已安装 Building Products,Inc.(IBP) 首席执行官 Jeff Edwards 的 2019年 第三季度业绩-收益电话抄本

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Installed Building Products, Inc. (NYSE:IBP) Q3 2019 Results Earnings Conference Call November 1, 2019 9:00 AM ET

Installed Building Products, Inc. (NYSE:IBP) Q3 2019 Results Earnings Conference Call November 1, 2019 9:00 AM ET

公司参与者

Jason Niswonger - Investor Relations
Jeff Edwards - Chief Executive Officer
Michael Miller - Chief Financial Officer

  • Jason Niswonger - Investor Relations
  • Jeff Edwards - Chief Executive Officer
  • Michael Miller - Chief Financial Officer

电话会议参与者

Michael Wood - Nomura Instinet
Trey Morrish - Evercore ISI
Justin Speer - Zelman & Associates
Mike Bajo - RBC Capital Markets
Phil Ng - Jefferies
Keith Hughes - SunTrust Robinson Humphrey
Trey Grooms - Stephens
Ken Zener - KeyBanc Capital Markets
Matt McCall - Seaport Global Securities

  • Michael Wood - Nomura Instinet
  • Trey Morrish - Evercore ISI
  • Justin Speer - Zelman

会议主持员

Greetings, and welcome to the Installed Building Products Fiscal 2019 Third Quarter Investor Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Niswonger, senior VP, finance and investor relations. Thank you, sir. You may begin.

Greetings, and welcome to the Installed Building Products Fiscal 2019 Third Quarter Investor Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Niswonger, senior VP, finance and investor relations. Thank you, sir. You may begin.

Jason Niswonger

Jason Niswonger

Good morning, and welcome to Installed Building Products' third quarter 2019 conference call. Earlier today, we issued a press release on our financial results for the third quarter, which can be found in the investor relations section on our website. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of the federal securities laws.
These forward-looking statements includes statements with respect to the housing market and industry conditions, our financial and business model; our efforts to manage material inflation; our ability to increase selling prices; the demand for our services and product offering; expansion of our national footprint, products and end markets; our expectations for our end markets; our ability to strengthen our market position; our ability to pursue and integrate value-enhancing acquisitions; our diversification efforts; alpha's revenue and profitability; expansion of our commercial business; our growth rate and ability to improve sales and profitability and expectations for demand for our services and our earnings in 2019.
Forward-looking statements may generally be identified by the use of words such as anticipate, believe, expect, intend, plan and will, or in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
Any forward-looking statement made by management during this call is not a guarantee of future performance, and actual results may vary materially from those expressed in or suggested by the forward-looking statements as a result of various factors, including, without limitation, the factors discussed in the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31st, 2018, as the same may be updated from time to time in subsequent filings with the Securities and Exchange Commission.
Any forward-looking statements made by management on this call speaks only as of the date hereof. New risks and uncertainties come up from time to time and it is impossible for the company to predict these events or their effect. The company has no obligation and does not intend to update any forward-looking statements after the date hereof, except as required by federal securities laws. In addition, management uses certain non-GAAP performance measures on this call, such as EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted share, adjusted gross profit and adjusted selling and administrative expense.
You can find a reconciliation of such measures to their nearest GAAP equivalent in the company's earnings release and additional reconciliation for adjusted EBITDA for earlier fiscal years in our investor presentation, which are available on our website. This morning's conference call is hosted by Jeff Edwards, our chairman and chief executive officer; and Michael Miller, our chief financial officer. I will now turn the call over to Jeff.

Good morning, and welcome to Installed Building Products' third quarter 2019 conference call. Earlier today, we issued a press release on our financial results for the third quarter, which can be found in the investor relations section on our website. On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of the federal securities laws.

These forward-looking statements includes statements with respect to the housing market and industry conditions, our financial and business model; our efforts to manage material inflation; our ability to increase selling prices; the demand for our services and product offering; expansion of our national footprint, products and end markets; our expectations for our end markets; our ability to strengthen our market position; our ability to pursue and integrate value-enhancing acquisitions; our diversification efforts; alpha's revenue and profitability; expansion of our commercial business; our growth rate and ability to improve sales and profitability and expectations for demand for our services and our earnings in 2019.

Forward-looking statements may generally be identified by the use of words such as anticipate, believe, expect, intend, plan and will, or in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.

Any forward-looking statement made by management during this call is not a guarantee of future performance, and actual results may vary materially from those expressed in or suggested by the forward-looking statements as a result of various factors, including, without limitation, the factors discussed in the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31st, 2018, as the same may be updated from time to time in subsequent filings with the Securities and Exchange Commission.

Any forward-looking statements made by management on this call speaks only as of the date hereof. New risks and uncertainties come up from time to time and it is impossible for the company to predict these events or their effect. The company has no obligation and does not intend to update any forward-looking statements after the date hereof, except as required by federal securities laws. In addition, management uses certain non-GAAP performance measures on this call, such as EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted share, adjusted gross profit and adjusted selling and administrative expense.

You can find a reconciliation of such measures to their nearest GAAP equivalent in the company's earnings release and additional reconciliation for adjusted EBITDA for earlier fiscal years in our investor presentation, which are available on our website. This morning's conference call is hosted by Jeff Edwards, our chairman and chief executive officer; and Michael Miller, our chief financial officer. I will now turn the call over to Jeff.

Jeff Edwards

Jeff Edwards

Thanks, Jason, and good morning to everyone joining us on today's call. I'm happy to have the opportunity to talk to all of you about our third quarter results. As usual, I will start today's call with some highlights, and then turn the call over to Michael Miller, IBP's CFO, who will discuss our results and capital position in more detail before we take your questions. The 2019 third quarter was extremely strong, demonstrating the power of our business model.
Stable end market demand, favorable pricing trends and the benefits of our geographic and product diversification strategies all contributed to our record third quarter sales and earnings. I'm extremely proud of our third quarter and year-to-date financial performance, which is the direct result of the hard work and dedication of our more than 8,000 employees across the country. So, with this introduction, let's review the progress we made during the third quarter in more detail. Total revenue for 2019 third quarter increased approximately 14% to a quarterly record of nearly $400 million attributable to improvements in price mix, higher volume and customer and product growth and the contribution from our recent acquisitions.
Third quarter adjusted EBITDA increased almost 28%, nearly doubling the 14% growth in net revenue, reflecting our ability to profitably grow sales in a stable housing market. Specifically, third quarter profitability benefited from our pricing strategies introduced earlier this year, the increasing revenue stream from our complementary products, higher profitability at alpha, and continuation of the normal seasonal trends that typically benefit sales and earnings in the second half of the year. Third quarter adjusted EBITDA margin was 14.1%, which is the highest we have reported as a public company, and our incremental same-branch adjusted EBITDA margin was 29.4%. I'm very pleased with our results, and I believe they demonstrate successful execution of our growth-oriented and profit-focused strategies.
As we have stated since the beginning of last year, we have been working closely with our suppliers and customers to improve our cost and pricing structure to recover from the unprecedented insulation material cost environment that occurred throughout 2018. The 2019 third quarter reflects the continued success of our strategies as price mix improved 5.4% during the quarter. We expect the material pricing environment will remain stable for the rest of 2019, and we believe we will continue to benefit from the cost and pricing strategies in place. Our 2019 third quarter results also demonstrate success of our acquisition strategy, which has diversified our geographies, end markets and products.
Our geographic expansion, when combined with our product diversification strategies, provides a compelling growth platform. As a result, single-family same-branch sales increased nearly 5%, while total single-family sales increased more than 10% compared to the increase in total U.S. single-family completions of nearly 4%. While favorable pricing and recent acquisitions contributed to this outperformance, I am also encouraged by our third quarter revenue growth from non-insulation products, which increased over 14% from the prior year.

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杰森,谢谢大家,早上好,今天参加我们电话会议的每个人。我很高兴有机会与大家讨论我们第三季度的业绩。与往常一样,我将在今天的电话会议上重点介绍一些情况,然后将电话会议交给IBP首席财务官Michael Miller,他将在回答您的问题之前详细讨论我们的业绩和资本状况。 2019年第三季度非常强劲,证明了我们商业模式的力量。

稳定的终端市场需求,有利的价格趋势以及我们的地理和产品多元化战略的收益,都为我们创造了创纪录的第三季度销售和收益。我为我们第三季度和年初至今的财务业绩感到非常自豪,这是我们在全国超过8,000名员工的辛勤工作和奉献的直接结果。因此,通过本次介绍,让我们更详细地回顾我们在第三季度取得的进展。 2019年第三季度的总收入增长了约14%,达到了近4亿美元的季度记录,这得益于价格组合的改善,销量和客户及产品增长的增长以及我们最近的收购的贡献。

第三季度调整后的EBITDA增长了近28%,几乎是净收入增长14%的两倍,这反映了我们在稳定的住房市场中实现销售利润增长的能力。具体来说,第三季度的获利得益于我们今年早些时候推出的定价策略,互补产品的收入流增加,阿尔法的更高获利能力以及正常的季节性趋势(通常有利于下半年的销售和收益)的延续。第三季度调整后的EBITDA利润率为14.1%,是我们报告的上市公司中最高的,而同一分支机构调整后的EBITDA增量为29.4%。我对我们的结果感到非常满意,并且我相信它们可以证明我们成功执行了以增长为导向,以利润为中心的战略。

正如我们从去年年初开始所说的那样,我们一直在与供应商和客户紧密合作,以改善我们的成本和价格结构,以从2018年全年前所未有的绝缘材料成本环境中恢复过来。2019年第三季度反映了持续的成功价格组合在本季度改善了5.4%。我们预计材料定价环境将在2019年剩余时间内保持稳定,并且我们相信我们将继续受益于现有的成本和定价策略。我们2019年第三季度的业绩还证明了我们的收购战略取得了成功,该战略使我们的地域,最终市场和产品多样化。

