威爾豪瑟 (WY) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Weyerhaeuser first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎參加 Weyerhaeuser 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

It is now my pleasure to introduce your host, Andy Taylor, Vice President of Investor Relations. Thank you, Mr. Taylor. You may begin.

現在我很高興介紹主持人、投資者關係副總裁安迪泰勒 (Andy Taylor)。謝謝你，泰勒先生。你可以開始了。

Thank you, Rob. Good morning, everyone. Thank you for joining us today to discuss Weyerhaeuser's first-quarter 2025 earnings.

謝謝你，羅布。大家早安。感謝您今天加入我們討論 Weyerhaeuser 2025 年第一季的收益。

This call is being webcast at www.weyerhaeuser.com. Our earnings release and presentation materials can also be found on our website.

本次電話會議正在 www.weyerhaeuser.com 上進行網路直播。我們的收益發布和演示材料也可以在我們的網站上找到。

Please review the warning statements in our earnings release and on the presentation slides concerning the risks associated with forward-looking statements, as forward-looking statements will be made during this conference call. We will discuss non-GAAP financial measures, and a reconciliation of GAAP can be found in the earnings materials on our website.

請查看我們的收益報告和簡報幻燈片中有關前瞻性陳述相關風險的警告聲明，因為前瞻性陳述將在本次電話會議中做出。我們將討論非公認會計準則 (non-GAAP) 財務指標，您可以在我們網站的收益資料中找到公認會計準則 (GAAP) 的對帳表。

On the call this morning are Devin Stockfish, Chief Executive Officer; and Davie Wold, Chief Financial Officer.

參加今天早上電話會議的有執行長 Devin Stockfish；以及財務長戴維‧沃爾德 (Davie Wold)。

I will now turn the call over to Devin Stockfish.

現在我將把電話轉給 Devin Stockfish。

Thanks, Andy. Good morning, everyone, and thank you for joining us.

謝謝，安迪。大家早安，感謝大家的收看。

Yesterday, Weyerhaeuser reported first quarter GAAP earnings of $83 million or $0.11 per diluted share on net sales of $1.8 billion. Adjusted EBITDA totaled $328 million, a 12% increase over the fourth quarter of 2024. These are solid results considering elevated macroeconomic uncertainty in the first quarter, and I'm pleased with the operational performance delivered by our teams.

昨天，惠好公司公佈第一季 GAAP 收益為 8,300 萬美元，即每股收益 0.11 美元，淨銷售額為 18 億美元。調整後 EBITDA 總計 3.28 億美元，比 2024 年第四季成長 12%。考慮到第一季宏觀經濟不確定性的增加，這些都是可靠的結果，我對我們團隊的營運表現感到滿意。

Turning now to our first-quarter business results. I'll begin with Timberlands on pages 5 through 8 of our earnings slides. Timberlands contributed $102 million to first-quarter earnings. Adjusted EBITDA was $167 million a $41 million increase compared to the fourth quarter, largely driven by stronger domestic sales realizations in the West.

現在來談談我們第一季的業務業績。我將從我們的收益投影片第 5 頁至第 8 頁開始介紹 Timberlands。Timberlands 為第一季的收益貢獻了 1.02 億美元。調整後的 EBITDA 為 1.67 億美元，較第四季增加 4,100 萬美元，主要得益於西方國家國內銷售業績的強勁成長。

Turning to the domestic market in the West. Log demand was healthy in the first quarter as mills responded to strengthening lumber prices and seasonally lower log supply. As a result, pricing for our grade logs increased our average domestic sales realizations were significantly higher compared to the fourth quarter.

轉向西方國內市場。由於木材廠對木材價格上漲和季節性原木供應減少做出反應，第一季原木需求保持健康。因此，我們等級原木的價格上漲，與第四季相比，我們的平均國內銷售實現額大幅提高。

Our domestic sales volumes increased moderately as we strategically shifted logs to domestic customers and paused shipments to China, given the recent ban on US log imports. Fee harvest volumes were moderately higher, and per unit log and haul costs decreased as we made the seasonal transition to lower elevation and lower-cost harvest operations. Forestry and road costs were seasonally lower.

鑑於最近美國原木進口禁令，我們策略性地將原木轉移給國內客戶，並暫停向中國發貨，因此我們的國內銷售量適度增長。隨著我們季節性地過渡到低海拔和低成本的採伐作業，採伐費用適度增加，而每單位原木和運輸成本則降低。林業和道路成本因季節性而較低。

Moving to our Western export business. In Japan, demand for our logs improved in the first quarter. This was largely driven by a recent decrease in shipments and inventories of imported European lumber, which has allowed our customers to increase market share. As a result, our sales volumes for export logs to Japan were significantly higher compared to the fourth quarter, and average sales realizations were slightly higher.

轉向我們的西方出口業務。在日本，第一季對我們原木的需求有所改善。這主要是由於近期進口歐洲木材的出貨量和庫存減少，這使得我們的客戶增加了市場份額。因此，我們對日本的出口原木銷售量與第四季相比大幅增加，平均銷售實現額也略有增加。

In China, log demand moderated in the first quarter in response to reduced consumption during the Lunar New Year holiday. Given this dynamic, coupled with improving Western domestic market conditions, we elected to significantly reduce volumes into China during the quarter.

在中國，由於農曆新年假期消費減少，第一季原木需求放緩。鑑於這種動態，再加上西方國內市場狀況的改善，我們決定在本季大幅減少對中國的出口量。

In early March, we paused all shipments in response to Chinese regulators announcing an immediate ban on log imports from the US. As a result, our sales volumes decreased significantly compared to the fourth quarter, and average realizations were moderately lower.

3月初，由於中國監管機構宣布立即禁止從美國進口原木，我們暫停了所有出貨。因此，我們的銷售量與第四季相比大幅下降，平均實現額也略有下降。

It's worth noting that the log ban had a minimal impact on our first-quarter results and we don't anticipate this being a material headwind to our Western business in the near term. Given our diverse customer base, we were able to shift volumes to other buyers for our Western logs.

值得注意的是，原木禁令對我們第一季的業績影響甚微，我們預計這不會在短期內對我們的西方業務造成重大阻力。鑑於我們多樣化的客戶群，我們能夠將西方原木的供應量轉移給其他買家。

I'll also note that we had reduced our China export program in the quarters leading up to the log band, primarily due to ongoing consumption headwinds in the region and improving Western domestic market conditions.

我還要指出的是，在原木帶之前的幾個季度裡，我們已經減少了對中國的出口計劃，這主要是由於該地區持續的消費逆風和西方國內市場狀況的改善。

Turning to the South. Adjusted EBITDA for Southern Timberlands decreased by $3 million as log markets were largely stable compared to the fourth quarter. Southern sawlog demand remained muted in response to ample log supply, and mill is continuing to align capacity with lower takeaway of finished goods.

轉向南方。由於原木市場與第四季度相比基本穩定，Southern Timberlands 的調整後 EBITDA 減少了 300 萬美元。由於原木供應充足，南方鋸木需求仍低迷，工廠持續根據成品需求減少調整產能。

In contrast, Southern fiber markets were generally balanced. In general, takeaway for our logs remained steady in the first quarter given our delivered programs across the region. As a result, our average sales realizations were comparable to the fourth quarter.

相比之下，南方纖維市場整體平衡。總體而言，鑑於我們在整個地區實施的項目，第一季我們的原木外賣量保持穩定。因此，我們的平均銷售實現額與第四季相當。

Our fee harvest volumes and per unit log and haul costs were also comparable. Forestry and road costs were slightly higher. In the North, adjusted EBITDA increased slightly compared to the fourth quarter due to slightly higher sales realizations and volumes.

我們的費用採伐量以及每單位原木和運輸成本也是相當的。林業和道路成本略高。在北方，由於銷售實現額和銷售量略有增加，調整後的 EBITDA 與第四季度相比略有增加。

Turning now to Real Estate, Energy, and Natural Resources on pages 9 and 10. Real Estate and ENR contributed $56 million to first-quarter earnings and $82 million to adjusted EBITDA. First-quarter EBITDA was $6 million higher than the fourth quarter largely driven by the timing and mix of real estate sales.

現在翻到第 9 頁和第 10 頁的房地產、能源和自然資源。房地產和 ENR 為第一季收益貢獻了 5,600 萬美元，為調整後的 EBITDA 貢獻了 8,200 萬美元。第一季的 EBITDA 比第四季高出 600 萬美元，這主要得益於房地產銷售的時間和組合。

Real Estate markets have remained solid year-to-date, and we continue to capitalize on steady demand and pricing for HBU properties with significant premiums to timber value. I'll now turn to our Natural Climate Solutions business and cover some exciting news on one of our previously announced carbon capture and sequestration agreement.

今年迄今為止，房地產市場一直保持穩健，我們繼續利用 HBU 物業的穩定需求和定價，其價格遠高於木材價值。現在我將談談我們的自然氣候解決方案業務，並介紹我們先前宣布的一項碳捕獲和封存協議的一些令人興奮的消息。

Earlier this month, Occidental Petroleum announced an important milestone associated with our CCS project in Livingston Parish, Louisiana. They've signed a 25-year offtake agreement for approximately 2.3 million metric tons of CO2 per year from a third-party facility that's being constructed in the region.

本月初，西方石油公司宣布了其位於路易斯安那州利文斯頓縣的 CCS 計畫的一個重要里程碑。他們簽署了一份為期 25 年的承購協議，每年將從該地區正在建設的第三方設施承購約 230 萬公噸二氧化碳。

The emitting facility is expected to be operational in 2029, and subsurface injection of CO2 should commence around that time. This is an important step for our CCS project with Oxy and represents tangible progress in advancing Weyerhaeuser's growth in the CCS space. In addition, this underscores the importance of selecting sophisticated counterparties with strong technical, commercial, and project development expertise.

