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    Susan Maklari • Goldman Sachs

    Susan Maklari's questions to Installed Building Products Inc (IBP) leadership

    Susan Maklari's questions to Installed Building Products Inc (IBP) leadership • Q2 2025

    Question

    Susan Maklari asked about the resilience of the core insulation gross margin amid housing market pressures and inquired about the M&A pipeline, specifically the company's ability to achieve its target of acquiring over $100 million in annual revenue for 2025.

    Answer

    EVP, CFO & Director Michael Miller explained that a significant tailwind for gross margin was the 'exceedingly well' performance of the heavy commercial business, which more than compensated for weakness in light commercial. On M&A, Chairman, CEO & President Jeffrey Edwards stated that while the pace of closing deals has slowed, the pipeline remains strong with potential for large acquisitions. He also noted the company is making smaller, unannounced 'bolt-on' deals and remains confident in its prospects.

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    Susan Maklari's questions to Installed Building Products Inc (IBP) leadership • Q1 2025

    Question

    Susan Maklari from Goldman Sachs asked about the drivers behind the Q1 gross margin performance and the outlook for the rest of the year, as well as the company's ability to maintain a positive price/mix.

    Answer

    CFO Michael Miller attributed the Q1 gross margin pressure to a 60 basis point headwind from higher vehicle-related costs on lower sales and a 30 basis point headwind from business mix. He reaffirmed the full-year adjusted gross margin guidance of 32% to 34%, noting Q1 is typically the lowest point. Regarding price/mix, he stated the positive result was mainly due to lapping prior increases and does not expect this positive trend to continue throughout the year.

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    Susan Maklari's questions to Installed Building Products Inc (IBP) leadership • Q4 2024

    Question

    Susan Maklari asked for details on gross margin dynamics, including headwinds from distribution and offsets from complementary products, and also inquired about trends with private builders and weather impacts.

    Answer

    CFO Michael Miller explained that higher growth in the lower-margin 'Other' segment (distribution/manufacturing) created a headwind, which was partially offset by strong growth and margin improvement in complementary products. He also noted that regional and local builders showed better growth than production builders in Q4. He estimated a $20 million negative revenue impact from weather in Q1, with a recovery likely extending into Q2.

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    Susan Maklari's questions to Installed Building Products Inc (IBP) leadership • Q3 2024

    Question

    Susan Maklari inquired about the convergence of volume and price/mix growth this quarter, asking if this signals a normalization that will continue. She also asked about the company's ability to leverage G&A costs over time.

    Answer

    An executive explained that while long-term normalization is a goal, they anticipate volume growth will outpace price/mix in the near term due to growth from production builders and a benign inflationary environment. CEO Jeffrey Edwards added that volume helps leverage G&A, and while certain costs like insurance and internal sourcing start-ups will persist, the company's gross margin performance has been strong despite headwinds.

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    Susan Maklari's questions to Somnigroup International Inc (SGI) leadership

    Susan Maklari's questions to Somnigroup International Inc (SGI) leadership • Q2 2025

    Question

    Susan Maklari asked about the drivers behind the improving demand trend seen late in the quarter and into Q3, and whether there's potential upside to the industry outlook.

    Answer

    Chairman, President & CEO Scott Thompson attributed the improvement to stabilized consumer confidence and the successful, heavily advertised launch of the new Sealy Posturepedic collection, which gained momentum through the quarter. EVP & CFO Bhaskar Rao added that the guidance midpoint assumes a mid-single-digit industry decline for the year, with stronger EPS growth expected in Q4 versus Q3 due to Mattress Firm's historical seasonality.

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    Susan Maklari's questions to Owens Corning (OC) leadership

    Susan Maklari's questions to Owens Corning (OC) leadership • Q2 2025

    Question

    Susan Maklari inquired about the planned increase in SG&A spending, particularly in roofing, asking how the company measures returns on these investments and how flexible the spending is given the macro environment.

    Answer

    CEO Brian Chambers explained that investments are targeted and surgical, focusing on strengthening the roofing contractor engagement model with commercial and digital tools. He stated that success is measured by the resulting revenue and margin growth in the business. While mindful of the macro environment, these investments are considered crucial for long-term market leadership and performance.

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    Susan Maklari's questions to Owens Corning (OC) leadership • Q1 2025

    Question

    Susan Maklari asked for more detail on the Doors business synergies, including the source of outperformance and the impact of macro and tariff headwinds.

    Answer

    CEO Brian Chambers stated that the company is on track to exceed its $125 million synergy target, with additional opportunities identified in sourcing and network optimization. However, he cautioned that in the near term, these gains are being offset by tariff impacts. He expressed confidence that the optimized cost structure will drive strong accretive margins when market volumes recover.

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    Susan Maklari's questions to Owens Corning (OC) leadership • Q3 2024

    Question

    Susan Maklari of Goldman Sachs inquired about the long-term impact of recent portfolio changes on the company's cash flow dynamics and asked about capital allocation priorities, particularly the balance between deleveraging and shareholder returns.

    Answer

    Chief Financial Officer Todd Fister stated that the portfolio moves are designed to create a business with a more attractive cash flow profile by shifting towards lower capital intensity. Near-term priorities include integrating Masonite, retiring $400 million in debt in Q4, and making strategic investments. He reaffirmed the commitment to a 2-3x leverage target and returning at least 50% of free cash flow to shareholders over time.

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    Susan Maklari's questions to Louisiana-Pacific Corp (LPX) leadership

    Susan Maklari's questions to Louisiana-Pacific Corp (LPX) leadership • Q2 2025

    Question

    Susan Maklari from Goldman Sachs asked about the Siding segment's sell-through during Q2, the state of channel inventories, and the drivers of confidence in the Q4 growth outlook. She also inquired about the product mix trends within Siding.

    Answer

    Chair & CEO Brad Southern confirmed that Q2 saw good sell-through and that channel inventories are at appropriate levels. He noted that demand is being driven by installation, not inventory build. For product mix, Southern highlighted strength in the panel business (sheds, home centers) and the Expert Finish prefinished product, indicating strong R&R demand. He expects some moderation in sheds but continued strength in Expert Finish through the second half.

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    Susan Maklari's questions to Louisiana-Pacific Corp (LPX) leadership • Q1 2025

    Question

    Susan Maklari questioned how the product mix shift between sheds and the ExpertFinish series would affect Siding pricing, also considering tariffs and raw material costs. Additionally, she asked about the impact of builder focus on affordability on OSB demand and the mix of structural solutions.

    Answer

    CEO William Southern noted that a price increase was successfully implemented in Q1. He explained that the positive price mix from ExpertFinish growth is currently being offset by the negative mix from strong, lower-priced panel sales for sheds. CFO Alan J. Haughie added that he expects Q2 year-over-year pricing to be slightly higher than Q1. On OSB, Southern agreed that the focus on housing affordability creates a headwind for selling higher-value structural solutions.

