Simpson Manufacturing Co Inc (SSD) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Simpson Manufacturing Co. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 Simpson Manufacturing Co. 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I will now turn the conference over to your host, Kim Orlando. You may begin.

我現在將會議轉交給主持人 Kim Orlando。你可以開始了。

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Co.'s First Quarter 2023 Earnings Conference Call. Any statements made on this call that are not statements of historical fact are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements.

女士們先生們，下午好，歡迎來到辛普森製造公司 2023 年第一季度收益電話會議。在此次電話會議上作出的任何不屬於歷史事實陳述的陳述均為前瞻性陳述。此類陳述基於某些估計和預期，並受到許多風險和不確定性的影響。未來的實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。

We encourage you to read the risks described in the company's public filings and reports, which are available on the SEC or the company's corporate website. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events or otherwise.

我們鼓勵您閱讀公司公開文件和報告中描述的風險，這些文件和報告可在美國證券交易委員會或公司網站上找到。除適用證券法要求的範圍外，我們沒有義務更新或公開修改我們今天在這裡做出的任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因。

Please note that the company's earnings press release was issued today at approximately 4:15 p.m. Eastern Time. The earnings press release is available on the Investor Relations page of the company's website at ir.simpsonmfg.com. Today's call is being webcast, and a replay will also be available on the Investor Relations page of the company's website.

請注意，該公司的收益新聞稿是在美國東部時間今天下午 4 點 15 分左右發布的。東部時間。收益新聞稿可在公司網站 ir.simpsonmfg.com 的投資者關係頁面上獲取。今天的電話會議正在進行網絡直播，重播也將在公司網站的投資者關係頁面上提供。

Now I would like to turn the conference over to Mike Olosky, Simpson's President and Chief Executive Officer.

現在我想將會議轉交給辛普森總裁兼首席執行官 Mike Olosky。

Thanks, Kim. Good afternoon, everyone, and thank you for joining today's call. With me today is Brian Magstadt, our Chief Financial Officer. My remarks today will provide an overview of our financial results, key growth initiatives and capital allocation priorities. Brian will then walk you through our Q1 financials and fiscal 2023 outlook in greater detail.

謝謝，金。大家下午好，感謝您參加今天的電話會議。今天和我一起的是我們的首席財務官 Brian Magstadt。我今天的講話將概述我們的財務業績、主要增長計劃和資本分配優先事項。然後，Brian 將帶您更詳細地了解我們第一季度的財務狀況和 2023 財年展望。

Net sales in the first quarter totaled $534.4 million, an increase of 8.3% year-over-year. In North America, our net sales of $406.3 million declined 7.4% year-over-year, primarily due to lower volumes. Significant precipitation on the West Coast during the first quarter drove materially softer sales in our residential end market, contributing to the decline. As a reminder, builders use a higher volume of Simpson content in homes in the Western and Southern regions of the United States to meet stricter building codes that address higher wind and seismic requirements.

第一季度淨銷售額總計 5.344 億美元，同比增長 8.3%。在北美，我們的淨銷售額為 4.063 億美元，同比下降 7.4%，主要原因是銷量下降。第一季度西海岸的大量降水導致我們住宅終端市場的銷售大幅疲軟，導致銷量下降。提醒一下，建築商在美國西部和南部地區的房屋中使用更多的辛普森內容，以滿足更嚴格的建築規範，以滿足更高的抗風和抗震要求。

In our commercial end markets, sales also declined year-over-year. However, revenues from our sales to OEM customers, although small, increased year-over-year. While we continue to believe our North American net sales will be pressured by a softer housing market in 2023, we expect to maintain our industry-leading position as the partner of choice due to our strong business model and competitive differentiators.

在我們的商業終端市場，銷售額也同比下降。然而，我們向 OEM 客戶銷售的收入雖然很少，但同比有所增長。雖然我們仍然相信我們的北美淨銷售額將受到 2023 年疲軟的房地產市場的壓力，但由於我們強大的商業模式和競爭優勢，我們預計將保持我們作為首選合作夥伴的行業領先地位。

These include an increasingly diverse portfolio of products and software and a commitment to developing complete solutions for the markets we serve, a dedication to innovation, extensive product engineering and research and testing in our state-of-the-art labs; unparalleled product availability and delivery standards on our vast product offering across multiple distribution channels with typical delivery within 24 to 48 hours; field support, technical support, literature and digital tools to help select and specify our products and online ordering tools to make it easier to do business with us; and our long-standing reputation, relationships and engagement with engineers, building officials and contractors to design safe or stronger structures and improve construction practices, along with helping to develop talent, provide career opportunities to alleviate labor shortages in the construction industry.

其中包括日益多樣化的產品和軟件組合，致力於為我們所服務的市場開發完整的解決方案，致力於創新，在我們最先進的實驗室進行廣泛的產品工程和研究與測試；我們跨多個分銷渠道提供的大量產品具有無與倫比的產品可用性和交付標準，通常在 24 至 48 小時內交付；現場支持、技術支持、文獻和數字工具，以幫助選擇和指定我們的產品和在線訂購工具，以便更輕鬆地與我們開展業務；以及我們與工程師、建築官員和承包商的長期聲譽、關係和合作，以設計安全或更堅固的結構並改進施工實踐，同時幫助培養人才，為緩解建築行業的勞動力短缺問題提供就業機會。

In addition, we remain focused on continued growth in our 5 end use markets, many of which are not tied to U.S. housing starts. I will touch on our progress there in a moment.

此外，我們仍然專注於我們 5 個終端使用市場的持續增長，其中許多與美國房屋開工無關。稍後我將談談我們在那裡取得的進展。

Turning to Europe. First quarter sales totaled $124.2 million. Including Europe, net sales was an $80 million contribution from ETANCO, reflecting a modest year-over-year increase. Our net sales were partially offset by lower sales volumes resulting from ongoing macroeconomic challenges in Europe and foreign currency translation. As April 1 marked the 1-year anniversary of ETANCO acquisition, I'd like to comment on our progress, key learnings and synergy accomplishments to date.

轉向歐洲。第一季度銷售額總計 1.242 億美元。包括歐洲在內，ETANCO 貢獻了 8000 萬美元的淨銷售額，反映了同比溫和增長。我們的淨銷售額部分被歐洲持續的宏觀經濟挑戰和外幣換算導致的銷量下降所抵消。由於 4 月 1 日標誌著 ETANCO 收購一周年，我想評論一下我們迄今為止的進展、主要學習和協同成就。

The acquisition was accretive to our earnings in the first quarter of 2023, and we remain on track with our defensive synergies of procurement optimization, footprint, rationalization and manufacturing and operating expense efficiencies. In regards to our office of synergy opportunities, while we have made strides to expand our market share and cross-selling opportunities in several countries, the continued persistent weakness in the European macroeconomic climate will delay some of our offensive synergy opportunities.

