快扣 (FAST) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Fastenal Q2 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Dray Schreiber. Please go ahead, Dray.

大家好，歡迎參加 Fastenal 2025 年第二季財報電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給 Dray Schreiber。請繼續，Dray。

Welcome to the Fastenal Company 2025 second-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 Sheryl Lisowski, our Interim Chief Financial Officer, Chief Accounting Officer and Treasurer. The call will last for up to one hour and will start with a general overview of our quarterly results and operations, with the remainder of the time being open for questions and answers.

歡迎參加 Fastenal 公司 2025 年第二季財報電話會議。本次電話會議將由我們的執行長 Dan Florness、我們的總裁兼首席銷售官 Jeff Watts 以及我們的臨時首席財務官、首席會計官兼財務主管 Sheryl Lisowski 主持。電話會議將持續最多一小時，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。

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

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。本次電話會議將透過 Fastenal 投資者關係主頁 investor.fastenal.com 進行音訊同步直播。網路直播的重播將持續到 2025 年 9 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 those anticipated.

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。

Factors that could cause actual results to differ from anticipated results are contained in the company's latest earnings release in periodic filings with the Securities and Exchange Commission, and we encourage you to review those factors carefully. I would now like to turn the call over to Mr. Jeff Watts.

可能導致實際結果與預期結果不同的因素包含在公司定期向美國證券交易委員會提交的最新收益報告中，我們鼓勵您仔細審查這些因素。現在我想把電話轉給傑夫‧沃茨先生。

Thank you, and good morning, everyone. Thanks for joining us today. My name is Jeff Watts, President and CSO. And while I listened to this call for decades and more recently sat on the call the last few quarters, this is my first time addressing you and I'm excited to kick off our second quarter update today.

謝謝大家，早安。感謝您今天加入我們。我叫 Jeff Watts，總裁兼首席策略長。雖然我幾十年來一直聽著這個電話會議，最近幾季也參加了這個電話會議，但這是我第一次向你們發表講話，我很高興今天開始我們的第二季更新。

I'd like to begin by extending my congratulations to the Fastenal team on delivering just a very strong quarter and exceeding the quarterly result of over $2 billion in revenue for the first time in our company's history. Now it's a significant achievement, and I'd like to express my appreciation to everyone across the organization for their contributions.

首先，我要向 Fastenal 團隊表示祝賀，祝賀他們在本季度取得了非常強勁的業績，並在公司歷史上首次實現了超過 20 億美元的季度收入。這是一項重大成就，我要向組織內每個人所做的貢獻表示感謝。

Now jumping into it. Sales in the second quarter increased by 8.6%, marking our highest daily growth since early 2023. And when I think about the growth this quarter, market conditions, they haven't really helped us and remain sluggish. We did get some lift from price of about 140 to 170 basis points, which Sheryl will be addressing in more detail later in the deck. But what I'm really proud of the team for is their push in momentum and market share gains in contract signings.

現在開始吧。第二季銷售額成長 8.6%，創下 2023 年初以來的最高日增幅。當我想到本季的成長和市場狀況時，我發現它們並沒有真正幫助我們，而且仍然低迷。我們的價格確實上漲了約 140 至 170 個基點，Sheryl 稍後將在演講中更詳細地討論這一點。但我真正為團隊感到自豪的是他們在簽訂合約時所取得的進展和市場份額的增加。

And that momentum has really built up the belief in the execution of our strategic plan, the one that we shared at our Investor Day presentation back in March. The activities and actions that we've taken better align our field and corporate teams focus on something that our late founder, Bob Papenfuss, the importance of a common goal.

這種勢頭確實增強了我們對執行策略計劃的信心，我們在三月的投資者日演講中分享了這項計劃。我們採取的活動和行動更好地協調了我們的領域，企業團隊專注於我們已故創辦人 Bob Papenfuss 所強調的共同目標的重要性。

Bob always emphasize that when everyone in the company is focused on a shared purpose, it drives unity and prevents division among groups and departments. It also drives results, and that's what we're focused on. with an emphasis on stronger and more embedded customer relationships, which reflect our strategic intent to be more than just a distributor, where supply chain partner embedded at the point of us delivering measurable value to our customers.

鮑伯總是強調，當公司裡的每個人都專注於一個共同的目標時，它就能促進團結，並防止團體和部門之間的分裂。它還能推動成果，而這正是我們所關注的。我們強調更強大、更深入的客戶關係，這反映了我們的策略意圖，即不僅僅是經銷商，而是嵌入供應鏈合作夥伴，為我們的客戶提供可衡量的價值。

And I think this shows in our contract signings. Since implementing these changes back in the beginning of 2023, our contract growth has grown -- has increased from 4% in the '22, '23 time frame to 11.2% last year, and that momentum has continued as we move into 2025.

我認為這在我們簽訂的合約中有所體現。自 2023 年初實施這些變革以來，我們的合約成長率已從 2022、2023 年的 4% 成長到去年的 11.2%，而且這種勢頭在我們進入 2025 年時仍將持續下去。

In Q2, we saw 84 contract signings well ahead of the last two quarters. And honestly, outperforming our expectations, considering the current market conditions. Contract customer sales for the quarter increased 11% and now represents 73.2% of our revenues, up from 71.2% in the previous year.

第二季度，我們簽署了 84 份合同，遠遠超過前兩個季度。老實說，考慮到當前的市場狀況，這超出了我們的預期。本季合約客戶銷售額成長了 11%，目前占我們營收的 73.2%，高於去年的 71.2%。

Now moving on to Slide 4., and looking at our customer site performance. Starting with revenue from sites generating 10,000 or more per month. These increased 11.6% in the quarter, accompanied by a nearly 7% rise in the number of such sites. This change is primarily influenced by the growth in our on-site like sites or those generating $50,000 or more per month, which grew by 12.4% and showed revenue growth of 14.5. Monthly sales per customer set increased in all customer categories with the total sales per site increasing by 17.7% to $6,790 per month.

現在轉到投影片 4，查看我們的客戶網站效能。從每月產生 10,000 或更多收入的網站開始。本季度，此類網站數量增加了 11.6%，同時成長了近 7%。這項變更主要得益於我們類似店面或月收入達5萬美元及以上的店面的成長，這些店面成長了12.4%，營收成長了14.5%。所有客戶類別的每位客戶每月銷售額均有所增長，每個店面的總銷售額增長了17.7%，達到每月6,790美元。

We did see a decline in number of accounts and are under $5,000 which did contribute to the average increase in revenue per site in this category. But when digging further, almost all these declines were in the under 500 customers with the bulk actually coming from the customer to do less than $100 per month. Now this decline was expected as we continue to drive our focus on our larger sites. But we also look to relaunch fastenal.com later in '25, and this is being done to really help address the spot by need to customers, including the ones in the smaller categories. Our goal has always been the same. Our goal is to grow in all of our categories.

我們確實看到帳戶數量有所下降，目前低於 5,000 美元，這確實促進了該類別每個網站的平均收入增加。但進一步挖掘後發現，幾乎所有這些拒絕的客戶都少於 500 名，其中大部分實際上來自每月消費不到 100 美元的客戶。由於我們繼續將重點放在較大的站點上，因此這種下降是可以預料到的。但我們也希望在 2025 年稍後重新推出 fastenal.com，這樣做是為了真正幫助解決客戶（包括較小類別的客戶）的現場需求。我們的目標始終如一。我們的目標是在所有類別中實現成長。

One number that does stand out to me in our growth is the nonmanufacturing sites in the 50,000-plus category. Now this group's revenues increased 30% year-over-year, and the site count has increased over 18%. Now this is, we believe, is a result of our realignment of our sales teams to work more closely with the regions and the RVPs from the government teams to the safety teams. We're driving more business together in areas we may have missed in the past, especially in the nonmanufacturing sector, and again, some encouraging numbers.

在我們的成長中，有一個數字確實讓我印象深刻，那就是 50,000 多個非製造業基地的數量。目前該集團營收年增30%，門市數量成長超過18%。現在，我們相信，這是我們重新調整銷售團隊的結果，以便與各地區和 RVP 進行更緊密的合作，從政府團隊到安全團隊。我們正在共同推動過去可能錯過的領域的更多業務，特別是在非製造業領域，並且再次取得了一些令人鼓舞的數字。

When you look at the slide and the results on Slide 4, we use these to gauge our quarterly performance within the field, we go down to the month. And what's exciting is when we look at our trends on a more granular basis. As we move throughout the quarter, growth has continued to increase in all categories 5,000 and above, most notably our site counts, which were all double-digit growth in June. Again, some very exciting numbers there. Overall for the quarter, a very nice job from the team, not only on the sales side, but also on how we're continuing to show progress on implementing our strategy across the organization.

當您查看幻燈片和幻燈片 4 上的結果時，我們會使用這些來衡量我們在該領域的季度表現，具體到月份。當我們更細緻地觀察趨勢時，令人興奮的是。隨著整個季度的推進，所有 5,000 及以上的類別都持續增長，最顯著的是我們的網站數量，6 月份均實現了兩位數的增長。再次，這裡有一些非常令人興奮的數字。總體而言，本季團隊的工作非常出色，不僅在銷售方面，而且在我們在整個組織實施策略方面也繼續取得進展。

So again, to the team, thank you very much, and I'll now pass it over to Dan.

