SiteOne Landscape Supply Inc (SITE) 2026 Q1 法說會逐字稿

Greetings, and welcome to SiteOne Landscape Supply first-qeuarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Eric Elema, Chief Financial Officer. Thank you. You may begin.

各位好，歡迎參加 SiteOne Landscape Supply 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。現在我很榮幸介紹今天的主持人：Eric Elema，首席財務長。謝謝。您可以開始。

Thank you, and good morning, everyone. We issued our first quarter 2026 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com. I am joined today by Doug Black, our Chairman and Chief Executive Officer; and Daniel Lafon, SVP, Strategy and Development. 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.

謝謝，各位早安。我們今天早上發布了 2026 年第一季財報新聞稿，並將簡報上傳至我們網站的投資人關係專區 investors.siteone.com。今天與我一同出席的有董事長兼執行長 Doug Black，以及策略與發展資深副總裁 Daniel Lafon。在開始之前，我想提醒各位，今天的新聞稿、簡報以及本次電話會議中的陳述，均包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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. 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 select presentation.

這些陳述受到風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。此等風險與不確定性包括財報新聞稿以及我們向美國證券交易委員會提交之文件中所列因素。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。這些指標的調節表可在我們的財報新聞稿以及精選簡報中找到。

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

現在我想把電話會議交給 Doug Black。

Thanks, Eric. Good morning, and thank you for joining us today. We are pleased with our first quarter 2026 performance as we overcame the weather and market-related softness in sales volume and delivered 14% adjusted EBITDA growth compared to the prior year period with meaningful gross margin expansion and tight SG&A management. Furthermore, during the quarter, we acquired Reinders, a strong fifth generation market leader in irrigation, agronomics and landscape lighting in the Midwest, which will contribute to our growth this year.

謝謝你，Eric。各位早安，感謝今天加入我們。我們對 2026 年第一季的表現感到滿意；儘管銷售量受到天候與市場相關疲弱影響，我們仍較去年同期交出調整後 EBITDA 成長 14% 的成績，並實現顯著的毛利率擴張以及嚴謹的 SG&A 管控。此外，本季我們收購了 Reinders——一家在中西部地區於灌溉、農藝與景觀照明領域具備實力、且為第五代傳承的市場領導者——將在今年為我們的成長做出貢獻。

We have seen volumes improve in April with the oncoming of the delayed spring season. However, with the recent increase in macroeconomic uncertainty, we believe that our end markets could continue to be soft this year. On the other hand, we expect pricing to be stronger which will benefit organic sales growth and gross margin expansion. With the benefit of our commercial and operational initiatives, we remain confident in our ability to gain market share and expand our EBITDA margin in 2026.

隨著延後的春季季節到來，我們在 4 月看到銷量有所改善。然而，鑑於近期總體經濟不確定性上升，我們認為今年終端市場可能仍將偏弱。另一方面，我們預期定價將更為強勁，這將有利於有機銷售成長與毛利率擴張。在商業與營運各項措施的加持下，我們仍對於在 2026 年提升市占並擴大 EBITDA 利潤率的能力充滿信心。

Coupled with a solid pipeline of potential acquisitions, we believe that we are well positioned to deliver solid performance and growth for our shareholders in 2026 and in the years to come. I will start today's call with a brief overview of our unique market position and our strategy, followed by the highlights from the first quarter.

再加上穩健的潛在併購案儲備，我們相信公司已具備良好條件，能在 2026 年及未來多年為股東帶來穩健的表現與成長。我將先簡要說明我們獨特的市場定位與策略，接著分享第一季的重點。

Eric will then walk you through our first quarter financial results in more detail and provide an update on our balance sheet and liquidity position. Daniel Laughlin, will discuss our acquisition strategy, and then I will come back to address our outlook and guidance for 2026 before taking your questions. As shown on slide 4 of the earnings presentation, we have a strong footprint of more than 680 branches and 5 distribution centers across 45 US states and 5 Canadian provinces.

接著 Eric 會更詳細地帶各位檢視第一季財務結果，並更新我們的資產負債表與流動性狀況。Daniel Laughlin 將說明我們的併購策略，之後我會回來談 2026 年的展望與財測指引，最後進入問答。如財報簡報第 4 頁所示，我們在美國 45 州與加拿大 5 省擁有超過 680 個據點與 5 個配送中心，據點布局強勁。

We are the clear industry leader approximately 3x the size of our nearest competitor, we estimate that we only have about a 19% share of very fragmented $25 billion wholesale landscaping products distribution market. Accordingly, our long-term opportunity to grow and gain market share remains significant. We have a balanced mix of business with 66% focused on maintenance, repair and upgrade, 20% focused on new residential construction and 14% on new commercial and recreational construction.

我們是明確的產業領導者，規模約為最接近競爭對手的 3 倍；我們估計在高度分散、規模約 250 億美元的景觀產品批發分銷市場中，我們的市占率僅約 19%。因此，我們長期的成長與市占提升機會仍然相當可觀。我們的業務組合均衡，其中 66% 聚焦於維護、維修與升級，20% 聚焦於新建住宅建案，14% 聚焦於新建商業與休閒建案。

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. Overall, our end market mix, broad product portfolio and geographic coverage offers multiple avenues to grow and create value for our customers and suppliers while providing important resilience in softer markets.

作為市場上唯一的全產品線全國性批發分銷商，我們在產品線與地理分布上也具備優異的均衡性。我們透過有機成長與併購，在美國與加拿大補齊產品線的策略，將隨時間進一步強化這種均衡。整體而言，我們的終端市場組合、廣泛的產品組合與地理覆蓋，提供多元成長與創造價值的途徑，能為客戶與供應商創造價值，同時在市場疲弱時提供重要的韌性。

Turning to 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. We've come a long way in building SiteOne and executing our strategy, but we have more work to do as we develop into a world-class company.

接著看第 5 頁。我們的策略是運用作為本產業最大公司的規模、資源、職能人才與能力，全力支持我們具才華、經驗豐富且具企業家精神的在地團隊，持續為客戶與供應商提供卓越價值。我們在打造 SiteOne 與執行策略方面已走了很長一段路，但隨著我們朝世界級公司發展，仍有更多工作要做。

The current challenging market conditions require us to adopt new processes and technologies faster and to be even more intentional in driving organic growth, improving our productivity and mastering the unique aspects of each of our product lines. Accordingly, we remain highly focused on our commercial and operational initiatives to overcome near-term headwinds, but more importantly, to build a long-term competitive advantage for all our stakeholders. 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.

當前具挑戰性的市場環境要求我們更快採用新流程與新技術，並在推動有機成長、提升生產力，以及掌握各產品線的獨特面向上更加有意識、更具針對性。因此，我們仍高度聚焦於商業與營運各項措施，以克服短期逆風；更重要的是，為所有利害關係人建立長期競爭優勢。這些措施也由我們的併購策略相輔相成：補齊產品組合、進入新的地理市場，並為 SiteOne 增添優秀的新人才。

Taken all together, we expect our strategy to create superior value for our shareholders through organic growth, acquisition growth and EBITDA margin expansion. On slide 6, you can see our strong track record of performance and growth over the last 10 years with consistent organic and acquisition growth. From an adjusted EBITDA margin perspective, we benefited from extraordinary price realization due to rapid inflation in commodity products during 2021 and '22.

綜合而言，我們預期透過有機成長、併購成長與 EBITDA 利潤率擴張，為股東創造更高價值。在第 6 頁中，各位可以看到我們過去 10 年強勁的績效與成長紀錄，持續實現有機成長與併購成長。就調整後 EBITDA 利潤率而言，2021 年與 2022 年因大宗商品快速通膨，我們受惠於非同尋常的價格實現。

In 2023 and 2024, we experienced significant headwinds as commodity prices came down. In 2024, we also experienced further adjusted EBITDA dilution and 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. In 2025, pricing improved from a 3% decline in 2024 to flat, and we achieved excellent progress with Pioneer and our other focus branches both of which contributed significantly to our improvement in adjusted EBITDA margin despite the soft end markets.

在 2023 年與 2024 年，隨著大宗商品價格回落，我們面臨顯著逆風。2024 年，我們也因收購 Pioneer（具高度策略契合、且為大型轉型機會）以及其他重點據點而出現進一步的調整後 EBITDA 稀釋；這些情況源自 COVID 後市場逆風。2025 年，定價從 2024 年下滑 3% 改善至持平；同時我們在 Pioneer 與其他重點據點取得極佳進展，兩者皆在終端市場疲弱的情況下，對調整後 EBITDA 利潤率的改善做出重大貢獻。

In 2026, we expect pricing to be up 2% to 3%, and we expect to continue achieving improvements with our focus branches. Accordingly, with the benefit of our other commercial and operational initiatives, we expect to continue expanding our adjusted EBITDA margin despite the continued market softness. For the longer term, we believe that we have significant room to improve our adjusted EBITDA margin as we execute our strategy and reach our full potential as a business.

在 2026 年，我們預期定價將上升 2% 至 3%，並預期將持續在重點據點取得改善。因此，在其他商業與營運措施的加持下，即使市場仍偏疲弱，我們預期仍可持續擴大調整後 EBITDA 利潤率。就更長期而言，我們相信隨著策略落地並充分發揮業務潛力，我們的調整後 EBITDA 利潤率仍有顯著提升空間。

We have now completed 108 acquisitions across all product lines since the start of 2014, adding approximately $2.2 billion in trailing 12-month sales 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，我們已在各產品線完成 108 件併購，為 SiteOne 增加約 22 億美元的過去 12 個月（TTM）銷售額，展現我們併購策略的強度與持久性。這些公司擴展了我們的產品線能力，並以優秀人才與新的績效與成長想法強化 SiteOne。

Our pipeline of potential deals remains robust, and we expect to continue adding and integrating more companies in 2026 to support our growth. Given the fragmented nature of our industry and our current market share, we believe that we have a significant opportunity to continue growing through acquisition for many years to come.

我們的潛在交易案源仍然強勁，我們預期在 2026 年將持續新增並整合更多公司以支持成長。鑑於本產業高度分散以及我們目前的市占率，我們相信未來多年仍有顯著機會持續透過併購成長。

Slide 7 shows the long runway 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 we expect to continue filling in these markets systematically over the next decade.