此次收購增加了我們 2023 年第一季度的收益，並且我們在採購優化、足跡、合理化以及製造和運營費用效率方面的防禦性協同作用方面保持正軌。關於我們的協同機會辦公室，雖然我們在多個國家/地區擴大市場份額和交叉銷售機會方面取得了長足進步，但歐洲宏觀經濟氣候的持續疲軟將推遲我們的一些進攻性協同機會。

Longer term, we remain confident in the health of our business model in Europe. In all of our operating segments, we believe our ambition to outperform the housing market will be supported by a broader set of offering to our customers along with the ongoing transition to wood construction and regulatory requirements that encourage new construction solutions.

從長遠來看，我們對我們在歐洲的商業模式的健康狀況仍然充滿信心。在我們的所有運營部門中，我們相信，我們超越房地產市場的雄心將得到為客戶提供更廣泛產品組合的支持，以及持續向木結構建築的過渡和鼓勵新建築解決方案的監管要求。

Our consolidated gross margin for the first quarter was 47.3%, primarily reflecting strong cost control. Our first quarter operating margin of 22.1% was pressured as expected by a higher cost environment as well as ongoing planned ETANCO integration expenses. We remain committed to ongoing expense management and executing the areas of our business that we can control. Brian will elaborate further on the key drivers of our margin performance shortly.

我們第一季度的綜合毛利率為 47.3%，主要反映了強有力的成本控制。我們第一季度 22.1% 的營業利潤率受到更高成本環境以及正在進行的計劃中的 ETANCO 整合費用的壓力。我們仍然致力於持續的費用管理和執行我們可以控制的業務領域。布賴恩將在短期內進一步闡述我們利潤率表現的主要驅動因素。

I'd now like to turn to a discussion of our end use markets, which encompasses our growth initiatives. We made solid traction through the first quarter in a challenging environment. First, beginning with our commercial market. In line with our growth initiative to be the partner of choice, our inventory availability and rapid delivery standards resulted in various new customer wins as well as new product launches to support our structural steel initiative. Second, in our OEM market, we have seen strong growth across all OEM customer types and continue to work on developing the market for mass timber, one of our key growth focus areas. This aligns with our initiative to being the innovation leader in the markets we operate.

我現在想談談我們的最終用途市場，其中包括我們的增長計劃。在充滿挑戰的環境中，我們在第一季度取得了穩固的發展。首先，從我們的商業市場開始。根據我們成為首選合作夥伴的增長計劃，我們的庫存可用性和快速交付標準贏得了各種新客戶以及新產品的發布，以支持我們的結構鋼計劃。其次，在我們的 OEM 市場，我們已經看到所有 OEM 客戶類型的強勁增長，並繼續致力於開發大型木材市場，這是我們的主要增長重點領域之一。這與我們成為我們經營的市場中的創新領導者的倡議相一致。

And third, within the national retail space and as part of our focus on growing our business above market relative to U.S. housing starts, we continue to show positive traction on our Outdoor Accents line by broadly expanding our offering into many home centers during the first quarter. We are very pleased to have our industry-leading offerings prominently displayed by our home center customers, driving further brand recognition and promoting product sales.

第三，在全國零售空間內，作為我們專注於將業務發展到高於美國房屋開工市場的一部分，我們在第一季度通過將我們的產品廣泛擴展到許多家庭中心，繼續對我們的 Outdoor Accents 系列表現出積極的吸引力.我們很高興我們的家居中心客戶能夠突出展示我們行業領先的產品，進一步推動品牌認知度並促進產品銷售。

Turning now to capital allocation. Our priorities remain focused on organic growth opportunities, returning value to our stockholders via dividends and opportunistic share repurchases and paying down the debt we incurred to finance the acquisition of ETANCO. In regard to organic growth, we are focused on key investments to strengthen our business model, including our growth initiatives and the integration of ETANCO.

現在轉向資本配置。我們的優先事項仍然集中在有機增長機會上，通過股息和機會性股票回購為我們的股東返還價值，並償還我們為收購 ETANCO 而產生的債務。在有機增長方面，我們專注於加強我們的商業模式的關鍵投資，包括我們的增長計劃和 ETANCO 的整合。

We are also continuing to evaluate expansion opportunities to support and maintain our industry-leading position such as our previously announced Ohio manufacturing and distribution facility as well as our equipment investments to drive productivity and maintain our best-in-class customer service. While finalizing the integration of ETANCO remains our priority, we continue to evaluate potential M&A opportunities that would accelerate our key growth initiatives and strengthen our business model and manufacturing efficiencies.

我們還在繼續評估擴張機會，以支持和保持我們的行業領先地位，例如我們之前宣布的俄亥俄製造和分銷設施以及我們的設備投資，以提高生產力並保持我們一流的客戶服務。雖然最終完成 ETANCO 的整合仍然是我們的首要任務，但我們將繼續評估潛在的併購機會，這些機會將加速我們的關鍵增長計劃並加強我們的商業模式和製造效率。

Looking ahead, while we expect the operating environment in 2023 will remain choppy, we are confident in our ability to continue to achieve our company ambitions, including our goal to grow above the market relative to U.S. housing starts with profitability in the top quartile of our proxy peer group. Our progress will be supported by our strong business model and our commitment to remain responsible stewards of capital, along with the anticipated growth in our 5 end use markets and the dedication of our 5,000-plus strong Simpson employees.

展望未來，雖然我們預計 2023 年的經營環境仍將動盪不安，但我們對繼續實現公司雄心的能力充滿信心，包括我們的目標是相對於美國新房開工率實現高於市場的增長，盈利能力位列前四分之一代理對等組。我們的進步將得益於我們強大的商業模式和我們對保持負責任的資本管家的承諾，以及我們 5 個終端使用市場的預期增長和我們 5,000 多名強大的 Simpson 員工的奉獻精神。

Simpson's mission was created by our founder, Barclay Simpson, and his values remain the cornerstones of how we operate our business today. A key component of our business model is to maintain our long-standing relationship with engineers, building code officials and contractors to improve construction practices. Our actions include training our customers and hosting national programs to provide educational content for the building industry at large.

