Interface, Inc. (TILE) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Interface third quarter 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Interface 2026 年第三季財報電話會議。(接線員指示)

I will now hand the conference over to Christine Needles, Corporate Communications. Christine, please go ahead.

現在我將把會議交給企業傳播部的 Christine Needles。Christine，請開始。

Good morning, and welcome to Interface's conference call regarding third quarter 2026 results, hosted by Laurel Hurd, CEO, and Bruce Hausmann, CFO. 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.

各位早安，歡迎參加 Interface 2026 年第三季業績電話會議。本次會議由執行長 Laurel Hurd 與財務長 Bruce Hausmann 主持。今天電話會議中，管理層就 Interface 業務所發表、非屬歷史資訊之評論，均屬於聯邦證券法所定義的前瞻性陳述。

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

前瞻性陳述包括關於我們管理團隊之意圖、信念或目前預期的陳述，以及作為該等陳述基礎的假設。任何前瞻性陳述均不保證未來表現，且涉及多項風險與不確定性，可能導致實際結果與該等陳述存在重大差異，包括我們最近向 SEC 提交之 Form 10-K 年度報告中所述的風險與不確定性。公司不承擔更新前瞻性陳述之責任。

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.

管理層在本次電話會議中的發言亦會提及若干非 GAAP 衡量指標。非 GAAP 指標與最可比 GAAP 指標之調節表，以及使用該等指標之原因說明，均載於公司今日向 SEC 提供之新聞稿與 Form 8-K 中。

Lastly, this call is being recorded and broadcasted for Interface. It contains copyrighted material and may not be re-recorded or re-broadcasted without Interface's express permission. Your participation on the call confirms your consent to the company's taping and broadcasting of it. After our prepared remarks, we will open up the call for questions.

最後，本次電話會議將由 Interface 進行錄音並播送。內容包含受著作權保護之資料，未經 Interface 明確許可，不得再次錄音或再次播送。您參與本次電話會議，即表示您同意公司對本次會議進行錄音與播送。在我們的準備發言結束後，將開放提問。

Now, I will turn the call over to Laurel Hurd, CEO.

現在，我將把電話會議交給執行長 Laurel Hurd。

Thank you, Christine, and good morning, everyone. Interface delivered a solid third quarter. Adjusted earnings growth exceeded our expectations, and billings increased across all three of our primary market segments, demonstrating broad-based demand and continued momentum in the business, particularly in the Americas. These results reflect the strength of our diversified portfolio and our execution, and I'm proud of our team and their unwavering commitment to serving our customers.

謝謝你，Christine，各位早安。Interface 第三季表現穩健。調整後盈餘成長超出我們的預期，且在我們三大主要市場區隔的開立帳單金額（billings）皆有所增加，展現廣泛的需求與業務持續動能，尤其是在美洲地區。這些成果反映了我們多元化產品組合的實力與執行力；我為我們的團隊以及他們堅定不移、致力服務客戶的承諾感到自豪。

In this dynamic environment, we're continuing to execute our One Interface strategy to drive industry outperformance. As we've discussed before, One Interface is a multi-year strategy focused on building strong global functions to support our world-class local selling teams, accelerating growth through enhanced commercial productivity of our commercial team, expanding margins through global supply chain management and simplifying operations, and leading in design, performance, and sustainability.

在這個充滿變動的環境中，我們持續推進 One Interface 策略，以帶動優於同業的表現。如同先前所述，One Interface 是一項多年期策略，重點在於建立強健的全球職能以支援世界級的在地銷售團隊；透過提升商務團隊的商業生產力來加速成長；藉由全球供應鏈管理與營運簡化來擴大利潤率；並在設計、性能與永續方面保持領先。

We continue to invest in design and innovation that expands our addressable market and grows our diversified product portfolio. All three of our product categories, carpet tile, LVT, and rubber, are up year to date, and we expect each to grow for the full year. In rubber, building on strong early momentum, we're expanding noravant timber to more markets in EMEA, following the initial rollout in the Americas, Germany, and the U.K.

我們持續投資於設計與創新，以擴大可服務市場並成長我們多元化的產品組合。截至目前為止，我們三大產品類別——方塊地毯（carpet tile）、LVT 與橡膠——皆較去年同期成長，我們預期三者在全年都將成長。在橡膠產品方面，延續早期強勁動能，我們正將 noravant timber 擴展至 EMEA 的更多市場，此前已在美洲、德國與英國完成初期上市。

As we've discussed before, noravant combines the durability and performance of rubber with a distinctive wood grain aesthetic. We believe it represents a meaningful opportunity to further expand in healthcare and other market segments over time. This early momentum is being reinforced by growing industry recognition. noravant timber recently won the Most Sustainable Product Award at the 2026 Healthcare Facilities Symposium and Expo, highlighting our unique position in this category.

如同先前所述，noravant 結合了橡膠的耐用性與性能，以及獨特的木紋美學。我們相信，隨著時間推進，這將為我們在醫療照護及其他市場區隔的進一步擴張帶來重要機會。這股早期動能也因產業認可度提升而更加鞏固。noravant timber 近期在 2026 Healthcare Facilities Symposium and Expo 榮獲「最具永續產品獎」，凸顯我們在此類別中的獨特定位。

In carpet tile, we continue to deliver a range of styles across price points, with several launches in Q3, from the more design-forward Between the Notes at the premium end to Twist & Texture at the more accessible end. We're building on what we've learned with our highly successful Open Air platform, driving more opportunity at accessible price points while delivering the level of design our customers need.