第 7 頁顯示我們在補齊產品組合方面仍有很長的成長跑道；我們的目標是主要透過併購來達成，尤其是在苗圃、硬景觀（hardscapes）與景觀用品類別。我們與產業中最優秀的公司保持緊密連結，並預期在未來十年以系統化方式持續補齊這些市場。

I will now discuss some of our first quarter performance highlights as shown on slide 8. Net sales were $940 million, essentially flat year over year, with organic daily sales down 1%. Due to the timing of winter storms, the spring selling season was delayed in March. Additionally, we believe that the increased macroeconomic uncertainty and higher interest rates are negatively affecting an already soft new residential construction market and the more resilient repair and upgrade market.

我現在將討論投影片 8 所示的第一季績效重點。淨銷售額為 9.40 億美元，與去年同期基本持平，有機日均銷售額下降 1%。由於冬季風暴的時間點影響，春季銷售季在 3 月延後開始。此外，我們認為，宏觀經濟不確定性上升與利率走高，正對本已疲弱的新住宅建築市場，以及相對更具韌性的維修與升級市場造成負面影響。

These factors resulted in a 4% decline in organic sales volume for the quarter, which was partially offset by 3% growth from pricing. Gross profit increased 3% and gross margin improved by 90 basis points to 33.9%, driven by effective price realization and continued progress with our commercial initiatives including strong growth in private label products and with small customers. SG&A as a percent of net sales increased 70 basis points to 37.2% and due to the organic sales decline.

這些因素導致本季有機銷售量下降 4%，部分被 3% 的價格成長所抵銷。毛利增加 3%，毛利率提升 90 個基點至 33.9%，主要受惠於有效的價格實現，以及我們商業計畫持續推進（包括自有品牌產品與小型客戶的強勁成長）。SG&A 占淨銷售額比重上升 70 個基點至 37.2%，並且受到有機銷售下滑的影響。

That said, we were pleased to have kept our base business SG&A flat versus prior year on an adjusted basis. During the quarter, as we benefited from the 2025 branch consolidations and closures and continue to execute our operational initiatives. Adjusted EBITDA for the quarter increased 14% to $25.5 million versus the prior year period, and adjusted EBITDA margin expanded 30 basis points to 2.7% despite the flat sales, demonstrating our ability to successfully navigate the market headwinds with disciplined execution of our strategy and initiatives.

儘管如此，我們很高興在調整後口徑下，核心業務的 SG&A 與去年同期持平。本季我們受惠於 2025 年分公司整併與關閉的效益，並持續推動營運計畫。本季調整後 EBITDA 較去年同期增加 14% 至 2,550 萬美元，調整後 EBITDA 利潤率在銷售持平的情況下仍擴大 30 個基點至 2.7%，展現我們以嚴謹執行策略與各項計畫，成功因應市場逆風的能力。

In terms of initiatives, we made good progress during the quarter, executing specific actions to improve our customer experience, accelerate organic growth, expand gross margin and increased SG&A leverage. For gross margin improvement, we achieved positive organic daily sales growth with small customers and grew our private label product sales by over 40% during the quarter. Both contributing to our strong gross margin expansion.

就各項計畫而言，我們在本季取得良好進展，採取具體行動以改善客戶體驗、加速有機成長、擴大毛利率並提升 SG&A 槓桿。在毛利率改善方面，我們在小型客戶上實現有機日均銷售正成長，且本季自有品牌產品銷售成長超過 40%。兩者共同推動我們毛利率的強勁擴張。

These 2 initiatives not only help us expand gross margin, but also help us gain market share and outperform the market. To further drive organic growth, we increased our percentage of bilingual branches from 67% of branches to 68% of branches during the quarter, while continuing to execute our Hispanic marketing programs. We are also continuing to make good progress with our sales force productivity as we leverage our CRM to focus on disciplined revenue-generating actions from our inside sales associates and over 600 outside sales associates.

這兩項計畫不僅有助於擴大毛利率，也有助於我們提升市占並優於市場表現。為進一步推動有機成長，我們在本季將雙語分公司占比由 67% 提升至 68%，同時持續推動我們的西語裔行銷方案。我們也持續在銷售團隊生產力方面取得良好進展，運用 CRM 讓內勤銷售同仁與超過 600 位外勤業務專員聚焦於有紀律、可帶來營收的行動。

We increased our digital sales on siteone.com by over 60% in the first quarter versus the prior year period. while also increasing regular active users by approximately 60%. We believe we are gaining market share with the customers who are engaged with us digitally as we achieved strong positive total sales growth with these customers during the quarter. siteone.com helps customers to be more efficient and helps us to increase market share while making our associates more productive, a true win-win-win.

第一季我們在 siteone.com 的數位銷售額較去年同期成長超過 60%，同時一般活躍使用者也增加約 60%。我們認為，對於以數位方式與我們互動的客戶，我們正在提升市占，因為本季這些客戶的總銷售額呈現強勁的正成長。siteone.com 協助客戶提升效率，也幫助我們提升市占並讓同仁更具生產力，真正達成三贏。

On the SG&A front, we continued to lower our net delivery expenses during the first quarter, driven by delivery associate and equipment efficiency gains along with improved pricing. Note that our teams have done a good job of working with our customers to pass through fuel surcharges to mitigate the significant near-term increases in fuel cost. We expect to reduce net delivery expense in 2026 and for the next several years as we execute our local market delivery strategy and best practices.

在 SG&A 方面，我們第一季持續降低淨配送費用，主要來自配送人員與設備效率提升，以及更佳的定價。請注意，我們的團隊在與客戶合作轉嫁燃油附加費方面做得很好，以緩解燃油成本短期大幅上升的影響。隨著我們執行在地市場配送策略與最佳實務，我們預期在 2026 年及未來數年將持續降低淨配送費用。

We also continued to achieve improved profitability with our underperforming branches or focus branches during the quarter, though they were also negatively affected by the delayed start to the spring season. As a reminder, we achieved an over 200 basis point improvement in adjusted EBITDA margin of our focused branches in 2025 and are looking for strong improvement with these branches once again in 2026.

本季我們也持續改善表現不佳分公司（或稱重點分公司）的獲利能力，儘管它們同樣受到春季季節延後開始的負面影響。提醒一下，我們在 2025 年使重點分公司的調整後 EBITDA 利潤率改善超過 200 個基點，並期望這些分公司在 2026 年再次出現顯著改善。

In total, we are making great progress on our commercial and operational initiatives, which will help us gain market share drive organic sales growth, improved gross margin and achieve operating leverage in 2026 despite low sales growth. Furthermore, these initiatives will help us expand our adjusted EBITDA margin over the next several years towards our long-term objectives.

整體而言，我們在商業與營運計畫上進展良好，這將協助我們提升市占、推動有機銷售成長、改善毛利率，並在 2026 年即使銷售成長偏低的情況下仍能達成營運槓桿。此外，這些計畫也將在未來數年協助我們擴大調整後 EBITDA 利潤率，朝向長期目標邁進。

On the acquisition front, we've added two companies to our family so far in 2026 with approximately $110 million in trailing 12-month sales including Reinders, a strong market leader in the Midwest for irrigation, agronomics and lighting products. Reinders is a good example of a company that we have been courting for many years before they decided to sell their fifth-generation family business late last year.

在併購方面，截至 2026 年目前為止，我們已將兩家公司納入集團，過去 12 個月合計銷售額約 1.10 億美元，其中包括 Reinders——一家在美國中西部灌溉、農藝與照明產品領域的強勢市場領導者。Reinders 是一個很好的例子：在他們於去年底決定出售其第五代家族企業之前，我們已經與其接觸並爭取多年。

Reinders family carefully consider their options and chose SiteOne as the best long-term home for their company. We have built a solid backlog of additional companies, and we expect to close more acquisitions during the year, yielding a more typical year in terms of total sales acquired. With an experienced acquisition team, broad deep relationships with the best companies, a strong balance sheet and an exceptional reputation as the acquirer of choice.

Reinders 家族審慎評估各種選項後，選擇 SiteOne 作為其公司最佳的長期歸屬。我們已建立穩健的後續併購標的儲備，並預期今年將完成更多併購，使全年併購帶來的總取得銷售額更接近典型水準。憑藉經驗豐富的併購團隊、與頂尖公司的廣泛且深厚關係、強健的資產負債表，以及作為首選收購方的卓越聲譽。

We remain well positioned to grow consistently through acquisition for many years, in the very fragmented wholesale landscape supply and distribution market. In terms of our acquisition team, I'd like to take a moment to recognize Scott Salmon who retired from his role last month after leading our strategy and acquisition team for the last seven years. Over that period, we added over 70 companies with over $1.3 billion in trailing 12-month sales to SiteOne, while significantly improving our integration processes.

在高度分散的批發景觀供應與配銷市場中，我們仍具備在未來多年透過併購持續成長的良好條件。就併購團隊而言，我想花點時間表揚 Scott Salmon；他在上個月自職務退休，過去七年一直領導我們的策略與併購團隊。在此期間，我們為 SiteOne 增加了超過 70 家公司，過去 12 個月合計銷售額超過 13 億美元，同時也大幅改善我們的整合流程。

Scott has been a tremendous leader and colleague, and we are very grateful for his significant contributions at SiteOne. Fortunately, we have a very strong successor for Scott with Daniel Laughlin, stepping into the role to lead our strategy and acquisition efforts going forward. Daniel is a critical member of our acquisition team meeting some of the most successful acquisitions from 2014 through 2021.

Scott 一直是傑出的領導者與同事，我們非常感謝他在 SiteOne 的重大貢獻。所幸，我們已為 Scott 找到非常強而有力的接班人——Daniel Laughlin，將接任該職務，未來領導我們的策略與併購工作。Daniel 是我們併購團隊的關鍵成員，曾參與 2014 年至 2021 年間一些最成功的併購案。

Recently, joined us in January and has been part of a smooth leadership transition. We're very confident in Daniel's experience, capability and deep knowledge of SiteOne and our industry, and we look forward to further executing our acquisition strategy under his leadership in the coming years. as we build on the strong foundation that's been established.

他最近於 1 月加入我們，並已完成順利的領導交接。我們對 Daniel 的經驗、能力，以及對 SiteOne 與本產業的深厚了解充滿信心，並期待在他領導下於未來幾年進一步落實我們的併購策略，在既有的堅實基礎上持續發展。

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

接下來 Eric 將帶各位更詳細地回顧本季表現。Eric？

Thanks, Doug. I'll begin on slide 9 with some highlights of our first quarter results. Net sales were approximately $940 million, up modestly from the $939 million for the first quarter of last year. There were 64 selling days in the first quarter, which is the same as the prior year period. Organic daily sales decreased 1% as a result of a 4% decline in volume, partially offset by a 3% increase in pricing.

