Interface Inc (TILE) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the Interface third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you'd like to withdraw your question, again, press the 1.

感謝您的耐心等待，歡迎參加 Interface 2025 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。在此期間，如果您想提問，只需按下星號鍵，然後按下電話鍵盤上的數字 1 即可。如果您想撤回您的問題，請再按 1。

Thank you. I'd now like to turn the call over to Christine Needle, Global Communications. You may begin.

謝謝。現在我將把電話交給全球傳播部的克莉絲汀‧尼德爾。你可以開始了。

Good morning and welcome to Interface's conference call regarding third quarter 2025 results, hosted by Laurel Hurd, CEO, and Bruce Hausman, CFO.

早安，歡迎參加 Interface 公司關於 2025 年第三季業績的電話會議，本次會議由執行長 Laurel Hurd 和財務長 Bruce Hausman 主持。

During today's conference call, any management comments regarding Interface's business which are not historical information are forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the intent, belief, or current expectations of our management team, as well as the assumptions on which such statements are based.

在今天的電話會議中，任何關於 Interface 業務的非歷史資訊管理層評論都屬於聯邦證券法意義上的前瞻性陳述。前瞻性陳述包括關於我們管理團隊的意圖、信念或當前預期，以及此類陳述所依據的假設的陳述。

Any forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from any such statements, including risks and uncertainties described in our most recent annual report on Form 10-K filed with the SEC, as supplemented in our first quarter 10-Q.

任何前瞻性陳述均不構成對未來業績的保證，並且涉及許多風險和不確定性，可能導致實際結果與任何此類陳述存在重大差異，包括我們最近向美國證券交易委員會提交的 10-K 表格年度報告（以及我們第一季度 10-Q 表格補充報告）中描述的風險和不確定性。

The company assumes no responsibility to update forward-looking statements.

本公司不承擔更新前瞻性聲明的責任。

Management's remarks during this call also refer to certain non-GAAP measures. Reconciliations of the non-GAAP measures to the most comparable GAAP measures, and explanations for their use, are contained in the company's earnings release and Form 8-K furnished with the SEC today.

管理階層在本次電話會議中的發言也提到了某些非GAAP指標。本公司今天向美國證券交易委員會提交的獲利報告和 8-K 表格中包含了非 GAAP 指標與最可比較 GAAP 指標的調節表及其使用說明。

Lastly, this call is being recorded and broadcast for Interface. It contains copyrighted material and may not be re-recorded or rebroadcast without Interface's express permission.

最後，本次通話將會被錄音並向Interface廣播。本內容包含受版權保護的資料，未經 Interface 的明確許可，不得重新錄製或重新播出。

Your participation on the call confirms your consent to the company's taping and broadcasting of it.

您參與本次電話會議即表示您同意本公司對本次電話會議進行錄音和廣播。

After our prepared remarks, we will open up the call for questions. Now, I will turn the call over to Laurel Hurd, CEO.

在我們發言完畢後，我們將開放提問環節。現在，我將把電話交給執行長勞雷爾·赫德。

Thank you, Christine, and good morning everyone.

謝謝你，克里斯汀，大家早安。

Interface delivered another strong quarter, exceeding our expectations with currency-neutral net sales growth of 4% and significant profitability gains.

Interface 又迎來了一個強勁的季度，其以固定匯率計算的淨銷售額增長了 4%，盈利能力也大幅提升，超出了我們的預期。

We saw continued strength in the Americas and increased momentum in EAAA, with broad-based growth across all regions, all product categories, and the majority of our market segments.

我們看到美洲市場持續強勁成長，EAAA市場成長勢頭增強，所有地區、所有產品類別和大多數細分市場均實現了全面成長。

We are pleased with the quality of our earnings. Net sales increased through a balanced mix of price and volume and adjusted gross profit margin expanded by 208 basis points, driven by favourable mix and manufacturing efficiencies.

我們對收入的品質感到滿意。淨銷售額透過價格和銷售的平衡組合實現成長，調整後的毛利率成長了 208 個基點，這得益於有利的產品組合和生產效率的提高。

This consistent execution underscores the power of our diversified portfolio, the strength of our brand, and ongoing share gains in key markets. I'm proud of the Interface team and their unwavering commitment to serving our customers.

這種持續穩定的執行力凸顯了我們多元化產品組合的實力、我們品牌的強大影響力以及我們在關鍵市場不斷增長的市場份額。我為 Interface 團隊及其對客戶服務的堅定承諾感到自豪。

Our One Interface strategy is driving these results. As we've discussed before, this multi-year plan is focused on building strong global functions to support our world-class local selling team.

我們的一體化介面策略正在推動這些成果的取得。正如我們之前討論過的，這項多年計劃的重點是建立強大的全球職能部門，以支持我們世界一流的本地銷售團隊。

Accelerating growth through enhanced commercial productivity.

透過提高商業生產力來加速成長。

Expanding margins through global supply chain management and simplifying operations, and leading in design, performance, and sustainability.

透過全球供應鏈管理和簡化營運來擴大利潤空間，並在設計、性能和永續性方面處於領先地位。

Since launching our One Interface sales team structure in the U.S. in January 2024, we've been delivering a single cohesive customer experience across carpet tile, LVT, and Nora Rubber. This unified approach has exceeded our expectations and continues to drive consistent quarterly growth.

自 2024 年 1 月在美國推出 One Interface 銷售團隊架構以來，我們一直在地毯磚、LVT 和 Nora Rubber 領域提供統一的客戶體驗。這種統一的方法超出了我們的預期，並持續推動季度穩定成長。

Driven by our combined selling team, Nora Rubber grew 20% in the third quarter and is up 19% year-to-date.

在銷售團隊的共同努力下，諾拉橡膠第三季成長了 20%，今年迄今成長了 19%。

To build on this momentum, we will accelerate investments in automation, productivity, and innovation to further strengthen the Nora product portfolio and drive long-term growth.

為了鞏固這一勢頭，我們將加快對自動化、生產力和創新方面的投資，以進一步加強 Nora 產品組合併推動長期成長。

We're preparing for the launch of a new rubber flooring innovation in early 2026 that we believe will accelerate growth in the healthcare segment, among others. We look forward to sharing more about this on our next call.

