UFP Industries Inc (UFPI) 2024 Q4 法說會逐字稿

Good day, and welcome to the Q4 2024 UFP Industries Inc., earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 UFP Industries Inc. 2024 年第四季財報電話會議和網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Mr. Stanley Elliott. Director of Investor Relations. Please go ahead.

現在我想將會議交給發言人史丹利·艾利奧特先生。投資者關係總監。請繼續。

Good morning, everyone, and thank you for joining us to discuss our fourth quarter and full-year 2024 results. Joining me today on the call are Matt Missad, our Executive Chairman of the Board; Will Schwartz, our Chief Executive Officer; and Mike Cole, our Chief Financial Officer. This conference call is available simultaneously to all interested investors and news media, through the Investor Relations section of our website, ufpi.com. A replay of the call will be posted to our website as well.

大家早安，感謝您加入我們討論我們的 2024 年第四季和全年業績。今天與我一起參加電話會議的還有我們的董事會執行主席馬特·米薩德 (Matt Missad)；我們的首席執行官威爾·施瓦茨 (Will Schwartz)；以及我們的首席財務官 Mike Cole。所有有興趣的投資者和新聞媒體均可透過我們網站 ufpi.com 的投資者關係部分同時收聽本次電話會議。這次通話的重播也將發佈到我們的網站上。

Before I turn the call over, 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 expectations. These risks and uncertainties also include, but are not limited to, those factors identified in the press release and in the company's filings with the Securities and Exchange Commission.

在我轉交電話之前，請允許我提醒您，今天的新聞稿和簡報包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明受風險和不確定因素的影響，可能導致實際結果與預期有重大差異。這些風險和不確定因素還包括但不限於新聞稿和公司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.

現在我將電話轉給馬特。

Thank you, Stanley, and good morning, everyone. We appreciate you joining us for our fourth quarter and year-end 2024 earnings call. In recognition of basketball season, this morning's call will feature a three-man weave. I will give a brief overview of Q4, then I will pass the ball to our new CEO, Will Schwartz, who will talk about our markets and plans for 2025 and beyond. Will will pass to Mike Cole for a more detailed financial discussion before we open the line for questions.

謝謝你，史丹利，大家早安。感謝您參加我們的 2024 年第四季和年終收益電話會議。為了慶祝籃球賽季，今天上午的電話會議將以三人組的形式進行。我將簡要介紹第四季度的情況，然後將把焦點交給我們的新任執行長威爾施瓦茨 (Will Schwartz)，他將介紹我們的市場以及 2025 年及以後的計劃。在我們開始回答問題之前，威爾將會與麥克·科爾進行更詳細的財務討論。

The fourth quarter of 2024 saw a similar declining sequential demand trend in most areas of our business. This continued weak demand decreased operating efficiency and increased competitive pressure. Both of these factors compressed operating profits.

2024 年第四季度，我們業務的大多數領域的需求都出現了類似的連續下降趨勢。持續疲軟的需求降低了營運效率並增加了競爭壓力。這兩個因素都壓縮了營業利潤。

In response to these trends, our leadership team have been executing the cost reductions and facility reductions we outlined in Q4. They are also identifying and planning for additional cost containment and prioritization of projects and administrative initiatives to ensure that those that are not mandated by regulations or higher risk factors are implemented based on the highest return to the company. And in spite of these challenges, the team finished 2024 with sales of $6.7 billion and EBITDA of $682.3 million, a 10.3% EBITDA margin.

為了應對這些趨勢，我們的領導團隊一直在執行我們在第四季度概述的成本削減和設施削減措施。他們也正在確定和規劃額外的成本控制和專案及行政措施的優先次序，以確保那些不受法規或更高風險因素要求的措施能夠在為公司帶來最高回報的基礎上實施。儘管面臨這些挑戰，該團隊仍在 2024 年實現了 67 億美元的銷售額和 6.823 億美元的 EBITDA，EBITDA 利潤率為 10.3%。

More importantly, the balance sheet is exceptionally strong with nearly $1.2 billion in cash and an equivalent amount of debt capacity. This liquidity positions the company to aggressively pursue its growth strategy as well as to take advantage of more reasonably priced M&A opportunities should they arise. It also allows us to continue returning capital to shareholders in the form of cash dividends and share repurchases.

更重要的是，資產負債表異常強勁，擁有近 12 億美元現金和等量的債務能力。這種流動性使公司能夠積極推行其成長策略，並利用可能出現的更合理價格的併購機會。它還使我們能夠繼續以現金股利和股票回購的形式向股東返還資本。

Our teammates are not happy with the overall performance which they feel personally in the decline in their incentive compensation. This, however, is consistent with our philosophy to reward our team when business is great and to share the pain when it is not. Obviously, we are all highly motivated to improve the results and drive shareholder value to new heights.

我們的隊友對於整體表現並不滿意，他們個人感受到的激勵薪酬的下降。然而，這與我們的理念是一致的，當業務順利時獎勵我們的團隊，當業務不順時共擔痛苦。顯然，我們都積極主動地改善業績並將股東價值推向新的高度。

As you can imagine, our leadership team, like Queen and David Bowie, feels the pressure coming down on them. Fortunately, I have seen them under pressure, and I am very confident that Will and the team, whose veins are like ice ice baby, will succeed in spite of the pressure.

你可以想像，我們的領導團隊，就像 Queen 和 David Bowie 一樣，感受到了巨大的壓力。幸運的是，我看到了他們承受壓力的樣子，我非常有信心，威爾和這支血管如冰冰嬰兒般的團隊，一定會頂住壓力取得成功。

Now I'll turn it over to Will Schwartz.

現在我將把話題交給威爾·施瓦茨。

Thank you, Matt, for the kind words. Good morning, everyone, and thank you for joining us on our fourth-quarter earnings call. I'd like to start by saying that I couldn't be more honored and proud to be entrusted with the CEO role. UFP has an incredibly rich history, having celebrated our 70th anniversary earlier this month, and I look forward to shaping this next chapter.

謝謝馬特的善意言辭。大家早安，感謝大家參加我們的第四季財報電話會議。首先我想說的是，我非常榮幸能夠被委以執行長的重任。UFP 有著極其豐富的歷史，本月初我們慶祝了成立 70 週年，我期待著寫下新的篇章。

I also want to thank Matt for his truly remarkable career and the impact he's had on transforming UFP over his 39 years with the company, in 13-plus years as CEO. I am indebted to him for his leadership, mentorship, friendship, and support as well, as the support of our Board and over 15,000 plus employees across the globe. I couldn't be more excited about the opportunities that exist in each of our business units.

我還要感謝馬特真正卓越的職業生涯以及他在公司 39 年多的時間裡（其中擔任首席執行官 13 年多）對 UFP 轉型的影響。我感謝他的領導、指導、友誼和支持，以及我們董事會和全球 15,000 多名員工的支持。我對我們每個業務部門存在的機會感到無比興奮。

We entered 2024 somewhat cautiously, expecting total unit sales would range from slightly positive to slightly negative for the year. That framework largely played out. Fourth-quarter unit sales were relatively unchanged in the quarter, with 2% growth in Construction and 1% growth in International, offsetting a 1% decline in our Packaging business and flat sales in our Retail segment. Unit sales declined 1% for the full year.

