Ferguson Enterprises Inc (FERG) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Ferguson's third-quarter results conference call. My name is Lydia, and I'll be coordinating your call today.

大家好，歡迎參加費格森第三季業績電話會議。我叫莉迪亞，今天我將負責協調您的通話。

I'd now like to turn the call over to Brian Lantz, Vice President of Investor Relations and Communications. The floor is yours. Please go ahead.

現在我想將電話轉給投資人關係和傳播副總裁 Brian Lantz。現在輪到你了。請繼續。

Good morning, everyone, and welcome to Ferguson's third-quarter earnings conference call and webcast. Hopefully, you've had a chance to review the earnings announcement we issued this morning. The announcement is available in the Investors section of our corporate website and on our SEC filings web page. A recording of this call will be made available later today.

大家早安，歡迎參加弗格森第三季財報電話會議和網路廣播。希望您有機會閱讀我們今天早上發布的收益公告。該公告可在我們公司網站的投資者部分和美國證券交易委員會 (SEC) 文件網頁上查閱。此次通話的錄音將於今天稍晚公佈。

I want to remind everyone that some of our statements today may be forward-looking and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, including the various risks and uncertainties discussed in our Form 10-K available on the SEC's website.

我想提醒大家，我們今天的一些聲明可能是前瞻性的，並且受某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測存在重大差異，包括美國證券交易委員會網站上提供的 10-K 表中討論的各種風險和不確定性。

Also, any forward-looking statements represent the company's expectations only as of today, and we disclaim any obligation to update these statements. In addition, on today's call, we will also discuss certain non-GAAP financial measures. Therefore, all references to operating profit, operating margin, diluted earnings per share, effective tax rate and earnings before interest, taxes, depreciation and amortization reflect certain non-GAAP adjustments.

此外，任何前瞻性陳述僅代表本公司截至今天的預期，我們不承擔更新這些陳述的任何義務。此外，在今天的電話會議上，我們還將討論某些非公認會計準則財務指標。因此，所有提及營業利潤、營業利潤率、稀釋每股收益、有效稅率和息稅折舊攤銷前利潤均反映了某些非 GAAP 調整。

Please refer to our earnings presentation and announcement on our website for additional information regarding those non-GAAP measures, including reconciliations to their most directly comparable GAAP financial measures.

有關這些非 GAAP 指標的更多信息，包括與最直接可比較的 GAAP 財務指標的對賬，請參閱我們網站上的收益報告和公告。

With me on the call today are Kevin Murphy, our CEO; and Bill Brundage, our CFO. I will now turn the call over to Kevin.

今天與我一起參加電話會議的還有我們的執行長凱文墨菲 (Kevin Murphy) 和我們的財務長比爾布倫戴奇 (Bill Brundage)。現在我將電話轉給凱文。

Thank you, Brian, and welcome, everyone, to Ferguson's third quarter results conference call. On today's call, I'll cover highlights of our third quarter performance. I'll also provide a more detailed view of our performance by end market, customer group and our growth initiatives before turning the call over to Bill for the financials. I'll then come back at the end and give some closing comments before Bill and I take your questions. Our associates continue to take care of our customers, outperformed the market and drove strong growth in the third quarter.

謝謝布萊恩，歡迎大家參加費格森第三季業績電話會議。在今天的電話會議上，我將介紹我們第三季業績的亮點。在將電話轉給比爾討論財務狀況之前，我也會更詳細地介紹我們在終端市場、客戶群和成長計畫方面的表現。然後，我會在最後回來並做一些總結性的評論，然後比爾和我回答你們的問題。我們的員工繼續照顧我們的客戶，超越市場並在第三季推動強勁成長。

Sales of $7.6 billion increased 4.3% over prior year, driven by organic growth of 5% and acquisition growth of 1% despite 1 fewer sales day and foreign exchange, which had a combined 1.7% negative impact. We delivered a 31% gross margin, which strengthened sequentially by 130 basis points. This was driven by our actions to better capture the value we deliver to customers while maintaining market share gains as well as the impact from moderating deflation.

銷售額達 76 億美元，較上年增長 4.3%，其中有機增長 5% 和收購增長 1%，儘管銷售日數減少 1 天且外匯影響合計產生 1.7% 的負面影響。我們的毛利率達到 31%，比上一季提高了 130 個基點。這是因為我們採取行動更好地捕捉我們為客戶提供的價值，同時保持市場份額的成長以及緩和通貨緊縮的影響。

Strong volume growth, gross margin improvement, moderating deflation and the early benefits of streamlining our business drove profitable growth. Operating profit increased 6.1% and operating margin expanded 20 basis points to 9.4%.

強勁的銷售成長、毛利率提高、通貨緊縮緩和以及業務精簡的早期效益推動了獲利成長。營業利益成長 6.1%，營業利益率擴大 20 個基點至 9.4%。

Diluted earnings per share increased 7.8% over the prior year to $2.50. We continue to execute our capital priorities, deploying approximately $690 million during the quarter, including completing three acquisitions and returning $417 million to shareholders through share repurchases and dividends.

稀釋每股收益較上年成長7.8%，達到2.50美元。我們繼續執行資本優先事項，本季部署了約6.9億美元，包括完成三項收購，並透過股票回購和股息向股東返還4.17億美元。

Our balance sheet remains strong with net debt to EBITDA of 1.2 times. While we're in a dynamic and uncertain environment, we remain confident in our markets over the medium term. We continue to balance investment in key strategic opportunities, leveraging multiyear tailwinds in both residential and nonresidential end markets as we look to support the complex project needs of our specialized professional customers.

我們的資產負債表依然強勁，淨負債與 EBITDA 比率為 1.2 倍。儘管我們處於一個動態和不確定的環境中，但我們對中期市場仍然充滿信心。我們持續平衡對關鍵策略機會的投資，利用住宅和非住宅終端市場的多年順風，尋求支持專業客戶的複雜專案需求。

Turning to our performance by end markets in the United States. Net sales grew 4.5% as we drove volume growth with moderating headwinds from deflation. The residential end market, which comprises approximately half of US revenue, remains subdued. Our teams grew revenue in our residential end market by approximately 2% in the quarter, primarily driven by our HVAC growth initiative.

轉向我們在美國終端市場的表現。由於我們利用通貨緊縮帶來的阻力推動銷售成長，淨銷售額成長了 4.5%。約占美國收入一半的住宅終端市場仍低迷。本季度，我們的團隊在住宅終端市場的收入成長了約 2%，這主要得益於我們的 HVAC 成長計畫。

Nonresidential end markets, representing just under half of US revenue, saw stronger growth than residential end markets with increased activity on large capital projects. We continue to grow share with nonresidential revenue growth of approximately 7%.

非住宅終端市場占美國總收入的近一半，其成長比住宅終端市場更為強勁，大型資本項目活動增加。我們的份額持續成長，非住宅收入成長約 7%。

We delivered mid to high single-digit growth across commercial and industrial end markets with low double-digit growth in civil infrastructure. Our intentional balanced end market exposure and focus on key growth initiatives continue to position us well in both the current environment and well into the future.

我們在商業和工業終端市場實現了中高個位數成長，在民用基礎設施市場實現了低兩位數成長。我們有意平衡終端市場曝光度並專注於關鍵成長計劃，這將使我們在當前環境和未來繼續處於有利地位。

Moving now to revenue performance across our customer groups in the United States. Our HVAC customer group continues to deliver strong growth with an increase of 10% in the quarter. I'll expand on our HVAC growth investments in a moment. Residential trade plumbing revenues declined 1%, broadly consistent with recent quarters. The business faced continued headwinds in new construction and ongoing price deflation, while repair, maintenance and improvement is performing better.

現在轉向我們在美國的客戶群的收入表現。我們的 HVAC 客戶群持續保持強勁成長，本季成長了 10%。我稍後將詳細介紹我們的 HVAC 成長投資。住宅貿易管道收入下降了 1%，與最近幾季的情況大致一致。該業務在新建築和持續的價格通貨緊縮方面繼續面臨阻力，而維修、維護和改進的表現則更好。

We've recently merged residential building and remodel and residential digital commerce customer groups into a unified brand called Ferguson Home. Ferguson Home provides a seamless omnichannel experience for our customers. Our focus on the higher-end project is driving growth despite the overall softness in broader remodel activity.

我們最近將住宅建築和改造以及住宅數位商務客戶群合併為一個名為 Ferguson Home 的統一品牌。Ferguson Home 為我們的客戶提供無縫的全通路體驗。儘管整體改造活動表現疲軟，但我們對高端專案的關注仍在推動成長。

Strong Waterworks growth of 12% in the quarter was driven by activity in public works, municipal and our broader diversification efforts. Both Waterworks and Commercial/Mechanical continue to see strong activity on large capital projects.

本季水務業務強勁成長 12%，這得益於公共工程、市政工程以及我們更廣泛的多元化努力。水廠和商業/機械行業的大型資本項目活動持續活躍。

Commercial/Mechanical revenue grew 10%, and our open order levels continue to grow. Our Industrial, Fire and Fabrication and Facility Supply Customer groups delivered a combined net sales decline of 1% as commodity deflation continued, particularly in our Fire and Fabrication business.

商業/機械收入成長了 10%，我們的未結訂單水準持續成長。由於大宗商品通貨緊縮持續，我們的工業、消防和製造以及設施供應客戶集團的綜合淨銷售額下降了 1%，尤其是在我們的消防和製造業務中。

Collaboration across multiple customer groups and our unique position in the market continue to be an advantage. Despite near-term headwinds, we continue to be pleased with the results of our four key growth areas.

