UFP Industries, Inc. (UFPI) 2026 Q2 法說會逐字稿

Good day and welcome to the UFP Industries second-quarter 2026 earnings conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 UFP Industries 2026 年第二季財報電話會議與網路直播。(操作員指示) 請注意，今天的會議將被錄音。

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

我現在。想把會議交給我們的發言人，投資人關係總監 Stanley Elliott 先生。請開始。

Good morning, everyone. Thank you for joining us to discuss UFP Industries second-quarter 2026 results. Joining me on our call today are Will Schwartz, our President and Chief Executive Officer; and Mike Cole, our Chief Financial Officer. Following our prepared remarks, we will open the call for questions.

各位早安。感謝各位參與，一同討論 UFP Industries 2026 年第二季業績。今天與我一同出席的有：總裁兼執行長 Will Schwartz，以及財務長 Mike Cole。在我們的準備稿說明之後，將開放提問。

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.

在我把電話交出去之前，提醒各位，昨日的新聞稿與簡報包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the release, in our most recent annual report on Form 10-K, and in our other filings with the Securities and Exchange Commission.

這些風險與不確定性包括但不限於新聞稿中所列因素、我們最近一期 Form 10-K 年報，以及我們向美國證券交易委員會提交的其他文件中所揭露的因素。

Today's presentation will also include certain non-GAAP measures. For reconciliation of these non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our website, ufpi.com.

今天的簡報也將包含若干非 GAAP 指標。如需將這些非 GAAP 指標與相對應 GAAP 指標進行調節（reconciliation），請參閱我們的財報新聞稿與官網 ufpi.com。

I will now turn the call over to Will.

我現在把電話交給 Will。

Good morning, everyone. Thank you for joining today's call to discuss our financial results for the second quarter of 2026. On recent calls, we've discussed signs of stabilization across much of our portfolio. That trend continued in the second quarter and is best demonstrated in our net sales increasing 2.6% from year ago results driven by a 1% increase in organic volume and a 2% contribution from recently completed acquisitions. Mike will provide the detailed financial bridge in a moment.

各位早安。感謝各位參與今天的電話會議，討論我們 2026 年第二季的財務結果。在近期的電話會議中，我們談到在我們多數業務組合中出現穩定的跡象。這一趨勢在第二季延續，最能體現在我們的淨銷售額較去年同期成長 2.6%，其中 1% 來自有機銷量成長，另有 2% 來自近期完成的併購貢獻。Mike 稍後將提供詳細的財務橋接分析。

Our positive organic growth at the consolidated level is an important milestone, particularly in a market environment that remains challenging and difficult to forecast. To put this in perspective, this is our first quarter of positive year-over-year organic growth since the third quarter of 2022.

在合併層級實現正向有機成長，是一個重要里程碑，尤其是在市場環境仍具挑戰且難以預測的情況下。為了讓各位更有概念，這是我們自 2022 年第三季以來，首次出現年對年正向有機成長的季度。

This performance is especially encouraging because it comes at a time when many of our end markets remain flat at best and continue to feel pressured. It reflects the strength of our pipeline of innovative products, the benefits of our diversified portfolio, and the disciplined execution of our teams across the company.

這項表現尤其令人振奮，因為當下我們許多終端市場充其量仍持平，且持續承受壓力。這反映出我們創新產品管線的實力、多元化業務組合的效益，以及公司各團隊嚴謹的執行力。

UFP has always been committed to disciplined growth. Since becoming CEO, one of my priorities has been to ensure we continue to outgrow our respective end markets while repositioning the business towards our long-term margin and return objectives.

UFP 一向致力於紀律性的成長。自我擔任執行長以來，我的優先事項之一，就是確保我們在各自終端市場中持續跑贏成長，同時將業務重新定位，以符合我們長期的毛利率與報酬目標。

We remain committed to these targets and are focused on achieving them by focusing on these priorities, investing in our highest margin core businesses, including disciplined strategic M&A, building brand awareness, introducing new and innovative products while enhancing our value-added product mix, and driving operational excellence across the enterprise.

我們仍致力於這些目標，並專注透過以下重點來達成：投資於我們毛利率最高的核心業務（包括有紀律的策略性併購）、提升品牌知名度、推出新的創新產品並強化高附加價值產品組合，以及推動全企業的營運卓越。

I am pleased with the progress we've made against these priorities during the quarter, and I'd like to highlight a few of them now. We invested $122 million to acquire MoistureShield, Berry Pallets, and John Rock. We discussed MoistureShield and Berry Pallets on our last call, and we are equally pleased to add John Rock to our industry-leading PalletOne operations.

我對本季在這些重點上的進展感到滿意，現在想強調其中幾項。我們投入 1.22 億美元收購 MoistureShield、Berry Pallets 與 John Rock。我們在上次電話會議中已討論 MoistureShield 與 Berry Pallets；同樣地，我們也很高興將 John Rock 納入我們業界領先的 PalletOne 營運體系。

Strategically, these acquisitions fill important geographic gaps, enhance our service capabilities, and add needed capacity to support our long-term growth plans. Our M&A team remains very active, and our pipeline continues to be robust. We remain in an enviable position with ample financial flexibility given our conservative capital structure.

從策略面來看，這些收購補足了重要的地理版圖缺口、強化我們的服務能力，並新增必要產能以支持長期成長計畫。我們的併購團隊仍非常積極，案源管線也持續強勁。在保守的資本結構下，我們擁有充足的財務彈性，處於令人稱羨的位置。

We are pleased with the success of our recent new product introductions. We continue to believe that innovation will be a growth engine for the company and saw meaningful growth sequentially and from year-ago levels driven by contributions across all three of our segments and we will continue to focus on innovation. We also continue to execute our cost management strategies and drive productivity improvements across the enterprise.

我們對近期新產品上市的成功感到欣慰。我們仍相信創新將成為公司的成長引擎；在本季，我們在季對季與年對年層面皆看到顯著成長，動能來自三大事業部的共同貢獻，我們也將持續聚焦創新。同時，我們也持續執行成本管理策略，並在全企業推動生產力提升。

At the same time, we are rightsizing and optimizing capacity while investing in automation, technology, and machine learning to improve operations in real time and create greater value over time. A new and immediate area of focus for our team is managing transportation costs.

與此同時，我們正調整規模並優化產能，同時投資自動化、科技與機器學習，以即時改善營運並在時間推移中創造更大價值。團隊一個新的、且迫切的聚焦領域，是管理運輸成本。

While we have been largely able to offset high diesel costs through fuel surcharges and selective pricing, tighter market capacity resulting from regulatory changes and stronger enforcement rapidly drove a sharp increase in transportation costs with rates during the quarter increasing approximately 30%, excluding fuel.

雖然我們大致能透過燃油附加費與選擇性調價來抵銷高柴油成本，但因法規變更與更強力的執法導致市場運力更為吃緊，運輸成本迅速大幅上升；本季運價（不含燃油）約上漲 30%。

To put the magnitude of this increase in perspective, the increase in spot rates in the quarter was more rapid and severe than we experienced during COVID. More recently, these rates have stabilized. But at elevated levels that we expect to persist for the foreseeable future. In response, we are adjusting our pricing where appropriate and continuing to pursue operational efficiencies to mitigate the impact.

為了讓各位理解這次上漲的幅度，本季即期運價的上升速度與嚴重程度，比我們在 COVID 期間所經歷的更快、更劇烈。近期這些運價已趨於穩定。但仍維持在高檔水準，我們預期在可預見的未來仍將持續。因此，我們將在適當情況下調整定價，並持續追求營運效率，以降低影響。

Now turning to our segments. In our Retail segment, ProWood sales rebounded as we expected and came in well ahead of the overall repair and remodel market as we lapsed storm-related demand and intentionally exited certain lower-margin commodity sales.

接著談各事業部。在零售事業部方面，ProWood 銷售如我們預期回升，且明顯優於整體修繕與翻新市場，原因在於我們已度過與風暴相關的需求高峰，並且有意退出部分低毛利的大宗商品銷售。

Deckorators continues to perform well, supported by strong customer demand for our branded decking products and recent investments in capacity. In April, we began shipping Surestone decking products from our new greenfield location in Buffalo, and we are seeing throughput improvement at our [Selma] plant. Both contributed to sales growth in the quarter.

Deckorators 持續表現良好，受惠於客戶對我們品牌露台板產品的強勁需求，以及近期的產能投資。4 月起，我們開始從位於 Buffalo 的新綠地（greenfield）廠址出貨 Surestone 露台板產品，同時我們也看到 [Selma] 工廠的產出效率提升。兩者皆帶動本季銷售成長。

Demand for our decking products continues to exceed our current production capacity. We ended the quarter with a $30 million backlog, which we expect to reduce through the year as plant capacity optimization efforts are completed. We remain encouraged by demand from both customers and consumers.

