為田納西州中部領先的苗圃產品批發分銷商的地位。

On September 19, we acquired Autumn Ridge Stone, a single-location hardscapes distributor in Holland, Michigan, expanding the range of products we provide to our customers in Western Michigan.

9 月 19 日，我們收購了位於密西根州荷蘭市的單店硬景觀材料分銷商 Autumn Ridge Stone，從而擴大了我們為密西根州西部客戶提供的產品範圍。

And lastly, on October 1, we acquired Red's Home & Garden, a single-location hardscape and nursery distributor in Wilkesboro, North Carolina. The addition of Red's allows us to better service our many customers in Western Carolina.

最後，10 月 1 日，我們收購了 Red's Home & Garden，這是一家位於北卡羅來納州威爾克斯伯勒的單店硬景觀和苗圃分銷商。Red's 的加入使我們能夠更好地服務我們在西卡羅來納州的眾多客戶。

Summarizing on slide 16. Our acquisition strategy continues to provide a significant growth opportunity for SiteOne by adding excellent talent and moving us forward toward our goal of providing a full line of landscape products and services to our customers in all major US and Canadian markets.

第 16 頁投影片總結。我們的收購策略持續為 SiteOne 提供重要的成長機會，透過吸收優秀人才，推動我們朝著為美國和加拿大所有主要市場的客戶提供全系列景觀產品和服務的目標邁進。

As we've noted throughout the year, acquired revenue is expected to be lower in 2025, reflecting a more modest contribution from recent acquisitions. We have a large pipeline of potential acquisitions, and we are actively building relationships with many other companies. We have significant runway to grow and create value through our acquisitions in the years to come.

正如我們今年多次指出的那樣，預計 2025 年收購收入將有所下降，這反映出近期收購帶來的貢獻較為有限。我們有大量的潛在收購目標，我們正在積極與其他許多公司建立聯繫。未來幾年，我們有很大的發展空間，可以透過收購實現成長並創造價值。

As always, I want to thank the entire SiteOne team for their passion and commitment to making SiteOne a great place to work and for welcoming the newly acquired teams when they joined the SiteOne family.

一如既往，我要感謝 SiteOne 團隊全體成員的熱情和奉獻，他們讓 SiteOne 成為一個很棒的工作場所，並歡迎新收購的團隊加入 SiteOne 大家庭。

I will now turn the call back to Doug.

現在我將把電話轉回給道格。

Thanks, Scott. Before we wrap up, I'd like to take a moment to thank John for his outstanding leadership and many contributions to SiteOne over the years. John has been a terrific partner and trusted colleague from the day I joined the company back in 2014. Over the years, he's been instrumental in building our strong company executing our strategy and achieving excellent performance and growth. We wish him all the best in his well-earned retirement.

謝謝你，斯科特。在結束之前，我想藉此機會感謝約翰多年來對 SiteOne 的傑出領導和許多貢獻。自 2014 年我加入公司以來，約翰一直是我非常棒的合作夥伴和值得信賴的同事。多年來，他在我們公司發展壯大、執行策略、取得卓越業績和成長方面發揮了重要作用。我們祝福他退休生活一切順利，這是他應得的。

I'd like to also congratulate Eric Elema on his appointment as CFO. Eric is a proven leader with deep knowledge of our business, and I look forward to working with him in his new role as we continue to execute our strategy and drive long-term value.

我還要祝賀埃里克·埃萊馬被任命為首席財務官。埃里克是一位經驗豐富的領導者，對我們的業務有著深刻的了解。我期待與他在新的職位上合作，繼續執行我們的策略，創造長期價值。

Now turning to our current outlook for the rest of the year on slide 17. With continued market uncertainty, elevated interest rates, and weak consumer confidence, we believe that the softness in new residential construction and repair and upgrade demand will continue, more than offsetting growth in maintenance demand.

現在請看第 17 頁投影片，了解我們對今年剩餘時間的展望。由於市場持續存在不確定性、利率高企以及消費者信心疲軟，我們認為新建住宅建設和維修升級需求的疲軟狀況將會持續，這將超過維護需求的成長。

With the benefit of positive price growth and our commercial initiatives driving market share gains. We expect to achieve positive organic daily sales growth during the remainder of the year.

得益於價格的積極成長和我們的商業措施推動市場份額的提升。我們預計今年剩餘時間內每日有機銷售額將實現正成長。

In terms of our individual end markets, we have seen a decline in new residential demand this year, especially in the high-growth markets across the Sun Belt. Accordingly, we expect the demand for landscaping products for new residential construction was comprised 21% of our sales to be down during the remainder of 2025. Continued elevated interest rates, housing affordability challenges, and lower consumer confidence are constraining demand. And we expect this end market to remain weak until some of these factors improve.

就我們各個終端市場而言，今年我們看到新住宅需求下降，尤其是在陽光地帶的高成長市場。因此，我們預計在 2025 年剩餘時間內，占我們銷售額 21% 的新住宅景觀產品需求將會下降。持續高企的利率、住房負擔能力挑戰以及消費者信心下降正在抑制需求。我們預計，在這些因素改善之前，終端市場將持續疲軟。

The new commercial construction end market, which represents 14% of our sales, have remained resilient in 2025 so far. And we believe it will be flat for the remainder of the year. Bidding activity from our project services teams continues to be slightly positive. But with the ABI index remaining below 50, there is uncertainty in new commercial construction due to demand.

