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- **Record Q3 Growth**: $260.5 million revenue (+9.3% YoY), driven by 14.3% multifamily/commercial expansion and 3.4% residential growth. 
- **Backlog Strength**: $1.3 billion backlog (+20% YoY) supports 2026 double-digit revenue growth guidance. 
- **Margin Resilience**: 42.7% gross margin despite $25 million annualized tariff impact, with 2026 gross margin expected in low to mid-40s. 
- **Strategic Initiatives**: 
  - Vinyl product line to grow 7-10x in 2026 with 50 new dealers 
  - $350-400 million U.S. facility in development for 2026+ capacity 
- **Shareholder Returns**: $30M Q3 buybacks and $7M dividends, with $150M repurchase authorization expanded. 
- **Risks**: Aluminum costs up 15% QoQ, FX headwinds, and light commercial project delays.

**【CEO Summary Section】**
- Q3 2025 revenue reached a record $260.5 million, up 9.3% YoY, driven by growth in both single-family residential (+3.4% to $113.5 million) and multifamily/commercial (+14.3% to $147 million). 
- Gross margin of 42.7% and adjusted EBITDA margin of 30.4% reflect margin resilience amid cost pressures. 
- Share buybacks of $30 million and $7 million in dividends were executed, with a $150 million expanded repurchase program authorized. 
- Record backlog of $1.3 billion (up 20% YoY) provides multiyear visibility. 
- Vinyl product line and geographic expansion (e.g., California showroom) are key growth drivers. 
- Feasibility study for a new Florida facility is advancing to diversify manufacturing. 

**【COO Summary Section】**
- Multifamily/commercial backlog of $1.3 billion reflects high-end project focus, with book-to-bill ratio of 1.3x. 
- Single-family residential orders grew double-digit YoY, despite $5-7 million of Q2 pull-forward volume. 
- Dealer network expanded by 20% YoY, supporting market share gains. 
- Vinyl product line is expected to grow 7-10x in 2026 with 50 new dealers. 
- Geographic expansion into Texas, California, and Hawaii is driving new opportunities. 

**【CFO Financial Commentary】**
- Q3 revenue: $260.5 million (+9.3% YoY), with $4 million contribution from Continental Glass acquisition. 
- Adjusted EBITDA: $79.1 million (30.4% margin vs. 34.2% prior year), impacted by: 
  - Higher U.S. aluminum premiums (+67% QoQ to $1,800/lb) 
  - Colombian peso strengthening (8% QoQ) 
  - Mix shift to higher-margin installation revenue 
- SG&A expenses rose 14% YoY to $47.3 million, driven by tariffs, transportation, and salary adjustments. 
- Operating cash flow: $40 million (vs. $35 million prior year), offsetting $18.8 million in capex. 
- Full-year 2025 guidance: 
  - Revenue: $970-990 million (+10% midpoint) 
  - EBITDA: $294-304 million (+8% midpoint) 
  - Gross margin expected in low to mid-40% range. 
- 2026 outlook: Double-digit revenue growth driven by backlog execution and vinyl ramp-up. 

**【Q&A Highlights】**
- **2026 Growth Drivers**: 
  - $20 million of Q4 2025 revenue delayed to 2026 due to light commercial project timing 
  - Vinyl product line expected to grow 7-10x in 2026 
  - New U.S. facility could cost $350-400 million and provide 40%+ capacity 
- **Cost Challenges**: 
  - Aluminum costs up 15% QoQ to $2,900/ton, with tariffs adding $25 million annualized impact 
  - FX headwinds expected to moderate by year-end (COP 4,000 target) 
- **Capital Allocation**: 
  - Share buybacks ($30M Q3) and dividend ($7M Q3) prioritize shareholder returns 
  - $550M liquidity provides flexibility for growth and M&A

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