跨多個客戶群的合作以及我們在市場上的獨特地位繼續成為我們的優勢。儘管近期面臨阻力，但我們對四個主要成長領域的業績仍然感到滿意。

The third-quarter performance shows ongoing returns from these multiyear investments. HVAC revenue up 10% in the third quarter reflects our focus and investments to expand our HVAC capabilities, both organically and through acquisitions. Our multipronged approach, which includes leveraging the synergy between our residential trade plumbing and HVAC customer groups continues to drive market outperformance. We've completed more than 550 counter conversions to serve our dual trade contractors.

第三季的業績顯示這些多年投資正在持續獲得回報。第三季 HVAC 營收成長 10%，反映了我們對擴大 HVAC 能力的關注和投資，包括內部發展和收購。我們的多管齊下的方法，包括利用我們的住宅貿易管道和暖通空調客戶群之間的協同作用，繼續推動市場表現優異。我們已經完成了 550 多個櫃檯轉換，為我們的雙重貿易承包商提供服務。

Our HVAC presence continues to grow geographically through both organic expansion and acquisitions. We're addressing the needs of the market by partnering with a variety of HVAC equipment vendors to offer our customers a range of choices, including our own Durastar brand.

透過有機擴張和收購，我們的 HVAC 業務在地理上持續擴張。我們透過與各種 HVAC 設備供應商合作來滿足市場需求，為我們的客戶提供一系列選擇，包括我們自己的 Durastar 品牌。

Waterworks revenue grew 12% in the quarter. We're committed to diversifying our Waterworks business to create a best-in-class capability set that addresses the nation's infrastructure needs. We provide solutions for water, wastewater and storm water management as well as erosion control, urban green infrastructure, treatment plant construction, meters and metering technology.

本季水務收入成長了 12%。我們致力於水務業務多元化，打造一流的能力體系，滿足國家基礎建設需求。我們提供水、廢水和雨水管理以及侵蝕控制、城市綠色基礎設施、處理廠建設、儀表和計量技術的解決方案。

Our unique approach to large capital projects, bringing together the capabilities of underground waterworks infrastructure, commercial and industrial pipe valve and fitting and fire protection create a compelling solution for large capital projects and has been a driving force behind nonresidential growth of 7% in the quarter.

我們對大型資本項目的獨特方法，將地下水基礎設施、商業和工業管道閥門和配件以及消防功能結合在一起，為大型資本項目創造了引人注目的解決方案，並成為本季度非住宅增長 7% 的推動力。

We believe our early alignment with owners, engineers and general contractors on these projects, combined with our deep contractor relationships, our scale and our ability to offer a suite of value-added solutions uniquely positions us for success in these projects.

我們相信，我們在這些專案中與業主、工程師和總承包商的早期合作，加上我們與承包商的深厚關係、我們的規模以及我們提供一系列增值解決方案的能力，使我們在這些專案中獲得了獨特的成功。

The February launch of Ferguson Home represents another compelling example of the value our multi-customer group approach brings to the market. We spent years developing best-in-class experience for our showroom and our digital platform for new construction, light remodel and decorative markets.

二月推出的 Ferguson Home 是我們多客戶群方法為市場帶來的價值的另一個引人注目的例子。我們花了數年時間為我們的展廳和新建築、輕型改造和裝飾市場的數位平台開發一流的體驗。

Ferguson Home is the unified brand of residential building and remodel and residential digital commerce, fully integrating our showroom and digital channels to offer our customers a seamless project-based experience. Our scale delivered locally with the cohesiveness of our customer groups is a true competitive advantage. We continue to invest in key growth areas that capitalize on multiyear tailwinds and drive outperformance.

Ferguson Home 是住宅建築和改造以及住宅數位商務的統一品牌，全面整合我們的展廳和數位管道，為我們的客戶提供無縫的專案為基礎的體驗。我們的本地規模與客戶群的凝聚力是我們真正的競爭優勢。我們將繼續投資關鍵成長領域，利用多年的順風優勢，推動績效優異。

I'll now pass you to Bill, who'll discuss the financial results in more detail.

現在我將把您交給比爾，他將更詳細地討論財務結果。

Thank you, Kevin, and good morning, everyone. Net sales of $7.6 billion were 4.3% ahead of last year. Organic revenue increased 5% with an additional 1% from acquisitions, partially offset by 1.7% from 1 fewer sales day and the adverse impact of foreign exchange. During the quarter, we saw deflation moderate with the pricing environment broadly flat. We saw improvement in finished goods pricing, offset by continued weakness in certain commodity categories.

謝謝你，凱文，大家早安。淨銷售額達 76 億美元，較去年同期成長 4.3%。有機收入成長 5%，其中收購貢獻了 1%，但因銷售日數減少 1 天以及外匯的不利影響而導致的 1.7% 的成長被部分抵消。本季，我們看到通貨緊縮有所緩和，價格環境基本上穩定。我們看到成品價格有所改善，但某些商品類別的持續疲軟抵消了這種改善。

While we have seen some instances of pull-forward buying activity from customers in the quarter, this is difficult to quantify, and we do not believe this has had a material impact on the overall performance. Gross margin of 31% increased 50 basis points over last year, driven by specific actions taken to better capture the value we deliver to customers while also maintaining market share gains as well as the positive impact of moderating deflation.

雖然我們在本季看到了一些客戶提前購買活動的例子，但這很難量化，而且我們認為這不會對整體業績產生實質影響。毛利率為 31%，較去年同期成長 50 個基點，這得益於我們採取的具體行動，以更好地捕捉我們為客戶提供的價值，同時保持市場份額的成長以及通貨緊縮緩和的正面影響。

We tightly managed operating costs with the growth being driven by higher volumes, cost inflation and continued selective investments in core capabilities for future growth. As a result, operating profit of $715 million was up 6.1% on the prior year, delivering a 9.4% operating margin with 20 basis points of expansion over the prior year. Diluted earnings per share of $2.50 was 7.8% ahead of last year, driven by operating profit growth and the impact of share repurchases.

我們嚴格管理營運成本，成長動力來自更高的銷售、成本上漲以及對未來成長的核心能力的持續選擇性投資。因此，營業利益達 7.15 億美元，較上年成長 6.1%，營業利益率達 9.4%，較前一年擴大 20 個基點。每股攤薄收益為 2.50 美元，比去年同期成長 7.8%，這得益於營業利潤成長和股票回購的影響。

And our balance sheet remains strong at 1.2 times net debt to EBITDA. As we discussed in the second quarter, we took targeted actions to streamline operations, enhance speed and efficiency to better serve our customers and drive further profitable growth.

我們的資產負債表依然強勁，淨負債與 EBITDA 比率為 1.2 倍。正如我們在第二季度所討論的那樣，我們採取了有針對性的措施來簡化運營，提高速度和效率，以更好地服務客戶並推動進一步的盈利增長。

Consequently, we incurred a non-recurring business restructuring charge of $68 million, principally related to severance costs. These actions reduce complexity in the organization and will speed up decision-making. We expect the changes to deliver approximately $100 million of annualized cost savings.

因此，我們產生了 6,800 萬美元的非經常性業務重組費用，主要與遣散費有關。這些行動降低了組織的複雜性並加快了決策速度。我們預計這些變化將帶來每年約 1 億美元的成本節約。

Moving to our segment results. Net sales in the US grew 4.5% with an organic increase of 5% and a 1% contribution from acquisitions, partially offset by a 1.5% impact from one fewer sales day. Operating profit of $726 million increased $41 million over the prior year, delivering an operating margin of 10%. In Canada, net sales were 0.3% below last year, with organic growth of 3% and a 2.8% contribution from acquisitions, offset by a 4.4% adverse impact from foreign exchange rates and a 1.7% impact from 1 fewer sales day.

轉向我們的分部業績。美國淨銷售額成長 4.5%，其中有機成長 5%，收購貢獻 1%，但因銷售日減少 1 天而產生的 1.5% 的影響部分抵消了這一增長。營業利益為 7.26 億美元，較上年增加 4,100 萬美元，營業利益率為 10%。在加拿大，淨銷售額比去年下降 0.3%，其中有機成長 3%，收購貢獻 2.8%，但外匯匯率造成的 4.4% 的不利影響以及銷售日減少 1 天造成的 1.7% 的影響抵消了這一影響。

Residential activity has continued to be soft with nonresidential activity remaining more resilient. Operating profit was $8 million in the quarter, $2 million above the prior year. Turning to our year-to-date results. Our associates delivered volume growth in a period challenged by commodity-led deflation and subdued end markets. Net sales were 2.7% ahead of last year, with organic growth of 2.2% and an acquisition contribution of 1.1%, partially offset by 0.6% from the adverse impact of one fewer sales day and foreign exchange rates.

住宅活動持續疲軟，而非住宅活動則保持較強的彈性。本季營業利潤為 800 萬美元，比去年同期高出 200 萬美元。談談我們今年迄今為止的業績。在大宗商品導致的通貨緊縮和終端市場低迷的時期，我們的員工實現了銷售成長。淨銷售額比去年增長 2.7%，其中有機增長 2.2%，收購貢獻 1.1%，但因銷售日減少和外匯匯率的不利影響而減少 0.6%，部分抵消了這一增長。

Deflation was over 1% year-to-date. Gross margin was 30.3%, down 10 basis points. Operating profit of $1.9 billion was down 4.9% compared to the prior year, delivering an 8.4% operating margin. And diluted earnings per share of $6.48 was down 3.6%. Next, our cash flow performance.

