快扣 (FAST) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Fastenal Q1 2025 earnings results conference call. (Operator Instructions)

您好，歡迎參加 Fastenal 2025 年第一季收益結果電話會議。（操作員指示）

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, (inaudible) of Fastenal. Please go ahead,

提醒一下，本次會議正在錄製中。現在我很高興將電話轉給 Fastenal 的主持人（聽不清楚）。請繼續，

Welcome to the Fastenal Company 2025 first-quarter earnings conference call. This call will be hosted by Dan Florness, our Chief Executive Officer; Jeff Watts, our President and Chief Sales Officer; and Holden Lewis, our Chief Financial Officer.

歡迎參加 Fastenal 公司 2025 年第一季財報電話會議。本次電話會議將由我們的執行長 Dan Florness 主持；我們的總裁兼首席銷售官 Jeff Watts；以及我們的財務長 Holden Lewis。

The call will last for up to one hour, and we'll start with a general overview of our quarterly results and operations, with the remainder of the time being open for questions and answers. Today's conference call is a proprietary Fastenal presentation and is being recorded by Fastenal. No recording, reproduction, transmission or distribution of today's call is permitted without Fastenal's consent.

電話會議將持續最多一小時，我們將首先概述我們的季度業績和營運情況，其餘時間將開放問答。今天的電話會議是 Fastenal 的專有演示，由 Fastenal 錄製。未經 Fastenal 同意，不得錄製、複製、傳輸或散佈今天的通話。

This call is being audio simulcast on the Internet via the Fastenal Investor Relations homepage, investor.fastenal.com. A replay of this webcast will be available on the website until June 1, 2025, at midnight Central Time.

本次電話會議將透過 Fastenal 投資者關係主頁 investor.fastenal.com 在網路上進行音訊同步直播。此網路廣播的重播將在網站上提供，直至 2025 年 6 月 1 日美國中部時間午夜。

As a reminder, today's conference call may include statements regarding the company's future plans and prospects. These statements are based on our current expectations, and we undertake no duty to update them. It is important to note that the company's actual results may differ materially from these anticipated. Factors that could cause actual results to differ from anticipated results are contained in the company's latest earnings release and periodic filings with the Securities and Exchange Commission, and we encourage you to review those factors carefully.

提醒一下，今天的電話會議可能包括有關公司未來計劃和前景的聲明。這些聲明是基於我們目前的預期，我們不承擔更新它們的義務。值得注意的是，該公司的實際結果可能與預期結果有重大差異。可能導致實際結果與預期結果不同的因素包含在公司最新的收益報告和向美國證券交易委員會提交的定期文件中，我們鼓勵您仔細審查這些因素。

I would now like to turn the call over to Mr. Dan Florness.

現在我想把電話轉給丹‧弗洛內斯先生。

Good morning, everybody, and thank you for joining us for our Q1 earnings call. As you can see from the -- on the foot book on page 3, Bob Kierlin, our founder passed away on February 10. He was 85 years of age. I just thought I'd open with a few thoughts on Bob, if you'd indulge me.

大家早安，感謝大家參加我們的第一季財報電話會議。正如您從本書第 3 頁上看到的，我們的創辦人 Bob Kierlin 於 2 月 10 日去世。享年85歲。如果您允許的話，我只是想先談談對鮑勃的一些想法。

So Bob was born in June of 1939 in Winona, Minnesota. It's down about 25,000 people in Southeastern Minnesota on the banks of the -- Western banks of the Mississippi River. His first memory of the child was worded two victory parade going across the Interstate Bridge coming into (inaudible)

鮑伯於 1939 年 6 月出生在明尼蘇達州威諾納。明尼蘇達州東南部密西西比河西岸約有 25,000 人受災。他對童年的第一印像是兩場勝利遊行穿過州際大橋（聽不清楚）

In his victory, it said Bob's Compass was a true north -- Bob's Compass had a true north with a belief in people, free mines and free markets. Any indiscriminately respected others seeing the best in everyone without desiring reciprocation themself. I had the good fortune, I knew Bob for just over 30 years.

他的勝利表明，鮑勃的指南針指向了真正的北方——鮑勃的指南針指向了真正的北方，它相信人民、自由礦山和自由市場。任何不加區別地尊重他人的人都會看到每個人身上最好的一面，而自己卻不求回報。我很幸運，我認識鮑伯已經 30 多年了。

I met them in the second quarter of 1994. And I had across the country road trips. Bob preferred to travel by Van and visit pass locations and I remember my first trip with him. We left on a Sunday morning at about 7:00. We drove to Denver, visited some locations some investors.

我在 1994 年第二季度認識了他們。我還進行了全國各地的公路旅行。鮑伯喜歡搭乘麵包車旅行並參觀山口地點，我還記得第一次和他一起旅行。我們是在周日早上七點左右出發的。我們開車去了丹佛，拜訪了一些地方和一些投資者。

We drilled to Salt Lake City. We drove to Vegas. We do L.A., San Francisco, Rock Springs, Wyoming and made a way back to Winona on Friday evening. In that, I learned how well red Bob was. And one thing I've observed over the years is there was not a day that Bob Kierlin does not read the Wall Street Journal from cover to cover.

我們鑽探了鹽湖城。我們開車去了拉斯維加斯。我們去了洛杉磯、舊金山、懷俄明州的巖泉鎮，並在週五晚上返回威諾納。從中我了解到紅色鮑伯的表現有多好。這些年來我觀察到的一件事是，鮑伯‧基林每天都會從頭到尾閱讀《華爾街日報》。

And I thought it appropriate based on my travels with him that in his bitter, it said Bob humor was kindled from old mad magazines Bob and Ray comedy shows, which I might be older than most of the folks are fast. So I'm not sure what that is. Steve Martin and Bob Newhart, I do know the latter two, and I do know the Mad magazine reference.

根據我與他一起旅行的經歷，我認為在他的苦澀中，鮑勃的幽默是從舊瘋狂雜誌鮑勃和雷的喜劇節目中激發出來的，這很合適，我可能比大多數人都老。所以我不確定那是什麼。史蒂夫馬丁和鮑伯紐哈特，我確實認識後兩者，我確實知道《瘋狂》雜誌的參考資料。

The -- about 60 years ago, Bob convinced four friends to a company, selling nuts and bolts. The idea didn't work. And he -- but he -- after clean customers, understanding what they needed as far as helping their supply chain needs with fasteners, he wouldn't plan B. And that's the organization you know today and that the investing public first became aware of in 1987 when we went public. 40 years after our start in around 2007-2008 time frame, we revisited Bob idea.

大約 60 年前，鮑伯說服了四個朋友開了一家公司，銷售螺母和螺栓。這個想法沒有奏效。而且他——但他——在明確客戶後，了解他們需要什麼，以及如何用緊固件幫助滿足他們的供應鏈需求，他不會制定 B 計劃。這就是您今天所知道的組織，也是投資大眾在 1987 年我們上市時首次意識到的。在我們開始的 40 年後，大約在 2007-2008 年的時間範圍內，我們重新審視了鮑伯的想法。

Today, about 25% of our revenue goes through in machine. And we've added a lot of other technologies to that since. And if you look at our broadly defined FMI or fatal managed inventory, which is really point-of-use technologies that we've deployed. Over 43% of our revenue today goes through some type of technology platform.

如今，我們約有 25% 的收入來自機器。從那時起，我們又添加了許多其他技術。如果你看一下我們廣義的 FMI 或致命管理庫存，這實際上是我們部署的使用點技術。我們目前超過 43% 的收入都來自某種技術平台。

And there's been a number of articles written on Bob over the years and recently. I remember the first one after a trip I did with Bob. He was regarded as Frugal the Chief CEO in America, the fact that he shares hotel rooms with other Faston employees when he travels. All my trips in Bob, I shared hotel room. And he wore you suits.

多年來以及最近，已經有很多關於鮑伯的文章。我記得第一次和鮑伯一起旅行後。他被認為是美國最節儉的首席執行官，事實上，他出差時會與其他 Faston 員工共用飯店房間。我和鮑伯的所有旅行都是共用飯店房間。他還給你穿西裝。

And they painted somewhat of a character about Bob. But I think in many ways, they missed it. And so what our foot book includes is an from a book Bob role in the late 1990s, titled the Power of Fastenal people. And he talked about philosophy and leadership within the organization. And he had 10 rules about leadership he had coined over the years.

他們描繪了鮑伯的一些人物。但我認為從很多方面來說他們都錯過了。因此，我們的書收錄的內容來自 20 世紀 90 年代末的一本書，名為《Fastenal 人的力量》。他也談到了該組織內部的哲學和領導力。多年來，他制定了十條有關領導力的規則。

And I'm sharing that with our folks on the call today, whether that be shareholders, analysts, employees of Fastenal, others. In hopes that more of society can capture some of the ideas that Bob shared with us. I was very blessed to have met Bob, as I said 30 years ago. Like many others at Fastenal, he changed the course of my life.

今天我在電話會議上與大家分享了這一點，無論是股東、分析師、Fastenal 的員工或其他人。希望社會上有更多的人能夠領悟鮑伯與我們分享的一些想法。正如我 30 年前所說，我很幸運能遇到鮑伯。就像 Fastenal 的許多其他人一樣，他改變了我的人生軌跡。

The -- for me, the one stand out, particularly when I think of Bob is the first rule about challenge rather than control, treating everyone as you're equal, see the unique humanness in all persons, let people learn and we've tweaked that a little bit to challenge people to learn and ask them to consider changing when they learn something new.

對我來說，最突出的一點，特別是當我想到鮑勃時，第一條規則是關於挑戰而不是控制，平等對待每個人，看到每個人身上獨特的人性，讓人們學習，我們對此進行了一些調整，以挑戰人們學習，並要求他們在學習新東西時考慮改變。

And then finally, remember how little you know. We have a lot of in Fastenal. A lot of people choose to spend start their career young with Fastenal and spend their career here. Whether you've been here 5 years or 30 years, you always have things to learn. And Bob carried that mantra through his entire life, and he will be sorely missed.

