Graco Inc. (GGG) 2026 Q2 法說會逐字稿

Good morning, and welcome to the second-quarter conference call for Graco Inc. If you wish to access the replay for this call, you may do so by visiting the company website at www.graco.com. Graco has additional information available in a PowerPoint slide presentation, which is available as part of the webcast player.

早安，歡迎參加 Graco Inc. 第二季財報電話會議。若您希望收聽本次電話會議的重播，可造訪公司網站 www.graco.com。Graco 亦提供更多資訊於一份 PowerPoint 投影片簡報中，可透過網路直播播放器取得。

At the request of the company, we will open the conference up for questions and answers after the opening remarks from management. I will now hand the conference over to John Bower, Director of Investor Relations. John, please go ahead.

應公司要求，我們將在管理層開場致詞後開放問答。現在我將把會議交給投資人關係總監 John Bower。John，請開始。

Good morning. I'm here with Mark Sheahan, our President and Chief Executive Officer; Sanjiv Gupta , Chief Financial Officer and Treasurer; and Chris Knutson, Vice President, Chief Accounting Officer and Controller. We welcome you to our conference call to report Graco's fiscal 2026 second-quarter results.

早安。今天與我一同出席的有：總裁暨執行長 Mark Sheahan；財務長兼財務主管（Treasurer）Sanjiv Gupta；以及副總裁、首席會計長暨財務控制長 Chris Knutson。歡迎各位參加我們的電話會議，一同聆聽 Graco 2026 會計年度第二季業績。

Before we begin, I'd like to remind everyone that certain statements made during this call may be forward-looking and are subject to risks and uncertainties. Please refer to the Safe Harbor statement included in our earnings release and earnings presentation as well as our SEC filings for additional information regarding these risks and uncertainties. I will now turn the conference over to Mark Sheahan.

在開始之前，我想提醒各位，本次電話會議中的部分陳述可能屬於前瞻性陳述，並受風險與不確定性影響。關於這些風險與不確定性的更多資訊，請參閱我們的新聞稿與簡報中的「安全港」聲明，以及我們向 SEC 提交的文件。現在我將把會議交給 Mark Sheahan。

Thank you, John. Good morning, everyone. We delivered record second-quarter sales of $591 million and record second-quarter earnings, reflecting growth across all three segments and margin expansion supported by disciplined expense management and operational execution. Contractor generated organic growth in the Americas, led by home center and professional paint. Industrial benefited from broad-based activity across core markets, while Expansion Markets continue to see strong semiconductor demand.

謝謝你，John。各位早安。我們第二季銷售額創下紀錄，達 5.91 億美元，第二季獲利亦創新高，反映三大事業部皆成長，且在嚴謹的費用管理與營運執行支持下，利潤率擴張。Contractor 事業部在美洲實現內生成長，主要由居家賣場（home center）與專業塗裝（professional paint）帶動。Industrial 事業部受惠於核心市場的廣泛活動，而 Expansion Markets 事業部則持續受益於強勁的半導體需求。

Organic orders increased 5% during the quarter. The most recent six-week booking average was up 14% versus last year and backlog as of July 17, excluding acquisitions, was up $57 million or 28% from the beginning of the year. Together, these positive trends give us confidence in a stronger second half.

本季內生訂單成長 5%。最近六週的平均接單金額較去年同期成長 14%，截至 7 月 17 日（不含併購）之在手訂單（backlog）較年初增加 5,700 萬美元或 28%。綜合這些正向趨勢，讓我們對下半年更強勁的表現更具信心。

Capital allocation remains an important part of how we create long-term shareholder value. In May, we announced the acquisition of Valco Melton, one of Graco's largest acquisitions in more than a decade. Valco Melton is an attractive strategic fit that adds complementary technology, products, and customer relationships in the high-growing packaging dispense market.

資本配置仍是我們創造長期股東價值的重要方式。5 月，我們宣布收購 Valco Melton，這是 Graco 十多年來規模最大的收購案之一。Valco Melton 具備高度策略契合度，為高成長的包裝點膠/出料（packaging dispense）市場帶來互補的技術、產品與客戶關係。

We expect to create additional value by applying Graco's manufacturing expertise, operating discipline, and global reach to improve profitability over time, following a playbook already underway with Corob, Color Service, and Radia. At the same time, we continue to be active in evaluating additional M&A opportunities. Our strong cash position and balance sheet provides the flexibility to invest in the business, pursue strategic acquisitions, and return capital to shareholders.