所以，再次向團隊表達衷心的感謝，現在我將把麥克風交給丹。

Thanks, Jeff, and good morning, everybody. When I think back three years ago in the summer of 2022, we were having a good year. And -- but as we reemerged from COVID, some things were going on. There was a lot of supply chain constraints. So a lot of chaotic environment, a bit of inflation.

謝謝，傑夫，大家早安。當我回想起三年前的2022年夏天時，我們度過了美好的一年。但隨著我們從新冠疫情中恢復過來，一些事情發生了。供應鏈存在許多限制。因此環境很混亂，有點通貨膨脹。

We were putting up really strong numbers, but in all frankness. It wasn't a year that felt good. And I've known Jeff for 30 years or close to 30 years. And we were having a lot of discussions about what we're seeing. I have a lot of discussions with other leaders in the organization.

我們取得了非常強勁的成績，但坦白說。這不是感覺很好的一年。我認識傑夫有 30 年或接近 30 年了。我們就所看到的情況進行了大量討論。我與組織內的其他領導者進行了許多討論。

And what didn't feel good was it didn't feel like the organization was aligned. And even worse than that, it felt like we had lost some humility in the organization in that -- over the prior several years. And maybe it was masked a little bit because of COVID, maybe the fact that we weren't keeping each other in check because in life, we all need life partners, whether it's business partners, or in my case, my my wife who tells you when you're full of it once in a while and keep us all humble. But it felt like we'd lost some of it. And so we made some -- we started making some changes late in 2022.

讓人感覺不太好的是，組織似乎沒有協調一致。更糟的是，感覺我們在過去幾年已經失去了組織中的一些謙遜。也許是因為新冠疫情，這種感覺被掩蓋了，也許是因為我們沒有互相監督，因為在生活中，我們都需要生活伴侶，無論是商業夥伴，還是像我一樣，我的妻子，她會偶爾在你情緒高漲時提醒你，讓我們都保持謙遜。但感覺我們失去了一些東西。因此我們做了一些改變——我們從 2022 年底開始做出一些改變。

And that continued as we moved into 2023. I asked Jeff to step out of his existing role and step into the Chief Sales Officer role. I challenged him on some ways to think about the sales side of the organization. True to his nature, he took that and with a really strong team, asked them folks to step in some different roles. And I'm really pleased to say that the changes they've made felt good at the time, and they feel even better now as we're going through 2025.

進入 2023 年，這種情況仍在繼續。我要求傑夫放棄現有職位，擔任首席銷售官。我向他提出了一些關於該組織銷售方面的思考方法。秉承他的本性，他接受了這一點，並帶領一支非常強大的團隊，要求他們擔任不同的角色。我很高興地說，他們所做的改變在當時讓人感覺良好，而當我們即將迎來 2025 年時，這種感覺甚至更好。

So last fall, as I mentioned earlier, we named Jeff Watts, President, and reshuffled the deck a little bit more, and again really, really pleased to see the outcome of those changes.

因此，正如我之前提到的，去年秋天，我們任命傑夫沃茨 (Jeff Watts) 為總裁，並稍微改組了團隊，我們非常非常高興看到這些變化的結果。

Last -- late last year in our annual leadership meeting, I shared with a few folks. Yes, Jeff is going to open the earnings call in July. So it makes it a lot easier for them if we could put up a strong quarter because it makes the call just a lot easier -- it makes the Q&A a lot easier. And so true to form, the team rose to the occasion and put up an excellent quarter, and I'm proud of the entire organization.

去年年底，在我們的年度領導會議上，我與一些人進行了分享。是的，傑夫將在 7 月召開收益電話會議。因此，如果我們能夠取得強勁的季度業績，那麼對他們來說就會容易得多，因為這會讓通話變得容易得多——讓問答變得容易得多。不出所料，整個團隊不負眾望，取得了優異的成績，我為整個組織感到驕傲。

My only comments to Jeff and also to Sheryl coming into this call were make sure you slow down your talk, enjoy it and just tell our story.

我對傑夫和謝麗爾參加這次電話會議的唯一建議是，確保你們放慢講話速度，享受它，只講述我們的故事。

On page 4, Jeff shared some stats on that page. We have regular calls throughout the year with our district leadership as well as our regional leadership. But in those district calls, we lead into it or give them some instructions ahead of time to talk about how the organization helps you, what helps you the most that we do? What hinders you the most? And what we do in supporting you and quite frankly, slowing you down?

在第 4 頁，Jeff 分享了該頁面的一些統計數據。我們全年都會與地區領導以及區域領導定期通話。但是在那些地區電話中，我們會引導他們或提前給他們一些指示，討論該組織如何幫助您，我們為您提供的最大幫助是什麼？最阻礙你的是什麼？那麼我們在支持您方面做了什麼，坦白說，又拖慢了您的速度呢？

It's a great way to challenge both directions in the firm inside and out. And we provide these types of statistics that you see on page 4.

這是對公司內部和外部兩個方向進行挑戰的好方法。我們提供了您在第 4 頁看到的這些類型的統計資料。

One thing that you'd see if you were inside the four walls of the organization is that the closer we get to the action, the shorter the time frame. So if you're having a conversation with district manager, we look at this, and Jeff mentioned it, we look at these customer site performance statistics on a monthly basis.

如果你身處組織內部，你會發現，我們越接近行動，時間框架就越短。因此，如果您正在與地區經理交談，我們會查看這一點，正如傑夫所提到的那樣，我們會每月查看這些客戶網站績效統計數據。

In our quarterly calls, we talk about it on a quarterly basis because we think that's more relevant to the discussion. And as we did in our March Investor Day and what I expect we'll do in our annual filings, is we'll talk about it on an annual basis to really talk about what it means. But regardless of the time frame you're looking at, it's about what are the trends in the business and what are driving the trends?

在我們的季度電話會議上，我們按季度討論這個問題，因為我們認為這與討論更相關。正如我們在三月投資者日所做的那樣，以及我期望我們在年度文件中所做的那樣，我們將每年討論這個問題，真正談論它的意義。但無論你關注的是哪個時間範圍，關鍵在於業務趨勢是什麼以及推動趨勢的因素是什麼？

And how much of that is coming from the tide is rising, and we're rising faster or not as fast or the tide is stagnant or dropping, but we're performing.

其中有多少是由於潮水上漲而產生的，我們漲得更快還是不那麼快，或者潮水停滯或下降，但我們正在發揮作用。

What I'm really pleased about this quarter is, our numbers didn't change as we move through 2025 because the tide is rising. I will say it has stabilized in our business. Last year -- the last two years, quite frankly, in the fall the 2022, the PMI really dropped, and it's been sub-50 pretty much ever since absent a couple of months. And -- but what's changed is it's stabilized, but our execution has dramatically changed, and I feel like the organization is really aligned. And I believe it shines through on page 4 of our (inaudible)

我對本季真正感到高興的是，隨著潮流的不斷上漲，我們的數字在 2025 年沒有改變。我想說的是，我們的業務已經穩定下來了。去年——坦白說，過去兩年，在 2022 年秋季，PMI 確實下降了，自那以後，除了幾個月之外，它幾乎一直低於 50。而且——但變化的是它已經穩定下來，但我們的執行力已經發生了巨大的變化，我覺得組織確實已經協調一致。我相信它在我們的第 4 頁上閃耀（聽不清楚）

Going to page 5. Jeff already touched on the daily sales rate -- growth rates. For the quarter, we came in at $0.29, EPS rose 12.7% from a year ago. One of the -- an under-the-hood story within the quarter, is a change we made in mid-2024 to undo a decision that had been in the works for a few years, and that related to our stocking and distribution of fasteners where it's really wide. Probably the person I've learned from the most.

轉到第 5 頁。傑夫已經談到了每日銷售率——成長率。本季度，我們的每股盈餘為 0.29 美元，比去年同期成長 12.7%。本季的一個秘密故事是，我們在 2024 年中期做出了一項改變，撤銷了醞釀了幾年的決定，這項決定與我們的緊固件庫存和分銷範圍很廣有關。可能是我從他身上學到最多的人。

I learned a ton from Bob learned a ton from the fastener organization. One of the person I've learned the most from over my career Fastenal is Nick Lundquist. And when Nick led supply chain and distribution, he always had a comment. He felt their job was to keep the trucks full. And what that meant is support the branch and on-site network in any way you can to give them hours in the day.

我從鮑伯那裡學到了很多東西，也從緊固件組織學到了很多東西。在我的職業生涯中，我從 Fastenal 學到最多的人之一是 Nick Lundquist。當尼克領導供應鏈和分銷時，他總是會發表評論。他認為他們的工作就是保證卡車滿載。這意味著您要盡一切可能支援分支機構和現場網絡，以便他們每天有充足的時間。

And we pulled away from that after Nick had stepped out of that role for a few years, and we weren't stocking as deep as we should have been. And our supply chain team really dug into it and studied the branch and on-site activity. and we began ramping up our investments where we get a nice return. And we did that in the tail end of 2024 coming into 2025.

在尼克退出這個職位幾年後，我們就不再這麼做了，而且我們的庫存也沒有達到應有的水準。我們的供應鏈團隊對此進行了深入研究，研究了分支機構和現場活動。我們開始在獲得良好回報的地方加大投資。我們在 2024 年底和 2025 年初就實現了這個目標。

And this morning on our call with our regional leaders, I really challenged that group to understand what that's done to your business, not just in revenue or margin, but an effort as you look at how many POs have dropped, and it gives hours in the day to our focus in the field and a huge win.