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    Susan Maklari's questions to Louisiana-Pacific Corp (LPX) leadership • Q4 2024

    Question

    Charles Perron-Piché, on behalf of Susan Maklari at Goldman Sachs, asked about the primary drivers of Siding volume outperformance in 2025 across different end markets and inquired about the outlook for raw material costs and potential tariff impacts.

    Answer

    CEO William Southern stated that growth is expected across all sectors, with the shed market showing notable recovery strength early in the year. CFO Alan Haughie projected about $20 million in cost inflation, primarily from labor and speculative raw material increases. Management confirmed that the current guidance does not incorporate any potential tariff impacts.

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    Susan Maklari's questions to Louisiana-Pacific Corp (LPX) leadership • Q3 2024

    Question

    Susan Maklari asked about the demand drivers prompting the next wave of Siding capacity investment and inquired about the 2025 pricing strategy, including the expected net price increase and inventory management ahead of the change.

    Answer

    CEO Brad Southern explained that strong 2024 growth and positive future projections necessitate adding capacity now to stay ahead of demand, targeting a late 2026 or 2027 operational start. He stated the company is implementing a 4-5% gross price increase for 2025, expecting to net around 3%, and will limit December shipments to manage pre-buy activity and ensure a strong Q1.

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    Susan Maklari's questions to JELD-WEN Holding Inc (JELD) leadership

    Susan Maklari's questions to JELD-WEN Holding Inc (JELD) leadership • Q2 2025

    Question

    Susan Maklari from Goldman Sachs inquired about the progress of JELD-WEN's network optimization efforts, the timeline for initiatives in the second half of the year, and the potential impact on near-term margins. She also asked for more context on the challenging pricing environment and the company's ability to offset inflationary pressures.

    Answer

    CEO William Christensen stated that while the company is over the '50-yard line' on network optimization, they are slightly slowing the pace in the second half to preserve capital and minimize service disruptions. He confirmed that the benefits are included in the $100 million transformation target. On pricing, Christensen noted a slightly negative price-cost outlook due to selective competitive pressures, though tariff surcharges are being successfully implemented. CFO Samantha Stoddard added that the heavier back-half EBITDA weighting is partly due to the benefits of already-executed network actions, such as the repurposing of the Grinnell facility.

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    Susan Maklari's questions to JELD-WEN Holding Inc (JELD) leadership • Q1 2025

    Question

    Susan Maklari from The Goldman Sachs Group, Inc. asked if JELD-WEN's position as a U.S.-based producer could help it regain market share amid tariffs and inquired about progress on improving service levels and lead times, and the potential impact on margins.

    Answer

    CEO William Christensen acknowledged a market share opportunity, particularly in fiberglass doors, but stated that the industry needs more certainty on long-term tariff levels before significant supply chain shifts occur. He affirmed that the company continues to invest heavily in its operational footprint to improve service and cost structure, citing a major project in Texas. Despite market softness, these long-term strategic investments are not being curtailed, as they are crucial for positioning the company for an eventual market recovery.

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    Susan Maklari's questions to JELD-WEN Holding Inc (JELD) leadership • Q4 2024

    Question

    Susan Maklari asked about the company's organic efforts to regain market share and any specific projects to monitor throughout the year. She also inquired about the expected adjusted EBITDA margin exit rate for 2025 as cost initiatives gain traction.

    Answer

    CEO Bill Christensen detailed a two-part strategy for regaining share: enhancing sales effectiveness through rigorous pipeline management and improving service levels, particularly quality and delivery. CFO Samantha Stoddard projected that the company's adjusted EBITDA margin exit rate for 2025 would be in the 8% to 9% range.

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    Susan Maklari's questions to JELD-WEN Holding Inc (JELD) leadership • Q3 2024

    Question

    Susan Maklari from Goldman Sachs asked about the company's capacity to handle an accelerated project pipeline, the status of channel inventories, and the volume versus mix impact from the loss of retail revenue.

    Answer

    CEO William Christensen stated that while the company is accelerating cost initiatives, particularly footprint optimization, it is also recalibrating growth projects due to market headwinds. He described channel inventories as 'low but stable' and balanced for the current weak demand. He estimated the impact from lost retail revenue was split roughly 50/50 between volume and mix, and that a recovery hinges on a reinvigorated resale market in late 2025.

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    Susan Maklari's questions to TopBuild Corp (BLD) leadership

    Susan Maklari's questions to TopBuild Corp (BLD) leadership • Q2 2025

    Question

    Susan Maklari from Goldman Sachs asked for a volume versus price breakdown in the commercial and industrial segment and whether pricing momentum was sustained. She also requested details on recent supply chain improvements.

    Answer

    CFO Rob Kunins confirmed that Q1 price increases on mechanical insulation products held, but noted volume weakness is concentrated in light commercial, while heavy commercial remains strong. CEO Robert Buck attributed supply chain savings to Q1 footprint optimization, which improved logistics and productivity, as well as ongoing work with supplier partners.

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    Susan Maklari's questions to TopBuild Corp (BLD) leadership • Q1 2025

    Question

    Susan Maklari of Goldman Sachs asked about labor adjustments in response to the revised residential outlook and how the company is balancing near-term cost control with maintaining capacity for long-term housing demand.

    Answer

    CFO Rob Kuhns responded that labor levels are constantly being adjusted on a market-by-market basis. He expressed hope that the significant Q1 adjustments would be sufficient, emphasizing that the company has avoided cutting 'muscle' to remain positioned for future growth and M&A opportunities.

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    Susan Maklari's questions to TopBuild Corp (BLD) leadership • Q4 2024

    Question

    Susan Maklari asked for more detail on the commercial and industrial (C&I) business, specifically where the healthy bidding activity is coming from and what is needed to convert those bids into active projects. She also inquired about how company-specific initiatives, like distribution consolidation, could help support margins.

    Answer

    CEO Robert Buck stated that C&I bidding activity is strong across most verticals, including manufacturing, data centers, and pharma, and noted that some projects delayed in 2024 are now launching. CFO Rob Kuhns added that productivity gains, which include opportunities for location consolidation, are factored into the 2025 guidance and are expected to offset the margin impact from M&A carryover costs and new investments in digital initiatives.

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    Susan Maklari's questions to TopBuild Corp (BLD) leadership • Q3 2024

    Question

    Susan Maklari from Goldman Sachs inquired about how builder affordability challenges are impacting the adoption of energy efficiency initiatives. She also asked for an update on the labor environment, wage inflation, and company-specific productivity efforts.

    Answer

    CEO Robert Buck explained that while there was excitement for spray foam, builders are finding it hard to make the economics work and are opting for alternative fiberglass solutions to meet new energy codes. He stated that labor availability has improved in some markets but could become a constraint for the industry in 2025. He noted TopBuild is managing well, as most of its workforce is on a piece-rate system, and the company continues to drive productivity with better tools and processes.

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    Susan Maklari's questions to Boise Cascade Co (BCC) leadership

    Susan Maklari's questions to Boise Cascade Co (BCC) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs inquired about the performance and outlook for the general line products business, the company's strategy for aligning production with demand, and the competitive landscape for EWP heading into 2026.

