Simpson Manufacturing Co Inc (SSD) 2025 Q2 法說會逐字稿

Greetings and welcome to the Simpson Manufacturing Co., second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Kim Orlando with ADDO Investor Relations. Thank you, Kim. You may begin.

問候並歡迎參加辛普森製造公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向您介紹主持人、ADDO 投資者關係部門的 Kim Orlando。謝謝你，金。你可以開始了。

Good afternoon ladies and gentlemen, and welcome to Simpson Manufacturing Company's second-quarter 2025 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.

女士們、先生們下午好，歡迎參加辛普森製造公司 2025 年第二季財報電話會議。本次電話會議中所做的任何非歷史事實陳述均為前瞻性陳述。此類聲明是基於某些估計和預期，並受許多風險和不確定性的影響。

Actual future results may vary materially from those expressed or implied by the forward-looking statement. 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.

未來的實際結果可能與前瞻性聲明所表達或暗示的結果有重大差異。我們鼓勵您閱讀該公司在美國證券交易委員會或公司網站上提供的公開文件和報告中所描述的風險。

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.

除適用證券法要求的範圍外，我們不承擔更新或公開修改我們今天在此做出的任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

On this call, we will also refer to non-GAAP measures, such as adjusted EBITDA, which is reconciled to the most comparable GAAP measure of net income in the company's earnings press release.

在本次電話會議上，我們也將參考非 GAAP 指標，例如調整後的 EBITDA，該指標與公司收益新聞稿中最可比較的 GAAP 淨收入指標相協調。

Please note that the earnings press release was issued today at approximately 4:15 PM, 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，收益新聞稿於今天東部時間下午 4:15 左右發布。收益新聞稿可在本公司網站 ir.simpsonmfg.com 的投資者關係頁面查閱。今天的電話會議將進行網路直播，重播也將在公司網站的投資者關係頁面提供。

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

現在，我想將會議交給辛普森總裁兼執行長 Mike Olosky。

Thanks, Kim. Good afternoon, everyone, and thank you for joining today's call. With me today is Matt Dunn, our Chief Financial Officer. Today, my remarks will provide an overview of our second-quarter performance and highlights from our keys end-markets. Matt will then walk you through our financials and our fiscal 2025 outlook in greater detail.

謝謝，金。大家下午好，感謝大家參加今天的電話會議。今天和我一起的是我們的財務長馬特鄧恩 (Matt Dunn)。今天，我將概述我們第二季的業績以及主要終端市場的亮點。然後，馬特將向您更詳細地介紹我們的財務狀況和 2025 財年展望。

Now turning to our results. Our net sales of $631.1 million we reflected growth over the prior year quarter in a challenging residential housing market in both the US and Europe. While our second quarter volumes are relatively flat year on year, our North American volumes once again exceeded US housing starts by approximately 240 basis points over the last 12 months.

現在來看看我們的結果。我們的淨銷售額為 6.311 億美元，反映出在美國和歐洲充滿挑戰的住宅市場中，比去年同期有所成長。雖然我們第二季的銷量與去年同期相比基本持平，但過去 12 個月，我們的北美銷量再次超過美國新屋開工量約 240 個基點。

In North America, net sales totaled $492.7 million, up 6.4% from $463 million last year. Our results included a contribution of roughly $9 million from our 2024 acquisitions. Additionally, we benefited from a partial month contribution from the price increases that went into effect on June 2. Collectively, these items offset our flat volumes. As a reminder, software services and equipment are not included in our volume calculations.

在北美，淨銷售額總計 4.927 億美元，較去年的 4.63 億美元成長 6.4%。我們的業績包括 2024 年收購帶來的約 900 萬美元的貢獻。此外，我們也受惠於 6 月 2 日生效的價格上漲帶來的部分月份貢獻。總的來說，這些項目抵消了我們的持平銷售。提醒一下，軟體服務和設備不包括在我們的數量計算中。

Our North American volume results were mixed in the second quarter so sales to all of our end-markets continue to demonstrate at or above market growth on a trailing 12-month basis.

我們第二季的北美銷售結果好壞參半，因此我們所有終端市場的銷售額在過去 12 個月內繼續保持或高於市場成長率。

The OEM business had a strong quarter with volume up double digits over Q2 2024. We saw significant growth in solutions for mass timber and continued momentum in off-site construction, including post frame, shed, and modular manufacturers.

OEM 業務本季表現強勁，銷量較 2024 年第二季成長兩位數。我們看到大規模木材解決方案的顯著增長以及場外建築的持續發展勢頭，包括柱架、棚屋和模組化製造商。

In the Commercial business, volumes improve mid single digits year over year, driven by the continued strong performance of our adhesive and cold-formed steel product lines. Our take-off services, which generate an accurate bill of material, continue to add value and build customer loyalty, helping us win additional cold-formed steel projects.

在商業業務方面，由於我們的黏合劑和冷彎型鋼產品線持續強勁表現，因此銷售量比去年同期成長了中個位數。我們的起飛服務可以產生準確的物料清單，不斷增加價值並建立客戶忠誠度，幫助我們贏得更多的冷彎型鋼項目。

In the Component Manufacturer business we delivered mid-single digit volume growth year over year. Our customer-centric digital solutions and expanded equipment offering contributed to the above market performance.

在零件製造業務中，我們的銷量比去年同期實現了中等個位數成長。我們以客戶為中心的數位解決方案和擴展的設備供應促成了上述市場表現。

In the second quarter, we expanded our customer base and launched key enhancements to our digital solutions portfolio, strengthening existing partnerships and delivering greater value to our customers. Our national retail business experienced relatively flat shipment growth, while point of sale performance improved with mid-single digit gains.

