Simpson Manufacturing Co., Inc. (SSD) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Simpson Manufacturing Co Inc. second quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Kim Orlando with Investor Relations. Thank you. You may begin.

問候各位。歡迎參加辛普森製造公司（Simpson Manufacturing Co Inc.）2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給投資人關係部的 Kim Orlando。謝謝。您可以開始了。

Good afternoon, ladies and gentlemen, and welcome to Simpson Manufacturing Company's second quarter 2026 earnings conference call. Any statements made on this call that are not statements of historical facts are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties.

各位女士、先生，下午好，歡迎參加辛普森製造公司 2026 年第二季財報電話會議。本次電話會議中所作的任何非歷史事實陳述，均屬前瞻性陳述。此類陳述係基於若干估計與預期，並可能受到多項風險與不確定性影響。

Actual future results may vary materially from those expressed or implied by the forward-looking statements. We encourage you to read the risks described in the company's public filings and reports, which are available on the SEC's 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.

實際未來結果可能與前瞻性陳述所明示或暗示者存在重大差異。我們鼓勵您閱讀公司公開申報與報告中所描述的風險，相關資料可於美國證券交易委員會（SEC）或公司企業網站取得。除非適用證券法另有要求，對於我們今日所作的任何前瞻性陳述，無論係因新資訊、未來事件或其他原因，我們均不承擔更新或公開修訂之義務。

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. Please note that the earnings press release was issued today at approximately 4:15 PM Eastern Time.

在本次電話會議中，我們也將提及非 GAAP 指標，例如調整後 EBITDA；該指標已於公司財報新聞稿中與最具可比性的 GAAP 指標（淨利）進行調節。請注意，財報新聞稿已於今日美東時間約下午 4:15 發布。

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

財報新聞稿可於公司網站的投資人關係頁面 ir.simpsonmfg.com 取得。今日電話會議將以網路直播方式進行，並將於公司網站投資人關係頁面提供重播。現在我想把會議交給辛普森總裁兼執行長 Michael Olosky。

Thanks, Kim. Good afternoon, everyone, and welcome to today's call. With me is Matt Dunn, our Chief Financial Officer. Before turning to the quarter, I'd like to briefly discuss our results in the context of the strategic priorities that continue to guide our decisions and shape the way we manage the business.

謝謝你，Kim。各位下午好，歡迎參加今天的電話會議。與我一同出席的是我們的財務長 Matt Dunn。在進入本季表現之前，我想先簡要在持續引導我們決策並形塑我們經營管理方式的策略優先事項脈絡下，說明我們的成果。

Across the organization, we remain focused on deepening our position as a partner of choice for our customers, driving innovations in the markets we serve and strengthening our values-based culture all while continuing to deliver solid financial results. Despite ongoing market challenges, we are making solid progress advancing our strategic priorities.

在整個組織中，我們仍專注於深化作為客戶首選合作夥伴的地位、推動我們所服務市場的創新、並強化以價值為本的企業文化，同時持續交出穩健的財務成果。儘管市場挑戰仍在，我們在推進策略優先事項方面正取得扎實進展。

One of the defining strengths of our culture is the experience of long-term commitment of our people. As we mark our 70th anniversary, that continuity is especially meaningful. It's been a company that has evolved and performed through multiple cycles while staying grounded in a consistent set of values.

我們文化的一項關鍵優勢，是員工長期投入所累積的經驗與承諾。在我們迎來 70 週年之際，這種延續性格外具有意義。公司在多個景氣循環中持續演進並展現績效，同時始終扎根於一套一致的價值觀。

Throughout the year, we'll continue recognizing employees whose careers reflect that legacy. I'd like to take a moment to highlight a few of them. First is Dan Pickrell, a project manager for our Southeast operations, celebrating 40 years with Simpson. Dean began his career as a fabrication operator at our McKinney, Texas manufacturing facility and has held a variety of roles across manufacturing operations.

在今年之中，我們將持續表揚職涯體現這份傳承的員工。我想花點時間特別提到其中幾位。首先是 Dan Pickrell，我們東南區營運的專案經理，正慶祝在辛普森服務滿 40 年。Dan 的職涯始於我們德州 McKinney 製造廠的製造操作員，並在製造營運領域擔任過多種職務。

Today, he is a trusted subject matter expert supporting product launches, training programs and key operational initiatives. His deep experience and institutional knowledge continue to play an important role in ensuring consistency, quality and execution across our business.

如今，他是備受信賴的領域專家，支援產品上市、訓練計畫與關鍵營運倡議。他深厚的經驗與組織知識，持續在確保我們業務各面向的一致性、品質與執行力方面扮演重要角色。

Next, I'd like to recognize Glenn Silva, an inside sales representative for our Northwest operations, celebrating 47 years of service. Glenn began her career in 1979 mailing catalogs and has spent nearly five decades serving our customers across the inside sales and customer support. Her tenure reflects not only a deep understanding of our business and customers, but also the resilience, commitment and adaptability that have remained essential as our company has evolved over time.

接下來，我想表揚 Glenn Silva，我們西北區營運的內勤銷售代表，正慶祝 47 年的服務年資。Glenn 於 1979 年以寄送型錄起步，近五十年來在內勤銷售與客戶支援領域服務我們的客戶。她的資歷不僅反映對我們業務與客戶的深刻理解，也展現了隨著公司長期演進仍不可或缺的韌性、承諾與適應力。

Finally, I'd like to recognize Bill McGann, our regional sales manager for our national retail market segment in the Northeast, celebrating 42 years with the company. Bill was the first employee hired when our Columbus facility opened and has served in a variety of sales and sales leadership roles throughout his career. He is known not only for his passion for our customers and our people, but also for the countless employees he has encouraged, mentored and championed along the way.

最後，我想表揚 Bill McGann，我們東北區全國零售市場區隔的區域銷售經理，正慶祝在公司服務滿 42 年。Bill 是我們哥倫布（Columbus）廠區開設時第一位聘用的員工，並在職涯中擔任過多種銷售與銷售領導職務。他不僅以對客戶與同仁的熱情著稱，也因一路以來鼓勵、指導並支持無數員工而廣為人知。

As he prepares for his return in October, we recognize the lasting impact he has had on our growth and a steadfast commitment to the values that continue to guide our company today. These are just a few examples of the many employees whose experienced leadership and commitment continue to shape our performance, and we appreciate the contributions they make every day.

在他準備於 10 月回歸之際，我們肯定他對公司成長所帶來的長遠影響，以及對至今仍引領公司前行之價值觀的堅定承諾。以上僅是眾多員工中的幾個例子；他們以豐富的領導經驗與投入持續形塑我們的績效，我們感謝他們每天所做的貢獻。

Now turning to our financial results. We delivered net sales of $671.1 million, up 6.3% from the prior year quarter. As outlined in our investor presentation, net sales growth was primarily driven by our 2025 pricing actions which contributed approximately 5% of the increase.

接著談我們的財務結果。我們實現淨銷售額 6.711 億美元，較去年同期成長 6.3%。如同我們投資人簡報所述，淨銷售成長主要由我們 2025 年的定價措施所帶動，約貢獻了增幅中的 5%。

Sales mix and foreign exchange each provided an additional 1%. These gains were partially offset by an approximate 1% decline in volume resulting from a softer market. Over the last 12 months, our global volumes declined by 1.6%, 100 basis points below the 0.6% decline in US housing starts of note, we exited some business in 2025, which negatively impacted our global year-over-year volume comparison by 30 basis points on a trailing 12-month basis and 70 basis points in Q2 2026.

銷售組合與外匯各額外貢獻 1%。上述增長部分被市場轉弱導致的約 1% 銷量下滑所抵銷。過去 12 個月，我們全球銷量下滑 1.6%，比美國新屋開工量下滑 0.6% 低 100 個基點。值得注意的是，我們在 2025 年退出了部分業務，對全球年對年銷量比較造成負面影響：以過去 12 個月計約 30 個基點，且在 2026 年第二季為 70 個基點。

In North America, net sales were $522.3 million, up 6% from the prior year quarter, including an approximate $30 million benefit from pricing actions. Results across North America varied by market segment and region, consistent with the broader construction trends.

在北美，淨銷售額為 5.223 億美元，較去年同期成長 6%，其中包含定價措施帶來約 3,000 萬美元的效益。北美各市場區隔與各地區的表現不一，與更廣泛的建築趨勢一致。

We saw encouraging results in key strategic growth areas, underscoring the strength of our business model, innovative solutions and trusted customer partnerships. The component manufacturer business delivered a solid quarter with volumes mid-single digits year-over-year.