Simpson 的使命是由我們的創始人 Barclay Simpson 創立的，他的價值觀仍然是我們今天經營業務的基石。我們商業模式的一個關鍵組成部分是保持我們與工程師、建築規範官員和承包商的長期關係，以改進施工實踐。我們的行動包括培訓我們的客戶和舉辦國家計劃，為整個建築行業提供教育內容。

We believe these efforts further help to maintain our leadership role in industry knowledge and developments, drive brand awareness, inform customers about nuisance and products and innovations and help attract new customers. We are proud to play a large part educating and powering our industry as we further Barclay's mission to help people design and build safer, stronger structures.

我們相信，這些努力進一步有助於保持我們在行業知識和發展方面的領導地位，提高品牌知名度，讓客戶了解產品和創新，並幫助吸引新客戶。我們很自豪能夠在教育和推動我們的行業方面發揮重要作用，因為我們進一步推動巴克萊的使命，幫助人們設計和建造更安全、更堅固的結構。

With that, I'd like to turn the call over to Brian, who will discuss our first quarter financial results in greater detail.

有了這個，我想把電話轉給布賴恩，他將更詳細地討論我們第一季度的財務業績。

Thank you, Mike, and good afternoon, everyone. I'm pleased to discuss our first quarter financial results with you today. Before I begin, I'd like to mention that unless otherwise stated, all financial measures discussed in my prepared remarks today refer to the first quarter of 2023, and all comparisons will be year-over-year comparisons versus the first quarter of 2022.

謝謝邁克，大家下午好。今天很高興與您討論我們第一季度的財務業績。在開始之前，我想提一下，除非另有說明，否則我今天準備好的發言中討論的所有財務指標都是指 2023 年第一季度，所有比較都是與 2022 年第一季度的同比比較。

Now turning to our first quarter results. As Mike highlighted, our consolidated net sales increased 8.3% to $534.4 million. Within the North America segment, net sales decreased 7.4% to $406.3 million, primarily due to lower sales volumes. In Europe, net sales increased 141.4% to $124.2 million, primarily from ETANCO, which contributed $80 million in net sales, partly offset by lower volumes and the negative effect of approximately $2.8 million in foreign currency translation.

現在轉向我們的第一季度業績。正如邁克強調的那樣，我們的綜合淨銷售額增長了 8.3%，達到 5.344 億美元。在北美市場，淨銷售額下降 7.4% 至 4.063 億美元，主要原因是銷量下降。在歐洲，淨銷售額增長 141.4% 至 1.242 億美元，主要來自 ETANCO，其貢獻了 8000 萬美元的淨銷售額，部分被較低的銷量和約 280 萬美元的外幣換算的負面影響所抵消。

Wood construction products represented 85% of our total first quarter sales, down from 88%. And concrete construction products were 14% of total sales, up from 12%. Consolidated gross profit increased 6.8% to $252.9 million, primarily due to the $30.6 million contribution from ETANCO at a 38.3% gross margin, which resulted in a gross margin of 47.3% compared to 48% last year. On a segment basis, our gross margin in North America increased to 50.6% compared to 49.7%, primarily from lower raw material costs, partially offset by higher factoring tooling, warehouse and freight costs as a percentage of net sales.

木結構產品占我們第一季度總銷售額的 85%，低於 88%。混凝土建築產品佔總銷售額的 14%，高於 12%。合併毛利增長 6.8% 至 2.529 億美元，這主要是由於 ETANCO 貢獻了 3060 萬美元，毛利率為 38.3%，毛利率為 47.3%，而去年為 48%。按細分市場劃分，我們在北美的毛利率從 49.7% 增至 50.6%，這主要是由於原材料成本下降，部分被較高的保理工具、倉庫和貨運成本占淨銷售額的百分比所抵消。

Our gross margin in Europe increased to 37.5% from 33.9% due to lower labor, factoring tooling, warehouse and freight costs as a percentage of net sales, offset in part by increased material costs as a percentage of net sales. From a product perspective, our first quarter gross margin on wood products was 48% compared to 48.1% in the prior year quarter, partly due to the addition of ETANCO, and was 41.8% for concrete products compared to 46.9% in the prior year quarter.

我們在歐洲的毛利率從 33.9% 增加到 37.5%，這是由於勞動力、保理工具、倉庫和貨運成本占淨銷售額的百分比下降，部分被材料成本占淨銷售額的百分比增加所抵消。從產品的角度來看，我們第一季度木製品毛利率為 48%，去年同期為 48.1%，部分原因是增加了 ETANCO，混凝土產品毛利率為 41.8%，去年同期為 46.9% .

Now turning to our first quarter costs and operating expenses. Total operating expenses were $133.1 million, an increase of $26.6 million or approximately 25%, driven primarily by increased costs from ETANCO as well as by increased personnel costs from an expansion of our workforce supporting engineering and sales activities. The operating expenses attributable to ETANCO include $4.2 million of amortization expense. As a percentage of net sales, total operating expenses were 24.9%, an increase of approximately 330 basis points compared to 21.6%.

現在轉向我們的第一季度成本和運營費用。總運營費用為 1.331 億美元，增加了 2660 萬美元或約 25%，這主要是由於 ETANCO 的成本增加以及我們支持工程和銷售活動的員工隊伍擴大導致的人員成本增加。歸屬於 ETANCO 的運營費用包括 420 萬美元的攤銷費用。作為淨銷售額的百分比，總運營費用為 24.9%，與 21.6% 相比增加了約 330 個基點。

Our first quarter research and development and engineering expenses increased 30.8% to $20.7 million, primarily due to higher personnel costs in pursuit of our future revenue-generating opportunities aligned with our strategic growth initiatives as well as higher professional fees in travel in North America. $1 million in R&D and engineering additional costs were attributed to ETANCO.

我們第一季度的研發和工程費用增加了 30.8%，達到 2,070 萬美元，這主要是由於為追求與我們的戰略增長計劃相一致的未來創收機會而增加的人員成本，以及北美差旅專業費用的增加。 100 萬美元的研發和工程額外成本歸因於 ETANCO。

Selling expenses increased 32.1% to $48.7 million, primarily due to $8.4 million from ETANCO as well as increased personnel, professional fees and travel-related costs in North America. On a segment basis, selling expenses in North America were up 12.8%, and in Europe, they were up 143.8% mostly due to ETANCO. General and administrative expenses increased 18.5% to $63.7 million, primarily due to $11.5 million from ETANCO, which includes the aforementioned $4.2 million in amortization of the acquired intangible assets.