在第二季度，我們擴大了客戶群，並對我們的數位解決方案組合進行了關鍵增強，加強了現有的合作夥伴關係，並為我們的客戶提供了更大的價值。我們的全國零售業務的出貨量成長相對平穩，而銷售點業績則有所改善，實現了中等個位數的成長。

This was driven by new product listings and expanded retail space secured in late 2024. Growth is primarily fueled by our strong performance in our outdoor accents product line and anchoring products, increased e-commerce activity, and pro-growth initiatives within our two largest retail partners.

這是由於 2024 年底新產品上市與零售空間擴大所致。成長主要得益於我們戶外裝飾產品線和主打產品的強勁表現、電子商務活動的增加以及我們兩大零售合作夥伴的促進成長舉措。

In the Residential business, volumes declined slightly versus last year due to continued challenging market conditions. We remain focused on driving customer conversions and expanding product lines with a particular emphasis on delivering integrated equipment and software solutions tailored for pro supplier and builders. Additionally, we're encouraged by the recent momentum in the multi-family market.

在住宅業務方面，由於市場環境持續嚴峻，銷售量較去年同期略有下降。我們始終致力於推動客戶轉換和擴大產品線，尤其專注於為專業供應商和建築商提供量身定制的整合設備和軟體解決方案。此外，近期多戶型住宅市場的發展動能也令我們感到鼓舞。

Finally, I'm proud to share that our dedication to relentless customer service resulted in several renewed partnership agreements with key builders, and a supplier award announced in the second quarter from David Weekley Homes.

最後，我很自豪地告訴大家，我們致力於不懈地提供客戶服務，與主要建築商達成了幾項新的合作協議，並在第二季度獲得了 David Weekley Homes 頒發的供應商獎。

Turning to Europe. Our net sales of $133.4 million increased 2.7% compared to the prior year, but decreased by $2.8 million on a local currency basis. Although volumes were down year over year, our European business continues to outperform local markets driven by new application launches and recent customer wins.

轉向歐洲。我們的淨銷售額為 1.334 億美元，比上年增長 2.7%，但以當地貨幣計算則減少了 280 萬美元。儘管銷售量年減，但在新應用程式發布和近期客戶贏得支援的推動下，我們的歐洲業務繼續跑贏當地市場。

Consolidated gross margin was 46.7%, consistent with the prior year quarter, despite higher input and labor costs. As a reminder, on June 2, we implemented targeted price increases in North America in direct response to rising input costs, both material and non-material, as well as a portion related to recent trade policy actions.

儘管投入和勞動成本較高，但綜合毛利率為 46.7%，與去年同期持平。提醒一下，6 月 2 日，我們在北美實施了有針對性的漲價，以直接應對材料和非材料投入成本的上升，以及與近期貿易政策行動相關的部分成本。

While our supply chain is primarily domestic, we do source certain components including fasteners from countries affected by the newly imposed tariffs. These increases offset some, but not all, of the incremental tariff-related costs as of the date of our price increase announcement, resulting in a modest negative impact to gross margin.

雖然我們的供應鏈主要在國內，但我們確實從受新徵收關稅影響的國家採購某些零件，包括緊固件。這些成長抵消了自我們宣布提價之日起部分（但不是全部）增量關稅相關成本，從而對毛利率產生了輕微的負面影響。

Looking ahead, the expansion of tariffs on steel and related metals announced in early June could prompt additional pricing actions which we are currently evaluating. However, we believe that disciplined cost management, targeted pricing strategies, and ongoing productivity initiatives position us to maintain our gross margins while continuing to make selective investments and enhanced customer service.

展望未來，6月初宣布的擴大鋼鐵及相關金屬關稅可能引發額外的定價行動，我們目前正在評估這些行動。然而，我們相信，嚴格的成本管理、有針對性的定價策略以及持續的生產力措施使我們能夠維持毛利率，同時繼續進行選擇性投資和加強客戶服務。

Our second-quarter operating margin was relatively flat with the prior year at 22.2%. Consolidated adjusted EBITDA total of $159.9 million, an increase of 4.8% year over year.

我們第二季的營業利潤率與去年同期基本持平，為 22.2%。合併調整後 EBITDA 總額為 1.599 億美元，年增 4.8%。

Next, I'd like to touch on our three financial ambitions. First, continuing above market growth relative to US housing starts. For 2025, we are updating our assumption for US housing starts to be down in the low single digits compared to 2024. In Europe, housing starts are expected to remain broadly in line with 2024 levels. We are focusing on continuing to grow above the market.

接下來我想談談我們的三個財務目標。首先，相較於美國新屋開工量而言，其增幅持續高於市場水準。對於 2025 年，我們更新了對美國新屋開工率的假設，即與 2024 年相比，美國新屋開工率將下降個位數。在歐洲，預計新屋開工量將與 2024 年的水準大致持平。我們致力於持續超越市場成長。

Next, maintaining an operating income margin at or above 20%. In a favorable growing market environment, we are confident in our ability to sustain at least a 20% operating margin.

其次，維持營業利潤率在20%以上。在有利的成長市場環境下，我們有信心維持至少 20% 的營業利潤率。

And finally, as a growth-focused company with industry leading margins, we believe we can consistently drive EPS growth ahead of net sales growth, as evidenced by our year-to-date earnings per share increasing by approximately 260 basis points ahead of our revenue growth.

最後，作為一家專注於成長且利潤率在行業領先的公司，我們相信我們可以持續推動每股收益成長超過淨銷售額成長，這一點從我們今年迄今的每股盈餘成長比營收成長高出約 260 個基點就可以看出。

In summary, we delivered a solid quarter with revenue growth and stable volumes that outpace the broader market, despite continued macro housing headwins. Our solid operating margin and disciplined cost control underscore the resilience of our team and our business model.

總而言之，儘管宏觀房地產市場持續承壓，但我們本季仍表現穩健，營收成長且銷售穩定，成長超過大盤。我們穩健的營業利益率和嚴格的成本控制凸顯了我們團隊和商業模式的韌性。

We continue to believe in the prospects of the housing market in the mid to long term. In the short term, we remain focused on being the partner of choice and maintaining our margins in this dynamic operating environment.