我們在關鍵策略成長領域看到令人鼓舞的成果，凸顯我們商業模式、創新解決方案與值得信賴的客戶夥伴關係之優勢。構件製造商業務本季表現穩健，銷量年對年為中個位數成長。

Growth was primarily driven by continued new customer wins and capturing a greater share of the total connector spend from existing customers. We secured meaningful conversions during the quarter with encouraging interest in new equipment. Customers continue to prioritize labor efficiency, throughput and operational visibility, underscoring the value of our integrated platform of software plates, equipment and design services.

成長主要來自持續取得新客戶，以及自既有客戶的連接件總採購支出中取得更高的占比。本季我們取得具意義的轉換成果，且對新設備的興趣令人振奮。客戶持續優先考量勞動效率、產出吞吐量與營運可視性，凸顯我們整合式平台（軟體、連接板、設備與設計服務）的價值。

While activity remains uneven in certain markets and customers tied more closely to single-family starts remain cautious, adoption of our solutions continue to advance, further strengthening our position as a strategic partner to component manufacturers.

儘管部分市場的活動仍不均衡，且與獨棟住宅開工更密切相關的客戶仍保持審慎，我們解決方案的採用仍持續推進，進一步強化我們作為構件製造商策略夥伴的地位。

The OEM business delivered another strong quarter with volumes up high single digits year-over-year. Growth was supported by continued momentum in material handling, anchoring solutions, engineered applications and expanding customer relationships. We also continue to strengthen our mass timber opportunity pipeline through project specifications, project wins and targeted investments in resources that support our long-term growth objectives.

OEM 業務本季再度交出強勁表現，銷量年對年成長達高個位數。成長動能來自物料搬運、錨固解決方案、工程化應用以及持續擴展的客戶關係。我們也持續透過專案規格導入、專案得標，以及對支援長期成長目標之資源的精準投資，強化我們在大規模木構（mass timber）機會的案源管線。

While mass timber project timing can vary, customer engagement remains high. Our ability to combine innovative products with deep engineering expertise, testing capabilities and field support remains a key differentiator as customers pursue increasingly complex performance-driven projects. Residential business volumes were down modestly year-over-year, reflecting continued softness in housing activity as a result of persistent affordability pressures.

雖然大規模木構（mass timber）專案的時程可能有所不同，但客戶參與度仍然很高。我們結合創新產品與深厚工程專業、測試能力及現場支援的能力，仍是客戶在追求日益複雜、以性能為導向的專案時的一項關鍵差異化優勢。住宅業務量較去年同期小幅下滑，反映在持續的可負擔性壓力下，住宅活動仍然疲弱。

Despite these conditions, we saw areas of relative strength in multifamily, fire rebuild activity, selected regional markets and new product adoption. Our teams continue to engage customers through builder and distributor training, job site events, product campaigns and customer conversions while increasing cross-selling across our portfolio of connectors, fasteners, anchoring solutions and value-added services.

儘管如此，我們仍在多戶住宅、火災重建活動、部分區域市場以及新產品採用方面看到相對強勁的表現。我們的團隊持續透過建商與經銷商訓練、工地活動、產品行銷活動及客戶轉換來與客戶互動，同時提高在我們連接件、緊固件、錨固解決方案及加值服務產品組合中的交叉銷售。

Builders remain focused on cost control, cycle time reduction and inventory management, and we are supporting them with high service levels in the industry's deepest portfolio of engineered solutions. Our National Retail business delivered a slight increase in volume year-over-year. The retail environment remains competitive and continues to reflect selective consumer spending, inventory discipline and mixed point-of-sale trends across the home center channel.

建商仍聚焦於成本控管、縮短週期時間與庫存管理，我們以業界最完整的工程解決方案產品組合，提供高水準服務來支援他們。我們的全國零售（National Retail）業務量較去年同期小幅增加。零售環境仍具競爭性，並持續反映消費者選擇性支出、庫存紀律，以及家居賣場通路（home center channel）銷售端（POS）趨勢分歧。

Our teams remain focused on in-store execution, merchandising excellence, training and close collaboration with our retail partners. During the quarter, we advanced several important initiatives, including Bay optimization with creative display solutions, continued outdoor access expansion, and a successful fastener merchandising pilot that is expected to expand later this year. While uneven demand remains a near-term headwind, our focus on service, reliability and retail execution continues to strengthen our customer relationships and support future growth.

我們的團隊仍專注於店內執行、陳列卓越、訓練，以及與零售合作夥伴的緊密協作。本季我們推進了數項重要計畫，包括以創意展示解決方案進行貨架區（Bay）最佳化、持續擴大戶外通路覆蓋，以及一項成功的緊固件陳列試點，預計將於今年稍晚擴大推行。儘管需求不均仍是短期逆風，我們對服務、可靠性與零售執行的聚焦，持續強化客戶關係並支持未來成長。

In our commercial business, second quarter volumes were down modestly year-over-year, reflecting mixed construction activity across segments and geographies. We remain optimistic on our ability to capitalize on opportunities in data centers, education, retrofit work, cold-formed steel, QuickFrames and anchoring applications

在商用業務方面，第二季出貨量較去年同期小幅下滑，反映各細分市場與地區的建築活動表現不一。我們仍對把握資料中心、教育、翻修工程、冷成型鋼（cold-formed steel）、QuickFrames 以及錨固應用等機會的能力保持樂觀。

Through specification activity, take-off services, project coordination and cross-selling efforts, our teams continue to help customers manage complexity, improve productivity and execute large projects more effectively. While the broader environment remains uneven and customers remain cautious amid inflation and project timing uncertainty, our technical expertise code compliance solutions and field support provide a strong foundation for future growth.

透過規格指定活動（specification activity）、算量服務（take-off services）、專案協調與交叉銷售努力，我們的團隊持續協助客戶管理複雜度、提升生產力，並更有效地執行大型專案。儘管整體環境仍不均衡，且客戶在通膨與專案時程不確定性下仍偏謹慎，我們的技術專業、法規符合（code compliance）解決方案與現場支援，為未來成長提供了堅實基礎。

In Europe, second quarter net sales totaled $143.5 million, up 7.6% year-over-year, driven by an approximate 3% year-over-year increase in volumes. Price increases and foreign currency translation. On a local currency basis, net sales were up 4.9%. Customer engagement remains healthy, and we secured several meaningful wins during the quarter, including multiple mass timber projects.

在歐洲，第二季淨銷售額為 1.435 億美元，較去年同期成長 7.6%，主要由出貨量較去年同期約增加 3% 所帶動。此外亦受惠於漲價與外幣換算。以當地貨幣計，淨銷售額成長 4.9%。客戶參與度仍然健康，我們在本季取得數項重要勝利，包括多個大規模木構專案。

Our consolidated gross margin improved 100 basis points year-over-year to 47.4%, driven by our 2025 price increases, which contributed approximately $34 million in net sales in the quarter. This was partially offset by higher factory overhead costs as a percentage of net sales, including approximately $1.5 million or 20 basis points of Q2 start-up costs from the ongoing ramp-up of our Gallatin facility, which we opened late last year.

我們的合併毛利率較去年同期提升 100 個基點至 47.4%，主要受 2025 年漲價帶動，該漲價在本季為淨銷售額貢獻約 3,400 萬美元。部分被工廠製造費用占淨銷售額比重上升所抵銷，其中包括我們於去年底啟用、目前仍在爬坡的 Gallatin 廠在第二季約 150 萬美元（或 20 個基點）的啟動成本。

While start-up costs associated with the Gallatin ramp-up continued to impact gross margin in the second quarter, we saw improvement versus the impact in the first quarter. Our operating margin was 25.2%, up 300 basis points year-over-year, which included a 100 basis points benefit from a $5.5 million eminent domain settlement partially offset by onetime costs in Q2 2026 of $0.5 million related to our strategic cost savings initiatives.

雖然與 Gallatin 產能爬坡相關的啟動成本在第二季仍持續影響毛利率，但相較第一季其影響已有改善。我們的營業利益率為 25.2%，較去年同期提升 300 個基點，其中包含 550 萬美元徵收（eminent domain）和解帶來的 100 個基點利益，部分被 2026 年第二季與策略性成本節省計畫相關的一次性成本 50 萬美元所抵銷。

Adjusted EBITDA totaled $196.1 million, a 22.6% increase year-over-year. In summary, our second quarter results demonstrated disciplined pricing and effective cost management underpinned by solid execution and a clear commitment to supporting our customers. Our financial ambitions remain one, driving above-market volume growth relative to US housing starts. Two, maintaining an operating income margin at or above 20%. And three, consistently driving EPS growth ahead of net sales growth.