今天早上，在我們與地區領導人的電話會議上，我真的要求這個小組了解這對您的業務有何影響，不僅僅是收入或利潤，而且當您查看採購訂單數量下降時，這是一種努力，它使我們每天有幾個小時專注於該領域並帶來巨大的勝利。

Moving down the P&L. The -- I'm pleased to say we leveraged our SG&A. And as a consequence, put up 21% operating margin for the quarter. The only component of SG&A that we didn't lever was bonus and commission. And I think it's Dave Manthey a number of years ago, used the phrase shock absorbers in our system.

降低損益。我很高興地說，我們利用了銷售、一般和行政費用 (SG&A)。因此，本季的營業利潤率達到了 21%。我們沒有利用的銷售、一般和行政費用中唯一一個組成部分是獎金和佣金。我認為幾年前 Dave Manthey 在我們的系統中使用了“減震器”這個短語。

And on the way down, what helps us preserve our P&L and, frankly, preserve our ability to invest in the business and our customers going forward is the fact that everybody in the organization takes it on the chin when our performance suffers. So in '23 and '24, there were a lot of people in Fastenal that took pretty extreme pay cuts. And I'm pleased to say in the quarter, one of the things that ate away at some of our leverage was the fact that our bonus pools expanded nicely, and we're able to celebrate and reward the team for what they've been doing in the last two years.

在下滑的過程中，當我們的業績受到影響時，組織中的每個人都會承受損失，這有助於我們保持損益，坦白說，也有助於我們保持未來對業務和客戶進行投資的能力。因此在 2023 年和 2024 年，Fastenal 的許多人都遭遇了大幅減薪。我很高興地說，在本季度，我們的獎金池大幅擴大，這在一定程度上削弱了我們的槓桿作用，我們能夠慶祝和獎勵團隊在過去兩年中所做的工作。

If I think about that operating margin, I'm really pleased to say our incremental margin for the quarter came in exactly at 30%, again, a strong showing. And as you saw end of last week, we announced a dividend payable in the third quarter of $0.22. We remain confident in our ability to generate cash flow to support the business and to support the dividend that we expanded in 2025.

如果我考慮營業利潤率，我很高興地說，本季我們的增量利潤率正好達到了 30%，這再次是一個強勁的表現。正如大家上週末看到的，我們宣布第三季股利為0.22美元。我們仍然有信心，我們有能力創造現金流來支持業務發展，並支持我們在2025年擴大的股利。

We -- going to Page 6, the FMI Technology, a little softer than we're seeing. And if I look at it, in 2025 -- contrast of 2024, is in 2024, we were hitting hard with converting a lot of existing customers with the FMI Technology related to RFID. Where you have a Kanban system, we're implementing that. That was extremely successful in 2024, and it reflected both new customer signings, but also, again, the conversion of existing customers. That softened a little bit as we looked at this quarter, even our softened a little bit.

我們 - 轉到第 6 頁，FMI 技術，比我們看到的要軟一些。如果我看一下，2025 年 - 與 2024 年形成對比的是，在 2024 年，我們將大力利用與 RFID 相關的 FMI 技術轉換大量現有客戶。只要您有看板系統，我們就會實施它。這在 2024 年取得了極大的成功，它不僅反映了新客戶的簽約，也反映了現有客戶的轉換。從本季來看，這種情況有所緩和，甚至有所緩和。

Part of that is a function of how many we converted last year. Our Holy Grail has always been to keep that number above 100 a day. And in the quarter, we were at 101. There's a lot of conversations going on around that little thing called tariffs. And there's a finite amount of energy in the room.

這部分取決於我們去年轉換了多少人。我們的目標一直是將這個數字保持在每天 100 以上。本季度，我們的數字為 101。關於關稅這個小問題有很多討論。房間裡的能量是有限的。

And sometimes something's got to give. And I think what gave this quarter is all those discussions meant there were fewer discussions about expanding the FMI footprint. And our challenge to our team is we have to keep moving that forward. Despite all that, we ended the quarter with just over 132,000 devices installed at the equivalent -- weighted devices, 132,000 installed across the planet, and that's almost an 11% increase. in what we had at the end of June last year.

有時必須做出一些讓步。我認為本季的原因是所有這些討論意味著關於擴大 FMI 足跡的討論減少了。我們團隊面臨的挑戰是我們必須繼續前進。儘管如此，截至本季末，我們在全球範圍內安裝了超過 132,000 台等量加權設備，與去年 6 月底相比增長了近 11％。

So that puts our FMI at 44.1% of sales. And we believe, ultimately, that number can get to about 65% where there's enough repetition with a customer that's large enough where you can install that investment. And so 2 years ago, that number was in the 30s. So continue to see that expand nicely. Because of the number being down slightly, we see the signings for the year coming in somewhere between 25,000 and 26,000 MAUs.

因此我們的 FMI 佔銷售額的 44.1%。我們相信，如果客戶重複購買的次數足夠多，而且規模足夠大，你就可以進行這筆投資，那麼這個數字最終可以達到 65% 左右。兩年前，這個數字是 30 多。因此，請繼續關注其良好擴張。由於數量略有下降，我們預計今年的簽約人數將在 25,000 至 26,000 名 MAU 之間。

Again, a great number, a number we would have killed for not too many years ago, and still successful. But we want to get that number up a little bit higher, not just above 100, but a little bit deeper into the hundreds. E-business grew 13.5%. I'm pleased to say for the first time ever, we broke 30% of sales, and as we exited the quarter -- well, for the quarter. So excellent performance there. And I believe we have a lot of runway on that piece as we continue to improve our e-commerce capabilities.

再說一次，這是一個很大的數字，幾年前我們就已經為此付出慘痛代價了，但這次我們仍然成功了。但我們希望這個數字能再高一點，不只是超過 100，而是進一步達到數百。電子商務成長13.5%。我很高興地說，這是我們有史以來第一次銷售額突破 30%，並且在本季度結束時——嗯，就本季度而言。那裡的表現非常出色。我相信，隨著我們不斷提升電子商務能力，我們在這方面還有很大的發展空間。

And finally, if you take those two and combine them, 61% of our sales fell under our digital footprint. That number was in the mid-50s two years ago, and our goal is to exit the year somewhere between 63% and 64%.

最後，如果將這兩者結合起來，我們 61% 的銷售額來自於我們的數位足跡。兩年前，這個數字是 55% 左右，我們的目標是在今年年底達到 63% 到 64% 之間。

Page 7 is a new one for the group. Frankly, it's a new one for us six months ago. And Kevin Fitzgerald was involved in our pricing efforts back in 2018 when some of the initial tariffs were going on. And at the time, we shut down our IT group for three months and build a system to track this and be in a position or we could convey insightful information to our customer about what we're seeing, and more importantly, what to expect and what that might mean to give them time and options to pivot on their own supply chain. And so when the tariff activity started ramping up, I said to Kevin, can you start producing a video for the field to convey order to the chaos, and try to simplify it as much as you can.

第 7 頁對於該組來說是新頁面。坦白說，六個月前這對我們來說還是一個新鮮事。早在 2018 年，當一些初始關稅開始實施時，凱文·菲茨杰拉德就參與了我們的定價工作。當時，我們關閉了 IT 團隊三個月，並建立了一個系統來追蹤這一情況，以便能夠向客戶傳達有關我們所看到情況的深刻訊息，更重要的是，我們可以向客戶傳達預期結果以及這可能意味著什麼，從而為他們提供時間和選擇來調整自己的供應鏈。因此，當關稅活動開始增加時，我對凱文說，你能否開始為該領域製作一個視頻，以理清混亂局面，並儘可能簡化它。

And what you're seeing here is, in essence, a rolled up version of the slide deck that Kevin uses in those videos. And I think he's produced 13 or 14 to date. It seems like about every other Friday, there's a new video coming out, maybe it's more frequently than that. But what we do here is try to simplify it for the field, but also for the folks in supply chain. So when you start looking at that fourth column where it says is it eligible for duty drawback, that's a really important distinction because we bring product into North America for North America.

您在這裡看到的，本質上是 Kevin 在那些影片中使用的幻燈片的捲起版本。我認為他迄今為止已經製作了 13 或 14 部。似乎每隔一個星期五就會有新的影片發布，也許更頻繁。但我們在這裡所做的是嘗試簡化該領域以及供應鏈中的人們的操作。因此，當您開始查看第四列時，其中顯示是否有資格獲得退稅，這是一個非常重要的區別，因為我們將產品帶入北美，供北美使用。

And if all of a sudden, there's a 25 or a 10 or 15 or whatever percent tariff being applied on product, and you bring it into the U.S. and then you subsequently move it into Canada or Mexico, you've created an inefficient supply chain for your customer. Even if it is the most efficient way to move the product. So as we move through 2025, we've been redirecting more and more product to come directly into Canada where the economics justify it. And this is primarily on the fastener side.