今年迄今通貨緊縮率已超過1%。毛利率為30.3%，下降10個基點。營業利益為 19 億美元，較前一年下降 4.9%，營業利益率為 8.4%。每股攤薄收益 6.48 美元，下降 3.6%。接下來是我們的現金流表現。

EBITDA of $2 billion was down approximately $80 million on prior year. Working capital investments of approximately $100 million were above the prior year, driven by investments in inventory, along with an increase in receivables driven by sales growth. Interest and tax were down approximately $110 million on the prior year, driven by timing. As a result, operating cash flow was $1.4 billion. We've continued to invest in organic growth through CapEx, investing $235 million, slightly down in the prior year, resulting in free cash flow of $1.15 billion.

EBITDA 為 20 億美元，較上年下降約 8,000 萬美元。營運資本投資約 1 億美元，高於上年，主要由於庫存投資以及銷售額成長帶動應收帳款增加。由於時間因素，利息和稅金較上年下降了約 1.1 億美元。因此，經營現金流為 14 億美元。我們繼續透過資本支出投資於有機成長，投資額為 2.35 億美元，比上年略有下降，產生了 11.5 億美元的自由現金流。

Turning to capital allocation. As previously mentioned, we invested $100 million in working capital and $235 million into CapEx to drive further above-market organic growth. Our Board declared an $0.83 per share quarterly dividend. This is consistent with the second quarter and represents a 5% increase over the prior year, reflecting our confidence in the business and cash generation. We continue to consolidate our fragmented markets through bolt-on geographic and capability acquisitions.

轉向資本配置。如前所述，我們投資了 1 億美元的營運資金和 2.35 億美元的資本支出，以推動進一步高於市場的有機成長。我們的董事會宣布每股 0.83 美元的季度股息。這與第二季度一致，比上年增長了 5%，反映了我們對業務和現金創造的信心。我們繼續透過地理和能力的補充收購來鞏固分散的市場。

We completed three acquisitions during the third quarter, including Independent Pipe and Supply, a leading commercial mechanical business in the Northeast; Light Innovations, a residential building and remodel showroom in Arkansas; and National Fire, a market-leading Fire and Fabrication business operating across Eastern and Western Canada. We've now completed 5 acquisitions year-to-date, and the pipeline remains healthy.

我們在第三季完成了三項收購，包括東北地區領先的商業機械企業 Independent Pipe and Supply、阿肯色州的住宅建築和改造展示廳 Light Innovations 以及業務遍及加拿大東部和西部的市場領先的消防和製造企業 National Fire。今年迄今為止，我們已經完成了 5 項收購，收購管道依然健康。

And finally, we are committed to returning surplus capital to shareholders when we are below the low end of our target leverage range of 1 to 2 times net debt to EBITDA. We've returned $759 million to shareholders via share repurchases year-to-date compared to $421 million in the equivalent prior year period. This year, we have reduced our share count by approximately 4.1 million and now have approximately $1.1 billion outstanding under the share repurchase program.

最後，當我們的槓桿率低於目標槓桿範圍的低端（即淨債務與 EBITDA 比率的 1 至 2 倍）時，我們承諾將剩餘資本返還給股東。今年迄今為止，我們已透過股票回購向股東返還 7.59 億美元，去年同期為 4.21 億美元。今年，我們已將股票數量減少了約 410 萬股，目前根據股票回購計劃，未償還股票約為 11 億美元。

Next, I'll cover our updated guidance for fiscal 2025. We are pleased with our continued market outperformance and solid growth in the quarter. Our markets remain dynamic and uncertain, but given the strong performance in the quarter, we are updating our full-year guidance. We now expect low to mid-single-digit revenue growth, up from our prior expectation of low single-digit growth. And we expect an operating margin range of 8.5% to 9.0%, up from our prior expectation of 8.3% to 8.8%.

接下來，我將介紹我們 2025 財年的最新指導。我們對本季持續維持的市場優異表現和穩健的成長感到滿意。我們的市場仍然充滿活力和不確定性，但鑑於本季的強勁表現，我們正在更新全年指引。我們現在預期營收成長率將達到低至中等個位數，高於我們先前預期的低個位數成長。我們預期營業利潤率範圍為 8.5% 至 9.0%，高於先前預期的 8.3% 至 8.8%。

Interest expense is unchanged at between $180 million to $200 million. Our effective tax rate is expected to be approximately 26%, and we've updated our CapEx estimate to between $300 million to $350 million to reflect the pace of expected capital deployment. We believe we are well positioned as we head into the last quarter of our fiscal year.

利息支出維持不變，介於 1.8 億至 2 億美元之間。我們的有效稅率預計約為 26%，我們已將資本支出估算更新為 3 億至 3.5 億美元之間，以反映預期的資本部署速度。我們相信，在進入財政年度最後一個季度時，我們已經做好了充分的準備。

Thank you, and I'll now pass you back to Kevin.

謝謝，現在我會把麥克風轉交給凱文。

Thank you, Bill. And let me thank our associates who continue to take care of our customers, outperform the market and are driving strong results. Our ability to serve and support the complex needs of our specialized professional customers continues to allow us to gain market share in a challenging environment.

謝謝你，比爾。我還要感謝我們的同事，他們繼續照顧我們的客戶，超越市場並取得強勁的業績。我們能夠滿足專業客戶的複雜需求並提供支持，這讓我們在充滿挑戰的環境中繼續獲得市場份額。

As announced last quarter, we implemented measures to better balance market share gains and capture the value we deliver to our customers. Additionally, we took actions to streamline our business and enhance speed and accountability by reducing complexity and simplifying management structures.

正如上個季度宣布的那樣，我們實施了措施來更好地平衡市場份額的成長並獲得我們為客戶提供的價值。此外，我們還採取措施，透過降低複雜性和簡化管理結構來精簡業務並提高速度和責任感。

We're pleased that these efforts, coupled with deflation moderating a quarter ahead of our expectations, have resulted in operating profit growth and operating margin expansion. We continue to invest in our key growth areas, including HVAC, Waterworks diversification, large capital projects and the recently launched Ferguson Home.

我們很高興看到，這些努力加上通貨緊縮比我們預期提前一個季度緩和，帶來了營業利潤的成長和營業利潤率的擴大。我們繼續投資於我們的關鍵成長領域，包括暖通空調、水廠多樣化、大型資本項目和最近推出的 Ferguson Home。

Our third-quarter performance shows continued returns from these multiyear investments. We believe our markets remain attractive over the medium term, and we continue to invest in our customer-facing associates and our capabilities to drive growth. We're efficiently delivering scale locally to enable our associates to provide exceptional service to our expert customers on their projects.

我們的第三季業績顯示這些多年投資持續帶來回報。我們相信我們的市場在中期內仍具有吸引力，我們將繼續投資於面向客戶的員工和推動成長的能力。我們正在本地高效地提供規模服務，使我們的員工能夠為我們專業客戶的專案提供卓越的服務。

Thank you for your time today. Bill and I are now happy to take your questions. Operator, I'll hand the call back over to you.

感謝您今天抽出時間。比爾和我現在很高興回答你們的問題。接線員，我會把電話轉回給您。

(Operator Instructions) John Lovallo, UBS.

（操作員指示）瑞銀 (UBS) 的 John Lovallo。

The first one is, organic volume was 5% year-over-year in the US, and it's accelerated now for the past few quarters. I mean how much of this strength would you attribute to kind of the internal initiatives versus an improving underlying market? And how sustainable are these levels of organic growth as we move forward?

首先，美國的有機銷量年增了 5%，過去幾季的成長速度還在加快。我的意思是，您認為這種優勢在多大程度上歸功於內部舉措，而不是不斷改善的潛在市場？隨著我們不斷前進，這些有機成長水準的可持續性如何？

Yes, John, thank you. We were obviously pleased with 5% organic growth. I think if you look back at what we've been trying to accomplish, especially in the nonresidential side of the world, it is bringing scale benefits and a multi-customer group approach to large capital projects. And that large capital project landscape is really the strength behind the nonresidential market because the rest of the traditional nonres market is still in a challenging space. And as we've said historically, we think that, that market starts to step through '25, peak in '26 and '27.

是的，約翰，謝謝你。我們顯然對 5% 的有機成長感到滿意。我認為，如果你回顧我們一直在努力實現的目標，特別是在非住宅領域，它正在為大型資本項目帶來規模效益和多客戶群方法。大型資本項目格局確實是非住宅市場背後的力量，因為其他傳統非住宅市場仍然處於充滿挑戰的境地。正如我們過去所說的那樣，我們認為市場將在 25 年開始走高，並在 26 年和 27 年達到頂峰。

And so I think we're seeing a little bit of that play through as well as the team delivering value for not only the contractor, but also across contractors from water, wastewater, storm water through commercial mechanical piping through fire suppression. So we're pleased with that on the non-res side.

因此，我認為我們看到了這一點，團隊不僅為承包商創造了價值，也為從水、廢水、雨水到商業機械管道再到消防的承包商創造了價值。因此，我們對非房地產的表現感到滿意。

And then on the residential side, it really has been a focused effort to expand our HVAC capabilities across the nation, make sure that we can offer the best experience for a dual trade contractor inside of our counters, but also with our associate base who deliver real purity of purpose for the unique needs of the HVAC and trade plumbing contractor, but at the same time, giving them one place to shop.

在住宅方面，我們一直致力於在全國範圍內擴大我們的暖通空調 (HVAC) 能力，確保我們能夠為櫃檯內的雙重貿易承包商提供最佳體驗，同時也為我們的合作夥伴提供真正純粹的體驗，滿足暖通空調和貿易管道承包商的獨特需求，但同時，為他們提供一個購物場所。

And so from that perspective, we think we've been able to outperform the market, and we're really pleased with those initiatives.