該排放設施預計將於 2029 年投入運營，二氧化碳地下注入也將於那時開始。這是我們與 Oxy 合作的 CCS 專案邁出的重要一步，代表 Weyerhaeuser 在 CCS 領域的實際進展。此外，這強調了選擇具有強大技術、商業和專案開發專業知識的成熟交易對手的重要性。

Now moving on to Wood Products on pages 11 through 13. Wood Products contributed $106 million to first-quarter earnings. Adjusted EBITDA was $161 million, which was comparable to our fourth-quarter results.

現在轉到第 11 至 13 頁的木製品。木製品為第一季的收益貢獻了 1.06 億美元。調整後的 EBITDA 為 1.61 億美元，與我們第四季的業績相當。

Starting with lumber. First-quarter adjusted EBITDA was $40 million, a $19 million improvement compared to the fourth quarter. Although buyer sentiment remains cautious, the framing lumber composite increased moderately in the first quarter largely driven by supply constraints from previously enacted curtailments and closures across the North American market, combined with a slight seasonal improvement in building activity into the spring months.

從木材開始。第一季調整後的 EBITDA 為 4,000 萬美元，較第四季增加 1,900 萬美元。儘管買家情緒依然謹慎，但第一季框架木材綜合價格溫和上漲，主要原因是北美市場先前實施的減產和關閉措施導致供應受限，加上春季建築活動略有季節性改善。

Pricing was further supported by concerns and speculation around tariffs on Canadian supply, particularly SPF lumber products. I'll also note that we've seen a steady increase in southern yellow pine lumber prices since January.

對加拿大供應（尤其是 SPF 木材產品）關稅的擔憂和猜測進一步支撐了價格。我還要指出的是，自一月份以來，我們看到南方黃松木材價格穩步上漲。

For our lumber business, average sales realizations increased by 5% in the first quarter, largely in line with the framing lumber composite. Our sales volumes increased slightly compared to the fourth quarter, and unit manufacturing costs were slightly lower as production levels increased.

對於我們的木材業務，第一季平均銷售實現額成長了 5%，與框架木材綜合銷售額基本一致。我們的銷售量與第四季度相比略有增加，隨著生產水準的提高，單位製造成本略有下降。

It is worth noting that both sales volumes and unit manufacturing costs were slightly unfavorable to our initial outlook for the quarter. This was primarily driven by temporary operational impacts from winter weather in January and a somewhat softer demand environment in the more uncertain macro backdrop. Our log costs were moderately higher, primarily for Western logs.

值得注意的是，銷售量和單位製造成本均略低於我們對本季的初步預測。這主要是由於一月份冬季天氣對營運造成的暫時影響，以及宏觀背景更不確定導致的需求環境略顯疲軟。我們的原木成本略高，主要是西部原木。

Turning to OSB. First quarter adjusted EBITDA was $59 million, a $4 million decrease compared to the fourth quarter. Benchmark pricing for OSB entered the first quarter on a downward trajectory, largely in response to elevated channel inventories and slower building activity in the winter months.

轉向OSB。第一季調整後的 EBITDA 為 5,900 萬美元，較第四季減少 400 萬美元。OSB 的基準價格在第一季呈下降趨勢，這主要是由於通路庫存增加和冬季建築活動放緩所致。

As the quarter progressed, demand and pricing improved slightly in anticipation of the spring building season, but later reversed as buyers weighed the potential impacts of tariffs on the economy and housing demand. This dynamic has persisted into April.

隨著本季的進展，由於預期春季建築季節的到來，需求和價格略有改善，但後來由於買家權衡關稅對經濟和住房需求的潛在影響而逆轉。這種動態一直持續到四月。

For our OSB business, average sales realizations decreased by 1% in the first quarter, which was favorable to the OSB composite. This is largely due to the length of our order files, which results in a lag effect for OSB realizations.

對於我們的 OSB 業務，第一季平均銷售額實現下降了 1%，這對 OSB 複合材料有利。這主要是因為我們的訂單文件太長，導致 OSB 實現出現滯後效應。

Given the softer demand environment, our sales volumes were comparable to the fourth quarter. Unit manufacturing costs and fiber costs were slightly higher.

鑑於需求環境較弱，我們的銷售量與第四季相當。單位製造成本和纖維成本略高。

Engineered Wood Products adjusted EBITDA was $53 million. a $16 million decrease compared to the prior quarter. I'll note that we experienced a multi-week outage at our MDF facility in Montana as a result of a fire event in February. This impacted our first quarter EWP results by approximately $11 million.

工程木材產品調整後的 EBITDA 為 5,300 萬美元。與上一季相比減少了 1600 萬美元。我要指出的是，由於二月的一場火災，我們位於蒙大拿州的 MDF 工廠經歷了長達數週的停產。這對我們第一季的 EWP 業績影響了約 1,100 萬美元。

The facility resumed partial production in mid-March and is now back to a more normal operating posture. We plan to make up most of the lost volume over the course of 2025.

該廠於3月中旬恢復部分生產，目前已恢復到較正常的運作狀態。我們計劃在 2025 年彌補大部分損失。

Moving to our full EWP segment. Average sales realizations for most products were comparable to slightly higher than fourth-quarter averages. Our sales volumes decreased in the first quarter, primarily for MDF and solid section products whereas I-joist volumes were comparable. Unit manufacturing costs were lower for most product categories, excluding MDF, and raw material costs were higher.

轉向我們的完整 EWP 部分。大多數產品的平均銷售實現額與第四季的平均值相當，略高。我們第一季的銷售量下降，主要是中密度纖維板和實心型材產品的銷售量下降，而工字樑的銷售量則與中密度纖維板和實心型材產品相當。除中密度纖維板 (MDF) 外，大多數產品類別的單位製造成本較低，而原料成本較高。

Turning to the overall demand environment. Although our EWP sales volumes and pricing held up reasonably well in the first quarter, demand was softer than our initial expectations. That said, we have seen a slight uptick in our order files over the last several weeks, and we do expect our sales volumes to increase seasonally in the second quarter.

轉向整體需求環境。儘管我們的 EWP 銷售量和定價在第一季保持了相當好的水平，但需求卻低於我們最初的預期。話雖如此，我們在過去幾週內看到訂單量略有上升，並且我們確實預計第二季的銷售量將出現季節性增長。

Moving forward, demand for EWP products will remain closely aligned with new home construction activity, particularly in the single-family segment. In Distribution, adjusted EBITDA decreased by $4 million compared to the fourth quarter, largely driven by lower sales volumes.

展望未來，對 EWP 產品的需求將與新房屋建設活動保持密切聯繫，尤其是在單戶住宅領域。在分銷方面，調整後的 EBITDA 與第四季度相比減少了 400 萬美元，主要原因是銷售量下降。

With that, I'll turn the call over to Davie to discuss some financial items and our second-quarter outlook.

說完這些，我將把電話轉給戴維，討論一些財務事項和我們的第二季展望。

Thanks, Devin, and good morning, everyone. I'll begin with key financial items, which are summarized on page 15.

謝謝，德文，大家早安。我將從關鍵的財務項目開始，這些項目總結在第 15 頁。

We ended the first quarter with $560 million of cash and total debt of just under $5.2 billion. First-quarter share repurchase activity totaled approximately $25 million. And as of quarter end, we had completed approximately $925 million of repurchase under our $1 billion authorization.

第一季結束時，我們的現金為 5.6 億美元，總債務略低於 52 億美元。第一季股票回購活動總額約2,500萬美元。截至本季末，我們已根據 10 億美元的授權完成了約 9.25 億美元的回購。

We returned $152 million to shareholders through the payment of our quarterly base dividend, which we increased by 5% to $0.21 per share during the quarter. This marked the fourth consecutive year of increasing our sustainable base dividend by 5% or more.

我們透過支付季度基本股息向股東返還了 1.52 億美元，本季基本股利增加了 5%，達到每股 0.21 美元。這標誌著我們可持續基本股息連續第四年增加 5% 或更多。

We continue to believe that our dividend framework, combined with opportunistic share repurchase, enhances our ability to drive long-term value by returning meaningful and appropriate amounts of cash back to shareholders across market cycles.

我們始終相信，我們的股利框架與機會性股票回購相結合，能夠透過在市場週期中向股東返還有意義且適當的現金來增強我們推動長期價值的能力。

Capital expenditures for the quarter were $93 million, which includes $16 million related to the construction of our EWP facility in Arkansas. As we previously communicated, CapEx associated with this project will be excluded for purposes of calculating adjusted FAD as used in our flexible cash return framework.

本季資本支出為 9,300 萬美元，其中包括與在阿肯色州建設 EWP 設施相關的 1,600 萬美元。正如我們之前所傳達的，在計算我們靈活現金回報框架中使用的調整後 FAD 時，將排除與該項目相關的資本支出。

In the first quarter, we generated $70 million of cash from operations. It's worth noting that the first quarter is usually our lowest operating cash flow quarter due to seasonal inventory and other working capital build.

第一季度，我們的經營活動產生了 7,000 萬美元的現金。值得注意的是，由於季節性庫存和其他營運資金的積累，第一季通常是我們營運現金流最低的季度。

During the quarter, we refinanced $210 million of high coupon debt at maturity by issuing a $300 million variable rate term loan. We have no additional debt maturing in 2025.

本季度，我們透過發行 3 億美元浮動利率定期貸款，為到期的 2.1 億美元高利率債務進行再融資。我們沒有額外的債務將於 2025 年到期。

Our balance sheet, liquidity position, and financial flexibility remains strong, and we are well positioned to navigate a range of market conditions. Unallocated items are summarized on page 14.

我們的資產負債表、流動性狀況和財務靈活性依然強勁，我們有能力應對各種市場狀況。未分配項目總結在第 14 頁。

Adjusted EBITDA for unallocated decreased by $13 million compared to the fourth quarter, primarily attributable to changes in intersegment profit elimination and LIFO. Looking forward, key outlook items for the second quarter are presented on page 17.

未分配調整後 EBITDA 與第四季度相比減少了 1300 萬美元，主要歸因於分部間利潤抵銷和後進先出法的變化。展望未來，第二季的關鍵展望項目列於第 17 頁。

In our Timberlands business, we expect second-quarter earnings and adjusted EBITDA to be approximately $15 million lower compared to the first quarter of 2025, primarily due to the seasonal increase in forestry and road costs in our Western operations.

