UFP Industries Inc (UFPI) 2024 Q3 法說會逐字稿

Good day, and welcome to the Q3 2024 UFP Industries Inc. earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 UFP Industries Inc. 2024 年第三季財報電話會議和網路廣播。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mr. Dick Gauthier, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給您的發言人，投資者關係副總裁迪克·高蒂爾先生。請繼續。

Welcome to the third quarter 2024 conference call for UFP Industries. Hosting the call today are CEO, Matt Missad; and CFO, Mike Cole. Matt and Mike will offer prepared remarks, and then the call will be open for questions.

歡迎參加 UFP Industries 2024 年第三季電話會議。今天主持電話會議的是執行長 Matt Missad；和首席財務官邁克·科爾。馬特和麥克將發表準備好的講話，然後電話會議將開放供提問。

This conference call is available simultaneously in its entirety to all interested investors and news media through our webcast at ufpi.com. A replay will also be available at that website.

所有有興趣的投資者和新聞媒體均可透過我們在 ufpi.com 上的網路廣播同時觀看本次電話會議的全部內容。該網站也將提供重播。

Before I turn the call over to Matt Missad, let me remind you that today's press release and presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the company's expectations and projections. These risks and uncertainties include, but are not limited to, those factors identified in the press release and in the filings with the Securities and Exchange Commission.

在我將電話轉給馬特·米薩德之前，請允許我提醒您，今天的新聞稿和簡報包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與公司的預期和預測有重大差異。這些風險和不確定性包括但不限於新聞稿和向美國證券交易委員會提交的文件中確定的因素。

I will now turn the call over to Matt Missad.

我現在將把電話轉給馬特·米薩德。

Thank you, Dick, and good morning, everyone. I want to thank you for joining us on our third quarter 2024 earnings call. You have seen the financial results, and while they would be great by 2019 standards, they aren't today.

謝謝迪克，大家早安。我要感謝您參加我們的 2024 年第三季財報電話會議。您已經看到了財務業績，雖然按照 2019 年的標準，它們會很棒，但現在卻不是這樣。

While the Osmonds say that one bad apple don't spoil the whole bunch, this quarter tasted like apple cider vinegar. We were disappointed with the results, but not with the efforts of our team or the outlook for our future.

雖然奧斯蒙德夫婦說一個壞蘋果不會破壞整個蘋果，但這個四分之一的蘋果嘗起來就像蘋果醋。我們對結果感到失望，但對我們團隊的努力或對未來的前景並不感到失望。

As we discussed at the beginning of the year, we expected interest rate drops in the first six months of 2024, followed by a rebound in the economy in the second half. We indicated in July of '24 that the second half would not be as good as we originally hoped. And any interest rate reductions in the last five months of the year would not impact our results in 2024.

正如我們年初討論的那樣，我們預計 2024 年前六個月利率將下降，下半年經濟將反彈。我們在24年7月表示下半年的情況不會像我們最初希望的那麼好。今年最後五個月的任何降息都不會影響我們 2024 年的表現。

It now appears the Fed and the government started celebrating the Halloween a little early, putting on a costume to mask the slowing economy by lowering the Fed funds rate in September, ramping up government hiring and overstating job creation for US citizens. Unfortunately, the adage holds true even on Halloween, you can put lipstick on a pig, but it is still a pig.

現在看來，聯準會和政府提前開始慶祝萬聖節了，他們在九月降低了聯邦基金利率，增加了政府招聘，並誇大了為美國公民創造的就業機會，以此來掩蓋經濟放緩的情況。不幸的是，這句諺語即使在萬聖節也適用，你可以給豬塗口紅，但它仍然是豬。

Fortunately, unlike many elected officials, our team recognizes pork and is willing to do the unpopular work to get the job done right. We will do what it takes to overcome macroeconomic challenges and position UFPI for a more prosperous future.

幸運的是，與許多民選官員不同，我們的團隊認可豬肉，並願意做不受歡迎的工作來把工作做好。我們將盡一切努力克服宏觀經濟挑戰，讓 UFPI 走向更繁榮的未來。

Recent data signal a slowing economy in many of our markets, likely through mid-2025. With a very consequential election looming and many consumers struggling with inflation-fueled higher costs, it will take a course correction to turn the economy around. Getting mortgage rates steadily below 6% would be helpful for housing, but long-term rates are likely to remain higher in the near term.

最近的數據表明，我們許多市場的經濟放緩，可能會持續到 2025 年中期。隨著一場影響重大的選舉臨近，許多消費者在通貨膨脹引發的成本上漲中苦苦掙扎，經濟需要調整方向才能扭轉局勢。將抵押貸款利率穩定地控制在 6% 以下將對房屋市場有所幫助，但短期內長期利率可能會保持在較高水準。

With those factors in mind, we are taking a much more aggressive posture in three areas. First, we're completing and expanding the previously planned facility consolidations to leverage capacity utilization and reduce operating costs.

考慮到這些因素，我們在三個領域採取了更積極的姿態。首先，我們正在完成並擴大先前計劃的設施整合，以提高產能利用率並降低營運成本。

Second, we're exploring strategic alternatives for our businesses, which, although EBITDA positive, no longer fit our long-term strategy or our ROI targets. And third, reducing our core SG&A and operating costs which are unrelated to our strategic growth initiatives.

其次，我們正在為我們的業務探索策略性替代方案，雖然 EBITDA 為正，但不再符合我們的長期策略或投資報酬率目標。第三，降低與我們的策略成長計畫無關的核心銷售、管理和行政費用和營運成本。

Fully implementing these initiatives would bring us more than $70 million of cost reductions on an annualized basis. These are difficult decisions which impact our team, but they are necessary to drive long-term value for our company. Our desire is to retain all of our valued customers, keep all of our best teammates and ensure that UFPI is positioned for success as the economy recovers.

全面實施這些措施將為我們帶來每年超過 7,000 萬美元的成本削減。這些都是影響我們團隊的艱難決定，但它們對於推動我們公司的長期價值是必要的。我們的願望是留住所有尊貴的客戶，留住所有最好的隊友，並確保 UFPI 在經濟復甦時取得成功。

When external factors create change, we need to adopt the mantra of philosopher, [Peter Brady] and be able to change from who we are to who we want to be. For UFP, that means a more streamlined, nimble and focused company. While the short-term outlook is not rosy, we remain very optimistic about the future of our company.