因此從這個角度來看，我們認為我們已經能夠超越市場，我們對這些舉措感到非常滿意。

Understood. And then on the gross margin, 31% in the quarter, that was particularly strong, I think, up about 50 basis points year over year on sales that were up about 4%. I mean, was there any mix impact to call out there? And how should we sort of think about gross margin from the third quarter to the fourth quarter, given the expected increase in sales?

明白了。然後就毛利率而言，本季為 31%，我認為這一數字特別強勁，同比增長約 50 個基點，銷售額增長了約 4%。我的意思是，是否存在任何需要注意的混合影響？考慮到預期的銷售額成長，我們應該如何看待第三季到第四季的毛利率？

Yes, John, this is Bill. Thanks for the question. Not a significant mix impact there, although given the strength of the non-res business, as we've quoted in the past, that can have a little bit of a headwind on overall gross margin.

是的，約翰，我是比爾。謝謝你的提問。儘管考慮到非住宅業務的強勁表現（正如我們過去所提到的），這可能會對整體毛利率產生一些阻力，但這並不會對組合產生顯著的影響。

But given the actions that we took in Q2, if you go back to Q2 when we printed just slightly under 30% gross margin, we had talked about some actions we had taken across our teams with our price matrix, with our sales force, et cetera, to ensure that we were appropriately charging for the value that we provide in the market. And we had talked about the fact that we had seen early returns of those actions as we exited Q2 and into Q3.

但考慮到我們在第二季度採取的行動，如果你回顧一下第二季度，當時我們的毛利率略低於 30%，我們曾討論過我們團隊採取的一些行動，包括我們的價格矩陣、銷售人員等等，以確保我們根據我們在市場上提供的價值收取適當的費用。我們曾討論過這樣一個事實：當我們退出第二季並進入第三季時，我們已經看到了這些行動的早期回報。

We were pretty pleased that those continue to play through into Q3. So those actions, coupled with the fact that deflation did moderate a bit ahead of our expectation in terms of timing, that enabled us to put up a very strong gross margin in Q3.

我們非常高興這些成果能夠延續到第三季。因此，這些舉措，再加上通貨緊縮在時間上確實比我們預期的要早一些緩和，使我們能夠在第三季度實現非常強勁的毛利率。

We would anticipate gross margins will remain above 30% as we step through Q4. It is still a very uncertain environment, and there are a lot of factors out there that are out of our control in terms of tariff announcements and price increases. But we feel pretty confident that our margins will be quite solid in the fourth quarter.

我們預計第四季的毛利率將維持在 30% 以上。現在的環境仍然非常不確定，在關稅公告和價格上漲方面，有很多因素是我們無法控制的。但我們非常有信心，第四季的利潤率將相當穩固。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Well, guys, congrats on a really strong quarter. You really put together the volume piece and margin, so congrats once again. I guess on the commercial and industrial side, really outsized growth. And I guess we shouldn't be surprised since you've called out share gains and strong bidding activity for some time, but really nice to see that inflect in a much bigger way. Just given the longer lead times, just give us some color on how bidding activity is progressing?

好吧，夥計們，祝賀你們取得瞭如此強勁的季度業績。您確實將音量和利潤整合到了一起，所以再次祝賀您。我想，在商業和工業方面，確實存在著超大的成長。我想我們不應該感到驚訝，因為您已經呼籲一段時間內的股價上漲和強勁的競標活動，但看到這種變化以更大的方式進行確實令人高興。鑑於交貨時間較長，能否向我們透露投標活動的進展？

And then how do you see this progression, I think you said perhaps 2026 peaking. Should we expect the year-over-year percentage kind of accelerating here and some of the drag you kind of called out last quarter on margins, is that going to dissipate as we kind of go into this next phase of growth?

那麼您如何看待這一進展，我想您說過也許 2026 年達到頂峰。我們是否應該預期這裡的年成長率會加速，而上個季度您提到的利潤率的一些拖累因素，在我們進入下一階段的成長時會消失嗎？

Yes. And Phil, when we called out the margin profile for large capital projects, we called out it potentially could be a headwind on gross margin, but the cost to serve should be appropriate such that we can drive similar operating margins.

是的。菲爾，當我們談到大型資本項目的利潤率時，我們指出這可能會對毛利率造成不利影響，但服務成本應該是合適的，這樣我們才能獲得類似的營業利潤率。

When you look at the bidding activity that's out there, we still see good strength, although it may have changed slightly in terms of what that large capital project landscape looks like. As you can imagine, the data center activity remains strong. And as we look across that funnel of opportunities, the overall landscape appears to continue to grow.

當你觀察現有的投標活動時，我們仍然看到良好的實力，儘管大型資本項目的情況可能略有變化。正如您所想像的，資料中心的活動依然強勁。當我們審視這些機會時，我們發現整體情況似乎持續好轉。

Our open order volumes in the commercial mechanical space as well as overall large capital projects continues to grow. And although we keep our eyes open for any pause in activity or any cancellation of projects, we still feel good about what's going on there. And so that's really the strength in the nonresidential market as the traditional side of the house is still in a challenging spot.

我們在商業機械領域以及整體大型資本項目的未結訂單量持續成長。儘管我們時刻關注著活動的暫停或項目的取消，但我們仍然對那裡發生的事情感到滿意。因此，這確實是非住宅市場的優勢，因為傳統的房屋市場仍然處於挑戰之中。

Super. And then Kevin, you kind of alluded to this and perhaps Bill as well. But it's anything but predictable on the tariffs front, and we got some news yesterday on steel and aluminum. But how are your suppliers managing price increases in that backdrop? And I guess, more importantly, how are you managing price cost and the impact it could have on gross margins?

極好的。然後凱文，你提到了這一點，也許比爾也提到了這一點。但關稅方面的情況難以預測，昨天我們得到了一些有關鋼鐵和鋁的消息。但在這種背景下，您的供應商如何應對價格上漲？我想，更重要的是，您如何管理價格成本及其對毛利率的影響？

I know plumbing and lighting, a lot of that is coming from China. So when you kind of think about that dynamic, encouraging to hear gross margin is still pretty good in the fourth quarter. But kind of give us a little perspective on that front? And then how are you managing price gaps versus big box because some of the retailers have actually talked about pushing back on tariffs induced price increases from some of the suppliers?

我了解管道和照明，其中很多都來自中國。因此，當您考慮這種動態時，聽到第四季度的毛利率仍然相當不錯是令人鼓舞的。但您能給我們一些這方面的看法嗎？那麼，您如何管理與大型商場之間的價格差距，因為一些零售商實際上已經談到要抵制一些供應商因關稅而導致的價格上漲？

Yes. Maybe if I take a step back, as you know, we're coming off of 6 consecutive quarters of deflation. And although this is an extremely dynamic environment and as you suggested, the landscape really evolves and changes by the day. Our pricing strategy, though, hasn't changed. As you know, we work really to compete not solely on price, but really on the value that we provide to what is a project-based business.

是的。也許如果我退一步來看，如你所知，我們已經擺脫了連續六個季度的通貨緊縮。儘管這是一個極具活力的環境，正如您所說，景觀確實每天都在演變和變化。但我們的定價策略並沒有改變。如您所知，我們真正努力的不僅僅是價格競爭，而是我們為基於專案的業務提供的價值競爭。

And as we suggested last quarter, the industry was moving back to an annual price increase environment, and we knew that was going to happen, and we saw that play through. And there is no singular response to how a vendor is going to be approaching both the tariff landscape as well as the overall pricing landscape. As you know, we source product from over 36,000 different suppliers. And so the industry was moving back to annual price increases. As reciprocals were announced, obviously, there was a wide variety of responses.

正如我們上個季度所指出的，該行業正在回歸年度價格上漲的環境，我們知道這將會發生，我們也看到了這一進程。對於供應商如何應對關稅格局以及整體定價格局，並沒有單一的答案。如您所知，我們從超過 36,000 個不同的供應商採購產品。因此，該行業又回到了每年漲價的局面。當互惠協議宣布後，顯然會出現各種各樣的反應。

And then as reciprocals were paused, some manufacturers pulled back on those increases. But if we look forward, we still believe that pricing across the industry will be positive, but it is difficult, if not impossible, to predict what that level is going to look like.

隨後，隨著互惠政策暫停，一些製造商撤回了漲價。但如果我們展望未來，我們仍然相信整個行業的定價都將是積極的，但很難（甚至不可能）預測該水平將會是什麼樣子。

For us, what we're going to do is we're going to make sure that we're always working with our customers on bidding activity to make sure that we can put the right product for their application so that they can complete their project on time and on budget and making sure they've got availability as well as the right price and application is paramount to us. And that's what our teams are working on every single day on hundreds of line items for projects in every market across the country. And so that's really the pricing strategy that we've always adopted and we'll continue to adopt.

對我們來說，我們要做的就是確保我們始終與客戶合作進行投標活動，以確保我們能夠為他們的應用提供正確的產品，以便他們能夠按時、按預算完成項目，並確保他們有可用性以及正確的價格和應用對我們來說至關重要。這就是我們的團隊每天為全國各市場數百個專案所做的工作。這就是我們一直採用的定價策略，並且我們將繼續採用。

And Phil, maybe just to build on that, as Kevin said, we believe pricing is moving in a positive direction or moving up across the industry. To date, roughly two-thirds of our branded suppliers have announced some sort of increase. So that's across the industry. I'd tell you, on average, those increases, and there is a wide variety of responses, as Kevin suggested. But on average, those have been broadly in the mid-single-digit price increase range.

