SiteOne Landscape Supply Inc (SITE) 2026 Q2 法說會逐字稿

Greetings, and welcome to the SiteOne Landscape Supply second-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 SiteOne Landscape Supply 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Eric Elema, Chief Financial Officer. Thank you. You may begin.

現在我很榮幸介紹財務長 Eric Elema。謝謝。您可以開始。

Thank you, and good morning, everyone. We issued our second-quarter 2026 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com.

謝謝，各位早安。我們今天早上發布了 2026 年第二季財報新聞稿，並在我們網站 investors.siteone.com 的投資人關係頁面上傳了簡報投影片。

I am joined today by Doug Black, our Chairman and Chief Executive Officer; and Daniel Laughlin, SVP, Strategy and Development. Before we begin, I'd 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.

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 Laughlin。在開始之前，我想提醒各位，今天的新聞稿、投影片簡報以及本次電話會議中的發言，均包含《1995 年私人證券訴訟改革法》所界定的前瞻性陳述。

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 slide 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有重大差異。此類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，我們將討論我們認為有助於評估公司表現的非 GAAP 指標。這些指標的調節表可見於我們的財報新聞稿與投影片簡報中。

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

接下來我想把電話會議交給 Doug Black。

Thank you, Eric. Good morning, and thank you for joining us today. We delivered a solid second quarter performance with 5% growth in net sales and adjusted EBITDA, 8% growth in net income and strong cash flow despite softer end markets.

謝謝你，Eric。各位早安，感謝今天加入我們。儘管終端市場較為疲弱，我們第二季仍交出穩健表現：淨銷售與調整後 EBITDA 成長 5%，淨利成長 8%，且現金流強勁。

Our teams executed well throughout the quarter, driving our commercial and operational initiatives while continuing to manage our SG&A spending tightly. We also took advantage of our strong cash flow and recent share price weakness and returned over $100 million to shareholders through our share repurchase program while maintaining a strong balance sheet to invest in our business and pursue attractive acquisition opportunities.

我們的團隊在整個季度執行到位，推動商業與營運各項計畫，同時持續嚴格控管 SG&A 支出。我們也善用強勁現金流與近期股價走弱的契機，透過庫藏股回購計畫向股東返還超過 1 億美元，同時維持強健的資產負債表，以投資本業並追求具吸引力的併購機會。

While market conditions remain challenging, we continue to focus on serving our customers, gaining market share, expanding our EBITDA margin and strengthening the business to drive future performance and growth. Our acquisitions are performing well, and we have an active pipeline of opportunities, which we expect will result in more acquisitions during the remainder of the year.

雖然市場環境仍具挑戰，我們持續聚焦服務客戶、提升市占、擴大 EBITDA 利潤率，並強化公司體質以帶動未來表現與成長。我們的併購案表現良好，且我們有活躍的機會管線，預期今年剩餘期間將完成更多併購。

Overall, we remain confident in the long-term opportunity ahead of us and believe our strategy, competitive position and execution capabilities will continue to differentiate SiteOne in the market.

整體而言，我們對長期機會仍充滿信心，並相信我們的策略、競爭地位與執行能力將持續使 SiteOne 在市場中脫穎而出。

I will start today's call with a brief overview of our unique market position and our strategy, followed by highlights from the second quarter. Eric will then walk you through our second quarter financial results in more detail and provide an update on our balance sheet and liquidity position. Daniel will discuss our acquisition strategy, and then I will come back to address our outlook and guidance for 2026 before taking your questions.

今天的電話會議我將先簡要說明我們獨特的市場定位與策略，接著分享第二季重點。之後 Eric 會更詳細帶各位檢視第二季財務結果，並更新我們的資產負債表與流動性狀況。Daniel 將討論我們的併購策略，接著我會回來說明 2026 年展望與財測指引，然後開放提問。

As shown on slide 4 of the earnings presentation, we have a strong footprint of more than 680 branches and five distribution centers across 45 US states and five Canadian provinces. We are the clear industry leader, approximately 3x the size of our nearest competitor, yet we estimate that we only have about a 13% share of the very fragmented $36 billion wholesale landscaping products distribution market.

如財報簡報第 4 頁所示，我們在美國 45 州與加拿大 5 個省擁有超過 680 個據點與 5 座配送中心，據點布局強勁。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；然而我們估計，在高度分散、規模 360 億美元的園林景觀產品批發通路市場中，我們的市占率僅約 13%。

Note that the $36 billion total addressable market is a significant increase from the previous $25 billion estimate as it includes important adjacent product categories that we have entered over the past five years.

請注意，360 億美元的可服務總市場（TAM）相較先前 250 億美元的估計大幅提高，因為其中納入了我們過去五年進入的重要相鄰產品類別。

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. As the only nationwide full product line wholesale distributor in the market, we also have an excellent balance across our product lines as well as geographically.

因此，我們長期成長並提升市占的機會仍然相當可觀。我們的業務組合均衡：66% 聚焦維護、修繕與升級，20% 聚焦新建住宅建案，14% 聚焦新建商用與休閒建案。作為市場上唯一的全國性全產品線批發通路商，我們在產品線與地理分布上也具備極佳的平衡。

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 us multiple avenues to grow and create value for our customers and suppliers while providing important resiliency in softer markets, like the market we are in today.

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平衡。整體而言，我們的終端市場組合、廣泛產品組合與地理覆蓋，為我們提供多元成長與為客戶及供應商創造價值的途徑，同時在像目前這樣較疲弱的市場中提供重要的韌性。

Turning to slide 5. Our strategy remains straightforward and unchanged. Leverage the strengths of both a large nationwide organization and our very experienced and highly entrepreneurial local teams. Our goal is to fully utilize our scale, resources and capabilities in support of local execution to deliver superior value to our customers and suppliers in every market that we serve.

接著看第 5 頁。我們的策略仍然清晰且未改變。結合大型全國性組織的優勢，以及我們經驗豐富且高度具企業家精神的在地團隊之長處。我們的目標是充分運用規模、資源與能力來支持在地執行，於我們服務的每個市場為客戶與供應商提供更優越的價值。

We do this through our focused commercial and operational initiatives which not only build a long-term competitive advantage for all our stakeholders but also help us overcome the near-term headwinds. 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. Taken all together, we expect our strategy to create superior value for our shareholders through organic growth, acquisition growth and EBITDA margin expansion.

我們透過聚焦的商業與營運計畫來達成，這些計畫不僅為所有利害關係人建立長期競爭優勢，也協助我們克服短期逆風。這些計畫並由我們的併購策略相輔相成，以補齊產品組合、進入新的地理市場，並為 SiteOne 增添優秀新人才。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，為股東創造更優越的價值。

At our Investor Day in June, we described our strategy and initiatives in detail and outline our financial targets through 2030. The current challenging end markets, the execution of our strategy, we believe, allows us to outperform the market organically while leveraging acquisition growth and EBITDA margin expansion to deliver solid financial progress.

在 6 月的投資人日，我們詳細說明了策略與各項計畫，並提出至 2030 年的財務目標。我們相信，在目前具挑戰的終端市場環境下，透過策略執行，我們能在有機面向上跑贏市場，同時運用併購成長與 EBITDA 利潤率擴張，帶來穩健的財務進展。

We expect our progress to accelerate as end markets return to normal growth. Accordingly, we remain highly focused on executing our commercial and operational initiatives, strengthening the business and continuously improving areas that are within our control.

隨著終端市場回到正常成長，我們預期進展將加速。因此，我們仍高度專注於執行商業與營運計畫、強化公司體質，並持續改善我們可控的領域。

On slide 6, you can see our strong track record over the last 10 years with consistent organic and acquisition growth. As mentioned, we expect to continue driving organic and acquisition growth while recovering and expanding our EBITDA margin significantly over the coming years. Our ability to deliver EBITDA margin expansion in both soft and healthy market conditions, is expected to yield attractive EBITDA growth and improve return on invested capital in the coming years.

在第 6 頁，您可以看到我們過去 10 年透過穩定的有機成長與併購成長所建立的強勁紀錄。如前所述，我們預期未來幾年將持續推動有機與併購成長，同時顯著修復並擴大 EBITDA 利潤率。我們在疲弱與健康市場環境下皆能實現 EBITDA 利潤率擴張的能力，預期將在未來幾年帶來具吸引力的 EBITDA 成長，並提升投入資本報酬率。

Finally, with our strong cash flow, we can support our strategy and return capital to shareholders through our share repurchase program. Overall, we are well positioned to create solid value for our shareholders in 2026 and significant value over the longer term. We have 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.

最後，憑藉強勁現金流，我們能支持策略推進，並透過庫藏股回購計畫向股東返還資本。整體而言，我們在 2026 年具備為股東創造穩健價值的良好定位，並在更長期創造顯著價值。自 2014 年初以來，我們已在所有產品線完成 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。

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 can add over $2 billion of acquired trailing 12 months revenue to SiteOne over the next 10 years.

我們的潛在交易管線仍然強勁，且預期在 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 10 年可透過併購為 SiteOne 增加超過 20 億美元的併購過去 12 個月（TTM）營收。

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.

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；我們的目標主要透過併購來達成，特別是在苗圃、硬景（hardscapes）與景觀耗材（landscape supplies）等類別。我們與產業中最優秀的公司保持良好連結，並預期在未來十年持續有系統地補齊這些市場。

I will now discuss some of our second-quarter performance highlights as shown on slide 8. Net sales increased 5% to $1.53 billion during the quarter with 1% organic daily sales growth and 3% sales growth added through acquisitions. We believe that new residential landscaping demand is down high single digits, and demand in repair and upgrade is down mid-single digits this year, reflecting the decline in new home completions and ongoing macroeconomic uncertainty.