    Answer

    Joanna Barney, EVP of Building Materials Distribution, noted that general line products performed well as customers leaned on their distribution inventory, a trend she expects to continue. Troy Little, EVP of Wood Products, explained production alignment may involve shifting veneer to plywood and taking market-related downtime. CFO Kelly Hibbs added that lower OSB prices should create a cost tailwind. CEO Nate Jorgensen concluded that EWP's value in reducing cycle times and the strength of their distribution network position them well competitively.

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    Susan Maklari's questions to Boise Cascade Co (BCC) leadership • Q1 2025

    Question

    Susan Maklari asked about the general line business, including supplier and customer inventory levels, and how Boise Cascade's two-step distribution model provides value in the current macro environment. She also inquired about the ramp-up of the Oakdale facility and the company's capital allocation priorities for M&A and share buybacks.

    Answer

    CEO Nate Jorgensen explained that customers are relying heavily on two-step distribution for just-in-time inventory, especially for new product introductions. Head of Wood Products Operations Troy Little stated that veneer from the restarting Oakdale facility will be used internally to supplement EWP production, offsetting open market purchases. CFO Kelly Hibbs confirmed that the capital allocation strategy remains focused on organic projects, opportunistic share repurchases, and remaining open to strategic M&A.

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    Susan Maklari's questions to Boise Cascade Co (BCC) leadership • Q4 2024

    Question

    Susan Maklari from Goldman Sachs inquired about the current operating environment, including the impact of weather and builder sentiment for the upcoming selling season. She also asked about the resilience of the general line products business and the company's capital allocation priorities between share buybacks and special dividends.

    Answer

    CEO Nate Jorgensen described builder sentiment as cautiously optimistic for the medium-term but more measured in the short-term due to affordability concerns. COO Jeff Strom noted that the general line business is holding up but remains highly competitive. CFO Kelly Hibbs detailed the capital allocation strategy, highlighting that executing on heavy capital spending is the primary focus. He added that the company expects to continue opportunistic share repurchases, with any potential special dividend being a board decision later in the year, likely in the third quarter.

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    Susan Maklari's questions to Boise Cascade Co (BCC) leadership • Q3 2024

    Question

    Susan Maklari asked about the potential impact of rising lumber prices on EWP pricing and margins, how supplier product expansions affect Boise Cascade's BMD business, and the company's forward-looking view on capital allocation and share buybacks.

    Answer

    CFO Kelly Hibbs clarified that EWP pricing is driven by demand and operating rates, not lumber prices, and advised focusing on total Wood Products EBITDA margin. CEO Nate Jorgensen added that growing SKU intensity from suppliers reinforces the value of two-step distribution and that the company aims to continue growing its general line segment. Regarding capital, Kelly Hibbs reiterated a consistent strategy of funding organic growth, M&A, dividends, and opportunistic share repurchases.

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    Susan Maklari's questions to Trex Company Inc (TREX) leadership

    Susan Maklari's questions to Trex Company Inc (TREX) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs inquired about the drivers of Trex's outperformance versus the broader repair and remodel market and asked for details on operational efficiencies impacting margins.

    Answer

    President & CEO Bryan Fairbanks attributed the outperformance to resilient consumer demand, a healthy contractor backlog of six to eight weeks, and the large, secular opportunity of replacing over 50 million aging wood decks. He stated that operational efficiencies are being driven by the new level-loading production strategy, which improves rates and yields, and by the promising initial performance of the new Arkansas facility.

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    Susan Maklari's questions to Trex Company Inc (TREX) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs inquired about the drivers behind Trex's outperformance relative to the broader repair and remodel market and asked about the operational efficiencies impacting margins.

    Answer

    President & CEO Bryan Fairbanks attributed the outperformance to resilient consumer demand, the large addressable market of aging wood decks, and the appeal of new products. He explained that the new level-loading production strategy has significantly improved operational efficiency by increasing rates and yields, while the new Arkansas facility is showing promising initial performance.

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    Susan Maklari's questions to Trex Company Inc (TREX) leadership • Q1 2025

    Question

    Susan Maklari asked how expanded distributor relationships are contributing to momentum in railing and new products. She also inquired about the company's capital allocation priorities as spending on the new Arkansas facility winds down.

    Answer

    CEO Bryan Fairbanks clarified that the benefits are seen across all distribution channels, as partners are now fully focused on selling the complete Trex decking and railing portfolio. He reiterated that capital allocation priorities are unchanged: strategic M&A, organic growth investment, and share buybacks. He noted that with CapEx declining significantly after 2025, the company expects to generate substantially more free cash flow.

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    Susan Maklari's questions to Trex Company Inc (TREX) leadership • Q4 2024

    Question

    Susan Maklari of Goldman Sachs asked for insights into the drivers of accelerating demand for lower-priced products and the key factors influencing the 2025 gross margin outlook.

    Answer

    CEO Bryan Fairbanks attributed stronger demand to increased consumer confidence in Q4 and the appeal of new product lineups. CFO Brenda Lovcik explained that the 2025 gross margin will be relatively flat compared to 2024's high level, with pressure from Little Rock's depreciation being offset by continuous improvement initiatives and managing inflationary pressures like labor and tariffs.

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    Susan Maklari's questions to Trex Company Inc (TREX) leadership • Q3 2024

    Question

    Susan Maklari questioned the implications of the Q4 inventory drawdown on the early 2025 pre-buy season and contractor demand. She also asked about potential future cost reduction benefits and specific projects for 2025.

    Answer

    CEO Bryan Fairbanks stated that while a pre-buy will occur, the large $40 million inventory infill from the prior year is not expected to repeat due to Trex's own strong inventory position. He attributed ongoing cost savings to a sophisticated continuous improvement program rather than a single project, noting these efficiencies helped defer the Arkansas decking startup.

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    Susan Maklari's questions to Fortune Brands Innovations Inc (FBIN) leadership

    Susan Maklari's questions to Fortune Brands Innovations Inc (FBIN) leadership • Q2 2025

    Question

    Susan Maklari inquired about the key initiatives in the Security segment, including upcoming retail wins and a new brand campaign, and asked for details on consolidated margin drivers and cost-saving efforts for the second half of the year.

    Answer

    CEO Nicholas Fink explained that the Security segment is in a reinvestment phase, using rebuilt margins to fund its first major brand campaign in decades, which is already driving a 60% increase in website traffic. He expects performance to build into 2026. Regarding margins, Fink and CFO Jon Baksht highlighted disciplined P&L management and efficiencies from the new headquarters initiative. Baksht noted that margins in Outdoors and Security are expected to improve in the second half as higher-cost inventory rolls off and the benefits of Q2 marketing investments are realized.

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    Susan Maklari's questions to Fortune Brands Innovations Inc (FBIN) leadership • Q1 2025

    Question

    Susan Maklari of Goldman Sachs Group, Inc. asked about the company's ability to leverage its U.S. assets to gain market share, inquiring about how those conversations with customers are progressing and the potential timing and upside. She also questioned the strong margin performance in the Security segment, asking for insights into cost benefits and the expected path forward for profitability.

