Distribution Solutions Group, Inc. (DSGR) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Distribution Solutions Group fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Sandy Martin. You may begin.

各位好。歡迎參加 Distribution Solutions Group 2025 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給主持人 Sandy Martin。您可以開始了。

Good morning, and welcome to the Distribution Solutions Group's fourth quarter and full year 2025 earnings call. Joining me on today's call are DSG's Chairman and Chief Executive Officer, Bryan King; and Executive Vice President and Chief Financial Officer, Ron Knutson. In conjunction with today's call, we have provided a financial results slide deck posted on the company's IR website at investor.distributionsolutionsgroup.com. Please note that statements on this call and in today's press release contain forward-looking statements concerning goals, beliefs, expectations, strategies, plans, future operating results, and underlying assumptions subject to risks and uncertainties that could cause actual results to differ materially from those described. In addition, statements made during this call are based on the company's views as of today.

各位早安，歡迎參加 Distribution Solutions Group 2025 年第四季及全年財報電話會議。今天與我一同出席的有 DSG 董事長兼執行長 Bryan King，以及執行副總裁兼財務長 Ron Knutson。配合今天的電話會議，我們已提供一份財務結果簡報，並已張貼於公司投資人關係網站 investor.distributionsolutionsgroup.com。請注意，本次電話會議及今日新聞稿中的陳述包含前瞻性陳述，涉及目標、信念、預期、策略、計畫、未來營運結果及其基礎假設，並受風險與不確定性影響，可能導致實際結果與所述內容有重大差異。此外，本次電話會議中的陳述係基於公司截至今日的觀點。

The company anticipates that future developments may cause those views to change, and we may elect to update the forward-looking statements made today, but we disclaim any obligation to do so. Management will also refer to certain non-GAAP measures and the reconciliation to the nearest GAAP measures are available at the end of our earnings release. The earnings release issued earlier today was posted on our Investor Relations website. A copy of the release has also been included in a current report on Form 8-K filed with the SEC. Lastly, this call is being webcast live on DSG's Investor Relations website, and a replay will be available through March 19.

公司預期未來發展可能使上述觀點改變；我們可能選擇更新今日所作的前瞻性陳述，但我們不承擔任何更新義務。管理層亦將提及若干非 GAAP 指標，與最接近 GAAP 指標之調節表可於我們財報新聞稿末尾取得。我們今日稍早發布的財報新聞稿已張貼於投資人關係網站。該新聞稿副本亦已納入向美國證券交易委員會（SEC）提交之 Form 8-K 當前報告。最後，本次電話會議將於 DSG 投資人關係網站進行即時網路直播，重播將提供至 3 月 19 日。

I will now turn the call over to Bryan King. Bryan?

現在我將把電話會議交給 Bryan King。Bryan？

Thanks, Sandy. Good morning, everyone, and thank you for joining us. As events unfold in the Middle East, we are actively assessing any potential implications for our business, our customers and the impact on the broader supply chain. Our thoughts and prayers are with the military personnel and civilians who are in harm's way and with their families. We will continue to monitor the potential implications for global markets and are committed to operating with resilience, discipline, and care during this period of elevated uncertainty.

謝謝你，Sandy。各位早安，感謝各位加入我們。隨著中東局勢發展，我們正積極評估其對我們業務、客戶以及更廣泛供應鏈的任何潛在影響。我們的思念與祈禱與身處危險中的軍事人員與平民及其家屬同在。我們將持續關注其對全球市場的潛在影響，並承諾在這段高度不確定的期間，以韌性、紀律與關懷來營運。

We are not where we want to be at the end of the quarter, but our confidence and vision for the future remains strong. 2025 was a critical internally focused reinvestment, retooling and digesting year for DSG as well as one where we managed through some dynamic pricing and supply chain and numerous onetime cost curveballs.

在本季結束時，我們尚未達到理想狀態，但我們對未來的信心與願景依然強勁。2025 年對 DSG 而言是關鍵的一年：聚焦內部再投資、重整工具與能力並消化整合，同時也在動態定價、供應鏈變化以及多項一次性成本的突發因素中持續應對。

While it was at time a dizzingly dynamic year through our daily North Star commitment to staying focused on investing in the business with a lens on long-term value creation, our urgency to offset shifting rules in the marketplace sharpened our focus on core fundamentals of building a better DSG, enhanced focus on execution tools, and talent on timely accountability across the organization and made us prioritize not delaying targeted significant investments in capabilities and talent to position the company for long-term success.

儘管這一年有時變化之快令人目眩，但我們每日以「北極星」般的承諾，持續專注於以長期價值創造為視角的業務投資；同時，為了抵消市場規則的變動所帶來的影響，我們的緊迫感也使我們更聚焦於打造更好的 DSG 之核心基本面、強化執行工具，以及在全組織推動人才與即時問責；並使我們優先考量不延後對能力與人才的重大且具針對性的投資，以讓公司具備長期成功的定位。

As a result, we go into 2026 with an enhanced perspective on our competitive positioning and long-term levers to drive performance across our North American and global platforms. As I reflected, we navigated challenging headwinds in 2025, including a government shutdown, shifting demand environment and macroeconomic pressures and emotions, including those driven by fluid tariffs where our diligent and largely effective efforts to recapture margin still left us short.

因此，我們以更強的視角進入 2026 年，對我們在北美與全球平台的競爭定位，以及推動績效的長期槓桿有更清晰的認識。回顧 2025 年，我們在多項不利因素下前行，包括政府停擺、需求環境變動，以及總體經濟壓力與情緒（其中也包含因關稅變動所引發者）；我們勤勉且多數有效地努力收復毛利，但最終仍未達標。

Our financial results fell short of our expectations in the fourth quarter and for the year, and we own that. However, besides progress in our transformative investments, we enjoyed consistent operational affirmations in the marketplace around our value-added lines of business, our teams delivered important new business, and wallet share wins in each vertical, held on to business on the back of service and capabilities and made meaningful progress in our customer-facing capabilities and partnerships in 2025.

我們第四季及全年財務表現未達預期，這點我們承擔責任。然而，除在轉型投資方面取得進展外，我們也在市場上持續獲得對我們增值型業務線的營運肯定；團隊在各垂直領域交付了重要的新業務與客戶錢包份額（wallet share）提升成果；並憑藉服務與能力留住既有業務，同時在 2025 年於面向客戶的能力與合作夥伴關係方面取得實質進展。

We leaned in on improved discipline, heightened institutional adaptability, and enhanced DSG's more broadly presented and refined value-added solutions as confirmed by the marketplace, all of which add up to real 2025 successes and maturity of the business that will make us stronger in the longer term.

我們更積極推動更佳的紀律、提升組織適應力，並強化 DSG 更廣泛呈現且更精煉的增值解決方案，而這些也已獲市場驗證；綜合而言，這些都是 2025 年的真實成功與業務成熟度的體現，將在更長期使我們更強大。

Turning to slide 4. For the full year, we delivered total revenue growth of 9.8% on one less selling day, resulting in $1.98 billion in annual revenue. Organic average daily sales grew by 3.6%, reflecting solid underlying execution. Cash flows in 2025 were strong. We generated $84 million of cash from operations on top of $56 million in 2024.

請看第 4 頁投影片。全年而言，在少一個銷售日的情況下，我們實現總營收成長 9.8%，年度營收達 19.8 億美元。有機平均每日銷售額成長 3.6%，反映出穩健的基本面執行。2025 年的現金流強勁。我們營運活動產生現金 8,400 萬美元，高於 2024 年的 5,600 萬美元。

Adjusted EBITDA finished at $175 million, short of our expectations. These results demonstrate our continued focus on cash generation, working capital efficiency, and profitability. Throughout the year, demand remained healthy across aerospace and defense, semiconductor-related technology, renewables, and as the year progressed, industrial power.

調整後 EBITDA 為 1.75 億美元，低於我們的預期。這些結果展現我們持續聚焦於現金創造、營運資金效率與獲利能力。全年期間，航太與國防、半導體相關科技、再生能源，以及隨著年度推進的工業電力等領域的需求皆維持健康。

During the fourth quarter, we began to see demand soften in renewables in North America, which we are actively managing by pivoting growth initiatives in that sector towards the strong renewables demand growth for DSG's improved presentation of capabilities in the global marketplace and expanding our efforts on other end markets where we enjoy exceptional customer partnerships and strong secular and strengthening cyclical momentum, such as in industrial power, technology and aerospace and defense. Our expanded platform capabilities and ability to support our historic customers and similarly discerning customers on a more global stage are supporting an expanding and accelerating set of dialogues.

在第四季，我們開始看到北美再生能源需求轉弱；我們正積極管理此情況，透過將該領域的成長計畫轉向全球市場中對再生能源需求的強勁成長（並結合 DSG 更完善的能力呈現），同時加大在其他終端市場的投入；在這些市場中，我們擁有卓越的客戶夥伴關係，以及強勁的長期結構性動能與正在增強的景氣循環動能，例如工業電力、科技以及航太與國防。我們擴大的平台能力，以及在更全球化舞台上支援我們歷史客戶與同樣高標準客戶的能力，正促成對話的範圍擴大並加速。

As we've discussed on previous calls, our financial results will not be linear. The fourth quarter is a good example of that. However, these results are certainly not indicative of our long-term plans or confidence in the future.

如同我們在先前電話會議中所討論，我們的財務結果不會呈線性發展。第四季就是一個很好的例子。然而，這些結果當然不代表我們的長期計畫，也不影響我們對未來的信心。

While we anticipate some quarter-to-quarter challenges to balance earnings with our recent commitment to accelerate our talent recruitment transitions and accelerated investments, we are committed to making decisions that prioritize driving a stronger and more profitable DSG in the longer term for all of our committed stakeholders, but recognize like in this quarter, that the timing of some of those decisions unintentionally lined up with some margin near-term pressure and tax near-term earnings more than leadership expected. While we didn't want to delay investments and talent decisions to unnaturally smooth earnings at the expense of building a better company, our leadership team still expects much better profitability performance from our DSG platform of capabilities.

雖然我們預期在近期承諾加速人才招募與轉任、以及加速投資的背景下，季度之間在平衡獲利方面可能會面臨一些挑戰，但我們仍致力於做出決策，以在更長期為所有投入的利害關係人打造更強大且更具獲利能力的 DSG；同時也認知到，如同本季所見，部分決策的時點無意間與短期毛利壓力重疊，並使稅負在短期內對盈餘的拖累超出管理層原先預期。儘管我們不希望為了不自然地平滑盈餘而延後投資與人才決策、以致犧牲打造更好公司的目標，但我們的領導團隊仍期望 DSG 的能力平台能展現更佳的獲利表現。

Let's turn to slide 5 to discuss our business initiatives. Gexpro Services delivered outstanding operating results in 2025, driven by the strength of the aerospace and defense, technology, and renewables end markets we serve. Despite some fourth quarter sales softness, full year organic average daily sales increased 12.3% with full year ADS up 13%. We continue to invest in the technology and industrial power end markets, driven by expanding infrastructure needs and increasing AI-driven demand. Our order backlog and new business pipeline remains strong in both segments.

接著請看第 5 頁投影片，討論我們的業務推動計畫。Gexpro Services 在 2025 年交出卓越的營運成果，主要受惠於我們所服務的航太與國防、科技及再生能源終端市場的強勁表現。儘管第四季銷售略有轉弱，全年有機平均每日銷售額仍成長 12.3%，全年 ADS 成長 13%。我們持續投資於科技與工業電力終端市場，動能來自基礎建設需求擴張以及 AI 驅動需求增加。我們在兩個事業部門的訂單積壓（order backlog）與新業務管線仍維持強勁。

While renewables slowed in North America in the second half of 2025, we shifted our investment focus towards global strategies with encouragement of exceptional partners across technology, industrial power, aerospace and defense and the power generation cycle.

雖然2025年下半年北美的再生能源業務放緩，我們在科技、工業電力、航太與國防以及發電循環等領域傑出合作夥伴的鼓勵下，將投資重點轉向全球策略。

We are seeing a meaningful growth opportunity in India while Southeast Asia is progressing more gradually due to the timing of customer qualifications. Both regions remain relatively small today, but continue to show an excellent acceleration in prospective and current customer engagement across more of our proven value-added capabilities at DSG and Gexpro Services. Our European business remains strong with increasing diversification across multiple verticals. Gexpro Services is also expanding its value-added service offerings using robotic automation and AI-enabled tools that enhance customer capabilities across VMI, kitting, manufacturing, and e-commerce solutions. Since bringing DSG together, Gexpro Services went from approximately $350 million in revenue to just under $500 million, mostly organically.