如果突然對產品徵收 25% 或 10% 或 15% 或任意百分比的關稅，而您將產品帶入美國，隨後又將其運往加拿大或墨西哥，那麼您就為您的客戶創建了一條低效的供應鏈。即使這是運輸產品最有效的方式。因此，隨著我們進入 2025 年，我們將把越來越多的產品直接轉移到加拿大，因為經濟條件允許。這主要發生在緊固件方面。

And the same thing in New Mexico. The downside is, it is a more expensive supply chain because you do spend -- when you're breaking down shipments and you're sending them into multiple ports, it is more expensive to go into the West Coast of Canada with an import for just Canada than it would be to bring it into the US but it's less than 25%, 45% or 50%. And so you make that decision, but you convey that to your customer, what we're doing because our covenant is to manage your supply chain. So hopefully, this brings some clarity to what we approach with tariffs and how we convey it.

新墨西哥州也出現了同樣的情況。缺點是，這是一個更昂貴的供應鏈，因為你確實需要花費——當你分解貨物並將它們發送到多個港口時，將貨物進口到加拿大西海岸的成本要高於將其運送到美國的成本，但不到 25%、45% 或 50%。所以你做出了這個決定，但你向你的客戶傳達了這一點，我們這樣做是因為我們的契約是管理你的供應鏈。所以希望這能讓我們更清楚地了解我們對關稅的態度以及我們傳達關稅的方式。

Our goal isn't to be the best organization at adjusting pricing. Our goal is to be the best organization at managing supply chain for our customer and being agile to benefit them and their ultimate customers downstream on the most efficient supply chain to get them what they need when they need it.

我們的目標不是成為調整價格方面最好的組織。我們的目標是成為管理客戶供應鏈的最佳組織，並透過最高效的供應鏈為客戶及其下游的最終客戶提供利益，以便在他們需要時為他們提供所需的東西。

With that, I'll turn it over to Sheryl.

說完這些，我就把話題交給謝麗爾 (Sheryl)。

Thanks, Dan, and good morning, everyone. Turning to slide 8. Sales in the second quarter of 2025 were up 8.6%, that's our strongest daily sales rate since the first quarter of 2023. And as Jeff mentioned, it's also our first quarter above $2 billion in sales. Feedback from the regional leadership continues to reflect sluggish end market demand despite generally favorable outlook.

謝謝，丹，大家早安。翻到第 8 張投影片。2025 年第二季的銷售額成長了 8.6%，這是自 2023 年第一季以來我們最強勁的每日銷售率。正如傑夫所提到的，這也是我們第一個銷售額超過 20 億美元的季度。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。

Trade policy continues to create some caution. Notwithstanding this uncertainty, we did not detect any meaningful pre-buying ahead of tariffs. In the absence of much external help, the improvement in our sales 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 second quarter of growth for fastener since the first quarter of 2023 and acceleration in manufacturing end markets.

貿易政策持續引發一些謹慎情緒。儘管存在這種不確定性，但我們並未發現關稅前有任何有意義的預購行為。在缺乏太多外部幫助的情況下，我們銷售額的成長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二個季度成長以及製造終端市場的加速。

Second, contributions from our strong contract signings over the past 6 quarters continues to build. We continue to experience a healthy pace and mix of signings in the second quarter of 2025, and our total national, regional and government contracts has grown at a double-digit rate for 15 consecutive months. The quarterly sales growth rate 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. The pricing outlook also warrants some discussion.

其次，過去六個季度我們簽訂的大量合約所帶來的貢獻持續增加。2025 年第二季度，我們的簽約速度和組合繼續保持健康，我們的國家、地區和政府合約總額連續 15 個月以兩位數的速度增長。季度銷售成長率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。定價前景也值得討論。

Year-to-date, significant tariffs have been applied to products from China as well as steel, including steel derived products like fasteners on a global basis.

今年迄今為止，全球已對來自中國的產品以及鋼鐵（包括緊固件等鋼鐵衍生產品）徵收了高額關稅。

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 proactively engaging with our customers for several months.

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。

During the second quarter, we implemented three separate pricing actions, which aim to contribute 3% to 4% of price by the end of the second quarter of 2025. The phased approach to this rollout resulted in 140 to 170 basis points of additional impact in the second quarter with momentum building as we ended the quarter.

在第二季度，我們實施了三項單獨的定價行動，目標是到 2025 年第二季末貢獻 3% 至 4% 的價格。此次分階段推出的舉措在第二季度產生了 140 至 170 個基點的額外影響，並且在本季度末勢頭不斷增強。

Additional pricing actions will be necessary in the second half of 2025 with the potential to double the impact of pricing, depending upon where the deferred tariffs ultimately settle and the pace and execution of our actions. 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.

2025 年下半年將需要採取額外的定價行動，這可能會使定價的影響加倍，具體取決於延期關稅的最終結算地點以及我們行動的速度和執行情況。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 the global supply chain resources we can apply to finding solutions to customer challenges. This is our expectation in the current environment.

然而，Fastenal 歷來能夠在市場動盪時期贏得市場份額，這得益於我們靈活的銷售方式、節儉且適應性強的企業文化，以及我們能夠應用於尋找解決客戶挑戰的解決方案的技術和全球供應鏈資源。這是我們在當前環境下的預期。

Moving on to Slide 9. Operating margin in the second quarter of 2025 was 21%, up 80 basis points year-over-year. Gross margin in the second quarter of 2025 was 45.3%, up 20 basis points from the year ago period. The improvement was driven by price/cost being slightly favorable margin on fastener sales improving due to the fastener expansion project and improvements related to other supplier-focused initiatives. These improvements were partially offset by customer and product mix dilution, higher import duty fees, and higher fleet and third-party transportation costs.

移至幻燈片 9。2025年第二季營業利益率為21%，較去年同期成長80個基點。2025年第二季毛利率為45.3%，較去年同期成長20個基點。推動這項改善的因素包括：價格/成本略有改善；緊固件擴建項目以及與其他以供應商為中心的措施相關的改進導致緊固件銷售利潤率提高。這些改進被客戶和產品組合稀釋、進口關稅增加以及車隊和第三方運輸成本增加部分抵消。

Customer and supplier incentives were also a slight drag. We anticipate our gross margin for 2025 will be relatively flat with 2024. This will be dependent upon our effectiveness in managing price costs and the degree of macro improvement will also influence this scenario. SG&A was 24.4% of sales in the second quarter of 2025, down from 24.9% from the year ago period. Employee-related expenses increased faster than the rate of growth in sales, largely due to the reset of bonus and commission programs due to improved financial performance.

客戶和供應商的激勵也略有拖累。我們預計 2025 年的毛利率將與 2024 年基本持平。這將取決於我們管理價格成本的有效性，而宏觀改善的程度也會影響這種情況。2025 年第二季度，銷售、一般及行政費用佔銷售額的 24.4%，低於去年同期的 24.9%。員工相關費用的成長速度快於銷售額的成長速度，這主要是由於財務表現改善而重新設定了獎金和佣金計畫。

This increase was partially offset by leverage achieved in all other SG&A costs. 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.

這一增長被所有其他銷售、一般及行政費用中實現的槓桿作用部分抵消。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。

Putting it all together, we reported first quarter 2025 EPS of $0.29, up from $0.25 in the second quarter of 2024. Reminder, we executed a 2-for-1 stock split in May of 2025. The prior year EPS has been adjusted for this change.

綜合所有因素，我們報告 2025 年第一季每股收益為 0.29 美元，高於 2024 年第二季的 0.25 美元。提醒一下，我們在 2025 年 5 月進行了 2 比 1 的股票分割。上一年每股收益已根據這一變化進行了調整。

Now turning to Slide 10. We generated $279 million in operating cash in the second quarter of 2025 or 84.4% of net income. Despite our investment in inventory, cash generation was above traditional second quarter levels, the 5-year average from 2020 to 2024 was 83.7%. We remained comfortable with the cash generation of our model and continue to carry a conservatively capitalized balance sheet with quarter-end debt being 5.7% of total capital. Accounts receivable were up 9.9%, 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.

現在翻到投影片 10。我們在 2025 年第二季產生了 2.79 億美元的營運現金，佔淨收入的 84.4%。儘管我們對庫存進行了投資，但現金產生率仍高於傳統的第二季度水平，2020 年至 2024 年的 5 年平均值為 83.7%。我們對我們的模型的現金產生仍然感到滿意，並繼續保持保守的資本化資產負債表，季度末債務佔總資本的 5.7%。應收帳款成長 9.9%，反映出銷售額的成長、往往期限較長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 14.7%, similar to the preceding quarter. We have increased inventory as part of our effort to improve product availability in our selling locations and improved picking efficiencies in our hubs. We have added stock to support customer growth, 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 as more inflation builds in. Accounts payable were up 9.1%, reflecting the increase in inventories.

庫存增加14.7%，與上一季相似。我們增加了庫存，以努力提高銷售點的產品供應量和提高樞紐的揀貨效率。我們增加了庫存以支持客戶成長，並且在潛在關稅生效之前，我們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以及通膨加劇，2025 年庫存成長可能仍將保持在高位。應付帳款成長9.1%，反映庫存的增加。

Net capital -- and distribution center outlays to reflect spending on our Utah and Atlanta hubs and automated picking additions across our hub network. With that, operator, we'll turn it over to begin the Q&A.

淨資本和配送中心支出反映了我們在猶他州和亞特蘭大樞紐的支出以及我們整個樞紐網絡的自動揀選增加。接線生，接下來我們將開始問答環節。

(Operator Instructions) Our first question today is coming from David Manthey from Baird.