    Answer

    CEO Nicholas Fink highlighted significant share gain opportunities, particularly in Outdoors (Therma-Tru) and Security, where competitors are heavily reliant on Chinese imports. He emphasized that the ability to mitigate tariffs with only modest price increases is a key competitive advantage. President of Security and Connected Products, David Barry, explained the Security segment's margin strength is driven by the core Master Lock business, with some quarterly lumpiness due to investment timing in Yale. Fink added this reflects a multiyear strategy to replatform the business for healthier margins, enabling reinvestment in branding and innovation.

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    Susan Maklari's questions to Fortune Brands Innovations Inc (FBIN) leadership • Q4 2024

    Question

    Susan Maklari inquired about the expected impact of 2024 initiatives on 2025 performance, the cadence of results throughout the year, and the current state of the consumer across different price points.

    Answer

    CEO Nicholas Fink highlighted momentum in core Water and Outdoors segments and the Flo digital business, which will be key drivers in 2025. CFO David Barry provided a detailed financial cadence, projecting 49% of sales in H1 and 51% in H2, with Q1 being the lowest quarter. Fink added that while the general consumer remains cautious, the high-end segment is resilient, and the company will focus on brand differentiation around safety and quality.

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    Susan Maklari's questions to Masco Corp (MAS) leadership

    Susan Maklari's questions to Masco Corp (MAS) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs Group, Inc. inquired about the elasticity of demand and the state of the consumer, given the strength in premium plumbing. She also asked for an update on progress with lean initiatives and other non-tariff-related cost-saving efforts.

    Answer

    CEO John Nudi attributed the resilience in premium segments to that consumer demographic continuing to spend on remodels, while emphasizing Masco's focus on brand building and innovation. CFO Rick Westenberg added that the Masco Operating System continues to drive efficiencies, supplemented by near-term austerity measures like reduced hiring and discretionary spending.

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    Susan Maklari's questions to Masco Corp (MAS) leadership • Q4 2024

    Question

    Susan Maklari asked about Masco's innovation pipeline, its role in offsetting price elasticity, and the outlook for its vitality index. She also inquired about the expected normalization of working capital and the potential for further improvements.

    Answer

    President and CEO Keith Allman reported that the vitality index is steady at around 30% and the innovation pipeline remains strong, focusing on solving customer pain points which supports pricing power. CFO Rick Westenberg clarified that working capital as a percentage of sales is expected to normalize around 16% after a one-time benefit from the Kichler divestiture.

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    Susan Maklari's questions to Masco Corp (MAS) leadership • Q3 2024

    Question

    Susan Maklari inquired about the drivers of the ongoing DIY paint weakness, its trend through the quarter, and the potential for a rebound post-election. She also asked about the sustainability of the company's strong margin performance.

    Answer

    CEO Keith Allman stated that DIY paint demand was consistently challenged throughout the quarter and that the company is prepared to respond to any post-election environment. He emphasized that the strong margin performance, marking the sixth consecutive quarter of expansion, is driven by a resilient portfolio, operational excellence, and cost-saving initiatives that are expected to carry momentum into the next year.

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    Susan Maklari's questions to Carlisle Companies Inc (CSL) leadership

    Susan Maklari's questions to Carlisle Companies Inc (CSL) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs inquired about strategies for gaining market share in a challenging environment, the competitive landscape, the current M&A environment, and the company's approach to capital allocation.

    Answer

    CEO D. Christian Koch explained that investments in the 'Carlisle Experience,' using technology to improve logistics and inspections, create contractor stickiness and drive share gains. He described the M&A environment as challenged by a valuation gap between buyers and sellers. CFO Kevin Zdimal reiterated a disciplined approach to capital allocation, with all investments, including buybacks and M&A, evaluated against return hurdles.

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    Susan Maklari's questions to Carlisle Companies Inc (CSL) leadership • Q1 2025

    Question

    Susan Maklari from Goldman Sachs asked how customers are valuing new product innovations in the current macro environment and questioned the company's ability to generate strong free cash flow if the economy were to weaken further.

    Answer

    CEO D. Koch explained that customers are not delaying necessary roof replacements due to labor constraints and are highly receptive to innovations that improve labor efficiency. He emphasized that innovation extends beyond products to operational improvements and the customer experience. CFO Kevin Zdimal added that historically, Carlisle generates strong cash flow during revenue dips by reducing working capital, expressing confidence in achieving the ~$1 billion free cash flow target for 2025 and the long-term goal of $6 billion by 2030.

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    Susan Maklari's questions to Carlisle Companies Inc (CSL) leadership • Q4 2024

    Question

    Susan Maklari questioned the company's ability to achieve organic growth through new products and share gains if the assumed housing recovery in the second half of 2025 does not occur. She also asked about the implications of doubling R&D spending for the long-term product pipeline and value-based pricing.

    Answer

    CEO D. Koch highlighted several initiatives providing resilience, including new value-priced products like organic cotton insulation and the Blueskin vapor barrier, as well as factory automation and COS deployment. Regarding R&D, Koch explained the increased spending will accelerate innovation by expanding facilities, bringing testing in-house, and funding a three-pronged strategy of in-house development, an external technology accelerator, and R&D from acquisitions.

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    Susan Maklari's questions to Carlisle Companies Inc (CSL) leadership • Q3 2024

    Question

    Susan Maklari of Goldman Sachs inquired about the latest findings from Carlisle's contractor surveys regarding reroofing demand and year-end positioning. She also asked how recent acquisitions like MTL are helping to capture business and questioned the status of Carlisle's internal inventory levels within the CCM segment.

    Answer

    CEO Chris Koch reported that contractor surveys indicated continued pressure on new construction and residential markets but remained positive on reroofing demand for Q4 and into 2025, with some surprising optimism around pricing. He noted the MTL integration is progressing well, with good synergy traction and cross-selling opportunities emerging. He also confirmed that Carlisle's inventory turns have improved and on-time delivery rates continue to get better.

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    Susan Maklari's questions to Armstrong World Industries Inc (AWI) leadership

    Susan Maklari's questions to Armstrong World Industries Inc (AWI) leadership • Q2 2025

    Question

    Susan Maklari inquired about the drivers of the impressive organic growth in the Architectural Specialties segment and its outlook for the second half, given tougher comparisons. She also asked for color on bidding activity trends and how they support the company's expectation to outperform the market.

    Answer

    CEO Vic Grizzle attributed the Architectural Specialties growth to successful market penetration, the ProjectWorks software platform, and strong execution by commercial teams. He noted that while high-level bidding data shows softness, on-the-ground activity with contractors remains steady. CFO Chris Calzaretta added that the company expects healthy organic growth and margin expansion in the segment for the back half of the year.

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    Susan Maklari's questions to Armstrong World Industries Inc (AWI) leadership • Q4 2024

    Question

    Susan Maklari asked about the momentum of new product initiatives, such as Templok, and their contribution to the 2025 Mineral Fiber Average Unit Value (AUV) guidance. She also inquired about the outlook for the discretionary renovation and remodeling (R&R) market.