我們正準備在 2026 年初推出一項新的橡膠地板創新技術，我們相信這項技術將加速醫療保健等領域的成長。我們期待在下次通話中分享更多相關資訊。

Additionally, our investments in carpet tile automation and robotics are delivering meaningful productivity gains and margin improvement. These investments are exceeding expectations, improving efficiency, reducing waste, and enhancing service levels.

此外，我們在地毯磚自動化和機器人技術方面的投資正在帶來顯著的生產效率提升和利潤率提高。這些投資超出了預期，提高了效率，減少了浪費，並提升了服務水準。

We're now extending these robotic systems to our facilities in Europe and Australia, and we continue to explore and identify new opportunities for automation across the company.

我們現在正將這些機器人系統推廣到我們在歐洲和澳洲的工廠，我們將繼續探索和尋找公司內部自動化的新機會。

From a product standpoint, we continue to expand our addressable market, delivering high design at compelling price points to create new opportunities for growth.

從產品角度來看，我們不斷擴大目標市場，以極具吸引力的價格提供高品質的設計，從而創造新的成長機會。

During the quarter, we introduced our Stellar Horizons carpet tile collection, which spans a range of price points and supports segment versatility.

本季度，我們推出了 Stellar Horizo​​ns 地毯磚系列，該系列涵蓋了各種價格點，並支持細分市場的多樣性。

The collection offers exceptional durability, acoustics, and cleanability while balancing design and functional performance. We also introduced three new resilient products that expand colour, design, and aesthetic options across the category.

此系列產品兼具卓越的耐用性、聲學效果和易清潔性，同時兼顧了設計感和功能性。我們也推出了三款全新的耐用產品，拓展了該品類在顏色、設計和美學方面的選擇。

This includes two new LVT styles in the Mix and Raw materials, and a refresh of our Normant XT rubber offering. These new and updated styles give customers more ways to specify Interface products across a range of spaces and budgets.

這包括採用 Mix 和 Raw 材料製成的兩種新型 LVT 款式，以及我們 Normant XT 橡膠產品的更新。這些全新升級的款式為客戶提供了更多選擇，讓他們能夠在各種空間和預算範圍內指定 Interface 產品。

We continue to differentiate our portfolio through exceptional design, superior performance, and an unwavering commitment to sustainability.

我們透過卓越的設計、優異的性能和對永續發展的堅定承諾，不斷使我們的產品組合脫穎而出。

Now let's turn to our third quarter results. We delivered a 4% increase in currency-neutral net sales, reflecting strong execution and continued share gains.

現在讓我們來看看第三季的業績。我們實現了以固定匯率計算的淨銷售額成長 4%，這反映了我們強勁的執行力和持續的市場份額成長。

In the Americas, currency-neutral net sales increased 4% as our combined selling teams drove growth across key market segments.

在美洲，以固定匯率計算的淨銷售額成長了 4%，這得益於我們聯合銷售團隊在關鍵市場領域的成長。

In EAAA, currency-neutral net sales were also up 4% through broad-based growth in all our regions.

在東亞、亞洲及非洲地區，由於所有地區的全面成長，以固定匯率計算的淨銷售額也成長了 4%。

Turning to market segments, our diversification strategy continues to fuel our growth. Global healthcare billings were up 29%, with double-digit gains across both the Americas and EAAA.

從市場區隔來看，我們的多元化策略持續推動著我們的成長。全球醫療保健帳單成長了 29%，美洲和東亞及非洲地區均實現了兩位數的成長。

Our broad and differentiated product portfolio continues to capture opportunities as the global healthcare sector evolves, driven by aging populations, technological innovation, and a growing focus on preventative care. In the U.S., our combined Interface and Nora selling teams are working together seamlessly, enabling us to compete more effectively and win new opportunities as we meet the complex and changing needs of modern healthcare environments.

隨著人口老化、技術創新以及對預防性照護日益重視等因素推動全球醫療保健產業的發展，我們廣泛且差異化的產品組合不斷抓住機會。在美國，我們的 Interface 和 Nora 銷售團隊無縫協作，使我們能夠更有效地參與競爭，並在滿足現代醫療保健環境複雜多變的需求時贏得新的機會。

Corporate office billings were up 5% in the third quarter, and they are also up year-to-date as expected. We continue to see share gains in this segment as companies move to Class A space, where our brand strength, design leadership, and broad product portfolio position us to win.

公司總部第三季帳單金額成長了 5%，年初至今的帳單金額也如預期般成長。隨著企業向 A 級市場轉型，我們在這個細分市場的份額持續成長，而我們的品牌實力、設計領先地位和廣泛的產品組合使我們能夠贏得市場。

Our solutions are well aligned with workplace trends as companies invest in refreshes and adapt environments to meet the evolving needs of a hybrid workforce.

我們的解決方案與職場趨勢高度契合，因為企業正在投資更新和改造辦公室環境，以滿足混合辦公模式不斷變化的需求。

And by expanding our product offerings across a wider range of price points, we are capturing new opportunities and broadening our reach.

透過擴大產品供應範圍，涵蓋更廣泛的價格區間，我們正在抓住新的機遇，並擴大我們的影響力。

Education billings declined slightly in the third quarter but remain up high single digits year-to-date. We view the slight quarterly decline as timing-related, as we are well positioned in both K–12 and higher education, underpinned by our design leadership and low-carbon, high-performing products.

第三季教育帳單略有下降，但年初至今仍維持高個位數成長。我們認為季度略微下滑與時間有關，因為我們在 Kâf12 和高等教育領域都佔據了有利地位，這得益於我們的設計領先地位和低碳、高性能產品。

Strong macro drivers, modernization initiatives, and regional migration continue to create meaningful growth opportunities in this segment.

強勁的宏觀經濟驅動因素、現代化措施和區域遷移持續為該領域創造有意義的成長機會。

Turning to orders, consolidated currency-neutral orders increased 2.4% year-over-year.

從訂單量來看，以固定匯率計算的合併訂單量年增 2.4%。

Americas was up 1.7% on top of prior year order growth of 17.1%. EAAA was up 3.5%, driven by strength in EMEA and Australia.

