Applied Industrial Technologies Inc (AIT) 2025 Q1 法說會逐字稿

Welcome to the fiscal 2025 first quarter earnings call for Applied Industrial Technologies.

歡迎參加應用工業技術公司 2025 財年第一季財報電話會議。

My name is Angela and I'll be your operator for today's call.

我叫安琪拉，我將擔任您今天通話的接線生。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Ryan Cieslak, Director of Investor Relations and Treasury.

我現在將把電話轉給投資者關係和財務總監 Ryan Cieslak。

Ryan, you may begin.

瑞安，你可以開始了。

Okay.

好的。

Thanks, Angelo, and good morning to everyone on the call.

謝謝安吉洛，祝所有參加電話會議的人早安。

This morning, we issued our earnings release and supplemental investor deck detailing our first quarter results.

今天早上，我們發布了收益報告和補充投資者資料，詳細介紹了我們第一季的業績。

Both of these documents are available in the investor relations section of applied.com.

這兩份文件均可在 Applied.com 的投資者關係部分取得。

Before we begin, just a reminder, we'll discuss our business outlook and make forward-looking statements.

在開始之前，謹提醒您，我們將討論我們的業務前景並做出前瞻性陳述。

All forward-looking statements are based on current expectations, subject to certain risks and uncertainties including those detailed in our SEC filings.

所有前瞻性陳述均基於當前預期，並受到某些風險和不確定性的影響，包括我們向 SEC 文件中詳細說明的風險和不確定性。

Actual results may differ materially from those expressed in the forward-looking statements.

實際結果可能與前瞻性陳述中所表達的結果有重大差異。

The company undertakes no obligation to update publicly or revise any forward-looking statement.

該公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, the conference call will use non-GAAP financial measures which are subject to the qualifications referenced in those documents.

此外，電話會議將使用非公認會計準則財務衡量標準，這些衡量標準須遵守這些文件中引用的資格。

Our speakers today include Neil Schrimsher, Applied's President and Chief Executive Officer; and David Wells, our Chief Financial Officer.

今天的演講者包括應用材料公司總裁兼執行長 Neil Schrimsher；和我們的財務長大衛威爾斯。

With that I'll turn it over to Neil.

這樣我就把它交給尼爾了。

Thanks, Ryan, and good morning, everyone.

謝謝瑞安，大家早安。

We appreciate you joining us.

我們感謝您加入我們。

I'll start today with some perspective on our first quarter results, current industry conditions and our expectations going forward.

今天我將首先對我們第一季的業績、當前的行業狀況以及我們未來的預期進行一些展望。

Dave will follow with more specific detail on the quarter's performance as well as our updated outlook, and I'll then close with some final thoughts.

戴夫將詳細介紹本季的業績以及我們更新的前景，然後我將提出一些最後的想法。

So first, a few high-level comments on first quarter results.

首先，我們對第一季業績發表一些高層評論。

Overall, our Applied team continued to make significant progress on our strategic initiatives during the quarter as we position the company for above market growth and margin expansion in the future.

總體而言，我們的應用材料團隊在本季度繼續在策略舉措上取得重大進展，因為我們將公司定位為未來高於市場的成長和利潤率擴張。

Organic daily sales declined 3% over the prior year but exceeded our expectations on encouraging September trends.

每日有機銷售額比上年下降 3%，但超出了我們對 9 月令人鼓舞的趨勢的預期。

We also had a record first quarter of free cash generation that nearly doubled from the prior year.

我們第一季的自由現金產生量也創歷史新高，比前一年幾乎翻了一番。

As expected, margin trends were impacted by comparisons and sales declines early in the quarter as well as adverse mix dynamics and the impact of growth investments.

正如預期的那樣，利潤率趨勢受到本季度初的比較和銷售下降以及不利的組合動態和成長投資的影響的影響。

Our margin guidance for fiscal 2025 remains unchanged and we expect margin trends to improve for the balance of the year.

我們對 2025 財年的利潤率指引保持不變，我們預計今年剩餘時間的利潤率趨勢將有所改善。

Netting these factors, EBITDA came in large line with our expectations during the quarter, while EPS benefited from lower tax rate, interest and other income and reduced share count from recent buybacks.

扣除這些因素後，本季 EBITDA 與我們的預期基本一致，而每股盈餘則受益於較低的稅率、利息和其他收入以及近期回購帶來的股票數量減少。

So a good start to the year and -- that we look to build on going forward.

這是今年的良好開端，我們希望在此基礎上繼續前進。

Digging more into the sales trends in the quarter, broader end market demand remained generally mixed.

深入研究本季的銷售趨勢，更廣泛的終端市場需求仍然普遍參差不齊。

This is consistent with industrial macro data points in recent months and resulted in subdued customer activity early in the quarter.

這與近幾個月的工業宏觀數據一致，並導致本季初的客戶活動減弱。

That said, the quarter finished strong with several encouraging trends.

儘管如此，本季表現強勁，出現了一些令人鼓舞的趨勢。

Of note, organic average daily sales during September were seasonally strong and relatively unchanged compared to the prior year.

值得注意的是，9 月的有機平均每日銷售額季節性強勁，與去年相比相對沒有變化。

While the improvement in September came from several areas, it was led by stronger shipment and order trends in our engineered solutions segment.

雖然 9 月的改善來自多個領域，但這是由我們的工程解決方案部門的出貨量和訂單趨勢強勁帶動的。

Sales in our US service center operations also improved in September on stronger brake-fix activity and ongoing benefits from our sales process initiatives.

由於煞車修理活動的加強以及我們的銷售流程計劃的持續效益，我們美國服務中心業務的銷售在 9 月也有所改善。

This was partially offset by sustained weakness in machinery end markets, including across our fluid power mobile OEM customers.

這被機械終端市場（包括我們的流體動力移動 OEM 客戶）的持續疲軟所部分抵消。

When looking at our top 30 end markets, 13 were positive over the prior year, which is slightly below the 14 reported last quarter.

在查看我們的前 30 個終端市場時，有 13 個市場比上一年表現良好，略低於上季報告的 14 個市場。

Growth was strongest across food and beverage, primary metals, transportation, aggregates and technology during the quarter.

本季食品和飲料、初級金屬、運輸、骨材和技術領域的成長最為強勁。

This was offset by declines in machinery, oil and gas, lumber and wood, fabricated metals, pulp and paper, rubber and plastics and utilities.

這被機械、石油和天然氣、木材和木材、金屬製品、紙漿和紙張、橡膠和塑膠以及公用事業的下降所抵消。

While showing signs of an initial recovery, the demand backdrop remains bifurcated and somewhat uneven.

雖然顯示出初步復甦的跡象，但需求背景仍有分歧且有些不平衡。

This is reflected in some easing and early fiscal second quarter sales trends following September's outperformance.

這反映在 9 月表現優異之後，一些寬鬆政策和第二財季早期的銷售趨勢。

Organic sales through the first 16 business days of October are down by a mid-single digit percent over the prior year.

10 月前 16 個工作日的有機銷售額比去年同期下降了中個位數百分比。

We estimate this includes some modest disruption from recent hurricanes in the Southeast.

我們估計這包括東南部最近颶風造成的一些輕微破壞。

We would also highlight the timing of system and solution shipments in our engineered solutions segment and vary month to month.

我們還將強調我們的工程解決方案部門的系統和解決方案的發貨時間，並且每個月都有所不同。

And with nearly a week left in the month in US election uncertainty now front and center, we hesitate to extrapolate too much from initial October trends but remain mindful of ongoing crosscurrents.

距離本月美國大選的不確定性只剩下近一周的時間，我們不願根據 10 月份最初的趨勢進行過多推斷，但仍要警惕持續存在的逆流。

Digging more into each of our segments.

深入挖掘我們的每個細分市場。

Average daily sales in our service center segment declined 1.4% organically over prior year levels on top of stack growth of 25% the prior two years.

我們的服務中心部門的平均每日銷售額比前一年有機下降 1.4%，而前兩年的堆疊增長為 25%。

Consistent with last quarter, spending on general MRO and capital maintenance projects was more muted as customers continue to tightly manage operational expenses.

與上季一致，由於客戶繼續嚴格管理營運支出，一般 MRO 和資本維護項目的支出更加疲軟。

That said, sales trends across our core US service center network held in relatively well with September billings seasonally strong on improved brake-fix and general MRO activity.

也就是說，我們的美國核心服務中心網路的銷售趨勢相對較好，由於煞車修復和一般 MRO 活動的改善，9 月的帳單季節性強勁。

We saw ongoing health across larger national accounts and fluid power aftermarket sales.

我們看到更大的國民帳戶和流體動力售後市場銷售持續健康發展。

Our service center team also continues to benefit from our service capabilities, local inventory investments and ongoing sales initiatives as well as greater cross-selling opportunities.

我們的服務中心團隊也繼續受益於我們的服務能力、本地庫存投資和持續的銷售計劃以及更多的交叉銷售機會。

Investments in technology and predictive analytics are continuing to enhance our business intelligence and sales force productivity.

對技術和預測分析的投資正在繼續提高我們的商業智慧和銷售人員的生產力。

Over the past five years, sales per US service center associate have increased over 7% on a compounded annual basis.

過去五年，美國服務中心員工的平均銷售額年複合成長率超過 7%。

We've also enhanced our local market position through bolt-on acquisitions made over the past year which are augmenting growth in new and underpenetrated vertical markets, while supplementing our margin mix.

我們也透過過去一年進行的補強收購增強了我們的本地市場地位，這些收購促進了新的和滲透不足的垂直市場的成長，同時補充了我們的利潤組合。

Overall, our service center team is in a strong position moving forward, particularly as end-market demand reaccelerates within the short cycle and brake-fix focused area of our business.