占我們銷售額 14% 的新商業建築終端市場在 2025 年至今仍保持韌性。我們認為今年剩餘時間裡，價格將保持穩定。我們專案服務團隊的投標活動持續保持略微積極的態勢。但由於ABI指數仍低於50，新的商業建築需求存在不確定性。

The repair and upgrade in market, which represents 30% of our sales, has been down this year. But in talking with our customers and monitoring our volume in specific products, we believe demand has begun to stabilized in the last few months. We expect this market to remain soft during the remainder of the year, but we'd be optimistic that we may have reached a foundation for future growth in repair and upgrade demand.

維修和升級業務占我們銷售額的 30%，但今年該業務有所下滑。但透過與客戶的溝通以及對特定產品銷售的監測，我們認為近幾個月來需求已經開始趨於穩定。我們預計今年剩餘時間市場將保持疲軟，但我們樂觀地認為，維修和升級需求的未來成長可能已經奠定了基礎。

Lastly, in the maintenance end market, which represents 35% of our sales, we've continued to achieve solid sales volume growth. We expect the maintenance end market to continue growing steadily in 2025.

最後，在占我們銷售額 35% 的維修終端市場，我們持續實現了穩健的銷售量成長。我們預計維護終端市場在 2025 年將持續穩定成長。

Taken altogether, we expect our end markets to be slightly down for the remainder of the year. Despite this backdrop, we expect sales volume to be slightly positive in the fourth quarter with the benefit of our commercial initiatives. Coupled with modest price inflation, we expect low single-digit organic daily sales growth during the remainder of the year.

總體而言，我們預計今年剩餘時間內我們的終端市場將略有下滑。儘管面臨這樣的背景，但由於我們的商業舉措，我們預計第四季度的銷售額將略有成長。加上溫和的價格上漲，我們預計今年剩餘時間裡，有機日銷售額將保持個位數低成長。

With strong actions taken to reduce SG&A and continued focus on branch improvement, sales productivity, and delivery efficiency, we expect to continue achieving improved operating leverage in the remainder of the year. We expect solid adjusted EBITDA margin expansion for the full-year 2025.

透過採取強有力的措施降低銷售、一般及行政費用，並繼續專注於改善分公司、提高銷售效率和交付效率，我們預計在今年剩餘時間內將繼續實現營運槓桿的改善。我們預計 2025 年全年調整後 EBITDA 利潤率將穩定成長。

In terms of acquisitions, as mentioned earlier, we expect to add more excellent companies to the SiteOne family during the remainder of the year, though we expect to add less revenue for the full-year 2025 compared to 2024 due to smaller average acquisition size.

就收購而言，正如前面提到的，我們預計在今年剩餘的時間裡，SiteOne 家族將迎來更多優秀的公司，但由於平均收購規模較小，我們預計 2025 年全年的收入將比 2024 年有所減少。

As mentioned earlier, to proactively address the potential for continued soft market conditions and to further optimize our footprint and cost structure, we plan to consolidate or close 15 to 20 branches in the fourth quarter and incur a charge to adjusted EBITDA of approximately $4 million to $6 million. We expect to retain most of the sales from these branches.

如前所述，為了積極應對可能持續疲軟的市場狀況，並進一步優化我們的佈局和成本結構，我們計劃在第四季度合併或關閉 15 至 20 家分行，這將導致調整後 EBITDA 增加約 400 萬至 600 萬美元的費用。我們預計能夠保留這些分店的大部分銷售。

With all of these factors in mind and including the fourth quarter charge, we expect our full-year adjusted EBITDA for fiscal 2025 to be in the range of $405 million to $415 million. This range does not factor in any contribution from unannounced acquisitions.

考慮到所有這些因素，並包括第四季度的費用，我們預計 2025 財年全年調整後 EBITDA 將在 4.05 億美元至 4.15 億美元之間。該範圍並未計入任何未公佈的收購所帶來的貢獻。

In closing, I would like to sincerely thank all our SiteOne associates who continue to amaze me with their passion, commitment, teamwork, and selfless service. We have a tremendous team, and it is an honor to be joined with them as we deliver increasing value for all our stakeholders.

最後，我要衷心感謝所有 SiteOne 的同事，他們的熱情、敬業精神、團隊合作和無私奉獻精神一直讓我感到驚嘆。我們擁有一支非常優秀的團隊，能夠與他們一起為所有利害關係人創造更大的價值，我感到非常榮幸。

I would like to also thank our suppliers for supporting us so strongly and our customers for allowing us to be their partner.

我還要感謝我們的供應商給予我們的大力支持，以及我們的客戶允許我們成為他們的合作夥伴。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作說明）

David Manthey, Baird.

David Manthey，Baird。

Thank you. Good morning, everyone. First question, a simple one just on the charge that you mentioned, why are you not excluding that from adjusted EBITDA guidance? It seems like a non-recurring item. Just optically wondering why that's not being factored out.

謝謝。各位早安。第一個問題很簡單，就是關於您提到的費用，為什麼不將其從調整後的 EBITDA 指引中排除呢？這似乎是一個非重複性項目。我只是從視覺角度想知道為什麼沒有把這一點考慮進去。

We've always had relatively strict guidelines with regards to our adjusted EBITDA. And this is consistent with all of our adjustments primarily reflect acquisitions and the adjustments within the first year. So that's been our policy. We provide the information, so you and the ambassadors can make those adjustments themselves.