我們在印度看見顯著的成長機會，而東南亞則因客戶認證時程的關係進展較為緩慢。目前兩個地區的規模仍相對較小，但在DSG與Gexpro Services更多已驗證的增值能力帶動下，潛在與現有客戶的互動持續展現出極佳的加速動能。我們的歐洲業務依然強勁，且在多個垂直領域的多元化程度持續提升。Gexpro Services也正透過機器人自動化與AI賦能工具擴增其增值服務內容，以強化客戶在VMI、套件組裝（kitting）、製造與電商解決方案等方面的能力。自整合DSG以來，Gexpro Services的營收由約3.5億美元提升至略低於5億美元，且多數為有機成長。

Adjusted EBITDA has expanded from approximately $35 million to $64 million in 2025, with margins expanding nearly 300 basis points to 12.8%. This margin expansion reflects scale, broader geographic reach, enhanced value-added capabilities, and disciplined execution of operational efficiencies that leverage our cost structure.

調整後EBITDA自約3,500萬美元擴增至2025年的6,400萬美元，利潤率提升近300個基點至12.8%。此利潤率擴張反映了規模效益、更廣的地理覆蓋、增強的增值能力，以及透過嚴謹執行營運效率、善用我們成本結構所帶來的成果。

As we confidently lean into further investment at Gexpro Services, we are balancing strong optimism around marketplace pull on us to support growth opportunities with an expectation to drive earnings growth while making the important long-term investments in capabilities, geographies, and talent to support performing for our customers at a level that adds to the reasons we are winning wallet share and new mandates.

在我們有信心加碼投資Gexpro Services之際，我們一方面對市場拉力帶來的成長機會保持高度樂觀，另一方面也期望在進行能力、地理布局與人才等重要長期投資的同時，推動獲利成長，以支撐我們以更高水準為客戶交付成果，並進一步強化我們贏得客戶錢包份額與新委任的理由。

As a reminder, Gexpro Services launching new customer programs requires upfront investment of significant time and margin, but results in exceptionally sticky customer engagements where we are critical to our customers and our commitment to doing our job for them thoughtfully and exceptionally reaffirms the partnership between us and our customers. The upfront effort and investment can cause a bit of deleveraging of profits in any given quarter as programs ramp up or mature programs slow like the shift we felt on the margin in the fourth quarter as new programs in global renewables come on, but domestic programs slow or as we felt a year or so ago in technology.

提醒一下，Gexpro Services啟動新的客戶專案需要在前期投入大量時間與利潤，但會帶來極具黏著度的客戶合作關係；我們對客戶至關重要，而我們用心且卓越地為客戶完成工作的承諾，也再次鞏固了我們與客戶之間的夥伴關係。隨著專案爬坡或成熟專案放緩，前期的努力與投資可能在任何單一季度造成獲利槓桿略為下降；例如第四季在全球再生能源新專案上線、但國內專案放緩時，我們在利潤率上感受到的變化，或如約一年前在科技領域所經歷的情況。

The great news is that the new business pipeline continues to expand even as mature programs may fluctuate based on each customer's program momentum. We also continue to win significant wallet share. We rarely lose programs and expanding what Gexpro Services does as a part of DSG allows us to expand our engagement with our customers. Gexpro Services continues to be one of the most exciting growth levers for DSG. Looking ahead, we are excited and focused on investing even more deliberately in additional organic and inorganic initiatives to sustain and extend the strong long-term momentum we see at Gexpro Services.

好消息是，即使成熟專案可能因各客戶專案動能而波動，新業務管線仍持續擴大。我們也持續贏得顯著的錢包份額。我們很少失去專案，而將Gexpro Services作為DSG的一部分加以擴展，使我們能加深與客戶的互動。Gexpro Services仍是DSG最令人振奮的成長槓桿之一。展望未來，我們對於更有計畫地加大投資於更多有機與非有機的舉措感到振奮並保持專注，以維持並延伸我們在Gexpro Services所見的強勁長期動能。

Next, Lawson Products. Average daily sales increased 2.7% in the fourth quarter, continuing the momentum from the third quarter when average daily sales grew by 3%. Although new VMI installations and wallet share expansions led to organic sales growth throughout the second half of 2025, Lawson's smaller account local revenue continued to be challenged in the fourth quarter as some of the sales force and selling tools transformation over the last couple of years have distracted our resources from doing the exceptional job our customers champion from our unique service model and that we expect. Lots of focus in tools, teamed with additional investment in talent and process improvements are focused on getting this right for our customers, sales team, and for DSG. EBITDA margins were negatively impacted by a slight customer mix shift, deliberate strategic investments and an unexpectedly elevated health care benefit costs in the quarter and for the full year, which Ron will discuss in more detail in a moment.

接下來談Lawson Products。第四季平均每日銷售額成長2.7%，延續第三季平均每日銷售額成長3%的動能。儘管2025年下半年新VMI安裝與錢包份額擴張帶動有機銷售成長，Lawson較小型帳戶的在地營收在第四季仍持續承壓；原因在於過去幾年我們在銷售團隊與銷售工具轉型上的投入，分散了資源，使我們未能充分發揮客戶所推崇、也符合我們期望的獨特服務模式所應提供的卓越表現。我們在工具上的大量聚焦，並搭配對人才的額外投資與流程改善，正致力於為客戶、銷售團隊以及DSG把這件事做好。EBITDA利潤率受到些微客戶組合變化、刻意的策略性投資，以及本季度與全年意外偏高的醫療福利成本所拖累；Ron稍後會更詳細說明。

Recently, Lawson has made strategic investments in two leadership roles to strengthen the team through more capabilities and accountability. We brought on Jim Slomka as Chief Revenue Officer; and Hillary Bryant as Chief People Officer. Jim joined Lawson in January 2026 and brings a proven track record of commercial transformation, having led sales and operations for a $1.8 billion omnichannel enterprise overseeing more than 2,000 sales professionals, delivering a 6-year sales CAGR of 8% and expanding gross margins by 300 basis points. He brings strong discipline around accountability, urgency, process, and commitments to a team-focused enthusiasm for excellence and winning, all consistent with being a former West Point athlete and officer. We are thrilled to welcome Jim to Lawson and DSG and are confident on the immediate impact he will have on the organization.

近期，Lawson在兩個領導職位上進行策略性投資，以透過更強的能力與問責來強化團隊。我們延攬Jim Slomka擔任首席營收長（Chief Revenue Officer）；並延攬Hillary Bryant擔任首席人資長（Chief People Officer）。Jim於2026年1月加入Lawson，具備經驗證的商業轉型實績；他曾領導一家18億美元全通路企業的銷售與營運，管理超過2,000名銷售專業人員，實現6年銷售CAGR 8%，並將毛利率提升300個基點。他在問責、緊迫感、流程與承諾方面具備高度紀律，同時以團隊為核心、對卓越與勝利充滿熱情；這些特質也與他曾為西點軍校運動員與軍官的背景一致。我們非常高興歡迎Jim加入Lawson與DSG，並對他將為組織帶來的即時影響充滿信心。

Hillary brings deep global HR leadership experience, most recently managing a worldwide HR organization for a $1.4 billion industrial technologies company with approximately 4,000 employees. She offers a great complement to Jim, bringing a renewed discipline and energy to employee engagement and corporate culture while elevating a clear cadence around growth-focused expectation, urgency, and rewards. These important investments alongside others that have also been recruited over the last years, put in place critical pieces to now have a stronger ensemble of experience, been there, done that leadership and collectively add meaningfully to our sales and operating foundation as we pursue improved growth and execution in 2026.

Hillary具備深厚的全球人資領導經驗，最近曾為一家14億美元工業科技公司管理全球人資組織，該公司約有4,000名員工。她與Jim形成極佳互補，為員工敬業度與企業文化注入新的紀律與能量，同時建立以成長為導向的期望、緊迫感與獎酬的清晰節奏。這些重要投資，加上過去幾年也已延攬的其他人才，補上了關鍵拼圖，使我們如今擁有更強的「有經驗、做過且成功過」的領導團隊，並在我們追求2026年更佳成長與執行力之際，對銷售與營運基礎帶來實質助益。

Turning to our 2026 growth priorities. We are focused on continuing to capture market share and expanding wallet share for our national accounts, including Lawson, Kent, and government, while reestablishing our commitment to offering the highest level of consistent service out of our sales force for our customers. And with that, a return to growth out of our smaller local accounts driven by their efforts and the investment we have made in them.

接著談我們2026年的成長優先事項。我們聚焦於持續取得市占率並擴大全國性客戶的錢包份額（包括Lawson、Kent與政府客戶），同時重新確立我們對於由銷售團隊為客戶提供最高水準一致性服務的承諾。並在此基礎上，透過他們的努力以及我們對其所做的投資，帶動較小型在地帳戶重回成長。

A key leading indicator of our growth is in new VMI installations or internally what we refer to as ship to locations, which we are currently ramping up after a challenging couple of years as we've been working through our sales force transformation.

我們成長的一項關鍵領先指標是新的VMI安裝（或我們內部所稱的出貨至據點，ship to locations）；在經歷我們推動銷售團隊轉型而面臨挑戰的幾年後，我們目前正加速提升這項指標。

We continue to leverage technology to increase sales effectiveness and are improving the rigor and consistency of sales rep activity supported by our CRM tool, enhanced training commitment for new FSRs, and a real focus on our DSM's consistent cadence with our established FSRs around driving growth and consistency in the customer experience.

我們持續運用科技提升銷售效能，並在CRM工具支援下強化銷售代表活動的嚴謹度與一致性；同時加大對新任FSR的訓練投入，並高度聚焦於我們DSM與既有FSR之間維持一致的節奏，以推動成長並確保客戶體驗的一致性。

We are also in the early stages of rolling out across our field customer-facing team, a route optimization tool that we have been developing that will give them back expensive and frustrating transit time and more of an opportunity to serve and grow our customers. Although a smaller piece of our business, our e-commerce channel continues to deliver double-digit growth, and we are encouraged that more than 30% of customers purchasing through the site are new to Lawson.

我們也正處於在第一線面向客戶團隊全面推行路線最佳化工具的早期階段；該工具由我們自行開發，將把昂貴且令人挫折的通勤時間還給他們，讓他們有更多機會服務並拓展客戶。雖然電商通路在我們業務中占比較小，但仍持續交出雙位數成長；我們也受到鼓舞，因為透過網站購買的客戶中有超過30%是Lawson的新客戶。

As we move forward, we remain focused on commercial excellence, the customer experience, and technology to accelerate growth and continuously improve how we serve our customers while also providing flexibility to our customers.

展望未來，我們仍將聚焦於商業卓越、客戶體驗與科技，以加速成長並持續改善我們服務客戶的方式，同時也為客戶提供更大的彈性。

Additionally, we are working more closely with our vendor partners to deliver solutions to our customers and to support our commercial team. At our recent sales leadership meeting in February, approximately 50 vendors presented their products and services to our sales team. We are working with a number of those channel partners to improve our product costs as we have in turn invested to support them and our customers with our significant recent investments in our selling and servicing capabilities. We expect some nice progress this year out of our sourcing partnerships.

此外，我們正與供應商夥伴更緊密合作，為客戶提供解決方案並支援我們的商業團隊。在2月最近一次的銷售領導會議上，約有50家供應商向我們的銷售團隊展示其產品與服務。我們正與其中多家通路夥伴合作，以改善我們的產品成本；同時，我們也已投入大量近期投資，以強化銷售與服務能力來支援他們與我們的客戶。我們預期今年在採購合作夥伴關係方面將取得不錯的進展。

Moving on to the Canadian Branch Division. The team made solid operational and synergy progress in the fourth quarter and across the full year despite macroeconomic headwinds and tariff-related uncertainty that pressured industrial end markets, especially in Canada throughout 2025. As expected, fourth quarter revenue declined sequentially due to typical holiday season softness and weather, leading to operational deleverage.

接著談加拿大分部事業群。儘管宏觀經濟逆風與關稅相關不確定性對工業終端市場造成壓力（尤其是 2025 年加拿大市場），團隊在第四季及全年仍在營運與協同效益方面取得扎實進展。如預期，第四季營收因典型假期季節性疲弱與天候因素而較前一季下滑，導致營運槓桿反向（operational deleverage）。

In 2025, we completed four facility consolidations with the final consolidation expected by the end of the first quarter. As we discussed last quarter, because Source Atlantic's purchase price was largely tied to tangible assets, our first full year of transformation has meaningfully derisked this investment for us, and we continue to believe this was a strong strategic acquisition to grow and scale our Canadian operations, although the revenue headwind out of the gate has us a full year behind our ambitious profitability objectives, our DSG team embraced when we acquired Source Atlantic in late 2024.

2025 年，我們完成了四項據點整併，最後一項整併預計於第一季末前完成。如同我們上季所討論，由於 Source Atlantic 的收購價格主要與有形資產連結，我們轉型的第一個完整年度已實質降低此投資的風險；我們仍相信這是一項強而有力的策略性收購，可用以擴大並規模化我們在加拿大的營運。儘管一開始的營收逆風使我們相較於在 2024 年底收購 Source Atlantic 時 DSG 團隊所設定的積極獲利目標落後了整整一年。

And more recently, the recruited Canadian leadership team reaffirmed that underwriting. While there is still significant profitability tuning work ahead, we are encouraged by our framework and expanding profitability, insights, and discipline that we are building, the team we put in place and the path and significant progress they are demonstrating to us in the marketplace as the first year of ownership is now closed.