我現在將討論投影片 8 所示的第二季績效亮點。本季淨銷售額成長 5% 至 15.3 億美元，其中有機日銷售成長 1%，併購帶來的銷售成長貢獻 3%。我們認為，新建住宅景觀需求下降高個位數百分比，而維修與升級需求今年下降中個位數百分比，反映新屋完工量下滑以及持續的總體經濟不確定性。

Additionally, we believe that end market demand for maintenance products has been negatively impacted in the short term by the recent significant price increases as customers adjust to meet fixed budgets. Accordingly, even though we believe that we are outperforming the market through our commercial initiatives, we were unable to fully offset end market declines, resulting in a 2% decline and sales volume during the quarter.

此外，我們認為維護類產品的終端市場需求在短期內受到近期顯著漲價的負面影響，因客戶正調整以符合固定預算。因此，儘管我們相信透過商業計畫的推動而優於市場表現，我們仍無法完全抵消終端市場下滑，導致本季銷量下降 2%。

Pricing increased by 3% year-over-year during the quarter, yielding the 1% organic daily sales growth. Gross profit increased 6% to approximately $565 million, and gross margin improved 50 basis points to 36.9%. The improvement reflects increased price realization, along with execution of our commercial initiatives, including continued strong growth in private brands and with small customers, and excellent management of fuel surcharges in response to higher delivery expense.

本季價格較去年同期上升 3%，帶來 1% 的有機日銷售成長。毛利成長 6% 至約 5.65 億美元，毛利率提升 50 個基點至 36.9%。此改善反映價格實現提升，以及我們商業計畫的執行成效，包括自有品牌與小型客戶持續強勁成長，並在配送費用上升的情況下，對燃油附加費進行出色管理。

SG&A as a percentage of net sales increased 30 basis points during the quarter as our operational initiatives and tight management of spending were more than offset by higher fuel cost, increased health care expenses and ongoing cost inflation. Given the market weakness, we are taking additional actions during the remainder of the year, which we expect will achieve approximately flat SG&A as a percentage of net sales for the year.

本季 SG&A（銷售、一般及行政費用）占淨銷售額比重上升 30 個基點；我們的營運計畫與嚴格費用控管的效益，仍被較高燃油成本、醫療保健費用增加及持續的成本通膨所抵消。鑑於市場疲弱，我們在今年剩餘期間將採取額外行動，預期可使全年 SG&A 占淨銷售額比重約持平。

Adjusted EBITDA increased 5% to $237.2 million, and adjusted EBITDA margin was maintained at 15.5%. Year-to-date, we have improved adjusted EBITDA margin by 20 basis points, and we expect to continue expanding adjusted EBITDA margin in the second half and for the full year 2026 despite the softer markets.

調整後 EBITDA 成長 5% 至 2.372 億美元，調整後 EBITDA 利潤率維持在 15.5%。年初至今，我們已將調整後 EBITDA 利潤率提升 20 個基點；儘管市場較疲弱，我們預期在下半年及 2026 全年仍將持續擴大調整後 EBITDA 利潤率。

In terms of initiatives, we continue to make solid progress during the quarter despite the lower end market demand, executing specific actions to improve our customer experience, drive organic sales growth, expand gross margin and manage SG&A. For organic growth and gross margin expansion, we achieved good organic daily sales growth with our small customers and grew our Pro-Trade Solstice and portfolio of private brand products collectively by 40% during the quarter.

就各項計畫而言，儘管終端市場需求較低，我們本季仍持續取得穩健進展，執行具體行動以改善客戶體驗、推動有機銷售成長、擴大毛利率並管理 SG&A。在有機成長與毛利率擴張方面，我們在小型客戶上取得良好的有機日銷售成長，且 Pro-Trade Solstice 與自有品牌產品組合本季合計成長 40%。

A percentage of branches with bilingual capability is nearly 70% despite adding 12 Reinders branches without this capability, continue to execute our Hispanic marketing strategy to drive growth in this important customer segment.

具備雙語能力的分店占比接近 70%，儘管我們新增了 12 家不具此能力的 Reinders 分店；我們仍持續執行西語裔行銷策略，以推動此重要客群的成長。

We increased our digital sales on siteone.com by over 50% year-to-date versus the prior year period, while also increasing our regular active users by approximately 40%. 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, helps us to increase market share while making our associates more productive, a true win-win-win.

年初至今，我們在 siteone.com 的數位銷售較去年同期成長逾 50%，同時常態活躍使用者約增加 40%。我們相信，對於以數位方式與我們互動的客戶，我們正在取得市占率，因為本季我們在這些客戶上實現強勁的正向總銷售成長。siteone.com 協助客戶提升效率，也幫助我們在提高同仁生產力的同時提升市占率，真正達成三贏。

On the SG&A front, we continued to lower our net delivery expense during the second quarter as a result of increased efficiency along with improved pricing. As mentioned, 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 costs.

在 SG&A 方面，受益於效率提升與定價改善，我們第二季持續降低淨配送費用。如前所述，我們的團隊在與客戶合作、轉嫁燃油附加費以緩解燃油成本短期大幅上升方面做得很好。

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. We also continue to achieve improved profitability with our underperforming branches or focused branches during the quarter, though they were also negatively affected by low organic daily sales growth. We expect to drive steady improvement with these branches in 2026, which should accelerate with more normal end market demand in the coming years.

我們預期在 2026 年及未來數年，隨著我們執行在地市場配送策略與最佳實務，將降低淨配送費用。本季我們也持續提升表現不佳分店（或重點改善分店）的獲利能力，儘管它們同樣受到有機日銷售成長偏低的負面影響。我們預期在 2026 年推動這些分店穩定改善，且在未來幾年終端市場需求回歸較正常水準時，改善速度應會加快。

In total, our ability to execute our commercial and operational initiatives, we believe enables us to outperform the market and deliver EBITDA margin expansion despite lower end market demand. Furthermore, we expect these initiatives to help us drive organic growth and expand our adjusted EBITDA margin over the next several years towards our 2030 targets.

總體而言，我們執行商業與營運計畫的能力，我們相信可使我們優於市場表現，並在終端市場需求較低的情況下仍能實現 EBITDA 利潤率擴張。此外，我們預期這些計畫將在未來數年協助我們推動有機成長，並將調整後 EBITDA 利潤率朝 2030 年目標持續提升。

On the acquisition front, we have 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. We have an active pipeline of additional companies, and we expect to close more acquisitions during the remainder of the year.

在併購方面，2026 年迄今我們已將兩家公司納入集團，合計過去 12 個月銷售額約 1.10 億美元，其中包括 Reinders——其為美國中西部灌溉、農藝與照明產品的強勢市場領導者。我們仍有活躍的潛在併購標的管線，並預期在今年剩餘期間完成更多併購案。

An experienced acquisition team, broad and deep relationships with the best companies, a strong balance sheet and an exceptional reputation as the acquirer of choice. We remain well positioned to grow consistently through acquisition for many years in the very fragmented wholesale landscape supply distribution market.

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。在高度分散的景觀用品批發通路配送市場中，我們仍具備良好條件，未來多年可透過併購持續穩健成長。

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

接下來 Eric 將更詳細帶大家回顧本季表現。Eric？

Thanks, Doug. I'll begin on slide 9 with some highlights of our second quarter results. Net sales increased 5% to approximately $1.53 billion during the quarter compared to approximately $1.46 billion for the prior year period.

謝謝，Doug。我將從投影片 9 開始，說明第二季結果的一些重點。本季淨銷售額成長 5% 至約 15.3 億美元，較去年同期約 14.6 億美元增加。

Organic daily sales increased 1%, driven by price inflation in response to rising costs and the benefit of our commercial initiatives, partially offset by softer end markets. Acquisition sales, which include sales attributable to acquisitions completed in 2025 and 2026, contributed approximately $49 million or 3% to net sales growth during the quarter.

有機日銷售成長 1%，主要由因應成本上升的價格通膨及商業計畫帶來的效益所驅動，但部分被終端市場轉弱所抵消。併購銷售（包含 2025 與 2026 年完成之併購所貢獻的銷售）本季對淨銷售成長貢獻約 4,900 萬美元或 3%。

From a demand perspective, as Doug mentioned, we continue to experience challenging conditions in our end markets. Organic volume declined approximately 2% during the quarter due to weakness in the new residential construction and repair and upgrade end markets.

就需求面而言，如 Doug 所提，我們的終端市場仍面臨具挑戰性的環境。由於新建住宅施工以及維修與升級終端市場疲弱，本季有機銷量約下降 2%。

Pricing contributed approximately 3% during the quarter which was generally in line with our expectations coming out of the first quarter. The year-over-year price increases reflect supply dynamics and higher transportation costs. In addition, we benefited from the tariff-related price increases that were implemented in 2025.

本季定價貢獻約 3%，大致符合我們第一季結束時的預期。年對年價格上升反映供應動態與較高的運輸成本。此外，我們也受益於 2025 年實施的關稅相關漲價。

Pricing was positive for most of our product categories and more than offset the deflationary impacts of grass seed and PVC pipe where prices were down by 9% and 4%, respectively, for the quarter. For the full year, we expect pricing to contribute approximately 3% to our results. While pricing was solid in the second quarter, there remains a high degree of uncertainty for the rest of the year given the ongoing disruption in the Middle East and related volatility in commodities.

