快扣 (FAST) 2026 Q3 法說會逐字稿

Greetings, welcome to Fastenal's 2026 third-quarter earnings results conference call. (Operator Instructions) Please note today's conference is being recorded.

各位好，歡迎參加 Fastenal 2026 年第三季財報結果電話會議。（接線員指示）請注意，今天的會議將被錄音。

At this time, I'll now turn the conference over to Dray Schreiber. Thank you, Dray. You may begin.

此刻，我將把會議交給 Dray Schreiber。謝謝你，Dray。你可以開始了。

Welcome to The Fastenal Company 2026 third-quarter earnings conference call. This call will be hosted by Jeff Watts, our President and Chief Executive Officer; and Max Tunnicliff, our Chief Financial Officer. The call 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 Company 2026 年第三季財報電話會議。本次會議將由我們的總裁暨執行長 Jeff Watts，以及我們的財務長 Max Tunnicliff 主持。會議將先就本季業績與營運進行概述，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 December 1, 2026, at midnight Central Time.

今天的電話會議為 Fastenal 專有簡報，並由 Fastenal 進行錄音。未經 Fastenal 同意，不得錄製、重製、傳輸或散布今天的會議內容。本通話亦透過網際網路在 Fastenal 投資人關係首頁 investor.fastenal.com 進行音訊同步轉播。網路直播重播將於 2026 年 12 月 1 日中部時間午夜前於網站提供。

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.

提醒各位，今天的電話會議可能包含關於公司未來計畫與前景的陳述。這些陳述係基於我們目前的預期，我們不承擔更新之義務。請注意，公司實際結果可能與預期存在重大差異。

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.

可能導致實際結果與預期結果不同的因素，載於公司最新的財報新聞稿以及向美國證券交易委員會提交的定期申報文件中，我們鼓勵各位仔細審閱這些因素。

I would now like to turn the call over to Mr. Jeff Watts.

現在我想把會議交給 Jeff Watts 先生。

Thank you, Dray. Good morning, everyone, and welcome to Fastenal's third-quarter 2026 earnings call. I'm Jeff Watts, Fastenal's Chief Executive Officer, and I appreciate you joining us all today. Also with me this morning is Max Tunnicliff, our Chief Financial Officer.

謝謝你，Dray。各位早安，歡迎參加 Fastenal 2026 年第三季財報電話會議。我是 Fastenal 執行長 Jeff Watts，感謝各位今天與會。今天早上與我一同出席的還有我們的財務長 Max Tunnicliff。

Before we get into the quarter, I would like to recognize our Blue team. Every result we report today was earned by people in our branches, our onsites, our distribution centers, our trucks and our support teams. They show up every day for our customers. They solve problems and they keep finding better ways to help our customers run their operations. So to the Blue team, thank you. This was a very strong quarter and one you should all be very proud of.

在進入本季內容之前，我想先表揚我們的 Blue 團隊。我們今天所報告的每一項成果，都是來自我們分公司、駐點（onsite）、配送中心、車隊以及支援團隊的同仁努力得來。他們每天都為客戶準時到位。他們解決問題，並持續找到更好的方式協助客戶運作其營運。因此，對 Blue 團隊，我要說聲謝謝。這是一個非常強勁的季度，你們都應該為此感到非常自豪。

Now, two quick housekeeping items before we get to the numbers.

在進入數字之前，先快速說明兩項例行事項。

First, our slides look different this quarter. We've refreshed the format of the investor presentation to make the story easier to follow. The flow now goes from highlights to our objectives to what drove sales, financial results, and then there's some key takeaways.

第一，我們本季的投影片看起來不一樣。我們更新了投資人簡報的格式，讓整體敘事更容易理解。現在的流程從重點摘要到我們的目標、銷售驅動因素、財務結果，最後是一些關鍵結論。

I want to be clear about what we didn't change. Our definitions are the same and our historical data is the same. The supporting detail you relied on is all still there. The sum of it is simply moved to the appendix. The first page of the appendix shows exactly what moved and where to find it.

我想清楚說明我們沒有改變的部分。我們的定義相同，歷史資料也相同。各位所依賴的支援性細節仍然都在。只是把彙總內容移到附錄。附錄的第一頁清楚列出哪些內容移動，以及到哪裡可以找到。

And second, we're targeting a 45-minute call today. We expect to keep the Q&A portion broadly consistent, take about the same number of questions as usual.

第二，我們今天的通話目標是 45 分鐘。我們預期問答部分大致維持一致，提問數量與以往差不多。

Now onto the quarter. And for me, I think the headline is pretty simple. Sales grew 15.5%. Earnings grew faster than sales. Our net sales were $2.46 billion, up $330 million from last year. Operating margin was 21.5%, up 90 basis points, and our return on invested capital reached 32.5%, up 230 basis points.

接著談本季表現。就我而言，重點標題很簡單。銷售成長 15.5%，獲利成長快於銷售。我們的淨銷售額為 24.6 億美元，較去年增加 3.30 億美元。營業利益率為 21.5%，提升 90 個基點；投入資本報酬率達到 32.5%，提升 230 個基點。

Operating income increased by $90 million from last year. That's the largest year-over-year increase in the single quarter in Fastenal's history. But I think the three things that really stood out to me or stand out to me and drove the quarter.

營業利益較去年增加 9,000 萬美元。這是 Fastenal 歷史上單一季度最大的年增幅。但我認為真正讓我印象深刻、並推動本季表現的有三件事。

First, growth accelerated. Now second, we converted that growth into higher operating margin and faster earnings growth. And third, the quarter was driven mainly by market share gains to our key account strategy and new contract wins.

第一，成長加速。第二，我們把這個成長轉化為更高的營業利益率與更快的獲利成長。第三，本季主要由市占提升所帶動，來源是我們的關鍵客戶策略與新合約得標。

Now on to slide 5, and this really brings us back to our three strategic objectives. Now, these are the same pillars we've discussed before and everything we do ties back to them. First being the increasing sales effectiveness. We're gaining share with larger customers through our key account strategy and new contract wins, and you can see that in our daily sales growth and in the growth of our largest customer sites.

接著看第 5 張投影片，這讓我們回到三項策略目標。這些支柱與我們先前討論的一樣，我們所做的一切都與其相連。第一是提升銷售效能。我們透過關鍵客戶策略與新合約得標，在較大型客戶中取得市占，你可以從我們的每日銷售成長，以及最大客戶據點的成長看出來。

On the services, we continue to grow our FMI installed base. FASTBin and FASTVend technology, our digital footprint, these tools improve the customer experience, they strengthen retention and make both our customers and our own operations much more efficient.

在服務方面，我們持續擴大 FMI 的裝機基礎。FASTBin 與 FASTVend 技術、我們的數位觸點，這些工具能改善客戶體驗、強化留存，並讓客戶與我們自身的營運都更有效率。

And then lastly, expanding our TAM. And we continue to reach revenue that we serve today through new products, new geographies, new business models, and new services. You can follow our international and non-fastener growth in our monthly sales releases, and really, the strategy is consistent. What changes quarter-to-quarter is the evidence, and this quarter, I believe the evidence was strong.

最後是擴大我們的 TAM（可服務總市場）。我們持續透過新產品、新地理區域、新商業模式與新服務，觸及我們今天所服務的營收範圍之外的機會。你可以在我們每月的銷售公告中追蹤國際業務與非緊固件（non-fastener）成長，而整體策略其實是一致的。每一季變動的是證據；而本季我認為證據相當強勁。

Now on to slide 6, and what really drove our sales. Now, our customer site data continues to show progress with our large, excuse me, our larger customers, both new and existing, all growing with us. Our contract count increased 6.4% from last year with signings weighted toward multi-site national accounts.

接著看第 6 張投影片，談談真正驅動我們銷售的因素。我們的客戶據點資料持續顯示，在大型——抱歉，是較大型客戶方面，我們取得進展；無論新客戶或既有客戶，都與我們一同成長。合約數量較去年增加 6.4%，簽約重心偏向多據點的全國型客戶。

The number of sites spending $50,000 or more per month with us grew almost 19% from approximately 2,800 to roughly 3,300, and sales from those sites increased roughly 28%. Contract customers now represent over 76% of sales, and their daily sales grew 18.8%.

每月在我們這裡消費 5 萬美元以上的據點數量，從約 2,800 增加到約 3,300，成長將近 19%；這些據點的銷售額約增加 28%。合約客戶目前占銷售額超過 76%，其每日銷售成長 18.8%。

Pricing did contribute for the quarter, approximately 2.4% to growth. That's a slower pace than earlier in the year, because the year-over-year pricing contribution peaked between fourth quarter of '25 and first quarter of '26. We're now lapping some of the strongest pricing actions taken in '25.

