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Trex Co. Inc. (NYSE:TREX) Q3 2018 After-effects Balance Appointment Alarm October 29, 2018 5:00 PM ET

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Executives

Viktoriia Nakhla – IR

Jim Cline – President and CEO

Bryan Fairbanks – EVP and CFO

Bill Gupp – SVP, Accepted Counsel and Secretary

Analysts

Alex Rygiel – B. Riley FBR

John Baugh – Stifel

Matt McCall – Seaport Global Securities

Keith Hughes – SunTrust

Trey Grooms – Stephens

Operator

Good evening, and acceptable to the Trex Aggregation Third Analysis 2018 Balance Appointment Call. All participants will be listen-only mode. [Operator Instructions]. Amuse note, today’ accident is actuality recorded.

And with that, I’d like to about-face the appointment over to Viktoriia Nakhla. Amuse go ahead.

Viktoriia Nakhla

Thank you all for aing us today. With us on the alarm are Jim Cline, President and Chief Executive Officer; and Bryan Fairbanks, Executive Vice President and Chief Banking Officer. Aing Jim and Bryan is Bill Gupp, Senior Vice President, Accepted Counsel and Secretary, as able-bodied as added associates of Trex management.

The aggregation issued a columnist absolution today afterwards bazaar bankrupt absolute banking after-effects for the third analysis of 2018. This absolution is accessible on the company’s website. And this appointment alarm is additionally actuality webcast and will be accessible on the Investor Relations folio of the company’s website for 30 days.

I would like to about-face the alarm over to Bill Gupp. Bill?

Bill Gupp

Thank you, Viktoriia. Afore we begin, let me admonish anybody that statements on this alarm apropos the company’s accepted approaching accomplishment and altitude accumulated advanced statements aural the acceptation of federal balance law. These statements are accountable to assertive risks and uncertainties that could account absolute after-effects to alter materially from those bidding in the advanced statements.

For altercation of such risks and uncertainties, amuse see our best contempo Form 10-K and Form 10-Qs as able-bodied as our 1933 and added 1934 act filings with the SEC. The aggregation abnormally disclaims any obligation to amend or alter about any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.

With that introduction, I will about-face the alarm over to Jim Cline.

Jim Cline

Thank you, Bill. And acknowledge you all for accommodating in today’s alarm to analysis our third analysis accomplishment and our business outlook. As you’ve seen, this is accession actual able analysis for Trex. Sales advance was 23% excluding the ancient $6 actor allegation and reflects a solid bifold chiffre advance in both the residential and bartering segments.

In residential articles we abide to see able customer appeal in the analysis absorption a favorable macro bread-and-er ambiance and our cast leadership, which enables us to accretion a disproportionately greater allotment of the area growth. We additionally accept our focus in branding attack on about-face from copse has benefited our business ally and continues to drive that added growth.

Latest abstracts from the Appointment Board indicates that the Customer Amount Index bigger in August and added added in September. Absolute trends in the adjustment and adjustment industry abide to drive advance and adjustment spent.

In September and October we did see a abridgement in benefactor appeal accompanying to rebalancing of their account due in allotment to the appear new artefact accession of Transcend 2.0.

Our approach checks accept accepted that the able and customer appeal has connected to acquaintance able double-digit advance for adjustment and adjustment barter in North America throughout October.

Trex is additionally differentiated in the exchange by our advancing artefact development investments. We abide to focus on both convalescent our absolute alms and introducing new articles to the bazaar that will added aggrandize our bazaar reach.

We acclaimed in today’s balance absolution that the $6 actor allegation to acquirement in the third analysis was angry to an amplification of stocking artefact positions in all residential sales channels. A allocation of this allegation is accompanying to our appear deepening of our administration brand in the axial region. While we’re not accouterment added detail today accompanying to that accepted advance in sales alpha in 2019.

We would not acquire a allegation of this consequence if we did not accept it agitated a able multiyear account to sales and earnings. In addition, we see this is a cogent befalling to aggrandize our relationships with our residential business partners. We apprehend advance from these broadcast relationships to activate actuality able in the added analysis of 2019.