謝謝，Doug。我將從投影片 9 開始，說明第一季結果的一些重點。淨銷售額約為 9.40 億美元，較去年第一季的 9.39 億美元小幅增加。第一季共有 64 個銷售日，與去年同期相同。有機日均銷售額下降 1%，主要因銷量下降 4%，部分被價格上升 3% 所抵銷。

February and most of March, were particularly slow from a sales perspective as winter storms across several regions, limited customer activity and delayed applications, driving a weaker volume result. We saw increased sales activity toward the end of the quarter with better weather conditions. As Doug mentioned, sales volume has improved in April compared to the first quarter. Pricing performance was strong and broad-based.

從銷售角度來看，2 月與 3 月大部分時間特別疲弱，因多個地區的冬季風暴限制了客戶活動並延後施作，導致銷量表現較弱。隨著天候轉佳，我們在季末看到銷售活動增加。如 Doug 所提，與第一季相比，4 月的銷量已有所改善。定價表現強勁且涵蓋面廣。

While we continue to see deflation in grass seed and PVC pipe, which were down 10% and 8%, respectively, in the quarter, the collective magnitude has moderated versus prior periods and was more than offset by price increases across other product lines. In addition, at the start accordingly, we now expect prices to contribute 2% to 3% to 2026 sales growth, while acknowledging the ongoing global uncertainty.

儘管我們仍看到草籽與 PVC 管出現通縮，本季分別下跌 10% 與 8%，但整體影響幅度相較先前期間已趨緩，且被其他產品線的漲價所充分抵銷。此外，據此我們目前預期價格因素將為 2026 年銷售成長貢獻 2% 至 3%，同時也認知全球不確定性仍在持續。

Organic daily sales for agronomic products, which include fertilizer and control products, ice melt and equipment, increased 2% for the first quarter due to improved pricing partially offset by the later start to the spring selling season, which delay applications. Organic daily sales for landscaping products, which includes irrigation, nursery, hardscapes, outdoor lighting and landscape accessories, decreased 3% for the first quarter due to adverse weather and soft demand in the new residential construction and repair and upgrade end markets.

農藝產品（包括肥料與防治產品、融冰劑及設備）的有機日均銷售額在第一季成長2%，主因為定價改善，但部分被春季銷售季節較晚開始所抵銷，後者延後了施作應用。景觀產品（包括灌溉、苗圃、硬景、戶外照明及景觀配件）的有機日均銷售額在第一季下降3%，主因為不利天候，以及新建住宅施工與維修升級終端市場需求疲弱。

Geographically, our Eastern regions were more affected by weather, where persistent storms materially disrupted early season customer activity. More broadly, sales were down for the first quarter in 5 of our 8 regions compared to the prior year period. Our central region was a bright spot, achieving double-digit organic sales growth with solid demand and less disruption from winter storms.

從地理區域來看，我們的東部地區受天候影響較大，持續性的風暴實質干擾了季初客戶活動。更廣泛而言，與去年同期相比，我們8個區域中有5個區域第一季銷售下滑。我們的中部地區是一大亮點，在需求穩健且較少受冬季風暴干擾的情況下，有機銷售實現兩位數成長。

Acquisition sales, which include sales attributable to acquisitions completed in 2025 and 2026, contributed approximately $12 million or 1% to net sales growth. Daniel will provide additional details regarding our acquisition strategy later in the call. Gross profit increased 3% to $319 million, and gross margin improved 90 basis points to 33.9% for the first quarter. The year-over-year improvement reflects strong execution of our commercial initiatives, including continued momentum in private label sales and growth with small customers, along with solid price realization and vendor support.

併購銷售（包括歸因於2025年與2026年完成之併購的銷售）對淨銷售成長貢獻約1,200萬美元或1%。Daniel將在稍後的電話會議中提供更多關於我們併購策略的細節。第一季毛利成長3%至3.19億美元，毛利率提升90個基點至33.9%。年對年改善反映我們商業計畫的強勁執行，包括自有品牌銷售持續動能與小型客戶成長，以及穩健的價格實現與供應商支持。

These gains were partially offset by higher freight and distribution costs as well as continued deflation in certain commodity products. Selling, general and administrative expenses increased to $350 million for the first quarter from $343 million for the prior year period. SG&A as a percentage of net sales increased approximately 70 basis points to 37.2%, driven primarily by the decline in organic daily sales during the quarter.

上述增益部分被較高的運輸與配送成本，以及部分大宗商品持續通縮所抵銷。第一季銷售、一般及行政費用增至3.50億美元，去年同期為3.43億美元。SG&A占淨銷售比重約上升70個基點至37.2%，主要由於本季有機日均銷售下滑所致。

Despite the sales headwind, we continue to tightly manage costs and drive productivity across the business. SG&A in the base business, on an adjusted basis, was flat for the first quarter compared to the prior year period. The effective tax rate was 28.9% for the first quarter compared to 25.5% for the prior year period, primarily due to an increase in excess tax benefits from stock-based compensation year over year. We continue to expect the effective tax rate for fiscal 2026 will be between 25%, 26%, excluding discrete items such as excess tax benefits.

儘管銷售面臨逆風，我們仍持續嚴格控管成本並推動全公司生產力提升。以調整後口徑計算，基礎業務的SG&A在第一季與去年同期持平。第一季有效稅率為28.9%，去年同期為25.5%，主要因股票基礎薪酬帶來的超額稅務利益年對年增加。我們仍預期2026會計年度有效稅率將介於25%至26%之間，不含超額稅務利益等一次性項目。

Net loss attributable to SiteOne was $26.6 million for the first quarter compared to $27.3 million for the prior year period, primarily reflecting higher gross profit, partially offset by our SG&A. Our weighted average diluted share count was approximately $44.6 million during the first quarter compared to approximately $45.1 million for the prior year period. In the first quarter, we repurchased approximately 155,000 shares for approximately $20 million at an average price of $128.90 per share.

第一季歸屬於SiteOne的淨損為2,660萬美元，去年同期為2,730萬美元，主要反映毛利較高，部分被SG&A所抵銷。第一季加權平均稀釋後股數約為4,460萬股，去年同期約為4,510萬股。第一季我們以每股平均128.90美元回購約155,000股，金額約2,000萬美元。

Post quarter end, we repurchased an additional 6,000 shares for approximately $800,000. Adjusted EBITDA increased 14% to $25.5 million for the first quarter and adjusted EBITDA margin expanded 30 basis points to 2.7%, reflecting the improvement in gross margin and disciplined cost management during the quarter. Adjusted EBITDA for the first quarter includes adjusted EBITDA attributable to noncontrolling interest of $700,000.

季後我們另回購6,000股，金額約80萬美元。第一季調整後EBITDA成長14%至2,550萬美元，調整後EBITDA利潤率擴張30個基點至2.7%，反映毛利率改善以及本季嚴謹的成本管理。第一季調整後EBITDA包含歸屬於非控制權益的調整後EBITDA 70萬美元。

Now I'll provide a brief update on our balance sheet and cash flow statement as shown on slide 10. Working capital at the end of the quarter was approximately $1.1 billion compared to $1.0 billion at the end of the same quarter last year. Cash used in operating activities decreased approximately $8 million to $122 million due primarily to a modestly lower net loss and the effect of working capital changes. We made cash investments of approximately $102 million for the first quarter compared to approximately $21 million for the same period last year.

接下來我將就投影片10所示，簡要更新我們的資產負債表與現金流量表。季末營運資金約為11億美元，去年同季季末約為10億美元。營運活動使用的現金約下降800萬美元至1.22億美元，主要由於淨損略為降低以及營運資金變動的影響。第一季我們的現金投資約為1.02億美元，去年同期約為2,100萬美元。

The increase primarily reflects the acquisition of Reinders as well as higher capital expenditures. Capital expenditures for the quarter were $23 million compared to $15 million for the same period last year. due to increased investments in our branch locations. Net debt at quarter end was $585 million, and net debt to trailing 12-month adjusted EBITDA was 1.4x which is within our targeted range of 1 to 2x and lower than the 1.5x at the end of the first quarter of last year.

增加主要反映收購Reinders以及資本支出提高。本季資本支出為2,300萬美元，去年同期為1,500萬美元，係因加大對我們分支據點的投資。季末淨負債為5.85億美元，淨負債對過去12個月調整後EBITDA為1.4倍，落在我們目標區間1至2倍之內，且低於去年第一季季末的1.5倍。

Available liquidity at the end of the quarter was approximately $502 million consisting of $84 million of cash on hand and $418 million in available borrowing capacity under our ABL facility. Post quarter end, we amended our ABL facility and extended the maturity date to April 2031. As a reminder, our priority from a balance sheet and liquidity perspective is to maintain our financial strength and flexibility so that we can execute our growth strategy in all market environments.

季末可用流動性約為5.02億美元，包括8,400萬美元的手頭現金，以及我們ABL融資額度下可用借款額度4.18億美元。季後我們修訂了ABL融資安排，並將到期日延長至2031年4月。提醒各位，從資產負債表與流動性角度而言，我們的優先事項是維持財務實力與彈性，以便在各種市場環境下執行成長策略。

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

接下來我把電話會議交給Daniel，請他更新我們的併購策略。

Thanks, Eric. As shown on slides 12 and 13, we completed two acquisitions during the first quarter representing approximately $110 million of trailing 12-month net sales. Both of these companies align well with our strategy of expanding our product offering, strengthening our presence in attractive local markets, and adding high-quality teams to SiteOne. On January 13, we completed the acquisition of Bourget Flagstone Company, a wholesale distributor of hardscape products with 1 location in Santa Monica, California.

謝謝，Eric。如投影片12與13所示，我們在第一季完成兩項併購，合計約1.10億美元的過去12個月淨銷售額。這兩家公司都與我們的策略高度契合：擴充產品組合、強化在具吸引力的在地市場之布局，並為SiteOne加入高品質團隊。1月13日，我們完成收購Bourget Flagstone Company，該公司為硬景產品的批發經銷商，在加州聖塔莫尼卡設有1個據點。

This acquisition establishes our presence in the Santa Monica market and the surrounding Malibu and Pacific Palisades areas and provides a strategically located site to expand our hardscapes offering in Southern California. Bourget Blackstone brings a long history in the market, strong customer relationships and deep expertise in natural stone and hardscape products.

