UFP Industries Inc (UFPI) 2025 Q3 法說會逐字稿

Good day, and welcome to the Q3 2025 UFP Industries Inc. earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 UFP Industries Inc. 2025 年第三季財報電話會議和網路直播。（操作人員指示）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.

現在我謹將會議交給各位發言人，投資人關係總監史丹利‧艾略特先生。請繼續。

Good morning, everyone, and thank you for joining us to discuss our third quarter results.

各位早安，感謝各位參加我們第三季業績討論會。

With me on the call are Will Schwartz, our President and Chief Executive Officer; and Mike Cole, our Chief Financial Officer. Will and Mike will offer prepared remarks, and then we will open the call for questions. This conference call is available to all interested investors and news media through the Investor Relations section of our company's website, ufpi.com where we will also post a replay of this call.

與我一同參加電話會議的還有我們的總裁兼執行長威爾·施瓦茨，以及我們的財務長麥克·科爾。威爾和麥克將發表準備好的講話，然後我們將開放提問環節。所有有興趣的投資者和新聞媒體都可以透過我們公司網站 ufpi.com 的投資者關係版塊收聽本次電話會議，我們也將在該網站發布本次電話會議的錄音回放。

Before I turn the call over, let me remind you that yesterday'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 statements 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.

在我將電話轉交給您之前，請允許我提醒各位，昨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。這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。這些聲明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 Will.

現在我將把通話轉給威爾。

Welcome, everyone, and thank you for joining today's call to discuss our financial results for the third quarter of fiscal year 2025 and share our thoughts on what we are seeing in the marketplace and provide some preliminary thoughts on how we see the business heading into 2026.

歡迎各位參加今天的電話會議，感謝各位前來討論我們 2025 財年第三季度的財務業績，分享我們對市場現狀的看法，並就公司在 2026 年的發展前景提出一些初步想法。

Net sales remained steady at $1.56 billion on a 4% decline in units and 1% decline in price. We saw encouraging traction in new product sales, which totaled 7.2% of total sales. Our profitability remains pressured when compared to a year ago but on a trailing 12-month basis, we continue to flatten out.

淨銷售額保持穩定，為 15.6 億美元，但銷量下降了 4%，價格下降了 1%。新產品銷售取得了令人鼓舞的成長，佔總銷售額的 7.2%。與去年同期相比，我們的獲利能力仍面臨壓力，但以過去 12 個月計算，我們的獲利能力繼續趨於平穩。

Much of the market dynamics that we've seen early in the year have continued. We're seeing cyclically soft demand ongoing trade uncertainty and competitive pricing pressures, creating a difficult operating environment.

今年年初我們看到的許多市場動態仍在持續。我們看到，週期性疲軟的需求、持續的貿易不確定性和激烈的價格競爭壓力，造成了艱難的經營環境。

Despite the ongoing market headwinds, we continue to see a number of our business units finding a level of unit and profit stabilization. While it might be early to identify what we are seeing as green shoots, it does leave us cautiously optimistic heading into 2026.

儘管市場持續面臨不利因素，但我們仍然看到許多業務部門的銷售和利潤趨於穩定。雖然現在就斷言我們看到的跡像是好轉的苗頭還為時過早，但這確實讓我們對2026年充滿謹慎樂觀的態度。

I couldn't be more proud of the team and how they've managed through a difficult 2025. I think it's important for investors to understand, we are not sitting idly by and managing through what the cycle dictates to us. We have and will continue to take the necessary steps to emerge from this market a much stronger, leaner and profitable company.

我為團隊感到無比自豪，他們成功度過了艱難的2025年。我認為投資人必須明白，我們不會袖手旁觀，任由週期擺佈。我們已經並將繼續採取必要措施，以期從這個市場中脫穎而出，成為一家更強大、更精簡、更盈利的公司。

Across all of our businesses, we target above-market growth but with an overarching focus on returns. How we get there will vary by business, and it speaks to the balanced nature of our portfolio. We continue to introduce value-added products across our portfolio that will improve mix and drive higher margins.

我們所有業務的目標都是實現高於市場平均的成長，但始終以回報為首要目標。實現目標的方式會因業務而異，這也反映了我們投資組合的平衡性。我們將繼續在我們的產品組合中推出加值產品，以改善產品組合併提高利潤率。

And we continue to address underperforming operations, primarily through active restructuring efforts, but in some cases, divestitures. We continue to make the necessary investments to upgrade our capital base and capabilities as we've discussed with our $1 billion CapEx program.

我們將繼續解決業績不佳的業務問題，主要透過積極的重組措施，但在某些情況下，也會透過資產剝離來解決。我們將繼續進行必要的投資，以升級我們的資本基礎和能力，正如我們在10億美元的資本支出計劃中所討論的那樣。

Within this framework, we have earmarked $200 million towards automation to improve throughput and lower our cost structure. We are making select greenfield investments for certain products to expand geographically or expand capacity.

在此框架下，我們已撥出 2 億美元用於自動化，以提高產量並降低成本結構。我們正在對某些產品進行選擇性的綠地投資，以擴大地理範圍或擴大產能。

In addition to what we are doing organically to drive outcomes, we remain very active on the M&A front and continue to explore transactions of various sizes. M&A has always been a key part of the UFP growth story and will be an important part of the story and a great complement to the other actions we're taking to win in the marketplace. We have completed three bolt-on acquisitions this year, all smaller in nature, but all are great fit from both a cultural and product perspective.

除了我們自身為推動業績成長所做的努力之外，我們還在併購領域保持著非常活躍的狀態，並繼續探索各種規模的交易。併購一直是 UFP 成長故事的關鍵組成部分，並將繼續是我們贏得市場的重要組成部分，也是我們為贏得市場而採取的其他行動的有力補充。今年我們完成了三項補充收購，雖然規模都比較小，但從文化和產品角度來看都非常契合。

The first, a wood packaging manufacturer located in Mexico and allows us to strengthen our business with certain multinational customers. Two, a supplier to the manufactured Housing, RV and Cargo markets whose location is complementary to our existing footprint and allows us to execute strategies to reduce our operating costs while providing additional capacity for growth.

第一家是位於墨西哥的木製包裝製造商，這使我們能夠加強與某些跨國客戶的業務往來。Two，一家為預製房屋、房車和貨物市場供貨的供應商，其地理位置與我們現有的業務佈局互補，使我們能夠執行降低營運成本的策略，同時為成長提供額外的產能。

And lastly, a distributor to the RV market that complements our existing locations and product lines. We have taken steps to become more intentional, more strategic and focused in our deal evaluation.

最後，我們需要一家能夠與我們現有門市和產品線互補的房車市場分銷商。我們已採取措施，使交易評估更有目的性、更具策略性和更專注。

Our process around M&A targeting continues to mature. Centered around this is how an asset aligns with our core business while delivering on growth, margins and return targets. While the pace has improved, we will remain patient and disciplined.

我們在併購目標選擇方面的流程不斷改進。其核心在於如何使資產與我們的核心業務相契合，同時實現成長、利潤率和回報目標。雖然進度有所加快，但我們將保持耐心和自律。

And to that point, we have been able to pivot to share repurchases this year given the market conditions and market volatility and have bought back roughly $350 million or 6% of our market cap through October. As we look ahead, the opportunities for our business are positive across the board, and we are using this period of softer demand to strengthen the core of our business.

鑑於目前的市場狀況和市場波動，我們今年已經能夠轉向股票回購，截至 10 月份，我們已經回購了約 3.5 億美元，占我們市值的 6%。展望未來，我們業務的各個方面都充滿機遇，我們將利用這段需求疲軟的時期來加強我們業務的核心。

We believe we have the right team in place to weather the current climate and capitalize aggressively on opportunities when the market recovers to deliver on our long-term targets.

我們相信，我們擁有合適的團隊來應對當前的市場環境，並在市場復甦時積極抓住機遇，實現我們的長期目標。

Now turning to the individual segments. In our Retail segment, let's start with ProWood, which has performed well even in a tougher market. We continue to work on our cost positions and improving our manufacturing process.

現在來看各個部分。在我們的零售板塊，我們先來看看 ProWood，即使在競爭更加激烈的市場中，它的表現也相當不錯。我們將繼續努力降低成本，並改善生產流程。

ProWood recently introduced TrueFrame, a proprietary kiln-dried factory plain joist product. The value we add on the front end helps the structure resist warping and twisting, which reduces build time and improves product quality and aesthetics.

ProWood 最近推出了 TrueFrame，這是一種專有的窯乾工廠普通托樑產品。我們在前期增加的價值有助於結構抵抗變形和扭曲，從而縮短建造時間，提高產品品質和美觀度。

Along those lines, Surestone is another area of focus. We continue to see strong demand for our Surestone products and efforts to raise brand awareness are beginning to yield results. Consumers and contractors understand we collectively have something that they can't get anywhere else.