總體而言，我們的服務中心團隊在前進中處於有利地位，特別是隨著終端市場需求在我們業務的短週期和煞車修復重點領域內重新加速。

While hard to measure, we believe there's some pent-up technical MRO demand across various end markets following subdued activity and deferred capital maintenance over the past year.

雖然難以衡量，但我們相信，由於過去一年的活動低迷和資本維護延遲，各個終端市場存在一些被壓抑的技術 MRO 需求。

This could release following the US election and if interest rates continue to moderate.

如果美國大選後且利率繼續溫和，這一數字可能會發布。

In addition, our technical expertise across critical capital equipment and production processes, combined with our locally focused distribution network is a powerful value proposition for our suppliers and customers as secular trends around reshoring, infrastructure, technical labor shortages and energy efficiency gain further momentum.

此外，隨著回流、基礎設施、技術勞動力短缺和能源效率等長期趨勢的進一步發展，我們在關鍵資本設備和生產流程方面的技術專長，加上我們以本地為中心的分銷網絡，對我們的供應商和客戶來說是一個強大的價值主張。

Within our engineered solutions segment, sales declined 6% organically over the prior year, consistent with last quarter and our expectations segment sales continue to be impacted by ongoing destocking headwinds and softer end market demand across fluid power mobile OEM customers.

在我們的工程解決方案領域，銷售額比上年有機下降6%，與上季度一致，並且我們預期該領域的銷售額將繼續受到持續的去庫存逆風和流體動力移動OEM 客戶的終端市場需求疲軟的影響。

Flow control and automation sales were also lower over the prior year, reflecting softer trends early in the quarter.

流量控制和自動化銷售額也低於去年同期，反映出本季初的疲軟趨勢。

On a positive note, segment sales and orders strengthened as the quarter progressed, including seasonal strength in component and system sales during September.

從積極的方面來看，隨著本季度的進展，細分市場銷售和訂單有所增強，包括 9 月份組件和系統銷售的季節性強勁。

Of note, segment orders in the first quarter increased by mid-single digit percent organically over the prior year with the trend strengthening each month.

值得注意的是，第一季的細分市場訂單比去年同期有機增長了中個位數百分比，而這一趨勢每月都在加強。

This was led by double-digit order growth across automation and technology focused fluid power customers, which combined represent over 20% of our segment sales.

這是由以自動化和技術為重點的流體動力客戶的兩位數訂單增長帶動的，這些客戶合計占我們細分市場銷售額的 20% 以上。

Sales funnel activity and channel commentary are increasingly positive across these higher growth areas of our business following an extended period of reduced activity over the past couple of years.

在過去幾年活動長期減少之後，我們業務的這些高成長領域的銷售漏斗活動和通路評論變得越來越積極。

Flow control orders were also up year over year in the quarter as we continue to see healthy project demand tied to decarbonization and data center investments.

由於我們持續看到與脫碳和資料中心投資相關的健康項目需求，本季流量控制訂單也較去年同期成長。

Overall, we remain measured with our expectations as one quarter does not create a trend.

總體而言，我們仍然按照我們的預期進行衡量，因為一個季度並沒有形成趨勢。

These dynamics taken together are nonetheless an encouraging sign for our higher margin engineered solutions segment.

儘管如此，這些動態對於我們利潤率較高的工程解決方案領域來說仍然是一個令人鼓舞的跡象。

We believe segment momentum could build in the second half of fiscal 2025 as customers reengage capital spending, interest rates potentially ease further, and we continue to leverage growth investments tied to our strategy.

我們認為，隨著客戶重新投入資本支出、利率可能進一步下降以及我們繼續利用與我們的策略相關的成長投資，細分市場的勢頭可能會在 2025 財年下半年形成。

Overall, we're encouraged by positive signs and potential catalysts developing across both our segments.

總體而言，我們對兩個細分市場發展的積極跡象和潛在催化劑感到鼓舞。

We are continuing to invest and position teams to be fully prepared to serve our customers and suppliers as the next phase of growth unfolds.

我們將繼續投資並配置團隊，以便為下一階段成長的發展做好充分準備，為我們的客戶和供應商提供服務。

This includes ongoing investments in engineering talent, digital sales tools and e-commerce capabilities.

這包括對工程人才、數位銷售工具和電子商務能力的持續投資。

We also have expanded into new facilities and invested in advanced tooling and machining capabilities across our engineered solutions segment.

我們還擴建了新設施，並在整個工程解決方案領域投資了先進的工具和加工能力。

We've modernized technology systems across our distribution centers while also updating conveying systems and logistics equipment.

我們對整個配送中心的技術系統進行了現代化改造，同時也更新了輸送系統和物流設備。

Our automation platform and footprint is much larger today than it was entering the prior upcycle.

如今，我們的自動化平台和占地面積比進入之前的升級週期時大得多。

This will supplement our potential in this high-growth area of our business as adoption of specialized robotics and machine vision accelerates while demand for aftermarket and service support starts to emerge from these next generation automation technologies.

隨著專業機器人和機器視覺的採用加速，同時這些新一代自動化技術開始出現對售後市場和服務支援的需求，這將補充我們在這一高成長業務領域的潛力。

Further, we've invested in fluid power engineering and system build capabilities to serve growing secular demand tied to the modernization of industrial and mobile equipment.

此外，我們還投資於流體動力工程和系統建構能力，以滿足與工業和行動設備現代化相關的不斷增長的長期需求。

We're also beginning to leverage AI through our ongoing investments around sales process, AR and AP automation and recruiting.

我們也開始透過圍繞銷售流程、AR 和 AP 自動化以及招募的持續投資來利用人工智慧。

These are just some of the many investments we've made to supplement our growth capacity, speed to market and operating leverage going forward.

這些只是我們為補充我們的成長能力、上市速度和未來營運槓桿而進行的眾多投資中的一部分。

And then lastly, nearly $2 billion in balance sheet capacity, including over $500 million of cash on hand, our available capital puts us in a strong and advantaged position to accelerate our growth and margin potential moving forward.

最後，近 20 億美元的資產負債表容量，包括超過 5 億美元的手頭現金，我們的可用資本使我們處於強大和有利的地位，可以加速我們的成長和利潤潛力的發展。

This includes both organic investments and accretive acquisitions that further extend our technical service capabilities, enhance our business mix and reinforce our competitive moat.

這包括有機投資和增值收購，進一步擴展我們的技術服務能力，增強我們的業務組合併加強我們的競爭護城河。

The evolution of our portfolio through both greenfield investments and acquisitions in recent years has been highly intentional and disciplined.

近年來，我們的投資組合透過綠地投資和收購的演變是高度有意和嚴格的。

It's been a critical driver of our ability to become a faster growing, higher margin and more cash generative business while driving a meaningful increase in our returns on capital.

它是我們成為成長速度更快、利潤率更高、現金產生能力更強的業務的關鍵驅動力，同時推動我們的資本回報率大幅提高。

We remain committed to this focused and returns based approach that centers on serving our customers most critical industrial assets and processes more completely.

我們仍然致力於這種專注且基於回報的方法，其核心是更全面地為客戶最關鍵的工業資產和流程提供服務。

Our M&A pipeline is active across both segments with our primary focus on bolt-on and midsized targets where we can create significant shareholder value long term.

我們的併購管道在這兩個領域都很活躍，我們主要關注補充型和中型目標，在這些目標上我們可以長期創造顯著的股東價值。

We also have flexibility to return capital through other avenues.

我們也可以靈活地透過其他途徑返還資本。

This includes share buybacks considering our positive long-term outlook and the underlying intrinsic value we see across our company, as well as ongoing focus on growing our ordinary dividend moving forward.

這包括考慮到我們積極的長期前景和我們在整個公司看到的潛在內在價值而進行的股票回購，以及持續關注增加我們的普通股息。

Overall, we're targeting greater capital deployment in fiscal 2025 that aligns with our return requirements and strategy.

整體而言，我們的目標是在 2025 財年加大資本部署力度，以符合我們的回報要求和策略。

At this time.

此時。

I'll turn the call over Dave for additional detail on our financial results and outlook.

我將把電話轉給戴夫，以了解有關我們財務業績和前景的更多詳細資訊。

Thanks, Neil.

謝謝，尼爾。

Just as a reminder, before I begin as in prior quarters, we have posted a quarterly supplemental investor presentation to our investor site.

提醒一下，在我開始之前的幾個季度中，我們已經在我們的投資者網站上發布了季度補充投資者簡報。

This is for your additional reference as we recap our most recent quarter performance.

當我們回顧最近一個季度的業績時，這供您額外參考。

Turning now to details of our financial performance in the quarter.

現在轉向我們本季財務業績的詳細資訊。

Consolidated sales increased 0.3% over the prior year quarter.

綜合銷售額比去年同期成長 0.3%。

Acquisitions contributed 200 basis points while the one extra selling day year over year in the quarter had a positive 160 basis point impact.

收購貢獻了 200 個基點，而本季同比增加的一個銷售日則產生了 160 個基點的正面影響。

This was partially offset by a negative 30 basis point impact from foreign currency translation.

這被外幣換算帶來的 30 個基點的負面影響部分抵消。

Netting these factors, sales decreased 3% on an organic daily basis.

扣除這些因素後，銷售額將按日有機率下降 3%。

As it relates to pricing, we estimate the contribution of product pricing on year over year sales growth was approximately 100 basis points for the quarter and in line with our expectations.

由於與定價相關，我們估計產品定價對本季同比銷售成長的貢獻約為 100 個基點，符合我們的預期。

Turning now to sales performance by segment.

現在轉向按細分市場劃分的銷售業績。

As highlighted on slide 7 and 8 of the presentation, sales in our service center segment declined 1.4% year over year on an organic daily basis, when excluding a 0.7% positive impact from acquisitions, the positive 1.6% impact from the difference in selling days and a negative 50 basis point impact from foreign currency translation.