我們的露台板產品需求仍持續超過目前的生產產能。本季結束時，我們的積壓訂單為 3,000 萬美元；隨著工廠產能優化工作完成，我們預期將在今年內逐步降低。我們對來自客戶與消費者的需求仍感到鼓舞。

Our $30 million advertising program continues to increase customer awareness and consideration. Sample orders, website traffic and other metrics have more than doubled since the start of the program.

我們 3,000 萬美元的廣告計畫持續提升客戶的認知度與考量度。自計畫啟動以來，樣品訂單、網站流量及其他指標已成長逾一倍。

Importantly, we believe we remain on track to deliver $100 million of decking sales growth in 2026, excluding the MoistureShield acquisition announced earlier this year. The integration of the former MoistureShield facility into Deckorators is progressing well, with several key operational and training milestones completed.

重要的是，我們相信 2026 年仍可望如期達成露台板銷售成長 1 億美元的目標（不含今年稍早宣布的 MoistureShield 收購案）。將原 MoistureShield 廠區整合至 Deckorators 的進度良好，且已完成數個關鍵的營運與訓練里程碑。

As discussed in prior quarters, TrueFrame, our new joist product offered by ProWood remains another attractive growth opportunity. Customer response has been strong, reflecting the value and time savings we provide to contractors.

如前幾季所述，TrueFrame 是 ProWood 提供的新型托梁（joist）產品，仍是另一個具吸引力的成長機會。客戶反應強勁，反映出我們為承包商帶來的價值與節省時間的效益。

These results are supported by continued enhancements to the ProWood Dealer online platform, which makes a browsing, ordering, and tracking a more seamless experience. Finally, customer feedback on Arris, our new trim product featuring Surestone technology, has been very positive and was launched in mid-July.

這些成果也受惠於我們持續強化 ProWood Dealer 線上平台，使瀏覽、下單與追蹤的體驗更加順暢。最後，客戶對 Arris（我們採用 Surestone 技術的新型飾條產品）的回饋非常正面，並已於 7 月中旬上市。

Our Packaging segment continues to outperform markets despite macro uncertainties, higher input costs, and freight pressure. We are gaining traction and winning with scalable strategic customers across the industrial economy.

儘管宏觀不確定性、投入成本上升以及運輸費用壓力，我們的包裝事業部仍持續優於市場表現。我們正逐步取得進展，並在工業經濟領域與具規模的策略性客戶合作中持續勝出。

Our national footprint, leading design and engineering capabilities, along with our strategy to grow alongside key national customers, is showing up in structural packaging's results. We continue to see strong quoting activity and are encouraged by recent contract wins.

我們的全國性布局、領先的設計與工程能力，以及與關鍵全國性客戶共同成長的策略，正反映在結構性包裝的業績表現上。我們持續看到強勁的報價活動，並對近期合約得標感到鼓舞。

Much like prior quarters, the market and pricing environment remain competitive for our pallet business. But even here, we are seeing pockets of stabilization. In our protective packaging business, the two recent greenfield operations in Indiana and Nevada are increasing production levels, positioning us for market share gains and improved profitability in 2027.

與前幾季類似，我們棧板業務的市場與定價環境仍具競爭性。但即便如此，我們也看到部分領域出現穩定跡象。在我們的防護包裝業務中，印第安納州與內華達州兩座近期新建（greenfield）營運據點正提升產量，使我們有望在2027年提升市占並改善獲利能力。

Closing with our Construction segment. The macro environment in our Construction segment has remained consistent for the past several quarters. New residential construction remained soft and accounted for all of the profit pressure in the quarter.

最後談到我們的建築事業部。過去幾季，我們建築事業部的宏觀環境維持一致。新建住宅施工仍然疲弱，並造成本季所有的獲利壓力。

At the same time, we believe that each quarter we are moving closer to finding a bottom in the business as year-over-year comparisons become easier in the back half of the year, and the increase in our year-over-year backlog provides some cautious optimism. We are continuing to invest in automation and other initiatives to improve our cost position and throughput.

同時，我們相信隨著下半年年對年比較基期變得更容易，以及年對年在手訂單（backlog）增加帶來一些審慎的樂觀，我們每一季都更接近業務觸底。我們持續投資自動化與其他計畫，以改善成本結構與產能吞吐量。

One example of these initiatives is the Frame Forward System solution selling approach in our site-built business and launched in February at the International Builder Show. It allows us to go to market with a systems-based offering that helps our customers save both time and money on the job site.

其中一個例子，是我們在現場建造（site-built）業務中採用的 Frame Forward System 解決方案式銷售方式，並已於2月在國際建築商展（International Builder Show）推出。它讓我們能以系統化的產品組合進入市場，協助客戶在工地同時節省時間與成本。

We are seeing steady growth in new product sales, particularly in our light gauge metal offering. Similarly, in our factory-built business, we are gaining traction with our strategy to deliver more value-added content. Across both site-built and factory-built, we are raising the bar for offsite manufacturing and helping customers address labor and efficiency challenges on the job site.

我們看到新產品銷售穩健成長，尤其是在輕型薄板金屬（light gauge metal）產品方面。同樣地，在我們的工廠預製（factory-built）業務中，我們以提供更多加值內容的策略正逐步取得成效。在現場建造與工廠預製兩個領域，我們都在提高異地製造（offsite manufacturing）的標準，並協助客戶解決工地的人力與效率挑戰。

We also believe provisions in the recently passed 21st Century Road to Housing Act and broader efforts to improve housing lines up well with our strategy, though it will take time for any benefits to show up in our results.

我們也認為，近期通過的《21世紀住房之路法案》（21st Century Road to Housing Act）中的相關條款，以及更廣泛的改善住房措施，與我們的策略高度契合；不過，任何效益反映到我們的業績仍需要時間。

Our concrete forming business continues to expand its product and service offering to meet customer needs wherever concrete is poured. Our goal is to capture more of our customer spending by offering solutions that help them address labor challenges on the job site.

我們的混凝土模板（concrete forming）業務持續擴充產品與服務供給，以在任何澆置混凝土的地方滿足客戶需求。我們的目標是透過提供能協助客戶解決工地人力挑戰的解決方案，爭取更多客戶支出。

And finally, our commercial business continues to deliver strong results as we gain market share, expand the end markets we serve, and benefit from prior restructuring actions that improve productivity. Overall, I am pleased with how our balanced portfolio has performed in a difficult environment.

最後，我們的商用（commercial）業務在市占提升、擴大服務的終端市場，以及受惠於先前提升生產力的重整措施下，持續交出強勁成果。整體而言，我對我們均衡的產品組合在艱困環境中的表現感到滿意。

While conditions remain dynamic, we are well positioned to create shareholder value as demand normalizes. And even with the headwinds we have faced, our margins remain 100 basis points higher than in 2019.

儘管情勢仍在變動，我們在需求正常化之際具備良好條件創造股東價值。即使面臨逆風，我們的利潤率仍較2019年高出100個基點。

As we move through the final six months of the year, we continue to remain focused on operational efficiency, disciplined growth, and targeting higher returns on invested capital as we continue focus on our key priorities that will help us make progress towards our long-term goals. The last 12 months have brought their share of surprises, and I'm proud of the team for responding with resilience, discipline, and continuing to focus on what we can control.

在接下來的六個月，我們將持續聚焦營運效率、紀律性成長，並以更高的投入資本報酬率為目標，同時專注於能推動我們朝長期目標前進的關鍵優先事項。過去12個月充滿各種意外，我為團隊以韌性與紀律應對、並持續專注於我們可控事項而感到自豪。

While the environment remains challenging, I believe the bright spots I have highlighted today are the direct result of executing against our disciplined strategy, and I want to sincerely thank our talented UFP teams for their hard work and commitment.

儘管環境仍具挑戰，我相信我今天強調的亮點，都是我們落實紀律性策略執行的直接成果；我也要由衷感謝UFP各團隊的辛勤付出與承諾。

I will now turn over the call to our Chief Financial Officer, Mike Cole, and then I look forward to answering your questions.

接下來我將把電話會議交給我們的財務長（Chief Financial Officer）Mike Cole，之後我也期待回答各位的問題。

Thank you, Will. Building on Will's comments, the quarter showed improving top-line stability, while freight pressure weighed heavily on profitability. Net sales for the second quarter were $1.88 billion, ahead of plan and up 3% from $1.84 billion last year.

謝謝你，Will。延續Will的評論，本季營收端的穩定性有所改善，但運輸費用壓力對獲利造成沉重影響。第二季淨銷售額為18.8億美元，高於計畫，並較去年18.4億美元成長3%。

Performance was mixed across our business units. Strong growth in Deckorators, structural and productive packaging, and concrete forming and commercial was supported by share gains and stable market conditions. That growth was partially offset by volume declines in PalletOne and businesses tied to new residential housing.

各事業單位表現不一。Deckorators、結構性與防護包裝、混凝土模板與商用業務的強勁成長，受惠於市占提升與穩定的市場狀況。上述成長部分被PalletOne以及與新建住宅相關業務的出貨量下滑所抵銷。

Overall volume increased 3%, including a 2% contribution from acquisitions and 1% organic unit growth. Pricing was flat overall as competitive pressure in Site Built and PalletOne was offset by higher lumber prices passed through to customers.