我們對調整後 EBITDA 一直有相對嚴格的指導方針。這與我們的調整一致，主要反映了收購以及第一年的調整。這就是我們的政策。我們提供信息，以便您和大使可以自行做出這些調整。

Yeah. I appreciate it. That's great. And then the next line of questioning on pricing, if you could talk to us about the price you realized in agronomics versus landscape products.

是的。謝謝。那太棒了。接下來是關於定價的問題，您能否和我們談談您在農藝產品和園藝產品中實現的價格差異？

And then, thinking about the fourth quarter and seasonality, the mix of the business, for example, grass seed, obviously lower in the fourth quarter than the third, how should we think about price realization as it relates to mix as we go into the season, the off season? And then any thoughts about 2026 if that's going to evolve?

然後，考慮到第四季度和季節性因素，以及業務組合，例如草籽，顯然第四季度的銷量低於第三季度，我們應該如何看待進入旺季和淡季時與業務組合相關的價格實現？那麼對於2026年的情況，您有什麼看法呢？如果情況會改變的話？

Sure. Price for the quarter landscape products was up 1% and agronomic products was flat, I mean, it was actually down slightly, but we would round it flat. Going into the fourth quarter, grass seed, which is the largest component, still negative with negative price, will be a smaller component of the business. And so we expect price in the fourth quarter to be between 1% and 2%.

當然。本季園林產品價格上漲了 1%，農藝產品價格持平，實際上略有下降，但我們姑且算持平。進入第四季度，草籽（最大的組成部分）由於價格下跌，仍然處於虧損狀態，在業務中所佔的比重將會縮小。因此，我們預計第四季價格漲幅將在 1% 到 2% 之間。

And then going into next year, as the deflationary items continue to diminish, we would think it'll be more of a normal pricing year. Historically, we're around 2%. 1% to 3% would probably be a good range right now. But I think we would probably say we're at the midpoint of that range would be our outlook today.

然後進入明年，隨著通貨緊縮商品繼續減少，我們認為價格將會更加正常化。歷史數據表明，我們目前的水平在2%左右。 1%到3%可能是比較合理的範圍。但我認為，我們今天的展望大概是處於這個範圍的中點。

Perfect. All right. John, congrats. All the best. Thank you. And Eric, we look forward to working with you.

完美的。好的。約翰，恭喜你。一切順利。謝謝。艾瑞克，我們期待與你合作。

Thank you.

謝謝。

Thanks, David.

謝謝你，大衛。

Ryan Merkel, William Blair.

瑞安·默克爾，威廉·布萊爾。

Good morning, all. Thanks for the question. And my congrats to John and Eric as well. I wanted to start off on the fourth quarter and the outlook for low single-digit organic. Are you seeing this in October? That's the first part of the question. And the second part is you mentioned repair and upgrade stabilizing a bit. I'm wondering if you could provide a little more color there cause that's a bigger ticket item usually, and I'm just surprised that you'd be seeing the stabilization now.

各位早安。謝謝你的提問。也祝賀約翰和埃里克。我想先談談第四季以及有機成長預期，預計有機成長將低於個位數。你十月也看到這種情況了嗎？這是問題的第一部分。第二部分，你提到了維修和升級，使其更加穩定。我想請問您能否提供更多顏色信息，因為這通常是一筆不小的開支，而且我很驚訝您現在就能看到穩定性問題。

Yeah. So the comment on the growth first, we are seeing positive organic sales growth in October. Keep in mind that the fourth quarter is a tougher comp. Last year, we had 4% volume growth in the fourth quarter which was quite strong, and the fourth quarter's highly impacted by weather. But we are seeing that positive growth so far in October.

是的。首先就成長情況而言，我們看到10月份有機銷售額實現了正成長。請記住，第四季度的情況更難比較。去年第四季度，我們的銷量成長了 4%，這相當強勁，而第四季受天氣影響很大。但到目前為止，我們看到10月份出現了正面的成長。

In terms of the re repair and upgrade market, in talking with our customers and monitoring our product lines that are tied to that like hardscapes, lighting, we've seen that stabilize. The performance there has been stronger. I think our customers, clearly, remodel is down this year, but I think it seems to have settled. We hope it's the bottom, if you will. We don't know that for sure. But certainly, the numbers there and in discussion with customers, they don't have long backlogs, but they seem to be settled into a rhythm of work.

就翻新和升級市場而言，透過與客戶溝通並監控與此相關的產品線（如硬景觀、照明），我們發現市場已經趨於穩定。那裡的表現更加出色。我認為，很明顯，我們客戶的房屋翻新需求今年有所下降，但似乎已經趨於穩定。我們希望這是底部。我們無法確定。但從那裡的數據以及與客戶的討論來看，他們確實沒有積壓的訂單，而且他們的工作節奏似乎已經步入正軌。

So more to come later. But the numbers that we see in the conversations that we're having, we're more optimistic now than we would have been three months ago.

稍後會有更多內容。但從我們目前的交流來看，我們現在比三個月前更樂觀一些。

Okay. That's good to hear. And then on fourth quarter on inline sales with the street, the EBITDA is coming in a few million dollars below, and that's if I back out the branch closures. So how should we think about gross margin and SG&A in 4Q, just trying to square why EBITDA is a little below. And I realized fourth quarter, with the weather can be a small quarter, so I appreciate being conservative.