本季定價確實有所貢獻，約為成長的 2.4%。相較於今年稍早，這個速度較慢，因為年對年定價貢獻在 2025 年第四季到 2026 年第一季之間達到高峰。我們現在正進入與 2025 年一些最強定價措施相比的基期。

Market conditions did improve in the first half and that improvement continued in the third quarter, but our growth exceeded the growth rates in the industrial markets that we serve. To me, that's the clearest signal that we're taking share.

市場狀況在上半年確實改善，而這項改善在第三季持續；但我們的成長仍高於我們所服務的工業市場成長率。對我而言，這是我們正在取得市占的最明確訊號。

Now on to slide 7, our digital footprint was 61.4% of sales and digital sales grew approximately 16% on a daily basis, faster than the company overall. When customers transact digitally, orders are more accurate, there's less manual work on both sides, and the relationship becomes much more integrated.

接著看第 7 張投影片，我們的數位觸點占銷售額 61.4%，數位銷售以每日基礎計算約成長 16%，快於公司整體。當客戶以數位方式交易時，訂單更精準、雙方的人工處理更少，而彼此關係也會變得更緊密整合。

We signed approximately 7,500 weighted FMI devices in the quarter or about 117 per day, compared with 110 per day last year. And our installed base passed143,000 units, up 7% and sales through FASTBin, and FASTVend grew approximately 18%. We continue to expect 27,000 to 29,000 weighted device settings for the full year.

本季我們簽約約7,500台加權FMI裝置，約等於每天117台，相較去年每天110台。我們的裝機基礎已突破143,000台，年增7%，且透過FASTBin與FASTVend的銷售約成長18%。我們仍預期全年加權裝置設置量為27,000至29,000台。

We really believe that that opportunity for us is clear. We need to keep moving customers toward technology-enabled replenishment because it improves service, it strengthens the relationship, and it creates efficiency for both sides.

我們確實相信，這對我們而言的機會非常明確。我們需要持續推動客戶採用科技賦能的補貨模式，因為這能提升服務、強化關係，並為雙方創造效率。

Now on to slide 8. This is a little different from the past, but from time to time, we'll show you a real example of how we win because I think it tells our story better than any statistic ever could. So today, I want to take a couple of minutes to highlight our customer strategy and action and show how we identify a customer challenge and bring our supply chain capabilities to life.

接著看第8頁投影片。這與過去有些不同，但我們會不時向各位展示一個我們如何取勝的真實案例，因為我認為這比任何統計數字都更能說明我們的故事。因此今天我想花幾分鐘強調我們的客戶策略與行動，並展示我們如何辨識客戶挑戰，並將我們的供應鏈能力具體落地。

In this example, we had a new customer that's experiencing direct material stockouts, supply chain shortages, and limited control over product consumption. As their business grew, those challenges became even more significant. So after we signed the contract, we got to work.

在這個案例中，我們有一位新客戶正面臨直接物料缺料、供應鏈短缺，以及對產品耗用缺乏控制等問題。隨著其業務成長，這些挑戰變得更加顯著。因此在我們簽訂合約後，就立即展開工作。

Our Lean Six Sigma specialists, they mapped the process, identified the root cause, which was a manual inconsistent system with limited automation, limited digital visibility, and physical organization. From there, we continued -- we developed a road map to modernize their supply chain, and once approved, our team moved quickly.

我們的精實六標準差專家繪製流程、找出根本原因：也就是一套人工且不一致的系統，自動化程度有限、數位可視性不足，以及實體整理不佳。接著我們持續推進——制定一份供應鏈現代化的路線圖；一經核准，我們的團隊便迅速行動。

As you can see on slide 9, we reorganized our crib and storage areas for the direct materials, we installed clearly labeled barcoded bins, deployed our FMI technology, established planograms, and connected the customer to FAST 360 to really provide greater visibility across our facility.

如第9頁投影片所示，我們重新整理了直接物料的料架（crib）與儲存區域，安裝了清楚標示且具條碼的料箱，部署FMI技術，建立陳列配置圖（planograms），並將客戶連接至FAST 360，以便在我們的設施內提供更高的可視性。

We also established KPIs to measure ongoing performance. And the results are significant. Digital visibility increased from 0% to 99%. Replenishment is now automated, stockouts have been eliminated, inventory has been reduced and employees spend less time searching and walking for product.

我們也建立了KPI以衡量持續性的績效。成果相當顯著。數位可視性由0%提升至99%。補貨現已自動化，缺料已被消除，庫存降低，員工花在尋找與走動取料的時間也更少。

Over time, we expect the solution to generate anywhere between 25% to 30% in overall cost savings. But I do want to emphasize that this is only the beginning. And as we learn more about their operation and deepen the relationship, our local teams and industry specialists are going to continue to bring new products, new technology, new systems, and saving opportunities to the customer.

隨著時間推進，我們預期該解決方案可帶來約25%至30%的整體成本節省。但我確實要強調，這只是開始。隨著我們更深入了解其營運並深化關係，我們的在地團隊與產業專家將持續為客戶帶來新產品、新技術、新系統，以及更多節省機會。

Now that's the power of our model. Initial investment creates value, that value builds trust, and that trust creates opportunities to expand the relationship. Over time, those benefits compound for not only the customer but for Fastenal as well.

這就是我們模式的力量。初始投資創造價值，價值建立信任，而信任創造擴大合作關係的機會。隨著時間推移，這些效益不僅對客戶，對Fastenal亦會產生複利式的累積。

With that, I'll turn over to Max to walk through the financial results.

接下來我把時間交給Max，帶各位回顧財務結果。

Thank you, Jeff, and good morning, everyone.

謝謝你，Jeff，各位早安。

Overall, this was a very strong quarter. Demand improved, we continued to gain share and management of our expenses helped us turn that growth into higher operating margins and earnings. Sales grew 15.5%, while operating earnings and earnings per share grew roughly 20%.

整體而言，這是一個非常強勁的季度。需求改善，我們持續提升市占，而費用管理也幫助我們將成長轉化為更高的營業利益率與獲利。營收成長15.5%，而營業利益與每股盈餘約成長20%。

I'll start with the business and market trends on slide 10.

我先從第10頁投影片的業務與市場趨勢談起。

Industrial conditions improved further in the third quarter. US manufacturing PMI averaged nearly 55, and industrial production for our key end markets remained positive. This is consistent with the gradual improvement we've seen since late last year, although momentum remains stronger in select industrial markets than in the traditional manufacturing and automotive area.

第三季工業景氣進一步改善。美國製造業PMI平均接近55，我們主要終端市場的工業生產仍維持正成長。這與我們自去年底以來看到的逐步改善一致，儘管動能在部分工業市場仍強於傳統製造與汽車領域。

Our daily sales growth improved to 15.5% from 14.7% in the second quarter. The improvement was driven primarily by new customer wins, greater share of spending with existing customers, and improving industrial activity.

我們的日均銷售成長率由第二季的14.7%提升至15.5%。改善主要來自新客戶贏單、既有客戶的支出占比提升，以及工業活動回升。

Customer demand remained healthy overall. What we heard from the field was consistent with our results. Growth opportunities were strongest in data centers and other high demand markets, while softness remained concentrated in a smaller number of areas.

整體而言，客戶需求仍然健康。我們從前線聽到的情況與我們的結果一致。成長機會在資料中心及其他高需求市場最為強勁，而疲弱仍集中在較少數的領域。

The slide shows how broad the improvement was. Heavy manufacturing led the way again. It represented approximately 45% of sales and daily sales grew approximately 20%. Growth was strongest in key accounts, machined products, aerospace, and industrial equipment.

投影片顯示改善的廣泛程度。重工製造再次領先。其約占銷售額45%，日均銷售約成長20%。成長在關鍵客戶、機加工產品、航太與工業設備等領域最為強勁。

Other manufacturing grew approximately 13%, showing that the improvement extended beyond the largest accounts and strongest verticals.

其他製造業約成長13%，顯示改善不僅限於最大客戶與最強勢的垂直領域。

Construction and other non-manufacturing markets also contributed. Non-residential construction continued to grow, supported by infrastructure, electrical and utility activity, while transportation and reseller customers also posted solid gains.

建築與其他非製造市場也有所貢獻。非住宅建築持續成長，受基礎建設、電氣與公用事業活動支撐；同時運輸與經銷商客戶也繳出穩健增幅。

By material type, direct materials increased approximately 19%, compared with approximately 14% in indirect materials. This reflected stronger customer production activity, large customer signings, improved product availability, and pricing actions.

按物料類型來看，直接物料約成長19%，相較之下間接物料約成長14%。這反映了客戶生產活動更強、重大客戶簽約、產品供應改善，以及定價措施。

Several higher growth product categories also outpaced the company overall, particularly electrical, tools, and other industrial products.