整體出貨量成長3%，其中併購貢獻2%，有機單位成長1%。整體價格持平，因現場建造（Site Built）與PalletOne的競爭壓力，被轉嫁給客戶的較高木材價格所抵銷。

Adjusted EBITDA was $154 million, down $20 million from last year, and margin declined to 8.2% from 9.5%. The decline was driven entirely by flatbed transportation costs, which rose sharply during the quarter as carrier capacity tightened. Sequentially, spot rates began increasing in April and reached a peak in June, resulting in an average increase for the quarter of over 30% excluding fuel.

調整後EBITDA為1.54億美元，較去年減少2,000萬美元，利潤率由9.5%降至8.2%。下滑完全由平板車（flatbed）運輸成本所致；由於承運商運能收緊，該成本在本季大幅上升。就季比而言，即期運價自4月開始上升並於6月達到高峰，使本季平均漲幅（不含燃油）超過30%。

This caused our year-over-year transportation costs, net of fuel surcharges, to increase $27 million, or 1.6% of net sales. Excluding transportation, higher profits in ProWood, Deckorators, edge, structural packaging, concrete forming, and commercial more than offset declines in Site Built and PalletOne, demonstrating the value of our balanced business model.

因此，我們年對年的運輸成本（扣除燃油附加費後）增加2,700萬美元，約占淨銷售額的1.6%。若排除運輸因素，ProWood、Deckorators、edge、結構性包裝、混凝土模板與商用業務的獲利提升，已足以抵銷現場建造（Site Built）與PalletOne的下滑，展現我們均衡商業模式的價值。

Turning now to our segments. Retail sales were $819 million, up 4% from last year, reflecting a 3% increase in pricing and a 2% contribution from acquisitions, partially offset by a 1% organic unit decline. By business unit, ProWood units declined 1% and Edge declined 17% as we continued restructuring that business. These declines were substantially offset by 9%-unit growth in Deckorators.

接著看各事業部門。零售銷售額為8.19億美元，較去年成長4%，反映價格上漲3%與併購貢獻2%，部分被有機單位下滑1%所抵銷。以事業單位來看，ProWood單位下滑1%，而Edge下滑17%，因我們持續進行該業務的重整。上述下滑大多被Deckorators單位成長9%所抵銷。

ProWood volumes improved sequentially as we lapped storm-related demand and the intentional loss of lower margin commodity sales discussed last quarter. We believe the business continues to perform better than the broader market.

ProWood的出貨量較上一季改善，因我們已度過與風暴相關的需求高峰，以及上季提到的刻意退出低毛利大宗商品銷售所造成的影響。我們認為該業務的表現仍優於整體市場。

Deckorators continue to grow well above market, led by strong customer interest in our branded decking products. Decking sales increased 59%, including 37% growth in our mineral-based Surestone products and 85% growth in wood plastic composite. The MoistureShield acquisition contributed 51% to our wood plastic composite growth and 23% to overall composite decking growth.

Deckorators持續以遠高於市場的速度成長，主要受惠於客戶對我們品牌露台鋪板（decking）產品的強勁興趣。露台鋪板銷售成長59%，其中礦物基Surestone產品成長37%，木塑複合材料（wood plastic composite）成長85%。MoistureShield併購案對木塑複合材料成長貢獻51%，並對整體複合露台鋪板成長貢獻23%。

We also benefited from improved throughput at our Selma and Buffalo plants this quarter. Even with this increase, demand exceeded production capacity, and our Surestone backlog was a strong $30 million at quarter end. Sales of railing products declined 17% as a result of the loss of a distributor at our ultra-aluminum location.

本季我們也受惠於Selma與Buffalo工廠的產能吞吐改善。即便產出提升，需求仍超過產能，且截至季末我們的Surestone在手訂單（backlog）仍維持強勁的3,000萬美元。由於我們超鋁（ultra-aluminum）據點失去一位經銷商，欄杆（railing）產品銷售下滑17%。

Given strong demand, share gains, and continued progress optimizing capacity, we continue to target $100 million of combined decking-in railing growth in 2026. Year-to-date, growth in these products is approximately $20 million. Retail adjusted EBITDA was flat versus last year. Favorable lumber price trends, mix, productivity improvements and the edge restructuring offset higher transportation costs.

鑑於需求強勁、市占提升，以及持續優化產能的進展，我們仍以在2026年達成露台鋪板與欄杆合計成長1億美元為目標。年初至今，這些產品的成長約為2,000萬美元。零售事業調整後EBITDA與去年持平。有利的木材價格趨勢、產品組合、效率提升與edge重整，抵銷了較高的運輸成本。

Looking ahead, our priorities remain clear: improved ProWood profitability by expanding its distribution of Deckorators products, achieve throughput and cost-out targets primarily in composite decking, and continue launching new value-added products such as Arris Trim made with Surestone technology and the ProWood TrueFrame choice.

展望未來，我們的優先事項仍然明確：透過擴大 ProWood 對 Deckorators 產品的通路分銷來提升 ProWood 的獲利能力；主要在複合材露台板領域達成產能吞吐與降本目標；並持續推出新的加值產品，例如採用 Surestone 技術製成的 Arris Trim，以及 ProWood TrueFrame 選項。

Packaging sales increased 7% to $458 million, driven by 4% organic unit growth and a 4% contribution from acquisitions, partially offset by a 1% pricing decline. Demand remained consistent with recent quarters and pricing remained competitive.

包裝業務銷售額成長 7% 至 4.58 億美元，主要由 4% 的有機出貨量成長與併購帶來的 4% 貢獻所帶動，部分被 1% 的價格下滑所抵銷。需求與近幾季一致，價格仍具競爭力。

Importantly, we continued to gain share with key customers across all three business units: structural packaging volumes grew 8% on new customer wins; PalletOne volumes increased 9%, supported by recent acquisitions; and protective packaging volumes grew 15% as new greenfield locations continued progressing toward sales targets.

重要的是，我們在三個事業單位的關鍵客戶中持續提升市占：結構性包裝出貨量因新增客戶得標而成長 8%；PalletOne 出貨量在近期併購支撐下成長 9%；防護包裝出貨量成長 15%，因新設綠地據點持續朝銷售目標推進。

Packaging adjusted EBITDA declined $11 million to $28 million, primarily due to higher transportation costs. Excluding transportation, higher material costs and pricing pressure in PalletOne and unabsorbed overhead in protective packaging greenfield operations were substantially offset by improved profitability in structural packaging.

包裝業務調整後 EBITDA 下降 1,100 萬美元至 2,800 萬美元，主要因運輸成本上升。若排除運輸因素，PalletOne 的材料成本上升與定價壓力，以及防護包裝綠地營運的未吸收間接費用，已在很大程度上被結構性包裝獲利改善所抵銷。

Construction sales declined 4% to $523 million, reflecting a 3% decline in selling prices and a 2% organic unit decline, partially offset by a 1% contribution from acquisitions. By business unit, Site Built reported a 3% organic unit decline as market conditions for new housing remain challenged. Demand was soft, pricing was competitive, and input costs remained elevated.

建築業務銷售額下滑 4% 至 5.23 億美元，反映售價下降 3% 與有機出貨量下降 2%，部分被併購帶來的 1% 貢獻所抵銷。就事業單位而言，Site Built（現場建造）有機出貨量下降 3%，因新屋市場狀況仍具挑戰。需求疲弱、價格競爭激烈，投入成本仍維持在高檔。

However, our multifamily customer trends improved, contributing to a higher year-over-year backlog at quarter end. Factory-built units declined 5%, primarily due to the plan to exit of certain lower margin commodity sales. Positively, our product mix improved, and our volume trends compared favorably with industry production, which declined approximately 8%.

不過，我們的多戶住宅客戶趨勢有所改善，使得季末的年增在手訂單更高。工廠預製單元下降 5%，主要因計畫退出部分低毛利的大宗商品銷售。正面的是，我們的產品組合改善，且我們的出貨量趨勢優於產業產量（約下降 8%）。

Commercial and concrete forming continue to experience positive demand trends and generate share gains, with volume growth of 11% and 6%, respectively. Construction adjusted EBITDA declined $9 million to $36 million, driven by market and pricing pressure in Site Built and higher freight costs.

商用與混凝土模板業務持續呈現正向需求趨勢並取得市占提升，出貨量分別成長 11% 與 6%。建築業務調整後 EBITDA 下降 900 萬美元至 3,600 萬美元，主要受 Site Built 的市場與定價壓力以及更高的運費成本所影響。

These headwinds were partially offset by growth and operating leverage in commercial and concrete forming. Factory built results were flat as lower volume was offset by a more favorable product mix.

上述逆風部分被商用與混凝土模板的成長與營運槓桿所抵銷。工廠預製業務結果持平，因較低的出貨量被更有利的產品組合所抵銷。

As we manage through this cycle, we remain focused on balancing cost discipline with long-term growth. We are aligning the business with current demand while continuing to invest in market share gains, product innovation, brand awareness, and technology-driven efficiency.