基於此，Surestone 是另一個重點領域。我們持續看到市場對 Surestone 產品有強勁的需求，提高品牌知名度的努力也開始取得成效。消費者和承包商都明白，我們共同擁有一些他們在其他地方無法獲得的東西。

While we're waiting for these investments to fully scale, we're confident in its potential once capacity is in place. That includes expansion efforts in Selma and our new plant in Buffalo, New York. Both expansion efforts are progressing well and will be fully operational and realized in first quarter 2026. These expansion plans are consistent with our plans to double market share over the next five years.

雖然我們還在等待這些投資全面實現規模化，但一旦產能到位，我們對它的潛力充滿信心。這包括在塞爾瑪的擴建工作以及我們在紐約州布法羅的新工廠。這兩項擴建工程進展順利，將於 2026 年第一季全面投入營運並完工。這些擴張計劃與我們未來五年內市佔率翻倍的計劃是一致的。

Throughput improved every month of the quarter and into October. We remain on track to be fully stocked for the 2026 selling season as a part of our big box program as well as positioned to service our expanding relationships with two-step distributors.

本季每個月以及10月份的吞吐量都有所提升。作為我們大型零售計劃的一部分，我們仍將按計劃為 2026 年銷售季做好充分的庫存準備，並已做好準備為我們不斷擴大的二級分銷商關係提供服務。

ProWood also continues to serve as an important distribution partner for our Surestone products, and we see distribution as a competitive advantage for our ProWood business. I strongly believe our ability to self-distribute product, both pressure-treated lumber and composite decking products at the same location are true differentiators versus our market peers. The leveraging of these two strong brands allows us to provide a very high level of service in order fulfillment.

ProWood 也一直是我們 Surestone 產品的重要經銷合作夥伴，我們認為經銷是我們 ProWood 業務的競爭優勢。我堅信，我們能夠在同一地點自行分銷防腐木材和複合甲板產品，這是我們相對於市場同行真正的差異化優勢。憑藉這兩個強大的品牌優勢，我們能夠在訂單履行方面提供非常高水準的服務。

To support the launch of this product, we have invested $30 million to support the brand, and we are pleased with the initial success. All of the metrics we are tracking to determine a successful return on our investment, including unaided brand awareness, product sample questions and website traffic, to name a few, have exceeded our expectations. We will continue to build on this platform to increase exposure, and we like our position looking ahead to 2026.

為了支持該產品的上市，我們投資了 3000 萬美元用於品牌推廣，我們對初步成功感到滿意。我們用來衡量投資報酬率的所有指標，包括品牌知名度（未經任何干預）、產品樣品諮詢量和網站流量等等，都超出了我們的預期。我們將繼續在此平台上發展壯大，以擴大影響力，我們對2026年的發展前景感到樂觀。

Moving on to our Packaging segment. It was the first to fill the impacts of a down cycle. And based on performance for the past several quarters, we feel it is among the first to begin to stabilize from a sales and margin perspective. We like the long-term trends in these businesses and the complementary nature of packaging to other parts of our portfolio.

接下來我們來看包裝部分。它是第一個填補經濟下行週期影響的。根據過去幾季的業績來看，我們認為它是最早開始在銷售額和利潤率方面趨於穩定的公司之一。我們看好這些產業的長期發展趨勢，以及包裝業務與我們產品組合其他部分的互補性。

We're well positioned to aggressively grow market share across the business given our engineering and design capabilities and structural packaging, geographic expansion on our Protective Packaging business and leveraging our low-cost position in our Pallet business.

憑藉我們的工程設計能力和結構包裝，以及防護包裝業務的地理擴張和托盤業務的低成本優勢，我們有能力積極擴大整個業務的市場份額。

Like other parts of our portfolio, we continue to invest and drive cost out of the business. While developing new solutions to help customers reduce labor while improving safety in their packaging operations. We are working through patent process approval for our U-Loc 200 product and received an award for one of our structural packaging solutions this October.

與我們投資組合中的其他部分一樣，我們將繼續投資並降低業務成本。同時開發新的解決方案，幫助客戶減少勞動成本，並提高包裝作業的安全性。我們正在辦理 U-Loc 200 產品的專利申請，並於今年 10 月憑藉我們的結構包裝解決方案獲得了獎項。

Now wrapping up with Construction. Markets remain pretty consistent to our last quarter, while we reported a very competitive Site Built business. Builders look to manage home inventories while consumer confidence and affordability remain challenged.

現在建築部分就到這裡。市場狀況與上一季基本保持一致，而我們報告稱，網站建設業務競爭非常激烈。在消費者信心和購買力持續面臨挑戰的情況下，建築商正努力控制房屋庫存。

And while we don't have a national footprint, we do overlap with some of the markets that have been more pressured. We continue to position this business for longer-term success with investments in automation to improve our cost position and throughput.

雖然我們沒有全國性的業務佈局，但我們與一些面臨更大壓力的市場重疊。我們將繼續投資自動化，以改善成本狀況和提高產量，從而使這項業務長期成功。

Our Factory Built business continues to outperform our end markets as we develop new products that add content and expand our addressable market. We continue to believe our Factory Built business addresses the affordability issues impacting the residential marketplace, and we believe our Site Built offerings address these challenges as well. In both cases, we are working to bring solutions to the market that can help improve build times and reduce labor content at the job site.

隨著我們不斷開發新產品，增加產品內容並擴大目標市場，我們的工廠製造業務持續超越終端市場表現。我們仍然相信，我們的工廠建造業務能夠解決影響住宅市場的可負擔性問題，我們也相信我們的現場建造產品能夠解決這些挑戰。無論哪種情況，我們都在努力為市場帶來能夠幫助縮短工期並減少工地勞動力投入的解決方案。

We also bring solutions to the nonresidential and public construction markets with our Concrete Forming business where we provide solutions that reduce job site labor. We have had great success in this fragmented marketplace and appreciate that our products are fungible across all types of concrete construction work.

我們也透過混凝土成型業務為非住宅和公共建築市場提供解決方案，從而減少工地勞動力。我們在這個分散的市場中取得了巨大的成功，並且很高興我們的產品可以適用於所有類型的混凝土建築工程。

Looking ahead, we remain focused on driving innovation across the portfolio and making strategic investments to create shareholder value. We believe we're in a position of strength when it comes to M&A given our $2.3 billion in liquidity.

展望未來，我們將繼續專注於推動整個產品組合的創新，並進行策略性投資以創造股東價值。鑑於我們擁有 23 億美元的流動資金，我們相信我們在併購方面處於優勢地位。

As we've said before, our focus remains on the most attractive opportunities that enhance our core business. We have identified targets across each of our business units that complement our core strengths. We continue to refine the business, and we are looking to put capital deployment strategies towards the places with the greatest opportunities for shareholder return.

正如我們之前所說，我們的重點仍然是那些能夠提升我們核心業務的最具吸引力的機會。我們已在各個業務部門中確定了與我們核心優勢互補的目標。我們不斷改善業務，並將資本部署策略投向那些能為股東帶來最大回報的領域。

Our balance sheet is ready for transaction that strengthen these areas. And we have the right team in place. We'll be patient and discerning and we're prepared to act when the right opportunity matures. We continue to be committed to our long-term targets and believe the steps we're taking today will position us to achieve these results in the future.

我們的資產負債表已做好準備，可以進行加強這些領域的交易。我們已經組建了合適的團隊。我們會保持耐心和審慎，並做好準備，在適當的時機到來時採取行動。我們將繼續致力於實現長期目標，並相信我們今天採取的措施將使我們能夠在未來實現這些目標。

As a reminder, we are driving towards a 12.5% EBITDA margin. to achieve 7% to 10% unit sales growth, some of which will come from M&A and new products. We will focus on driving ROIC in excess of 15%, which is well ahead of our cost of capital. and all of this while maintaining a conservative capital structure.

再次提醒，我們的目標是實現 12.5% 的 EBITDA 利潤率，並實現 7% 至 10% 的銷售成長，其中一部分成長將來自併購和新產品。我們將致力於將投資報酬率提升至15%以上，遠高於我們的資本成本。同時，我們將保持穩健的資本結構。

We are making progress even in this down cycle and performing 200 basis points better than we did in 2019. That's a testament to the strength of our business model, which as previously stated, we continue to refine.

即使在經濟下行週期中，我們也取得了進展，業績比 2019 年提高了 200 個基點。這證明了我們商業模式的優勢，正如之前所說，我們將繼續完善這一模式。

In closing, I believe in the work UFP Industries is doing for the benefit of our shareholders, our customers and our communities. We will continue to bring to market value-added solutions that strengthen all three. Thank you again for joining us today. We're proud of the progress we've made and confident in our path forward.