菲爾，也許只是為了在此基礎上，正如凱文所說，我們相信整個行業的定價正在朝著積極的方向發展或上漲。到目前為止，大約有三分之二的品牌供應商已經宣布了某種形式的漲價。整個產業都是如此。我想告訴你，平均而言，這些數字有所增加，而且正如凱文所說的那樣，有各種各樣的反應。但平均而言，這些價格漲幅大致處於個位數中段。

It is hard to say, to Kevin's point, where that's going to settle. And then I'd also just remind you that still through the third quarter, our commodity basket as a basket was still in about mid-single-digit deflation. So we've got certain commodities that are moving up and certain commodities that are still under pressure. So net-net, as we look forward, we think price is going to move into mild inflation as we step through the fourth quarter. But again, it still remains very much a live action game and very uncertain at this point.

就凱文的觀點而言，很難說這個問題將如何解決。然後我還要提醒大家，到第三季度，我們的商品籃子仍然處於大約個位數的通貨緊縮狀態。因此，我們發現某些商品的價格正在上漲，而某些商品的價格仍然承受壓力。因此，總體而言，展望未來，我們認為，進入第四季度，價格將進入溫和通膨狀態。但同樣，它仍然是一款真人遊戲，目前還非常不確定。

And 90% of our revenue is driven through branded suppliers. And those branded suppliers are principally domestic suppliers here in the US.

我們 90% 的營收來自品牌供應商。這些品牌供應商主要是美國國內的供應商。

But you guys broadly feel pretty good about managing that price cost at least in a neutral fashion and gross margin even positive in this backdrop?

但是，你們總體上感覺至少可以以中性的方式管理價格成本，並且在這種背景下毛利率甚至是正的，這感覺很好嗎？

We do. And generally, as price moves up, as you've seen in the past, there can be a bit of short-term gross margin expansion. But over the long term, we expect to maintain our gross margins and then durably grow those gross margins based on the value we provide, the services we provide and charging for that value. So we feel good about our ability to manage gross margins through this period.

是的。一般來說，隨著價格上漲，正如您過去所看到的，短期毛利率可能會擴大。但從長遠來看，我們希望維持我們的毛利率，然後根據我們提供的價值、我們提供的服務以及針對該價值的收費持續增加這些毛利率。因此，我們對在此期間管理毛利率的能力感到滿意。

Sam Reid, Wells Fargo.

富國銀行的薩姆·里德。

I wanted to dig a little deeper into Waterworks. Look, the growth here continues to accelerate. And you called out a lot of individual buckets behind the strength, wastewater, storm water, meters, erosion control.

我想更深入地了解 Waterworks。瞧，這裡的成長還在持續加速。您在強度、廢水、雨水、儀表、侵蝕控制等背後提到了許多單獨的桶。

So just maybe contextualize any relative outperformers within that group of waterworks subcategories just so we have a sense as to whether this sort of growth can persist into the fourth quarter? And then could you drill down a little bit on how bidding activity looks in Waterworks, particularly for the part of this business that's tied to new resi?

那麼，也許可以將水廠子類別中任何相對錶現優異的企業放在一起分析，這樣我們就能知道這種成長是否能夠持續到第四季？然後，您能否深入了解 Waterworks 的競標活動情況，特別是與新住宅相關的業務部分？

Yes, Sam, certainly. And I guess I'll start with -- I couldn't be more proud to be associated with our Waterworks team. They have done a fantastic job of diversifying this business over the years. When I started in Waterworks with this company, we were very much a new residential construction company. And today, we have a broadly diversified business that is very good from, yes, residential, yes, traditional commercial, but heavy public works, water, wastewater treatment plant, urban green infrastructure and soil stabilization and meters and metering technology.

是的，山姆，當然了。我想首先要說的是──我非常自豪能夠加入我們的水務團隊。多年來，他們在實現業務多元化方面做出了卓越的貢獻。當我開始在 Waterworks 公司工作時，我們還是一家新興的住宅建築公司。如今，我們的業務已廣泛多元化，不僅涵蓋住宅、傳統商業，還涵蓋重型公共工程、水務、污水處理廠、城市綠色基礎設施和土壤穩定以及儀表和計量技術。

And so that diversification has served us well. We saw good growth on the public works side of the business. We saw good work in water and wastewater treatment plant production, where we continue to invest in capabilities to make sure that we're right for the project. And so that really has pushed the growth, but I've also got to say that their impact on the large capital project being the first in on those large capital projects has also been a source of growth. You asked about residential new construction bidding activity.

因此，多樣化對我們很有幫助。我們看到公共工程業務方面取得了良好的成長。我們在水和廢水處理廠生產方面取得了良好的成績，我們將繼續投資於相關能力，以確保我們適合該專案。這確實推動了成長，但我還必須說，他們對大型資本項目的影響，作為這些大型資本項目的先驅，也是成長的來源。您詢問了住宅新建建築招標活動。

We actually have been surprised by the supportive level of residential new construction bidding activity that's happened over the course of the last, call it, 60 to 90 days. Now that said, that bidding activity doesn't always translate into projects that are going to be released. And even if those projects are going to be released, it's very difficult to say whether all sections or phases of those new residential projects are going to be released. So we're cautiously optimistic as to what that can look like on the new res side.

事實上，我們對過去 60 到 90 天內住宅新建築招標活動的支持程度感到驚訝。話雖如此，競標活動並不總是轉化為即將發布的項目。即使這些項目將會推出，也很難說這些新住宅項目的所有部分或階段是否會推出。因此，我們對新資源方面的情況持謹慎樂觀的態度。

No, that helps a lot. And then maybe just switching gears. When you look at the updated guidance, which is great to see the increase, it does imply a fairly wide range of potential outcomes for the fourth quarter on the top line.

不，這很有幫助。然後也許只是換個話題。當您查看更新後的指南時，很高興看到這一增長，它確實意味著第四季度營收的潛在結果範圍相當廣泛。

If you do the math, it shows anywhere from something as low as, let's call it, flat to up very low single digits to as high as perhaps low double digits on my math. So could you just frame kind of the upper and lower bounds of those fourth quarter guardrails and sort of what would need to happen to get to the high end and perhaps the low end?

如果你算一下，你會發現數值範圍很廣，從最低的（我們稱之為持平）到最高的（可能為）低的兩位數。那麼，您能否簡單地概括一下第四節護欄的上限和下限，以及需要做些什麼才能達到上限和下限？

Yes, Sam. And you're right. We still have a fairly wide range for the full year implied in that fourth quarter guide given the low to mid-single-digit guide for the full year. And that's because we're still in an inherently uncertain time with, as we've already alluded to on the call, many uncertain external variables. But with that said, we are expecting a solid fourth quarter from a top line perspective.

是的，山姆。你是對的。考慮到全年低至中位數個位數的指引，我們在第四季度指引中對全年的預測範圍仍然相當廣泛。這是因為我們仍然處於本質上不確定的時期，正如我們在電話中提到的那樣，存在許多不確定的外部變數。但話雖如此，從營收角度來看，我們預期第四季業績將表現穩健。

If you take the midpoint of the range, we're looking at somewhere in that mid-single-digit growth range as our likely midpoint and just trying to ensure that those factors that are out of our control, such as tariff changes or industry announced price increases that either push forward or roll back in the very near term. It's a bit more dynamic than the typical environment we find ourselves in. So we wanted to recognize that with a slightly wider revenue range. But we're expecting a fairly solid fourth quarter from a top line perspective.

如果取該範圍的中點，我們會將中等個位數成長範圍內的某個點視為可能的中點，並試圖確保那些我們無法控制的因素（例如關稅變化或行業宣布的價格上漲）在短期內要么向前推進，要么回落。它比我們所處的典型環境更動態。因此，我們希望透過稍微擴大一點的收入範圍來實現這一點。但從營收角度來看，我們預計第四季業績將相當穩健。

Ryan Cooke, Wolfe Research.

瑞安·庫克（Ryan Cooke），沃爾夫研究公司。

So just starting on HVAC and branch conversions. You reported another quarter of outgrowth versus the Hardi market data with HVAC sales up 10% this quarter. Could you maybe share how much of that would be organic? And then secondly, on branch conversions, you've spoken to at least 550 completed so far, expectations for 650 by the end of 2026. Can you maybe just help contextualize that growth for us?

因此剛開始 HVAC 和分支轉換。您報告了另一個季度的成長，與 Hardi 市場數據相比，本季 HVAC 銷售額成長了 10%。您能否分享一下其中有多少是有機的？其次，關於分公司轉換，您提到到目前為止至少已完成 550 個，預計到 2026 年底將完成 650 個。您能否幫助我們了解一下這種成長的背景？

Maybe how many branches were serving the HVAC vertical prior to this, so we can understand how much runway there is there? And does it make sense for us to maintain this kind of mid-single-digit outgrowth versus industry sell-through over the next few quarters?

也許在此之前有多少分店為 HVAC 垂直行業提供服務，這樣我們就可以了解有多少跑道？在接下來的幾個季度中，相對於行業銷售量，我們維持這種中等個位數的成長是否有意義？

Yes, Ryan, in terms of the growth on HVAC, that 10%, the vast majority of that is organic growth. There's roughly 1 point or so of acquisition growth in there. So the vast majority is organic.