结合我们的产品多样化战略,我们的地域扩张提供了一个引人注目的增长平台。结果,与之相比,美国单户住宅完成量增长近4%,单户家庭同分支销售额增长了近5%,而单户家庭总销售额增长了10%以上。尽管有利的价格和最近的收购促成了这一出色的业绩,但我也对非绝缘产品第三季度的收入增长感到鼓舞,该收入比上一年增长了14%以上。

I'd like to highlight that that increase in our non-insulation revenue was also accretive to gross margin, further supporting our efforts to grow our other product offerings in existing markets, while increasing margin and profitability. Our product diversification strategy provides significant value to customers by consolidating their vendors and, at the same time, providing them with the same level of high-quality installation service they expect from IBP. The benefits from our geographic and product expansion strategies are also evident in third quarter same-branch multifamily sales, which increased 13% over the prior year quarter. This is the continuation of our trend of strong multifamily growth, which we believe is sustainable in the near future as we grow our multifamily customer base in existing markets where we have not previously addressed this multifamily opportunity.
New residential same-branch sales during the 2019 third quarter increased 6%, while total residential sales increased nearly 11% compared to the 2.2% increase in total U.S. completions. To date, we have acquired over 36 million in annual revenue. We are pleased that this year's acquisitions have primarily been insulation installers in new geographies.
This includes the 2019 third quarter acquisitions of Northeast spray insulation, an insulation installer serving the Maine and New Hampshire markets. Minnesota Spray-Foam, an Insulation installer serving the Minnesota market; and Therm-Con and Foamtech, a fireplace, shower doors, closet shelving and mirror installer, serving the Tennessee, Georgia and Alabama markets. We maintain a robust pipeline of acquisition candidates, including geographic expansion in our core residential insulation end market, as well as acquisition opportunities that continue our end-market and end-product diversification strategy. Alpha insulation and waterproofing, our large commercial business demonstrates the success of our end-market diversification strategy.
While alpha's expansion into new markets and operational complexity caused some margin challenges, we are pleased with its recent performance and remain excited by the potential opportunities in the large commercial end market. For the quarter, revenue increased over 19%, which reflects alpha's ability to perform in both its new and existing markets. Alpha's profitability also improved during the third quarter as recently opened branches came to scale and overall performance improved. We continue to focus on improving alpha's profitability, and as a result of our strategies, we believe alpha sales and margins are headed in the right direction.
As you can see, our acquisition strategy is an important component of our business model, which is funded by strong operating cash flows and available liquidity on our balance sheet. The favorable pricing structure of our $300 million senior notes offering, which was completed during the quarter, provides us with significant capital to continue to invest in our business throughout the housing cycle, while additionally, staggering our debt maturities. At September 30, 2019, we had approximately $240 million of cash, cash equivalents and short-term investments, and nothing drawn on our $200 million ABL revolving credit facility. Our strong capital position, combined with our compelling operating cash flow, provides us with the financial flexibility to support our growth strategies and pursue acquisitions.

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我想强调指出的是,我们的非绝缘收入的增长也增加了毛利率,进一步支持了我们在现有市场中发展其他产品的努力,同时提高了利润率和盈利能力。我们的产品多元化战略通过整合他们的供应商,同时为他们提供与IBP期望的相同水平的高质量安装服务,为客户提供了巨大的价值。我们的地理和产品扩展策略所带来的收益在第三季度同分支多户家庭销售中也很明显,与去年同期相比增长了13%。这是我们强大的多户家庭增长趋势的延续,我们认为,随着我们在现有市场中以前没有解决过多户机会的现有市场上扩大我们的多户客户基础,这在不久的将来是可持续的。

2019年第三季度新住宅同店销售增长6%,而住宅总销售增长近11%,而美国房屋完工总量增长2.2%。迄今为止,我们的年收入已超过3600万。我们很高兴,今年的收购主要是在新地区安装绝缘材料。

这包括2019年第三季度对东北喷雾绝缘材料的收购,东北绝缘材料安装服务于缅因州和新罕布什尔州市场。明尼苏达州喷涂泡沫,是为明尼苏达州市场提供服务的隔热安装工;以及Therm-Con和Foamtech,壁炉,淋浴门,壁橱搁板和镜子安装程序,服务于田纳西州,乔治亚州和阿拉巴马州。我们拥有强大的收购候选渠道,包括核心住宅保温终端市场的地域扩张,以及延续我们的终端市场和终端产品多元化战略的收购机会。 Alpha隔热和防水,我们的大型商业业务证明了我们终端市场多元化战略的成功。

尽管alpha向新市场的扩展和运营的复杂性带来了一些利润挑战,但我们对其最新表现感到满意,并对大型商业终端市场的潜在机会感到兴奋。该季度收入增长超过19%,这反映了alpha在新市场和现有市场中的表现能力。随着最近开设的分支机构规模化和整体绩效的提高,第三季度的Alpha盈利能力也有所提高。我们继续专注于提高alpha的盈利能力,并且由于我们的战略,我们认为alpha的销售和利润率都朝着正确的方向发展。

如您所见,我们的收购策略是我们业务模型的重要组成部分,这是由强大的运营现金流和资产负债表上的可用流动资金提供的。我们在本季度完成了3亿美元的优先票据发行的有利定价结构,这为我们提供了大量资本,可以在整个住房周期内继续投资于我们的业务,同时还使我们的债务到期日错综复杂。截至2019年9月30日,我们拥有约2.4亿美元的现金,现金等价物和短期投资,而我们2亿美元的ABL循环信贷额度却未获得任何回报。我们强大的资本状况以及令人信服的运营现金流为我们提供了财务灵活性,以支持我们的增长战略并进行收购。

I'm extremely pleased with the record results we reported for the 2019 third quarter and the progress we continue to make in achieving our business plans. Industry dynamics remain positive across our single-family, multifamily and commercial end markets, and we expect this, combined with typical seasonal trends, will benefit our results for the fourth quarter. With this overview, I'd like to now turn the call over to Michael, to provide more details on our third quarter results.

I'm extremely pleased with the record results we reported for the 2019 third quarter and the progress we continue to make in achieving our business plans. Industry dynamics remain positive across our single-family, multifamily and commercial end markets, and we expect this, combined with typical seasonal trends, will benefit our results for the fourth quarter. With this overview, I'd like to now turn the call over to Michael, to provide more details on our third quarter results.

Michael Miller

Michael Miller

Thank you, Jeff, and good morning, everyone. Net sales increased to a quarterly record of $396.4 million for the 2019 third quarter compared to $349 million for the same period last year. The 13.6% year-over-year improvement in sales was mainly driven by improvements in price mix, higher volume and customer and product growth and the contribution from our recent acquisition. Same branch sales growth during the quarter was 9.3%, including 5.4% growth in price mix and 2.9% growth in volume.
It is important to note that these volume and price mix metrics we report do not include our large commercial construction business, alpha, which grew 19.4% in the quarter. Third quarter 2019 gross profit improved 21.3% to $118.1 million from $97.3 million in the prior year quarter. Adjusted gross profit as a percent of revenue increased to 29.8% compared to 27.9% for the same period last year, representing the positive improvements we've made in pricing and margin expansion from the growth in our complementary product revenue. For the 2019 third quarter, selling and administrative expenses as a percent of net revenue was 18.8% for the 2019 and 2018 third quarters.
As a percentage of revenues, administrative expenses were 13.9% for the 2019 and 2018 third quarters. As we have stated in previous earnings calls, it is important to note that as our acquisition strategy continues and as the volume of total acquired business operations become larger, we will incur additional noncash amortization expense. In the third quarter, we recorded $6.2 million of amortization expense compared to $5.2 million for the same period last year. This noncash adjustment impacts net income, which is why we continue to believe that adjusted EBITDA is the most useful measure of profitability.
Based on our acquisitions completed to date, we expect fourth quarter 2019 amortization expense of approximately $6.2 million and full year expense of approximately $24.3 million. This figure will change with any subsequent acquisitions. In the third quarter of 2019, adjusted EBITDA improved to $55.9 million, representing an increase of 27.8%, from $43.8 million in the prior year. As we've mentioned in previous earnings call, 2019 has displayed the typical seasonal trends in both sales and adjusted EBITDA through each of the first three quarters of this year.
Adjusted EBITDA as a percent of net revenue increased 160 basis points from the prior-year period to 14.1%, as a result of these positive seasonal trends, improved pricing and complementary products growth. The 14.1% adjusted EBITDA margin is the highest we have reported as a public company. Our third quarter same branch incremental adjusted EBITDA margin of 29.4% we believe demonstrates the strength of our financial model and reflects the strides we've made in improving our selling prices from atypical material inflation environment in 2018, and the continued demand in our local installation market. We continue to be encouraged by the momentum in the new single-family construction market as supported by solid order growth recently reported by the public homebuilders, and we believe this highlights the demand in the market for new entry-level single-family housing within the U.S.