若干高成長產品類別也超越公司整體表現，尤其是電氣、工具及其他工業產品。

To summarize, industrial activity improved during the quarter, but our growth continued to significantly outpace the market. The common thread was our continued progress with larger customers, reflecting ongoing share gains from our key account strategy, new contract wins, and embedded supply solutions.

總結而言，本季工業活動有所改善，但我們的成長仍顯著超越市場。共同主軸是我們在大型客戶上的持續進展，反映出關鍵客戶策略帶來的持續市占提升、新合約贏單，以及嵌入式供應解決方案。

Turning to the financial results on slide 11, the key message is that we converted strong sales growth into higher operating margin and earnings.

接著看第11頁投影片的財務結果，關鍵訊息是：我們將強勁的營收成長轉化為更高的營業利益率與獲利。

Operating margin increased 90 basis points to 21.5%, as 130 basis points of SG&A leverage more than offset a 40-basis-point decline in gross margin. Gross margin was approximately 45%, down 40 basis points from last year, but 20 basis points above second quarter.

營業利益率提升90個基點至21.5%，因SG&A費用槓桿帶來的130個基點改善，足以抵銷毛利率下滑40個基點的影響。毛利率約45%，較去年下降40個基點，但較第二季高出20個基點。

Customer mix remained the primary year-over-year headwind, consistent with our strategy. Beyond mix, two items weren't discussed in this quarter; price/cost, which we will continue to address until we return to neutrality and favorable items that benefited the quarter, but may not continue at the same level in the underlying rate.

客戶組合仍是年對年主要逆風，這與我們的策略一致。除組合因素外，本季還有兩點先前未談到：其一是價/成本（price/cost），我們將持續處理直到回到中性；其二是有利因素在本季帶來助益，但在基礎趨勢下未必能以相同幅度延續。

First, customer mix is approximately a 50-basis-point headwind, reflecting growth with large customers and continued execution of our strategy. This mix pressure reflects the continued success of our larger customer strategy. These customers generally carry lower gross margins, but their higher volumes and more efficient service models support attractive operating margins and incremental operating profit.

首先，客戶組合約帶來50個基點的逆風，反映大型客戶成長以及我們策略的持續執行。這種組合壓力反映我們大型客戶策略的持續成功。這些客戶通常毛利率較低，但其更高的量體與更有效率的服務模式，支撐了具吸引力的營業利益率與增量營業利益。

Price/cost was approximately a 30-basis-point headwind, improving approximately 10 basis points from the second quarter, marking another quarter of sequential improvement. The year-over-year pricing contribution is slowing after peaking between the fourth quarter of '25 and the first quarter of '26.

價/成本約帶來30個基點的逆風，較第二季改善約10個基點，這是連續改善的又一季。年對年的定價貢獻在於'25年第四季至'26年第一季達到高峰後，正逐步放緩。

We will continue to report on price/cost while it remains a headwind, and we remain focused on disciplined pricing and returning to neutrality.

在價/成本仍為逆風期間，我們將持續揭露相關資訊，並專注於紀律性的定價，回到中性水準。

Favorable items added approximately 40 basis points to gross margin, including direct sourcing savings, supplier rebates and tariff refunds. About 20 basis points of this 40 basis points reflect timing across these items and should not be assumed to continue in the underlying gross margin run rate.

有利項目使毛利率增加約40個基點，包括直接採購節省、供應商回饋以及關稅退稅。這40個基點中的約20個基點反映了這些項目之間的時點差異，不應假設會在基礎毛利率的常態水準中持續。

SG&A provided 130 basis points of leverage, reflecting expense growth well below sales growth.

SG&A帶來130個基點的槓桿效益，反映費用成長遠低於銷售成長。

Employee costs improved by 90 basis points as a percentage of sales, while total full-time equivalent headcount increased less than 1%. This reflects productivity, role specialization, and the benefits of technology and automation.

員工成本占銷售比重改善90個基點，而全職當量（FTE）總人數增加不到1%。這反映了生產力提升、職能專業化，以及科技與自動化帶來的效益。

Occupancy costs improved by approximately 50 basis points as higher sales were spread across our existing branch, onsite, and distribution network.

由於較高的銷售量分攤在我們既有的分公司、駐點與配送網路上，場地占用成本改善約50個基點。

All other SG&A increased slightly as a percent of sales, reflecting continued investment in tech, analytics, supply chain, and sales support. In total, SG&A leverage expanded operating margin by 90 basis points to 21.5%. This demonstrates how we are executing our strategy, using our infrastructure, tech and digital capabilities to scale effectively and efficiently while continuing to invest for growth.

其他各項SG&A占銷售比重略有上升，反映我們持續投資於科技、分析、供應鏈與銷售支援。整體而言，SG&A槓桿使營業利益率擴大90個基點至21.5%。這顯示我們正在落實策略，運用基礎設施、科技與數位能力，以有效率且具效能的方式擴張，同時持續投資以推動成長。

Return on invested capital increased 230 basis points to 32.5% on a trailing 12-month basis, comparing that with a 10-year average of approximately 28%. The improvement reflects stronger operating earnings and continued discipline in working capital and capital spending.

以過去12個月（TTM）計算，投入資本報酬率（ROIC）提高230個基點至32.5%，相較之下，10年平均約為28%。改善主要反映營運獲利更強，以及在營運資金與資本支出上持續保持紀律。

Overall, the quarter demonstrates that we can grow with larger and more complex customers while continuing to invest in the business and improve operating margins and returns.

整體而言，本季顯示我們能在持續投資業務的同時，服務規模更大、需求更複雜的客戶，並提升營業利益率與報酬。

Turning to cash flow and capital discipline on slide 12, operating cash flow was approximately $422 million or 105% of net income. The year-over-year conversion was lower primarily because receivables increased with strong sales growth, particularly with larger customers who generally carry longer payment terms.

接著看投影片12的現金流與資本紀律，營運現金流約為4.22億美元，約為淨利的105%。年對年轉換率較低，主要因應強勁銷售成長使應收帳款增加，尤其是大型客戶通常付款條件較長。

Inventory increased approximately 3% over the past year, well above the growth in sales, while product availability remained high. That performance reflects more disciplined inventory positioning and better use of the inventory already in our network. Accounts payable increased as purchasing rose to support growth.

過去一年庫存約增加3%，明顯高於銷售成長，但產品可得性仍維持在高水準。這樣的表現反映更有紀律的庫存配置，以及更有效運用我們網路中既有的庫存。應付帳款隨著採購增加以支援成長而上升。

Free cash flow is approximately $350 million or 87% of net income, providing capacity to fund growth investments and return capital to shareholders. Third-quarter capital spending was approximately $72 million or 2.9% of sales. Spending was directed primarily toward hub and facility capacity, automation, FMI equipment, information technology, and transportation assets.

自由現金流約為3.50億美元，約為淨利的87%，提供資金能力以支持成長投資並回饋股東。第三季資本支出約為7,200萬美元，約占銷售額的2.9%。支出主要用於樞紐與設施產能、自動化、FMI設備、資訊科技以及運輸資產。

For full year '26, we continue to expect net capital spending of $310 million to $330 million. The program includes hub network capacity, FMI and automation equipment, information technology projects, and transportation assets.

對於2026全年，我們仍預期淨資本支出為3.10億至3.30億美元。該計畫包括樞紐網路產能、FMI與自動化設備、資訊科技專案以及運輸資產。

We returned $328 million to shareholders during the quarter, $298 million of which was through dividends and $30 million through share repurchases. Together, that represented nearly 82% of net income. Over the trailing 12 months, we returned approximately $1.2 billion after funding our operating and capital needs.

本季我們回饋股東3.28億美元，其中2.98億美元透過股利，3,000萬美元透過庫藏股回購。合計約相當於淨利的82%。在過去12個月中，在滿足營運與資本需求後，我們回饋約12億美元。

Our approach to capital is unchanged. We invest in the business where we see strong returns, return excess cash to shareholders, and keep a conservative balance sheet. So overall, we delivered strong growth, expanded margins and generated a healthy cash flow while continuing to invest for the future. The quarter reflects disciplined execution across the business.

我們的資本配置方式不變。我們在看到強勁報酬的領域投資業務，將多餘現金回饋股東，並維持保守的資產負債表。因此整體而言，我們在持續為未來投資的同時，實現強勁成長、擴大利潤率並產生健康的現金流。本季反映我們在全公司範圍內的紀律執行。

With that, I'll turn it back to Jeff for the key takeaways.

接下來我把時間交回Jeff，請他總結重點。

Thanks, Max. Before we open the line, I think I just want to leave everyone with three points.