在我們因應此一景氣循環的過程中，仍專注於在成本紀律與長期成長之間取得平衡。我們正使業務與當前需求對齊，同時持續投資於市占提升、產品創新、品牌知名度，以及以科技驅動的效率提升。

We are pleased with our progress this quarter, including a 33% increase in new product sales. New products represented 8.4% of sales compared with 6.5% last year as we saw improvement in each segment. We remain on track to achieve or exceed the remaining $25 million of our $60 million cost-out initiative supported by capacity consolidations completed last year. This remains an area of ongoing focus. And SG&A remains on plan for the year as we focus on maintaining the savings achieved last year.

我們對本季的進展感到滿意，包括新產品銷售成長 33%。新產品占銷售比重為 8.4%，高於去年的 6.5%，各事業部皆有改善。在去年完成的產能整併支持下，我們仍按計畫達成或超越 6,000 萬美元降本計畫中剩餘的 2,500 萬美元。這仍是我們持續關注的重點。此外，SG&A（銷售、一般及行政費用）全年仍符合計畫，我們專注於維持去年已實現的節省成果。

Turning to capital structure and resources, we continue to operate from a position of financial strength. At the end of June, we had nearly $600 million in cash. We also experienced $170 million seasonal increase in working capital, which we expect to convert to cash by early Q4.

談到資本結構與資源，我們仍以穩健的財務實力運作。截至 6 月底，我們持有接近 6 億美元現金。我們也出現 1.7 億美元的季節性營運資金增加，預期在第 4 季初轉回為現金。

We ended the quarter with no borrowings outstanding under our revolver, bringing our total liquidity to approximately $1.9 billion. Our balanced business model continues to generate meaningful and consistent free cash flow. Historically, we've converted approximately 70% to 80% of adjusted EBITDA into free cash flow.

本季末我們在循環信貸額度（revolver）下無任何未償借款，使總流動性約達 19 億美元。我們均衡的商業模式持續產生可觀且穩定的自由現金流。歷史上，我們約可將調整後 EBITDA 的 70% 至 80% 轉換為自由現金流。

As we've discussed on prior calls, our top capital allocation priority is to drive organic and inorganic growth that supports higher margins and stronger returns over time. Our focus areas are: expanding geographically in core higher-margin businesses where we have a sustainable competitive advantage; expanding capacity for new and value-added products; and driving operational improvements through automation, consolidation and productivity initiatives.

如同我們在先前電話會議中所討論，我們資本配置的首要優先事項，是推動有機與非有機成長，以在時間推移中支持更高的毛利率與更強的報酬。我們的重點領域包括：在具可持續競爭優勢的核心高毛利業務中進行地理擴張；擴充新產品與加值產品的產能；以及透過自動化、整併與生產力提升計畫推動營運改善。

We will remain disciplined on valuations and focused on returns as we evaluate opportunities. We also intend to return capital to shareholders by growing dividends in line with our long-term expected free cash flow growth and repurchasing shares to offset dilution from stock-based compensation.

在評估機會時，我們將持續在估值上保持紀律並聚焦於報酬。我們也計畫透過使股利成長與我們長期預期的自由現金流成長一致，以及回購股份以抵銷股權型薪酬造成的稀釋，來回饋股東。

We evaluate additional repurchases opportunistically when we believe our shares are trading below intrinsic value. Recently, we've allocated more free cash flow to share repurchases while preserving balance sheet strength to fund growth investments.

當我們認為股價低於內在價值時，會機動評估額外回購。近期，我們在維持資產負債表穩健、以支應成長投資的同時，將更多自由現金流配置於股份回購。

With this framework in mind, our Board approved a quarterly dividend of $0.36 per share, payable in September. This represents a 3% increase from the dividend paid a year ago. In April, our Board approved a new $300 million share repurchase authorization. It remains effective through April 2027.

基於此一架構，我們董事會核准每季每股 0.36 美元的股利，將於 9 月發放。這較一年前發放的股利增加 3%。4 月時，我們董事會核准新的 3 億美元股份回購授權。該授權有效至 2027 年 4 月。

Year to date, we have repurchased shares for $142 million at an average price of $84.95, representing roughly 3% of our current market capitalization. We expect to invest approximately $175 million to $200 million in capital projects in 2026, including approximately $75 million in maintenance capital expenditures. This is $125 million below our original plan as we shifted toward acquisitions to add capacity rather than greenfield investments and pause certain projects until market conditions improve.

年初至今，我們已以平均價格 84.95 美元回購 1.42 億美元的股份，約相當於目前市值的 3%。我們預期在 2026 年投資約 1.75 億至 2.00 億美元於資本專案，其中約 7,500 萬美元為維護性資本支出。這較原先計畫少 1.25 億美元，因我們轉向以併購增加產能而非綠地投資，並在市場狀況改善前暫停部分專案。

I'll close with a few comments on our outlook. Our full-year outlook is unchanged. That said, we now expect demand for the remainder of the year to be toward the lower end of our prior guidance, which called for flat to slightly down unit expectations in each segment based on our sales mix.

最後我就展望補充幾點。我們對全年展望維持不變。不過，我們現在預期今年剩餘期間的需求將落在先前指引的較低端；先前指引係依我們的銷售組合，預期各事業部出貨量持平至小幅下滑。

We also expect input costs, particularly energy and transportation, to remain elevated. Freight costs have recently stabilized, but at levels well above last year. This pressure is not unique to UFP; it reflects broad industry capacity reductions resulting from regulatory changes affecting the transportation market.

我們也預期投入成本，特別是能源與運輸，將維持在高檔。運費近期已趨於穩定，但水準仍遠高於去年。此一壓力並非 UFP 獨有；它反映了因影響運輸市場的法規變動而導致的全產業產能縮減。

Overall, we expect stabilization in certain businesses and continued market share gains across the portfolio to help offset headwinds in markets tied to new residential construction and pallet production.

整體而言，我們預期部分業務將趨於穩定，且整體產品組合持續取得市占提升，有助於抵銷與新屋住宅建築及棧板生產相關市場的逆風。

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

接下來，我們開放提問。

(Operator Instructions) Kurt Yinger, DA Davidson.

(接線員指示) Kurt Yinger，DA Davidson。

Just starting off on Deckorators, kind of a two-parter here. First, on Surestone, how should we think about the ability to catch up on that $30 million backlog? Is that something you expect to be kind of fully through by year end?

先從 Deckorators 開始，這裡有兩個問題。第一，關於 Surestone，我們應該如何看待追趕那 3,000 萬美元積壓訂單的能力？你們是否預期到年底前大致可以完全消化？

And then secondly, on the traditional wood plastic composite side, I mean, it seems like from an organic perspective, that business is really quite strong. I'm just curious how much of that is either shelf space gains that may go back to some of the momentum on the Surestone side, additional distributors? Can you just talk through kind of what's driving the wood plastic composite strength?

第二，關於傳統木塑複合材（WPC）這一塊，我的意思是，從有機成長的角度看，這個業務似乎非常強勁。我想了解其中有多少是來自貨架空間增加（可能與 Surestone 端的動能回升有關）、或是新增經銷商？你能否說明一下是什麼在推動木塑複合材的強勢表現？

Yeah. So let's start with Surestone. We talked about that backlog, just to give you perspective. I think it's important as we talked about the $100 million that we expect to realize in the year. And we're right on track with where we expected those capacities to be.

是的。那我們先從 Surestone 開始。我們談過那個積壓訂單，主要是讓你有個參考。我認為很重要的是，正如我們談到的，我們預期今年可實現的 1 億美元。而且我們在產能達成的進度上，與原先預期完全一致。

Anytime you introduce new capital expenditures, you're putting new equipment in play, opening a greenfield. As we talked about in Buffalo, you know that there's a timetable of getting to fully optimize. So we'll see that in the back half of the year, and we still expect that number to come to fruition.

每當你導入新的資本支出，就等於讓新設備投入運作、開發一個全新廠址（greenfield）。正如我們在 Buffalo 談到的，你知道要達到完全最佳化是有時間表的。所以我們會在下半年看到這些效果，而我們仍預期那個數字會如期實現。

As you talk about wood plastic, yeah, it's a real bright spot as well. And a lot of that shelf space gains, I think the other piece you look at is, if you look at the marketplace, it really continues to consolidate. And we're the clear number three at this point. So we're gaining space, we're gaining share and really, really happy about the positioning. And I'll tell you, the brand development is really paying dividends for us.

談到木塑產品，是的，那也是一個非常亮眼的亮點。其中很大一部分來自貨架空間的增加；另外你看到的是，若看整個市場，它確實持續在整併。而我們目前明確是第三名。所以我們在增加陳列空間、提升市占，對這個定位真的非常、非常滿意。而且我跟你說，品牌建設確實正在為我們帶來回報。

And in terms of the gains on the wood plastic composite side, I mean, is that really broad-based knocking off a dealer here, a dealer there? Or is it one major contribution on the retail side? How would you kind of characterize that?