當外在因素造成改變時，我們需要採納哲學家[彼得·布雷迪]的口頭禪，能夠從我們是誰變成我們想成為的人。對 UFP 來說，這意味著一家更精簡、更靈活和專注的公司。雖然短期前景並不樂觀，但我們對公司的未來仍然非常樂觀。

We have an exceptionally strong balance sheet, an excellent experienced management team and more than a dozen runways for significant growth. I've said it before, our team has successfully overcome adversity, is closely aligned with shareholders and has a culture built to not only survive but to thrive in times like these.

我們擁有異常強勁的資產負債表、經驗豐富的優秀管理團隊以及十多個可實現顯著成長的跑道。我之前說過，我們的團隊成功地克服了逆境，與股東密切合作，並擁有一種不僅能夠生存而且能夠在這樣的時期蓬勃發展的文化。

As we outlined last quarter, we have several strategic areas to deploy capital. In addition to greenfield growth, this economy may also open opportunities for better valued acquisitions and opportunities to add more new products to our portfolio. We will continue to return capital to shareholders via cash dividends and share repurchases.

正如我們上季度概述的那樣，我們有幾個戰略領​​域可以部署資本。除了綠地成長之外，這種經濟還可能為更有價值的收購提供機會，並為我們的投資組合添加更多新產品。我們將繼續透過現金分紅、股票回購等方式向股東返還資本。

We are pleased to report that last week, the Board declared a cash dividend of $0.33 per share payable on December 16, to shareholders of record December 2. The current near-term outlook may also create beneficial share repurchase opportunities as well.

我們很高興地報告，上週董事會宣佈於 12 月 16 日向 12 月 2 日登記在冊的股東派發每股 0.33 美元的現金股利。當前的近期前景也可能創造有益的股票回購機會。

We received authority from the Board in July to repurchase $200 million worth of stock over the next year. If there are opportunities to obtain shares of what we believe is a meaningful discount to the company's value, we are prepared to be more aggressive in repurchases.

我們在 7 月獲得董事會授權，明年可以回購價值 2 億美元的股票。如果有機會獲得我們認為對公司價值有重大折扣的股票，我們準備好更積極地回購。

As with all uses of capital, we are guided by our principle of investing where we can make the highest return. Consistently making our company better by improving ROI, growing EBITDA margin, driving sales growth and creating an environment where our hard-working teammates can be successful and grow with us are keys to our success.

與資本的所有用途一樣，我們遵循投資原則，即在能夠獲得最高回報的情況下進行投資。透過提高投資回報率、提高 EBITDA 利潤率、推動銷售成長以及創造一個讓辛勤工作的團隊成員能夠成功並與我們共同成長的環境，不斷使我們的公司變得更好，這是我們成功的關鍵。

We also believe the combination of these factors will create the best shareholder value. A quick review of the segments is as follows: construction. For the quarter, Construction overall was roughly in line with our expectation. Site-built eased yet remained resilient. Multifamily has been softer and single family has been holding steady.

我們也相信這些因素的結合將創造最佳的股東價值。各部分的快速回顧如下： 施工。本季的建築業整體狀況大致符合我們的預期。網站建置有所緩解，但仍保持彈性。多戶家庭的情況較為疲軟，而單戶家庭的情況則保持穩定。

The most recent trend has single-family slowing as well. We are confident in our ability to earn solid returns when housing starts are above 1.2 million per year. Based on recent estimates from forecasters, starts in 2025 are still expected to be at or above that level.

最近的趨勢是單戶住宅成長放緩。當每年新屋開工量超過 120 萬套時，我們有信心獲得豐厚的回報。根據預測者最近的估計，2025 年的開工率預計仍將達到或高於該水準。

We believe site-built housing could receive a boost if mortgage rates drop to the mid-5% range. Given the current fiscal environment, we don't see a clear path to that rate level until at least 2025. On the cost side, we will see facility consolidations where we have excess capacity. However, we will continue to add capacity in new geographies, which are experiencing population growth.

我們認為，如果抵押貸款利率降至 5% 左右，現場建造的房屋可能會得到提振。鑑於當前的財政環境，我們至少要到 2025 年才能看到達到這一利率水準的明確路徑。在成本方面，我們將看到產能過剩的地方進行設施整合。然而，我們將繼續在人口成長的新地區增加容量。

Factory built continued its strong showing. Affordable housing is crucial in today's challenged housing environment and factory built as the best option for inexpensive housing. And also, while it's not a material part of our business today, the RV market remains challenged and is expected to continue being soft.

工廠建設持續表現強勁。在當今充滿挑戰的住房環境中，經濟適用房至關重要，而工廠建造是廉價住房的最佳選擇。此外，雖然它不是我們今天業務的重要組成部分，但房車市場仍然面臨挑戰，預計將繼續疲軟。

The company is introducing new products, including the recently launched [Light Led], which creates more natural light in cargo trailers and RVs. Packaging continues to face demand headwinds. When demand is softer, we pursue opportunities for market share gains, which may come at a short-term cost.

該公司正在推出新產品，包括最近推出的[Light Led]，它可以為貨運拖車和房車創造更多自然光。包裝持續面臨需求阻力。當需求疲軟時，我們會尋求擴大市場佔有率的機會，但這可能會付出短期成本。

We also need to protect customer relationships that are critical to our mutual long-term success. Soft demand may also create a competitive landscape where some operators can't afford to compete, which could provide future acquisition opportunities.

我們還需要保護對我們共同長期成功至關重要的客戶關係。軟需求也可能造成一些營運商無力競爭的競爭格局，這可能會提供未來的收購機會。

On the cost and efficiency side, the Packaging group will see the most facility consolidations to leverage capacity utilization and enhance overall profitability. This will also promote lower operating costs as well as driving SG&A cost reductions. At the same time, we are encouraged by customer acquisitions, which will boost 2025 results for Packaging.

在成本和效率方面，包裝集團將進行最多的設施整合，以充分利用產能利用率並提高整體獲利能力。這也將促進降低營運成本並推動銷售、管理和管理成本的降低。同時，我們對客戶收購感到鼓舞，這將提升包裝產業 2025 年的表現。

Finally, the Retail segment was in line with expectations. ProWood had unit declines in line with expectations and in line with the Retail channel in general. ProWood continues to pursue cost reductions on its inputs, improve operating efficiencies and reduce SG&A costs.