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谢谢杰夫,早上好,大家。与去年同期的3.49亿美元相比,2019年第三季度的净销售额增长至季度创纪录的3.964亿美元。销售额同比增长13.6%,主要是由于价格结构的改善,销量以及客户和产品增长的增加以及我们最近的收购做出的贡献。该季度同一分支机构的销售增长为9.3%,其中价格组合增长5.4%,销量增长2.9%。

重要的是要注意,我们报告的这些数量和价格组合指标不包括我们的大型商业建筑业务alpha,该业务本季度增长了19.4%。 2019年第三季度的毛利润从去年同期的9,730万美元增长21.3%至1.181亿美元。调整后的毛利润占收入的百分比从去年同期的27.9%增至29.8%,这表明我们从互补产品收入的增长中提高了定价和利润率。对于2019年和2018年第三季度,销售和管理费用占净收入的百分比为18.8%。

2019年和2018年第三季度的行政支出占收入的百分比为13.9%。正如我们在之前的财报电话会议中所说的那样,重要的是要注意,随着我们的收购战略继续进行以及所收购的业务总量增加,我们将产生额外的非现金摊销费用。在第三季度,我们记录了620万美元的摊销费用,而去年同期为520万美元。这种非现金调整会影响净收入,这就是为什么我们继续认为调整后EBITDA是衡量盈利能力的最有用方法。

根据迄今为止完成的收购,我们预计2019年第四季度的摊销费用约为620万美元,全年费用约为2430万美元。该数字将随任何后续收购而改变。在2019年第三季度,调整后的EBITDA从去年的4,380万美元增长至5,590万美元,增长27.8%。正如我们在之前的财报电话会议中提到的那样,2019年在今年前三个季度的每个季度都显示了销售和调整后EBITDA的典型季节性趋势。

由于这些积极的季节性趋势,改善的定价和互补产品的增长,调整后的EBITDA占净收入的百分比比上年同期增长了160个基点,达到14.1%。调整后的EBITDA利润率为14.1%,是我们报告的上市公司中最高的。第三季度同一分支机构的调整后EBITDA利润率为29.4%,我们相信这证明了我们财务模型的实力,反映了我们在2018年因非典型物质通胀环境提高销售价格方面取得的进步,以及本地设备的持续需求市场。在公共住房建造商最近报告的强劲订单增长的支持下,我们对新的单户住宅建筑市场的势头继续感到鼓舞,我们认为这凸显了市场对纽约州新入门级单户住宅住房的需求。我们

On a GAAP basis, our third quarter net income was a record $21.2 million or $0.71 per diluted share compared to net income of $15.6 million or $0.50 per diluted share in the prior-year quarter. Our adjusted net income improved to $29.7 million or $0.99 per diluted share compared to $22.4 million or $0.72 per diluted share in the prior-year quarter. For the 2019 third quarter, our effective tax rate was approximately 26.4%, and we expect a full-year effective tax rate of 25 to 27% for 2019. For the nine-month period ended September 30th, 2019, we generated $106.5 million in cash flow from operations compared to $68.8 million in the prior year, a 54.7% increase.
In the 2019 third quarter alone, we generated $54.1 million of operating cash flows compared to $35.7 million for the same period last year. We will continue to use our operating cash flow to fund acquisitions and reinvest in our business. Capital expenditures as of September 30th, 2019, were $37.3 million, while total incurred finance leases were $2.2 million. During the 2019 third quarter, we invested approximately $4 million to purchase the facilities of AFT, the cellulose insulation manufacturer we acquired in 2018.
As a result, capital expenditures and finance capital leases as a percent of revenue increased 70 basis points to 3.6% at September 30th, 2019, compared to the same period last year. At September 30th, 2019, we had total cash and short-term investments of $239.9 million compared to $100.5 million at December 31st, 2018. During the third quarter, we did not repurchase any of our common stock. We have approximately $61 million available in our expanded $150 million stock repurchase program that is in effect through February of 2020.
As Jeff mentioned, we successfully completed the $300 million senior notes offering and entered into a new and increased $200 million ABL revolving credit facility. I'm extremely pleased with the pricing and structure of our senior notes, which demonstrates our strong access to capital. In addition, staggering our debt maturities provides us with significant flexibility to support our growth strategies. Total debt at September 30th, 2019, was approximately $572.1 million, taking into amount, taking into account cash and short-term investments.
At September 30th, 2019, our net total debt was approximately $332 million compared to $363 million at December 31st, 2018. Our capital structure remains conservative, and we have considerable flexibility as we continue to deliver on our growth strategy. With that, I will now turn the call back to Jeff for closing remarks.

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按照公认会计准则(GAAP),我们第三季度的净收入达到了创纪录的2120万美元(合稀释后每股0.71美元),而去年同期的净收入为1560万美元(合稀释后每股0.50美元)。调整后的净收入从去年同期的2240万美元(摊薄后每股0.72美元)提高到2970万美元(摊薄后每股收益),增至0.99美元。对于2019年第三季度,我们的有效税率约为26.4%,我们预计2019年全年的有效税率为25%至27%。在截至2019年9月30日的九个月中,我们产生了1.065亿美元的收入。经营现金流量与去年同期的6,880万美元相比,增长了54.7%。

仅在2019年第三季度,我们就产生了5410万美元的运营现金流,而去年同期为3570万美元。我们将继续使用经营现金流为收购提供资金并重新投资于我们的业务。截至2019年9月30日,资本支出为3,730万美元,而发生的融资租赁总额为220万美元。在2019年第三季度,我们投资了约400万美元购买了AFT的设施,这是我们在2018年收购的纤维素绝缘材料制造商。

因此,与去年同期相比,截至2019年9月30日,资本支出和融资资本租赁占收入的百分比增加了70个基点,达到3.6%。截至2019年9月30日,我们的现金和短期投资总额为2.399亿美元,而截至2018年12月31日,这一数字为1.050亿美元。在第三季度,我们没有回购任何普通股。我们扩大的1.5亿美元股票回购计划中有大约6,100万美元可用,该计划有效期至2020年2月。

正如Jeff所述,我们成功完成了3亿美元的优先票据发行,并签订了新的且增加了2亿美元的ABL循环信贷安排。我对我们的优先票据的定价和结构感到非常满意,这表明我们有很强的资本获取能力。此外,错开债务期限为我们提供了极大的灵活性来支持我们的增长战略。到2019年9月30日,考虑到现金和短期投资,债务总额约为5.721亿美元。

截至2019年9月30日,我们的净债务总额约为3.32亿美元,而截至2018年12月31日,该债务总额为3.63亿美元。我们的资本结构仍然保守,我们在继续执行增长战略方面拥有很大的灵活性。这样,我现在将电话转给Jeff以结束发言。

Jeff Edwards

Jeff Edwards

Thanks, Michael. Third quarter financial results demonstrate the positive business and market trends we are experiencing, positioning 2019 to be another great year for IBP, all of this is attributable to the strength of the team at IBP. Over the past two weeks, I've had the pleasure of spending quite a bit of time with employees from, throughout the organization. These office coordinators, salespeople, superintendents, production managers and branch managers have continually impressed me with their commitment, hard work and desire for continued success, exemplifying the talent and depth of our team.
And of course, nothing moves forward without the outstanding efforts of our over 6,000 installers. Our thanks goes out to them for a tough job always done well. I'll close by simply expressing that I'm truly excited for what I know we will accomplish in the future. Operator, let's open up the call for questions.

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谢谢,迈克尔。 第三季度的财务业绩表明我们正在经历积极的业务和市场趋势,将2019年定为IBP的又一年,这一切都归功于IBP团队的实力。 在过去的两个星期中,我很高兴与整个组织的员工一起度过了很多时间。 这些办公室协调员,销售人员,总监,生产经理和分支经理不断给我留下深刻的印象,他们的奉献精神,辛勤工作和对持续成功的渴望,充分体现了我们团队的才能和实力。

当然,如果没有我们6,000多名安装人员的出色努力,一切都会前进。 我们要感谢他们所做的艰辛工作总是很出色。 最后,我简单地说,我为自己知道我们将来会实现的成就感到非常兴奋。 接线员,让我们开始提问。

问答环节

[Operator Instructions] Our first question comes from the line of Michael Wood with Nomura Instinet.

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[操作员说明]我们的第一个问题来自Michael Wood和Nomura Instinet的对话。

迈克尔伍德

This is, it's a strong quarter for you from a gross margin standpoint back to the highest levels, it looks like, since second quarter 2017. Can gross margins hold at these levels going forward, go higher? Or is there anything unusual in the third quarter that won't repeat going forward?

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从毛利率的角度来看,这对您来说是一个强劲的季度,自2017年第二季度以来,它看起来是最高水平。未来的毛利率能保持在这些水平上吗? 还是第三季度有什么不寻常的事情不会重复出现?

Michael Miller

Michael Miller

On a gross margin basis, this is Michael. On a gross margin basis, there was nothing really atypical about the quarter other than we certainly benefited from the pricing strategies that we've been talking about for the past couple of quarters. And we also benefited from it being the third quarter, which is typically our best quarter. So there's nothing fundamentally unusual in the quarter at all.
We're glad we're starting to get back to gross margin improvement and the pricing strategies that we've been talking about for the past couple of quarters are starting to get fully baked into the numbers, and we feel good about that.

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以毛利率计算,这是迈克尔。 从毛利率的角度来看,本季度除了我们从过去两个季度一直在谈论的定价策略中当然受益之外,本季度没有什么非典型的。 我们也从第三季度受益,这通常是我们最好的季度。 因此,本季度根本没有任何异常。

我们很高兴我们开始恢复毛利率,过去两个季度我们一直在谈论的定价策略已开始完全融入数字之中,对此我们感到很满意。

迈克尔伍德

You also called out a more favorable customer product mix in the release, can you just elaborate on what's driving that?

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你也叫出来的释放更有利客户的产品组合,可你刚才阐述什么力量推动的?

Michael Miller

Michael Miller

It's a combination of the things that we've been talking about in terms of working with the best customers that are willing to pay us a fair price for the quality of service that we're delivering, combined with our continued push to increase the cross-sell of the other products, which grew at a nice clip during the quarter and also demonstrated good margin improvement in the quarter as well.

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这是我们一直在谈论的问题,即与愿意为我们提供的服务质量向我们支付公平价格的最佳客户合作,再加上我们不断努力提高交叉收益 其他产品的销售,本季度增长良好,本季度的利润率也取得了不错的增长。

迈克尔伍德

And finally, are you able to elaborate on how many alpha branches are open? Maybe how long it would take for those to ramp the company average profitability? And where you ultimately see that building out to?

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最后,您能否详细说明打开了多少个Alpha分支? 那些人提高公司平均盈利能力可能需要多长时间? 最终您将看到哪里发展?