而更近期，我們延攬的加拿大領導團隊也再次確認了當初的投資評估（underwriting）。雖然前方仍有大量獲利能力微調工作要做，但我們對正在建立的架構、持續擴大的獲利洞察與紀律、我們所配置的團隊，以及在第一個持有年度結束後，他們在市場上所展現的路徑與顯著進展感到鼓舞。

At the TestEquity Group, we are investing at a renewed feverish pace in the long-term platform we can better see now in this vertical. A massive investment in additional leadership capabilities and tools were made in the business, especially during the last part of 2025.

在 TestEquity Group，我們正以重新升溫、近乎火力全開的速度，投資於我們如今在此垂直領域中更清晰可見的長期平台。我們已在業務中投入大量資金於新增的領導能力與工具，尤其是在 2025 年後段。

A shift was made concurrent with these investments around dialing up a more intense focus and intentional allocation of resources towards driving a structurally higher margin shift discipline out of a daily cadence around the vertical's growth priorities, and each team member owns specific accountability on discrete levers to impact that outcome. When we committed to these investments, we fully expected a J-curve recovery with near-term transitions impacting performance, followed by improved revenue growth and profitability as our strategic initiatives take hold.

伴隨這些投資，我們也同步做出調整：提高更聚焦的強度，並更有意識地配置資源，以日常節奏圍繞該垂直領域的成長優先事項，推動結構性更高毛利的「組合轉移（mix shift）」紀律；每位團隊成員都對特定槓桿負有明確責任，以影響該結果。當我們承諾進行這些投資時，我們完全預期會出現 J 曲線式復甦：短期轉換將影響績效，隨後在策略性計畫落地後，營收成長與獲利能力將改善。

For the full year, average daily sales increased 2% and organic daily sales grew 1%, driven primarily by test and measurement, rentals and chambers. In the fourth quarter, revenue grew 0.9% on one additional selling day, supported by continued momentum in rental and refurb, chambers and t-equip. While test and measurement end markets were under pressure in the fourth quarter, we remain focused on disciplined execution of our growth and profitability prioritization initiatives and are beginning to see the tighter strategic lens and accelerated pacing around cadence and accountability at work.

全年而言，平均每日銷售額成長 2%，有機每日銷售額成長 1%，主要由測試與量測、租賃與測試箱（chambers）所帶動。第四季在多一個銷售日的情況下，營收成長 0.9%，並受惠於租賃與整新（refurb）、測試箱（chambers）以及 t-equip 的持續動能。儘管第四季測試與量測終端市場承壓，我們仍專注於以紀律執行成長與獲利優先排序的各項計畫，並開始看到更緊密的策略視角，以及在節奏與責任制方面加速推進所帶來的成效。

The result is we are seeing the engagement deep into the organization take place and the firming pipeline activity evolving towards our areas of most differentiated capabilities teamed with our higher margins and return on capital opportunities, including value-added solutions used in rentals, test and measurement solutions, chambers, and accelerating the growth and mix around our most value-added elements of our electronic production supply offering to strengthen our margins and earnings.

其結果是，我們看到組織內部更深層的投入正在發生，且更扎實的管線活動正朝向我們最具差異化能力的領域演進，並與更高毛利與資本報酬機會相結合；其中包括用於租賃的加值解決方案、測試與量測解決方案、測試箱（chambers），以及加速提升我們電子製造供應（electronic production supply）產品中最具加值元素的成長與組合，以強化毛利與獲利。

We are currently seeing some accelerating customer engagement building around our core test and measurement expertise, where we have reinforced with a renewed and discrete effort around rededicating resources focused on T&M customer solutions selling improve our competitive moat at a time when we believe the marketplace is past the trough, and we are seeing acceleration.

我們目前看到，客戶互動正在我們核心的測試與量測專業周邊加速建立；我們也以更新且明確的投入，重新配置資源，聚焦於以 T&M 客戶解決方案銷售來強化我們的競爭護城河。在我們認為市場已走過谷底之際，我們正看到加速跡象。

We also have major initiatives underway to simplify and unify the digital ecosystem. Enhancing the customer experience through ERP consolidation, customer service, and e-commerce platform integration is foundational to our strategy, and we are actively leveraging AI applications to accelerate execution.

我們也正推動重大計畫，以簡化並整合數位生態系。透過 ERP 整併、客服與電商平台整合來提升客戶體驗，是我們策略的基礎；同時我們正積極運用 AI 應用以加速執行。

At the same time, we are strengthening performance management, incentives and accountability as we establish new key leadership roles. We're excited about the progress Barry is making to drive a much more disciplined approach to the portfolio of value-added capabilities and products offered across the TestEquity Group vertical. And for the employees, we appreciate their support of an accelerated operational pace and accountability, including the shifting of time and resources towards more differentiated growth areas to drive his objectives around mix shift rather than only adding incremental costs and elevated areas of focus.

同時，隨著我們設立新的關鍵領導職務，我們也在強化績效管理、獎酬機制與責任制。我們對 Barry 在推動更具紀律的方法、管理 TestEquity Group 垂直領域中各項加值能力與產品組合方面所取得的進展感到振奮。對員工而言，我們感謝大家支持更快的營運節奏與責任制，包括將時間與資源轉向更具差異化的成長領域，以推動他在「組合轉移（mix shift）」方面的目標，而不只是增加邊際成本與提高關注領域。

Looking ahead, we are actively increasing our account base and deepening penetration among our existing customers. while using new product introductions and private label offerings to expand customer choice and enhance margins.

展望未來，我們正積極擴大客戶帳戶基礎，並加深對既有客戶的滲透；同時透過新品導入與自有品牌（private label）產品，擴大客戶選擇並提升毛利。

Encouragingly, a growing backlog in January and February of 2026 signals momentum to come in 2026. We recognize that the full impact of these initiatives typically takes several quarters, but we are confident they will result in a structurally stronger, more competitive, materially higher-margin TestEquity business over time.

令人鼓舞的是，2026 年 1 月與 2 月的在手訂單（backlog）增加，預示 2026 年將有更多動能。我們了解這些計畫的完整影響通常需要數個季度才會顯現，但我們有信心，隨時間推進，這將帶來結構性更強、更具競爭力且毛利率顯著更高的 TestEquity 業務。

With that, I'll turn it over to Ron for details on our fourth quarter and full year financials. Ron?

接下來，我把時間交給 Ron，請他說明我們第四季與全年財務細節。Ron？

Thank you, Bryan, and good morning, everyone. Turning to slide 6 and starting with our full year results for 2025. As Bryan mentioned, consolidated revenues for the year were $1.98 billion, up 9.8% compared to 2024. Incremental revenue from our 2024 acquisitions was $121.5 million, and our organic average daily sales growth for the fiscal year was up 3.6% over 2024.

謝謝你，Bryan，各位早安。請看第 6 頁投影片，先從我們 2025 年全年業績開始。如 Bryan 所提，全年合併營收為 19.8 億美元，較 2024 年成長 9.8%。我們 2024 年收購案帶來的增量營收為 1.215 億美元，而本會計年度的有機平均每日銷售成長率較 2024 年提升 3.6%。

For the year, adjusted EBITDA was $175.2 million or 8.9% of sales, and GAAP net income per diluted share was $0.18 for the year versus a GAAP net loss per diluted share of $0.16 a year ago. Non-GAAP adjusted EPS was $1.24 for the year compared to $1.44 per share a year ago. Full year margins in 2025 were 80 bps lower than in 2024, primarily due to sales mix shifts, employee-related costs, and other investments. Fourth quarter revenues were $482 million, up 0.2% versus a year ago, which translated into flat organic sales compared to the fourth quarter of 2024.

全年調整後 EBITDA 為 1.752 億美元，約占銷售額 8.9%；依 GAAP 計算之稀釋後每股淨利為 0.18 美元，相較去年 GAAP 稀釋後每股淨損 0.16 美元。非 GAAP 調整後 EPS 全年為 1.24 美元，低於去年每股 1.44 美元。2025 年全年毛利率較 2024 年低 80 個基點，主要因銷售組合轉移、員工相關成本及其他投資所致。第四季營收為 4.82 億美元，較去年同期成長 0.2%，換算後相較 2024 年第四季的有機銷售持平。

For the quarter, we generated adjusted EBITDA of $35.4 million or 7.4% of sales. Each of our businesses experienced lower year-over-year EBITDA margins, primarily due to sales mix shifts, some bad -- incremental bad debt expense, and higher health employee-related costs, namely health care benefits.

本季我們創造調整後 EBITDA 3,540 萬美元，約占銷售額 7.4%。我們各項業務的 EBITDA 利潤率皆較去年同期下滑，主要因銷售組合轉移、部分額外的壞帳費用，以及較高的員工健康相關成本，尤其是醫療保險福利。

Cash flow from operations was strong with $16.9 million for the quarter and $84 million for the full year on top of strong results in 2024. Before I move on to the individual verticals, I wanted to comment briefly on the DSG consolidated margin for the full year and for the quarter. For the full year, adjusted EBITDA was 8.9% compared to 9.7% for the full year 2024.

營運活動現金流表現強勁，本季為 1,690 萬美元，全年為 8,400 萬美元，且是在 2024 年已具強勁表現的基礎之上。在我進入各個垂直事業群之前，我想先簡要評論 DSG 合併毛利率在全年與本季的表現。全年調整後 EBITDA 利潤率為 8.9%，相較 2024 年全年為 9.7%。

I would break the 80 bps compression into two buckets. The first is primarily longer-term people investments of approximately 20 bps. The remaining 70 bps was driven by timing items and nonrecurring items such as health care costs, specific customer bad debt reserves, and some lower margin to win specific customers.

我會把這 80 個基點的壓縮拆成兩個部分。第一部分主要是較長期的人才投資，約 20 個基點。其餘 70 個基點則由時點因素與一次性項目所驅動，例如醫療保健成本、特定客戶的壞帳準備，以及為爭取特定客戶而採取的較低毛利。

From a timing perspective, many of these items hit in the fourth quarter, resulting in a larger impact on our fourth quarter margins of 7.4%. Longer-term people investments impacted the quarter by approximately 25 bps. Other items impacting the quarter that we would classify as timing or nonrecurring include: health care, approximately 40 bps; customer-specific bad debt, approximately 20 bps; recruiting and leadership start-up, approximately 25 bps; mix shifts within Gexpro Services, approximately 25 bps; and timing benefits realized in the fourth quarter of 2024, which was about 40 bps.

從時點的角度來看，這些項目中有許多在第四季入帳，導致對我們第四季毛利率造成較大的影響，為 7.4%。較長期的人才投資對本季的影響約為 25 個基點。其他影響本季、我們會歸類為時點性或非經常性的項目包括：醫療保健約 40 個基點；特定客戶壞帳約 20 個基點；招募與領導團隊建置啟動約 25 個基點；Gexpro Services 內部組合變動約 25 個基點；以及於 2024 年第四季實現的時點性利益，約為 40 個基點。

Now moving on to slide 7 and starting with Lawson. With Lawson, full year revenue increased $12 million. Average daily sales grew by 2.6% and organic average daily sales declined by 1.2%, primarily due to lower military customer sales. Adjusted EBITDA for the year was $51.6 million or 10.7% of revenues for the full year. For the quarter, Lawson's average daily sales were up 2.7%, and its adjusted EBITDA was $7.7 million or 6.7% of sales.

現在進到第 7 張投影片，先從 Lawson 開始。Lawson 全年營收增加 1,200 萬美元。平均每日銷售（ADS）成長 2.6%，而有機平均每日銷售下滑 1.2%，主要是因為軍方客戶銷售較低。全年調整後 EBITDA 為 5,160 萬美元，約占全年營收的 10.7%。就本季而言，Lawson 的平均每日銷售成長 2.7%，調整後 EBITDA 為 770 萬美元，約占銷售的 6.7%。

In the Lawson-based business, the margin compression from the prior year was primarily due to sales mix of about 60 bps, higher health employee-related benefit costs of approximately 100 bps, and employee costs and timing of incentive accruals of approximately 110 bps.

在以 Lawson 為基礎的業務中，較去年出現的毛利率壓縮主要來自：銷售組合約 60 個基點、較高的健康相關員工福利成本約 100 個基點，以及員工成本與獎金提列時點約 110 個基點。

As Bryan mentioned, Lawson's most significant sales initiatives focus on new VMI installations and increased share of wallet, which are leading indicators of revenue growth. We are continuing to accelerate the adoption of our CRM platform to improve sales rep productivity, grow the core business, and are currently in the early stages of route optimization planning.

如 Bryan 所提到，Lawson 最重要的銷售推動重點聚焦於新的 VMI 安裝與提高錢包占比（share of wallet），這些都是營收成長的領先指標。我們持續加速導入 CRM 平台，以提升業務代表生產力、成長核心業務，並且目前正處於路線最佳化規劃的早期階段。

We are also expanding our e-commerce platform. This is a cost-effective way to do business and one-third of our customers on the site are new. Although sales are still small on e-commerce, we experienced about an 18% revenue growth in the fourth quarter.