最後，零售業務符合預期。ProWood 的銷售下降符合預期，也與零售通路的整體情況一致。ProWood 持續致力於降低投入成本、提高營運效率並降低銷售管理費用 (SG&A)。

ProWood will also absorb the UFP-Edge product line to create cost synergies and increase utilization of its distribution capabilities direct to retail outlets. For Deckorators, we remain enthusiastic for the Surestone decking and railing product lines and believe that while we will see shelf space shifts among our big-box retail customers, we believe consumers will win by being able to purchase our products at both independent and big-box retailers.

ProWood 也將吸收 UFP-Edge 產品線，以創造成本綜效，並提高其直接零售店經銷能力的利用率。對於裝飾者來說，我們仍然對Surestone 裝飾和欄桿產品線充滿熱情，並相信，雖然我們將看到大型零售客戶的貨架空間發生變化，但我們相信消費者將透過能夠在獨立和大型零售店購買我們的產品而獲勝。

By early in Q1 2025, we will launch a new decking product called Summit, which will feature the same basic Surestone technology with fewer features and benefits designed for a more affordable price point for DIY and small contractor applications. Our premium Voyage decking products will still be stocked through our independent retail channel and available by a special order.

到2025 年第一季初，我們將推出一款名為Summit 的新裝飾產品，將採用相同的基本Surestone 技術，但功能和優點較少，旨在為DIY 和小型承包商應用提供更實惠的價格。我們的優質 Voyage 甲板產品仍將透過我們的獨立零售管道進行庫存，並透過特殊訂單提供。

We continue our development process on other products to using the Surestone technology including trim, pattern and fascia. We expect a soft product launch in mid-2025 when additional capacity is available. Deckorators will also be launching an entry-level preassembled railing product in early 2025.

我們繼續使用 Surestone 技術開發其他產品，包括裝飾、圖案和飾板。我們預計在 2025 年中期推出軟性產品，屆時將有更多產能可用。Decorators 也將在 2025 年初推出入門級預組裝欄桿產品。

Some other matters of interest include new product sales for the quarter of $118.7 million and year to date of $388.4 million. We are tracking close to our 2024 target of $510 million. New product development is an integral part of each business unit's strategic plan, and we will continue to increase our investment in this area.

其他一些值得關注的事項包括本季 1.187 億美元的新產品銷售額和年初至今的 3.884 億美元的新產品銷售額。我們正在接近 2024 年 5.1 億美元的目標。新產品開發是各業務部門策略計畫的重要組成部分，我們將持續加大在這方面的投入。

Our Innovate Venture Fund just closed its seventh investment in companies which are late-stage development or early-stage commercialization. These companies have new products and innovative solutions, which have potential to be utilized by one of our business units in the future. The labor market has improved substantially.

我們的創新風險基金剛完成了對處於後期開發或早期商業化階段的公司的第七次投資。這些公司擁有新產品和創新解決方案，未來有可能被我們的業務部門之一利用。勞動市場顯著改善。

The U-6 seasonally adjusted unemployment index for September indicates 7.7% unemployment, which means more workers are without jobs. While the pool of applicants is larger, the cost of labor remains higher and inflation is making it more difficult for families to make ends meet.

9 月 U-6 季節性調整失業率指數顯示失業率為 7.7%，這意味著更多工人失業。儘管申請者人數較多，但勞動成本仍較高，通貨膨脹使家庭更難以維持收支平衡。

We continue to be burdened by higher benefit costs for health care driven in part by mandatory coverage requirements and unnecessarily expensive pharmaceuticals. In addition, some states run the risk of pricing themselves out of the labor market through new mandated benefits and regulatory burdens.

我們繼續承受著較高的醫療保健福利成本的負擔，部分原因是強制承保要求和不必要的昂貴藥品。此外，一些州還面臨著因新的強制性福利和監管負擔而被擠出勞動市場的風險。

On the acquisition front, our acquisition pipeline is growing, and we are seeing a bit more realism in valuations from some targets. In cases of new geographies and product extensions, when we can acquire a company and a desired runway, which yields a better return, we prefer that to a greenfield startup.

在收購方面，我們的收購管道正在成長，我們看到一些目標的估值更加現實。在新的地理和產品擴展的情況下，當我們能夠收購一家公司和一條所需的跑道並產生更好的回報時，我們更喜歡收購綠地新創公司。

Now I'd like to ask Mike Cole to report on the financial results.

現在我想請麥克·科爾報告財務表現。

Thank you, Matt. Our consolidated results this quarter include a 10% decline in sales to $1.65 billion, largely driven by a 7% reduction in selling prices, while unit sales declined by 3%. The decline in selling prices resulted from a decrease in lumber as well as a weaker demand environment, which led to more competitive pricing in most business units.

謝謝你，馬特。我們本季的綜合業績包括銷售額下降 10%，至 16.5 億美元，這主要是由於銷售價格下降 7%，而單位銷售額下降了 3%。銷售價格下降是由於木材減少以及需求環境疲軟導致大多數業務部門的定價更具競爭力。

These headwinds resulted in a 21% decline in our adjusted EBITDA to $165 million. Importantly, our adjusted EBITDA margin remained well above historical levels at 10%, reflecting the benefits from our strategic decision to align our business around the markets we serve, our improved portfolio mix and overall strong execution of our operating teams.

這些不利因素導致我們調整後的 EBITDA 下降 21%，至 1.65 億美元。重要的是，我們調整後的EBITDA 利潤率仍遠高於10% 的歷史水平，反映出我們根據所服務的市場調整業務的策略決策、改進的投資組合以及營運團隊整體強勁的執行力所帶來的好處。

Our trailing 12-month return on invested capital also remains at historically high levels at nearly 20%, almost two times our weighted average cost of capital, highlighting the strong returns our business is capable of generating in any market. And our balance sheet continues to gain strength with the cash surplus that's grown to almost $1.2 billion this year, providing us with ample flexibility to pursue our financial and strategic objectives.

我們過去 12 個月的投資資本回報率也保持在近 20% 的歷史高位，幾乎是我們加權平均資本成本的兩倍，凸顯了我們的業務能夠在任何市場產生強勁的回報。我們的資產負債表持續增強，現金盈餘今年已增至近 12 億美元，為我們實現財務和策略目標提供了充足的靈活性。

Moving on to our segments. Sales in our Retail segment dropped 13% to $636 million, consisting of a 7% decline in selling prices, a 2% decline due to transfers of certain product sales to other segments and a 4% decline in units. The unit decline was comprised of a 3% drop in volume with big-box customers, while our volume with independent retailers declined by 8%.