We were able to catechumen our able third analysis residential sales accomplishment and to an alike greater advance in operating profit. Thanks to several factors that Bryan will altercate in a few minutes.

Operating advantage is a key allotment of the Trex business model. In accession we abide to advance in projects that advance to able accomplishment bulk savings. A abundant archetype is the aboriginal appearance of our assembly band advance action that will access throughput in our Winer ability by over 20% in 2019.

Based on the after-effects that we accept apparent to Appearance 1 and trials accompanying to curve operating with Appearance 2 enhancements, we accept absitively to advance our advance in Appearance 2 of our throughput accessory project. As a aftereffect we will be accretion our basic spent in 2018 to $30 actor to $35 million. We’ll accommodate added accommodation on our advance in our February balance call.

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Turning to bartering products; third analysis after-effects abide to authenticate the actual absolute improvements that the bartering aggregation has able over the aftermost nine months.

Revenue was up on a pro forma base year-over-year by 28%. Gross allowance bigger 130 base credibility over the added analysis of 2018 to 25.9%. This bigger advantage is in band with the expectations we had for added bisected results.

Trex bartering articles additionally alien a new product, Ascent, a post-supported bottle windscreen architecture for bartering exoteric use. To sum it up, our year-to-date basal after-effects reflect the absolute trend that affirm our abundant growth.

If you exclude this quarter’s ancient allegation circumscribed acquirement for the nine-month of 2018 was up 24%, and on the aforementioned base balance afore taxes added 29% and adulterated balance per allotment was up 48% to $1.93 compared to the above-mentioned year, all apery an accomplished showing.

At this point, I’d like to about-face the alarm over to our CFO, Bryan Fairbanks with a banking review. Bryan?

Bryan Fairbanks

Thank you, Jim. Acceptable black everyone. We are amuse address accession almanac analysis beyond abounding key banking metrics and to analysis above apparatus of our able third analysis performance.

Third analysis 2018 circumscribed net sales for $166 actor absorption an access of 19% year-over-year apprenticed by college volumes. This advance included the abortive appulse from a one time $6 actor allegation accompanying to accretion our stocking positions in residential sales channels. After it our circumscribed net sales would’ve been $172 million.

Trex Residential Articles net sales were $147 actor apery 12% amoebic growth, excluding the ancient allegation that I aloof mentioned residential sales would’ve amounted to $153 actor or 17% access over the aftermost year’s third analysis demonstrating able appeal that we’re seeing for above accessory and balustrade products.

Trex Bartering Articles contributed $19 actor to the analysis which represented the arch accomplishment aback we entered the bartering bazaar with the accretion of SC Aggregation on July 31, 2017.

Consolidated gross allowance in the third analysis were 40.4%, 100 base credibility advanced of the 39.4% appear in the third analysis of 2017. Trex residential articles gross allowance broadcast by 170 base credibility to 42.3% excluding the $6 actor ancient allegation residential gross allowance would’ve broadcast 400 base credibility to 44.6%.

We abide to account from advancing accomplishment bulk extenuative initiatives, college appliance and lower recycled polyethylene ascribe cost. Anniversary of these allowances accounts for about a third of the improvement. These allowances added than account added bulk and access raw actual costs.

Trex bartering articles gross allowance showed connected consecutive advance in the third analysis compared to the added analysis accretion by 130 base credibility to 25.9% in band with our expectations.

We apprehend this trend accompanying to gross allowance to abide in the fourth analysis as action beheading improves and lower allowance bequest affairs abide to cycle off. SG&A costs in the third analysis of 2018 were $28 million. The absolute dollar bulk added by $3 actor due to primarily college cadre and branding accompanying expenses.

As a reminder, the abstract amount accompanying to the SC accretion has been absolutely amortized and will not appulse SG&A action forward. As a allotment of acquirement SG&A was 16.9% compared to 17.8% in the year ago quarter.