好的。聽到這個消息真好。然後，如果第四季銷售額與市場預期一致，EBITDA 將比預期低數百萬美元，而且這還是在我剔除分行關閉的影響之後。那我們該如何看待第四季的毛利率和銷售、管理及行政費用呢？只是想弄清楚為什麼 EBITDA 略低於預期。我意識到第四季受天氣影響可能比較短，所以我贊成採取保守的做法。

Yeah. I think, in the fourth quarter, our guidance does not quite have as strong an outperformance year over year on gross margin as we achieved in Q3. We still expect to achieve good SG&A leverage, and that to be the primary driver of performance is what's built into our guide.

是的。我認為，第四季我們的毛利率年增幅不如第三季那麼強勁。我們仍然期望實現良好的銷售、一般及行政費用槓桿，而這將成為業績的主要驅動因素，這一點已納入我們的業績指引。

All right. Thanks. I'll pass it on.

好的。謝謝。我會轉達的。

Thanks, Ryan.

謝謝你，瑞恩。

Damian Karas, UBS.

Damian Karas，瑞銀集團。

Good morning, everyone. Yeah, I was going to say that, obviously, the market environment for housing and homeowner spend isn't great right now. I'm just curious if you've been seeing any change in competitor behavior just given some of the demand softness out there.

各位早安。是的，我本來想說，很明顯，目前的房屋市場環境和房主支出狀況並不樂觀。我只是好奇，鑑於目前市場需求疲軟，您是否觀察到競爭對手的行為有任何變化。

We operate in competitive markets and I wouldn't say we're seeing anything unusual. Obviously, when things are softer, people -- things naturally get more competitive. Those are typically around the larger customers and around the commercial side of the business. And so we've seen that, but we've been seeing that for the last couple of years. So nothing more than usual.

我們身處競爭激烈的市場，我並不認為我們看到了任何不尋常的情況。顯然，當環境變得寬鬆時，人們——事情自然會變得更具競爭性。這些通常與大客戶和業務的商業方面有關。所以我們已經看到了這一點，而且在過去幾年裡，我們一直都看到了這一點。所以一切照舊。

And we have strong teams. And with our initiatives and capabilities like siteone.com and our delivery capabilities. And the way we're private label and going after small customers, we're able to combat that competitive activity and still, we believe, gain market share.

我們擁有強大的團隊。以及我們推出的各項措施和能力，例如 siteone.com 和我們的交付能力。我們採用自有品牌模式，瞄準小型客戶，這樣就能對抗競爭，而且我們相信還能獲得市場份額。

That makes sense. Then I wanted to kind of throw a little bit of a hypothetical your way. Thinking about some of the additional store closures and footprint optimization that you're doing, if you were to see a comeback in housing in the demand environment sooner rather than later, would you still be in a position to fully serve the market? I recognize that it's not an expected turn of events at the current moment, but just any thoughts on how you might need to respond to such a scenario.

這很有道理。然後我想給你一個假設性的問題。考慮到你們正在進行的一些額外的門市關閉和佈局優化，如果住房需求環境很快回暖，你們是否還能完全滿足市場需求？我知道這並非目前情況所預期的，但只是想問大家對於這種情況應該如何應對有什麼想法。

Right. That's actually a great question. Yes, we would be able to fully serve, let's say, a strong market with our current network. We have ample capacity. And of course, as things ramp up, we can add associates, the frontline in our branches, et cetera. We have our DCs and we have the capability to feed the system, if you will.

正確的。這確實是個好問題。是的，以我們目前的網絡，我們完全可以服務一個強大的市場。我們產能充足。當然，隨著業務的逐步開展，我們可以增加員工、分公司的第一線人員等等。我們有自己的資料中心，也有能力為整個系統供能。

And so the network optimization that we're doing with the store closures wouldn't prevent us from servicing a stronger market. We don't expect that to be the case. It would be a pleasant surprise. But we would be more than capable of observing that. And obviously, that would accelerate our SG&A leverage and our EBITDA expansion that we're planning for next year, but we're planning within a soft market.

因此，我們透過關閉門市進行的網路優化並不會妨礙我們服務更強大的市場。我們預計不會發生這種情況。那將是一個令人驚訝的消息。但我們完全有能力觀察到這一點。顯然，這將加速我們明年計劃實現的銷售、一般及行政費用槓桿率和 EBITDA 擴張，但我們是在疲軟的市場環境下進行規劃的。

Okay. Good to hear. Thanks for the color. Good luck, everyone.

好的。很高興聽到這個消息。謝謝你提供的色彩。祝大家好運。

Thank you.

謝謝。

Keith Hughes, Truist Securities.

Keith Hughes，Truist Securities。

Hey. This is Julian Nirmal, on for Keith Hughes. You talked a little bit about how inflation is going to look like for the rest of the year. Any outlook on what input inflation would look like in commodities?

嘿。這裡是朱利安·尼爾馬爾，他代替基斯·休斯主持節目。你剛才簡單談到了今年剩餘時間的通貨膨脹走勢。大宗商品投入通膨前景有何看法？

I think that's carried through in our guide for inflation for the year. We're not seeing fertilizers and stuff like that. We're not seeing necessarily kind of major (inaudible). So all that really is embedded in the guide that we've given.