我們多數產品類別的定價皆為正向，且足以抵消草籽與 PVC 管的通縮影響；本季其價格分別下跌 9% 與 4%。就全年而言，我們預期定價將對業績貢獻約 3%。儘管第二季定價表現穩健，但由於中東持續動盪及相關大宗商品波動，今年其餘期間仍存在高度不確定性。

In addition, we lapped the 2025 tariff-related price increases for the remainder of the year. Consequently, we believe pricing is more likely to track near 3% in the second half of the year, rather than accelerate meaningfully from current levels. From a regional perspective, performance varied significantly by market.

此外，今年剩餘期間我們也將與 2025 年關稅相關漲價形成基期比較。因此，我們認為下半年定價更可能維持在接近 3% 的水準，而非在目前水準上顯著加速。從區域角度來看，各市場表現差異相當大。

The Central region continues to be our strongest performer achieving double-digit organic growth for the second quarter following the same result for the first quarter. However, the Sunbelt remained challenged, particularly California, Arizona and Texas, where organic sales were down due to weaker demand in the new residential construction and repair and upgrade end markets.

中部地區仍是我們表現最強的區域，第二季在有機成長上達到雙位數，與第一季相同。然而，陽光帶地區仍具挑戰，尤其是加州、亞利桑那州與德州；由於新建住宅施工以及維修與升級終端市場需求較弱，有機銷售下滑。

Texas also experienced a meaningful amount of rain during the second quarter. Although weather did not have a broad negative impact on our overall sales performance for the quarter.

德州在第二季也出現相當可觀的降雨量。不過，天氣並未對我們本季整體銷售表現造成廣泛的負面影響。

Organic daily sales for agronomic products which include fertilizer and control products, ice melt and equipment, increased 5% for the second quarter due to price inflation resulting from rising product costs. Agronomic volume growth was 1% for the quarter against a difficult comparison to the prior year period.

包含肥料與防治產品、融冰鹽以及設備在內的農藝產品之有機日銷售額，在第二季因產品成本上升所帶來的價格通膨而成長5%。在與去年同期較為艱難的比較基期下，本季農藝產品銷量成長1%。

We believe the higher prices for certain agronomic products like fertilizer have also reduced short-term volume as our customers deal with fixed maintenance budgets. Organic daily sales for landscaping products, which include irrigation, nursery, hardscapes, outdoor lighting and landscape accessories, were flat in the second quarter compared to the prior year period reflecting weakness in new residential construction in softer repair and upgrade activity.

我們認為，某些農藝產品（如肥料）價格較高，也使得客戶在固定維護預算下，短期銷量有所下降。包含灌溉、苗圃、硬景觀、戶外照明及景觀配件在內的景觀產品之有機日銷售額，第二季與去年同期持平，反映新建住宅施工疲弱，以及維修與升級活動轉弱。

Gross profit increased 6% to approximately $565 million and gross margin improved 50 basis points to 36.9% during the quarter. The improvement was driven by price realization and execution of our commercial initiatives including continued private brand and small customer growth. Pro-Trade Private brand sales increased nearly 50% in the quarter compared to the same period last year.

本季毛利成長6%至約5.65億美元，毛利率提升50個基點至36.9%。改善主要由價格落實，以及我們商業計畫的執行所帶動，包括持續推動自有品牌與小型客戶成長。Pro-Trade自有品牌銷售額在本季較去年同期成長近50%。

And small customer growth also remained strong both of which supported gross margin performance. These benefits were partially offset by the dilutive effect of freight and distribution costs resulting from higher fuel prices, the addition of our fifth distribution center this year that wasn't operational in the prior year period and continued deflation in certain commodity products.

小型客戶成長同樣維持強勁，兩者皆支撐毛利率表現。然而，這些效益部分被運輸與配送成本的稀釋效應所抵銷，原因包括燃油價格上升、今年新增的第五座配送中心（去年同期尚未營運），以及部分大宗商品持續通縮。

Selling, general and administrative expenses increased to approximately $371 million for the second quarter from $349 million for the same period last year. SG&A as a percentage of net sales increased approximately 30 basis points to 24.2%, driven primarily by the modest organic daily sales growth during the quarter.

第二季銷售、一般及行政費用（SG&A）由去年同期的3.49億美元增加至約3.71億美元。SG&A占淨銷售額比重約上升30個基點至24.2%，主要受本季有機日銷售額僅溫和成長所致。

Acquisitions accounted for approximately half of the total year-over-year increase in SG&A for the second quarter. SG&A in the base business on an adjusted basis increased approximately 3.5% compared to the prior year period. The increase in base business SG&A was due primarily to higher health care expenses and fuel cost inflation.

併購約占第二季SG&A年增總額的一半。以調整後口徑計算，基礎業務的SG&A較去年同期約增加3.5%。基礎業務SG&A增加主要來自醫療保健費用上升與燃油成本通膨。

Effective tax rate was 25.7% for the second quarter compared to 25.4% for the prior year period, primarily due to higher state income tax expense. No excess tax benefits were recognized in the second quarter or the prior year period. We continue to expect the effective tax rate for fiscal 2026 will be between 25% and 26% excluding discrete items such as excess tax benefits.

第二季有效稅率為25.7%，去年同期為25.4%，主要因州所得稅費用較高。第二季及去年同期均未認列超額稅務利益。我們仍預期2026會計年度有效稅率（不含超額稅務利益等一次性項目）將介於25%至26%。

Net income attributable to SiteOne increased 8% to $139.3 million compared to $129.0 million in the prior year period. The improvement primarily reflects gross margin expansion, partially offset by higher SG&A expenses and continued market-related volume pressure.

歸屬於SiteOne的淨利較去年同期的1.29億美元成長8%至1.393億美元。改善主要反映毛利率擴張，部分被較高的SG&A費用及持續的市場相關銷量壓力所抵銷。

Our weighted average diluted share count was approximately 44.4 million during the second quarter compared to approximately $45.1 million for the same period last year. In the second quarter, we repurchased approximately 797,000 shares for approximately $94 million at an average price of $117.63 per share. This was our largest share repurchase quarter since we initiated the plan in October 2022.

第二季加權平均稀釋後流通股數約為4,440萬股，去年同期約為4,510萬股。第二季我們以每股平均117.63美元回購約79.7萬股，金額約9,400萬美元。這是自我們於2022年10月啟動該計畫以來，回購規模最大的一個季度。

Post quarter end, we repurchased an additional 101,000 shares for approximately $10 million, bringing year-to-date repurchases through July to 1.053 million shares for approximately $124 million. Adjusted EBITDA increased 5% to $237.2 million compared to $226.7 million in the prior year period.

季後截至期末，我們另回購約10.1萬股，金額約1,000萬美元，使得截至7月的年初至今回購總量達105.3萬股、金額約1.24億美元。調整後EBITDA成長5%至2.372億美元，去年同期為2.267億美元。

Adjusted EBITDA margin of 15.5% was consistent with the prior year period. Adjusted EBITDA includes $1.3 million attributable to noncontrolling interest. During the quarter, we acquired the remaining 25% interest in Devil Mountain Wholesale Nursery and now own 100% of the business.

調整後EBITDA利潤率15.5%與去年同期一致。調整後EBITDA包含歸屬於非控制權益的130萬美元。本季我們收購了Devil Mountain Wholesale Nursery剩餘25%的權益，現已持有該業務100%股權。

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 $1.10 billion compared to $1.06 billion at the end of the same period last year. Cash provided by operating activities increased approximately $17 million to $153 million, due primarily to higher net income and a positive contribution from working capital changes.

接下來我將就資產負債表與現金流量表提供簡要更新，如投影片10所示。季末營運資金約為11.0億美元，去年同期季末約為10.6億美元。營運活動提供的現金流入增加約1,700萬美元至1.53億美元，主要由較高淨利及營運資金變動的正向貢獻所帶動。

We made cash investments of approximately $15 million for the second quarter compared to approximately $17 million for the same period last year. Capital expenditures for the quarter were approximately $18 million compared to approximately $14 million for the same period last year due to increased investments in our branch locations and branch equipment.

第二季現金投資約1,500萬美元，去年同期約1,700萬美元。本季資本支出約1,800萬美元，去年同期約1,400萬美元，主要因我們加大對分公司據點與分公司設備的投資。

Net debt at quarter end was approximately $556 million compared to approximately $532 million for the prior year period. Net debt to trailing 12-month adjusted EBITDA was 1.3x which is within our range of 1x to 2x and unchanged compared to the same time last year.

季末淨負債約5.56億美元，去年同期約5.32億美元。淨負債對過去12個月調整後EBITDA倍數為1.3倍，落在我們1倍至2倍的目標區間內，且與去年同期持平。

Available liquidity at the end of the quarter totaled approximately $530 million, consisting of $87 million of cash on hand and approximately $443 million of available borrowing capacity under our ABL Facility. During the quarter, we amended our ABL Facility to, among other things, extend the maturity date to April 2031, further strengthening our financial position.

季末可用流動性合計約5.30億美元，包括8,700萬美元手頭現金，以及在我們ABL融資額度下約4.43億美元的可用借款額度。本季我們修訂了ABL融資額度，其中包括將到期日延長至2031年4月，進一步強化我們的財務狀況。

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.