調整後 EBITDA 為 1.961 億美元，較去年同期成長 22.6%。總結而言，我們第二季的成果展現了嚴謹的定價與有效的成本管理，並以穩健的執行力及明確支持客戶的承諾為基礎。我們的財務目標仍有三項：第一，相對於美國住宅開工量，推動高於市場的出貨量成長。第二，維持營業利益率在 20% 或以上。第三，持續推動 EPS 成長快於淨銷售額成長。

As for our outlook on the markets, we continue to expect 2026 US housing starts to be down low single digits compared to 2025. In Europe, we expect flat to modest market growth in 2026. As we look ahead, we remain confident in the long-term potential of our core growth drivers and customer engagement with our value-added offerings remains strong.

就市場展望而言，我們仍預期 2026 年美國住宅開工量將較 2025 年下滑低個位數百分比。在歐洲，我們預期 2026 年市場將持平至溫和成長。展望未來，我們對核心成長動能的長期潛力仍具信心，且客戶對我們加值產品與服務的參與度依然強勁。

At the same time, mix headwinds and rising steel costs are creating a more challenging backdrop, particularly as we move through the back half of 2026. As such, we do not expect to maintain the same rate of revenue growth and profitability in the second half of the year as we will have fully lapped the majority of the pricing actions we implemented last year.

同時，產品組合不利因素（mix headwinds）與鋼材成本上升正帶來更具挑戰的背景，尤其在 2026 年下半年。因此，由於我們將完全消化去年所實施的大部分漲價措施的比較基期效應，我們不預期在下半年仍能維持與上半年相同的營收成長與獲利水準。

We continue to approach pricing with discipline and a long-term perspective. Given ongoing housing affordability concerns, customer response and competitive dynamics have varied across markets and channels. The market for steel remains volatile with rising steel prices and increasing availability constraints, maintaining defendable product supply and providing reliable service remain top priorities for Simpson.

我們仍以嚴謹且長期的觀點來看待定價。鑑於住宅可負擔性疑慮持續存在，客戶反應與競爭態勢在不同市場與通路間有所差異。鋼材市場仍然波動，鋼價上升且供應可得性限制增加；對 Simpson 而言，維持可防守的產品供應並提供可靠服務仍是首要任務。

Our approach remains grounded in value-based pricing, supported by detailed product and market level evaluations that consider input costs, value, mix, margins and long-term customer relationships. With that, I'd like to turn the call over to Matt, who will discuss our financial results and outlook in greater detail.

我們的方法仍以價值為基礎的定價為核心，並由細緻的產品與市場層級評估所支持，評估內容涵蓋投入成本、價值、組合、利潤率以及長期客戶關係。接下來，我想把電話交給 Matt，由他更詳細地說明我們的財務結果與展望。

Good afternoon, everyone. Thank you for joining us on our earnings call today. Mike spoke earlier about our 70th anniversary and some of the employees who have been part of that journey. I'd like to add my thanks to them and to all of our employees for their dedication and commitment. I'd also like to mention that unless otherwise stated, all financial measures discussed in my prepared remarks refer to the second quarter of 2026, and all comparisons will be year-over-year comparisons versus the second quarter of 2025.

各位下午好。感謝各位今天參加我們的法說會。Mike 先前提到我們的 70 週年，以及一路走來參與其中的一些員工。我也想向他們以及所有員工的投入與承諾致謝。另外也要說明，除非另有說明，我在事先準備的講稿中所提及的所有財務衡量指標皆指 2026 年第二季，所有比較皆為與 2025 年第二季的年對年比較。

Now turning to our results. Consolidated net sales grew 6.3% to $671.1 million. In the North America segment, net sales rose 6% to $522.3 million driven by pricing and favorable mix, which were partially offset by lower sales volumes.

接著談我們的業績。合併淨銷售額成長 6.3% 至 6.711 億美元。在北美事業部，淨銷售額成長 6% 至 5.223 億美元，主要由定價與有利的產品組合帶動，但部分被銷售量下滑所抵銷。

Europe delivered a 7.6% increase in net sales to $143.5 million driven by both higher volumes and price increases as well as the positive effect of approximately $3.7 million in favorable foreign currency translation. Globally, Wood construction products sales were up 6.1% and concrete construction product sales were up 7.4%.

歐洲淨銷售額成長 7.6% 至 1.435 億美元，受惠於出貨量增加與漲價，以及約 370 萬美元有利的外幣換算影響。在全球範圍內，木構建築產品銷售額成長 6.1%，混凝土建築產品銷售額成長 7.4%。

Consolidated gross profit increased 8.6% to $318.2 million resulting in a gross margin of 47.4%, up 100 basis points from last year. In North America, gross margin was 50.2%, up from 49.5% reported in the prior year reflecting the impact from our 2025 price increases and our prior year strategic cost savings effort. As a reminder, we continue to have start-up costs in our Gallatin facility which improved but still represented an approximate 20 basis point headwind to our second quarter gross margin.

合併毛利成長 8.6% 至 3.182 億美元，使毛利率達 47.4%，較去年提升 100 個基點。在北美，毛利率為 50.2%，高於去年同期的 49.5%，反映 2025 年漲價以及去年策略性成本節省措施的影響。提醒各位，我們的 Gallatin 廠仍有啟動成本；雖已改善，但對第二季毛利率仍造成約 20 個基點的逆風。

We expect this will continue to moderate as we progress through the year. In Europe, gross margin increased to 38.2% from 36.2% primarily driven by better absorption of overhead costs through volume gains, pricing, and our prior footprint optimization work as a percentage of net sales. From a product perspective, our gross margin for Wood Products was 47.3% compared to 47.1% a year ago.

我們預期，隨著我們在今年逐步推進，這種情況將持續趨於溫和。在歐洲，毛利率由36.2%提升至38.2%，主要受惠於銷量成長帶來的間接費用吸收改善、定價，以及我們先前進行的產能/據點（footprint）優化工作（以淨銷售額百分比計）。從產品角度來看，我們木製品（Wood Products）的毛利率為47.3%，較一年前的47.1%略升。

For concrete products, gross margin was 48.3% compared to 45% a year ago, reflecting lower material costs as a percentage of net sales as well as price increases. Now turning to expenses. As a percentage of net sales, second quarter operating expenses were 23%, an improvement from 24.2% last year. SG&A Headcount was down approximately 8% year-over-year, which reduced personnel-related costs.

就混凝土產品而言，毛利率為48.3%，高於一年前的45%，反映材料成本占淨銷售額的比例下降以及價格上調。接著談費用。以淨銷售額百分比計，第二季營業費用為23%，較去年的24.2%改善。SG&A人員編制年對年約下降8%，降低了人員相關成本。

In total, operating expenses increased 1% to $154.4 million impacted by an increase of approximately $3 million from our nonqualified deferred compensation program driven by the quarter ending stock price. Incentive-based compensation also drove an approximate $2 million increase in operating expenses in the quarter.

整體而言，營業費用增加1%至1.544億美元，主要受我們非合格遞延補償計畫（nonqualified deferred compensation program）影響，因季末股價帶動該計畫費用約增加300萬美元。以激勵為基礎的薪酬亦使本季營業費用約增加200萬美元。

To further detail our SG&A, our research and development and engineering expenses decreased by 13.3% or $2.8 million to $18 million. Approximately $700,000 of patent filing related costs were reclassified to G&A. The decrease was also driven by lower headcount reduced professional fees as well as cost reductions from optimizing our footprint initiatives. Selling expenses were down 6.4% to $52.8 million as a result of reduced travel and entertainment expenses and lower advertising expenses.

進一步說明SG&A，我們研發與工程費用下降13.3%（或280萬美元）至1,800萬美元。約70萬美元的專利申請相關成本已重新分類至一般及行政（G&A）。下降亦受人力減少、專業服務費降低，以及我們推動據點（footprint）優化計畫所帶來的成本降低所致。銷售費用下降6.4%至5,280萬美元，主要因差旅與交際費用減少以及廣告費用降低。

On a segment basis, selling expenses in North America were down 10% and in Europe, they were up 4.2%. General and administrative expenses increased by 10.5% to $83.6 million, primarily driven by a $3 million increase in our nonqualified deferred compensation program reflecting the impact of quarter end stock price as well as a $2 million increase in incentive-based compensation and higher professional fees.