謝謝，Max。在開放提問之前，我想先留給大家三點。

The first, our growth was broad-based, reflecting share gains across large accounts and embedded supply solutions.

第一，我們的成長是全面性的，反映在大型客戶與嵌入式供應解決方案上的市占提升。

Second, we converted that growth into higher operating margin and earnings, while price/cost improved sequentially for the second consecutive quarter.

第二，我們將這些成長轉化為更高的營業利益率與獲利，同時價格/成本差在連續第二季呈現逐季改善。

And third, our model is compounding. New customer wins create embedded spend, technology deepens those relationships, and our scale allows us to grow profitably while continuing to invest.

第三，我們的模式正在複利成長。新客戶的贏單帶來嵌入式支出，科技深化這些關係，而我們的規模讓我們能在持續投資的同時，以獲利方式成長。

Now this quarter demonstrates the strength of our strategy. We gained share, expanded margins, generated strong cash flow, and improved returns.

本季展現了我們策略的強度。我們提升市占、擴大利潤率、產生強勁現金流，並改善報酬。

I think I'll close where I started with our people. This business, as it's always been built one customer and one relationship at a time by a Blue team that takes ownership, and I'm very excited about where we're headed.

我想以我一開始提到的「人」作結。這個事業一如既往，是由一支勇於承擔、以客戶為中心的Blue團隊，一次一位客戶、一次一段關係建立起來的，我對我們前進的方向感到非常振奮。

With that, operator, I think we're ready for questions.

那麼，接線員，我想我們準備好回答問題了。

(Operator Instructions) David Manthey, Baird.

(接線員指示) David Manthey，Baird。

Hi, good morning. A two-part question on gross margins.

嗨，早安。我有一個關於毛利率的兩部分問題。

First off, number one, the 20 basis points of timing benefits. Could you give us your definition of timing and is that catching up for past accruals or is it pulling benefits from the fourth quarter back into the third quarter?

首先，第一點，關於那20個基點的時點效益。你們能否說明你們對「時點」的定義？這是補回過去的應計項目，還是把原本第四季的效益提前到第三季？

And then second, if fuel prices stay at current levels, is it possible that the 30-basis-point price/cost gap actually gets larger in the fourth quarter?

第二，如果燃料價格維持在目前水準，第四季價格/成本差距30個基點是否有可能反而擴大？

Those two questions, please.

以上兩個問題，謝謝。

Dave, two-part question. First of all, you asked about the basis points of timing. Let me define that.

Dave，兩部分的問題。首先，你問到時點造成的基點影響。我先定義一下。

Just candidly, part of that and roughly half of that was tariff refunds. Very immaterial. But we don't see that coming through in any material level in Q4. So first of all, the amount of 10 basis points in that regard is quite small.

坦白說，其中一部分、約一半是關稅退稅。金額非常不重大。但我們不認為第四季會以任何重大的程度反映出來。所以首先，就這部分而言，大約10個基點的影響相當小。

And second, just because of the phasing and the type of IEEPA tariffs we paid in the sequence of receiving those, that's going to be probably somewhere in the early part of next year before we see that back in our run rate. The other half is a bit more of a timing element in regards to primarily volume rebates with suppliers.

第二，因為我們支付IEEPA關稅的節奏，以及收到退稅的時序與類型，這可能要到明年初的某個時間點才會回到我們的常態水準（run rate）。另一半則比較屬於時點因素，主要與供應商的量販回饋（volume rebates）有關。

And so, we did have to do a little bit of a catch-up on that benefit knowing that we were going to start to trip into various tiers in the quarter. So that would be that and that's why we want to talk about a trend that would exclude that from Q4.

因此，我們確實需要把這項效益做一些追補（catch-up），因為我們知道本季會跨入不同的回饋級距。所以就是這樣，這也是為什麼我們談到第四季的趨勢時，會希望把這部分排除在外。

Fuel levels, yeah. This one's an extremely interesting one. And the reason I say that is, first of all, you know our business in that we do a pretty good job offsetting that inflation in our business. It's not generally possible to offset all of it. But the impact on our business, it's real. It's, I'd say in Q3, very flat-ish to what the impact was in Q2. But versus the first quarter versus last year, it's fairly significant.

燃料水準，是的。這題非常有意思。原因是，首先，你也了解我們的業務，我們在抵銷通膨方面做得相當不錯。一般來說不可能完全抵銷。但對我們業務的影響是真實存在的。我會說第三季相較第二季的影響大致持平；但若對比去年第一季，影響就相當顯著。

Now, to your point, we see enough traction in our price execution, enough traction in that space. We see enough traction in the way that we handle fuel costs to feel comfortable that we're not going to be in a situation in Q4 where the price/cost widens the gap, to answer your question directly.

回到你的問題，我們在定價執行上看到足夠的進展，在那個領域也有足夠的動能。我們在處理燃料成本的方式上也有足夠的進展，因此我們有信心，第四季不會出現價格/成本差距擴大的情況，直接回答你的問題。

We had a pretty nice exit rate out of Q3 particular to net price/cost, which we expect to continue. But I can't make a confidence statement like that without suggesting that we all know that these types of elements, inflation, direct or indirect regarding fuel, diesel can have a pretty big consequence on our business.

我們在第三季末（Q3）就淨售價/成本而言有相當不錯的退出水準（exit rate），我們預期這種趨勢會延續。但若不先說明我們都知道這類因素——通膨、以及與燃料（柴油）直接或間接相關的影響——可能會對我們的業務造成相當大的後果，我就無法做出那樣有把握的表述。

And I'll take a moment to just to answer and make one more point around fuel that I think is it's more structural to Fastenal, so why don't we have to refer to diesel costs and fuel costs as a major impact on our business and a lot of it just has to do with our captive fleet. We choose our own routes. We were able to put a lot of product that otherwise would need to be small parcel on our own vehicles.

我也想花點時間回答，並再補充一點我認為對 Fastenal 更偏結構性的燃料議題：為什麼我們不必把柴油成本與燃料成本視為對我們業務的重大影響，主要原因在於我們的自有車隊（captive fleet）。我們自行選擇路線。我們能把原本需要用小包裹配送的許多產品，改由我們自己的車輛運送。

And so, we're able to structurally mitigate a lot of the impacts of some of this inflation, albeit it still sits in our P&L to some extent.

因此，我們在結構上能緩解這些通膨影響中的很大一部分，儘管在某種程度上它仍會反映在我們的損益表（P&L）中。

All right. That's perfect. Thanks, guys. I'll pass it on.

好的。太好了。謝謝各位。我把問題交給下一位。

Steve Volkman, Jefferies.

Steve Volkman，Jefferies。

Great. Thank you, guys. I'm going to switch to the growth side of this and your helpful slide 21. It's just interesting to me that the September sequential change underperformed normal seasonality based on your chart here, and that's the first time we've seen that for a number of months here.

很好。謝謝各位。我想把焦點轉到成長面，以及你們很有幫助的第 21 頁投影片。就你們這張圖來看，9 月的月對月（sequential）變化低於正常季節性，這是我們好幾個月來第一次看到這種情況。

So I'm just curious, I think, Max, you might even have mentioned there was some very limited areas where you saw some weakness or something. I don't want to put words in your mouth, but anything to call out relative to how the quarter progressed, and maybe why September was a little bit lower than seasonality.

所以我很好奇，我想 Max，你可能也提到有一些非常有限的區域出現些許疲弱之類的情況。我不想把話塞到你嘴裡，但就季度進展而言，有沒有什麼值得點出的地方，以及為什麼 9 月會比季節性略低？

I'll take that, Max. September still was a strong month at 14.4%, but it was below July and August. We're starting to [lapse] in pricing, but I think I'm more focused on the two-year growth, 27%, and more importantly, the January to September sequential growth. And that's over 18%, which is well above our historic trend. And really, I think the most important number is we move into Q4 and more importantly into Q1.

Max，我來回答。9 月仍然是很強的一個月，成長 14.4%，但確實低於 7 月與 8 月。我們的定價開始進入比較基期（lapse），但我更關注的是兩年期成長 27%，更重要的是 1 月到 9 月的月對月（sequential）成長。那個數字超過 18%，明顯高於我們的歷史趨勢。而且我認為最重要的數字是我們進入第四季（Q4），更重要的是進入第一季（Q1）時的狀況。

I think what also -- when I look at those numbers, especially in September, what gives me a lot of confidence is really what's underneath that headline number. Contract sales grew at 19%, our large customer sites continue to grow well. And we continue to gain share.