提醒各位，從資產負債表與流動性角度來看，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我們的成長策略。

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

接下來我把電話交給Daniel，請他更新我們的併購策略。

Thanks, Eric. As shown on slide 11, we did not complete an acquisition during the second quarter, However, our acquisition pipeline remains active and healthy. We continue to engage with a large number of high-quality businesses across the landscape supply industry and remain encouraged by both the quality and quantity of opportunities we are seeing. Our focus remains on building long-term value through disciplined acquisitions that strengthen our product offering, expand our capabilities and enhance our local market positions.

謝謝，Eric。如投影片11所示，我們在第二季未完成任何併購；不過，我們的併購案源管道仍然活躍且健康。我們持續與景觀供應產業中大量高品質企業接洽，對於目前看到的機會之品質與數量都感到鼓舞。我們仍聚焦於透過嚴謹自律的併購來創造長期價值，以強化產品供應、擴展能力並提升在當地市場的地位。

As a reminder, we completed two acquisitions earlier this year that together represented approximately $110 million of trailing 12-month sales. These acquisitions further strengthened our position in attractive local markets while adding talented teams and new capabilities to the SiteOne platform. The integration of these businesses is on track and we are pleased with their performance and strategic fit. We continue to drive steady acquisition growth with a focus on building strong relationships with potential targets that lead to negotiated deals when they are ready to sell.

提醒各位，我們今年稍早完成兩項併購，合計代表過去12個月約1.10億美元的銷售額。這些併購在吸引人的在地市場進一步強化我們的地位，同時為SiteOne平台加入優秀團隊與新能力。這些業務的整合進度符合計畫，我們對其表現與策略契合度感到滿意。我們持續推動穩健的併購成長，並著重與潛在標的建立深厚關係，以在對方準備出售時促成協商交易。

Many of our most successful acquisitions have resulted from relationships that we have developed over many years. In many cases, we are meeting with owners long before they're actively considering a transaction. Our reputation is the acquirer of choice, our commitment to preserving local relationships and cultures and our track record of successful acquisitions continue to differentiate SiteOne in the market.

我們許多最成功的併購都源自於多年建立的關係。在許多情況下，我們在業主尚未積極考慮交易之前就已與其會面。我們作為首選收購方的聲譽、對維護在地關係與文化的承諾，以及成功併購的實績，持續使SiteOne在市場上脫穎而出。

Overall, we remain confident in the long-term acquisition opportunity in front of us. Our pipeline is active, our relationships remain strong, and our competitive advantages as a buyer continue to resonate with prospective sellers. We believe SiteOne remains uniquely positioned by a strong role in consolidating our industry for many years to come.

整體而言，我們對眼前的長期併購機會仍充滿信心。我們的案源管道活躍、關係依然穩固，而我們作為買方的競爭優勢也持續獲得潛在賣方認同。我們相信，SiteOne憑藉其強勢地位，未來多年仍將在推動產業整併方面具備獨特優勢。

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 13. We believe that the ongoing energy volatility, higher interest rates, weak consumer confidence and increased macroeconomic uncertainty are collectively having a negative effect on the already weak new residential construction end market and the typically more resilient repair and upgrade end market. These trends are more than offsetting modest growth in maintenance and flat new commercial construction.

謝謝你，Daniel。我將在第 13 頁做個總結。我們認為，持續的能源價格波動、較高的利率、疲弱的消費者信心以及加劇的總體經濟不確定性，正共同對本已疲弱的新住宅建築終端市場，以及通常更具韌性的維修與升級終端市場造成負面影響。這些趨勢已超過維護市場的溫和成長以及新商用建築持平的表現。

Pricing continues to be positive, and we believe that pricing will contribute approximately 3% to net sales growth for the full year. Overall, with the benefit of our commercial initiatives, we expect organic daily sales growth for the year to be flat to up 1%.

定價仍然呈現正向，我們認為定價將在全年為淨銷售成長貢獻約 3%。整體而言，在我們商業推動措施的助益下，我們預期今年的有機日銷售成長將介於持平至成長 1%。

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 high single digits for the full year 2026. New commercial construction demand, which represents 14% of our sales, has been solid so far, and we believe it will remain flat in 2026.

就終端市場而言，我們正經歷新住宅建築需求疲弱，該市場占我們銷售額的 20%，我們預期 2026 全年該市場將下滑高個位數百分比。新商用建築需求占我們銷售額的 14%，迄今表現穩健，我們認為 2026 年將維持持平。

Bidding activity from our project services teams continues to be slightly positive compared to the prior year, which is a good indicator of continued demand. 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 of last year.

我們專案服務團隊的投標活動相較去年仍略為正向，這是需求持續的良好指標。我們認為維修與升級市場占我們銷售額的 30%，該市場在 2025 年下滑，但在去年下半年似乎已趨於穩定。

However, with the increased macroeconomic uncertainty, volatile energy costs, high interest rates and continued weak consumer confidence we believe that repair and upgrade market has taken another step down this year. While the long-term fundamentals for this end market are strong, we believe that repair and upgrade demand will be down approximately mid-single digits in 2026.

然而，隨著總體經濟不確定性升高、能源成本波動、利率居高不下以及消費者信心持續疲弱，我們認為維修與升級市場今年又再下了一個台階。儘管該終端市場的長期基本面強勁，我們仍認為 2026 年維修與升級需求將下滑約中個位數百分比。

Lastly, in the maintenance end market, which represents 36% of our sales, we achieved excellent sales volume growth in 2025 as our teams gain profitable market share on top of the steady demand growth. We have seen steady demand so far this year, though there seems to be some near-term volume reduction in response to higher fertilizer prices where the customers' maintenance budgets are fixed for the year. Overall, we expect the maintenance end market to grow modestly in 2026.

最後，在維護終端市場（占我們銷售額的 36%）方面，2025 年我們在穩定的需求成長之上，團隊持續以獲利方式取得市占，因此達成了優異的銷售量成長。今年迄今我們看到需求保持穩定，但由於客戶的年度維護預算已固定，在肥料價格上漲的情況下，短期內似乎出現一些銷售量下滑。整體而言，我們預期 2026 年維護終端市場將溫和成長。

In total, after almost seven months of activity, we expect end market demand to be down this year with weakness in new residential construction and repair and upgrade more than offsetting modest growth in maintenance. Given this backdrop and with the benefit of our commercial initiatives and 3% growth in pricing, we expect our organic daily sales to be flat to up 1% for the full year 2026.

總體來看，在將近七個月的營運活動後，我們預期今年終端市場需求將下滑，新住宅建築以及維修與升級的疲弱，將超過維護市場的溫和成長。在此背景下，並結合我們商業推動措施的助益以及 3% 的定價成長，我們預期 2026 全年有機日銷售將介於持平至成長 1%。

We expect gross margin in 2026 to be higher than 2025, driven by price realization and our commercial initiatives, partially offset by higher freight and logistics costs supporting our growth. Given the lower sales volume, we expect SG&A as a percent of net sales to be approximately flat for the full year with our operational initiatives and actions to reduce SG&A offsetting higher fuel costs and general cost inflation.

我們預期 2026 年毛利率將高於 2025 年，主要由價格實現以及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輸與物流成本所抵銷。鑑於銷售量較低，我們預期全年 SG&A（銷售、一般及行政費用）占淨銷售比率大致持平；我們的營運推動措施與降低 SG&A 的行動，將抵銷較高的燃料成本與一般成本通膨。

Overall, we expect solid improvement in our adjusted EBITDA margin. 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 the SiteOne family during the remainder of the year.

整體而言，我們預期調整後 EBITDA 利潤率將有明顯改善。在併購方面，如 Daniel 所提，我們有一條優質標的的良好管線，並預期在今年剩餘期間，將更多優秀公司納入 SiteOne 大家庭。

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. 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.

最後，2026 年我們多了一週。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，而這段期間傳統上對 SiteOne 而言是虧損期。因此，我們預期這多出的一週將使我們的調整後 EBITDA 減少 400 萬至 500 萬美元。綜合以上因素，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 億美元之間。此區間未納入任何尚未公告之併購的貢獻。

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

最後，我想由衷感謝所有 SiteOne 的同仁，你們的熱情、投入、團隊合作與無私服務持續令我驚豔。我們擁有一支卓越的團隊，能與大家並肩合作、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) Ryan Merkel, William Blair.

(接線員指示) Ryan Merkel，William Blair。

Doug, I wanted to start on the quarter and just the weaker volumes that you saw. It sounds like the biggest issue is new resi in the Sun Belt markets. What kind of negative growth are you seeing in the Sunbelt states for new resi. And then it sounds like R&R took a step down, which product categories are you seeing the biggest impact there? And is that broad-based across the country for the R&R market?

Doug，我想先從本季以及你們看到的較弱出貨量談起。聽起來最大的問題是太陽帶市場的新住宅。你們在太陽帶各州的新住宅看到多大幅度的負成長？另外，聽起來維修與翻新（R&R）又下了一個台階，你們在哪些產品類別看到影響最大？而且在 R&R 市場方面，這是否是全國性的普遍現象？

Yes. So new residential, yes, we've seen some increased weakness. If you look at last year, starts were down significantly, completions were a little better than starts. And I think what we've seen this year is that starts are down mid-single digits, but completions are down high-single digits. And we're seeing worse than that in the Sunbelt, the California, Arizona, Texas and then better than that up in the Midwest.