以事業部門來看，北美的銷售費用下降10%，歐洲則上升4.2%。一般及行政費用增加10.5%至8,360萬美元，主要受非合格遞延補償計畫增加300萬美元（反映季末股價影響）、以激勵為基礎的薪酬增加200萬美元，以及較高的專業服務費所帶動。

As a result, our consolidated income from operations totaled $169.1 million, an increase of 20.6% from $140.2 million. Our consolidated operating income margin was 25.2% and up from 22.2% last year. The increase was partially driven by the previously mentioned $5.5 million gain from an eminent domain settlement and leverage from roughly flat operating expenses versus the prior year.

因此，我們合併營業利益合計為1.691億美元，較1.402億美元增加20.6%。合併營業利益率為25.2%，高於去年的22.2%。增幅部分來自前述因徵收（eminent domain）和解所認列的550萬美元收益，以及在營業費用大致持平於去年水準下所帶來的槓桿效益。

In North America, income from operations increased 15.8% to $158 million due to higher net sales on reduced operating expenses including lower personnel costs and software licensing fees as well as the reduction in travel and entertainment spend.

在北美，營業利益增加15.8%至1.58億美元，係因淨銷售額提高且營業費用下降，包括人員成本與軟體授權費降低，以及差旅與交際支出減少。

Our operating income margin in North America was 30.2% compared to 27.7% last year. In Europe, income from operations increased 25.7% to $19.7 million, primarily due to higher gross profit and continued strong cost control. Our operating income margin in Europe was a record 13.7% compared to 11.7% last year, another step forward in our progress toward our 15% operating income margin goal while continuing to optimize our European footprint.

北美營業利益率為30.2%，高於去年的27.7%。在歐洲，營業利益增加25.7%至1,970萬美元，主要因毛利提高及持續強勁的成本控管。歐洲營業利益率創下13.7%的新高，較去年的11.7%提升；在持續優化我們歐洲據點（footprint）的同時，也使我們朝15%營業利益率目標再向前一步。

Our effective tax rate was 25.7%, approximately 10 basis points below the prior year period. Accordingly, net income totaled $127 million or $3.09 per fully diluted share compared to $103.5 million or $2.47 per fully diluted share. Adjusted EBITDA was $196.1 million, an increase of 22.6% resulting in a margin of 29.2%.

我們的有效稅率為25.7%，較去年同期低約10個基點。因此，淨利合計為1.27億美元，或完全稀釋後每股3.09美元；相較之下，去年同期為1.035億美元，或完全稀釋後每股2.47美元。調整後EBITDA為1.961億美元，增加22.6%，對應利潤率為29.2%。

Now turning to our balance sheet and liquidity. As of June 30, 2026, our debt balance was $336.7 million, down $33.8 million from March 31, 2026, was $555.8 million remaining available on our revolver. Cash and cash equivalents totaled $450.5 million, resulting in a net cash position of $113.8 million.

接著談資產負債表與流動性。截至2026年6月30日，我們的債務餘額為3.367億美元，較2026年3月31日減少3,380萬美元；循環信貸額度（revolver）尚餘可用額度為5.558億美元。現金及約當現金合計為4.505億美元，淨現金部位為1.138億美元。

Our inventory position as of June 30, 2026, was $513.5 million, which was down $80.7 million compared to December 31, 2025, driven by approximately $46 million in lower raw material inventory levels on hand and a $35 million reduction in finished goods, including $20 million from ongoing inventory optimization initiatives. North America inventory pounds on hand are down 27.4% since December 31, 2025. We generated strong cash flows from operations of $250.6 million in 2026.

截至2026年6月30日，我們的存貨為5.135億美元，較2025年12月31日減少8,070萬美元，主要因原材料存貨水位約降低4,600萬美元，以及成品減少3,500萬美元（其中2,000萬美元來自持續進行的存貨優化措施）。北美存貨在手磅數自2025年12月31日以來下降27.4%。我們於2026年創造了強勁的營運活動現金流入2.506億美元。

Our capital allocation strategy remains focused on supporting growth, while delivering meaningful returns to our stockholders. Year-to-date, we invested $33.7 million in capital expenditures, reinsurance $23.9 million in dividends to our stockholders. We purchased $98.7 million of our common stock and repaid $30 million towards the revolver. Subsequent to quarter end, we repurchased 127,132 shares of common stock through July 22 for a total of $24.5 million.

我們的資本配置策略仍聚焦於支持成長，同時為股東帶來具意義的回報。年初至今，我們投入資本支出3,370萬美元，並向股東發放股利2,390萬美元。我們回購普通股9,870萬美元，並償還循環信貸額度3,000萬美元。在季末之後，截至7月22日，我們額外回購普通股127,132股，總金額為2,450萬美元。

Additionally, on July 23, our Board of Directors increased our 2026 share repurchase authorization by $50 million to $200 million, leaving $76.8 million available for repurchases through year-end as of July 23. This action reflects our confidence in the long-term prospects of the business, and our continued commitment to returning capital to stockholders.

此外，7月23日，我們董事會將2026年股票回購授權額度增加5,000萬美元至2億美元；截至7月23日，於年底前尚可用於回購的額度為7,680萬美元。此舉反映我們對公司長期前景的信心，以及我們持續將資本回饋股東的承諾。

Next, I'll turn to our 2026 financial outlook. Based on business trends and conditions as of today, July 27, 2026, our guidance for the full year ending December 31, 2026, is as follows - we are narrowing our expected range for consolidated operating margin to 19.7% to 20.5%.

接下來，我將說明我們對2026年的財務展望。根據截至今日（2026年7月27日）的業務趨勢與環境，我們對截至2026年12月31日止全年之指引如下——我們將合併營業利益率的預期區間收斂至19.7%至20.5%。

Additional key assumptions include -- our outlook for US housing starts to be down in the low single-digit range, a lower overall gross margin based on rising raw material costs, imposed tariffs and increased depreciation costs, an expected $2 million to $4 million of footprint optimization costs in Europe and an expected $10 million to $12 million gain on the sale of vacant land in the back half of 2026.

其他關鍵假設包括——我們預期美國新屋開工數將以低個位數百分比下滑；由於原材料成本上升、加徵關稅以及折舊費用增加，整體毛利率將較低；歐洲預計將發生200萬至400萬美元的據點（footprint）優化成本；以及預期在2026年下半年出售閒置土地可帶來1,000萬至1,200萬美元的收益。

Our effective tax rate is estimated to be in the range of 25% to 26%, including both federal and state income tax rates based on current tax laws. And finally, our capital expenditures outlook is now expected to be in the range of $80 million to $90 million, which includes efforts to optimize our footprint to improve operational efficiency.

我們估計有效稅率將落在25%至26%區間，包含依現行稅法計算的聯邦與州所得稅率。最後，我們目前預期資本支出將介於8,000萬至9,000萬美元之間，其中包含為提升營運效率而進行的據點（footprint）優化相關投入。

In summary, we are highly focused on the elements we can control, and we executed well, which allowed us to deliver a strong quarter despite ongoing pressures in the broader market. Pricing actions continue to contribute as expected -- so we do not anticipate maintaining the same rate of revenue growth through the back half of 2026 as we fully lap last year's increases and navigate mix and steel cost headwinds.

總結而言，我們高度聚焦於可控的要素並且執行到位，使我們即便在整體市場仍承受壓力的情況下，仍交出強勁的一季表現。定價措施持續如預期貢獻——因此，隨著我們在2026年下半年完全消化去年漲價的比較基期，並面對產品組合與鋼材成本逆風，我們不預期能維持與目前相同的營收成長速度。

Despite these dynamics, we remain focused on disciplined capital deployment and our commitment to returning at least 35% of free cash flow to shareholders. With that, I will now turn the call over to the operator to begin the Q&A session.

儘管存在這些動態，我們仍專注於嚴謹的資本投放，並致力於至少將自由現金流的35%回饋給股東。接下來，我將把電話會議交給接線員，開始問答環節。

(Operator Instructions)

(接線員指示)

Trey Grooms, Stephens.

Trey Grooms，Stephens。

Mike and Matt, this is Ethan on for Trey. I wanted to dive a little bit more into the margin performance in the quarter. So both gross margin and operating expenses outperformed I know there was a settlement benefit helping some in addition to lower material costs and expenses and that was despite some startup costs from the Gallatin facility and higher incentive comps. So -- but just any more detail on what drove the better margin performance in the quarter relative to perhaps your initial expectations would be great.