正如簡報第7 和第8 投影片中所強調的那樣，當排除收購帶來的0.7% 的正面影響（即銷售天數差異帶來的1.6% 的正面影響）時，我們的服務中心部門的銷售額以自然日計算年減1.4%外幣換算帶來 50 個基點的負面影響。

The organic sales decline in the quarter was primarily driven by softer MRO spending and the deferral of capital maintenance projects early in the quarter, which was concentrated across local accounts.

本季有機銷售額下降的主要原因是 MRO 支出疲軟以及本季初資本維護項目的推遲，這些項目主要集中在本地帳戶。

Sales outside the US were also weaker over the prior year, though partially offset by continued growth across national accounts and fluid power MRO sales in the US.

美國以外地區的銷售也較上一年疲軟，但部分被美國國民帳戶和流體動力 MRO 銷售的持續成長所抵消。

From a vertical market standpoint, softer demand was most notable across machinery, pulp and paper, and oil and gas markets, partially offset by ongoing growth within food and beverage, primary metals, utilities and transportation.

從垂直市場的角度來看，機械、紙漿和造紙以及石油和天然氣市場的需求疲軟最為明顯，但部分被食品和飲料、初級金屬、公用事業和運輸領域的持續成長所抵消。

Segment EBITDA decreased 2% over the prior year, our segment EBITDA margin of 13.2% declined 36 basis points over the prior year.

部門 EBITDA 較上年下降 2%，部門 EBITDA 利潤率為 13.2%，較上年下降 36 個基點。

Within our engineered solutions segment, sales increased 0.2% over the prior year quarter, with acquisitions contributing 4.7 points of growth.

在我們的工程解決方案領域，銷售額比去年同期成長 0.2%，其中收購貢獻了 4.7 個百分點的成長。

On an organic daily basis, accounting for the difference in selling days, segment sales decreased 6.1% year over year.

以每日有機計算，考慮到銷售天數的差異，分部銷售額年減 6.1%。

Consistent with last quarter, the year over year decline was primarily driven by a high single digit percent decline in fluid power sales and to a lesser extent, softer automation and flow control sales.

與上季一致，年減主要是由於流體動力銷售額出現高個位數百分比下降，以及自動化和流量控制銷售額的疲軟（較小程度上）。

As mentioned earlier, fluid power sales continue to be adversely impacted by lower demand across off-highway mobile OEM customers partially balanced by stable trends across industrial in plant applications and solutions as well as improving demand in technology related end markets.

如前所述，流體動力銷售繼續受到非公路移動 OEM 客戶需求下降的不利影響，而工業工廠應用和解決方案的穩定趨勢以及技術相關終端市場需求的改善在一定程度上平衡了這一影響。

In addition, while lower year over year for the full quarter, both automation and flow control sales returned to positive organic growth during September.

此外，雖然整個季度同比有所下降，但自動化和流量控制銷售額在 9 月恢復了正有機成長。

Segment EBITDA decreased approximately 2% over the prior year while segment EBITDA margin of 14.2% was 37 points below prior year levels, largely reflecting expense deleveraging on sales declines and ongoing growth positioning in the quarter.

部門 EBITDA 比上年下降約 2%，而部門 EBITDA 利潤率為 14.2%，比上年水準低 37 個百分點，主要反映了銷售下降帶來的費用去槓桿化和本季持續成長定位。

Moving to gross margin performance.

轉向毛利率表現。

As highlighted on page 9 of the deck, gross margin of 29.6% decreased 10 basis points compared to the prior year level of 29.7%.

正如簡報第 9 頁所強調的那樣，毛利率為 29.6%，與上一年 29.7% 的水平相比下降了 10 個基點。

During the quarter, we recognized LIFO expense of $2 million compared to $4.6 million in the prior year quarter.

本季度，我們確認後進先出費用為 200 萬美元，去年同期為 460 萬美元。

This net LIFO tailwind had a favorable 24 basis point year over year impact on gross margins.

這種淨後進先出的順勢對毛利率產生了同比 24 個基點的有利影響。

Overall, the underlying trend in the quarter was largely in line with our expectation for some near-term gross margin easing into early fiscal 2025.

總體而言，本季的基本趨勢在很大程度上符合我們對 2025 財年初近期毛利率下降的預期。

This partially reflects tougher comparisons, including prior year first quarter rebates favorability in our service center segment as well as LIFO expense favorability during the fourth quarter of last year.

這在一定程度上反映了更嚴格的比較，包括去年第一季我們服務中心部門的回扣優惠以及去年第四季的後進先出費用優惠。

In addition, mix was unfavorable, both year over year and sequentially, primarily reflecting outpaced national account growth and lower engineered solutions sales.

此外，無論是同比還是環比，混合情況都不利，主要反映了國民帳戶增長速度超過了國民帳戶增長速度以及工程解決方案銷售額下降。

Scrapping freight costs were also slightly higher in the quarter but are expected to normalize going forward.

本季報廢運費也略有上升，但預計未來將趨於正常化。

We estimate price cost was relatively neutral to the quarter's performance.

我們估計價格成本對於本季的業績來說相對中性。

As it relates to operating costs, selling, distribution and administrative expenses increased 3.7% compared to prior year levels.

由於與營運成本相關，銷售、分銷和管理費用比上年水準增加了 3.7%。

SG&A expense was 19.3% of sales during the quarter, up from 18.7% during the prior year quarter.

SG&A 費用佔本季銷售額的 19.3%，高於去年同期的 18.7%。

On an organic constant currency basis, SG&A expense was up 80 basis points over the prior year period.

在有機固定貨幣基礎上，SG&A 費用比上年同期增加 80 個基點。

This includes an unfavorable 150 basis point impact from higher deferred compensation costs and one extra payroll day compared to the prior year.

這包括與前一年相比，更高的遞延薪資成本和一個額外的薪資發放日帶來的 150 個基點的不利影響。

As a reminder, fluctuations of deferred compensation costs in SG&A are primarily driven by market values of investments tied to our nonqualified deferred compensation plan, there's a corresponding offset to these fluctuations in other income and expense, which we report below net interest expense and income.

提醒一下，SG&A 遞延薪酬成本的波動主要是由與我們的不合格遞延薪酬計劃相關的投資的市場價值驅動的，其他收入和支出的這些波動有相應的抵消，我們在淨利息支出和收入下方報告。

In addition, we had some expense deleveraging as expected given the sales decline in the quarter.

此外，鑑於本季銷售額下降，我們正如預期的那樣進行了一些費用去槓桿化。

On an organic basis, adjusting for the M&A impact, currency fluctuations, the extra payroll day and deferred comp accounting impact, SG&A expense was down slightly year over year.

在有機基礎上，調整併購影響、貨幣波動、額外發薪日和遞延補償會計影響後，SG&A 費用較去年同期略有下降。

We remain prudent with cost measures and have continued to fund in process strategic growth-oriented investments in light of firming demand the past couple of months.

我們對成本措施保持審慎態度，並鑑於過去幾個月需求的堅挺，繼續為正在進行的策略成長型投資提供資金。

Overall, the organic sales decline in the quarter, combined with the aforementioned gross margin and SG&A dynamics resulted in reported EBITDA declining 3.3% year over year, while EBITDA margin of 11.7% decreased 44 basis points.

總體而言，本季有機銷售額下降，加上上述毛利率和 SG&A 動態，導致報告的 EBITDA 年比下降 3.3%，而 EBITDA 利潤率為 11.7%，下降 44 個基點。

Though EBITDA was partially balanced by greater interest income on higher cash balances as well as a lower tax rate relative to prior year levels and foreign currency gains.

儘管 EBITDA 部分被現金餘額增加帶來的利息收入以及相對於上年水準較低的稅率和外匯收益所平衡。

Many of these factors, we reported earnings per share of $2.36, which was down a modest 1% from prior year levels.

在許多因素的影響下，我們公佈的每股收益為 2.36 美元，比上年水準小幅下降 1%。

Moving to our cash flow performance.

轉向我們的現金流表現。

Cash generated from operating activities during the first quarter was $127.7 million, while free cash flow totaled $122.2 million representing conversion of 133% relative to net income.

第一季經營活動產生的現金為 1.277 億美元，自由現金流總計 1.222 億美元，相當於淨利的 133%。

Compared to the prior year, free cash nearly doubled and hit a record first quarter level.

與去年同期相比，自由現金幾乎翻了一番，並在第一季達到了創紀錄的水平。

Our cash flow growth primarily reflects more modest working capital investment compared to the prior year as well as ongoing progress with the internal initiatives and our enhanced margin profile.

我們的現金流成長主要反映了與前一年相比，營運資本投資更為溫和，以及內部措施的持續進展和我們提高的利潤率。

Turning now to our outlook.

現在轉向我們的展望。

As indicated in today's press release and detailed on page 12 of our presentation, we are modestly raising full year fiscal 2025 EPS guidance to reflect updated assumptions for interest and other income following first quarter results.

正如今天的新聞稿和簡報第 12 頁所詳述的那樣，我們將小幅提高 2025 財年每股收益指引，以反映第一季業績後利息和其他收入的最新假設。

We now project EPS in the range of $9.25 to $10 compared to prior guidance of $9.20 to $9.95. That said, we are maintaining our sales guidance of down 2.5% to up 2.5% including down 4% to up 1% on an organic daily basis as well as EBITDA margins of 12.1% to 12.3%.

我們現在預計每股收益為 9.25 美元至 10 美元，而先前的指引為 9.20 美元至 9.95 美元。也就是說，我們維持銷售指導，即下降 2.5% 至成長 2.5%，其中每日有機成長下降 4% 至成長 1%，以及 EBITDA 利潤率 12.1% 至 12.3%。

Our sales outlook takes into consideration October to date sales trends and ongoing near-term economic uncertainty.