最後，我相信 UFP Industries 為我們的股東、客戶和社區所做的工作。我們將持續為市場帶來能夠增強這三方面優勢的增值解決方案。再次感謝您今天蒞臨。我們為取得的進展感到自豪，並對未來的道路充滿信心。

With that, I'll hand it over to Mike Cole, our Chief Financial Officer.

接下來，我將把麥克風交給我們的財務長麥克‧科爾。

Thank you, Will. Net sales for the quarter were $1.56 billion, reflecting a 5% decline from $1.65 billion last year, because of modest declines in overall volumes and pricing. Share gains and recent acquisitions helped to offset some of the volume pressure from softer demand and more competitive pricing was primarily isolated to our Site Built unit. These headwinds resulted in a 15% decline in our adjusted EBITDA to $140 million, while adjusted EBITDA margin fell to 9% from 10% a year ago.

謝謝你，威爾。本季淨銷售額為 15.6 億美元，較去年同期的 16.5 億美元下降 5%，原因是整體銷售和價格略有下降。市場佔有率的成長和近期的收購有助於抵消需求疲軟帶來的部分銷售壓力，而更具競爭力的價格主要集中在我們的現場建造部門。這些不利因素導致我們調整後的 EBITDA 下降 15% 至 1.4 億美元，而調整後的 EBITDA 利潤率從一年前的 10% 降至 9%。

Importantly, the structural improvements we've made in the business since 2019 have resulted in a nearly 200 basis point improvement in overall margins since that time. It's worth noting that 75% of the decline in our consolidated gross profit was due to lower volume and pricing in our Site Built business as affordability and confidence levels continue to weigh on residential construction activity.

重要的是，自 2019 年以來，我們對業務的結構性改進已使整體利潤率提高了近 200 個基點。值得注意的是，我們綜合毛利下降的 75% 是由於現場建造業務的銷售和價格下降造成的，因為住房負擔能力和信心水平繼續對住宅建設活動構成壓力。

Even in this environment, our trailing 12-month return on invested capital stands at 14.5%, well above our weighted average cost of capital, clear evidence of the strength of our balanced business model.

即使在這種環境下，我們過去 12 個月的投資資本回報率也達到了 14.5%，遠高於我們的加權平均資本成本，這清楚地證明了我們均衡的商業模式的優勢。

Operating cash flow was $399 million, and we maintain a robust cash position of over $1 billion, giving us the flexibility to pursue our strategic objectives. As we remain patient for the right M&A opportunities to materialize, we've returned significant capital to shareholders, repurchasing nearly 6% of our total outstanding shares through October.

經營現金流為 3.99 億美元，我們保持超過 10 億美元的穩健現金狀況，這使我們能夠靈活地實現我們的策略目標。在耐心等待合適的併購機會出現的同時，我們已向股東返還了大量資金，截至 10 月已回購了近 6% 的流通股。

Moving to our segments. Sales to customers in our Retail segment were $594 million, a 7% decline compared to last year, driven by softer repair and remodel demand and our strategic exit from lower-margin product lines.

接下來進入我們的板塊。我們零售部門的銷售額為 5.94 億美元，比去年下降了 7%，主要原因是維修和改造需求疲軟以及我們從低利潤產品線策略性退出。

Within our business units, ProWood volumes declined 5%, reflecting higher interest rates and weaker consumer sentiment. Deckorators delivered 5% unit growth and 8% net sales growth, including a 31% increase in Surestone decking and 9% growth in wood plastic composite decking. These gains were partially offset by a 13% decline in railing sales.

在我們的業務部門中，ProWood 的銷售量下降了 5%，反映出利率上升和消費者信心疲軟。Deckorators 的銷量成長了 5%，淨銷售額成長了 8%，其中 Surestone 地板成長了 31%，木塑複合地板成長了 9%。這些成長被欄桿銷售額下降 13% 的部分抵消。

As we discussed last quarter, our reeling sales declined due to the loss of placement with a large retail customer, which, to a lesser extent, offset some of our wood plastic composite decking growth. Positively, we gained share with another major retailer through the launch of our Summit Surestone decking, positioning us for a net market share gain as we expand capacity to supply approximately 1,500 stores.

正如我們上個季度所討論的，由於失去了一家大型零售客戶的訂單，我們的捲材銷售額下降了，這在一定程度上抵消了我們木塑複合甲板的成長。令人欣喜的是，我們透過推出 Summit Surestone 地板，從另一家大型零售商那裡獲得了市場份額，隨著我們擴大產能以供應約 1,500 家門市，我們有望獲得淨市場份額的增長。

We expect to capture the full benefit of the share gain in 2026, an important step toward our goal of doubling our composite ducking and railing market share over the next five years. While our year-over-year gross profits in retail declined by $13 million, we consider the causes to be temporary. Falling lumber prices weighed on the profitability of our ProWood pressure-treated products.

我們預計將在 2026 年獲得市場份額增長的全部收益，這是我們在未來五年內將綜合擋土牆和護欄市場份額翻一番的目標的重要一步。雖然我們零售業務的毛利比去年同期下降了 1300 萬美元，但我們認為這是暫時的。木材價格下跌影響了我們ProWood防腐產品的獲利能力。

Inefficiencies associated with implementing and running our new composite decking capacity will be overcome as the lines reach optimal efficiency shortly. And lower volumes and inefficiencies resulting from the wind-down activities at our Edge manufacturing locations will be eliminated as we move production to other plants.

隨著生產線很快達到最佳效率，與實施和運行我們新的複合甲板產能相關的效率低下問題將會得到解決。隨著我們將生產轉移到其他工廠，我們將消除邊緣製造基地逐步關閉而導致的產量下降和效率低下問題。

Adjusted EBITDA in retail declined by $11 million because of the decline in gross profit and foreign exchange gains last year offset by a decrease in SG&A expenses despite significant investments we've made in building the Surestone brand.

由於去年毛利和外匯收益下降，零售業務調整後 EBITDA 下降了 1,100 萬美元，儘管我們在打造 Surestone 品牌方面進行了大量投資，但銷售、一般及行政費用的下降抵消了這一影響。

As we indicated last quarter, the closure of the two Edge manufacturing facilities is expected to improve adjusted EBITDA by $16 million in 2026. Looking ahead, we believe the continued improvement and resiliency of our ProWood business growth and margin potential of our Deckorators unit, restructuring of Edge and SG&A improvements position us well for stronger results ahead.

正如我們上個季度所指出的，關閉兩家 Edge 製造工廠預計將在 2026 年使調整後的 EBITDA 增加 1,600 萬美元。展望未來，我們相信，ProWood 業務成長的持續改善和韌性，Deckorators 部門的利潤潛力，Edge 的重組以及銷售、一般及行政費用的改善，將使我們在未來取得更強勁的業績。

Packaging sales were $395 million, down 2% with a 3% organic unit decline, offset by 1% growth from recent acquisitions. Pricing remains stable, and we continue to gain share with key customers. Protective Packaging volumes grew 15% driven by geographic expansion.

包裝銷售額為 3.95 億美元，下降 2%，其中有機銷量下降 3%，但被近期收購帶來的 1% 的成長所抵消。價格保持穩定，我們繼續在重點客戶中擴大市場份額。受地理擴張的推動，防護包裝銷量成長了 15%。

While gross profit declined by $4 million due to price competition in PalletOne, overall sequential trends in this segment are stabilizing, providing cautious optimism for 2026. Adjusted EBITDA in this segment was flat year over year, supported by SG&A reductions.

儘管由於 PalletOne 的價格競爭導致毛利下降了 400 萬美元，但該領域的整體連續趨勢正在趨於穩定，為 2026 年帶來了謹慎的樂觀情緒。受銷售、管理及行政費用減少的影響，該業務板塊的調整後 EBITDA 與去年同期持平。

Construction sales were $496 million, down 7%, primarily due to volume and pricing pressure in Site Built as we protect our share. positively, volumes grew significantly in Factory Built, commercial and concrete forming, highlighting the strength of our diversified portfolio. Gross profit declined $20 million year over year, entirely due to Site Built.

建築業銷售額為4.96億美元，下降7%，主要原因是現場建造業務的銷售和價格承壓，我們需要保住市場份額。不過，工廠預製件、商業建築和混凝土模板業務的銷售量顯著成長，凸顯了我們多元化產品組合的優勢。毛利年減 2000 萬美元，完全是由於 Site Built 的緣故。

But it's important to note profitability remains above 2019 levels, reflecting structural improvements. Adjusted EBITDA declined $9 million as we reduced SG&A by $10 million and align costs with current demand. In this environment, we remain focused on balancing cost discipline with long-term growth investments, expanding market share, driving innovation, strengthening our brands and improving efficiency through technology.