就木塑複合材料這一端的成長而言，我的意思是，這是否是廣泛性的——這裡拿下一個經銷商、那裡再拿下一個？還是主要來自零售端的一個重大貢獻？你會如何描述？

Combination of all. I mean, it's big box shelf space and as well as independence. And so we really like our position and I'm really proud of the work that our pro team is doing on the internal distribution piece.

兩者都有。也就是大型賣場（big box）的貨架空間，以及獨立通路。所以我們非常喜歡目前的定位，也很以我們專業團隊在內部配送這一塊所做的工作為傲。

It's a lot of hard work. Developing that brand was critical for us. And again, I can't state it enough, that team, the marketing team, the work that's being done there is really helping us drive that business forward.

這需要非常多的努力。打造那個品牌對我們至關重要。再說一次，我怎麼強調都不為過：那個團隊、行銷團隊在那裡所做的工作，確實在幫助我們推動該業務向前。

Mike, I was hoping you could talk a little bit about what you saw sequentially and price costs within Site Built? And bigger picture in construction, packaging, these segments that are more fixed price in nature, has there been a temporary pinch related to the inflation we've seen in lumber and assuming that levels out in the second half, is that a natural tailwind in terms of a little bit of incremental profitability? Or is the competitive environment still in such a state where it might be tough to go reprice some of that business?

Mike，我希望你能談談你在 Site Built 業務中看到的環比變化，以及價格與成本的情況？從更大的角度看，在建築、包裝等這些較偏固定價格的業務領域，是否因我們看到的木材通膨而出現短期擠壓？假設下半年趨於平穩，這是否會在增量獲利能力上形成自然順風、帶來一些額外的利潤？還是競爭環境仍然如此激烈，以致於要重新定價部分業務可能仍然很困難？

Yeah, there's still a lot of competitive pressure curve. I would say that -- I don't know that I saw the pricing sequentially Q1, Q2 change much. I think it was just continued to be pressured. But what we do see is costs were elevated throughout the period, and it becomes harder to pass along the cost increases with the market conditions where they're at.

是的，競爭壓力曲線仍然很大。我會說——我不確定我在 Q1 到 Q2 的環比定價上看到有太大變化。我認為只是持續受到壓力。但我們確實看到的是，整個期間成本都偏高，而在目前的市場狀況下，要把成本上升轉嫁出去變得更困難。

And so we expect that to continue for the balance of the year. I would say that maybe adding a little more color to that though, the transportation cost pressure that we see isn't really felt as much in the Site Built side. So I guess that's one area where we haven't experienced elevated costs like we have in other areas of the business.

因此我們預期這種情況會在今年剩餘期間持續。不過我想再補充一點：我們看到的運輸成本壓力，在 Site Built 這一端其實沒有那麼明顯。所以我想這是我們尚未像其他業務領域那樣，感受到成本大幅上升的一個面向。

That makes sense. And then just lastly, structural packaging stood out as really nice volume compare. How much of that is a little bit of improvement in the market, easier comps versus success on national account initiatives or anything else along those lines?

了解。最後一點，結構性包裝（structural packaging）的出貨量對比看起來非常亮眼。其中有多少是市場改善、比較基期較容易， versus 你們在全國性客戶（national account）策略上的成功或其他類似因素？

Yeah, you hit the nail on the head. We started talking about it a couple of years ago, made significant investments and really kind of restructured the way we went after that business to really take advantage of the national footprint, the multinational opportunities, et cetera. And I'll tell you, we're winning in that space.

是的，你說到重點了。我們從幾年前就開始談這件事，做了重大投資，並且某種程度上重塑了我們開拓該業務的方式，以真正利用全國性的佈局、多國企業的機會等等。我跟你說，我們在那個領域正在贏。

The national account piece I think was up approximately 25% in the quarter really proving out the model that the structural changes we made back in 2019 going into 2020, we knew we'd fill out on the retail side. It took a little bit longer there, but now we're starting to realize the gains and the opportunities that come from that, so that was the big one.

我認為本季全國性客戶業務大約成長了 25%，這也驗證了我們的模式：我們在 2019 年、進入 2020 年時所做的結構性調整——我們知道零售端會逐步到位。那邊花的時間稍微久一點，但現在我們開始實現成長與由此帶來的機會，所以那是最大的因素。

And just one follow-up on that. I mean, the national account business, as I understand it tends to be stickier, right, in terms of qualifications and not a lot of switching in and out of vendors. Is that the right way to think about it in terms of that inflection being sustainable and probably a little bit more durable than smaller account wins, so to speak?

再追問一下。據我了解，全國性客戶業務通常黏著度更高，對吧？也就是在資格認證等方面，一般不會頻繁更換供應商。用這種方式來理解是否正確：這個拐點是可持續的，而且可能比小型客戶的勝出更耐久？

Yeah, I think that's a very fair way to look at it. It's less transactional, it's more contract, takes a lot longer to get those closed. And that's part of that investment piece that we've worked the last two years. Once you get in there, there's a lot more design element, multi-material type solutions, more design. There's just a lot more to it. So yeah, it's difficult to get into, it's difficult to get out of.

是的，我認為這樣看非常合理。它比較不是一次性交易，而是更偏合約型，成交所需時間也長得多。這也是我們過去兩年投入的其中一部分。一旦進入之後，會有更多設計要素、多材料解決方案、更多設計工作。裡面牽涉的事情多很多。所以是的，進去很難，退出也不容易。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Maybe starting with the freight and transportation side, can you talk to sort of how we should think about incremental inflation or cost pressures in the back half of the year related to transportation, freight challenges?

也許先從運費與運輸這一端開始，你能談談我們應該如何看待下半年與運輸、貨運挑戰相關的額外通膨或成本壓力嗎？

And sort of how should we think about the recovery across the key businesses, retail, packaging, construction? Where are you seeing sort of the most pressures and where do you expect the cost recovery to offset these challenges?

以及我們應該如何看待主要業務——零售、包裝、建築——的成本回收（recovery）？你們在哪些地方看到壓力最大？又預期在哪些地方成本回收能抵消這些挑戰？

So I think the best way to think about it, Ketan, the second quarter was and will be the most difficult quarter for us in the way of cost increases being realized in transportation. But what's happened is structural and it will carry through.

Ketan，我認為最好的理解方式是：第二季是、也將會是我們在運輸成本上最艱難的一季，因為成本上升在那一季被反映出來。但已發生的變化屬於結構性，並會延續下去。

So if you think about it, we've got our own equipment, we contract with carriers, but it's that overflow that you need with the seasonality of the business, especially on the flatbed side, and that being the busiest quarter, not only for us, but most building materials and other things really kind of drove that up. So the back half of the year, you're still going to see increases. You're not going to see the level of impacts that we saw in Q2.

如果你這樣想：我們有自有設備，也與承運商簽約，但你仍需要因應業務季節性而額外外包的那部分運力，尤其是在平板車（flatbed）這一端；而第二季是最忙的一季，不只是對我們，對多數建材及其他品類也是如此，這就把成本推高了。所以下半年你仍會看到成本上升。但你不會看到像 Q2 那樣的影響程度。

And now that we know those cost increases are sticky and that's now structural and locked in, we're working with customers as we speak to get those passed along. So, Mike, do you want to add any additional color to that?

而且既然我們已知道這些成本上升具有黏著性、已成為結構性並被鎖定下來，我們正在與客戶合作，把這些成本轉嫁出去。所以，Mike，你要不要再補充一些說明？

Yeah. So maybe attaching numbers to that, we were up 1.6%, I think, was the transportation cost increase for the quarter, net of surcharges and pricing adjustments. We were able to get on fuel. As Will had said, we're less reliant on the spot market in the back half of the year, mostly during the busiest season.

好的。也許用數字來說明：本季運輸成本增加了 1.6%，我想是這個數字，這是扣除附加費（surcharges）以及我們能透過調價所取得的調整後的淨額。我們在燃油方面是有辦法取得一些回收的。如 Will 所說，下半年我們對即期市場（spot market）的依賴較低，主要是在最繁忙的旺季期間才會比較依賴。

So I think I would expect the 1.6% to be gradually lower through the course of the year as one we're less reliant on the spot market, but also able to pass along those cost increases to our customers. So hopefully by the time we get to next year, that's no longer a headwind on margins.

所以我認為，隨著我們在一年當中逐步降低對即期市場的依賴，同時也能把那些成本上升轉嫁給客戶，1.6% 這個數字應該會在全年過程中逐步下降。因此希望等到明年時，這就不再是毛利率的逆風。

Yeah, and to go back to that, I think the secondary part to your question related to which business units are most affected, really the Site Built business is least affected because of specialized equipment, things of that nature.

是的，回到你剛才那點，我想你問題的第二部分是關於哪些事業單位受影響最大；其實 Site Built 業務受影響最小，因為有專用設備之類的因素。

Anything that's associated with flatbeds, our ProWood business certainly be at top of the list, our pallet business, structural packaging, those businesses, a lot of flatbed demand in a very constricted market. So think about it that way.