我們謹慎地進入 2024 年，預計全年總銷量將在略微正增長到略微負增長之間。該框架基本上已經實現。第四季單位銷售額相對維持不變，建築業務成長 2%，國際業務成長 1%，抵銷了包裝業務 1% 的下滑和零售部門銷售額持平的影響。全年單位銷售額下降1%。

2024 proved to be more challenging than initially expected more so on the pricing side, and we felt these challenges primarily across our Packaging and Construction businesses. With the exception of PalletOne and Factory Built, conditions in the second half of the year took a step down where broad-based pricing pressures, commodity deflation, and negative manufacturing variances and product mix impacted our profitability.

事實證明，2024 年比最初預期的更具挑戰性，尤其是在定價方面，我們主要在包裝和建築業務中感受到這些挑戰。除了 PalletOne 和 Factory Built 外，下半年的情況均有所惡化，廣泛的價格壓力、大宗商品通貨緊縮以及負面的製造業差異和產品組合影響我們的獲利能力。

As we mentioned over the past few quarters, customer demand continues to be mixed. However, our broad-based portfolio has allowed us to dampen some of the end market volatility. While down from 2023 levels, 2024 EBITDA margin is 300 basis points higher than 2019 levels. This portfolio of products can, and will, deliver better results and we are actively addressing items under our control.

正如我們在過去幾季所提到的，客戶需求繼續好壞參半。然而，我們廣泛的投資組合使我們能夠抑制部分終端市場的波動。雖然低於 2023 年的水平，但 2024 年 EBITDA 利潤率比 2019 年的水平高出 300 個基點。該產品組合可以且將會提供更好的結果，我們正在積極解決我們控制範圍內的問題。

Looking ahead, driving profitable growth will remain a key part of our overall strategy. We have identified runways across each of our business units that meet our high return threshold and continue to act on both inorganic and organic opportunities.

展望未來，推動獲利成長仍將是我們整體策略的關鍵部分。我們已經確定了每個業務部門中符合高回報門檻的跑道，並將繼續利用無機和有機機會。

We're going to be aggressive and grow sales, but we are going to grow the right sales. Our M&A team remains extremely active, and our acquisition pipelines are healthy. The valuation gap we've seen over the past several years between buyers and sellers has started to narrow. However, we remain disciplined on what we're willing to pay.

我們會積極擴大銷量，但我們會擴大正確的銷量。我們的併購團隊依然非常活躍，我們的收購管道也很健全。過去幾年我們看到的買家和賣家之間的估值差距已經開始縮小。然而，我們對於自己願意支付的價格仍保持謹慎。

Earlier in January, we announced the acquisition of C&L Wood Products, a leading manufacturer of wood pallets in Alabama. We are excited to welcome C&L into the UFP family. C&L will operate as part of UFP Packaging's PalletOne business unit and expands our geographic reach.

今年 1 月初，我們宣布收購阿拉巴馬州領先的木質托盤製造商 C&L Wood Products。我們很高興歡迎 C&L 加入 UFP 大家庭。C&L 將作為 UFP Packaging 的 PalletOne 業務部門的一部分運營，並擴大我們的地理覆蓋範圍。

Expanding into new geographies or expanding our product offerings or both are key criteria when identifying acquisition targets across all of our business units. We prefer M&A to greenfield expansion in most cases. But that being said, we have identified a number of greenfield opportunities as part of the $1 billion multiyear capital plan mentioned on previous calls.

擴展到新的地區或擴大我們的產品供應或兩者兼而有之是我們在所有業務部門確定收購目標的關鍵標準。大多數情況下，我們喜歡併購，而不是綠地擴張。但話雖如此，我們已經在先前的電話會議上提到的 10 億美元多年期資本計畫中確定了一些綠地機會。

We are investing heavily in automation, technology, new product development and capacity expansion that will leave us better positioned to create shareholder value. The strength of our balance sheet has allowed us to deploy growth capital across our highest growth and highest margin opportunities. We can do this while maintaining our conservative financial structure which we believe positions us well to navigate through all phases of an economic cycle.

我們正在大力投資自動化、技術、新產品開發和產能擴張，這將使我們更好地創造股東價值。我們強勁的資產負債表使我們能夠在最高成長和最高利潤的機會中部署成長資本。我們可以做到這一點，同時保持我們保守的財務結構，我們相信這使我們能夠很好地度過經濟週期的各個階段。

New product sales for 2024 came in at $505 million and 7.6% of sales. We continue to strive for and see a pathway for new products to become 10% of sales over time. I am extremely pleased with the momentum we are seeing across the portfolio and believe our current product pipeline is one of the strongest in our company's history.

2024年新產品銷售額為5.05億美元，佔銷售額的7.6%。我們將繼續努力並尋找一條途徑，使新產品隨著時間的推移佔據銷售額的 10%。我對我們整個產品組合所呈現的發展勢頭感到非常高興，並相信我們目前的產品線是我們公司歷史上最強大的產品線之一。

We will showcase some of these products at the IBS trade show in Las Vegas next week, where we will introduce new products and new applications featuring our proprietary mineral-based Surestone technology.

我們將於下週在拉斯維加斯舉行的 IBS 貿易展上展示其中一些產品，並將推出採用我們專有的基於礦物的 Surestone 技術的新產品和新應用。

One product that we are particularly excited about is our new Summit decking board. Designed and engineered utilizing our Surestone technology, but at a price point to target the DIY in small contractor markets. This product will become available through both independent and big-box retailers over the course of 2025 as we continue to expand distribution and manufacturing capacities. We will support the launch with a marketing campaign designed to help drive brand awareness for Deckorators and the value behind this proprietary technology.

我們特別興奮的產品是我們的新款 Summit 裝飾板。採用我們的 Surestone 技術進行設計和製造，但價格針對的是小型承包商市場的 DIY。隨著我們繼續擴大分銷和製造能力，該產品將於 2025 年透過獨立零售商和大型零售商發售。我們將透過行銷活動支持該產品的發布，旨在幫助提升 Deckorators 的品牌知名度以及這項專有技術背後的價值。

Meeting our internal return on capital targets drives all of our business decisions. We remain keenly focused on the cost side of our business. In 2024, we closed underperforming operations, and other less strategic locations, as we look to balance our costs with the current business environment. We will continue to evaluate the entirety of our portfolio and explore strategic alternatives for products and assets that fall short of our profit thresholds.

實現內部資本回報目標推動我們所有的業務決策。我們仍然高度關注業務的成本方面。2024 年，我們關閉了表現不佳的營運業務以及其他較不具策略意義的地點，以期在當前商業環境中平衡成本。我們將繼續評估我們的整個投資組合，並探索未達到我們的利潤門檻的產品和資產的策略替代方案。

Across the portfolio, we continue to identify opportunities to reduce costs and become more efficient. From purchasing and manufacturing to sales, marketing, transportation, we will pursue actions that drive a better bottom-line performance. We have already identified $60 million of structural cost savings from cost and capacity reductions, and these efforts are ongoing.

在整個投資組合中，我們不斷尋找降低成本和提高效率的機會。從採購、製造到銷售、行銷、運輸，我們將採取行動來提高獲利能力。我們已經確定透過降低成本和產能節省了 6000 萬美元的結構性成本，而這些努力仍在進行中。

At the same time, we will not stop making strategic investments to develop our growth runways, which we believe will enhance our product mix and improve our return to shareholders. These investments include expanding capacity in new and value-added product manufacturing, expanding our core, higher-margin products geographically and improving efficiencies and throughput while lowering costs through automation.