繼續我們的部分。零售部門的銷售額下降 13%，至 6.36 億美元，其中銷售價格下降 7%，由於某些產品銷售轉移到其他部門而下降 2%，以及單位數量下降 4%。銷售下降包括大型客戶的銷售量下降了 3%，而獨立零售商的銷售量下降了 8%。

By business unit, we experienced a 5% unit decline in ProWood, a 4% decline in Edge and a 3% decline in Deckorators. We were pleased with our overall sales of Deckorators decking, which increased 17% and continues to experience solid demand. S

按業務部門劃分，ProWood 的銷量下降了 5%，Edge 的銷量下降了 4%，Deckorators 的銷量下降了 3%。我們對 Decctorors 地板的整體銷售感到滿意，銷量成長了 17%，需求持續強勁。S

ales of Surestone decking increased 20% and represented nearly half of our composite decking sales. The performance of our Surestone product is especially encouraging given our efforts to expand our capacity and increase our marketing efforts.

Surestone 地板的銷量成長了 20%，占我們複合地板銷量的近一半。鑑於我們努力擴大產能和加強行銷力度，我們的 Surestone 產品的表現尤其令人鼓舞。

Our gross profits declined 11%, while gross margins improved by 30 basis points. The year-over-year margin improvement resulted from favorable changes in mix and the sustained impact of operating improvements we've discussed throughout the year.

我們的毛利下降了 11%，而毛利率則提高了 30 個基點。利潤率的同比改善是由於組合的有利變化以及我們全年討論的營運改善的持續影響。

These positives were partially offset by lower unit sales and negative operating leverage due to fixed cost of manufacturing as well as the impact of falling lumber prices on our variable priced products, primarily ProWood treated lumber. Operating profits declined by almost $5 million as the decline in our gross profit was offset by a $7 million decrease in SG&A expenses, primarily due to lower incentive compensation costs.

這些積極因素被單位銷售下降和由於固定製造成本導致的負營運槓桿以及木材價格下跌對我們的可變價格產品（主要是經過 ProWood 處理的木材）的影響所部分抵消。營業利潤下降了近 500 萬美元，因為我們的毛利下降被 SG&A 費用減少 700 萬美元所抵消，這主要是由於激勵薪酬成本降低。

Moving on to Packaging. Sales in this segment dropped 11% to $402 million, consisting of an 8% decline in selling prices and a 5% decrease in units, partially offset by a 2% increase as a result of the transfer of certain product sales from retail.

繼續進行包裝。該部門的銷售額下降了11%，至4.02 億美元，其中銷售價格下降了8%，銷量下降了5%，但由於某些產品銷售從零售轉移而導致的2% 的增長部分抵消了這一增長。

Customer demand in this segment remains soft, and that's contributed to more competitive pricing as we execute our strategy to gain market share. As a result of these factors, gross profits dropped by almost $23 million year over year for the quarter.

該細分市場的客戶需求仍然疲軟，這有助於我們執行策略以贏得市場份額，從而提高定價競爭力。由於這些因素，本季毛利年減近 2,300 萬美元。

The year-over-year decline in gross profit was partially offset by a $3 million decrease in SG&A resulting from a drop in incentive compensation. Consequently, operating profits in the Packaging segment declined by $20 million to a total of $22 million for the quarter.

毛利的年減被激勵薪酬下降導致的 SG&A 減少 300 萬美元所部分抵銷。因此，本季包裝部門的營業利潤下降了 2,000 萬美元，總計 2,200 萬美元。

Turning to Construction. Sales in this segment decreased 8% to $535 million as a 7% decline in selling prices and a 2% decline in units was partially offset by a 1% increase as a result of the transfer from Retail. The decline in volume was due to our Site Built, Commercial and Concrete Forming business units due to weaker demand.

轉向建築業。該部門的銷售額下降了8%，至5.35 億美元，原因是銷售價格下降了7%，單位數量下降了2%，但由於從零售部門轉移而導致單位數量增加了1%，部分抵消了這一影響。銷售量下降是由於需求疲軟導致我們的現場建造、商業和混凝土成型業務部門。

These declines were partially offset by an 11% unit increase in our factory build unit due to an increase in industry production. The decline in selling prices was primarily experienced in our Site Built business unit, which along with unit declines I mentioned, resulted in a $33 million reduction in our overall gross profits for the quarter.

由於工業產量的增加，我們的工廠建造單位增加了 11%，部分抵消了這些下降。銷售價格的下降主要發生在我們的現場建造業務部門，再加上我提到的單位數量下降，導致我們本季的整體毛利減少了 3,300 萬美元。

When combined with a $6 million decrease in our SG&A due to lower incentive compensation, our operating profits declined by $27 million to a total of $42 million for the quarter. As we manage through this cycle, each segment continues to focus on executing our long-term strategies to grow our portfolio of value-added products.

再加上由於激勵薪酬降低而導致我們的 SG&A 減少 600 萬美元，我們本季的營業利潤減少了 2,700 萬美元，總計 4,200 萬美元。在我們管理這個週期的過程中，每個部門繼續專注於執行我們的長期策略，以擴大我們的加值產品組合。

Our year-to-date ratio of value-added sales to total sales improved slightly to 69% this year from 68% last year and our ratio of new product sales to total sales dropped slightly to 7.2% this year from 7.6% last year as we've made that criteria for qualifying more stringent, including a higher minimum margin threshold.

年初至今，我們的增值銷售額佔總銷售額的比例從去年的68% 略微提高至今年的69%，而新產品銷售額佔總銷售額的比例從去年的7.6% 略微下降至今年的7.2% 。

We believe when the cycle returns to growth, we will be well positioned with an improved portfolio of value-added products, supporting higher growth and profitability. We're also mindful of our cost structure in this environment as we work to find the right balance of making sure the company is appropriately sized relative to demand while still investing in the resources needed to achieve our long-term objectives for growth, product innovation, improving our efficiency through investments in technology and building our brands.

我們相信，當經濟週期恢復成長時，我們將憑藉改進的增值產品組合做好準備，支持更高的成長和獲利能力。我們也關注在這種環境下的成本結構，因為我們努力尋找適當的平衡，確保公司規模相對於需求而言適當，同時仍投資實現我們的長期成長目標和產品創新所需的資源，透過技術投資和打造品牌來提高效率。

Our SG&A expenses were below plan in prior year for the quarter, primarily due to lower bonus and sales incentive expenses. Given the more conservative outlook we have for demand and pricing that extends well into 2025. We plan to be more aggressive in our efforts to selectively reduce cost and capacity.