我們預期透過導入 Graco 的製造專業、營運紀律與全球佈局，隨時間推進提升獲利能力，創造額外價值；這套作法已在 Corob、Color Service 與 Radia 的整合中展開。同時，我們也持續積極評估其他併購機會。我們強勁的現金部位與資產負債表，提供投資本業、推動策略性收購並回饋股東的彈性。

Turning to some of the segment performance. The Contractor segment delivered record sales and earnings in the quarter, revenue increased 4%, and organic sales were higher across both paint and home center markets in the Americas for the first time in nearly two years.

接著談各事業部表現。Contractor 事業部本季銷售與獲利皆創新高，營收成長 4%；且在近兩年來首次，美洲的塗料與居家賣場兩大市場內生銷售皆呈現成長。

We saw greater stability across many of our core markets during the quarter, supported by improved North America activity in residential repaint and remodel projects, sell-through trends across the channel, stronger customer engagement, improved execution, and targeted commercial programs. We also continue to see good demand in protective coatings and foam, which represent a more global and application-driven part of the Contractor business. These areas continue to benefit from commercial construction, infrastructure, and industrial project activity, including investments tied to data centers, energy and manufacturing. The strength in these applications highlights the breadth of the Contractor segment and our ability to serve customers beyond traditional residential paint. Innovation is an important way that we support customers and differentiate our offerings in the Contractor business. New product introductions, including the next generation of QuickShot, the ProReach extension system, and new autonomous and semi-autonomous striping solutions are designed to improve productivity, reduce labor requirements, minimize material waste, and help customers deliver more consistent, high-quality results. Together, these factors helped drive 4% organic bookings growth in the quarter with the most recent six-week order trends improving to 14% growth over last year.

本季我們在多個核心市場看到更高的穩定性，受惠於北美住宅翻新重塗與整修專案活動改善、通路端銷售消化（sell-through）趨勢、客戶互動更強、執行力提升，以及聚焦的商業推廣方案。我們也持續看到防護塗層與發泡（foam）需求良好，這些屬於 Contractor 業務中更全球化、以應用為導向的部分。這些領域持續受益於商用建築、基礎建設與工業專案活動，包括與資料中心、能源與製造相關的投資。這些應用的強勁表現凸顯 Contractor 事業部的廣度，以及我們服務傳統住宅塗裝以外客戶的能力。創新是我們支持客戶並在 Contractor 業務中差異化產品的重要方式。新產品導入，包括新一代 QuickShot、ProReach 延伸系統，以及新的全自動與半自動划線（striping）解決方案，旨在提升生產力、降低人力需求、減少材料浪費，並協助客戶交付更一致的高品質成果。綜合上述因素，本季內生接單（bookings）成長 4%，而最近六週的訂單趨勢改善至較去年成長 14%。

In the Industrial segment, sales increased 3% in quarter reflecting better activity across process manufacturing, machinery manufacturing, general industrial applications, semiconductor-related investment, and continued adoption of electrified product platforms. These trends reflect customer investment in productivity, automation, and infrastructure projects.

在 Industrial 事業部，本季銷售成長 3%，反映製程製造、機械製造、一般工業應用、半導體相關投資，以及電動化產品平台持續導入所帶來的活動改善。這些趨勢反映客戶在生產力提升、自動化與基礎建設專案上的投資。

Additionally, we're seeing benefit from a more coordinated commercial approach that helps the team's focus execution on larger opportunities and gain specifications with OEMs. Beyond these larger investment-driven markets, we also saw healthy demand in day-to-day industrial applications including MRO channels.

此外，我們也受益於更協同一致的商務策略，使團隊能更聚焦於大型機會的執行，並在 OEM 客戶端取得規格導入（spec-in）。除這些由投資帶動的較大型市場外，我們在日常工業應用（包含 MRO 通路）亦看到健康需求。

The quarter also reflected a few anticipated headwinds. Organic powder-finishing systems were lower due to the timing of order acceptance, which should occur in the second half of the year. In Asia, activity was slower to start the year, with China specifically affected by prior year pull-forward activity ahead of tariff-related pricing actions and a softer automotive demand.

本季也反映了幾項預期中的逆風。粉體塗裝系統（powder-finishing systems）的內生表現較低，主要因訂單驗收時點影響；相關訂單預期將在下半年發生。在亞洲，年初活動起步較慢；其中中國特別受到前一年因關稅相關調價措施前的提前拉貨，以及汽車需求較疲弱的影響。

Organic orders improved throughout the quarter, with bookings increasing 3% year to date through July 17 and 11% over the most recent six-week period versus the prior year. Combined with a healthy backlog, these trends support our expectation for stronger performance in the second half of the year for Industrial.