但值得注意的是，獲利能力仍高於 2019 年的水平，反映出結構性改善。由於我們減少了 1000 萬美元的銷售、一般及行政費用，並將成本與當前需求相匹配，調整後的 EBITDA 下降了 900 萬美元。在這種環境下，我們將繼續專注於平衡成本控制與長期成長投資，擴大市場份額，推動創新，強化品牌，並透過技術提高效率。

Consolidated SG&A declined $13 million this quarter, even though we invested significantly in advertising for Surestone driven by a $7 million decline in incentive compensation and a $12 million reduction in our core SG&A. Looking ahead, we've targeted an annual run rate of EBITDA improvements from cost and capacity reductions, of $60 million by 2026.

本季綜合銷售、一般及行政費用下降了 1300 萬美元，儘管我們投入大量資金用於 Surestone 的廣告宣傳，這主要得益於激勵性薪酬減少了 700 萬美元，以及核心銷售、一般及行政費用減少了 1200 萬美元。展望未來，我們的目標是到 2026 年透過降低成本和產能，使 EBITDA 每年改善 6,000 萬美元。

Our plan for SG&A expenses in 2025, excluding highly variable sales and bonus incentives is $137 million for Q4 and $553 million for the year. The annual target is $11 million lower compared to 2024, and it's comprised of $31 million of anticipated cost reductions offset by a $20 million increase in Deckorators advertising costs.

我們 2025 年的銷售、一般及行政費用計畫（不包括波動性較大的銷售額和獎金激勵）為：第四季 1.37 億美元，全年 5.53 億美元。年度目標比 2024 年減少了 1,100 萬美元，其中包括預計減少的 3,100 萬美元成本，但同時也增加了 Deckorators 的 2,000 萬美元廣告費用。

Additionally, our Q4 targets are 3% of gross profit for sales incentives, 18% of pre-bonus operating profit for current year bonuses and $7 million of vesting expense associated with prior year share grants under our bonus plan.

此外，我們第四季的目標是銷售激勵金佔毛利潤的 3%，本年度獎金佔獎金前營業利潤的 18%，以及根據我們的獎金計劃，與上一年股票授予相關的 700 萬美元歸屬費用。

In addition to SG&A reductions, we've taken actions to reduce and consolidate capacity at locations that don't meet our profitability targets. We anticipate these actions will have a favorable impact on gross profits totaling nearly $14 million in 2025.

除了削減銷售、一般及行政費用外，我們還採取措施減少和整合未能達到盈利目標的地點的產能。我們預計這些措施將對 2025 年毛利產生正面影響，總額將達到近 1,400 萬美元。

And as I previously mentioned, the closure of our Bonner facilities is expected to eliminate operating losses totaling $16 million in 2026. Based on the actions we've taken to date and opportunities for continued improvement, we're confident in our ability to meet or exceed our goal of $60 million in cost out by the end of 2026.

正如我之前提到的，關閉我們在博納的工廠預計將在 2026 年消除總計 1,600 萬美元的營運虧損。根據我們迄今為止採取的行動以及持續改進的機會，我們有信心在 2026 年底前實現或超過 6,000 萬美元的成本削減目標。

Moving on to our cash flow statement. Our operating cash flow was $399 million for the year, supported by strong working capital management. The strength of our free cash flow generation has allowed us to continue to invest in growing and improving key parts of our business while also more aggressively pursuing share repurchases at an attractive price. For the year, our investing activities include $206 million in capital expenditures, comprising $81 million in maintenance CapEx and $124 million of expansionary CapEx.

接下來來看現金流量表。得益於強而有力的營運資本管理，我們今年的經營現金流為 3.99 億美元。我們強勁的自由現金流使我們能夠繼續投資於業務的關鍵部分的成長和改進，同時以有吸引力的價格更積極地進行股票回購。本年度，我們的投資活動包括 2.06 億美元的資本支出，其中包括 8,100 萬美元的維護性資本支出和 1.24 億美元的擴張性資本支出。

Our expansionary investments are primarily focused on capacity expansion for manufacturing new and value-added products geographic growth in our core higher-margin businesses and efficiency gains through automation. Our investing activities also include three small acquisitions.

我們的擴張性投資主要集中在以下方面：擴大產能以生產新的、高附加價值的產品；擴大核心高利潤業務的地域範圍；以及透過自動化提高效率。我們的投資活動還包括三項小型收購。

Finally, our financing activities primarily consisted of returning capital to shareholders through almost $62 million in dividends and $291 million in share repurchases.

最後，我們的融資活動主要包括透過近 6,200 萬美元的股息和 2.91 億美元的股票回購向股東返還資本。

Turning to our capital structure and resources. We continue to have a strong balance sheet with over $1 billion in cash and total liquidity of $2.3 billion.

接下來，我們來看看我們的資本結構和資源。我們繼續保持強勁的資產負債表，擁有超過 10 億美元的現金和 23 億美元的總流動資金。

Our capital allocation priorities remain unchanged: invest in organic and inorganic growth grow dividends in line with long-term free cash flow and repurchased our stock to offset dilution from share-based compensation plans and opportunistically buy back more stock when we believe it's trading at a discounted value.

我們的資本配置優先事項保持不變：投資於有機和無機增長，根據長期自由現金流提高股息，回購股票以抵消基於股份的薪酬計劃造成的稀釋，並在我們認為股票以折價交易時擇機回購更多股票。

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 of Directors approved a new $300 million share repurchase authorization that's effective through the end of July 2026.

考慮到以上幾點，董事會批准派發每股 0.35 美元的季度股息，將於 12 月支付，比一年前支付的股息率增加 6%。去年七月，我們的董事會批准了一項新的 3 億美元股票回購授權，有效期至 2026 年 7 月底。

We were active in the quarter and repurchased almost 840,000 shares or nearly $78 million through October under this authorization. This brings our total repurchases in 2025, to $347 million or roughly 6.5% of our market capitalization.

本季我們積極採取行動，根據這項授權，截至 10 月回購了近 84 萬股股票，價值近 7,800 萬美元。這將使我們在 2025 年的總回購額達到 3.47 億美元，約占我們市值的 6.5%。

We currently plan to spend approximately $275 million to $300 million for CapEx for the year, slightly lower than previously anticipated due to longer lead times for launching and completing certain projects.

我們目前計劃今年在資本支出方面投入約 2.75 億美元至 3 億美元，略低於先前的預期，這是由於某些項目的啟動和完成周期較長所致。

Finally, we continue to pursue a healthy pipeline of M&A opportunities across our portfolio. that are a strong strategic fit and provide higher margin return and growth potential. We'll remain patient and disciplined on valuation as we pursue these opportunities. Finally, our outlook remains consistent. Low single-digit unit declines across each of our segments through year end, reflecting soft demand and pricing pressure.

最後，我們將繼續在我們投資組合中尋求健康的併購機會，這些機會與我們的策略高度契合，並能提供更高的利潤回報和成長潛力。在尋求這些機會的過程中，我們將保持耐心，並在估值方面保持謹慎。最後，我們的觀點保持不變。截至年底，我們各個業務板塊的銷量均出現個位數小幅下滑，反映出需求疲軟和價格壓力。

Cycle faces the most pronounced headwinds, while our other businesses show signs of stabilization or modest growth. We're confident that our actions, cost reductions, capacity optimization and strategic investments position us well for above-market growth and margin expansion as business conditions normalize.

Cycle業務面臨最明顯的逆風，而我們的其他業務則顯示出穩定或溫和成長的跡象。我們相信，隨著商業環境恢復正常，我們的行動、成本削減、產能優化和策略投資將使我們能夠實現高於市場平均的成長和利潤率的提升。

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

接下來，我們將開放提問環節。

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

（操作說明）Kurt Yinger，D.A. Davidson。

Good morning, everyone. Just wanted to start on Deckorators. And I was hoping you could talk about where we stand with the Surestone retail rollout and whether it's the pace of store expansion, service, sell-through, how that's generally performed relative to yours and your customers' expectations coming into the year.

各位早安。只是想開始玩Deckorators。我希望您能談談 Surestone 零售推廣的進展情況，以及門市擴張速度、服務、銷售情況，這些方面與您和您的客戶在今年年初的預期相比，整體表現如何。

Yes. Good question there, Kurt. And what I would tell you is we remain on pace. We've talked about it openly. We're really targeting that 2026 selling season, and we'll be on shelf and ready to go for that season.