美洲地區的訂單成長了 1.7%，而去年同期訂單成長率為 17.1%。受歐洲、中東和非洲地區以及澳洲市場的強勁表現推動，EAAA上漲3.5%。

We ended the third quarter with our backlog up 17% year-to-date, reflecting solid underlying demand.

第三季末，我們的積壓訂單年增 17%，反映出強勁的潛在需求。

Our strong results this quarter reflect how well our teams are delivering for our customers. That's evident in the recognition we received from the design community.

本季強勁的業績反映了我們團隊為客戶提供的優質服務。這一點從我們從設計界獲得的認可中可見一斑。

Interface earned multiple number one rankings in the Floor Focus Top 250 Design Survey, where designers named us an industry leader in service, quality, design, and performance.

Interface 在 Floor Focus Top 250 設計調查中多次獲得第一名，設計師們將我們評為服務、品質、設計和性能方面的行業領導者。

On the sustainability front, we were named Manufacturer of the Year in ED's Net Zero Awards.

在永續發展方面，我們榮獲了ED淨零排放獎的年度最佳製造商稱號。

And recognized by Metropolis in their Planet Positive Awards for our All-In strategy.

我們憑藉「全力以赴」策略獲得了《大都會》雜誌頒發的「地球積極獎」。

These awards acknowledge the bold steps we are taking to be carbon negative by 2040 without offsets, and they are a testament to the hard work and dedication of our entire team.

這些獎項是對我們在 2040 年前實現碳負排放而無需抵消而採取的大膽舉措的認可，也是對我們整個團隊辛勤工作和奉獻精神的證明。

Looking ahead, we remain confident in our strategy and disciplined execution. Continued investments in innovation, automation, and commercial excellence are strengthening our foundation for sustainable growth. With a talented global team, a powerful brand, and a proven strategy, Interface is well positioned to deliver differentiated design, strong financial performance, and long-term value for our shareholders.

展望未來，我們對我們的策略和嚴謹的執行力仍然充滿信心。對創新、自動化和卓越商業的持續投入正在鞏固我們永續成長的基礎。憑藉著一支才華橫溢的全球團隊、一個強大的品牌和一項行之有效的策略，Interface 完全有能力為我們的股東提供差異化的設計、強勁的財務表現和長期價值。

With that, I'll turn it over to Bruce.

接下來，我將把麥克風交給布魯斯。

Well, thank you, Laurel, and good morning, everyone.

謝謝你，勞雷爾，大家早安。

Third quarter net sales were $364.5 million, up 5.9% as reported and 4.2% on a currency-neutral basis versus the third quarter of 2024 — both ahead of our expectations.

第三季淨銷售額為 3.645 億美元，按報告值計算成長 5.9%，以固定匯率計算成長 4.2%，均高於 2024 年第三季的預期。

Third quarter currency-neutral net sales were up 4.1% in the Americas and 4.3% in EAAA year-over-year.

第三季以固定匯率計算，美洲淨銷售額年增 4.1%，東歐、非洲、亞洲及亞洲地區淨銷售額年增 4.3%。

Adjusted gross profit margin was 39.5%, up 208 basis points versus the third quarter of 2024, driven by favourable pricing and product mix combined with manufacturing efficiencies, partially offset by higher raw material and tariff-related costs.

經調整後的毛利率為 39.5%，比 2024 年第三季成長 208 個基點，主要得益於有利的定價和產品組合以及生產效率的提高，但部分被更高的原材料成本和關稅相關成本所抵消。

Adjusted SG&A expenses were $90 million in the third quarter compared to $85.5 million in the third quarter of 2024, primarily due to higher sales commissions and variable compensation on increased sales and profits, inflation, and foreign currency exchange variances.

經調整後的銷售、一般及行政費用為 2024 年第三季的 9,000 萬美元，而 2024 年第三季為 8,550 萬美元，主要原因是銷售佣金增加以及銷售額和利潤成長帶來的可變薪酬增加、通貨膨脹以及外匯匯率波動。

Adjusted operating income was $54.1 million, up 24.5% year-over-year.

調整後的營業收入為 5,410 萬美元，年增 24.5%。

Third quarter adjusted EBITDA was $66.2 million versus $53.7 million in the third quarter of 2024.

第三季調整後 EBITDA 為 6,620 萬美元，而 2024 年第三季為 5,370 萬美元。

Third quarter adjusted earnings per share was $0.61, a 27% increase versus $0.48 in the third quarter of 2024.

第三季調整後每股收益為 0.61 美元，比 2024 年第三季的 0.48 美元成長了 27%。

We generated $76.7 million of operating cash flow during the third quarter and ended the period with $482 million of liquidity.

第三季我們產生了 7,670 萬美元的營運現金流，期末流動資金為 4.82 億美元。

Net debt, defined as total debt minus cash on hand, was $120.4 million, and our net leverage ratio was 0.6 times, calculated as net debt divided by the last 12 months of adjusted EBITDA.

淨債務（定義為總債務減去手頭現金）為 1.204 億美元，淨槓桿率為 0.6 倍，計算方法為淨債務除以過去 12 個月的調整後 EBITDA。

As part of our balanced capital allocation strategy, we repurchased $0.7 million of Interface common stock during the quarter.

作為我們均衡資本配置策略的一部分，我們在本季回購了價值 70 萬美元的 Interface 普通股。

Overall, our strong balance sheet provides flexibility and optionality in today's dynamic environment and the ability to continue investing in the business for growth and margin expansion.

總體而言，我們強勁的資產負債表為當今瞬息萬變的環境提供了靈活性和選擇權，並使我們能夠繼續投資於業務成長和利潤率提升。

Turning to tariffs, you may recall our exposure is limited and primarily tied to imports of Nora Rubber from Germany and LVT from South Korea into the U.S.

說到關稅，您可能還記得，我們​​的風險敞口有限，主要涉及從德國進口的諾拉橡膠和從韓國進口的LVT地板到美國。

We continue to offset tariff-related costs through pricing and productivity initiatives.