我們也在擴展電商平台。這是一種具成本效益的營運方式，而且網站上的客戶有三分之一是新客戶。雖然電商銷售規模仍小，但我們在第四季的營收成長約 18%。

Turning to slide 8. Full year sales for the Canadian segment were USD221.4 million, up $96.3 million, primarily due to the Source Atlantic acquisition included for a partial year in 2024. Fourth quarter sales for the Canadian segment in USD were USD55.1 million, reflecting some seasonal softness. Market softness for projects and manufacturing end markets persisted, mostly in Eastern Canada. However, current backlogs have increased meaningfully.

接著看第 8 張投影片。加拿大事業部全年銷售額為 2.214 億美元，增加 9,630 萬美元，主要是因為 2024 年 Source Atlantic 併購案僅納入部分年度的貢獻。加拿大事業部第四季以美元計的銷售額為 5,510 萬美元，反映出一些季節性走弱。專案與製造終端市場的疲弱仍在持續，主要集中在加拿大東部。不過，目前在手訂單（backlog）已顯著增加。

Full year adjusted EBITDA was $15.6 million or 7.1% of sales, while fourth quarter margins were 6.6%. Margins were compressed slightly due to items such as first year Sarbanes-Oxley compliance work. The Bolt Supply stand-alone business drove sales by 7.8% in local currency and generated a 14% margin for the full year. We continue to make progress on planned synergies around gross margins and branch consolidations between Bolt and Source Atlantic.

全年調整後 EBITDA 為 1,560 萬美元，約占銷售的 7.1%，而第四季毛利率為 6.6%。毛利率略受壓縮，原因包括首年薩班斯—奧克斯利法案（Sarbanes-Oxley）合規工作的相關項目。Bolt Supply 獨立業務以當地貨幣計的銷售成長 7.8%，全年毛利率達 14%。我們持續推進 Bolt 與 Source Atlantic 之間在毛利率提升與分公司整併方面的規劃協同效益。

Turning to Gexpro Services on slide 9. Full year revenue was $496.7 million, representing organic average daily sales growth of 12.3% and total ADS growth of over 13%, driven primarily by end market strength in aerospace and defense, technology and renewables for most of the year. Recall that we highlighted tougher sales comps in the fourth quarter, which declined 1% on an average daily sales basis, generating $119.4 million.

接著看第 9 張投影片的 Gexpro Services。全年營收為 4.967 億美元，有機平均每日銷售成長 12.3%，總 ADS 成長超過 13%，主要受惠於全年大部分時間航太與國防、科技以及再生能源終端市場的強勁表現。回顧一下，我們曾提到第四季的銷售比較基期更具挑戰；以平均每日銷售計，第四季下滑 1%，銷售額為 1.194 億美元。

Full year adjusted EBITDA was $63.7 million or 12.8% of sales. For the quarter, margins pulled back to 11.7% from 13.3% a year ago on a lower Q4 sales base, the sales mix on lower renewables, and some strategic employee investments. Value creation initiatives for Gexpro Services continue to include DSG cross-selling, acquisition synergies and expanded VMI, kitting, manufacturing, and e-commerce offerings.

全年調整後 EBITDA 為 6,370 萬美元，約占銷售的 12.8%。就本季而言，由於第四季銷售基礎較低、再生能源占比下降所帶來的銷售組合影響，以及部分策略性員工投資，毛利率由去年同期的 13.3% 回落至 11.7%。Gexpro Services 的價值創造計畫仍包括：DSG 交叉銷售、併購協同效益，以及擴大 VMI、套件組裝（kitting）、製造與電商等產品與服務供給。

Lastly, I'll turn to TestEquity Group on slide 10. Full year sales were $783.2 million with average daily sales growth of 2%, driven primarily by Test & Measurement, rentals and our Chambers business. Organic average daily sales for the year were up 1%. Fourth quarter sales were $192.9 million with average daily sales up 0.9% versus a year ago.

最後，我們看第 10 張投影片的 TestEquity Group。全年銷售額為 7.832 億美元，平均每日銷售成長 2%，主要由測試與量測（Test & Measurement）、租賃以及我們的 Chambers 業務帶動。全年有機平均每日銷售成長 1%。第四季銷售額為 1.929 億美元，平均每日銷售較去年同期成長 0.9%。

TestEquity's adjusted EBITDA for the year was $51 million with adjusted EBITDA margins of 6.5% versus 7.3% for all of 2024. Margins were pressured by a sales mix shift, higher bad debt expense, and higher employee-related expenses, including the build-out of the leadership team and nonrecurring favorable items from a year ago. Fourth quarter EBITDA margins were similar as full year margins at 6.4% of sales. The new leadership team has aligned priorities through performance management, incentives and accountability.

TestEquity 全年調整後 EBITDA 為 5,100 萬美元，調整後 EBITDA 利潤率為 6.5%，相較於 2024 全年的 7.3%。利潤率受到銷售組合轉變、較高的壞帳費用，以及較高的員工相關費用所壓抑，其中包括領導團隊建置，以及去年同期一次性有利項目的不再出現。第四季 EBITDA 利潤率與全年相近，為銷售的 6.4%。新的領導團隊已透過績效管理、獎酬機制與問責制度來對齊優先事項。

Moving to page 11. We ended the year with total available liquidity of $469 million. And for 2025, our free cash flow conversion, defined as adjusted EBITDA less working capital investment, less CapEx was approximately 85%.

接著看第 11 頁。我們在年底的可用總流動性為 4.69 億美元。而在 2025 年，我們的自由現金流轉換率（定義為調整後 EBITDA 減去營運資金投資、再減去資本支出 CapEx）約為 85%。

In December 2025, we expanded our senior secured credit facility through 2030. The new facility includes $700 million of term debt and a $400 million revolving credit arrangement, an increase over the previous $255 million revolver. This puts us in a strong liquidity position to best drive shareholder returns through our capital allocation playbook. We ended the year with unrestricted and restricted cash totaling $75.3 million and net debt leverage of 3.5 times. We continue to prioritize growth initiatives that enable cross-channel and collaborative selling across our customer base, expand our digital capabilities across our platform, and drive growth through an asset-light model. We invested $26.8 million in net CapEx, including rental equipment, and we plan to invest a similar amount of $25 million to $30 million in 2026.

在 2025 年 12 月，我們將優先擔保信貸融資（senior secured credit facility）延長至 2030 年。新融資包含 7 億美元的定期債務，以及 4 億美元的循環信貸安排，較先前 2.55 億美元的循環額度有所提高。這使我們具備強勁的流動性部位，能透過我們的資本配置策略手冊（playbook）更好地推動股東報酬。我們在年底的非受限與受限現金合計為 7,530 萬美元，淨負債槓桿倍數為 3.5 倍。我們仍優先推動能夠在客戶基礎上實現跨通路與協作式銷售的成長計畫，擴展平台的數位能力，並透過輕資產模式推動成長。我們的淨資本支出（含租賃設備）投資為 2,680 萬美元，並計畫在 2026 年投入相近金額，約 2,500 萬至 3,000 萬美元。

As we've highlighted in the past, we have invested nearly $450 million in M&A by acquiring nine highly complementary businesses to expand our portfolio, leverage scale, and grow through product adjacency and services. We closely manage working capital across our businesses and net working capital was $473.5 million. As we mentioned, DSG generated $84 million of cash from cash from operations for the year, similar to 2024 before retention payments and a testament to management's close monitoring of our working capital. Our strong cash generation in 2025 positioned us to be more active in share repurchases. In November 2025, the Board authorized an increase to our existing stock repurchase program for an additional $30 million in shares of DSG's common stock, taking the total aggregate authorization amount to $67.5 million.

如同我們過去所強調的，我們已透過併購九家高度互補的企業，在併購（M&A）上投資近 4.5 億美元，以擴大產品組合、發揮規模效益，並透過相鄰產品與服務實現成長。我們在各項業務中嚴密管理營運資金，淨營運資金為 4.735 億美元。如我們所提到，DSG 全年由營運活動產生的現金為 8,400 萬美元，與 2024 年（在扣除留任付款之前）相近，這也證明管理團隊對營運資金的密切監控。我們在 2025 年強勁的現金創造能力，使我們得以更積極進行庫藏股回購。在 2025 年 11 月，董事會核准將既有股票回購計畫增加額外 3,000 萬美元的 DSG 普通股，使總核准回購額度提高至 6,750 萬美元。

In 2025, we returned $23.5 million to our shareholders through opportunistic share repurchases and have approximately $33 million remaining in the authorized pool.

在 2025 年，我們透過機會性股票回購向股東返還了 2,350 萬美元，且在已核准的回購額度池中仍約剩 3,300 萬美元。

I'll now turn the call back over to Bryan.

我現在把電話交回給 Bryan。

Thank you, Ron. Despite external headwinds in periods of demand volatility in 2025, we have a clear line of sight on initiatives well underway to drive sales growth and structurally higher margins. We delivered total revenue growth of almost 10%, reaching just under $2 billion, supported by mid-single-digit organic growth despite the burden on profitability of macroeconomic and policy challenges and an ISM remaining below 50 for all of 2025 and our deliberate investments into the business in 2025.

謝謝你，Ron。儘管 2025 年在需求波動期間面臨外部逆風，我們對於已在推進中的各項舉措有清晰的能見度，這些舉措將帶動銷售成長並結構性提升利潤率。我們實現了接近 10% 的總營收成長，達到略低於 20 億美元；在宏觀經濟與政策挑戰對獲利造成壓力、2025 年全年 ISM 均低於 50，以及我們於 2025 年對業務進行刻意投資的背景下，仍由中個位數的有機成長所支撐。

As we enter 2026, our focus is firmly on execution and demonstrating a return to improved profitability with our expected growth while balancing critical long-term value unlocking investments. Our revenue growth strategy prioritized high-margin businesses, strong and sustainable cash flow generation, disciplined capital allocation, and operational excellence.

進入 2026 年，我們的重點將堅定放在執行力上，在實現預期成長的同時，展現獲利能力回升，並兼顧釋放長期價值所需的關鍵投資。我們的營收成長策略優先聚焦高毛利業務、強勁且可持續的現金流創造、嚴謹的資本配置，以及卓越營運。

We are investing to be a company that is easy to work with and for leveraging digital and AI-enabled capabilities to respond faster to customer needs, improve operational efficiency, strengthen sales rigor, and capture margin opportunities. These efforts are supported by an accelerating level of data-driven insights that guide and improve decision-making and enable us to deliver our differentiated products and solutions while enhancing our customer experience.

我們正在投資，打造一家容易合作、也容易加入的公司，並運用數位化與 AI 賦能能力，更快速回應客戶需求、提升營運效率、強化銷售紀律，並掌握利潤率機會。這些努力由加速提升的數據驅動洞察所支撐，能引導並改善決策，使我們在提升客戶體驗的同時，交付具差異化的產品與解決方案。

Operating across more than 50 countries, serving over 220,000 customers with approximately 760,000 unique products requires agility and focus. We remain nimble, ready to pivot when needed to sustain growth while focusing on delivering on improved profitability.

我們在超過 50 個國家營運，服務逾 220,000 名客戶，並提供約 760,000 種獨特產品，這需要敏捷與專注。我們將保持靈活，在需要時隨時調整以維持成長，同時專注於實現獲利改善。

Our leadership teams are renewing our confidence to shareholders and our colleagues that we are driving and expect growth with enhanced profitability. And with a commitment to further tune capabilities and consistent service and culture that emphasizes from our field team around volume and revenue growth from both existing and new customers.

我們的領導團隊正重新向股東與同仁建立信心：我們正在推動成長，並預期在提升獲利能力的同時實現成長。並且承諾進一步調校能力、提供一致的服務與文化，強調由我們的一線團隊推動既有與新客戶的出貨量與營收成長。

I am confident in our enhanced leadership teams and our recent investments in them across all of our verticals and their ability to execute on their re-underwritten priorities and value creation initiatives as they enjoy line of sight on building structurally higher margin and more defensive and growing businesses with a commitment to generate strong free cash flow and an aligned incentive structure around driving accelerating long-term value for our shareholders.

我對我們強化後的領導團隊充滿信心，也對我們近期在各垂直領域對其所做的投資充滿信心；他們有能力執行重新審視與重申的優先事項與價值創造舉措，並清楚掌握如何打造結構性更高利潤率、更具防禦性且持續成長的業務，同時承諾產生強勁自由現金流，並以一致的激勵架構推動長期價值加速成長，為股東創造回報。

Our teams remain highly aligned with the shareholders and each other, collaborating and competing together to continue to win more often. Each is accountable and appropriately incentivized to deliver results for our shareholders and for DSG and all of our colleagues.

我們的團隊與股東以及彼此之間仍高度一致，協作並良性競爭，以持續提高勝率。每個團隊都對成果負責，並獲得適當激勵，以為股東、為 DSG 以及所有同仁交付成果。

We will continue to evaluate acquisitions that strategically fit and enhance our long-term competitive position to win in our current focus areas and markets or that complement them as well as opportunities that can accelerate our growth and profitability objectives to enhance and accelerate driving long-term shareholder value.