在我們的 Timberlands 業務中，我們預計第二季度收益和調整後的 EBITDA 將比 2025 年第一季減少約 1500 萬美元，這主要是由於我們西部業務的林業和道路成本季節性增加。

Turning to the West. We anticipate steady log demand in the domestic market in the second quarter as mills respond to improving lumber takeaway as we get deeper into the spring building season. At the same time, log supply is expected to increase as weather conditions improve seasonally.

轉向西方。隨著春季建築季節的深入，木材加工廠對木材外賣量的增加做出了反應，我們預計第二季國內市場的原木需求將保持穩定。同時，隨著天氣條件季節性改善，原木供應量預計會增加。

Given these dynamics, we expect a fairly balanced domestic log market and stable pricing for Douglas fir logs. That said, we anticipate our average domestic sales realizations will be slightly lower compared to the first quarter, largely due to mix.

鑑於這些動態，我們預期國內原木市場將相當平衡，花旗松原木的價格也將穩定。話雖如此，我們預計我們的平均國內銷售實現額將比第一季略低，這主要是由於產品組合的原因。

We expect our fee harvest volumes to be slightly higher given seasonally favorable operating conditions. Forestry and road costs are expected to be higher as we enter the spring and summer months, and per unit log and haul costs are expected to increase slightly as we move to higher elevation sites.

考慮到季節性有利的經營條件，我們預計我們的費用收穫量將略高。隨著進入春季和夏季，林業和道路成本預計會更高，隨著我們轉移到海拔更高的地區，每單位原木和運輸成本預計會略有增加。

Briefly on our log export program to Japan. As Devin mentioned, shipments and inventories of imported European lumber have decreased, which has allowed our customers to take market share. As a result, we expect steady demand for our logs in the second quarter.

簡單介紹一下我們對日本的原木出口計畫。正如德文所提到的，進口歐洲木材的出貨量和庫存有所減少，這使得我們的客戶佔據了市場份額。因此，我們預計第二季對原木的需求將保持穩定。

That said, we anticipate lower sales volumes compared to the first quarter due to the timing of vessels. Our average sales realizations are expected to increase moderately.

話雖如此，由於船舶時間安排，我們預計銷售量將比第一季下降。我們的平均銷售實現額預計會適度增加。

Turning to the South. On balance, we're expecting Southern log prices to be relatively stable during the quarter and our average sales realizations to be comparable to the first quarter. Log inventories were ample at the outset of the second quarter, but we expect a slight improvement in sawlog demand as mills respond to the recent uptick in pricing and takeaway of lumber.

轉向南方。總的來說，我們預計本季南方原木價格將相對穩定，我們的平均銷售實現額將與第一季相當。第二季初，原木庫存充足，但隨著工廠對近期木材價格上漲和外賣量的反應，我們預計鋸木需求將略有改善。

In addition, we anticipate improving fiber demand through the quarter as mills transition from spring maintenance outages. Our fee harvest volumes and forestry and road costs are expected to be higher due to drier weather conditions that are typical in the second quarter, and we anticipate moderately higher per unit log-in haul costs.

此外，隨著工廠從春季維護停工過渡，我們預計本季纖維需求將有所改善。由於第二季典型的乾燥天氣條件，我們的採伐量以及林業和道路成本預計會更高，並且我們預計每單位木材運輸成本會適度增加。

In the North, our sales realizations are expected to be moderately higher compared to the first quarter, and fee harvest volumes are expected to be significantly lower given spring breakup conditions.

在北方，我們的銷售實現量預計將比第一季略高，而考慮到春季分手條件，預計費用收穫量將大幅下降。

Moving to our Real Estate, Energy, and Natural Resources segment. We continue to see solid demand for real estate properties and expect a consistent flow of HBU transactions with significant premiums to timber value.

轉向我們的房地產、能源和自然資源部門。我們繼續看到對房地產的強勁需求，並預計 HBU 交易將持續流動，且木材價值將大幅溢價。

For the second quarter, we expect adjusted EBITDA will be approximately $50 million higher and earnings will be approximately $40 million higher than the first quarter of 2025 due to the timing and mix of real estate sales.

對於第二季度，由於房地產銷售的時間和組合，我們預計調整後的 EBITDA 將比 2025 年第一季高出約 5,000 萬美元，收益將高出約 4,000 萬美元。

For the full year, we maintain our adjusted EBITDA guidance of approximately $350 million for the segment, which includes our target to reach $100 million of EBITDA in our Natural Climate Solutions business. We now expect basis as a percentage of real estate sales to be 30% to 40% for the full year.

就全年而言，我們維持該部門約 3.5 億美元的調整後 EBITDA 指引，其中包括我們的自然氣候解決方案業務達到 1 億美元 EBITDA 的目標。我們現在預計全年房地產銷售額的基數百分比將達到 30% 至 40%。

In our Wood Products segment, we expect second-quarter earnings and adjusted EBITDA to be slightly higher than the first quarter of 2025, excluding the effect of changes in average sales realizations for lumber and OSB as sales volumes increased seasonally across our Wood Products businesses.

在我們的木製品部門，我們預計第二季度的收益和調整後的 EBITDA 將略高於 2025 年第一季度，不包括木材和 OSB 平均銷售實現變化的影響，因為我們的木製品業務的銷售量隨季節增加。

After a slower-than-expected start to the spring building season, I'll note that we are seeing signs of improving demand in certain end markets particularly from the treater segment in the US South. In addition, order files for our EWP products have improved over the last several weeks.

在春季建築季節開始速度低於預期之後，我注意到我們看到某些終端市場需求出現改善的跡象，特別是來自美國南部的處理器領域。此外，過去幾週我們的 EWP 產品的訂單文件有所改善。

As shown on page 18, our current and quarter-to-date average sales realizations for lumber are moderately higher than the first-quarter average. This is largely in response to the steady increase in pricing for Southern yellow pine lumber products. Conversely, for OSB, our current and quarter-to-date realizations are moderately lower compared to the first quarter average.

如第 18 頁所示，我們目前和本季的木材平均銷售實現量略高於第一季的平均值。這主要是因為南方黃松木材產品價格穩定上漲。相反，對於 OSB，我們目前和本季迄今的實現情況與第一季的平均值相比略低。

For our lumber business, we expect slightly higher sales volumes and log costs compared to the first quarter. Unit manufacturing costs are expected to be comparable.

對於我們的木材業務，我們預計銷售量和原木成本將比第一季略高。預計單位製造成本是相當的。

For our Oriented Strand Board business, we anticipate slightly higher sales volumes and fiber costs. Unit manufacturing costs are expected to increase due to more downtime for planned annual maintenance compared to the first quarter.

對於我們的定向刨花板業務，我們預計銷售量和纖維成本將略有上升。由於與第一季相比，計劃年度維護的停機時間增加，預計單位製造成本將會增加。

Turning to our Engineered Wood Products business. We anticipate slightly higher sales volumes for all products in the second quarter and comparable average sales realizations.

轉向我們的工程木製品業務。我們預計第二季所有產品的銷售量將略有增加，平均銷售實現量也將與去年持平。

Unit manufacturing costs are expected to be lower primarily driven by increased production at our MDF facility in Montana, which has returned to more normal operating levels. And raw material costs are expected to be moderately lower.

預計單位製造成本將會降低，這主要得益於我們位於蒙大拿州的中密度纖維板工廠產量的增加，該工廠已恢復到更正常的運作水準。預計原材料成本將適度下降。

For our distribution business, we expect adjusted EBITDA to be slightly higher compared to the first quarter as sales volumes increase seasonally.

對於我們的分銷業務，由於銷售量季節性增加，我們預計調整後的 EBITDA 將比第一季略高。

With that, I'll now turn the call back to Devin and look forward to your questions.

說完這些，我現在將電話轉回給德文，期待您的提問。

Thanks, Davie. Before wrapping up this morning, I'll make a few comments on the housing and repair and remodel markets, starting with housing.

謝謝，戴維。在今天上午結束之前，我將對住房和維修改造市場發表一些評論，首先從住房開始。

For the first quarter, housing held up reasonably well with total starts averaging nearly 1.4 million units on a seasonally adjusted basis and single-family starts averaging around 1 million units in the quarter. However, homebuilder sentiment waned somewhat as the quarter progressed, and prospective buyers turned more cautious in response to elevated uncertainty surrounding tariffs in the broader economy.

第一季度，房屋市場表現相當良好，經季節性調整後，總開工量平均接近 140 萬套，其中單戶住宅開工量平均約 100 萬套。然而，隨著本季的進展，房屋建築商的信心減弱，由於整體經濟中關稅的不確定性加劇，潛在買家變得更加謹慎。

This cautious sentiment continued into April as trade policy actions accelerated and markets experienced elevated volatility. Given these dynamics, the spring building season has gotten off to a softer start than we were expecting at the outset of 2025.

隨著貿易政策行動加速以及市場波動加劇，這種謹慎情緒持續到 4 月。鑑於這些動態，春季建築季節的開局比我們在 2025 年初預期的要疲軟。

Moving forward, the housing market will ultimately be determined by the state of the economy and whether the employment picture remains healthy. If the US economy and employment hold up reasonably well, there is no reason we cannot still experience a solid housing market in 2025.

展望未來，房地產市場最終將取決於經濟狀況以及就業情況是否保持健康。如果美國經濟和就業保持良好，那麼2025年我們沒有理由不能擁有一個穩固的房地產市場。

Further, if mortgage rates move down over the course of the year, we could even see some upside in housing activity. In the near term, however, I suspect we'll see some choppiness in the housing activity as trade negotiations continue and the economy adjusts to these policies.

此外，如果抵押貸款利率在一年內下降，我們甚至可能會看到房地產活動出現一些上行趨勢。然而，我懷疑短期內隨著貿易談判的持續和經濟對這些政策的調整，我們將看到房地產活動出現一些波動。

But putting the current environment aside, we remain bullish on housing over the long term. supported by strong demographic tailwinds, a vastly underbilled housing stock, and historically low existing home inventories.