我們將繼續透過價格和生產力提升措施來抵消關稅相關的成本。

When tariff costs are successfully offset on a dollar-for-dollar basis, we are able to protect our gross profit dollars, but there is a dilutive impact to our gross profit percentage.

當關稅成本能夠以美元對美元的比例成功抵銷時，我們就能保護我們的毛利，但這會對我們的毛利率產生稀釋影響。

In the third quarter, tariffs diluted our adjusted gross profit percentage by approximately 30 basis points, and we anticipate a similar dilution of 50 basis points to fourth quarter's adjusted gross profit percentage.

第三季度，關稅使我們的調整後毛利率下降了約 30 個基點，我們預計第四季的調整後毛利率也將下降 50 個基點。

In sum, we are successfully managing tariff-related costs, and our plan is to continue doing so.

總之，我們成功地控制了關稅相關成本，我們的計畫是繼續這樣做。

With that backdrop in mind, and on the strength of our year-to-date results, we are raising our full-year guidance. For the full fiscal year of 2025, we now anticipate:

鑑於此背景，並基於我們今年迄今為止的業績，我們上調了全年業績預期。我們現在預計2025財年全年：

Net sales of $1.375 billion to $1.390 billion

淨銷售額為13.75億美元至13.9億美元

Adjusted gross profit margin of 38.5% of net sales

調整後毛利率為淨銷售額的38.5%。

Adjusted SG&A expenses of $362 million

經調整的銷售、管理及行政費用為3.62億美元

Adjusted interest and other expenses of $25 million

調整後的利息和其他費用為 2500 萬美元

Adjusted effective income tax rate of 26%

調整後的實際所得稅率為26%

Capital expenditures of $45 million

資本支出4500萬美元

Fully diluted weighted average share count of 59.1 million shares

完全稀釋後的加權平均股數為5910萬股

To note, all figures are approximate.

請注意，所有數字均為近似值。

With that, I'll turn the call back to Laurel.

這樣，我就把電話轉回給勞雷爾了。

Thank you, Bruce. Interface delivered another strong quarter with growth in all product categories, growth in all regions, and growth in the majority of our market segments while driving meaningful growth profit margin expansion.

謝謝你，布魯斯。Interface 又迎來了一個強勁的季度，所有產品類別、所有地區以及大多數細分市場均實現成長，同時推動了利潤率的顯著成長。

We are encouraged by the quality of these earnings and the strong execution in a challenging and uncertain macro environment.

在充滿挑戰和不確定性的宏觀環境下，我們對這些獲利的品質和強勁的執行力感到鼓舞。

I want to thank the entire interface team for their relentless focus on winning business and serving our customers. With that, we will open up the call for questions.

我要感謝整個介面團隊，感謝他們堅持不懈地專注於贏得業務和為客戶服務。接下來，我們將開始接受提問。

(Operator Instructions)

（操作說明）

Brian Burrows, TRG.

Brian Burrows，TRG。

Hey, good morning, everyone.

嘿，大家早安。

Thank you for taking my questions today.

感謝您今天回答我的問題。

Sales were above the guidance range — second quarter in a row of sales slightly above the guidance range — so clearly something's working over there. Last quarter you cited strong momentum, and education outperformed a tough comp. It sounds like this quarter, maybe it's healthcare that's the outperformer.

銷售額高於預期範圍——連續第二個季度銷售額略高於預期範圍——顯然，那邊有些事情進展順利。上個季度您提到了強勁的成長勢頭，教育產業的表現也優於同期高企的同業競爭。聽起來這季度醫療保健產業可能會表現優異。

So, curious what the surprise was that drove the sales outperformance relative to your expectations three months ago.

所以，我很好奇是什麼意外因素促成了三個月前銷售業績超乎預期。

Yeah, thanks Brian, and it is healthcare. We know that healthcare was up 29% for the quarter, which is above our expectations. We've been really focused on the healthcare segment — our top three priority segments are really corporate office, education, and healthcare — but we've been working to expand our product portfolio in healthcare.

是的，謝謝你，布萊恩，這是醫療保健。我們知道，醫療保健產業本季成長了 29%，超出了我們的預期。我們一直非常專注於醫療保健領域——我們最重要的三個領域分別是企業辦公室、教育和醫療保健——但我們一直在努力擴大我們在醫療保健領域的產品組合。

Obviously, the One Interface selling teams continue to exceed our expectations, and we grew in healthcare outside the U.S. as well. It's a really strong quarter that exceeded our expectations.

顯然，One Interface 的銷售團隊繼續超越我們的預期，我們在美國以外的醫療保健領域也取得了成長。這是一個非常強勁的季度，超出了我們的預期。

And Brian, I would just also add our interface selling teams are just executing so strongly, we just continue to upscale the organization and we continue to see in our selling organization, our customer services organization, a relentless focus on winning for the customer and making sure we serve the customer, and importantly, making sure we win business and take share.

布萊恩，我還想補充一點，我們的介面銷售團隊執行力非常強，我們不斷擴大組織規模，並且在我們的銷售組織和客戶服務組織中，我們不斷看到他們堅持不懈地專注於為客戶贏得利益，確保我們為客戶提供服務，更重要的是，確保我們贏得業務並佔據市場份額。

It's definitely working for you guys on the Nora and the rubber. I guess further investments — you mentioned in the prepared remarks — I know you're going to provide some more colour, I guess, next call, but any commentary you can add on the investments you might make there?

你們用 Nora 和橡膠輪胎肯定沒問題。我想您在準備好的演講稿中提到了進一步的投資——我知道您下次通話時會提供更多細節，但您能否就您可能進行的投資補充一些評論？

Whether that's across expanding capacity or just more automation in the Nora facility would be interesting to hear.

是擴大產能還是提高諾拉工廠的自動化程度，都值得我們去了解。

Yeah, we've been making investments all along in Nora, and we will continue to amplify that as our sales growth continues to exceed expectations. So we're doing a few things.

是的，我們一直都在對Nora進行投資，而且隨著銷售成長持續超出預期，我們將繼續加強投資。所以我們正在做一些事情。

One, we're investing in making sure we can support the capacity.

第一，我們正在投資確保我們能夠支持產能。

Secondly, we are investing in additional productivity initiatives to increase our throughput and also to really help drive efficiencies.