我看這些數字時，尤其是 9 月，讓我很有信心的一點，其實是那個頭條數字底下的內容。合約銷售成長 19%，我們的大型客戶據點持續有良好成長。而且我們持續提升市占。

I don't think I'd describe September -- I think I would describe September as more of a moderation from very strong levels, not so much a change from the strategy or customer activity behind it. I don't know if you want to add anything to that.

我不會把 9 月形容為——我會把 9 月形容為從非常強勁的水準稍作降溫（moderation），而不是策略或背後客戶活動出現改變。不知道你是否要補充？

Steve, I'll add on just the point around where in our end markets are we seeing a bit more of a slower pace. And so, even some of our, what we would call in weakest areas, albeit whether it's resellers, a little bit on the government side is still our end markets, we're still performing in the low-double digits.

Steve，我補充一下我們在哪些終端市場看到步調稍微放慢。因此，即便是我們所謂較弱的區域——不論是經銷商（resellers），或政府端的一小部分——仍屬於我們的終端市場，我們的表現仍在低雙位數成長。

A couple of notable areas of weakness that we're just sensing more in the economy is more around ag and food, but we don't feel that -- that's clearly to us not an underperformance on our side, it's just part of the economy and what's happening there.

我們感受到經濟面較明顯的幾個疲弱領域，主要在農業與食品相關，但我們不認為——對我們而言很清楚，這不是我們端的表現不佳，而只是經濟的一部分，以及那裡正在發生的事情。

So as Jeff said, in September and looking ahead, we don't see any change in our underlying share gains, the way that we calculate our impact or what we've called in the past self-help.

所以如 Jeff 所說，從 9 月以及往前看，我們看不到任何我們底層市占提升的變化，也看不到我們計算自身影響、或過去所稱的自助（self-help）有任何改變。

We also don't see anything yet that would concern us from a macro economy perspective that we haven't already seen in the past couple of quarters.

我們目前也沒有看到任何宏觀經濟面會讓我們擔心、且是過去幾季尚未見過的事情。

So yeah, a little below our sequential trends, but nothing that causes us to change our future perspective on our business.

所以，是的，略低於我們的月對月趨勢，但沒有任何因素會讓我們改變對未來業務的看法。

Super. Thank you. Very helpful. I'll pass it on.

太好了。謝謝。非常有幫助。我把問題交給下一位。

Tommy Moll, Stephens.

Tommy Moll，Stephens。

Good morning, and thank you for taking my question.

早安，謝謝你們回答我的問題。

Good morning, Tommy.

早安，Tommy。

I wanted to start maybe to tie out the conversation on gross margin and then pivot to a strategic question as a follow-up. But on gross margin, in 3Q, 40 basis points lower year over year, if we take away the 20 basis points of timing help, that gets us to down 60 basis points, is that the baseline assumption we should work with for Q4 or are there any other crosscurrents that you want to call out for us? Thanks.

我想先把毛利率的討論做個對照整理，接著再轉到一個策略性問題作為追問。就毛利率而言，第三季（3Q）年對年下降 40 個基點；如果把 20 個基點的時點（timing）助益拿掉，就會變成年對年下降 60 個基點。這是否是我們在第四季（Q4）應採用的基準假設？或還有其他你們希望我們注意的交互影響（crosscurrents）？謝謝。

Yeah, Tommy. So you know our business well, and that based on our strategy, one of the elements that comes from that strategy is just a consistent mix negative impact on margin and that's both big customer growth focused, which shows up in leverage.

是的，Tommy。你很了解我們的業務；依照我們的策略，策略帶來的其中一個要素，就是產品組合（mix）對毛利率有持續性的負面影響，而這同時來自於我們聚焦大型客戶成長——這會反映在槓桿（leverage）上。

And it's also just where we go geographically, especially internationally. And so, yes, the round 60 basis points is a good underlying point on a year-over-year basis to consider.

也來自於我們在地理上的拓展方向，尤其是國際市場。所以，是的，大約 60 個基點作為年對年比較的底層參考點是合理的。

So your question was beyond that known item, what else might we want to consider for Q4? And you can look at it a couple of different ways. One is if you just take the sequential, the mix question doesn't impact, and we have a normal sequential pattern. Now, we don't provide guidance on a quarterly or annual basis, as you well know, but we do want to and do point out when there's something significant in our run rate.

所以你的問題是：除了這個已知因素之外，第四季（Q4）還有什麼我們希望你們納入考量？你可以用幾種方式來看。其一是如果只看月對月（sequential），組合（mix）這個問題就不會造成影響，而我們會呈現正常的月對月型態。當然，如你所知，我們不提供季度或年度指引，但當我們的運行水準（run rate）出現重大事項時，我們會、也確實會指出來。

And so, aside from the -- if you take a sequential pattern, aside from the 20 basis points that I mentioned, there's nothing significant. We've talked about our goal of price/cost neutrality. Of course, delivering that goal would be a sequential benefit.

因此，除了——如果你採用月對月的型態，除了我提到的那 20 個基點之外，沒有其他重大事項。我們也談過我們追求售價/成本中性（price/cost neutrality）的目標。當然，若能達成該目標，月對月會帶來正面效益。

If you flip to a year-over-year basis, same comment, if there's something really big, we would call it out. If you recall from Q4 of last year, we did talk about a significant amount of timing in our gross margin, and it was a negative 50 basis points, the way we described it last year.

如果改用年對年（year-over-year）來看，也是同樣的說法：若有非常重大的事項，我們會提出說明。如果你還記得去年第四季（Q4），我們確實談到毛利率中有相當顯著的時點（timing）因素；依我們去年描述的方式，那是負 50 個基點。

So if you're doing a year-over-year comp, you want to take that into account along with the mix. So we'll have a positive tailwind coming from the timing elements from last, assuming no timing elements in Q4 this year. And then you'll have the offset mix component. And then as you read through our results and looked at our Q3 deeper and deeper, you'll notice also that we have a little bit of benefits in the run rate.

所以如果你在做年對年比較，你要把那點納入考量，並與組合（mix）因素一起看。因此，假設今年第四季沒有時點因素，你會從去年的時點因素得到一個正向順風（tailwind）。接著會有組合因素的抵銷。另外，當你更深入閱讀我們的結果、並更深入檢視第三季（Q3）時，你也會注意到我們的運行水準（run rate）有一些小幅的助益。

Again, it's the 40 basis points that we mentioned as a benefit offsetting mix and offsetting price/cost and around half of that was timing, that means 20 basis points remain. And so, that's the way I'm thinking about both from a sequential perspective and a year-over-year perspective on gross margin.

再說一次，就是我們提到的 40 個基點助益，用來抵銷組合（mix）並抵銷售價/成本（price/cost），其中大約一半來自時點（timing），也就是仍有 20 個基點留下。所以，這就是我從月對月與年對年兩個角度思考毛利率的方式。

Now I can't -- again, I don't want to escape that answer without saying we don't have the crystal ball everyone wishes everyone had and some of these elements, a lot of our mix is dynamic, the inflation is dynamic and our pricing conversations are dynamic.

現在我無法——再次強調，我不想在不說明的情況下迴避這個答案：我們並沒有大家都希望擁有的水晶球，而其中一些因素、我們的組合有很大一部分是動態的，通膨是動態的，我們的定價溝通也是動態的。

Understood and appreciated. And as a follow-up question, I wanted to ask about some press mentions recently of an AI-related acquisition. I don't think it was mentioned in the materials today and my guess is this is pretty small, but could you just give us any details there and maybe explain how it ties into your broader strategy?

了解，也很感謝。作為追問，我想請教最近媒體提到的一項與 AI 相關的收購。我想今天的資料裡沒有提到，我猜這應該規模很小，但你們能否提供一些細節，並說明它如何與你們更廣泛的策略連結？

Yes, I'll talk maybe just scope it as size and why it wasn't mentioned publicly and then I'll give it to Jeff. But first of all, just broadly, when we think about M&A for Fastenal in the near-term, we're not -- we don't see a need for anything large, and we've made that clear in the past.

可以，我先談一下大概的規模，以及為什麼沒有對外公開提及，然後再交給 Jeff。首先，整體而言，當我們思考 Fastenal 近期的併購（M&A）時，我們不——我們不認為需要做任何大型交易，而且過去也已經清楚表達過。

But at the same time, we find opportunities and we look for opportunities to improve our capabilities. And oftentimes, those are not going to be large enough to even be disclosable and sometimes not large enough to even speak to on the call, but we look at the ROI on those as being in some cases, a little bit in a way limitless.

但同時，我們也會發現機會並尋找機會來提升我們的能力。而且很多時候，這些機會的規模不會大到需要揭露，有時甚至小到不一定適合在電話會議上談，但我們看待這些投資的投資報酬率（ROI），在某些情況下可以說是某種程度上沒有上限。

So these are investments and this is an example of one, and I'll turn it over to Jeff. But yes, small, but we don't -- we wouldn't waste our time with something small that we didn't think has a positive coming in the future.