Mike 和 Matt，我是代替 Trey 的 Ethan。我想更深入了解本季的利潤率表現。我知道毛利率與營業費用都優於預期，除了原物料成本與費用下降外，還有一筆和解收益提供了一些助益，儘管同時有 Gallatin 廠的啟動成本以及較高的激勵性薪酬。所以——如果能再多分享一些，本季利潤率表現優於你們最初預期的驅動因素，將非常有幫助。

Ethan, this is Matt. The quarterly operating margin was up 300 basis points. It basically categorize that into three buckets. Roughly 100 basis points from the gain on the eminent domain settlement in Texas, roughly $100 million from -- or sorry, 100 basis points from the gross margin call it, absorption and efficiency and having the better volumes, a little bit better volume than maybe what we had last quarter and being roughly flat on volume. And then the last 100 is really leverage on keeping OpEx essentially flat in the quarter and then getting the revenue growth primarily behind the pricing.

Ethan，我是 Matt。本季營業利潤率上升了300個基點。基本上可分成三個部分。約100個基點來自德州徵收（eminent domain）和解的收益；約100個基點來自毛利率端，我們稱之為吸收率與效率提升，以及出貨量較佳——相較於上季略好，且整體出貨量大致持平。最後100個基點主要來自營業費用（OpEx）在本季基本持平所帶來的槓桿效應，再加上主要由定價帶動的營收成長。

So those three really drove the 300 basis points the gross margin, we've been -- we had some of the strategic cost savings we did last fall. We're targeted at items that hit COGS, so that helped improve the gross margin a little bit. And then just a little bit of a mix help in the quarter as well.

因此，這三項因素共同推動了300個基點的改善。毛利率方面，我們在去年秋天推動了一些策略性成本節省。我們鎖定的是會影響銷貨成本（COGS）的項目，因此也讓毛利率有所提升。此外，本季產品組合也帶來了一點正面助益。

No, that's all very helpful. And then if we could extrapolate that to the second half margins, I think the guidance at this point implies maybe a year-over-year decline in the second half. And in the prepared remarks, it was clear that there were some mix headwinds in the rising steel costs having an impact and also some D&A. So just any more color here on the second half margins would be great.

了解，這些都很有幫助。那如果把這延伸到下半年利潤率，我想目前的指引可能暗示下半年會出現年對年下滑。在事先準備的發言中也很清楚提到，鋼材成本上升帶來一些組合逆風的影響，另外也有一些折舊與攤銷（D&A）。所以想請你們再多補充一下下半年利潤率的看法。

Sure. Yes. If you look at gross margin year-to-date even, we're down about 10 basis points versus last year through the front half. So year-to-date, year-to-date. We said we expect the gross margin to be down slightly for the full year. So fairly consistent with where we were, although Q2 was a little bit better as we talked on gross margin.

當然。是的。即使看年初至今的毛利率，我們在上半年結束時相較去年約下降10個基點。所以年初至今、年初至今。我們說過，預期全年毛利率會小幅下滑。因此與我們原先的看法相當一致，雖然如我們所談，第二季毛利率表現稍微好一些。

From a overall standpoint, we are seeing the cost pressures start to go up on steel -- the pricing that we took largely was in late Q2 of last year, so we've essentially anniversaried the majority of that. There is still some that was in October last year, and we've taken a little bit more in pricing.

從整體來看，我們確實看到鋼材的成本壓力開始上升——我們採取的定價措施多數是在去年第二季末，因此目前基本上已經進入同比基期。仍有一部分是在去年10月調整的，而我們也又額外做了一點定價。

And then typically, Q4 for us is a a tougher comparison from a market standpoint, meaning like it's lower volume, and so our margins are typically lower in the fourth quarter. But yes, there definitely is expected to be some lower margins in the back half, and that's really driven by the revenue profile.

另外，通常第四季對我們而言在市場面是一個較艱難的比較期，也就是出貨量較低，因此我們第四季的利潤率通常也較低。不過是的，下半年確實預期會有一些較低的利潤率，而這主要是由營收走勢所驅動。

So if you look at kind of where we've been on volume year-to-date, roughly flat, and we're getting the benefit from pricing and exchange rate, which has provided some leverage that pricing benefit goes significantly down as you look in the back half from something like or 6 points to 1 point, something like that, which creates more difficulty in growing revenue and it's really based on volume. So I think our volume trajectory is going to look similar to what we've seen year-to-date, but we're going to not have as much revenue growth because the pricing was in the base.

所以如果看我們年初至今的出貨量走勢，大致持平；我們受惠於定價與匯率，帶來一些槓桿效應。但當你看下半年時，定價帶來的助益會明顯下降，例如從約6個百分點降到約1個百分點之類，這使得營收成長更具挑戰，而成長就更仰賴出貨量。因此我認為我們的出貨量軌跡會與年初至今相近，但由於定價已反映在基期中，我們不會有那麼多的營收成長。

Tim Wojs, Baird.

Tim Wojs，Baird。

And maybe just a follow-up on the last question. Has your gross margin guidance changed at all? Because I think you did kind of expect it to be down slightly. So I guess is -- has anything changed there? Or I mean, because steel has kind of been up all year. So I'm just kind of curious if you had baked that into the prior guidance or if there's kind of an incremental headwind?

我想就上一題再追問一下。你們的毛利率指引有任何改變嗎？因為我記得你們原本就預期會小幅下滑。所以我的意思是——這方面有任何變化嗎？或者說，鋼材其實今年一路都在上漲。所以我想了解，你們先前的指引是否已把這點納入，還是現在有額外的逆風？

Yes. No change in our expectation that gross margin when you look at the whole year is going to be down versus 2025. So Q1 was down a little bit more. Q2 is actually up a little bit, and then we see that pressure in the back half, but that was all baked in before. So nothing new there.

是的。我們對於全年毛利率相較2025年會下滑的預期沒有改變。第一季下滑幅度稍大一些。第二季其實略有上升，而我們在下半年看到壓力，但這些先前都已納入考量。所以沒有新的變化。

And Tim, just kind of real quick on gross margin in general. I mean we're committed to maintaining a good gross margin level. That does include pricing, productivity, footprint optimization to try to make sure that we're maintaining our costs and watching the pricing level. And that good gross margin enables us to really reinvest back into the business to continue to provide and service and support that our customers are used to from us.

Tim，另外很快補充一下毛利率的整體看法。我們致力於維持良好的毛利率水準。這包含定價、生產力提升、產能/據點（footprint）最佳化，以確保我們維持成本競爭力並關注定價水準。而良好的毛利率也讓我們能夠把資源再投資回業務，持續提供並維持客戶長期習慣我們所提供的服務與支援。

And then, I guess, how would you guys kind of characterize just the kind of volume environment if you think about today versus you got back to last year kind of early this year. I mean I think it's still pretty tough out there. Has there -- has anything gotten worse in kind of the starts environment? Anything gotten better? Or is it kind of bumping along at the same pace?

那我想問，你們會如何描述目前的出貨量環境？如果把今天和去年、也就是今年年初回到去年的那段時間相比。我覺得外部環境仍然相當艱難。在開工（starts）環境方面，有沒有變得更糟？有沒有變得更好？還是大致以相同的節奏起伏前進？

So roughly kind of bumping along the same pace, Tim is a your answer. So when we were coming into 2026, so late 2025, we were based off all the feedback we're getting from the market forecasters that we work with expecting a flattish to up slight -- slightly up market in 2026, and we did anticipate continued mix headwinds. So after the first quarter, we said we expect it to be down low single digits. We continue to think that it's going to be down low single digits.

Tim，大致上就是以差不多的節奏起伏前進，這是答案。我們在進入2026年時，也就是2025年末，根據我們與市場預測機構合作所收到的回饋，原本預期2026年市場大致持平到小幅成長，同時也預期組合逆風會持續。因此在第一季之後，我們表示預期會下滑低個位數百分比。我們仍然認為會下滑低個位數百分比。

When you look at the housing starts data, and there is a lot of volatility there, especially on the multifamily part so single-family starts are down pretty -- forecast to be down pretty significantly for the year. Multifamily forecasted to be up. And then we also have some mix headwind that we've talked about in the past.

如果看住宅開工數據，波動很大，尤其是在多戶住宅（multifamily）部分；因此單戶住宅（single-family）開工預測全年將顯著下滑。多戶住宅則預測會上升。此外，我們也有先前談過的一些組合逆風。

We think Western United States, if you look at it from a trailing 12 months perspective, continues to be down low to mid-single digits. The South in both of those two regions, we have a good amount of content flattish. So those are some of the things we're working at. And if you look at the translation to our volume, last year, volume was down roughly 1% and year-to-date, our volume is down roughly 1%.