最後，記住你所知道的是多麼的少。我們在 Fastenal 有很多。許多人年輕時就選擇在 Fastenal 開始自己的職業生涯，並在這裡度過自己的職業生涯。無論您在這裡待了 5 年還是 30 年，您總是有東西要學。鮑伯一生都秉持著這信條，我們會非常想念他。

I was personally blessed in that a couple of weeks before he passed away, I had a nice visit. And we served on the board of another organization together, and we have this conversation afterwards. And he has sorely missed in the organization and in it could be at large. Thanks, Bob.

我個人很幸運，在他去世前幾週，我有機會愉快地探望了他。我們曾一起在另一個組織的董事會任職，之後我們進行了這次談話。他已經嚴重失去了對這個組織的信任，並且可能逍遙法外。謝謝，鮑伯。

Flipping to page 4. Some thoughts on the quarter. The -- from a quarterly perspective, our sales grew about 3.5%. We had one less day, so our daily growth grew about 5%. The marketplace we operate at is still sluggish.

翻到第 4 頁。關於本季的一些想法。從季度角度來看，我們的銷售額成長了約 3.5%。我們少了一天，所以我們的每日成長率成長了約 5%。我們營運的市場依然低迷。

I deem what's happening in our growth as mostly self-help things that we're doing from an execution standpoint, and there's an element of comps in there, too. But it's mostly help. And I make that comment when I look at the sequential patterns of our business. Because that's about how we're executing new customer relationships we're creating and expansion of existing customer relationships that we're creating. We're executing at a high level. And when I think of -- we made a lot of changes 2, 2.5 years ago within the organization.

我認為，從執行的角度來看，我們的成長主要是自助行為，其中也包含一些競爭因素。但它主要還是有幫助的。當我觀察我們業務的連續模式時，我做了這樣的評論。因為這與我們如何執行我們正在創建的新客戶關係以及擴展我們正在創建的現有客戶關係有關。我們正在高水準地執行。當我想到——我們在 2 到 2.5 年前在組織內部做出了許多改變。

As we came through COVID, we had drifted apart a little bit. And we weren't as focused on a comp goal as we should have been. As travel resumed, we saw signs of that, and we made leadership changes in our sales side of the organization. And everybody has been in their roles now a couple of years, and you're really seeing it gel, and it's timing through in our numbers. The quarter is a little odd to look at if you think about it from a monthly perspective, but don't be misled by that either.

當我們經歷新冠疫情時，我們之間的距離有點疏遠了。我們並沒有像應該的那樣專注於競爭目標。隨著旅行的恢復，我們看到了這種跡象，並對組織的銷售部門進行了領導層變動。現在每個人都已經在各自的崗位上工作了幾年，你真的看到它正在凝聚，並且它正在透過我們的數字來計時。如果從月度角度考慮，這個季度看起來有點奇怪，但也不要被誤導。

January was a bit understated because of weather. And March is a bit overstated because of the timing of Easter. I don't know if Holden will agree to my number here, but I estimate about 2%, 2.5% of the growth in March. It's a bit about Good Friday being in April. And -- but regardless of that, even if you adjust for the weather in January and you adjust for the Easter timing in March, the sequential pattern is quite strong and it's strong in all of our geographies, which is really good to see.

由於天氣原因，一月有點低調。由於復活節的到來，三月顯得有些誇張。我不知道霍爾頓是否會同意我的數字，但我估計 3 月的成長約為 2% 到 2.5%。這是關於四月耶穌受難日的一些內容。而且——但無論如何，即使你根據一月份的天氣情況進行調整，根據三月份的復活節時間進行調整，這種連續模式仍然非常強勁，而且在我們所有的地區都很強勁，這確實令人欣喜。

And again, I deem that to be about what Fastenal is doing and engaging with the marketplace, rather than what the marketplace is asking us to help with because of their business patterns because it's still sluggish.

再說一次，我認為這與 Fastenal 所做的事情以及與市場的互動有關，而不是市場因為他們的業務模式仍然低迷而要求我們提供幫助。

The -- as is typical of April, we held our customer expo. A few of us actually traveled back yesterday. The Expo is on finished on Wednesday evening and flew back on Thursday morning. We had similar to what we witnessed in 2024, record attendance by customers at the event.

正如四月份的慣例，我們舉辦了客戶博覽會。我們中的一些人昨天實際上已經回去了。博覽會於週三晚上結束，週四早上飛回。與 2024 年的情況類似，活動的客戶出席人數創下了紀錄。

It -- last year surprised us a bit because coming out of COVID, the first two years in '22 and '23 that we had to show, it was a very subdued event because a lot of organizations either weren't traveling yet or they were doing limited traveling, and it was still difficult to travel nationally that we weren't getting international folks.

去年的情況讓我們有點驚訝，因為在新冠疫情爆發後的前兩年，也就是我們必須展示的 2022 年和 2023 年，這是一個非常低迷的活動，因為很多組織要么還沒有出行，要么出行有限，而且在國內出行仍然很困難，我們沒有接待國際人士。

And so folks weren't coming from Canada or up from Mexico for the event. This year, I can tell you firsthand that we had a record number of attendees from our business unit in Mexico because I had the opportunity to speak to a large group that was gathered. And it was exciting to see the types of questions they were asking about and the way they were approaching the relationship.

因此人們不會從加拿大或墨西哥趕來參加這項活動。今年，我可以親口告訴你們，來自我們墨西哥業務部門的參加人數創下了歷史新高，因為我有機會向聚集在一起的一大群人發表演講。看到他們提出的問題類型以及他們處理關係的方式令人興奮。

The other thing -- I'll probably touch on this a couple of times through my commentary, it was a unique week because in talking to various groups, the one thing there wasn't a lot of discussion on was tariffs. That's not to say it didn't come up.

另一件事——我可能會在我的評論中多次談到這一點，這是一個特殊的一周，因為在與各個團體交談時，沒有進行太多討論的一件事就是關稅。這並不是說它沒有出現。

But the way we address the conversation in every group I talked to, it was a few sessions we had where it was a Q&A and Bill was the moderator. He led off with a question tariffs and he pointed to that meet each time. And what I really impressed upon our customers is the way a supply chain partner approaches any kind of chaos.

但是，在我交談過的每個小組中，我們討論的方式都是，我們舉行幾次問答會議，由比爾擔任主持人。他首先提出了關稅問題，並且每次都提到了這一點。真正讓客戶印象深刻的是供應鏈合作夥伴處理各種混亂的方式。

I see some stories about the lead up to COVID, the vetting of suppliers that we did for safety products before the world got weird and how that put us in a position to be a better supply chain partner. The tactical decisions we made to go out and buy inventory to get ahead of the onset of everybody. Because of the strength of our balance sheet and our financial resources, a lot of that attributed to things we do, but really the foundation that Bob Kierlin laid many years ago and priorities in an organization and what you do with cash.

我看到了一些關於新冠疫​​情爆發前的故事，在世界變得奇怪之前我們對安全產品供應商進行了審查，以及這如何使我們成為更好的供應鏈合作夥伴。我們做出的戰術決策是出去購買庫存，以搶在所有人之前採取行動。由於我們的資產負債表和財務資源的強勁，這在很大程度上歸功於我們所做的事情，但實際上，這歸功於鮑勃·基林多年前奠定的基礎以及組織的優先事項和如何使用現金。

But what I can tell you is we shared with them the tactics we're taking right now in some cases, fattening our balance sheet a little bit to -- it doesn't solve any issue other than it gives you time to have options. Talk about Expo bringing directly into Canada and Mexico that we would have brought to the United States before because some of the new tariffs are not eligible for duty drawback.

但我可以告訴你的是，我們與他們分享了我們目前正在採取的策略，在某些情況下，稍微增加我們的資產負債表——這並不能解決任何問題，除了讓你有時間選擇之外。談論世博會直接將產品帶入加拿大和墨西哥，而我們以前會將這些產品帶入美國，因為一些新關稅不符合退稅條件。

While it might be more expensive to bring it directly into that market from a logistics perspective, it's a lot less expensive than a tariff that gets layered on top of maybe a tariff going into Canada or Mexico as well. So we're being very thoughtful about that because about 15% of our revenue is in older Mexico.

雖然從物流角度來看，將其直接運入該市場可能會更加昂貴，但這比在進入加拿大或墨西哥的關稅之上加徵關稅要便宜得多。所以我們對此非常深思熟慮，因為我們大約 15% 的收入來自墨西哥老年人。

From the standpoint of the US in all markets, we talked a lot about how we've changed our sourcing patterns in the last five years on diversifying where we're sourcing from to provide a better supply chain. But we also talked about the fact that when we diversify our sourcing practices, we don't just play whack-a-mole and try to avoid a problem. We try to improve the supply chain in every step we take. And we try to be relevant to the new manufacturing partners we joined with regardless of where they're located.

從美國所有市場的角度來看，我們談論了很多關於過去五年我們如何改變採購模式，實現採購來源多樣化，以提供更好的供應鏈。但我們也談到了這樣一個事實，當我們實現採購實踐多樣化時，我們不會只是玩打地鼠的遊戲並試圖避免問題。我們努力在每一步中改善供應鏈。我們盡力與新加入的製造合作夥伴保持聯繫，無論他們位於何處。

In that we're a top one, two, three, four, five customer with that manufacturer because if you're a significant customer to a manufacturer and they get tight on capacity, or they need to expand their capacity. They're going to help their largest partners first when they're prioritizing their efforts and the fact that they know we have financial resources to match with dollars, what our commitments are. We often get in line ahead of everybody else, and that serves our customers in the marketplace really well.

我們是該製造商的前 1、2、3、4、5 名客戶，因為如果您是製造商的重要客戶，而他們的產能緊張，或者他們需要擴大產能。當他們優先考慮自己的努力時，他們會先幫助他們最大的合作夥伴，並且他們知道我們擁有與美元相符的財務資源，以及我們的承諾。我們經常排在其他人前面，這為市場上的客戶提供了很好的服務。

We've added a bunch of customer site information to our disclosures this quarter, three years worth of history. We had a recent Investor Day where we talked about it. We touched on it in our January earnings call to really give their visibility to some of the strategies we have deployed and are deploying to broaden the size of our market opportunity.

我們在本季度的披露中添加了大量客戶站點信息，這些信息是三年的歷史記錄。我們最近舉辦了一次投資者日，討論了這個問題。我們在一月份的收益電話會議上談到了這一點，以便讓他們真正了解我們已經部署和正在部署的一些策略，以擴大我們的市場機會規模。

When I think of stepping into this role a decade ago, one of the points I've made to the -- to our Board was coming from my old role, the advantage of I've studied the numbers of Fastenal for years, and I had a lot of conversation with our regional leaders over the years. So I understood the maybe better how they thought of things, where they discovered success.