此項併購使我們在聖塔莫尼卡市場及周邊的Malibu與Pacific Palisades地區建立據點，並提供一處具策略位置的場址，以擴大我們在南加州的硬景產品供應。Bourget Blackstone在市場上擁有悠久歷史、穩固的客戶關係，以及在天然石材與硬景產品方面的深厚專業。

On March 16, we completed the acquisition of Reinders a leading fifth-generation, family-owned distributor of irrigation, agronomics, holiday and landscape lighting and landscape supplies with 12 locations across the Midwest. Reinders significantly expands our presence in the Midwest and strengthens our capabilities in irrigation and agronomics, supported by a team known for technical expertise, on-site diagnostics and strong customer service.

3月16日，我們完成收購Reinders；該公司為領先的第五代家族企業經銷商，提供灌溉、農藝、節慶與景觀照明及景觀用品，在美國中西部共有12個據點。Reinders大幅擴展我們在中西部的布局，並強化我們在灌溉與農藝領域的能力；其團隊以技術專業、現場診斷與優質客戶服務著稱。

The Reinders leadership team will remain with the business, preserving its legacy and customer relationships while benefiting from SiteOne scale, resources and infrastructure. 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.

Reinders的領導團隊將持續留任，保留其傳承與客戶關係，同時受益於SiteOne的規模、資源與基礎設施。我要感謝全體SiteOne團隊的熱忱與投入，讓SiteOne成為優秀的工作場所，並在新併入的團隊加入SiteOne大家庭時熱情歡迎他們。

Looking back since 2014, we have completed over 100 acquisitions, representing approximately $2.2 billion of trailing 12-month net sales added to SiteOne. These companies have steadily expanded the number of markets where we can offer a full product line while strengthening our local teams.

回顧自2014年以來，我們已完成超過100項併購，為SiteOne新增約22億美元的過去12個月淨銷售額。這些公司持續擴大我們可提供完整產品線的市場數量，同時強化我們的在地團隊。

Summarizing on slide 14, our acquisition pipeline remains active, supported by long-standing relationships across the industry in a disciplined, consistent approach to evaluating opportunities. While many factors can influence timing, our focus is unchanged, partnering with well-run businesses that fit strategically aligned culturally, and create long-term value for our customers, suppliers, associates and shareholders.

如投影片14所總結，我們的併購案源管線仍然活躍，並在業界長期關係的支持下，以嚴謹且一致的方法評估機會。儘管許多因素會影響時點，我們的重點不變：與經營良好、在策略與文化上契合的企業合作，為客戶、供應商、員工與股東創造長期價值。

With a strong balance sheet, a dedicated acquisition team and a proven integration model, we remain confident in our ability to continue executing our M&A strategy in supporting SiteOne's growth in 2026 in the years to come.

憑藉強健的資產負債表、專責的併購團隊與經驗證的整合模式，我們仍對持續執行M&A策略充滿信心，以支持SiteOne在2026年及未來年度的成長。

I will now turn the call back to Doug.

我現在把電話交回給 Doug。

Thanks, Daniel. I'll wrap up on slide 15. As mentioned, the spring season was delayed in March, and we have seen improved sales volume and overall positive organic daily sales growth in April so far. However, the recent energy volatility and higher interest rates have increased the macroeconomic uncertainty, and we believe this is having a negative effect on the already weak new residential construction end market and the more resilient repair and upgrade end market.

謝謝你，Daniel。我將在第 15 張投影片做個總結。如先前所提到，春季旺季在 3 月有所延後，而截至目前我們在 4 月看到銷售量改善，且有機日均銷售成長整體呈現正向。不過，近期能源價格波動以及利率上升提高了總體經濟不確定性，我們認為這對本已疲弱的新建住宅終端市場，以及相對更具韌性的維修與升級終端市場，都造成了負面影響。

On the positive side, as mentioned earlier, we now expect to achieve 2% to 3% growth in pricing, which will support organic daily sales growth and gross margin expansion. Overall, we continue to expect low single-digit growth in organic daily sales for the year. In terms of end markets, we are experiencing weakness in new residential construction demand, which comprises 20% of our sales and we expect this market to be down for the full year 2026.

正面來看，如先前所提到，我們目前預期可達成 2% 至 3% 的價格成長，這將支撐有機日均銷售成長並帶動毛利率擴張。整體而言，我們仍預期全年有機日均銷售將呈現低個位數成長。就終端市場而言，我們正經歷新建住宅建築需求疲弱；該市場約占我們銷售的 20%，我們預期 2026 全年該市場將下滑。

New commercial construction demand, which represents 14% of our sales was solid in 2025 and we believe it will remain flat in 2026. Main activity from our project services teams continues to be slightly positive compared to the prior year, which is a good indicator of continued demand. The ABI Index has improved recently, and our customers remain bullish for the remainder of the year. We believe that this end market will be flat this year.

新建商業建築需求約占我們銷售的 14%，在 2025 年表現穩健，我們認為 2026 年將維持持平。我們專案服務團隊的主要活動相較去年仍略為正向，這是需求延續的良好指標。ABI 指數近期有所改善，我們的客戶對今年剩餘期間仍維持樂觀。我們認為今年該終端市場將持平。

We believe the repair and upgrade market, which represents 30% of our sales, was down in 2025, but seemed to have stabilized during the second half. So for this year, the repair and upgrade market has been resilient but sluggish with lower consumer confidence. While the long-term fundamentals for repair and upgrade are strong, we believe that repair and upgrade demand will be down slightly this year due to the increase in macroeconomic uncertainty.

我們認為維修與升級市場約占我們銷售的 30%，在 2025 年下滑，但在下半年似乎已趨於穩定。因此，今年維修與升級市場雖具韌性但仍顯得遲滯，且消費者信心較低。儘管維修與升級的長期基本面強勁，我們認為由於總體經濟不確定性上升，今年維修與升級需求將小幅下滑。

Lastly, in the maintenance end market, which represents 36% of our sales we achieved excellent sales volume growth in 2025 as our teams gained profitable market share on top of steady demand growth. We have seen the same trends this year so far, and we expect the maintenance end market to continue growing steadily in 2026.

最後，在維護終端市場（約占我們銷售的 36%）方面，2025 年我們達成了優異的銷售量成長，因為團隊在需求穩定成長之上，取得了具獲利性的市占提升。截至目前，今年我們也看到相同趨勢，並預期 2026 年維護終端市場將持續穩健成長。

In total, after almost four months of activity, we expect end market demand to be down modestly this year with weakness in new residential construction and repair and upgrade more than offsetting growth in maintenance. Given this backdrop and with the benefit of our commercial initiatives, we expect flat sales volume, which when coupled with 2% to 3% growth in pricing is expected to yield low single-digit organic daily sales growth for the full year 2026.

總體而言，在近四個月的營運活動後，我們預期今年終端市場需求將小幅下滑；新建住宅建築以及維修與升級的疲弱，將超過維護市場的成長。在此背景下，並受惠於我們的商業推動措施，我們預期銷售量將持平；再加上 2% 至 3% 的價格成長，預期可帶來 2026 全年低個位數的有機日均銷售成長。

We expect gross margin in 2026 to be higher than 2025, and driven by price realization and our commercial initiatives, partially offset by higher freight and logistics costs supporting our growth. With our continued strong actions to improve our productivity, and by continuing to address our focus branches, we expect to achieve operating leverage in 2026, yielding solid improvement in our adjusted EBITDA margin.

我們預期 2026 年毛利率將高於 2025 年，主要由價格落實與我們的商業推動措施所帶動，但部分將被為支撐成長而增加的運費與物流成本所抵銷。透過我們持續強而有力的生產力提升行動，並持續改善我們的重點分公司，我們預期 2026 年可實現營運槓桿，帶動調整後 EBITDA 利潤率明顯改善。

In terms of acquisitions, as Daniel mentioned, we have a good pipeline of high-quality targets, and we expect to add more excellent companies to SiteOne throughout 2026. Lastly, we have an extra week in 2026. Unfortunately, this extra week occurs in fiscal December during a very slow sales period, which is a traditionally loss-making period for SiteOne, as a result, we expect the extra week will reduce our adjusted EBITDA by $4 million to $5 million.

在併購方面，如 Daniel 所提到，我們有一條優質標的的良好管線，並預期在 2026 年期間為 SiteOne 納入更多優秀公司。最後，2026 年多了一週。不幸的是，這多出的一週落在會計年度 12 月、也就是銷售非常淡的期間；對 SiteOne 而言，這段期間傳統上是虧損期，因此我們預期這額外一週將使我們的調整後 EBITDA 減少 400 萬至 500 萬美元。

With all these factors in mind and including the negative effect of the 53rd week, we expect our full year adjusted EBITDA for fiscal 2026 to be in the range of $425 million to $455 million. This range does not factor in any contribution from unannounced acquisitions. 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.

綜合以上所有因素，並納入第 53 週的負面影響，我們預期 2026 會計年度全年調整後 EBITDA 將落在 4.25 億至 4.55 億美元區間。此區間未納入任何尚未宣布之併購的貢獻。最後，我想由衷感謝所有 SiteOne 同仁；你們的熱情、投入、團隊合作與無私服務持續令我驚豔。

We have a tremendous team, and it is an honor to be joined with them as we deliver increasing value for all our stakeholders. I would also like to thank our suppliers for supporting us so strongly and our customers for allowing us to be their partner.

我們擁有一支非常卓越的團隊，能與大家一起為所有利害關係人創造日益提升的價值，我深感榮幸。我也要感謝供應商對我們的大力支持，以及客戶讓我們成為你們的合作夥伴。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

Thank you. First off, Doug, I'm most interested in your commercial and operational initiatives, of course, in this sort of slow period. Was hoping maybe you could scale the long-term margin improvement opportunity here, say, next three to five years? What do you think you can drive out of these many efforts that you have going on, and then as it relates to 2026, maybe if you could highlight the top two or three that will have the biggest impact this year?

謝謝。首先，Doug，在這種偏慢的期間，我最關注的當然是你們的商業與營運推動措施。希望你能量化一下這裡長期利潤率改善的機會，例如未來三到五年？你認為在你們目前推進的眾多工作中，能帶來多少改善？另外就 2026 年而言，是否也能點出今年影響最大的前兩到三項？

Yes. Thanks, David. Longer term, we have a -- we have our path to 13%, and that's been our target for a while, and we feel good that we can get there with the combination of our commercial initiatives driving organic growth, gross margin expansion and then SG&A efficiency levered. And so the biggest opportunities to drive that I would say on the gross margin side, private label is obviously a big one, and we've got great progress going on there.