我們本季的銷售、管理及行政費用低於去年同期的計劃，主要是由於獎金和銷售激勵費用減少。鑑於我們對持續到 2025 年的需求和定價持更保守的看法。我們計劃更加積極地努力選擇性地降低成本和產能。

We've targeted an annual run rate of adjusted EBITDA improvements from cost and capacity reductions of $60 million. We're currently taking actions that will result in $35 million of improvements in 2025. Moving on to our cash flow statement.

我們的目標是透過成本和產能削減將調整後 EBITDA 的年運行率提高 6000 萬美元。我們目前正在採取行動，預計到 2025 年將帶來 3,500 萬美元的改善。繼續我們的現金流量表。

Our year-to-date operating cash flow was nearly $500 million. Last year, our operating cash flow of $711 million was elevated and included $178 million reduction in net working capital as we adjusted to reduce our inventories from the peak demand of the pandemic.

我們年初至今的營運現金流接近 5 億美元。去年，我們的營運現金流增加了 7.11 億美元，其中淨營運資本減少了 1.78 億美元，因為我們進行了調整，以減少疫情高峰需求的庫存。

Our investing activities included $165 million in capital expenditures, comprising $108 million of maintenance CapEx and $57 million of expansionary CapEx. As a reminder, our expansionary investments are primarily focused on three key areas: expanding our capacity to manufacture new and value-added products, geographic expansion in core higher-margin businesses and achieving efficiencies through automation.

我們的投資活動包括 1.65 億美元的資本支出，其中包括 1.08 億美元的維護資本支出和 5,700 萬美元的擴張性資本支出。需要提醒的是，我們的擴張性投資主要集中在三個關鍵領域：擴大我們製造新產品和增值產品的能力、核心高利潤業務的地域擴張以及透過自動化提高效率。

Finally, our financing activities primarily consisted of returning capital to shareholders through almost $61 million of dividends and $159 million of share repurchases so far this year. This year, we repurchased approximately 1.4 million shares at an average price of less than $114.

最後，我們的融資活動主要包括今年迄今透過近 6,100 萬美元的股息和 1.59 億美元的股票回購向股東返還資本。今年，我們以低於 114 美元的平均價格回購了約 140 萬股股票。

Turning to our capital structure and resources. We continue to have a strong balance sheet with nearly $1.2 billion in surplus cash compared to $957 million last year. And our total liquidity is $2.4 billion, which includes cash and availability under long-term lending agreements.

轉向我們的資本結構和資源。我們的資產負債表依然強勁，剩餘現金接近 12 億美元，去年為 9.57 億美元。我們的總流動資金為 24 億美元，其中包括現金和長期貸款協議下的可用資金。

With respect to capital allocation, we plan to continue to pursue a balanced approach and return-driven approach as we discussed in the past. Our highest priority for capital allocation is to drive organic and inorganic growth that results in higher margins and returns.

在資本配置方面，我們計劃繼續奉行我們過去討論過的平衡方法和回報驅動方法。我們資本配置的首要任務是推動有機和無機成長，從而帶來更高的利潤和回報。

Our strategy also includes continuing to grow our dividends in line with our anticipated free cash flow growth and repurchase our stock to offset dilution from share-based compensation plans. We'll continue to opportunistically buy back more stock when we believe it's trading at a discounted value.

我們的策略還包括根據我們預期的自由現金流成長繼續增加股息，並回購我們的股票以抵消基於股票的薪酬計劃的稀釋。當我們認為股票價格處於折扣價時，我們將繼續機會主義地回購更多股票。

With these points in mind, our Board approved a quarterly dividend of $0.33 a share to be paid in December, representing a 10% increase from the rate paid a year ago. Last year, our Board approved another -- or last quarter, excuse me, our Board approved another $200 million share repurchase authorization that expires at the end of July 2025. We have not accumulated any repurchases under this new authorization.

考慮到這些要點，我們的董事會批准在 12 月支付每股 0.33 美元的季度股息，比一年前支付的股息增加 10%。去年，我們的董事會批准了另一項——或者上個季度，對不起，我們的董事會批准了另一項 2 億美元的股票回購授權，該授權將於 2025 年 7 月底到期。根據本次新授權，我們尚未累積任何回購。

With regard to CapEx, earlier this year, we indicated we plan to meaningfully increase our total capital expenditures to an estimated range of $250 million to $300 million in 2024 to capitalize on the automation and higher-margin growth opportunities we see in each of our segments. So far this year, we've already approved $295 million of projects with another $55 million of requests in the pipeline for evaluation.

關於資本支出，今年早些時候，我們表示計劃到 2024 年將總資本支出大幅增加至 2.5 億至 3 億美元，以利用我們在每個細分市場看到的自動化和更高利潤的成長機會。今年到目前為止，我們已經批准了 2.95 億美元的項目，另有 5,500 萬美元的評估請求正在醞釀中。

The timing of our investments may vary, however, as a result of lead times for equipment as well as the time needed for site selection in the case of investments in new locations. Finally, we continue to pursue a pipeline of M&A opportunities that are a strong strategic fit while providing higher margin, return and growth potential.

然而，由於設備的交付週期以及在新地點投資時選址所需的時間，我們的投資時間可能會有所不同。最後，我們繼續尋求一系列策略契合的併購機會，同時提供更高的利潤、回報和成長潛力。

Recently, we've seen more activity in the pipeline, which is encouraging and we will remain disciplined on valuation. As a reminder, our first priority is to grow through M&A, but if the opportunities aren't present or valuations aren't appropriate, we will pivot to greenfield growth, which we've considered in our CapEx targets. I'll finish up with comments about our outlook for the rest of the year.

最近，我們看到更多的活動正在醞釀中，這是令人鼓舞的，我們將在估值方面保持紀律。提醒一下，我們的首要任務是透過併購來實現成長，但如果不存在機會或估值不合適，我們將轉向綠地成長，我們已在資本支出目標中考慮了這一點。最後我將對我們今年剩餘時間的前景發表評論。

We believe the soft demand and competitive pricing we're currently experiencing will continue for the balance of the year, which will make for more challenging unit sales and profit comparisons. Further, we anticipate any reduction in short-term rates will not have a significant impact on market demand and therefore pricing will -- and therefore pricing until sometime well into 2025.