我們的銷售前景考慮了 10 月迄今為止的銷售趨勢和持續的近期經濟不確定性。

We're assuming potentially subdued customer activity through the balance of the calendar year, reflecting general malaise around the upcoming US election and into the seasonally slower fall and winter months.

我們假設在日曆年的剩餘時間內客戶活動可能會受到抑制，這反映出即將到來的美國大選以及季節性放緩的秋季和冬季月份的普遍不適。

Taken together, we currently project fiscal second quarter organic daily sales to decline by a low to mid-single digit percent over the prior year quarter.

總的來說，我們目前預計第二財季有機日銷售額將比去年同期下降低至中個位數百分比。

We assume end market demand stabilizes into the back half of the year with potential for some modest improvement later in the year.

我們假設終端市場需求在今年下半年趨於穩定，並有可能在今年稍後出現一些小幅改善。

Combined with easing comparisons, the midpoint of guidance assumes average organic daily sales are relatively unchanged year over year in the second half of our fiscal year, including a return to modest growth in the fourth quarter.

結合寬鬆的比較，指導的中點假設我們財年下半年的平均每日有機銷售額同比相對不變，包括第四季度恢復溫和增長。

Overall, this underlying quarterly sales trend assumption is directionally consistent with our initial outlook provided in August.

總體而言，這個基本季度銷售趨勢假設與我們 8 月提供的初步展望在方向上一致。

And while our first quarter sales exceeded our expectations, we believe it remains prudent to maintain our initial assumptions at this early point in our fiscal year.

儘管我們第一季的銷售額超出了我們的預期，但我們認為在本財年的早期階段維持我們的初步假設仍然是謹慎的。

Lastly, we expect second quarter gross margins to increase slightly on a sequential basis and EBITDA margins of 11.7% to 11.9%.

最後，我們預計第二季毛利率將環比小幅成長，EBITDA 利潤率為 11.7% 至 11.9%。

This includes assumptions of potential expense deleveraging on organic sales declines as well as the impact of our growth investments offset by lower LIFO expense compared to the prior year.

這包括對有機銷售下降的潛在費用去槓桿化的假設，以及我們的成長投資的影響被與前一年相比較低的後進先出費用所抵消。

With that, I now turn the call back over to Neil for some final comments.

至此，我現在將電話轉回給尼爾，徵求一些最終意見。

Thanks, Dave.

謝謝，戴夫。

So to wrap up and summarize, we feel good about the positive demand signals that we're starting to see develop, including rising order trends across our higher margin engineered solutions segment.

因此，總而言之，我們對開始看到的積極需求訊號感到滿意，包括我們利潤率較高的工程解決方案領域的訂單趨勢不斷上升。

We also had many self-help growth and margin opportunities that we expect to manifest in coming quarters.

我們還有許多自助成長和利潤機會，預計將在未來幾季顯現出來。

That said, we expect near-term sales to remain choppy as customers slowly reengage production and capital investments ahead of the upcoming US election and seasonally slower fall and winter months.

儘管如此，我們預計近期銷售仍將波動，因為客戶在即將到來的美國大選以及秋季和冬季季節性放緩之前緩慢地重新投入生產和資本投資。

We also remain cognizant of lingering macro cross currents, including geopolitical unrest and some uncertainty around the cadence and extent of interest rate cuts near-term.

我們也仍然認識到揮之不去的宏觀交叉潮流，包括地緣政治動盪以及近期降息節奏和程度的一些不確定性。

As such, we believe maintaining our fiscal 2025 sales and EBITDA margin outlook remains prudent at this juncture, pending greater clarity on the demand and macro backdrop in coming months.

因此，我們認為，在未來幾個月需求和宏觀背景更加明確的情況下，目前維持 2025 財年銷售額和 EBITDA 利潤率前景仍然審慎。

Importantly, we remain constructive on the underlying fundamental outlook within our core end markets and industry focus.

重要的是，我們對核心終端市場和產業重點的基本面前景仍然持建設性態度。

We're favorably positioned to drive above market growth and margin expansion as demand reaccelerates, reflecting our industry position and internal initiatives.

隨著需求重新加速，我們處於有利地位，可以推動高於市場的成長和利潤擴張，這反映了我們的行業地位和內部舉措。

From critical break-fix MRO support at a local level to an expanding portfolio of emerging technologies and specialized engineering solutions, we believe our capabilities and strategy are significant to our customers and as customers reconfigure and reinforce supply chains in support of their own growth strategies long term.

從本地層面的關鍵故障修復MRO 支援到不斷擴大的新興技術和專業工程解決方案組合，我們相信我們的能力和策略對我們的客戶至關重要，並且隨著客戶重新配置和加強供應鏈以支援其自身的長期成長策略學期。

Demand tailwinds around reshoring and infrastructure investment in the US are just beginning to manifest and could accelerate over the next three to five years.

美國回流和基礎設施投資的需求推動力剛開始顯現，並可能在未來三到五年內加速。

At the same time, US manufacturing infrastructure is aged and as our customers technical service and support requirements have increased as they manage their own labor constraints.

同時，美國的製造基礎設施已經老化，而我們的客戶在管理自己的勞動力限制時，對技術服務和支援的要求也隨之增加。

We believe this backdrop could present an extended period of structurally higher break-fix MRO activity as well as ongoing investment into refreshing and expanding industrial production infrastructure and capacity across North America.

我們認為，這種背景可能會導致較長時期內結構性較高的故障修復 MRO 活動，以及對更新和擴大整個北美工業生產基礎設施和產能的持續投資。

This will require strong channel partners with leading technical capabilities, next-generation solutions and strategic supplier relationships.

這將需要擁有領先技術能力、下一代解決方案和策略供應商關係的強大通路合作夥伴。

Our strategy and growth initiatives are strongly aligned with these trends and requirements.

我們的策略和成長計劃與這些趨勢和要求緊密結合。

We believe this creates a compelling growth opportunity into calendar 2025 and longer term and we're positioning our teams and investments accordingly.

我們相信，這將在 2025 年及更長期內創造一個引人注目的成長機會，我們正在相應地定位我們的團隊和投資。

And then lastly, we're well positioned to capitalize on the next iteration of the industrial economy given our domain knowledge and scale across industrial facilities core capital equipment.

最後，鑑於我們的領域知識和工業設施核心資本設備的規模，我們處於有利地位，可以利用工業經濟的下一個迭代。

This includes our expertise around critical motion and power, trained products in demanding applications, access to premier supplier brands and nonstandard components and nationwide local service reliability.

這包括我們在關鍵運動和動力方面的專業知識、在要求嚴格的應用中經過培訓的產品、獲得一流供應商品牌和非標準組件的機會以及全國範圍內的本地服務可靠性。

In addition, we have leading channel position in providing advanced robotics, machine vision and high-tech fluid power systems.

此外，我們在提供先進機器人、機器視覺和高科技流體動力系統方面擁有領先的通路地位。

Combined with our network of service shops, technicians and engineers, we're playing a critical role in linking legacy industrial production infrastructure and processes with new advanced applications and technologies, both now and into the future.

結合我們的服務店、技術人員和工程師網絡，無論現在或未來，我們在將傳統工業生產基礎設施和流程與新的先進應用和技術連接起來方面發揮關鍵作用。

Overall, I remain excited about our potential, and we look forward to showcasing our capabilities in the quarters and years to come.

總的來說，我仍然對我們的潛力感到興奮，我們期待在未來的季度和幾年中展示我們的能力。

Once again, we thank you for your continued support and with that, we'll open up the lines for your questions.

我們再次感謝您一直以來的支持，我們將開通熱線回答您的問題。

(Operator Instructions)

（操作員說明）

David Manthey, Baird.

大衛曼蒂，貝爾德。

Thank you.

謝謝。

Good morning, guys.

早安，夥計們。

My first question is more out of curiosity.

我的第一個問題更多的是出於好奇。

When you talk about orders in the ES segment, do you have a rough approximation of what percentage of ES sales are coming via customer capital spending budgets versus expense items?

當您談論 ES 細分市場的訂單時，您是否粗略地了解透過客戶資本支出預算與費用項目獲得的 ES 銷售額的百分比？

And then related to that, you talked about that orders were better in September and then you talked about, I guess, delivery sales trends in October being a bit softer, but did orders remain strong in the midst of October as well?

與此相關的是，您談到 9 月份的訂單情況更好，然後您談到，我猜，10 月份的交貨銷售趨勢有點疲軟，但是 10 月中旬的訂單是否也仍然強勁？

Yeah.

是的。

So Dave, I'll start.

戴夫，我要開始了。

I think across our engineered solutions, many of those sales to our customers can be capitalized and are by them.

我認為，在我們的工程解決方案中，許多向客戶的銷售都可以資本化，並且是由他們進行的。

But I would say, they are not large significant capital investments for them, and they have a very good returns profile.

但我想說，它們對他們來說並不是大規模的資本投資，而且它們的回報率非常好。

And so I often term it as -- think about it that today can be OpEx type activities that enhance performance and productivity that obviously they will capitalize.

所以我經常稱之為——想一想，今天可以是營運支出類型的活動，可以提高效能和生產力，顯然他們會利用這些活動。

So they're not heavy capital-intensive systems on that side.

因此，它們在這方面並不是重型資本密集系統。

We were encouraged by the order trends that we talked about in the first quarter and have that coming across including the double-digit side in technology, which is good to see as well as the automation side.

我們對第一季討論的訂單趨勢感到鼓舞，其中包括技術領域的兩位數訂單趨勢，這和自動化方面都是很好的。

And I'd say early on, while there can be some evenness month to month, we are continuing to be encouraged by that activity, especially across automation and the combined engagement with our service center teams, our access and position with some of those customers and helping them solve problems that are either presented around labor constraints that they're still dealing with or their view of how they can use automation and technology to enhance productivity.