Michael Miller

Michael Miller

As we've mentioned in the previous calls, we only opened one alpha location this year. And we're working to, as we mentioned in the prepared remarks, we're working to get all of the new locations stabilized and at higher levels of profitability. They're making good progress toward that in the third quarter. We expect them to make more progress toward that in the fourth quarter.
But as we've indicated in previous calls, we think that we're really expecting kind of the outsized performance from them on a margin perspective as we go into '20 and '21.

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正如我们在之前的电话会议中提到的那样,我们今年仅开设了一个Alpha位置。 正如我们在准备好的发言中提到的那样,我们正在努力使所有新地点稳定下来并实现更高的盈利水平。 他们在第三季度取得了良好的进展。 我们预计他们将在第四季度取得更大进展。

但是,正如我们在之前的电话会议中指出的那样,我们认为我们进入20年代和21年代时从利润的角度来看确实期望它们具有超大型的性能。

会议主持员

Our next question comes from the line of Trey Morrish with Evercore ISI.

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下一个问题来自Evercore ISI的Trey Morrish。

Trey Morrish

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特里·莫里什

I wanted to start with your SG&A in the quarter. Similar to Q2, it deteriorated year-over-year as a percentage of revenues. And last quarter, you highlighted lower than historical trends in liability and medical insurance reserves.
And I'm kind of wondering, did that happen this quarter? And if so, is that something that will persist into the fourth quarter? Is there something else that we may need to keep in mind looking to Q4?

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我想从本季度的SG&A开始。 与第二季度类似,它在收入中所占的百分比逐年恶化。 上个季度,您强调了责任和医疗保险准备金的下降趋势低于历史趋势。

我有点纳闷,这季发生了吗? 如果是这样,那会持续到第四季度吗? 在第四季度,我们可能还需要记住一些其他信息?

Michael Miller

Michael Miller

I mean, there's always puts and takes when it comes to insurances, bonus accruals, things like that. So the, this quarter, there's really, I would say there's nothing necessarily unusual to go from third quarter of last year, third quarter of this year. And we would not expect that the trends are going to change dramatically. But as we have consistently talked to this sort of returning to a mid-teens EBITDA margin, we believe we're going to continue to get there based on our ability to continue to improve gross margin and also get SG&A leverage.
I mean, it will definitely fluctuate back and forth quarter to quarter. I mean, some quarters, you're going to get great gross margin improvement, and you may not get as much SG&A leverage. But then, in other quarters, that will change. We do expect that, as we've talked for the past several quarters, we expect 2019 to be a very typical seasonal year in the sense that it has completely set up that way, where the third quarter would be our best quarter than the fourth quarter than the second quarter and then the first quarter is typically your worst quarter.
And we think that this year, it's going to be typical as historically it would be, from a profitability perspective along those lines.

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我的意思是,在保险,奖金应计费用之类的事情上总有推销的机会。因此,本季度确实存在,我要说的是,与去年第三季度,今年第三季度相比,没有什么异常之处。我们不希望趋势会发生巨大变化。但是,正如我们一直在谈论将这种收益恢复到十几位的EBITDA利润一样,我们相信我们将基于继续提高毛利率以及获得SG&A杠杆的能力而继续实现这一目标。

我的意思是,它肯定会在每个季度来回波动。我的意思是,在某些情况下,您将获得巨大的毛利率改善,而您可能不会获得太多的一般管理和行政杠杆。但是,在其他方面,情况将会改变。我们确实希望,正如我们在过去几个季度中所说的那样,我们预计2019年将是非常典型的季节性年份,因为它已经完全设置好了,第三季度将是我们第四季度最好的季度一个季度,而不是第二季度,然后是第一季度通常是您最糟糕的一个季度。

而且我们认为,从盈利能力的角度出发,今年将是历史上的典型。

Trey Morrish

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特里·莫里什

But kind of going back to the root of my question. SG&A actually got worse year-over-year in 3Q this year compared to last year. So you didn't say anything unique one-offs.
So I'm just wondering, why did it have such a negative impact on the quarter?

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但是有点回到我问题的根源。 与去年同期相比,今年第三季度SG&A实际上比去年同期恶化。 因此,您没有说任何独特的一次性信息。

所以我只是想知道,为什么它会对本季度产生如此负面的影响?

Michael Miller

Michael Miller

I wouldn't say that it had that much of a negative impact. The percentage was consistent with where it was in the second quarter. So I mean, I guess, if anything, you could say we're, our accruals are in a better place than where they may have been in prior periods, but we feel very confident in terms of our ability to continue to get leverage on SG&A, as well as improved gross margin over time.

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我不会说这有那么多负面影响。 该百分比与第二季度持平。 所以,我的意思是,我想,如果有的话,您可以说我们的应计利润比前些时候处于更好的位置,但是我们对继续获得杠杆作用的能力感到非常自信 SG&A,以及随着时间的推移提高的毛利率。

Trey Morrish

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特里·莫里什

And then in fiberglass, we've seen the manufacturers announce that they're both opening new capacity and some are closing or curtailing capacity over the last several months. And at the same time, we're hearing that manufacturers are preparing to implement a January increase and, more importantly, trying to reestablish a steadier cadence of price increases going forward. So with those in mind, could you talk about how you view the supply and demand dynamics in fiberglass insulation today and going forward in addition to how you perceive the industry's readiness to return to a steady cadence of manufacturer pricing actions?

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然后在玻璃纤维中,我们已经看到制造商宣布他们在过去几个月中都在增加新的产能,并且有些正在关闭或缩减产能。 同时,我们听到制造商正在准备实施一月份的提价,更重要的是,试图重新确立价格上涨的稳步节奏。 因此,考虑到这些,您能否谈谈您如何看待当今和未来的玻璃纤维绝缘的供求动态,以及您如何看待行业准备恢复稳定的制造商定价行动节奏?

Jeff Edwards

Jeff Edwards

Yeah, I would say, this is Jeff. I would say we view it as interestingly as we should, based on what you just reiterated, because that's exactly what we've heard also. So it's rather interested in it, there's a couple of manufacturers that are adding supply. There's lines being taken down, as you mentioned.
We do believe, though, that we'll kind of return to a more normalized, as you've expressed and they've expressed, obviously, to you or out publicly, that it will be a more normal material pricing environment. And again, a rising price environment for us is good, although it's a little interesting some of the dynamics that are out in the market right now.

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是的,我想说的是杰夫。 我想说的是,根据您刚才重申的内容,我们会以一种有趣的方式看待它,因为这正是我们所听到的。 因此对此很感兴趣,有一些制造商正在增加供应。 正如您所提到的,线路已被删除。

但是,我们确实相信,正如您所表达的那样,我们一定会回归到更为规范的状态,并且他们显然已经向您或公开表示,这将是一个更为正常的物资定价环境。 再说一次,价格上涨对我们来说是一个好环境,尽管现在市场上出现的一些动态有点有趣。

Michael Miller

Michael Miller

Yeah. And I think the interesting thing on the capacity side as well is that the capacity that's being taken down is back capacity, which there's plenty of back availability and the capacity that's being added is loose full capacity, which is currently a little bit tighter than back capacity. So we believe the manufacturers are responding very effectively to the demand environment, which is very positive and constructive for us.

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是的 我认为在容量方面也很有趣的一点是,正在减少的容量是后备容量,它具有大量的后备可用性,并且所添加的容量是松散的全部容量,目前比后备容量要紧一些 容量。 因此,我们认为制造商正在对需求环境做出非常有效的响应,这对我们来说是非常积极和建设性的。

会议主持员

Our next question comes from the line of Justin Speer with Zelman & Associates.

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我们的下一个问题来自Zelman&Associates的Justin Speer。

Justin Speer

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贾斯汀·斯佩尔

Just one follow-up on that SG&A, it delevered 50 basis points in the third quarter, but how should we think about SG&A into the fourth quarter as a percentage of revenues, given typical seasonality?

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只是该营销,一般及行政管理的一项后续行动,它在第三季度削减了50个基点,但考虑到典型的季节性因素,我们应该如何考虑到第四季度的SG&A在收入中所占的百分比?

Michael Miller

Michael Miller

So as you know, we don't provide guidance. So, but we would expect that the trends that we experienced really through the year would be consistent through to the fourth quarter and that we would have the typical seasonal seasonality in the fourth quarter that I spoke to a little bit earlier.

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因此,如您所知,我们不提供指导。 因此,但是我们可以预期,直到今年第四季度,我们在整个年度中实际经历的趋势都将保持一致,并且我会稍早谈到第四季度中的典型季节性季节变化。

Justin Speer

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贾斯汀·斯佩尔

And then I wanted to unpack the nonresidential channel with you as well. In terms of just higher level, what's driving it? If there's like, if you can help us maybe unbreak, or break down the verticals that you're seeing strength in or a project that you're seeing strength in? And what your visibility is there?

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然后,我也想和您一起打开非住宅频道的包装。 就更高级别而言,它是什么驱动的? 如果有的话,是否可以帮助我们打破僵局,或者打破您正在看到的优势的垂直领域或您正在看到的优势的项目? 您的知名度在那里?

Michael Miller

Michael Miller

Well, as you know, I mean, I assume you're talking about alpha and heavy commercial business?

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好吧,如您所知,我的意思是,我认为您是在谈论Alpha和繁重的商业活动?

Justin Speer

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贾斯汀·斯佩尔

You got, you actually have a couple of, I guess, the alpha business, but your overall picture within nonresidential, maybe breakdown the nonresidential channel, how big it is today as a percentage of your business? And then maybe even drill further in the alpha business as well?

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我猜您实际上有几个alpha业务,但是您在非住宅渠道中的总体情况可能会破坏非住宅渠道,今天占您企业的百分比有多大? 然后,甚至还可以进一步在alpha业务中进行钻研?