當我回想起十年前擔任這個職位時，我向董事會提出的其中一點來自我以前的職位，即我多年來研究 Fastenal 數據的優勢，並且多年來我與我們地區的領導人進行了大量交談。因此，我或許能更理解他們如何思考問題，以及他們在哪裡獲得成功。

There are a few people for me that stood out that have been very successful in their business. When I think of our business in Minnesota and Wisconsin, I took a lot of stuff out of that playbook. When I think about our regional leaders, the two Millers: Randy, who led our business down in Indianapolis; and KC, who led our business down in what we referred to the Southeast Central at the time, which was Kentucky and Tennessee.

對我來說，有幾個人非常突出，他們在事業上非常成功。當我想到我們在明尼蘇達州和威斯康辛州的業務時，我從那本劇本中汲取了很多東西。當我想到我們的地區領導人時，我想到兩位米勒：蘭迪 (Randy)，他領導我們在印第安納波利斯的業務；還有 KC，他帶領我們的業務進入當時我們所說的東南中部地區，也就是肯塔基州和田納西州。

Our team in Mexico, our team in international more broadly. Jeff Watts at the time, had a lot of discussions to really understand their tactics for growing because they had consistently discovered the success, maybe sometimes on others had it. Bob Hopper on that list where I touched with and e-covered our Florida market, incredible success and you learn and you ask people, how are you doing it?

我們在墨西哥的團隊，以及我們在國際上的團隊。當時，傑夫沃茨 (Jeff Watts) 進行了許多討論，以真正了解他們的成長策略，因為他們一直在尋找成功的途徑，也許有時其他人也能獲得成功。鮑勃霍珀 (Bob Hopper) 在我接觸並透過電子方式報道我們的佛羅裡達市場時，取得了令人難以置信的成功，你從中學習並問人們，你是怎麼做到的？

And what I shared with the Board is our most successful regions have a great key account program. If you put me in this role, I'm going to drive the business towards what they're discovering success because I think it broadens the market for Fastenal, but we have to lower our cost structure to go after that kind of business. And I'm pleased to say we've done that. And you see the success that shines through in some of those customer site information statistics.

我與董事會分享的是，我們最成功的地區擁有出色的大客戶計畫。如果你讓我擔任這個職位，我將推動業務朝著他們所發現的成功方向發展，因為我認為這拓寬了 Fastenal 的市場，但我們必須降低成本結構才能開展這類業務。我很高興地說我們做到了。您可以從一些客戶網站資訊統計資料中看到成功的光輝。

Finally, on page 4, we inched up our dividend from $0.43 to $0.44 in -- it's a dumb reason. I'll give you a little historical perspective. In 2003, our sales -- total sales, we needed 10.5% growth to break $1 billion that year. We came in at 9.9%, and we reported $995 million in sales. That was cool, but $1 billion plus would have been neither. But we can't change our sales. We can influence it by our activities, but we can't change it, at least not legally.

最後，在第 4 頁，我們將股息從 0.43 美元提高到 0.44 美元——這是一個愚蠢的理由。我將向你提供一些歷史視角。2003年，我們的銷售額－總銷售額，需要成長10.5%才能突破10億美元。我們的稅率為 9.9%，銷售額為 9.95 億美元。這很酷，但如果超過 10 億美元就不算什麼了。但我們無法改變我們的銷售情況。我們可以透過我們的活動來影響它，但我們無法改變它，至少在法律上無法改變它。

In 2018, our operating income came -- we needed 13.4% growth to break $1 billion that year. We only got 13.3%. We came in at $999.2 million of operating income. We can't change that one either. Holden did get a dirty look from me, but we can't change that one, but we can change our dividend.

2018 年，我們的營業收入達到了——當年我們需要成長 13.4% 才能突破 10 億美元。我們只得到了13.3%。我們的營業收入達到 9.992 億美元。我們也無法改變這一點。我確實對霍爾頓投以鄙視的目光，但我們無法改變這一點，但我們可以改變我們的股息。

So in the first quarter, we paid out $246 million, and I looked at Holden and I said, we bumped that up $0.01. If our Board looks along with it and we continue this dividend through the year, we'll break $1 billion in regular dividend for the first time. Some reason, sorry about that.

因此，在第一季度，我們支付了 2.46 億美元，然後我看著霍頓說，我們將其提高了 0.01 美元。如果我們的董事會同意這一點並且我們全年繼續派發股息，我們的常規股息將首次突破 10 億美元。出於某種原因，對此感到抱歉。

Flipping to page 5. FMI, we continue to execute at a high level there. Given the comment I just made a lot dividend, I'd feel a lot better if we had 130,000 devices, not 129,996, but I'm going to round it and say we have 130,000 devices deployed in 25 countries. Our device count grew 12.5%. When you look at our safety sales growth of almost 10% in March. That's about execution in FMI vending more generally, but FMI more broadly.

翻到第 5 頁。FMI，我們將繼續在那裡高水準執行。鑑於我剛才做出的評論，如果我們有 130,000 台設備而不是 129,996 台，我會感覺好很多，但我要四捨五入並說我們在 25 個國家/地區部署了 130,000 台設備。我們的設備數量增加了 12.5%。您可以看到，我們 3 月的安全銷售額成長了近 10%。這更一般地涉及 FMI 自動販賣機的執行情況，但更廣泛地涉及 FMI。

Going down the page, digital footprint, 61% of total sales versus 59% and 54% one and two years ago. Our goal remains in October, 66% to 68% of sales is going through digital footprint. And that's what we're working towards. And then again, the customer site data success in our 10,000-plus sites. And what that means is this is a customer, it's a building, it's a campus where we provide more than $10,000 a month in product and services.

繼續往下看，數位足跡佔總銷售額的 61%，而一兩年前這一比例分別為 59% 和 54%。我們的目標仍然是，10 月份的銷售額有 66% 到 68% 是透過數位足跡實現的。這正是我們努力的目標。再次，客戶站點資料在我們的 10,000 多個站點中取得成功。這意味著這是一個客戶，這是一棟建築，這是一個園區，我們每月提供價值超過 10,000 美元的產品和服務。

A subset of that is what we call on-site like customer sites. So that's where we do more than $50,000 a month with that customer. That group grew 7%. So that's about executing and engaging with customers at a high level. There's one category that you'll see that doesn't shine so strongly, and that's our under 5,000.

其中的一個子集就是我們所說的現場（例如客戶站點）。因此，我們每月與該客戶的收入超過 50,000 美元。該群體增長了 7%。這就是關於在高層次上執行和與客戶互動。您會發現有一個類別表現不那麼突出，那就是 5,000 以下的類別。

And it's really our under 2,000, a subset of that. And if you're on our e-commerce team right now or if you're in IT or if you're in supply chain, you're getting a lot of pressure and dirty looks from Dan right now because we need to get better at the e-commerce side. We solved the problem with that group not by adding resources and sales teams to go after $500 and $800 a month customers. We want those customers. That marketplace has chosen to buy more in the online channels, and that accelerated during COVID.

這實際上是我們 2,000 以下的一個子集。如果你現在在我們的電子商務團隊，或者你在 IT 部門，或者你在供應鏈部門，你現在會受到丹的巨大壓力和不滿，因為我們需要在電子商務方面做得更好。我們解決該群體的問題並不是透過增加資源和銷售團隊來吸引每月 500 美元和 800 美元的客戶。我們想要這樣的客戶。該市場選擇透過線上管道購買更多商品，並且在疫情期間這一趨勢進一步加速。

We're not great at that piece of the business. We're great at a lot of things. That's not on the list, but we can be. And the reason that matters is when you look at -- through some of the customer site data, I believe a great eCommerce platform enhances our ability to be successful in all groups because I believe there's probably a 20% lift. And this is just -- this is the belief.

我們在這方面的業務並不擅長。我們在很多事情上都很出色。這不在名單上，但我們可以。而重要的原因是，當你透過一些客戶網站資料查看時，我相信一個優秀的電子商務平台可以增強我們在所有群體中取得成功的能力，因為我相信可能會有 20% 的提升。這只是——這就是信念。

This is not based on any data. I believe there's a there can be a 20% lift in every category, if we have a great eCommerce strategy because there's random MRO spend, we don't necessarily get even when we have a great relationship with the customer because some department in that organization might find it easier to order somewhere else. We need to get better at that.

這不是基於任何數據。我相信，如果我們有一個偉大的電子商務策略，每個類別都可以有 20% 的提升，因為存在隨機的 MRO 支出，即使我們與客戶的關係很好，我們也不一定能獲得收益，因為該組織中的某些部門可能會更容易在其他地方訂購。我們需要在這方面做得更好。

I'll shut up now and flip it over to Holden.

我現在就閉嘴，然後把話題交給霍爾頓。

All right. Thanks, Dan, and good morning, everyone. Before digging into the results for what we view my final call, I did want to mention a few things. First, to Dan, who nearly nine years ago, based on the response of many of the people on this call, took a chance on a relatively unorthodox hire. It's been an unbelievable experience working with a great leader, and I sure have enjoyed being your partner in this.

好的。謝謝，丹，大家早安。在深入探討我們最終判定的結果之前，我想先提幾件事。首先是丹，根據這次電話會議中許多人的反應，大約九年前，他冒險進行了相對非傳統的聘用。與一位偉大的領導者一起工作是一次令人難以置信的經歷，我很高興能成為您的合作夥伴。

So the entire Blue Team, I know I got this opportunity in part because of my outsider's perspective, but at the same time, you all challenged me to earn your trust and respect and you deserve that. I've tried to do that for nine years, but it wouldn't have been possible if not for your passion for learning, teaching and collaboration, that's the foundation of our culture. So I surely enjoyed being your CFO, and I couldn't ask for 24,000 better friends.