好的。謝謝你，David。長期來看，我們有一條——我們有通往 13% 的路徑，這一直是我們的目標，我們有信心能透過商業推動措施帶動有機成長、毛利率擴張，以及 SG&A 效率提升所形成的槓桿，達成該目標。因此，要推動這個目標的最大機會，我會說在毛利端，私有品牌顯然是一個重要項目，我們在這方面已取得很大進展。

We're also penetrating with small customers. We have a lower share with small customers than we have with the larger customers. And as we penetrate those small customers, that's a good gross margin driver for us. On the SG&A side, we have our focus branches. That's a big opportunity for us. We made a lot of progress last year. We aim to continue to make progress over the next to three years with those lower-performing branches as we raise them up, that's largely SG&A reduction.

我們也在加深對小型客戶的滲透。相較於大型客戶，我們在小型客戶的市占較低。當我們提升對小型客戶的滲透時，這對我們而言是推動毛利率的良好動能。在 SG&A 方面，我們有重點分公司計畫。這對我們是很大的機會。去年我們取得了很大進展。未來兩到三年，我們的目標是持續推進，針對那些表現較弱的分公司加以提升；這在很大程度上就是 SG&A 的降低。

And then our delivery efficiency is a big opportunity for us to reduce our last leg of delivery expense. As you know, over the years, we've worked on our inbound freight and our supply chain. We're now putting a lot of focus on our outbound delivery from the branches. And so those are some of the bigger opportunities. And of course, just the general leverage we get by driving organic growth, which the aiders there are our digital is a big driver of our sales force performance efforts.

另外，我們的配送效率也是一個重要機會，可用來降低最後一哩配送費用。如你所知，多年來我們一直在改善進口運費與供應鏈。現在我們把大量重點放在各分公司端的出貨配送。以上是一些較大的機會。當然，透過推動有機成長所帶來的一般性槓桿也很重要；其中的助力包括數位化，這是我們銷售團隊績效提升工作的重大驅動因素。

And then private label and small customers would also contribute to organic growth. So you put those together, we have lots of opportunity. We're mining those this year to drive our business. Longer term, we feel like that can get us up into the double digits on for that 13% objective.

此外，私有品牌與小型客戶也會對有機成長有所貢獻。把這些因素加總起來，我們有很多機會。今年我們正深挖這些機會來推動業務。長期而言，我們認為這能讓我們朝雙位數邁進，以達成 13% 的目標。

That's great. Maybe I could double-click on the private label. I believe you said it grew 40%, maybe I heard that wrong. But what percentage of total sales are private label as we sit here today? And then could you talk about just what are the key products that are driving the outsized growth there?

很好。我想再深入追問一下私有品牌。我記得你說它成長了 40%，也許我聽錯了。但以目前來看，私有品牌占總銷售的比例是多少？另外，你能談談有哪些關鍵產品正在帶動那邊的超額成長嗎？

Yes. I want to clarify that the 40% were our high-growth private label product lines, which are pro trades the lead there that's in lighting and landscape supplies, portfolios or nursery private label and Solstice Stone is our hardscape private label. When you take those three, they grew at 40%. If you add in LESCO and our total private label, it grew at 10% in the quarter. So still moving ahead we're approximately 15% private label, and we're looking to increase that by 100 basis points a year.

是的。我想澄清一下，那 40% 指的是我們高成長的自有品牌產品線，包含 Pro Trades（其中領先的是照明與景觀耗材）、Portfolios（或 Nursery 的自有品牌），以及 Solstice Stone（我們的硬景自有品牌）。把這三個加總起來，它們成長了 40%。如果再把 LESCO 和我們全部自有品牌都算進來，本季自有品牌整體成長了 10%。因此我們仍在持續推進，目前自有品牌約占 15%，我們希望每年提高 100 個基點。

And so we accomplished that last year and we aim to keep ticking that up over the next 5 to 10 years, quite frankly. Our goal there would ultimately be kind of 25%, 30% private label. And so, we've got a good start this year to being on that same pace heading towards that goal.

所以我們去年已經做到這點，坦白說，我們的目標是在未來 5 到 10 年持續把這個比例往上推。我們最終的目標大概會是 25%、30% 的自有品牌占比。因此，今年我們有一個不錯的開局，正以相同的步調朝這個目標前進。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

I want to start off with the quarter. Doug, can you talk about what was the impact of weather? You missed the Street by about $40 million. I know that's difficult, but any help there would be helpful. And then how much was macro being weaker in the quarter?

我想先從本季談起。Doug，你能談談天氣的影響有多大嗎？你們比華爾街預期少了大約 4,000 萬美元。我知道這很難拆分，但如果能提供一些說明會很有幫助。另外，本季總體環境轉弱的影響有多大？

You called out new resi construction. Just curious what you saw there.

你提到了新住宅（residential）建築。想請教你們在那裡看到了什麼情況。

Right. Well, it's kind of hard to discern because both are happening at the same time. I would say that maintenance is 36% of our business. And that's the one that gets the most deferred as we're moving kind of from quarter to quarter based on when the spring starts and so as we mentioned, and we've seen the volumes improve in April. We haven't caught all the way back up to where we aim to be for the year, but we've seen that improvement, and that's largely that maintenance and some of the new construction came in seasonally.

對。嗯，這其實有點難分辨，因為兩者同時在發生。我會說維護（maintenance）占我們業務的 36%。而這一塊最容易被延後，因為從一季到下一季會取決於春季何時開始；如我們提到的，我們在 4 月看到量有改善。我們還沒有完全追回到我們希望全年達到的水準，但確實看到改善，主要是維護業務，以及部分新建案在季節性上回到正常。

On the macro side, we just -- you can see that we've dropped our guide for the market, we would have initially said it was flat. Now we're saying it's going to be modestly down. I think that's -- that quantifies the macro uncertainty. We feel like we're seeing that and that we'll continue to see that throughout the year. Consumer confidence is low, gas prices are up. It's just -- it's not a great environment. And that makes the weakness in new resi a little bit worse.

在總體環境方面，你也可以看到我們下修了對市場的指引；原本我們會說市場持平。現在我們說市場會小幅下滑。我想這就量化了總體不確定性。我們覺得我們正在看到這些影響，而且全年可能都會持續。消費者信心偏低、油價上升。就是——環境不算好。而這也讓新住宅市場的疲弱變得更嚴重一些。

And we've seen some of that. And it weakens the repair and remodel market, which we've seen some of that. It's mixed. It's not falling off the cliff. We still believe that the remodel market is resilient, but you can certainly see some jobs being deferred and there's weakness here and there in that market.

我們也看到其中一些跡象。這也削弱了修繕與翻新（repair and remodel）市場，我們也看到一些影響。整體是混合的。並沒有斷崖式下滑。我們仍相信翻新市場具韌性，但你確實會看到有些案子被延後，市場某些地方會有零星的疲弱。

Okay. That's fair. I know quantifying weather is difficult. So I appreciate that. My second question is on price. You're raising it a little bit, but I thought you might raise it more -- so I'm curious, like is the cadence just sort of 3% across each of the quarters, the rest of the year? And what are you assuming now for PVC and fertilizers because I think there's probably some inflation there.

好的。這樣說合理。我知道要量化天氣影響很難。所以我很感謝你的說明。我的第二個問題是關於價格。你們有小幅調漲，但我原本以為你們會漲更多——所以我想了解一下，例如今年剩下的季度，節奏是不是大概每季 3%？另外，你們現在對 PVC 和肥料的假設是什麼？因為我覺得那裡可能還有一些通膨。

Yes. Good question, Ryan. When we talked to it last quarter, we were thinking three in the first quarter, stepping down to 2%. And then in one in the second half, we were comping the increases in June time frame of last year. Our thinking now is through -- we did 3 in Q1.

是的。好問題，Ryan。我們上季談到時，原本想的是第一季 3%，接著降到 2%。然後下半年到 1%，因為我們要對比去年 6 月左右的漲價基期。我們現在的想法是——第一季我們做到了 3%。

We see continuation with that. It's probably even a little firmer 3 here in the second quarter. And then there's some uncertainty. So we think two maybe in the second half gets you kind of midpoint of that 2% to 3%. There is some upside and -- but there is also some uncertainty.

我們看到這個趨勢會延續。第二季可能甚至會更穩一些，接近 3%。然後後面存在一些不確定性。所以我們認為下半年可能是 2%，這樣全年大概落在 2% 到 3% 的中間值。確實有一些上行空間——但同時也有不確定性。

We're still evaluating PBC. We're working closely with our suppliers expecting those price increases here during the quarter and monitoring overall price increases across the rest of our supplier base -- there's just a lot of uncertainty looking out in the rest of the year. So I think two to three is a fairly conservative point right now for where we sit. Certainly, there is some upside opportunity in the rest of the year and we'll have a better view of that as we progress through the second quarter.

我們仍在評估 PBC。我們正與供應商密切合作，預期本季會出現那些漲價，同時也在監控其餘供應商整體的漲價情況——展望今年剩餘時間，不確定性仍然很高。所以以我們目前的位置來看，我認為 2% 到 3% 是相當保守的估計。當然，今年剩下時間仍有一些上行機會，我們在第二季推進過程中會看得更清楚。

Mike Dahl, RBC Capital Markets.

Mike Dahl，RBC Capital Markets。

Just to touch on kind of the margin breakdown. I think last quarter, you articulated that within the year-on-year composition like the gross margin and SG&A contribution would be relatively dimmer, just given the moving pieces, price better, volume a little worse, a good start to the year on gross margin. Can you just help us understand kind of within your expectations today, how you would think about the breakdown between gross margin and SG&A leverage this year?

我想稍微談一下利潤率的拆解。我記得上季你提到，在年對年組成上，毛利率與 SG&A 的貢獻可能會相對偏淡，因為有很多變動因素：價格較好、量稍差，而且毛利率在年初有個不錯的開局。你能否協助我們理解一下，以你們今天的預期來看，今年毛利率擴張與 SG&A 槓桿之間的貢獻拆分會怎麼看？

Yes, we still expect to get SG&A leverage for the full year. we're looking at Q2 and Q3 for that to occur. Q4, we have the extra week, so that will be dilutive. So we don't expect to get SG&A leverage in the fourth quarter. But to your point, we do believe that gross margin now expected to be higher, you can see what we did here in Q1, expect to expand gross margin in Q2.