是的。問得好，庫爾特。我想告訴大家的是，我們依然照計畫進行。我們已經公開討論過這個問題了。我們真正瞄準的是 2026 年的銷售旺季，屆時我們的產品將上架銷售，一切準備就緒。

We're still working through the capacity expansions that we've talked about, the CapEx expansions. And that's on pace. We'll see that really kick in at the end of Q4 and into Q1, we'll be fully operational. I would tell you, sell-through is good. I think everyone is happy.

我們仍在努力推進我們之前討論過的產能擴張和資本支出擴張。目前的進度符合預期。我們將在第四季末和第一季看到這種情況真正開始顯現，屆時我們將全面投入營運。我會告訴你，銷售情況很好。我覺得大家都很開心。

It shows in the results, especially in a market when you consider that the consumers, it's a very difficult market to upsell, looking for a value proposition. And so we're outsizing the market and results. And for that, I think all of us are really happy.

結果也證明了這一點，尤其是在考慮到消費者正在尋找價值主張的情況下，這是一個很難向上銷售的市場。因此，我們的規模和業績都超過了市場平均。為此，我想我們所有人都感到非常高興。

Okay. That's helpful. And it's probably difficult to parse out. But with the Surestone growth that we're seeing, is there any way to ballpark what the impact of the new retail shelf spaces as compared to maybe what you're seeing in the Pro channel.

好的。那很有幫助。而且這可能很難釐清。但就我們看到的 Surestone 的成長而言，有沒有辦法大致估算一下新的零售貨架空間的影響與你在專業管道看到的影響相比如何？

And relatedly, I mean, wood plastic composite grow 9% is very impressive considering the emphasis around Surestone. Maybe talk about some of the success there even with some of the shelf space losses last year?

另外，考慮到 Surestone 的重要性，木塑複合材料 9% 的成長率非常令人印象深刻。或許可以談談即使去年貨架空間有所減少，但仍然取得了一些成功？

Yes. We're very pleased and continue to gain share. We're happy. We're excited about where we're heading. And we're winning in all those places.

是的。我們非常高興，市佔率持續成長。我們很高興。我們對我們的發展方向感到興奮。我們在所有這些地方都取得了勝利。

Surestone is obviously something no one else can get their hands on. It's not produced by anyone else. It's a new technology. We continue to invest in that branding and that strategy. And with more awareness, I think it will continue to take market share.

顯然，Surestone是其他人無法獲得的。它不是其他人製作的。這是一項新技術。我們將繼續加大對品牌建立和策略的投入。隨著人們對它的認識不斷提高，我認為它會繼續擴大市場份額。

But we're very committed, we're very excited, and our teams continue to innovate and develop a great product to match up to all the price points.

但我們充滿熱情，幹勁十足，我們的團隊將持續創新，開發出能夠滿足所有價格區間需求的優秀產品。

Okay. All right. That's helpful. And just lastly on lumber a two-parter. I guess, first, given the current demand and competitive environment, if we were to see lumber prices start to inflate, is that a risk to profitability just given the demand environment?

好的。好的。那很有幫助。最後，關於木材，我們將分成兩部分來討論。我想，首先，考慮到目前的需求和競爭環境，如果我們看到木材價格開始上漲，只考慮到這種需求環境，這是否會對獲利能力構成風險？

And then secondly, recognizing you guys don't want to be speculators on lumber. But just given where prices are, I guess, how do you think about the opportunity to perhaps lean into inventory here in the winter months ahead of spring and summer of next year.

其次，我也意識到你們不想成為木材投機者。但就目前的價格水平而言，我想，您覺得在明年春夏到來之前，趁著冬季幾個月多囤積一些庫存是個好機會嗎？

Yes. Good question there. And we always try to balance that. We're looking at what we believe the market will do. We try to use that in our strategies for building inventories for the following season.

是的。問得好。我們總是努力在這兩者之間取得平衡。我們正在觀察我們認為市場會如何發展。我們嘗試將此運用到下一季的庫存管理策略。

Right now, I think pricing is indicative of the end takeaway and we continue to look at that. We focus on it. Your first question, getting back to is the pressure in a reduced demand environment certainly passing along those things are difficult, but we feel like we're positioned in and poised well to handle it. And in a lot of our business, our strategy is that we were priced for Texas in that. So it's a balanced model.

我認為，目前定價能夠反映最終收益，我們會繼續關注這一點。我們重點關注這一點。回到你的第一個問題，在需求減少的環境下，壓力確實很大，當然，把這些壓力傳遞出去很困難，但我們感覺我們已經做好了充分的準備來應對這種情況。在我們的許多業務中，我們的策略是，我們的定價已經考慮到了德克薩斯州的市場情況。所以這是一個平衡的模型。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

First of all, I just want to acknowledge and applaud the improved disclosures and just the way the information is laid out in the release this quarter. So nice job on that. Maybe to start with, just continuing with composite decking and Deckorators.

首先，我想對本季財報中改進的資訊揭露方式和資訊呈現方式表示認可和讚賞。幹得漂亮！或許可以先從繼續使用複合甲板和Deckorators開始。

One of the competitors with recent consolidation was talking about more bundling of products. Given the size and scale I'm curious from your standpoint, what are you doing to continue on this pathway you talked about doubling market share. Can you talk about some of the puts and takes there?

近期進行整合的競爭對手之一正在討論產品捆綁銷售的問題。鑑於貴公司的規模，我很好奇，從您的角度來看，您為了繼續沿著您所說的將市場份額翻一番的道路前進，正在採取哪些措施？你能談談那裡的一些買賣交易嗎？

You cut out the last part of your question.

你把問題的最後一部分刪掉了。

Oh, I'm sorry. I'm just curious, from your standpoint, what are you doing so that you laid out the path to doubling share in that business. So from your standpoint, can you talk about what you are doing?

哦，對不起。我只是好奇，從你的角度來看，你採取了哪些措施，才得以製定在該業務中實現市場份額翻倍的計劃。那麼，從你的角度來看，你能談談你正在做的事情嗎？

Yes. So I think there's a couple of things there. One, that technology that we continue to talk about, and there's a reason we talk about it, it is next-generation material in technology that applies past decking too. But secondarily, and something that's not traditional for us is that branding exercise. We're really leaning into it because there's a great story to tell.

是的。所以我覺得這裡面有幾個問題。第一，我們一直在談論的這項技術，我們談論它是有原因的，它是下一代技術材料，其應用範圍不僅限於甲板。但其次，也是我們不太習慣的一點，就是品牌推廣活動。我們非常重視這件事，因為這裡面有一個很棒的故事要說。

And we believe that's going to drive those market share gains that we're talking about. We're building momentum every single day. And right now, we're at a capacity constraint that's about to be fixed, and you'll really start to see that capitalized on.

我們相信這將推動我們所說的市場份額成長。我們每天都在累積勢頭。而現在，我們正面臨產能瓶頸，這個問題即將得到解決，你很快就會看到這一點得到充分利用。

I think also the investments made to make sure the probe plants can distribute the Surestone product has been something that makes us unique and a key part of the growth strategy.

我認為，為確保探針工廠能夠分銷 Surestone 產品而進行的投資，也使我們獨樹一幟，並且是成長策略的關鍵部分。

Got it. No, that's helpful. And then switching to the cycle side. Curious what recent trends you are seeing. And as you start to think about 2026, given there is a lag involved, any perspective on what you're hearing from your customers and the competitive price pressures that business is being?

知道了。不，這很有幫助。然後切換到自行車那邊。很好奇你最近觀察到了哪些趨勢。考慮到存在時間滯後，當您開始考慮 2026 年時，您對從客戶那裡聽到的反饋以及企業面臨的競爭性價格壓力有何看法？

Are you seeing signs of stabilization and then it is more of a just an exit rate a thing. Curious what latest you're seeing there? .

如果你看到市場趨於穩定的跡象，那麼這更多的是一個退出率的問題。很好奇你那邊最新的情況如何？。

Yes. I wouldn't tell you -- I think that's the area of the business that's the most murky and lacks clarity. There's a lot of things out there. Interest rate cuts, consumer confidence has to grow, but I think some of the -- just the uncertainty, the affordability piece leaves it a lot more cloudy and trying to project what 2026 holds. We're cautiously optimistic.

是的。我不會告訴你——我認為這是業務中最模糊、最缺乏透明度的領域。外面有很多東西。降息必然會提振消費者信心，但我認為，有些不確定性，例如購買力問題，使得預測 2026 年的前景更加不明朗。我們持謹慎樂觀態度。

Most of our businesses, we see stabilization. That one, we just don't have enough clarity at this point to put a bow on it. Mike, do you want to add anything there?

我們看到大多數業務趨於穩定。這個問題，目前我們還沒有足夠的資訊來下定論。麥克，你還有什麼要補充的嗎？

Yes. I would just -- I think part of your question, too, is pricing trends sequentially, Ketan, from Q2 to Q3, we did see additional pricing pressures. So we can see costs coming down mostly because of material cost but pricing was off more than material costs. So clearly, a little more pressure there, which probably extends on into Q4 as well, given the environment.