同時，我們不會停止進行策略性投資來拓展我們的成長跑道，我們相信這將增強我們的產品組合併提高我們的股東回報。這些投資包括擴大新產品和增值產品製造能力、擴大我們核心高利潤產品的地理分佈、提高效率和產量，同時透過自動化降低成本。

Turning quickly to the segments. Retail, our product strategy is to grow applications on the exterior of the home and in the yard, while also adding new applications inside the home. I previously mentioned new products expanding our position in the composite decking space, where there is a cautious optimism around the spring building season. ProWood continues to identify cost out and facility consolidation opportunities while investing in its go-to-market strategies.

快速轉向各個片段。零售方面，我們的產品策略是增加住宅外部和庭院內的應用，同時在住宅內部增加新的應用。我之前提到過，新產品擴大了我們在複合地板領域的地位，人們對春季建築季節持謹慎樂觀的態度。ProWood 在投資市場進入策略的同時，繼續尋找成本削減和設施整合的機會。

In Construction, our Site Built business continues to normalize following years of robust demand. Our Factory Built operations continue to capitalize on favorable industry conditions and our strong market position to drive share gains during the year. We took aggressive cost actions in our Commercial business, and we anticipate improved financial results going forward.

在建築業，經過多年強勁的需求，我們的現場建設業務繼續正常化。我們的工廠建造業務繼續利用有利的行業條件和我們強大的市場地位來推動年內的份額成長。我們在商業業務中採取了積極的成本措施，預計未來財務表現將會改善。

Concrete Forming continues to position its business to more front-end design and value-added solutions. We think our value proposition will become even more apparent should construction labor see any volatility resulting from recent policy decisions. Packaging, organic sales declines in our Structural and Protective Packaging more than offset growth in our highly automated PalletOne business. Pricing remains competitive, more of a function of end markets. Material costs are generally stable.

Concrete Forming 繼續將其業務定位於更前端的設計和增值解決方案。我們認為，如果建築勞動力因最近的政策決定而出現任何波動，我們的價值主張將變得更加明顯。包裝、結構包裝和保護性包裝的有機銷售額下滑超過了高度自動化的PalletOne業務的成長。定價仍然具有競爭力，更多取決於終端市場。材料成本整體穩定。

Turning to our outlook. We expect the business conditions that impacted our 2024 results will carry over through the first half of 2025. Existing home sales remain depressed. Home equity levels remain at record levels, and housing affordability remains a challenge. Industry forecast remain mixed as well as with housing starts estimates for 2025 ranging from slightly down to slightly up for the year. R&R forecasts are also showing a lack of true consensus with headwinds expected to continue in the first half of the year before returning to growth in the back half.

轉向我們的展望。我們預計影響 2024 年業績的商業環境將持續到 2025 年上半年。現房銷售依然低迷。房屋淨值水平仍處於創紀錄水平，住房負擔能力仍然是一個挑戰。產業預測仍然好壞參半，2025 年住房開工量預測範圍從略微下降到略微上升。R&R 預測也顯示缺乏真正的共識，預計上半年逆風將持續，下半年將恢復成長。

This outlook is further clouded by recent news around tariffs on Canadian lumber. While the industry imports less than 20% of lumber from Canada, any movement in the commodity creates inflation in domestically sourced wood species as well. While the 25% tariff on Canadian lumber has been paused for 30 days, the situation remains fluid. Regardless of the outcome, we remain confident in our ability to navigate any potential pricing resulting from tariffs with our balanced portfolio and purchasing strategies.

最近有關加拿大木材關稅的新聞進一步為這一前景蒙上了陰影。雖然該行業從加拿大進口的木材不到20%，但大宗商品的任何變動都會導致國內木材價格上漲。雖然對加拿大木材徵收25%的關稅已暫停30天，但情況仍不穩定。無論結果如何，我們仍然有信心，憑藉平衡的投資組合和採購策略，我們能夠應對關稅導致的任何潛在定價。

Historically, softer patches in the economy have allowed UFP to utilize our scale, strong financial position, and generally lower cost manufacturing position to gain share in the marketplace. All of this uncertainty is contributing to a lack of visibility beyond the first half of 2025. We expect modest unit declines across each business unit on the aggregate through the first half of the year. We do expect commodity deflation to be less of a headwind to margins in the coming year given the recent trends in the lumber market.

從歷史上看，經濟較疲軟時期使得 UFP 能夠利用我們的規模、強大的財務狀況以及普遍較低的成本製造地位來獲得市場份額。所有這些不確定性導致2025年上半年以後的情況缺乏可預見性。我們預計，今年上半年各業務部門的整體銷售量將出現小幅下滑。考慮到木材市場的近期趨勢，我們確實預期未來一年大宗商品通貨緊縮對利潤率的影響不會那麼大。

Longer term, we are well positioned to take advantage of favorable demographic trends and an underbuilt housing market. We plan to take market share as well. A hallmark of this company is that everything we do from the boardroom down to the shop floor is driven by a returns-focused approach, and that will not change. We will manage through this uncertainty and emerge a leaner, more nimble and more profitable company.

從長遠來看，我們有能力利用有利的人口趨勢和未充分建造的房屋市場。我們還計劃佔領市場份額。這家公司的一個特點是，我們所做的一切都是以回報為重點的，從董事會會議室到生產車間，這一點不會改變。我們將克服這種不確定性，成為一家更精簡、更靈活、更有獲利的公司。

At this point, I will pass to our CFO, Mike Cole, to discuss the financials.

現在，我將把電話轉交給我們的財務長 Mike Cole 來討論財務問題。

Thank you, Will. Our consolidated results this quarter include a 4% decline in sales to $1.46 billion, driven by a 4% reduction in selling prices while unit sales were flat. The decline in selling prices primarily resulted from weaker demand, which led to more competitive pricing in our Packaging and Construction segments.

謝謝你，威爾。本季度，我們的綜合業績包括銷售額下降 4% 至 14.6 億美元，原因是銷售價格下降 4%，而單位銷售額持平。銷售價格下降主要由於需求疲軟，這導致我們包裝和建築部門的定價更具競爭力。

This headwind resulted in a 28% decline in our adjusted EBITDA to $133 million, while our adjusted EBITDA margin fell to 9.1%. While volumes and margins are seasonally lower in Q4, persisting competitive pricing pressured margins more than typical trends. Importantly, we were able to deliver an adjusted EBITDA margin for the year of 10.3%, well above historical levels in spite of demand and pricing challenges throughout the year.

這一不利因素導致我們的調整後 EBITDA 下降 28% 至 1.33 億美元，而我們的調整後 EBITDA 利潤率下降至 9.1%。儘管第四季度的銷售和利潤率因季節性因素而較低，但持續的競爭性定價對利潤率造成的壓力大於正常趨勢。重要的是，儘管全年面臨需求和定價挑戰，我們仍能實現 10.3% 的調整後 EBITDA 利潤率，遠高於歷史水準。

Similarly, our return on invested capital was resilient at 18.3%, which is almost two times our weighted average cost of capital, and well above historical levels, highlighting the strong returns our business can achieve even when faced with more challenging market conditions.