我們將持續評估在策略上契合、能強化我們長期競爭地位的併購案，以便在目前聚焦的領域與市場中取勝，或能與之互補；同時也會評估可加速我們成長與獲利目標的機會，以提升並加速推動長期股東價值。

In addition to strengthening leadership within our verticals, after a thorough evaluation on ways to improve and enhance our corporate strategy and M&A capabilities, we recruited Sean Dwyer to lead DSG's efforts and dedicated team while working closely with the vertical leadership and our LKCM Headwater teams.

除了強化各垂直領域的領導力之外，在全面評估提升與強化公司策略及併購（M&A）能力的方法後，我們延攬 Sean Dwyer 來領導 DSG 的相關工作與專責團隊，並與各垂直領導層及我們的 LKCM Headwater 團隊密切合作。

Sean comes to us with a background in investment banking and experience leading similar efforts at large public companies. Through his public company roles, he has led over $30 billion in 36 transactions. It's great to have Sean on board to add structure, perspective, and to collaboratively lead this critical component of DSG's growth strategy.

Sean 擁有投資銀行背景，並具備在大型上市公司領導類似工作的經驗。在其上市公司職務期間，他主導了 36 筆交易，交易總額超過 300 億美元。很高興 Sean 加入，為 DSG 的成長策略這一關鍵組成帶來架構與觀點，並以協作方式共同領導。

As we look ahead in 2026, we're excited about the added capabilities, discipline, and prioritization we've invested in across all our verticals. While most of this comes at a cost, we're confident in these investments and in the improved performance returns the investments will deliver. While the first couple of months of 2026 have seen sales growth, we expect the first quarter to remain under margin pressure as we continue to digest initiatives, and then we expect to see an improved margin expansion trajectory consistent with our longer-term objectives as we move into the middle of the year.

展望 2026 年，我們對於在各垂直領域所投入、所新增的能力、紀律與優先順序管理感到振奮。雖然其中多數投資需要成本，但我們對這些投資以及其將帶來的績效回報更有信心。雖然 2026 年前幾個月已出現銷售成長，但我們預期第一季利潤率仍將承壓，因為我們持續消化各項舉措；之後，隨著進入年中，我們預期將看到符合長期目標的利潤率擴張改善軌跡。

I'm proud of the heavy lifting from our colleagues and what it accomplished in 2025. And as I reflect on where we are versus the much smaller and less evolved DSG that we pulled together four years ago. We remain focused building a better DSG on its many commercial growth initiatives and ongoing process and structure optimization, and we celebrate working together to build a more valuable enterprise, one that consistently generates cash flow and long-term shareholder value.

我為同仁在 2025 年所付出的巨大努力及其成果感到自豪。當我回顧我們目前的位置，相較於四年前我們整合起來、規模更小且成熟度較低的 DSG。我們仍專注於打造更好的 DSG，推進多項商業成長舉措並持續優化流程與組織架構；我們也慶祝彼此合作，共同打造更有價值的企業——一個能持續產生現金流與長期股東價值的企業。

Finally, I want to thank our employees for their dedication and hard work throughout the year. Your commitment and the strength of our culture have enabled meaningful progress across our strategic priorities. We will continue to push, test, and adapt as we improve long-term performance. I also want to thank DSG's Board, our shareholders, our shareholder partners and the LKCM Headwater team as we continue advancing our specialty distribution model together.

最後，我要感謝我們的員工在全年展現的投入與辛勤工作。你們的承諾與我們文化的力量，使我們在各項策略優先事項上取得了有意義的進展。在提升長期績效的過程中，我們將持續推動、測試並調整。我也要感謝 DSG 董事會、股東、股東合作夥伴以及 LKCM Headwater 團隊，讓我們能持續攜手推進我們的專業分銷模式。

And with that, operator, will you please open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Allen Moll, Stephens.

Allen Moll，Stephens。

Bryan, I want to start on the comment you just made regarding the sales pacing year to date. I think I heard you say sales are up year over year in Jan and Feb. So maybe just can you confirm that? And if you're able to give us the daily sales pacing and the number of selling days for the quarter, that would be appreciated as well.

Bryan，我想先從你剛才關於今年迄今銷售節奏的評論開始。我想我聽到你說 1 月和 2 月的銷售額年增。能否請你確認一下？另外，如果你能提供本季的每日銷售節奏以及本季的銷售天數，也將不勝感激。

I'll let Ron do it, he's got them in front of him.

我讓 Ron 來回答，他手上有數據。

Yes, Tommy. This is Ron Knutson. So --

好的，Tommy。我是 Ron Knutson。所以--

(inaudible).

(聽不清楚)。

Just to add some commentary around Bryan's notes relative to the first couple of months of the year. So we have seen growth. Really, I would say, I'd put it in the low single digits. If we look at January, February versus a year ago. ADS so far for the first couple of months, kind of flattish versus Q4, but up against a year ago.

補充一些與 Bryan 提到的今年前幾個月相關的說明。我們確實看到成長。我會說大致落在低個位數。若比較今年 1 月、2 月與去年同期。今年前兩個月的 ADS（平均每日銷售額）相較第四季大致持平，但相較去年同期有所上升。

We're seeing a little bit of pressure continue within our Canadian branch business that think both Bryan and I commented on in our prepared remarks. But the other verticals or the other three pieces of the business are seeing some growth here in the first couple of months.

我們看到加拿大分公司業務仍持續承受一些壓力，我想 Bryan 和我在事先準備的發言中都有提到。但其他垂直領域或業務的另外三個部分，在今年前兩個月都出現一些成長。

Relative to -- I think the second part of your question was relative to number of days and so forth as '26 develops. So on a quarter-over-quarter basis, it shifts a little bit just because of the kind of the weighting, and we've got Gexpro Services on a 4-4-5. But essentially, it's relatively consistent.

關於——我想你問題的第二部分是關於 2026 年進展過程中的天數等。以季對季來看，因為權重分配的關係會有些微變動，而且我們的 Gexpro Services 採用 4-4-5 會計週期。但基本上，整體而言相對一致。

First quarter of '26 has 63 selling days versus the first quarter of '25 having 63 as well.

'26 年第一季有 63 個銷售日，而 '25 年第一季也同樣是 63 個。

And I just would add, is it Tommy? I thought you said it was Allen. I was like, wait a second. So Tommy, one of the things I was referencing when I said that was that we were -- it was on the test equity vertical, and that was that we were seeing some backlog build there in orders and kind of RFPs. So momentum, and it's really around the test and measurement side, which we've seen -- as we've seen some messaging from the manufacturers about a little bit of accelerated activity in that space.

我再補充一下，是 Tommy 嗎？我以為你說是 Allen。我當時想，等一下。所以 Tommy，我先前提到的其中一點是，我們——是在 TestEquity 這個垂直領域，我們看到訂單以及某種程度的 RFP（提案請求）出現一些積壓的累積。所以動能主要是在測試與量測這一端；而且我們也看到——隨著製造商在這個領域釋出一些訊息，顯示該市場活動有些加速。

I mean January, quite transparently, I wasn't happy with the flow-through on profitability relative to how we budgeted or what I expected.

我的意思是，坦白說，一月的獲利流轉（flow-through）相較於我們的預算或我原先的預期，我並不滿意。

And so as the fourth quarter came together in the first month of the year, while we saw some revenue lift, we still suffered some of the same challenges of adding expenses around leadership and otherwise in the first month. We're seeing improvement on that, we believe, in February and expect that again in March, so the releveraging of our cost structure with the pickup in revenue. But there just were some changeover expenses that -- and some onetimes and some things that created noise in the fourth quarter and in January.

因此，當第四季在年初第一個月逐步成形時，雖然我們看到營收有些提升，但在第一個月我們仍承受了一些相同的挑戰，例如在領導團隊等方面增加費用。我們認為二月會看到改善，並預期三月也會如此，也就是隨著營收回升，我們的成本結構會重新槓桿化（releveraging）。但確實有一些交接／轉換成本——以及一些一次性項目與其他造成雜訊的因素，出現在第四季與一月。

Yes. Bryan, you anticipated my follow-up, which was on margin, and you clarified your comment, but maybe I could put a finer point on it here. If I go back to the numbers that Ron gave us in the prepared remarks, there were a series of one-timers in Q4. I just added up all those basis points, and it was about 150 basis points. So my starting point on bridging was I just took the 7.4% you reported in Q4 plus 150 gets you 8.9% as an implied baseline to start to think about the first quarter, that would be up a little bit year over year, though.

是的。Bryan，你預料到我的追問，也就是關於毛利率／利潤率（margin）的問題；你也澄清了你的評論，但我或許可以在這裡把重點說得更精準一些。如果我回到 Ron 在事先準備的講稿裡提供的數字，第四季有一系列一次性項目。我把那些基點加總起來，大約是 150 個基點。所以我在做銜接（bridging）時的起點，是把你們第四季報告的 7.4% 加上 150，得到 8.9%，作為一個隱含的基準，用來開始思考第一季；這樣看起來也會比去年同期略高。

And so based on what you just said, that makes me think perhaps that's a bit too aggressive of a baseline. Maybe we'd be -- I don't know, it depends on the monthly assumptions, but anything you can do.

但根據你剛才所說，這讓我覺得也許那個基準有點太積極了。也許我們會——我不確定，這取決於每月的假設，但你能提供的任何補充都會有幫助。

Yes, that number would be consistent with how margins flowed through for the year last year. When we look at it or when I look at it, the first quarter is still going to have a little bit more margin degradation from our average last year, I think, whereas the second and third quarters, we would expect that the EBITDA margin will be back towards above what last year's average was, if that's helpful. Is that right, Ron? I'm looking to you, Ron.

是的，那個數字與我們去年全年利潤率的流轉方式是一致的。我們來看——或我來看，第一季我認為仍會比去年平均水準再有一些利潤率下滑；而第二、第三季，我們預期 EBITDA 利潤率會回到接近、甚至高於去年平均水準，如果這樣說有幫助的話。對嗎，Ron？我在看你，Ron。

Yes, that is right. Yes. If I go back, Q1 of 2025, we were sitting at about 9%. And Tommy, we typically -- we do get burdened with some other items that we didn't call out specifically in our comments around some payroll taxes start over on us, that typically drags our margins a little bit, even going from Q4 into Q1. The other area that I would point to is we do have some resetting of some incentive accruals and so forth, as you can imagine, lower dollars in '25 based upon performance.

是的，沒錯。是的。如果我回頭看，2025 年第一季我們大約在 9%。而且 Tommy，我們通常——會受到一些其他項目的影響，我們在評論中沒有特別點出，例如某些薪資稅會在年初重新起算，這通常會讓我們的利潤率略受拖累，即使只是從第四季進到第一季。另外一個我想指出的地方是，我們確實會重設一些獎金激勵的應計（incentive accruals）等等；如你所想，基於績效，'25 年的金額會比較低。

And and we certainly budget to hit higher goals going into the next year. So we'll have to reestablish some of those accruals as we work throughout the year as well. And those typically get spread pretty evenly throughout the year until we start to reforecast to a greater degree later in the year. So we do have some, what I would call, kind of offsets or negative items that will probably push their way through here yet in the first quarter.

而且我們當然會在進入下一年度時，以更高的目標來編列預算。因此，隨著我們在全年推進，我們也必須重新建立其中一些應計。而這些通常會在全年相對平均地分攤，直到我們在年內較後期開始更大幅度地重新預測（reforecast）。所以第一季這裡仍會有一些我所謂的抵銷項或負面項目，可能會反映出來。

But I would say, Tommy, the exercise you did, which is the same one I did yesterday when I was preparing my remarks, by adding up Ron's remarks, which were prepared ahead of mine. And I did the same bridge you did and then kind of try to double check it against looking at where we were for the quarter so far. And directionally, you're right on. I think it's just going to be a little not quite -- January is not indicating to me that we're going to get to where -- the level you said.

但我會說，Tommy，你做的那個練習——其實我昨天在準備我的講稿時也做了同樣的事：把 Ron 的講稿內容加總起來（他的講稿比我的先準備好）。我也做了跟你一樣的銜接，然後再用目前為止本季的狀況去交叉檢核。就方向性而言，你是對的。我認為只是會稍微差一點——一月的表現並沒有讓我覺得我們能達到你所說的那個水準。

Understood. Shifting to some more strategic questions here on TestEquity. You have new leadership there, and you've talked before and again today about refining the customer value prop, the go-to-market, centralizing some functions, et cetera. What can you share there about the progress to date and what's ahead in 2026?

了解。把話題轉到一些更具策略性的問題，關於 TestEquity。你們那邊有新的領導團隊，你們之前以及今天也談到要精煉客戶價值主張、上市策略（go-to-market）、集中化部分職能等等。你能分享一下目前為止的進展，以及 2026 年接下來的重點是什麼嗎？

Yes. So look, the pacing on the team and the depth of our leadership bench is just very different than it has been. And part of that was that we -- adding Barry was critical, but it was not just adding Barry. Barry brought with him an ensemble of other executives, and we were able to really keep so many of the people that we had that were in -- had key institutional knowledge and that we had a lot of confidence around.