我們認為美國西部，如果從過去12個月（TTM）的角度來看，仍然是低到中個位數的下滑。而南部在這兩個區域中，我們有相當一部分內容大致持平。所以這些是我們正在著力處理的一些事項。如果你看這如何反映到我們的出貨量，去年出貨量約下降1%，而今年截至目前，我們的出貨量也約下降1%。

Okay. And then I just want to sneak one more in. Just on Europe, I mean you're almost -- I mean, I guess, if you round up, you technically be at mid-teens kind of EBIT margins. Is there are you making -- I guess, maybe you could just talk about some of the improvements you've maybe made in kind of the underlying business. And as you think about kind of getting to that market getting to that kind of margin on a full year basis, any kind of visibility to when you might get there?

好的。然後我想再補問一個。就歐洲而言，你們幾乎——我的意思是，我想如果四捨五入，你們技術上會落在中十幾%的EBIT利潤率。你們是否正在——我想也許你可以談談你們在基礎業務方面做出的一些改善。以及當你們思考要在全年基礎上達到那個市場、達到那樣的利潤率時，對於何時可能達成，你們是否有任何能見度？

Yes. So we're very happy with the work that our European team has done, Tim. Over the last couple of years, they worked hard to make sure they're controlling costs. They've done a lot of work from a footprint optimization perspective.

是的。Tim，我們對歐洲團隊所做的工作非常滿意。在過去幾年，他們努力確保成本受到控制。他們也從據點／產能布局優化的角度做了大量工作。

And then while trying to maintain good cost control, they have been trying to keep some volume growth relative to the market and the fact that they had 3% volume growth in the second quarter with a record operating margin. We're pretty pleased -- the guide is -- the target for those guys is still 15% operating margin. We still think that's a midterm goal and having a little bit of volume growth will help us get there sooner rather than later, but they've still got some work to do, but they've made a lot of progress over the last three years.

此外，在努力維持良好成本控制的同時，他們也一直嘗試相對於市場維持一定的出貨量成長；而且他們在第二季達成3%的出貨量成長並創下營業利潤率新高。我們相當滿意——指引是——對他們的目標仍是15%的營業利潤率。我們仍認為那是中期目標；若能有一些出貨量成長，將有助於我們更早而非更晚達成，但他們仍有一些工作要做。不過過去三年他們已取得很大進展。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

First off, on North America, I know you had mentioned $30 million pricing benefit. By my math, I mean, that would have volumes down less than 1% in the quarter. Did mix play a role as well? And any way we could maybe put kind of a finer point just on the volume figure?

首先，關於北美，我知道你提到有3,000萬美元的定價效益。按我的計算，這表示本季出貨量下滑不到1%。產品組合（mix）也有影響嗎？另外，我們是否能把出貨量數字再說得更精確一些？

For North America volume specifically?

你是指北美的出貨量，特別是？

Yes. Yes.

是的。是的。

Yes. I mean total company volume in the quarter was down a little less than 1%. So I think in our investor deck, we've got down 0.6% for the quarter. European volume was up a little bit, as Mike said, I think 3%, and that's kind of a small -- about one-fourth of our business.

是的。我的意思是，公司整體本季出貨量下滑不到1%。所以我想在我們的投資人簡報中，本季是下降0.6%。如Mike所說，歐洲出貨量小幅上升，我想是3%，而那部分大概占我們業務的四分之一左右。

So kind of somewhere around that down 1% and but we did divest a couple business -- or exit a couple of businesses last year that as part of that strategic cost savings. And so that cost us about 70 basis points on the whole company on the quarter in terms of year-over-year volume. So much closer to flat, which would be barely down in North America and then slightly up in Europe.

所以大概就在下滑1%附近；但我們去年也出售了幾項業務——或退出了幾項業務——作為策略性成本節省的一部分。因此就全公司而言，這在本季的年對年出貨量上造成約70個基點的影響。所以其實更接近持平：北美幾乎只是小幅下滑，而歐洲則是小幅成長。

And Kurt, if you go by market segment for our residential business year-to-date, it's volume growth is down slightly. If you look at our commercial business year-to-date, down low single digit.Our OEM business continues to have really strong volume growth, up low double digits. Component manufacturing year-to-date, again, really strong growth there up high single digits.

Kurt，如果按市場區隔來看，我們的住宅業務今年截至目前的出貨量成長略為下滑。如果看我們的商用業務今年截至目前，則是低個位數下滑。我們的OEM業務出貨量成長仍非常強勁，為低雙位數成長。零組件製造今年截至目前同樣成長很強，為高個位數成長。

National Retail was positive last quarter, but for the year, down slightly, but we're pleased with the improvement that the National Retail team has made over the last quarter.

全國零售（National Retail）上季為正成長，但就全年截至目前而言略為下滑；不過我們對National Retail團隊在上一季所做的改善感到滿意。

Got it. Okay. That's super helpful. And maybe sticking with component manufacturer volume and the momentum there. I guess you had alluded to demand for equipment, greater wallet share of connectors, I guess how should we think about the overall performance there relative to maybe the true trust plate business, right, and the conversions on the software side. How impactful have those two or three buckets been kind of in that performance.

了解。好的。這非常有幫助。那也許延續零組件製造的出貨量與其動能。我想你提到設備需求、連接件（connectors）錢包占比提升；那我們應該如何看待那邊的整體表現，相對於例如真正的桁架板（truss plate）業務，以及軟體端的轉換（conversions）？這兩到三個面向在該表現中各自有多大影響？

Yes. Kurt, if you look at that component manufacturing business, you're exactly right, it includes equipment. It includes our connectors that sometimes just ride on the truck with the trusses to the job site and that includes a truss plate as a whole, that market segment has been one of our fastest-growing market segments over the last three years.

是的。Kurt，如果你看那個零組件製造業務，你說得完全正確，它包含設備。也包含我們的連接件，有時會跟著桁架一起裝車運到工地；也包含整體的桁架板。在整體而言，這個市場區隔在過去三年一直是我們成長最快的市場區隔之一。

We're very pleased with the development of it. If you look at the truss placed in that segment, we haven't released exactly what those numbers are, but that is definitely the fastest-growing component of that business. We continue to make real strong progress from a software perspective.

我們對其發展非常滿意。如果你看該區隔中的桁架板，我們尚未公布確切數字，但那絕對是該業務中成長最快的組成部分。我們在軟體方面也持續取得非常強勁的進展。

We plan on launching our complete solution, the Cornerstone program at the BCMC show in the fall. We believe we're on track with that, and we continue to get good feedback when we show our customers what we're working on. And in between, we continue to pick up new customers along the way.

我們計畫在秋季的BCMC展會上推出我們的完整解決方案——Cornerstone計畫。我們相信目前進度如期，且當我們向客戶展示我們正在做的事情時，持續獲得良好回饋。同時，在這段期間我們也持續一路新增客戶。

That's good to hear. Just going back to the gross margin side. I mean, it seemed like it might have exceeded your expectations here in Q2. I understand kind of the full year outlook hasn't changed, but you're thinking about half versus half, given some of the inflation you talked about. I mean is it fair to say that maybe the back half gross margin expectations have come in a little bit just with the outperformance in the first half? Or is it still kind of largely what you thought at the outset of the year.

很高興聽到。再回到毛利率方面。看起來你們第二季的表現可能超出你們的預期。我理解全年展望沒有改變，但你們在思考上半年對下半年時，考量你提到的一些通膨因素。那是否可以說，由於上半年表現優於預期，下半年的毛利率預期可能稍微下修了一點？還是基本上仍大致符合你們年初的想法？

Yes. Kurt, I still think we're pretty close to what we started at the outset of the year. I mean there's definitely different gross margins in the quarter based on seasonality and kind of overall volume and then maybe a little bit better but then as you start to see steel prices ramp up may have a little bit of impact in the back half of the year.

是的。Kurt，我仍認為我們與年初的預期相當接近。我的意思是，季度之間的毛利率確實會因季節性、整體出貨量而有所不同，可能也稍微好一些；但當你開始看到鋼價上升時，可能會在下半年帶來一些影響。

But I think still kind of all in all, net-net, basically where we expected to be for the year, which is down slightly versus where we ended last year. And if you look at year-to-date, we're down 10 basis points, so kind of in that range.

但我認為整體而言，淨額（net-net）基本上仍在我們對全年預期的範圍內，也就是相較去年年底略為下降。如果看今年截至目前，我們下降了10個基點，所以大概就在那個區間。

Okay. That makes sense. And then just lastly on the pricing front, it's kind of an evolving discussion given all the variables out there. But what would you need to see to kind of maybe look taking additional pricing actions going into next year? What's kind of most important in that conversation in your mind?

好的。這說得通。最後一個關於定價的問題：在外部變數很多的情況下，這顯然是一個持續演變的討論。但你們需要看到什麼，才會考慮在明年採取額外的定價行動？就你而言，在這個討論中最重要的是什麼？

So Kurt, when we think about pricing, we're taking a very disciplined long-term perspective. We're making sure that we get input and tracking a lot of different factors associated with that because we recognize that pricing in a slow growth market with affordability challenges is not something that's easy to do, and it's something that we don't take lightly.