是的。我想說的是——我認為你的問題的一部分也與價格趨勢有關，Ketan，從第二季度到第三季度，我們確實看到了額外的價格壓力。因此，我們可以看到成本下降主要是因為材料成本下降，但價格下降的幅度大於材料成本下降的幅度。顯然，壓力會更大一些，考慮到目前的環境，這種情況可能會持續到第四季。

Got it. That's helpful. And then just one last one from me. From a capital allocation standpoint, I mean, clearly, the balance sheet is very strong. And it seems like you are leaning more into share repurchases.

知道了。那很有幫助。最後，我再補充一句。從資本配置的角度來看，很明顯，資產負債表非常穩健。看來你們越來越傾向股票回購。

As we sit here today, how are you thinking about any opportunities that may come up from an M&A standpoint given the weak environment right now versus continuing to lean in on share repurchases. How are you thinking about that balance? And within that inorganic piece, what is it that is the most interesting to you from a growth standpoint right now.

鑑於當前疲軟的市場環境，您認為併購方面有哪些機會值得考慮？相較之下，您是會繼續專注於股票回購呢？你如何看待這種平衡？在這些非有機成長因素中，從成長的角度來看，你現在最感興趣的是什麼？

Mike, you want to hit on that a little bit?

麥克，你想稍微談談這個話題嗎？

Yes. I guess, Ketan, the way we're thinking about it right now, our cash flow generation is really good. And what we're looking at is allocating more of our free cash flow towards share buybacks. And you can see we've accumulated a lot this year. And trying to preserve the balance sheet, the cash, the unused debt capacity for more meaningful M&A transactions.

是的。凱坦，我想，就我們目前的想法來看，我們的現金流狀況非常好。我們正在考慮將更多自由現金流用於股票回購。你可以看到，我們今年累積了很多。同時，努力保持資產負債表的良好狀態，保留現金和未使用的債務能力，以便進行更有意義的併購交易。

And very focused on our strategies. And so trying to be really disciplined on making sure larger transactions that fit into strengthening the core is where we're focused.

我們非常專注於我們的策略。因此，我們努力做到嚴謹自律，確保進行符合加強核心業務的大型交易，這才是我們關注的重點。

Yes. The last thing I'll add there, Ketan, is I'm really impressed and appreciate the work our team has done. We're really starting to refine the opportunities and really hone in on the spaces we're going to invest. And we believe we're going to have some opportunities there.

是的。凱坦，我最後要補充的是，我對我們團隊所做的工作印象深刻，我非常感激。我們正在逐步縮小投資範圍，並真正聚焦於我們將要投資的領域。我們相信在那裡會有一些機會。

Jay McCanless, Wedbush.

Jay McCanless，Wedbush。

One and definitely I want to echo what Ketan said about the disclosure. We really appreciate the heightened disclosure and help so makes our job easier. So thank you all for doing that.

首先，我非常同意 Ketan 關於資訊揭露的說法。我們非常感謝你們提高資訊揭露水平並提供幫助，這使我們的工作更加輕鬆。所以，感謝大家為此所做的一切。

The first question I had, and I know I'm nitpicking here, but the language in the outlook where you are talking about Construction, Site Built versus Factory Built you guys changed that language up a little bit. Maybe it looks like you backed off how strong Factory Built is.

我的第一個問題是，我知道我這是在吹毛求疵，但你們在談到施工、現場建造與工廠建造時，措辭稍微改變了一下。也許你看起來低估了 Factory Built 的強大實力。

Could you talk about that and talk about where the strength of that business is now versus a quarter ago? And what are you hearing from customers as we're heading into the spring season, well, almost there a couple of months?

您能否談談這方面的情況，並談談與一個季度前相比，該業務目前的優勢在哪裡？隨著春季臨近（還有幾個月就到了），您從客戶那裡聽到了哪些回饋？

Yes, I don't think it's really a huge shift. I think everything right now, consumer confidence affordability is just challenging in the marketplace and just trying to temper that a little bit. But we're still excited about where that goes. And the affordability challenges, that market, we believe, has a lot of legs and will continue to grow. But just tempering that just around the current environment and housing total.

是的，我不認為這是一個巨大的轉變。我認為目前市場上的所有問題，包括消費者信心和購買力，都帶來了挑戰，我們正在努力緩解這些問題。但我們仍然對它的發展方向感到興奮。而價格承受能力方面的挑戰，我們認為這個市場潛力巨大，並將持續成長。但只是在當前環境和住房總量方面稍作調整。

I think in Q3, Jay, the industry production looked like it was a little more challenged than in not showing the types of increases it had been earlier in the year. So I think it's just a reflection of what we're seeing more recently.

傑伊，我認為第三季產業生產看起來比年初時面臨更大的挑戰，沒有出現那種成長勢頭。所以我認為這只是反映了我們最近看到的一些現象。

And then -- been a lot of noise about tariffs, et cetera, lumber tariffs, especially, I guess, what are you all thinking about potential tariff impact for 4Q as we look ahead to '26. What should we be building in or thinking on our models?

然後──關於關稅等等有很多噪音，特別是木材關稅，我想，大家對第四季潛在的關稅影響有什麼看法，展望2026年。我們應該在模型中加入哪些元素或考慮哪些方面？

Yes. What I would tell you is look at the pricing today, that's been hanging out there for a while. We've talked about it openly and yet we sit at some really low points in the marketplace. So would continue to reiterate. We're well positioned.

是的。我想告訴你的是，看看現在的價格，這個價格已經維持了一段時間了。我們已經公開討論過這個問題，然而我們目前的市場地位卻非常低迷。所以我會繼續重申。我們處於有利地位。

The majority of our purchases are domestic purchases already, and I think there's opportunity for shifts that we see big changes. We're prepared and ready to act as needed, but I think it will be reflective of the market in total.

我們的大部分採購已經是國內採購了，我認為有機會轉變，我們會看到巨大的變化。我們已做好準備，隨時可以根據需要採取行動，但我認為這將反映整個市場的狀況。

That's great. And then the last question I had is, we've seen some articles out there talking about how data center builds are going to start flexing higher in '26. And I guess are you all seeing anything on the leading Edge of that from your customers that would support that view.

那太棒了。最後一個問題是，我們看到一些文章談到資料中心建設將在 2026 年開始大幅成長。我想請問各位，你們的客戶是否也看到了任何能夠支持這種觀點的前沿訊息？

And I guess, is there anything else you all could do to expand on concrete forming to take advantage of if there is this really big data center build that's going to start next year if you guys are doing anything or can do anything to expand your capacity or ability to take share in that market?

我想問一下，如果明年要開工建造一個非常大的資料中心，你們在混凝土成型方面還有什麼可以做的嗎？例如，你們有沒有正在做或能夠做些什麼來擴大你們的產能或能力，從而在這個市場中佔有一席之地？

Yes, I'll hit that. Certainly, we're excited about that, and it's reflective in the numbers for concrete forming, meeting where the customers are at. And that opportunity certainly continues to present itself and the value-added solutions we can put there. we continue to try to grab more share of the wallet in the spend, and I believe we're excited about it.

是的，我會去拿那個。當然，我們對此感到非常興奮，這體現在混凝土成型業務的數據中，我們滿足了客戶的需求。這樣的機會依然存在，我們也能提供增值解決方案。我們將繼續努力爭取更大的市場份額，對此我們感到非常興奮。

Andrew Carter, Stifel.

安德魯卡特，斯蒂費爾。

I realize that I'm mixing a little bit of apples and oranges. But when I look at your Site Built units down 15% and then I take builders, which is, I guess, a good national proxy average, single-family, multifamily core organic they're down 13. They said content. All those things are headwinds. So you can assume that units are a little better than that.

我意識到我有點把蘋果和橘子混為一談了。但是，當我查看你們的現場建造單元下降 15% 時，再看看建築商（我認為這是一個很好的全國平均代理指標），單戶住宅、多戶住宅核心有機單元下降了 13%。他們說的是內容。所有這些都是不利因素。所以你可以認為這些單位比這稍微好一點。

I guess what I'm asking is, past 10 quarters, your Site Built has consistently outperformed there, which I would call a national metric.

我想問的是，在過去的 10 個季度裡，你們的 Site Built 在這方面一直表現出色，我認為這算得上是一個全國性的指標。

So what I'm getting at is as you look at your specific geographic footprint in Site Built, I think you've been a little bit immune to the challenges during this post '22 rightsizing are things getting worse and deviating from the national average, anything material you see? Or would you just not make too much out of that 3Q number?