我認為這一點已經體現在我們今年的通膨預期中。我們沒有看到化肥之類的東西。我們並沒有看到什麼重大問題。（聽不清楚）所以所有這些內容實際上都包含在我們提供的指南中。

Thank you. Then going back to the focus branch initiatives, I know you talked about you want to close 15 to 20 branches in '26. Do you have any idea of what the cadence for that would look like and kind of how that would contribute to margins going through the year?

謝謝。回到重點分支機構計劃，我知道你說過你想在 2026 年關閉 15 到 20 個分支機構。您是否了解這樣的節奏會是什麼樣的，以及這會對全年的利潤率產生怎樣的影響？

Well, if you take our focus branches in total, which represents about 20% of our revenue, as we mentioned, the adjusted EBITDA margin for those sets of branches are over 200 basis points this year. And we would expect to continue that improvement trend. They're not up to the average, and there's ways to go before they get up to the average. And so we would expect that improvement trend to continue into next year and the new sets of closures and consolidations are really just part of making sure that we can make those improvements next year without a lot of help from the market, if you will.

嗯，如果我們把重點分支機構的總收入（約占我們收入的 20%）都算進去，正如我們之前提到的，這些分支機構今年的調整後 EBITDA 利潤率超過 200 個基點。我們預計這種改善趨勢將持續下去。他們還沒有達到平均水平，距離平均水平還有很長的路要走。因此，我們預計這種改善趨勢將持續到明年，而新一輪的關閉和合併實際上只是為了確保我們明年能夠在沒有市場太多幫助的情況下實現這些改善。

Got it. Thanks.

知道了。謝謝。

Thank you.

謝謝。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

Thank you. Good morning. Question I have is around the margin targets you've said before. I know you've put out there a double-digit near term kind of margin. If we're in a soft volume environment for '26 and '27, do you have the internal leverage to get there, whether it be focus branches, whatever independent of volume meaningfully accelerating?

謝謝。早安.我的問題是關於您之前提到的利潤率目標。我知道你們已經設定了兩位數的短期利潤率目標。如果 2026 年和 2027 年的銷售環境疲軟，您是否擁有內部資源來實現這一目標，無論是專注於特定業務分支，還是其他任何與銷售是否顯著成長無關的因素？

Yeah, of course. The short answer is yes, we have a lot of self-help capacity with our focus branches, with the productivity, with our sales force, with the delivery productivity that we've mentioned. And then on the gross margin side with our private label growth, which we're driving quite successfully with small customer growth, et cetera.

當然。簡而言之，是的，我們擁有很強的自助能力，這體現在我們重點分支機構的生產力、銷售團隊以及我們提到的交付效率。然後，在毛利率方面，我們的自有品牌成長也取得了相當不錯的成績，這得益於小客戶的成長等等。

And so given that, we do need a base. If there was a big fall off next year or whatever, obviously, that would interrupt that. But as long as we have a solid market, a stable market, call it, soft stable, then we had the opportunity to continue to expand our adjusted EBITDA.

因此，有鑑於此，我們確實需要一個基地。如果明年出現大幅下滑或其他情況，顯然會打斷這一進程。但只要我們擁有一個穩固的市場，一個穩定的市場，或者說，一個相對穩定的市場，那麼我們就有機會繼續擴大我們的調整後 EBITDA。

Obviously, the stronger the market, the quicker we can make gains. But we do have the capacity to continue the gains that you're seeing this year on and into the next year, next couple of years in a continued soft market condition.

顯然，市場越強勁，我們就能越快獲利。但是，即使在市場持續疲軟的情況下，我們也有能力將今年以來的成長動能延續到明年、未來幾年。

Second question on M&A landscape, you said that this is going to be a softer year which you've done six to-date. Do you see that meaningfully picking up in '26 given your pipeline? Are you going to be more focused going forward on the smaller guys? And I know you said Pioneer was kind of uncharacteristic. Would you be willing to do something like that again given kind of the challenges that it had? I'll stop there.

關於併購市場的第二個問題，您說過今年會是較為疲軟的一年，而您迄今已經說過六年了。鑑於你的產品線，你認為這種情況在 2026 年會顯著改善嗎？接下來你們會更關注規模較小的公司嗎？我知道你說過 Pioneer 的表現有點反常。考慮到其中的種種挑戰，你是否願意再做類似的事情？我就說到這裡吧。

Yeah. So we are having a lighter year, revenue-wise, this year with acquisitions. But if you look at the course of acquisition, the size moves around. Every once in a while, we'll do a larger one like a Pioneer or a Double Mountain. And then you have the mid-sized acquisitions. And then you have more small ones. Right?

是的。由於收購活動，我們今年的收入相對較低。但如果你觀察收購過程，你會發現規模一直在改變。我們偶爾也會做一些更大的項目，例如先鋒山或雙山。然後還有中等規模的收購。然後你還會發現更多小的。正確的？

And so sellers sell when they're ready to sell, not when we're ready to buy. And so we're out there talking to all the companies that we would like to join. And any one year, you could have it be up, you could have it be down, et cetera.

因此，賣家會在他們準備好出售時出售，而不是在我們準備好購買時出售。因此，我們正在與所有我們想要加入的公司進行洽談。任何一年，它都可能上漲，也可能下跌，等等。

Given how it's falling this year, we would expect next year to be higher than this year just because of the law of averages. If you look at the 10-year period, $2 billion, that's a pretty good gauge of where we'll be going forward.