Net assets was $30 actor or $0.50 per adulterated share, both up 47% from $20 actor or $0.34 per adulterated allotment appear in the third analysis of 2017. About two-thirds of this advance was attributable to our able operating accomplishment with the due to a lower tax rate. After the allegation our adulterated EPS was $0.57 apery a 68% year on year growth.

To briefly sum up our accomplishment for the aboriginal nine months of 2018, we appear $544 actor in circumscribed net sales, up 23% year on year with amoebic acquirement accretion $491 actor and our bartering business accidental $53 million.

Net assets was $109 actor or $1.85 adulterated balance per share, up 42% from a $1.30 per adulterated allotment in the commensurable 2017 period. Year to-date basic expenditures were $22 actor consisting primarily of $13 actor for accepted bulb bulk abridgement initiatives and added assembly improvements and $6 actor for assertive Internet area accompanying investments.

Our basic allocation priorities abide the same, reinvesting in the business, allotment accretion opportunities and repurchasing shares. As a admonition we accept $5.5 actor shares actual beneath the acknowledgment affairs accustomed by the Board of Directors in February of 2018.

For [financial modeling] purposes amuse agenda the afterward items. We acknowledge our apprehension for abounding year 2018 circumscribed incremental gross allowance of about 45% to 50%. SG&A is accepted about 17.5% of sales for the abounding year. We accepted 2018 tax bulk to be about 25% and we now apprehend abounding year basic spending to be amid $30 actor and $35 actor absorption added investments in accomplishment and cull advanced of assertive 2019 investments.

Now I’ll about-face the alarm aback to Jim for his closing remarks.

Jim Cline

Thank you, Bryan, Year to-date after-effects accept put us on clue for accession almanac year in 2018, accomplishment so far this year accept positioned us for accession year of able after-effects in 2019.

We apprehend 2019 to be accession able year for the residential area which accounts for 83% of a aboriginal nine months sales, the residential articulation has historically activated with customer aplomb and adjustment growth.

As we plan for 2019, we apprehend a favorable business ambiance and as strategically position the aggregation to advance our allotment assets in the accessory and balustrade market. With about 8% of the affiliated anxiety awash in North America, residential accessory and balustrade market, Trex acutely has a cogent aerodrome for connected growth.

After our sales and benefactor affair aing anniversary we will accommodate added blush on some of the agitative developments that we are active our expectations for a greater allotment gain.

The focus of our advance in 2019 will be acutely action afterwards a abundant greater allocation of the copse market. At the aforementioned time we should account from added throughput, added accomplishment bulk accumulation projects and connected development of our bartering articles business.

As we accessory to 2019 we additionally see an befalling to abide to aggrandize margins as we advance in our cadre and the business to booty advantage of a cardinal of allusive bulk abridgement initiatives.

Over the near-term, our advice is for circumscribed net sales of $131 actor for this year’s fourth analysis comprised of $115 actor for Trex residential and $16 actor for Trex bartering products. Excluding the $6 actor ancient charge, this would accompany abounding year 2018 circumscribed sales advance to 21% and the residential sales advance 13%.

I’d like to admonish the participants, the fourth analysis and the aboriginal analysis are stocking abode to ensure that dealers and distributors accept the adapted akin of artefact on duke to abutment breach in the winter acclimate and are accessible for aboriginal bounce shipments.

Operator, I’d now like to accessible the alarm to questions.

Question-and-Answer Session

Operator

We’ll now activate the question-and-answer session. [Operator Instructions] Today’s aboriginal catechism will be from our Alex Rygiel with B. Riley FBR. Amuse go ahead.

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Alex Rygiel

Thank you. Acceptable black gentlemen, nice quarter.

Jim Cline

Thank you.

Alex Rygiel

Could we appear aback to the animadversion with commendations to the action in September and October? Can you go into little bit absolutely a detail on that?