Michael Miller

Michael Miller

So I mean, the commercial market for us is about 19%, almost 20% of the overall business. Of that, alpha is about 10 or 11%. So there's the light commercial piece, which is, as we characterize it, it's a structure that would be wood-framed or stick-framed. In terms of both of those businesses, both the heavy commercial and the light commercial, we obviously have more visibility into those businesses because they are a bit forward and we create backlog associated with those businesses.
So we feel very good about the volume growth that we're seeing in that business as you know from the release. I mean, alpha in the quarter grew revenue a little over 19%. Interestingly, as we pointed out in the prepared remarks, when we disclose our volume growth and price mix growth, that does not include alpha. If you did include alpha in those numbers, our volume growth would have been closer to more like 5%.
So we feel good about that business. We, part of the reason why we're seeing an outsized growth is because we are taking market share in the new markets that we've entered with alpha. And we continue to see that as an opportunity, because those branches, those newer branches still are not up to the scale that we would like to see them, but they are starting to contribute to profitability. So we think, as I said earlier, 2021 will be good, we think, we're encouraged, that they should be pretty good years for alpha.

所以我的意思是,对我们来说,商业市场大约占19%,几乎占整体业务的20%。其中,α约为10或11%。因此,有一个轻巧的商业产品,正如我们所描述的那样,它是一种木结构或木棍结构的结构。对于这两种业务(无论是重型商业还是轻型商业),我们显然都对这些业务有更多的了解,因为它们有点前进,并且我们创建了与这些业务相关的积压。

因此,正如您从发行版中了解到的那样,我们对该业务的销量增长感到非常满意。我的意思是,阿尔法在该季度的收入增长了19%多一点。有趣的是,正如我们在准备好的评论中指出的那样,当我们披露我们的销量增长和价格组合增长时,其中不包括阿尔法。如果您确实在这些数字中包含alpha,则我们的销量增长将接近5%。

因此,我们对该业务感到满意。我们之所以看到超额增长,部分原因是因为我们正在以alpha进入的新市场中抢占市场份额。而且我们继续将其视为机遇,因为那些分支机构,那些较新的分支机构仍未达到我们希望看到的规模,但它们开始为盈利做出贡献。因此,我们认为,正如我之前所说的,我们认为2021年将是美好的,我们感到鼓舞的是,它们对于alpha来说应该是相当不错的年份。

Justin Speer

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贾斯汀·斯佩尔

So, if you could give us some context on that opportunity, that midterm opportunity on your existing footprint? Can you maybe paint the picture based on getting to scale, what kind of growth and margin opportunity that could give you within that piece of the business as we look out the midterm view like you're speaking to now?

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那么,如果您可以为我们提供一些有关此机会的背景信息,那么您现有足迹中的那个中期机会呢? 当我们像您现在所说的那样看待中期观点时,您是否可以根据规模扩大,在该业务部门中可以给您带来什么样的增长和利润机会来描绘情况?

Michael Miller

Michael Miller

Yeah. I mean, it's, again, as you know, we don't provide guidance, particularly on a particular aspect of the business. But it's 10%, 11% of the overall revenue. So, I mean, as it continues to ramp and grow is what we think would be at a higher rate than the overall business, and as we hopefully continue to improve margin at that business.
Obviously, it's going to be incrementally better for the business. But, yes. I mean, we're very encouraged with the opportunity that's there, and not just to grow and scale better the new operations, but to also start potentially adding other at a measured pace, adding more locations, both on a greenfield basis and also from an acquired basis.

是的 我的意思是,正如您所知,我们没有提供指导,特别是在业务的特定方面。 但这是总收入的10%,即11%。 因此,我的意思是,随着它的持续增长和增长,我们认为其增长率将高于整体业务,并且我们希望继续提高该业务的利润率。

显然,这对于企业而言将越来越好。 但是,是的。 我的意思是,我们对那里的机会感到非常鼓舞,这不仅是为了扩大和扩展新业务,而且还可能以可衡量的步伐开始添加其他业务,并在未开发的基础上以及从 获得的基础。

Justin Speer

www.

贾斯汀·斯佩尔

And last question, if I could squeeze one more in. Just in terms of that longer-term or that midterm margin goal, that 15% goal, you just mentioned, assuming 1.5 million start scenario, I think that's been in plan, your plan for a while now. But now you're back on track on price cost there, and now you've got this commercial business, does that, does this commercial business maybe change the potential, that midterm potential of 15% definition? Or do you think it's more supportive of it?

最后一个问题,如果我能再说一遍。就长期或中期保证金目标而言,您刚才提到的那个15%目标,假设有150万启动方案,我认为这已经在计划中,您的计划 有一段时间了。 但是现在您又回到了那里的价格成本轨道上,现在您已经拥有了这项商业业务,这是否会改变这种商业潜力,即15%定义的中期潜力? 还是您认为它更支持它?

Michael Miller

Michael Miller

It's definitely more supportive of it, particularly as we continue to try and make progress in terms of growing their margin profile. So, yes. I mean, we're very encouraged and very, more confident about getting to the mid-teens EBITDA margin that we've talked about, based on, not just the results this quarter, but the trends we're seeing in the industry. And I think everyone on this call fully well understand or appreciate that order growth that the builders admittedly coming off of an easy comp in the second half of '18.
But order growth from the builders has been very good, which is a key indication of future demand for us in new single-family business, which is 65% of our revenue. And we've also been able to grow the multifamily part of the business at a very good clip, so with 13% growth in the multifamily business, we're just, we're very encouraged across all end markets and end products for the business right now.

它绝对会对此提供支持,尤其是在我们不断努力并在提高其利润率方面取得进展的时候。 所以,是的。 我的意思是,我们很鼓舞,而且非常有信心对我们已经谈到的EBITDA利润达到中间水平,不仅基于本季度的结果,还基于我们在行业中看到的趋势。 而且,我认为参加此次电话会议的每个人都充分理解或赞赏建造商在18年下半年从轻松竞争中获得的订单增长。

但是,建筑商的订单增长非常好,这是新单户业务对我们未来需求的关键指标,占我们收入的65%。 而且我们还能够很好地发展业务的多家族部分,因此,随着多家族业务增长13%,我们很高兴在所有最终市场和最终产品方面受到鼓舞 现在就生意。

会议主持员

Our next question comes from the line of Mike Bajo with RBC Capital Markets.

下一个问题来自加拿大皇家银行资本市场的Mike Bajo。

身份不明的分析师

Hey, guys, It's Mike on. I had a follow-up question on the margin side, and just thinking about the complementary products and the strong growth there? I think you alluded to that the higher gross margin product category, or a set of product categories? So just curious in terms of potentially offsets that or how we should be thinking about it? Is that also a higher cost of service? So maybe that's contributing to SG&A? Or just any quantification you could give on, from an EBITDA margin standpoint, where complementary sits versus insulation?

大家好,我是麦克。 我在保证金方面有一个后续问题,只是在考虑补充产品和那里的强劲增长? 我认为您提到了较高毛利率的产品类别或一组产品类别? 因此,对可能的抵消额或我们应该如何考虑方面感到好奇? 这也是更高的服务成本吗? 因此,这可能对SG&A有所贡献? 还是从EBITDA利润率角度来看,您可以给出的任何量化结论是互补性还是绝缘性?

Michael Miller

Michael Miller

Yeah, I'm really glad you asked that question, because it allows me to just clarify something. When we talked about the margin improvement in the other products, it was within those products, the margin improved nicely. But they still are, as we've continuously or have discussed in previous calls, those products tend to have lower margins than, lower gross margins than the insulation product line. But because they are leveraged, that you get good leverage on an SG&A basis with those products, the EBITDA margin contribution tends to be somewhat similar to the insulation products.
So we know from experience, our branches that have higher penetration of other product sales tend to be some of our highest margin locations. So the strategy of continuing to outpace the insulation growth with other products growth and continuing to penetrate our existing customer base with those other products we know is a well-proven strategy of improving profitability over time.

是的,我很高兴您提出这个问题,因为它使我可以澄清一些问题。 当我们谈论其他产品的利润增长时,正是在这些产品中,利润率得到了很好的提高。 但是,正如我们连续或在先前的电话中讨论的那样,这些产品的利润率通常低于绝缘产品线的利润率。 但是,由于它们受到了杠杆作用,因此您在这些产品的SG&A基础上获得了良好的杠杆作用,因此EBITDA利润率的贡献往往与绝缘产品类似。

因此,从经验中我们知道,其他产品销售渗透率较高的分支机构往往是我们利润最高的地区。 因此,继续以高于其他产品增长的速度增长绝缘材料,并继续以我们知道的其他产品渗透我们现有的客户群的策略是一种久经考验的策略,可以随着时间的推移提高盈利能力。

身份不明的分析师

That makes sense and thanks for the clarification there. And the second question is, on the M&A environment, I know you said that there's good opportunity across the products that you're playing in and looking to expand. But most recently, it has been skewed a little bit toward Spray-Foam or complementary, and so I'm just wondering if you can give us a little more color on your M&A pipeline? A couple of different ways, maybe, a, in terms of just kind of the nature of the pipeline, how it's shaking out in terms of size of the target opportunities, like average revenue size? And then from a mix standpoint, just if you're thinking about near term opportunities, how many are kind of in core versus complementary?

这是有道理的,并感谢您的澄清。 第二个问题是,在并购环境中,我知道您说过,您正在使用并希望扩展的产品有很好的机会。 但是最近,它有点偏向喷雾泡沫或互补泡沫,所以我想知道您是否可以在并购流程中给我们更多颜色? 就管道的某种性质而言,可能有几种不同的方式,就目标机会的规模(如平均收入规模)而言,它是如何摆脱的? 然后从混合的角度来看,就算您正在考虑近期的机会,有多少是核心还是互补的?