是的，Ryan，就 HVAC 的成長而言，那 10% 絕大多數是有機成長。其中收購成長約為 1 個百分點。所以絕大多數都是有機的。

And when you refer to branch conversions, we should realize that much of the work that we're talking about is counter conversions so that a contractor who does both HVAC and plumbing can come into a location and find a best-in-class product selection and find expertise from an associate perspective to take care of their jobs and their needs. As you can imagine, the bulk of the growth that we're seeing is not on the new resi side, but actually on the repair and replace side of the business.

當您提到分支機構轉換時，我們應該意識到，我們所談論的大部分工作都是反向轉換，以便同時從事暖通空調和管道工程的承包商可以進入某個地點，找到一流的產品選擇，並從同事的角度找到專業知識來處理他們的工作和需求。你可以想像，我們看到的大部分成長不是來自新住宅方面，而是來自業務的維修和更換方面。

And when you look at our balanced investment, yes, we're going to do upwards of 650 counter conversions. The markets that we're going into, in some cases, were new markets from an HVAC perspective. But for the most part, they were markets where we had a separation of HVAC and plumbing, and we needed to bring that together to provide convenience for the customer.

當您查看我們的平衡投資時，是的，我們將進行 650 次以上的櫃檯轉換。在某些情況下，從 HVAC 的角度來看，我們進入的市場是新市場。但在大多數情況下，這些市場是暖通空調和管道分開的，我們需要將它們整合在一起，為客戶提供便利。

The bulk of our growth as we go forward will be in expansion of existing capabilities, adding associates with great HVAC knowledge to serve that customer and then also expanding into new markets where we may not have had a presence, we may not have had access to an equipment line, where we'll gain access to a leading equipment line, either through negotiations and working with our suppliers or through acquisition.

我們未來成長的主要動力將在於擴大現有能力，增加具有豐富暖通空調知識的員工來服務客戶，然後擴展到我們可能尚未涉足的新市場，我們可能無法獲得設備生產線，在這些新市場中，我們將透過談判和與供應商合作或透過收購獲得領先的設備生產線。

And so it will be a balanced approach of organic expansion, acquisitions, counter conversions for the dual trade to continue with that growth curve.

因此，這將是一種平衡的方法，包括有機擴張、收購、反向轉換，以使雙重貿易繼續保持成長曲線。

That's all very clear. And I guess just quickly on the restructuring program for my follow-up. So you announced some onetime costs in the quarter, mainly severance, and this is expected to deliver about $100 million in annualized savings.

這一切都非常清楚。我想快速地介紹一下重組計劃，以便我可以進行後續跟進。因此，您在本季度宣布了一些一次性成本，主要是遣散費，預計這將帶來約 1 億美元的年度節省。

Can you just give us some detail on maybe the time line of realizing those benefits? Are there further opportunities for headcount reductions ahead of you? And on a similar note, how should we be thinking about OpEx growth in 4Q? It sounded like that growth rate should be tapering down Q-over-Q last quarter. Does that still remain the case?

您能否向我們詳細介紹一下實現這些好處的時間表？未來是否還有機會進一步裁員？同樣地，我們該如何看待第四季的營運支出成長？聽起來上個季度的成長率應該會較上季下降。情況仍然如此嗎？

Yes, certainly. So the $68 million charge as we took that roughly $41 million of that related to severance with the remaining portion related to the consolidation and closure of some smaller branches. That resulted in us reducing about [800] positions out of the organization as we look to simplify our structure, eliminate layers and really drive decision-making and accountability back closer to the customer and into our local markets. That work is largely complete. So I wouldn't anticipate anything else material coming through in the fourth quarter.

是的，當然。因此，我們收取的 6,800 萬美元費用中約有 4,100 萬美元與遣散費有關，其餘部分與一些較小分支機構的合併和關閉有關。這導致我們減少了組織中的大約 [800] 個職位，因為我們希望簡化結構，消除層級，並真正將決策和責任重新推向更貼近客戶和本地市場的方向。這項工作已基本完成。所以我預計第四季不會有任何其他實質進展。

And we're really pleased with the team's execution of that restructure over the last three to four months. In terms of the cost growth in the fourth quarter, certainly, we'll be responsive to what the volume market is like or what the volume growth is. But I would expect us to get back to a place where we're generating some SG&A leverage as we start to -- as we finish the year and exit and enter into next fiscal year.

我們對團隊在過去三到四個月內執行的重組感到非常滿意。就第四季的成本成長而言，我們當然會根據市場銷售狀況或銷售成長情況做出反應。但我希望我們能夠回到一個能夠產生一些銷售、一般和行政費用槓桿的地方——在我們結束這一年並進入下一個財政年度。

Yes, Ryan, as Bill suggested, that work around the restructuring really wanted to bring that balance back to the best local experience where our local teams, because this business is intensely local, can make decisions in a timely fashion for our customer and provide great service, all with the backing of strong scale, over $4.5 billion worth of inventory, 5,900 trucks, 36,000 different suppliers and giving that strength with best local relationships and allowing them to make decisions fast for the customer and take care of their needs.

是的，瑞安，正如比爾所說，圍繞重組的工作確實希望將這種平衡帶回最佳的本地體驗，因為我們的業務是高度本地化的，所以我們的本地團隊可以及時為我們的客戶做出決策並提供優質的服務，所有這些都有強大的規模、價值超過 45 億美元的庫存、5,900 輛卡車、36,000 個不同的供應商的支持。

David Manthey, Baird.

大衛‧曼西，貝爾德。

My first question is, if you could discuss the change in fiscal year guidance this quarter, disaggregated into the third quarter outperformance, new acquisitions done during the quarter and then your underlying fourth quarter expectations. I'm focusing on that last item in terms of are you more optimistic? Or are you sort of the same, but the changes that happened prior are leading to the guidance change?

我的第一個問題是，您能否討論一下本季財年指引的變化，細分為第三季的優異表現、本季的新收購案以及您對第四季的基本預期。我關注的是最後一項，您是否更樂觀？或者您和以前的情況差不多，但是之前發生的變化導致了指導方針的改變？

Yes. Dave, if you take a step back at the guidance that we had updated at the end of the second quarter, expecting low single-digit growth and an operating margin of roughly 8.3% to 8.8%, that really implied a profit range for the full year, somewhere in that roughly $2.5 billion to $2.7 billion range. We were very pleased with our third quarter performance.

是的。戴夫，如果您回顧我們在第二季末更新的指引，我們預計公司將實現低個位數成長，營業利潤率約為 8.3% 至 8.8%，這實際上意味著全年利潤範圍將在 25 億美元至 27 億美元左右。我們對第三季的表現非常滿意。

I would view most of the upgrade as the flow-through of that third quarter performance flowing through to the full year. And we had always anticipated that the year would get a bit better and strengthened as we moved through the period of deflation that we had talked about.

我認為大部分升級都是因為第三季的表現會延續到全年。我們一直預計，隨著我們度過我們所說的通貨緊縮時期，今年的情況會變得更好、更強勁。

As we talked about already on this call, that move through deflation back to roughly flat pricing happened about a quarter in advance of our expectations. That, combined with strong gross margins, really good cost control and then the further streamlining actions that we took gave us confidence to increase that full year guidance.

正如我們在本次電話會議上所討論的那樣，透過通貨緊縮回到大致持平的價格的轉變比我們的預期提前了大約一個季度。再加上強勁的毛利率、良好的成本控制以及我們採取的進一步精簡措施，我們有信心提高全年業績指引。

So I would chalk most of it up to the third quarter performance as well as the setup that we have looking forward to a fairly solid fourth quarter and a finish to the year.

因此，我認為大部分原因要歸功於第三季的表現以及我們對相當穩健的第四季和今年年底的期望。

Yes, that's encouraging. And second, on HVAC, is the refrigerant transition materially worked its way through your inventories in your business as of today, June 3? And if not, when do you think you'll be out of the 410A systems? Mainly, I'm trying to get to the 9% organic HVAC growth that you talked about. How much of that was price/mix this quarter? And what should we expect going forward?

是的，這令人鼓舞。其次，關於暖通空調 (HVAC)，截至今天（6 月 3 日），冷媒轉換是否已在貴公司的庫存中實質實施？如果不是，您認為什麼時候會脫離 410A 系統？我主要想實現您所說的 9% 有機 HVAC 增長。本季的價格/組合佔比是多少？那麼，我們對未來該抱持怎樣的期待呢？

Yes. We've largely come through to the A2L conversion. There's still some 410A inventory that's left out in the system and in the market. And I think that, that will largely play through as we get into, call it, the middle of the fourth quarter of our fiscal year. So that's largely played through.

是的。我們基本上已經完成了 A2L 轉換。系統和市場上仍有一些 410A 庫存。我認為，當我們進入財政年度第四季度中期時，這種情況將基本得到體現。所以基本上已經完成了。

Okay. And the price/mix you're seeing today, Kevin?

好的。凱文，您今天看到的價格/組合是多少？

Very little price inflation in that 10% HVAC number. I would think of it as low single digits at this point.

10% HVAC 數字中的價格通膨非常小。我現在認為這是一個較低的個位數。

Matthew Bouley, Barclays.

巴克萊銀行的馬修·布萊（Matthew Bouley）。

You have Anika Dholakia on for Matt today. So first off, just going back to flat price for the quarter. Just curious what was maybe better than expected on the commodity front. Or was it more finished goods that came in ahead? And then more specifically, plastic rough plumbing, PVC pipe, is that still deflating more than high diameter? Just any details around that?