但拋開當前環境不談，我們仍然看好長期房屋市場。受到強勁的人口結構順風、大量住房存量不足以及歷史最低的現有房屋庫存的支持。

Turning to the repair and remodel market. Despite the seasonal decrease in activity that's typical in the winter months, R&R activity held up reasonably well in the first quarter. Underlying demand fundamentals remain solid, and we're seeing the typical pickup in activity as the weather improves.

轉向維修和改造市場。儘管冬季活動量通常會出現季節性減少，但第一季的 R&R 活動仍保持得相當好。潛在需求基本面依然穩固，隨著天氣好轉，我們看到活動出現典型的回升。

That said, we are still experiencing some headwinds in this market, namely higher interest rates and fewer existing home transactions due to the lock-in effect, and more recently, weakening consumer confidence. As we look forward, while repair and remodel activity may experience a little turbulence here in the near term as the economy adjusts to tariff actions, we do expect demand to pick up as the year progresses.

儘管如此，我們在這個市場上仍然面臨一些阻力，即由於鎖定效應導致的利率上升和現有房屋交易減少，以及最近消費者信心的減弱。展望未來，儘管隨著經濟適應關稅行動，維修和改造活動在短期內可能會經歷一些動盪，但我們預計隨著時間的推移，需求將會回升。

And as we look out over the medium to long term, many of the drivers for R&R activity are still very much in place, including significantly increased levels of home equity and an aging housing stock. In addition, we've largely worked through the pull forward of projects that occurred during the pandemic and, in fact, are now seeing project deferrals for R&R projects. So this should be a tailwind for repair and remodel activity as the macro environment improves.

從中長期來看，推動 R&R 活動的許多因素仍然存在，包括房屋淨值水準的顯著提高和房屋存量的老化。此外，我們基本上已經解決了疫情期間專案的提前問題，事實上，現在 R&R 專案已經出現延期。因此，隨著宏觀環境的改善，這應該會成為修復和改造活動的順風。

In closing, we delivered solid results across our businesses in the first quarter. In addition, we increased our quarterly base dividend for the fourth consecutive year and recently reached an important milestone in our CCS agreement with Occidental in Louisiana.

最後，我們在第一季取得了各項業務的穩健表現。此外，我們連續第四年提高了季度基本股息，並且最近與路易斯安那州西方石油公司達成的 CCS 協議達到了重要里程碑。

Looking forward, we're well positioned to navigate a range of market conditions in the near term, and we remain confident in the longer-term demand fundamentals that support our businesses. Our balance sheet is strong, and we continue to focus on driving operational excellence, serving customers, capitalizing on strategic opportunities, and creating long-term value for our shareholders through our disciplined and flexible capital allocation framework.

展望未來，我們已做好準備，在短期內應對各種市場狀況，並且我們對支持我們業務的長期需求基本面仍然充滿信心。我們的資產負債表強勁，我們繼續專注於推動卓越運營，服務客戶，利用策略機遇，並透過我們嚴謹而靈活的資本配置框架為股東創造長期價值。

With that, I think we can go ahead and open it up for questions.

有了這些，我想我們可以繼續問問題了。

(Operator Instructions) Susan Maklari, Goldman Sachs.

（操作員指示）高盛的蘇珊·馬克拉里 (Susan Maklari)。

This is Charles Perron in for Susan. Just first, I want to talk a bit about what you're hearing on demand for lumber as we enter the building season. I think we've heard some of the builders taking down their closings guide for the year. And (inaudible) demand in your prepared remarks.

我是查爾斯‧佩隆 (Charles Perron)，代替蘇珊。首先，我想談談大家聽到的有關建築季節對木材需求的情況。我想我們已經聽說一些建築商撤下了今年的竣工指南。並且（聽不清楚）在您準備好的發言中提出要求。

But what are you hearing from retailer demand through the spring and their willingness to ramp inventory given the demand uncertainty? I guess you have the expectations for higher tariffs through this summer. And specifically, given the risks of tariffs on Canadian lumber, do you see any shift in order patterns between SPF and Southern yellow pine that could sustain over time?

但是，考慮到需求的不確定性，您對春季零售商的需求以及他們增加庫存的意願有何看法？我想您預計今年夏天關稅會上漲。具體來說，考慮到對加拿大木材徵收關稅的風險，您是否認為 SPF 和南方黃松之間的訂單模式會發生任何轉變，並且這種轉變可能會持續一段時間？

Sure, yeah. Let me unpack. There are a few questions in there.

當然，是的。讓我打開包裹。其中有幾個問題。

Just in terms of overall lumber demand, I would say it's steady right now. You noted there has been a little bit of pullback, and you've seen that in the builder confidence levels here recently. And so I would say it's not maybe as strong as we had anticipated heading into the year.

就整體木材需求而言，我認為目前是穩定的。您注意到出現了一些回調，並且您最近從這裡的建築商信心水平中看到了這一點。因此我想說，今年的業績可能不如我們預期的那麼強勁。

But the flip side of that is we saw somewhere in the neighborhood of 4 billion board feet of capacity come out of the system last year. And so that did balance the supply/demand a little bit, and we're seeing that in today's environment even with a little bit more muted demand overall.

但另一方面，我們看到去年該系統的容量減少了約 40 億板英尺。因此，這確實在一定程度上平衡了供需，而且我們看到，在今天的環境下，即使整體需求略有減弱。

But that being said, as we roll into spring, we're seeing the typical increase in demand. And we're starting to see the R&R market move up a little bit. As Davie noted, we've seen a little bit more interest from the treater environment here of late.

但話雖如此，隨著春季的到來，我們看到需求的典型增長。我們開始看到 R&R 市場略有上升。正如戴維所指出的，我們最近看到這裡的治療環境興趣增加。

So as we think about this in the broader sense, I do think with just the lack of clarity around where housing is going to go. We've seen this in lumber; OSB; to some extent, EWP. We're not seeing people build inventories to the same level you ordinarily would see heading into the spring. And so I think that's partially uncertainty just around what's going to play out over the next several months.

因此，當我們從更廣泛的意義上思考這個問題時，我確實認為，住房的走向尚不明確。我們在木材中看到過這種情況；定向刨花板；在某種程度上，EWP。我們沒有看到人們將庫存增加到春季通常所見的水平。所以我認為這部分是未來幾個月會發生什麼的不確定性。

Right now, there is sufficient supply to meet that demand. So it's not causing any significant disruptions in the supply chain. I will just note -- and we've seen this many times in the past. To the extent that you don't have meaningful inventories heading into this time of year, and we do see an uptick in building activity, that typically will cause some short-term supply shocks that will cause pricing to go up.

目前，有足夠的供應來滿足需求。因此它不會對供應鏈造成任何重大中斷。我只是想指出——我們過去已經多次看到這種情況。如果你今年這個時候沒有足夠的庫存，而我們又看到建築活動增加，這通常會導致一些短期供應衝擊，從而導致價格上漲。

So that's something that we're watching. There's a lot going on with tariffs and duties. Obviously, that's certainly on the mind of a lot of the buyers. I think there's -- we're in this period of -- I think we're going to wait and see here for a little bit.

這就是我們正在關注的事情。關稅和稅費方面有很多事情要做。顯然，這是很多買家所考慮的問題。我認為——我們正處於這個時期——我想我們會在這裡稍事觀望。

The softwood lumber duties increase will not come until a little bit later this summer. And so I don't know that that's necessarily driving a lot of buying activity today. Obviously, there's a lot going on besides the softwood lumber duties with tariffs, including the 232 investigation, but I'm not sure that's driving a lot of activity today. That probably will more so be the case as you get towards the end of the quarter.

軟木關稅的上調要到今年夏天晚些時候才會到來。所以我不知道這是否必然會推動今天的大量購買活動。顯然，除了軟木材關稅之外，還有很多事情發生，包括 232 調查，但我不確定這是否會引發今天的大量活動。接近季度末，這種情況可能還會更加嚴重。

I will say just the whole dynamic with duties, but also just with the amount of Southern yellow pine production that's been put in place all across the south over the last several years. Southern yellow pine is a bigger percentage of the overall pie these days, and so you are starting to see more inquiries around transitioning from SPF to Southern yellow pine.

我想說的不僅是關稅的整體動態，還有過去幾年來整個南方地區南方黃鬆的產量。如今，南方黃鬆在整體市場份額中所佔的比例越來越大，因此您會開始看到更多關於從 SPF 過渡到南方黃鬆的諮詢。

Still early days, I would say there. But we are getting somewhat more inquiries around that just in anticipation of what's to come.

我想說，現在還太早。但我們收到了更多有關該問題的詢問，以便預測未來會發生什麼。

Got it. That's helpful, Devin. And then second, I want to talk a bit about EWP. It was encouraging to see that you were able to get a little bit of pricing lift sequentially across both solid section and I-joust this quarter, despite the builders trying to cut cost and find savings wherever it can given the affordability issues. How do you see the outlook for realization for EWP going forward?

知道了。這很有幫助，德文。其次，我想談談 EWP。令人鼓舞的是，儘管建商考慮到負擔能力問題而試圖削減成本並儘可能地節省開支，但本季實心型材和 I 型材的價格仍能連續小幅上漲。您如何看待 EWP 未來實現的前景？

I know I think you guided for comparable for the second quarter. But considering the dynamics with the builders looking for savings against rising inflation in some of the raws and overall the market, what do you see the impact for realization and the expectations for volume for those products going forward as well?

我知道我認為你對第二季的指導是可比的。但考慮到建築商尋求節省成本以應對部分原材料和整個市場不斷上升的通貨膨脹的動態，您認為這會對這些產品未來的實現和銷售預期產生什麼影響？

Yeah. I mean, as we said, our view here in the near term is that pricing is more or less going to be comparable here in the near term. We are expecting to see volumes go up somewhat in the second quarter just primarily as a function of just the pickup in building activity as you get into the warmer months.

