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    Collin Verron • Deutsche Bank

    Collin Verron's questions to Installed Building Products Inc (IBP) leadership

    Collin Verron's questions to Installed Building Products Inc (IBP) leadership • Q2 2025

    Question

    Collin Verron questioned whether IBP's market outperformance was driven by direct market share gains within specific geographies and asked about the sustainability of these gains over the next twelve months.

    Answer

    EVP, CFO & Director Michael Miller clarified that IBP's strategy is not to take share from competitors, but rather to 'gain share through our customers' by partnering with the most successful builders in a given market. Regarding sustainability, Miller noted it is 'difficult to say' due to increasing challenges in the single-family and multifamily markets in the second half. However, he expressed confidence in the team's ability to manage effectively in a difficult environment.

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    Collin Verron's questions to Installed Building Products Inc (IBP) leadership • Q1 2025

    Question

    Collin Verron from Deutsche Bank asked for an explanation for the increase in the inventory balance and the potential for cash flow generation from inventory adjustments.

    Answer

    CFO Michael Miller explained that the higher inventory balance was primarily driven by the strategic build-out of new facilities for the company's internal distribution initiative, which requires stocking these locations. He reiterated that working capital components like inventory will naturally decline in a lower volume environment, becoming a source of cash flow.

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    Collin Verron's questions to TopBuild Corp (BLD) leadership

    Collin Verron's questions to TopBuild Corp (BLD) leadership • Q2 2025

    Question

    Collin Verron from Deutsche Bank inquired about the timeline for executing M&A in commercial roofing via Progressive and the size of deals in its pipeline. He also sought clarification on the guided $30 million second-half headwind.

    Answer

    CEO Robert Buck stated that Progressive has 'nice chunkier deals' in its pipeline and that TopBuild is investing to maintain M&A momentum in that space. He expects acquisition multiples to be similar to traditional deals. CFO Rob Kunins clarified that the $30 million headwind is a net figure, reflecting both price and cost dynamics.

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    Collin Verron's questions to TopBuild Corp (BLD) leadership • Q1 2025

    Question

    Collin Verron of Deutsche Bank inquired about the revenue visibility in the C&I business, asking how far the company is booked out and if there is a risk of a demand 'air pocket' in late 2025 or 2026.

    Answer

    President and CEO Robert Buck stated that the company has good visibility with an average backlog of about six months in the C&I business. He expressed confidence for the remainder of the year, citing a combination of secured projects, delayed 2024 projects coming online, and strong execution by field teams driving share gains through a vertical market strategy.

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    Collin Verron's questions to Trex Company Inc (TREX) leadership

    Collin Verron's questions to Trex Company Inc (TREX) leadership • Q2 2025

    Question

    Collin Verron from Deutsche Bank inquired about the sell-out demand outlook for the remainder of the year and asked for details on recent pricing actions.

    Answer

    President & CEO Bryan Fairbanks stated that Trex expects full-year sell-out growth of 5% to 7% and that channel inventories are well-positioned. He also confirmed that the company implemented a mid-single-digit price increase across many of its decking products but not on its railing products.

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    Collin Verron's questions to Trex Company Inc (TREX) leadership • Q2 2025

    Question

    Collin Verron from Deutsche Bank inquired about the sell-out demand outlook for the remainder of the year and asked for details on recent price increases, including which product lines were affected.

    Answer

    President & CEO Bryan Fairbanks stated that the company expects full-year sell-out growth of 5% to 7% and that channel inventories are at comfortable levels. He confirmed a mid-single-digit price increase was implemented across many decking products but not on railing products.

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    Collin Verron's questions to Trex Company Inc (TREX) leadership • Q1 2025

    Question

    Collin Verron questioned the flat Q2 sales guidance, given the strong demand trends observed in March and April. He also asked for potential quantification of the cost benefits from the Arkansas recycling facility's start-up later in the year and into 2026.

    Answer

    CFO Brenda Lovcik explained that the flat Q2 sales guidance is due to a difficult year-over-year comparison, as H1 2024 accounted for an unusually high 65% of that year's total sales. CEO Bryan Fairbanks stated that while the Arkansas facility will contribute to efficiency, the company views its benefits as part of a broader continuous improvement program and will not break out the specific financial impact of individual projects.

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    Collin Verron's questions to Builders FirstSource Inc (BLDR) leadership

    Collin Verron's questions to Builders FirstSource Inc (BLDR) leadership • Q2 2025

    Question

    Collin Verron of Deutsche Bank asked about the trend of Builders FirstSource's single-family revenue underperforming single-family starts, questioning if the revenue-per-start metric is nearing a bottom.

    Answer

    CFO Pete Beckmann explained that the gap has narrowed significantly, with Q2 single-family sales down only 2-3% relative to lagged starts. He noted that the trend of shrinking home sizes has leveled off and de-contenting is becoming smaller, suggesting the metric is stabilizing. CEO Peter Jackson added this stabilization gives them confidence in their balance between maintaining share and margin.

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    Collin Verron's questions to Builders FirstSource Inc (BLDR) leadership • Q1 2025

    Question

    Collin Verron from Deutsche Bank sought clarity on whether the company's guidance includes any tariff mitigation efforts. He also asked about the magnitude of pricing headwinds in the windows, doors, and millwork category.