鑑於今年的下降趨勢，根據平均規律，我們預計明年會比今年高。如果以十年為週期來看，20億美元，這可以很好地衡量我們未來的發展方向。

In terms of what we do, a Pioneer, I'll call it a fixer-upper, we don't look to do those and I wouldn't know of anything in our pipeline, Scott, you can correct me, that we have any more Pioneer. We had tracked Pioneer for a long time, so we kind of knew it was coming. But we might prefer to buy well-run companies. And I believe our target set going forward would be all well-run companies. Scott, could you confirm that?

就我們所做的事情而言，Pioneer，我稱之為待修繕房屋，我們不打算做這類事情，而且我也不知道我們有任何計劃，Scott，你可以糾正我，我們是否還有更多的Pioneer。我們關注 Pioneer 很久了，所以我們大概知道它遲早會來。但我們可能更傾向於收購營運良好的公司。我相信我們未來的目標是所有運作良好的公司。史考特，你能確認一下嗎？

Yes. To the extent we can know the performance of the companies, I would agree, we're not searching or tracking a larger turnaround or anything like that.

是的。就我們所能了解的公司業績而言，我同意，我們並沒有在尋找或追蹤更大的扭虧為盈或其他類似的事情。

Thanks. I'll pass it on.

謝謝。我會轉達的。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

Good morning. You have Elizabeth Langan, on for Matt today. I just want to start off asking on SG&A. Obviously, you've made some improvement into this quarter. I was wondering if you could dig into that a little bit and maybe speak on how you're tracking with your SG&A initiatives and if you expect a similar magnitude of improvement through the end of this year and in 2026.

早安.今天取代馬特的是伊莉莎白·蘭根。我只想先問一下銷售、管理及行政費用（SG&A）。顯然，你本季取得了一些進步。我想請您深入探討一下，談談您在銷售、一般及行政費用方面的舉措進展情況，以及您是否預期到今年年底和 2026 年能取得類似程度的改善。

We're still tracking, we would expect to continue the trend we've seen for the rest of the year. So obviously, we're in Q4 and we are taking the charge. But we had a similar magnitude charge last year. So we would expect to continue to achieve the SG&A leverage in Q4. It's our plan to be -- we're not giving guidance today on SG&A for '26, but certainly, SG&A leverages is foundational to what we're doing going forward.

我們仍在追蹤觀察，預計今年剩餘時間裡，這種趨勢將持續下去。很顯然，我們現在處於第四季度，我們正在積極應對。但去年我們也遭遇了類似規模的事故。因此，我們預期第四季將持續實現銷售、管理及行政費用槓桿目標。我們的計畫是－我們今天不會對 2026 年的銷售、一般及行政費用給予指導，但可以肯定的是，銷售、一般及行政費用槓桿是我們未來工作的基礎。

Okay. And then I had another question on the commercial end markets. Could you speak to what you're seeing in those end markets and then also if you're seeing any regions that are having relatively lighter or more outsized demand on the bidding side?

好的。然後我又問了一個關於商業終端市場的問題。您能否談談您在這些終端市場觀察到的情況，以及您是否發現某些地區的競價需求相對較低或異常高？

In terms of commercial, we're seeing that continue to be stable. It has been all year. We have a project services group that puts together takeoffs for customers or commercial work and so they're looking at all the commercial jobs coming down the pipeline. Their activity, in terms of bidding, is slightly up. And so we take that as a positive. When we talk to our customers, the backlogs are less than they would have been a year ago, but they're seeing continued work coming down the pipe. So it's been stable. We think it'll continue to be stable, flattish. No, we don't see any outsized growth in any particular regions. It just seems to be kind of flat, stable, going forward.

從商業角度來看，我們看到市場持續保持穩定。一整年都是這樣。我們有一個專案服務團隊，負責為客戶或商業專案編制工程量清單，所以他們正在關注所有即將開展的商業專案。就競標而言，他們的活躍度略有上升。所以我們認為這是件好事。當我們與客戶交談時，他們表示積壓訂單比一年前少，但他們也看到未來會有更多工作要做。所以它一直很穩定。我們認為它將繼續保持穩定、平坦的態勢。不，我們沒有看到任何特定地區出現超常增長。看起來前景一片光明，並穩步向前發展。

All right. Thank you very much. And good luck, both John and Eric.

好的。非常感謝。祝約翰和埃里克好運。

Thank you.

謝謝。

Mike Dahl, RBC Capital Markets.

Mike Dahl，加拿大皇家銀行資本市場。

Hi. This is [Chris], on for Mike. Just shifting back over to pricing and your initial expectation of a more normal plus-2% price environment, I was hoping you maybe give some initial puts and takes in terms of the drivers there based on what you're seeing in commodity pricing. How do you expect commodity pricing to play out relative to non-commodity? And given that you view first-half comps, should we think about it trending towards the higher end of that 1% to 3% range and then settling out to something more normal? Just the evolution of that based on where you see things today. Thanks.