Jeff Edwards

Jeff Edwards

This is Jeff. Happy to answer that question. As we've said, I mean, we continue to have a robust pipeline. And as I think we mentioned a couple, maybe even three quarters ago, we have made an effort to try to kind of do some deals that we consider kind of straight down the fairway shots, which would be kind of geography-expanding insulation installing locations, so we have made a concerted effort to try to stay kind of in that niche of the market on an acquisition basis.
And I think the pipeline is reflective of that, it continues to be. And as you probably know, some of the more recent deals have been more of those straight down the fairway acquisitions. In terms of size, I would say that, on average, the current deals in the pipeline are larger than we would look at kind of historically. As Michael has mentioned, a lot of times, those acquisitions are lumpy.
And so sometimes they take a little longer to get done than others, you expect to get them done sooner than later. Things get in the way and it becomes lumpy. But we feel very good about it. There were larger than normal, and they're the kind of pretty straightforward insulation installing deals.

这是杰夫。很高兴回答这个问题。正如我们所说,我的意思是,我们将继续拥有强大的渠道。正如我认为我们提到过的,也许甚至在四分之三之前,我们已经尽力尝试做一些我们认为直接降低球道射量的交易,这将是扩大地理区域的隔热层安装位置,因此我们做出了共同的努力,试图在收购的基础上保持那种市场地位。

我认为管道仍在反映这一点。正如您可能知道的那样,一些较新的交易更多是那些直接收购球道的交易。就规模而言,我要说的是,平均而言,目前正在筹备中的交易要比我们从历史上看要大。正如迈克尔提到的,很多时候,这些收购都是块状的。

因此,有时候他们比别人花费更长的时间来完成工作,因此您希望他们早一点完成。事情阻碍了一切,变得块状。但是我们对此感觉很好。它比平常要大,并且是那种非常简单的绝缘安装交易。

会议主持员

Our next question comes from the line of Phil Ng with Jefferies.

我们的下一个问题来自与吴伟杰(Jefferies)的伍振华(Phil Ng)。

Phil Ng

www.

吴国强

All the hard work has paid off and you delivered some pretty impressive margin expansion. There's obviously some rumblings of potentially January insulation price increase by the manufacturers. So my question is, in the improving housing backdrop and, let's say, measured fiberglass price increases, is that an environment you could sustain your long-term incremental margin target for next year?

所有的辛苦工作都得到了回报,您实现了可观的利润增长。 显然,制造商可能会传出一月份绝缘价格上涨的传言。 因此,我的问题是,在不断改善的住房环境下,比如说玻璃纤维价格的合理上涨,是否是一种环境,您可以维持明年的长期增量利润率目标?

Jeff Edwards

Jeff Edwards

Absolutely. This is Jeff.

绝对。 这是杰夫。

Phil Ng

www.

吴国强

That's, yes?

是的,是吗?

Michael Miller

Michael Miller

But again, the key is, and we've always spoken to it in these terms, is that that 20 to 25% is on a full-year basis. And as I said earlier, I mean, you always have the seasonality of the third quarter being the best quarter than the fourth quarter than the second quarter and then the first quarter. So again, as we look at it on a full-year basis, that 20 to 25% should be achievable.

但是,关键是,而且我们一直在用这些术语谈论它,是20%到25%是全年的。 正如我前面说的,我的意思是,您总是将第三季度的季节性比第四季度好于第二季度,然后是第一季度。 再次如此,当我们全年来看时,应该可以达到20%到25%。

Phil Ng

www.

吴国强

And then as you kind of mentioned, the public builders have reported pretty strong orders, I think, anywhere in the mid- to high-single-digit range. Do you have a sense what the lag is from orders to end demand for you? In the conversations you're having with your customers, are they echoing a similar outlook in growth trajectory?

然后,正如您所提到的,我认为,公共建筑商在中高个位数范围内的任何地方都报告了相当不错的订单。 您是否知道从订单到最终需求的滞后是什么? 在与客户进行的对话中,他们是否在呼应增长轨迹?

Michael Miller

Michael Miller

So on the latter part of that question, yes. I mean, I think there's a lot of encouragement coming out of the builders that they're continuing to see good order growth. And obviously, we, it's been well discussed, this pivot toward entry-level is turning out to be very real and has also its profit demand. I think one of the things that we're very encouraged about has been the ability of builders to not only increase their order growth, but also to be able to deliver the land to build and the lots to be able to build the homes on.
In terms of how quickly orders become sales for us, I mean, obviously, it depends upon the builder and it depends upon the product type. But when it is an entry-level product that's being built, the order to close time is much faster than, as you would expect, and it is with either move-up or custom. So we believe that, barring kind of any really severe weather events, that a lot of the order growth that we're seeing in the third quarter will benefit us faster than it normally would be, particularly because the backlog has come down fairly significantly. As you remember, or as you may recall, in the first quarter, we talked about the fact that the backlog has been built up in the back half of '18, actually benefited us coming into the first and second quarters.
And now the order growth that we're seeing from the builders, we think, is going to have a positive impact as we, and when I say we, I mean, the entire industry, we're building products going into the first half of '20.

因此,在该问题的后半部分,是的。我的意思是,我认为,建筑商会不断收到很多鼓励,他们继续看到良好的订单增长。显然,我们已经进行了充分的讨论,朝着入门级的方向发展是非常现实的,同时也有其利润需求。我认为,我们受到极大鼓舞的一件事是建筑商不仅能够提高其订单增长速度,而且能够交付要建造的土地和能够建造房屋的土地。

关于订单对我们的销售速度,很明显,我的意思是,这取决于制造商,也取决于产品类型。但是,当要构建的是入门级产品时,关闭时间的订单要比您期望的要快得多,并且无论是上移订单还是自定义订单。因此,我们认为,除非出现任何非常严重的天气事件,否则我们在第三季度看到的许多订单增长将使我们比平常更快地受益,尤其是因为积压的订单已大大减少。如您所记得,或者您可能还记得,在第一季度,我们谈到了积压订单在18年下半年积累的事实,实际上使我们进入第一季度和第二季度受益。

现在,我们认为,我们从制造商那里看到的订单增长将对我们产生积极的影响,当我说我们的意思是整个行业时,我们正在制造的产品将进入上半年20

Phil Ng

www.

吴国强

And then just one last question for me. In a lag housing start environment, where it's going to be down low single digits this year, your volumes shaking out organically up 3 to 4%, that is quite impressive. I'm trying to gauge that 3 to 4% range.
How much of that was driven by the strength that you've seen on your commercial side? And you talked about share gains there. And how much of that was really on the resi side? Because you've alluded to share gains in commercial, I'm just trying to gauge how your resi business held up? And were there some opportunities there on the share gains front as well?

然后是我的最后一个问题。 在滞后房屋开工环境中,今年将下降至个位数低位,您的房屋销量自然增加了3%至4%,这是非常令人印象深刻的。 我正在尝试估算3%到4%的范围。

其中有多少是由您在商业方面看到的力量所驱动? 您谈到了那里的股份收益。 到底其中有多少是真正的? 因为您暗示要分享商业收益,所以我只是想评估一下您的resi业务如何发展? 在股票收益方面是否也存在一些机会?

Michael Miller

Michael Miller

Yeah. I mean, the residential business has been solid. Just to again clarify, the volume growth and price mix growth that we report is basically just the residential business, or it excludes alpha. So those numbers that you're talking about come basically from the residential business.
So we feel good about where we are. I mean, we've said on multiple calls that we are a profit-focused business, and we focus on profitability and not volume. But at the same time, we believe that, as Jeff said in his remarks, I mean, our 6,000 installers are out there every day, working hard to really provide excellent service to our customers, and we think that shows in both the volume growth and the price mix growth.

是的 我的意思是,住宅业务一直稳定。 再次澄清一下,我们报告的数量增长和价格组合增长基本上只是住宅业务,或者不包括阿尔法。 因此,您所谈论的这些数字基本上来自住宅业务。

因此,我们对自己的位置感到满意。 我的意思是,我们在多个电话会议上都说过我们是一家以利润为中心的业务,我们专注于盈利能力而不是销量。 但是同时,我们相信,正如Jeff在讲话中所说,我的意思是,我们每天有6,000位安装人员在现场,他们正在努力为客户提供真正优质的服务,并且我们认为这表明这两个方面都在增长 价格组合增长。

会议主持员

Our next question comes from the line of Keith Hughes with SunTrust Robinson Humphrey.

我们的下一个问题来自与SunTrust Robinson Humphrey的Keith Hughes。

基思休斯

A question back on acquisitions. You talked about doing some straight down the fairway. Do you think the acquisition types are going to start to be more varied as you go into 2020 based on the backlog you have right now? I know you wanted to do that for some time?

有关收购的问题。 您谈到要在球道上直接做一些事情。 您是否认为,根据您现在的积压,到2020年时,收购类型将开始变得更加多样化? 我知道你想这么做一段时间吗?

Jeff Edwards

Jeff Edwards

Keith, this is Jeff. No, I actually think it, I mean, kind of looking at the pipeline, they're kind of more of a straightforward insulation deals, and we've made a concerted effort in a few instances to kind of expand the geography too, which is particularly exciting for us. When we were in that kind of spurt of doing some rather larger other product install bid acquisitions, they were kind of concentrated in regions where maybe we didn't have yet, quite yet what we felt like was it a bit of a platform to build off of in those regions. And that was obviously some inducement to do so.
It didn't mean we didn't know how to install those products as a company, overall, but clearly, we've, over the years, said, it's better for us to enter a market, a lot of times by buying a business instead of trying to go in and lead with price, and that's true, not just to fiberglass in a Greenfield location. That's true, in some cases, of these other products now. But mainly, the larger ones were, in fact, to kind of create a platform within a region to kind of jump-start those sales within that region.