是的。我的意思是，正如我們所說，我們短期內的觀點是，價格在短期內或多或少會具有可比性。我們預計第二季的交易量將上升，這主要是因為隨著氣候變暖，建築活動將回升。

As you look out over time, I mean, it all comes down to the value proposition for the homebuilders. And we do provide a lot of support around our product. We have a very high-quality product that's typically in pretty high demand. And so that's a conversation that's ongoing at all times with our customers.

我的意思是，從長遠來看，這一切都歸結為房屋建築商的價值主張。我們確實為我們的產品提供了大量支援。我們的產品品質非常高，通常需求量很大。因此，這是我們與客戶一直在進行的對話。

You have to create value, ultimately, if you're going to be satisfying your customer base. So to the extent that housing holds up reasonably well and/or improves, that will be a tailwind for pricing. And the converse is also true, but that will be an ongoing discussion. Ultimately, it's about providing value and supporting your customers; and that's what we're focused on every day.

最終，如果你想讓你的客戶群滿意，你就必須創造價值。因此，只要房屋市場保持合理良好和/或改善，就會對定價產生推動作用。反之亦然，但這將是一個持續的討論。最終，它是關於提供價值和支持您的客戶；這正是我們每天關注的重點。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

So I guess the first question I had for you, given what's been the softer pickup to the summer building season, demand being a little bit soft just given the uncertainties that you mentioned, have you adjusted your harvest profile at all? Or should we still be expecting a 35.5 million tons? And can you give us a bit more color in terms of what you're seeing in terms of the profile of what you're going to do relative to what you might have been looking at two, three months ago?

所以我想我要問您的第一個問題是，考慮到夏季建築季節的疲軟回升，由於您提到的不確定性，需求有點疲軟，您是否調整了採伐情況？或者我們仍應預期 3550 萬噸？您能否向我們詳細介紹一下您目前所看到的相對於兩三個月前所採取的行動的情況？

Yeah. George, really outside of a very meaningful recession-type environment, our harvest levels are what they are. We set those to really be within sustainable harvest levels over time. So I wouldn't anticipate any change to our full-year harvest levels.

是的。喬治，實際上，在非常嚴重的經濟衰退環境之外，我們的收穫水準就是這樣。我們設定這些水準是為了真正達到長期可持續的收穫水準。所以我預計我們的全年收成水準不會發生任何變化。

We don't typically have an issue moving volume. Sometimes around the margins, there can be some pricing dynamics given what's going on in our end markets, whether that's lumber, pulp, and paper. But generally, we set our harvest plans that are pretty stable over time.

我們通常不會遇到移動量的問題。有時，在利潤方面，考慮到終端市場（無論是木材、紙漿或紙張）的情況，可能會出現一些定價動態。但一般來說，我們所製定的收穫計畫是相當穩定的。

Okay. Fair enough. Appreciate that. And then you mentioned the Occidental Petroleum agreement. Can you give us a bit more color relative to what we should be expecting in terms of cash flows, milestones, timing in that regard? And I'll turn it over with that.

好的。很公平。非常感謝。然後你提到了西方石油協議。您能否向我們詳細介紹一下我們在現金流量、里程碑和時間安排方面的預期？我會把它翻過來。

Yeah. Thanks for the question. We're really excited about this. As we've said for a number of years, I think CCS is going to be a very big opportunity for us over time. It's progressed more slowly than we had originally anticipated.

是的。謝謝你的提問。我們對此感到非常興奮。正如我們多年來所說的那樣，我認為從長遠來看，CCS 將為我們帶來巨大的機會。它的進展比我們最初預期的要慢。

I think just as the industry is trying to figure out what are the economics behind some of these offtake agreements. The permitting process has been much more extended, I think, than anyone had expected. This is -- I think this is a concrete data point that this is going to happen.

我認為業界正在試圖弄清楚這些承購協議背後的經濟效益。我認為，許可過程比任何人預期的都要長得多。這是——我認為這是一個具體的數據點，表明這件事將會發生。

We're really excited about this project. I believe this is one of the largest, if not the largest, offtake agreement in the CCS space in North America. So really excited about that. Again, I'd just reiterate, that's why you pick partners like Oxy because they're very sophisticated and they know how to do this.

我們對這個項目感到非常興奮。我相信這是北美 CCS 領域最大的承購協議之一，如果不是最大的話。我對此感到非常興奮。再次重申，這就是你選擇像 Oxy 這樣的合作夥伴的原因，因為他們非常老練，而且知道如何做到這一點。

We're not providing the specific economics on a deal-by-deal basis, George. And really, the rationale there is we're out trying to sign more CCS agreements, and we want to make sure we're getting the best economics that we can. We will, obviously, provide more detail about that as these things start coming online.

喬治，我們不會根據每筆交易提供具體的經濟數據。而實際上，這樣做的理由是，我們正試圖簽署更多的 CCS 協議，我們希望確保盡可能獲得最佳的經濟效益。顯然，隨著這些產品開始上線，我們將提供更多有關細節。

From a timing standpoint, I think they're in the process of getting their permits through the process. I think it's making its way through the process is what we understand and expect they will start building out the infrastructure here over the next couple of years to be ready for first injection in 2029.

從時間角度來看，我認為他們正在辦理許可證。我認為它正在經歷這個過程，這就是我們所理解的，預計他們將在未來幾年開始在這裡建造基礎設施，為 2029 年的首次注入做好準備。

Okay, Devin. So in terms of just the cash flows -- I recognize you're not going to quantify. We're looking at sort of '29 and then next decade in terms of when we'll start seeing it actually show up in the P&L then?

好的，德文。因此，就現金流而言——我知道你不會量化。我們正在考慮 29 年以及下一個十年，什麼時候我們才能開始看到它真正出現在損益表中？

Yeah. I mean, I would expect it to start showing up in the P&L in 2029 once you have first injection.

是的。我的意思是，我預計一旦你進行第一次注入，它就會在 2029 年開始出現在損益表中。

Matthew McKellar, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修麥凱勒 (Matthew McKellar)。

Maybe first, if we do see some meaningful Section 232 tariffs on wood products announced, how do you think about the likely impact to timberland valuations over the medium term?

首先，如果我們確實看到根據第 232 條對木製品徵收一些有意義的關稅，您認為這會對中期林地估值產生什麼影響？

Yeah. I mean, that's a great question. First, what I would say is just with respect to the 232 investigation, really not a whole lot of clarity on how that's going to shake out, what products that's going to cover, what level of tariffs they would cover if that does end up being the results. So hard to make any real definitive determinations around that until we get more information.

是的。我的意思是，這是一個很好的問題。首先，我想說的是，就 232 調查而言，目前還不清楚該調查將如何結束，將涵蓋哪些產品，如果最終結果出來，將涵蓋什麼水平的關稅。在我們獲得更多資訊之前，很難對此做出任何真正的明確判斷。

That being said, in terms of Timberland valuations, I don't expect that would have a meaningful impact in the near term. And that's just primarily because unless and until you have good clarity on how long those kinds of tariffs would be in place, I suspect people are not going to be building that meaningfully into the valuation of Timberlands.

話雖如此，就 Timberland 的估值而言，我預計這不會在短期內產生重大影響。這主要是因為，除非你清楚知道這些關稅將持續多長時間，否則我懷疑人們不會將其有意義地納入 Timberlands 的估值中。

Because again, it's just a very long-term asset class, and people tend to look out over the course of decades rather than in two- and three-year increments. So I don't know that it would necessarily have an impact on Timberlands values or at least not anything material.

因為，這只是一個非常長期的資產類別，人們傾向於關注幾十年的時間，而不是兩年或三年的增量。所以我不知道這是否必然會對 Timberlands 的價值產生影響，或至少不會產生任何實質的影響。

Okay. And last for me, just on the OSB business, you mentioned some planned annual maintenance in the quarter. I recognize this as planned maintenance, but have you been intending to perform this maintenance in Q2 for some time? Or are you pulling forward any maintenance maybe based on what you're seeing in the market?

好的。最後，關於 OSB 業務，您提到了本季度的一些計劃年度維護。我知道這是計劃維護，但您是否打算在第二季度進行此維護？或者您會根據市場狀況提前進行維護？

No. I mean, this was part of our annual plan. As a general matter, we plan the annual maintenance work well in advance. If you have to order equipment, you have to schedule outside contractors. And so we typically come up with a plan to cover the year.

不。我的意思是，這是我們年度計劃的一部分。一般來說，我們會提前規劃年度維護工作。如果您必須訂購設備，則必須安排外部承包商。因此，我們通常會制定一個全年計劃。

And absent something really meaningful changing in the environment, we typically stick with those plans. It's just you typically incur some extra cost if you start moving that around late in the season.

如果環境沒有發生真正有意義的變化，我們通常會堅持這些計劃。只是如果你在賽季末開始移動它，你通常會產生一些額外的費用。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

A few quick follows. One, on that OSB annual plan maintenance. Order of magnitude, how much impact would you expect that to have in 2Q?

簡單來說，如下幾點。一、關於OSB年度計畫維護。數量級，您預計這會對第二季產生多大影響？

Yeah, Mark, not a meaningful impact. I mean, I think we're still expecting that operating rates would be in the low to mid-90s, which is consistent with where we were in the first quarter.

是的，馬克，沒有產生重大影響。我的意思是，我認為我們仍然預計營運率將在 90 年代中期，這與第一季的水平一致。

Maybe $10 million or something or less --

可能是 1,000 萬美元左右或更少--

No, no, no, less than that. Not a huge amount.

不，不，不，少於這個數。數量不多。

Less than that. Okay. And then in terms of the EWP, the fire impact, so that was $11 million in the first quarter. So does that $11 million disappear in the second quarter and then you actually hope to recoup some of it with stronger volumes in the back half of the year, all else equal?