    Answer

    CEO Vic Grizzle explained that new initiatives like Kanopi and PROJECTWORKS have AUVs 2x to 6x higher than the Mineral Fiber average, significantly boosting the AUV outlook. He noted that while discretionary renovation activity remains cautious due to market uncertainty, there are positive signs in the office vertical, including increased leasing activity, suggesting a stabilization.

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    Susan Maklari's questions to Armstrong World Industries Inc (AWI) leadership • Q3 2024

    Question

    Susan Maklari inquired about the potential trajectory for Mineral Fiber volume to return to its long-term growth outlook and the remaining opportunities for margin expansion from productivity initiatives.

    Answer

    CEO Vic Grizzle stated that while the market has stabilized, the building blocks for returning to 2-4% volume growth, including market recovery and growth initiatives, remain intact, though the timing is uncertain. He also affirmed that the pipeline for productivity gains of over 3% is healthy and expected to continue, supporting future margin expansion.

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    Susan Maklari's questions to Whirlpool Corp (WHR) leadership

    Susan Maklari's questions to Whirlpool Corp (WHR) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs asked about the key drivers behind the strong performance of the Small Domestic Appliances (SDA) business and questioned the rationale and timing for the decision to recommend a dividend reduction.

    Answer

    Marc Bitzer, Chairman & CEO, attributed the SDA segment's success to strong momentum from new products like coffee makers and a significant increase in direct-to-consumer (D2C) sales. Regarding the dividend, both he and James Peters, EVP and CFO, described it as a deliberate, long-term decision to create balance sheet capacity for future U.S. investments and debt repayment, aligning the payout with pre-COVID earnings levels.

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    Susan Maklari's questions to Whirlpool Corp (WHR) leadership • Q1 2025

    Question

    Susan Maklari from Goldman Sachs asked about the expected sequential margin progression for the North America MDA business and the outlook for the Small Domestic Appliance (SDA) business following its strong Q1 performance.

    Answer

    James Peters (executive) projected North American margins would be similar in Q2 as in Q1, implying a 200-250 basis point expansion in the second half driven by price/mix, new products, and cost actions. Marc Bitzer (executive) expressed confidence in the full-year SDA guidance, noting that while Q1 is a seasonally small quarter, its strong performance, driven by product innovation, reinforces their positive outlook.

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    Susan Maklari's questions to Whirlpool Corp (WHR) leadership • Q4 2024

    Question

    Susan Maklari inquired about the nature of the Q4 retailer destocking, its relation to industry volumes and potential geopolitical trade actions, and the company's ability to realize its latest promotional price increase amidst the current demand environment.

    Answer

    CEO Marc Bitzer explained the retailer destocking was a one-time event driven by improved supply chain efficiency and not a recurring issue. He noted that while AHAM data has had distortions, Whirlpool's sell-out was very strong post-election. Bitzer expressed confidence in realizing the new pricing actions, stating that the current replacement-driven market does not warrant deep promotional spending. He added that the most significant new product launch cycle in a decade will drive positive mix in 2025.

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    Susan Maklari's questions to Whirlpool Corp (WHR) leadership • Q3 2024

    Question

    Susan Maklari asked for more detail on the price/mix dynamics in North American Major Domestic Appliances (MDA) and inquired about the drivers behind the further slowdown in discretionary demand.

    Answer

    CEO Marc Bitzer explained that positive promotional pricing changes were partially offset by a negative mix shift toward lower-margin replacement products. He attributed the weakening discretionary demand to the soft housing market, driven by high mortgage rates, and poor pre-election consumer sentiment, which he noted has historically recovered after elections. CFO Jim Peters added that the company remains confident in the long-term fundamentals for a U.S. housing recovery.

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    Susan Maklari's questions to Mohawk Industries Inc (MHK) leadership

    Susan Maklari's questions to Mohawk Industries Inc (MHK) leadership • Q2 2025

    Question

    Susan Maklari asked for an update on the market penetration of new product collections and their potential to drive share gains. She also requested an outlook on profitability trends for the second half of the year and beyond.

    Answer

    Chairman & CEO Jeffrey Lorberbaum detailed numerous product innovations, including 3D visuals in ceramic and PVC alternatives in LVT, which are positioning the company for recovery. He projected that second-half conditions will remain challenging, with inflation peaking in Q3, but expects restructuring benefits to continue and the fourth quarter to show year-over-year improvement.

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    Susan Maklari's questions to Mohawk Industries Inc (MHK) leadership • Q1 2025

    Question

    Susan Maklari asked about the expected sequential lift from Q1 to Q2 in revenue and margins, the margin outlook for the second half, and the company's capital allocation strategy, including free cash flow and share buybacks.

    Answer

    CEO Jeff Lorberbaum noted that while government policies are slowing the economy, the company expects to compensate for tariffs. He highlighted over $70 million in remaining restructuring savings, potential Q4 energy tailwinds, and lower interest costs as positive factors. Executive James Brunk confirmed a strong full-year free cash flow forecast, a CapEx plan of ~$530 million (which could be reduced), and continued use of share buybacks.

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    Susan Maklari's questions to Mohawk Industries Inc (MHK) leadership • Q4 2024

    Question

    Susan Maklari asked about Mohawk's long-term 10% margin target, questioning its achievability given current market challenges. She also inquired about the company's capital allocation priorities, specifically regarding cash usage for buybacks and M&A.

    Answer

    CEO Jeff Lorberbaum stated that while current conditions are difficult, a market recovery would provide significant operating leverage from higher utilization and restructuring savings, enabling a return to higher margins. CFO James Brunk outlined capital allocation plans, including increased investment as markets improve, opportunistic M&A, and continued share repurchases, noting that 14% of shares have been bought back since 2020.

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    Susan Maklari's questions to Mohawk Industries Inc (MHK) leadership • Q3 2024

    Question

    Susan Maklari asked for more detail on how company-specific initiatives like productivity and cost savings offset demand weakness in Q3 and how Mohawk plans to build on these efforts in 2025. She also inquired about the progress and momentum in improving the product mix.

    Answer

    Chairman and CEO Jeff Lorberbaum explained that Q3 benefited from a combination of sales initiatives, productivity, cost containment, and restructuring. For 2025, he anticipates that as markets recover with lower interest rates, the company will see improved volume, channel mix, and product mix, which will leverage fixed costs and improve margins. He noted that the company continues to introduce innovative products and expects to benefit from the full impact of its ongoing restructuring actions.

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    Susan Maklari's questions to Weyerhaeuser Co (WY) leadership

    Susan Maklari's questions to Weyerhaeuser Co (WY) leadership • Q2 2025

    Question

    Susan Maklari asked about balancing Wood Products capacity amid a softer builder outlook, potential for further operational excellence savings, and the current environment for Timberland acquisitions and divestitures.

    Answer

    CEO Devin Stockfish explained that Weyerhaeuser's focus on operational excellence provides flexibility to operate effectively through down cycles and capitalize on opportunities. CFO David Wold characterized the timberland M&A market as solid, noting strong capital interest for high-quality assets and confirming the plan to fund the recent acquisition primarily through non-core divestitures.