是的。所以你看，團隊的節奏以及我們領導梯隊的深度，跟過去相比已經非常不同。其中一部分原因是，我們——加入 Barry 是關鍵，但不只是加入 Barry 而已。Barry 也帶來了一批其他高階主管；同時我們也能夠留住很多原本就在——擁有關鍵機構知識、且我們非常有信心的人才。

So we did double up some of our leadership expense.

因此，我們的領導層費用確實有一段時間出現了加倍。

When I look at the total burden at the top of that company, it's different than it was four or five months ago. But with that has come a real high level of not only cadence is different and the pacing is different, but there's a high level of kind of drill-down insight, which Russ and Mark have been doing last year increasingly for us is after we made the ConRes acquisition, we were able to really get a lot more accountability around the efficiency in our rental and used business and our calibration strategy and our chambers business has been taken off. And so we've been trying to build out our chambers offering and portfolio and our inventory and stock. And then we've been working through kind of a more cohesive strategy around the total test and measurement go-to-market kind of value proposition to the customer. So it's not just as is isolated to margins on new product.

當我看那家公司高層的整體負擔時，跟四、五個月前已經不同了。但隨之而來的是，不僅運作節奏（cadence）不同、推進速度也不同，而且我們能更深入地向下鑽研洞察；Russ 和 Mark 去年在這方面對我們的貢獻愈來愈大——在我們完成 ConRes 收購之後，我們能在租賃與二手業務的效率、校驗（calibration）策略，以及我們的 chambers（環境試驗箱／試驗室）業務上建立更強的問責，而 chambers 業務也正在快速成長。因此我們一直在擴充我們的 chambers 產品與組合，以及我們的庫存與備貨。接著我們也在推進一個更一致、更整合的策略，圍繞整體測試與量測的 go-to-market，也就是對客戶的整體價值主張。所以不只是把焦點孤立在新產品的利潤率上。

And then on top of that, we have a lot of smaller value-added capabilities that are inside of the TestEquity Group, some of which came with Hisco and some of which were ones that we had acquired. And so by breaking them each apart and really drilling accountability and ownership on each of those verticals, we're able to see very different contribution margins amongst different ones.

此外，在 TestEquity 集團內部還有許多較小但具附加價值的能力，其中一些來自 Hisco，一些則是我們後續收購而來。因此，透過把它們逐一拆開，並在各個垂直領域強化問責與所有權，我們能看到不同領域之間的貢獻毛利率（contribution margins）差異非常明顯。

And so of our EPS business, we've got parts of it that are more commodity that are volume, but our cost -- our channel support to that is similar to our more discrete specialty parts of the same EPS business. And so the flow-through margin on those look quite a bit different.

因此，在我們的 EPS 業務中，有些部分較偏商品化、以量為主；但我們的成本——我們對該部分的通路支援，卻與同一 EPS 業務中更離散、專業的部分相近。因此，這些部分的流轉毛利率（flow-through margin）看起來就會有相當大的差異。

And so the team is really reenergizing the sales force on how they're spending their time and how we're delivering our messaging in the marketplace into our employees around where the levers are to pull a lot more attention and acceleration through the parts of the business that have very different structural contribution margins. And that's just -- that energy and that focus kind of started 100 days ago, but it's trickling down through the organization more recently.

因此，團隊正真正重新激勵銷售團隊，聚焦他們如何分配時間，以及我們如何在市場上傳遞訊息，並向員工說明有哪些槓桿可以拉動，讓業務中那些結構性貢獻毛利率差異很大的部分獲得更多關注並加速成長。而這股能量與專注大概在100天前就開始了，但最近才更明顯地向下滲透到整個組織。

We -- our Chief Commercial Officer, who's been really important to the business. We made our President of Mexico for all of DSG so that we could start to really bring our cadence together across all three of our verticals in Mexico so that we could have more cross-sell wins and drive total revenue growth. That's the business that he had built for Hisco. And then we added another Chief Commercial Officer at the senior executive level to really focus on these lines of business efforts.

我們——我們的首席商務長（Chief Commercial Officer）對業務一直非常關鍵。我們任命他擔任DSG整個墨西哥業務的總裁，這樣我們就能真正把墨西哥三個垂直領域的節奏整合起來，爭取更多交叉銷售的勝利並推動總營收成長。那正是他在Hisco所打造的業務。接著我們又在高階主管層級增設另一位首席商務長，專注推動這些業務線的相關工作。

And so Barry has got a lot of confidence in all the specialty businesses that we have and how it all rolls together. And some of the profitability that is inside of that business has been masked by some of the areas that have been whipping around or where we've either had too high cost to serve relative to the contribution margin and not enough focus on the areas with our sales force on much higher contribution margin opportunities. And we're seeing that shift.

因此，Barry對我們所有專業型業務以及它們如何整體協同運作非常有信心。而該業務內部的一部分獲利能力，過去被一些波動較大的領域所掩蓋；或者是我們在某些領域的服務成本相對於貢獻毛利率過高，同時銷售團隊對於貢獻毛利率更高的機會關注不足。我們正在看到這種轉變。

Ken Newman, KeyBanc.

Ken Newman，KeyBanc。

It's Katie on for Ken. I was wondering if we could start on tariffs and if you're anticipating any material impacts from the recent news and how you're thinking about price cost as we go into 2026?

我是代Ken提問的Katie。我想先從關稅談起，想請教你們是否預期近期新聞會帶來任何重大影響？以及在邁入2026年時，你們如何看待價格與成本的變化？

Ron, you start that off and --

Ron，你先開頭，然後——

Yes, I'll start it off. I know we've talked about tariffs in the past relative to the value of the imports that we do and so forth and our ability to be able to pass along the majority of those from a customer relationship standpoint. I think your question is probably more pointed towards the recent news and so forth.

好的，我先說。我知道我們過去談過關稅，涉及我們進口的金額等等，以及從客戶關係角度，我們有能力把其中大部分轉嫁出去。我想你的問題可能更聚焦在近期的新聞等情況。

And I would say probably too early to tell yet in terms of what direct impact that may or may not have on DSG. Certainly, we're evaluating the situation, trying to stay really current with it as others are as well. At this point, we're moving the business forward, assuming that a lot of these costs that have come through to us over the last, call it, 12 to 18 months will probably continue to be out there until we get some further direction on where this may end up.

我會說，就目前而言，還太早判斷這對DSG可能或不可能造成的直接影響。當然，我們正在評估情勢，並努力保持最新資訊，其他人也一樣。現階段，我們推動業務向前，並假設過去大約12到18個月傳導到我們這裡的許多成本，可能會持續存在，直到我們得到更多關於最終走向的指引。

Katie, we've got a consulting firm that we use and are using across our portfolio companies at LKCM Headwater and we have some businesses that have been much more significantly impacted than DSG, but it's allowed us to be informed across ways and levers that we should pull and also kind of navigate or engage on the SCOTUS recent ruling.

Katie，我們有一家顧問公司，透過LKCM Headwater在我們的投資組合公司中使用；其中有些企業受到的影響比DSG顯著得多，但這讓我們能在各種面向與可拉動的槓桿上保持資訊充分，也能在近期最高法院（SCOTUS）的裁決上，掌握如何因應、如何導引或參與。

So we ended up leaving some dollars on the table last year for sure, but our team did a great job of managing both pricing as well as sourcing costs and where we source things across DSG. And so much of it was mitigated by the end of the year. And -- but that -- we did end up with certainly a drag on earnings or much of it was mitigated as we looked out prospectively for this year by actions that were taken throughout last year.

所以我們去年確實有一些金額沒有拿到（等於把一些錢留在桌上），但我們團隊在價格管理、採購成本管理，以及DSG各項來源地的配置上都做得很好。因此到年底時，大部分影響都被緩解了。而且——我們確實承受了一定的獲利拖累；不過就今年的前瞻來看，透過去年一整年採取的行動，這些影響多數已被抵銷。

Now we've got to kind of look and see whether or not there's any additional moves that we need to make or whether or not there's going to be additional shifting in where the tariff burdens are going to be and whether or not that's going to inform any of our sourcing decisions this year, our pricing decisions this year or whether or not we're contesting or protesting that we believe that we should get any refund. So right now, it's really early to try and know how that's going to work.

現在我們必須再觀察，是否需要採取額外動作，或關稅負擔的分配是否會進一步變動；以及這是否會影響我們今年的採購決策、今年的定價決策，或是我們是否要提出爭議／抗議，主張我們應該獲得任何退款。所以目前真的還很早，難以判斷會如何發展。

Okay. That's helpful. And then just revisiting Tommy's question a little bit on some trends that we've seen year to date. Any other color that you're able to provide on the segments? And then maybe for Lawson specifically, how are you thinking about these mix impacts within that segment?

好的。這很有幫助。另外再回到Tommy剛才關於年初至今趨勢的問題。你們能否就各個事業部再提供一些補充說明？以及就Lawson而言，你們如何看待該事業部內部的組合（mix）影響？

And should those normalize as we move through the year?

而這些情況在今年推進過程中會正常化嗎？

I'll start with Gexpro Services. That was pretty easy. Gexpro Services has got several key end markets that are spooling up. The power generation space has obviously gotten a lot of attention. It's a key area for that business and its legacy or its history coming out of GE.

我先從Gexpro Services開始。這部分相對容易。Gexpro Services有幾個關鍵終端市場正在加速啟動。發電領域顯然受到很多關注。這是該業務的關鍵領域，也與其源自GE的傳承與歷史有關。

So it's -- it will enjoy some leverage there to the positive. The aerospace and defense vertical is very important to it. We know what's going on around the world. And so there's -- we expect a firm year there with growth. The domestic renewables business, we're about two-thirds domestic, one-third international historically.

因此——它在那裡會享有一些正向的槓桿效應。航太與國防垂直領域對它非常重要。我們也知道全球正在發生什麼。因此——我們預期那一塊今年會是穩健的一年並帶來成長。至於國內再生能源業務，歷史上我們大約三分之二在國內、三分之一在國際。

The domestic business is down. We really started to see it tick down in the fourth quarter, kind of mid-fourth quarter, I guess, and that trend is continuing. At the same time, as we're seeing countries like India, where we had $4 million of revenue on renewables is kind of tracking towards -- and that's two years ago, kind of 2024, I think we were $4 million is what I remember looking at and this year will be $14 million.

國內業務正在下滑。我們在第四季、我想大概是第四季中段開始，確實看到它開始走弱，而這個趨勢仍在延續。同時，我們看到像印度這樣的國家，我們在再生能源的營收原本是400萬美元，現在的走勢是——那是兩年前、約2024年，我記得我們是400萬美元；而今年將會是1,400萬美元。

So we're backfilling with our capabilities with our manufacturing or vendor partners and some of the renewable developers programs around the world that are backfilling but not entirely backfilling. There's also some different contribution margin dynamics as you spool up new relationships at Gexpro, as I alluded to, relative to the contribution margin on a more mature vertical or customer engagement. So as we're taking on more opportunities at Gexpro Services, which is happening more broadly than just renewables, there's some launch costs that are associated with that.

所以我們正透過自身能力、製造或供應商夥伴，以及全球一些再生能源開發商的專案來補位，但並非完全補足。此外，正如我提到的，當Gexpro建立新的合作關係時，貢獻毛利率的動態也會有所不同，相較於較成熟的垂直領域或客戶互動，其貢獻毛利率表現不同。因此，當我們在Gexpro Services承接更多機會（而且不僅限於再生能源，整體更廣泛地發生）時，會伴隨一些啟動成本。

We do believe that Gexpro Services margins that we've seen throughout last year are consistent with how we think that business is kind of going to continue to operate. So we don't expect a significant deterioration in the EBITDA margin at Gexpro Services this year at all. We think it's kind of operating without a lot of headroom up this year, but operating at a level that we think is about consistent with where we expect it will be this year.

我們確實相信，去年整年所看到的Gexpro Services毛利率水準，與我們認為該業務未來將持續運作的方式一致。因此，我們完全不預期今年Gexpro Services的EBITDA利潤率會出現顯著惡化。我們認為今年它大致是在沒有太多上行空間的情況下運作，但其運作水準與我們預期今年會達到的水準大致一致。

On the TestEquity side, as I alluded to earlier, we're seeing strong interest in the test and measurement equipment. Our EPS business is continuing to see some softness. Our electronic production supplies -- one of the key areas is our electronic manufacturing, Ron help me with that is that kind of starting to remember how we call that vertical. But that has been an area that has been really soft for us, and we've seen some firmness in it last year. I can't remember where our backlog looks right now there, but it's the biggest part of TestEquity Group's EPS business.