是的。新住宅方面，是的，我們確實看到疲弱程度加劇。如果看去年，開工量大幅下滑，完工量則比開工量稍好一些。而我認為今年我們看到的是：開工量下滑中個位數百分比，但完工量下滑高個位數百分比。而在太陽帶、加州、亞利桑那、德州等地，我們看到的情況比這更差；相較之下，中西部則好一些。

Overall, it's pretty broad-based, though in terms of residential outside of the kind of the Midwest we're seeing it across the Southeast, et cetera. So yes, so that market is kind of weaker than expected. Remodel is broad-based. Our remodel products, hardscapes and lighting are good barometers of our model. And yes, it is broad-based across the country.

整體而言，這相當普遍；就住宅市場來看，除了中西部之外，我們在東南部等地也都看到了。所以是的，該市場比我們預期更弱。翻修是普遍性的。我們的翻修產品，例如硬景觀與照明，是衡量翻修市場的良好指標。而是的，這在全國範圍內都很普遍。

Obviously, it's a little worse than some of those Sun Belt areas. But we really think that's just a matter of the Iran war, the volatility in energy we consume, all the factors that typically support remodel really aren't there this year. We feel good about the markets long term, and we think it will snap back. And it has the opportunity to snap back faster, we believe, than residential.

顯然，在部分太陽帶地區情況更糟一些。但我們認為這主要是伊朗戰爭、我們所消耗能源的波動，以及所有通常支撐翻修的因素今年都不在的結果。我們對市場的長期前景感到樂觀，並認為它會反彈。而且我們相信，相較於住宅市場，它有機會更快反彈。

But right now, it's taken another step down. It's pretty weak. And we see those in those products. Obviously, we talk to our vendors and our partners. And so we have pretty good confidence that market's just taking another step down, hopefully, it will stabilize at the current levels.

但就目前而言，它又再下了一個台階。相當疲弱。我們在那些產品上看到了這些跡象。當然，我們也會與供應商及合作夥伴溝通。因此我們相當有信心，市場只是又往下走了一步；希望它能在目前水準上趨於穩定。

Okay. Got it. That's helpful. And then my second question, how are you thinking about volumes in the third quarter? It looks like maybe down 2% is a good starting point. And then comment on pricing, 3% for the year. It implies you're not getting a lot of traction in some of the PVC and fertilizer price increases. Is that the right read?

好的。了解。這很有幫助。那我的第二個問題是，你們如何看待第三季的出貨量？看起來可能下滑 2% 是一個不錯的起點。另外談談定價，全年 3%。這意味著你們在 PVC 和肥料的漲價上並沒有取得太多進展。這樣解讀對嗎？

Yes. I think our volume outlook flat to up 1%, factors in the 3%. So that does assume kind of a 2% volume. We think the market is worse than that. We're getting a little bit -- we're gaining some market share to get us to that point. We'll see how it goes, but that's what we have factored in.

是的。我認為我們對銷量的展望是持平到成長1%，其中已納入3%的因素。所以這確實假設大約2%的銷量。我們認為市場情況比那更差。我們正在小幅——我們正在取得一些市占率，讓我們達到那個水準。我們會看看進展如何，但這就是我們已經納入的假設。

Eric, you might want to talk specifically about price.

Eric，你可能想特別談談價格。

So Yes. We will get a benefit from PVC. We'll see those price increases now play out in the second half. Some of the finished goods too, that we've talked about, price increases are in. They're more in the 3% to 5% range.

所以，是的。我們會從PVC中獲得一些利多。我們將在下半年看到這些漲價開始反映出來。另外一些我們談過的成品也一樣，漲價已經到位。大多落在3%到5%的區間。

But again, the offsets to that, that are keeping it around 3% for now is fertilizer wrote up in the second quarter, even a little higher than originally we thought into the double digits, has come back down in the single digits with the pressure on urea and those commodities.

但同樣地，抵銷這些、使其目前維持在約3%的因素是：肥料在第二季上漲，甚至比我們原先預期的還高一些、達到兩位數，隨著尿素及相關大宗商品承壓，現在又回落到個位數。

So it's kind of uncertain, and we baked in kind of uncertainty coming back from double digits to single digits, so a little bit of pressure there. And then also, as I highlighted, we have fully lapped the tariff-related benefits that went in the second quarter last year.

所以這有點不確定，而我們也把這種從兩位數回落到個位數的不確定性納入假設，因此那裡會有一些壓力。另外，如我所強調的，我們也已完全度過去年第二季因關稅相關帶來的利多基期。

So in the second half of the year and originally how we thought about the year before the Middle East disruption is, there would be some downward pressure or comp on price. So those kind of balance out and get us into 3%. We do acknowledge if commodities were to rise again, that some of that pressure would go away and we could be higher than that 3% outlook.

因此在下半年，以及在中東事件干擾之前我們原先對全年所做的思考是，價格會有一些下行壓力或同比不利。所以這些大致互相平衡，使我們落在3%。我們也承認，如果大宗商品再次上漲，其中一些壓力就會消失，我們可能會高於3%的展望。

But where we sit today, we think that's a good read for now.

但以我們今天所處的位置來看，我們認為目前這樣的判讀是合理的。

David Manthey, Baird.

David Manthey，Baird。

First off, on -- just to check the metrics here, price and volume in both the agronomics and landscape products. Could you repeat that for me? I missed it on the monologue.

首先，關於——只是想確認一下這裡的指標，農藝與景觀產品的價格與銷量。你可以再重複一次給我嗎？我在你剛才的說明中漏聽了。

Right. Price for agronomics with 4% for the quarter and volume was 1%.

好的。農藝業務本季價格為4%，銷量為1%。

And then landscape products?

那景觀產品呢？

Landscape products were flat and price was 3%.

景觀產品銷量持平，價格為3%。

Okay. And then to touch on the fuel dynamics here, could you discuss the fuel impact as it relates to freight in and freight out? And just to clarify, the costs that you incur on fuel from your distribution centers to the branches. Does that fall into COGS, I would assume. And then as it relates to freight out on deliveries, have you been able to recoup that via surcharges?

好的。接著談到燃料的動態，你能否說明燃料對進貨運費與出貨運費的影響？另外確認一下，你們從配送中心到分店所產生的燃料成本。我猜那應該會列在銷貨成本（COGS）裡。然後就出貨運費、也就是配送到客戶的運費而言，你們是否能透過附加費把它收回來？

And then finally, on the freight in stuff, do you have a mechanism to recapture that as we move to the back half of the year? I know it's a lot, but it's a complex issue.

最後，關於進貨運費，你們是否有機制在今年下半年把它回收？我知道問題很多，但這確實是個複雜的議題。

Yes. On the delivery side or the freight outside, as we mentioned before, we implemented fuel surcharges right at the end of the first quarter. Those have been in place throughout the second quarter and continue today. We have managed the rise in the fuel cost impact to net neutral, but it is dilutive to SG&A as a percentage of net sales.

是的。在配送端或出貨運費方面，如我們先前提到的，我們在第一季末導入了燃料附加費。這些附加費在第二季全程適用，並且目前仍在實施。我們已將燃料成本上升的影響管理到淨影響為中性，但它會使SG&A占淨銷售額的比率被稀釋。

On the freight in side, we've done -- we're doing a number of things from supply chain management to mitigate that cost. But those costs as they come in on the products are translated into price increases. So we're managing that to pass through. There is a little bit of a dilutive effect that we've called out in the quarter, but we're doing the best to manage that.

在進貨運費方面，我們已經——也正在透過供應鏈管理等多項措施來降低該成本。但這些成本在產品端反映時，會轉化為價格調整。因此我們是在管理其轉嫁。本季我們提到有些微稀釋效應，但我們正盡最大努力去管理。

And David, on the -- just to give a magnitude on the freight out side, that fuel increase adds about 15 basis to SG&A with an offsetting benefit to gross margin. So it's really a transfer between one from the other. And then like Eric said, on the inbound, we capture that naturally through our pricing adjustments.

David，另外就出貨運費的量級補充一下，燃料上漲大約會讓SG&A增加約15個基點，但同時會有對毛利率的抵銷性利多。所以本質上是兩者之間的移轉。然後如Eric所說，在進貨端，我們會透過價格調整自然地把它吸收回來。

Okay. And then just mechanically on the costs between distribution center and branch, where do those get picked up in the P&L?

好的。那就配送中心到分店之間的成本，從損益表角度來看，會記在哪裡？

Yes. They're in cost of goods.

是的。那是在銷貨成本裡。

Those are in COGS too.

那些也在銷貨成本（COGS）裡。

Mike Dahl, RBC Capital Markets.

Mike Dahl，RBC Capital Markets。

Chris on for Mike. Just going back to price, could you guys help flesh out just the grass seed and PVC expectation for the back half, how what that year-over-year change is going to look like?

我是Chris，代Mike提問。回到價格這塊，你們能否更具體說明一下下半年草籽與PVC的預期，以及同比變化大概會是什麼樣子？

Yes. Grass seed, so those price changes just have gone in effect here in July. So we've been in a number of years of deflation. We are expecting those price increases to translate from the low-single-digit to mid-single-digit range here in the second half of the year. Third quarter is our largest grass seed selling quarter, about 40% of grass seed sales occur in the third quarter.