（操作員指示）我們今天的第一個問題來自貝爾德的 David Manthey。

My first question, I'm hoping to better understand contribution margins with the 10,000 plus per month customers over time. Could you discuss the evolution of profitability as those relationships mature and grow?

我的第一個問題是，我希望能夠更了解每月超過 10,000 名客戶的貢獻利潤率。您能否討論一下隨著這些關係的成熟和發展，獲利能力的演變？

Dave, if you think about the onsite business that we've talked about in the past, that's really a good proxy for the contribution margins from the 50,000 plus. If you take that down a step and you go to the 10,000-plus, it aligns actually a lot closer with the historical company. And because what's different there is the gross margin is not the -- it is -- can challenge the company number a little bit, not too much but a little bit. But the SG&A leverage is much better.

戴夫，如果你想想我們過去談論過的現場業務，那麼這實際上可以很好地代表 50,000 多人的貢獻利潤。如果你進一步降低這個數字，達到 10,000 多家，它實際上與歷史上的公司更接近。因為那裡的不同之處在於毛利率不是——它可以對公司的數字造成一點挑戰，不是太多，但有一點。但銷售、一般及行政費用槓桿率好得多。

Because one of the things that you've seen over the last five, six years, actually over the last decade as we rationalized our branch network and morph a lot of business both to on-site and also the large customers served out a branch because we're indifferent to -- to how it gets served.

因為在過去五、六年，實際上在過去十年中，你們已經看到，我們合理化了我們的分支網絡，將許多業務轉移到了現場，大客戶也通過分支行進行服務，因為我們對如何提供服務漠不關心。

We wanted the local team to make the best decision. But what you saw was an incredible leaning down of our operating expenses. And the biggest two drivers of that were people centered and occupancy centered were the two biggest drivers that were variable. So contribution margin actually for a lot of the 10,000-plus customers, it looks a lot like the company. And intuitively, the best way to prove that out is that 100k-plus group it's almost 80% of sales.

我們希望當地團隊做出最佳決策。但您看到的是我們的營運費用驚人地下降。其中最大的兩個驅動因素是“以人為本”和“以入住率為中心”，這兩個最大的驅動因素是可變的。因此，對於超過 10,000 名客戶中的許多客戶來說，貢獻利潤率實際上看起來很像公司。直觀地看，證明這一點的最佳方法是，10 萬以上的群體幾乎佔銷售額的 80%。

So it really shines through a lot of the underlying organization. I hope that answered your question.

因此它確實在許多底層組織中閃耀光芒。我希望這回答了你的問題。

Yes. That does. And then second, when you discuss the inventory investment, you say you expect that to pay off in the back half. Does that imply that you're expecting a higher mix of fasteners? Or maybe you could just help clarify that statement.

是的。確實如此。其次，當您討論庫存投資時，您說您預計這將在下半年獲得回報。這是否意味著您期望緊固件的混合程度更高？或者也許您可以幫助澄清該說法。

I would read that a little bit differently. And if we weren't crisp with our press release, that's on me. It's been paying off in the first half. It's been very attractive from the standpoint. The revenue and the gross profit dollars in on of itself is really attractive.

我對此的理解會有些不同。如果我們的新聞稿不夠清晰，那是我的責任。上半年已經取得了成效。從這個角度來看，它非常有吸引力。收入和毛利本身就非常有吸引力。

The nice piece that's harder to measure is what does that freed up time mean as far as what our teams can do. I think a lot of it shines through and Jeff touched on that when he looked at that page of the customer categories and the success we're seeing. It's -- if I have more hours in the day, more hours in the week to engage with my customer, there's always more ways we can help. It just sometimes you don't have time to get to that third thing or fourth thing and freeing up that cutting appeals really help. So it's providing an attractive return right out of the chute.

更難衡量的是，對於我們的團隊來說，這些空閒的時間意味著什麼。我認為其中很多都很明顯，傑夫在查看客戶類別頁面和我們所看到的成功時也提到了這一點。如果我每天有更多的時間，每周有更多的時間與客戶互動，我們總是會有更多的方式可以提供幫助。只是有時候你沒有時間去做第三件事或第四件事，而騰出時間去做那些削減訴求的事情確實很有幫助。因此，它從一開始就提供了誘人的回報。

What happens as we move into the latter half of this year and into 2025, there is some rationalization we can do because by putting -- by deepening that inventory in our distribution network. The one challenge we always put in front of our supply chain team is because they're aligned with our distribution centers, some -- historically, they could sometimes get caught in that trap of.

當我們進入今年下半年和 2025 年時，我們可以做一些合理化，透過深化我們的分銷網絡中的庫存。我們的供應鏈團隊始終面臨的一個挑戰是，由於他們與我們的配送中心保持一致，從歷史上看，他們有時可能會陷入這種陷阱。

They would look at our hub inventory, our hub supply chain and feel really good on what our fulfillment is out of distribution and how much -- how many days of inventory we have on hand. But a great supply chain leader looks at it from the standpoint, what do we have in inventory all the way from our supplier to the customer and all the stopping points in between.

他們會查看我們的中心庫存、我們的中心供應鏈，並對我們的配送完成情況以及我們手頭上有多少庫存天數感到非常滿意。但是，優秀的供應鏈領導者會從這個角度來看這個問題：從供應商到客戶，以及其間的所有停靠點，我們的庫存狀況如何。

And so if we take $10 million out of inventory, and it means we end up with $10 million in the branch network or $15 million in the branch network and we're cutting a lot of POs, that's not a smart decision.

因此，如果我們從庫存中拿出 1000 萬美元，這意味著我們最終在分支網絡中剩下 1000 萬美元或 1500 萬美元，而我們卻削減了大量採購訂單，那麼這不是一個明智的決定。

And so as we go through the second half of 2025 and into 2026, some of that inventory we've added, we're slowly raking that out of distribution. And so we believe the returns will improve but on that piece. So when we talk about the latter half of '21 and into '22, we're more referring to that, but we're getting the return on that inventory right now.

因此，當我們進入 2025 年下半年和 2026 年時，我們增加的一些庫存正在慢慢地從分銷中剔除。因此我們相信回報將會提高，但僅就這一點而言。因此，當我們談論 21 年下半年和 22 年時，我們更多指的是這一點，但我們現在正在獲得該庫存的回報。

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Congrats on the quarter. Let me follow up on Dave's question. So should you -- should we expect sort of flattish gross margins year over year in the second half? And can you just unpack why deeper inventory of fasteners is helping your margins? Are you getting better margins on fasteners? Or do you expect the mix of fasteners to get better, and that's what helps the margins?

恭喜本季取得佳績。讓我繼續回答戴夫的問題。那麼，我們是否應該預期下半年的毛利率比去年同期持平？您能否解釋為什麼更多的緊固件庫存有助於提高您的利潤率？您的緊固件利潤率是否更高？或者您希望緊固件的組合變得更好，這對利潤有幫助？

I'll take the last part of that, but then I'll ask Sheryl to answer the first part of that.

我將回答最後一部分，然後我會請謝麗爾回答第一部分。

Yes. As I mentioned in my commentary, we are expecting our margin for 2025 to remain essentially flat with 2024.

是的。正如我在評論中提到的，我們預計 2025 年的利潤率將與 2024 年基本持平。

The -- if you think of that fasteners expansion, it -- the bigger part of it isn't the fact that we're buying it better, although we probably are in 80% of the cases. And the reason I say that, the 80% are qualified at all is the fact that we went really deep in our analysis and we looked at some small levels of sales from a dollar standpoint and from a number of branches actually selling it in a 12-month period perspective.

如果你考慮緊固件的擴張，那麼，其中更重要的部分並不是我們購買的更好，儘管在 80% 的情況下我們可能都是如此。我之所以這麼說，是因為我們進行了非常深入的分析，從美元的角度以及從 12 個月期間實際銷售的多家分店的角度考察了一些小規模的銷售情況。

So we went really deep and wide -- excuse me, we went really wide. The -- what it does do though is there's a lot more MRO fastener business in that mix because the stuff that we're buying on a regular basis, whether we're buying that -- sourcing that through our distribution and supply chain group, or locally at the branch or on site. That's a known spend.

因此，我們進行了非常深入和廣泛的研究 — — 對不起，我們進行了非常廣泛的研究。但它確實做的是，這個組合中有更多的 MRO 緊固件業務，因為我們定期購買的東西，無論我們是透過我們的分銷和供應鏈集團採購，還是在當地的分支機構或現場採購。這是已知的支出。

And our stocking level on planned spend didn't change so much. It was unplanned spend. And so that actually has two benefits to it when you have it on the shelf. One is you know your cost quickly. You can convey a sell price to your customer quickly.

我們的計劃支出的庫存水準並沒有太大變化。這是計劃外的支出。所以當你把它放在架子上時，它實際上有兩個好處。一是您能夠快速了解您的成本。您可以快速向客戶傳達銷售價格。

And so part of the win is a little extra revenue of that type of product. And that product in and of itself carries a better gross margin profile because it's a spot buy versus a planned buy. And the reason that needs a little bit better gross margin profile, it's a lot of work. And so it takes a lot of labor. Now if we can put a little bit of that product on the shelf and leverage the labor up a little bit and get a little bit more those sales, the mix helps us run.