在方塊地毯方面，我們持續提供涵蓋不同價位帶的多樣風格，第三季推出多項新品，從高端、設計導向的 Between the Notes，到更親民的 Twist & Texture。我們在高度成功的 Open Air 平台所累積的經驗基礎上，於更親民的價位帶創造更多機會，同時提供客戶所需的設計水準。

We also expanded Perfect Pitch, one of our most popular collections, with new warmer neutrals, as we're seeing growing demand for these residential-inspired colorways across market segments. Turning to manufacturing and supply chain, our investments in automation and robotics continue to deliver productivity gains and margin improvement while reducing waste and enhancing service levels. The robotic solutions we brought online in Europe and Australia earlier this year have been a success.

我們也擴充了 Perfect Pitch——我們最受歡迎的系列之一——新增更溫暖的中性色調，因為我們看到各市場區隔對這些帶有居家靈感的配色需求日益增加。接著談製造與供應鏈，我們在自動化與機器人方面的投資持續帶來生產力提升與利潤率改善，同時減少浪費並提升服務水準。我們今年稍早在歐洲與澳洲上線的機器人解決方案已證明相當成功。

In addition, we continue to uncover new efficiency opportunities across the business, including expanding automation within our U.S. cutting and packing operations. Now let's turn to our third quarter results. Consolidated currency-neutral net sales increased 0.4% year over year. In the Americas, currency-neutral net sales increased 0.5%, with growth across our key market segments of corporate office, healthcare, and education. Two timing-related items affected sales in the quarter.

此外，我們持續在整體業務中發掘新的效率機會，包括在美國的裁切與包裝作業中擴大自動化。現在讓我們來看第三季業績。合併後、以固定匯率（currency-neutral）計算的淨銷售額年增 0.4%。在美洲地區，以固定匯率計算的淨銷售額年增 0.5%，且在企業辦公室、醫療照護與教育等主要市場區隔皆有成長。本季有兩項與時點相關的因素影響了銷售。

As we've discussed previously, retail is a small percentage of our overall net sales. However, the timing of several store remodel projects had an outsized impact on the Americas growth this quarter, as those projects shifted into future quarters. Second, the timing of nora's installation cycles can create quarter-to-quarter variability in billings, which we experienced this quarter. Importantly, we have not lost this business. These are timing shifts, not a change in underlying demand.

如同先前所討論，零售占我們整體淨銷售額的比例不高。然而，數個門市改裝專案的時點安排，對本季美洲地區的成長造成了相對較大的影響，因為這些專案延後至未來季度。第二，nora 的安裝週期時點可能造成開立帳單金額在季度間的波動，而我們本季即出現此情況。重要的是，我們並未失去這些業務。這些是時點移轉，而非基本需求的改變。

Underlying momentum in the Americas remains healthy, and we are encouraged by the strong order growth in the quarter. In EAAA, currency-neutral net sales were up 0.3% despite a more challenging demand environment, particularly in EMEA, which represents less than 30% of net sales. While market conditions in Europe softened during the quarter, we're encouraged by the progress we're making to simplify the organization and strengthen the business for the future.

美洲地區的基本動能仍然健康，我們也對本季強勁的訂單成長感到鼓舞。在 EAAA 地區，儘管需求環境更具挑戰，尤其是在 EMEA（其淨銷售額占比低於 30%），以固定匯率計算的淨銷售額仍年增 0.3%。雖然歐洲市場狀況在本季轉弱，但我們對於持續推動組織簡化、並為未來強化業務所取得的進展感到鼓舞。

We're taking proactive steps to improve our competitive position and capitalize on future growth opportunities. We've aligned our EMEA commercial organization under a single leader who is now building out the leadership team. Next year, we'll move to a one-team selling structure supported by centralized customer service and commercial analytics. This will create a simpler, more consistent commercial model across Europe, building on what we've learned from our One Interface combined selling teams in the U.S.

我們正採取積極主動的措施，以提升我們的競爭地位並把握未來的成長機會。我們已將歐洲、中東與非洲（EMEA）的商業組織整合至單一領導之下，目前正由其建立領導團隊。明年，我們將轉向「一個團隊」的銷售架構，並由集中式客戶服務與商業分析提供支援。這將在歐洲打造更簡化且更一致的商業模式，並以我們在美國「One Interface」整合銷售團隊的經驗為基礎。

Turning to our market segments, our diversification strategy continues to drive growth and strengthen the business. We saw growth in all three of our primary market segments this quarter, led by healthcare, with billings up 5% on top of 29% growth in the third quarter last year. Our One Interface combined selling teams in the U.S. continue to open doors with healthcare customers, while the long-term demand drivers in this market remain favorable.