所以這些是投資，而這就是其中一個例子，我把時間交給 Jeff。但沒錯，規模很小，不過——如果我們不認為未來會帶來正面效益，我們也不會把時間花在小案子上。

Yeah, I think on this acquisition, we've known this company for quite some time. What they kind of brought to us was some orchestration that we needed around our AI and our technology as we moved forward. And it was an opportunity that, again, Max was -- it's not maybe as material or maybe more immaterial, but for us as a company, when we see an opportunity like this, obviously, we jumped on it and it's going to help us grow a lot faster on the tech side.

是的，我想就這次收購而言，我們認識這家公司已經有一段時間了。他們帶給我們的是一些我們在推進 AI 與技術時所需要的編排（orchestration）能力。這是一個機會——同樣地，Max 剛剛提到——它可能沒有那麼重大、或更偏不具重大性，但對我們公司來說，當我們看到這樣的機會時，當然就會把握住，這將幫助我們在技術端更快成長。

Thank you both. I'll turn it back.

謝謝你們兩位。我把時間交回去。

Ryan Merkel, William Blair.

Ryan Merkel，William Blair。

Hey, everyone. Thanks for the question and nice job on the new slide deck.

各位好。謝謝讓我提問，也恭喜新的簡報做得很棒。

Thank you, Ryan.

謝謝你，Ryan。

I wanted to ask first on data centers. You mentioned that was a strong market, so I'll leave it open-ended. Just curious how you see that impacting demand. And in your answer, maybe talk about the data center pods. I think you're having a lot of success there.

我想先問資料中心。你們提到那是一個強勁的市場，所以我就開放式地問。想了解你們怎麼看它對需求的影響。另外在回答時，也許可以談談資料中心的 pods。我想你們在那方面做得很成功。

I mean, overall, obviously, the data centers are meaningful contributor to our sales.

我的意思是，整體來看，顯然資料中心對我們的銷售是重要的貢獻來源。

Right now, internally, we look at about 4% to 5% of our -- 4 to 5 percentage points of our growth. The work really spans the data center that we're seeing, the impact we see comes from the construction contractors and manufacturers supplying the build-out. And we really serve that through existing customer relationships. But it is difficult to really get a grasp between how much of the data centers is coming out. We should give you a stronger number as part of our growth.

目前在內部，我們估計大約有 4% 到 5%——也就是成長的 4 到 5 個百分點——來自這一塊。我們看到的工作其實涵蓋整個資料中心領域；我們感受到的影響主要來自承包建造的營造商，以及供應擴建（build-out）的製造商。而我們主要是透過既有的客戶關係來服務這些需求。但要真正掌握資料中心到底貢獻了多少，確實不容易。我們應該在成長拆解上給你們一個更明確的數字。

But on the pod side, I'll turn that over to Max. He can talk a little bit about that.

至於 pod 的部分，我把這題交給 Max，他可以多談一些。

Yeah, just to reiterate what Jeff said, we want to calculate the impact better than we can, but it's just as the fingerprints are all over the place on data centers and it's a bit of a tough one to call on the impact, but it's big enough to call out. Yes, the pods are more of a, if I get your question, just more of an approach on how we're innovating on thinking about how to service data centers.

是的，重申 Jeff 的說法，我們希望能比目前更精準地計算其影響，但資料中心的「指紋」到處都是，因此要判斷影響有點難，不過它大到值得特別點出。是的，pods 更像是——如果我理解你的問題——一種我們在思考如何服務資料中心時的創新做法。

And in a way, I guess I think of it this way is and I haven't heard this internally, so I could hopefully I'm not off, but it's more like it's setting up shop almost like an onsite and being as close to the customer as possible, which is always our strategy. It's our winning strategy we've had. And so, the team's innovated and found a way to service these growing customers in the best possible way.

某種程度上，我是這樣看：而且我內部沒有聽過這種說法，所以希望我沒有偏離，但它更像是設點營運，幾乎就像設置一個駐點（onsite），盡可能貼近客戶，這一直都是我們的策略。這是我們一直以來的致勝策略。因此，團隊做了創新，找到以最佳方式服務這些成長中客戶的方法。

I think for us, it's a way to try to keep up with the demand because it's coming so fast that having that onsite -- that pod onsite, it's just helping us keep up with the day-to-day demand, which is sometimes pretty overwhelming on the speed in which they need the product.

我認為對我們來說，這是一種努力跟上需求的方法，因為需求來得太快了；有那個駐點——把 pod 設在現場——能幫助我們跟上日常需求，而他們需要產品的速度有時真的相當驚人、甚至令人吃不消。

Got it. All right. No, that's helpful. And then second question is just on price/cost. Just curious what you think that looks like in 4Q. I think I heard you say the exit rate was better coming out of 3Q. And do you expect to be back in neutral in maybe 1Q of '27? I know it's a bit of a moving target, maybe suppliers are raising prices, but just what are your thoughts?

了解。好。不，這很有幫助。第二個問題是關於價格/成本。想請教你們認為第四季（4Q）會是什麼樣子。我想我聽到你們說第三季（3Q）結束時的趨勢（exit rate）有改善。你們是否預期在 2027 年第一季（1Q of '27）回到中性？我知道這是個會變動的目標，供應商可能也在漲價，但你們的看法是什麼？

Yeah, you're exactly right. It's a moving target, but I wouldn't dispute. Our goal is as quickly as possible as it always has been, and fortunately, we are making progress. But I think the way you articulate it, Ryan, feels very reasonable to me.

是的，你說得完全正確。這是一個會變動的目標，但我不會反對你的說法。我們的目標是一如既往地越快越好；幸運的是，我們正在取得進展。但我覺得你這樣表述，Ryan，對我來說非常合理。

Christine Yao, Morgan Stanley.

Christine Yao，Morgan Stanley。

Thank you. One thing that stood out in the September print was the divergence between, I guess, heavy manufacturing, which continues to grow north of 20% on average for 3Q and non-resi construction, which slowed quarter over quarter. Can you help us unpack what's driving that divergence? For example, is there something specific to certain projects or customer types, or are you seeing a broader change in activity?

謝謝。9 月的數據中有一點很突出：我想是重型製造（heavy manufacturing）與非住宅建築（non-resi construction）之間出現分歧；重型製造在第三季平均仍維持 20% 以上的成長，但非住宅建築則較上一季放緩。你們能否協助我們拆解是什麼在驅動這個分歧？例如，是否與特定專案或客戶類型有關，或是你們看到更廣泛的活動變化？

Yeah, I wouldn't say that there is a big slowdown in construction by any means. And construction, it can move around with project timing. Growth did slow from a very strong Q2, but it still remained healthy. And year-to-date, our construction fastener growth remained extremely healthy. We're watching it, but I don't know if we're seeing anything that changes our broader view on the construction side.

是的，我不會說建築有任何明顯放緩。而且建築業會隨著專案時點而波動。成長確實從非常強勁的第二季（Q2）放慢，但仍然維持健康。而且年初至今，我們在建築用緊固件（construction fastener）的成長仍然非常健康。我們會持續觀察，但我不確定我們是否看到任何會改變我們對建築端更廣泛看法的跡象。

The manufacturing side, yes, continues to do very well, very strong demand there. So, yes, on the construction, I don't think we have anything that would change our broader view.

製造端方面，是的，持續表現非常好，那裡的需求非常強勁。所以，是的，就建築而言，我不認為我們有任何會改變更廣泛看法的因素。

Got it. That's very helpful. And September came in below typical seasonality. And I wonder, was there anything unusual in customer ordering patterns during the quarter that helps explain the softer exit rate?

了解。這非常有幫助。另外，9 月的表現低於典型季節性。我想請教，這一季客戶下單模式是否有任何不尋常之處，可以解釋較疲弱的期末趨勢（exit rate）？

No, I like what I said earlier. I mean, if you really look at the numbers, the last five months previous to September, we outgrew our historic rate. Personally, we're lapping some pricing from last year.

不，我還是認同我先前說的。我的意思是，如果你真的去看數字，9月之前的最近五個月，我們的成長超過了歷史成長率。就我個人來看，我們正在與去年的一些定價形成比較基期（lap）。

We don't really see anything out of the ordinary as far as demand goes, especially on the manufacturing side. I just think we have a very good sequential trend January through September, and I wouldn't read too much into it.

就需求而言，我們並沒有看到任何不尋常的情況，尤其是在製造業端。我只是認為我們從1月到9月的逐月（sequential）趨勢非常好，我不會對此過度解讀。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Hey, good morning, guys. This is [Zach] on for Ken. Thanks for taking the question.