內生訂單在本季逐步改善，截至 7 月 17 日的年初至今接單（bookings）成長 3%，而最近六週期間較去年同期成長 11%。結合健康的在手訂單（backlog），這些趨勢支持我們對 Industrial 事業部下半年表現更強的預期。

Expansion Markets grew 3% with growth across all key businesses. Semiconductor continues to have a strong year, particularly in Asia Pacific, supported by ongoing investment in semiconductor manufacturing capacity. Bookings increased 58% in the quarter bringing year-to-date bookings growth to 33% with the most recent six-week average up 36% and backlogs remain strong.

Expansion Markets 事業部成長 3%，各主要業務皆有成長。半導體業務今年持續強勁，尤其在亞太地區，受惠於半導體製造產能的持續投資。本季接單成長 58%，使年初至今接單成長達 33%；最近六週平均成長 36%，在手訂單亦維持強勁。

Overall, Graco's growth in the quarter came from multiple end markets, products, and geographies. It was supported by improving customer activity, focused investments in attractive markets, and the advantages of a diversified portfolio. These factors continue to guide our decisions and position us for long-term value creation.

整體而言，Graco 本季的成長來自多元終端市場、產品與地理區域。成長動能由客戶活動改善、在具吸引力市場的聚焦投資，以及多元化產品組合的優勢所支撐。這些因素持續引導我們的決策，並使我們具備創造長期價值的有利定位。

Moving on to our outlook. Looking ahead, we're encouraged by the improving trends we're seeing across Graco's business segments. New product introductions and strong channel initiatives support second half performance, while our teams remain focused on the actions to capture opportunities and drive growth.

接著談我們的展望。展望未來，我們對 Graco 各事業部所呈現的改善趨勢感到鼓舞。新產品導入與強勁的通路推動措施將支撐下半年表現，同時我們的團隊仍專注於採取行動以掌握機會並推動成長。

We're maintaining our full-year outlook and initiating a third-quarter revenue guide of $580 million to $600 million, excluding Valco Melton, which is expected to close during the third quarter. Overall, our strategy remains consistent. We're building a broader growth platform through innovation, disciplined capital allocation, and targeted acquisitions while staying focused on the highest return opportunities to drive our long-term success.

我們維持全年展望不變，並提出第三季營收指引為5.8億至6.0億美元（不含Valco Melton），該交易預計將於第三季完成交割。整體而言，我們的策略仍然一致。我們將透過創新、嚴謹的資本配置與精準的併購，打造更廣泛的成長平台，同時聚焦於報酬率最高的機會，以推動我們的長期成功。

With that, I'll turn the call over to Sanjiv to provide more detail on our financial results for the quarter.

接下來，我把電話交給Sanjiv，請他更詳細說明本季的財務結果。

Thank you, Mark, and good morning, everyone. We reported second quarter sales of $591 million, an increase of 3% from last year. Acquisitions contributed 3% growth and currency translation added 1%, partially offset by 1% unfavorable change in organic sales, driven primarily by timing of finishing systems revenue within the Industrial segment.

謝謝你，Mark，各位早安。我們公布第二季銷售額為5.91億美元，較去年成長3%。併購貢獻3%的成長，匯率換算帶來1%的增益，但部分被有機銷售額1%的不利變動所抵銷，主要是由於工業事業部門中精整系統（finishing systems）營收認列時點的影響。

We delivered another quarter of strong earnings performance. Reported net earnings were $145 million or $0.87 per diluted share, an increase of 14% from the prior year. On an adjusted basis, excluding acquisition-related costs, amortization of acquired intangible assets and certain tax items, adjusted earnings per share were $0.91, up 17% year over year.

我們再度交出強勁的獲利表現。依報導口徑，淨利為1.45億美元，或稀釋後每股盈餘0.87美元，較去年同期成長14%。以調整後口徑（排除併購相關成本、取得無形資產攤銷及特定稅務項目）計算，調整後每股盈餘為0.91美元，年增17%。

Gross margin increased 130 basis points from the prior year. The improvement reflects price realization, improved manufacturing performance, and the favorable impact of $9 million in tariff refunds net of related surcharges. While the tariff refunds provided a meaningful benefit, margin improvement was also supported by the fundamentals of our operating model and disciplined cost management across the organization.