今天，Anika Dholakia 代替 Matt 登場。首先，本季價格恢復固定。只是好奇商品方面有什麼比預期更好的表現。還是更多的成品先到先得？然後更具體地說，塑膠粗管道、PVC 管，是否仍然比高直徑更省氣？還有相關細節嗎？

Yes, sure. If you look at the overall flat pricing, again, finished goods were up low single digits for the quarter and commodities were down in that mid-single-digit range. The commodity side was a bit better than we had anticipated, which is always the hardest piece to anticipate. We certainly saw copper still moving in an upward direction. And then steel prices improved during the quarter, still in deflation as a basket for us for the third quarter, but did improve some of that after the steel import tariffs announcements earlier in the third quarter.

是的，當然。如果你看一下整體的固定價格，你會發現，本季成品價格上漲了低個位數，而大宗商品價格則下降了中等個位數。大宗商品方面比我們預期的要好一些，這始終是最難預料的部分。我們確實看到銅價仍在上漲。然後，鋼鐵價格在本季度有所改善，儘管第三季度我們仍將其作為一個整體納入通貨緊縮範圍，但在第三季度早些時候宣布鋼鐵進口關稅後，情況確實有所改善。

When you look at PVC, there is still deflation pressure on PVC, both on the plumbing side of the business as well as the Waterworks side of the business. And while pricing has been more sequentially stable, it's still in deflation as a basket.

從 PVC 來看，無論是管道業務方面還是水廠業務方面，PVC 仍然面臨通貨緊縮壓力。儘管價格較上一季更加穩定，但作為一個籃子貨幣，它仍然處於通貨緊縮狀態。

So overall, that mid-single-digit deflation as a basket for commodities was a bit better than anticipated. Finished goods, we had expected that to move back towards positive price given the fact that, again, we thought that the industry was moving back towards a more normalized annual price increase across those seasonal price increases.

因此，整體而言，作為一籃子商品的中位數通貨緊縮程度比預期要好一些。我們曾預期成品價格將回升至正值，因為我們再次認為，在季節性價格上漲之後，該產業正回歸到更正常的年度價格上漲趨勢。

Got it. That's helpful. And then second, you spoke to some pull forward buying in the quarter. I'm just wondering if you could tell us which categories you saw this in and then if you're seeing similar trends quarter to date?

知道了。這很有幫助。其次，您談到了本季的一些提前購買。我只是想知道您是否可以告訴我們您在哪些類別中看到了這種情況，以及您是否在本季度迄今為止看到了類似的趨勢？

Yes. We were obviously pleased with organic growth of 5%. But if you consider the timing of what was happening from a tariff perspective, there was maybe some bit of pull-forward, but nothing material from an impact perspective. I mean, as you recall, the lion's share of the tariff activity started around that April 2 time horizon. And so although we may see some pull forward depending on what happens with the tariff environment going forward, it would largely be immaterial in Q3.

是的。我們顯然對 5% 的有機成長感到滿意。但如果從關稅角度考慮事情發生的時間，可能會有一些提前，但從影響的角度來看並不是什麼實質的事情。我的意思是，正如你所記得的，大部分關稅活動都是在 4 月 2 日左右開始的。因此，儘管我們可能會看到一些拉動，這取決於未來關稅環境的變化，但在第三季這基本上無關緊要。

Mike Dahl, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Mike Dahl。

I want to go back to kind of the competitive dynamics. Last quarter, it was very notable how you were talking about some of the trade-off between market share gains and the gross margin and some competitive dynamics potentially worsening.

我想回到競爭動態的議題上。上個季度，您談到了市場佔有率成長和毛利率之間的一些權衡以及一些競爭態勢可能惡化的情況，這一點非常引人注目。

But then as you -- I think both Kevin and Bill, as you articulated kind of through the quarter, you made some changes to get back into better balance, but it still seemed like you were expecting some trade-off there. Instead fast forward and now it looks like you've both gained share and gross margin expansion.

但正如你所說——我認為凱文和比爾，正如你在本季度所表達的那樣，你們做出了一些改變以恢復更好的平衡，但看起來你們仍然期待著一些權衡。相反，快速前進，現在看起來你們都獲得了市場份額和毛利率的擴大。

So can you just help us understand and elaborate a little bit more on the competitive dynamics that you've kind of seen over the last few months. And again, maybe a little more specific around how you were able to both maintain share and get that gross margin up?

那麼，您能否幫助我們理解並詳細說明過去幾個月您所看到的競爭動態。再說一次，能否更具體地說明您是如何既維持市場佔有率又提高毛利率的？

Yes. Thank you, Mike. And it is still a very competitive market out there as the market conditions overall, both residentially and non-residentially are in a challenging place. And then obviously, as Bill indicated, you've still got deflationary activity sitting in some of the commodity baskets that we trade in. If you look at the actions that we took, it's no silver bullet.

是的。謝謝你，麥克。而且由於整體市場狀況（無論是住宅市場還是非住宅市場）都充滿挑戰，因此市場競爭仍然非常激烈。顯然，正如比爾指出的那樣，我們交易的一些商品籃子中仍然存在通貨緊縮現象。如果你看看我們採取的行動，你會發現這並不是什麼靈丹妙藥。

And there are no silver bullets in this business as it relates to gross margin and balancing share gain. We did work around things like price matrix, contract management. But the bulk of the work was really done with our sales management teams and making sure that from a bidding activity perspective and how we are working with our customers that we implemented our product strategy.

在毛利率和平衡份額收益方面，這項業務沒有靈丹妙藥。我們確實處理了價格矩陣、合約管理等問題。但大部分工作實際上是由我們的銷售管理團隊完成的，並確保從投標活動的角度以及我們如何與客戶合作來實施我們的產品策略。

And so what does that mean? That means that we've got to make sure that we've got the right product for the application that the contractor is using and that for us, it's the right product in terms of margin contribution and how we're driving efficiencies in the supply chain and able to deliver for our customer.

那麼這意味著什麼呢？這意味著我們必須確保我們擁有適合承包商正在使用的應用的正確產品，並且對我們來說，它是在利潤貢獻方面以及我們如何提高供應鏈效率並能夠為我們的客戶交付方面的正確產品。

And so that product strategy work together with our sales management teams got us to the right place. We thought we were getting there as we were moving through the second quarter and exited the second quarter, and we're pleased with the way the team worked with our contractor base to balance growth and a 31% gross margin.

因此，產品策略與我們的銷售管理團隊的合作使我們達到了正確的位置。當我們進入第二季並退出第二季時，我們認為我們已經達到了這個目標，我們對團隊與承包商基地合作以平衡成長和 31% 的毛利率的方式感到滿意。

And Kevin, just as a follow-up and then dovetails into my second question. But I mean, was there anything in terms of like a more centralized guardrail system that you put into place around the bidding or it's still just more of a kind of message to the field that they've been just executed better against?

凱文，作為後續問題，這與我的第二個問題相吻合。但我的意思是，你們在競標過程中是否建立了更集中的護欄系統，或者它只是向該領域發出一種訊息，表明他們的執行情況更好？

And the second related part of the question, Bill, I do think you mentioned that typically you can see some gross margin expansion in the early stages of kind of implementing price increases. So maybe just clarify whether that was part of the expansion in 3Q that you were able to actually implement some pricing in the field ahead of taking cost?

比爾，關於問題的第二個相關部分，我確實認為你提到過，通常你可以在實施價格上漲的早期階段看到一些毛利率的擴大。因此，也許可以澄清一下，這是否是第三季擴張的一部分，您是否能夠在承擔成本之前實際在現場實施一些定價？

Yes, Mike, great question. And I would not consider it to be centralized control. It would be centrally driven data and guidance in terms of price matrix and contract management and contract overrides and delivering tools to those local teams to make sure that we can drive the right balance between what we do with volume growth and what we do with overall gross margin. So centrally driven tools and technique and then real sales management at the local level is how we achieve.

是的，麥克，這個問題問得好。我不認為這是集中控制。它將是在價格矩陣和合約管理和合約覆蓋方面集中驅動的數據和指導，並向當地團隊提供工具，以確保我們能夠在銷售成長和整體毛利率之間取得適當的平衡。因此，我們透過集中驅動的工具和技術以及在當地進行真正的銷售管理來實現這一目標。

And I think, Mike, the majority of that improvement from Q2 to Q3 was attributable to those actions. So stepping again once again over that 30% gross margin range. But yes, there is some piece of that 31% result in Q3 that benefited from price moving up on old cost of goods sold inventory. Very difficult for us to bifurcate the two. What we are confident in is that the gross margin has moved back above 30% now and that we're positioned well to exit the year.

麥克，我認為，第二季到第三季的改善大部分歸功於這些行動。因此再次突破 30% 的毛利率範圍。但是，第三季 31% 的業績確實有一部分得益於舊商品銷售成本庫存價格的上漲。對於我們來說，將兩者區分開來非常困難。我們有信心的是，毛利率現已回升至 30% 以上，我們已為今年的業績做好了準備。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. Following up on Sam's earlier question -- following up on Sam's question, I think you said you were pleasantly surprised with bidding for residential new build over the last 60 to 90 days. And I'm just curious if you think it's based on underlying demand improvement or maybe more share gain by Ferguson? And is there any particular region or project type that you're seeing this kind of strength?

早安.接下來是 Sam 之前的問題——接下來是 Sam 的問題，我想您說過，您對過去 60 到 90 天內住宅新建項目的競標感到驚訝。我只是好奇，您是否認為這是基於潛在需求的改善，還是弗格森帶來的更多份額成長？您是否在某個特定地區或專案類型中看到了這種優勢？

Yes. What we were referring to is Waterworks bidding activity since they're the first in on the project and one of the advantages of having that multi-customer group approach for us as a company is to see that playing through.