是的，我們仍預期全年會有 SG&A 槓桿，我們認為主要會在第二季與第三季出現。第四季因為多了一週，所以會造成稀釋。因此我們不預期第四季會有 SG&A 槓桿。但如你所說，我們確實認為毛利率現在預期會更高；你可以看到我們第一季的表現，也預期第二季毛利率會擴張。

We were thinking more flat in gross margin in the second half of the year when the year started. So there's some upside opportunity, I would say, Q3 probably a little better than we thought Q4 unknown. SG&A right, with a little bit of a change in the end market outlook. So SG&A, gets a little bit harder to leverage. We feel like we're doing a really good job managing the cost side of it, but organic, we still believe low single digits.

年初時我們原本認為下半年毛利率大致持平。所以我會說有一些上行機會；第三季可能比我們原先想的好一些，第四季則還不確定。至於 SG&A，對，終端市場展望有些變化。所以 SG&A 的槓桿化會更難一些。我們覺得我們在成本端管理做得很好，但就有機成長而言，我們仍相信是低個位數。

I would say it's probably tilted a little more in favor in gross margin at this point. We thought 50-50 contribution when the year started. And I would say that's shifted up in favor of gross margin.

我會說目前可能更偏向毛利率這邊。年初我們認為貢獻大概是 50-50。而我會說現在已經往毛利率有利的方向移動。

Okay. That's helpful color. And just as a follow-up on the SG&A dynamics, I mean, with the more subdued outlook on kind of market dynamics, obviously, you have all the initiatives in place, but is there anything else kind of more discrete or incremental that you're now contemplating in terms of further cost-out actions?

好的。這些補充很有幫助。另外追問一下 SG&A 的動態：在市場動能展望更保守的情況下，顯然你們已經有各項計畫在推進，但你們是否正在考慮任何更具體或額外的進一步降本措施？

Yes. I think we always win if the market is tougher, if volumes are lower, we'll take action manage labor tightly, other expenses more tightly, et cetera. So there are certain actions we can take. But as Eric mentioned, SG&A leverage is certainly more challenging as the volume goes down. So we would expect a little bit more -- less leverage more on the gross margin side for the remainder of the year.

是的。我想如果市場更艱難、量更低，我們一向會採取行動，例如更嚴格地管理人力、把其他費用控得更緊等等。所以有一些我們可以採取的措施。但如 Eric 提到的，當量下滑時，SG&A 槓桿化確實更具挑戰。因此我們預期今年剩餘時間，槓桿會少一些，更多會來自毛利率端。

If things get tougher, we can certainly fight to maintain that leverage. And we'll continue to manage it tightly in any case and then see how it works out on the volume side.

如果情況變得更艱難，我們當然可以努力維持那樣的槓桿。無論如何，我們都會持續嚴格管理，然後再看看在銷量端的表現如何。

The other point I would add to on SG&A is the rising fuel cost for delivery goes through SG&A. And we've talked about fuel surcharge that we implemented at the end of March. The charge for that is in sales. So you can see a little bit of a negative impact on SG&A from the dollar side.

另外一點我想補充的是，關於銷售、一般及行政費用（SG&A），配送用燃料成本上升會計入SG&A。我們也談過我們在3月底實施的燃油附加費。該項費用記在銷售端。因此，從金額面來看，你會看到SG&A 受到一些負面影響。

Keith Hughes, Truist Securities.

Keith Hughes，Truist Securities。

So talk a lot about inflation on this call. Are you seeing any signs that you're not able to get any of these price increases through on customers given what's kind of a shaping demand environment right now?

這通電話中談了很多通膨。在目前需求環境正在成形的情況下，你們是否看到任何跡象顯示，這些漲價有些無法順利轉嫁給客戶？

Our market is pretty efficient, and it's been traditionally pretty efficient and pass it through price increases. So, so far, we -- obviously, we work with our customers on that. But so far, we've been able to pass through price increases, and we feel pretty confident that we can continue to do that, working with our customers and suppliers to make it as seamless as possible for our customers, but our market tends to be pretty efficient there, and we don't expect that to change.

我們的市場相當有效率，傳統上也一直很有效率，能把漲價轉嫁出去。所以，到目前為止，我們——當然——會與客戶就此合作。但截至目前，我們已能把漲價轉嫁出去，而且我們相當有信心，透過與客戶及供應商合作、讓流程對客戶盡可能無縫，我們可以持續做到這點；我們的市場在這方面通常相當有效率，我們不預期會改變。

And I mean there are some categories where there could be a lot more inflation specific PVC pipe. When you get increases from your suppliers, how long does that take to get implemented? Is there usually any drag when numbers go up notably?

我的意思是，有些品類可能會有更明顯的通膨，例如PVC管。當你們從供應商收到漲價時，通常需要多久才能落實？當數字明顯上升時，通常會不會有任何滯後？

No. It's pretty much concurrently. We're in contact with suppliers. We've been signaled ahead of time and we plan accordingly and provide notice to our customers in advance of those price increases.

不會。基本上是同步進行。我們與供應商保持聯繫。我們會提前收到訊號並據此規劃，也會在這些漲價生效前提前通知客戶。

Especially with things like pipe and fertilizer and products that move around, the market, there's a good communication in the market where we can give the customers heads up and we're giving a heads up by the suppliers and it happens pretty quickly.

特別是像管材、肥料以及那些在市場上價格波動的產品，市場上有良好的溝通機制，我們可以先提醒客戶，而供應商也會先提醒我們，因此通常很快就會發生。

I was going to say we're in the height of the fertilizer season. So this price increase has been in effect since 41. So we've managed through that and nothing significant to call out. I would say it's fairly inelastic and PVC pipe. We'll work through that in the coming months, but I would like to highlight the last three years, '23, '24, '25, they've been significant declines in PVC pipe in price.

我想說的是，我們正處於肥料旺季。所以這次漲價自41起就已生效。因此我們已經把它消化掉了，沒有什麼重大事項需要特別指出。我會說需求相當缺乏彈性；至於PVC管，我們會在接下來幾個月處理，但我想強調過去三年，'23、'24、'25，PVC管價格都有顯著下滑。

So we wouldn't expect these increases that are being contemplated to be an elasticity issue.

因此，我們不預期目前正在考量的這些漲幅會造成需求彈性方面的問題。

Okay. Just a final 1 on grass seed, still looking for grass seed, whatever price does there, it's still a third quarter reset. Is that still the case?

好的。最後一個關於草籽的問題：草籽仍在觀察中，不管那邊價格怎麼走，仍然是第三季重設，對嗎？目前仍是如此嗎？

That's correct.

沒錯。

Matthew Bouley, Barclays.

Matthew Bouley，Barclays。

So on the gross margin, you have that 10% growth in private label and it sounded like success with smaller customers. So it seems like that would move the needle a bit on margins. You have the 90 basis points there. So question is I want to see if you can quantify how much of the margin expansion is coming from some of these commercial initiatives that presumably are more structural in nature versus if there's any kind of temporary benefit that you sometimes see due to inflation. You had the 3% price just to sort of help us kind of dial in gross margin forecast in a more normal environment.

關於毛利率，你們自有品牌成長10%，而且聽起來在較小客戶方面也有進展。所以看起來這應該會對毛利率有些拉動。你們提到有90個基點。我的問題是，想請你們量化一下：毛利率擴張中有多少來自一些推動商業面的措施（推測較具結構性），以及是否有任何你們有時會因通膨而看到的短期效益？你們有3%的價格因素，想請你們協助我們在較正常的環境下更好地校準毛利率預測。

Yes. we typically don't give a breakdown specific by initiative. And so I don't think we can offer any help there. It's just I would say that private label small customers contributing strongly as is the price realization that we're getting on the other side. I don't know, Eric, anything to comment on that?

是的。我們通常不會按各項措施提供具體拆分。所以我想我們在這方面無法提供太多協助。我只能說，自有品牌與小型客戶的貢獻很強，同時我們在另一端取得的價格實現也有貢獻。我不知道，Eric，你有什麼要補充的嗎？

Yes. And I think of this quarter is if we look in the light of Q3, Q4 in the line of the basis point contribution, you can see where price has been benefiting us. So we're a little bit better there, but I would say that we've had pretty good run rate now with private label contributing to gross margin expansion for a number of quarters.

有的。我會這樣看本季：如果我們以第三季、第四季的基點貢獻來看，你可以看到價格一直在帶來助益。所以我們在那方面稍微更好一些；但我會說，自有品牌對毛利率擴張的貢獻，已經連續好幾季維持相當不錯的水準。

Okay. Got it. That's helpful. Yes. Sometimes in the past, you guys have quantified at least the temporary benefit.

好的。了解。這很有幫助。是的。過去有時你們至少會量化那種短期效益。

But I guess the second question is on Reinders just because it's a fairly large deal. Obviously, in the past, some of the bigger deals, you guys have taken a little bit of time to sort of integrate them into the whole system. So -- just any color on kind of the margin profile of this business? And if there is opportunity for you to expand margins further with this business as you do integrate it in the cycle .

不過我想第二個問題是關於Reinders，因為這是一筆相當大的交易。顯然過去一些較大的交易，你們需要一些時間把它們整合進整個系統。所以——想請你們談談這個業務的毛利率/利潤率輪廓大概如何？以及當你們在整合週期中把它納入後，是否有機會進一步擴大利潤率？.

Yes. No, Reinders is a strong company. We're excited to have them join. There are pretty significant synergies with Reinders they're in irrigation, agronomics, lighting landscape supplies. And so on those product lines, we tend to have higher synergies.

是的。不，Reinders是一家很強的公司。我們很高興他們加入。Reinders在灌溉、農藝、照明、景觀用品等領域，協同效益相當顯著。因此在這些產品線上，我們通常能取得更高的協同效益。

And so there's good synergies there. We'll get some of those synergies this year. We are system-wise, we'll integrate them next year, but we are syncing up with their teams and capturing some of those opportunities. We do expect them to be nice and profitable this year around -- probably around where we are and in the future, there's significant upside there as our synergies fully kick in.

所以那裡有很好的協同效益。我們今年會取得其中一部分協同效益。在系統面，我們會在明年完成整合，但我們正與他們的團隊對接並把握其中一些機會。我們預期他們今年會有不錯的獲利能力——大概會在與我們相近的水準；而未來，當協同效益全面發揮時，上行空間相當可觀。

So excited about the deal. It's a strong company. They've got a great team. and we can certainly add value. They actually do a lot of digital.