毛利率較去年同期提升130個基點。改善主要反映價格實現、製造績效提升，以及關稅退稅淨額（扣除相關附加費）9百萬美元的有利影響。雖然關稅退稅帶來顯著助益，但毛利率的改善也受到我們營運模式基本面與全公司嚴謹成本管理的支持。

Operating expenses were essentially flat in the quarter despite inflationary pressures and the addition of acquired businesses, reflecting continued cost management which drove an operating earnings increase of 11% and an operating margin rate of 30% of sales compared to 26% in the prior year quarter. Across the portfolio, segment profitability remained strong, Contractor and Expansion Market expanded margins, while Industrial maintains its profitability, all the project timing impacted revenue.

本季營業費用在通膨壓力及併入收購業務的情況下仍大致持平，反映持續的成本管理，帶動營業利益成長11%，營業利益率為銷售額的30%，相較去年同期的26%提升。就整體組合而言，各事業部門獲利能力仍然強勁；承包商與擴張市場（Contractor and Expansion Market）部門擴大了利潤率，而工業（Industrial）部門維持其獲利能力，儘管專案時點影響了營收。

Turning to cash flow and capital allocation. We generated $298 million of operating cash flow through the first six months of the year, representing strong conversion of earnings into cash and continuing our long track record of strong cash generation. We remain committed to our balanced capital allocation framework. In the first half of the year, we repurchased 4.2 million shares totaling approximately $331 million, paid $98 million in dividends and invested $29 million in capital expenditure, including strategic facility expansion projects.

接著談現金流與資本配置。今年前六個月我們創造了2.98億美元的營運現金流，顯示獲利轉換為現金的能力強勁，並延續我們長期穩健的現金創造紀錄。我們仍致力於平衡的資本配置架構。上半年我們回購了420萬股，總額約3.31億美元，支付股利9,800萬美元，並投入2,900萬美元資本支出，包括策略性的設施擴建專案。

We continue to have significant flexibility to invest in growth while returning capital to shareholders. As we look ahead, at current exchange rates, currency is expected to provide approximately a 1% favorable impact on both full-year sales and earnings. We now expect unallocated corporate expenses to be $39 million to $42 million, capital expenditures of $90 million to $100 million, and an adjusted effective tax rate of 20% to 21% for the full year.

我們仍具備相當大的彈性，可在回饋股東的同時投資成長。展望未來，以目前匯率水準，預期匯率將對全年銷售與獲利各帶來約1%的正面影響。我們目前預期全年未分攤的公司費用為3,900萬至4,200萬美元，資本支出為9,000萬至1.0億美元，調整後有效稅率為20%至21%。

In summary, the quarter demonstrated the strength of our operating model, delivering double-digit earnings growth, significant margin expansion, strong cash generation, and continued disciplined capital allocation. Positive order trends and backlog growth during the quarter further support our confidence in the underlying health of the business.

總結而言，本季展現了我們營運模式的強韌性，帶來雙位數的獲利成長、顯著的利潤率擴張、強勁的現金創造，以及持續嚴謹的資本配置。本季正向的接單趨勢與在手訂單（backlog）成長，進一步支持我們對業務基本健康狀況的信心。

That concludes our prepared remarks. Operator, we are ready for the questions.

以上為我們的準備發言。接線員，我們準備開始問答。

(Operator Instructions) Deane Dray, RBC.

(接線員指示) RBC的Deane Dray。

Thank you. Good morning, everyone. Can we start with the -- and I guess I want to call it a momentous decision to give quarterly sales guidance? So it begs the question, why now? Obviously, you've got better visibility. You got backlog up 28%. The six-week orders look strong. Expansion Markets are living up to their name. So just kind of take us through your decision to give this guidance metric. And should we expect this on a go-forward basis?

謝謝。各位早安。我們可以先從——我想稱之為提供季度銷售指引這項重大決定——開始嗎？因此問題是，為什麼是現在？顯然你們的能見度更高。在手訂單增加了28%。六週的訂單看起來很強勁。擴張市場（Expansion Markets）也名副其實。所以請帶我們了解一下你們決定提供這項指引指標的考量。而我們是否應該預期未來也會持續提供？

Yeah, it's a good question. And I think you really answered the question with your commentary. We do have pretty good visibility, particularly over a 13-week time period. And we thought it would be helpful to the analysts like you that follow the company to get our perspective on how these quarters are actually playing out because, for example, if you look at this year, we haven't changed our revenue outlook for the full year.

是的，這是個好問題。我想你在評論中其實已經回答了這個問題。我們確實有相當不錯的能見度，特別是在13週的期間內。我們認為，對像你這樣追蹤公司的分析師而言，提供我們對這些季度實際進展情況的觀點會有所幫助；因為例如你看今年，我們並沒有改變全年營收展望。

And there's some volatility around the first half versus second half that we -- if we had done a different job, we might have given you some more information about how we saw those two halves playing out and been a little bit more insightful in terms of the information that we're providing to the analysts and actually have to put reports out and give numbers and represent the company that way.