談到我們的市場區隔，我們的多元化策略持續推動成長並強化業務。本季我們三大主要市場區隔皆見成長，其中以醫療保健領域領先，帳單金額在去年第三季成長29%的高基期之上再增5%。我們在美國的「One Interface」整合銷售團隊持續為醫療保健客戶打開大門，而該市場的長期需求驅動因素仍然有利。

Education billings were up 3% in the third quarter. We remain well-positioned across both K-12 and higher education, supported by our design leadership, low-carbon, high-performing products, and a broad range of price points. Corporate office billings were up 2% in the third quarter. Underlying demand remains healthy as companies are bringing people back to the office.

教育領域帳單金額在第三季成長3%。在我們的設計領導力、低碳高效能產品以及多元價位帶的支撐下，我們在K-12與高等教育兩個領域皆維持良好布局。企業辦公室領域帳單金額在第三季成長2%。隨著企業正讓員工回到辦公室，基礎需求仍然健康。

Renovation activity is steady, and customers continue to move towards high-quality Class A space, where our brand, design leadership, and broad product portfolio keep us well-positioned. Turning to orders, our consolidated currency-neutral orders increased 1% year-over-year. Orders in the Americas grew 6%, reflecting continued momentum across the region and the benefits of our One Interface combined selling teams. These teams are helping us deepen customer engagement and capture additional growth opportunities.

翻新活動保持穩定，客戶也持續轉向高品質的A級空間；在此領域，我們的品牌、設計領導力與廣泛的產品組合使我們維持良好競爭位置。談到訂單，我們合併口徑的固定匯率訂單年增1%。美洲地區訂單成長6%，反映該區域持續的動能以及我們「One Interface」整合銷售團隊帶來的效益。這些團隊正協助我們深化客戶互動並掌握更多成長機會。

EAAA orders declined 7% as the macro environment, particularly in Europe, softened in the quarter. We ended the third quarter with our backlog up 14% year-to-date, reflecting solid underlying demand. On the sustainability front, we were recognized by edie for Decarbonization Strategy of the Year and named to Newsweek's list of America's Greenest Companies. We were also named a finalist in the Reuters Global Sustainability Awards in the circularity category.

EAAA地區訂單下滑7%，因宏觀環境在本季轉弱，尤其是歐洲。我們在第三季末的在手訂單（backlog）年初至今成長14%，反映穩健的基礎需求。在永續方面，我們獲edie評選為「年度去碳化策略」，並入選《Newsweek》「美國最綠公司」名單。我們也在路透全球永續獎的循環經濟類別中入圍決選。

These awards acknowledge our bold steps to be carbon negative by 2040 without offsets and speak to the hard work and dedication of our entire team. As we look ahead to 2027, we remain confident in our strategy while recognizing the continued uncertainty in the broader market. Third-quarter order growth in the Americas is an encouraging sign of the continued momentum we are seeing in the region.

這些獎項肯定了我們在不使用抵換（offsets）的情況下，於2040年前達成「負碳」的果敢步伐，也彰顯了全體團隊的辛勤投入與奉獻。展望2027年，我們對策略仍具信心，同時也認知到整體市場仍存在持續的不確定性。第三季美洲地區訂單成長，是我們在該區域持續看到動能的令人鼓舞訊號。

In EMEA, although market conditions remain softer, we are focused on actions within our control, including simplifying our operations and enhancing efficiency to strengthen our competitive position and support long-term growth. Across the company, our continued investments in automation, productivity, and innovation are strengthening our foundation for sustainable growth.

在EMEA，儘管市場狀況仍較疲弱，我們專注於可控的行動，包括簡化營運並提升效率，以強化競爭地位並支持長期成長。在全公司範圍內，我們持續投資自動化、生產力與創新，正強化我們實現永續成長的基礎。

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

接下來，我把時間交給Bruce。

Well, thank you, Laurel, and good morning, everyone. All comparisons provided are year-over-year versus the third quarter of 2025, unless otherwise noted. Third-quarter net sales were $366.7 million, up 0.6% as reported and 0.4% on a currency-neutral basis. This was slightly below the low end of our outlook range, primarily reflecting the shift in timing of certain retail billings that Laurel mentioned and softer conditions in Europe.

好的，謝謝你，Laurel，各位早安。除非另有說明，所有比較皆為與2025年第三季的年對年比較。第三季淨銷售額為3.667億美元，按報告口徑成長0.6%，按固定匯率口徑成長0.4%。此結果略低於我們展望區間的下緣，主要反映Laurel提到的部分零售帳單入帳時點移轉，以及歐洲環境轉弱。

Third-quarter currency-neutral net sales were up 0.5% in the Americas and up 0.3% in EAAA. Third-quarter adjusted gross profit margin was 40.6%, up 103 basis points, driven by favorable pricing, product mix, and manufacturing efficiencies, which more than offset higher raw material and tariff-related costs. Third-quarter adjusted SG&A expenses were $91.5 million compared to $90 million in the third quarter of last year. SG&A came in lower than we previously guided, reflecting disciplined expense management and lower variable compensation and commissions.