所以我們對這筆交易感到興奮。這是一家很強的公司。他們有很棒的團隊，而我們確實能夠增值。他們其實也做了很多數位化。

They're 1 of the leaders in the market with digital. And so we're going to take our time integrating with their digital and ours. But it's good to join forces with a company that's more progressive relative to other companies in the industry. And Reinders is one of those companies.

他們是市場上數位化的領導者之一。因此我們會花時間把他們的數位能力與我們的進行整合。但能與一家相較於產業內其他公司更為進取的公司結盟是件好事。而Reinders就是其中之一。

Jeffrey Stevenson, Loop Capital Markets.

Jeffrey Stevenson，Loop Capital Markets。

Are there any concerns of fertilizer shortages or potential inflation pressures and other commodity products, such as PVC piping could have an impact on maintenance demand similar to a couple of years ago when customers were holding off on certain maintenance projects due to elevated commodity price levels.

是否有任何對肥料短缺的疑慮，或其他大宗商品的通膨壓力（例如PVC管材）可能會對維護需求造成影響？類似於幾年前，因大宗商品價格處於高位，客戶延後某些維護專案的情況。

Right. Yes. And you're referring to the kind of COVID where prices move significantly in fertilizer. And that did hurt demand in that year exactly which year it was. But the nature of the increase around 5% for fertilizer is not to the magnitude that we feel like it will create any kind of demand degradation.

對。是的。你指的是類似COVID期間肥料價格大幅波動的情況。那確實在那一年傷害了需求——我不記得確切是哪一年。但這次肥料大約5%的漲幅，幅度並沒有大到讓我們覺得會造成任何需求下滑。

Fertilizer does move around from routinely a couple of percent here and there. So 5% isn't a tremendous move and we feel like our customers will be able to handle that and it won't affect the applications. In terms of supply shortages, we've got a great supply chain. We've got multiple sources for most of our products, but we don't anticipate, at least at this time, that there will be any shortages in supply that will drive additional inflation.

肥料價格本來就會例行性地上下波動，這裡那裡幾個百分點。所以5%不算是很大的變動，我們認為客戶可以承受，也不會影響施用。至於供應短缺，我們有很強的供應鏈。我們大多數產品都有多個來源，但至少就目前而言，我們不預期會出現任何供應短缺，進而推動額外通膨。

So we feel pretty good about where we are and the ability of the market to absorb some of these price increases that are obviously, we never enjoy absorbing price increases into a market, but 5% is a manageable level there.

因此，我們對目前所處的位置以及市場吸收這些漲價的能力感到相當有信心。顯然，我們從來不樂見把漲價轉嫁到市場上，但 5% 在這裡是可控、可管理的水準。

Okay. No, that's very helpful, Doug. And then I just wonder if you could quantify any more of the magnitude of expected new residential declines this year. And then on top of that, kind of what you're hearing so far from builders or in the spring selling season and if I remember correctly, typically, there's an 8- or 9-month lag between when there's a single-family housing start and when that shows up in demand and if that's the case, if there's any improvement and starts as we move through the year, is that going to be more of a kind of late '26, 2027 when it will show up in demand?

好的。不，這非常有幫助，Doug。接著我想請問，你是否能再量化一下今年預期新建住宅下滑的幅度。另外，也想了解你目前從建商那邊、或春季銷售旺季聽到的情況；如果我沒記錯，通常從單戶住宅開工到需求反映出來大概有 8 到 9 個月的落後期。若是如此，假設今年下半年開工有所改善，那是否要到 2026 年底、甚至 2027 年才會在需求端顯現？

Right. Yes, you're correct. I mean we go by completions, not start. And there is a lag there in six months, six to nine months, et cetera. So we feel like the new res market is going to be down mid- to high single digits this year.

對。是的，你說得沒錯。我們看的是完工量（completions），不是開工量（starts）。而且確實存在落後期，大約 6 個月、6 到 9 個月等等。因此我們認為，今年新建住宅市場將下滑中到高個位數百分比。

And we're getting mixed. There's mixed messages from builders. Some are more positive, some are less positive. But our view is that we're probably not going to see much improvement this year and it starts to improve this year, that will certainly help us in 2027, but not in 2026.

我們從建商那邊得到的訊息是混合的。有些比較正面，有些比較不那麼正面。但我們的看法是，今年大概不會看到太多改善；即便今年開始改善，確實會在 2027 年對我們有幫助，但不會在 2026 年反映出來。

Charles Perron-Piché, Goldman Sachs.

Charles Perron-Piché，高盛。

First question, as you look to drive efficiency -- as your customers look to drive efficiencies, are you seeing them leaning more into sites, digital and delivery tools and a higher freight cost environment and more broadly, how can you have your investment in technology help you again the current backdrop?

第一個問題，當你們（以及你們的客戶）希望提升效率時，在運費成本較高的環境下，你們是否看到客戶更傾向使用網站、數位化與配送工具？更廣泛來說，你們在科技上的投資，如何在目前的大環境下再次提供協助？

In terms of our customers, yes, we do see them using digital more and as we mentioned, our digital sales are up 60% or we expect them to be up substantially this year and more and more customers are utilizing digital just to make their ordering and interactions and transactions with us more efficient. In terms of fuel prices are up, Eric mentioned that we've implemented fuel surcharges.

就我們的客戶而言，是的，我們確實看到他們更多使用數位化；如同我們提到的，我們的數位銷售成長了 60%，或我們預期今年會大幅成長。越來越多客戶使用數位工具，讓下單、互動與交易流程更有效率。至於燃油價格上升，Eric 也提到我們已經導入燃油附加費（fuel surcharges）。

We work with our customers routinely to get the product to their job sites at the lowest possible cost. And so yes, our delivery capability gives us a ways of working with our customers and getting it there in a low-cost fashion. And so we have a fair bit. We have about one-third of our business is delivered -- and we see that going up as things get tougher and customers kind of allowing us to help them get the materials there and get the job done at a lower cost.

我們會例行性地與客戶合作，以最低可能成本把產品送到他們的工地。所以是的，我們的配送能力讓我們能與客戶一起合作，以低成本方式把貨送達。因此我們在這方面有相當的能力。我們大約有三分之一的業務是配送交付——而且我們看到，當環境更具挑戰時，這個比例會上升；客戶會更願意讓我們協助把材料送到現場，並以更低成本完成工程。

Got you. That's good color, Doug. And shifting gears to capital allocation. You repurchased $20 million of shares in Q1, which is quite high for relative to the other first quarters in the last few years. How does he inform your willingness to do more?

了解。這些說明很有幫助，Doug。接著把話題轉到資本配置。你們在第一季回購了 2,000 萬美元的股票，和過去幾年其他第一季相比算是相當高。這如何影響你們進一步加碼回購的意願？

And at the same time, can you talk a little bit more about the M&A pipeline and your confidence to close more deals in 2026.

同時，也請你多談談併購（M&A）案源（pipeline），以及你們對在 2026 年完成更多交易的信心。

Yes, I'll take the first part of that. we continue to be opportunistic. We're going to look at the whole year and making sure that we're first focused on growth, M&A. We we had good visibility that Reinders acquisition was going to close in Q1 a seasonal slow quarter for us. But obviously, where the stock is, represents a good buying opportunity.

好的，我先回答第一部分。我們會持續採取機會主義（opportunistic）的做法。我們會從全年角度來看，並確保我們首先聚焦在成長與併購（M&A）。我們對 Reinders 這筆收購在第一季完成有很好的能見度，而第一季對我們來說是季節性淡季。但顯然，以目前股價水準來看，是不錯的買回機會。

We're going to continue to be opportunistic the rest of this year. We see that balanced capital approach, and we did close to [$ 100] million in repurchases last year. So depending on where M&A turns out, we'll balance that out in how we buy back shares. But we'll continue to be opportunistic again where the price is.

今年剩下的時間我們也會持續採取機會主義。我們認同這種平衡的資本配置方式，而去年我們回購接近 1 億美元。因此，視併購（M&A）的進展而定，我們會在回購節奏上做平衡。但我們仍會在價格合適時持續把握機會。

Yes. In regards to M&A, the pipeline is healthy, we're constantly in discussion with owners and confident we can continue to have success for the rest of 2016 and beyond.

是的。關於併購（M&A），案源很健康，我們也持續與業主保持討論，並有信心在 2016 年剩餘時間以及之後持續取得成功。

Sean Calnan, Bank of America.

Sean Calnan，美國銀行。

Just first, can you kind of quantify the improvement in volumes that you're seeing in April? And should we expect Q-Q to be the highest growth quarter, just given the shift in sales from 1Q to 2Q? And then the fertilizer pricing increase with April being a big month for that.

首先，你能否量化一下你們在 4 月看到的出貨量（volume）改善幅度？考量到銷售從第一季移轉到第二季，你們是否預期第二季會是季對季（Q-Q）成長最高的一季？另外，4 月是肥料定價調漲的重要月份。

Yes. I would just say that volumes have improved. Volumes aren't positive in the first -- in April, but they have improved versus where they were in the first quarter. And in terms of volume by quarter, there's no real gauge that would make the second quarter. I mean, obviously, first quarter is lower. You do some catch-up in the second quarter. It's going to tend to be higher, but we're talking percentage 1, 2 percentages.

是的。我會說出貨量確實有改善。4 月的出貨量還沒有轉正，但相較第一季的水準已有所改善。至於按季度看出貨量，其實沒有什麼明確指標能說第二季一定會怎樣。我的意思是，第一季本來就比較低。第二季會有一些追趕（catch-up）。因此它通常會比較高，但我們談的是 1、2 個百分點的差異。

And the third and fourth quarter also kind of split by the season. spring season in September, October. And obviously, that's third and fourth. So it's really hard to call volume growth by quarter. What makes more sense to us is kind of half year what it is at the end of June and what it is at the end of the year is a better way to kind of think about volume and because you get the full screen season and you get the full fall season, if you take that book.

第三季和第四季也會受到季節性影響，秋季旺季在 9 月、10 月。而那會落在第三季與第四季。所以要按季度去判斷出貨量成長其實很難。對我們來說，更合理的方式是看半年：到 6 月底的情況，以及到年底的情況，這樣更能理解出貨量。

So we'll see how the spring continues to evolve, and we'll have a better read when we get to June.

所以我們會觀察春季旺季接下來如何發展，等到 6 月時我們會有更清楚的判讀。

Okay. Great. And then when you have expectations for price increases, like we have right now, do you typically see customers try to get ahead of those price increases and pull forward their purchases?