我們仍然相信中長期房地產市場的前景。短期內，我們仍將專注於成為首選合作夥伴，並在這個充滿活力的營運環境中保持我們的利潤率。

With that, I'd like to turn the call over to Matt, who will discuss our financial results and outlook in greater detail.

說到這裡，我想把電話轉給馬特，他將更詳細地討論我們的財務表現和前景。

Good afternoon, everyone. Thank you for joining us on our earnings call today. Before I begin, I'd like to mention that, unless otherwise stated, all financial measures discussed in my prepared remarks refer to the second quarter of 2025, and all comparisons will be year-on-year comparisons versus the second quarter of 2024.

大家下午好。感謝您今天參加我們的收益電話會議。在開始之前，我想提一下，除非另有說明，我準備好的發言中討論的所有財務指標均指 2025 年第二季度，所有比較均為與 2024 年第二季度的同比比較。

Now turning to our results. Our consolidated net sales increased 5.7% year over year to $631.1 million. Within the North America segment, net sales increased 6.4% to $492.7 million. In Europe, net sales increased 2.7% to $133.4 million, primarily due to the positive effect of approximately $7 million in foreign currency translation, which was partly by lower sales volumes.

現在來看看我們的結果。我們的綜合淨銷售額年增 5.7%，達到 6.311 億美元。北美地區的淨銷售額成長 6.4%，達到 4.927 億美元。在歐洲，淨銷售額成長 2.7% 至 1.334 億美元，主要由於約 700 萬美元的外幣折算帶來的正面影響，部分原因是銷售額下降。

Globally, wood construction product sales were up 5% and concrete construction product sales were up 9.2%. Consolidated gross profit increased 5.7% to $294.5 million resulting in a gross margin of 46.7%, in line with the second quarter of 2024.

在全球範圍內，木質建築產品銷售額成長了 5%，混凝土建築產品銷售額成長了 9.2%。綜合毛利成長 5.7% 至 2.945 億美元，毛利率為 46.7%，與 2024 年第二季持平。

On a segment basis, our gross margin in North America was 49.7%, marginally lower than the 50% reported in the prior year, due primarily to higher warehouse costs as a percentage of net sales. Our gross margin in Europe increased to 36.2% from 35.4%, primarily due to lower material costs.

以分部計算，我們在北美的毛利率為 49.7%，略低於去年的 50%，主要原因是倉儲成本佔淨銷售額的百分比較高。我們在歐洲的毛利率從 35.4% 上升至 36.2%，主要歸因於材料成本的降低。

From a product perspective, our second-quarter gross margin was 47.1% for wood products, compared to 47.2%, and was 45% for concrete products, compared to 47.5%.

從產品角度來看，我們第二季木製品毛利率為47.1%，去年同期為47.2%；混凝土製品毛利率為45%，去年同期為47.5%。

Now turning to expenses. Total Q2 operating expenses were $154.4 million, an increase of 6.5%, driven by higher personnel costs primarily from our 2024 acquisitions, as well as variable compensation and computer software and hardware costs. As of June 30, our head count was down slightly from the start of the year.

現在談談費用。第二季總營運費用為 1.544 億美元，成長 6.5%，主要原因是我們 2024 年收購導致的人員成本增加，以及浮動薪資和電腦軟體和硬體成本。截至 6 月 30 日，我們的員工人數較年初略有下降。

As a percentage of net sales, Q2 2025 operating expenses were 24.5%, compared to 24.3% last year. We are focused on ensuring our spending results in above market growth while targeting an operating income margin above 20% that is consistent with our long-term strategic objective.

佔淨銷售額的百分比為 24.5%，而去年為 24.3%。我們專注於確保我們的支出帶來高於市場的成長，同時將營業收入利潤率定為 20% 以上，這與我們的長期策略目標一致。

Given the current outlook for housing starts and the recent price increases, in addition to the year-to-date headcount reductions mentioned above, we anticipate the cadence of SG&A investment will continue to moderate. For further detail, our second-quarter SG&A, our research and development and engineering expenses increased by 4.1% to $20.8 million.

鑑於目前房屋開工前景和近期價格上漲，加上上述年初至今的員工人數減少，我們預計銷售、一般及行政費用 (SG&A) 投資的節奏將繼續放緩。進一步詳細來看，我們第二季的銷售、一般及行政費用、研發和工程費用增加了 4.1%，達到 2,080 萬美元。

Selling expenses increased by 3.6% to $56.4 million, primarily due to higher travel related costs. On a segment basis, selling expenses in North America were up 6.5%, and in Europe, they were down 5.8%. General and administrative expenses increased by 9.4% to $77.2 million, largely as a result of higher personnel costs, including increased variable compensation and computer hardware and software costs.

銷售費用增加 3.6% 至 5,640 萬美元，主要原因是差旅相關費用增加。從分部來看，北美地區的銷售費用上漲了6.5%，歐洲地區的銷售費用下降了5.8%。一般及行政開支增加 9.4% 至 7,720 萬美元，主要是由於人事成本增加，包括浮動薪資增加以及電腦硬體和軟體成本增加。

As a result, our second-quarter consolidated income from operations total of $140.2 million, an increase of 6.1% from $132.2 million. Our consolidated operating income margin was 22.2%, generally consistent with last year at 22.1%.

因此，我們第二季的綜合營業收入總計 1.402 億美元，較 1.322 億美元成長 6.1%。我們的綜合營業收入利潤率為 22.2%，與去年的 22.1% 基本持平。

In North America, income from operations increased 2.7% to $135.7 million, driven by higher net sales. In Europe, income from operations increased 29% to $15.7 million due to reduced operating expenses on higher gross margins, including a slight favorability from foreign exchange. This resulted in our highest second-quarter operating income margin in more than a decade of 11.7%, compared to 9.4% last year.