我們相信，我們目前所經歷的疲軟需求和競爭性定價將在今年餘下時間持續下去，這將使單位銷售和利潤比較更具挑戰性。此外，我們預計短期利率的任何降低都不會對市場需求產生重大影響，因此定價將會——因此定價直到 2025 年的某個時候。

For the balance of the year by segment, we anticipate year-over-year demand in Retail will remain mid-single digits lower. Packaging year-over-year demand will remain mid- to high single digits lower. And Construction year-over-year demand will be down low single digits as strength in our Site Built unit offset softer demand in other units.

對於今年剩餘的細分市場，我們預計零售業的同比需求將保持在中個位數較低水準。包裝需求較去年同期仍維持中高個位數下降。由於我們的現場建造部門的實力抵消了其他部門需求疲軟的影響，建築需求將比去年同期降低個位數。

Finally, we believe we'll continue to gain market share in each segment that will help offset the impact of lower demand and strengthen our competitive positioning when demand improves. While we manage through more challenging conditions in the short term, we remain confident in our long-term growth and margin potential and we'll continue to invest wisely to capitalize on these opportunities.

最後，我們相信我們將繼續在每個細分市場中獲得市場份額，這將有助於抵消需求下降的影響，並在需求改善時加強我們的競爭地位。雖然我們在短期內應對更具挑戰性的條件，但我們對長期成長和利潤潛力仍然充滿信心，我們將繼續明智地投資以利用這些機會。

With that, we'll open it up for questions.

至此，我們將開放提問。

(Operator Instructions) Reuben Garner, Benchmark.

（操作員指示）Reuben Garner，基準。

Matt, you referenced $70 million in annualized cost reductions. I think there were three buckets for that. Can you help us break down maybe how much are coming from each of those buckets?

馬特，您提到了每年 7000 萬美元的成本削減。我認為有三個桶子。能幫我們分析一下每個桶子的產量是多少嗎？

And then I think the strategic look at a few business units is something that's new. Any more detail on which one those might be? Or is it not been announced internally?

然後我認為對一些業務部門的策略性審視是新的。有關這些可能是哪一個的更多詳細資訊嗎？還是內部沒有公佈？

Yes. I guess what I would say, Reuben, is when you look at the facility consolidations, they would encapsulate probably all those different buckets of both operating costs and SG&A expenses. So I don't really have a breakdown among the three different groups.

是的。魯本，我想我想說的是，當您查看設施整合時，您會發現它們可能包含所有不同的營運成本和 SG&A 費用。所以我並沒有真正將這三個不同的群體細分。

And Mike may be able to give you a little more detail, but I think that's the way that I'm looking at them is they're all connected and that's why I have a headline number for you as opposed to individual numbers by each group or category.

麥克也許可以給你更多細節，但我認為這就是我看待它們的方式，因為它們都是相互關聯的，這就是為什麼我為你提供了一個標題數字，而不是每個組的單獨數字或類別。

Yes. Reuben, and I referenced the $35 million that we're taking actions on today. About half of that is SG&A reductions and the other half is more capacity consolidation. The $60 million target will be probably a similar combination.

是的。魯本，我提到了我們今天正在採取行動的 3500 萬美元。其中大約一半是銷售管理費用的削減，另一半是更多的產能整合。6000 萬美元的目標可能是類似的組合。

Okay. Great. And then you mentioned maybe having to get a little more aggressive to take share with the weakness in the packaging industry. Are there any other markets where things have picked up from a competitive and pricing standpoint outside of the commodity, whether it's Site Built construction with multifamily fully rolling over or anything else that jumps out that's specifically increasing competition of late?

好的。偉大的。然後你提到也許必須採取更積極的態度來彌補包裝行業的弱點。從商品以外的競爭和定價角度來看，還有其他市場的情況有所改善嗎？

Yes. I think what you're seeing in Site Built in some other markets, as demand wanes a little bit, there obviously becomes more competitive pressure. And as every customer is looking to try to maximize the value that they're able to deliver, they consistently are looking for reductions wherever they can get them.

是的。我認為您在其他一些市場的網站建設中看到的情況是，隨著需求的稍微減弱，競爭壓力顯然會更大。由於每個客戶都希望最大限度地提高他們所能提供的價值，因此他們一直在尋求盡可能降低成本。

So that does create a more competitive atmosphere. And again, I reference to high line housing starts number of $1.2 million or better. If it drops below that, obviously, that pressure gets more profound than if it stays above that level.

因此，這確實創造了更具競爭性的氛圍。我再次提到的是 120 萬美元或更高的高線房屋開工數量。顯然，如果它低於這個水平，那麼壓力就會比保持在這個水平之上更大。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Perhaps to start with -- on the M&A pipeline, are you seeing increased opportunity in any one of the segments or your appetite for M&A is it greater in one versus the other? Or is it just based on what opportunities presented and the value there?

也許首先——在併購管道上，您是否看到任何一個細分市場的機會增加，或者您對併購的興趣是否比另一個細分市場更大？或只是基於所提供的機會和其中的價值？

Yes. What we're trying to do, Reuben, is stay within our strategic runways and make sure that we find the best values in each of those runways. So we're not waiting it any more or less based on the runway. But as Mike pointed out, we're looking for the best value and wherever those best values are is what we're really going to target.

是的。魯本，我們正在努力做的是留在我們的戰略跑道內，並確保我們在每個跑道上找到最佳價值。所以我們不會根據跑道或多或少地等待它。但正如麥克指出的那樣，我們正在尋找最佳價值，而這些最佳價值所在就是我們真正的目標。

And as we said at the end of the last quarter, we have capital allocation model for each of those runways. And as Mike explained, we'll pivot back and forth, either M&A or greenfield with the preference being on M&A if the valuations are right.

正如我們在上季度末所說，我們為每條跑道都有資本配置模型。正如麥克所解釋的那樣，我們將在併購或綠地方面來回調整，如果估值正確，我們將優先考慮併購。

Understood. And Mike, as you think about the multiyear capital investment program that you have, is there any rethink around the cadence of those investments given the market backdrop currently? Or is this an opportunity to really reduce costs and position for the upturn?

明白了。麥克，當您考慮您擁有的多年資本投資計劃時，考慮到目前的市場背景，是否會重新考慮這些投資的節奏？或者說這是一個真正降低成本、為經濟復甦做好準備的機會？

I still expect the cadence to be what we've talked about that $1 billion, I assume you're referring to from last quarter. I'd expect that to occur pretty evenly over the next four to five years. Those are the investments that were needing to make in order to make sure we hit our long-term growth and margin improvement goals.