銷售費用增長 32.1% 至 4,870 萬美元，這主要是由於 ETANCO 的 840 萬美元以及北美人員、專業費用和差旅相關費用的增加。按細分市場劃分，北美的銷售費用增長了 12.8%，歐洲的銷售費用增長了 143.8%，這主要歸功於 ETANCO。一般和行政費用增加 18.5% 至 6,370 萬美元，這主要是由於來自 ETANCO 的 1,150 萬美元，其中包括上述 420 萬美元的收購無形資產攤銷。

As a result, our consolidated income from operations totaled $118.4 million, a decrease of 4.9% from $124.4 million. In North America, income from operations decreased 15.7% to $114.4 million due to a combination of lower gross profit and higher operating expenses. In Europe, income from operations was $13.5 million compared to a loss of $1.4 million, which includes ETANCO's operating income of $8.5 million, which is net of integration costs of $1.4 million and the previously discussed gross profit and operating expenses.

因此，我們的綜合運營收入總計 1.184 億美元，比 1.244 億美元下降 4.9%。在北美，由於較低的毛利和較高的運營費用，運營收入下降 15.7% 至 1.144 億美元。在歐洲，運營收入為 1350 萬美元，而虧損為 140 萬美元，其中包括 ETANCO 的 850 萬美元運營收入，扣除 140 萬美元的整合成本以及之前討論的毛利和運營費用。

On a consolidated basis, our operating income margin was 22.1%, a decrease of approximately 310 basis points from 25.2%. Our effective tax rate increased to 25.1% from 23.7%. Accordingly, net income totaled $88 million or $2.05 per fully diluted share, which is inclusive of $0.6 million of net interest expense. This compares to $94.6 million or $2.18 per fully diluted share.

在綜合基礎上，我們的營業利潤率為 22.1%，比 25.2% 下降了約 310 個基點。我們的有效稅率從 23.7% 增加到 25.1%。因此，淨收益總計 8800 萬美元或每股完全攤薄收益 2.05 美元，其中包括 60 萬美元的淨利息支出。相比之下，9460 萬美元或完全攤薄後的每股收益為 2.18 美元。

Now turning to our balance sheet and cash flow. Our balance sheet remained healthy. At March 31, 2023, cash and cash equivalents totaled $252.5 million, down $48.2 million from our balance as of December 31, 2022. Our inventory position at March 31, 2023, was $576.4 million, which was up $19.6 million compared to our balance at December 31, 2022. We will continue to focus on effective inventory management to ensure we retain our strong levels of customer service and on-time delivery standards in light of the ongoing uncertain economic environment.

現在轉向我們的資產負債表和現金流量。我們的資產負債表保持健康。截至 2023 年 3 月 31 日，現金和現金等價物總計 2.525 億美元，比我們截至 2022 年 12 月 31 日的餘額減少 4820 萬美元。我們在 2023 年 3 月 31 日的庫存狀況為 5.764 億美元，比我們在 2023 年 3 月 31 日的餘額增加 1960 萬美元2022 年 12 月 31 日。鑑於持續不確定的經濟環境，我們將繼續專注於有效的庫存管理，以確保我們保持高水平的客戶服務和準時交貨標準。

During the first quarter, we generated cash flow from operations of approximately $3.1 million compared to $44.7 million. At quarter end, our debt balance was approximately $572.6 million, which is net of capitalized finance costs. And we have $300 million remaining available for borrowing on our primary line of credit. During the first quarter, we invested approximately $27 million for capital expenditures and acquisitions and paid $11.1 million in dividends to our stockholders.

第一季度，我們從運營中產生的現金流量約為 310 萬美元，而同期為 4470 萬美元。季度末，我們的債務餘額約為 5.726 億美元，已扣除資本化融資成本。我們還有 3 億美元可用於通過我們的主要信貸額度借款。第一季度，我們投資了大約 2700 萬美元用於資本支出和收購，並向股東支付了 1110 萬美元的股息。

Next, I'd like to discuss our 2023 financial outlook. Based on business trends and conditions as of today, April 24, we are updating our guidance for the full year ending December 31, 2023, as follows. We now expect our operating income margin to be in the range of 19% to 21%. Key assumptions include continued anticipated softness, although to a lesser extent than our view at year-end, and our top line, given slowing housing starts in the U.S., consistent with what we are seeing in the beginning of Q2 based on sales trends in April, cost of goods sold, which reflect lower steel costs as compared to our weighted average peak in Q3 2022 as well as to our view at year-end. Increased operating expenses, we believe, are needed to continue to position the company to make meaningful share gains in our markets and growth initiatives, not associated with U.S. housing. And a slightly lower ETANCO operating margin profile than the rest of the company, including intangible amortization as well as $6 million to $8 million in expected total annual integration costs.

接下來，我想討論一下我們 2023 年的財務展望。根據截至今天（4 月 24 日）的業務趨勢和狀況，我們更新了截至 2023 年 12 月 31 日的全年指引，如下所示。我們現在預計我們的營業利潤率將在 19% 至 21% 之間。主要假設包括預期的持續疲軟，儘管程度低於我們年底時的看法，以及我們的頂線，鑑於美國房屋開工放緩，這與我們在第二季度初根據 4 月份的銷售趨勢所看到的情況一致，銷貨成本，這反映出與我們 2022 年第三季度的加權平均峰值以及我們年底的看法相比，鋼鐵成本較低。我們認為，需要增加運營費用才能繼續使公司在我們的市場和增長計劃中取得有意義的份額收益，而與美國住房無關。 ETANCO 的營業利潤率略低於公司其他部門，包括無形攤銷以及 600 萬至 800 萬美元的預期年度總整合成本。

Next, we continue to expect total annual interest expense on the outstanding $150 million revolving credit facility and $427.5 million outstanding term loan to be approximately $9.7 million, including the benefit from interest rate and cross-currency swaps, mitigating substantially all of the volatility from changes in interest rates. Our 2023 effective tax rate is expected to be in the range of 25% to 26%, including both federal and state income tax rates and assuming no tax law changes are enacted. Lastly, we expect capital expenditures to be in the range of $90 million to $95 million, including approximately $22 million to $25 million to be utilized for the previously discussed Columbus, Ohio facility expansion, with the balance of that project to be spent in 2024.

接下來，我們繼續預計未償還的 1.5 億美元循環信貸額度和 4.275 億美元未償還定期貸款的年度利息支出總額約為 970 萬美元，包括利率和交叉貨幣掉期帶來的收益，從而大大減輕變化帶來的所有波動在利率方面。我們預計 2023 年的有效稅率將在 25% 至 26% 之間，包括聯邦和州的所得稅稅率，並假設沒有頒布稅法變更。最後，我們預計資本支出將在 9000 萬至 9500 萬美元之間，其中約 2200 萬至 2500 萬美元將用於先前討論的俄亥俄州哥倫佈設施擴建，該項目的餘額將在 2024 年支出。

In summary, we were pleased with our quarterly financial performance and continue to believe the future looks bright for Simpson despite ongoing macroeconomic uncertainty. Looking ahead, we remain focused on continuing to provide a superior level of service and value to our customers and executing against our long-term growth strategy while, at the same time, maintaining diligent expense management in today's complex, dynamic environment. We look forward to updating you on our progress in the coming quarters.