在TestEquity方面，如我先前提到的，我們看到測試與量測設備的需求興趣強勁。我們的EPS業務仍持續有些疲弱。我們的電子生產耗材——其中一個關鍵領域是電子製造，Ron幫我一下，我現在在回想我們怎麼稱呼那個垂直領域。但那一直是我們非常疲弱的一塊，而去年我們看到它有些轉穩。我不記得目前那裡的在手訂單（backlog）狀況，但它是TestEquity Group的EPS業務中最大的一部分。

The Chambers business is very strong. The rental and used market is getting more attention and focus for us because it has a lot higher contribution margin, and it's been -- it was a source of strength last year and with renewed strength. And some of that's focus and some of that's the acceleration in demand end markets on the test and measurement side.

Chambers 業務非常強勁。租賃與二手機市場正獲得我們更多關注與聚焦，因為其貢獻毛利率高得多，而且它一直——去年就是我們的強項來源之一，並且再度展現強勢。其中一部分來自聚焦，另一部分則來自測試與量測端需求終端市場的加速。

What else, Ron? Lawson?

還有什麼，Ron？Lawson？

Yes, relative to Lawson and what I would say around that is we continue to see an increase in our -- what we call ship-to or VMI installations, in particular, in the -- in our larger locations within strategic relationships and within our Kent automotive business. I would say, a renewed focus on the core local business, where historically, if you look at the last couple of years, that's where the most pressure has been seen. And we've seen, I would say, kind of flattening out in ship-tos there.

是的，關於 Lawson，我想說的是，我們持續看到我們——我們所稱的 ship-to 或 VMI（供應商管理庫存）安裝量增加，特別是在——在我們較大型據點、策略性合作關係內，以及我們的 Kent 汽車業務中。我會說，我們重新聚焦於核心的在地業務；從歷史來看，如果你回顧過去幾年，那裡承受的壓力最大。而我們也看到那邊的 ship-to 大致趨於持平。

But as Bryan mentioned, we had our sales leadership meeting in mid-February and a ton of focus being put on reallocating resources to be able to grow that piece of the business, which makes up that local business, we call it core as well, is about 45% of Lawson's total revenue. So again, Lawson has seen on an overall basis, some increase here moving from January, February. And we've got great insight into a number of locations and around specific customer wins and the accountability that Brian and I have mentioned around making sure that those sites get installed on a monthly basis with Jim coming onboard here in January, a renewed focus around that, making sure that we hit those numbers as well.

但如 Bryan 提到的，我們在 2 月中旬召開了銷售領導會議，並投入大量心力在重新配置資源，以便能夠成長那一塊業務；那一塊構成在地業務，我們也稱之為核心業務，約占 Lawson 總營收的 45%。所以再說一次，Lawson 整體而言，從 1 月到 2 月確實看到一些增長。而且我們對多個據點、特定客戶贏單，以及 Brian 和我提到的問責機制都有很深入的掌握，確保這些站點能按月完成安裝；Jim 在 1 月加入後，我們也重新聚焦於此，確保我們也能達成那些數字。

Kevin Steinke, Barrington Research.

Kevin Steinke，Barrington Research。

I just wanted to follow up on the earlier margin discussion. I believe in response to one of the earlier questions, you mentioned that you thought the second and third quarter adjusted EBITDA margin could be above the full year 2025 average of 8.9%. So you're thinking kind of a 9-ish is appropriate for second and third quarters?

我想跟進一下先前的毛利率討論。我記得在回應先前某個問題時，你提到你認為第二季與第三季的調整後 EBITDA 利潤率可能會高於 2025 全年平均的 8.9%。所以你的意思是第二季與第三季大概 9% 左右是合適的？

I think we believe it's going to be relevered up higher than that, Ron. But I don't think -- I think that -- I'm trying to remember where we are on there, but it's if you look at last year, our second and third quarter EBITDA margins were above that 8.9%. And I think we expect that it will be consistent with that or above. Can you remember -- is that right, Ron?

Ron，我想我們相信會再回升到比那更高。但我不認為——我想——我正在回想我們當時的說法；不過如果你看去年，我們第二季與第三季的 EBITDA 利潤率都高於 8.9%。而我想我們預期會與那樣的水準一致或更高。你還記得嗎——是這樣對吧，Ron？

Yes. Yes. I think where we're going to see probably the most pressure, as we've commented on, is really here in the first quarter. And then you're correct, Brian, relative to second and third would be an acceleration north of what we posted for the full year.

是的。是的。我想我們會看到壓力最大的地方，如同我們評論過的，主要是在第一季。然後你說得對，Brian，相較之下第二季與第三季會加速上升，會高於我們全年所公布的水準。

And typically, that's not unusual. I mean, typically, for us, the second and the third quarters are typically the strongest quarters. And in fact, even that uplift generally starts in March. March can be one, it's a longer month in terms of selling days, so we get some additional operating leverage there. And then typically, Q3, if you look back historically, Q3 and -- I'm sorry, Q2 and Q3 are typically the strongest uplift in sales as well as overall margin percentages.

而且通常這並不罕見。我的意思是，對我們而言，第二季與第三季通常是最強的季度。事實上，這個上升動能一般從 3 月就開始。3 月在銷售天數上可能是一個——它是一個較長的月份，所以我們在那裡會獲得一些額外的營運槓桿。然後通常第三季，如果你回顧歷史，第三季以及——抱歉，是第二季與第三季通常在銷售成長與整體利潤率百分比上都有最強的上升幅度。

I just look back at it in last year's Q2 was 9.7% and Q3 was 9.4%. So versus the 9% last year in the first quarter and the 7.4% that we posted in the fourth quarter. So that kind of gives you some sense of how the quarters fit in together. And I think we've got a good number of selling days. Is it in the second quarter, Ron?

我回頭看了一下，去年第二季是 9.7%，第三季是 9.4%。相較之下，去年第一季是 9%，而我們第四季公布的是 7.4%。所以這大概能讓你了解各季度之間是如何搭配的。而且我想我們有相當不錯的銷售天數。是在第二季嗎，Ron？

Or is it March? -- trying to remember.

還是 3 月？——我在試著回想。

Yes, there's -- yes, in March, there's -- I think it's either 22 or 23 days in the month of March. And then Q2 and Q3 both have 64 selling days.

是的——是的，在 3 月——我想 3 月有——應該是 22 或 23 個工作天。然後第二季與第三季各有 64 個銷售天數。

Okay. Great. Got it. Yes, that's helpful. Appreciate it. I wanted to also follow up on Lawson. You mentioned there some continuing challenges just in the small account side there, maybe some loss of focus as you've gone through this transition period. But I know you've been experimenting with various things there. I think to serve the small account customer base with inside sales force or maybe some service reps who do the unpacking. Are those the sort of things you would still want to continue to work on?

好的。太好了。了解。是的，這很有幫助。謝謝。我也想再跟進一下 Lawson。你提到那邊在小型客戶端仍有一些持續的挑戰，可能是在你們經歷這段轉型期時有些失焦。但我知道你們一直在嘗試各種做法。我想是用內勤銷售團隊來服務小型客戶群，或是一些會協助拆箱的服務代表。這些是你們仍想持續推進的方向嗎？

I know you also mentioned e-commerce. Or is it just more kind of getting the actual sales rep back on site more frequently? I don't know, any more thoughts on kind of how you kind of are approaching that.

我知道你也提到了電商。或者其實只是更偏向讓實際的業務代表更頻繁回到現場？我不確定，你對於你們如何處理這件事還有沒有更多想法。

You just kind of wandered through all of them, which is great.

你剛剛其實把所有選項都走了一遍，這很好。

That's what I was going to say, Bryan, all of --

我正想說這個，Bryan，全部的--

Ron and I are laughing because -- we are smiling because you're right, yes. So I would say that the shift of some tiny customers that were too small to service with the cost to serve of having a rep go see them because their order -- order flow dynamics and the size of their invoicing was too small to have somebody there unpacking and managing stuff. I think our inside sales group and our e-commerce efforts have really helped that. So I think that our revenue there is not where we've really lost volumes. We may have lost some ship-to locations.

Ron 和我在笑——我們是在微笑，因為——你說得沒錯，是的。所以我會說，把一些非常小的客戶轉移出去——那些客戶小到不值得用派業務去拜訪的服務成本來支撐，因為他們的訂單——訂單流動的特性以及開票金額太小，不足以讓人到現場拆箱、管理這些事情。我認為我們的內勤銷售團隊與電商投入確實對此很有幫助。所以我認為我們那邊的營收並不是我們真正流失量的地方。我們可能流失了一些 ship-to 據點。

But I think, Ron, if I remember correctly, we've actually seen pretty good traction out of that total effort even though we may have had some small ship-tos. Those are not the ones that we're missing. We had -- with the compression of our sales force that we did two years ago as we were getting set for the new sales force initiatives that we were putting in place and the technology tools and the way that we're trying to drive productivity out of our teams, we certainly saw with that some of our smaller core customers not get the level of service that we would expect. We had less salespeople.

但我想，Ron，如果我沒記錯，我們其實看到整體這套作法帶來相當不錯的成效，即使我們可能有一些小型的 ship-to。那些並不是我們所缺少的部分。我們在兩年前壓縮銷售團隊規模——當時我們正為即將推行的新銷售團隊計畫、技術工具，以及我們試圖提升團隊生產力的方式做準備——在那之後，我們確實看到部分較小的核心客戶沒有獲得我們期望的服務水準。我們的業務人員變少了。

And as you might imagine, the salespeople that we had covered the bigger customers or the strategic accounts, the national accounts that we were trying to make sure we were doing a great job for across the country first.

而如你所想像的，我們現有的業務人員會先覆蓋較大的客戶、策略性客戶，以及我們想確保在全國範圍內先把服務做好的全國性客戶。

And so that caused a natural trend of losing some of our ship-to locations that just had less volume in them and a real concern on our part at the leadership level on whether or not our salespeople were with that compression and then with the distraction of a lot more strategic and new national accounts, we're spending as much time focused on the smaller street business that they used to make a lot of their money on.

因此，這自然導致我們部分出貨地點（ship-to locations）出現流失趨勢，因為那些地點本來量就較小；而在領導層面，我們也確實擔心：在這種壓縮之下，再加上更多策略性與新的全國性客戶帶來的分心，我們的業務人員是否還像過去一樣，把足夠的時間放在那些較小的街邊業務上——而那曾是他們賺很多錢的來源。

So Ron and Mike DeCata started to national account or strategic account initiative about a decade ago, and it's grown to where it's as large in our -- as part of a part of our business as our street business is from zero. And so we're feeding our salespeople, those national accounts. And in some ways, that may be was creating some behavioral challenges that we didn't appreciate until we got more insights out of the CRM and now with kind of the insights that better data analytics are allowing us to see and how we're keeping up with some of those smaller accounts.

大約十年前，Ron 和 Mike DeCata 啟動了全國性客戶或策略性客戶（strategic account）計畫，從零開始一路成長，如今在我們的——作為我們業務的一部分——其規模已經大到與我們的街邊業務相當。因此，我們也在把這些全國性客戶導入、分配給我們的業務人員。而在某些方面，這可能造成了一些我們直到從 CRM 取得更多洞察、以及現在更好的資料分析讓我們看得更清楚之後，才意識到的行為面挑戰——包括我們如何跟進那些較小的客戶。

And also, we went out in the market and did a bunch of feedback surveys that we needed to have at my level and our investment team level to be able to triangulate with our leadership team what we were hearing in the market from a lot of those smaller accounts.

此外，我們也到市場上做了大量回饋調查；在我這個層級以及我們投資團隊層級，我們需要這些資料，才能與領導團隊一起做三角驗證（triangulate），確認我們從市場、尤其是許多較小客戶那裡聽到的聲音。

And so now we've got a very proactive initiative around it. And we're seeing a relift back in those base accounts, at least the ship-to number, but it's been after several years of significant declines in locations. And so you don't see it in the top line as much because you're picking up the strategic accounts and you're getting more volume through those bigger relationships. But when you get down at the profitability level on a mix shift basis, especially if your cost to serve from a commission perspective or a cost for your salesperson is the same, you're -- we get more premium pricing out of the smaller accounts than what we do out of the bigger accounts so that you're giving up some gross or some product margin and then you're losing some flow-through contribution margin that if you just kind of held pad on that would have significantly changed the total top line revenue growth and the profitability of the business.

所以現在我們已經針對這件事推出非常主動的行動方案。我們看到這些基礎客戶（base accounts）出現回升，至少在出貨地點數（ship-to number）上是回升的，但那是在經歷了好幾年地點數大幅下滑之後才出現的。因此你在營收（top line）上不一定看得那麼明顯，因為你同時在拿下策略性客戶，並透過那些更大型的合作關係取得更多出貨量。但當你往下看到獲利層面、以組合移轉（mix shift）的角度來看，特別是如果你的服務成本（cost to serve）在佣金或業務人員成本上是相同的——我們從小型客戶取得的溢價定價（premium pricing）其實比大型客戶更高；因此你會犧牲一部分毛利或產品毛利率，並且流失一部分可貢獻的貢獻毛利（flow-through contribution margin）。如果當初能把那一塊守住，整體營收成長與公司獲利都會有顯著不同。

All that was at the same time as we're investing a significant amount of dollars into the company and into the sales force. So you saw -- if you look back two years on Lawson, you've seen we've got less revenue today on our MRO business than we had two years ago. We've got more today than we had last year. But that -- most of that decrease really came out of those smaller accounts and the flow-through on that at the same time as you were investing in paying your sales force more, offering them more tools and putting dollars back into it caused a delevering dynamic at the same time as we were making a deliberate investment. And so there was a swing in profitability there that we felt in the fourth quarter more acutely than we had in the prior fourth quarter.