Jim Cline

Certainly. Two things of absorption or maybe three things of absorption there. Aboriginal of all, we alien a new artefact alleged Transcend 2.0. It chronicle — it replaces the monochromatic Transcend articles and as we alien that we did advanced and did see a abridgement in entering appeal for orders for the old products, because of the Aboriginal Buy Programs we accept in abode in December, we advancing bodies would be affective out assertive appeal requirements at that point.

We additionally accept that there was rebalancing actuality done aural the administration approach area they maybe were little abundant on one product, little ablaze on others, but in aggregate, it was a net arrest from benefactor demand. Having said that, as we looked at the exchange area the consumers and the professionals are affairs their artefact we did see connected able double-digit appeal occurring on those accounts that focus on adjustment and remodeling.

Alex Rygiel

Thank you. And in ablaze of the broader markets weakness over the aftermost few months with commendations to new home construction, can you animadversion on if you’ve apparent any of that arrest in particular? I advanced your business acutely the numbers don’t reflect it and compassionate that the all-inclusive majority of articles actuality awash through that R&R channel, but if you could aloof arrangement of animadversion on the macro market? And how you see it affecting your business over the aftermost few months or how it could over the aing six months.

Jim Cline

Yes. As you mentioned we’re about 95% adjustment and adjustment in the residential articulation of the business. We see actual little appulse on that. However we do accept some accounts that are primarily apprenticed by new home architecture and we did see them actuality impacted by that. As bodies breach in their homes best that is a net added for the adjustment and adjustment segment. We see an befalling should that abide for an continued aeon of time as continued as customer aplomb charcoal elevated. New home architecture does not accept absolute appulse on our business by itself, but as that articulation starts to apathetic if it affects customer aplomb it could accept an appulse on our business.

Alex Rygiel

Great. Helpful. Acknowledge you.

Operator

Today’s aing catechism will be from John Baugh with Stifel. Amuse go ahead.

John Baugh

Thanks for demography my questions and additionally congratulations on the abundant quarter. I was apprehensive aloof I apperceive you don’t appetite to altercate the axial analysis or what’s action on there? But could you aloof physically acquaint us what the accounting is or what was physically is demography abode that would crave the $6 actor acquirement and balance hit?

Bryan Fairbanks

So, we did advertise a change in administration in the axial territory. Aftermost anniversary there is a assertive allocation of the abridgement in acquirement accompanying to that change. And afresh there are added changes aural the approach that we are appropriate to admit through the acquirement band that we will see the allowances for that starting in the added analysis of 2019.

John Baugh

So Bryan, so I acceptance your abandoning acquirement you address artefact to the benefactor whom you, I guess, departing means with. And that’s a one for one affectionate of accumulation to acquirement appulse or…?

Bryan Fairbanks

The $6 actor charge, yes, it aloof flows through directly. There’s no bulk of acceptable awash appulse anon with that changes aloof 6 actor on the top band which flows through.

John Baugh

Okay. All right.

Bryan Fairbanks

John, aloof to be clear, $6 actor did not aloof chronicle to the Midwest distribution. It accompanying to a abundant broader chic of barter both in the — as we mentioned the two-step administration approach as able-bodied as the retail channel.

John Baugh

Okay. And afresh the 400 base point advance in gross margin, that’s impressive. Help us afresh aloof so we’re clear, the 45 to 50 that’s one the circumscribed company. And two, does that accommodate or exclude the $6 actor charge?

Bryan Fairbanks

That excludes the $6 actor charge.

John Baugh

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Okay. And it’s beyond the company?

Bryan Fairbanks

Is on a circumscribed base and the blazon of accomplishment that we saw was constant with above-mentioned abode in the three key items that accept been active our performance. The bulk extenuative initiatives, appliance and abate costs of polyethylene. And what’s key on the polyethylene side, we talked a little bit about this aftermost quarter. It’s not as abundant from aloof authentic agreement of lower priced material. It’s action out and award altered sources of actual that may not necessarily be in the recycling beck and through our technology the ability to be able to acquaint it into our systems.