總而言之，我們對我們的季度財務業績感到滿意，並繼續相信儘管宏觀經濟存在不確定性，但辛普森的未來看起來一片光明。展望未來，我們將繼續專注於繼續為客戶提供卓越的服務和價值，並執行我們的長期增長戰略，同時在當今復雜多變的環境中保持勤勉的費用管理。我們期待在未來幾個季度向您通報我們的進展情況。

With that, I'd like to turn the call over to the operator to begin the Q&A session.

有了這個，我想把電話轉給接線員開始問答環節。

(Operator Instructions) Our first question comes from the line of Tim Wojs with Baird.

（操作員說明）我們的第一個問題來自 Tim Wojs 與 Baird 的對話。

Maybe just to start on the guidance. You raised it by about 100 basis points versus the prior guidance. And -- but Q1 from a margin perspective was clearly better than the updated EBIT guide. And it sounds like you're past kind of the peak pain on margins from a raw material perspective. And I guess the end market is actually maybe a little bit better than what you thought 3 months ago. So I guess my question is really just doing 22% EBIT margins this quarter with a guide of kind of 19% to 21% for the year, what actually kind of gets worse here from a margin perspective?

也許只是從指導開始。與先前的指導相比，您將其提高了約 100 個基點。而且——但從利潤率的角度來看，第一季度顯然好於更新後的 EBIT 指南。從原材料的角度來看，聽起來你已經過了利潤率的巔峰時期。我想終端市場實際上可能比您 3 個月前的想法要好一點。所以我想我的問題實際上只是本季度的息稅前利潤率達到 22%，全年的指導值為 19% 到 21%，從利潤率的角度來看，這裡實際上會變得更糟嗎？

As we're looking through the balance of the year, where we would expect a similar trajectory quarter-over-quarter compared to 2022, with potentially some additional weakness in the back half of the year, probably more in the fourth quarter. So as we see slightly better volume outlook compared to where we were a few months ago, looking at continued -- the inputs into cost of sales, our headcount hiring plans to further our strategic initiatives would get us to that range. So again -- sorry, lastly, with that fourth quarter potentially being a little weaker than Q4 of last year.

當我們回顧今年的餘額時，我們預計與 2022 年相比，季度環比軌跡會出現類似的趨勢，下半年可能會出現一些額外的疲軟，第四季度可能會更加疲軟。因此，與幾個月前相比，我們看到銷量前景略有好轉，繼續看——銷售成本的投入，我們的員工招聘計劃以進一步推進我們的戰略舉措將使我們達到這個範圍。所以再次 - 抱歉，最後，第四季度可能比去年第四季度弱一些。

Okay. So is it a seasonality thing? Because I don't think historically, you've really had this kind of Q1 is the highest or kind of peak margin quarter for the year. I mean is there anything specific with Q1 (inaudible)?

好的。那麼這是一個季節性的事情嗎？因為我不認為從歷史上看，你真的有過這種 Q1 是今年利潤率最高或最高的季度。我的意思是 Q1（聽不清）有什麼特別的嗎？

Well, we certainly -- as we look at quarter-over-quarter, I think last year, Q1 was the peak from an operating margin perspective. But just in general, seeing a little better input costs into our gross margin. And although SG&A as a percent of revenue is higher, this year, we've got lower integration costs impacting that.

好吧，我們當然 - 當我們看季度環比時，我認為去年，從營業利潤率的角度來看，第一季度是頂峰。但總的來說，在我們的毛利率中看到更好的投入成本。儘管 SG&A 佔收入的百分比較高，但今年我們的整合成本較低，對此產生了影響。

Okay. Okay. And then I guess maybe just on the SG&A point, I mean how do you think about spending, I guess, just big picture on SG&A despite kind of a year-over-year decline in sales? So I mean would you kind of treat the SG&A spend very independently from kind of what you're seeing in the macro? So this year is kind of a normal SG&A spend year from maybe a growth perspective, even though the top line is a little pressure. Is that the best way to frame it?

好的。好的。然後我想也許只是在 SG&A 點上，我的意思是你如何看待支出，我想，儘管銷售額同比下降，但 SG&A 只是大局？所以我的意思是，您是否會將 SG&A 支出與您在宏觀中看到的那種情況分開對待？因此，從增長的角度來看，今年是 SG&A 支出正常的一年，儘管頂線有點壓力。這是裝裱它的最佳方式嗎？

Yes. So Tim, it's Mike. We continue to invest in areas that are linked to revenue-generating opportunities. So for example, we've added people that will help us go after the multifamily business. We've added some engineering and sales efforts related to some of the growth initiatives. And we believe all that combined really helps us continue to go after our 3 financial ambitions. It's above market growth and profitability in the top quartile versus our proxy peer group for operating income and ROIC.

是的。蒂姆，是邁克。我們繼續投資於與創收機會相關的領域。因此，例如，我們增加了可以幫助我們開展多戶型業務的人員。我們增加了一些與一些增長計劃相關的工程和銷售工作。我們相信，所有這些結合起來確實有助於我們繼續追求我們的 3 個財務目標。與我們的營業收入和 ROIC 代理同行相比，它高於前四分之一的市場增長和盈利能力。

And given the spend relative to revenue, we would expect it to be up compared to last year, although offsetting some of that will be the integration costs that we incurred in 2022 to the guide that we've noted, that's much less than where we ended up last year.

考慮到相對於收入的支出，我們預計它會比去年有所增加，儘管我們在 2022 年根據我們注意到的指南產生的整合成本會抵消其中的一部分，這比我們所提到的要少得多去年結束了。

Okay. And then maybe just the last one. Just -- can you give us some context around maybe what you're seeing from a demand perspective relative to 3 months ago? And how did you kind of conceptualize or just kind of talk about what revenue growth might decline this year versus maybe what it was before? And maybe wrap in kind of how April is trending because it sounds like maybe the quarter ended pretty strongly and it started pretty well in April.

好的。然後也許只是最後一個。只是 - 你能給我們一些關於你從 3 個月前的需求角度所看到的情況的背景嗎？你是如何概念化或只是談論今年收入增長可能會下降與之前相比的？也許總結一下 4 月份的趨勢，因為聽起來這個季度可能結束得非常強勁，而且在 4 月份開始得很好。

Yes. So Tim, we continue to hear from our customers that we think this year is going to be better than what they had thought last year. Brian mentioned that in the prepared remarks. For sure, housing starts are going to be a little bit negative. They're a mixed story. So California, as you probably saw from housing starts, down significantly from a market perspective. We're not down nearly as much as the Western housing starts are set up.