而這一切同時發生在我們對公司與銷售團隊投入大量資金的期間。所以你會看到——如果回頭看 Lawson 兩年前的情況，你會發現我們今天在 MRO 業務的營收比兩年前還少。但我們今天又比去年多。不過——那個下降大多其實來自那些較小的客戶，以及其帶來的貢獻毛利流入（flow-through）；同時你又在投資、提高銷售團隊薪酬、提供更多工具、把資金再投入，這在我們刻意投資的同時，造成了一種槓桿下滑（delevering）的動態。因此獲利能力出現了波動，而我們在第四季感受到的衝擊，比前一年的第四季更為明顯。

We knew what we were doing, but we also knew that there was going to be a J curve as we were investing back in the sales force after that compression period of getting those sellers back out there into those territories that were either open or have been consolidated. So it's -- go ahead, Ron. You lift the (inaudible) daily at Lawson.

我們知道自己在做什麼，但也知道在壓縮期之後、把業務人員重新派回那些原本空缺或已被整併的區域時，投資回到銷售團隊會出現一條 J 型曲線（J curve）。所以——Ron，你來補充。你每天在 Lawson 都在提升（inaudible）。

Kevin, the only thing I would add to Bryan's comments, one is our strategic business, really sticky business. We've got great customer relationships, servicing multisite locations. So drives really solid, sticky gross margin dollars back to us. So we love that part of the business and continues to -- we continue to expand it and continue to make investments there to win new accounts as well. Relative to the core local customers, if we do look at ship-tos over the last year or so, we've really been I would say, kind of flattish.

Kevin，我唯一想補充 Bryan 的評論的是：第一，我們的策略性業務確實是非常黏著（sticky）的業務。我們有很好的客戶關係，服務多據點（multisite）地點。因此能為我們帶來非常穩健、黏著度高的毛利金額（gross margin dollars）。所以我們很喜歡這一塊業務，也會持續——我們會持續擴張並持續投資，以贏得新的客戶。至於核心在地客戶（core local customers），如果我們看過去一年左右的出貨地點（ship-tos），我會說基本上是相對持平。

And so most of that decrease that we experienced within our core local customer count took place prior to the beginning of 2025. So -- but now it's about, as I mentioned, they make -- they're about 45% of our total revenue.

因此，我們在核心在地客戶數量上所經歷的大部分下降，其實發生在 2025 年初之前。所以——但現在重點是，如我提到的，他們——大約占我們總營收的 45%。

To Bryan's point, it's putting some headwinds against the total sales growth that we see. And now it's a renewed focus on making sure that we can get that 45% of our revenue customer base growing again. So -- and there's change in incentives and focus and even at the sales leadership meeting that I mentioned a couple of weeks ago, a lot of focus around where that business historically had been, where we sit today and where we need to take it in the future with our sales leaders.

如 Bryan 所說，這對我們看到的整體銷售成長形成了一些逆風。而現在我們重新聚焦，確保能讓這占我們營收 45% 的客戶基礎再次恢復成長。所以——我們在獎酬機制與聚焦方向上都有調整；甚至在我幾週前提到的那場銷售領導會議上，也大量討論這塊業務過去的歷史狀況、我們今天的位置，以及未來要在銷售領導團隊帶領下把它推進到哪裡。

I want to add two things there because I think you asked -- the breadth and the complexity of the question you asked was great, but I want to make sure I hit these other points. You asked about other support services or capabilities that we put in the field. So we definitely have made a real investment. We're working on it in some key markets, but we're adding some service reps and some focused new account sellers, if you will, or reengagement sellers, so not the field sales reps that we've got historically, but to support those field sales reps so that they have the time to get back in front of some of these customers that they've not spent as much time in front of by having these service reps support them on some of their higher volume relationships so that they aren't having to go by and see the account twice.

我想在這裡再補充兩點，因為我認為你問的問題——其廣度與複雜度都很到位，但我想確保也涵蓋到其他重點。你問到我們在前線配置的其他支援服務或能力。所以我們確實做了實質投資。我們正在一些關鍵市場推進：我們新增了一些服務代表（service reps）以及更聚焦的新客戶開發業務（new account sellers），或者說重新啟動（reengagement）業務；這些不是我們過去傳統的外勤業務代表（field sales reps），而是用來支援那些外勤業務代表，讓他們有時間回到這些客戶面前——因為過去他們在這些客戶身上投入的時間變少了；透過讓服務代表在一些高出貨量的客戶關係上支援他們，讓外勤業務不必為同一個客戶跑兩趟。

So if you think about the way that we often serve our -- even our high-volume customers like those national accounts, they're going in and they're scanning the bins, they're putting in an order and then they're coming back a couple of days later and they're breaking open boxes and they're reorganizing and reloading all those cabinets.

如果你想想我們經常如何服務——甚至是像那些全國性客戶這類高出貨量客戶：他們會到現場掃描料箱（bins）、下訂單，然後幾天後再回來拆箱、重新整理並把所有櫃體重新補貨與上架。

And so that labor component that we sell as part of our value-added are a critical part of our value proposition to our customers by having a service tech do a route and efficiently go by those customers and help take one of those stops out then we're opening up the opportunity for those sales reps to spend more time back in the field, servicing those customers that maybe were either smaller on the street level or some of the national accounts that we're adding that need kind of early touch points high or making sure that we're getting more wallet share out of them and getting them stood up on their initial kind of building out their program.

因此，作為我們加值服務（value-added）的一部分所提供的那個勞務（labor）組成，是我們對客戶價值主張（value proposition）的關鍵一環；透過讓服務技術員（service tech）跑路線（route）、以更有效率的方式拜訪這些客戶，並協助把其中一個停靠點（stop）拿掉，我們就能讓業務代表有機會花更多時間回到外勤現場，去服務那些可能在街邊層級較小的客戶，或是我們正在新增、需要早期高頻接觸點（early touch points）的全國性客戶；同時也確保我們能從他們那裡取得更高的錢包占比（wallet share），並在他們初期建置方案（program）的階段，把整個專案/計畫順利導入與落地。

So that's been a -- that's a real focus right now of the business. It's definitely been a cost center. I mean we've layered that cost in, but it's something that we are seeing strong early indications that that's a model that we want to continue to lean into to support our FSRs. It allows our FSRs, we're not changing -- it allows them to make more money because it gets their total revenue that they can have flow through them up. And we think it does a much better job of servicing the customer at a higher level.

所以這一直——也是目前業務非常聚焦的一個方向。這確實一直是成本中心（cost center）。我的意思是，我們已經把那個成本疊加進去了，但我們看到非常強的早期跡象，顯示這是一個我們希望持續加碼（lean into）的模式，用來支援我們的 FSRs。它讓我們的 FSRs——我們沒有改變——它讓他們能賺更多錢，因為它提高了可透過他們流入的總營收。而且我們認為，這也能以更高水準把客戶服務做得更好。

What our marketplace surveys have told us is that our customers felt like that too often our sales rep, if they were a smaller account, they just weren't getting the attention or they were being effectively fired by us, not by them. And so there's a -- it was a real message that was consistent that we heard where they were asking for us to come back out and service them again and to give them that consistency of service that they wanted from us and that maybe over this transition period with our sales force, we haven't as consistently given to the smaller accounts.

我們的市場調查告訴我們的是，我們的客戶也常常有同樣的感受：如果他們是較小的客戶，我們的業務代表往往沒有給予足夠的關注，或者他們等於是被我們「解約」了，而不是他們主動離開我們。因此，我們聽到一個非常一致且明確的訊息：他們希望我們回去再次為他們提供服務，並提供他們期望從我們這裡獲得的那種一致性的服務；而在我們銷售團隊的這段轉型期間，我們對小型客戶的服務一致性可能沒有做到那麼穩定。

And so that's been a drag of several percentage points of growth a year, the last several years at least, that we've been making up with our national sales effort. And maybe two years ago to last -- so to '24, it was a bigger drag because we had that compression with our sales force. And then we probably thought single digit -- mid-single digits drag on our growth last year out of that a little bit as well. Is that fair, Ron? You know the numbers.

因此，這在過去至少幾年裡，每年都對成長造成了幾個百分點的拖累，而我們一直透過全國性銷售推進來彌補。而也許從兩年前到上一年——也就是到 2024 年——拖累更大，因為我們的銷售團隊出現了那種收縮。然後我們可能認為，去年這方面對我們成長的拖累大概是個位數——中個位數的拖累，也有一些。這樣說公平嗎，Ron？你比較清楚數字。

Maybe not quite that much, that and military. I'll caveat that. But military was the other area that we saw a real shift in buying behavior that we're trying to work on reengaging because they have been historically a really good end market for us. And we're still engaged with them, but their behavior shifted significantly in dollar spend over the last 1.5 years.

也許沒有那麼多，另外還有軍方這一塊。我先補充說明一下。但軍方是我們看到購買行為出現明顯轉變的另一個領域；我們正努力重新與他們建立互動，因為歷史上他們一直是我們非常好的終端市場。我們仍然與他們保持合作，但在過去 1.5 年裡，他們在美元支出上的行為出現了顯著變化。

Sounds good. I appreciate it. I just want to lastly ask about the M&A pipeline, given your strong liquidity and the extension and expansion of your credit facility looks like you'd be set up to explore and maybe execute on some M&A opportunities.

聽起來不錯。謝謝你。最後我想問一下併購（M&A）管線：考量你們流動性很強，而且你們的信貸額度展期並擴大，看起來你們已經具備條件去探索，甚至執行一些併購機會。

Yes. Look, we highlighted that Sean joined us maybe 100 days ago or less. He's been a critical addition to our team. We spent the better part of the last year, 1.5 years, really evaluating our business development or M&A and corporate strategy part of our effort. Our -- we have a really strong team -- colleague that worked -- used to work at Headwater that's been on the Gexpro Services side and then helping lead that effort the last several years.

是的。你看，我們提到 Sean 大概在 100 天前或更短時間前加入我們。他對我們團隊而言是非常關鍵的補強。在過去一年到一年半的大部分時間裡，我們一直在認真評估我們在業務發展或併購（M&A）以及公司策略這一塊的投入。我們——我們有一個非常強的團隊——有位同事以前在 Headwater 工作，後來在 Gexpro Services 這邊，並在過去幾年協助主導這項工作。

We brought in Sean to add some additional muscle memory to how -- to build out a team there. He's significantly increased the funnel in just 100 days. He's gotten a lot of buy-in from the vertical leaders and from our team about where we want to spend our time and effort. We had a few things last year that were high priorities for us that we had hoped to get done that didn't get done. I'd say that none of them are off the table, but they're -- but we just weren't able to get them over the goal line. They've been high priorities for some period of time. And then we have some things that we are focused on right now that are smaller tuck-in acquisitions that significantly bolstered some areas of either strength or focus that we've got in a few of our vertical -- a couple of our verticals.

我們把 Sean 找來，是為了在那裡建立團隊時，增加一些額外的「實戰經驗」。他在短短 100 天內就大幅增加了案源漏斗。他也讓各垂直領域的負責人以及我們團隊，對於我們要把時間與精力投入在哪些方向，取得了很高的共識。去年我們有幾件事是高度優先事項，本來希望能完成，但最後沒有完成。我會說，這些都沒有從選項中移除，但——只是我們沒能把它們推到終點。它們在一段時間內一直都是高優先事項。另外，我們目前也在聚焦一些較小的補強型收購（tuck-in acquisitions），這些交易能在我們幾個垂直領域中的某些強項或重點方向上，帶來顯著的加強。

And we would expect that there'll be some small tuck-in acquisitions that we'll be able to get over the goal line over the first half of this year.

我們預期在今年上半年，會有一些小型補強型收購能夠推進到終點並完成。

Okay. Sounds good.

好的。聽起來不錯。

And those are important to driving accretive -- the ones that I'm thinking of, there's three of them that we have prioritized. All three of those will add significantly to the margin construct of those three verticals. But they're small. They're not -- these are tuck-ins.

而這些對推動增厚——我想到的那幾個案子很重要，我們已優先排序了其中三個。這三個都將顯著改善那三個垂直領域的毛利／利潤結構。但它們規模很小。它們不是——這些都是補強型併購。

We have reached the end of the question-and-answer session, and I will now turn the call over to Bryan King for closing remarks.

我們已到達問答環節的尾聲，現在我將把電話會議交回給 Bryan King 作結語。

Appreciate everybody's engagement and your time this morning. We look forward to stronger quarters in the future. And I appreciate everybody continuing to be supportive and engage with us. Have a great next several months.

感謝各位今天上午的投入與撥冗參與。我們期待未來出現更強勁的季度表現。也感謝各位持續支持並與我們互動。祝各位接下來幾個月一切順利。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。