John Baugh

Okay. And afresh you mentioned accelerating the projects. Is this is one of those things area I’m abiding they are abiding benefit, but maybe there’s some concise costs or something, acutely you’re allegorical the incremental for the year? And accept a lot of that’s action to get best up in the bulk of good. So I accept that the dispatch absolutely won’t change the breeze through dramatically?

Jim Cline

Well, absolutely we’ll be active a cardinal of trials as we accompany added curve on. Anniversary band will go through its own alternation of trials. And there will be costs associated aloof like there was this accomplished year as we began bringing up the line, anniversary alone band on appearance 1. But that was included in the advice that I provided that we accept we’d see incremental margins occurring in 2019.

John Baugh

Okay. And afresh afterwards on the accretion of Fiberon by a Fortune Brands, so I was analytical Jim if you had any acknowledgment to that? I apperceive amid added things in the accomplished you talked about an befalling conceivably to do added clandestine characterization with the home centers and aloof analytical of that — the affairs of that afflicted at all of if you accept any added blush on that transaction if you had? Acknowledge you.

Jim Cline

Sure. The accord that Fiberon had with one above banker is been there a continued time. It’s a abysmal relationship. I would brainstorm absent a confusing change that they would accomplish a change in that relationship. So our job to amount out if we can accomplish a confusing change that could account that the banker to accomplish a change and move added artefact and commitments to Trex, and absolutely we would be absorbed in that. We are affianced with all of our above barter and try and accompany a greater arrangement of artefact to them to animate them to aggrandize that accord with Trex.

John Baugh

Great. Acknowledge you. Acceptable luck.

Jim Cline

Thanks.

Operator

Next catechism will be from Matt McCall with Seaport Global Securities. Amuse go ahead.

Matt McCall

Thanks. Acceptable afternoon, guys.

Jim Cline

Good afternoon.

Matt McCall

So, maybe let’s alpha with the Q4, I aloof capital to accomplish abiding – I approved to accept all that affectionate of puts and takes you gave. You said that the Q4 and Q1 are affectionate of the stocking period. You had that affectionate of the appulse of the rebalancing acceptance about Aboriginal Buy in December, yet the advance alone projected we up about 5% in residential. Is there article abroad action on there, I apperceive the comps not necessarily easy, but you’ve had boxy comps before.. Is there article abroad action on that we allegation to advanced about in appellation of the about advance bulk projected in Q4?

Bryan Fairbanks

Yes. We appearance this is absolutely a timing element. Absolutely the bargain appeal in the closing allotment of the third analysis from administration as they pulled their account down, we advanced allotment of that will appear aback in the aboriginal analysis as against to the fourth analysis aloof a amount of timing. The fourth analysis is about aback we amount dealers and banker administrator commonly takes abode at that point it’s not a awfully able administration comedy at that point. And accordingly we would not apprehend to accomplish that up in the fourth quarter.

Matt McCall

Any altitude of the delays and what affectionate of gets pushed out in Q1?

Bryan Fairbanks

The articles that I would appraisal would be pushed out would be the new Transcend 2.0 monochromatic product.

Matt McCall

Okay. And Bryan you afresh allocution about the third or third and third of the saving, the cycle in and afresh the advantage from growth. Is that what is in the acceptance for Q4? And is there annihilation that will change that mix as we accessory out in the aing year. The Appearance 2 allowances appear to mind. Is that accession accommodation opportunity? Or is that action to be added angry to bulk savings?

Matt McCall

The advance that we’re assured over the advance of a abounding year is across-the-board of the incremental advice as provided. We don’t try to breach it bottomward into anniversary one of the categories. It has been adequately constant through the aboriginal nine months of the year, but we’re not aggravating to adviser absolutely which categories they appear from as we accessory at the blow of this year. As we accessory into aing year with the investments that we’re making, area we see the bazaar going; this is a administration aggregation that accumulate its eye on the brawl as it relates to gross margin. We apprehend there’ll be added befalling there.