同樣，我們的投資資本回報率保持強勁，達到 18.3%，幾乎是我們的加權平均資本成本的兩倍，遠高於歷史水平，突顯出即使面臨更具挑戰性的市場條件，我們的業務仍能實現強勁的回報。

We continue to generate strong operating cash flows, which totaled $643 million for the year, and our balance sheet continues to gain strength with a cash surplus that's grown to almost $1.2 billion, providing us with ample flexibility to pursue our financial and strategic objectives as we move into 2025 and beyond.

我們繼續產生強勁的經營現金流，全年總額達到 6.43 億美元，我們的資產負債表繼續增強，現金盈餘已增長至近 12 億美元，為我們在 2025 年及以後追求財務和戰略目標提供了充足的靈活性。

Moving on to our segments. Sales in our Retail segment were $525 million, flat compared with last year, consisting of a 1% decline due to transfers of certain product sales to the Packaging segment, offset by a 1% increase in unit sales. The unit increase was comprised of a 3% increase in volume with big box customers, while our volume with independent retailers declined by 7%. By business unit, we experienced a 1% unit increase in ProWood, offset by a 2% decline in Edge and a 4% decline in Deckorators.

接下來是我們的環節。我們零售部門的銷售額為 5.25 億美元，與去年持平，其中由於某些產品銷售轉移到包裝部門導致銷售額下降 1%，但單位銷售額增長 1% 抵消了這一影響。單位成長包括與大型倉儲式客戶的銷售成長 3%，而與獨立零售商的銷售量下降 7%。按業務部門劃分，ProWood 的銷量成長了 1%，但 Edge 的銷量下降了 2%，Deckorators 的銷量下降了 4%。

Within Deckorators, our decking sales increased 20% and driven by our Surestone decking product, which increased 43%. Surestone, which comprised 55% of our total composite decking sales this quarter, will continue to benefit from our efforts to expand distribution, bring on new capacity, and increase our marketing efforts.

在 Deckorators 內部，我們的裝飾板銷售額增長了 20%，這得益於我們的 Surestone 裝飾板產品，該產品增長了 43%。本季度，Surestone 占我們複合地板總銷售額的 55%，我們將繼續努力擴大分銷範圍、引入新產能並加大行銷力度，以期為公司帶來更多收益。

Our year-over-year gross profits and gross margins in Retail improved primarily due to favorable changes in our ProWood product mix, due to SKU rationalization and the sustained impact of operating improvements we've discussed throughout the year. Operating profits in Retail improved by $7 million as a result of the improvement in gross profit, and a $6 million decline in SG&A as a result of lower compensation costs and bonuses, offset by an increase in additional Surestone advertising costs.

我們零售業務的毛利和毛利率同比有所提高，主要由於我們的 ProWood 產品組合的有利變化、SKU 合理化以及我們全年討論的營運改善的持續影響。零售業務的營業利潤由於毛利的提高而增加了 700 萬美元，由於薪酬成本和獎金的降低導致銷售、一般和行政費用下降了 600 萬美元，但被 Surestone 額外廣告費用的增加所抵消。

Moving on to Packaging. Sales in this segment dropped 9% to $375 million, consisting of an 8% decline in selling prices and a 2% decrease in units, partially offset by a 1% increase as a result of the transfer of certain sales from Retail.

繼續進行包裝。該部門銷售額下降 9% 至 3.75 億美元，其中銷售價格下降 8% 且銷售量下降 2%，但由於部分銷售額從零售業務轉移而導致的 1% 的增長，部分抵消了這一下降。

Customer demand in this segment remains soft, and that's contributed to a more competitive pricing environment as we execute our strategy to gain market share. We also had an unfavorable change in product mix this quarter as our largest and most profitable business unit, Structural Packaging, experienced the greatest decline in volume. As a result of these factors, year-over-year gross profits dropped by $21 million for the quarter, and gross margin dropped by 360 basis points.

該領域的客戶需求仍然疲軟，這促使我們在執行市場份額爭奪策略時形成更具競爭力的定價環境。本季我們的產品結構也發生了不利變化，因為我們最大、最賺錢的業務部門結構包裝的銷售量出現了最大的下降。受上述因素影響，本季毛利年減2,100萬美元，毛利率下降360個基點。

Operating profits in the Packaging segment declined by $23 million, to a total of $20 million for the quarter due to the decrease in gross profits and $5 million of impairment charges associated with plant closures and capacity reductions reflected as a separate line item in the income statement below SG&A.

包裝部門的營業利潤下降 2,300 萬美元，本季總計 2,000 萬美元，原因是毛利下降以及與工廠關閉和產能削減相關的 500 萬美元減損費用（在銷售、一般和行政費用的損益表中作為單獨項目反映）。

Year-over-year SG&A expenses declined by only $4 million for the quarter in the Packaging segment. However, it's important to note that prior year SG&A included a $5 million adjustment to reduce annual accrued sales incentives, and a $3 million adjustment to reduce an earn-out liability. Excluding these amounts, SG&A declined by $12 million year over year, primarily due to lower bonus and bad debt expense.

本季包裝部門的銷售、一般及行政開支年比僅下降 400 萬美元。然而，值得注意的是，上一年的銷售、一般及行政開支包括 500 萬美元的調整以減少年度應計銷售獎勵，以及 300 萬美元的調整以減少盈利負債。除這些金額外，銷售、一般及行政開支年減 1,200 萬美元，主要原因是獎金和壞帳費用減少。

Turning to Construction. Sales in this segment decreased 5% to $487 million, as a 7% decline in selling prices was partially offset by a 2% increase in units. The increase in volume was due to our Factory Built and Concrete Forming business units.

轉向建築。該部門銷售額下降 5% 至 4.87 億美元，因為銷售價格 7% 的下降被單位數量 2% 的成長部分抵消。銷量的成長歸功於我們的工廠建造和混凝土成型業務部門。

These increases were partially offset by declines in our Site Built and commercial units due to weaker demand. The 19% volume increase in our Factory Built unit was due to an increase in industry production and market share gains. The increase in Concrete Forming was due to market share gains.

由於需求疲軟，我們的現場建造和商業單位的下降部分抵消了這些增長。我們的工廠製造部門產量增加 19%，是由於產業產量增加和市場佔有率增加。混凝土成型業務的成長是由於市場佔有率的增加。

Selling prices fell in each of our business unit with the greatest impact in our Site Built unit. Gross profit decreased by $33 million year over year with gross margin down 560 basis points, driven by the decline in selling prices and a less favorable product mix as Site Built comprised a lower percentage of our overall sales. When combined with the $11 million decrease in our SG&A due to lower bonus expense, our operating profits declined by $22 million, to a total of $36 million for the quarter.

我們每個業務部門的銷售價格都下降了，其中受影響最大的是我們的現場建設部門。毛利年減 3,300 萬美元，毛利率下降 560 個基點，原因是銷售價格下降和產品組合不佳（因為 Site Built 占我們整體銷售額的比例較低）。加上由於獎金支出減少導致的銷售、一般及行政費用減少 1,100 萬美元，我們的營業利潤下降了 2,200 萬美元，本季總計 3,600 萬美元。

As we manage through this cycle, we're mindful of our cost structure and working 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, building brand awareness, and improving our efficiency through technology.