基思,这是杰夫。不,我实际上是认为,我的意思是,看一下管道,它们更像是一项简单的绝缘交易,而且我们在某些情况下也做出了共同努力,以扩大地理范围,对我们来说特别令人兴奋。当我们急于进行一些更大的其他产品安装出价获取时,它们有点集中在我们可能还没有的地区,但是我们感觉好像是一个搭建平台的地方在那些地区。这显然是这样做的诱因。

这并不意味着我们总体上不知道如何将这些产品作为公司来安装,但是显然,多年来,我们说,最好是通过购买产品进入市场更好。业务,而不是试图以价格为先,这是事实,不只是在格林菲尔德地区使用玻璃纤维。在某些情况下,现在确实是这些其他产品。但实际上,主要是,较大的公司实际上是在某个区域内创建一个平台,以便在该区域内快速启动这些销售。

基思休斯

And from an insulation perspective, what regions, as you stand right now, do you think you have an opportunity to add more business?

从绝缘的角度来看,您现在所处的哪个区域,您认为您有机会增加更多业务吗?

Jeff Edwards

Jeff Edwards

I mean, we're still probably most under-penetrated in the Western United States in what are some pretty high-profile of markets and regions. Southwest, particularly. So although we have presence there and are in many of the cities, we're not upscaled, not nearly the scale we'd like to be. There's a number of other major markets really that we're not participating in currently.
So that's probably the least penetrated most opportunity for us.

我的意思是,在美国和美国,某些市场和地区的知名度很高,我们的渗透率仍然可能最低。 特别是西南地区。 因此,尽管我们在那里存在并且在许多城市中都设有办事处,但我们并没有扩大规模,也没有达到我们想要的规模。 实际上,我们目前尚未参与其他许多主要市场。

因此,对于我们来说,这可能是最少的机会。

Michael Miller

Michael Miller

And obviously, the West is a big place.

显然,西方是个大国。

Jeff Edwards

Jeff Edwards

Yeah. And as we said before, some of our even most profitable locations are in cities that you wouldn't consider, they don't make the top list. It just depends on kind of what kind of share you have in those markets, and we do work very well in places like Northwest Indiana.

是的 就像我们之前说过的那样,我们某些最赚钱的地区都位于您不会考虑的城市中,它们不在榜首。 这仅取决于您在这些市场中所占份额的种类,我们在西北印第安纳州等地的表现非常出色。

会议主持员

Our next question comes from the line of Trey Grooms with Stephens.

我们的下一个问题来自与Stephens在一起的Trey Grooms。

Trey新郎

So, most of my questions have been addressed, but I did have just a couple more. On the 14% growth in the non-insulation business, which, I guess, that's about 35, 36% of your revenue. Is there any, I know there's a lot of different products going on there, is there anything, any specific products that are really driving that outperformance, where you really see yourself taking more share than in others? Just any other color you can give us on that outperformance there?

因此,我的大多数问题都已解决,但我确实还有其他问题。 在非绝缘业务增长14%的情况下,我想这大约占您收入的35、36%。 有没有,我知道那里有很多不同的产品,有没有什么,有任何特定的产品真正在推动着这一性能的提高,您真的看到自己比其他人占有更多的份额吗? 您可以在那方面给我们提供其他任何颜色吗?

Michael Miller

Michael Miller

I mean, one of the things that, and we've spoken to this on previous calls is that the window blinds business for us has been growing at a fairly high clip, which is really, it's almost as if it's a new product, because builders have just started providing that with the house as opposed to it being done DIY after the house closes. So we've seen really good growth in that product line. And quite honestly, we've also seen good gross margin improvement in our product line as we've gained more scale in it and have become, not just better at buying, but also better at installing and getting that product line priced properly. So that's helped.
But really, we've seen, as with insulation, we've seen continued, a continuation of valuing our services, the quality of our services by getting a fair price from our customers for those services. And as they continue to see higher demand and higher order growth, particularly at the entry level, which is very time-sensitive in terms of getting it done, the value of our service, particularly for these low dollar value nuisance products, becomes more important to the builder.

我的意思是,在我们之前的电话中提到的其中一件事情是,我们的百叶窗业务一直在高速增长,这的确是,几乎就像是新产品一样,因为建筑商刚刚开始提供房屋,而不是在房屋关闭后自己动手做。因此,我们已经看到该产品线的增长非常好。坦白说,随着产品线的扩大,我们的产品线也实现了良好的毛利率改善,不仅提高了购买力,而且使产品线的安装和定价合理。所以这有所帮助。

但是实际上,我们已经看到,与绝缘一样,我们继续看到通过不断从客户那里获得公平价格来对我们的服务进行评估,提高服务质量的方式。而且,随着他们继续看到更高的需求和更高的订单增长,尤其是在入门级别,这对完成工作非常敏感,因此我们的服务价值,尤其是对于这些低美元价值的烦扰产品,变得越来越重要。给建造者。

Trey新郎

And then noticing a few Spray-Foam acquisitions here, with kind of the tick up in more entry level homes, and seeing the size of the home coming down a little bit, where that might be a little bit of a headwind for Spray-Foam. Does, seeing you do more acquisitions in that space. Is that, does that speak to your outlook for maybe a pickup here or maybe for Spray-Foam to kind of pick up steam? Or just any indication of your outlook there?

然后在这里注意到一些Spray-Foam的收购,在更多入门级房屋中有所增加,并且看到房屋的大小有所下降,这对于Spray-Foam来说可能有点不利 。 确实,看到您在该领域进行了更多收购。 那是对您的看法,也许是在这里取货,还是在喷涂泡沫中吸取蒸汽? 还是仅显示您的前景?

Michael Miller

Michael Miller

No, it's really more opportunistic in terms of that. I mean, you're absolutely right. I mean, with the smaller house size and entry level, that's not typically where Spray-Foam would go. But we think long term, spray-from is, it's still a very good business.

不,在这方面确实是更多机会。 我的意思是,您绝对正确。 我的意思是,随着房屋面积和入口水平的减小,Spray-Foam通常不会使用。 但是我们认为从长期来看,这仍然是一项非常好的业务。

Jeff Edwards

Jeff Edwards

It still speaks to a growing market cap on part of that business.

它仍然表明该业务的部分市值不断增长。

Michael Miller

Michael Miller

Yeah. I mean, it's, we believe that the market has continued to, is going to continue to grow. You will see outsized growth in the entry level, but you're going to continue to see growth in other parts of the market, we think, as we go into 2020.

是的 我的意思是,我们相信市场将继续增长,并将继续增长。 您会看到入门级产品的增长幅度过大,但是随着进入2020年,您将继续看到市场其他部分的增长。

Trey新郎

So you think the demand for Spray-Foam still, it improves in '20, even though the mix of type of home that's going to be built is going to be a little different, that still allows for growth there?

因此,您认为对Spray-Foam的需求仍然会在20年代有所改善,即使将要建造的房屋类型的混合会有所不同,这仍然可以促进那里的增长吗?

Michael Miller

Michael Miller

Yeah. It's just that we believe that fiberglass will be improving at a higher rate than Spray-Foam.

是的 仅仅是我们相信,玻璃纤维将比喷雾泡沫以更快的速度改善。

会议主持员

Our next question comes from the line of Ken Zener with KeyBanc Capital Markets.

我们的下一个问题来自KeyBanc Capital Markets的Ken Zener。

Ken Zener

www.

肯·齐纳

Michael, you don't need to be dour about the incremental margins for Q3. I always want to take the cool delay. I just want to work, I just want to work a little bit on some of the broad numbers that you guys have in the presentation, so I apologize. The 28% share that you have, could you talk about, just to be clear, that's just for installation, therefore, it's excluding other products? So what is that kind of your take per start, I just want to kind of look at how your share is going to be compared to others on that assumption? Are you including this insulation when you do your 20%? And what is the dollar value per start?

迈克尔(Michael),您不必对第三季度的增量利润感到困惑。 我一直想拖延时间。 我只想工作,我只想对演示文稿中的一些广泛数字进行一些工作,所以我深表歉意。 请明确地说,您所拥有的28%的份额只是用于安装,因此,它不包括其他产品? 那么,您每次开始所采取的方式是什么?我只想看看在这种假设下如何将您的份额与其他份额进行比较? 当您完成20%的工作时,是否要包括这种绝缘? 每次启动的美元价值是多少?

Jason Niswonger

Jason Niswonger

Ken, this is Jason. On that market share estimate, that is based on residential insulation. And we actually convert our segment of that business from a sales perspective based off the jobs we complete, and we calculate that based on the market completions so we don't make any assumptions around the industry's average price.

肯,这是杰森。 根据该市场份额估算,这是基于住宅隔热层的。 我们实际上是根据完成的工作从销售角度转换了该业务的细分,并且我们根据市场完成情况进行了计算,因此我们不对行业平均价格做出任何假设。

Ken Zener

www.

肯·齐纳

All right. Interesting. A little different, I think, than in the past. Michael, you're being clear, and I think, certainly, what I've come to conclude is that, your guy's business model, along with others, actually might be materially different, because of the commercial opportunities.
And I understand what you said about alpha not being in the volume number, correct?

好吧。 有趣。 我认为与过去有些不同。 迈克尔,你很清楚,我想,当然,我得出的结论是,由于商业机会,你这个家伙的商业模式以及其他人的商业模式实际上可能大不相同。

我知道您说的关于不在卷号中的Alpha的说法,对吗?

Michael Miller

Michael Miller

Yeah, that's correct.

是的,没错。

Ken Zener

www.

肯·齐纳

And you said it would be, the volume would be --

您说的是,音量将是-

Michael Miller

Michael Miller

Be closer, in the quarter, it would have been closer to 5% if we had included them in our volume growth would have been closer?

如果我们将它们包括在我们的销量增长中,本季度会更接近5%吗?

Ken Zener

www.

肯·齐纳

Correct. And I think you said alpha. So that's, you got like 19%, I believe, is what you're saying in your release for alpha, and if it's about 11% of sales, that's how one would get to that calculation, correct?