我很早就說過，雖然每個月可能會有一些均勻性，但我們繼續受到這項活動的鼓舞，特別是在自動化和與我們的服務中心團隊的全面參與、我們與其中一些客戶的訪問和地位方面幫助他們解決仍然面臨的勞動力限製或他們對如何使用自動化和技術來提高生產力的看法所出現的問題。

So it's like early to call that it's sustained and the steady uprise from here perfectly, but we are encouraged.

因此，現在稱其從這裡開始持續穩定上漲還為時過早，但我們受到了鼓舞。

That's good to hear.

很高興聽到這個消息。

Thanks, Neil.

謝謝，尼爾。

Next one for -- partially for Dave to -- still quiet on the acquisition front a little bit here and your net debt continues to dwindle down.

下一個——部分是戴夫——在收購方面仍然保持安靜，你的淨債務繼續減少。

Just wondering if you talk about the pipeline there, are seller expectations too high?

只是想知道您是否談論那裡的管道，賣家的期望是否太高？

Are you not finding targets that are congruent with your strategy?

您是否沒有找到與您的策略相符的目標？

And then when I look at slide 11, and I think about share repurchase relative to these other capital allocation priorities, it would seem like based on where you're at today, if you can't find M&A deals to do, that share repurchase would leapfrog up to number two on that list.

然後，當我看投影片 11 時，我想到相對於其他資本配置優先事項的股票回購，這似乎是基於您今天所處的位置，如果您找不到要做的併購交易，那麼股票回購將躍升至該名單上的第二名。

And Neil, you said something about allocating more capital in the coming years.

尼爾，您談到了未來幾年分配更多資本的問題。

So maybe you could just talk a bit about those two items and how you feel about them as we enter the next calendar year here?

那麼也許您可以談談這兩個項目以及當我們進入下一個日曆年時您對它們的感受如何？

You bet.

你打賭。

I mean to your point, Dave, we do remain very disciplined in terms of the targets.

我的意思是，戴夫，就你的觀點而言，我們在目標方面確實保持著非常嚴格的紀律。

That said, very encouraged by the pipeline and where we stand, like I said, both in terms of the more traditional bolt-on deals and some more midsized deals.

也就是說，正如我所說，無論是在更傳統的補充交易還是一些中型交易方面，管道和我們的立場都讓我們深受鼓舞。

So very active there to our priorities.

對於我們的優先事項非常積極。

Once again, those are around -- really focused on the continued build-out of engineered solutions, including the automation footprint that we've continued to expand both organically and through the bolt-on acquisitions, as well as certainly around continuing to build out the flow control and fluid power.

再一次，這些都是圍繞的——真正專注於工程解決方案的持續構建，包括我們繼續有機地和透過補強收購擴大的自動化足跡，當然也圍繞著繼續建立流量控制和流體動力。

So like the pipeline, like what we're seeing there, we continue to be more active in recent quarters on share buyback.

因此，就像管道一樣，就像我們在那裡看到的那樣，我們在最近幾季繼續更加積極地進行股票回購。

We may discipline there as well, just thinking about.

我們也可以在那裡紀律，只是想想。

But would we expect to see that continue over the next few quarters just given to your point where the cash position and leverage is.

但考慮到現金部位和槓桿率的情況，我們預計這種情況會在接下來的幾季繼續下去嗎？

So like I said, expect good things there as we move forward, I remain very encouraged.

所以就像我說的，隨著我們的前進，期待美好的事情發生，我仍然非常受到鼓舞。

Like I said, I just can't always control the timing on some of these acquisitions that are still in the pipeline.

就像我說的，我只是無法總是控制仍在進行中的一些收購的時機。

Yeah.

是的。

And I'd say, Dave, you mentioned slide 11.

我想說，戴夫，你提到了幻燈片 11。

We think the $1 billion number of capital returned over the four years is good.

我們認為四年來 10 億美元的資本回饋還是不錯的。

Last year at little over [$250 million], and we would expect this year to be higher.

去年略高於 [2.5 億美元]，我們預計今年會更高。

And so we know and we'll continue to vet where there are good organic opportunities for us to invest that have a strong return profile in doing it.

所以我們知道，我們將繼續審查哪些地方有良好的有機投資機會，並且投資回報率很高。

With that said, we're not so capital intensive to do that.

話雖如此，我們並沒有那麼資本密集型來做到這一點。

M&A will remain a strong priority.

併購仍將是重中之重。

But we're committed.

但我們承諾。

We will not just stack cash.

我們不會只堆放現金。

We think in the setup in this environment, we're going to have multiple opportunities to further build out our differentiation, our technical differentiation and what that will mean to customers and really all our stakeholders.

我們認為，在這種環境下的設置中，我們將有多種機會來進一步建立我們的差異化、技術差異化以及這對客戶和所有利害關係人意味著什麼。

And I do like the fact that we continue to protect some of the SG&A spend that's very much focused on organic growth with several key projects ongoing there in light of what we see is pending recovery and the importance of that investment as well for organic growth.

我確實喜歡這樣一個事實，即我們繼續保護一些非常注重有機增長的銷售管理費用支出，鑑於我們看到的即將復甦以及該投資對有機增長的重要性，幾個關鍵項目正在進行中。

So we continue to work some of the temporary cost actions in addition to just the natural shock absorbers in the business to protect the bottom line profitability, but continue to still fund some of that SG&A spend that's focused on some very critical organic growth projects.

因此，除了業務中的自然減震器之外，我們還繼續採取一些臨時成本行動，以保護底線盈利能力，但仍繼續為部分SG&A支出提供資金，這些支出主要用於一些非常關鍵的有機增長項目。

Yeah, that all sounds really good.

是的，這一切聽起來都很好。

Thanks a lot guys.

非常感謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Hey, good morning.

嘿，早安。

Just wanted to dive into some of the areas where you saw some improvement, I think, automation and technology where -- particularly the commentary seems a little inflected from recent quarters.

我只是想深入探討一些你看到一些改進的領域，我認為，自動化和技術——特別是評論似乎與最近幾季相比有些變化。

So wondering if you can comment further on how sticky you think that feels?

那麼想知道您是否可以進一步評論您認為這種感覺有多黏？

And also particularly some layers on what's going on with technology.

特別是關於科技發展的一些層面。

Are you seeing device makers, those types of customers starting to actually increase production?

您是否看到設備製造商（此類客戶）開始實際增加產量？

Yeah.

是的。

So if I start on technology, it's good to see the increased order rate and activity that was a sales contributor to our engineered solutions segment in the quarter kind of relatively flat for the past seven quarters or so, good to see that.

因此，如果我從技術開始，很高興看到訂單率和活動的增加，這是本季度我們工程解決方案部門的銷售貢獻者，在過去的七個季度左右相對持平，很高興看到這一點。

I think most indicators are an activity that we would see, increased activity around the chip manufacturers.

我認為大多數指標都是我們會看到的活動，即晶片製造商活動的增加。

And then, I think the forecast that many have for '25 on wafer fab equipment being at high percentage numbers perhaps over 20% for '26, perhaps still being double digit on top of that, I think we'd start to see some early indications.

然後，我認為許多人對 25 年晶圓廠設備的預測在 26 年可能會超過 20%，除此之外可能仍然是兩位數，我認為我們會開始看到一些早期的情況跡象。

Obviously, we're involved with customers and have those exchanges into that.

顯然，我們與客戶進行了交流並進行了交流。

So perhaps still early.

所以也許還早。

But I think as we move into and through calendar '25, that's going to be favorable for us on the technology front.

但我認為，隨著我們進入 25 日曆年，這將對我們在技術方面有利。

And then on the automation side, continue to be high interest and activity on the robotics side, the autonomous mobile robots, AMRs, the collaborative side as customers look to enhance or deal with their own labor challenges and doing it has been encouraging.

然後在自動化方面，機器人方面、自主移動機器人、AMR、協作方面繼續受到高度關注和活動，因為客戶希望增強或應對自己的勞動力挑戰，並且這樣做是令人鼓舞的。

So pipeline and activity, the amount of application engineering work that we have going on is good.

因此，我們正在進行的管道和活動以及應用工程工作量都很好。

But also on the vision side, as we think about product and process inspection, what that can mean for quality control and enhancements on that side, we've got good activity on that front.

但在願景方面，當我們考慮產品和流程檢查時，這對品質控制和增強意味著什麼，我們在這方面開展了良好的活動。

And so like we say, not always even when the projects get implemented.

正如我們所說，即使專案得到實施，情況也並非總是如此。

And oftentimes, there's other parts that have to sequence into that but we are encouraged by the general activity.

通常，還有其他部分必須按順序排列，但我們對整體活動感到鼓舞。

And so directly to your question, we think there's stickiness there.

直接回答你的問題，我們認為那裡存在黏性。

Great.

偉大的。

And then just a little more on the capital.

然後再稍微介紹一下首都。

That's the other area on the pipeline where it sounds like the commentary has inflected to more bullish.

這是管道中的另一個領域，聽起來評論變得更加樂觀。

And I don't recall the midsized reference, standard [Virginia] press release, but what has really transpired in that pipeline?

我不記得中型參考標準的[弗吉尼亞州]新聞稿，但在該頻道中真正發生了什麼？

Are you seeing looser postures by sellers that you've been tracking for a long time?

您是否發現您長期追蹤的賣家態度有所放鬆？

I'd say, you need time in the environment or cycles -- companies become available.

我想說，你需要在環境或週期中度過一段時間——公司變得可用。

I mean, our prospect is we know who fits for all the timing.

我的意思是，我們的前景是我們知道誰適合所有時機。

I think I've always said clearly our focus, our priorities are bolt-ons in the right areas and midsize as well.

我想我一直都清楚地說出我們的重點，我們的優先事項是在正確的領域和中型企業中補充。

So I don't know that too much to read into the -- in the remarks.