在我們管理這個週期的過程中，我們會留意我們的成本結構，並努力找到適當的平衡，確保公司規模與需求相適應，同時仍投資於實現我們的長期目標所需的資源，即成長、產品創新、建立品牌知名度和透過技術提高效率。

Our consolidated SG&A expenses declined $15 million for the quarter due to a $24 million decrease in bonus expense. The remaining increase resulted from prior year adjustments totaling $8 million, that I mentioned earlier, to reduce annual accrued sales incentives and an earn-out liability. Additionally, current year increases include $3 million for Deckorators advertising and $2 million for severances.

由於獎金支出減少 2,400 萬美元，本季我們合併的銷售、一般及行政開支下降了 1,500 萬美元。剩餘的增額來自於我之前提到的總計 800 萬美元的上年調整，以減少年度應計銷售獎勵和盈利負債。此外，本年度的成長包括 300 萬美元的 Deckorators 廣告費和 200 萬美元的遣散費。

Looking forward, we've targeted an annual run rate of EBITDA improvements from cost and capacity reductions of $60 million in 2026. Our plan for SG&A expenses next year, excluding highly variable sales and bonus incentives tied to profitability, is $565 million. This is flat when compared with 2024 and is comprised of $26 million of anticipated cost reductions, offset by $6 million of planned increases, primarily associated with new greenfield operations, technology improvements, and product innovation, and a $20 million increase in our Deckorators advertising spend as we invest in building the Surestone brand.

展望未來，我們的目標是到 2026 年，透過降低成本和削減產能，實現 EBITDA 年度成長 6,000 萬美元。我們明年的銷售、一般及行政開支計劃（不包括變化很大的銷售額和與盈利能力掛鉤的獎金激勵）為 5.65 億美元。與 2024 年相比，這一數字持平，包括預計成本削減 2600 萬美元，但計劃增加 600 萬美元，主要與新的綠地運營、技術改進和產品創新有關，以及隨著我們投資打造 Surestone 品牌，Deckorators 廣告支出增加 2000 萬美元。

In addition to the SG&A cost reductions, we've taken actions to reduce or eliminate capacity of locations that are not meeting our profitability targets. We anticipate these actions will have a favorable impact on gross profits totaling approximately $15 million in 2025. Based on the actions we've taken to date and opportunities for continued improvement, we're optimistic we will achieve our 2026 goal.

除了降低銷售、一般及行政費用外，我們還採取措施減少或取消未達到盈利目標的門市的產能。我們預計這些舉措將對 2025 年總計約 1,500 萬美元的毛利產生有利影響。根據我們迄今為止採取的行動和持續改進的機會，我們對實現 2026 年的目標充滿信心。

Moving on to our cash flow statement. Our operating cash flow was nearly $643 million. Last year, our operating cash flow of $960 million was elevated, and included a $288 million reduction in net working capital as we adjusted to reduce our inventories from the peak demand of the pandemic. Our investing activities included $232 million in capital expenditures, comprising $124 million in maintenance CapEx and $108 million of expansionary CapEx.

繼續我們的現金流量表。我們的營運現金流接近6.43億美元。去年，我們的營運現金流增加了 9.6 億美元，但其中淨營運資本減少了 2.88 億美元，因為我們進行了調整，以減少疫情高峰需求帶來的庫存。我們的投資活動包括 2.32 億美元的資本支出，其中包括 1.24 億美元的維護資本支出和 1.08 億美元的擴張資本支出。

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. Investing activities also included the acquisition of C&L Wood Products, a manufacturer of machine-built pallets located in Hartselle, Alabama, which fills a geographic gap for our PalletOne business unit.

提醒一下，我們的擴張性投資主要集中在三個關鍵領域。擴大我們生產新產品和增值產品的能力，擴大核心高利潤業務的地理擴張，並透過自動化提高效率。投資活動還包括收購位於阿拉巴馬州哈茨維爾的機械加工托盤製造商 C&L Wood Products，這填補了我們 PalletOne 業務部門的地理空白。

Finally, our financing activities primarily consisted of returning capital to shareholders through almost $81 million of dividends and $159 million of share repurchases. For the 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透過近 8,100 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，我們以平均不到 114 美元的價格回購了約 140 萬股。

Turning to our capital structure and resources. We continue to have a strong balance sheet with nearly $1.2 billion in surplus cash, while our total liquidity has grown to $2.5 billion. Our liquidity includes cash and amounts available to borrow under our long-term lending agreements. With respect to capital allocation, we plan to continue to pursue a balanced and return-driven approach. As we've discussed in the past, our highest priority for capital allocation is to drive organic and inorganic growth that results in higher margins and returns.

轉向我們的資本結構和資源。我們的資產負債表持續保持強勁，擁有近 12 億美元的剩餘現金，而我們的總流動資金已成長至 25 億美元。我們的流動性包括現金和根據長期貸款協議可藉入的金額。對於資本配置，我們計劃繼續推行平衡、回報驅動的方法。正如我們過去討論過的，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 growing our dividends in line with our long-term anticipated free cash flow growth and repurchasing 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長期預期的自由現金流成長增加股息，並回購股票以抵銷股權激勵計畫的稀釋。當我們認為股票以折扣價交易時，我們將繼續擇機回購更多股票。

With these points in mind, our Board approved a quarterly dividend of $0.35 a share to be paid in December, representing a 6% increase from the rate paid a year ago. Last July, our Board approved another $200 million share repurchase authorization that expires at the end of July 2025. We've repurchased over 9,300 shares at an average price under $112 under this new authorization.

考慮到這些因素，我們的董事會批准在 12 月支付每股 0.35 美元的季度股息，比一年前支付的股息增加 6%。去年 7 月，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。根據這項新授權，我們以低於 112 美元的平均價格回購了超過 9,300 股。

With regard to capital expenditures, last year, we indicated we plan to increase our investments 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. Our capital expenditures this year totaled $232 million, which was below our target as a result of longer lead times for equipment and the time needed for site selection in the case of investments in new locations.

關於資本支出，去年我們表示，我們計劃在 2024 年將投資增加至 2.5 億至 3 億美元左右，以利用我們在每個部門看到的自動化和更高利潤的成長機會。我們今年的資本支出總計 2.32 億美元，低於我們的目標，原因是設備交付週期較長，而且在新地點投資時需要選址時間。

Projects approved in 2024 that will be completed in 2025 are expected to total $143 million. In addition, we currently plan to approve new capital expenditure projects in 2025, totaling approximately $350 million. 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. As we pursue these opportunities, we will remain disciplined on valuation.

2024 年批准並將於 2025 年完工的項目預計總額將達到 1.43 億美元。此外，我們目前計劃在 2025 年批准新的資本支出項目，總額約為 3.5 億美元。最後，我們將繼續尋求一系列具有強大策略契合度的併購機會，同時提供更高的利潤回報和成長潛力。在我們尋求這些機會時，我們將保持對估值的紀律。

I'll finish up with comments about our outlook for the first half of the year. We anticipate demand will be slightly down in each of our segments during this period. We believe this soft demand environment will also continue to result in more competitive pricing. Each of these factors should make for more challenging year-over-year unit sales and profit comparisons in the first half of the year.

