Tracy Alloway

If we have a choice on a decision for capital allocation or M&A or investments, we barely think about how's it going to affect this quarter, this year.

It's really how's it going to affect the long-term.

Were you impacted by the tariffs at all?

Did that complicate the existing business?

Not too much because in roofing, which is what we've been up until Kodiak and our top build,

Almost all of it is manufactured in the United States, sold in the United States, or manufactured in Canada or sold in Canada.

And we really don't have business overseas.

So the tariffs didn't really affect us.

Now, it might have affected demand destruction overall.

It might have affected how much construction was happening.

But directly, we were not clobbered by the tariffs.

The weather clobbered us a lot more than the tariffs.

What is the main commodity input for insulation?

Oh, it's chemical.

It's chemically created and it's refined in a manufacturer with a lot of people looking like chemists.

So like, is it petrochemical?

Like if like oil prices were to surge, would that be a sort of like margin crimping factor for insulation prices?

Well, I think we're better off with oil prices lower for demand, not so much for the cost of the goods, but lower oil prices, there's more confidence and more demand.

But the real factor for building products is mortgage rates.

So mortgage rates when they were seven and a half percent was really bad.