因此，勝利的一部分是該類產品的一點額外收入。而且該產品本身俱有更好的毛利率，因為它是現貨購買而不是計劃購買。之所以需要稍微改善毛利率狀況，是因為這需要做很多工作。因此這需要大量的勞動力。現在，如果我們可以在貨架上擺放少量該產品，並稍微增加勞動力，從而獲得更多的銷售額，這種組合就能幫助我們運作。

Okay. That makes sense. And then my second question is just on the sales outlook. The contract signings were really impressive. I guess my question is, Dan or even Jeff, what's your confidence level in achieving double-digit sales growth in the second half of 25%? Because it seems like the pipeline is there and then Sheryl talked about more pricing.

好的。這很有道理。我的第二個問題是關於銷售前景。合約簽署確實令人印象深刻。我想我的問題是，丹，甚至傑夫，你對下半年實現 25% 的兩位數銷售成長有多大信心？因為看起來管道就在那裡，然後謝麗爾談到了更多的定價。

Yes. I think the -- when I look through it and I look at our pipeline today, there's no reason for me to say that we won't be in that category of double-digit moving forward for the rest of the year. Everything is becoming very strong across our -- every category we have, especially in our pipeline of contracts, so confident with that level at this point.

是的。我認為——當我回顧並審視我們今天的管道時，我沒有理由說我們在今年剩餘時間內不會保持兩位數的成長。我們擁有的每個類別都變得非常強勁，特別是我們的合約管道，因此我們對目前的水平充滿信心。

(Operator Instructions) Stephen Volkmann, Jefferies

（操作員說明）Stephen Volkmann，Jefferies

Tommy Moll, Stephens.

湯米·莫爾，史蒂芬斯。

Dan, I believe it was in your prepared remarks, you mentioned some enhancements for the fastenal.com channels that are coming and that, in part, those are an attempt to improve the capture of the spot buy purchases. Maybe just give us a little more insight there? And if there's any way to quantify how big an opportunity you think that is to capture more of those spot buy needs from existing customers, that would be helpful, too.

丹，我相信在您準備好的演講中，您提到了即將對 fastenal.com 頻道進行的一些改進，在某種程度上，這些改進是為了提高現貨購買的捕獲率。也許可以提供我們更多見解？如果有任何方法可以量化您認為從現有客戶那裡獲取更多現貨購買需求的機會有多大，那也會有所幫助。

Yes. In my answer to this question, this is Dan's opinion. And my opinion and $3 to buy you a cup of coffee. But here's what I believe based on the conversations with a lot of customers over the years and with a lot of Fastenal employees over the years. We -- when we talk internally about the eCommerce piece, the -- we look at the customer site categories in a lot of it -- and one thing you'll notice is -- and this has been true if you looked at our data that we shared in March.

是的。我對這個問題的回答是，這是丹的觀點。還有我的意見和 3 美元給你買一杯咖啡。但根據多年來與許多客戶以及許多 Fastenal 員工的交談，我得出以下結論。當我們內部討論電子商務部分時，我們會查看許多客戶網站類別，您會注意到的一件事是，如果您查看我們在三月分享的數據，您會發現事實確實如此。

For a decade, as we were closing -- consolidating locations, excuse me, and rationalizing our network, that customer -- that smallest customer, you saw a dramatic falloff in that customer, and that customer was disproportionately tied to nonres construction. But you still have a lot of falloff in that customer group.

十年來，當我們關閉——對不起，是合併地點，並合理化我們的網絡時，那個客戶——那個最小的客戶，你會看到那個客戶急劇減少，而且那個客戶與非住宅建設的聯繫過於緊密。但該客戶群的流失率仍然很高。

And at the same time, the things that we have been investing in for years, our national accounts team, and as time progressed, our government sales team, our regional sales team, our initially vending, but FMI initiatives. What we were really doing is creating great resources to grow our large account business. and it was a really successful strategy.

同時，我們多年來一直在投資我們的國家帳戶團隊，隨著時間的推移，我們的政府銷售團隊、我們的區域銷售團隊、我們最初的自動販賣機以及 FMI 計劃。我們真正在做的是創造大量資源來發展我們的大客戶業務。這是一個非常成功的策略。

And like in within strategy, you have priorities and priorities mean trade-offs, and you look at what you can invest in today and what you invest in over time. And one of the things that had to be invested in over time was the eCommerce side because, frankly, we were bad at it. And today, we're not great at it. About 30% of our revenue was e-commerce in the second quarter. So it doesn't mean we're not successful at it.

就像在戰略內部一樣，您有優先事項，優先事項意味著權衡，您要考慮今天可以投資什麼以及將來可以投資什麼。隨著時間的推移，我們必須投資的領域之一就是電子商務方面，因為坦白說，我們在這方面做得不好。而今天，我們在這方面做得還不夠好。我們第二季約有30%的營收來自電子商務。所以這並不意味著我們沒有成功。

I just would say we get those numbers because we're really, really good with key accounts. And -- but in every key account I visit, if I walk through the receiving area, I'll see boxes that don't say fasten on them. And that tells me there's elements of their supply chain needs, spot buys that are -- that we're not providing. Now it might be products that we don't sell. It might be products we sell every day, but the buyer in the engineering department doesn't know us the way the buyer in the production area knows us.

我只是想說，我們之所以能獲得這些數字，是因為我們對大客戶非常非常了解。而且——但在我拜訪的每一個重要客戶中，如果我走過接收區，我都會看到沒有說「固定」的盒子。這告訴我，他們的供應鏈需求中存在一些現貨購買的元素，而我們沒有提供。現在可能是我們不銷售的產品。這可能是我們每天銷售的產品，但工程部門的買家對我們的了解程度不如生產部門的買家對我們的了解程度。

And they -- and we're all to have it. And so they go and hop online and they buy it. And some of that became even more pronounced during COVID because when they looked at sending people home, it wasn't the person on the production line that was going home. It was the person that was in -- it was in more of an office setting role to get them out of the building to make it safer for everybody else. And -- when I look at our existing customers, I believe with our 10,000 plus customers for every dollar they spend with us, there's $0.20 they don't.

他們——以及我們所有人都應該擁有它。於是他們就上網購買。在新冠疫情期間，這種情況變得更加明顯，因為當他們考慮讓員工回家時，回家的並不是生產線上的員工。這名工作人員更像是一名辦公室工作人員，負責將人們帶出大樓，以確保其他人的安全。而且——當我看看我們現有的客戶時，我相信我們超過 10,000 名客戶在我們這裡每花一美元，就有 0.20 美元是他們沒有花的。

I can be full of it on that answer. But I know it's not 0%. And so I believe there's a huge win there for Fastenal in the years to come. In the categories of customers that have been dropping off, the under 5,000, the under 1,000, the under 500, the $100 customer, what would be great if we had an e-commerce solution where that customer could hop on and easily order from us. And we pick up business there.

我可以充分回答這個問題。但我知道這不是0%。因此我相信未來幾年 Fastenal 將取得巨大的勝利。對於那些流失的客戶類別，價值低於 5,000 美元、低於 1,000 美元、低於 500 美元和價值 100 美元的客戶，如果我們有一個電子商務解決方案，讓這些客戶可以輕鬆登錄並向我們訂購，那該有多好啊。我們在那裡開展業務。

And I believe when we go into 2026, when we go into 2027, that the drop-off we've seen in the less than $5,000 customer, which is really coming from the under 500 and under 100 other customer groups. -- stabilizes, and I believe it has the potential to grow, not because we're throwing labor at it, but because we have this great supply chain going across North America and more people can tap into it because it's now available in the way they want to buy.

我相信，當我們進入 2026 年和 2027 年時，我們看到的 5,000 美元以下客戶（實際上來自 500 美元以下和 100 美元以下的其他客戶群）的下降趨勢將趨於穩定，我相信它有增長的潛力，這並不是因為我們投入了勞動力，而是因為我們擁有更多北美的人可以利用它遍布的人可以利用它遍布的方式。

And some of that is -- and we've rolled out enhancements to our checkout process to our search functionality, incorporating some AI aspects in our search functionality to make it work better and also having a really crisp strategy on what is it we offer in our e-commerce window that might be a subset of what we offer to a customer where we're on site, where you can take more herculean steps for a customer that spends 50,000 a month with you, then a customer that buys would be twice a year because you understand their needs better and you can communicate expectations better. But long answer there. I hope that actually answered your question, but I believe the potential is meaningful with our existing 5,000 and 10,000-plus customers.

其中之一是——我們已經對我們的搜尋功能和結帳流程進行了增強，在我們的搜尋功能中融入了一些人工智慧元素，使其更好地工作，並且我們對我們在電子商務視窗中提供的服務制定了一個非常清晰的策略，這可能是我們在現場為客戶提供的服務的一個子集，對於每月在您這裡消費 50,000美元的客戶，您可以採取更艱鉅的步驟，然後對於每年購買兩次的客戶，因為您可以更好地了解他們的需求，並且可以更好地傳達期望。但答案很長。我希望這確實回答了您的問題，但我相信對於我們現有的 5,000 到 10,000 多名客戶來說，這一潛力是巨大的。

And I believe it can expand our under 5,000 customers.