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    Susan Maklari's questions to Weyerhaeuser Co (WY) leadership • Q4 2024

    Question

    Susan Maklari of Goldman Sachs Group inquired about housing demand, product inventory levels heading into the spring building season, and the potential impact of tariffs on Weyerhaeuser's wood products business.

    Answer

    CEO Devin Stockfish responded that product inventories are mixed, with lumber being lean, OSB slightly heavy, and EWP at normal levels for the season. He noted general optimism for the spring building season from builder customers. Regarding potential tariffs on Canadian goods, Mr. Stockfish stated that while the outcome is uncertain, a blanket tariff would likely be margin-positive for Weyerhaeuser's U.S. operations due to upward price pressure, as the majority of the company's manufacturing is in the U.S.

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    Susan Maklari's questions to Weyerhaeuser Co (WY) leadership • Q3 2024

    Question

    Susan Maklari asked for more color on the improving supply-demand dynamics in lumber for Q4 and into 2025, the industry's ability to ramp up production, and the outlook for OpEx and margins.

    Answer

    CEO Devin Stockfish highlighted significant supply reductions from permanent and indefinite curtailments, coupled with improving demand from R&R and single-family housing. He noted that a meaningful demand uptick in 2025 would challenge the industry's reduced capacity, likely putting upward pressure on pricing. He also stated that achieving higher operating rates next year would provide a significant tailwind for unit costs and margins.

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    Susan Maklari's questions to Pool Corp (POOL) leadership

    Susan Maklari's questions to Pool Corp (POOL) leadership • Q2 2025

    Question

    Susan Maklari asked about the full-year outlook, balancing the momentum from company-specific initiatives against macro headwinds like tariffs, and questioned the elasticity of demand following recent price increases.

    Answer

    CEO Peter Arvan explained that the maintenance and repair business remains resilient, but larger renovation projects are being phased by consumers to manage costs. He noted that for non-discretionary repairs, price elasticity is low, though some consumers are opting to repair parts rather than replace entire units. For new construction, he believes the overall financing cost, not marginal equipment price hikes, is the primary factor influencing consumer decisions.

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    Susan Maklari's questions to Pool Corp (POOL) leadership • Q1 2025

    Question

    Susan Maklari questioned the potential risk to industry price elasticity as consumers break down remodel work into smaller projects and asked for more detail on the strategic initiatives that are enabling the company to outperform the market.

    Answer

    CEO Peter Arvan explained that competitive dynamics are typical for the industry and that material cost is a small part of a total remodel project, minimizing the risk of significant price elasticity issues. He highlighted long-term strategic initiatives like the company's private label chemical line and technology offerings (POOL360) as key drivers of market share gains, noting that these are longer selling cycles that will provide sustained future growth.

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    Susan Maklari's questions to Pool Corp (POOL) leadership • Q4 2024

    Question

    Susan Maklari inquired about the momentum of the POOL360 digital platform, its contribution to the 2025 sales outlook, and the growth drivers for the Pinch A Penny franchise amid consumer spending pressures.

    Answer

    President and CEO Peter Arvan explained that the POOL360 ecosystem is gaining significant traction, driving sales of proprietary, high-margin private label chemicals and increasing customer loyalty. Regarding Pinch A Penny, Arvan noted that there hasn't been a major shift to DIY; instead, growth is driven by the superior, full-service customer experience provided by franchisees, which fosters share gains.

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    Susan Maklari's questions to Pool Corp (POOL) leadership • Q3 2024

    Question

    Susan Maklari asked about the drivers behind the positive demand trends in Florida and Arizona, which contrast with broader consumer weakness. She also requested more color on the progress of the POOL360 digital ecosystem, including feedback from the recent roadshow.

    Answer

    President and CEO Peter Arvan attributed the outperformance in key markets to market normalization and successful share gains driven by strategic investments in the customer experience. He detailed that the POOL360 ecosystem, including its water test and service software, is seeing positive feedback and slow, deliberate adoption to ensure quality as they scale the new tools for retailers and service professionals.

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    Susan Maklari's questions to A O Smith Corp (AOS) leadership

    Susan Maklari's questions to A O Smith Corp (AOS) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs asked for more detail on the strategy to manage volume pull-forwards and smooth production schedules. She also inquired about other non-core business areas that might be de-emphasized and areas of interest for M&A.

    Answer

    CEO Stephen Shafer explained that the company worked closely with customers to manage order rates to avoid the operational inefficiencies of a large pre-buy followed by underutilization, which was experienced last year. Regarding portfolio management, he stated it's a high priority to evaluate the portfolio and use M&A to build out new growth platforms, with a focused effort on identifying the right targets.

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    Susan Maklari's questions to A O Smith Corp (AOS) leadership • Q4 2024

    Question

    Susan Maklari asked about the tone of conversations with customers regarding water heater channel inventories and their appetite for restocking in the coming year. She also inquired about the drivers behind the projected 5% sales decline for the North America water treatment business.

    Answer

    CEO Kevin Wheeler noted that customers are cautious, but the replacement-driven nature of the business provides stability. CFO Chuck Lauber added that order rates improved sequentially from Q3 to Q4 and again slightly in January, indicating a gradual buyback, though still below the high levels of early 2024. Regarding water treatment, Lauber explained the 5% top-line decline is a direct result of the strategic repositioning and de-emphasis of certain products and channels, viewing 2025 as a transition year before returning to growth.

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    Susan Maklari's questions to A O Smith Corp (AOS) leadership • Q3 2024

    Question

    Susan Maklari asked about the significant performance swing in the North America residential water heater business, questioning if A. O. Smith trailed the industry in Q3 and expects a sharp reversal in Q4.

    Answer

    CEO Kevin Wheeler attributed the volatility to a Q2 price increase pre-buy that inflated lead times, followed by an inventory correction by distributors as lead times normalized. He described it as market "lumpiness" rather than a fundamental concern. CFO Chuck Lauber added that while their full-year outlook for a flat industry is unchanged, they now view "flat" as a ceiling rather than a floor, but expressed confidence in Q4 due to improving order trends since August.

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    Susan Maklari's questions to Worthington Enterprises Inc (WOR) leadership

    Susan Maklari's questions to Worthington Enterprises Inc (WOR) leadership • Q4 2025

    Question

    Susan Maklari from Goldman Sachs inquired about trends in input costs, particularly steel, and the company's corresponding pricing strategy. She also asked about the expected benefits from the ongoing facility modernization projects and the company's broader capital allocation priorities between M&A and shareholder returns.

    Answer

    CFO Colin Souza stated that while steel prices are volatile, the company effectively uses hedging and price risk mitigation to minimize impact on results. CEO Joseph Hayek clarified that benefits from the Columbus facility modernization are already being realized, while the Wisconsin project's benefits are not expected until late fiscal 2027. On capital allocation, Hayek emphasized a balanced approach, pointing to the recent Elgin acquisition, a 12% dividend increase, and ongoing share repurchases as evidence. Souza affirmed that M&A remains a key part of the growth strategy, supported by strong free cash flow.