因此，我不知道太多內容，無法閱讀評論中的內容。

I think, I don't know, perhaps there before, it's clearly been good in my verbiage and our focus that we're working on and executing that.

我想，我不知道，也許以前，我的措辭和我們正在努力和執行的重點顯然是好的。

We look across and we think there are many good opportunities.

我們放眼望去，我們認為有很多好的機會。

And then they -- based on cycles running and operating those businesses, there's challenges.

然後，基於運行和運營這些業務的周期，就會出現挑戰。

And clearly, scale can help in doing it.

顯然，規模可以幫助做到這一點。

Customers are expecting more in the side.

客戶對這方面的期望更高。

And there's just avenues or areas that we can help.

我們可以在某些途徑或領域提供協助。

And with the frequency and the amount of acquisitions that we've had, we've got a very good track record of integrating and operating.

憑藉我們收購的頻率和數量，我們在整合和營運方面擁有非常良好的記錄。

And I think that's attractive to prospective sellers.

我認為這對潛在賣家很有吸引力。

Thanks Neil.

謝謝尼爾。

Thank you.

謝謝。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Hey, good morning guys,

嘿，早安，夥計們，

Morning.

早晨。

Great.

偉大的。

So first question here on the October trends.

第一個問題是關於十月的趨勢。

Sorry if I missed this, but is there a way to quantify what you think the hurricane impacts are so far into the month?

抱歉，如果我錯過了這一點，但是有沒有辦法量化您認為本月到目前為止颶風的影響？

And then just any color on the monthly comps for November and December, and what those look like as we progress through the record?

然後是 11 月和 12 月月度比較中的任何顏色，當我們在記錄中取得進展時，這些顏色會是什麼樣子？

I'm just trying to frame the new 2Q AIT guide relative to the October trends.

我只是想根據 10 月的趨勢來製定新的第二季 AIT 指南。

Yeah, I can start.

是的，我可以開始了。

I think on the hurricane, I don't know that I've got a great quantification to it.

我認為關於颶風，我不知道我對它有很好的量化。

We have -- we can look at associate that are still displaced in a few of the areas.

我們可以查看一些地區仍然流離失所的員工。

We're up and running and operating.

我們已經啟動、運作和運作。

We do look at customers in some of the most impacted areas.

我們確實關註一些受影響最嚴重地區的客戶。

And I'd say, they fall in buckets of maybe easily think about it, a third running very well, a third running maybe at some reduced but likely to ramp and then some others that perhaps will be down for a little bit more extended period.

我想說，它們可能很容易想到，第三個運行得很好，第三個運行可能會有所減少，但可能會增加，然後其他一些可能會在更長的時間內下降。

But it is one great tragedy and we're looking to support all of them.

但這是一場巨大的悲劇，我們希望支持所有人。

I think in its total, from an economic standpoint, it's one, hey, we just work through like other weather events in the side.

我認為總的來說，從經濟的角度來看，這是一個，嘿，我們只是像其他天氣事件一樣應對。

And then as I just think about the October side rate, it's still early on the month to date trends.

然後，當我考慮 10 月的邊際利率時，本月迄今的趨勢仍處於早期階段。

We do have six to seven days to go, and there can be natural pickup in those final days.

我們確實還有六到七天的時間，在最後幾天可能會自然恢復。

There's usually that type of activity.

通常都會有這樣的活動。

And so we could expect some of that to occur as well in October.

因此，我們預計其中一些也會在十月發生。

Ken, I just would say, as it relates to the year over year comps by month, I'd say, November is somewhat similar to October in the prior year.

肯，我只是想說，因為它與逐月的逐年比較有關，我想說，11 月與去年的 10 月有些相似。

And then we do have an easier comparison coming about in December relative to both October and November.

然後我們確實可以對 12 月相對於 10 月和 11 月進行更簡單的比較。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then a follow-up here, I was pleasantly surprised by just how good the quarter ended.

然後是這裡的後續行動，我對本季的出色結束感到驚訝。

I'm curious if you could just talk a little bit about whether you think you're gaining incremental share in this weaker demand environment?

我很好奇您能否簡單談談您是否認為您在這個需求疲軟的環境中獲得了增量份額？

I think one of your largest competitors saw some weaker demand in their industrial business this past quarter versus their expectations.

我認為你們最大的競爭對手之一上個季度的工業業務需求低於預期。

And so it does seem like you outperformed here, but I'm just curious if you think you are potentially winning customers from your bigger competitors or if this is more so just a mix dynamic depending on the niches of the end markets that you play in?

因此，看起來您確實在這裡表現出色，但我只是好奇您是否認為您有可能從更大的競爭對手那裡贏得客戶，或者這是否更重要的是取決於您所參與的終端市場的利基市場的混合動力？

I think we're getting benefits on our focus areas in that as it executes and we talked about a little bit of the engineered solutions.

我認為，隨著它的執行，我們正在從我們的重點領域中受益，我們討論了一些工程解決方案。

I mean, obviously, the space is large, and there's a lot of solutions and product sets that go out and we compete against many in that highly fragmented space, I think what you are seeing and will continue.

我的意思是，顯然，這個空間很大，有很多解決方案和產品組合推出，我們在這個高度分散的空間中與許多人競爭，我認為你所看到的並將繼續下去。

Customers just look to consolidate spend.

客戶只是希望整合支出。

They're going to look to do business with fewer, more capable suppliers into that side.

他們將尋求與更少、更有能力的供應商開展業務。

And we're just intent on being one of those that can do that.

我們只是想成為能夠做到這一點的公司之一。

But we've got a clear focus, we've got a clear strategy on our customers and how we can expand our offering within them, and that's going to continue to be a focus area.

但我們有一個明確的重點，我們對我們的客戶以及我們如何在他們中擴展我們的產品有明確的策略，這將繼續成為一個重點領域。

And then we think cross-sell, while still early innings, we'll continue to gain traction, and that's valuable to the customers and our teams continue to do a good job at it.

然後我們認為交叉銷售雖然仍處於早期階段，但我們將繼續獲得吸引力，這對客戶來說很有價值，我們的團隊將繼續在這方面做得很好。

Very good.

非常好。

Thanks for the color.

謝謝你的顏色。

Brett Linzey, Mizuho.

布雷特·林澤，瑞穗。

Hi, good morning, all.

嗨，大家早安。

Good morning.

早安.

Good morning.

早安.

Hey, first question is just on the automation engineered platform.

嘿，第一個問題只是關於自動化工程平台。

And thinking in terms of staffing and overhead, is it fair to say that the AIT retained a lot of the personnel and the integrator capacity even when volumes were weak?

從人員配置和管理費用方面考慮，即使在銷售疲軟的情況下，AIT 仍保留了大量人員和整合商能力，這樣說是否公平？

And as we see this recovery, you should get fairly good utilization and leverage there?

正如我們看到的這種復甦，您應該在那裡獲得相當好的利用率和槓桿作用？

Or are the resources that need to come back as you satisfy some of the return of the order growth here?

還是當你滿足這裡訂單成長的一些回報時需要回來的資源？

No, Brett, we worked hard to stay at staffing levels we talked about in those periods.

不，布雷特，我們努力保持我們在那些時期談論的人員配備水平。

We were active, we were busy in the amount of customer engagement, the application engineering on the projects.

我們很活躍，我們忙於客戶參與和專案的應用工程。

The pace of those going through, maybe in some of those earlier times, slower times, there's a few more, there's an extra step in the approval process in doing it.

那些經歷的速度，也許在一些較早的時間，較慢的時間，還有更多，在批准過程中有一個額外的步驟。

But no, we've maintained consciously to have capability to have focus for what we see now and for what we believe for the period ahead, especially around robotics and vision.

但不，我們有意識地保持有能力專注於我們現在所看到的和我們對未來時期的信念，特別是在機器人和視覺方面。

We think there'll be two highly attractive areas.

我們認為將會有兩個非常有吸引力的領域。

Especially when we consider our core customer segments, their percentage of automation adoption remains still relatively low.

特別是當我們考慮我們的核心客戶群時，他們的自動化採用率仍然相對較低。

So interest is increasing.

所以興趣越來越大。

The need is there, and we think we can help fulfil a lot of that demand.

需求是存在的，我們認為我們可以幫助滿足很多需求。

That's great.

那太棒了。

Thanks for that.

謝謝你。

And then just a follow-up on the reassuring dynamic.

然後是令人放心的動態的後續行動。

So AIT has doubled the addressable markets over the last several years.

因此，AIT 在過去幾年中將潛在市場增加了一倍。

You've expanded the solutions.

您已經擴展了解決方案。

As you think about some of these critical industries that are getting reshored into the US, how is AIT's content per project or the wallet share of that commensurately improved or increased in line with the TAM?

當你想到一些正在回流到美國的關鍵產業時，AIT 每個項目的內容或錢包份額如何與 TAM 相應地改善或增加？

Should we think about kind of doubling of that as well?

我們是否也應該考慮將其加倍？

Any thoughts there on your content?

對您的內容有什麼想法嗎？

Yeah, I think we're seeing -- we are benefiting.

是的，我認為我們正在看到——我們正在受益。

We're well positioned on reshoring and the amount of activity.

我們在回流和活動量方面處於有利地位。

Just when we look at the amount of industrial construction projects, obviously, we're involved directly, but also indirectly.

從工業建設項目的數量來看，顯然我們有直接參與，但也有間接參與。

I mean, there's benefit for metals, aggregates, cement and those support industries, which are good for us and we have good participation in content there.

我的意思是，這對金屬、骨材、水泥和那些支援產業有利，這對我們有利，我們對這些產業的內容有很好的參與。

So we feel like it is going to only continue as customers or these industries look to derisk supply chains and have more things locally available to fully participate to be determined through the election cycle how the tariff dynamic changes other than, I think it looks like they will continue and perhaps at a heightened level, just depends on perhaps the outcome at what degree of heightened level.