Matt McCall

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So, is the Appearance 2 project, is it actual agnate to Appearance 1 and you’re aggravating to accessible up some new accommodation to serve approaching growth? Or, are you action to abound in the Appearance 1 and maybe accustomed some accumulation on Appearance 2, I’m aloof aggravating to amount out how it’s agnate or altered to what you’re accomplishing this year?

Jim Cline

Phase 2 is agnate to what we did with Appearance 1. Appearance 1 gave us initially 20%. We’re still alive through opportunities on Appearance 1. With the Appearance 2, we accept continued lead-times on some of that equipment. So, it will appear in afterwards in the year, but we bare to get rolling on it earlier. We’re accessible to accomplish those changes. We’ve got several curve that will be up and active in the aboriginal analysis with Appearance 2 and based on what we’ve apparent from the antecedent curve that we’ve put in, put in place, we’re appealing aflame about, what is action to do for us. It’s absolutely twofold. It gives us a bigger artefact and it will abate cost, but added chiefly it gives us added throughput

Matt McCall

Okay. Acknowledge you. And afresh I acceptance the aftermost catechism aloof to accomplish sure, I advanced that John asked you that the mechanics of the charge, aloof appetite to accomplish sure, that was both the axial arena advertisement you fabricated aftermost week? And that was additionally angry to the residential opportunity, the residential wins that you had. And both of those will appearance up in Q2 in bigger growth?

Jim Cline

It will appearance up in Q2 as bigger growth. It accompanying to all of the channels, not aloof the administration channel.

Matt McCall

Okay. All right. Acknowledge you, guys.

Jim Cline

Thank you.

Operator

Next catechism will be from Keith Hughes with SunTrust. Amuse go ahead.

Keith Hughes

Thank you. I abhorrence to accumulate allurement about the aforementioned thing, but on this charge. I accept on Midwest finer you’re affairs aback account I would assume, abandoning that sale. How does that chronicle to added administration credibility then??

Bryan Fairbanks

From the added administration points?

Keith Hughes

Yes. Why would they be included in that?

Jim Cline

There are activities that we’re demography that will affect the bazaar aing year. And from a approved perspective, we’re appropriate to admit that change in revenue, but we’re not accepting into the specific accommodation of absolutely what those changes are at this time.

Keith Hughes

Okay. But there is no affection issues that appear out of the product? Is that correct??

Jim Cline

No, no.

Keith Hughes

Okay. And I acceptance added question. I apperceive you accept your banker affair advancing up soon. But any arrangement of change in attitude of your dealers, as they advanced about ’19 accustomed some of the new apartment stuff, which is a big allotment of the dealers business, not your business, but there are added businesses. Any arrangement of attitude of how they’re attractive at the year and cerebration about account and things of that nature?

Bryan Fairbanks

So the dealers are advancing off of a able year. And all indicators are that things will abide strong. We see a customer aplomb continues at aerial levels, as Jim mentioned. If there is a cogent change in apartment that affect customer assured we could see that breeze through added so to our channel. But appropriate now there’s a aerial akin of optimism affective into 2019.

Keith Hughes

Okay. Acknowledge you.

Operator

[Operator Instructions] Aing catechism will be from Trey Grooms with Stephens. Amuse go ahead.

Trey Grooms

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Government of the District of Columbia Office of the Chief Financial .. | form d 40 instructions

Hey, acceptable afternoon.

Jim Cline

Hi, Trey.

Trey Grooms

So, on copse conversion, I know, you guys were targeting affectionate of a one allotment point about-face there, I acceptance it was aback in July, we aloof as an update, and apologetic if I absent it. But are we still in your opinion, affectionate of on clue to hit that for this year? And afresh additionally affectionate of attractive in to aing year, barge prices accept appear bottomward some acutely afterwards a big bang beforehand this year? Is your angle for that, I apperceive you mentioned to say you apprehend this — you apprehend this to abide in 2019. But are you cerebration a agnate bulk as we go best term, or will the barge amount change appulse that at all in your opinion??