所以整個藍隊，我知道我得到這個機會部分是因為我的局外人的視角，但同時，你們都挑戰我贏得你們的信任和尊重，這是你們應得的。我已經嘗試這樣做了九年，但如果沒有你們對學習、教學和合作的熱情，這一切都不可能實現，而這正是我們文化的基礎。因此，我非常享受擔任你們的財務長這一職務，而且我還能交到 24,000 個更好的朋友。

And for our investors, you probably don't realize how often I've actually used your observations, perspectives and questions in my own work here. And for that, I thank you. I hope I've been able to provide a deep and differentiated view into our business. I go on. But if I do, I suspect the music will start, so why don't I just step into slide 6.

對於我們的投資者來說，您可能沒有意識到我在自己的工作中實際使用了多少次您的觀察、觀點和問題。為此，我感謝你們。我希望我能夠對我們的業務提供深入而獨特的見解。我繼續。但如果我這樣做，我懷疑音樂會開始，所以我為什麼不直接走到幻燈片 6 上呢？

Sales in the first quarter of 2025 were up 3.4% with daily sales up 5%. That's our strongest daily sales rate since the second quarter of 2023. Feedback from regional leadership continues to reflect sluggish end market demand despite generally favorable outlooks. Customer tone did seem to shift from the steady improvement we've seen since the election to plateauing as trade policy created some caution. Notwithstanding this uncertainty, we did not discern any meaningful pre-buying ahead of tariffs.

2025 年第一季銷售額成長 3.4%，每日銷售額成長 5%。這是我們自 2023 年第二季以來最強勁的每日銷售率。儘管整體前景看好，但區域領導層的回饋仍反映出終端市場需求低迷。由於貿易政策引發了一些謹慎情緒，客戶情緒似乎確實從大選以來的穩定改善轉向穩定狀態。儘管存在這種不確定性，但我們並未發現在關稅實施前有任何有意義的預購行為。

In the absence of much external health, the improvement in our DSR reflects two other variables. First, even as the market has stabilized, our comparisons have gotten easier, particularly in the cyclical parts of our business. This factor helped produce our first quarter of growth for fasteners since the first quarter of '23, and acceleration in manufacturing end markets.

在缺乏太多外部健康因素的情況下，我們的 DSR 的改善反映了另外兩個變數。首先，即使市場已經穩定，我們的比較也變得更加容易，特別是在我們業務的周期性部分。這個因素幫助我們實現了自 2023 年第一季以來緊固件的第一個季度成長，並加速了製造終端市場的發展。

Second, contributions from our strong contract signings over the past 2 years continues to build. We continue to experience a healthy pace and mix of signings in the first quarter of 2025 and our talent national, regional and government contracts has grown at a double-digit rate for 12 consecutive months.

其次，過去兩年我們簽署的強勁合約的貢獻持續增加。2025 年第一季度，我們的簽約速度和組合繼續保持健康，我們的人才國家、地區和政府合約連續 12 個月以兩位數的速度成長。

Now the monthly cadence during the quarter warrants some discussion. I feel like Dan covered much of that. So I agree with his numbers about the impact of -- Good Friday having fallen in March of last year. What I will say is the quarterly daily sales rate growth is a fair representation of our performance, and we did see acceleration through the period. It was a solid self-help driven result in a soft market. But even so, as you interpret our results, please see stock of the discrete factors that affected each period.

現在，本季的月度節奏值得討論。我覺得丹已經涵蓋了其中的大部分內容。因此，我同意他關於耶穌受難日的影響的數據——去年三月。我想說的是，季度日銷售率成長公平地反映了我們的業績，而且我們確實看到了這段時期的加速。這是在疲軟的市場環境下，透過自助所取得的堅實成果。但即便如此，當您解讀我們的結果時，請注意影響每個時期的離散因素。

The pricing outlook also warrants some discussion. Year-to-date, significant tariffs have been applied to products from China as well as steel, including derivative products like fasteners on a global basis. We continue our long-term trend on diversifying our supply chain where possible to the size and timing of our suppliers pricing actions, and we added some inventory to our own balance sheet. That said, supply chains have gotten more expensive and a part of our response over time will be incremental pricing. We have been proactive engaging with our customers for several months.

定價前景也值得討論。今年迄今為止，全球已對來自中國的產品以及鋼鐵，包括緊固件等衍生產品徵收了高額關稅。我們繼續保持長期趨勢，盡可能實現供應鏈多元化，以適應供應商定價行動的規模和時間，並在自己的資產負債表中增加了一些庫存。也就是說，供應鏈的成本已經變得越來越高，而隨著時間的推移，我們的應對措施之一就是逐步提高定價。幾個月來，我們一直積極與客戶接觸。

And in April, we took our first actions, which we believe will contribute 3% to 4% of price in the second quarter of 2025 with the potential for that to double in the second half of '25, depending on the pace and execution of our actions.

今年 4 月，我們採取了第一批行動，我們相信這將在 2025 年第二季度貢獻 3% 至 4% 的價格，並且有可能在 2025 年下半年翻一番，具體取決於我們行動的速度和執行情況。

We have taken no actions on the deferred portion of their typical tariffs should those ultimately go into force. We are encouraged by the easier comparisons, the improved sentiment and particularly our internal momentum. That said, we have limited visibility and share our customers' uncertainty over how current trade policy may impact demand over the course of 2025.

如果這些典型關稅最終生效，我們不會對其延期部分採取任何行動。更容易的比較、改善的情緒以及特別是我們的內在動力令我們感到鼓舞。話雖如此，我們的預見性有限，而且與客戶一樣，對當前貿易政策將如何影響 2025 年的需求感到不確定。

However, Fastenal has historically been able to win market share during periods of disruption on the strength of our nimble sales -- our frugal and adaptive culture and the weight of the technologies and global supply chain resources we can apply to finding solutions to customer challenges. That is our expectation in the current environment.

然而，Fastenal 歷來能夠在市場動盪時期憑藉靈活的銷售能力、節儉且適應性強的文化以及可用於尋找解決客戶挑戰方案的技術和全球供應鏈資源贏得市場份額。這是我們在當前環境下的期望。

Now to slide 7. Operating margin in the first quarter of 2025 was 20.1%, down 50 basis points year-to-year. We had one less selling day in the period versus the first quarter of 2024, which is worth roughly $31.5 million in sales. Had the first quarter of 2024 and 2025 had the same number of selling days, we would have leveraged SG&A and our operating margin would have been down a more measured 10 to 20 basis points.

現在看投影片 7。2025年第一季營業利益率為20.1%，較去年同期下降50個基點。與 2024 年第一季相比，本季的銷售日減少了一天，銷售額約為 3,150 萬美元。如果 2024 年第一季和 2025 年第一季的銷售天數相同，我們就會利用銷售、一般和行政費用，而我們的營業利潤率就會下降 10 到 20 個基點。

Gross margin in the first quarter of 2025 was 45.1%, down 40 bps from the year ago period. Product and customer mix was the usual contributor. We also saw higher costs from third-party freight providers and higher hub vehicle lease costs, both coming against relatively flat freight revenue. The price cost was neutral in the period. We anticipate easier gross margin comparisons in the latter half of the year to our effectiveness in managing price cost and the degree of macro improvement will influence this scenario.

2025 年第一季毛利率為 45.1%，較去年同期下降 40 個基點。產品和客戶組合是常見的因素。我們也發現第三方貨運供應商的成本和樞紐車輛租賃成本都有所上升，而貨運收入則相對持平。在此期間，價格成本保持中性。我們預期下半年毛利率比較容易，我們管理價格成本的有效性和宏觀改善的程度將影響這種情況。

SG&A was 25% of sales in the first quarter of 2025, up from 24.9% from the year ago period. As described above, we believe we would have leveraged in the period had the current and year quarters had the same number of selling days. All major cost categories either leverage or deleverage very modestly with not sending out. We continue to manage cost effectively. Total SG&A expenses were up 3.6% year-to-year consistent with what has been a stable 2% to 4% rate of increase over the last nine quarters.

2025 年第一季，銷售、一般及行政費用佔銷售額的 25%，高於去年同期的 24.9%。如上所述，我們相信，如果當前季度和年度季度的銷售天數相同，我們將在該期間內發揮槓桿作用。所有主要成本類別要么以非常溫和的方式加槓桿，要么以非常溫和的方式去槓桿，並且不發送。我們繼續有效地管理成本。銷售、一般及行政費用總額較去年同期成長 3.6%，與過去九個季度穩定的 2% 至 4% 的成長率一致。

We continue to invest in key areas of our business to support growth while managing other costs more tightly to reflect the sluggish business conditions. Putting it all together, we reported first quarter 2025 EPS of $0.52, flat with the first quarter of 2024.

我們將繼續投資於業務的關鍵領域以支持成長，同時更嚴格地管理其他成本以反映低迷的業務狀況。綜合所有因素，我們報告 2025 年第一季每股收益為 0.52 美元，與 2024 年第一季持平。

Now turning to slide 8. We generated $262 million in operating cash in the first quarter of 2025 or 88% of net income. This is a lower conversion rate than we might typically achieve in the first quarter, reflecting our current investment working capital.

現在翻到幻燈片 8。我們在 2025 年第一季產生了 2.62 億美元的營運現金，佔淨收入的 88%。這個轉換率低於我們通常在第一季實現的轉換率，反映了我們目前的投資營運資本。

Otherwise, we remain comfortable with the cash duration of our model and continue to carry a conservatively capitalized balance sheet with quarter-end debt being 5.1% of total capital. Accounts receivable were up 5.4%, reflecting sales growth, relatively faster growth to larger customers that tend to carry longer terms and an uptick in quarter end deferred payments from our customers.

除此之外，我們仍然對我們模型的現金持續時間感到滿意，並繼續採用保守的資本化資產負債表，季度末債務佔總資本的 5.1%。應收帳款成長 5.4%，反映出銷售額的成長、傾向於長期付款的大客戶的相對較快的成長以及客戶季度末延期付款的增加。

Inventories were up 11.9%, not different than the preceding quarter. We have increased inventory as part of our effort to improve product availability in our in-market locations and improve picking efficiencies in our hubs. We have added stock to support customer growth, including expected incremental growth in the warehousing space, and we accelerated some inventory scheduled for future delivery into current periods ahead of potential tariffs. Inventory growth may remain elevated in 2025 as we continue to navigate tariffs and has more inflation builds in entry.