少於這個數。好的。然後就 EWP 而言，火災影響在第一季為 1100 萬美元。那麼，這 1100 萬美元是否會在第二季度消失，然後您實際上希望在其他條件相同的情況下，透過下半年更強勁的銷售量收回其中的一部分？

Yeah, Mark. So the $11 million was the impact to the first quarter. We have largely returned to more normal operating levels at this point. There's going to be a small impact on the second quarter. But as we said, we do expect to get most of that volume back over the course of the year. So some of that will come back in Q2 potentially, but likely over the second half of the year.

是的，馬克。因此，1100 萬美元對第一季產生了影響。目前，我們的營運水準已基本恢復正常。這對第二季度會產生一點影響。但正如我們所說，我們確實希望在今年內恢復大部分銷售。因此，部分成長可能會在第二季恢復，但很可能是在下半年。

Okay. And then lastly, just -- so you have a 16% tax rate in the first quarter, which I assume means that you are expecting a healthy share of your income to come from your TRS this year which presumably would mean that you're still pretty optimistic on how the Wood Products business is going to turn out for the rest of the year.

好的。最後，您第一季的稅率為 16%，我認為這意味著您預計今年您的收入中很大一部分將來自 TRS，這大概意味著您對木製品業務在今年剩餘時間內的表現仍然相當樂觀。

Is that fair? And if it ends up being a little bit weaker, does just the tax rate go down for the balance of the year? Is that how it would play out?

這樣公平嗎？如果最終稅率稍微下降，那麼今年的稅率是否會下降？事情會這樣發展嗎？

Yeah, Mark, I think you're right on the mechanics. The full-year projected tax rate, that's primarily driven by the mix between REIT and TRS earnings, with the TRS earnings being most significantly driven by the Wood Products business. Though, of course, there's other items that go into that from time to time, whether that be regional mix of earnings in Timberlands or Real Estate, Energy, and Natural Resources.

是的，馬克，我認為你對機制的看法是正確的。全年預計稅率主要由 REIT 和 TRS 收益的組合決定，其中 TRS 收益主要受木製品業務的推動。當然，有時也會有其他項目計入其中，無論是 Timberlands 還是房地產、能源和自然資源的區域收益組合。

Of course, always challenging to predict where commodity prices are going to move over the course of the year in an environment like this, it gets even more challenging. So that's why we're not giving full year guidance there.

當然，在這樣的環境下，預測大宗商品價格在一年中的走勢本來就很有挑戰性，現在變得更具挑戰性。這就是我們不提供全年指導的原因。

But -- yeah. I mean, to your point, given the strength of lumber prices we've seen to date, prospect of increased duties later in the year, all the things that Devin walked through earlier, if the employment and broader macro environment holds on, there's no reason this can't be a solid year in Wood Products.

但是——是的。我的意思是，就你的觀點而言，鑑於我們迄今為止看到的木材價格的強勁，今年晚些時候關稅增加的前景，以及德文早些時候談到的所有事情，如果就業和更廣泛的宏觀環境能夠持續下去，那麼今年木製品行業就沒有理由不會表現強勁。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

First question, can you talk a little bit about the channel inventories as you guys see it in lumber or OSB and EWP in the context of what we've discussed today with slower start of the spring season, homebuilders sounding a little more cautious. How would you characterize inventories? Is it still lean, more balanced, or probably a little bit more than balanced at this point?

第一個問題，能否談談通路庫存狀況？就我們今天討論的春季起步較慢、房屋建築商聽起來更加謹慎的情況而言，您認為木材、定向刨花板和 EWP 的庫存情況如何？您如何描述庫存？此時它是否仍然精簡、更平衡，或者可能比平衡還要稍微平衡一點？

Yeah. I mean, so relative to what you would normally see this time of the year, I would say the inventories are a little lighter than you would expect.

是的。我的意思是，相對於你通常每年這個時候看到的情況，我想說庫存比你預期的要少一些。

Now that being said, it's currently -- by and large, the supply is meeting the demand. So there's not a tremendous urgency on the part of the buyer community to build meaningful inventories on balance right now.

話雖如此，目前整體而言，供應滿足了需求。因此，對於買家群體而言，目前並不急於建立有意義的庫存。

And so again, I think things are fine as long as building activity continues along the current path. If things were to pick up, as I mentioned earlier, I think what that typically results in is you'd see a little bit of a spike in pricing as people try to get out from under lean inventories.

因此，我再次認為，只要建設活動繼續沿著當前的路徑進行，一切都很好。如果情況好轉，正如我之前提到的，我認為這通常會導致價格略有上漲，因為人們試圖擺脫庫存不足的困境。

Got it. That's helpful. And then second question -- good to see the progress on the CCS side. I'm just curious. On forest carbon, Devin, last quarter, you talked about a pretty meaningful jump over 2024. Is that still on track for 2025?

知道了。這很有幫助。第二個問題－很高興看到 CCS 的進展。我只是好奇。關於森林碳，德文，上個季度，您談到了 2024 年的一個相當有意義的飛躍。2025 年還能達成這個目標嗎？

It is, yes. So we've got two projects that have already been approved. We've got seven more in the pipeline in various stages of review by either the third-party auditors -- or several of those are in for final approval with ACR. So everything is progressing.

是的。我們已經有兩個項目獲得批准。我們還有七個項目正在籌備中，它們正處於第三方審計員的不同審查階段，或者其中幾個正在等待 ACR 的最終批准。所以一切都在進步。

I mean, it's always hard to predict exactly when these things come through the process, but we're still looking forward to a pretty meaningful increase in forest carbon this year, somewhere in the 5x to 10x, depending on how quickly we can get these things through the audits, but I think we're heading in the right direction.

我的意思是，很難準確預測這些事情何時會完成，但我們仍然期待今年森林碳排放量會有相當顯著的增長，大約在 5 倍到 10 倍之間，這取決於我們能多快完成這些事情的審計，但我認為我們正朝著正確的方向前進。

Seems to be good demand from the customers that we're talking to. So it should be a nice pickup in forest carbon this year. .

與我們交談的客戶似乎有良好的需求。因此今年森林碳排放量應該會大幅增加。。

[Hong Hang], JPMorgan.

[洪航]，摩根大通。

I guess my first question, you've talked a little bit about the demand dynamics that are causing weakness in OSB pricing. I guess, in the near term, what do you think needs to change for us to see a stabilization in prices?

我想我的第一個問題是，您談到了導致 OSB 價格疲軟的需求動態。我想，您認為短期內需要做出哪些改變才能讓價格穩定下來？

Yeah. I, mean I would say it's, by and large, pretty stable right now. It's obviously a little lower price than we saw a little while ago. But I think right now, the supply/demand dynamic is pretty balanced.

是的。我的意思是，我想說，總的來說，現在相當穩定。顯然，這比我們不久前看到的價格要低一點。但我認為目前供需動態相當平衡。

We started the year in OSB with pretty light buying activity, particularly from the home improvement warehouse segment. And so that kept it pretty light. You saw that pick up a little bit over the course of Q1, but it's come back down here over the last several weeks.

今年年初，定向刨花板 (OSB) 的採購活動相當清淡，尤其是來自家裝倉庫領域的採購活動。所以它就變得相當輕了。您會看到，在第一季度，這一數字略有回升，但過去幾週又回落了。

It feels like it's stabilizing right now from a pricing standpoint. I would expect as we get deeper into the building season -- remember, even though we had 1.4 million starts in Q1, that is on a seasonally adjusted basis. So in terms of the actual number of units that are going to get built, it will be higher as we get into Q2 and the summer months.

從定價的角度來看，感覺現在正在穩定下來。我預計，隨著我們進入建築季節，請記住，儘管我們在第一季有 140 萬棟建築開工，但這是經過季節性調整的。因此，就實際建造的單位數量而言，進入第二季度和夏季，這一數量將會更高。

And so you'll see that activity pick up here. And I think all things being equal, even on the current path, things are probably in a pretty stable range right now. Obviously, if you saw interest rates go down to have buying activity pick up, then obviously, that would have some tailwind effect for pricing. But overall, it feels pretty stable right now.

因此你會看到這裡的活動開始活躍起來。我認為，在其他條件相同的情況下，即使按照目前的發展路徑，情況現在可能處於相當穩定的範圍內。顯然，如果您看到利率下降導致購買活動回升，那麼顯然這會對定價產生一些順風效應。但總體而言，現在感覺相當穩定。

Got it. And I guess my second question, the administration signed a lot of executive actions trying to increase timber production. That has recently opened up, I guess, land or public land for timber harvest. How do you expect that to play out in the timber market?

知道了。我的第二個問題是，政府簽署了許多行政命令，試圖增加木材產量。我猜想，那裡最近開闢了土地或公共土地用於木材採伐。您預計這會對木材市場產生什麼樣的影響？

Well, yeah. So first, just a reminder here, we don't do any logging on federal lands with the exception of a very, very small amount of wood in Montana. We don't buy timber off federal lands. We procure logs from our own timberlands and other private landowners. So that's not an area that we really participate in.

嗯，是的。首先，我要提醒一下，除了蒙大拿州極少量的木材外，我們不會在聯邦土地上進行任何伐木。我們不購買聯邦土地上的木材。我們從自己的林地和其他私人土地所有者那裡採購原木。所以這不是我們真正參與的領域。

In terms of how this plays out, I think it's a little hard to say. I will say at the outset -- and I think most people agree with this. There is an opportunity to make the federal forest more resilient to fire risk by doing some active management.

至於事情會如何發展，我認為這有點難說。我首先要說的是——我認為大多數人都同意這一點。透過採取一些積極的管理措施，可以提高聯邦森林抵禦火災風險的能力。

And so to the extent that through these executive orders, that helps the forest service be a little bit more proactive on some of these things to make sure that we don't see the number of acres burned every year, that's a positive for everyone, including Weyerhaeuser. Now beyond that, I'm not sure you're going to see a dramatic increase in logging activity on federal lands, at least not in the West, because the mill infrastructure really isn't built for those larger logs.