是的。我們指的是水務公司的投標活動，因為他們是第一個參與該專案的人，而對於我們公司來說，採用這種多客戶群體方式的優勢之一就是能夠看到其順利進行。

Really, in the last 69 days, we've been pleasantly surprised with the single-family new construction bidding activity. We know we're underbuilt in this country by, call it, 4 million units, and we've got to get back to developing new housing construction in order to get after the price side of the world. So we're encouraged by that over the medium term.

確實，在過去的 69 天裡，我們對單戶住宅新建築的招標活動感到驚喜。我們知道，我們國家的房屋建設缺口大約有 400 萬套，我們必須重新開始開發新房屋建設，以便在價格方面趕上世界水平。因此，從中期來看，我們對此感到鼓舞。

We're not reading a tremendous amount in the new residential growth because as I suggested in the earlier answer, we don't know whether or not that bidding activity is going to play out to the entire project being released, whether it's going to be pieced out by sections or phases but at least it's a positive sign in terms of what that activity looks like across our different markets.

我們沒有讀到有關新住宅增長的大量信息，因為正如我在之前的回答中提到的，我們不知道競標活動是否會影響到整個發布的項目，是否將按部分或階段進行，但至少從我們不同市場的活動情況來看，這是一個積極的信號。

Got it. Got it. That's very helpful. And then I just -- maybe switching gears, Ferguson Home, I guess it's very early days, but can you talk about how that brand launch has been received by your core contractor customers, maybe homeowners as well. And has anything surprised you positively or negatively?

知道了。知道了。這非常有幫助。然後我只是——也許換個話題，弗格森家居，我想現在還為時過早，但你能談談該品牌的發佈如何受到你的核心承包商客戶，也許還有房主的歡迎嗎？有什麼事情讓您感到驚喜或驚訝嗎？

We've been pleased with the rollout. This has been years in the making. We first purchased a company on the digital commerce side of decorative plumbing years ago. And we've transitioned it over time from Improvement Direct to Build.com to Build with Ferguson and now ultimately Ferguson Home. And we've invested in that platform.

我們對新產品的推出感到非常滿意。這項工作已經籌備多年了。幾年前，我們首先收購了一家裝飾管道數位商務公司。隨著時間的推移，我們將其從 Improvement Direct 轉變為 Build.com，再轉變為 Build with Ferguson，最後轉變為 Ferguson Home。我們已經對該平台進行了投資。

We've invested in the associate base behind it in terms of the service offering that they offer to the connected consumer and that project-minded professional. And so when we look at where we are today, bringing together that platform with our over 230 showroom locations which what we consider to be a best-in-class consultative experience in that showroom location is serving us well coming together so that we have pricing and value being driven in concert.

我們對其背後的合作夥伴基礎進行了投資，以便他們為聯網消費者和具有專案意識的專業人士提供服務。因此，當我們回顧目前的狀況時，我們將平台與我們 230 多個展廳整合在一起，我們認為這些展廳擁有一流的諮詢體驗，這對我們非常有幫助，讓我們能夠共同推動定價和價值。

We've got a tremendous amount of our showroom consultations that are beginning with the project tool on Ferguson Home today. And so that transition is being embraced. We'll still work out some of the bumps along the road, but we think it offers us a great omnichannel experience as we go forward and transition this fully.

今天，我們從 Ferguson Home 的專案工具開始，開展了大量的展廳諮詢服務。因此，這種轉變正在受到歡迎。我們仍將努力解決前進道路上的一些障礙，但我們認為，隨著我們不斷前進並實現全面轉型，它將為我們帶來出色的全通路體驗。

Will Jones, Redburn Atlantic.

威爾瓊斯 (Will Jones)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Just a couple from me, please. First, if you could just touch on how you're managing the own brand business amid the changing tariff dynamics. Any change of tactics there? And then the second was just perhaps an update on distribution centers and the recent openings, how they're performing and what you've got planned over the next year or two?

請給我幾張。首先，您能否談談在不斷變化的關稅情況下您如何管理自有品牌業務？那裡有任何策略改變嗎？第二點可能是關於配送中心和最近開業情況的更新，它們的表現如何，以及您在未來一兩年有什麼計劃？

Yes, sure. Well, and on the own brand side of the world, it's probably important to remember that's roughly 10% of our revenue base. 90% of our revenue base is driven with our branded suppliers principally domestic in nature. When you look at that own brand business, our teams have done a very good job of diversifying what that sourcing profile looks like. We source product from over 31 different countries.

是的，當然。好吧，就全球自有品牌而言，可能需要記住的是，這大約占我們收入基礎的 10%。我們 90% 的收入基礎都來自我們的品牌供應商，主要是國內供應商。當您查看自有品牌業務時，您會發現我們的團隊在實現採購配置多樣化方面做得非常出色。我們從 31 個不同的國家採購產品。

And so the group has done well to make sure that we have mitigation efforts should tariff situations arise. When you look at the exposure for China specifically, what you see is principally in the areas of lighting, fan product, some small appliance, some small HVAC and a bit of Vitreous China.

因此，該組織做得很好，確保一旦出現關稅情況，我們就能採取緩解措施。當你具體看中國的曝光度時，你主要看到的是照明、風扇產品、一些小家電、一些小型暖通空調和一些玻璃陶瓷領域。

But generally speaking, the team has done a good job of diversifying that sourcing structure, both so that we can make sure we have the right supply for our customers and then also to make sure that we are price relevant on the project that they're competing on.

但總體來說，團隊在多樣化採購結構方面做得很好，這樣我們既可以確保為客戶提供合適的供應，又可以確保我們的價格與他們競爭的項目相關。

And then, Will, the second part of your question on our supply chain and our network optimization efforts. We continue to look across the network and optimize that and invest in the network. So to date, we have five market distribution centers that are open. We have two more that are in process that will open over roughly the next 12 months. One in Dallas, one outside of Washington, D.C.

然後，威爾，你的問題的第二部分是關於我們的供應鏈和網路優化工作。我們將繼續關注整個網絡，對其進行最佳化，並對網路進行投資。到目前為止，我們已經有五個市場配送中心開放。我們還有兩個項目正在籌備中，預計在未來 12 個月內開業。一個在達拉斯，一個在華盛頓特區外。

And then we continue to invest in a mix of those types of buildings, and we have several large format buildings or ship hubs that we've invested in over the last 12 months or so, whether that's Fort Myers or in Boston or Raleigh or in Austin.

然後，我們繼續投資各種類型的建築，在過去 12 個月左右的時間裡，我們投資了幾座大型建築或船舶樞紐，無論是在邁爾斯堡、波士頓、羅利還是奧斯汀。

So we're going to continue to invest in that network. That will include more automation in those facilities, and we are pleased with the returns on that automation. We're also pleased with the fact that we are bringing what we believe is the industry's largest local inventory into those markets. And so the returns on that inventory investment, particularly over-the-counters in those facilities has been quite good.

因此我們將繼續投資該網絡。這將包括這些設施的更多自動化，我們對自動化帶來的回報感到滿意。我們也很高興能夠將我們認為業內最大的本地庫存帶入這些市場。因此，庫存投資的回報，特別是這些設施中的場外交易的回報相當不錯。

In terms of looking out in the future, we're going to continue to invest in the network. We have invested a fair amount of capital and capacity over the last five years. And so as we look forward, we're going to continue to base that future investment on where we have capacity needs in those individual localized markets. But quite pleased with the work that the supply chain team has done, quite honestly, over the last five years or so to upgrade our network.

展望未來，我們將繼續對網路進行投資。過去五年來，我們投入了大量的資金和產能。因此，展望未來，我們將繼續根據各個在地化市場的產能需求來確定未來的投資。但坦白說，我對供應鏈團隊在過去五年左右為升級我們的網路所做的工作感到非常滿意。

Thank you. That concludes today's Q&A session. So I'll pass you back over to Kevin Murphy, CEO, for closing remarks.

謝謝。今天的問答環節到此結束。因此，我將把發言權交還給執行長凱文墨菲 (Kevin Murphy)，請他作最後發言。

Thank you, and thank you all for your time today. We appreciate it more than you know. And maybe most importantly, thank you to our associates who continue to deliver in what is a challenging and certainly dynamic environment. They delivered good growth and good balance with making sure that we deliver value for our customers that's reflected in our gross margin. We're pleased with what the team has been able to do from a productivity and efficiency perspective to drive good operating margin expansion and operating profit growth.

謝謝大家，也謝謝大家今天抽出時間。我們對此的感激之情難以言表。也許最重要的是，感謝我們的同事，他們在充滿挑戰和充滿活力的環境中繼續努力工作。他們實現了良好的成長和平衡，確保我們為客戶提供價值，這反映在我們的毛利率上。我們很高興看到團隊從生產力和效率的角度推動了良好的營業利潤率擴張和營業利潤成長。

And we're pleased to be in a position with a balance sheet where we can continue to invest in some real multiyear tailwinds that apply to our Ferguson HVAC efforts, our large capital project efforts, our Waterworks diversification and certainly our Ferguson Home brand. So thank you very much for your time. We look forward to talking to you very soon.

我們很高興能夠擁有這樣的資產負債表，我們可以繼續投資於一些真正的多年順風，這些順風適用於我們的 Ferguson HVAC 工作、我們的大型資本項目工作、我們的水廠多元化，當然還有我們的 Ferguson Home 品牌。非常感謝您抽出時間。我們期待很快與您交談。

This concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。