庫存上漲 11.9%，與上一季持平。我們增加了庫存，以努力提高我們市場內地點的產品供應量並提高我們樞紐的揀貨效率。我們增加了庫存以支持客戶成長，包括倉儲空間的預期增量成長，我們在潛在關稅之前將一些計劃未來交付的庫存加速到當前時期。隨著我們繼續應對關稅問題以及進入市場的通膨加劇，2025 年庫存成長可能仍將保持在高位。

Accounts payable were up 23.9%, reflecting the increase in inventories and the timing of payments with certain capital projects. Net capital spending in the first quarter of 2025 was $53.8 million, up from $48.3 million in the first quarter of 2024. This increase is consistent with our expectations for the full year where we anticipate capital spend in a range of $265 million to $285 million, up from $214 million in 2024.

應付帳款成長23.9%，反映了庫存的增加和某些資本項目的付款時間。2025 年第一季的淨資本支出為 5,380 萬美元，高於 2024 年第一季的 4,830 萬美元。這一成長與我們對全年的預期一致，我們預計全年資本支出將在 2.65 億美元至 2.85 億美元之間，高於 2024 年的 2.14 億美元。

This increase is from higher FMI device spending in anticipation of higher signings, higher IT spend, which includes projects aimed at developing additional digital capabilities, and distribution center outlays to reflect spending on our Utah and Atlanta hubs and automated picking additions across our hub network.

這一增長是由於預期簽約量增加而導致的 FMI 設備支出增加、IT 支出增加（其中包括旨在開發更多數位功能的項目）以及配送中心支出（以反映我們在猶他州和亞特蘭大樞紐的支出以及我們樞紐網絡中的自動揀選增加）。

With that, operator, we'll turn it over to begin the Q&A.

接線生，接下來我們將開始問答環節。

(Operator Instructions) David Manthey, Baird.

（操作員指示）David Manthey，Baird。

Best of luck. Your customers may not be talking about tariffs, but that's all we talk about here on Wall Street, so I'll start there. If you could just, Dan, maybe talk about the 145%. I don't know how realistic that is, but if that type of tariff is actually implemented even for a short period of time, are your customer contracts set to absorb the timing and magnitude of that kind of increase? And just any other thoughts you have around if that should transpire?

祝你好運。您的客戶可能不會談論關稅，但這正是我們在華爾街談論的全部內容，所以我將從這裡開始。丹，如果你可以的話，也許可以談談 145%。我不知道這有多現實，但如果這種關稅實際上實施，即使是很短的一段時間，您的客戶合約是否能夠吸收這種增加的時間和幅度？如果這種情況發生，您還有其他想法嗎？

Yes. So you're talking about specifically the China non-steel tariff. Because for us, because the China steel is -- with all the recent noise is total of 70%, but [45] of that is new. And -- but going to your question, do our contracts have the capability to adjust pricing? Yes.

是的。所以您具體談論的是中國非鋼鐵關稅。因為對我們來說，由於中國鋼鐵——最近的所有噪音總計佔 70%，但[45]其中都是新的。但是——回到你的問題，我們的合約有調整價格的能力嗎？是的。

The question you have to look at is what optionality do you have as far as alternative sourcing? Because if we move steel-based product out of China, there's the 25% Section 232 that's on steel and metal products essentially, but it changes quite dramatic because you don't have the other duties that have been put in place, both back in 2018 and earlier this year. So it becomes an optionality. And so most of our discussions with customers is frankly on optionality and things we're doing. And -- but our contracts do allow for that.

您需要考慮的問題是，就替代採購而言，您有哪些可選性？因為如果我們將鋼鐵產品運出中國，那麼基本上就有針對鋼鐵和金屬產品徵收 25% 的第 232 條關稅，但它的變化相當巨大，因為你沒有被徵收 2018 年和今年早些時候實施的其他關稅。因此它成為一種可選項。因此，坦白說，我們與客戶的大部分討論都是關於可選性和我們正在做的事情。而且——但我們的合約確實允許這樣做。

You have -- then you have to ask yourself what demand gets destroyed. But keep in mind, for most of our customers, every dollar they spend with us, they're probably spending $10 somewhere else whether that be products if it's in an OEM setting product or directly sourcing.

你有——那麼你必須問自己什麼需求被破壞了。但請記住，對於我們的大多數客戶來說，他們在我們這裡花的每一美元，他們可能都會在其他地方花 10 美元，無論是產品、OEM 設定產品還是直接採購。

So you have to look at it and say what business has become not economical, when you have that type of steel-based tariffs. From a non-steel where the total duty is 170%, of which 145 is new with all the pieces that have been added in. Again, same fact pattern. But there are, in many cases, some optionality again for how you can direct the spend depending on the willingness of the customer and the availability of alternatives.

所以你必須審視這個問題，並說當有這種以鋼鐵為基礎的關稅時，什么生意已經變得不經濟了。來自非鋼材材質，總關稅為 170%，其中 145 是新的，包含所有已新增的零件。再次，同樣的事實模式。但在許多情況下，您可以根據客戶的意願和替代方案的可用性來選擇如何引導支出。

The other wild card and the piece that we have no control over is a lot of lot of products that we source are branded products that are coming from suppliers in country that are having product manufactured with their name on it somewhere else in the planet. And the question what their ability is to change sourcing and to manage through it. But Dave, getting back to your question, yes, we do have the ability raise prices.

另一個不確定因素是我們無法控制的，那就是我們採購的許多產品都是品牌產品，這些產品來自某個國家的供應商，而這些供應商在地球的其他地方生產帶有自己品牌的產品。問題是他們改變採購並進行管理的能力如何。但是戴夫，回到你的問題，是的，我們確實有能力提高價格。

And probably the other thing I would probably add to that is the ability includes not only the contract terms. But frankly, I think at the customer expo, a lot of the discussion was about visibility, clarity, certainty. And the fact that we have direct sourcing capabilities gives us the degree of knowledge about what's happening sort of in the source markets that a lot of our competitors frankly might be buying from master distributors may not have the same visibility.

我可能還要補充的是，能力不僅包括合約條款。但坦白說，我認為在客戶博覽會上，很多討論都是關於可見性、清晰度和確定性。事實上，我們擁有直接採購能力，這讓我們對源頭市場的情況有了一定的了解，坦白說，我們的許多競爭對手可能會從主經銷商那裡購買，但可能不具備同樣的知名度。

The pricing review tool that we developed in 2018 in response to that round of tariffs provides a tremendous amount of granularity to our customers. And so when you're starting off and your opening conversation is very detailed about the whys and the whats and the wears.

我們在 2018 年為應對該輪關稅而開發的定價審查工具為我們的客戶提供了大量的細節資訊。因此，當您開始談話時，您的開場白會非常詳細地說明原因、內容和穿著。

You never say this is an easy conversation. And the order of magnitude is somewhat -- something we haven't navigated before. But we start off in a much stronger position because of the capabilities we've created to communicate effectively.

你永遠不會說這是一次輕鬆的談話。而且這個數量級在某種程度上是我們以前從未探索過的。但由於我們已經具備了有效溝通的能力，所以我們從一開始就處於更有利的地位。

But Dave, you know where a lot of the conversations went with customers was actually to tactics that we're taking because we're very transparent with our customer of things we're doing and have done because we've been modifying our sourcing teams quite dramatically over the last five years. If you go back to 2019, the year before COVID hit and right after the if I look at other sourcing we have in Asia, for example, our teams outside of China are 10 times larger today sourcing teams.

但是戴夫，你知道，與客戶進行的許多對話實際上都與我們正在採取的策略有關，因為我們對客戶非常透明，了解我們正在做的事情和已經做的事情，因為在過去五年裡，我們一直在大幅調整我們的採購團隊。例如，如果回顧 2019 年，即新冠疫情爆發之前和之後，看看我們在亞洲的其他採購團隊，我們在中國以外的團隊規模是現在的 10 倍。

Now that's working off a pretty small base than they were in 2019, because we wanted to the way you move faster as you get closer to the manufacturer. But a lot of discussions with customers, and I know we're taking this question and a lot of tangents in our answer. But hopefully, it's answering maybe some of the questions that might be out there is sharing those tactics with our customers because in some cases, they're searching for answers too.

現在，與 2019 年相比，我們的基數要小得多，因為我們希望隨著您越來越接近製造商，您的行動能夠越來越快。但在與客戶進行了很多討論後，我知道我們正在回答這個問題，我們的答案中有很多離題萬裡的問題。但希望它能夠回答一些可能的問題，並與我們的客戶分享這些策略，因為在某些情況下，他們也在尋找答案。

Because they have to solve the other $9 of spend for every dollar they have with Fastenal where they're sourcing directly because we might help them find some manufacturing capability. That's what a supply chain partner does. And I believe we're poised to be more successful in this type of environment, just like we were during COVID and the reemergence of the global economy after COVID because we sourced in so many places, and we know our customers on a first name basis locally and a lot of that sourcing is done locally too.

因為他們必須用從 Fastenal 直接購買的每一美元來解決另外 9 美元的支出，因為我們可能會幫助他們找到一些製造能力。這就是供應鏈合作夥伴所做的事情。我相信，我們準備在這種環境下取得更大的成功，就像我們在新冠疫情期間以及新冠疫情之後全球經濟復甦一樣，因為我們在很多地方採購，我們在當地以名字為基礎認識我們的客戶，而且很多採購也是在當地進行的。

And perhaps the last piece of that, I would say, talking to Bill Drazkowski, who heads up national accounts. He said that where the dialogue went at the show was much more about show me the math so I can understand what's happening and then don't shut me down. And that seemed to be the mindset of our partners and customers at the show around this.

我想說的最後一個部分可能是與負責國家帳戶的比爾·德拉茲科夫斯基 (Bill Drazkowski) 的談話。他說，節目中的對話更多的是向我展示數學知識，這樣我就能理解正在發生的事情，然後不要讓我閉嘴。這似乎是我們展會上的合作夥伴和客戶的想法。

That's very helpful. Usually, the analyst asked four questions. This time, I asked one and got four answers, so I'll pass it on.

這非常有幫助。通常，分析師會問四個問題。這次我問了一個問題，得到了四個答案，所以我會把它傳遞下去。

Stephen Volkmann, Jefferies.

傑富瑞的史蒂芬·福爾克曼。

I guess I'll ask the next one here. How do you -- I mean the magnitude of these increases is pretty unprecedented. Do you try to sort of smooth this out for your customers? Or does it just become very...