可以。草籽方面，這些價格調整在7月才剛生效。我們已經歷了好幾年的通縮。我們預期下半年這些漲價會反映在低個位數到中個位數的區間。第三季是我們草籽銷售最大的季度，大約40%的草籽銷售發生在第三季。

So there will be some benefit in the second half of the year from grass seed. PVC price increases went in during the second quarter. We'll start to see those benefits here in the second half. It is into soft -- softer end market. So while we expect price to kind of hold up against the several years of high deflation, what kind of see how that plays out with price elasticity in the second half of the year.

因此下半年草籽會帶來一些利多。PVC的漲價是在第二季實施。我們將在下半年開始看到這些利多。但它所對應的終端市場偏弱——較疲軟。所以雖然我們預期價格大致能撐住、對抗過去幾年的高度通縮，但我們會觀察下半年在價格彈性方面的表現。

Got it. Okay. And then just on the SG&A and the stepped-up health care inflation you guys saw this quarter. Is that onetime? Or is that kind of something we should be modeling into the back half?

了解。好的。另外關於SG&A以及你們本季看到的醫療保健成本通膨上升。那是一次性的嗎？還是我們應該把它納入下半年的模型？

Just any comments you can provide on drivers of year-over-year leverage in SG&A on the back half.

以及關於下半年SG&A同比槓桿改善的驅動因素，你們有任何可提供的評論嗎？

Yes. Most of the 30 basis point improvement was made up with fuel inflation and then the higher health care cost. It was -- it's probably a little bit higher in the second quarter than we would expect it to be the rest of the year, but we do expect those to be higher the rest of the year, health care probably a little less than it was in the second quarter, but fuel inflation to continue for now for where it's been.

是的。這30個基點的變動主要由燃料通膨以及較高的醫療保健成本所構成。第二季的水準——可能比我們預期全年其餘時間會看到的略高一些，但我們確實預期今年其餘時間這些成本仍會偏高；醫療保健成本可能會比第二季低一些，但燃料通膨就目前的情況來看仍會持續。

Charles Perron, Goldman Sachs.

Charles Perron，高盛。

First, I just want to go back on the SG&A. You talked about SG&A leverage flat for the full year which represent an improvement versus the first half. I realize the improvement in volumes will be a key driver. But I think you mentioned in your prepared remarks additional actions to drive productivity. I guess, first, did I hear you correctly?

首先，我想回到SG&A。你提到全年SG&A槓桿持平，這相較於上半年代表有所改善。我理解銷量改善會是關鍵驅動因素。但我記得你在事先準備的講稿中提到還有額外行動來提升生產力。我想先確認一下，我剛才聽得對嗎？

And also, how do you think about the potential for additional actions to help you against the weaker market outlook?

另外，針對較疲弱的市場展望，您如何看待採取更多行動來協助應對的可能性？

Yes. So we are taking additional actions. Obviously, with the volumes being weaker, we aim to adjust to that. And we are taking actions in our labor and our other costs to adjust down to the new volumes. As we mentioned, health care, which tends to move around during the quarter, we expect that to be a bit better.

是的。所以我們正在採取額外行動。顯然，隨著出貨量走弱，我們的目標是做出相應調整。我們也在勞動力與其他成本上採取行動，將其下調以匹配新的出貨量。如我們提到的，醫療保健費用通常會在季度內波動，我們預期這部分會稍微好一些。

Obviously, we'll monitor that. And the fuel cost, we've assumed that it's going to continue on in. But taking all that together, we do aim to get leverage in the second half to kind of end up flat. And we are taking additional actions really responding around the volumes. We hope to be able to drive higher volumes, but we're not assuming that we'll be able to do that at this point in time.

顯然，我們會持續監控。至於燃料成本，我們的假設是它會持續維持在目前水準。但綜合以上因素，我們的目標是在下半年取得槓桿效益，使結果大致持平。我們採取的額外行動確實主要是因應出貨量。我們希望能推動更高的出貨量，但在目前這個時間點，我們並未假設能做到。

Got it. Okay. That's helpful color. And second, I just want to flip to a commercial initiative. Can you provide an update on where do you see the biggest opportunities for penetration in the second half and how should you think about your ability to outperform your end market as a result, considering the weaker market outlook, does that change anything in terms of the different preferences or the performance of some of these initiatives?

了解。好。這些補充說明很有幫助。第二個問題，我想轉到商業端的推動方案。您能否更新一下：在下半年您認為滲透率提升的最大機會在哪裡？在較疲弱的市場展望下，您如何看待因此而有能力跑贏終端市場？這是否會改變各項方案的不同偏好或其表現？

Right. Good question. No, we really -- we feel good about our initiatives on the commercial side. Even with the weak markets, we're continuing to penetrate with siteone.com. And we found that the customers that are digitally engaged with us are growing significantly faster than our average.

是。好問題。不會，我們對商業端的各項推動方案仍然很有信心。即使市場疲弱，我們仍持續透過 siteone.com 提升滲透率。而我們發現，與我們有數位互動的客戶，其成長速度顯著快於平均水準。

We're still having good success with our small or medium customers which continues, whether it's a good market or a tough market, our private label brands, the growth there is significant, as we said, Pro-Trade is up over 50% for the year, still driving strong there with Solstice and portfolio and our other private brands.

我們在小型或中型客戶方面仍然有不錯的成果；無論市場景氣或艱困，我們的自有品牌都持續成長，正如我們所說，Pro-Trade 今年以來成長超過 50%，Solstice、Portfolio 以及其他自有品牌也持續帶動強勁表現。

And so that -- and that has the dual benefit of driving share gain but also improving our gross margin. So we're happy on our sales force productivity. We're continuing to drive that. So all our initiatives are in kind of full mode, if you will, and they're going to help us navigate through these softer markets. And obviously, as things normalize, we expect that to continue to accelerate and outperform the market.

因此，這同時具有雙重效益：一方面帶動市占提升，另一方面也改善我們的毛利率。我們對銷售團隊的生產力感到滿意。我們會持續推動。所以我們所有的方案都可說是全力運作中，並將協助我們度過這些較疲弱的市場。而且顯然，當情況回歸正常時，我們預期這些方案會持續加速並跑贏市場。

Yes. And we improved delivery as well in the first half of the year and a net delivered metric that we track against delivered sales, that achieved leverage in the first half of the year as well. And we're on track with how we kind of outlined our long-term contribution annually.

是的。我們在今年上半年也改善了配送；我們追蹤一項「淨配送」指標，並以配送銷售作為對照，該指標在上半年也實現了槓桿效益。而且我們的進度符合我們先前所概述的長期年度貢獻目標。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

I guess first question I wanted to ask, I mean, your year two -- into year two on kind of these branch optimization, you're talking about SG&A Flex. Do you believe that any of your SG&A reductions are impacting your performance in the market? And then I guess the follow-on to that is if you look at the branches you've closed, what have been the retention. How has retention fared relative to kind of your original assumptions around business you lost, business that you would expect to go to other branches in the area?

我想先問第一個問題：你們在這些分公司優化計畫進入第二年，並提到 SG&A 彈性（Flex）。你們是否認為任何 SG&A 的削減正在影響你們在市場上的表現？接著，如果看你們已關閉的分公司，客戶留存情況如何？相較於你們原先對於流失業務、以及預期會轉移到同區域其他分公司的業務之假設，留存表現如何？

Yes. No, good question. No, we -- I mean, we are very much focused on growth. We obviously are taking actions with SG&A but we never kind of take actions that sacrifice growth. For our closed branches, we're quite happy with our retention.

是的。不錯的問題。不，我們——我的意思是，我們非常專注於成長。我們確實在 SG&A 上採取行動，但我們從不採取會犧牲成長的措施。對於已關閉的分公司，我們對留存率相當滿意。

We've done, I think, a great job there. We are consolidating those into other branches nearby and maintaining those sales. So -- and so our SG&A actions are more about productivity improvement. The focused branch efforts involve growing sales as well as cutting SG&A. So it's not just kind of a one quiver method there.

我認為我們在那方面做得很好。我們將這些業務整併到附近的其他分公司，並維持那些銷售。因此——我們的 SG&A 行動更多是為了提升生產力。聚焦分公司的作法同時包含提升銷售與降低 SG&A。所以並不是單一手段。

We are one of the best ways to turn around a focus branch is to improve the customer service and drive share gain. So our SG&A management and reductions we're doing that carefully. But when you have lower volume, like we're seeing, you can take prudent actions and not damage our ability to outperform the market.

讓聚焦分公司扭轉表現的最佳方式之一，是改善客戶服務並帶動市占提升。因此，我們在管理與削減 SG&A 時會非常謹慎。但當出貨量較低、如我們目前所見時，你可以採取審慎的行動，而不會損害我們跑贏市場的能力。

Yes. Just a data point, we've always targeted at least to retain 80% of the sales through the consolidation with the nearby branch. And we did a study that in the first half, and we're tracking ahead of that threshold.

是的。補充一個數據點：我們一直以來的目標是，透過與附近分公司的整併，至少保留 80% 的銷售額。我們在上半年做了一項研究，目前追蹤結果高於該門檻。

And then a second question about kind of the additional SG&A actions that you're planning for this year. Do those come back -- do those come back, number one, in a flat market, which you kind of talked to for '27. And do they come back in like a full kind of normalized environment?

第二個問題是關於你們今年規劃的額外 SG&A 行動。第一，在你們提到的 2027 年那種市場持平的情境下，這些成本會回來嗎？第二，在一個完全正常化的環境下，這些成本會回來嗎？

Yes. No, good question. Because we're doing them carefully and strategically, when the market comes back, we do get leverage on that. I mean it's not -- we eliminate and then we just add right back. We are eliminating or kind of reducing, reallocating more aggressively with the eye that we're going to improve productivity.