第三季固定匯率淨銷售額在美洲地區成長0.5%，在EAAA成長0.3%。第三季調整後毛利率為40.6%，提升103個基點，主要由有利的定價、產品組合與製造效率所帶動，且其增益超過了原物料與關稅相關成本上升的影響。第三季調整後SG&A費用為9,150萬美元，去年第三季為9,000萬美元。SG&A低於我們先前指引，反映嚴謹的費用管理，以及較低的變動薪酬與佣金。

Third-quarter adjusted operating income was $57.2 million, up 5.7%, and third-quarter adjusted net income was $39.9 million compared to $35.9 million. Third-quarter adjusted EBITDA was $69.3 million, up 4.7%, and third-quarter adjusted earnings per diluted share was $0.68, up 11.5%. The strength of our operating discipline enabled us to deliver adjusted earnings growth ahead of our expectations, even with modest net sales growth in the quarter. With these results in mind, I will turn to capital allocation.

第三季調整後營業利益為5,720萬美元，成長5.7%；第三季調整後淨利為3,990萬美元，去年同期為3,590萬美元。第三季調整後EBITDA為6,930萬美元，成長4.7%；第三季稀釋後每股調整後盈餘為0.68美元，成長11.5%。我們營運紀律的強勁表現，使我們即使在本季淨銷售僅小幅成長的情況下，仍能交出超出預期的調整後盈餘成長。基於這些結果，接下來我將談資本配置。

As a reminder, our capital allocation strategy is balanced and disciplined. First, we prioritize investing in the business in areas like innovation and productivity to drive growth and margin expansion. Second, we focus on managing leverage through a disciplined use of debt. Third, we continue to evaluate potential M&A opportunities that align with our strategy and that can accelerate growth and margins.

提醒一下，我們的資本配置策略兼具平衡與紀律。第一，我們優先投資於創新與生產力等領域，以推動成長與毛利率擴張。第二，我們透過有紀律地使用負債，專注於管理槓桿。第三，我們持續評估符合策略、且能加速成長與提升利潤率的潛在併購（M&A）機會。

Finally, and importantly, we remain committed to returning excess cash to shareholders through a combination of dividends and disciplined share repurchases. To recap our progress against these objectives in the third quarter, we generated $86.3 million of cash from operating activities compared to $76.7 million in the third quarter of last year. Capital expenditures were $9.1 million, which included continued investments in automation and robotics to support our growth and efficiency. We also returned excess cash to shareholders through our quarterly dividend.

最後且同樣重要的是，我們仍致力於透過股利與有紀律的庫藏股回購相結合的方式，將多餘現金回饋股東。回顧第三季在這些目標上的進展，我們來自營運活動的現金流為8,630萬美元，去年第三季為7,670萬美元。資本支出為910萬美元，其中包含持續投資自動化與機器人，以支持成長與效率提升。我們也透過季度股利將多餘現金回饋股東。

Turning to our outlook, we are reaffirming our full fiscal year earnings outlook, supported by our strong third quarter earnings performance and continued operating discipline. At the same time, we revised our full fiscal year net sales outlook to reflect softer conditions in Europe. Our outlook also incorporates higher input costs from elevated oil prices and new tariffs affecting our business in Canada.

談到我們的展望，基於第三季強勁的獲利表現與持續的營運紀律，我們重申全年財政年度的盈餘展望。同時，我們調整了全年財政年度的淨銷售額展望，以反映歐洲環境轉弱。我們的展望亦納入因油價走高而導致的投入成本上升，以及影響我們加拿大業務的新關稅。

We remain confident in our ability to deliver on this outlook, supported by our solid backlog, a healthy balance sheet, and our continued focus on cost discipline. For the full fiscal year of 2026, which, as a reminder, is a 53-week year for Interface, with the extra week occurring in the first quarter of 2026, we anticipate net sales of $1.440 billion to $1.455 billion, adjusted gross profit margin of approximately 40.4% of net sales, adjusted SG&A expenses of approximately $387 million, adjusted interest and other expenses of approximately $14 million, an adjusted effective income tax rate of approximately 25%, fully diluted weighted average share count of approximately 58.5 million shares, and capital expenditures of approximately $60 million.

我們仍然對達成此展望的能力充滿信心，這得益於我們穩健的在手訂單、健康的資產負債表，以及我們持續專注於成本紀律。針對2026財政年度全年（提醒一下，對Interface而言為53週年度，額外的一週發生在2026年第一季），我們預期淨銷售額為14.40億至14.55億美元，調整後毛利率約為淨銷售額的40.4%，調整後SG&A費用約3.87億美元，調整後利息及其他費用約1,400萬美元，調整後有效所得稅率約25%，完全稀釋加權平均股數約5,850萬股，資本支出約6,000萬美元。

As a reminder, our full year adjusted gross profit margin guidance includes the one-time benefit of the IEEPA tariff refunds that we received in the second quarter. Excluding that benefit, our baseline full year adjusted gross profit margin for the year is approximately 39.3%.

提醒一下，我們全年調整後毛利率指引包含我們在第二季收到的IEEPA關稅退稅所帶來的一次性利益。若排除該項利益，我們今年的基準全年調整後毛利率約為39.3%。

With that, I will turn the call back to Laurel for concluding remarks.

接下來，我把電話交回給Laurel作結語。

Thank you, Bruce. Interface delivered a solid third quarter in a dynamic environment, and we are encouraged by the momentum we continue to see in the Americas. We grew global billings in all three of our primary market segments, and our operating discipline drove adjusted earnings growth ahead of our expectations.

