Financial Data and Key Metrics Changes - Total revenues for the second quarter reached a record $255.5 million, up 16.3% year over year, driven by strong organic growth in both single-family residential and multifamily commercial businesses [5][18] - Adjusted EBITDA for the quarter was $79.8 million, representing an adjusted EBITDA margin of 31.2%, an increase from $64.1 million or a 29.2% margin in the prior year quarter [18][19] - Gross profit increased to $114.3 million, with a gross margin of 44.7%, compared to a gross margin of 40.8% in the prior year quarter, reflecting a 400 basis point improvement [19][20] Business Line Data and Key Metrics Changes - Single-family residential revenues grew 14.5% year over year to a record $109.6 million, with a strong sequential growth of 29% in orders compared to the previous quarter [6][10] - Multifamily and commercial revenues increased 17.8% year over year to $145.9 million, capitalizing on demand for luxury mid to high-rise projects in Florida [6][11] - The backlog reached an all-time high of $1.2 billion, representing approximately 2.2 times the last twelve months (LTM) multifamily and commercial revenues [11][13] Market Data and Key Metrics Changes - The company reported a healthy book-to-bill ratio of 1.2 times, maintaining a ratio above 1.1 times for eighteen consecutive quarters [13] - The backlog composition is shifting towards high-end, large-sized projects that are less sensitive to interest rate changes, providing resilience against economic fluctuations [13][14] Company Strategy and Development Direction - The company is focused on geographic expansion and enhancing its product portfolio, including the introduction of a new vinyl product line [16][27] - The acquisition of Continental Glass Systems is expected to strengthen capabilities in high-end architectural glass and diversify production into the U.S. market [11][12] - The company aims to maintain operational excellence and industry-leading margins while navigating macroeconomic uncertainties [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow faster than the market in 2025 and beyond, supported by a strong balance sheet and substantial cash position [9][24] - The company anticipates continued strong cash flow generation and has updated its full-year revenue guidance to a range of $980 million to $1.02 billion, reflecting approximately 12% growth at the midpoint [25][26] - Management noted that the market is expected to pick up again, particularly in the Florida region, despite typical seasonal slowdowns [52][54] Other Important Information - The company generated operating cash flow of $17.9 million in the second quarter, with total liquidity of approximately $310 million at quarter end [22] - Capital expenditures for the quarter were $32.5 million, including $15.1 million related to the Continental Glass Systems acquisition [22][26] Q&A Session Summary Question: Revenue pull forward impact - Management clarified that the $5 million to $7 million pull forward occurred before the announcement of price increases, with most of it expected to impact Q3 [30][31] Question: Manufacturing facility in the U.S. - Management is in the early stages of planning a fully automated plant in the U.S. and is optimistic about its potential [32] Question: Margin expectations for the second half - Management indicated that gross margins are expected to remain stable, with potential headwinds from increased commercial construction [38][41] Question: Pricing relative to competition - Management stated that pricing increases are in line with competitors, with a focus on residential projects [43] Question: July performance and new product lines - Management reported a strong July, marking the highest revenue month in the company's history, and provided updates on the new vinyl product line [48][49]

Financial Performance - Total revenues reached a record $255.5 million in Q2 2025, a 16.3% year-over-year increase[9, 30] - Adjusted EBITDA increased 24.5% year-over-year to $79.8 million, with a margin of 31.2%[9, 10, 33] - Single-family residential revenues grew 14.5% year-over-year to $109.6 million in Q2 2025[10, 30] - Multi-family and commercial revenues increased 17.8% year-over-year to $145.9 million in Q2 2025[10] - Gross margin improved by 400 bps year-over-year to 44.7% in Q2 2025[10, 33] - Adjusted net income was $48.5 million, with adjusted EPS of $1.03[10] Backlog and Orders - Backlog reached a record $1.20 billion, a 17.2% year-over-year increase[9, 10, 14] - U S backlog represents 97% of total backlog[13, 14] - Single-family residential orders increased 29% sequentially in Q2 2025[10, 23] Outlook - The company anticipates full year 2025 revenue between $980 million and $1.02 billion[50] - The company anticipates full year 2025 Adjusted EBITDA between $310 million and $325 million[50]