任何與平板車（flatbed）相關的業務，我們的 ProWood 業務肯定名列前茅，還有我們的棧板業務、結構性包裝等；這些業務在市場非常緊縮的情況下，對平板車的需求很高。你可以用這個角度來理解。

Got it. No, that's very helpful. And then, just switching gears here a little bit, in terms of composite decking Deckorators, obviously there's been a pretty meaningful announcement here recently around changes in distribution partnerships. I know that you guys do a lot through your own ProWood distribution centers.

了解。不，這非常有幫助。接著稍微換個話題，談到複合材質露台板 Deckorators，顯然最近針對通路合作夥伴變更有一項相當重大的公告。我知道你們有很大一部分是透過自家的 ProWood 配送中心來做。

But I'm curious, how are you -- what is your approach to this, especially as you said, you are now the third largest composite decking producer -- what is sort of your approach and how are you all positioning Deckorators strategically?

但我想了解的是，你們是如何看待——你們對此的做法是什麼？尤其如你所說，你們現在是第三大複合露台板製造商——你們大致的策略是什麼？你們又是如何在策略上定位 Deckorators？

Yeah, so first and foremost, a lot of attention around changes in distribution and who's partnering with who. I will tell you the first thing I would say to you is none of that was surprising to us. None of that was concerning to us. We were prepared and fully expected that.

是的，首先，外界對通路變動以及誰跟誰合作有很多關注。我可以告訴你，我想先說的是，這些對我們來說一點也不意外。也完全不讓我們擔心。我們早就準備好了，也完全在預期之內。

That self-distribution piece, we just can't speak enough to it. It's the insulation for us. It actually helps drive our ProWood business as well, pushing those products through. And I'm really proud of the teams for the work they've done to set us up and make us an internal really good distributor.

至於自建通路（self-distribution）這一塊，我們真的怎麼強調都不為過。這對我們而言就像是隔熱層／防護墊。它其實也有助於帶動我們的 ProWood 業務，把那些產品推動出去。我也為團隊所做的工作感到非常自豪，他們讓我們具備條件，成為一家內部非常出色的通路商。

We also have really good distributor partners that we're very, very pleased to have in place and we're continuing to build on those. So it's kind of a mix, but we're really comfortable and really happy with the position we're in.

我們也有非常優秀的通路合作夥伴，我們對目前的合作安排非常、非常滿意，並且會持續在此基礎上深化。所以這是一種混合模式，但我們對目前的定位非常安心，也非常滿意。

Understood. And just last one from my side and I've done it over. As it relates to capital allocation, can you talk to sort of how is the M&A pipeline at this point and how are you all balancing M&A versus share repurchases and sort of where are you seeing the most opportunity?

明白。我這邊最後一題，而且我已經問超時了。關於資本配置，你能談談目前併購（M&A）案源／管線的狀況如何？以及你們如何在併購與庫藏股回購之間取得平衡？你們認為最大的機會在哪裡？

Yeah, so I'll kind of kick this off and I'll hand it over to Mike a little bit, but what I would tell you is I'm very happy with the work that that team has done, the M&A team. I would tell you we're as aligned as we've ever been on the strategic priorities, and we are focused on growing those areas and investing in those areas without overpaying.

好的，我先簡單開個頭，然後再把部分內容交給 Mike 補充。不過我想說的是，我對併購團隊的工作成果非常滿意。我也會說，我們在策略優先事項上的一致性比以往任何時候都更高；我們專注於在這些領域成長並投入資源，同時不會付出過高的價格。

So for me, the pipeline looks really good, especially in the areas where we believe there's opportunity for growth, long-term growth and added value. And so. Mike, do you want to add anything from the capital allocation piece?

所以就我而言，案源管線看起來非常好，特別是在我們認為具有成長機會、長期成長與增值空間的領域。因此。Mike，你要不要從資本配置的角度補充一下？

Yeah, just emphasizing that the M&A pipeline is in good shape, very pleased with that. I guess from a capital allocation standpoint, priorities, we're always going to focus -- we're going to prioritize growth investments first, M&A on top of capital investments.

好的，我再強調一次，併購管線狀況良好，我們對此非常滿意。從資本配置的優先順序來看，我們一向會先聚焦——我們會優先考量成長型投資，併購優先於資本支出投資。

We'd rather go through M&A than capital investments. We'll pivot to capital investments if we don't feel like the returns are there on M&A because of pricing. And -- but we have also been -- we're going to continue to be very active with share buybacks. I think last year in Q3, we announced our intention to devote a much higher percentage of our free cash flow to share buybacks.

相較於資本支出投資，我們更傾向透過併購來達成。如果因為估值／價格因素，讓我們覺得併購報酬不夠理想，我們就會轉向資本支出投資。另外——我們也一直、並且會持續非常積極地進行股票回購。我記得去年第三季我們宣布，打算把更高比例的自由現金流用於股票回購。

We've delivered on that. We did a tremendous amount of activity last year. I think we go back 7% or 8% of our market cap. We're on a pace so far this year where we've done 3% so far for the year. So we're committed to that so long as the price is at the right level where we feel like it's a really good return.

我們已經兌現了這個承諾。去年我們進行了大量回購。我想我們回購金額約相當於市值的 7% 或 8%。今年到目前為止，我們的進度大約是全年已完成 3%。所以只要股價處在我們認為能帶來很好的報酬的合理水準，我們就會持續投入。

And then we're preserving the balance sheet for growth. We called out the $1.9 billion in liquidity. So we look at that as being primarily targeted for more meaningfully sized M&A.

同時我們也會保留資產負債表的彈性以支持成長。我們提到有 19 億美元的流動性。因此我們把這主要視為用於規模更大、更具意義的併購。

(Operator Instructions) Reuben Garner, Benchmark.

(接線員指示) Reuben Garner，Benchmark。

Just a follow-up on the distribution question within Deckorators and with your addition of MoistureShield. I mean, you guys went outside of your own network for the first time in the last couple of years, and then you acquired MoistureShield that has some third-party distribution.

我想就 Deckorators 的通路問題再追問一下，以及你們新增 MoistureShield 之後的情況。我的意思是，過去幾年你們第一次走出自有網路之外，然後你們又收購了具有部分第三方通路的 MoistureShield。

Like with these pieces moving, I mean, how do you see yourself -- do you see third-party distribution becoming a bigger component of your overall retail strategy or were you fully anticipating bringing MoistureShield in-house over time?

在這些變動之下，我的意思是，你們怎麼看待自己——你們是否認為第三方通路會成為你們整體零售策略中更大的組成？還是你們原本就完全預期會在時間推移下把 MoistureShield 逐步納入自有體系？

Yeah, the MoistureShield, you'll see that conversion under the Deckorators brand and umbrella moving forward. I think we talked about that on our last call. The value of that brand has just grown. I think what you're going to see is a very balanced approach from internal distribution and outside distribution. So we'll have our key distributors, but I would expect that to be in the 50:50 mix, internal versus external.

是的，MoistureShield 你會看到未來會在 Deckorators 品牌與體系之下完成轉換。我想我們在上一次電話會議中談過這點。那個品牌的價值一直在成長。我認為你將會看到的是一個非常均衡的做法：內部通路與外部通路並行。因此我們會有關鍵的經銷商，但我預期內部與外部的比例大約會是 50:50。

Okay. Great. And then in the same line of question, the industry had kind of pivoted to over the last few years, railings and accessories, I guess, kind of being latched on with decking products. I know you guys just acquired the decking assets of MoistureShield, but is there an opportunity to leverage those relationships to sell more railing? I know railing's been down the last several quarters from some -- I think it was retail changes, but just can you talk about any railing opportunities that you have as a part of this?

好的。很好。接著同一條線的問題，過去幾年產業似乎轉向把欄杆與配件，算是與露台板產品綁在一起。我知道你們剛收購的是 MoistureShield 的露台板資產，但是否有機會利用這些關係來銷售更多欄杆？我知道欄杆業務在過去幾季有所下滑，原因可能是一些——我想是零售端的變動，但你能談談在這方面你們有哪些欄杆機會嗎？

Yeah, what I'll speak to is I really like our offerings and on the product development side and product innovation side, I would tell you that our products match up better than most in the marketplace, if not the best. We've got work to do there, we recognize that, but the attachment rate will go up, and you'll see gains and advances in that spot. But certainly, that's an area that we'll call out, and we'll continue to work on, so work to do there.

好的，我想說的是，我非常喜歡我們的產品組合；在產品開發與產品創新方面，我會說我們的產品與市場上的多數競品相比更契合，甚至可能是最好的。我們在這方面還有工作要做，我們也認知到這點，但搭售／附加購買率（attachment rate）會提升，你也會看到我們在那一塊的成長與進展。但毫無疑問，那是我們會特別點名並持續投入改善的領域，所以那裡還有工作要做。

And then bigger picture question here, Mike, the last six years or so has been kind of hectic. Prior to that, you guys were -- we would monitor your kind of gross profit per unit growth. I think it was pretty consistently growing in like the 1.5 to 2x range, if I remember correctly. This is just one quarter, but the idea of organic unit growth returning, how should we think about gross profit expansion relative to units on go forward?