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    Susan Maklari's questions to Worthington Enterprises Inc (WOR) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs inquired about the price-cost dynamic, specifically regarding steel deflation and the pricing outlook for the coming quarters. She also asked how the company is strategically positioning itself for potential changes in the global competitive environment, such as new tariffs or trade actions from the incoming U.S. administration.

    Answer

    CEO Joseph Hayek stated that the deflationary environment is mostly related to steel, which is expected to be relatively flat year-over-year. He indicated that the company does not anticipate significant price increases, as it focuses on internal efficiencies to manage costs. On trade policy, Hayek noted that while the company doesn't root for tariffs, it would be a net beneficiary of actions that create a 'level playing field' since the majority of its U.S. revenue comes from domestic manufacturing. He expressed confidence that the company is well-positioned for various scenarios.

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    Susan Maklari's questions to Worthington Enterprises Inc (WOR) leadership • Q1 2025

    Question

    Susan Maklari of Goldman Sachs requested an assessment of consumer health based on feedback from retail partners, particularly for the fall and winter outlook. She also asked about price-cost dynamics related to steel prices and inquired about the strong performance of the WAVE joint venture.

    Answer

    CEO Andy Rose stated that the Consumer Products business saw improvement, with the Tools category being the weakest due to the repair/remodel slowdown. CFO and COO Joe Hayek added that falling interest rates should positively influence consumer spending. Regarding steel, Rose explained their strategy of fixing prices to manage volatility. Hayek attributed WAVE's strong performance to its value proposition of saving labor costs for contractors, strength in healthcare and education, and a growing presence in the data center market.

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    Susan Maklari's questions to KB Home (KBH) leadership

    Susan Maklari's questions to KB Home (KBH) leadership • Q2 2025

    Question

    Susan Maklari of Goldman Sachs asked about the potential for further improvements in build times, the drivers behind the progress, and its sustainability. She also asked new CFO Rob Dillard about his primary focus areas and initiatives since joining the company.

    Answer

    President & COO Robert McGibney stated the company is confident in achieving its 120-day build time goal this year and believes the gains are sustainable barring a major macro event, attributing the progress to operational execution and trade partner relationships. EVP & CFO Rob Dillard said his initial focus is on the finance team and identifying ways to improve performance and add value, highlighting the recent share repurchases as an indication of the focus on shareholders.

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    Susan Maklari's questions to KB Home (KBH) leadership • Q1 2025

    Question

    Susan Maklari asked if there have been any changes in consumer behavior at the design studios due to affordability pressures. She also inquired about the company's strategy for locking in lumber costs amid potential tariff-related inflation.

    Answer

    COO Rob McGibney stated that while spending in the design studio as a percentage of revenue has remained consistent, buyers have shifted towards prioritizing structural options over 'fit and finish' items. Regarding lumber, he said the company diversifies its lock durations, typically between 90 and 120 days, and that most divisions are covered for the majority of Q2. They have not yet seen similar cost pressures in other wood products.

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    Susan Maklari's questions to KB Home (KBH) leadership • Q3 2024

    Question

    Susan Maklari inquired whether the increasing attention on the upcoming election is affecting buyer sentiment and their willingness to enter the market. She also asked if there have been any changes in customer spending at the design studios.

    Answer

    Chairman & CEO Jeffrey Mezger opined that while political discussions about housing are helpful, the primary drivers of homebuying decisions are life events. He attributed the recent strengthening in demand directly to the moderation in interest rates, not political platforms. He also noted that customer spending in the design studio has remained 'pretty static' as a percentage of the home's price for the last couple of years.

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    Susan Maklari's questions to Leggett & Platt Inc (LEG) leadership

    Susan Maklari's questions to Leggett & Platt Inc (LEG) leadership • Q1 2025

    Question

    Susan Maklari of Goldman Sachs inquired about the timeline for realizing restructuring benefits, the potential for demand pull-forward due to tariffs, the financial profile of the Specialized Products segment post-aerospace divestiture, and updated margin guidance for each business segment.

    Answer

    CEO Karl Glassman and CFO Ben Burns explained that restructuring benefits are materializing as planned, with a run rate close to the 2025 target, and that significant upside exists upon volume recovery. Glassman noted no quantifiable evidence of demand pull-forward from tariffs. Burns provided pro-forma Q1 sales and EBIT for the aerospace business to help with modeling and gave updated 2025 segment margin guidance: Bedding up ~150 bps, Specialized up ~50 bps, and FF&T down ~50 bps.

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    Susan Maklari's questions to Leggett & Platt Inc (LEG) leadership • Q4 2024

    Question

    Susan Maklari of Goldman Sachs inquired about the bifurcation in the bedding market, the drivers behind increased restructuring benefits, 2025 segment margin outlook, dynamics in the Specialized Products segment, and consumer price elasticity.

    Answer

    CEO Karl Glassman and Bedding Products executive Tyson Hagale confirmed that low-end imported mattresses now comprise a significant share of units. Glassman credited teams for flawless restructuring execution, noting potential margin upside with volume recovery. CFO Ben Burns detailed 2025 segment margin guidance and seasonality. Sam Smith, President of Specialized Products, explained headwinds in auto and hydraulics versus growth in aerospace, linking auto weakness to the rise of Chinese EV makers impacting multinational OEM partners. Management expressed concern over consumer health as a key risk to volume.

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    Susan Maklari's questions to Leggett & Platt Inc (LEG) leadership • Q3 2024

    Question

    Susan Maklari inquired about the unfavorable product mix in the Bedding segment, the shifting expectations for new Automotive programs, the implied increase in Q4 capital expenditures, and the revised full-year margin expectations for each business segment.

    Answer

    Tyson Hagale, President of Bedding Products, explained that a higher mix of lower-margin trade rod is expected long-term to keep the steel mill operating at capacity. CEO Karl Glassman and President Sam Smith detailed that Automotive program launches have been delayed, impacting the top line, but the team is mitigating this with cost controls. CFO Ben Burns confirmed the Q4 CapEx increase is for rod mill maintenance and new growth projects in Bedding and Automotive. Burns also provided the revised margin outlook: Bedding down 200 bps, Specialized Products down slightly, and Furniture, Flooring & Textiles flat versus prior guidance.

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    Susan Maklari's questions to DR Horton Inc (DHI) leadership

    Susan Maklari's questions to DR Horton Inc (DHI) leadership • Q2 2025

    Question

    Susan Maklari of The Goldman Sachs Group, Inc. asked about the performance and outlook for the rental segment amid the changing macro environment. She also inquired about the potential for further increases to the share buyback program and other uses of cash like M&A.

    Answer

    President and CEO Paul Romanowski noted that while the rental market requires some concessions due to inventory buildup, the business remains solid, with forward sales of single-family communities boosting returns. EVP and CFO Bill Wheat stated that while the increased buyback is a compelling use of cash, they will remain disciplined to maintain leverage around 20%. He added that any M&A would likely be small, private deals.

