The AZEK Co Inc-A 2024年度报告

As the industry-leading manufacturer of beautiful,low-maintenance, and environmentally sustainable outdoor livingproducts, we are deeply committed to making a lasting impacton the world by accelerating the use of recycled materials. O U R P U R P O S E To revolutionize outdoor living to create a more sustainable future O U R V I S I O N To be the leading sustainable outdoor living company We Are The Industry Leaderin Outdoor Living At AZEK, we are defining the future of outdoor living with a clear strategy and relentless focus on execution. As thecategory leader, we are laser-focused on delivering for our customers—anticipating their needs and exceeding theirexpectations—while driving long-term, sustainable growth and margin expansion. Expanding Our Presence in a $24B Market with consumers. These achievements underscore ourdedication to elevating outdoor spaces and earning thetrust of homeowners and contractors alike. The outdoor living and exteriors market represents a $24billion opportunity, driven by homeowners’ desire to enhancetheir outdoor spaces and the demand for repair and remodelprojects.1At AZEK, we are proactively shaping the market byoffering advanced materials that deliver differentiated beauty,performance, and sustainability, driving the replacementof traditional wood products. By launching new products,accelerating wood conversion, and expanding our marketpresence, we believe our strategy positions us for success. Executing a Focused Strategy with Discipline We believe long-term growth stems from disciplined short-term execution combined with strategic investments ininnovation, capabilities, and talent. By driving the transitionfrom wood to our advanced materials, prioritizing continuousimprovement, and leveraging recycled materials to enhancecost efficiencies, we are delivering growth, enhancingcompetitiveness, expanding margins, and creating value. Innovating to Lead the Industry Our commitment to innovation has solidified AZEK’s positionas an industry leader. From decking and railing to exteriortrim and siding, we offer a complete solution of durable,low-maintenance products that create exceptional outdoorspaces. Spanning multiple price points, our portfolio ensuresevery homeowner can find solutions to meet their needs.Recent innovations like Fulton Rail®, Reliance Rail™, andTrimLogic™expand our market opportunity to drive woodconversion. In 2024, our TimberTech®brand was namedone of Fast Company’s Brands That Matter, recognizing itscultural relevance, business impact, and deep connection Driving Circularity and Sustainability Our commitment to sustainability is core to who we are andhow we operate. As the largest vertically integrated recyclerof PVC in the United States, we process and consumehundreds of millions of pounds of otherwise landfill-boundwaste each year, transforming it into high-performance,long-lasting products made with up to 85% recycled wasteand scrap material. We continue to invest in expanding ourrecycling capacity as we work toward our goal of incorporatingone billion pounds of recycled material annually. From our Chairman,and President and CEO D E A R S H A R E H O L D E R S , As we reflect on 2024, we are proud to share with you another year of meaningful progress at The AZEK Company,defined by our ability to deliver on commitments, navigate a dynamic market with resilience, and achieve recordgrowth and margin expansion. Our strategy remains simple: achieve above-market growth by introducing newproduct innovations, converting wood products to our advanced material products, and expanding our marketpresence. We are focused on enhancing our competitiveness and expanding our margins through continuousimprovement and increased utilization of recycled materials. Looking ahead to 2025 and beyond, we are confident in thestrength of our strategy and our ability to deliver growth andvalue across market cycles. We believe long-term growthcomes from disciplined short-term execution paired withlong-term investments in innovation, capabilities, and talent.By building on our proven track record, we are positioningAZEK to lead in any environment, shaping the future ofoutdoor living with differentiated solutions that set newstandards for design, performance, and sustainability. efficient capital deployment. In 2024, we simplified ourbusiness by divesting the Commercial segment’s Vycombusiness, reduced debt by approximately $150 million,and returned $243 million to shareholders through sharerepurchases. These actions are a testament to our strongcash generation and confidence in AZEK’s future. Expanding Our Leadership in Outdoor Living We take pride in offering the most innovative andcomprehensive outdoor living solutions that enablepeople to transform their outdoor spaces into beautiful,low-maintenance, functional, and sustainable extensionsof their living areas. From decking and railing to exteriortrim and siding, we provide products that combine designversat