但上半年與下半年之間存在一些波動；如果我們當時做得更好，或許可以提供更多資訊，說明我們如何看待這兩個半年期的走勢，並在提供給分析師的資訊上更具洞察力——畢竟你們需要發布報告、提出數字，並以那樣的方式代表公司。

So I think that we feel comfortable. I think that, as you said, backlogs are strong. I think this is a change that we're committing to make going forward. So it's not just a one-quarter thing that we're going to do. And I think it's the right approach for the company at this time.

所以我認為我們感到很有把握。如你所說，在手訂單很強勁。我認為這是一項我們承諾未來將持續進行的改變。因此這不只是我們只做一季的事情。我也認為就公司目前而言，這是正確的做法。

Great. Well, we welcome that. So thank you. And I think the last time I was surprised at this level was when you all had to make a second-price increase midyear, which is just not something you typically did. But that begs the question, can you talk about pricing in the quarter, where you are on price cost? And just kind of the outlook there.

很好。我們也樂見其成。所以謝謝你。我想我上一次對這種程度的變化感到意外，是你們在年中不得不進行第二次漲價的時候——那通常不是你們會做的事。但這也引出一個問題：能否談談本季的定價情況、目前價格與成本之間的關係？以及相關展望。

Yeah. So Deane, so the price cost stays positive. I think our plan here is given that our price cost equation is positive, we are going to stick to our historic price cadence, which is basically we'll be introducing the price increases in the beginning of the year. So that's the plan. And that's what we're going to stick to. We have realized pricing this year, roughly 1.5%, 2%, consistent with how we have been doing historically. So --

好的。Deane，價格與成本的差額仍維持正向。我想我們的計畫是，既然價格/成本方程式為正，我們將維持歷來的調價節奏，也就是基本上在每年年初導入漲價。這就是計畫。我們也會照此執行。今年我們已實現的價格上調約為1.5%到2%，與我們過往的做法一致。所以--

Yeah. I think we're in good shape, Deane. Of course, we always have the flexibility if we need to do something we can, but right now, things look pretty good.

是的。Deane，我認為我們狀況良好。當然，如果我們需要採取行動，我們一向保有彈性可以去做，但就目前而言，情況看起來相當不錯。

Michael Halloran, Baird.

Michael Halloran，Baird。

We appreciate the 3Q help. When I'm looking for more holistically is just translating how you're talking about the bookings in the front half of the year, last six weeks, however you want to put it in the back half of the year and just how that relationship in your mind works out? Obviously, back half of the year implies something above 5%, depending on what your definition of low-single digit is from an organic growth perspective.

感謝你們對第三季的協助。我更想從整體角度理解的是：你們談到上半年、以及最近六週的接單情況（或你想用任何方式描述）如何轉換到下半年的表現？以及在你們心中，這兩者之間的關係是如何運作的？顯然，從有機成長的角度來看，下半年意味著會高於 5%（取決於你們對「低個位數」的定義）。

Orders front half of the year were particularly in 2Q were there in full year. And so what's the correlation, the lag? How much revenue do you think is getting pushed to the back half of the year? How much of this is just sequential momentum that you expect to continue in the back half of the year. So just any help you can give on that relationship and why the visibility is higher in all those factors?

上半年的訂單，尤其是第二季，已經反映在全年之中。那麼其相關性、時間落差（lag）是什麼？你們認為有多少營收被推遲到下半年？又有多少只是你們預期會在下半年延續的季對季動能？所以，請就這種關係，以及為何在這些因素上能見度更高，提供一些說明。

Yeah, I'll start, and I'll let these guys chime in. I may not cover everything, but if I were to play back Q1, I think we had a decent Q1. We just built backlog, we weren't able to ship it out. And so we had a -- I think an organic decline of about 6%. But if you had kind of -- if we had gotten the product shipped, the backlog hadn't grown, it would have been a much different story.

好的，我先開始，然後也讓他們補充。我可能無法涵蓋所有面向，但如果回顧第一季，我認為我們第一季表現還不錯。我們只是累積了在手訂單（backlog），但無法把貨出出去。因此我們的有機成長大約下滑了 6%。但如果我們當時能把產品出貨、在手訂單沒有增加，情況會很不一樣。

In Q2, we built even more backlog, but we were able to push through enough orders to generate closer to a flattish organic growth number. We benefited obviously from acquisitions as well. I think year to date, our backlogs are up about $57 million from the beginning of the year. So that gives us a lot of momentum heading into the back half.