我仍然預計節奏將是我們所討論的 10 億美元，我想你指的是上個季度。我預計這種情況在未來四到五年內會相當均勻地發生。這些是為了確保我們實現長期成長和利潤率提高目標而需要進行的投資。

Understood. And then within -- just one last for me. Within the Construction segment, you are taking down Q4 numbers and just back half of '24. Can you talk about where you saw increased pressure through this year? And are you seeing any signs of stabilization in any of the end markets there?

明白了。然後在裡面——對我來說只是最後一次。在建築領域，您將記下第四季度的數字，剛剛回到 24 年的一半。您能談談今年您在哪些方面看到了壓力增加嗎？您是否看到任何終端市場有任何穩定的跡象？

Yes, that's a complex question, Ketan. I would tell you that the multifamily side of the business was softer earlier, and I think that's rate sensitive, and we're finding out single-family is also rate sensitive. I think right now, there's just the uncertainty in the economy is probably making it more difficult to predict what's going on in the fourth quarter.

是的，這是一個複雜的問題，Ketan。我想告訴你，多戶家庭業務早些時候比較疲軟，我認為這對利率敏感，我們發現單戶住宅也對利率敏感。我認為目前經濟的不確定性可能會讓預測第四季的情況變得更加困難。

I would expect that, that will stabilize better in '25. But long-term mortgage rates are important. The consumer confidence is important. And what we're listening to right now is our customers where they're looking at what their backlogs are as well as what their cancellation rates and how many unsold homes they currently have.

我預計 25 年會更好地穩定。但長期抵押貸款利率很重要。消費者信心很重要。我們現在聽到的是我們的客戶，他們正在了解他們的積壓情況以及他們的取消率以及目前有多少未售出的房屋。

Ketan, if I add maybe a little color by business unit, I want to say that on the Site Built side, we assumed mid-single digits down, which is about right. Factory Built, we thought would be strong, which is about right. The difference is Commercial and Concrete Forming, we thought would perform a little better. And that took us from low single digits up last quarter to an expectation of low single digits down in Q4.

Ketan，如果我按業務部門添加一點顏色的話，我想說的是，在網站構建方面，我們假設中個位數下降，這大約是正確的。工廠建造，我們認為會很強大，這是正確的。差別在於商業和混凝土成型，我們認為會表現得更好一些。這使我們從上個季度的低個位數成長變為第四季低個位數下降的預期。

And that -- it's not unusual for commercial projects to push unfortunately. And that seems to be what's occurred and the Concrete Forming business unit is a bit more interest rate sensitive. So I think Commercial and Concrete Form are the reasons for the modest change in the outlook.

不幸的是，商業項目的推進並不罕見。這似乎就是所發生的情況，混凝土成型業務部門對利率更加敏感。因此，我認為商業和混凝土形式是前景略有變化的原因。

Kurt Yinger, D.A. Davidson.

庫爾特·英格，D.A.戴維森。

Matt, at the outset, you had talked or alluded to at least strategic alternatives for some of the business units, understanding you might not want to talk specifics. I guess, could you talk about strategic criteria that would no longer make a business unit fit into the portfolio that you want to have? And maybe as you look forward a couple of years, like what do you envision being a positive outcome related to this process?

馬特，一開始，您至少談到或暗示了某些業務部門的策略替代方案，但您知道您可能不想談論具體細節。我想，您能否談談不再使業務部門符合您想要的投資組合的策略標準？也許當您展望未來幾年時，您認為與此過程相關的正面成果是什麼？

That's a really good question, Kurt. What I would say as the criteria are pretty basic. We've always had the mindset of looking at an operation that's underperforming and either getting it to perform at an acceptable level or closing it. Those are relatively easy, straightforward decisions.

這是一個非常好的問題，庫爾特。我想說的標準是非常基本的。我們一直有這樣的心態：專注於表現不佳的業務，要麼讓它達到可接受的水平，要麼關閉它。這些都是相對容易、直接的決定。

One of the things that we've done in the past is we made opportunistic purchases of businesses that we thought or expected to have synergies with the rest of our business model. As time progresses, sometimes that proves out to be true. Other times, it proves out to not be true. S

我們過去做過的事情之一是，我們機會主義地收購了我們認為或期望與我們的其他業務模式產生協同效應的企業。隨著時間的推移，有時事實證明這是真的。其他時候，事實證明這不是真的。S

o we may have businesses that are operating profitably that are not aligned with the long-term strategic goals, and we don't have synergy relationships with the existing business units or runways. Those would be the ones that I would expect that we would evaluate here very quickly and make determinations on which strategic alternatives to pursue. I know it's a bit nebulous, but I think that's really the criteria that we are looking at.

o 我們可能有一些正在獲利的業務與長期策略目標不相符，我們與現有業務部門或跑道沒有協同關係。我希望我們能夠在這裡非常快速地評估這些內容，並決定採取哪些策略替代方案。我知道這有點模糊，但我認為這確實是我們正在考慮的標準。

Got it. And I guess, just to be clear, like would selling some of those business units be within the realm of those options?

知道了。我想，澄清一下，出售其中一些業務部門是否屬於這些選擇的範圍？

Yes. I think that would also be on the table.

是的。我認為這也將被擺上桌面。

Okay. Got it. And then historically, you've shown and talked to lumber not being a meaningful factor to earnings, even though, obviously, it is impactful on the sales line. Is there anything that's changed versus the model historically where, if we were to expect a stronger lumber pricing environment next year, you could leverage that on the earnings line? Or is it generally the same message that we've heard in the past?

好的。知道了。然後從歷史上看，您已經證明並談論木材並不是對收入有意義的因素，儘管顯然它對銷售線有影響。與歷史模型相比，是否有任何變化，如果我們預計明年木材定價環境會更強勁，您可以在收益線上利用它？或者這與我們過去聽到的信息大致相同嗎？

So I think it's generally, the same message that you've heard in the past with the exception being that there may be some efficiencies that we would gain in that environment. And without getting too deep into the various -- we believe, is the internal hedge we have on lumber market pricing. I do think we are able to better take advantage of certain efficiencies in a higher lumber market than where it is today.