是的。不錯的問題。因為我們是謹慎且策略性地執行，當市場回升時，我們確實能從中取得槓桿效益。我的意思是，並不是我們先刪掉，然後又立刻加回來。我們是在消除或降低，並更積極地重新配置資源，目標是提升生產力。

And as the market comes back, we'll get good drop down to the bottom line on that growth.

而當市場回升時，這些成長將會帶來良好的利潤下滑（drop-through）到最終盈餘。

Matthew Bouley, Barclays.

Matthew Bouley，Barclays。

Elaine Ku on for Matt Bouley today. So on the full year guide, I just wanted to clarify I guess there is incrementally weaker volume and SG&A outlook maybe from last quarter, can you parse out maybe what might be coming in a little stronger within the gross margin or some commercial initiatives or just maybe on the acquisition front that is leading to unchanged EBITDA guide?

今天由 Elaine Ku 代替 Matt Bouley 提問。關於全年指引，我想確認一下：相較上季，出貨量與 SG&A 展望似乎邊際上更疲弱；你們能否拆解一下，毛利率中是否有某些部分會稍微更強（例如燃料等因素）、或某些商業端推動方案、或是併購面向，從而使 EBITDA 指引維持不變？

Yes, I think like we mentioned, there is a swap out between SG&A and gross margin in terms of fuel. And with price moving nicely in the right direction, there's -- as we have more SG&A downside, let's say, as a percent of sales with the weaker volume, there's probably counterbalancing upside that helps us there. And so we're still very confident in our ability to expand EBITDA margins this year despite the weaker markets.

是的，我想如我們提到的，在燃料方面，SG&A 與毛利率之間存在一個此消彼長的替換效應。而且隨著價格朝正確方向良好變動，在出貨量較疲弱的情況下，若 SG&A 佔銷售比重有更多下行空間，可能會有相對應的上行因素在另一端抵銷並幫助我們。因此，即使市場較疲弱，我們仍對今年擴大 EBITDA 利潤率的能力非常有信心。

Is there another part of the question?

問題還有其他部分嗎？

Yes. I guess for my second question, just on a different note, like for the Reinders acquisition, any updates around how the integration of that is tracking? And in terms of the biggest or most near-term synergies you might realize what's sort of your outlook on that? And when do you expect to see the synergies fully flowing through?

有的。我的第二個問題換個主題：關於 Reinders 這項收購案，整合進度目前如何？就你們可能實現的最大或最短期的綜效而言，你們的展望是什麼？你們預期何時能看到綜效完全反映出來？

Yes. No. The integration is going well with Reinders. Reinders is a terrific company. It's in the right part of the country for the current market.

是的。不是。與 Reinders 的整合進展順利。Reinders 是一家很棒的公司。就目前市場而言，它位於國家中正確的區域。

I mean, the market is actually quite strong in the Midwest, where they are up in Wisconsin and Michigan, Ohio, Illinois. And so from a top line standpoint, they're doing well. We're getting synergies that we've gotten purchasing synergies. We've got -- we're putting in product synergies, we're able to -- our system synergies, they don't have a CRM. We're adopting those things.

我的意思是，市場其實在中西部相當強勁，他們在威斯康辛州、密西根州、俄亥俄州、伊利諾州。因此從營收（top line）的角度來看，他們表現不錯。我們正在取得綜效，我們已經拿到採購綜效。我們也有——我們正在導入產品綜效，我們能夠——系統綜效方面，他們沒有 CRM。我們正在採用這些做法。

So integration is on track. We won't have them fully integrated system-wise until early next year. They did quite a bit online themselves. And so we're being careful there to make sure that goes seamlessly. But the team's terrific. We're working well together and feeling really good about Reinders and long-term growth we can achieve together with Reinders going forward.

所以整合按計畫進行。在系統層面，我們要到明年年初才會把他們完全整合完成。他們自己在線上做了不少。因此我們在那部分會很謹慎，確保能無縫銜接。但團隊非常出色。我們合作得很好，對 Reinders 以及未來與 Reinders 一起能達成的長期成長感到非常樂觀。

Yes. And I'd add too on the synergy front, it's a multiyear. So as Doug kind of mentioned, the first year synergies. But after integration, too, we have distribution and logistics synergies that we're going to get nearby to our Wisconsin DC, and then as well as there will be some branch optimization opportunities as well going forward in year two.

是的。另外我也想補充，綜效方面是跨多年期的。所以如 Doug 剛才提到的，第一年的綜效。但在整合之後，我們也會有配送與物流綜效，我們將在靠近我們威斯康辛配送中心（DC）的地方取得這些綜效；此外，第二年起也會有一些分公司（branch）優化的機會。

Right. You'll see a couple of consolidations there with their branches and our branches. So a good point. We're getting synergies this year, we expect to get synergies really over the next couple of years as we fully join our two teams together.

對。你會看到他們的分公司與我們的分公司會有幾個整併。所以這點說得很好。我們今年正在取得綜效，我們預期在接下來幾年，隨著兩個團隊完全整合在一起，還會持續取得綜效。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

Has there been any meaningful change in the competitive environment of distribution from independent or large regional competitors with residential domain coming in softer than anticipated this year?

今年住宅端需求比預期更疲弱的情況下，來自獨立業者或大型區域競爭對手的通路（distribution）競爭環境，有沒有出現任何實質性的變化？

Yes, nothing abnormal. I mean, when markets are soft, things get more competitive. I mean that just -- that happens in any market regardless of who you're competing against. So it's a very competitive market right now. Luckily, I mean we know how to compete hard on the, let's say, the large customers in the places that commercial and the places where all the competitors go.

是的，沒有什麼不尋常。我的意思是，當市場走弱時，競爭就會更激烈。這——不論你在任何市場、跟誰競爭，都會發生。所以現在市場競爭非常激烈。幸運的是，我的意思是，我們知道如何在——比方說——大型客戶上強勢競爭，在商用端以及所有競爭者都會去的那些地方。

And then on the side through adjacent product lines and through going after small customers, et cetera, we're able to successfully gain market share. So I would describe it as a competitive market. As markets soften, they get more competitive. We're seeing that right now, but we know how to manage that, and we're confident we can manage through it to and the other side.

另外在其他面向，透過相鄰產品線、以及爭取小型客戶等等，我們也能成功提升市占率。所以我會把它形容為一個競爭激烈的市場。市場轉弱時，競爭就會更激烈。我們現在正在看到這種情況，但我們知道如何管理，我們也有信心能夠度過這段期間並走到另一端。

Great. And then, Doug, can you provide more color on the near-term maintenance demand pressure you stated in your prepared remarks. Specifically, when did this begin to show up in the market and types of maintenance projects, customers are temporarily delaying due to higher pricing.

很好。接著，Doug，你能否就你在事先準備的講稿中提到的短期維護需求壓力，提供更多細節？具體來說，這是從什麼時候開始在市場上出現的？以及由於價格較高，客戶暫時延後的是哪些類型的維護專案？

Yes. I mean that is when you get the price increases up in the double digits, like we saw in the second quarter with fertilizer than your maintenance customers, which are working off of fixed budgets tend to dial back a bit on their volumes. That's a short-term strategy to kind of get through. We've -- as Eric mentioned, fertilizers come down a little bit. So it can quickly come back because they're managing to an annual budget.

是的。我的意思是，當你看到價格上漲到兩位數百分比時——就像我們在第二季看到肥料那樣——那些維護型客戶通常是依固定預算運作，就會在用量上稍微縮手。那是一種短期策略，用來撐過這段時間。我們——如 Eric 提到的，肥料價格已經回落一些。所以它可能很快就會回來，因為他們是以年度預算在管理。

At the end of the year, they can adjust their budgets accordingly depending on kind of where the prices are at the time. So it's a short-term phenomenon. We feel like it negatively affected us in the second quarter, if prices come down, it could come back and be a tailwind in the third quarter, we'll see. But that tends to happen with fertilizer and combination products that are used every week, every month by these operators to kind of keep in line with their budgets.

到年底時，他們可以依當時的價格水準相應調整預算。所以這是一個短期現象。我們覺得它在第二季對我們造成了負面影響；如果價格下來，它可能會回來，並在第三季成為順風，我們再看看。但這種情況往往會發生在肥料以及每週、每月都會被這些營運者使用的複合產品上，以便讓支出符合他們的預算。

Matt Johnson, UBS.

Matt Johnson，瑞銀（UBS）。

Appreciate the time. I guess, first off, I think so organic daily volume was down, call it, almost 2% in the quarter. I think last quarter, you guys had mentioned it was down in April as well. I guess just given kind of all the noise and macro volatility that we've seen over the last few months, I guess, what did you -- out of demand, or I guess the volume, I should say, progress through May and June and then into July?

感謝撥冗。我想先問一下，我認為本季有機日均出貨量（organic daily volume）下滑了，大概接近 2%。我記得上季你們也提到 4 月同樣是下滑。考量過去幾個月我們看到的各種雜音與總體波動，我想問的是：需求——或者我應該說出貨量——在 5 月、6 月以及進入 7 月的走勢如何？

Yes. No, great question. As you know, in the first quarter, volume was down 4% in the first quarter. Some of that was a push of the spring from the first quarter to the second quarter with weather. In April, we saw negative volumes, but improved from that.