你好。我是克里斯，替麥克上場。回到定價話題，以及您最初對價格環境正常上漲 2% 的預期，我希望您能根據您目前在商品價格方面觀察到的情況，對價格上漲的驅動因素給出一些初步的看法。您認為大宗商品價格相對於非大宗商品價格會如何變動？考慮到上半年的比較數據，我們是否應該認為它會趨向於 1% 到 3% 範圍的較高水平，然後穩定在更正常的水平？這只是基於你今天所看到的事物發展演變的結果。謝謝。

I think it will accelerate as you go just primarily because the grass seed probably won't. That'll be an overhang in the first half on the commodity side. The rest of the products are in pretty good shape from a commodity standpoint. Most of the PVC pipe (inaudible) decreases were frankly in 2024, and so this has been relatively stable in 2025.

我認為隨著你的行進，它的生長速度會加快，這主要是因為草籽可能不會加速生長。上半年大宗商品價格將面臨壓力。從商品角度來看，其餘產品的狀況都相當不錯。大部分 PVC 管材（聽不清楚）的減少都發生在 2024 年，因此 2025 年的 PVC 管材市場相對穩定。

And really, the uncertainty is we'll have to see what the price increases are coming from our suppliers in the first quarter of next year. Right now, we're hearing low single-digit-type numbers coming from those suppliers. But that's a little bit uncertain at this point and we'll get greater visibility of that over the next three months.

實際上，最大的不確定因素在於，我們需要觀察供應商明年第一季的價格上漲幅度。目前，我們從這些供應商得到的數字都是個位數。但目前情況還不太明朗，未來三個月我們會對此有更清晰的了解。

Got it. I appreciate that. And just drilling in deeper into the SG&A outlook, I realize you guys aren't providing guidance, but just trying to get a better sense of magnitude of potential leverage next year given actions to date. Should we think about taking volume out of the equation? And just the pricing expectation and the actions you're doing around branch closures, can we see a similar magnitude of SG&A leverage as we've seen in the last couple of quarters looking to next year?

知道了。我很感激。進一步深入分析銷售、一般及行政費用的前景，我知道你們沒有提供業績指引，但我只是想更好地了解鑑於迄今為止採取的措施，明年潛在的槓桿作用的程度。我們是否應該考慮將體積因素排除在外？僅從定價預期和您在關閉分行方面採取的措施來看，我們能否在明年看到與過去幾季類似的銷售、一般及行政費用槓桿率？

You know, we're really in our planning process right now. That's our goal, to achieve it next year. I think, it's a little premature to give too much guidance in Q4 since we're really having those discussions right now.

你知道，我們現在正處於規劃階段。我們的目標是明年實現這個目標。我認為，現在就對第四季度給出太多指導意見還為時過早，因為我們目前還在進行相關討論。

Understood. Fair enough. Thanks for taking the questions.

明白了。很公平。謝謝您回答問題。

Charles Perron-Piche, Goldman Sachs.

查爾斯·佩隆-皮奇，高盛。

Good morning, everyone. First, congrats on your retirement, John. And Eric, congrats on the new role. Maybe I could start with capital allocation. Maybe for John or Eric, if anything you have to add, your leverage is now at the low end of the 1 to 2 times range as of September. It's good to see that you guys were active on share purchases in October. Against that, I guess, should M&A market remains softer for longer, would you consider a higher focus on shareholder returns going forward?

各位早安。首先，恭喜你退休，約翰。艾瑞克，祝賀你擔任新職務。或許我可以從資本配置著手。或許對約翰或艾瑞克來說，如果你們還需要補充什麼的話，截至9月份，你們的槓桿率已經處於1到2倍範圍的低端。很高興看到你們在十月積極買股票。相反，我認為，如果併購市場持續疲軟的時間更長，您是否會考慮在未來更加重視股東回報？

Yeah, I think that's fair. Our guidance is to invest in the business first with acquisitions. Obviously, we will have some acquisitions in the fourth quarter. But insomuch as we are at the bottom of our leverage range and that certainly lends itself to doing increased share repurchases.

嗯，我覺得很合理。我們的指導原則是先透過收購來投資業務。顯然，我們在第四季會進行一些收購。但鑑於我們目前處於槓桿率最低的水平，這無疑有利於增加股票回購。

Okay. And then second, just following up on pricing, I think in your prepared remarks, you talked about the benefits of commercial initiatives on pricing this quarter. Can you expand on that notion? And if you expect to see further mixed benefits to result going forward on top like-for-like pricing?

好的。其次，關於定價問題，我認為您在事先準備好的演講稿中談到了本季度商業舉措對定價的好處。您能詳細闡述一下這個觀點嗎？如果你預期未來在同類定價的基礎上還會出現更多利弊參半的結果呢？

The benefit of commercial is really not -- I think that's two separate things. We benefited from stronger pricing and then also, we also benefit from our commercial initiatives with regards to gross margin. So we're also -- some of the outperformance and what we've seen with regards to gross margin has been as a result of our private label and small customer initiatives. They're both contributing to our overall performance in addition to the price benefit. So those were the two drivers that we talked about that kind of helped us from a gross margin perspective this quarter.

商業的好處其實並不──我認為這是兩回事。我們受益於更強勁的定價策略，同時，我們在毛利率方面的商業舉措也使我們受益匪淺。所以，我們的一些優異表現以及我們在毛利率方面所取得的成就，也是由於我們的自有品牌和小型客戶計畫所致。除了價格優勢之外，它們都對我們的整體業績做出了貢獻。所以，以上就是我們討論的本季在毛利率方面對我們有幫助的兩個驅動因素。

Jeffrey Stevenson, Loop Capital Markets.