所以我的意思是，當你審視你在 Site Built 中的特定地理覆蓋範圍時，我認為你在某種程度上免受了 2022 年之後調整規模所帶來的挑戰，情況是否正在惡化並偏離全國平均水平？你看到了什麼實質的改變嗎？還是你覺得不應該過度關注第三季的數據？

Yes. I think -- and we've described it in the past. We've tried to remain -- we haven't invested in some of the boom and bust markets. And so we don't have that full geography of the US in footprint.

是的。我認為——我們過去也描述過這一點。我們一直努力保持穩健——我們沒有投資於一些繁榮與蕭條交替出現的市場。因此，我們的足跡無法完整地涵蓋美國地理。

But I would tell you, some of the Western markets that have been really good for us over the past couple of years. We've seen some declines in a bigger way, and I think that's probably more representative of what you're reading into those numbers.

但我可以告訴你，在過去幾年裡，一些西方市場對我們來說真的非常棒。我們看到一些下滑幅度更大，我認為這可能更能代表你從這些數字中解讀出的含義。

Fair enough. Second question I would ask is, you did say stabilization in some of your markets in the last quarter, I think you said that the challenges where you called out three businesses, structural pallet and, of course, Site Built.

很公平。第二個問題是，您提到上個季度您的一些市場趨於穩定，我想您也提到了您面臨的挑戰，您特別提到了三個業務：結構托盤，當然還有現場搭建業務。

I guess as you think about stabilization, is there a path to, I guess, reclaiming some of the margin? Or do you have to -- are we stabilizing it -- are you stabilizing at a trough that we should think of and carry on into the next couple of years?

我想，在考慮穩定問題時，是否有辦法重新奪回一些利潤空間？或者，我們必須——我們是否正在穩定它——你是否正在穩定在一個低谷，我們應該考慮並在接下來的幾年裡繼續保持這個低谷？

Yes. So we -- we feel like we found the trough in some of the businesses, and we see that sequentially in margin pressure in pricing. And so specifically in the structural business, I'll call that out. And or -- when you hear me talk about optimism, it's not necessarily we're projecting the market changes drastically in 2026.

是的。因此，我們感覺已經找到了某些業務的低谷，我們看到價格方面的利潤率壓力也隨之而來。因此，在結構工程領域，我特別要指出這一點。或者說——當我談到樂觀時，並不一定意味著我們預計 2026 年市場會發生劇烈變化。

It's really more of a result of the work we've done in cost out, automation, a lot of the investment that we've made and a lot of the hard work that our employees have made. And that's really what drives it more than anything.

這實際上更歸功於我們在成本削減、自動化方面所做的工作，以及我們投入的大量資金和員工付出的辛勤努力。而這才是真正驅動它發展的最大動力。

And the share gain opportunity that we have, we've had in addition to Surestone, we've had other areas of the business where we've accomplished market share gains. And so that gives us good optimism into '26.

除了 Surestone 之外，我們還在其他業務領域獲得了市場佔有率成長的機會。因此，這讓我們對2026年充滿樂觀。

Last question I'll ask. It's -- it's been asked a little bit about the the sure stone and all in on your composite -- or your sorry, Decking, Railing business. But could you give us a cadence of when you hit your full potential from a revenue perspective? And then also the flip side, there's a profitability perspective. I mean you mentioned some items that were headwinds in the quarter.

最後一個問題。有人問過一些關於堅固的石頭以及你的複合材料的問題——或者抱歉，你的露台、欄桿業務。但您能否告訴我們，從收入角度來看，您何時才能達到完全獲利的水平？另一方面，還有獲利能力方面的問題。我的意思是，你提到了一些本季面臨的不利因素。

When do those become fully tailwinds? And then you, of course, invested $20 million in incremental advertising this year. Do you sustain that next year? Do you increase from that? And I will stop there.

什麼時候才能完全順風？當然，你們今年還在增量廣告方面投入了 2000 萬美元。明年你能維持這個水準嗎？你會在此基礎上增加嗎？我就說到這裡吧。

Yes. I'll start there and then I'll let Mike jump in. First and foremost, go back to the operations. We'll be fully operational in both sites, Q1. So a lot of those challenges that come along with capital investment, the disruption that takes place when you're introducing a lot of that technology, new equipment, et cetera.

是的。我先從這裡開始，然後讓麥克接手。首先，回到營運環節。第一季度，兩個站點都將全面投入營運。因此，資本投資帶來的許多挑戰，以及引進大量新技術、新設備等所帶來的顛覆性影響，都構成了挑戰。

So we'll be operational in Q1. So some of that falls off. You asked about the brand, driving the brand advertising. We do not plan to adjust our marketing efforts in 2026, up or down. So that's going to remain pretty similar.

因此，我們將在第一季開始營運。所以其中一部分就消失了。你問到了品牌，也就是推動品牌廣告宣傳的因素。我們不打算在 2026 年調整我們的行銷策略，無論是增加還是減少。所以情況應該不會有太大變化。

And we continue to talk about market share gains. So we'll start to see the results of that in '26. Mike, do you want to add any additional color?

我們繼續討論市場佔有率的成長。所以我們將在 2026 年開始看到結果。麥克，你想再添加一些顏色嗎？

Yes, I would just say that we're expecting the most meaningful part of the sales growth to occur in '26 and maybe even more importantly, the margin. The contribution margins with the new capacity that tremendously helps us accelerate throughput through the plants.

是的，我想說的是，我們預計銷售成長最有意義的部分將發生在 2026 年，更重要的是，利潤率也將大幅成長。新增產能帶來的利潤率大幅提升，大大幫助我們加快了工廠的生產速度。

That really begins to have an impact in '26. There is inventory, I guess, to work through that would be at the higher cost, probably for the balance of the year. So really excited to get those new lines running optimally. And start enjoying some of those cost benefits in '26.

這件事在 2026 年開始產生影響力。我想，需要處理一些庫存，這可能會導致成本上升，而且這種情況可能會持續到今年年底。非常期待這些新線路能夠有效率地運作。從 2026 年開始享受這些成本優勢。

Reuben Garner, Benchmark.

Reuben Garner，基準。

So to start on the Packaging business, I think you referenced stabilization a couple of times in your opening remarks, even discussed potentially aggressively growing in that market. I guess two-part question. One, would you go as far to say that you're seeing green shoots in the end market overall?

那麼，關於包裝業務，我想您在開場白中幾次提到了穩定，甚至還討論了在該市場進行積極增長的可能性。我想這是一個包含兩個部分的問題。第一，您是否可以斷言，您已經看到終端市場整體出現復甦跡象？

Or is it simply more of a bottoming and things have leveled off for long enough that you're a little less concerned about downside? And then secondarily, the growth part there, like what exactly is driving that potential aggressive growth or above market growth in that vertical?

或者這只是觸底反彈，市場已經趨於平穩足夠長的時間，所以你對下行風險的擔憂有所減輕？其次，成長方面，究竟是什麼因素推動了該垂直領域潛在的正面成長或高於市場平均的成長？

All right. So the green shoots piece, the second part of your answer is right. We feel like we found the bottom. At least it feels that. Stabilization is feeling like we found the trough, feeling like we found the bottom.

好的。所以關於「嫩芽」那部分，你答案的第二部分是正確的。我們感覺已經跌到谷底了。至少感覺上是這樣。穩定下來就像找到了低谷，找到了谷底。

There's a couple of things that give us optimism. That's number one. A lot of the work we've done with national accounts and our strategic sales teams really focusing on big opportunities, and there are some near-shoring opportunities. We believe we'll expose themselves both in '26, but really beyond. And so that's really the optimism that we have.

有兩件事讓我們感到樂觀。這是第一點。我們與全國客戶和策略銷售團隊進行了許多工作，真正專注於重大機遇，並且存在一些近岸外包的機會。我們相信，我們將在 2026 年以及更遠的未來展現自我。這就是我們所抱持的樂觀態度。

And then some consolidations, cost out, some automation work and investment inside of our factories, that's where the optimism comes from. We're geared and ready to roll. As business starts to come back. So I wouldn't say it's green shoots yet, but certainly optimistic.

然後，透過一些整合、降低成本、一些自動化工作以及對工廠內部的投資，我們就能保持樂觀。我們已做好充分準備，隨時出發。隨著商業活動開始復甦。所以，我不會說現在就出現了復甦的跡象，但肯定令人樂觀。

Okay. Great. And then the lumber piece, so lumber prices are relatively consistent with the year ago despite all the duty increases, the tariff talk and everything else that's gone on and supply coming out. So clearly, demand is much lower than a year ago broadly for wood.