因此，我們認為，只有當客戶或這些行業希望消除供應鏈風險，並在當地有更多的東西可以充分參與時，這種情況才會繼續下去，透過選舉週期來確定關稅動態如何變化，而不是我認為看起來像它們將會繼續下去，也許會達到更高的水平，只是取決於提高水平的結果。

So we think reshoring will continue.

因此我們認為回流將會繼續。

And for us, we've got involvement then with our customers to help them either bring those projects or that work back into their facility.

對我們來說，我們已經與客戶合作，幫助他們將這些項目或工作帶回他們的工廠。

And that may be running their equipment more and some light capital requirements or they may be qualifying another supplier, which can play into further capacity build out.

這可能會更多地運行他們的設備，並且資本要求較低，或者他們可能會獲得另一家供應商的資格，這可以促進進一步的產能建設。

And they're looking for our help to work with their supply chain as well.

他們也在尋求我們的幫助來與他們的供應鏈合作。

So that's been positive for us.

這對我們來說是積極的。

And really, as I think about it, we're well positioned, not only in US, but our business in Mexico and Canada are getting benefits from that also.

事實上，正如我所想，我們不僅在美國處於有利地位，而且我們在墨西哥和加拿大的業務也從中受益。

Great.

偉大的。

Thanks for the insight.

感謝您的見解。

Thank you.

謝謝。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Hey, morning guys.

嘿，早上好，夥計們。

Thanks for taking the questions.

感謝您提出問題。

I guess to circle back to the organic investment opportunities you were kind of touching on earlier, I guess, maybe any update on the Pacific Northwest capacity investments?

我想回到您之前提到的有機投資機會，我想也許有關於太平洋西北地區產能投資的最新情況？

And update on some of the technology proliferation opportunities, anything worth kind of calling out in terms of things that start to kind of ramp into the back half of fiscal '25?

關於一些技術擴散機會的最新情況，在 25 財年後半段開始出現的事情方面，有什麼值得指出的嗎？

Yeah.

是的。

So what I would say, in the Northwest complete operational team fully in, in doing it, same with the fluid power technology investment in new facility running and operating there as well.

所以我想說的是，在西北地區，完整的營運團隊完全投入其中，與在那裡運行和運營的新設施的流體動力技術投資相同。

So well positioned, and we think both capacity moves, timing and investment for what it could be, will be an inflection of greater demand and both of those will serve us very well.

如此有利的位置，我們認為產能轉移、時機和投資都將成為更大需求的轉捩點，而這兩者都將對我們非常有利。

To make investments as well and times to move our automation businesses together with engineering solutions, things like that.

進行投資和時間，將我們的自動化業務與工程解決方案結合起來，諸如此類。

So they can collaborate and cross-sell even amongst where they have areas of specialties and continue to expand that footprint organically as well.

因此，即使在他們擁有專業領域的地方，他們也可以進行合作和交叉銷售，並繼續有機地擴大其足跡。

So that's another area of focus, and as well as driving some additional efficiencies and back office, some additional technology investment there really across the business, Chris.

所以這是另一個重點領域，除了提高效率和後台管理之外，還需要在整個業務中進行一些額外的技術投資，克里斯。

So it's on many fronts.

所以這是在很多方面。

Got it.

知道了。

Great color.

顏色很棒。

And I guess maybe one more conceptual question.

我想也許還有一個概念性問題。

It seems like there's a lot of appetite at the customer level for distributors that are able to play a more system integrator type approach in automation specifically.

客戶層面似乎對能夠在自動化領域採用更多系統整合商類型方法的經銷商有很大的興趣。

AIT seems to be kind of in a sweet spot there, I guess.

我想，AIT 似乎在這方面處於有利位置。

Do you think that's a correct assessment?

您認為這是正確的評估嗎？

And then, is there any kind of friction between some of the maybe integrated customers you serve and kind of where you play?

然後，您所服務的一些可能整合的客戶與您從事的業務之間是否存在任何摩擦？

Just maybe some thoughts on that market, particularly as it pertains to automation and the growth you're seeing there?

也許只是對這個市場的一些想法，特別是與自動化和您在那裡看到的成長有關的想法？

Sure.

當然。

So Chris, I'd say I don't view that there's friction and often in channels and markets and especially when they're going to be accelerated growth, products and solutions flow to multiple paths and customers often dictate that.

所以克里斯，我想說，我不認為通路和市場中經常存在摩擦，特別是當它們要加速成長時，產品和解決方案流向多種路徑，而客戶通常會決定這一點。

And so if they have some internal capability or it's a lighter project in that, they may be more active themselves.

因此，如果他們有一些內部能力或這是一個較輕的項目，他們自己可能會更加積極。

If the project is more complex, there's going to be integrators involved in that.

如果專案更複雜，就會有整合商參與其中。

And the way we work is that we're happy when our solutions flow in either of those ways in doing it.

我們的工作方式是，當我們的解決方案以任何一種方式進行時，我們都會感到高興。

We are also working and have more productized solutions as we think about in vision, in robotics, both collaborative and palletizing type applications and others that are more turnkey for customers as it goes in.

我們也正在努力並擁有更多產品化的解決方案，因為我們在視覺、機器人、協作和碼垛類型應用程式以及其他為客戶提供更多交鑰匙服務的領域中考慮。

And so that are lighter, they're not high investments, but they yield good benefit and that they can be replicated across.

因此，它們更輕，投資不高，但會產生良好的效益，並且可以複製。

So we'll look at those ways how we participate more in that.

因此，我們將研究如何更多地參與其中。

But no, hey, we're agnostic.

但不，嘿，我們是不可知論者。

Our focus is how we help customers with their problems with our solutions and integrators are a part of that going to market.

我們的重點是如何幫助客戶解決我們的解決方案的問題，而整合商是進入市場的一部分。

Got it.

知道了。

If I could just kind of follow up on that really briefly, the productized solutions are a really compelling opportunity.

如果我能簡單地跟進一下，產品化解決方案是一個非常有吸引力的機會。

I guess, in the past, I think palletizing was more mature.

我想，在過去，我認為碼垛更加成熟。

And I think there were some new markets you guys were kind of exploring or moving further into, machine operation and CMC operation being one.

我認為你們正在探索或進一步進入一些新市場，機器操作和 CMC 操作就是其中之一。

Just any update in terms of like the number of markets you're serving with the productized solutions today?

是否有任何更新，例如您今天使用產品化解決方案服務的市場數量？

Yeah, I don't know if I have a number of end markets.

是的，我不知道我是否有很多終端市場。

We think about those applications, whether they can be CMC, machine tending, warehousing and logistics, which also exist in all of our customers, right?

我們思考那些應用，是否可以是CMC、機器管理、倉儲和物流，這些也存在於我們所有的客戶中，對嗎？

Because as they move product out of the production environments and doing it in consumer packaging and quality control and inspection, there's more and more of those applications.

因為當他們將產品移出生產環境並進行消費包裝以及品質控制和檢查時，這些應用程式會越來越多。

So in some of those, if we can make it easier, less integration requirements, less upfront engineering requirements in that, it just accelerates adoption.

因此，在其中一些方面，如果我們能讓事情變得更容易，減少整合要求，減少前期工程要求，它只會加速採用。

And then for us, we think it opens up even more opportunities around things that may be a little bit more technically challenging to do but still we'll have very significant benefits for the customer.

對我們來說，我們認為它為一些技術上可能更具挑戰性的事情開闢了更多機會，但我們仍然將為客戶帶來非常顯著的好處。

So we like the productized solutions as an entry point.

因此，我們喜歡將產品化解決方案作為切入點。

It's likely not taking or solving all the customer requirements in their facilities or addressing all the opportunities they can, but it is opening more and more doors for us.

它可能不會滿足或解決客戶設施中的所有需求，也不會抓住所有可能的機會，但它為我們打開了越來越多的大門。

Makes sense.

有道理。

Thanks so much for the call.

非常感謝您的來電。

Thank you.

謝謝。

Aaron Reed, Northcoast Research.

亞倫·里德，北海岸研究中心。

Hey, good morning, gentlemen.

嘿，早上好，先生們。

Good morning.

早安.

I was wondering if you could talk a little bit more about any remaining pressure coming from inflation?

我想知道您是否可以多談談通膨帶來的剩餘壓力？

Or are there any remaining pockets that you're seeing that could be issues in the near future?

或者您認為還有哪些剩餘空間可能在不久的將來出現問題？

Or is most of that behind you guys?

還是大部分都已經在你們身後了？

We still see general steady inflation, which once again, for distributors is good.

我們仍然看到整體穩定的通膨，這對分銷商來說再次是件好事。

We said price cost relatively neutral in the quarter, price at about 100 basis points.

我們表示本季價格成本相對中性，價格約為 100 個基點左右。

So I think what we're seeing is that slow, steady inflationary impact largely coming from labor and other overhead spend from our manufacturers.

因此，我認為我們看到的是緩慢而穩定的通膨影響主要來自我們製造商的勞動力和其他間接支出。

Once again, we do partner well with our key suppliers to take those price increases and pass them on in orderly fashion.

我們再次與我們的主要供應商建立了良好的合作夥伴關係，以有序地接受這些價格上漲並傳遞出去。

But you can see it in the easing LIFO trends, and it's more normalized and steady state now.

但你可以在後進先出趨勢的寬鬆中看到這一點，而且現在處於更正常化和穩定的狀態。

So no pockets I look at as areas of concern.

所以我不認為口袋是值得關注的領域。

And like I said, this good, steady, slight inflationary impact is good for distribution because we know how to take it, package it, pass it on in orderly fashion and drop some incremental to the bottom line during the process.