我相信它可以擴大我們不到 5,000 名的客戶。

Dan, I appreciate the insight. Jeff, I had a follow-up question for you. Your vision on running the sales organization is increasingly clear and backed up by some quantitative evidence, I mean the contract count is a beautiful chart of blue bars up into the right. The question is now that you've inflicted a pretty good amount of pain on others in the marketplace, how are you seeing others try to defend their share? Or when do you expect to see that?

丹，我很欣賞你的見解。傑夫，我有一個後續問題想問你。您對營運銷售組織的願景越來越清晰，並得到一些定量證據的支持，我的意思是合約數量是右側藍色長條的漂亮圖表。現在的問題是，你已經在市場上給其他人造成了相當大的痛苦，你如何看待其他人試圖捍衛自己的份額？或者您預計什麼時候能看到它？

I mean this Fastenal market share story has been gathering momentum. Maybe this is round 1. I would expect that at some point, you'll see around 2, and there will be a collective response. What are you seeing there?

我的意思是，Fastenal 的市場份額故事正在不斷累積。也許這是第一輪。我預計在某個時候，你會看到大約 2，並且會有集體反應。你在那裡看到了什麼？

Yes. I mean I look at it a couple of different ways. The first way I look at it is -- and this may sound a little odd, but especially when times are tough, we had go through tariffs or the 2009 time frame. We obviously do a lot better than because customers need some security. They look at Fastenal right now today is they have a very good supply chain.

是的。我的意思是我從幾個不同的角度來看這個問題。我首先想到的是——這可能聽起來有點奇怪，但特別是在困難時期，我們必須經歷關稅或 2009 年的時間框架。我們顯然做得更好，因為客戶需要一些安全保障。他們現在認為 Fastenal 擁有非常好的供應鏈。

They have great solutions for us. And I mean part of the reason our pipeline is so strong right now I believe, is because of the uncertainty with the tariffs and customers are looking for some safety and security. I don't see -- one thing about us is we have such a large footprint globally that it's hard sometimes to compete with us on a global scale.

他們為我們提供了很好的解決方案。我認為，我們目前的管道如此強勁的原因之一是關稅的不確定性，客戶正在尋求一定的安全保障。我沒有看到——我們的一個特點是，我們在全球範圍內的影響力如此之大，以至於有時很難在全球範圍內與我們競爭。

So if you have a site in Chicago, you have a site in Italy, you have a site in Shanghai, we're going to be able to offer you the exact same services in Chicago or Shanghai or any of our sites that's tough to compete with these days, especially when we're talking about a supply chain on a global scale. Right now, we're seeing nothing but positive in our pipeline when it comes to that.

因此，如果您在芝加哥、義大利或上海設有工廠，我們將能夠在芝加哥、上海或我們的任何工廠為您提供完全相同的服務，這些服務如今很難與之競爭，特別是當我們談論全球範圍的供應鏈時。目前，就此而言，我們看到的都是積極的進展。

I know if you want to add anything to that, Dan?

我知道你是否想補充一些內容，丹？

No.

不。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

I guess I would just echo the congratulations on a really nice quarter here. And maybe this one is also for Jeff to start off. I mean quick update perhaps on the success of the customer solution consultant program? Is that team still near 170? How are they doing versus your plan? Maybe just a quick update there would be great.

我想我只是想在這裡對這個非常好的季度表示祝賀。也許這也是傑夫的開始。我的意思是快速更新一下客戶解決方案顧問計畫的成功情況？那支球隊還接近 170 嗎？與您的計劃相比，他們的表現如何？也許只需進行快速更新就很好了。

Yes. I mean we're still looking at increasing those numbers. But the reason is that team has been extremely successful for the districts for the regions as a whole. They're really out there trying to build the contract success and that maybe not the large global sites but the more regional sites. If you look through a lot of our our customer site analysis, a lot of the success we're seeing in the 10,000 categories come from the CSC program.

是的。我的意思是我們仍在尋求增加這些數字。但原因是該團隊對於整個地區和地區而言都取得了極大的成功。他們確實在努力爭取合約成功，也許不是大型全球網站，而是更多區域性網站。如果你查看我們大量的客戶網站分析，你會發現我們在 10,000 個類別中看到的許多成功都來自 CSC 計畫。

So we're still looking to expand that. Obviously, it's not just in the United States, it's every -- in every country we're in now. But I think we're getting close to our numbers. The nice thing is I have a lot of districts now looking for to add multiple CSCs to there. Once they can afford it, they want more and more.

因此我們仍在尋求擴大這一範圍。顯然，這不僅發生在美國，而是發生在我們現在所在的每一個國家。但我認為我們已經接近我們的數字了。好消息是，我現在有很多地區都希望在那裡添加多個 CSC。一旦他們能夠負擔得起，他們就會想要更多。

And there's a reason for it. It's been a very successful program for us so far.

這是有原因的。到目前為止，這對我們來說是一個非常成功的計劃。

Got it. And I guess maybe just as a follow-up. Are there additional opportunities around role specialization? I know we spent a lot of time diving deep there at the Analyst Day. I mean, is it really more about maintenance at this point? Or are there still some fairly large-scale shifts in Blue Team roes that are available here?

知道了。我想這可能只是作為後續行動。角色專業化方面還有其他機會嗎？我知道我們在分析師日花了很多時間深入探討這個問題。我的意思是，現在真的更多的是關於維護嗎？或者這裡是否還存在著一些藍隊勢力的相當大的轉變？

I don't think there's a lot of large shifts still to do. I think maybe some maintenance, like you said, certain areas of the country, certain areas of the globe still has some work to do on getting that clear -- more clear in certain areas. But for the most part, I don't think we see any major shifts coming with role clarification. .

我認為沒有太多重大轉變需要完成。我認為也許一些維護工作，就像你說的，國家的某些地區，世界的某些地區，仍然需要做一些工作來使這一點更加清晰——在某些地區更加清晰。但在大多數情況下，我認為我們不會看到角色明確後出現任何重大轉變。。

I would say we -- there's always things you discover because in a organization, you have -- we have a great aligned plan, but you still have great district and regional leaders. You have great contract customer leaders, our national accounts team, as an example, government sales team as an example, that try nuances to it because of discussions with customers.

我想說的是，我們——你總是會發現一些事情，因為在一個組織中，你有——我們有一個很好的協調計劃，但你仍然有偉大的地區和區域領導人。您擁有出色的合約客戶領導，例如我們的國家客戶團隊、政府銷售團隊，他們透過與客戶的討論嘗試對其進行細微的調整。

And all of a sudden, you see some success occurring in one of our regional business units or with a group of customers. You start asking questions. And so that -- some of that will lead to refining as we go forward. But right now, I can't think of anything off hand that jumps out been really successful.

突然之間，您將看到我們的某個區域業務部門或某個客戶群取得了一些成功。你開始提問。因此，隨著我們不斷前進，其中一些將得到改進。但目前，我還想不出有什麼能真正成功的事。

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

I wanted to ask about price. On the last conference call, you guys talked to 3 to 4 points of price here in Q2. It came in closer to 1.5%. Is that just a different -- definition in that when you guys were saying 3% to 4%, that was the exit number, not the quarterly average. And then I guess, what should we expect on price cadence here into the back half of the year?

我想問一下價格。在上次電話會議上，你們談到了第二季的 3 到 4 個價格點。它接近 1.5%。這只是不同的定義嗎？當你們說 3% 到 4% 時，那是退出數字，而不是季度平均值。然後我想，我們該對今年下半年的價格節奏有何期待？

I'm going to answer the first half of that, and I'll give between Kevin who's in the room or Sheryl in the rule is opportunity to chime in on the second part. When we had our call in April, the only thing that was certain at that point in time was this is chaotic as hell. And you weren't really sure what was going to happen -- from day to day, you have a tariff you hear about something going to a crazy level tariff, we start talking 150% tariffs on something. You just kind of look at yourself and don't know even how to respond to it. But there was the pause that kicked in.

我將回答前半部分，然後我會給房間裡的 Kevin 或規則中的 Sheryl 機會來回答第二部分。當我們在四月接到電話時，當時唯一可以確定的是，情況將會一片混亂。你真的不確定會發生什麼事——每天，你都會聽到關於某種商品的關稅上升到瘋狂水平的消息，我們開始談論對某種商品徵收 150% 的關稅。你只是看著自己，甚至不知道該如何回應。但隨後出現了停頓。

There was different starts and stops, starts and stops. And so when we answer our question, we look at it based on what we know today, here's what we think. What -- as I mentioned earlier, our goal isn't to be the greatest pricing company in the world. Our goal is to be the best supply chain organization in the world and to give great visibility to our customers, so they have the ability to make decisions when their supply chain becomes more expensive or more chaotic. And so -- we frankly didn't know, but we -- here's what we thought.

有不同的開始和停止，開始和停止。因此，當我們回答問題時，我們會根據我們今天所知道的知識來看待它，這就是我們的想法。正如我之前提到的，我們的目標不是成為世界上最偉大的定價公司。我們的目標是成為世界上最好的供應鏈組織，並為我們的客戶提供良好的可視性，以便他們能夠在供應鏈變得更加昂貴或更混亂時做出決策。所以 — — 坦白說，我們不知道，但是 — — 這就是我們的想法。

As it played out, some of those pauses kicked in, and it changed the timing of things we are doing. And as it turned out, it was more of that's how we exited the quarter, not how we -- we thought we'd be there by May 1, not exit the quarter at that level. Even when we look out to the second half of the year, we have thoughts on steps we're taking, things that we've communicated. And some of those are still up in the air based on what happens. You see it in the news every day, a headline says we're doing this with this trading partner or that with another trading partner.