然後從更宏觀的角度來看，Mike，過去大概六年左右一直相當動盪。在那之前，你們——我們會追蹤你們每單位毛利的成長。如果我沒記錯的話，它相當穩定地成長，大概在 1.5 到 2 倍的區間。這只是一個季度，但關於有機單位成長回歸這件事，往後我們應該如何看待毛利擴張相對於單位數的表現？

Yeah, it's been a wild few years with coming down from the -- going through the peak to the half dozen years like you called out going up to the peak of the pandemic and now the ride down in demand. And I think Ruben, once we arrive to the point where demand kind of finds its level, right, and it normalizes, my expectation is that the gross profit per unit would expand and that we'd see gross profits in overall EBITDA grow at a greater rate than our unit sales growth.

是的，這幾年確實很瘋狂，從——經歷高峰再下來；就像你提到的那樣，過去半打年一路上行到疫情高峰，現在又在需求下滑的過程中一路往下走。我想，Ruben，一旦我們走到需求大致找到其水位、也就是正常化的那個點，我的預期是每單位毛利會擴張，而且我們會看到整體 EBITDA 中的毛利成長速度會高於我們的單位銷售成長。

So that's our intention. I think we have strategies that align well with that, whether that's the new product growth, value-added mix improvements, operating improvements. There's any number of different strategies we can point to that are going to drive that improvement. So that's our expectation for the long-term. We're going to be striving for that 12.5% EBITDA margin. We're going to need some help with the market recovery as part of that. But yeah, that's our expectation.

所以這就是我們的意圖。我認為我們有一些策略與此高度一致，不論是新產品成長、提高附加價值的產品組合改善、營運改善。我們可以指出許多不同的策略來推動這項改善。所以這是我們對長期的預期。我們會努力達成 12.5% 的 EBITDA 利潤率。其中也需要市場復甦給我們一些助力。但對，這就是我們的預期。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

First one I wanted to ask, it's interesting that you said all the kind of distribution announcements were kind of within your expectations. And I think I would argue there's probably some opportunities to partner with Boise Cascade for outside distribution.

第一個我想問的是，你說所有這些通路/經銷的公告大致都在你們的預期之內，這點很有意思。而我認為，可能存在一些機會與 Boise Cascade 合作，做外部通路分銷。

The number five player, [Fiber One], I guess, is losing some homes, potentially creating an opportunity for you. So I guess what I would ask is do you have all the capacity you need to potentially jump on some opportunities there given this number three player in the industry could be an even stronger position?

我想第 5 名的業者 [Fiber One] 似乎正在流失一些客戶/案源，可能為你們創造機會。所以我想問的是，鑑於產業中的第 3 名業者可能會處於更強勢的位置，你們是否具備足夠的產能來把握那邊的一些機會？

Yeah, that was a really good question, and that MoistureShield acquisition was key to satisfying what we believe to be a big opportunity within that space. So the answer to your question is yes. We've got some CapEx going in, but yeah, we feel really good about our position on the capacity side, also on the sales and opportunity side.

是的，這是個非常好的問題，而收購 MoistureShield 是滿足我們認為該領域存在重大機會的關鍵。所以對你的問題答案是肯定的。我們確實有一些資本支出（CapEx）正在投入，但對，我們對產能面的布局感到非常有信心，同時在銷售與機會面也同樣如此。

Fair enough. Second question I were to ask, the ProWood minus 1% volume. Correct me if I'm wrong, but you kind of considered the minus 15% last quarter as really a down 5% underlying for everything. That's a pretty significant improvement, I guess, I would argue, with also pricing going higher in an industry where high-ticket remodel is difficult and you're, of course, exposed to the wood decking piece.

了解。第二個問題我想問的是，ProWood 的銷量是 -1%。如果我沒記錯的話，你們把上季的 -15% 視為實質上約 -5% 的基本面下滑。我想這是相當顯著的改善；同時在一個高單價翻修（remodel）很吃力的產業裡，價格還在上升，而你們當然也曝險於木質露台板（wood decking）這一塊。

I guess, could you speak, number one, just remind us, I don't think there's really much room for channel inventory to go to flex up or down here, given how much they keep. But I think you said, is this market share gains or is this potentially a sign of a bottom or improvement in kind of that high-ticket kind of R&R market?

所以我想請你談談：第一，提醒我們一下，我不認為在通路庫存方面還有太多可以向上或向下調整的空間，因為他們持有的量已經很固定。但我想你提到的是——這是市占率提升，還是可能代表高單價的維修與翻新（R&R）市場觸底或正在改善的訊號？

I think it's a combination of all. I mean, you recognize what overall market conditions look like. Some of that's gain. And I would tell you the attachment with what we've talked about on that internal distribution piece, I think that having that Deckorators brand associated with ProWood is resonating with some of the pro dealers and giving us some opportunities to tag those things together.

我認為是多種因素的綜合。我的意思是，你也看得到整體市場環境是什麼樣子。其中一部分確實是市占提升。另外我會告訴你，結合我們談到的內部通路分銷那一塊，我認為讓 Deckorators 品牌與 ProWood 連結在一起，正在引起一些專業經銷商（pro dealers）的共鳴，也給了我們一些把這些產品打包搭配的機會。

But yeah, we're very pleased with the results in the quarter given the macro. And I think it just again, it points to the hard work that our teams are doing in the field to grow business and really fight.

但對，在目前宏觀環境下，我們對本季的結果非常滿意。而我認為這再次表明，我們的團隊在第一線為了拓展業務、真正去拚搏所付出的努力。

And then a final question, and I apologize on the 1.6%, I wasn't sure if that was a net or gross, but could you just give us, if you're willing, to give us like your kind of gross freight fuel headwinds for '26? What it is annualized and how much you have it covered; how much is left to variable? Anything to help us out as we think through this year and also kind of what next year could look like as we live in this new environment?

最後一個問題，另外抱歉關於那個 1.6%，我不確定那是淨額還是毛額；但如果你願意的話，能否提供你們對 2026 年「毛額」運費與燃油的不利因素（headwinds）的看法？它年化後是多少，以及你們覆蓋了多少；還有多少仍是浮動的？任何能幫助我們在思考今年、以及在這個新環境下明年可能長什麼樣子的資訊都很有幫助。

I think if we go back to Q1 -- I'll take your question as a year-to-date question. I think in Q1 we said that we saw an increase in fuel, right, that we were unable to pass along. So that's embedded in the year-to-date numbers.

我想如果我們回到第一季——我把你的問題理解為年初至今（year-to-date）層面的問題。我記得在第一季我們說過，我們看到燃油成本上升，對吧，而我們無法把它轉嫁出去。所以那已經反映在年初至今的數字裡。

When we look at Q2, $31 million was the year-over-year increase in transportation costs. And so I called out the $27 million as the net. So the difference being what we were able to recover in terms of pricing increases and fuel surcharges to cover fuel. And we felt like fuel, we said our intention was to cover fuel in Q2, and we feel like we largely did that.

當我們看第二季時，運輸成本年增了 3,100 萬美元。所以我提到其中 2,700 萬美元是淨額。差額就是我們透過漲價以及燃油附加費（fuel surcharges）所回收、用以覆蓋燃油的部分。而我們覺得燃油方面——我們說過第二季的意圖是把燃油覆蓋掉，我們認為基本上大致做到了。

Now it's a matter of going back and having to address the other structural change in costs that's occurred in the spot market with customers, which will take some time. But year-to-date, I guess, to answer your question, the gross number is about $34 million increase in transportation costs, including fuel.

接下來就是要回頭處理現貨市場（spot market）成本結構變動所帶來的其他結構性成本上升，並與客戶協商，這需要一些時間。但年初至今，為了回答你的問題，毛額大約是運輸成本增加 3,400 萬美元，包含燃油在內。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

So you guys had a nice sequential improvement in retail margins due to improved ProWood profitability and Deckorators volume growth. And I was just wondering how we should think about segment margins in the back half of the year as Deckorators production continues to ramp?

你們的零售部門利潤率（retail margins）環比有不錯的改善，主要來自 ProWood 獲利能力提升以及 Deckorators 銷量成長。我想請問，隨著 Deckorators 的產能/產量持續爬坡（ramp），我們應該如何看待下半年各事業部門的利潤率？

Yeah, I guess back half of the year, to me, you kind of have to unpack transportation and separate it from maybe the operating business, I guess I'll call it. So transportation is going to continue to remain a headwind, particularly for ProWood.

是的，我想下半年在我看來，你得把運輸拆開來看，並把它與我姑且稱之為「營運本業」的部分區分開。所以運輸將會持續是逆風，特別是對 ProWood 而言。

And ProWood is the business units that's most highly impacted by the change in the flatbed market. So that's going to be a headwind that continues through the year and gradually gets better as the year progresses and -- for the reasons we talked about before.