正如我所說，這種良好、穩定、輕微的通膨影響有利於分配，因為我們知道如何接受它、包裝它、以有序的方式傳遞它，並在此過程中將一些增量降到底線。

Okay.

好的。

Great.

偉大的。

And then the other part is, and you briefly touched on it, and we're hearing a lot of it as well, too, is a lot of just pent-up demand from people who are waiting for after the election.

然後另一部分是，你簡單地談到了它，我們也聽到了很多，也是很多等待選舉後的人們被壓抑的需求。

And I'm kind of wondering if you -- when you hear that, if you're thinking that people are saying, we're going to wait until after the election and that's legitimately the reason?

我有點想知道，當你聽到這個消息時，如果你認為人們在說，我們要等到選舉之後，這就是合理的原因嗎？

Or is that some sort of an excuse saying, hey, after the election, but there might be some other considerations out there that they're taking in?

或者這是某種藉口，說，嘿，在選舉之後，但他們可能還會考慮其他一些因素？

And on that, I know it's difficult to quantify what that might be.

關於這一點，我知道很難量化這可能是什麼。

I was wondering if you could speak a little bit more about the potential timing of if there is pent-up demand, how quickly do you think you would be seeing revenue being generated off of that?

我想知道您是否可以多談談如果存在被壓抑的需求的潛在時機，您認為您會多快看到由此產生的收入？

Yeah.

是的。

So one, I think the election, I don't know that it's a real driver, but clearly, it has top of mind conversations for many of that.

所以，我認為選舉，我不知道它是一個真正的驅動因素，但顯然，它在許多方面都有首要的對話。

I think we have seen general belt tightening and deferral.

我認為我們已經看到了普遍的緊縮政策和延遲政策。

And if that's the entry point, there will be more of that release in post November time frame into December and then going into early 2025 on that front.

如果這是切入點，那麼在 11 月後到 12 月的時間範圍內，然後到 2025 年初，將會有更多的版本發布。

So we think that has occurred and so there can be some positives or some pickup for us as we go through then into what would be our Q3 and the start of the new calendar year.

因此，我們認為這種情況已經發生，因此當我們進入第三季度和新日曆年的開始時，我們可能會遇到一些積極的事情或有所回升。

Great.

偉大的。

That makes sense.

這是有道理的。

Thank you.

謝謝。

Sabrina Abrams, Bank of America.

薩布麗娜·艾布拉姆斯，美國銀行。

Hey, good morning, everyone.

嘿，大家早安。

Morning.

早晨。

Morning.

早晨。

I just want to ask a little bit about destock from both your end and the customer standpoint.

我只是想從你們和客戶的角度詢問一些關於去庫存的問題。

So I guess, a, how are you thinking about your own inventories from here?

所以我想，a，您如何看待自己的庫存？

And it sounds like maybe getting a little more constructive on things bottoming.

聽起來似乎在觸底反彈的問題上變得更有建設性了。

So maybe not destocking from here, but I just want to ask about how do think your own inventories?

所以也許不會從這裡去庫存，但我只是想問一下你們如何看待自己的庫存？

And then b, are any of your customers still destocking?

然後b，你們的客戶還在去庫存嗎？

Yeah.

是的。

So I can start with our own.

所以我可以從我們自己的開始。

And hey, we're working with our core suppliers very closely and where to make the appropriate inventory investments.

嘿，我們正在與我們的核心供應商非常密切地合作，並在哪裡進行適當的庫存投資。

We want to know what's going on in their business and where they may be at any various projects and production into the side, but we have not been reducing or pulling back of inventories.

我們想知道他們的業務正在發生什麼，以及他們可能在任何不同的項目和生產中處於什麼位置，但我們並沒有減少或撤回庫存。

We want the right preparation.

我們需要正確的準備。

Obviously, we talk to them on high-velocity types that they make regular restock, but we're not looking to overstock in those.

顯然，我們與他們討論了他們定期補貨的高速類型，但我們不希望這些產品庫存過多。

Things that are slower moving, harder to make, longer lead times are probably the ones that we're going to look to have the appropriate investments in.

那些移動速度較慢、製造難度較大、交貨時間較長的產品可能是我們需要適當投資的產品。

And that helps customers stay up and running.

這有助於客戶保持正常運作。

And for our suppliers it makes sure that they continue to fully participate in what is an attractive MRO aftermarket of them.

對於我們的供應商來說，這可以確保他們繼續充分參與有吸引力的 MRO 售後市場。

So that's our approach.

這就是我們的方法。

For the most part, I'd say, around our technical nature of the products, we do not get the benefit of stocking, therefore, the penalty of destocking in any economic cycles.

我想說，在很大程度上，圍繞著我們產品的技術性質，我們沒有從庫存中獲益，因此，在任何經濟週期中，去庫存都會帶來懲罰。

I think the area that we did see some of that, and it still would go on a little bit would be in the off-highway mobile portion of our business in fluid power.

我認為我們確實看到了其中的一些領域，而且它仍然會繼續下去，那就是我們流體動力業務的非公路移動部分。

And I think that was driven by when lead times extended out to over two years, 16 months on some of the side, those smaller OEMs had to make bets or placements on needs and requirements.

我認為這是由於當交貨時間延長到兩年多（有時甚至是 16 個月）時，那些較小的 OEM 不得不根據需求和要求進行押注或佈局。

And then as that product comes in and the demand environment softens a little bit, they could have what their needs or requirements from a near-term production standpoint would be.

然後，隨著產品的上市，需求環境稍微軟化，從近期生產的角度來看，他們可能會滿足自己的需求或要求。

I think that will improve, it will improve as we go through this quarter, perhaps into the early part of '25.

我認為這種情況將會改善，隨著本季的進展，也許到 25 年初，情況將會改善。

If I look at the demand cycles for off-highway mobile, I do think there's a pickup in calendar '25, which will be positive.

如果我觀察一下非公路行動裝置的需求週期，我確實認為 25 年會有所回升，這將是積極的。

And I know we're taking this time to also work with them on an engineering front as more technology comes in, whether that be in electronic controls into automation perhaps even in start of some autonomy type projects with them.

我知道，隨著更多技術的出現，我們也將利用這段時間在工程方面與他們合作，無論是電子控製到自動化，甚至是與他們一起啟動一些自主類型的專案。

So we'll work that.

所以我們會努力做到這一點。

But hopefully, that's the right color for inventory stocking, destocking.

但希望這是庫存庫存和去庫存的正確顏色。

Thanks.

謝謝。

That's super helpful.

這非常有幫助。

And then I just wanted to ask about the EBITDA margins in the quarter.

然後我只想問一下本季的 EBITDA 利潤率。

I think they came in a little below what you guys had guided and obviously maintained the full year guide, but I just want to understand what trended differently from your expectations?

我認為他們的表現略低於你們的指導，並且顯然維持了全年指導，但我只是想了解哪些趨勢與你們的期望不同？

Yeah.

是的。

And so I would say for us, as we think about it, right, largely in line, it's not always linear as we go across start of year to end the year in that.

所以我想說，正如我們所思考的那樣，對吧，很大程度上是一致的，當我們從年初到年底時，它並不總是線性的。

The sales development that we talked about in the first quarter, some of it did occur late, but we were conscious in wanting to maintain appropriate investments into growth areas for what we see is coming in the side.

我們在第一季談到的銷售發展，其中一些確實發生得很晚，但我們有意識地希望對成長領域保持適當的投資，因為我們看到了即將到來的情況。

And then we really think the gross margin as we did the walk, there was really just some timing on the comparisons in that -- in the front.

然後我們真的認為毛利率，當我們散步時，實際上只是在前面進行比較的一些時機。

We were coming off of higher LIFO including some layer liquidation in Q4.

我們正在擺脫更高的後進先出，包括第四季度的一些層清算。

So we expected some sequential change in that.

所以我們預計這會發生一些連續的變化。

But the year over year comparison, there were some favorability that can occur in the prior first quarter of the year.

但與去年同期相比，今年第一季可能會出現一些有利的情況。

So we feel like we're in a good position, we're not changing that outlook plans and trajectory, and I contend we have still good opportunities to continue to help ourselves with all the levers that we have around margins.

因此，我們覺得我們處於有利位置，我們不會改變前景計劃和軌跡，而且我認為我們仍然有很好的機會繼續利用我們在利潤率方面擁有的所有槓桿來幫助自己。

Yeah.

是的。

I think if you look back typically in this business, Q1 is our softest gross margin performance quarter.

我認為，如果你回顧這個行業，第一季是我們毛利率表現最疲軟的季度。

We bucked that trend last year with some anomalies on some vendor rebates and we're 29.7% even with some higher LIFO expense reading through versus what we saw this year.

去年我們扭轉了這一趨勢，一些供應商回扣出現了一些異常情況，即使後進先出費用與今年相比有所增加，我們的比例仍為 29.7%。

So a tough comparison there.

所以這是一個艱難的比較。

And I said, we really felt good about the sales development, slightly outpacing our expectations.

我說，我們對銷售發展確實感覺良好，略高於我們的預期。

The gross margins, like I said, do see a path and continue to see those improve as we move across the quarters and a lot of what you're seeing on a year over year basis is that tough comp that we saw last year.

正如我所說，毛利率確實看到了一條道路，並且隨著我們跨季度的發展，毛利率繼續改善，而且你所看到的很多年復一年的情況都是我們去年看到的艱難的比較。

Thank you so much.

太感謝了。

At this time.

此時。

I am showing we have no further questions.

我表明我們沒有其他問題了。

I will now turn the call over to Mr. Schrimsher for any closing remarks.

我現在將把電話轉給施里姆舍先生，請他發表結束語。

No, at this point, I just want to thank everyone for joining us today and we look forward to talking with you throughout the quarter.

不，此時此刻，我只想感謝大家今天加入我們，我們期待在整個季度與您交談。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。