我想我會在這裡問下一個。您如何看待——我的意思是這些增長的幅度是前所未有的。您是否嘗試為您的客戶解決這個問題？或者它只是變得非常...

I hope we're still here. Stephen, can you hear us?

我希望我們還在這裡。史蒂芬，你聽得到我們說話嗎？

Yes, you are, yes. Please proceed.

是的，是的。請繼續。

The question cut off there. That's why I was wondering. The -- as Holden mentioned, we do so much direct sourcing because of our scale of operation. It gives us much more visibility to communicate with our customer and transparency. And we do have buffers in that we have some inventory, so it allows you to step into things in a different way because we don't want to -- our goal here isn't to profit on the inventory on the shelves.

問題到此為止。這就是我感到疑惑的原因。正如霍爾頓所提到的，由於我們的經營規模，我們進行了大量直接採購。它使我們與客戶的溝通更加透明和透明。而且我們確實有一些緩衝，因為我們有一些庫存，所以它允許您以不同的方式介入，因為我們不想 - 我們的目標不是從貨架上的庫存中獲利。

Our goal profit because of tariffs, inventory on the shelf. Let me rephrase that. Our goal is with that natural hedge, how can we use that to our customers' advantage as we manage through this and it gives us time for some optionality on certain products. In some cases, that when the tariff situation is changing daily, in fact, we -- this was every week, starting February 10, Kevin Fitzgerald and our team that provides communication to the field and guidance to the field. We've been putting out an updated video.

我們的目標利潤來自關稅和庫存。讓我重新表達一下。我們的目標是，透過這種自然對沖，我們如何利用它為我們的客戶帶來優勢，同時讓我們有時間對某些產品進行選擇性選擇。在某些情況下，當關稅情況每天都在變化時，事實上，從 2 月 10 日開始，每週都有 Kevin Fitzgerald 和我們的團隊為現場提供溝通和指導。我們一直在發布更新的影片。

In fact, it was just a new one that came out this morning because it's been a moving target. And during the course of our conversations, numbers are moving around, because the week started and ended in two different places. There's no way to cushion 145% tariffs. There's no math that you can make that work. The question is what optionalities on non-steel product, if we source it out of Taiwan, the math changes from 145% of new tariff [10].

事實上，這只是今天早上出現的新問題，因為它一直是一個移動的目標。在我們談話的過程中，數字也在不斷變化，因為這一週的開始和結束是在兩個不同的地方。沒有辦法緩解 145% 的關稅。沒有任何數學方法可以讓你實現這一點。問題是，如果我們從台灣採購非鋼鐵產品，計算結果會從 145% 的新關稅變成[10]。

And -- or if we source it in other places in Asia or other places around the world, then the number goes to 10, but it might be 30% more expensive or more, depending on their ability to produce it and to produce it in a chaotic environment where there's a lot of change going on. And so -- but there is no silver bullet that will cause something where you have a tariff that was declared on Thursday -- that's 145%. That's just math.

或者——如果我們從亞洲其他地方或世界其他地方採購，那麼數量就會增加到 10，但價格可能會貴 30% 或更多，這取決於他們的生產能力以及在混亂、變化很大的環境中生產的能力。但沒有什麼靈丹妙藥可以解決週四宣布的 145% 關稅問題。這只是數學。

But we do try to align the timing of the costing hitting our COGS in terms of about how we're going to affect pricing. So when you talk about smoothing it, we try to align with where the market is. The one thing I would point out, though, I think everyone is aware that we have turns of about 2.5 times. As it relates to this matter, once something actually hits the US shores, our turns are obviously much faster with all of our products, right?

但我們確實嘗試根據如何影響定價來調整成本達到 COGS 的時間。因此，當你談到平滑它時，我們會嘗試與市場保持一致。不過，我想指出的一點是，我想每個人都知道我們的轉彎次數大約是 2.5 次。就此事而言，一旦某些產品真正抵達美國海岸，我們所有產品的周轉速度顯然會快得多，對嗎？

And so in the case of tariffs, when those go in, it's really only a couple of few months before the costing is beginning to catch up with the P&L. And so that's why when you think about the cadence of tariff conversations are really heavy in February and March, and we took our first steps in April, even though we have a very long supply chain with 2.5 turns, that was because tariffs begin to hit much faster than generalized inflation.

因此，就關稅而言，當關稅實施後，實際上只需要幾個月的時間，成本就會開始趕上損益表。因此，當你想到 2 月和 3 月關稅談判的節奏非常緊張時，我們會在 4 月邁出第一步，儘管我們的供應鏈很長，有 2.5 個轉折點，但那是因為關稅的衝擊速度比普遍通膨快得多。

And so to Dan's point, we aren't timing this to pull margin in of costing. It just tariffs move through to the P&L a little quicker.

正如丹所說，我們選擇這個時間並不是為了降低成本。只是關稅會更快轉入損益表。

Ryan Cooke, Wolfe.

瑞安庫克，沃爾夫。

Maybe we could spend some time on SG&A. I know you called out some elevated freight again within that other category that was up double digits. Can you maybe just quantify that impact in the quarter and share how we should think about the trending for the rest of the year?

也許我們可以花一些時間在銷售、一般和行政費用 (SG&A) 上。我知道您再次提到了其他類別中貨運量上漲的情況，漲幅達到了兩位數。您能否量化本季的影響並分享我們應該如何看待今年剩餘時間的趨勢？

And I guess just more broadly, it does sound like you expect to be leveraging SG&A in the remaining quarters given you would have been there without the loss of a selling day in 1Q. So just making sure, is that the correct way to be interpreting your outlook?

我想，從更廣泛的角度來看，這聽起來確實像是您希望在剩餘的幾個季度中利用銷售、一般和行政費用，因為如果沒有在第一季損失銷售日，您就會在那裡。所以只是想確認一下，這是解釋你的觀點的正確方法嗎？

Yes. On the phrase, the nature of the freight rent this quarter than it was last quarter. Last quarter, we had some expedited shipments that we paid for.

是的。就術語而言，本季的貨運租金性質比上一季有所改善。上個季度，我們有一些付費的加急貨運。

So that's in cost of goods, right? You're talking freight and SG&A, you're talking more vehicles -- vehicles.

這就是商品成本，對嗎？您談論的是貨運和銷售、一般及行政費用，您談論的是更多的車輛—車輛。

Got it. Sorry. I was anticipating a different question. Yes. On the SG&A, so we are cycling through our fleet of pickups. And the pace has accelerated in the last, call it, 6, 12 months, and that's because one of the sort of after glows of the pandemic was -- it took a while for the vehicle supply chain to catch up.

知道了。對不起。我預料到會有一個不同的問題。是的。在銷售、一般及行政費用方面，我們正在循環使用我們的皮卡車隊。在過去的 6 到 12 個月裡，成長速度加快了，這是因為疫情的後遺症之一是——汽車供應鏈需要一段時間才能趕上。

And we had several years where we were probably not cycling as quickly as you normally would, during which those things were inflating. And so we'd be -- that is continuing through. I think as you get into the second and fourth quarter, in particular, the comps do start getting and so I do think you have that working in your favor on the SG&A. But to your broader point, look, I've always argued that when we grow at a mid-single-digit rate, we should be able to defend the margin.

有幾年，我們的循環速度可能沒有像平常那麼快，在此期間，這些東西都在膨脹。所以我們會——這會持續下去。我認為，特別是當你進入第二季和第四季時，可比銷售額確實開始上升，所以我確實認為這對你的銷售、一般和行政費用有利。但就你更廣泛的觀點而言，你看，我一直認為，當我們以中等個位數的速度成長時，我們應該能夠保住利潤率。

And I think this quarter, if we hadn't lost the day compared to last quarter or the year ago quarter, we would have grown it at 5%, and that's what our DSR was at. And at that level, we were pretty close to sustaining our operating margin and would have leveraged SG&A.

我認為，如果與上一季或去年同期相比，本季我們沒有損失，我們的成長率將達到 5%，這就是我們的 DSR 水準。在這個水準上，我們非常接近維持我們的營業利潤率，並且會利用銷售、一般和行政費用。

And so I think the end of the question is it depends on what you think demand is going to do. If you think that we're going to grow or continue to grow at a mid or better than mid-single-digit rate, then I would expect that we should be able to leverage SG&A at that level, particularly with the way that we're managing our costs today. So -- but volume always doesn't say in that.

所以我認為問題的最終結果是，這取決於你認為需求將會如何改變。如果您認為我們將以中等或高於中等個位數的速度成長或繼續成長，那麼我預期我們應該能夠利用該水準的銷售、一般和行政費用，特別是考慮到我們目前管理成本的方式。所以 — — 但音量並不總是能說明這一點。

The only thing I'll add to that is -- and I think it was Dave Manthey that coined this a number of years ago. We talked about the shock absorbers in our system, and that is, we use a meaningful amount of incentive compensation in our structure. And one of the messages I had for our leadership earlier this morning was as we're moving into a here. We did a nice job of managing expenses. Our sales growth has picked up.

我唯一要補充的是——我認為這是戴夫·曼西 (Dave Manthey) 幾年前創造的。我們討論了我們系統中的減震器，也就是說，我們在我們的結構中使用了大量的激勵補償。今天早上我向我們的領導層傳達的訊息之一是，我們正在進入這裡。我們在費用管理方面做得很好。我們的銷售成長已經回升。

We expect that to continue as we move into second and third quarter. And there will be some reloading of both numbers because you can read our proxy, and you can see it was pretty ugly for a few of us, and that's not unique to the folks that are in proxy, that's throughout the organization.

我們預計，進入第二季度和第三季度，這種情況將繼續下去。這兩個數字都會重新加載，因為您可以閱讀我們的代理，您會發現對於我們中的一些人來說這非常糟糕，而且這對於代理人員來說並不獨特，而是整個組織都是如此。

Folks saw a meaningful cut in their incentive comp in '23 and '24. And there will be some reloading of that. But that's predicated on the fact that our gross profit dollars and our pre-tax dollars are growing and driving that. And so optically, you'd see your operating expenses growing a little bit faster. The incentive comp within labor growing a bit faster, but it's because the operating earnings are growing fast. That makes sense.