Financial Data and Key Metrics Changes - Revenues increased by 15% year over year to a record $222.3 million in Q1 2025, driven by strong organic growth in both residential and multifamily commercial businesses [6][20] - Adjusted EBITDA for Q1 2025 was $70.2 million, representing a margin of 31.6%, compared to $51 million and a margin of 26.5% in the prior year [21] - Gross profit was $97.5 million with a gross margin of 43.9%, up from $74.7 million and a margin of 38.8% in the prior year [21] Business Line Data and Key Metrics Changes - Single-family residential revenues grew by 21.6% year over year to $88.9 million, reflecting strength in Florida operations and geographic expansion [6][13] - Multifamily and commercial revenues increased by 11.6% year over year to $133.4 million, supported by a growing backlog [7][15] - The company ended the quarter with a record backlog of $1.14 billion, approximately 2.2 times the last twelve months' multifamily and commercial revenues [15][16] Market Data and Key Metrics Changes - The company reported strong order traction and market share growth across various U.S. regions, including Florida, Texas, and California [11][64] - Residential orders were up 17% year over year, indicating continued demand in the market [65] Company Strategy and Development Direction - The acquisition of Continental Glass Systems enhances production capabilities in the U.S. and diversifies the company's manufacturing footprint [10][32] - The company plans to develop a fully automated and vertically integrated operation in the U.S. over the next five to seven years [25][61] - Strategic pricing adjustments and supply chain modifications are being implemented to mitigate tariff impacts [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, despite macroeconomic uncertainties, citing strong performance and a robust project backlog [11][29] - The company anticipates that strategic actions will offset the projected $25 million tariff impact for the year [26][30] - Management highlighted the importance of geographic diversification in mitigating regional market risks [17] Other Important Information - The company achieved record cash of $157.3 million at the end of Q1 2025, reflecting strong cash generation and working capital management [11][27] - Total liquidity was approximately $330 million, providing financial flexibility for growth initiatives and shareholder returns [28] Q&A Session Summary Question: Insights on the architectural glass industry and imports - Management noted that U.S. manufacturers import a significant portion of raw materials, presenting opportunities for growth [36][37] Question: Breakdown of residential growth and vinyl expectations - The legacy Florida business grew by approximately 15%, with other regions starting to contribute more significantly [41] Question: Details on the Continental acquisition and its benefits - The acquisition provides manufacturing capabilities in the U.S. and access to the growing replacement market for condominiums [45][46] Question: Plans for U.S. manufacturing development - The company plans to establish a foundry and eventually a fully integrated facility in the U.S. to enhance production efficiency [60][61] Question: Trends in commercial orders and geographic diversification - Management reported booming business with increasing orders from various regions, indicating a diversified order pipeline [64][68]

Financial Performance - Revenues increased by 15.4% year-over-year to a record $222.3 million in Q1 2025, driven by strong performance in key markets and market share gains[12, 32] - Single-family residential revenues grew 21.6% year-over-year to $88.9 million, supported by dealership growth and geographic expansion[12, 32] - Multi-family and commercial revenues increased 11.6% year-over-year to $133.4 million, reflecting consistent execution on the growing backlog[12] - Adjusted EBITDA increased 37.5% year-over-year to $70.2 million, with the Adjusted EBITDA margin improving to 31.6% of revenues[12, 35] - Operating cash flow was strong at $46.9 million, resulting in a record quarterly free cash flow of $28.8 million[12, 44] Backlog and Orders - Backlog grew 24.9% year-over-year to a record $1.14 billion, representing a book-to-build ratio of 1.2x[12, 16] - U S backlog represents 95% of the total backlog[16] - Single-family residential orders increased 16.6% year-over-year in Q1 2025[12, 32] Outlook and Strategy - The company anticipates full year 2025 revenue between $960 million and $1.02 billion, and Adjusted EBITDA between $305 million and $330 million[52, 53] - Vinyl revenues are projected to be approximately $25 million at the high end of the outlook[55] - The company is implementing mitigation actions to offset the potential $25 million impact of U S aluminum tariffs in 2025[36, 39]