正确。 我想你说的是阿尔法。 我相信您所发布的alpha就是19%,如果它占销售额的11%,那将是对这种计算的正确解释吗?

Michael Miller

Michael Miller

Correct.

正确。

Ken Zener

www.

肯·齐纳

Now in total, though, you say your commercial is about 19% of sales, which means 19% minus 11% gets you to that 8%. Is that light commercial that has wooden structures? Is that correct?

不过,现在说来,您的广告总计约占销售额的19%,这意味着19%减去11%可以使您达到8%。 那是具有木结构的轻型广告吗? 那是对的吗?

Michael Miller

Michael Miller

Yes. The non-alpha…

是。 非字母…

Ken Zener

www.

肯·齐纳

If we want to understand that business because you're going to be breaking at alpha. I mean, should we think about the nonresidential growth, could we say your total 19% is similar to alpha? Or should we think about that 8% as having a, different?

如果我们想了解该业务,因为您将要在alpha方面取得突破。 我的意思是,我们是否应该考虑非住宅增长,是否可以说您的19%总数与alpha相似? 还是我们应该认为这8%有不同?

Michael Miller

Michael Miller

Yeah. The alpha having heavy commercial business is growing at a higher rate than our other commercial business, although it's obviously growing well as well.

是的 尽管拥有明显的良好增长,但拥有大量商业业务的Alpha的增长速度却比我们其他商业业务高。

Ken Zener

www.

肯·齐纳

Is it growing, is your other commercial business growing faster than alpha? Also, could you give us some idea about how to model that business? Because it seems like those are going to be different growth rates prospectively?

它在增长吗,您的其他商业业务的增长速度是否超过alpha? 另外,您能否给我们一些有关如何为该业务建模的想法? 因为看起来这些增长率可能会有所不同?

Michael Miller

Michael Miller

They, yes, we would expect they would be, or at least historically, they've been at different growth rates, where alpha has been growing at a higher rate than the other light commercial business. But that business continues to perform well. So as I said earlier, I mean, we feel good about all of our end products end-to-end markets right now, whether it's light commercial or heavy commercial. So clearly, there's a heavier emphasis on alpha right now in terms of their sales growth and profitability. But we feel…

他们是的,我们可以预期,或者至少在历史上,它们一直处于不同的增长率,其中alpha的增长率高于其他轻商业。 但是,该业务继续表现良好。 因此,正如我先前所说,我的意思是,无论是轻型商业还是重型商业,我们现在对所有最终产品的端到端市场都感觉良好。 显然,就销售增长和利润而言,现在更加重视alpha。 但是我们感到…

Ken Zener

www.

肯·齐纳

Just going back to, go ahead, Jeff.

回头,继续,杰夫。

Jeff Edwards

Jeff Edwards

I would say that it was not meaningfully accretive or destructive of what we're reporting as residential growth.

我要说的是,这并没有对我们报告的住宅增长产生有意义的增长或破坏。

Ken Zener

www.

肯·齐纳

OK. And because this EBITDA operating leverage, which you surpassed, hopefully, this quarter was a drag for you guys for quite a while. Michael, you always said, look, you're not going to give quarterly guidance, yet the alpha branch investments, which I think the calculation was like $750,000 a quarter, so I mean, that type of stuff, because you invested, you didn't get the growth, that's what the issue was on the operating leverage, not residential? That was a position you took for a long time. As we look forward, I mean, there's nothing in terms of early investments in commercial, whether it's alpha or light that would necessarily disrupt your annual expectations for FY '20, correct? In terms of the EBIT leverage.

好。 而且由于您希望超过该EBITDA运营杠杆,因此本季度对你们造成了相当长一段时间的拖累。 迈克尔,你总是说,看,你不会给出季度指导,但是阿尔法分支投资,我认为计算的结果是每个季度75万美元,所以我的意思是,这种类型的东西,因为你投资了,你没有 没有增长,这就是经营杠杆而不是住宅杠杆的问题所在? 那是您担任很长时间的职位。 正如我们所期待的,我的意思是,对商业的早期投资没有任何内容,无论是alpha还是light都可能会破坏您对20财年的年度期望,对吗? 在息税前利润率方面。

Michael Miller

Michael Miller

Correct.

正确。

会议主持员

Our final question comes from the line of Matt McCall with Seaport Global Securities.

我们的最后一个问题来自海港全球证券公司的Matt McCall。

马特麦考尔

So, I want to go back to, I was trying to understand the SG&A trends a little bit more, Michael. If I just look at admin costs, it looks like admin costs on a year-over-year basis, I'll start there, we're up 19%, sales were up 14%. And then sequentially, there was, I think it was pretty well matched up with sales, I think it was 6.5% for sales growth and 6.5% for admin costs. So can you maybe talk about what the changes were on a year-over-year basis that drove it up higher? I listen to the [indiscernible] I don't really hear anything that change on a year-over-year basis, but I would expect that to be a source of leverage, I'm not really seeing evidence of that, either sequentially or year-over-year?

所以,我想回到过去,我是想进一步了解SG&A趋势,Michael。 如果我仅看一下管理成本,就好像逐年计算管理成本一样,我将从这里开始,我们上涨了19%,销售额增长了14%。 随后,我认为它与销售额非常匹配,我认为销售额增长为6.5%,管理成本为6.5%。 那么,您能否谈谈逐年增加的变化是什么呢? 我听[听不清],我真的没有听到任何逐年变化的信息,但是我希望这是杠杆作用的来源,我并没有真正看到这一点的证据,无论是顺序的还是 一年又一年?

Michael Miller

Michael Miller

Yeah. As I've said previously, I mean, we would expect that, to get back to our mid-teens EBITDA margin that we've talked about, it's going to come both from gross margin and SG&A leverage. I mean, on a quarterly basis, you can, particularly, within administrative expenses, I mean, accruals, whether they're for insurances, for bonuses, keep in mind that at the higher level of profitability, we're obviously accruing higher level of bonuses for our field team, because they're performing extremely well. So there are a lot of puts and takes within a quarter that can kind of impact that leverage.
But there's nothing fundamentally that's changed within the business at all. And again, we feel even more confident as we sit here today in terms of our ability to get back to that mid-teens EBITDA margin and to get it by a combination of both improving gross margin and improving administrative leverage.

是的 正如我之前说过的,我的意思是,我们希望能够回到我们刚才谈到的十几岁的EBITDA利润率,它将来自毛利率和SG&A杠杆。 我的意思是,每季度,尤其是在管理费用范围内,我的意思是应计费用,无论是用于保险,用于奖金,请记住,在较高的盈利水平上,我们显然在累积较高的水平 为我们的现场团队带来的奖金,因为他们的表现非常出色。 因此,在四分之一的时间内会有很多看跌期权和看跌期权,这些都可以发挥杠杆作用。

但是从根本上说,企业内部没有任何变化。 再一次,当我们今天坐在这里时,我们感到更加自信,这是我们有能力恢复到15年代中期的EBITDA利润,并通过提高毛利率和改善行政杠杆两方面来获得利润。

马特麦考尔

So, is it, do you think it would be helpful if maybe I understood the fixed variable breakdown a little bit better, would that give me a better indication of what the leverage opportunity is over time and understanding there can be movement within quarters? But can you break it out that way? And maybe what you think that the fixed variable components are?

因此,如果我可能对固定变量细分有所了解,您认为这会有所帮助吗?这是否可以使我更好地说明随着时间的推移杠杆机会是什么,并理解季度内可能会有变动? 但是你能以这种方式突破吗? 也许您认为固定变量组件是什么?

Michael Miller

Michael Miller

I mean, the way, as you know, because we've talked about this before, I mean, we look at the business as being pretty much all variable cost. It's a question of whether they're directly variable or lagging variable in terms of our ability to either increase or reduce those costs. So the majority of G&A expenses, or said a different way, when you think of this business, in general, cost of goods sold and selling expenses are pretty much almost all directly variable to revenue, whereas G&A is, has the more lagging variable components to it, whether that's up or down. So there's, it would be hard to characterize it in a sense of, particularly within a quarter, the percentage that is going to be purely variable within G&A.
G&A, clearly, though, it's a combination, our increase in G&A is a combination of both the acquisitions that we're doing. And as I said, I mean, the dollars that we're talking about here are fairly small when you look at them in context, such that changes in accruals for insurance and/or bonus accrual changes can modify kind of that SG&A leverage.

我的意思是,正如您所知道的那样,因为我们之前已经讨论过这个问题,我的意思是,我们将业务视为几乎所有可变成本。从我们增加或减少这些成本的能力来看,这是一个问题,它们是直接变量还是滞后变量。因此,一般的G&A支出,或者换一种说法,总的来说,商品销售成本和销售费用几乎都直接取决于收入,而G&A则具有较为滞后的可变要素不管它是上升还是下降。因此,很难从某种意义上来描述它的特征,尤其是在四分之一以内的G&A中将完全可变的百分比。

G&A,显然,这是一种结合,我们的G&A增长是我们正在进行的两项收购的结合。正如我所说,我的意思是,当您从上下文中看它们时,我们在这里谈论的美元是很小的,因此保险应计制的变化和/或奖金应计制的变化可以改变SG&A杠杆的种类。

会议主持员

We have reached the end of our question-and-answer session. I'd like to turn the call back over to Mr. Edwards for any closing remarks.

我们的问答环节已经结束。 结束语,我想将电话转给爱德华兹先生。

Jeff Edwards

Jeff Edwards

I'd just like to thank all of you for your questions, and I look forward to our next quarterly call. Thanks again.

我要感谢大家的问题,期待我们的下一个季度电话会议。 再次感谢。

会议主持员

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. And have a wonderful day.

谢谢。 今天的电话会议到此结束。 您此时可以断开线路。 感谢您的参与。 祝你有美好的一天。

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