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    Susan Maklari's questions to DR Horton Inc (DHI) leadership • Q1 2025

    Question

    Susan Maklari from Goldman Sachs asked if mortgage rate stability, even without cuts, would be sufficient to boost consumer confidence. She also inquired how much of the rental segment's margin improvement could be driven by internal efficiencies versus market shifts.

    Answer

    Executive Jessica Hansen stated that rate stability would be very positive, as it helps manage the business and allows consumers to reset expectations, noting their guidance does not assume rate cuts. COO Michael Murray explained that on the rental side, significant margin improvement requires market shifts (higher rents, lower cap rates), but the company is driving capital efficiency by selling some communities earlier in the process, prior to stabilization.

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    Susan Maklari's questions to DR Horton Inc (DHI) leadership • Q4 2024

    Question

    Susan Maklari asked about the outlook for lumber and wood product costs in fiscal 2025, given recent price inflation. She also inquired about demand trends in the rental business and how the company plans to manage its rental inventory if interest rates remain elevated.

    Answer

    President & CEO Paul Romanowski acknowledged recent lumber price increases but reiterated the overall expectation for flat stick and brick costs in 2025, helped by a stable labor market. EVP Jessica Hansen clarified that rental inventory would remain at current levels for several quarters, not years. Romanowski added that they see solid rental demand, supported by a decline in new apartment starts industry-wide.

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    Susan Maklari's questions to Lennar Corp (LEN) leadership

    Susan Maklari's questions to Lennar Corp (LEN) leadership • Q1 2025

    Question

    Susan Maklari asked about the progress on operational efficiencies post-spin and how Lennar's M&A strategy might change, including the types of deals it would consider.

    Answer

    Executive Stuart Miller stated that Lennar is in the 'early stage' of realizing cost efficiencies now that the Millrose spin is complete. He and Co-CEO and President Jonathan Jaffe emphasized the focus on turning land into a production commodity to drive cash flow. On M&A, Miller explained that the asset-light model, as demonstrated with the Rausch Coleman acquisition, enables a more strategic and capital-efficient way to enter new markets. Another executive added that they will continue to be selective, using land partnerships to fund the asset side of future deals.

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    Susan Maklari's questions to Lennar Corp (LEN) leadership • Q4 2024

    Question

    Susan Maklari asked for an update on Lennar's product standardization initiative, inquiring how much more efficiency can be gained and how it will benefit margins and cash flow. She also asked about the key factors influencing the strategy for stock repurchases and shareholder returns following the Millrose spin-off.

    Answer

    Co-CEO and President Jonathan Jaffe stated that 'core product' is expected to grow from 10% of starts in 2024 to about one-third in 2025, driving significant efficiency. Regarding capital returns, Executive Chairman Stuart Miller explained it's a 'maturing process' and that as the Millrose platform stabilizes, they will gain confidence in cash flow allocation. CFO Diane Bessette added the long-term goal is for net income to approximate cash flow, which would be geared more heavily toward buybacks.

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    Susan Maklari's questions to Lennar Corp (LEN) leadership • Q3 2024

    Question

    Susan Maklari asked about the potential upside for inventory turns given the company's strategic and operational shifts, and what this implies for future cash generation. She also inquired about the optimal level of cash to hold on the balance sheet, given the current $4 billion balance, and the intended uses for any excess cash.

    Answer

    Executive Chairman Stuart Miller responded that inventory turns should trend 'significantly higher' as the asset-light model is fully implemented, which will accelerate cash flow. CFO Diane Bessette added that the goal is for cash flow to equal net earnings, freeing up capital for shareholder returns. Regarding the cash balance, Miller described the $4 billion as 'safety stock' being held to maintain strategic flexibility while finalizing the structure of the Millrose spin-off, noting it's more than needed for normal operations.

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    Susan Maklari's questions to Lennar Corp (LEN) leadership • Q3 2024

    Question

    Susan Maklari inquired about the potential upside to inventory turns from the company's strategic shift and its implications for cash generation, and also asked about the optimal level of cash to hold on the balance sheet going forward.

    Answer

    Executive Chairman Stuart Miller projected that inventory turns will trend significantly higher as the asset-light model is fully implemented, which accelerates cash flow. CFO Diane Bessette added the goal is for cash flow to equal net earnings. Regarding the $4 billion cash balance, Miller described it as 'safety stock' needed for strategic flexibility while finalizing the Millrose spin-off configuration.

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    Susan Maklari's questions to Latham Group Inc (SWIM) leadership

    Susan Maklari's questions to Latham Group Inc (SWIM) leadership • Q4 2024

    Question

    Susan Maklari of Goldman Sachs asked for more detail on the specific opportunities for cost savings from lean manufacturing in 2025. She also inquired about the rollout timing and margin implications of new products designed for the sand states.

    Answer

    Executive Scott Rajeski explained that lean savings come from continuous improvement events in plants to improve process flow and labor productivity. Value engineering involves redesigning products and components. CFO Oliver Gloe added that savings are realized per piece, so they will be higher in the seasonally strong Q2 and Q3. Regarding new products, Rajeski noted they have been launched for the current season to positive reception and that future launches will follow a similar late Q4/early Q1 cadence. He expects the sand state market to be competitive but believes volume leverage in factories will support margin growth.

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    Susan Maklari's questions to Latham Group Inc (SWIM) leadership • Q3 2024

    Question

    Susan Maklari asked about Latham's manufacturing capacity and utilization, and its ability to scale up to meet a demand rebound. She also questioned if the company would consider price reductions to stimulate volume.

    Answer

    CFO Oliver Gloe affirmed that Latham has more than enough capacity to serve a market larger than its peak revenue level, thanks to new facilities and lean initiatives. CEO Scott Rajeski addressed pricing, stating that broad price cuts are unlikely to stimulate end-market demand as Latham's product is only a fraction of the total project cost, though the company remains competitive.

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    Susan Maklari's questions to Meritage Homes Corp (MTH) leadership

    Susan Maklari's questions to Meritage Homes Corp (MTH) leadership • Q4 2024

    Question

    Susan Maklari asked if mortgage rate stability, even without significant declines, would be sufficient to improve housing demand. She also inquired about the expected trend for the backlog conversion rate throughout 2025.

    Answer

    CEO Phillippe Lord agreed that rate stability alone would be very helpful for consumer confidence and would also reduce the cost of rate buydowns. He expects the backlog conversion rate to remain near current high levels, as the company's move-in ready strategy is now fully implemented. CFO Hilla Sferruzza added that stability also lowers their own costs on rate locks.

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    Susan Maklari's questions to Meritage Homes Corp (MTH) leadership • Q3 2024

    Question

    Susan Maklari inquired about trends in stick-and-brick costs, particularly lumber, and how the company's strategy mitigates commodity volatility. She also asked about capital allocation plans for 2025, with a focus on shareholder returns.

    Answer

    CFO Hilla Sferruzza noted that while lumber has seen a slight uptick, the overall direct cost environment is relatively stable, with the company using lumber locks to manage the most volatile component. Regarding 2025 capital allocation, she stated that specific guidance on shareholder returns has not yet been set and will be provided during the Q4 earnings call.

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