謝謝你，Bruce。Interface在多變的環境中交出穩健的第三季表現，我們也對美洲地區持續展現的動能感到鼓舞。我們在三個主要市場區隔的全球開票金額皆成長，而我們的營運紀律推動調整後獲利成長超出預期。

Our One Interface strategy, together with the transformation underway in EMEA, prepares us well to navigate the softer European environment while strengthening our competitive position for the long term. With a solid backlog, a healthy balance sheet, and a connected global team, we are reaffirming our full year earnings outlook and remain focused on delivering sustainable, profitable growth. I want to thank the entire Interface team for their relentless focus on serving our customers every day.

我們的One Interface策略，加上EMEA正在進行的轉型，使我們能夠妥善因應較疲弱的歐洲環境，同時強化我們長期的競爭地位。憑藉穩健的在手訂單、健康的資產負債表，以及緊密連結的全球團隊，我們重申全年獲利展望，並持續專注於實現可持續、具獲利性的成長。我要感謝整個Interface團隊每天不懈地專注於服務客戶。

With that, I will open it up to questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions) Brian Biros, TRG.

（接線員指示）Brian Biros，TRG。

Hey, good morning. Thank you for taking my questions today. On gross margin for Q3, slightly below guidance, but still very good. Margins for Q4 look to imply, I think, down year-over-year on input costs and some of the other stuff you mentioned in the prepared remarks. Can you just talk a bit more about the puts and takes in the quarter for Q4, and then how we should think about gross margins into next year?

嗨，早安。謝謝今天讓我提問。關於第三季毛利率，略低於指引，但仍然非常不錯。第四季的毛利率看起來似乎意味著，我認為，在投入成本以及你們在事先準備的發言中提到的一些其他因素上，將呈現年對年下降。你們能否再多談談第四季本季的增減因素（puts and takes），以及我們應該如何看待明年的毛利率走勢？

Yeah, good morning, Brian. What you are seeing is exactly what we talked about last quarter in Q4, and it is really just the flow-through and timing inside the quarter of how the raw material costs that were previously sitting on the balance sheet are flowing through into Q4. I think the important thing that we are really focused on is looking at the run rate of gross profit margin, which is around 39%. So if you sort of step back and do not just look at just a quarter, but if you sort of look at it for the second half of the year, and if you look at it for the full year, structurally, we are around 39%.

是的，早安，Brian。你看到的情況正是我們上季談到的第四季狀況，主要就是季度內的傳導與時點差：先前仍在資產負債表上的原物料成本，如何在第四季逐步反映出來。我認為我們真正關注的重點，是毛利率的運行水準（run rate），大約在39%左右。因此，如果你稍微退一步，不只看單一季度，而是看下半年、以及看全年，從結構面來看，我們大約就在39%。

Yeah, no, it's impressive you've been able to hold it at that level with all the headwinds that have come at you.

是的，沒有，能在各種逆風之下仍維持在這個水準，確實令人印象深刻。

Hey, thanks, Brian.

嘿，謝謝你，Brian。

On corporate office. Sorry. Yeah, go ahead.

關於企業辦公室。抱歉。嗯，你先請。

Hey, Brian. It's Laurel. I was just going to jump in on that, and I appreciate you saying that. As you know, our stated ambition for a few years from now was to get to 38.5%. The fact that we're at 39%, we feel great about that with all the volatility. We're not going to stop, right? We're going to continue to press forward on all of our growth initiatives and our margin expansion initiatives. We're working through it all, but appreciate you acknowledging that.

嗨，Brian。我是Laurel。我想就那點補充一下，也謝謝你這麼說。如你所知，我們先前對幾年後的既定目標是達到38.5%。在這麼多波動之下，我們目前在39%，我們對此感到非常好。我們不會就此停下來，對吧？我們會持續推進所有成長計畫與毛利率擴張計畫。我們正在把所有事情逐一落實，但也謝謝你對此的肯定。

On corporate office, I think you mentioned it was up 2% in the quarter. Good to see continued growth there. We've heard some pretty good trends from office R&R and the return to work kind of driving growth there. I mean, maybe would have expected to see a little bit stronger growth this quarter. I think you had pretty good growth numbers in Q1 and Q2 from office. I just kind of just want to understand, is that momentum for office R&R still there?

關於企業辦公室，我想你提到本季成長2%。很高興看到那裡持續成長。我們也聽到一些相當不錯的趨勢，來自辦公室翻新與改造（R&R）以及復工（return to work）等因素帶動那裡的成長。我是說，也許原本會預期本季成長再強一些。我記得你們第一季和第二季在辦公室方面的成長數字相當不錯。我只是想了解一下：辦公室R&R的動能是否仍然存在？

Yeah, it is for sure. I think we're feeling good about the overall office environment. As you said, there's a ton of R&R work happening. Some of that has to do with the softness in Europe that we're seeing. We did grow office in Europe, but that market just softened a bit. If I comment on Europe for a second, the macro environment became a little more challenging in the quarter. Our DACH market, so Germany and Switzerland as well as France were softer, but our U.K. market continued to grow, which is encouraging. When we look at our opportunity pipeline development across Europe, it looks strong and up year-over-year. Our win rates are consistent, our activity's good. It's really just taking a little bit longer for opportunities to convert to orders, and then orders to convert to billings.