所以，Kurt，當我們思考定價時，我們採取的是非常嚴謹的長期觀點。我們會確保取得意見回饋，並追蹤許多與此相關的不同因素，因為我們認知到，在成長緩慢且面臨可負擔性挑戰的市場中進行定價並不容易，而且我們不會輕忽這件事。

At the end of the day, objective for us is to maintain good gross margin. Pricing is a component of that, but trying to drive productivity, trying to optimize our footprint and other things that help us maintain that good gross margin we're also working on. And really, the objective of that good gross margin is to enable us to invest back in the business, as I mentioned earlier, to provide great service and support to our customers.

歸根結底，我們的目標是維持良好的毛利率。定價是其中一個組成部分，但我們也在努力提升生產力、優化我們的據點布局，以及其他有助於維持良好毛利率的事項。而良好毛利率的真正目的，是讓我們能把資金再投資回業務中，如我先前提到的，為客戶提供優質的服務與支援。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Very much, Mike, Matt. I appreciate all the color. Covered a lot in term -- and certainly on your targeted growth initiatives, including component manufacturing, truss, just given some of that momentum, would you expect to get back to sort of outpacing the overall housing market as we get back -- look to the balance of this year and certainly into '27?

非常感謝，Mike、Matt。我很感謝你們提供的所有細節。你們談到很多內容——特別是你們鎖定的成長計畫，包括零組件製造、桁架；考量到目前的一些動能，你們是否預期在今年剩餘時間、並且展望到 2027 年時，能重新回到超越整體住宅市場的成長速度？

So Dan, as you know, we've had a long history of driving above-market growth, and that is definitely our ambition going forward. And we also remain very confident in our growth initiatives. So we think the portfolio of innovation projects.

Dan，如你所知，我們長期以來一直能推動高於市場的成長，這也絕對是我們未來的企圖心。我們對成長計畫也仍然非常有信心。因此，我們認為這一組創新專案的組合。

We have we're quite pleased with. And then if you kind of go back to those market playbooks that we talked about, we continue to feel really good about the component manufacturing in the OEM business. So those have been two of our growth drivers. We also think getting national retail business back on to the growth path is important, and we have a lot of programs in new product ideas and packaging and merchandising initiatives that we think can help us do that.

我們對此相當滿意。另外，如果你回到我們先前談到的那些市場作戰手冊，我們仍然對 OEM 業務中的零組件製造感到非常樂觀。因此，這兩項一直是我們的成長驅動因素。我們也認為，讓全國零售業務重新回到成長軌道很重要；我們在新產品構想、包裝以及陳列與促銷（merchandising）計畫上有許多方案，我們相信能幫助我們做到這一點。

Our commercial business has had a little bit of a tough part, but that market segment, when you look at it index for the segments that we play in, is also had a pretty tough run at it. We have plans to get that back on place, and we continue to think we can drive good volume growth in our residential business as well. And you wrap all that up, Dan, we do believe we can continue to drive above-market growth.

我們的商用業務確實遇到一些挑戰，但就我們所參與的細分市場來看，該市場區隔的指標表現也同樣經歷了一段相當艱難的時期。我們有計畫讓它回到正軌，同時我們也持續認為，在住宅業務方面我們同樣能推動良好的出貨量成長。綜合以上，Dan，我們確實相信我們能持續推動高於市場的成長。

I think the benchmark that we're looking at, there's a ton of volatility in it. Just looking at the multifamily story alone, a ton of volatility and how those numbers are coming out, that's certainly playing an impact when we look at how do we benchmark our numbers. And the regional mix thing continues to be a challenge with the markets that have the most content being some of the slower markets in the US.

我認為我們所參考的基準本身波動非常大。光是多戶住宅（multifamily）的故事就有很大的波動，這些數字的出爐方式也很不穩定；當我們思考如何用來對標我們的數字時，這確實會產生影響。此外，區域組合的問題仍然是一項挑戰，因為在美國，內容量（content）最高的市場往往也是一些較為疲弱、成長較慢的市場。

It makes sense and great color. Really strong cash generation quarter. Can you continue to work down inventories? Or if we hit sort of a base here at or near current levels, particularly given the rising steel and input costs?

了解，這些說明很有幫助。本季現金創造非常強勁。你們能否持續降低庫存？或者我們是否已經在目前水準附近觸底，特別是在鋼材與投入成本上升的情況下？

Yes, Dan, this is Matt. We're down quite a bit if you look at pounds or pallet locations probably you want to look at it in the warehouse, costs have gone up, which has offset some of that when you look at the dollars. But even on dollars, I think year-to-date, we're down about $85 million in inventory, and I would kind of put that in a couple of buckets.

是的，Dan，我是 Matt。如果你看重量（磅數）或棧板儲位——也許你會想從倉庫角度來看——我們的庫存已經下降不少；但成本上升，在以金額衡量時抵銷了部分降幅。不過即使以金額來看，我認為年初至今我們的庫存大約減少了 8,500 萬美元；我會把這分成幾個部分來看。

The first would be raw material inventory. And I think that just ebbs and flows based on when we're active in the market purchasing steel, what the market prices look like, how much we want to load up and what our outlook for prices are. So I think that's going to bounce around. I think we've been working through the steel that's in the inventory and kind of looking for the right opportunities to get back into the raw material steel market.

第一部分是原物料庫存。我認為這會隨著我們何時在市場上積極採購鋼材、當時的市場價格、我們想補多少庫存，以及我們對價格的展望而起伏變動。所以我認為這部分會上下波動。我們一直在消化庫存中的鋼材，並在尋找合適的時機重新進入原物料鋼材市場採購。

So that's probably going to bounce back up a little bit when we do buy. The other $35 million or $40 million of inventory that's down, about half of that is kind of structural things we've been doing in terms of productivity and stock level management and safety stocks and tweaking the dials a little bit. And so I expect us to continue to do that type of work.

因此，當我們開始採購時，這部分可能會回升一些。另外下降的 3,500 萬到 4,000 萬美元庫存中，大約有一半來自我們在生產力、庫存水位管理、安全庫存，以及稍微調整各項參數（tweaking the dials）等方面所做的一些結構性改善。所以我預期我們會持續進行這類工作。

it's slow and steady, you make changes, you see how it works, and then you make more changes. And then there have been a couple of areas transparently where we've been a little bit light on inventory from a customer service and supply standpoint. And so we got to build those back up a little bit. So I think net-net, to answer to your question, I think the raw materials are going to force it to bounce back up.

這是循序漸進的：你做出調整、觀察效果，然後再做更多調整。另外也坦白說，有幾個領域從客戶服務與供應的角度來看，我們的庫存稍微偏低。因此我們必須把那些庫存再補回來一些。所以整體而言，回答你的問題，我認為原物料會使庫存金額被迫回升一些。

The places where a little light on stock may come back up just a little bit, and then we're going to continue to kind of work on the structural stuff to to take dollars out there. So it's hard to predict what's a bottom number, but we're really focused on tweaking the dials where we can on the things we can control and then the raw materials kind of bounce around a bit.

那些庫存稍微偏低的地方可能也會小幅回升，而我們會持續在結構性改善上努力，把相關金額再降下來。因此很難預測哪個數字才是底部，但我們非常專注於在可控的事項上盡可能調整參數，而原物料則會有一些波動。

Really helpful. Last for me. The tweak in the CapEx guide, is it mainly timing and inflation? Or are you seeing more opportunity to put capital to work and going forward, you've been comfortably above your 50% -- or your 35% goal of returning cash to shareholders. Are you seeing either M&A opportunities? Or do we expect that to barring those comfortably exceed that target?

非常有幫助。我最後一題。資本支出（CapEx）指引的微調，主要是時程與通膨因素嗎？還是你們看到更多投入資本的機會？另外，展望未來，你們回饋股東現金的比例一直穩定高於 50%——或你們 35% 的目標。你們是否看到任何併購（M&A）機會？或者若沒有這些因素，我們是否預期你們會持續輕鬆地超過該目標？

Yes. First, on your CapEx question, we did bump the expected CapEx spend of $5 million on the low and the high end to $80 million to $90 million we are doing a little bit of footprint work, and that's all included in that guide. And so the timing of a couple of those projects has shifted a little bit. And so that's the reason why we bumped that up. In terms of overall capital allocation, we did increase the share -- we did get approved for an increased share repurchase authorization by the Board, so up to $200 million -- in terms of meaningful M&A, there's really not a lot on the near-term horizon, really nothing on the near-term horizon of any size.