好的。偉大的。然後是木材方面，儘管關稅上漲、關稅談判以及其他種種因素，加上供應增加，木材價格與去年同期相比仍保持相對穩定。顯然，目前木材的整體需求量遠低於一年前。

My question is, as we do see a recovery, given the increased tariffs and duties and the supply that's come out, it would point to pretty substantial upside to lumber prices and probably well above what would have been considered normal five, six, seven, eight years ago.

我的問題是，鑑於我們看到經濟復甦，考慮到關稅和稅收的增加以及供應的增加，這將表明木材價格有相當大的上漲空間，並且可能遠高於五、六、七、八年前的正常水平。

Does that impact the competitiveness of the wood in the packaging space? Are there alternatives that become an issue alternatives to wood that become an issue for you guys? Or did you see through the pandemic spike that would necessary in a lot of these categories, and they'll have to deal with it just like they do in housing where there's not really an alternative to wood framing.

這是否會影響木材在包裝領域的競爭力？你們覺得除了木材之外，還有其他替代品會成為問題嗎？或者，您是否預見疫情期間許多類別的需求激增，他們將不得不像在住房領域一樣應對這種情況，因為在住房領域，木結構框架實際上沒有其他替代方案。

Yes, it's a really good question. Specifically, as we talk about packaging material, it's really the beauty of the balance of our business. And so what I would tell you is when you get into a more fiber stricken market, less fiber availability, that's generally where we tend to win a little more because we're not just buying those low-grade products. We're buying the entire gamut of products. We're buying the uppers and that gives us a little buying benefit.

是的，這確實是個好問題。具體來說，當我們談到包裝材料時，這真正體現了我們業務平衡的精髓。所以我想告訴你們的是，當進入一個纖維供應更加緊張、纖維供應更少的市場時，我們通常會更容易取得一些成功，因為我們不僅僅是在購買那些低檔產品。我們正在採購全系列產品。我們購買的是上層材料，這為我們帶來了一些購買優勢。

And so for us, we're agnostic as where the market is. But generally, when the market gets tighter, that is also represented in pricing, it's generally a better market for us. We're able to put some pricing and purchasing strategies in place to take advantage of that. So that's why you can describe it.

所以對我們來說，我們對市場走向持中立態度。但總的來說，當市場供應趨緊時，價格也會相應上漲，這通常對我們來說是一個更好的市場。我們可以製定一些定價和採購策略來利用這一點。所以這就是你能描述它的原因。

Great. And last one for me on Surestone. Can you remind us, is there any recycled component to that product? I know historically, it's a higher-end product and a little bit more costly maybe to produce in the wood plastic composites. Is there an opportunity to increase recycled or other ways to drive cost down besides just more volume and throughput in new facilities?

偉大的。這是我關於Surestone的最後一個貼文。請問該產品是否含有任何可回收成分？我知道從歷史上看，木塑複合材料是一種高端產品，生產成本可能更高。除了在新工廠中增加產量和吞吐量之外，是否還有其他方法可以提高回收率或降低成本？

Yes, there's certainly an element of recycled product in it today, and there's opportunity to grow that, and we'll continue to invest in taking advantage of that. So the answer is yes and yes.

是的，目前其中肯定包含一些再生產品成分，而且這方面還有成長空間，我們將繼續投資以充分利用這一優勢。所以答案是肯定的，沒錯。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

There's a lot of moving pieces in retail with ProWood and Edge and Deckorators this year. Last year was actually a really impressive gross margin performance at 15%. Is that a reasonable bogey to get back to in 2026? Or given the actions that you've taken, is that perhaps even conservative?

今年，ProWood、Edge 和 Deckorators 等品牌在零售領域有許多變動因素。去年毛利率表現非常出色，達到了 15%。這是2026年一個合理的目標嗎？或者，考慮到你所採取的行動，這或許還算是保守嗎？

Yes. Kurt, I think some of the challenges we've had this year with lower unit sales in the pro wood side, falling lumber prices on the ProWood side challenges with introducing the new capacity and inefficiencies as a result in the Edge business this year. To me, those are all challenges that are temporary. So we see a path to those types of margins that we experienced last year. And not only that, we see a path to improving it.

是的。庫爾特，我認為我們今年面臨的一些挑戰包括專業木材業務的銷量下降、專業木材業務的木材價格下跌、引入新產能帶來的挑戰以及Edge業務今年因此造成的效率低下。在我看來，這些都是暫時的挑戰。因此，我們看到了重現去年那種利潤率的希望。不僅如此，我們還看到了改進它的方法。

We believe there's even more upside to margin in the proved area. There's a lot of things to be excited about in terms of cost out and being more efficient. But -- and then obviously, the Surestone and the mix benefits we get from the decorator side of things, a lot of reasons to be excited about margin expansion and above-market growth in the retail area in general.

我們認為，在成熟區域，利潤率還有更大的上漲空間。在降低成本和提高效率方面，有很多令人興奮的事情。但是——而且很明顯，Surestone 和我們從裝飾商方面獲得的組合收益，有很多理由讓我們對利潤率擴張和零售領域整體高於市場水平的成長感到興奮。

There's one last piece there. I'll tack on because Mike had an absolutely spot on. The -- we didn't get to fully realize the value of our internal distribution through our ProWood plants this year. So when you think about Deckorators flowing through that, that's also a margin expansion opportunity for the ProWood plant as well. So just wanted to make sure I mentioned that.

還剩最後一塊拼圖。我補充一下，因為麥克說得完全正確。今年，我們未能充分發揮透過 ProWood 工廠進行內部分銷的價值。所以，考慮到 Deckorators 會流經那裡，這對 ProWood 工廠來說也是一個利潤擴張的機會。所以我想確保我提到了這一點。

And Will, when you say you didn't fully realize that, is that based on the growth you expect next year or something else going up?

威爾，你說你沒有完全意識到這一點，這是基於你對明年成長的預期，還是基於其他方面的成長預期？

Yes, absolutely. And that was just lack of capacity this year, and we weren't able to take full advantage of it because we didn't have the capacity we'll have that in 2026 and beyond, and we'll really be able to utilize that volume. It expands both the Deckorators side and the ProWood side.

是的，絕對的。今年產能不足，我們沒能充分利用，因為我們沒有足夠的產能。 2026 年及以後我們將擁有足夠的產能，屆時我們將能夠真正利用這些產能。它擴展了 Deckorators 和 ProWood 兩方面的業務。

Right. Okay. That makes sense. And then just going back to Site Built I know you mentioned that margins are still, I think, better than pre-COVID levels. I guess if you take a step back, like how would you characterize your cost competitiveness there relative to what you see to peers mean it feels like an area where the automation and efficiency opportunity is maybe greater than other parts of the portfolio.

正確的。好的。這很有道理。然後回到 Site Built 的問題上，我知道你提到利潤率仍然比新冠疫情前的水平要好。我想，如果你退後一步，例如，你會如何描述你在該領域的成本競爭力，相對於你看到的同行而言，這意味著該領域的自動化和效率提升機會可能比投資組合的其他部分更大。

So I don't know if that's fair or not, but any color there would be really helpful.

所以我不知道這樣是否公平，但任何顏色都會很有幫助。

Mike, do you want to hit that?

麥克，你想打那個嗎？

Yes, I think we're really focused on being a manufacturer of engineered wood components. I mean that's all that we do. And the team, I think, has done a fabulous job of investing in automation and enhancing our processes in the plants in order to be able to be more efficient.

是的，我認為我們真正專注於成為工程木零件的製造商。我的意思是，我們做的就是這些。我認為，團隊在工廠自動化和流程改進方面做得非常出色，提高了效率。

So I can't speak with respect to peers, we're built differently, just being a manufacturer of those product categories. But we feel really good about what the team has accomplished.

所以我無法代表同行發言，我們的結構不同，我們只是這些產品類別的製造商。但我們對團隊的成就感到非常滿意。

I think that's one of the reasons why our margins, and I think I referenced in my comments that our margins this year are higher than what they were in of 2019. And I think it's because the team has done a great job in being investing in being more efficient in the plants.

我認為這是我們利潤率高於 2019 年的原因之一，而且我在先前的評論中也提到過，我們今年的利潤率高於 2019 年的利潤率。我認為這是因為團隊在提高工廠效率方面投入了大量資源，做得非常出色。

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

目前隊列中沒有其他問題了。現在我想把電話轉回給施瓦茲先生，請他作總結發言。

Thank you, everyone. As we continue to press forward and fine-tune our business, I'm confident in the strategy and the team we have in place to meet our long-term goals and to bring new high-value products to market. Thank you to those on the call for your interest, and have a great day.

謝謝大家。隨著我們不斷推進和完善業務，我對我們現有的策略和團隊充滿信心，相信我們能夠實現長期目標，並將新的高價值產品推向市場。感謝各位參與電話會議的關注，祝大家今天過得愉快。

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了。