在北美，受淨銷售額成長的推動，營業收入成長 2.7%，達到 1.357 億美元。在歐洲，營業收入成長 29% 至 1,570 萬美元，這得益於毛利率提高導致的營業費用減少，包括外匯略有有利的影響。這使得我們第二季的營業利潤率達到十多年來的最高水平，達到 11.7%，而去年同期為 9.4%。

Our midterm goal in Europe remains an operating income margin of 15%, predicated on improved market conditions. Our second-quarter effective tax rate was 25.8%, approximately 50 basis points below the prior year period.

基於市場條件的改善，我們在歐洲的中期目標仍然是實現 15% 的營業利潤率。我們第二季的有效稅率為 25.8%，比去年同期低約 50 個基點。

Accordingly, net income totaled $103.5 million, or $2.47 per fully diluted share, compared to $97.8 million, or $2.31 per fully diluted share. Adjusted EBITDA for the second quarter was $159.6 million, an increase of 4.8%, resulting in a margin of 25.3%.

因此，淨收入總計 1.035 億美元，或每股攤薄收益 2.47 美元，而去年同期為 9,780 萬美元，或每股攤薄收益 2.31 美元。第二季調整後 EBITDA 為 1.596 億美元，成長 4.8%，利潤率為 25.3%。

Now turning to our balance sheet and cash flow. Our balance sheet remained healthy with cash and cash equivalents totaling $190.4 million at June 30, 2025, up $40.1 million from our balance at March 31, 2025, due to higher net income and lower inventory levels.

現在轉向我們的資產負債表和現金流。我們的資產負債表保持健康，截至 2025 年 6 月 30 日的現金和現金等價物總額為 1.904 億美元，較 2025 年 3 月 31 日的餘額增加 4,010 萬美元，原因是淨收入增加且庫存水準降低。

Our debt balance was approximately $374.5 million net of capitalized finance costs, and our net debt position was $184.1 million. We have $450 million remaining available for borrowing on our primary line of credit.

我們的債務餘額扣除資本化融資成本後約為 3.745 億美元，淨債務狀況為 1.841 億美元。我們的主要信用額度還有 4.5 億美元可供借貸。

Our inventory position as of June 30, 2025, was $586.6 million, which was down $32.2 million compared to our balance as of March 31, 2025, with lower pounds of inventory on hand. Our disciplined capital allocation strategy ensures that our investments are aligned with market dynamics and long-term value creation.

截至 2025 年 6 月 30 日，我們的庫存狀況為 5.866 億美元，與 2025 年 3 月 31 日的餘額相比減少了 3,220 萬美元，庫存量較低。我們嚴謹的資本配置策略確保我們的投資與市場動態和長期價值創造保持一致。

We generated strong cash flow from operations of $124.7 million for the second quarter. This enabled us to invest $39.9 million for capital expenditures, including our investments for facility upgrades and expansions, pay $11.8 million in dividends to our stockholders, and pay down $5.6 million of our term loan.

我們第二季的營運現金流強勁，達到 1.247 億美元。這使我們能夠投資 3,990 萬美元用於資本支出，包括設施升級和擴建的投資，向股東支付 1,180 萬美元的股息，並償還 560 萬美元的定期貸款。

In addition, we repurchased 216,645 shares common stock at an average price of $161.55 per share for a total of $35 million. As of June 30, $40 million remained available for repurchases through year-end 2025 under our $100 million authorization.

此外，我們也以每股 161.55 美元的平均價格回購了 216,645 股普通股，總計 3,500 萬美元。截至 6 月 30 日，根據我們 1 億美元的授權，仍有 4,000 萬美元可供回購，直至 2025 年底。

Next, I'll turn to growth investments. We held the grand opening of our expanded Columbus, Ohio facility in May. The project finished on time and under budget. Our Gallatin, Tennessee facility is scheduled to open in the third quarter of 2025 and is expected to become fully operational by the end of this year. This facility will play a critical role in helping to support growth and enhance operational efficiency across our fastener product lines.

接下來，我將談談成長投資。我們在五月舉行了俄亥俄州哥倫布市擴建工廠的盛大開幕典禮。該項目按時完成，且沒有超出預算。我們位於田納西州加拉廷的工廠計劃於 2025 年第三季開業，預計今年年底全面投入營運。該工廠將在幫助支持我們緊固件產品線的成長和提高營運效率方面發揮關鍵作用。

As a reminder, this new greenfield expansion will enable us to manufacture approximately 50% of our fastener product in-house. This shift to primarily domestic production will reduce our tariff exposure, improve responsiveness to customer demand, and enable us to more effectively compete for larger projects with short lead times that we could not historically fulfill with imported fasteners.

提醒一下，這項新的綠地擴建將使我們能夠內部生產約 50% 的緊固件產品。轉向主要在國內生產將降低我們的關稅風險，提高對客戶需求的響應能力，並使我們能夠更有效地競爭交貨時間短的大型項目，而這些項目過去我們無法通過進口緊固件來滿足。

Additionally, we are continuing to integrate our 2024 acquisitions. At the same time, we are evaluating potential M&A opportunities in alignment with our strategic objectives.

此外，我們正持續整合 2024 年的收購。同時，我們正在根據我們的策略目標評估潛在的併購機會。

Next, I'll turn to our 2025 financial outlook. Based on business trends and conditions as of today, July 28, we are reaffirming our guidance for the full year ending December 31, 2025, as follows. We continue to expect our operating margin to be in the range of 18.5% to 20.5%. Additional key assumptions include a revised expectation for US housing starts to be down in the low single-digit range from 2024 levels.

接下來，我將談談我們的 2025 年財務展望。根據截至今天（7 月 28 日）的業務趨勢和狀況，我們重申截至 2025 年 12 月 31 日的全年指導，如下所示。我們繼續預計我們的營業利潤率將在 18.5% 至 20.5% 之間。其他關鍵假設包括對美國新屋開工量預期的修正，即從 2024 年的水準開始下降至個位數的低點。

Additionally, we're expecting a slightly lower overall growth margin based on the recently imposed tariffs, which we anticipate will be partly offset by the price increases that went into effect on June 2, as well as the addition of new facilities as a percentage of net sales. Our margin guidance also include a projected benefit of $12 million to $13 million from the sale of the original Gallatin, Tennessee property based on a contracted sales price of $19.1 million.