是的。先回答你的 CapEx 問題：我們把預期 CapEx 支出在低端與高端各上調了 500 萬美元，調整為 8,000 萬到 9,000 萬美元；我們正在做一些據點布局（footprint）相關的工作，這些都已包含在該指引中。其中幾個專案的時程稍微往後移。因此這就是我們上調的原因。就整體資本配置而言，董事會已核准我們提高股票回購授權額度，上限提高到 2 億美元——至於具規模的併購，短期內真的不多，基本上短期內沒有任何具一定規模的案子。

And so I think we continue to generate strong cash flow, and we're working down inventory, as you said, paying down debt, we paid down $30 million on the revolver in the second quarter and that certainly leaves us the ability to increase that share repurchase like we did from 150 to 200. So I think where we definitely want to continue to see that 35% threshold that's out there. And I think our track record kind of shows that we have been.

因此我認為我們會持續產生強勁的現金流；如你所說，我們也在降低庫存、償還負債——第二季我們在循環信貸（revolver）上償還了 3,000 萬美元——這也確實讓我們有能力像這次一樣把回購額度從 1.5 億提高到 2 億。所以我認為，我們確實希望能持續達到外界所關注的 35% 門檻。而我想我們的過往紀錄也顯示我們一直都有做到。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

I wanted to ask, you haven't changed your housing outlook for the year. But of course, what happened last year was there was that abrupt kind of cut to production by some of the big homebuilders on kind of inventory levels. I think as you look at the second half of the year, you have visibility and your kind of the first one to report. Do you see risk of that this year that could be kind of a meaningful kind of correction in single-family starts for this year?

我想請教一下，您並沒有改變今年的住宅市場展望。但當然，去年發生的情況是，一些大型建商在庫存水位方面突然大幅削減了產量。我想當您展望今年下半年時，您有一定能見度，而且您也是第一家公布的。您是否看到今年也有這樣的風險，可能導致今年獨棟住宅開工出現相當顯著的修正？

Yes. So Andrew, we are obviously tracking that really closely. Again, we basically use Zonda as our main forecasting tool because we can get a regional split, which is important for the way we run the business and how the content is based on there. And -- if you look at their forecast for the year, it's down 4%. If you look at the six or seven other people that we track, you average them all together, the combined forecast is down 2% for the year.

是的。所以 Andrew，我們顯然正在非常密切地追蹤這件事。再次強調，我們基本上以 Zonda 作為主要的預測工具，因為我們可以取得區域拆分，這對我們的營運方式以及內容如何建立在其上的做法都很重要。而且——如果你看他們對今年的預測，是下滑 4%。如果你看我們追蹤的另外六、七家，把它們全部平均起來，綜合預測是今年下滑 2%。

If you then add that to the fact that the Census Bureau data is up slightly that definitely says a softer back half of the year. And I think we've already seen that with some of the builders and some of the forecasts there they are talking about. But at the end of the day, Andrew, I mean, we're focused on the things we can control.

如果再加上人口普查局（Census Bureau）的數據略有上升，這確實顯示今年下半年會較為疲弱。我想我們也已經從一些建商及其相關預測中看到這點，他們也在談論這些情況。但歸根結底，Andrew，我的意思是，我們專注在我們能控制的事情上。

We still think there's a lot of opportunities to launch new products. We still think there's a lot of opportunity to get more content on a home and continue to work on our merchandising efforts with our national retail customers. So we're certainly watching the market, but we're trying to figure out how we can drive volume growth following our market and product playbooks.

我們仍然認為推出新產品有很多機會。我們仍然認為有很大的機會在一棟房子上提供更多內容（content），並持續與我們的全國性零售客戶推進商品陳列（merchandising）方面的工作。所以我們當然在關注市場，但我們也在思考如何依循我們的市場與產品作戰手冊，來推動銷量成長。

Second question I wanted to ask is I heard more than once a competitive market out there. And just to kind of square the loop and make sure that you're not indicating any kind of extraordinary competitive activity out there that would cause you to deviate from not getting kind of the full value of your services? Just want to make sure on that called out.

第二個問題我想問的是，我不只一次聽到你們提到外部市場競爭激烈。我想把話講清楚並確認一下，你們並不是在暗示市場上有任何異常的競爭行為，會導致你們偏離、無法取得你們服務的完整價值？只是想確認你們剛才特別提到的那點。

That is correct. What we have seen is in the fastener space. We've got a couple of competitors in that area where they don't have differentiated products. They don't have patented products. They aren't investing the time and effort to get all the load rating and the testing. They are leveraging price to some extent in the markets that they play in. And it's more of a -- they've used that to stop us from getting some new business.

沒錯。我們看到的是在緊固件（fastener）領域。我們在那個領域有幾個競爭對手，他們沒有差異化產品。他們沒有專利產品。他們也沒有投入時間與精力去取得所有的承載等級（load rating）與測試。他們在其所參與的市場中，在某種程度上是透過價格來競爭。而且更像是——他們用這種方式在某些新業務上阻止我們拿到。

So it's more of a -- we haven't hit on some opportunities that we thought we were going to hit on because the pricing was just a little bit more challenging than we anticipated. We do believe that we've got a good playbook in that area. We're going to continue to differentiate the product line. We're going to continue to drive cost out from a manufacturing perspective because we do believe fasteners is a big growth opportunity for us and will work through this current situation with pricing.

所以更像是——我們沒有拿下一些原本以為會拿下的機會，因為價格挑戰比我們預期的稍微更大一些。我們確實相信在那個領域我們有一套很好的作戰手冊。我們會持續讓產品線差異化。我們也會從製造角度持續推動降本，因為我們確實相信緊固件對我們而言是一個很大的成長機會，並且會在定價的現況下把這個局面處理過去。

Final question for me on the component manufacturer side. I know you don't break out like the trust place exactly as that volume growth kind of been accelerating every quarter as you picked up new business wins and new customers? And then kind of what kind of step change could you see with the additional kind of software roll-ups in the second half of the year?

我最後一個問題是關於構件製造商（component manufacturer）那一端。我知道你們不會把像是桁架板（truss plate）這一塊單獨拆出來，但隨著你們拿下新的業務與新客戶，那邊的量成長是否每一季都在加速？另外，今年下半年再加上額外的軟體整合（software roll-ups），你們可能會看到什麼樣的階段性變化（step change）？

Yes, Andrew, this is Matt. You're right. It's kind of been accelerating as we have onboarded new customers pretty sequentially each quarter over the last probably eight quarters or so, and you see that in the results. And as Mike talked about, the truss plate area of that market segment is definitely the fastest growing.

是的，Andrew，我是 Matt。你說得對。隨著我們在過去大概八個季度左右，每一季都相當循序地導入新客戶，確實呈現某種加速，你也能在結果中看到。而且如 Mike 所說，該市場區隔中的桁架板領域，確實是成長最快的。

As you look towards later in the year when we're going to be up and running on our kind of next-generation cloud-based truss software across all three vectors of the production software, the actual design software as well as the project management software.

當你看到今年稍晚，我們將在三個面向全面上線我們的下一代雲端桁架軟體，包括生產軟體、實際設計軟體，以及專案管理軟體。

I think that's an unlock to go be able to onboard more customers, but I don't think it's going to be like an immediate step change and then Q1 2027, you see a huge change. It's going to be more of the same access to more customers that are willing to commit to Simpson because our software has been upgraded, and they already know the service and the value proposition that we provide.

我認為那會是一個解鎖點，讓我們能夠導入更多客戶，但我不認為會是那種立刻出現的階段性跳升，然後在 2027 年第一季你就看到巨大的變化。它會更像是同樣的模式：因為我們的軟體已升級，我們能接觸到更多願意承諾選擇 Simpson 的客戶，而他們也已經了解我們提供的服務與價值主張。

So I think it's going to potentially accelerate that and give us access to some larger customers. I don't know that it's like an immediate step change. I think if you look at it across multiyear time horizon, definitely pretty significant acceleration if you're looking at for a huge bump in one quarter, probably not going to show it that way.

所以我認為這可能會加速那個趨勢，並讓我們接觸到一些更大型的客戶。但我不確定它會是立刻的階段性變化。我認為如果你用多年期的時間視角來看，確實會是相當顯著的加速；但如果你期待某一季出現很大的跳升，可能不會以那種方式呈現。

This now concludes our question-and-answer session. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

我們的問答環節到此結束。各位女士、先生，感謝您的參與。今天的電話會議到此結束。請掛斷您的電話線，祝您有美好的一天。