第二季我們累積了更多在手訂單，但我們也成功推動足夠的訂單出貨，使有機成長更接近持平。我們當然也受惠於併購。我認為截至目前，我們的在手訂單較年初增加約 5,700 萬美元。因此，這讓我們在進入下半年時具備很強的動能。

We had quite a bit of headwind in the powder coatings business, the Gema business in the first half. We knew that. They had a great first half last year, and we think that their comps are going to be easier in the back half, but they've also gotten nice benefit from the Color Service acquisition, which is actually performing ahead of our plan and our schedule. So that's a factor that goes into the equation because that will become organic here in the third quarter for us.

上半年在粉體塗裝業務、也就是 Gema 業務方面，我們面臨相當大的逆風。我們是知道的。他們去年上半年表現非常強，我們認為下半年的比較基期會更容易；同時他們也從 Color Service 併購案獲得不錯的助益，該業務實際表現超出我們的計畫與時程。因此這也是方程式中的一個因素，因為對我們而言，第三季起這部分將會轉為有機成長。

And I would say probably the biggest positive in my mind that we've seen in the more recent numbers is the momentum that we're seeing on the Contractor side of the business. While we did expect that we would see some positivity there, just the broad-based nature of it, the fact that it's happening in North America, which is our biggest market, the infrastructure spending that they're getting involved with from the protective coatings and foam side of the business are really nice things that have happened since the end of the first quarter.

而我會說，近期數據中我心目中最大的正面因素，可能是我們在承包商（Contractor）端業務所看到的動能。雖然我們原本就預期那邊會出現一些正向訊號，但其廣泛性、以及它發生在北美（我們最大的市場）這一點，再加上他們從防護塗料與發泡（foam）業務端參與到的基礎建設支出，都是自第一季末以來非常好的發展。

And I think that you combine that with the backlogs, the Gema numbers, the big growth that we're seeing in semiconductor with our White Knight business. That really gives us confidence that we are going to be able to hit the full-year revenue guide that we put out at the beginning of January, it's just that we'll definitely be more back half loaded. So I don't know if I answered your question enough specifically, but I welcome the group here to chime in if there's anything else that you guys want to add. They're shaking their heads.

我認為把這些與在手訂單、Gema 的數字、以及我們 White Knight 業務在半導體領域看到的強勁成長結合起來，這讓我們有信心能達成我們在一月初所提出的全年營收指引，只是全年表現會明顯偏向下半年。所以我不確定是否已足夠具體地回答你的問題，但也歡迎在座各位補充你們想加的內容。他們在搖頭。

No, all good. That helps. And then maybe the follow-up is something you alluded to there, which is I think people historically think about Graco more as a traditional res exposed company. But what you were referencing is broader build-out that's happening through the ecosystem, the large CapEx dollars out there. You can see that in the Expansion numbers, the semiconductor growth. Maybe talk about how aggressively you think that you're participating? Or what kind of impact it can have on the other two segments all else equal? In other words, if this contagion kind of rolls through spend to the economy. Are we just underappreciating how much Graco can participate in that?

不，沒問題。這很有幫助。接著也許追問一點，你剛剛提到的：我想市場過去通常把 Graco 視為較傳統、對住宅（res）曝險的公司。但你所指的是整個生態系正在發生更廣泛的建置擴張，外面有大量資本支出（CapEx）在投入。你可以從 Expansion 的數字、以及半導體成長看出來。也許談談你認為你們參與的積極程度？或者在其他條件不變下，這對另外兩個事業部可能帶來什麼影響？換句話說，如果這種「外溢效應」一路帶動支出擴散到整體經濟，我們是否低估了 Graco 能參與其中的程度？

Yeah. I don't know. I think that there's different ways that we can participate. Obviously, semiconductor is probably the cleanest area where we can talk about it because we have a specific business that's dedicated there. And of course, they're benefiting from this build-out that's happening. They're more involved with the tool manufacturing of the equipment that's used to manufacture the chips, but there's definitely some uptick there that you're seeing in our business.

是的。我不確定。我認為我們有不同方式可以參與。顯然，半導體可能是最清楚、也最容易談的領域，因為我們有一個專門服務該領域的特定事業。當然，他們正受惠於這波建置擴張。他們更多是參與用於製造晶片之設備的工具機製造端，但你確實能在我們業務中看到一些上行。

When it comes to the data centers themselves, I mean they're the outside of the building stuff which is anything to do with putting up the building itself, putting roofs on building even like parking lots and stuff like that, we get involved with all of those activities. Our Gema powder business gets involved in some of the applications with respect to the transfer equipment that's put in. They have powder coating systems that coat the cabinets that go into power these things, and they've seen an uptick in their business there.