其次，我們正在投資額外的生產力提升計劃，以提高我們的產量，並真正幫助提高效率。

And then we're also investing in innovation. So that's what we'll share more about on our next call, but we're excited about continued opportunities to grow the Nora business.

此外，我們也正在投資創新。所以，我們將在下次電話會議上分享更多相關信息，但我們對繼續發展 Nora 業務的機會感到興奮。

Brian, I would just add, if we think about CapEx in 2026, it may be slightly up, potentially around 10 or so million compared to 2025 levels as we invest in these productivity initiatives in innovation of initiatives again, and it's all about growth, it's all about innovation and all about projects that generate margin expansion.

布萊恩，我還要補充一點，如果我們考慮 2026 年的資本支出，它可能會略有上升，與 2025 年的水平相比，可能會增加 1000 萬美元左右，因為我們將再次投資於這些生產力提升計劃和創新計劃，這一切都與增長有關，與創新有關，項目與能夠帶來利潤增長的項目有關。

Last question for me on margins — current guide for the year looks like 38.5%. It's been a nice step up throughout the year to get there.

關於利潤率，我最後一個問題是…今年的指導價似乎是 38.5%。這一年來，我一步一步地取得了進展。

I believe maybe the 38.5% level is also kind of a near-term margin level you might have said in the past that you want to get to — that kind of balances price with volume and cash generation.

我認為 38.5% 的水平也可能是一個近期的利潤率水平，你過去可能說過你想達到這個水平，以平衡價格、銷售和現金流。

So if you're going to be at that level this year, how do we think about margins from here, with all the positive things you still have between mix and efficiencies?

所以，如果你今年能達到那個水平，考慮到你在產品組合和效率方面仍然擁有的所有積極因素，我們該如何看待接下來的利潤率？

Do we see further margin expansion from here, or do you kind of keep it at this level to accelerate volumes even more?

我們會看到利潤率進一步擴張，還是會維持在這個水準以進一步加速銷售成長？

I'm just curious how you think about margins at this level and going forward.

我只是好奇您如何看待當前及未來的利潤率。

Brian, thank you for noticing.

布萊恩，謝謝你的關注。

As we've mentioned previously, our ambition is to get to 38.5%, and we've got a good shot at hitting that number this year.

正如我們之前提到的，我們的目標是達到 38.5%，而我們今年很有可能實現這個目標。

To be fair, we have to deliver a strong Q4 — which we intend to do — but it is a challenging, dynamic environment, and it's a balancing act between taking share, winning for our customers, and also making sure that we can hit that nice sweet spot between taking share and growing the business.

公平地說，我們必須在第四季度取得強勁的業績——這也是我們打算做的——但這是一個充滿挑戰、瞬息萬變的環境，我們需要在搶佔市場份額、贏得客戶以及確保在搶佔市場份額和發展業務之間找到最佳平衡點之間取得平衡。

Yeah, thank you.

是啊，謝謝。

Alex Paris, Barrington Research.

Alex Paris，巴林頓研究公司。

Hi guys, thanks for taking my call, and I just wanted to say congratulations on the beat and raise.

大家好，感謝你們接聽我的電話，我只是想祝賀你們成功加薪。

Thanks, Alex.

謝謝你，亞歷克斯。

I have a few questions — I'll start with a question about the shape of your Q3 outperformance in terms of momentum. I think on the last call you said July was strong from an order standpoint and broad-based.

我有一些問題 âFI 首先，我想問一下你們第三季業績超預期表現的勢頭如何。我記得上次電話會議上您說過，從訂單角度來看，7 月份的訂單量很大，而且基礎廣泛。

How about August and September? And then maybe, could we get a similar comment about the fourth quarter — how did October go?

八月和九月呢？那麼，我們能否也對第四季發表一下類似的評論呢？ ——十月過得怎麼樣？

Yeah, I would say Alex is pretty steady and consistent, so the quarter played out pretty consistently, and October, I would say continues in that same tent. The Americas especially continues to look good.

是的，我覺得Alex的表現相當穩定，所以這個季度整體表現也很穩定，10月的情況也延續了這種勢頭。美洲地區的經濟狀況依​​然良好。

And outside the US is a little bit, those macros are more challenging certainly in Europe, so we're watching that order momentum as well, but we feel really good about where our guidance is for Q4.

美國以外的地區情況略有不同，宏觀經濟情勢尤其在歐洲更具挑戰性，因此我們也關注訂單動能，但我們對第四季的業績指引感到非常樂觀。

Yeah, I agree. And our demand is solid. Our backlog is strong, and we just need to continue executing strongly.

是的，我同意。我們的需求十分強勁。我們的訂單儲備充足，我們只需要繼續保持強勁的執行力。

Great, thanks for that colour. And then, the market segment discussion, healthcare up 29% in global buildings, corporate office of 5%, great performance. You said Ed, education declined slightly.

太好了，謝謝你提供的顏色。然後，市場細分討論，全球建築中的醫療保健增長了 29%，企業辦公室增長了 5%，表現出色。你說艾德，教育水準略有下降。

Can we put some numbers on that? I mean, was it down. 3% or is it down 8%.

我們能用一些數字來衡量一下嗎？我的意思是，到底是下跌了3%還是下跌了8%？

Down less than 3%, so just down just 2.5% or so.

下跌不到3%，也就是下跌了2.5%左右。

So that's just timing, things coming in lumpy phases.

所以這只是時間問題，事情總是分階段發生的。

It's a high single-digits for the year, so we've got a great education business. We've got great product. We've got great momentum. So it's just it's just timing of the quarter and not a.

今年的增幅接近兩位數，所以我們的教育產業發展勢頭良好。我們的產品很棒。我們勢頭強勁。所以這只是季度的時間安排問題，而不是其他問題。

Big quarter for education as well. QT is really education season for us, so.

教育領域本季也取得了重大進展。對我們來說，QT 實際上是教育季。

Not something we're concerned about.

我們並不擔心這個問題。

Okay, great and then on the gross margin expansion, you kind of listed the things that influenced that it was similar to last quarter favourable price and volume as well as manufacturing efficiencies.