是的。所以蒂姆，我們不斷從客戶那裡聽到，我們認為今年會比他們去年的想法更好。布賴恩在準備好的發言中提到了這一點。可以肯定的是，新屋開工率會有所下降。他們是一個混合的故事。因此，正如您可能從房屋開工中看到的那樣，從市場角度來看，加利福尼亞州大幅下降。我們的跌幅幾乎沒有西方房屋開工率下降的那麼多。

Our -- the data came out. If you look at other parts of our business, the East Coast and Southern U.S., relatively good versus prior year, and we think good versus the market. Multifamily, we still think is again relatively good in this market. And then our OEM business, we're still feeling pretty good about versus -- growth versus prior year and some of the ambitions we have for that particular area.

我們的——數據出來了。如果你看看我們業務的其他部分，東海岸和美國南部，與上一年相比相對較好，我們認為與市場相比較好。多戶住宅，我們仍然認為在這個市場上再次相對較好。然後是我們的 OEM 業務，我們仍然對與去年相比的增長以及我們在該特定領域的一些雄心感到非常滿意。

Is there a way to put kind of a number on it?

有沒有辦法在上面加上一個數字？

Yes. Tim, as you know, we're not releasing our -- the numbers on the markets within our North American segment. But we view that, that will show up in our ability to grow faster than the market is how we think you'll be able to keep track of that.

是的。蒂姆，如你所知，我們不會發布我們北美市場的數字。但我們認為，這將體現在我們比市場增長更快的能力中，我們認為您將能夠跟踪這一點。

Our next question comes from the line of Kurt Yinger with D.A. Davidson.

我們的下一個問題來自 Kurt Yinger 與 D.A.戴維森。

Two questions on steel. First, I think, Brian, in your prepared remarks, you sort of mentioned that part of the increase to the operating margin guidance was a lower anticipated steel cost. So I guess, first, is that right? And then second, given the move that we've seen, can you maybe just help us think about how much more steel prices would need to get up -- go up before you started to be concerned about the margin outlook that you put out there?

關於鋼鐵的兩個問題。首先，我認為，布賴恩，在你準備好的發言中，你提到營業利潤率指引的增加部分是預期的鋼鐵成本較低。所以我想，首先，是這樣嗎？其次，考慮到我們所看到的走勢，你能不能幫我們想想鋼鐵價格還需要上漲多少——在你開始擔心你提出的利潤率前景之前上漲？

Sure. So from the steel perspective, a slight benefit there. As we've commented in the past, steel as a -- or a material as a percent of cost of sales is the largest component relative to labor, factoring tooling and the other cost of sales. So slightly better outlook there compared to where we were at the beginning of the year.

當然。所以從鋼鐵的角度來看，那裡有輕微的好處。正如我們過去評論的那樣，鋼鐵作為一種或一種材料佔銷售成本的百分比是相對於勞動力、保理工具和其他銷售成本的最大組成部分。與年初相比，那裡的前景略好。

And then from a pricing perspective, as we've noted in the past, we're typically looking at a significant move upward or downward that we would expect to be sustainable before we would make any pricing changes. So right now, we're continuing to monitor the market.

然後從定價的角度來看，正如我們過去所指出的那樣，在我們進行任何定價更改之前，我們通常會看到我們希望能夠持續的重大向上或向下移動。所以現在，我們正在繼續監測市場。

We did buy steel over the last couple of quarters to get us through, so we can maintain our very high service level. And we'll just continue to monitor the steel prices in relation to our business and make a judgment at that point on if we need to make any adjustments.

我們在過去幾個季度確實購買了鋼材來度過難關，因此我們可以保持非常高的服務水平。我們將繼續監測與我們業務相關的鋼材價格，並在此時判斷是否需要進行任何調整。

Got it. And is it fair to think that -- I mean even if we saw steel prices tomorrow go up pretty significantly, that you wouldn't necessarily feel that on the gross margin line until Q4 or maybe even 2024 kind of at the earliest?

知道了。並且認為 - 我的意思是即使我們明天看到鋼鐵價格大幅上漲，你也不一定會在第四季度甚至最早的 2024 年之前感覺到毛利率線上？

It certainly does take a while for current purchases to be impacting the cost of sales. Based on, I think, what you're alluding to there, the high inventory that those purchases would impact the weighted average cost in -- also in relation to our consumption of material and production, and it does take multiple quarters for that to be fully reflective.

當前的採購肯定需要一段時間才能影響銷售成本。我認為，基於你在那裡提到的內容，這些採購會影響加權平均成本的高庫存——也與我們的材料和生產消耗有關，而且確實需要多個季度才能實現充分反映。

Got it. Okay. And then on one of the earlier questions, you kind of talked about volume a little bit, but I was hoping you could just talk directionally in terms of where kind of traditional distribution and builder business trended in the quarter versus kind of the home centers. And then you alluded to a very wet Q1 in California. It starts in the West being very weak. So I guess where else in the portfolio did you see a pretty meaningful offset to what I expect for some sizable pressures in that area?

知道了。好的。然後在前面的一個問題上，你稍微談到了數量，但我希望你能就本季度傳統分銷和建築業務的趨勢與家庭中心的趨勢進行定向討論。然後你提到加利福尼亞的第一季度非常潮濕。它始於西方非常虛弱。所以我猜你在投資組合中的其他什麼地方看到了我對該領域一些相當大壓力的預期的相當有意義的抵消？

Yes. So Kurt, we are -- instead of looking at the business by channel, we're really trying to hone in on to buy those 5 end use market segments. We think that tells a better picture. Just independent of that, we have seen a couple of our channels that service the large production builders maybe be down a little bit more than our channels that would serve -- tend to serve smaller and midsized customers.

是的。所以 Kurt，我們是——而不是按渠道查看業務，我們真的在努力購買這 5 個最終用途細分市場。我們認為這說明了更好的情況。獨立於此，我們已經看到我們的幾個服務於大型生產製造商的渠道可能比我們服務的渠道下降更多——傾向於服務於中小型客戶。

But if you take a look at those 5 market segments, so residential housing starts down 18%, so revenue and volume will be below prior year. Again, mixed signal, mixed story there. Multifamily, good. Eastern and Southeastern United States, good. Our commercial business, the market there is down 10%, again, creating some headwinds there. We do expect revenue volumes to be below prior year, but we do think that will perform better than our residential business.