好的。了解。接著，當你們像現在這樣預期會漲價時，通常會看到客戶試著在漲價前提前採購、把需求往前拉嗎？

Sure. That tends to happen, especially on fertilizer pipe, but keep in mind, our customers don't have massive storage. So they're taking some product to the extent that they can. And we work with customers on commercial jobs that are already in progress. And so yes, some of that goes on whenever there's a price pass-through, and that's why we give our customers as much lead time as possible so that they can they can adjust and do their purchasing to try to get ahead of it themselves.

當然。這確實會發生，尤其是在肥料管材（fertilizer pipe）上；但請記得，我們的客戶並沒有大量的倉儲空間。所以他們會在能力所及的範圍內先拿一些貨。而我們也會與正在進行中的商業工程客戶合作。因此，是的，只要有價格轉嫁（price pass-through），就會出現一些提前拉貨的情況；這也是為什麼我們會盡可能提前通知客戶，讓他們可以調整並安排採購，盡量在漲價前先行因應。

Collin Verron, Deutsche Bank.

Collin Verron，德意志銀行。

I just want to dive into the cost a little bit more. It looks like inventory costs in the COGS line dipped around 3% in the quarter despite the total sales being relatively flat. So can you just walk us through the moving pieces there? Is that the mix improvement toward private label showing up or are there some other factors in there that we should be considering? And how are you thinking about that going forward?

我想再更深入談一下成本。看起來本季銷貨成本（COGS）中的存貨成本下降了約 3%，儘管總銷售額相對持平。你能否帶我們梳理一下其中的變動因素？這是自有品牌（private label）占比提升帶來的組合改善開始反映出來了嗎？還是還有其他因素需要我們納入考量？以及你們對後續走勢是怎麼看的？

Is there any reason that, that year-over-year decline might move throughout the year?

有沒有任何原因會讓這個年對年（year-over-year）的下降幅度在今年內出現變化？

Yes. I think you hit on it it's private label, it's product mix, but we also have the lower. We had -- we were fully stocked for the spring selling season with fertilizer in particular. So I would say that, that continues a bit into Q2. But beyond that, I would expect that not to continue.

是的。我認為你點到了關鍵：自有品牌、產品組合，但我們也有較低的。我們——特別是肥料——在春季銷售旺季前已經備貨充足。所以我會說，這種情況在第二季還會延續一點。但除此之外，我預期這不會持續下去。

Great. That's helpful. And then just on the freight handling distribution expenses, I saw a sizable increase I know it's a small piece of the COGS bucket, but it was just a notable headwind in the first quarter. So can you just talk about what was driving that inflation and sort of the magnitude that you're baking into the guidance for your freight handling distribution expenses in that bucket?

很好。這很有幫助。另外關於運費、裝卸與配送費用，我看到有顯著增加。我知道這在銷貨成本（COGS）中占比不大，但在第一季確實是個明顯的逆風。所以你能談談是什麼在推動這些成本通膨，以及你們在指引中對該項目（運費、裝卸與配送費用）預計納入的幅度大概是多少嗎？

Yes. So there's the rising cost of diesel in there for Q1 that's in March. That's a component. We've got international freight to related to our private label products. We got the increase there.

是的。其中包含第一季柴油成本上升，主要是在3月。這是一個因素。我們的自有品牌產品也涉及國際運費。那部分也有增加。

But also keep in mind that we have our fifth DC in the cost there with that not in the Q1 prior year. So we mentioned that too on the last call that we would have an increase in distribution costs. So that's in there as well.

但也請記得，我們的成本中還包含第5座配送中心（DC），而去年第一季並沒有這項。所以我們在上次電話會議也提到，配送成本會增加。因此這部分也包含在內。

Matt Johnson, UBS.

UBS 的 Matt Johnson。

Appreciate the time. I guess, first off, if we could just dive into the fertilizer piece a little more. I know it's given the disruption in the Middle East, it sounds like you guys took a 5% price increase there. But could you just give us an update on how much inventory you guys have in your distribution centers. And then, I guess, assuming that urea prices stay at these levels, I think they're up somewhere around 40% to 50% year over year.

感謝撥冗。我想先更深入談談肥料這一塊。我知道在中東局勢擾動之下，聽起來你們在那裡做了5%的漲價。但你能否更新一下你們在配送中心有多少庫存？另外，我想假設尿素價格維持在目前水準，我認為它年增大約40%到50%。

But how should we think about the impact of fertilizer costs for you guys as that starts to come through?

那麼，當肥料成本開始反映出來時，我們應該如何看待對你們的影響？

Yes. So urea is up substantially. Keep in mind that it's only one component of fertilizer and we can actually move components around and fertilizers. So there is some latitude there and we take advantage of that to try to minimize the effect on our customers, the 5%, as I said, is a reasonable reflection of passing through cost, maintaining our margin. We obviously that price increase is mid-season.

是的。尿素確實大幅上漲。但請記得，尿素只是肥料的一個組成部分，我們其實可以在肥料配方中調整各成分。所以在那裡有一些彈性，我們也會善用這點，盡量把對客戶的影響降到最低；如我所說，5%是合理的反映——把成本轉嫁出去，同時維持我們的毛利。顯然，這次漲價是在季中。

So we have -- we stock up for the season. And so we obviously have some product in our branches that we're shipping. And as I mentioned, we -- so far, we've not experienced any supply shortages that would that would not have -- have product available for our customers or allow us to gain market share. So we feel like we're in pretty good shape there, and we think it will be continue to be a successful season.

所以我們——會在旺季前備貨。因此我們在各分店當然有一些正在出貨的產品。如我提到的，到目前為止，我們沒有遇到任何供應短缺，導致無法為客戶提供產品，或無法讓我們取得市占的情況。所以我們覺得目前狀況相當不錯，也認為這個旺季會持續成功。

Yes. I think we're going to get good place on supply. We're working with our category team leaders. So we feel good not only about the season, but into the fall. And as we get later in the year, we'll continue to evaluate those opportunities.

是的。我認為我們在供應方面會處於很好的位置。我們正與品類團隊領導合作。所以我們不僅對這個旺季有信心，對秋季也有信心。而隨著進入年底，我們會持續評估那些機會。

That's great. I appreciate that. And then I guess if we could just talk a little more about the focus branches. I think you guys drove a little over 200 basis points of EBITDA margin improvement at those branches in 2025. I guess given all the kind of disruption and noise in the market right now, how do you guys feel about your ability to achieve a similar result this year at those focus branches?

太好了。感謝說明。接著我想再談談重點分店（focus branches）。我記得你們在2025年讓這些分店的EBITDA利潤率提升了略高於200個基點。考量目前市場上各種擾動與雜音，你們對今年在這些重點分店達成類似成果的能力有多大信心？

Yes. Well, we feel good about it. I mean, obviously, if the market turns out to be tougher and we're lower on volume that will affect the focus branches, but we -- we had improvement in the focus branches, good improvement in the first quarter, and we feel very good about our being able to turn those branches improve the profitability even in a soft market condition. So we feel good at this point, the tougher the market gets, the tougher that gets, but we can move the needle even in the softer market there.

是的。我們很有信心。我的意思是，顯然如果市場變得更艱難、我們的銷量更低，這會影響重點分店；但我們——重點分店在第一季已有改善，而且改善幅度不錯。我們非常有信心，即使在疲弱的市場環境下，也能扭轉這些分店、提升獲利能力。所以目前我們感覺良好；市場越艱難，難度就越高，但即使在較疲弱的市場中，我們仍能推動改善。

Andrew Carter, Stifel.

Stifel 的 Andrew Carter。

I just want to follow back up on Reinder. It's $100 million incremental -- and you said it's similar to company margins, and you also acquired it right before -- right ahead of the spring season. So why shouldn't this be an $8 million or $9 million kind of type contribution to EBITDA for the year therefore, your kind of EBITDA range has some added flexibility.

我想再追問一下 Reinder。這是新增的1億美元——你說它的利潤率與公司整體相近，而且你們是在春季旺季前——就在旺季前不久——收購的。那為什麼它不應該在今年對EBITDA貢獻大約800萬或900萬美元？因此你們的EBITDA區間應該有一些額外的彈性。

Yes. You kind of nailed it. That's what we expect. And yes, it provides, I guess, more insurance for our range. Keep in mind that, obviously, we won't reflect the full $100 million.

是的。你說得很到位。這就是我們的預期。而且是的，我想它為我們的區間提供了更多保險。但請記得，顯然我們不會反映完整的1億美元。

We did miss almost three months of that. But yes, we do expect it to be profitable along the lines of what you're saying there. And that helps us have confidence in our range, given kind of softer market conditions and overall uncertainty that we need to keep in mind.

我們幾乎少了其中三個月。但沒錯，我們確實預期它會如你所說那樣具備獲利能力。在市場偏疲弱、整體不確定性仍需納入考量的情況下，這也有助於我們對指引區間更有信心。

Sounds good. I appreciate that candid answer. I'll pass it on.

了解。感謝你坦率的回答。我就先讓給下一位。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Doug Black for closing comments.

我們的問答環節到此結束。接下來我想把時間交回給 Doug Black 作結語。

Well, thank you all for joining us again today. Before I conclude, I want to highlight an upcoming event we have. We're hosting our 2026 SiteOne Investor Day on June 23 and 24 in Atlanta, we'll be going through a comprehensive update on our performance, our strategy, our long-term initiatives and offer investors an opportunity to engage with our executive leadership team, which we're quite proud of.

好的，感謝各位今天再次加入。在我結束之前，我想強調我們即將舉辦的一個活動。我們將於6月23日與24日在亞特蘭大舉辦2026年 SiteOne 投資人日，屆時我們會全面更新我們的營運表現、策略與長期計畫，並提供投資人與我們引以為傲的高階管理團隊互動的機會。

And so we look forward to welcoming investors and analysts to our event in June. We appreciate your interest in SiteOne. We look forward to speaking to you again at the end of the next quarter. Again, a big thank you to our terrific associates and to our customers for allowing them to us to be our partner and to our suppliers for supporting us. Thank you.

因此，我們期待在6月的活動中歡迎投資人與分析師蒞臨。感謝各位對 SiteOne 的關注。我們期待在下個季度結束時再次與各位交流。再次衷心感謝我們優秀的同仁，也感謝我們的客戶讓我們能成為他們的合作夥伴，並感謝供應商對我們的支持。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。