好的，太好了。關於毛利率擴張，你列舉了一些影響因素，與上個季度類似，有利的價格和銷售以及生產效率。

I think you said last quarter that 80% of the gain was manufacturing efficiencies. Is it sort of a similar thing going on this quarter?

我想你上個季度說過，80%的成長來自於生產效率的提升。本季的情況是否也類似？

About half and half.

大約各佔一半。

So our manufacturing efficiencies have been working very well, and that drove about half of the margin expansion and the rest was a combination of price and mix.

因此，我們的生產效率提升效果非常好，這推動了利潤率擴張的一半左右，其餘部分則是由價格和產品組合共同推動的。

Right, and then you had a very unusual tax rate in the quarter 4.8%. How about a little colour, and then your guidance for the full year, I know it's on an adjusted basis, is unchanged at 26%. So, what special items were in the Q3?

沒錯，而且該季度的稅率非常不尋常，達到了 4.8%。不妨透露一些細節，然後是你們全年的業績指引，我知道這是經過調整的，但仍然維持在 26% 不變。那麼，第三季有哪些特別之處呢？

Yeah, thanks for noticing, and we put a comment on that in our press release, and what happened was in July of 2025 that Germany enacted tax legislation to reduce the German corporate income tax rate by 1% annually from 2028 to 2032. And of course, as you can, as Alex, that required us to go back and remeasure our deferred tax assets and liabilities, and it resulted in a non-cash pickup on our interest expense line of $10.4 million.

是的，謝謝你的關注，我們在新聞稿中對此做了說明。事情是這樣的，2025 年 7 月，德國頒布了稅收法規，從 2028 年到 2032 年，每年將德國企業所得稅率降低 1%。當然，如你所知，Alex，這需要我們重新衡量遞延所得稅資產和負債，結果導致我們的利息支出項出現了1,040萬美元的非現金收入。

And again, this is just an accounting requirement due to the change in legislation in Germany to remeasure those assets and liabilities.

再次強調，這只是由於德國法律變更而產生的會計要求，需要重新計量這些資產和負債。

Okay, that makes sense. But again, you get guidance of 26% on an adjusted tax basis, so you're adding, you're adding a $10.4 million back to the tax expense on a 9-month basis to get to that because otherwise it's like 18% or for the full year.

嗯，這說得通。但同樣，根據調整後的稅基計算，指導值為 26%，因此，你需要在 9 個月的基礎上將 1040 萬美元的稅費加回稅項支出，才能達到這個目標，否則全年的稅率就只有 18% 左右。

Yeah, two different numbers. There's the GAAP number and then there's the adjusted number. So the 26% is our adjusted effective income tax rate that excludes that pick up related to the German tax legislation.

是的，是兩個不同的號碼。有GAAP數據，也有調整後的數據。因此，26% 是我們調整後的實際所得稅率，不包括與德國稅法相關的成長部分。

Great.

偉大的。

Yeah, makes perfect sense.

是的，完全說得通。

Yeah, and then, lastly I noticed is this cats and dogs, but, the, amortization of intangibles fell. It must be running off. How should we think about that going forward? I think it was $1.4 million last quarter and this quarter it was about $0.5 million.

是的，最後我注意到，雖然有貓有狗，但是無形資產攤銷下降了。它肯定跑掉了。我們接下來該如何看待這個問題？我認為上個季度是 140 萬美元，這個季度大約是 50 萬美元。

And I appreciate your attention in detail. Actually, so now we're all done with that amortization. It's now, you'll no longer see it on P&L. Okay, so they run its course.

感謝您細緻周到的觀察。實際上，現在我們已經完成了攤銷。現在，您將在損益表中看不到它了。好吧，它們就這樣過去了。

Gotcha. So, that is a typical add back to gross income to get to adjusted gross income, so there won't be any add back in Q4 and going forward.

明白了。所以，這通常是從總收入中加回一部分以得出調整後總收入，因此第四季度及以後不會再有任何加回。

That's right, but of course it was always a wash because there was the expense in net income and so we won't see the expense in net income and hence we won't see the add back so.

沒錯，但當然，這始終是抵消的，因為淨收入中存在支出，所以我們不會在淨收入中看到支出，因此也不會看到加回。

Okay perfect thanks that answers all my questions and again congrats guys.

好的，太好了，謝謝！這解答了我所有的問題，再次恭喜你們！

Thanks Alan.

謝謝你，艾倫。

David McGregor, Longbow Research.

David McGregor，Longbow Research。

Yes, good morning, everyone. Congratulations on the results — just got a great trajectory going here.

是的，大家早安。恭喜取得好成績！你現在的發展勢頭非常好。

I wanted to — yeah, I guess I wanted to — I have a few questions here on a few different things but let me go back to the gross margins and 38.5%. I guess if you adjust for tariffs, it's even 30 bps better than that.

我想…是的，我想我想…我這裡有一些關於不同事情的問題，但讓我回到毛利率和 38.5% 的問題。我想如果把關稅考慮進去，結果甚至比這還要好 30 個基點。

When we talk about kind of the upside from this level, is that upside at this point driven by just volume leverage and just growing your units as you go forward? Is there more of a mix benefit — maybe emphasizing healthcare and Nora — that drives that?

當我們談到從這個價位來看的上漲空間時，目前的上漲空間是否僅僅取決於銷售槓桿以及隨著你不斷增加銷售量而帶來的成長？是否有更全面的福利——或許更側重於醫療保健和諾拉——從而推動了這種情況？

I'm just trying to get a sense of, as opposed to just asking you what the upside is, what the drivers are to further upside from here.

我只是想了解一下，而不是只問你潛在收益是多少，而是有哪些因素會進一步推動收益成長。

Yeah, thanks, David. And as Bruce mentioned earlier, we had stated 38.5% as our ambition to get there. I'd say we got there earlier than we expected, to be honest, and that's because of really three things.

謝謝你，大衛。正如布魯斯之前提到的，我們曾表示，我們的目標是達到 38.5%。說實話，我覺得我們比預期更早到達了目的地，這主要有三個原因。

One is mix — so both country mix, with the U.S. doing really well, as well as, as you mentioned, the Nora Rubber sales growth in the U.S.