嘿，各位早安。我是代替Ken提問的[Zach]。謝謝讓我提問。

Just two quick ones. So the comps get tougher heading into next year. First, is it fair to assume like a mid- to high-single-digit growth? And then if that is a fair scenario, what should incrementals look like for Fast?

兩個很快的問題。所以進入明年後比較基期會變得更具挑戰。第一，是否可以合理假設成長在中到高個位數？第二，如果這是合理情境，Fast 的增量（incrementals）應該會是什麼樣子？

Yeah, Zach, I'll take the start on this and then Jeff can add in if you'd like. It's a bit of a -- it's a forecasting guidance question and I'll just I'll give a couple of points of color.

好的，Zach，我先回答開頭，之後如果你願意 Jeff 也可以補充。這有點像是在問預測/指引（guidance），我就提供幾點補充說明。

One that you'll want to keep in mind is just that we are as we approach next year, the pricing tailwind, if you will, of course, will slow a little bit in the way that we look at our business as we focus a lot of our gauge of our success on the share gains. And so, just as we responded to September, we monitor that. And so, we see a consistent share gain pattern ahead of us based on our potential and what we're driving. And so, then the rest is and we would assume less pricing, and so then the market dictates the rest of our performance.

第一點你要記得的是，當我們接近明年時，所謂的定價順風（pricing tailwind）當然會稍微放緩；而我們看待業務時，會把成功的衡量很大一部分放在市占提升（share gains）上。因此，就像我們對9月的回應一樣，我們會持續監控。基於我們的潛力以及我們正在推動的事情，我們看到前方會有一致的市占提升型態。接著其餘部分就是：我們會假設定價貢獻變少，然後市場將決定我們其餘的表現。

And so, without giving you the figures, yes, that's probably going to -- I mean, we expect our success we think in any environment should be 10-percentage-point top-line improvement each and every year. That's what we hold ourselves accountable for internally, but that's not a forecast or guidance either. So hopefully, that helps put a little context there.

所以，在不提供你具體數字的前提下，是的，那大概會——我的意思是，我們認為在任何環境下，我們的成功都應該是每一年營收端（top line）提升10個百分點。這是我們內部用來自我要求的標準，但這也不是預測或指引。希望這能提供一些脈絡。

And then you asked about incrementals, I think. So on the incremental operating margin level, we continue to believe that our business, when we're growing double-digits should be in the mid-20s, if not higher. And that's what we goal ourselves to achieve.

然後你問到增量（incrementals），我想是這個。就增量營業利益率（incremental operating margin）而言，我們仍然相信，當我們以雙位數成長時，應該落在20%中段（mid-20s），甚至更高。這是我們設定要達成的目標。

And so that, if you will, not guidance, but if that -- what we said consistently in the past holds. And I think it's proving itself out this quarter even if you take out the one-time events, we're in that mid-20 range, and that's where we expect to be. That's the healthy point of our growing of our fast-growing businesses to be in the mid-20s.

所以，如果你願意把它視為——不是指引，但如果我們過去一貫所說的仍然成立。而且我認為本季也正在驗證這點，即使把一次性事件排除，我們也在20%中段區間，而這就是我們預期會落在的位置。這是我們快速成長業務在健康成長時，應該處於的20%中段水準。

I would just add, as pricing rolls over, what really replaces it for us is its volume and share. I mean, it did help this quarter, but I think the bigger story for us is our contract growth, our customer site expansion. A lot of the newer wins and deeper penetration. As we anniversary maybe some of that pricing, our reported growth is going to grow naturally, less help, I guess, from price, and I guess that's math, but it doesn't really change the underlying customer activity that we see.

我再補充一點，當定價效應回落時，對我們而言真正取而代之的是量（volume）與市占。我的意思是，定價確實在本季有所幫助，但對我們來說更大的故事是合約成長、客戶據點（site）擴張。很多新的得標以及更深的滲透。當我們與部分定價進入周年比較時，我們的報表成長會自然地得到較少的價格助力，我想這是數學問題，但它並不會改變我們所看到的底層客戶活動。

And he even said, just to illustrate what Jeff just said, if we just used pricing as a barometer looking ahead through the year we're walking through, there would be an expectation that we would have slowed down, and so we have picked that up with share gains. And of course, the market has helped, not significant, but it's helped even sequentially.

而且他甚至說——只是為了說明 Jeff 剛剛講的——如果我們僅把定價當作衡量指標，往前看我們正在走過的這一年，原本會預期我們會放慢；因此我們用市占提升把它補回來。當然，市場也有幫忙，不算顯著，但即使以逐季（sequential）來看也有幫助。

So hard to tell on the future on that piece, but we're going to keep driving for the largest growth, obviously, percentage that we can do and with the right incremental margins.

所以未來那一塊很難判斷，但我們會持續推動，顯然要在我們能做到的範圍內追求最大的成長百分比，同時搭配正確的增量利潤率。

Our sequentials are strong.

我們的逐期（sequential）表現很強。

Thanks, I'll turn it back.

謝謝，我把時間交回去。

Chris Dankert, DA Davidson.

Chris Dankert，DA Davidson。

Good morning, guys. I hope we could focus in a little bit here on SG&A. Impressive leverage in the quarter. I guess hard not to notice that sales force headcount is down over 400 heads versus where we were in June. Can you just put that in context? Is this -- are there additional cuts planned? Is this just a good hygiene reset? Maybe just kind of give us an update on heads there.

各位早安。我希望我們可以在這裡更聚焦一點談 SG&A。本季的槓桿效果很亮眼。我想很難不注意到，銷售團隊人數相較於6月少了超過400人。你們能否幫忙放在脈絡下說明？這是——還有額外的縮減計畫嗎？這只是一次良好的「衛生」調整（hygiene reset）嗎？也許請更新一下人力配置的狀況。

Yeah, Chris, I'll take that to start. First, I wouldn't -- I definitely wouldn't use the term cut because our business is a growth business. And we are -- there's no CFO or CEO sitting here putting a headcount cap on areas that are important to our business. And so, this is really the output of a lot of the work that the teams have done, not just in months or quarters, but years, getting role specialization, putting the work in the right place, automating, using AI, and the focus on large customers.

好的，Chris，我先回答。首先，我不會——我絕對不會用「裁減」這個詞，因為我們的業務是成長型業務。而且我們——沒有任何 CFO 或 CEO 坐在這裡，對對我們業務重要的領域設人頭上限。所以，這其實是團隊大量工作的成果，不只是幾個月或幾季，而是多年：推動職能專精化（role specialization）、把工作放到正確的位置、自動化、使用 AI，以及聚焦大型客戶。

And so, all of those lead to significant efficiencies. And so, I wouldn't even call it a reset, but this is our ability to grow this business without growing headcount nearly as fast using the tools at our disposal.

而這些都帶來顯著的效率提升。所以我甚至不會稱之為重置（reset）；這是我們運用手上的工具，在不讓人力以同樣速度增加的情況下，仍能擴張業務的能力。

I would add that we're not going to starve the business to create a better margin quarter. But just to add into what Max was saying, a lot of the decisions in the field, they're being made in the field. And instead of maybe in the past, before we were kind of getting all the digital tools and all the different things out to the field, that natural reaction would be, hey, we landed this account, I need to add two or three heads.

我補充一下，我們不會為了做出更好看的單季利潤率而讓業務挨餓。但延續 Max 的說法，很多現場的決策，是在現場做出的。而不是像過去那樣，在我們把所有數位工具與各種東西導入現場之前，那種自然反應會是：嘿，我們拿下這個客戶，我需要再加兩三個人。

Now, that -- those same managers, they're calling in saying, hey, we don't need the two or three heads, we need this tool. Now, that we have this tool, we can do it with half.

現在——同樣的主管會打電話來說：嘿，我們不需要那兩三個人，我們需要的是這個工具。現在有了這個工具，我們用一半的人就能做到。

And that's really what it's becoming. There's definitely no headcount or restriction on adding labor. We're going to add labor to help wherever we need to continue to grow our business.

而這正是它正在變成的樣子。在增加人力方面，絕對沒有任何人頭上限或限制。我們會在任何需要的地方增加人力，以協助我們持續成長業務。

That's really helpful, guys. I guess my surprise is just, I guess, historically, you sign onsites, you add contracts, you require just more labor energy. This seems like a material change, I guess, is there a specific tool in particular that's helped you, guys, lever? Because it's a marked departure, it feels like.

這很有幫助，各位。我想我驚訝的是，從歷史上看，你們簽下駐點（onsites）、增加合約，就需要更多的人力投入。這看起來像是一個實質性的改變；是否有某一個特定工具特別幫助你們提升槓桿？因為感覺上這是很明顯的轉變。

I mean, there's a number of tools, but a few years back when I was traveling to branches and I was looking at how we were quoting business. And it upset me because honestly, it was the same way I quoted business 30 years ago when I was in a branch and at the time 2024, that can't exist. So a lot of the new tools we've got in.