因此，透過這些行政命令，可以幫助林業部門在某些事情上更加積極主動，以確保我們不會看到每年有大量的土地被燒毀，這對每個人來說都是一件好事，包括韋爾豪瑟。除此之外，我不確定你是否會看到聯邦土地上的伐木活動急劇增加，至少在西部不會，因為工廠基礎設施實際上並不是為那些更大的原木而建造的。

I think there's some other practical challenges that could limit a meaningful increase, just logging capacity, trucking capacity, et cetera. So I'm not sure that's going to have a big impact here in the near term.

我認為還有一些其他實際挑戰可能會限制有意義的成長，例如伐木能力、卡車運輸能力等等。所以我不確定這在短期內是否會產生重大影響。

Obviously, the administration is focused on manufacturing jobs in the US. And so that's a positive overall, and we certainly agree with the administration on that front. But whether the opening up federal forest means meaningfully more logs coming out in the near term, I'm not sure about that. But we'll watch it.

顯然，政府關注的是美國的製造業就業。總體而言，這是正面的，我們當然同意政府在這方面的意見。但我並不確定開放聯邦森林是否意味著短期內會產生更多的原木。但我們會觀看。

And others that are deeper in the space of logging on federal lands may have more insight there. That's just not something we typically do.

而對聯邦土地伐木領域有更深入了解的其他人可能會對此有更深入的了解。這不是我們通常會做的事情。

Hamir Patel, CIBC Capital Markets.

加拿大帝國商業銀行資本市場 (CIBC Capital Markets) 的 Hamir Patel。

Devin, you mentioned more inquiries around transitioning to -- customers looking to transition to Southern yellow pine from SPF. Can you speak more to perhaps where are you seeing that interest? Is that more larger public builders versus private? And any maybe differences across regions.

德文，您提到了更多關於過渡的諮詢——客戶希望從 SPF 過渡到南方黃松。您能否進一步談談您在哪裡看到了這種興趣？大型公共建築商比私人建築商多嗎？不同地區之間可能存在差異。

Yeah. I mean, I would say, regionally, it's those Midwest regions where they've traditionally been SPF markets. And you've had a little bit of Southern yellow pine moving in there, but primarily in the SPF market. So regionally, that's where you're seeing. It's across the board, though, from dealers to even the home improvement warehouse customers.

是的。我的意思是，從區域來看，中西部地區傳統上是 SPF 市場。並且已經有少量南方黃松進入那裡，但主要集中在 SPF 市場。從區域來看，這就是你所看到的。不過，這種做法是全面性的，從經銷商到家裝倉庫的客戶。

As you look forward, it's clear that there is going to be less SPF on the market, whether that's because of beetle infestation, fires, government policy, trade issues, et cetera. That seems to be the case. And obviously, there's been a lot of Southern yellow pine lumber capacity that's been coming into the market.

展望未來，很明顯市場上的防曬乳將會減少，無論是因為甲蟲侵擾、火災、政府政策、貿易問題等等。似乎確實如此。顯然，大量南方黃松木材已經進入市場。

So ultimately, that is going to happen. And I think people are seeing the future and realizing that this may be the time to start dipping your toe in the water and getting your arms around Southern yellow pine. Again, it's not -- I wouldn't say we're all that far down that road, but we're in the early innings, I think; and you're starting to see more inquiries on that.

所以最終，這將會發生。我認為人們看到了未來，並意識到現在可能是開始涉足南方黃松並擁抱南方黃鬆的時候了。再說一次，事實並非如此——我不會說我們已經走了很遠，但我認為我們還處於早期階段；並且你開始看到更多有關此問題的詢問。

Okay. That's helpful. And you also indicated you expected R&R activity to pick up later this year. Do you think that end market for wood products experiences growth this year, just given the sluggish pace year-to-date?

好的。這很有幫助。您還表示，預計 R&R 活動將在今年稍後回升。鑑於今年迄今的成長速度緩慢，您認為今年木製品終端市場會成長嗎？

Yeah. I mean, it's puts and takes, right? Because from a housing standpoint, obviously -- it's hard to know. We're still early in the year. But just given the general commentary that we've heard from some of the builders, whereas we were thinking initially maybe housing was up slightly, maybe that's perhaps down to flat or even slightly down overall.

是的。我的意思是，這是投入和產出，對嗎？因為從住房的角度來看，顯然很難知道。今年還處於初期階段。但根據我們從一些建築商那裡聽到的一般評論，我們最初認為房屋價格可能會略有上漲，但也許總體上持平甚至略有下降。

From an R&R standpoint, I think where we're coming from is we've got massive amounts of home equity out there. I do think we've seen a little bit of a headwind from activity during the pandemic. That was a little bit of a drag. But I think we've worked through that pull forward. And so that should open up a little bit more.

從 R&R 的角度來看，我認為我們的出發點是因為我們擁有大量的房屋淨值。我確實認為，我們在疫情期間的活動遇到了一些阻力。這確實有點麻煩。但我認為我們已經完成了這項努力。這樣一來，情況就會更加開放一些。

And as interest rates, particularly on the short end, open up a little bit more financing activity, I think that could be another tailwind as well. And so we are expecting things to pick up, all things being equal. Obviously, if we're in a recession or there's some other meaningful impact to the economy, then of course, that would impact our view.

而且隨著利率（特別是短期利率）稍微開放更多的融資活動，我認為這也可能成為另一個順風。因此，如果一切順利，我們預計情況會好轉。顯然，如果我們陷入經濟衰退或經濟受到其他重大影響，當然這會影響我們的觀點。

But if things stay relatively stable, then I think that can be some upside over the course of the year. And just whether that balances out, slightly softer housing, I think it's hard to say. It really depends on how much uptick you get on R&R.

但如果情況保持相對穩定，那麼我認為今年可能會出現一些上漲。但這是否能抵消略微疲軟的房屋市場的影響，我認為這很難說。這實際上取決於您在 R&R 上獲得了多少提升。

But again, we're there's a lot of negativity out in the market right now. I understand that. There's uncertainty, clearly. But sitting here today, I mean, we're still looking at having a good year this year.

但我們現在再次看到市場上存在著許多消極情緒。我明白。顯然存在不確定性。但今天坐在這裡，我的意思是，我們仍然期待今年是美好的一年。

And so our views on that haven't really changed. There may be some bumps in the road along the way, but the businesses are operating well. The pricing environment is still reasonably good. And so we're not maybe as pessimistic as some other folks.

所以我們對此的看法其實並沒有改變。雖然前進的道路上可能會遇到一些坎坷，但企業經營狀況良好。定價環境仍然相當良好。因此我們可能不像其他人那麼悲觀。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Devin, I just wanted to follow up on the sense that was driving the slight uptick in order files in EWP over the last several weeks. Is that -- you mentioned seasonality. I mean, have you seen a pickup in building activity?

德文，我只是想跟進一下過去幾週推動 EWP 訂單文件略有上升的原因。是的—您提到了季節性。我的意思是，您是否看到建築活動有所回升？

Because it (inaudible) for your comments that there's been much in the way of restocking. So is the seasonality of pickup in drilling activity that's led to better order files in EWP? And can you remind us the operating rate you ran at an EWP in 1Q and what you expect for Q2?

因為它（聽不清楚）對於您的評論，補貨方面已經做了很多工作。那麼鑽井活動的季節性回升是否導致了 EWP 中的訂單文件品質更好？您能否提醒我們一下您在第一季的 EWP 中的營運率以及您對第二季的預期？

Yeah. I mean, I think it's largely seasonality, right? And it's where are you comparing it to. So Q1 is always the slowest season of the year just because of the weather. And as the weather improves, you see a pickup in building activity.

是的。我的意思是，我認為這主要是季節性的，對嗎？您要將它與哪裡進行比較？因此，由於天氣原因，第一季總是一年中最慢的季節。隨著天氣好轉，你會看到建築活動回升。

And so maybe it's not as strong as we had thought it would be coming into the year, but it's still stronger than Q1. And so that's -- I think that's really what's driving the uptick right now.

因此，它可能不會像我們想像的那樣強勁，但仍然比第一季強勁。所以我認為這才是目前推動上漲的真正原因。

From an operating rate standpoint on EWP, we were in that low 70%s -- 70% range. We do expect that to improve as we go into Q2.

從 EWP 的營運率角度來看，我們處於 70% 至 70% 的低點範圍內。我們確實預計，進入第二季度後，這種情況會有所改善。

Got it. Okay. And then just congrats on the Occidental progress and progress overall in terms of CCS. Just at a recent conference, you mentioned that -- and you said it again today here that CCS is a big opportunity, but not as big as you originally planned.

知道了。好的。最後，祝賀西方石油公司在 CCS 方面取得的進展以及整體進步。就在最近的一次會議上，您提到——今天您又在這裡說，CCS 是一個巨大的機遇，但沒有您最初計劃的那麼大。

Can you give us a sense of the scale of the opportunity as you now see it and how that compares to your original outlook? And why the change in expectations? Is that solely due to the permitting process? And (inaudible)

您能否向我們介紹一下您現在所看到的機會的規模以及與您最初的看法相比如何？為什麼預期會改變？這僅僅是由於許可程序嗎？和（聽不清楚）

Just to be clear, I do not view it as less overall opportunity. In fact, I think the opportunity set for CCS is fairly significant. So our views on the magnitude of the opportunity haven't changed. The only thing that's really changed is just the time line.

需要明確的是，我並不認為這是一個整體機會的減少。事實上，我認為 CCS 面臨的機會相當重大。因此，我們對這機會的重要性的看法並沒有改變。唯一真正改變的只是時間軸。

We had originally thought we would start seeing injections in '26, '27 time frame. And that's been pushed back by a few years. So the time line to get these things up and running is a brand-new business for everybody involved, and it's just taken longer to come to fruition.

我們原本以為我們會在 26、27 年期間開始看到注射。這已經被推遲了幾年。因此，啟動和運行這些專案的時間表對於所有參與的人來說都是一項全新的業務，而且需要更長的時間才能取得成果。

But the magnitude of the opportunity, we still think is fairly significant. Any heavy manufacturing is going to need CCS if you're going to reduce your greenhouse gas emissions. There's just really no other way to do this cost effectively.