是的，當然還在。我認為我們對整體辦公室環境感覺良好。如你所說，確實有大量的R&R工程正在進行。其中一部分與我們看到的歐洲走弱有關。我們在歐洲的辦公室業務仍有成長，但該市場確實稍微轉弱。如果我稍微評論一下歐洲，本季宏觀環境變得更具挑戰。我們的DACH市場，也就是德國與瑞士，以及法國，都較為疲弱；但英國市場仍持續成長，這令人鼓舞。當我們檢視歐洲各地的機會管線（pipeline）開發情況，看起來很強勁，且年對年上升。我們的得標率維持一致，活動量也不錯。主要只是機會轉換成訂單、以及訂單轉換成開票（billings）所需時間稍微拉長。

That's really the lag that we're seeing, I would say, from the office side. A lot of momentum still everywhere across the globe.

我會說，這就是我們在辦公室端看到的時滯。全球各地仍然有很多動能。

The last one for me, I think still on Europe. You are rolling out kind of the One Interface selling strategy across Europe next year, it sounds like. Do you need the macro in Europe to come back and be stronger to really execute on that strategy, or can you still execute it to pretty much the same degree regardless of the macro?

最後一個問題我想仍然是關於歐洲。聽起來你們明年將在歐洲推行某種「One Interface」的銷售策略。要真正落實這個策略，你們是否需要歐洲的總體經濟（macro）回升並更強勁，還是無論宏觀環境如何，你們都能以幾乎相同的程度執行？

Yeah, it is a great question. I am thrilled about the progress that we are making there and that we have embarked on the journey to take all of the learnings from the U.S. and the success we have had to Europe. We have aligned that commercial organization under a single leader, where previously it was run as really three separate selling organizations, and that leader is building out their selling team now.

是的，這是個很好的問題。我對我們在那裡取得的進展感到非常振奮，也很高興我們已啟動這段旅程，把我們在美國的所有經驗學習以及取得的成功帶到歐洲。我們已將商業組織整合到單一領導者之下；過去其實是由三個彼此分開的銷售組織運作，而這位領導者目前正在建立他們的銷售團隊。

Then next year, we will start to move to the One Interface selling team structures. That will be supported with centralized customer service, commercial analytics, really running the playbook and all of the lessons from the U.S. that resonate for Europe. If I think about that, it is a good time to do it. So we will do that. We have done that. The macros were not great in the U.S. when we started that, and we still were able to methodically drive consistent growth.

接著在明年，我們將開始轉向「One Interface」的銷售團隊架構。這將由集中式客服、商業分析支援，真正去執行作戰手冊（playbook），以及所有在美國行之有效、且適用於歐洲的經驗教訓。如果我這樣看，現在是個好時機。所以我們會去做。我們也做過類似的事。當我們在美國開始推行時，宏觀環境也不算好，但我們仍能有系統地推動持續成長。

We are happy that we are doing that now. If I think about it, coupling this commercial reorganization with all of our productivity initiatives to strengthen our supply chain and margins, and then also while expanding our addressable market with new designs and innovations, putting all that together, I am really optimistic about the future of our business in Europe.

我們很高興現在正在做這件事。如果我想一想，把這次商業重組與我們所有的生產力提升計畫結合，以強化供應鏈與毛利率；同時也透過新設計與創新擴大可服務市場（addressable market），把這些全部加在一起，我對我們在歐洲業務的未來非常樂觀。

The rollout across the U.S. seemed very successful in my view, so excited to see how that goes in Europe next year. I will pass it along. Thank you.

在我看來，美國的推行似乎非常成功，所以也很期待看看明年在歐洲的進展。我就把問題交給下一位。謝謝。

Thanks, Brian.

謝謝，Brian。

David MacGregor, Longbow Research.

David MacGregor，Longbow Research。

Yeah, good morning, everyone, and thanks for taking my questions. I guess I wanted to just ask about how much of the cost inflation you incurred in the quarter was not expected as you came into the quarter? In other words, came about during the quarter.

各位早安，謝謝讓我提問。我想問的是，本季你們承受的成本通膨中，有多少是在進入本季時未預期到的？換句話說，是在本季期間才發生的。

The additional costs that we saw were principally related to Canadian tariffs. That was new inside the quarter, as well as we did see some oil. Obviously, some of the energy costs increased during the quarter. The good news is that we were able to offset most of that. We largely came in at our guide. I realize it was point for Q3, and we're holding and reaffirming our earnings guidance for the year. But to be fair, we did see additional cost increases rolling through, and those were the two main ones.

我們看到的額外成本主要與加拿大關稅有關。這是在本季內新出現的；另外我們也看到一些油價因素。顯然，本季期間部分能源成本有所上升。好消息是，我們能夠抵消其中大部分。我們整體上大致符合我們的指引。我知道第三季（Q3）是差一點點，但我們仍維持並重申全年獲利指引。不過公平地說，我們確實看到額外的成本上升逐步反映出來，而主要就是這兩項。

Okay. Are you able to quantify that?

了解。你們能量化一下嗎？

I can annualize it for you. The Canadian tariffs are in the range of $5 million to $10 million annually. The oil prices and the energy prices are changing daily, so there is a piece of that that is rolling through. Honestly, the oil has bounced around from $90 to $115 a barrel, so it really, really changes a lot, and it bounces around daily. So we are watching it closely, and what we have done is we have activated plans to do everything we can to offset those costs, and we have been successful in doing that.