但如果你看一下這 5 個細分市場，那麼住宅開工率下降 18%，因此收入和數量將低於去年。再次，混合信號，混合故事。多戶型，不錯美國東部和東南部，不錯。我們的商業業務，那裡的市場再次下降了 10%，在那裡造成了一些不利因素。我們確實預計收入會低於上一年，但我們確實認為這會比我們的住宅業務表現更好。

If you look at our national retail business, here, the market is flattish. Timing from prior year, prior quarter and a couple of other impacts have us a little bit below where we want to be in the first quarter, but we're seeing good point-of-sale data. So we're optimistic that we'll recover and be above market for the year in that area, and that our building technologies are this segment that's also fairly highly correlated with our residential, so pretty much the same story there.

如果你看看我們的全國零售業務，這裡的市場是平淡的。上一年、上一季度的時間安排和其他一些影響使我們略低於第一季度的預期水平，但我們看到了良好的銷售點數據。因此，我們樂觀地認為，我們將在該地區復蘇並高於市場水平，而且我們的建築技術也是與我們的住宅高度相關的細分市場，因此那裡的故事幾乎相同。

And our next question comes from the line of Daniel Moore with CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Daniel Moore。

Maybe shift gears to ETANCO. You mentioned the offensive synergies continue to get pushed and yet pretty good results, moderate growth in a really choppy environment. So what's going well there? Is it cross-selling? Is it share gains at this point? And just how sustainable is that kind of flat to positive growth outlook as we think about Q2 and the remainder of the year?

也許換檔到 ETANCO。你提到進攻協同效應繼續得到推動，但結果相當不錯，在一個非常動蕩的環境中適度增長。那有什麼進展順利呢？是交叉銷售嗎？在這一點上是分享收益嗎？當我們考慮第二季度和今年剩餘時間時，這種持平到積極的增長前景有多可持續？

So Dan, more and more as we start doing the cross-selling and all the synergies and combining legal entities, we want to focus more on our overall European story. But that being said, just a couple of quick comments from a ETANCO perspective. Again, we're continuing to be very excited about the business model. We're super excited about the team and everything they're working on.

因此，丹，隨著我們開始進行交叉銷售和所有協同效應以及合併法律實體，我們越來越希望更多地關注我們的整個歐洲故事。但話雖這麼說，只是從 ETANCO 的角度快速評論幾句。同樣，我們繼續對商業模式感到非常興奮。我們對團隊和他們所做的一切感到非常興奮。

If you look at first quarter versus first quarter of prior year, so before we closed the deal in April of 2022, they did grow the business -- or we grew the business this year, first quarter, ETANCO mid-single digits over prior year. And if you look at all of our overall business in Europe, France is actually performing fairly well for us. And as you know, that's one of our biggest and most profitable countries in Europe. So we're, again, pretty excited about the story.

如果你看一下第一季度與去年第一季度的對比，那麼在我們於 2022 年 4 月完成交易之前，他們確實增長了業務——或者我們今年第一季度的業務增長了，ETANCO 比上一年增長了中個位數.如果你看看我們在歐洲的所有整體業務，法國實際上對我們來說表現相當不錯。如您所知，那是歐洲最大、最賺錢的國家之一。所以我們再次對這個故事感到非常興奮。

The defensive synergies we continue to push for, offensive synergies are going to get pushed out a little bit for reasons we discussed. The overall slow market is making us a little bit cautious in how we invest. But we believe we're on track for our business case, albeit maybe extended a little bit.

由於我們討論過的原因，我們將繼續推動防禦性協同作用，進攻性協同作用將被推遲一些。整體市場放緩使我們對投資方式持謹慎態度。但我們相信我們正在為我們的商業案例走上正軌，儘管可能會延長一點。

Okay. That's helpful. And shifting back to North America, it sounds like pricing was roughly flat. Was there any impact from the price declines implemented in the quarter? Or should we expect a little bit more this quarter coming up?

好的。這很有幫助。回到北美，聽起來定價大致持平。本季度實施的價格下降是否有任何影響？或者我們應該期待本季度會有更多嗎？

Dan, it's Brian. So on -- in North America, not a significant price impact, primarily due to timing this year compared to last year when pricing has been implemented on a go-forward basis. I wouldn't expect it to be materially different than what we've previously announced.

丹，是布萊恩。等等 - 在北美，價格影響不大，主要是由於今年的時間與去年相比，當時定價是在前進的基礎上實施的。我不希望它與我們之前宣布的有實質性的不同。

Okay. And just one more, if I may. If I look back over the last few years, just talking about seasonality, revenue in Q2 typically up double digits versus Q1 sequentially. Are there any factors you can point to that would cause that seasonality to be meaningfully different this year? Or should we expect to kind of a typical seasonal uptick?

好的。還有一個，如果可以的話。如果我回顧過去幾年，僅談論季節性，第二季度的收入通常比第一季度連續增長兩位數。您是否可以指出任何因素會導致今年的季節性明顯不同？還是我們應該期待典型的季節性上漲？

Should be seasonal. One of the interesting things over the last couple of years is the seasonality has been a little bit less of an impact. Let's take weather out of that for the moment due to the lack of -- or, yes, the lack of skilled labor in light frame wood construction. The volumes that we would normally have seen in Q1 to Q2 hadn't necessarily been that traditional seasonality because with, again, the skilled labor going to work when items that were -- that go into a new start, for example, were challenged on a supply chain perspective.

應該是季節性的。在過去的幾年中，一件有趣的事情是季節性的影響有所減弱。由於缺乏——或者，是的，輕型框架木結構建築中缺乏熟練勞動力，讓我們暫時排除天氣因素。我們通常會在第一季度到第二季度看到的數量不一定是傳統的季節性，因為再次，當那些進入新開始的項目受到挑戰時，熟練的勞動力會繼續工作供應鏈視角。

When they were getting those items -- and not necessarily related to Simpson, but it could be windows and doors, appliances, what have you, they were just -- builders were continuing to build. So at least on that segment of our business, the seasonality had been less of an impact over the last couple of quarters. Now this year, with the very wet winter so far -- or the wet winter on the West Coast, we should see more of an anomaly -- or more of a difference between Q2 and Q1. But I'm going to say less so than in the past. Part of it is when we're looking at the total company, Europe may be less seasonal now with the addition of ETANCO.

當他們得到這些物品時——不一定與辛普森有關，但可能是門窗、電器，你有什麼，他們只是——建築商繼續建造。因此，至少在我們業務的這一部分，季節性因素在過去幾個季度的影響較小。今年，到目前為止，冬天非常潮濕——或者西海岸的冬天潮濕，我們應該看到更多的異常——或者說第二季度和第一季度之間的差異更大。但我要說的比過去少了。部分原因是，當我們審視整個公司時，隨著 ETANCO 的加入，歐洲現在可能不那麼季節性了。

And our next question comes from the line of Julio Romero with Sidoti & Company.