    Answer

    CFO Pete Beckmann clarified that the guidance does not bake in any specific impact from tariffs, as the provided $175-250 million figure is a high-level estimate of potential costs. CEO Peter Jackson added that while there will be an impact, it is not expected to push results outside the guidance range. Jackson also corrected the premise of the second question, stating the pricing environment is stable to inflationary, not one of price cuts.

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    Collin Verron's questions to SiteOne Landscape Supply Inc (SITE) leadership

    Collin Verron's questions to SiteOne Landscape Supply Inc (SITE) leadership • Q2 2025

    Question

    Collin Verron of Deutsche Bank inquired about the new commercial construction market, asking how it has trended and when the weakness indicated by the ABI index might appear in backlogs. He also asked about the potential impact of the decline in new residential construction on future maintenance growth.

    Answer

    CEO Doug Black stated that the new commercial market has remained flattish, but he acknowledged 'clouds on the horizon' due to smaller customer backlogs and the weak ABI index. He explained that maintenance growth is very steady and tied to the large installed base, making it resilient to fluctuations in new construction. He further noted that maintenance is a key area of strength and market share gain for SiteOne.

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    Collin Verron's questions to SiteOne Landscape Supply Inc (SITE) leadership • Q1 2025

    Question

    Collin Verron asked to quantify the expected benefit from 2025 cost actions, inquired about potential decremental margins if the market softens, and requested guidance on 2025 free cash flow generation.

    Answer

    Executive Vice President John Guthrie explained that the benefits from cost actions are already factored into the 2025 guidance, with most profit improvement expected from SG&A leverage. CEO Doug Black added that the company has flexibility to reduce labor and other variable costs if markets soften further. Regarding cash flow, Guthrie expects continued incremental improvement, with the only caveat being a potential increase in inventory to ensure customer service amid supply chain uncertainty.

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    Collin Verron's questions to Pool Corp (POOL) leadership

    Collin Verron's questions to Pool Corp (POOL) leadership • Q2 2025

    Question

    Collin Verron asked for color on monthly demand trends during the quarter and into July, and inquired about the potential for further supplier price increases in the second half of the year.

    Answer

    CEO Peter Arvan described April and May as strong, with a brief moderation in early June before demand picked up again, a trend that continued into July. He does not expect further in-season price increases but noted that manufacturers are beginning to announce typical end-of-year hikes for the next season, which are factored into guidance.

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    Collin Verron's questions to Pool Corp (POOL) leadership • Q1 2025

    Question

    Collin Verron asked for management's thoughts on why the Texas market is underperforming other large states and inquired about the growth opportunity for private label products in the current macro environment.

    Answer

    CEO Peter Arvan suggested that wet weather in Texas during the first quarter impacted new construction, though the maintenance business there has been good. He noted that feedback from dealers in other states does not suggest the weakness is spreading. He also affirmed that there is still significant runway to grow private label sales, which is margin accretive and enhances the value proposition for their dealers, despite it being a longer sales cycle.

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    Collin Verron's questions to Core & Main Inc (CNM) leadership

    Collin Verron's questions to Core & Main Inc (CNM) leadership • Q1 2025

    Question

    Collin Verron asked for more detail on the expected magnitude and timing of the slowdown in the residential construction market. He also inquired about the drivers of the 10% growth in the meter product category and the outlook for its volume versus price mix.

    Answer

    CEO Mark Witkowski stated that residential lot development, while resilient in Q1, is expected to be neutral to slightly down for the year based on customer feedback about smaller project sizes. Regarding meters, he highlighted the 10% growth was on top of 30% growth in the prior-year quarter, driven primarily by volume gains from winning large contracts and increased adoption of smart meter technology.

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    Collin Verron's questions to Griffon Corp (GFF) leadership

    Collin Verron's questions to Griffon Corp (GFF) leadership • Q2 2025

    Question

    Collin Verron of Deutsche Bank asked for quantification of the annual tariff impact beyond fiscal 2025 and inquired about differing mitigation strategies for the fan and long-handled tool businesses.

    Answer

    Chairman and CEO Ronald Kramer stated it was "premature" to speculate on fiscal 2026 impacts, asserting the company has multiple levers to mitigate any final tariff policy. Executive Brian Harris added that supply chain diversification for lawn and garden tools should be complete by the end of the fiscal year, while alternate supply for the fan business is expected by the end of the calendar year.

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    Collin Verron's questions to Owens Corning (OC) leadership

    Collin Verron's questions to Owens Corning (OC) leadership • Q1 2025

    Question

    Collin Verron asked for more color on the Doors market, including underlying trends and the drivers behind the outlook for a seasonal demand step-up.

    Answer

    CEO Brian Chambers explained that the business is outperforming a weak market impacted by lower housing starts and sluggish remodeling. He noted that volumes appear to be stabilizing at a trough. This stability, combined with typical seasonality in construction and remodeling, is what drives the outlook for a modest sequential pickup in Q2, though year-over-year volumes are still expected to be down.

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    Collin Verron's questions to Mohawk Industries Inc (MHK) leadership

    Collin Verron's questions to Mohawk Industries Inc (MHK) leadership • Q1 2025

    Question

    Collin Verron asked if Flooring North America sales would have been up low-single-digits excluding the system conversion impact and what drove that improvement. He also inquired about the sustainability of commercial trends.

    Answer

    President and COO Paul De Cock confirmed performance was in line with expectations and that the company performed well despite low residential remodeling demand. He attributed strength to capturing volume with differentiated products, promotions, and strong performance in the commercial business. He added that incoming commercial orders are not tapering down, providing hope for the remainder of the year.

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