最後，我將對我們今年上半年的展望發表一些評論。我們預計在此期間各部門的需求都會略有下降。我們相信，這種疲軟的需求環境也將持續帶來更具競爭力的定價。上述每個因素都會使今年上半年的單位銷售額和利潤同比對比變得更加困難。

While some market indicators relevant to our business suggest conditions may improve from the first half of the year to the back half, we continue to approach the year with a sense of caution. With this uncertainty, we'll focus on things in our control to manage through these more challenging conditions in the short term, reducing costs, eliminating excess capacity, and divesting underperforming assets, while positioning ourselves for eventual improvements in market demand and executing our strategies to drive long-term growth and margin improvements.

雖然一些與我們的業務相關的市場指標表明，今年上半年到下半年的情況可能會有所改善，但我們仍然以謹慎的態度對待這一年。面對這種不確定性，我們將專注於我們能夠控制的事情，以應對短期內這些更具挑戰性的條件，降低成本，消除過剩產能，剝離表現不佳的資產，同時為最終改善市場需求做好準備，並執行我們的策略來推動長期增長和利潤率的提高。

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

現在，我們將開始回答問題。

(Operator Instructions) Kurt Yinger, D.A. Davidson.

（操作員指令）Kurt Yinger，D.A.戴維森。

I just wanted to start off with Deckorators and I was hoping you could maybe level set us around any shelf space changes at the big box level and kind of the expected impact on growth here in 2025, as well as maybe more so initiatives on the Pro side, including any strategies to maybe expand distribution?

我只是想從 Deckorators 開始，我希望您能為我們介紹一下大賣場貨架空間的變化，以及對 2025 年增長的預期影響，以及專業方面的更多舉措，包括任何可能擴大分銷的策略？

Yes. That's a really good question. Certainly, one that we're extremely excited about. You've heard a lot about the Surestone technology and we will have placement in a big way. That product is currently making its way to the big box in the second half of the year. It should be, in a big way, in 1,500-plus stores. We continue to build on our capacities through the CapEx investments that we've talked about and are excited. So you'll see that really in the second half of the year come into play.

是的。這真是一個好問題。當然，我們對此感到非常興奮。您已經聽說過很多有關 Surestone 技術的消息，我們將大力推廣該技術。該產品目前正準備在今年下半年上市。它應該大規模地覆蓋超過 1,500 家商店。我們將繼續透過我們已經討論過的資本支出投資來增強我們的能力，並且對此感到興奮。因此，您會看到這一點在下半年真正發揮作用。

Got it. Okay. That makes sense. And then just on the Construction gross margins. In terms of kind of the pressure versus the prior year, how much of that is really attributable to mix and Factory Built, the strength there versus Site Built? And then within Site Built specifically, is that mainly an unabsorbed fixed cost dynamic? Or how would you kind of describe the competitive dynamics there and gross margins you're bidding today versus the last couple of quarters?

知道了。好的。這很有道理。然後只討論建築毛利率。就與前一年相比的壓力而言，其中有多少實際上可以歸因於混合和工廠建造，以及與現場建造相比的優勢？那麼具體到 Site Built 中，這是否主要是未吸收的固定成本動態？或者您如何描述那裡的競爭動態以及與過去幾個季度相比您目前競標的毛利率？

Mike, do you want to take that one?

麥克，你想拿那個嗎？

Yes, sure. So your first question about kind of the price decline we've seen in Construction and how much of that is mix related versus just pricing declines. It's hard to break that out, Kurt, without giving you additional insights into the margins for each business unit, which as you know, we're reluctant to do.

是的，當然。所以您的第一個問題是，我們在建築業看到的價格下跌，以及其中有多少是混合相關的，而不是只是價格下跌。庫爾特，如果不向您提供每個業務部門利潤率的額外見解，我們就很難打破這一局面，正如您所知，我們不願意這樣做。

If I just kind of stay at a high level, the pricing declines within Site Built were very significant. We expect those to continue sequentially into the first half of the year. We don't feel like those -- we feel like those are at a bottom. We don't feel like those are getting worse. But the mix impact is also significant.

如果我只是停留在高水平，Site Built 內的價格下降是非常明顯的。我們預計這些趨勢將持續到今年上半年。我們不覺得那些──我們覺得那些已經到了谷底。我們不覺得這些情況變得更糟。但混合影響也很顯著。

If I get into the details there a little bit, Factory Built carries a much different gross margin structure and operating margin than the Site Built area. The Site Built business unit is our highest gross margin and highest operating margin business. And so that is a prominent impact too. I'm sorry, I can't break it down further for you. We expect that mix -- sequentially, I should say, we expect that mix impact to continue into the first half of the year, too, with Site Built being down more than the manufactured housing group.

如果我稍微詳細講一下，工廠建造的毛利率結構和營業利潤率與現場建造的毛利率有很大不同。現場建設業務部門是我們毛利率和營業利潤率最高的業務。所以這也是一個顯著的影響。很抱歉，我無法為您進一步詳細說明。我們預計，按順序來說，我們預計這種組合影響也將持續到今年上半年，其中，Site Built 的降幅將超過預製房屋組。

Got it. Okay. And then I know you talked about kind of flat core SG&A 2025 versus 2024. It sounded like that kind of bonus expense component was a pretty meaningful tailwind here in Q4, and I know there's a lot of different factors that play into that. But I guess from a consolidated SG&A standpoint, directionally, would you think that would be flattish as well? Or any kind of specific bonus elements we should be aware of going into next year?

知道了。好的。然後我知道您談到了 2025 年與 2024 年相比核心銷售、一般和行政費用持平的情況。聽起來這種獎金費用部分對第四季來說是一個非常有意義的順風，我知道有很多不同的因素在起作用。但我想從合併銷售、一般及行政開支的角度來看，從方向上看，您是否認為這也會持平？或者我們應該了解明年哪些具體的獎金要素？

Yes. The kind of the core SG&A, the number I kind of guided to, the $565 million, that's a number that, as you look at future quarters, that's a pretty fixed number from quarter to quarter. Q4 is generally a little bit lower than the other quarters. When you get into bonus and sales incentives, I think the metrics we've given you in the past are still good metrics. Bonus expense now, I would say, maybe 16%, 17% of pre-bonus operating profit. That rate is a little bit lower at the return on investment tier level we're at now.

是的。我預計核心銷售、一般及行政費用為 5.65 億美元，當你展望未來幾季時，你會發現這是一個每季都相當固定的數字。第四季整體比其他季度略低。當你談到獎金和銷售獎勵時，我認為我們過去給你的指標仍然是好的指標。現在的獎金支出，我想說，大概佔獎金前營業利潤的 16% 到 17%。就我們目前的投資報酬率水準而言，這個比率略低一些。

Sales incentives are still pretty well locked in at about 5% of gross profit. So if you use the $565 million and kind of spread it the way I'm suggesting and use those variable elements for bonus and sales incentives, you should get to a pretty good SG&A for the year. It just depends on how profitability and gross profit looks throughout 2025.

銷售獎勵仍相當穩定地鎖定在毛利的5%左右。因此，如果您使用 5.65 億美元並按照我建議的方式進行分攤，並將這些可變要素用於獎金和銷售獎勵，那麼您今年的銷售、一般和行政費用就應該會相當不錯。這只取決於 2025 年的獲利能力和毛利情況。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Maybe to start with, on the Packaging side, can you talk about sort of what trends you are seeing, both from a demand standpoint and sort of pricing competitive dynamics? Are you seeing signs of stabilization? Or are we still seeing those pressures continue?