一是混合 âFlor 所以是兩國混合，美國表現非常好，如你所提到的，Nora Rubber 在美國的銷售額也有所成長。

Productivity — our productivity initiatives are paying off better than we anticipated, thanks to the investments that we're making.

生產力提升－由於我們進行了投資，我們的生產力提升措施取得了比預期更好的成效。

And then there's volume leverage as well. So, as we look forward, I think we've got more room to go on productivity. We'll continue to drive mix and volume leverage.

此外，還有成交量槓桿作用。所以展望未來，我認為我們在生產力方面還有很大的提升空間。我們將繼續推動產品組合和銷售的成長。

And at the same time, as Bruce said, really look at how we drive share growth and make sure that — it's a competitive market out there — and we don't want to... there is a sweet spot that we'll need to navigate.

同時，正如布魯斯所說，要認真審視我們如何推動市場份額成長，並確保…這是一個競爭激烈的市場…我們不想…我們需要找到一個最佳平衡點。

So if I could just sort of pick up on a couple of these things here — I don't know, operator, is there any other questions behind me in the queue?

所以，如果我能順便問一下這幾個問題的話……我不知道，接線員，我後面的隊伍裡還有其他問題嗎？

No, there are not.

不，沒有。

Okay, thank you. I have a few here for you if you don't mind.

好的，謝謝。如果你不介意的話，我這裡有一些給你。

I guess when you automate the front end of the manufacturing lines, it's obviously created a lot of productivity benefit, and now you're going to take those learnings and you're going to go to Europe and to Australia.

我想，當生產線前端實現自動化時，顯然會大大提高生產效率，現在你們打算把這些經驗帶到歐洲和澳洲去。

If we isolate that, what could that represent in terms of gross margin upside?

如果我們單獨分析這一點，它對毛利率提升可能意味著什麼？

Obviously, the U.S. is a bigger number, but these are all meaningful numbers. And you know, we're investing in this machinery, investing in this robotics, and it's actually—

顯然，美國的數字更大，但這些都是有意義的數字。你知道，我們正在投資這些機器，投資這些機器人技術，而這其實是…

The benefit that we originally scoped out was a benefit because we had very difficult jobs to fill. We're also seeing benefit around less waste, so we have less waste in our manufacturing facilities, which is helping us with our inventory and helping us with our cost of sales. It's helping us.

我們最初設想的福利之所以是福利，是因為我們當時有很多職位很難招募到人。我們也看到了減少浪費的好處，因此我們的生產設施浪費減少了，這有助於我們管理庫存並降低銷售成本。它對我們有幫助。

There are a lot of little things — like we're just using fewer cones, for example. So there's a whole bunch of things that are helping us in the U.S. and that will also help us similarly in Australia and in Europe.

有很多小事——比如我們減少了錐形路標的使用量。所以有很多因素正在幫助我們在美國取得成功，這些因素也會以類似的方式幫助我們在澳洲和歐洲取得成功。

Clearly though, to be fair, those are smaller businesses than the U.S.

不過公平地說，這些企業的規模顯然比美國企業還要小。

They are, but it sounds like when you talk about the three buckets — mix, productivity, and volume leverage — the big part of that productivity bucket is this migration of what you've learned at LaGrange.

確實如此，但聽起來當你談到三個方面——混合、生產力和規模槓桿——時，生產力方面最重要的部分就是將你在拉格朗日學到的東西遷移過來。

And yeah, okay, good.

好的，沒問題。

And then on the volume leverage — we're talking about sort of incremental margins right now — and I realize they're a little bit different from Nora versus LVT versus carpet tile, and within carpet tile, you have various price points where you could get some variance in your operating leverage.

然後，關於銷售槓桿——我們現在談論的是增量利潤——我意識到它們與 Nora、LVT 和地毯磚略有不同，而且在地毯磚中，有不同的價格點，你的經營槓桿可能會有所不同。

But how should we be thinking about incremental margins and the potential upside from here on incremental margins?

但是，我們應該如何看待增量利潤率以及增量利潤率從現在開始的潛在成長空間呢？

I think the situation that we're in, David, is we are going to continue to be laser focused on driving efficiencies in our manufacturing environment.

大衛，我認為我們目前的處境是，我們將繼續全力以赴提高製造環境的效率。

It's just so important that we do that to maintain our competitiveness and in a really challenging market, make sure that we have the right price points to meet our customers where they are. So that we can continue driving volume and we can continue driving share.

這樣做非常重要，可以保持我們的競爭力，在一個充滿挑戰的市場中，確保我們擁有合適的價格點，以滿足客戶的需求。這樣我們才能繼續提升銷量，繼續提升市場佔有率。

The other thing, David, that we've been doing is we've talked about expanding our addressable market by pushing a bit more to accessible price points, particularly in carpet tile, and we've done that through, designed for manufacturing, making sure we maintain our efficiencies while we're doing that.

大衛，我們一直在做的還有一件事，那就是我們一直在討論如何透過增加對價格親民的產品的投入來擴大我們的目標市場，尤其是在地毯磚方面。我們透過設計製造流程來實現這一點，同時確保我們在實現這一目標的同時保持效率。

But that's helping us drive growth, so we'll continue to do more of that as well and again sort of manage that sweet spot.

但這有助於我們推動成長，所以我們也會繼續加大力度，再次努力找到最佳平衡點。

Okay, so, I mean if on the one hand you get a little more Nora coming in here — you're making the capacity investments — we would presume that that becomes a stronger part of the mix.

好的，我的意思是，如果一方面有更多諾拉（Nora）進入這裡——你進行產能投資——我們會認為這會成為組合中更重要的一部分。

On the other hand, you've got more medium price point product rolling out.

另一方面，中等價位的產品也陸續上市。

So should we just be thinking incremental margins kind of remaining in line with where they are right now?

所以，我們是不是應該認為增量利潤率會維持在目前的水平？

I guess I'm just looking for a little bit of help there.

我想請教各位。

We're—we want to deliver this year. We've got a great year, a great nine months behind us. We've got to deliver another three great months, and we'll have a solid year.