我的意思是，有很多工具，但幾年前當我到各分公司出差時，我在看我們如何報價（quoting）業務。這讓我很不滿，因為老實說，那方式跟我30年前在分公司時報價的方式一模一樣；而在當時的2024年，這不應該存在。所以我們導入了很多新的工具。

Instead of taking maybe five, six days of sourcing and quoting, that same tool now using AI and some of our internal technology, it may take 15 minutes. I mean, that time savings alone, that's just one example. But we really looked at the branch efficiencies first when we're developing the tools, and then we kind of went from there up, and it's having a real impact on the field and on our headcount.

原本可能需要五、六天來進行採購尋源與報價的工作，現在同樣的工具結合 AI 與我們部分內部技術，可能只要 15 分鐘。我是說，光是這個節省的時間，就是一個例子。但我們在開發這些工具時，確實是先從分支機構的效率著手，然後再往上延伸，而這對前線以及我們的人力編制都產生了實質影響。

Well, thanks a lot for the color, guys. Appreciate it.

好，謝謝各位提供的補充說明。非常感謝。

Thank you. I know we started a little late, so we'll add one more question. I think we have time for one more question.

謝謝。我知道我們開始得有點晚，所以我們再加一個問題。我想我們還有時間再問一題。

Guy Hardwick, Barclays.

Guy Hardwick，巴克萊。

Hi, good morning. Sorry to go back to the gross margin, but if we think about it on a year-on-year basis, should we assume that Q4 and perhaps into next year, you still have the mixed headwinds of large customers growing faster than small and mid-sized customers to offset perhaps better price/cost and some other tailwinds that you referenced in the Q3 press release?

嗨，早安。抱歉再回到毛利率的問題，但如果我們以年對年來看，是否應該假設第四季以及可能延伸到明年，你們仍會面臨大型客戶成長快於中小型客戶的組合性逆風，用以抵銷你們在第三季新聞稿中提到的較佳價差（price/cost）以及其他一些順風因素？

Yeah, Guy, I'll state the way I'm looking at it. So we will continue -- we do expect to always -- not always is hard to define, we expect over the coming years as we continue to deploy our strategy of really winning with the biggest customers, not ignoring the midsize, but focusing on the big ones, focusing on the customers that are midsize that can be big customers, that's a very deliberate strategy. That will usually result in a year-over-year impact of around 60 basis points, 50 basis points in that ballpark.

是的，Guy，我說一下我看待這件事的方式。所以我們會持續——我們確實預期會一直——「一直」很難界定，但我們預期在未來幾年，隨著我們持續推進策略、真正贏得最大型客戶的同時，不忽視中型客戶，但把重點放在大客戶，也把重點放在那些屬於中型、但有機會成為大客戶的客戶上；這是一個非常刻意的策略。這通常會帶來年對年大約 60 個基點、50 個基點左右的影響，大概在那個區間。

The other mixed components of our business are largely not material, whether it be product mix and things like that. Now, we'll have some geographic mix as we grow faster, as I said earlier. So yes, you would on a year-over-year basis typically expect a starting point of a 50- to 60-basis-point headwind on our gross margin.

我們業務的其他組合因素大多不具重大性，不論是產品組合之類的。不過，隨著我們如我先前所說成長更快，我們會有一些地理區域的組合影響。所以是的，以年對年來看，你通常可以預期毛利率的起始點會有 50 到 60 個基點的逆風。

As you look at Q4 and if you look back at our materials from Q4, you would factor in what we described as 50 basis points of timing that we encountered in Q4 of 2025, and that would be -- that would largely offset, if not wash it completely away that mix impact in the quarter.

如果你看第四季，並回頭看我們第四季的資料，你會把我們所描述的 2025 年第四季遇到的 50 個基點的時點因素納入考量，而那將——那在該季度將在很大程度上抵銷、甚至可能完全沖掉那個組合影響。

And then of course, we're always looking for opportunities, whether in margin, whether it's sourcing, of course, the pricing work, all those other things, but I give you just the mix component as a baseline starting point with our margin profile.

然後當然，我們一直在尋找機會，不論是在毛利率、採購尋源，當然也包括定價工作以及其他所有事項；但我先把組合因素提供給你，作為我們毛利率輪廓的基準起點。

Thank you, Max.

謝謝你，Max。

And Guy, if you had a second question, that's perfectly fine too. As Jeff said, I hung up on you all, so we don't want to end too early. But if there was a follow-up question, feel free. Otherwise, we'll move into the close.

Guy，如果你還有第二個問題，也完全沒問題。如 Jeff 所說，我剛剛把大家的電話都掛掉了，所以我們不想太早結束。但如果有追問，請隨時提出。否則我們就進入結語。

Also in the course you did already, there was very good spread between gross profit growth up 14% and OpEx up about 9.5%. I know you answered it on the incremental question, but to what extent was that less than double-digit growth in OpEx, I think it was improved for us as approved, called to help by the headcount reduction or the natural reduction in headcount.

另外，在你們已經談到的內容中，毛利成長 14% 與營業費用（OpEx）約 9.5% 之間的差距非常明顯。我知道你們在增量（incremental）的問題上已經回答過，但營業費用成長低於兩位數（我想對我們來說是改善、也符合預期）的程度，有多少是來自人力縮減或自然的人力減少所帶來的幫助？

And is that a trend going forward, how we should think about headcount total OpEx growth and maybe headcount growth as well, if you have any thoughts on that?

以及這是否會成為未來的趨勢——我們應該如何看待總人力、總營業費用成長，或甚至人力成長，如果你有任何想法的話？

Yeah, the largest driver, you're right, was headcount. Second was occupancy expenses. And so, we're not providing guidance on these elements is the thing, but we're -- this is not like -- as you can tell from our comments around what's driving this, there is a structural benefit to our headcount and in fact direct/indirect impact on our occupancy that we see going forward.

是的，最大的驅動因素，你說得對，是人力。第二是場地／辦公室使用成本（occupancy expenses）。所以，我們不會就這些要素提供指引，這是重點；但——從我們對驅動因素的評論你也看得出來——我們在人力方面有結構性的效益，而且事實上，我們也看到這對場地成本有直接／間接的影響，並會延續到未來。

And so, we've got a little more runway on getting better usage of tools, putting work in the right place, call it optimizing our footprint. Of course, we're going to keep adding hubs and doing those things and some of that could be footprint changes from the branch side. So we're going to constantly pursue cost opportunities and efficiency opportunities while focusing on number one, growing the business.

因此，在更好地使用工具、把工作放在正確的位置、也就是優化我們的據點配置（footprint）方面，我們還有一些空間可以繼續推進。當然，我們會持續新增樞紐（hubs）並做這些事情，其中一部分也可能來自分支端的據點調整。所以我們會在專注於第一要務——成長業務——的同時，持續追求成本機會與效率機會。

And so, yes, I just want to reiterate, this is not a blip like a one-time blip. It's more of a structural improvement in way of working within our sales force primarily. And I shouldn't exclude just the sales force, it's our labor. Okay, thank you.

所以，是的，我想再強調一次，這不是一次性的短暫現象。這更像是我們工作方式上的結構性改善，主要發生在我們的銷售團隊之中。而且我不應該只限於銷售團隊，這是我們整體勞動力（labor）的改善。好的，謝謝。

Thank you very much.

非常感謝。

Thank you. So let's say we've come to the end of our time. I'll just kind of close it out with this. My thanks again to the Blue team. Q3 was strong and it was led by share gains. Earnings grew faster than sales, operating margin expanded and returns on capital remained excellent.

謝謝。那麼我們的時間差不多到了。我就用這段做個結尾。再次感謝 Blue 團隊。第三季表現強勁，主要由市占提升所帶動。獲利成長快於營收，營業利益率擴張，資本報酬率也維持優異。

Now, we still have some work to do, I think, on the price/cost and maybe some of our execution, but the strategy is working and the blue team is executing. So we're staying very disciplined.

現在，我認為我們在價差（price/cost）以及部分執行面上仍有一些工作要做，但策略正在奏效，Blue 團隊也在落實執行。因此我們會保持高度紀律。

And I just want to thank you all for your time today, and hope you have a great rest of your week. Thank you.

也非常感謝各位今天撥冗參與，祝各位本週接下來一切順利。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines this time. We thank you for your participation. Have a wonderful day.

謝謝。今天的電話會議到此結束。此刻您可以掛斷電話線。感謝您的參與。祝您有美好的一天。