而 ProWood 是受平板卡車（flatbed）市場變化影響最深的事業單位。所以這會是一個會貫穿全年、持續存在的逆風，並且會隨著年度推進而逐步改善——原因我們之前也談過。

With respect to the operating business, I expect improvement. So if I'm talking about retail, we have the closure of the Bonner facilities that substantially those benefits are occurring in the back half of the year. We have a mix improvement relative to the Surestone, wood plastic, composite decking growth, excited about that and continuing to optimize in capacity. So it's not just growth, it's dialing in cost.

至於營運本業方面，我預期會改善。所以如果我談的是零售，我們關閉 Bonner 廠區，這些效益在下半年會大幅顯現。我們在產品組合上也會改善，包含 Surestone、木塑（wood plastic）、複合材露台板（composite decking）的成長，我們對此感到興奮，並持續在產能上做最佳化。所以不只是成長而已，還包括把成本調校到位。

And then ProWood is really in a good spot. I think the only thing to maybe just put out there is something that would typically have an impact is typically once you get through the selling season with respect to lumber prices, the prices begin to soften.

接著，ProWood 其實處在一個很好的位置。我認為唯一可能需要提出的是，一般來說會產生影響的因素是：通常當你度過木材價格的銷售旺季之後，價格就會開始走軟。

And so last year in Q3 and Q4, prices dropped dramatically. We don't expect that kind of a drop in lumber prices this year, but it certainly is potentially an impact in Q3, Q4, just probably not as large of an impact as we saw last year.

因此去年在第三季和第四季，價格大幅下跌。我們不預期今年木材價格會出現那種幅度的下跌，但在第三季、第四季確實可能帶來一些影響，只是大概不會像去年看到的影響那麼大。

I appreciate all that color, very helpful. And I wanted to follow-up on one of Kurt's questions just on the Site Built competitive environment and whether there's been any incremental competitiveness with single family starts coming in softer than anticipated this year?

非常感謝這些補充說明，真的很有幫助。我也想就 Kurt 的其中一個問題追問一下，關於 Site Built 的競爭環境，以及今年獨棟住宅開工比預期更疲弱，是否帶來任何額外的競爭加劇？

And if so, have you seen any change in your share position? And has this had an outsize impact on some smaller and independent and regional competitors given ongoing profitability headwinds in the space?

如果是的話，你們的市占地位有看到任何變化嗎？另外，在該領域持續面臨獲利逆風的情況下，這是否對一些較小、獨立以及區域型競爭對手造成不成比例的影響？

The best way to describe that, Jeff, continues to be a difficult space and the most challenged business in the portfolio. I would tell you, the single-family side, yeah, you detailed it really well. We have seen improvement on the multifamily side. And we've got that in the form of -- we've got more contracts in the bank right now than we've had in a while.

Jeff，最好的描述方式是：那仍然是一個艱難的領域，也是我們投資組合中挑戰最大的一項業務。我會告訴你，獨棟住宅那一端，是的，你描述得很到位。我們在多戶住宅那一端看到改善。而這體現在——我們目前手上「已簽約但尚未履約」的合約數量，比一段時間以來都多。

And so we've -- cautious optimism in that place. But certainly, it continues to be difficult. We expect it to remain difficult and that's really the cloudiest business we got from an outlook perspective.

所以我們對那邊抱持審慎樂觀。但毫無疑問，它仍然很困難。我們預期它會持續困難，從展望角度來看，那也是我們最不明朗的一項業務。

Got it. No, thanks for that, Will. And then lastly, I apologize if you discussed this, I got on a little late, but just an update on the MoistureShield integration since the deal closed and has there been any decisions made on the Arkansas manufacturing facility moving forward as well?

了解。不，謝謝你，Will。最後一個問題，如果你們已經談過我先道歉，我稍晚才加入：想請更新一下 MoistureShield 自交易完成以來的整合進度，以及對於阿肯色州製造工廠後續規劃是否也已做出任何決定？

Yeah, so that integration is taking place. Investments are taking place in that facility. And it kind of goes back to one of the previous questions, which is, do we have the capacities? With what we're doing in that location and adding that business really created a lot of capacity for us to satisfy the demand in the marketplace.

是的，那項整合正在進行中。我們也正在對那座工廠進行投資。這其實回到先前其中一個問題：我們是否具備產能？我們在那個據點所做的事情，加上併入那項業務，確實為我們創造了很大的產能，以滿足市場需求。

So we're really happy with it. You'll see that role under the Deckorators brand in the future. And no, but all is well.

所以我們對此非常滿意。未來你會看到它納入 Deckorators 品牌之下。沒有問題，一切都很好。

Kurt Yinger, DA Davidson.

Kurt Yinger，DA Davidson。

Just wanted to talk a little bit about Deckorators, kind of gross margins. Could you maybe back up and talk about kind of the last couple of quarters and how those have trended? And then as we think ahead with Buffalo ramping, obviously very strong volume growth, I guess, do those two things offset each other or should margins kind of naturally improve with volume?

我想稍微談一下 Deckorators 的毛利率。你能否回顧一下過去幾個季度的走勢？然後展望未來，隨著 Buffalo 產能爬坡，顯然會有非常強勁的出貨量成長；我想問的是，這兩者會互相抵消嗎？還是毛利率會隨著量的提升而自然改善？

Yeah, I would say that if we go Q1 to Q2 curve because Buffalo was operating, right, but it wasn't shipping anything yet. So as a greenfield, it was a pretty good-sized drag in Q1. In Q2, it's still not at kind of full optimum capacity, so it still has room for improvement. But I would say that the expectation from first half of the year to the back half of the year is that we would see volume-related improvements.

是的，我會說，如果我們看第一季到第二季的變化，因為 Buffalo 已經在運轉了，對吧，但當時還沒有開始出貨。所以作為一個綠地新建案，它在第一季造成了相當明顯的拖累。第二季它仍未達到最佳滿載產能，因此仍有改善空間。但我會說，我們的預期是：從上半年到下半年，會看到與出貨量相關的改善。

So if we're talking about absolute dollars, we're going to expect higher gross profits as a result of just the volume improvements, but also we'd expect the productivity improvements as those plants reach closer to optimum capacity. So our outlook is for better margins within Deckorators back half the year.

所以如果我們談的是絕對金額，隨著出貨量提升，我們預期毛利金額會更高；同時，隨著工廠更接近最佳產能，我們也預期生產力會提升。因此我們對 Deckorators 下半年的毛利率展望是更好。

That's super helpful. And then just on the capital spending side. 2026 lower with some of the acquisitions and it sounds like some of the growth plans may be put on hold. I guess to the extent that you remain acquisitive with the pipeline being pretty healthy, can we kind of expect 2027 would then probably be at a similar level to 2026? Or is it all dependent upon kind of market recovery and some of those deferred projects perhaps?

這非常有幫助。接著想問資本支出方面：2026 年會較低，部分原因是一些併購，而且聽起來某些成長計畫可能會暫緩。我想問的是，如果你們仍會持續併購、而且管線看起來相當健康，那我們是否可以預期 2027 年大概會與 2026 年在相近水準？還是這完全取決於市場復甦，以及那些可能延後的專案？

Yeah, certainly depends on the market and part of that reduction is where the market is today. But yeah, we're totally comfortable pivoting between M&A and greenfield. Our preference is M&A if we get the opportunity at the right price, not adding additional capacities to the marketplace. So startups, greenfields are tough, but we're willing to go there in markets that are opportunities for us, I'll say that.

是的，這當然取決於市場，而這次下調的一部分也反映了目前的市場狀況。不過，是的，我們完全可以在併購（M&A）與綠地新建之間靈活轉換。如果有機會以合適的價格進行併購，我們的偏好是 M&A，因為那樣不會為市場新增額外產能。所以啟動新案、綠地新建確實不容易，但在對我們而言具機會的市場，我們也願意去做，我就這麼說。

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

謝謝。我目前看到提問佇列中沒有其他問題。現在我將把電話交回給 Will Schwartz 先生，請他做結語。

Thank you all for joining us today. We continue to navigate a difficult market environment and tackle new challenges, including transportation cost pressure. At the same time, I'm grateful for the competitive spirit, resilience of our team and the strength of our diversified business model and strong free cash flow and conservative balance sheet.

感謝各位今天加入我們。我們持續在艱難的市場環境中前行並應對新的挑戰，包括運輸成本壓力。同時，我也感謝我們團隊的競爭精神與韌性，以及我們多元化商業模式的優勢、強勁的自由現金流與保守的資產負債表。

Together, these strengths allow us to invest thoughtfully and in a disciplined manner throughout the business cycle to improve our competitive position, which will become even more evident as our end markets normalize. Thank you and have a great day.

這些優勢結合在一起，使我們能在整個景氣循環中以審慎且有紀律的方式進行投資，以提升我們的競爭地位；當終端市場回歸常態時，這一點將會更加明顯。謝謝，祝各位有美好的一天。

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

今天的節目到此結束。感謝各位參與。您現在可以斷線。