人們發現 23 年和 24 年的激勵補償大幅減少。並且會有一些重新加載。但這是基於我們的毛利和稅前利潤正在增長並推動這一事實。因此從視覺上看，你會看到你的營運費用成長得更快一些。勞動力內部的激勵補償成長速度稍快，但這是因為營業收入成長迅速。這很有道理。

That's why we always talked about an incremental margin to be in that 20%, 25% range because you do have that shock absorber effect that works on both. Works when volume is expanding as well as when it's lower.

這就是為什麼我們總是談論增量利潤率在 20% 到 25% 的範圍內，因為你確實有對兩者都起作用的減震器效果。當音量增大或減小時均可作用。

Great. Holden, that's all very clear. And I guess if we can just spend a quick moment on the customer sites and thank you for the additional disclosures you've given there. I guess -- maybe just how do you think about the disaggregation between manufacturing versus the nonmanufacturing locations?

偉大的。霍爾頓，一切都很清楚。我想我們是否可以花一點時間在客戶網站上，並感謝您在那裡提供的額外披露。我猜——也許您只是如何看待製造業和非製造業地點之間的分解？

Should we think of the pruning opportunity as maybe more so on the non-manufacturing side given those look to be a little bit heavier mix of this low spend customers? Or anything you could share on just how you think about the two differences there? And maybe if there's any significant margin differentials to think about?

鑑於非製造業看起來是低消費客戶群中較為重 要的一部分，我們是否應該將修剪機會更多地考慮在非製造業方面？或者您可以分享一下您對這兩個差異的看法嗎？也許需要考慮是否存在顯著的利潤差異？

Well, I'm not sure there's a dip between manufacturing and nonmanufacturing as much as there is a difference between the services that are utilized. The reality is what we sell are supply chain solutions using a high touch model and a lot of technology. And we need customers that have the scale to take advantage of that, and are willing to sort of pay for the savings and advantages that we can bring to them.

嗯，我不確定製造業和非製造業之間是否存在差距，而是所使用的服務之間存在差距。事實上，我們銷售的是採用高接觸模式和大量技術的供應鏈解決方案。我們需要有規模的客戶來利用這一點，並願意為我們為他們帶來的節省和優勢付費。

Whether that's a customer in manufacturing, non-manufacturing, to some degree, is somewhat agnostic to us. When you look at the bucket information and you look at what's happened to the total customer sites and that less than 5,000 group, the reason that's acting the way it's acting is in part because we've closed branches.

在某種程度上，對於我們是製造業客戶還是非製造業客戶，我們並不清楚。當您查看儲存桶資訊並查看總客戶網站和少於 5,000 個的群組發生的情況時，您會發現其表現如此，部分原因是我們關閉了分行。

That process has obviously stabilized, but the reason we've lost customers is because we closed branches. The other part is because a customer that does $500 a month with us doesn't use a lot of the tools that we can bring to bear for customer supply chains, whereas a customer that sends $10,000 or more months with us, they typically are using multiple of our solutions, right?

這個過程顯然已經穩定下來，但我們失去客戶的原因是我們關閉了分公司。另一部分原因是，每月向我們支付 500 美元的客戶不會使用我們為客戶供應鏈提供的許多工具，而每月向我們支付 10,000 美元或更多的客戶通常會使用我們的多種解決方案，對嗎？

And so when we think about manufacturing and nonmanufacturing, I don't think there's as much of a distinction there as much as there's a distinction between the size and the opportunity that exists with the customer in either of those spaces. (inaudible)

因此，當我們考慮製造業和非製造業時，我認為它們之間並沒有太大的區別，只是這兩個領域的客戶規模和機會之間存在差異。（聽不清楚）

the only thing I'll add to that is on the manufacturing, obviously, is a more cyclical customer base to degree. The nonmanufacturing includes some customer sites that we've seen enjoyed success with that aren't manufacturers. And they're businesses that are involved in warehousing and distribution, typically supporting eCommerce models. They might be organizations that are involved in data centers. They might be organizations.

我唯一要補充的是，在製造業方面，顯然，客戶群的周期性更強。非製造業包括一些我們發現成功但並非製造商的客戶網站。它們是涉及倉儲和配送的企業，通常支援電子商務模式。他們可能是涉及資料中心的組織。他們可能是組織。

I've talked previously about some of the success we've enjoyed with on-site going through the COVID period. For example, and I mentioned Bob Hopper earlier. I go down and visit Bob once a year. He usually doesn't let me come to floor in winter, I have to come in the summer. But hotels are cheaper.

我之前曾談到我們在 COVID 期間在現場取得的一些成功。例如，我之前提到過鮑伯霍珀 (Bob Hopper)。我每年都會去探望鮑伯一次。冬天他通常不讓我來樓層，夏天我才可以來。但飯店比較便宜。

But when I come down to visit, invariably, I'm going to a K-12 school district, where we have on site, or I'm going to a boat manufacturer, one of the two. And so there's roughly 600 -- four-year state colleges, two-year technical colleges, K-12 school districts with more than 20,000 students in the United States alone. You take that number to 10,000-plus students that 600 goes to over 1,300.

但當我來參觀時，我總是會去一個 K-12 學區，我們在那裡設有現場，或者我會去一家船舶製造商，兩者之一。光是在美國就有大約 600 所四年制州立大學、兩年制技術學院、K-12 學區，學生人數超過 20,000 名。如果將這個數字擴大到 10,000 多名學生，那麼 600 人就超過了 1,300 人。

Prior to COVID, we had fewer than 5 on sites with higher Ed for K-12. Coming out of COVID going to 2025. Of that 600 number, I don't know this for a fact, but we're probably sitting there with about 5% of them right now. And those are -- those would be in that bucket, and that's where we found success because that group of customers found we were special during COVID because we can get them stuff other people couldn't get. And it opened up their eyes to the potential of some of the FMI devices, the resources we can bring to their supply chain.

在新冠疫情爆發之前，我們在 K-12 高等教育機構的人數不到 5 人。走出新冠疫情，邁向 2025 年。對於這 600 個數字，我不確定具體數字，但我們現在可能就坐在那裡，大約 5%。那些都在那個桶子裡，這就是我們成功的地方，因為那群顧客發現我們在 COVID 期間很特別，因為我們可以給他們其他人無法得到的東西。這讓他們看到了一些 FMI 設備的潛力，以及我們可以為他們的供應鏈帶來的資源。

And I'm pleased to say, in the last few years, we've had on-site customers that are in the final floor of the best be terminate, and we're rooting them on. And we had one this year as well. So -- but it's a case of -- that's one of the reasons to break that out, but that group is less cyclical in what they do. Whereas in the manufacturing, the only pieces that are less cyclical is where we have customers in manufacturing that are more in food production, because people always eat might change what they eat, but they always eat.

我很高興地說，在過去的幾年裡，我們有一些現場客戶處於最好的最後一層，我們正在為他們加油。今年我們也有一個。所以 — — 但這是一個案例 — — 這是打破這一現狀的原因之一，但該群體所做的事情的周期性較低。而在製造業中，唯一不太受週期性影響的是，我們的製造業客戶更多地從事食品生產，因為人們總是吃東西，可能會改變他們吃的東西，但他們總是吃東西。

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

I wanted to follow back -- follow up on a comment. I think this was from you, Holden. Just on the pricing actions that were taken in April. You quantified maybe 3 to 4 points year-over-year uplift in the second quarter that could potentially double in the second half, if I heard that correctly. Is the driver there just the staggered dates of implementation for these increases? And is that just tied to the pricing and costing alignment you referenced earlier? Or is there something else going on here?

我想跟進——跟進評論。我想這是你寫的，霍爾頓。僅就四月採取的定價行動而言。如果我沒聽錯的話，您量化的第二季度同比增長可能為 3 到 4 個百分點，下半年可能會翻倍。推動這些增加的因素是否只是交錯實施日期？這是否與您之前提到的定價和成本調整有關？還是這裡還有其他事情發生？

Staggered timing as well as just the timing it takes to sort of implement have conversations. Our model starts with discussions with customers, right? It's not just sort of flipping a switch on a website. And so those conversations can take their own bearing paces, particularly when 70% of your business area

交錯的時間以及進行對話所需的時間。我們的模型是從與客戶的討論開始的，對嗎？這不僅僅是在網站上按下開關那麼簡單。因此，這些對話可以按照自己的步調進行，特別是當你 70% 的業務領域

I can touch on a few things. That's heavily centered on fastener product because that 25% tariff that came in on steel-based products, clarified it was derivative products as well, which includes fasteners because there's a high steel content there.

我可以談一些事情。這主要集中在緊固件產品上，因為對鋼鐵產品徵收的 25% 的關稅也明確了衍生產品也包括在內，因為其中的鋼含量很高。

And so we'll start CASM, sorry. But -- part of that is having conversations with our customers and understanding what inventory to support them and some of the timings that can come into play. And so that creates some saving effect, particularly outside of fasteners, and that's about 2/3 of our fastener sales.

因此我們將開始 CASM，抱歉。但是 — — 其中一部分是與我們的客戶進行對話並了解需要哪些庫存來支援他們以及可以發揮作用的一些時間安排。這樣就產生了一些節約效果，特別是緊固件以外的產品，這大約占我們緊固件銷售額的 2/3。

And I wanted to follow up with a question on gross margin. Holden, I believe it was last quarter, you said that there was a shot for flat in 2025, maybe a slight decline. Any update on that outlook? It sounds like maybe not some of the price cost commentary and how you think you can defend margin percentage there, but I just wanted want to offer. .

我想繼續問一個關於毛利率的問題。霍頓，我相信是上個季度，您說過 2025 年銷量會持平，或略有下降。有關於該前景的最新消息嗎？這聽起來可能不是一些價格成本評論以及您認為如何可以捍衛利潤率百分比，但我只是想提供。。

No. Let me take that one. (inaudible)

不。讓我來拿那個。（聽不清楚）

I look forward to hearing what you have to say.

我期待聽到您的意見。

This is a philosophical thing. And historically, we've defended (inaudible) percentage. And in fact, I had a conversation with a few of our directors yesterday on just this fact. And when -- if you look back to 2018 time frame, we largely defended our gross margin percentage. It was a little chaotic because we didn't have the tools we have today.