Jim Cline

Yes. There’s a brace things the accessory to. Cardinal one on burden advised lumber, we didn’t see a cogent change in the appraisement at retail for burden advised lumber. So, there is almost little appulse due to the countdown in prices, or the rundown. Added t such as cedar and redwood, those prices went up. They remained somewhat elevated.

And I advanced on the West Coast, you’d acquisition that we saw a actual acceptable bazaar for Trex, as bodies looked at the allowances copse another against those articles and voted that they like the bargain aliment associated with our articles and accordingly move in that direction. We don’t see that allotment of changing. In fact, we accept we will see an dispatch of about-face from copse over time. It’s not action to be a footfall jump, but we advanced anniversary year it’s action to get a little bit stronger as we’re able to access a little bit added with barter that are accessible to the copse another solutions that we accept in place.

Trey Grooms

Okay. Got it. Acknowledge you. And aloof added affectionate of housekeeping on the on the bartering business gross margins absolutely a acceptable assuming actuality this quarter. Aloof after as abundant history to go on there how melancholia are the margins on that business? I mean, I apperceive you affectionate of common the incremental allowance for the — for overall, but aloof attractive accurately at that business is on the bartering side, is there a – should we apprehend a cogent change from one analysis to aing aloof based on seasonality there?

Bryan Fairbanks

There’s abundant seasonality to the business from a gross allowance perspective. There is to a assertive admeasurement from a acquirement angle as we get afterwards in the year abnormally with above projects. And as we’ve talked about in the past, the better disciplinarian is that some of these projects they will move from analysis to analysis aback the acquirement is recognized, so you will see added chapped advance abstracts on that. And with that lumpiness in the growth, you accept the lumpiness in the gross, authentic gross allowance dollars, not necessarily the percentage.

Trey Grooms

Understood. Okay. Acknowledge you. And afresh afterwards and this ability not be the appropriate altercation for this but absolutely aloof aggravating to get a faculty for you guys formed out this new artefact Transcend 2.0. Aloof annihilation you can accord us on absolutely how that differs? And there charge be some cogent changes if association are affectionate of dialing aback and aback purchasing advanced of that. So aloof any affectionate of blush you can accord us on that? And area the differences lie? Any changes in assurance or annihilation like that?

Jim Cline

Basically what you see with that artefact is an bigger aesthetic. It is not changeable for the old Transcend monochromatic. So they can’t be interchanged. So that is why we accept bodies will run their inventories bottomward and avenue that as bound as they can, but they appetite to run it all out afore they alpha bringing the new actual in — absolutely bigger aesthetic.

Trey Grooms

Okay. All right. Thanks a lot. That’s it from me. Accessory advanced to seeing you guys aing week.

Jim Cline

Thank you.

Bryan Fairbanks

Thanks.

Operator

The aing catechism will be a aftereffect catechism from Keith Hughes with SunTrust.

Keith Hughes

Yes. Aloof a quick on Transcend 2.0, price-wise area does that abatement in the — against articles that are replaced in the spectrum of Transcend?

Jim Cline

Yes. It’s priced at the aforementioned amount point, so it’s priced absolutely the aforementioned amount point, today as the old one was.

Keith Hughes

Thank you.

Jim Cline

You bet.

Operator

At this time this will achieve today’s catechism and acknowledgment session. I’d like to about-face the appointment aback over to Jim Cline for any closing remarks.

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Jim Cline

Well acknowledge you for your absorption and abutment of the Trex Company. We accept that the broadcast business relationships and the development of afterpiece partnerships will be benign to both our barter and to Trex. For 2019 the appulse on sales and balance will be cogent and we apprehend that consecutive years we’ll additionally abide to apprehend broadcast sales advance as we abide our focus on copse and aggrandize our stocking relationships. We accessory advanced to seeing investors and analysts for the accessible conferences and to accommodated with our barter at our benefactor affair aing week. Acknowledge you.

Operator

The appointment is now concluded. We appetite to acknowledge you for accessory today’s presentation. And at this time you may now disconnect.

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