我們今年想要交付成果。我們度過了精彩的一年，精彩的九個月。我們還需要再維持三個月的出色表現，這樣才能迎來穩健的年度。

And then, if we do, we'll hit our ambition. And I think, to be fair, David, I appreciate your question, I appreciate you’re probing. I think maybe when we release our year-end results and we see how this all shakes out, we would be in a stronger position to talk about, perhaps, what is our next ambition around gross profit.

如果我們做到了，就能實現我們的目標。公平地說，大衛，我很欣賞你的提問，也很欣賞你的探究精神。我認為，或許當我們公佈年終業績，看到最終結果時，我們就能更有把握地討論一下，我們下一個關於毛利的目標是什麼。

But for right now, we just want to hit the current ambition.

但就目前而言，我們只想實現目前的目標。

Got it. Okay, that's fair.

知道了。好吧，這很合理。

Thank you for that.

謝謝。

You had talked a while back now about adding kind of global product category management. I think you might have actually staffed somebody in that seat, and I guess this is all part of the One Interface program.

您之前曾談到要增加某種全球產品類別管理功能。我認為你們可能已經安排了人坐在那個位置上，我想這都是「統一介面」計畫的一部分。

Just talk about sort of the percentage of revenues and how that might be changing from jobs that are kind of across multiple categories and across multiple regions — America and Europe — or just sort of that expanded scope of an order, as opposed to selling carpet tile to a guy in Cincinnati.

談談收入佔比，以及這種佔比可能會如何變化，例如跨多個類別和跨多個地區（美洲和歐洲）的工作，或者訂單範圍的擴大，而不是像以前那樣向辛辛那提的一個人出售地毯磚。

We're getting more projects where we're selling all three products to companies spanning both American and European markets. I'm obviously making this stuff up but just trying to get a sense of how that’s changing, and I presume that's a margin driver for you, so I'm just trying to get a sense of proportion at this point.

我們現在接到越來越多的項目，需要向橫跨美國和歐洲市場的公司銷售這三種產品。我顯然是在編造這些東西，只是想了解這些變化是如何發生的，而且我猜這對你們來說是一個利潤驅動因素，所以我現在只是想了解一下其中的比例。

Yeah, so a couple of things in that. First of all, we did add global product category management, so we're really looking — and that will help us drive our innovation funnel for the future. We're going to see some new innovation come next year, which I think will be really exciting. And those are global innovations, global launches. We're looking at those on a real macro level.

是的，這裡面有兩點原因。首先，我們確實增加了全球產品類別管理，所以我們真的在展望未來，這將有助於我們推動未來的創新管道。明年我們將看到一些新的創新，我認為這將非常令人興奮。這些都是全球創新，全球發售。我們正在從宏觀層面看待這些問題。

We think that can really help us to further accelerate what you're talking about, which is the opportunity to sell our full portfolio of products to our customers. So rather than just selling Nora to healthcare and just selling carpet tile to corporate office, we're really selling that full suite.

我們認為這確實可以幫助我們進一步加速您所說的事情，也就是有機會向我們的客戶銷售我們全系列的產品。所以，我們不再只是把 Nora 賣給醫療保健產業，也不再只是把地毯磚賣給企業辦公室，而是真正銷售整套產品。

And as you're saying, we also have great global customers, and we're now offering the full suite of products to those global customers. That’s honestly still in early days — I mean, we're still continuing to build that out. And we'll continue to do that further as we go forward.

正如您所說，我們也擁有許多優秀的全球客戶，現在我們正在向這些全球客戶提供全套產品。說實話，這還處於早期階段——我的意思是，我們仍在繼續完善它。我們將繼續這樣做，並不斷推進這項工作。

No, that's helpful. And then, Bruce, you mentioned capital allocation — up about $10 million next year in CapEx versus where you're going to be this year.

不，這很有幫助。然後，布魯斯，你提到了資本配置——明年資本支出將比今年增加約 1000 萬美元。

Is that full $10 million associated with DAA, or are there other programs?

這1000萬美元全部都與DAA項目有關嗎？還是還有其他項目？

Portion of Nora?

諾拉的一部分？

A large portion of it is Nora, but there are, there is innovation happening outside of Nora, and there's all there is some automation investments happening outside of Nora as well, so.

其中很大一部分是 Nora 的成果，但 Nora 之外也有創新，Nora 之外也有一些自動化投資。

Okay, the capital allocation as well, you're buying back stock, which is, a real milestone I guess for interface.

好的，關於資本配置，你們正在回購股票，我認為這對 Interface 來說是一個真正的里程碑。

How do you think about sort of that program going forward? Is this kind of a residual we don't have any other immediate use for the cash, so we buy back stock, or are you sort of employing targets in mind with respect to What you want to accomplish on a repurchase level.

您如何看待這個計畫未來的發展？這是因為我們沒有其他直接用途而獲得的剩餘資金，所以我們回購股票嗎？還是說，你們在回購股票時會考慮一些目標？

It's—I mean, it's opportunistic. However, we always keep in mind our number one priority, which is to invest in the business around growth, margin expansion, and innovation.

這是……我的意思是，這是投機取巧。但是，我們始終牢記我們的首要任務，那就是圍繞成長、利潤率提升和創新對業務進行投資。

While also making sure we're being good stewards of the corporation and adhering to our capital allocation priorities. So, when there's opportunity, we are making sure that we return capital back to our shareholders.

同時，我們也要確保善待公司，並遵守我們的資本配置優先事項。所以，當有機會時，我們會確保將資本回饋給股東。

Got it. Well, congratulations on all the progress. Great to see you. Thank you.

知道了。恭喜你們取得的所有進展。很高興見到你。謝謝。

Thanks, David. I appreciate it.

謝謝你，大衛。謝謝。

And that concludes our question-and-answer session. I will now turn the call back over to Laurel Hurt for closing remarks.

我們的問答環節到此結束。現在我將把電話交還給勞雷爾·赫特，請她作總結發言。

Right, thanks to everyone for joining the call today and thanks to the entire interfaith team for another great quarter.

好的，感謝今天所有參加電話會議的人，也感謝整個跨宗教團隊又一個季度的出色工作。

This concludes today's conference call.

今天的電話會議到此結束。