但我們仍然認為這個機會的規模相當大。如果要減少溫室氣體排放，任何重型製造業都需要 CCS。確實沒有其他方法可以經濟有效地實現這一目標。

So I think this is going to happen. It's going to happen in a big way. It's just going to come to fruition over a little bit longer time line.

所以我認為這將會發生。這將會是一場盛大的事件。只是需要更長一點的時間才能實現。

Got it. And I appreciate the clarity there. And then just one last. In terms of CCS, does it tend to be higher margin relative to wind, solar, and carbon credits and mitigation banking? Is that typically the highest margin product that you have in Natural Climate Solutions?

知道了。我很欣賞這種清晰度。最後再說一句。就 CCS 而言，相對於風能、太陽能、碳信用和減排銀行而言，它的利潤率是否更高？這通常是 Natural Climate Solutions 利潤最高的產品嗎？

Yeah. I mean, the margin is incredible, right, because you're leasing subsurface space. We're not we're not putting any of our own money into building out the infrastructure. We're not really managing it.

是的。我的意思是，利潤是驚人的，因為你租賃的是地下空間。我們不會投入任何自己的資金來建造基礎設施。我們實際上並沒有管理它。

There are very little in terms of cost from our standpoint around employees who've got -- we've got people managing the program, but it's a really, really low cost. It's virtually all upside because it's on top of the Timberlands, aboveground. So it's like wind in the sense that this is just pure upside to managing the land base.

從我們的角度來看，對於擁有員工的人來說，成本非常低——我們有人管理這個項目，但成本真的非常低。它幾乎全是上部結構，因為它位於林地之上，在地面之上。因此，從某種意義上來說，它就像風一樣，對管理土地基礎有純粹的好處。

Buck Horne, Raymond James.

巴克霍恩、雷蒙詹姆斯。

Just wanted to maybe zoom out a little bit, just take stock of where we're at in terms of the stock price performance and obviously, the discount to NAV here, probably one of the widest discount since the pandemic.

只是想稍微縮小一下範圍，評估一下我們現在的股價表現，顯然這裡的淨值折扣可能是自疫情爆發以來最大的折扣之一。

Does that strategically give you any thoughts about -- are there any maybe non-core timber positions you would think about monetizing or could monetize in the near term and maybe accelerate some share repurchase activity to maybe close this NAV gap or take advantage of the dislocation?

這在策略上是否為您帶來了一些想法——是否有一些非核心木材頭寸您會考慮將其貨幣化或可以在短期內將其貨幣化，並可能加速一些股票回購活動以彌補這一資產淨值差距或利用錯位？

Yeah, Buck. I mean, look, we're always looking at levers to create shareholder value. We've been balanced in our capital allocation approach. So for us, it's not really a matter of having to choose between the various outcomes.

是的，巴克。我的意思是，我們一直在尋找創造股東價值的手段。我們的資本配置方法一直保持平衡。因此對我們來說，這實際上不是一個必須在各種結果之間做出選擇的問題。

We're not in a position where we've got to get to an appropriate leverage place or meet dividend requirements. We feel really good about those. So really, we're able to think about the various components and opportunities that are available to us separately.

我們還沒有達到適當的槓桿率或滿足股息要求。我們對此感到非常高興。因此，我們實際上能夠分別考慮我們可以利用的各種組件和機會。

So on the Timberlands side, as we've said, we've got a high degree of confidence that the value is going to go up over time. So we're going to continue to be active there. But that said, it is critical to be disciplined in our approach as we look at those transactions so we don't overpay.

因此，就 Timberlands 而言，正如我們所說，我們非常有信心其價值會隨著時間的推移而上升。因此我們將繼續在那裡活躍。但話雖如此，我們在審查這些交易時必須採取嚴謹的態度，以免支付過高的價格。

And we haven't been afraid to make adjustments to our portfolio when we can find more efficient uses of capital, whether that be through the real estate program, whether that be through swap like transactions like we did late in 2023, really looking to improve the quality of our portfolio, the cash flow generation capability. And we've been active in share repurchase.

當我們能夠找到更有效的資本利用方式時，我們並不懼怕對我們的投資組合進行調整，無論是透過房地產計劃，還是透過像我們在 2023 年底所做的掉期交易，我們真正希望提高我們投資組合的品質和現金流產生能力。我們一直積極進行股票回購。

We've nearly completed that $1 billion authorization. We'll continue to lean in and be opportunistic there. But as always, it's a matter of looking at all the opportunities that are available to us and allocating our capital in a way that creates the most value for shareholders.

我們幾乎已經完成了 10 億美元的授權。我們將繼續努力並抓住機會。但一如既往，我們需要審視所有可用的機會，並以一種為股東創造最大價值的方式分配我們的資本。

Got you. Appreciate that. And just a follow-up on solar leasing. Is there any update in terms of market momentum in terms of option conversions? Or how do you view the opportunity set for solar uptake in the next couple of years?

明白了。非常感謝。這只是對太陽能租賃的後續關注。期權轉換方面的市場動量有任何更新嗎？或者您如何看待未來幾年太陽能利用的機會？

Yeah. I mean, we're making great progress. So we've got our first operating solar site -- at this point, we've got two more that are currently under construction that I suspect will be online later this year or at the latest, early next year.

是的。我的意思是，我們正在取得巨大進步。因此，我們已經擁有了第一個營運中的太陽能站點——目前，我們還有兩個正在建設中的站點，我預計它們將在今年晚些時候或最遲明年年初投入使用。

The pipeline continues to grow. We're continuing to sign new agreements. We're really focused on signing up with counterparties that are big and sophisticated and can navigate, whether it's the permitting process or ultimately with some of the challenges here from a supply chain standpoint, the folks that can navigate that.

管道持續成長。我們正在繼續簽署新的協議。我們真正專注於與規模大、經驗豐富且能夠應對挑戰的交易對手簽約，無論是許可流程，還是最終從供應鏈的角度應對一些挑戰，我們都需要那些能夠應對挑戰的人。

So we feel good about the conversion rate in terms of the pipeline that we've developed, and my expectation is we'll be adding several of these every year really over the next decade. So we're expecting this to continue to become a bigger and bigger component of our NCS business over time. So very positive.

因此，我們對所開發的通路的轉換率感到滿意，我預計未來十年我們每年都會增加幾個這樣的通路。因此，我們預計隨著時間的推移，這將逐漸成為我們 NCS 業務中越來越重要的組成部分。非常積極。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

A couple of quick follow-ons just on tariffs. So to the extent you can comment -- and I know it's really hard to parse this, Devin and Davie. Do you think -- and recognizing the tariffs are moving to target, has there been much from what you see and what you talked to in terms of the field impact from tariffs built into lumber pricing as you see it right now?

以下是關於關稅的一些簡短的後續問題。所以在你們可以評論的範圍內——我知道這真的很難分析，德文和戴維。您是否認為——並且認識到關稅正在向目標靠攏，從您所看到的情況和所談論的情況來看，關稅對木材定價的實際影響有多大？

And the related question, given the fact that there's been so much capacity that's gone into the US over the last number of years and that gap between supply and demand has diminished. I recognize in a stronger housing market, that gap would widen out again. Do you think tariffs would have had much effect on lumber pricing as we sit here today?

相關問題是，鑑於過去幾年美國新增產能如此之多，供需缺口已縮小。我認識到，在房地產市場更加強勁的情況下，這種差距會再次擴大。您認為關稅會對今天的木材價格產生很大影響嗎？

Yeah. In terms of today, I don't think it's having a meaningful impact on pricing. It can, and I think we saw that around the April 2 announcement. There was clearly some impact to lumber pricing in anticipation of that. And you saw the run-up and then when it was determined that Wood Products would be exempted from the across-the-board tariff. You saw those prices come back down.

是的。就目前而言，我認為它不會對定價產生重大影響。可以，我想我們在 4 月 2 日的公告中就看到了這一點。預計這一情況將對木材價格產生一定影響。你看到了漲勢，然後決定木製品將免於全面關稅。您會看到這些價格回落了。

I do think as you get closer to the August, September time frame where the new duty structure will come into place, I suspect you'll see some impact there. And the wildcard, too, is what happens in the broader tariff environment, whether that's the 232 or just the broad-based tariffs.

我確實認為，隨著新職責結構在八月、九月期間逐漸實施，你會看到它帶來一些影響。而且，在更廣泛的關稅環境中會發生什麼也是未知數，無論是 232 關稅還是廣泛的關稅。

To the extent that those come into play, I mean, it will impact pricing around the margins, for sure. Is it going to have a material impact? I think that, to your point, George, is really just a function of where we are in the demand cycle.

就這些因素發揮作用的程度而言，我的意思是，它肯定會影響利潤定價。這會產生實質影響嗎？喬治，就你的觀點而言，我認為這實際上只是我們所處需求週期的一個函數。

If demand is strong, that will push pricing up. Tariffs maybe put a little bit on top of that. If demand is weak, really, what it does is just adjust where the cost floor is. And so that ultimately can impact capacity decisions.

如果需求強勁，價格就會上漲。關稅可能會對此產生一定的影響。如果需求確實疲軟，它所做的只是調整成本底線。因此這最終會影響容量決策。

So I think this will play out over time. There's a lot of uncertainty around it. And I think to some degree, you may see some hesitancy, people building inventories not knowing necessarily what's going to happen on tariffs, at least until we get closer to a more certain date on those new duties.

所以我認為這會隨著時間的推移而顯現出來。周圍有很多不確定性。我認為，在某種程度上，你可能會看到一些猶豫，人們建立庫存並不一定知道關稅會發生什麼，至少在我們接近這些新關稅的更確定日期之前。

There are no further questions at this time. I'd like to turn the floor back over to Devin Stockfish for closing comments.

目前沒有其他問題。我想將發言權交還給 Devin Stockfish 來做最後評論。

Okay. Well, thank you, everyone, for joining us this morning. Thank you for your continued interest in Weyerhaeuser. Have a great day.

好的。好吧，謝謝大家今天早上加入我們。感謝您對 Weyerhaeuser 的持續關注。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。