是的。不，這是個好問題。如你所知，第一季出貨量下滑了 4%。其中一部分是因為天氣因素，春季需求從第一季延後到第二季。4 月我們看到出貨量為負，但之後有所改善。

So we felt good. Okay, we're seeing the spring come through. In May, actually, the volumes were improved over April. And so we saw a nice trend. June, however, kind of with the other way, lost momentum.

所以我們感覺不錯。好，我們看到春季需求正在顯現。5 月的出貨量其實比 4 月更好。因此我們看到一個不錯的趨勢。然而 6 月則有點反向，動能流失。

And based on the kind of June and July, I think we're seeing where the real market is. I mean with that spring moving from the first quarter to the second quarter, it's hard -- it's kind of hard to tell where the market is. Now that we have a full first half and actually another month that we can see what's going on.

而根據 6 月與 7 月的情況，我認為我們正在看到市場的真實狀態。我的意思是，春季從第一季移到第二季，使得——要判斷市場在哪裡有點困難。現在我們有完整的上半年，甚至又多了一個月，可以看清楚發生了什麼。

Now we're seeing more clearly where the market is and that's -- and we've talked about that, that we feel that the remodel has kind of taken a step down, and we're at a new level. So that's how it progressed. Kind of give us a little bit -- it was hard to tell how much was kind of momentum and how much was just kind of spring coming back through. And as it turned out, that momentum got lost in June and July.

現在我們更清楚看到市場的位置，而那就是——我們也談過——我們覺得翻修（remodel）需求似乎下了一個台階，我們處在一個新的水準。所以這就是它的進展。之前有點——很難分辨有多少是動能、有多少只是春季需求回補。結果證明，那個動能在 6 月和 7 月流失了。

That's great. Appreciate that. Now I guess, changing topics a little bit, but just on greenfield expansion, I think at the Investor Day, you guys had talked about accelerating this opening maybe 5 to 10 new locations per year. But now I mean, clearly, demand -- end market demand has pulled back. You guys have talked about taking some actions on SG&A.

很好。謝謝你的說明。那我想稍微換個話題，關於綠地擴張（greenfield expansion），我記得在投資人日你們談到可能加速到每年新開 5 到 10 個據點。但現在很明顯，終端市場需求已經回落。你們也談到在 SG&A 上採取一些行動。

I guess, how are you guys thinking about opening new greenfield locations right now? And just, I guess, how are you thinking about branch count more broadly as we move into the back half of '26?

我想問，你們現在如何看待新開綠地據點？以及更廣泛地說，當我們進入 2026 年下半年時，你們如何看待分公司數量（branch count）？

Yes. No, good question. As we mentioned, greenfields are going to be a more meaningful part of our strategy going forward. We've typically done three or four years. We expect to do more 5 to 10 a year.

是的。不，問得好。如我們提到的，綠地新建（greenfield）未來將成為我們策略中更重要的一部分。我們過去通常每年做三到四個。我們預期每年會做更多，約 5 到 10 個。

Today, we've done six greenfields combination across the country. Obviously, with the market being down, we're very selective in that sense. Specific markets in greenfields for specific reasons. And so we're very careful there that we're not overdoing it in a market that's down, et cetera. But yes, we are moving ahead on that pace of 5% to 10%, and we expect to maintain that over the next several years.

截至今天，我們已在全國完成六個綠地新建的組合。顯然，在市場下行的情況下，我們在這方面非常挑選。針對特定市場、基於特定原因來做綠地新建。因此我們非常謹慎，避免在下行市場中做得過頭等等。但沒錯，我們正以 5% 到 10% 的速度推進，並預期在未來幾年維持這個節奏。

But obviously, careful in a market like this where the markets are down in certain markets we can always delay or decide to move ahead depending on the strategic need. Six so far this year, we may have a couple more through the year, but we're going to be very careful given the environment we're in today.

但顯然，在像現在這樣某些市場下行的環境中，我們會很謹慎；在某些市場，我們也可以視策略需求延後或決定繼續推進。今年到目前為止是六個，接下來一年內可能還會再做幾個，但考量當前環境，我們會非常小心。

Shaun Calnan, Bank of America.

Shaun Calnan，美國銀行。

I wanted to follow up on the fixed budgets impacting maintenance demand. Are these typically reset at calendar year? Or is it more staggered and dependent on like who the customer itself. And I guess the crux of my question is, does this kind of put a ceiling on the agronomic sales for the remainder of the year?

我想追問一下固定預算對維護需求的影響。這些通常是在曆年開始時重設嗎？還是更分散，取決於客戶本身？我想問的重點是，這是否會對今年剩餘時間的農藝（agronomic）銷售形成上限？

Agronomics is typically steady. And so I don't think different customers have different ways of budgeting and customers may be on an annual, they may be on a two-year contract. They may be and that may fall in the calendar year or et cetera, it would be hard to answer that specifically.

農藝需求通常相對穩定。因此我認為不同客戶有不同的預算方式；客戶可能是按年度，也可能是兩年期合約。而且可能落在曆年內或其他時間點，這很難具體回答。

So the phenomenon we tend to see is price increases in two to five range aren't going to effect. They're planning those in, right? They plan for price increases.

所以我們通常看到的現象是，2% 到 5% 區間的漲價不太會造成影響。因為他們會把這些納入規劃，對吧？他們會預留漲價空間。

When you get commodity like fertilizer that goes up into the double digits, that's when they tend to modify their settings, if you will, to kind of get by. I mean, at the end of the day, they got to keep the lawns green, the grass is green, golf courses have to maintain excellent turf for players, et cetera. But they can move things around.

當像肥料這類大宗商品上漲到兩位數時，他們往往就會調整他們的設定（如果你願意這麼說）來勉強應對。我的意思是，說到底，他們必須讓草坪保持綠色；草要綠，高爾夫球場也必須維持優良草皮供球員使用等等。但他們可以在項目之間做些調整。

So I wouldn't say it's a ceiling, but it's -- in the short term, if you have double-digit increases, you can't bank on that additive to a 2% volume increase.

所以我不會說那是一個上限，但它是——短期內，如果出現兩位數的漲幅，你不能指望它在 2% 的量增之上再帶來額外貢獻。

Yes. there's two kind of high seasons, spring application and fall application season and we get to the fall, we're back in single digits. The demand impact reduced demand would be less.

是的。一年大概有兩個旺季：春季施用季與秋季施用季；等到秋季時，我們又回到個位數的漲幅。需求受到的影響、也就是需求下滑的程度會比較小。

Yes. So it can move demand around during the year depending on -- they come up, they come down, et cetera. In this case, we think the second quarter was affected. Fertilizer comes back down. Again, that could come back in the third.

是的。所以需求可能會在一年之中移動，取決於——價格上來、下去等等。在這個案例中，我們認為第二季受到影響。肥料價格回落。同樣地，這可能會在第三季回補。

Okay. Great. And then it sounds like you guys are pretty confident that there will be more M&A this year. Can you talk about the size of those deals, what you think they could be? Are these going to be larger, smaller deals? And then how we should think about how that's going to impact share repurchases from here?

好的。很好。另外，聽起來你們相當有信心今年會有更多併購（M&A）。你能談談那些交易的規模、你認為可能會是多大嗎？會是較大或較小的交易？以及我們應該如何看待這對後續股票回購的影響？

I can take the first part of the question. So we typically don't talk about exact size deals. We are in active discussions with a number of companies, however, and we do expect to close more deals this year. With that, we think the results will fall in line with a more typical year for us in 2026 and beyond.

我可以先回答問題的第一部分。我們通常不談交易的確切規模。不過，我們確實正與多家公司進行積極討論，並且預期今年會完成更多交易。基於此，我們認為 2026 年及之後的結果將更符合我們較典型年度的表現。

Yes. And on the share repurchase question, you can see what we've done so far year-to-date. We're not done. We kind of have that line of sight for the next a little under six months for the year on M&A. Obviously, growth remains the first priority, but we're going to be opportunistic like we have been.

是的。至於股票回購，你可以看到我們今年迄今為止的執行情況。我們還沒結束。就併購而言，我們對今年接下來不到六個月的情況大致有可見度。顯然，成長仍是第一優先，但我們會像以往一樣把握機會。

And we still plan to stay in the range. We started the year even a little below that 1x to 2x leverage range. So we expect to be higher than that to close out the year. So we're going to continue to take advantage of where the stock price is and repurchases and continue to return capital to shareholders.

而且我們仍計畫維持在那個區間內。我們在年初時甚至略低於 1 倍到 2 倍的槓桿區間。因此我們預期年底會高於那個水準。所以我們會持續利用目前的股價水準進行回購，並持續向股東回饋資本。

I would like to turn the floor over to Doug Black for closing remarks.

我想把時間交給 Doug Black 做結語。

Okay. Thank you. So we appreciate everybody's interest today in SiteOne. I want to take an opportunity to thank our suppliers for supporting us and our customers for allowing us to be their partner. I'd like to thank our associates.

好的。謝謝。我們感謝各位今天對 SiteOne 的關注。我也想藉此機會感謝我們的供應商對我們的支持，以及我們的客戶讓我們成為他們的合作夥伴。我也要感謝我們的同仁。

We have a tremendous team, and they're working hard to foster success for all of our stakeholders and look forward to catching up at the end of the next quarter. Thank you.

我們有一支非常出色的團隊，他們正努力為所有利害關係人創造成功，並期待在下一季結束時再與各位交流。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time, and 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。