此外，由於最近實施的關稅，我們預計整體成長利潤率將略有下降，但我們預計這一下降將被 6 月 2 日生效的價格上漲以及新設施佔淨銷售額的百分比所部分抵消。我們的利潤指引還包括，根據 1,910 萬美元的合約銷售價格，預計出售位於田納西州加拉廷的原有房產將帶來 1,200 萬至 1,300 萬美元的收益。

Next, interest expenses on our term loan which had borrowings of $374.5 million as of June 30, 2025, expected to be approximately $2 million, including the benefit from interest rate and cross currency swaps, mitigating substantially all of the volatility from changes in interest rates. Interest on our cash and money markets is expected to offset this expense. Our effective tax rate is estimated to be in the range of 25.5% to 26.5%, including both federal and state income tax rates based on current laws.

其次，截至 2025 年 6 月 30 日，我們的定期貸款的借款額為 3.745 億美元，預計利息支出約為 200 萬美元，其中包括利率和交叉貨幣掉期收益，從而基本減輕了利率變動帶來的所有波動。我們的現金和貨幣市場的利息預計可以抵消這筆費用。根據現行法律，我們的有效稅率估計在 25.5% 至 26.5% 之間，包括聯邦和州所得稅率。

And finally, we are reducing our capital expenditures outlook to be in the range of $140 million to $160 million, which includes approximately $70 million to $75 million for the completion of both the Columbus facility expansion and the new Gallatin fastener facility.

最後，我們將資本支出預期下調至 1.4 億美元至 1.6 億美元之間，其中包括用於完成哥倫布工廠擴建和新加拉廷緊固件工廠的約 7,000 萬至 7,500 萬美元。

In closing, we performed well in the first half of 2025. We are focused on achieving our financial ambitions through the balance of the year despite ongoing macroeconomic uncertainty and we'll continue to monitor our investments to ensure that they are aligned with market conditions.

總而言之，我們在 2025 年上半年表現良好。儘管宏觀經濟仍存在不確定性，但我們仍致力於在今年餘下時間實現我們的財務目標，並將繼續監控我們的投資，以確保它們與市場狀況保持一致。

We also remain committed to returning at least 35% of our free cash flow to stockholders, reinforcing our emphasis on balancing growth with maximizing stockholder returns. As always, we are focused on being the partner of choice by providing our customers with world-class service, support, and innovation.

我們也將繼續致力於將至少 35% 的自由現金流返還給股東，進一步強調平衡成長與最大化股東回報的重要性。像往常一樣，我們致力於透過為客戶提供世界一流的服務、支援和創新，成為客戶的首選合作夥伴。

With that, I will now turn the call over to the operator to begin the Q&A session.

現在，我將把電話轉給接線員，開始問答環節。

(Operator Instructions) Dan Moore, CJS Securities.

（操作員指示） Dan Moore，CJS Securities。

Thank you. Good afternoon, Mike and Matt, and thanks for taking the questions.

謝謝。下午好，麥克和馬特，感謝你們回答問題。

Hi, Dan.

你好，丹。

Maybe start, just make sure I heard correctly. I think you said a $9 million contribution in the quarter from acquisitions and then the balance of revenue growth predominantly price with volumes relatively flat. Is that the right way to think about the buckets in the quarter?

也許開始了，只是確保我聽得正確。我想您說過本季來自收購的貢獻為 900 萬美元，然後營收成長的平衡主要取決於價格，而銷售量則相對持平。這是思考本季的得分方式的正確方法嗎？

Yeah, Dan, this is Matt. The $9 million from acquisitions in the quarter is correct, which is acquisitions required last year that we haven't quite anniversaried. There was a little bit of exchange rate help in the quarter as well from Europe, I think, about $7 million, and then pricing was really the balance of it, volume, largely flat.

是的，丹，這是馬特。本季來自收購的 900 萬美元是正確的，這是去年所需的收購，我們還沒有到週年紀念日。我認為本季歐洲也提供了一些匯率的幫助，大約 700 萬美元，而定價實際上是平衡的，交易量基本上持平。

Perfect. Thank you. And then margins, obviously, a solid quarter, generated op margins of 22 -- a little over 22%, bringing the H1 margin to nearly 21%. Yet, we're maintaining the full-year outlook with 19.5% at the midpoint. I realized there's seasonality, Q4 is is usually lighter, but it implies a bit of a step down just -- are you expecting -- you talked about maybe the gross margin headwind from tariffs, but is there anything els is there, maybe a little bit of conservatism built in, in an uncertain macro environment?

完美的。謝謝。然後是利潤率，顯然，本季表現穩健，營業利潤率為 22%——略高於 22%，使 H1 利潤率達到近 21%。不過，我們維持全年預測，中位數為 19.5%。我意識到存在季節性，第四季度通常比較淡，但這意味著略有下降 - 您是否預料到 - 您談到了關稅可能帶來的毛利率阻力，但還有其他因素嗎，也許在不確定的宏觀環境下存在一點保守主義？

Actually, Dan, you said it perfectly well in that last statement, a lot of uncertainty. I mean, when you look at the market, the forecast that we get from Zonda and the message we hear from our customers, second half is going to be a little bit tougher. There is a second round of -- or another round of tariffs that went in impact after we announced our price increase in April that we need to think through. And just a lot of unknowns, and we want to make sure that we're doing everything we can to hit our guidance.