我們的下一個問題來自 Julio Romero 與 Sidoti & Company 的合作。

Maybe to start on ETANCO. I know you mentioned ETANCO sales were up mid-single digits year-over-year, but when I look at it on a sequential basis, it seems like the sales pace really did pick up a bit sequentially compared to the prior 2 quarters. Can you maybe just speak to that sales pickup sequentially? And if anything to call out there?

也許從 ETANCO 開始。我知道你提到 ETANCO 的銷售額同比增長了中等個位數，但當我按順序查看時，與前兩個季度相比，銷售速度似乎確實有所加快。你能不能按順序談談那個銷售提貨？如果有什麼要打電話的？

Well, Q4 to Q1, we're going to have more selling days just due to the holidays in Europe in December from -- I don't have the detailed Q3 just today. But as Mike noted, nice results of the ETANCO business in general. So the -- well, I don't think we've got any more to add there.

好吧，從第四季度到第一季度，由於 12 月歐洲的假期，我們將有更多的銷售日——我今天沒有詳細的第三季度。但正如 Mike 指出的那樣，ETANCO 業務總體上取得了不錯的成績。所以 - 好吧，我認為我們沒有更多要添加的內容。

Okay. That's fair. And I know you said you're thinking about Europe as more of a consolidated kind of entity. Maybe when I look at the operating margin you posted...

好的。這還算公平。我知道你說過你認為歐洲更像是一個統一的實體。也許當我查看您公佈的營業利潤率時...

Julio, I should add that a little bit of pricing benefit in Q1 for ETANCO.

Julio，我應該在第一季度為 ETANCO 補充一點定價優勢。

Yes. Remember, Julio, that a big majority of the commercial business from ETANCO is on an individual quote level. And so we're tracking gross margins and pricing pretty closely. And as a result of some of the cost increase in Europe, we have increased prices on the ETANCO product line that's helped us a little bit quarter-over-quarter.

是的。請記住，Julio，ETANCO 的絕大部分商業業務都處於單獨報價級別。因此，我們正在密切跟踪毛利率和定價。由於歐洲的一些成本增加，我們提高了 ETANCO 產品線的價格，這對我們的季度環比有所幫助。

That's very helpful. And I guess just thinking about Europe, on a consolidated basis, the 10.8% operating margin you posted is pretty healthy. Is that just a function of ETANCO? Just if you could just speak to the operating margin you posted at all within Europe.

這很有幫助。而且我想只是考慮歐洲，在綜合基礎上，您發布的 10.8% 的營業利潤率非常健康。這只是 ETANCO 的功能嗎？就好像你能談談你在歐洲公佈的營業利潤率一樣。

A lot of it, yes. But the business in Europe, connector business, the concrete repair business, showed some good margin trends in Q1 relative to prior quarters. So part of the offensive and defensive synergies with ETANCO, to Mike's point a moment ago, to benefit Europe overall, we do see a little bit of that reflective in the non-ETANCO part of the European business.

很多，是的。但歐洲業務、連接器業務、混凝土維修業務在第一季度顯示出與前幾個季度相比良好的利潤率趨勢。因此，與 ETANCO 的攻防協同作用的一部分，正如 Mike 剛才所說，為了使整個歐洲受益，我們確實在歐洲業務的非 ETANCO 部分中看到了一些反映。

Yes, Julio, the operating margin of our European business in 2021 was around 7%. And so when you look at our numbers for quarter 2, there were some acquisition costs in there. But roughly, operating margin relatively similar to what was a very good first quarter minus acquisition cost last year. So I think that's a sign of we get a little bit more critical mass in there. We can run things a little bit more efficiently, and we really haven't had the synergies kick in, which again makes us confident in the business case going forward.

是的，Julio，我們歐洲業務在 2021 年的營業利潤率約為 7%。因此，當您查看我們第二季度的數據時，會發現其中有一些收購成本。但粗略地說，營業利潤率與去年第一季度減去收購成本後的表現相當相似。所以我認為這表明我們在那裡獲得了更多的臨界質量。我們可以更有效地運行事情，而且我們真的沒有發揮協同作用，這再次讓我們對未來的商業案例充滿信心。

Got it. That's helpful. And then maybe last one for me. I know it's a very small part of the overall pie, but just on Asia Pacific, if you could maybe touch on that. Can you give us a quick commentary on Asia Pacific and maybe a refresher on some of the initiatives you have going on there?

知道了。這很有幫助。然後也許是我的最後一個。我知道它只佔整個餡餅的一小部分，但僅在亞太地區，如果你能談談的話。您能否簡要介紹一下亞太地區的情況，並回顧一下您在那裡開展的一些舉措？

So what we've got going down there from a sales perspective is primarily Australia and New Zealand. And we sell a lot of fasteners down in that market. We've got initiatives around additional connector and anchoring business there, additional concrete repair business. But we got into Australia via acquisition about 18 years ago and have slowly added additional countries.

所以從銷售的角度來看，我們主要是澳大利亞和新西蘭。我們在那個市場上賣了很多緊固件。我們已經圍繞額外的連接器和錨定業務、額外的混凝土維修業務採取了舉措。但我們大約在 18 年前通過收購進入澳大利亞，並慢慢增加了更多國家。

We've -- working on growing that one slowly. We did make a small intangible patent acquisition down there that benefited a portion of the quarter from a top line revenue perspective. Now that being said, Asia Pac from assets also includes production facilities in China, sourcing offices in Asia as well. So they manufacture a significant amount of the company's anchoring products, mechanical anchor products in our China facility. So when we look at Asia Pac, from a sales perspective, Australia and New Zealand. From a total operations perspective, we also have some production facilities and sourcing down there.

我們已經 - 致力於慢慢發展那個。我們確實在那裡進行了一項小型無形專利收購，從頂線收入的角度來看，該收購使本季度的一部分受益。話雖這麼說，亞太地區的資產還包括中國的生產設施和亞洲的採購辦事處。因此，他們在我們的中國工廠生產了大量公司的錨固產品、機械錨固產品。因此，當我們從銷售的角度來看亞太地區時，澳大利亞和新西蘭。從整體運營的角度來看，我們也有一些生產設施和採購設施。

And we have reached the end of the question-and-answer session. This also concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

我們已經結束了問答環節。今天的會議也到此結束，此時您可以斷開您的線路。感謝您的參與。