至於資料中心本體，我是說建築物外部的部分——任何與興建建築本身、屋頂施工，甚至像停車場之類的事情——我們都會參與這些活動。我們的 Gema 粉體業務也會參與部分與所安裝之輸送/轉運設備相關的應用。他們有粉體塗裝系統，用於塗裝為這些設施供電的機櫃，而他們在那方面的業務也看到成長。

In our Industrial business, we have equipment that applies these thermal interface materials, which are really kind of a fancy way of saying materials that they kind of dissipate the heat that's involved in a lot of the activities in the data center. And so our channel partners, our distributors are really starting to see some activity around there, where we're taking Graco applications and really using our thermal interface dispense materials in areas like the cabinets that are put into data centers of some of the chips that are being produced traditionally, we've kind of participated in the like cell phones and personal items, but now starting to broad out a little bit in this commercial application.

在我們的工業（Industrial）業務中，我們有設備可施作這些熱介面材料（thermal interface materials），這其實是一種比較「高級」的說法，指的是用來散熱、處理資料中心許多作業所產生熱量的材料。因此，我們的通路夥伴、經銷商開始在那一帶看到一些活動；我們把 Graco 的應用延伸到使用熱介面點膠/分配材料（dispense materials）的領域，例如資料中心所使用的機櫃、以及一些傳統上用於生產晶片的應用。我們過去多參與像手機與個人用品等領域，但現在開始在這類商用應用上擴大一些。

So we touch it in a lot of ways. And I think net-net, it's a positive compared to what we may have seen a year or two ago.

所以我們在很多面向都有接觸到。我認為整體而言，與一、兩年前相比，這是個正面因素。

Bryan Blair, Oppenheimer.

Bryan Blair，Oppenheimer。

Thank you. Good morning, everyone. Circling back to the momentous decision to provide the quarterly guide, quarterly sales guide. I agree with that characterization. I was hoping you could provide a little more detail by segment what your team is contemplating for the third quarter. And then obviously, we can back into what's been implied for Q4 as well?

謝謝。各位早安。回到你們做出提供季度指引、季度銷售指引這個重大決定。我同意這樣的描述。我希望你們能按事業部別，提供一些更詳細的內容，說明你們團隊對第三季在考量什麼。然後很顯然，我們也可以反推出第四季所隱含的內容？

Yeah. I think for now, we're just given the overall number, and it includes M&A in that number. We haven't really broken it out by segment. Of course, we have our own thoughts around that. But I think that at this point, I don't know that we're prepared to give the segment information. I'll throw it over to Sanjiv. And I think that being a new CFO, this was something that he thought was important that we do. And part of this, too, Bryan, is when you put a number out there, it creates a little bit of accountability for our team. And so you can believe that we're having those discussions and we're building that muscle as well. But I'll let Sanjiv just comment on his thoughts.

是的。我想目前我們只是給出整體數字，而且該數字包含併購（M&A）。我們還沒有按事業部別拆分。當然，我們自己對此有一些想法。但我想在這個時間點，我不確定我們是否準備好提供分部資訊。我把問題交給Sanjiv。我想作為新任CFO，這是他認為我們應該做、而且很重要的一件事。另外，Bryan，這其中也有一部分原因是：當你把一個數字對外公布，就會對我們團隊形成一些問責。所以你可以相信，我們正在進行這些討論，也在建立這方面的能力。不過我先讓Sanjiv談談他的想法。

I think, Mark, you've captured it. I would say this is our first step. We are starting off with a consolidated number. We'll have to really make sure that internally, we have the processes and checks and balances in terms of how we develop that number. We do have an internal forecast, but I think we are not ready to really go at that level of detail yet. Again, it's a start. Let us give us some time, and then we'll come back to you.

我想，Mark，你已經把重點說到了。我會說這是我們的第一步。我們先從合併口徑的數字開始。我們必須確保內部在如何形成這個數字方面，具備流程以及制衡機制（checks and balances）。我們確實有內部預測，但我認為我們還沒準備好提供到那麼細的層級。再次強調，這只是個開始。請給我們一些時間，之後我們會再回來跟你們更新。

Okay. Understood. It's our job to ask for more. And Valco Melton sounds like you had a very high fit acquisition for your team, so kudos there. You provided the starting EBITDA margin of around 20%. And I guess, to level set as we think about the prospective levers to the deal model, what's run rate gross margin? And then with regard to the 27 facility footprint, what's the breakout between manufacturing, sales, and service locations?