也許首先，在包裝方面，您能否從需求的角度和定價競爭動態的角度來談談您所看到的趨勢？你看到穩定的跡象了嗎？或者我們仍然看到這些壓力持續存在？

Yes, it's a really good question. Certainly, from our perspective, there continues to be pressure. The takeaway in the market is down as we've expressed, and we continue to expect that to happen for at least the first half of the year.

是的，這是一個非常好的問題。當然，從我們的角度來看，壓力仍然存在。正如我們所表達的，市場的外賣量正在下降，我們預計至少在今年上半年這種情況還會繼續發生。

We believe we've reached kind of a bottom when you come to pricing. But we also expect to see pricing increases until we see some more demand and a more robust takeaway. So I hope that kind of gives you what you're looking for there.

我們相信，就定價而言，我們已經觸底。但我們也預期價格將會上漲，直到我們看到更多的需求和更強勁的外賣。所以我希望這能為你提供你所尋找的東西。

Yes, that's helpful. So is it fair to say that --

是的，這很有幫助。那麼公平地說--

Maybe to add on to Ketan, there is a mix impact as well. The PalletOne group has performed better from a unit sales standpoint, taking a lot of share. The margin structure there is quite a bit different than on the Structural Packaging side. Do expect that to continue on sequentially as well, but I just don't want you to lose sight of the impact on mix there as well.

也許對 Ketan 來說，還有混合影響。從單位銷售量來看，PalletOne 集團表現較佳，佔了很大份額。那裡的利潤結構與結構包裝方面有很大不同。確實希望這也能按順序繼續下去，但我只是不想讓你忽視那裡混合的影響。

Got it. No, that's helpful. And then turning to the CapEx program, Mike can you remind us of out of that $1 billion, what have you already spent in 2024? And as we think about this year, how much is towards that the $1 billion program?

知道了。不，這很有幫助。然後談到資本支出計劃，麥克，您能提醒我們一下，在這 10 億美元中，您在 2024 年已經花了多少錢嗎？我們想想今年，這個 10 億美元計畫佔了多少？

Yes. The $1 billion program is largely intact. We went through our five-year planning cycle, just completed here recently, and those numbers are still robust for future investment. Of that $1 billion last year, we had said that we would approve, I think somewhere in the neighborhood of $300 million, and we approved -- actually $330 million.

是的。這項耗資 10 億美元的計畫基本上完好無損。我們剛完成了五年規劃週期，這些數字對於未來投資來說仍然強勁。對於去年的 10 億美元，我們曾表示將批准約 3 億美元，實際上我們批准了 3.3 億美元。

We just didn't get much of a spend this year through the CapEx line maybe as much as you would have expected because so much of that relates to equipment purchases that have long lead times, because of the sophistication of them, but also greenfield. So the time it takes for site selection and close on greenfield locations is much longer. So I had referenced a carryover CapEx number of well over $100 million. I think it was $140 million into next year. And that's part of the reason why it's just the time it takes to get to closure on some of those projects.

我們今年在資本支出方面的支出可能沒有像你預期的那麼多，因為其中很大一部分與設備採購有關，這些設備的採購由於其複雜性和新建項目，需要較長的交付週期。因此，選址和確定綠地位置所需的時間要長得多。因此，我參考的結轉資本支出數字遠超過 1 億美元。我認為明年這個數字會達到 1.4 億美元。這就是為什麼有些項目需要花費一些時間才能結束的原因之一。

This year, we have another $350 million that we expect to go through that approval cycle with and kind of fits into all those categories we had talked about before. Very robust Deckorators spend, really each of the business units in the Packaging segment has a robust spend, and cycle business unit stands out within the Construction segment. Really all of our highest margin businesses.

今年，我們還有另外 3.5 億美元預計將經過批准週期，並且符合我們之前談到的所有類別。Deckorators 的支出非常強勁，實際上包裝部門中的每個業務部門都有強勁的支出，而循環業務部門在建築部門中脫穎而出。確實，這些都是我們利潤最高的業務。

The only thing I would add in is really that's a commitment to deploying that capital. And that $1 billion was really based around the inability for the M&A side based on pricing. You could see a pricing environment change on the M&A side that could affect that number, but deployment of capital doesn't change.

我唯一想補充的是，這實際上是對部署資本的承諾。而這 10 億美元其實是由於併購方在定價方面無力負擔。您可能會看到併購方面的定價環境變化可能會影響該數字，但資本配置不會改變。

Got it. And then just one last one from me. As we think about sort of incrementals and decrementals and Packaging and Construction, as you've made some of the footprint changes, rationalization on sort of the cost side, what do you think is the right way to think about it now?

知道了。接下來是我最後一個問題。當我們考慮增量和減量以及包裝和構造時，由於您對足跡進行了一些更改，在成本方面進行了合理化，您認為現在正確的思考方式是什麼？

Yes. Ketan, I think when I think about the times when we've guided incremental and decremental in the past, and there hasn't been robust changes in pricing up or down. And I think those incremental and decrementals are largely intact. I look at the Construction side and the Packaging side as kind of being more around that 20% range. Retail will be changing with the growth of Deckorators. That's probably more than the 15% rate now with Pro being as prominent as it is.

是的。Ketan，我想，當我回想我們過去指導增量和減量的時候，價格並沒有出現大幅上漲或下跌的變化。我認為這些增量和減量基本上是完整的。我認為建築方面和包裝方面的份額大概在 20% 左右。隨著 Deckorators 的成長，零售業也將改變。由於 Pro 如此突出，這個比率可能高於現在 15% 的比率。

So I think those are pretty good percentages to use going forward because I don't see the pricing being as big an element of change. It's really more volume related, I think, at this point. The one caveat to that, though, is mix. Mix is a big factor. And so if you get mix changes, that could result in changes in those estimates.

因此我認為這些百分比在未來非常有用，因為我不認為定價會成為很大的變動因素。我認為，目前這實際上與數量有關。不過，有一個需要注意的地方，就是混合。混合是一個重要因素。因此，如果混合發生變化，則可能會導致這些估計值發生變化。

Reuben Garner, Benchmark.

魯本·加納，基準。

Kind of an interesting question or potential opportunity on the lumber side with the tariff situation. Do you guys use very much Southern Yellow Pine in some of your markets like Site Built? Is there an opportunity to kind of increase the penetration there as a lower cost wood source that might help offset some of the pricing and margin pressure? Or is that just not something that -- I know historically in certain geographical markets, it's not been possible, but we've heard it's been increasing of late. Are you guys seeing that? And any chance to kind of accelerate it?

這是一個有趣的問題，或者說，在木材關稅方面存在著潛在的機會。你們在 Site Built 等某些市場中是否大量使用南方黃松？是否有機會透過低成本木材來源增加在那裡的滲透率，這可能有助於抵消部分價格和利潤壓力？或者這只是某種——我知道從歷史上看，在某些地理市場，這是不可能的，但我們聽說最近這種情況正在增加。你們看到了嗎？有沒有機會加速這一進程？

Yes, that's a really good question, Reuben. And yes, I think the answer is I think other species will be adopted based on pricing in the marketplace. Some of that's already happened over the last few years. You've seen a big transition of production further south and in Southern Yellow Pine production. And I expect that would continue to be the case if we start to see pricing of other species. I think the adoption rate would grow.