我可以把它年化給你看。加拿大關稅每年大約在500萬到1,000萬美元的區間。油價與能源價格每天都在變動，所以其中有一部分會持續反映出來。老實說，油價在每桶90到115美元之間波動，所以變化非常、非常大，而且每天都在波動。因此我們正密切關注；我們也已啟動各項計畫，盡一切可能去抵消這些成本，而且我們在這方面一直做得很成功。

Right. Okay, good. I guess that kind of feeds into the next question, which is, how are you planning to protect margins heading into 4Q and into 2027, more importantly?

好的。了解，不錯。我想這也引出下一個問題：你們打算如何在進入第四季（4Q）以及更重要的、進入2027年時保護毛利率？

Yeah, we will continue to execute on pricing. We have been doing that pretty effectively. I think about our model in the U.S., it actually is really effective in that we have our commission-based selling organization, and we can put price in the market pretty quickly, which is what we have been doing, where our sellers are quick to get that actioned. We will continue to do that across the globe. So first, pricing is a big important lever, and then second to that is productivity. We have been driving just a ton of productivity projects, continuing to invest in automation that drive efficiencies, and those continue to pay back. So we will push on both of those. The third piece is really mix, as we have been driving, importantly, putting our growth aligned with our most profitable categories and markets.

是的，我們會持續執行定價。我們一直做得相當有效。以我們在美國的模式來看，其實非常有效，因為我們有以佣金為基礎的銷售組織，我們可以很快把價格調整推向市場；這正是我們一直在做的，我們的銷售人員能迅速把它落地執行。我們也會在全球持續這麼做。所以第一，定價是一個非常重要的槓桿；第二是生產力。我們推動了大量的生產力專案，並持續投資自動化以提升效率，而這些投資也持續帶來回報。所以我們會在這兩方面持續加力。第三個部分是產品/市場組合（mix），我們一直在推動，重要的是讓成長更聚焦在我們最具獲利能力的品類與市場。

Right. What do you think productivity can give you in 2027? Just given all the investments you've made in automation, I would think it's a meaningful number, but what's a good way to think about that?

了解。你認為生產力在2027年能帶來多少貢獻？考量你們在自動化上的投資，我會認為這是個相當可觀的數字，但應該怎麼思考比較好？

David, we're, of course, not providing 2027 guide right now, but as you've seen this year,

David，我們當然目前不提供2027年的指引，但如同你今年所看到的，

Yeah

是的

the productivity's been rolling through the P&L, and we've done other initiatives this year that'll activate. We get a partial productivity lift this year, and then it rolls through into next year as well, as well as a multi-year rollout around these productivity initiatives. It's meaningful, and that's how we're able to get the gross profit margins that you're seeing.

生產力效益一直在損益表（P&L）中逐步反映出來，而且我們今年也做了其他將會啟動的措施。我們今年會取得部分的生產力提升，接著也會延續到明年，同時這些生產力計畫也會以多年期的方式逐步推行。這是有意義的（貢獻顯著），也正因如此你才會看到目前的毛利率水準。

It is meaningful. I'll just jump on that as well. Some of the things that we've done with the automation in our carpet tile manufacturing in Georgia, we've rolled that now to Australia and Europe, and we're seeing those read through favorably. Then we've got some additional automation in our carpet tile manufacturing in, again, in Georgia and in Australia around cutting and packaging, which is also, that'll go live next year, which should also be meaningful. Then we continue to invest in nora. The nice thing about our nora investments is they help us not only with efficiencies, but also with capacity. So modernizing our equipment there and automating, it pays dividends for us to support the growth that we continue to see in nora.

確實很有意義。我也補充一下。我們在喬治亞州的地毯方塊（carpet tile）製造所做的一些自動化措施，現在已推廣到澳洲與歐洲，我們看到其效益反映相當正面。此外，我們在喬治亞州以及澳洲的地毯方塊製造，針對裁切與包裝也有一些額外的自動化投資，這些將在明年上線，應該也會帶來顯著效益。然後我們也持續投資nora。nora投資的好處在於，不僅能提升效率，也能提升產能。因此在那裡進行設備現代化與自動化，能為我們帶來紅利，以支援我們在nora持續看到的成長。

Sounds good. I wanted to maybe ask you a little more about some of the discussion on the previous question about market conditions, and you were talking about the timing delay that occurred in the third quarter.

聽起來不錯。我想就前一題關於市場狀況的部分再多問一點，您提到第三季出現了時點上的延遲。

The discussion was around office. I am guessing it is around everything, not just office. What are you seeing in terms of pre-sale indicators? If this is a timing issue, are the pre-sale indicators, the underlying pre-sale indicators still positive and pointing towards good growth? Are you seeing order cancellations, or is this really just kind of things just taking longer to transpire?