實際上，丹，你在最後一句話中說得很好，有很多不確定性。我的意思是，當你觀察市場、我們從 Zonda 獲得的預測以及我們從客戶那裡聽到的資訊時，下半年將會更加艱難。在我們四月宣布提高價格後，第二輪或另一輪關稅開始生效，我們需要仔細考慮。還有很多未知數，我們希望確保我們盡一切努力達到我們的期望。

Helpful. I appreciate it. And then this is more of a housekeeping question but maybe just what drove the reclassification of expenses and it doesn't have -- is there any implication for the overall level of spend or investment going forward?

很有幫助。我很感激。這更像是一個內部問題，但也許只是導致費用重新分類的原因，而這並沒有——這對未來的整體支出或投資水平有任何影響嗎？

No, there was a change that we made as we brought on -- primarily, as we brought in a new CTO mid last year and want to do a line where the work was happening and where the leadership was so moved some dollars from from one bucket within SG&A to another, but essentially a left pocket, right pocket and no real change in the work being done or the spend just more of a housekeeping thing like you said.

不，我們在引入時做出了一些改變 - 主要是因為我們在去年年中引入了一位新的 CTO，並希望在工作進行和領導層之間做出調整，因此將一些資金從 SG&A 中的一個桶轉移到另一個桶，但本質上是一個左口袋，一個右口袋，並沒有真正改變正在進行的工作或支出，就像你說的，更多的只是一些家務。

Okay. And then maybe one or two quick ones on cash flow and and capital allocation. You got a little bit of an inventory benefit in the quarter. How should we think about working capital more generally for the balance of the year?

好的。然後也許會快速討論一兩個關於現金流和資本配置的問題。本季您獲得了一點庫存收益。我們應該如何更全面地考慮全年的營運資本？

And then you continue to buy back stock with the stock having pulled back a bit. I think you said $40 million left on the authorization. Is the -- foresee potentially replenishing that or is that $100 million as we think about that as what you have left to work with for the balance of the year? Thanks, again, for taking all the questions.

然後你繼續回購股票，此時股價已經回落了一點。我認為您說授權還剩下 4000 萬美元。是否預計可能會補充這筆資金，或者我們認為這 1 億美元是您今年剩餘的可用資金？再次感謝您回答所有問題。

Yeah, I'll take the last part there on the stock repurchase. We said $60 million through the front half of the year against our $100 million authorization from the Board. I think -- and then like in our outlook, there's a lot of uncertainty, but we remain focused on returning free cash flow to shareholders and being opportunistic when we have that opportunity.

是的，我將討論股票回購的最後一部分。我們表示，今年上半年的支出為 6,000 萬美元，而董事會授權的支出為 1 億美元。我認為——就像我們的展望一樣，存在著許多不確定性，但我們仍然專注於向股東返還自由現金流，並在有機會時抓住機會。

So I think the authorization for the year is clear and we're always looking to do what we can there from the standpoint of being opportunistic. So nothing specific there yet, but more to come.

因此，我認為今年的授權是明確的，我們始終希望從機會主義的角度盡我們所能。目前還沒有什麼具體內容，但將會有更多內容。

Helpful. And just working capital as we think about --

很有幫助。我們考慮的是營運資金--

Yeah. So working capital, I think get -- seasonally, the higher volume quarters for us are Q2 and Q3 where we tend to work down inventory a bit. There's a lot of wild cards out there about steel pricing and inventory levels so, as you know, we tend to try to hedge the old prices through inventory more so than a specific hedging program that we remain vigilant and opportunistic in the market based on what we see from a steel standpoint and also knowing that the volume forecast is a bit variable.

是的。因此，我認為營運資金——從季節性來看，我們的交易量較高的季度是第二季和第三季度，我們往往會減少庫存。鋼鐵價格和庫存水準存在著許多不確定因素，因此，如您所知，我們傾向於透過庫存來對沖舊價格，而不是特定的對沖計劃，我們根據從鋼鐵角度看到的情況在市場上保持警惕和機會主義，並且知道產量預測有點變化。

So, I think, not a whole lot different than where we've been from that standpoint. The cost of inventory certainly is going up on imported items from a tariff standpoint. So while the dollar may be going up a bit, the pounds are our slightly down.

所以，我認為，從這個角度來看，與我們之前的情況並沒有太大不同。從關稅角度來看，進口商品的庫存成本肯定會上升。因此，儘管美元可能略有上漲，但英鎊卻略有下跌。

Got it. Okay, I'll circle back if there's any follow-ups. Thank you.

知道了。好的，如果有任何後續情況，我會再回來。謝謝。

Okay. Thanks, Dan.

好的。謝謝，丹。

Thanks, Dan.

謝謝，丹。

Tim Wojs, Baird.

提姆·沃伊斯，貝爾德。

Hey, guys. Good afternoon. Nice job.

嘿，大家好。午安.幹得好。

Hey, Tim.

嘿，提姆。

Maybe just -- first, just a clarification. On the North American business, were volumes up in Q2 or is that organic number predominantly priced?

也許只是——首先，只是澄清一下。就北美業務而言，第二季的銷量是否有所增加，或者有機成長主要取決於價格嗎？

The volumes are pretty much flat on the quarter, Tim. The revenue numbers driven by price, the carryover of the acquisitions, which generally don't have volume if you think about equipment and software, which was two of the big acquisitions from last year, they don't factor in volume calculation. And then the last piece is a little bit of exchange rate help coming from Europe.

提姆，本季的銷量基本持平。收入數字受價格驅動，收購結轉，如果你考慮設備和軟體，通常沒有數量，這是去年的兩項大型收購，它們沒有將數量計算在內。最後一點是來自歐洲的一點匯率幫助。

Okay. But I guess in North America, I mean, I guess what I'm trying to get at is, you only had a couple weeks of price, I think, in the quarter. So I'm just trying to square the 5% with only a couple weeks to price relative to your price increase and cash/volumes. What -- it seems like there's something there that I'm missing.

好的。但我想在北美，我的意思是，我想說的是，我認為本季只有幾週的價格。因此，我只是想用短短幾週的時間來平衡 5% 的價格與你的價格上漲和現金/交易量之間的關係。什麼——好像我忽略了一些東西。

No, Tim, if you look at year-to-date volumes, North America, we are down roughly 1% versus prior year.