隨著劇情的發展，一些停頓開始出現，並改變了我們所做事情的時間表。事實證明，我們結束本季時就是這樣的，而不是我們原先認為會在 5 月 1 日之前達到的水平，而不是以那個水平結束本季。即使當我們展望下半年時，我們也會思考我們正在採取的措施以及我們已經溝通的事情。根據目前的情況，其中一些問題仍懸而未決。你每天都會在新聞中看到，標題說我們正在與這個貿易夥伴做這件事，或與另一個貿易夥伴做那件事。

And it changes. And what we really try to do is understand what are we seeing in our costs, and how do you communicate that to the customer. And so -- and our goal here is to defend our margin, not to enhance it. Our margin improved in the quarter because of the faster initiative. That's what really drove it.

而且它改變了。我們真正想做的是了解我們的成本是多少，以及如何將其傳達給客戶。所以——我們的目標是捍衛我們的利潤，而不是提高它。由於採取了更快的舉措，本季我們的利潤率有所提高。這才是真正的驅動力。

And that had nothing to do with tariffs. And so it turned out we exited the quarter that way, but Kevin, I don't know if you want to chime in or Sheryl?

這與關稅無關。事實證明，我們以這種方式退出了本季度，但是凱文，我不知道你是否想插話，或者謝麗爾？

Yes. To Dan's point, we did, we exited the quarter closer to that 3% range as we guided on the Q1 call for Q2. We'll continue to see that ramp up, though. As we sit here in Q3, we'll continue to probably see in that 3% to 5% range. And then kind of to Dan's point, there's a lot of things changing all the time.

是的。正如丹所說，我們確實做到了，正如我們在第一季預測第二季時所指出的，我們在本季結束時的成長率更接近 3% 的範圍。不過，我們將繼續看到這種成長。隨著我們進入第三季度，我們可能仍會看到 3% 到 5% 的區間。然後正如丹所說，有很多事情一直在改變。

I do think we can get into that 5% to 8% range by the end of the year. But some of it is just going to be dependent on what happens on August 1, what happens with Section 232 tariffs. So a lot is still unknown, but we're still moving forward with what we do now. And those ranges seem to be accurate.

我確實認為到今年年底我們可以達到 5% 到 8% 的範圍。但其中一些將取決於 8 月 1 日發生的情況以及第 232 條關稅發生的情況。因此，許多事情仍是未知的，但我們仍在繼續推動現在的工作。這些範圍似乎是準確的。

I'll close with a thought on that, and that is, I believe our team is really good at communicating with our customer. Our customer trusts the information we provide because we're very transparent. And we've -- one feedback I've received from a customer's when I travel. And I travel quite a bit in a month ago, I was found in Illinois, we had a 40-year employee that I went down to celebrate with that individual, and we visit some customers.

最後我想說的是，我相信我們的團隊非常善於與客戶溝通。我們的客戶信任我們提供的信息，因為我們非常透明。我們有－我在旅行時從一位顧客那裡收到的回饋。一個月前我經常出差，我去了伊利諾州，我們有一個工作了 40 年的員工，我去和他一起慶祝，我們也拜訪了一些客戶。

And there was a few customers that I visited where they're head of operations, not only greeted us but on a discussion and caught me afterwards and was very complementary of our team from the standpoint of not only what they communicated on our supply chain into their business, but the insight we're able to give them on their other supply chains, whether it's direct or through other companies that come into their business because we work to really simplify the information.

我拜訪過一些客戶，他們的營運主管不僅接待了我們，還與我們進行了討論，之後還見到了我，他們對我們的團隊非常讚賞，不僅因為他們將我們的供應鏈與他們的業務進行了溝通，還因為我們能夠為他們提供有關其他供應鏈的見解，無論是直接的還是通過進入他們業務的其他公司，因為我們致力於真正簡化信息。

And long story short, I think that means we can be effective at communicating and that translates into results because we're not raising prices, our prices reflect the cost of the supply chain coming into our customer.

長話短說，我認為這意味著我們可以有效地溝通，並轉化為結果，因為我們不會提高價格，我們的價格反映了供應鏈進入客戶的成本。

Dan, I really appreciate all that color and transparency. If I could just follow up with a quick one. I think 3 months ago, you kind of said that the conversation with customers is really about don't set us down, less about maybe price. Is that still the nature of the conversations today?

丹，我真的很欣賞所有這些顏色和透明度。如果我可以快速跟進一下的話。我想三個月前，您曾說過，與客戶的對話實際上是關於不要讓我們失望，而不是關於價格。這仍然是今天對話的本質嗎？

I think today, it's more about price. I think there's some fatigue going on. And that fatigue is not just with customers that fatigue with our folks, that fatigue is with our suppliers, our folks that work with customs. So I think it's more price than it is shut down the line today. We're at about four minutes to the hour. If we could have a question, then we can answer in a minute or two, I'd appreciate it.

我認為今天更多的是價格問題。我認為有些疲勞了。這種疲勞不僅來自於客戶，也來自於我們的員工，這種疲勞來自於我們的供應商，來自於與海關打交道的員工。所以我認為它的價格比今天關閉生產線時的價格要高。現在大約是每小時差四分鐘。如果我們有問題，我們可以在一兩分鐘內回答，我將不勝感激。

Patrick Baumann, JPMorgan.

摩根大通的派崔克‧鮑曼。

Yes. This will be a quick one. The gross margin expectation for the year, how does price cost look in that relative to the way you're thinking about it? And are there any unusual drivers besides that we should think about as we think about modeling the gross margin beyond this year?

是的。這將是一個快速的過程。就您考慮的全年毛利率預期而言，價格成本如何？當我們考慮模擬今年以後的毛利率時，還有哪些不尋常的驅動因素值得我們考慮？

I think the price cost becomes challenging in the second half of the year. We're a little bit ahead of it. Our goal would be to stay with it. And I don't know if that means we're 10 or 15 basis points ahead of it or 5 or 10 basis points behind of it. I guess time will tell. But that gets more challenging as we get deeper into it, and we have more and more of that higher cost inventory coming through.

我認為下半年價格成本將面臨挑戰。我們稍微領先了一點。我們的目標是堅持下去。我不知道這是否意味著我們領先它 10 或 15 個基點，還是落後它 5 或 10 個基點。我想時間會證明一切。但隨著我們深入研究，這個問題變得更具挑戰性，而且我們面臨的高成本庫存也越來越多。

I'll turn it back over for any further or closing comments or would you like to take another question, sir.

先生，我將把它轉回去聽取任何進一步或結束的評論，或者您想回答另一個問題。

No, I think we're good. We'd like to start on -- finish on the hour. And I would just throw out -- we've made several leadership changes during the quarter. Essentially, the last two years have been about investing in depth. We moved Jeff into the role.

不，我認為我們很好。我們希望準時開始-準時結束。我想說的是──本季我們進行了幾次領導層變動。本質上，過去兩年一直致力於深度投資。我們讓傑夫擔任這個角色。

He's in over the last couple of years. We backfilled on the international side with some with deep bench talent that we have. We're blessed in that we're promoted from within organization, and we have deep talent in the organization. It doesn't make decisions easier, but it makes the probability of decision stronger for success. And during the quarter, Casey Miller and Bill have taken a lot on their shoulders over the last two years after Jeff asked him to.

過去幾年他一直在此。我們在國際方面補充了一些我們擁有的深厚人才。我們很幸運，因為我們是從組織內部提拔的，而且我們在組織中擁有深厚的人才。它不會使決策變得更容易，但它會使決策成功的可能性更大。在本季度，凱西·米勒和比爾在傑夫的要求下，在過去兩年中承擔了許多工作。

We modified their structure within their team, elevated twoi individuals under -- within Muller's Group to split the US into two business units again. And I'm pleased to say that the two individuals that stepped in, Kevin Davis and Bob Hopper have 26 years of experience on average. Kevin is at 24 and Bob's at 28. Bill elevated two individuals on the team.

我們改變了他們的團隊結構，提升了穆勒集團內部的兩個人，將美國重新分為兩個業務部門。我很高興地說，接任的兩位人員 Kevin Davis 和 Bob Hopper 平均擁有 26 年的經驗。凱文 24 歲，鮑伯 28 歲。比爾在團隊中提拔了兩個人。

And essentially, the elevation was really about their team and giving them the opportunity to step into more roles and to give Bill and Casey's some breathing room because they were really stretched thin. And that's Scott Bailey and Bill Rickenbacher, and those guys are both 30-plus years. So incredible talent. It's getting elevated, and I'm excited what that means for those business units and the teams under them to spread their wings a bit.

從本質上講，這次提升實際上是為了他們的團隊，讓他們有機會承擔更多的角色，並給比爾和凱西一些喘息的空間，因為他們真的捉襟見肘了。他們是斯科特貝利和比爾里肯巴赫，他們都 30 多歲了。如此令人難以置信的天賦。它正在不斷提升，我很高興這意味著那些業務部門和他們下屬的團隊可以稍微展翅高飛。

With that, thank you, and everybody, have a good balance of the day.

最後，謝謝大家，祝大家有個愉快的一天。

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。