因此，我認為這與您過去聽到的信息大致相同，只是我們在這種環境中可能會提高一些效率。我們相信，在不深入了解各種因素的情況下，這是我們對木材市場定價的內部對沖。我確實認為我們能夠在比今天更高的木材市場中更好地利用某些效率。

Okay. Okay. That makes sense. And then just last one, sticking on the lumber topic. Benchmark prices right now would -- maybe suggest that they could be higher year over year in Q4. You're still talking about a lot of competitive pricing pressures in certain business units.

好的。好的。這是有道理的。最後一個是關於木材的話題。目前的基準價格可能表明第四季的價格可能會比去年同期更高。您仍在談論某些業務部門面臨的許多競爭性定價壓力。

Is there at least a short-term risk in your mind that if we were to see lumber get some momentum here over the next one to two quarters that, that could prove a more challenging dynamic on the gross margin line? Or would you expect that you could still pass that inflation through?

您是否至少存在一種短期風險，如果我們看到木材在未來一到兩個季度內獲得一些動力，那麼毛利率上可能會出現更具挑戰性的動態？或者你認為你仍然可以渡過通貨膨脹嗎？

Yes. I guess the simple answer to that one is on our variable price products, I think that actually would help us, not hurt us. Some of the fixed price products that may work in the opposite direction. But given the current demand environment, I think it's on balance, it would be a net positive.

是的。我想這個問題的簡單答案是我們的可變價格產品，我認為這實際上會幫助我們，而不是傷害我們。一些固定價格產品可能會起到相反的作用。但考慮到當前的需求環境，我認為總的來說，這將是一個淨正面的結果。

Yes, just to add on to that, maybe, Kurt, on the fixed-price product side, so if you get into the packaging environment, if lumber prices move up and prices are fixed, smaller competitors are going to have a hard time in an environment like that, too.

是的，庫爾特，補充一下，也許在固定價格產品方面，所以如果你進入包裝環境，如果木材價格上漲而價格固定，較小的競爭對手將很難生存也有這樣的環境。

Stephan Guillaume, Sidoti.

史蒂芬‧紀堯姆，西多蒂。

My first question is on the topic of margins. If the market weakens further, what strategies would you guys consider to manage margins effectively? Could you like ramp up any existing margin improvement initiatives?

我的第一個問題是關於利潤的主題。如果市場進一步疲軟，你們會考慮採取什麼策略來有效管理利潤？您想加強現有的利潤率改善計畫嗎？

I think we're constantly looking, Stephan, at ways to improve our margin. We talked about reducing our operating costs, doing facility consolidations to take advantage of capacity utilization and trying to reduce or eliminate certain SG&A costs. I don't know that there's any other magic items that we can reach to, to create further reductions other than what we're already targeting.

史蒂芬，我認為我們一直在尋找提高利潤率的方法。我們討論了降低營運成本、進行設施整合以充分利用產能以及嘗試降低或消除某些 SG&A 成本。我不知道除了我們已經設定的目標之外，我們還可以使用其他任何魔法物品來進一步減少排放量。

I guess you also -- can you share your perspective on the performance of new products? I think you have -- you said like you have some new products coming through in '25. How this slide positions you for growth in '25 even if the macro conditions remain somewhat volatile?

我想您也是—您能分享一下您對新產品性能的看法嗎？我認為您說過，您在 25 年推出了一些新產品。即使宏觀環境仍然有些波動，這張投影片如何為您在 25 年的成長定位？

Yes. I think Mike pointed out some of the criteria for new products. New products to us have to meet certain criteria from a return and a margin standpoint. So at a basic minimum if there are new products that what I would call our core line innovations, which are replacing an existing product line with a better quality product. We would expect some enhancement even if the demand was the same.

是的。我認為麥克指出了新產品的一些標準。從回報和利潤的角度來看，我們的新產品必須滿足某些標準。因此，至少，如果有新產品，我稱之為我們的核心產品線創新，即用品質更好的產品取代現有產品線。即使需求相同，我們也期望得到一些增強。

For totally new products, new to the market type products, those have an opportunity to still be absorbed into the marketplace to gain sales and to gain market share. And our goal there would be whatever market share we pick up will come at a better margin profile.

對於全新產品、新進入市場類型的產品，這些產品仍然有機會被市場吸收以獲得銷售和市場份額。我們的目標是，無論我們獲得什麼市場份額，都會獲得更好的利潤率。

So those two things would be the keys that I would look at to say the new product initiative is working. I think what I'd also add is that the R&D effort and the new product development effort within the company has really been ramped up, and I'm excited about what they've been able to accomplish.

因此，這兩件事將是我認為新產品計劃正在發揮作用的關鍵。我想我還要補充的是，公司內部的研發工作和新產品開發工作確實得到了加強，我對他們所取得的成就感到興奮。

And the cadence for new product introductions has also stepped up. So as we discussed a few years back, we wanted to get faster at that, and I think they're making really good progress on that initiative.

新產品推出的節奏也加快了。因此，正如我們幾年前討論的那樣，我們希望加快速度，我認為他們在這一舉措上取得了非常好的進展。

I'm showing no further questions in the queue at this time. I would like to turn the call back over to Mr. Matt Missad for any closing remarks.

目前我在隊列中沒有顯示任何其他問題。我想將電話轉回給馬特·米薩德先生，讓他發表結束語。

Well, I'd like to thank you again for spending time with us today. While the short-term outlook is challenging, long term, we remain on offense and optimistic. Hopefully, we can be like the Lions last Sunday and put big numbers up on the scoreboard.

好吧，我想再次感謝您今天抽出時間與我們在一起。雖然短期前景充滿挑戰，但從長期來看，我們仍然保持進攻和樂觀。希望我們能像上週日的雄獅隊一樣，在記分板上取得好成績。

It would also help our ability to excel as the referee selected next week protects free enterprise and preserves the constitutional requirement of personal freedom coupled with personal responsibility, but that is wishful thinking.

這也將有助於我們表現出色，因為下週選出的裁判將保護自由企業，並保留個人自由和個人責任的憲法要求，但這是一廂情願的想法。

Regardless of the outcome, our team will channel some pop culture icons like Britney, Rihanna and Depeche Mode and work hard to get what we want. Thank you for your investment in us and we'll keep working to ensure great long-term returns. Have a great day.

無論結果如何，我們的團隊都會引導布蘭妮、蕾哈娜和 Depeche Mode 等流行文化偶像，努力實現我們想要的目標。感謝您對我們的投資，我們將繼續努力確保豐厚的長期回報。祝你有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。