不，提姆，如果你看一下今年迄今為止北美的銷量，你會發現與去年相比下降了約 1%。

Okay. Okay.

好的。好的。

Year-to-date.

今年迄今為止。

Yeah, year-to-date down 1% versus prior year North American volumes.

是的，今年迄今北美銷量與去年同期相比下降了 1%。

Okay. So the price contribution was like mid-single digits in the quarter?

好的。那麼本季的價格貢獻大概是個位數的中間值嗎？

Yeah, I think, that's right. I mean, the volume on the quarter, I think, it's up slightly in North America because we're down a little bit in the first quarter, so maybe we get -- maybe we're getting a point of volume in North America, getting a point from the acquisitions and then, the balance is pretty much pricing in the quarter.

是的，我認為是這樣。我的意思是，我認為本季度的銷量在北美略有上升，因為第一季度銷量略有下降，所以也許我們得到了 - 也許我們在北美獲得了一個銷量點，從收購中獲得了一個點，然後，餘額基本上就是本季度的定價。

Okay. And the reason I'm clarifying is because I think the price realization actually accelerates or fully anniversaries into the back half of the year, right? So if we would assume flattish volumes, you should actually get more pricing realization in the third and fourth quarter relative to Q2?

好的。我之所以要澄清這一點，是因為我認為價格實現實際上會在下半年加速或完全週年紀念，對嗎？因此，如果我們假設交易量持平，那麼相對於第二季度，您在第三季和第四季實際上應該獲得更多的定價實現？

Yeah. There is only essentially three weeks in change of the quarters where the price increase was in effect in Q2.

是的。第二季價格上漲的時間間隔基本上只有三週。

Okay. Got you. And then, I guess, when you're thinking about just a more difficult housing market, has your ability to take share changed at all, either positively or negatively? Or is it pretty similar to like when the market was growing two or three years ago? Do you guys have to do anything differently?

好的。明白了。那麼，我想，當您考慮更困難的房地產市場時，您獲得市場份額的能力是否發生了變化，無論是積極的還是消極的？或者它與兩三年前市場成長時的情況非常相似？你們需要做些不同的事嗎？

Yeah. It's a -- position doesn't change, Tim. I think when the market's growing like crazy, it's all about service and making sure that the job sites are up and running. When the market slows down and there's a big emphasis on affordability, it's doing everything we can to help our customers be successful. It's value engineering. It's looking at lower installed cost.

是的。這是一個——立場不會改變，提姆。我認為，當市場瘋狂成長時，一切都與服務有關，並確保工作網站正常運作。當市場放緩並且更加重視可負擔性時，我們會盡一切努力幫助客戶取得成功。這是價值工程。它正在尋求降低安裝成本。

It's looking at things like our [EstiFrame] saw that helps develop cut packages. It's better software that can develop a more accurate bill of material and reduce waste. So the overall business model I don't think changes much, but what we emphasize in a fast-growing market versus a market where maybe you got more time to -- and there's more emphasis on affordability, there's a different emphasis within the business model.

它正在查看諸如我們的 [EstiFrame] 鋸之類的東西，以幫助開發切割包。它是更好的軟體，可以製定更準確的物料清單並減少浪費。因此，我認為整體商業模式不會發生太大變化，但我們在快速成長的市場中所強調的與在可能有更多時間的市場中所強調的有所不同——並且更加註重可負擔性，商業模式的重點有所不同。

Okay. Okay. And then just on the head count that you mentioned, was that -- is it lower because of normal attrition or did you guys do something maybe more structural with the organization?

好的。好的。那麼就您提到的員工人數而言，人數減少是因為正常的人員流失嗎，還是你們對組織進行了更結構化的操作？

Yeah, Tim. We've been leveraging attrition to help us get to that point where we're below prior year.

是的，提姆。我們一直在利用自然減員來幫助我們達到低於去年的水平。

Okay. Okay. Sounds like that'll continue?

好的。好的。聽起來這種情況還會持續嗎？

Yeah. I mean, we are committed to the guide and we're committed to getting to 20% with a little bit of help from the market, and until things pick up, we need to be very cost disciplined and that's one of the ways we're being cost disciplined.

是的。我的意思是，我們致力於遵循指導方針，並致力於在市場的幫助下達到 20%，在情況好轉之前，我們需要非常嚴格地控製成本，這是我們嚴格控製成本的方式之一。

Okay. Okay. Sounds good. Thank you, guys, for the answers.

好的。好的。聽起來不錯。謝謝大家的回答。

Alright. Thanks, Tim.

好吧。謝謝，蒂姆。

Thanks, Tim.

謝謝，蒂姆。

Kurt Yinger, D.A. Davidson.

庫爾特·英格、D.A.戴維森。

Great. Thanks and good afternoon. Just wanted to, I guess, stick with pricing to start. Maybe you could just confirm, is the 8% weighted average increase in North America still the right way to think about the back half as that's fully implemented for a quarter?

偉大的。謝謝，下午好。我想，一開始只是想堅持定價。也許您可以確認一下，北美 8% 的加權平均成長率是否仍然是考慮下半年的正確方法，因為這已經在一個季度內全面實施了？

And then secondly, you referenced some of the incremental tariff headwinds relative to when you announced the price increases. I guess going forward, how do you balance competitive dynamics? You alluded to affordability just a minute ago versus that end goal of making sure the business is positioned to maintain a 20% operating margin?

其次，您提到了與您宣布漲價時相關的一些增量關稅阻力。我想展望未來，您如何平衡競爭動態？您剛才提到了可負擔性，而不是確保企業維持 20% 的營業利潤率的最終目標？

Yeah. Yes, Kurt, you're right. The weighted average 8% is the right way to think about it. That was our the net of the the published list price increases that went out in early April and were implemented in June. In terms of how we think about it going forward, I'll let Mike jump in here.