討論是圍繞辦公室市場。我猜這應該是涵蓋所有領域，不只是辦公室。就預售指標而言，您看到了什麼？如果這是時點問題，那些預售指標、也就是底層的預售指標，是否仍然正向並指向良好的成長？您有看到訂單取消嗎？還是說其實只是事情需要更長時間才會發生？

Yeah, I think there is. I put this in two buckets. So in the Americas, I would say, our momentum remains really strong. It is strong in office, it is strong in all of our key end markets, healthcare and education. We had two specific timing items in the quarter that affected the Americas, and the first is retail. You will remember, David, over time, we have a bit of quarter-to-quarter variation in our retail store installations, and that happened in the quarter. We did not lose that business.

是的，我認為確實如此。我把這分成兩個面向。在美洲地區，我會說我們的動能仍然非常強勁。辦公室很強，我們所有主要終端市場——醫療與教育——也都很強。本季有兩個特定的時點因素影響了美洲地區，第一個是零售。David，你會記得，長期以來我們的零售門市安裝在季度之間會有一些波動，而本季就出現了這種情況。我們並沒有失去那筆業務。

That will come in future quarters. That's sort of a unique item. Then we've also shared that our nora projects, those are larger projects that can cause some variability quarter to quarter. That's the situation in the Americas. There was a bit of retail and a bit of nora timing variability. We haven't seen any order cancellations. We haven't seen a slowdown in momentum. What I was referring to on this delay in or sort of pausing, delay in orders was specific to Europe. That's really where we've seen. We've got a ton of opportunity. Our opportunity pipeline looks strong. The activity remains good. Our team was at a trade event two weeks ago. There was a bunch of momentum there. It's really just converting that pipeline into orders and billings, specifically in Europe.

那會在未來幾季反映出來。這算是一個比較特殊的項目。另外我們也分享過，我們的 nora 專案——那是較大型的專案——可能會造成季度之間的一些波動。這就是美洲地區的情況。有一點零售的時點波動，也有一點 nora 的時點波動。我們沒有看到任何訂單取消。我們也沒有看到動能放緩。我先前提到的延遲或某種程度的暫停、訂單延後，是特別針對歐洲。那才是我們看到的地方。我們有大量機會。我們的機會管線看起來很強。活動量仍然良好。我們的團隊兩週前參加了一個展會。那裡有很多動能。真正的重點只是把這些管線轉化為訂單與開立帳單，特別是在歐洲。

I mean, the office furniture guys are seeing exactly the same thing. It's visible in a number of different points. How much of this do you think is just construction project delays and the ability to get the construction work done to get ready for the installation of your product? How much of it do you think is just budget exhaustion because of inflation, and some of this work just needs to get pushed forward into the 2027 budgets? I mean, to what extent do you think those factors are coming into play here?

我的意思是，辦公家具業者看到的情況完全一樣。在很多不同的面向都看得出來。你認為這當中有多少只是施工專案延宕，以及施工工作能否完成、以便為你們產品的安裝做好準備？你認為又有多少是因通膨導致預算用罄，因此部分工作必須延後到 2027 年的預算？我的意思是，你認為這些因素在這裡扮演了多大程度的角色？

I think there's probably all of that. I think there's some labor availability challenges and other things. But I think the good news about our category, and we've discussed this, is customers can only push the timing so far. One, they need to refresh their spaces, but also for projects that are in flight, the flooring needs to be installed to get their certificate of occupancy. So, that really helps us to get the projects over the finish line.

我想可能以上因素都有。我認為也有一些勞動力供給的挑戰以及其他因素。但我認為我們這個品類的好消息是——我們也討論過——客戶能延後的時間其實有限。第一，他們需要翻新空間；第二，對於正在進行中的專案，必須安裝地板才能取得使用許可證（certificate of occupancy）。因此，這確實有助於我們把專案推到最後完成。

Right. Last question from me is just, how would you characterize competitive conditions right now and how they're evolving as inflation becomes more of an issue for everyone?

了解。我最後一個問題是：你會如何描述目前的競爭態勢，以及隨著通膨對所有人都變得更具影響，競爭態勢如何演變？

Yeah, it is a good question. I would say, we have great competitors and I think we are all faced with the same challenges, so we are responding accordingly. There is a lot of price in the market, and yet it remains competitive. We need to win every order and every job every day, and we feel like we are doing a good job. We feel like we are taking good market share and outpacing the market. But everyone is faced with the same challenges, which in some ways makes it certainly a fair playing field, and we need to win on our merits every day.

是的，這是個好問題。我會說，我們有很優秀的競爭對手，而我認為大家都面臨相同的挑戰，所以也都在相應地做出回應。市場上有很多價格因素，但競爭依然激烈。我們每天都必須贏下每一張訂單、每一個案子，而我們覺得自己做得不錯。我們覺得我們正在取得不錯的市占，並且跑贏市場。但每個人都面臨相同的挑戰，某種程度上這也讓競爭環境更公平，而我們必須每天憑藉自身實力取勝。

Got it. Thanks very much.

了解。非常感謝。

Thanks, David.

謝謝你，David。

There are no further questions at this time. I will now turn the call back to Laurel Hurd, President and Chief Executive Officer, for closing remarks.

目前沒有其他提問。接下來我將把電話交回給總裁兼執行長 Laurel Hurd，請她做結語。

Great. Well, thank you all for joining us today, and thanks again to the Interface team for everything you do, and we look forward to speaking to you again next quarter.

很好。感謝各位今天加入我們，也再次感謝 Interface 團隊所做的一切；我們期待在下個季度再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。