是的，這是一個非常好的問題，魯本。是的，我認為答案是，我認為其他物種將根據市場定價被採用。其中一些情況在過去幾年已經發生。您已經看到了生產向南部和南部黃鬆生產的重大轉變。而且我預計，如果我們開始關注其他物種的定價，這種情況將會持續下去。我認為採用率會成長。

Okay. And then a follow-up on Deckorators, whether it was in Q4 or throughout 2024. Was there a noticeable difference in kind of the sell-through your customers are seeing and what you guys were selling into the channel? In other words, do you feel like they've destocked over the last year? What does the channel inventory look like today?

好的。然後對 Deckorators 進行跟進，無論是在第四季度還是在整個 2024 年。您的客戶看到的銷售量和您們銷售到通路的產品有明顯差異嗎？換句話說，您是否覺得他們去年已經減少了庫存？今天通路庫存如何？

No. I can't really speak to any significant changes in that respect. The takeaway of our product is really good and we're excited about the product and product mix. But no, I really can't speak to that change in a significant way.

不。我實在無法說出這方面有什麼重大變化。我們的產品的外賣非常好，我們對產品和產品組合感到非常興奮。但不，我真的無法以重要的方式談論這種變化。

Okay. And then last one, I'm going to sneak one more in on the CapEx side. Any material changes to the way you're thinking about that either near term or longer term?

好的。最後一個，我將在資本支出方面再偷偷講一點。您對此的想法有什麼重大改變嗎，無論是短期還是長期？

I'm sorry, Reuben, can you repeat that one?

抱歉，魯本，你能再說一次嗎？

Yes. On the capital expenditures side, any material changes into how you're thinking about investing, whether it be in the near term or longer term?

是的。在資本支出方面，您對投資的想法有任何重大變化嗎，無論是短期還是長期？

No. We've kind of overweighted capital deployment for growth. And in the CapEx commitment is as high as I've seen it in my career had, just lots of opportunities to expand existing facilities. The greenfield growth is very prominent. But also the efficiency and automation spend. When I look at the numbers over the next five years, the commitment's to $250 million to $300 million. And so that's a really big piece, too. So that's why the numbers are much more elevated than what we've seen in the past. And so still very committed to that.

不。為了實現成長，我們過度配置了資本。而且，在資本支出方面，我的承諾是我職業生涯中見過的最高水平，有很多機會可以擴大現有設施。綠地增長十分突出。但也要考慮效率和自動化方面的支出。當我查看未來五年的數字時，發現承諾的金額將達到 2.5 億至 3 億美元。所以這也是一個非常大的部分。這就是為什麼這個數字比我們過去看到的數字要高得多。因此我仍然致力於此。

And the only thing to Will's point earlier would be, when you look at greenfields and our core businesses, it's always possible to pivot to M&A. We haven't built that into the plan. We know we're going to be deploying capital. But if we see M&A opportunities, obviously, we prefer that to greenfield if we can. The opportunities just need to be there.

關於威爾之前的觀點，唯一的一點是，當你審視綠地和我們的核心業務時，總是有可能轉向併購。我們尚未將其納入計劃。我們知道我們將要部署資本。但如果我們看到併購機會，顯然，如果可以的話，我們更願意選擇併購，而不是新建項目。機會必須存在。

Jay McCanless, Wedbush.

傑伊麥坎利斯，韋德布希。

I guess the first one, just to kind of talk about the cost saves and the strategic review you guys highlighted last quarter. I guess, is the $60 million in cost saves by year-end '26, is that where the plan is now? Or are there still some larger actions you guys could take under consideration?

我想第一個問題只是想談談你們上個季度強調的成本節約和策略評估。我想，到 26 年底將節省 6,000 萬美元的成本，這就是目前的計畫嗎？或者你們還可以考慮採取一些更大的行動？

Yes, I think that's a constant evaluation and we constantly look at it, and we are looking at it based on where business sits today. We'll continue to look for opportunities for efficiency gains, consolidations, SG&A savings. So that's an ongoing effort.

是的，我認為這是一個持續的評估，我們會不斷地關注它，並且我們根據當前的業務狀況來關注它。我們將繼續尋找提高效率、合併以及節省銷售、一般及行政開支的機會。所以這是一項持續的努力。

Yes. And so in my comments, Jay, you heard that we had around $41 million of actions we've taken that we think will be improvements to '25, right. So those have been identified. We're actively working on that. And most, if not all of it, will occur in '25. The $60 million we expect to get to -- by full year impact in '26. Those have been identified. And as Will said, we'll be working hard throughout the year to try to make sure we're executing on those, so we get the full-year impact in '26.

是的。所以，傑伊，在我的評論中，你聽說我們已經採取了大約 4100 萬美元的行動，我們認為這些行動將對 25 年有所改善，對吧。這些已經被識別出來了。我們正在積極致力於此事。其中大部分（如果不是全部的話）都將在25年發生。我們預計 26 年全年影響將達到 6,000 萬美元。這些已經被確認。正如威爾所說，我們將全年努力工作，以確保我們能夠執行這些目標，以便在 26 年獲得全年影響力。

Great. Thank you. And then the next question I have on MH, it sounds like things are going really well there. The industry had a very good year with shipments. I guess, what are you all seeing early first quarter? And broadening it out a little bit more, have you all seen any impact on Concrete Forming from some of these potential budget changes, things like that, something we need to be thinking about on that line item?

偉大的。謝謝。然後我對 MH 的下一個問題是，聽起來那裡的事情進展得非常順利。今年該行業的出貨量非常好。我想，第一季初大家看到了什麼？再進一步擴大一點，你們是否看到了一些潛在的預算變化對混凝土成型的影響，諸如此類的事情，我們需要考慮這個項目？

Yes, I'll start with the Factory Built question. We still believe this is going to be a promising spot for us. The affordability is certainly a challenge today, whether it's interest rate related or just cost of building, and we believe that's a place that will continue to grow. We're excited about it and continue to invest there. Secondarily, I think it's too early on that Concrete Forming question to realize any of that. So more to come in the future, nothing to speak of today.

是的，我將從工廠建造的問題開始。我們仍然相信，對我們來說，這將是一個充滿希望的地方。如今，負擔能力無疑是一個挑戰，無論是與利率有關還是建築成本，我們都相信這個問題將會繼續成長。我們對此感到非常興奮並將繼續在那裡投資。其次，我認為現在認識混凝土成型問題還為時過早。所以未來還會有更多，今天沒有什麼好說的。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call over to Mr. Will Schwartz for any closing remarks.

謝謝。目前隊列中沒有其他問題。現在，我想請威爾‧施瓦茲先生作結束語。

Thanks again for joining us on the call this morning. Despite an uncertain first half outlook for 2025, we remain confident in our strategies. Ingrained in our culture, we used the term tough times, tougher people. We look at challenging periods as opportunities to prove what we're truly made of. Thank you for your investment in us and have a great day.

再次感謝您參加今天早上的電話會議。儘管 2025 年上半年的前景不明朗，但我們對我們的策略仍然充滿信心。在我們的文化中，我們根深蒂固地使用「艱難時期，更強壯的人」這個詞語。我們將困難時期視為證明我們真正實力的機會。感謝您對我們的投資並祝您有愉快的一天。

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。