Jeffrey Stevenson，Loop Capital Markets。

Hey. Thanks for taking my questions today. And John, congrats on your retirement. So Site's successful internal initiatives continue to drive 2% to 3% above market growth and offset choppy end market demand this year. I just wondered, how sustainable is the growth you're seeing in areas such as private label and small customers over the coming years. And do you expect share gains to continue to track above pre-pandemic levels?

嘿。謝謝您今天回答我的問題。約翰，恭喜你退休。因此，Site 成功的內部舉措繼續推動其成長比市場平均高出 2% 至 3%，並抵消了今年終端市場需求的波動。我只是想知道，在未來幾年裡，您在自有品牌和小客戶等領域看到的成長動能是否可持續。您預期股價漲幅會繼續高於疫情前水準嗎？

Yes. We've got quite a bit of runway with those two in particular. We're still significantly lower market share with the smaller customers than we are with our larger customers. And so we've got quite a bit of catch-up there that will take the next, probably, three to five years, And so that's a long-term play in terms of private label. Same thing, we're at about 15% private label. We'd like to be 25%, 30% long-term.

是的。尤其是在這兩方面，我們還有相當大的發展空間。我們在小客戶群中的市佔率仍然遠低於我們在大客戶群中的市場佔有率。因此，我們在這方面還有很多追趕工作要做，這可能需要未來三到五年的時間。所以，就自有品牌而言，這是一項長期策略。同樣，我們的自有品牌佔比約為 15%。我們希望長期佔比達到 25% 到 30%。

And so we're continuing to drive initiatives. We mentioned the growth in the quarter. We're already teeing up our forecast for next year, but we intend to keep pace and keep that percentage of our total sales growing as we move forward.

因此，我們將繼續推動各項措施。我們提到了本季的成長情況。我們已開始著手製定明年的預測，但我們打算保持目前的勢頭，並在未來繼續保持該佔總銷售額的比例成長。

And then, the other initiative is just in our customer excellence initiatives where we work with our sales force and our CRM. We aim to be an above market grower for many years to come. And so we are looking to keep pace. Including adding adjacent product lines like pest control and erosion control and there's high growth in synthetic turf. So plenty of opportunities to outperform the market, not just this year, but in many years to come.

此外，另一項措施是我們的客戶卓越計劃，我們與銷售團隊和客戶關係管理系統合作進行此計劃。我們的目標是在未來很多年成為高於市場平均的種植者。因此，我們力求跟上步伐。包括增加害蟲防治和水土保持等相關產品線，以及人造草皮的快速成長。因此，不僅今年，而且在未來很多年裡，都有很多機會跑贏大盤。

Got it. Well, thanks for all that color. And then pricing came in better than expected in the third quarter versus kind of original flattish expectation. And I wondered what the primary variants with your results compared with prior expectations. Was it tariff-related price increases; grass seed declines, maybe not as severe as expected. Any more color there would be helpful.

知道了。謝謝你帶來的繽紛色彩。第三季的定價表現優於預期，而最初的預期則較為穩定。我想知道，與之前的預期相比，你的結果中主要變異有哪些。是關稅相關的價格上漲嗎？草籽價格下跌，也許沒有預期的嚴重。如果能多一些顏色就更好了。

I think we went into the quarter thinking probably that it was going to be a more competitive pricing, especially with grass seed and some of the other products relative to what it actually was from that standpoint. So it held up just a little bit better from that perspective. And so it was a pleasant surprise from that perspective. But that was the primary primary driver.

我認為我們進入本季時可能認為價格會更有競爭力，尤其是草籽和其他一些產品，但實際情況並非如此。所以從這個角度來看，它的表現稍微好一點。從這個角度來看，這確實是一個令人驚訝的結果。但那是主要原因。

And we are talking small -- we thought it would be flat and it was up 1% --

而且我們說的是小幅上漲——我們原本以為會持平，結果上漲了1%——

Yeah. It should be relative. We didn't really put in a lot of price increases. That's more of the bids and quotes where things added up. We're probably within (inaudible), but it was slightly stronger than we thought.

是的。這應該是相對的。我們並沒有大幅漲價。那主要是那些最終成交價和報價的總和。我們可能在（聽不清楚）範圍內，但比我們想像的還要強。

Got it. Thank you.

知道了。謝謝。

This now concludes our question-and-answer session. I would now like to turn the floor back over to management for closing comments.

我們的問答環節到此結束。現在我想把發言權交還給管理階層，請他們做總結陳詞。

Okay. Well, thank you, everyone, for joining us today. We very much appreciate your interest in SiteOne, and we look forward to speaking to you again at the end of next quarter. A big thank you to our amazing associates for the great job that they do for us, also to our customers for allowing us to be their partner, and our suppliers for supporting us. And then a final thank you to John who's been such a terrific partner for these years. And congratulations to Eric. We're excited about our future and we look forward to talking to you at the beginning of next year. Thank you.

好的。謝謝大家今天蒞臨本節目。我們非常感謝您對 SiteOne 的關注，並期待在下個季度末再次與您洽談。非常感謝我們出色的同事們為我們所做的出色工作，也感謝我們的客戶允許我們成為他們的合作夥伴，以及感謝我們的供應商對我們的支持。最後，我要感謝約翰，這些年來他一直是我非常棒的合作夥伴。恭喜埃里克。我們對未來充滿信心，期待明年年初與您交流。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。