這是一個哲學問題。從歷史上看，我們一直在捍衛（聽不清楚）百分比。事實上，昨天我與我們的幾位董事就此事實進行了交談。如果你回顧 2018 年的時間框架，我們基本上捍衛了我們的毛利率百分比。由於我們沒有今天所擁有的工具，所以有點混亂。

And the degradation you did see in gross profit over time was the earlier mentioned hard front to attack on growing our 50,000-plus customers and there was a mix shift that was going on both in customer mix and product mix, and those were competing with gross profit percentage. But we largely defended the percentage. And -- but we have to be very thoughtful about what it means for our customer.

而您確實看到毛利隨著時間的推移而下降，這是我們前面提到的在增加 50,000 多名客戶時面臨的艱難挑戰，客戶結構和產品結構都在發生結構性變化，這些都在與毛利率競爭。但我們基本上捍衛了這個比例。而且——但我們必須非常認真地考慮這對我們的客戶意味著什麼。

And our bigger challenge to our customer right now is what optionality we can create in their business because depending gross profit percentage in an arena where you're talking 125 -- I mean whatever held number you throw. There, you're really working with your customer to manage their supply chain and you're doing right by everybody. That includes employees, customers, suppliers because we're pushing back on suppliers pretty darn hard to and our shareholders.

目前，我們為客戶帶來的更大挑戰是，我們可以在他們的業務中創造什麼樣的選擇性，因為這取決於你所談論的 125 領域的毛利百分比——我的意思是無論你拋出什麼數字。在那裡，您實際上是在與客戶合作管理他們的供應鏈，並為每個人做好了準備。其中包括員工、客戶、供應商，因為我們對供應商和股東施加了相當大的壓力。

And you're finding what the right mix is, and you're also trying to figure out, is this a -- is this a forever thing? Or is this something that's going to be announced on when canceled on Friday? And what -- what steps are you going to you take? You're not going to stick your head in the sand than it's not happening because that's a -- that's foolish. But you're not going to jump out the window either.

而你正在尋找正確的組合，你也在試圖弄清楚，這是否是一件永恆的事情？還是這是將於週五宣布取消的事情？那麼您準備採取什麼措施呢？你不會把頭埋在沙子裡，認為這件事不會發生，因為那太愚蠢了。但你也不會跳出窗外。

You're going to find some place in between and make great supply chain decisions for your customers. And -- but -- our goal has always been to manage gross profit percentage through scenario. Our goal -- our real goal long term is to grow relationships and find -- discover more customers that find the Fastenal supply chain model to be special. And then with existing customers once established, to grow our footprint with them and be special for more things. And that's an incredibly trusting relationship.

您將找到介於兩者之間的某個點，並為您的客戶做出出色的供應鏈決策。但是，我們的目標一直是透過情境來管理毛利率。我們的目標—我們的長期真正目標是發展關係並找到更多認為 Fastenal 供應鏈模式很特別的客戶。然後，一旦與現有客戶建立聯繫，我們就會擴大與他們之間的聯繫，並在更多方面發揮我們的特色。這是一種令人難以置信的信任關係。

And we're going to do right all four constituencies I talked about, and all four are going to get pushed as we go through this: suppliers, customers, shareholders and employees. And I think with that kind of mix, I think our shareholders do really well, investing in Fastenal over time because we have our head in the right place. And we keep our eye on -- despite this and beefing up our inventory to do a number of things strategically, we keep our eye pretty well on our cash flow operation, too.

我們將正確對待我提到的所有四個方面，在我們經歷這個過程時，這四個方面都將受到推動：供應商、客戶、股東和員工。我認為，透過這種組合，我們的股東會做得很好，因為我們的想法是正確的，所以他們會長期投資 Fastenal。儘管存在這種情況，我們仍會密切關注，並增加庫存以策略性地進行多項工作，同時我們也密切關注現金流營運。

I see we're at 5 minutes on the hour, we can take one more -- if it's a quick question. But in case we run out of time, I do want to reciprocate and say to a -- thanks for the last nine years, you brought a very unique insight to the Fastenal organization. I always used to get home and my wife would ask me, hey, how were the questions today and -- or some of the follow-up questions.

我看到我們已經到了整點​​ 5 分鐘了，如果這是一個簡短的問題，我們可以再問一分鐘。但如果我們沒有足夠的時間，我確實想回報並說——感謝過去九年來你為 Fastenal 組織帶來了非常獨特的見解。我以前總是回到家，我的妻子會問我，嘿，今天的問題怎麼樣，或一些後續問題。

And I'd always share a handful of names who asked some folks that would have some really, really good questions. On is always on that list. And so he will be missed the Fastenal.

我總是會分享一些名字，他們向一些人提出了一些非常非常好的問題。On 始終在該清單上。因此 Fastenal 將會懷念他。

But if there's one more question, we'll take it.

但如果還有一個問題，我們會回答。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I appreciate you squeezing me in here. I just wanted to maybe ask you, Dan, about center supply chains. They're very heavily tied to Asia. When we look at other industrial categories, we did see more of a shift to Mexico over the last five years that hasn't really happened in fasteners. So just are there contract manufacturers in Mexico that could kind of take on some of this production?

我很感謝你把我擠到這裡。丹，我只是想問你關於中心供應鏈的問題。他們與亞洲有著非常密切的聯繫。當我們觀察其他工業類別時，我們確實看到過去五年來製造業向墨西哥的轉移趨勢更為明顯，而緊固件製造業則並未真正發生這種情況。那麼墨西哥是否有合約製造商可以承擔部分生產任務呢？

If not, any views as to why? Because when we think about a faster, the majority of the COGS are transportation and metal. So I would think that producing domestically even in the U.S., couldn't make sense for that category. So just wondering if you had any thoughts on that? And then what that could mean for Fastenal, if the supply chain is getting shorter.

如果沒有，請解釋原因？因為當我們考慮更快時，大部分的 COGS 是運輸和金屬。所以我認為，即使在美國國內生產，對於該類別來說也是沒有意義的。我只是想知道您對此有什麼想法嗎？那麼，如果供應鏈越來越短，這對 Fastenal 來說又意味著什麼？

I don't have a great answer for you other than there are sources of North America, and we source product out of Canada. And -- but there is a product of fastener product in North America. We took a really hard look ourselves over a multi-period of taking some of our working capital and redirecting that into fixed capital and saying, can we take some of the dollars we have on the balance sheet because we have a long supply chain and build our own capability. And we did a lot of -- and the US has some things.

除了北美有貨源以及我們從加拿大採購產品之外，我沒有很好的答案可以給你。而且——但是北美有一種緊固件產品。我們認真審視了多個時期，將部分營運資本轉為固定資本，並說，我們能否拿出資產負債表上的部分資金，因為我們有一條很長的供應鏈，可以建立自己的能力。我們做了很多事——美國也做了一些事。

North America has some really key things going for it long term. And the most critical one that I can think of is there's no place on the planet -- industrial placed on the planet that has a more reliable long-term source of stable cost energy than North America. Whether we choose to use it or not, that's a different question. But there is nobody with the capability, industrialized area that has that capability. And so it does create a unique advantage.

北美有一些對其長期發展至關重要的事情。我能想到的最關鍵的一點是，地球上沒有任何地方——工業基礎——能比北美擁有更可靠、更長期、更穩定的能源來源。我們是否選擇使用它，這是一個不同的問題。但是沒有人具備這種能力，工業化地區也沒有這種能力。因此它確實創造了獨特的優勢。

The problem was such scale in Asia with fastener production with steel production and by extension fastener production, such scale that's been created because automotive took faster manufacturing to Japan and South Korea post World War II in the 50s and 60s, long before we even existed. And so there's such scale over there. Part of the issue you have in North America and this comment include Mexico. There isn't the same scale that's been developed as far as competitive fasteners. And obviously, this changes the math.

問題在於亞洲的緊固件生產、鋼鐵生產以及緊固件生產規模如此之大，這種規模的形成是因為在二戰後的 50 年代和 60 年代，汽車製造業將更快的速度轉移到了日本和韓國，這遠在我們存在之前。那裡的規模如此龐大。您在北美遇到的問題以及此評論都涉及墨西哥。就競爭性緊固件而言，尚未達到相同的規模。顯然，這改變了數學。

And the real question is, does the marketplace, do the producers of fastener believe the investment is justified because you hear on all the talking CNBC in the morning about certainty and all this kind of junk. There is no certainty in the world. There never has been.

而真正的問題是，市場是否、緊固件生產商是否相信這項投資是合理的，因為你早上在 CNBC 上聽到的都是關於確定性和所有這類垃圾的討論。世界上沒有確定的事。從來沒有過。

But if it's government mandated, that's a really weird thing for certainty because if the economics work because there's a 50% tariff or a 25% tariff or a 75% tariff. And that tariff can go away in a day as easy as it can be created in today.

但如果這是政府強制要求的，那肯定是一件很奇怪的事情，因為如果關稅為 50% 或 25% 或 75%，那麼經濟效益就會受到影響。而且這項關稅可以在一天之內取消，就像今天制定它一樣容易。

Are you going to make that investment in Mexico for scale manufacturing? You may or may not. My guess is you probably won't, unless you have comfort that you can put $0.5 billion into a plant, that 25% will be there for the next 15 years, 20 years. You're not going to do it if you think it could disappear in two. And that's the challenge. But we have not found scale manufacture abilities to satisfy our needs in North America.

您打算在墨西哥進行規模化生產投資嗎？你可能會，也可能不會。我猜你可能不會，除非你有信心可以向工廠投入 5 億美元，而其中 25% 的資金將在未來 15 年、20 年內存在。如果你認為它會在兩分鐘內消失，你就不會這麼做。這就是挑戰。但我們尚未找到能夠滿足北美需求的規模製造能力。

We reach the end of our question and I'd like to turn the floor back over for any further or closing comments.

我們的問題已經回答完畢，我想請大家進一步評論或做最後總結。

I already slipped in my comment on Holden. And -- as always, thank you for participating in our call today. And in future quarters, between Jeff, Cheryl and Dan will try to step into the void that Holden will create. So be patient with us.

我已經對霍爾頓發表了評論。而且—一如既往，感謝您今天參加我們的電話會議。在未來的幾季中，傑夫、謝麗爾和丹將試圖填補霍爾頓所造成的空白。所以請耐心等待。

Thank you.

謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。