是的。是的，庫爾特，你是對的。加權平均值 8% 是正確的思考方式。這是我們四月初公佈並於六月實施的標價上漲的淨額。關於我們如何看待未來，我將讓麥克來談談。

Yeah, Kurt. When we look at it, I mean, we're focused on helping our customers win. We're focused on making sure that we're delivering great service and innovative solutions and our products are adding a lot of value associated with that.

是的，庫爾特。當我們看待它時，我的意思是，我們專注於幫助我們的客戶獲勝。我們專注於確保提供優質的服務和創新的解決方案，並且我們的產品能夠增加許多相關的價值。

So we believe that's worth a modest premium. At the same time, we're doing everything we can to make sure that we can control costs. So in a slow to low-growth market, we can get close to that 20% operating income.

因此我們認為這值得適度溢價。同時，我們正在盡一切努力確保控製成本。因此，在成長緩慢或低成長的市場中，我們可以獲得接近 20% 的營業收入。

Got it. And when you think about, I guess, that modest premium, right, and ensuring you're not out of whack with that traditional spread, I guess, from a competitive standpoint, like does it feel like -- or are you seeing increases out there that would allow you to make another move of a smaller magnitude or something like that?

知道了。我想，當您考慮到那個適度的溢價，對吧，並確保您不會超出傳統價差的範圍時，我想，從競爭的角度來看，感覺如何 - 或者您是否看到了允許你再採取較小幅度的行動或類似行動的增長？

I mean, Kurt, I would say, just stepping back, our connector business is largely sourced with US steel, like the tariffs don't have a direct impact, although they impact steel prices. I think where we see bigger tariff impact is on imported items and fasteners and anchors, and we compete against a number of different competitors in those space, some of which are similar footprint to us and that some is domestically sourced and some is imported.

我的意思是，庫爾特，退一步來說，我們的連接器業務主要來自美國鋼鐵，關稅不會產生直接影響，儘管它們會影響鋼鐵價格。我認為關稅對進口產品、緊固件和錨固件影響較大，我們在這些領域與許多不同的競爭對手競爭，其中一些競爭對手的足跡與我們相似，有些是國內採購的，有些是進口的。

Others are exclusively imported. So we're watching what's happening with various competitors in the space, where we're positioned in the market, and trying to strike that balance.

其餘均為獨家進口。因此，我們正在觀察該領域各個競爭對手的動態，了解我們在市場中的定位，並試圖達成平衡。

So obviously, we're getting additional tariff costs from the tariffs that were announced June 4, the additional 25% on imports. We have not announced any pricing related to that, obviously, because our price increase was announced in April.

顯然，6 月 4 日宣布的進口關稅將增加 25%，這將為我們帶來額外的關稅成本。顯然，我們還沒有宣布與此相關的任何定價，因為我們在四月就宣布了漲價。

So it's something we're watching very closely. I think ultimately, it just depends where that all nets out and where we see competition and making sure that we're delivering what we need to deliver, but at the same time, focused on affordability challenges in the market and making sure that we continue to deliver good customer service.

所以我們正在密切關注此事。我認為最終，這取決於所有網路的結果以及我們看到的競爭，並確保我們提供我們需要提供的東西，但同時，專注於市場上的可負擔性挑戰，並確保我們繼續提供良好的客戶服務。

Okay. Okay. That's great. And then could you maybe just talk about order progression through the quarter? Anything visible to you guys in terms of maybe a little bit of prebuying ahead of the price increase.

好的。好的。那太棒了。然後您能否談談本季的訂單進度？你們是否可以看到在價格上漲之前進行一些預購？

We saw May and June starts obviously sequentially weaker. Have you seen that same type of progression on a year-over-year basis in your business? Can you just talk maybe a little bit more about that from a monthly perspective?

我們發現五月和六月的開局明顯較弱。您是否看到您的業務逐年呈現相同類型的成長？您能否從月度角度再多談這個問題？

Yeah. So Kurt, we did not see any substantial prebuying. And when we look at the market forecast for the second half of the year and how our second half is starting, it's very much in line with the market forecast. So things are definitely softer.

是的。所以庫爾特，我們沒有看到任何實質的預購。當我們查看下半年的市場預測以及我們下半年的開局時，我們發現這與市場預測非常一致。所以情況肯定變得更加溫和。

Okay. Perfect. And then just lastly, I think you mentioned customer expansion in the Component Manufacturer space. Can you maybe just provide a little bit more color there? And then, I think you had also referenced maybe some improvements on the software side. So any detail there would be great.

好的。完美的。最後，我想您提到了零件製造商領域的客戶擴展。您能否提供更多一些顏色？然後，我想您可能還提到了軟體方面的一些改進。因此，任何細節都很棒。

Yeah. So we continue, we believe, to make really good progress on the software perspective. We've got a couple of areas we're working on to improve the engineering part of our truss solutions. We are also working on tools that can help our customers manage their overall project list. We've got tools that we're working on to help them improve the -- basically the supply chain and the manufacturing of the trusses.

是的。因此，我們相信，我們會在軟體方面取得真正的良好進展。我們正在努力改進桁架解決方案的工程部分。我們也正在開發可以幫助客戶管理其整體專案清單的工具。我們正在開發一些工具來幫助他們改善供應鏈和桁架的製造。

And we're making good progress in that space. When we look at the solutions that we have today, it's a really good fit for a lot of customers. And as a result, we continue to pick up share and deliver the value proposition that we've been delivering to everybody else.

我們在該領域取得了良好的進展。當我們審視我們目前擁有的解決方案時，我們發現它確實非常適合許多客戶。因此，我們繼續獲得市場份額並向其他所有人提供我們一直提供的價值主張。

Okay. Perfect. Appreciate the color. Thank you.

好的。完美的。欣賞色彩。謝謝。

Thanks, Kurt.

謝謝，庫爾特。

Thank you. There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。目前沒有其他問題。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。