好的。了解。我們的工作就是多問一些。而且Valco Melton聽起來是非常契合你們團隊的一筆收購，所以恭喜。你們提供了起始EBITDA利潤率約20%。我想先校準一下，當我們思考交易模型中可能的槓桿時，常態化（run rate）的毛利率是多少？另外，關於27個據點的版圖，製造、銷售與服務據點各占多少？

Yes. So the gross margins of that business are 50% or more. So they're good. And I think we also flagged that more than half of the business is parts and accessories, which is really good. So when you start with a high-quality business with good gross margins like that, it does give you some opportunities to drive some value on the operating side. A lot of that will come with revenue growth, but also we and the Valco team when we get together with them, have really identified some areas that we think we can help them in to be more efficient, more productive, and hopefully drive some of those costs out as the revenue grows.

是的。那個業務的毛利率在50%或以上。所以表現不錯。而且我們也提到，超過一半的業務來自零件與配件，這非常好。因此，當你從這樣一個高品質、毛利率良好的業務起步時，確實能在營運端創造一些價值提升的機會。其中很大一部分會來自營收成長；但同時，我們與Valco團隊在合作後，也確實辨識出一些我們可以協助他們提升效率、提高生產力的領域，並希望在營收成長的同時，逐步把部分成本降下來。

I mean for sure, job one for us is to maintain the revenue that they have and have it continue to grow at the rates it has. It's been growing very nicely. We certainly didn't build that into the deal model. But our expectation is that this is a nice market. They're doing well. They are one of the major players here. This is a business that I personally have wanted in the Graco portfolio for quite some time.

我的意思是，對我們來說第一要務，肯定是維持他們現有的營收，並讓它延續目前的成長速度。他們一直成長得非常好。我們當然沒有把這點納入交易模型。但我們的預期是，這是一個不錯的市場。他們做得很好。他們是這個領域的主要玩家之一。這是一項我個人很久以來就希望納入Graco產品組合的業務。

You might recall that in 2013, we launched a product called InvisiPac, where we went into this space. We built a nice business there. And we think that they can help us sell more InvisiPac and I think we can help them as well, sell some of the great equipment into some of the customers they have, they're focused into the corrugated area. So it is a really nice hand and glove acquisition that we're excited about it. And Bryan, remind me of the second part of your question, I don't know if we have detail, but if we do, I'll give it to you.

你可能還記得，2013年我們推出了一個叫InvisiPac的產品，當時我們就進入了這個領域。我們在那裡建立了一個不錯的業務。我們認為他們可以幫助我們賣出更多InvisiPac，而我們也能幫助他們，把一些很棒的設備賣給他們既有的客戶；他們的重點客群集中在瓦楞紙（corrugated）領域。所以這是一筆非常契合、相輔相成的收購，我們對此很興奮。Bryan，提醒我一下你問題的第二部分是什麼；我不確定我們是否有細節，但如果有，我會提供給你。

I was just curious in terms of the 27 facility footprints, how that breaks down between manufacturing sales and service locations?

我只是好奇，就27個據點的版圖而言，製造、銷售與服務據點各自如何拆分？

Bryan, this is Chris. I'm going off the top of my head here, but I think they have about five manufacturing locations and the rest are going to be sales and service offices.

Bryan，我是Chris。我這裡是憑印象回答，但我想他們大約有五個製造據點，其餘則是銷售與服務辦公室。

Appreciate the detail.

感謝提供細節。

Matt Summerville, DA Davidson.

Matt Summerville，DA Davidson。

Thanks. Maybe just sticking with the acquisition, that 9% CAGR referenced in the deck, is that all organic? Or is there M&A in there? And if there is M&A, what would the organic number look like? And then does Valco tend to capture the same priced goodness that you guys capture on an annual basis? Or is there some commercial opportunity? And then I have a follow-up.

謝謝。或許就繼續談這筆收購，簡報中提到的9%年複合成長率（CAGR），那是全部來自有機成長嗎？還是包含併購（M&A）？如果包含併購，那有機成長的數字大概會是什麼樣子？另外，Valco是否也能像你們每年一樣，取得同樣的定價紅利？還是存在一些商業面的機會？然後我還有一個追問。

I'll start with that one, Matt. This is Chris. When you're looking at the revenue CAGR, they do -- they have been acquisitive, but their acquisitions have been very -- are much smaller. So that is an organic number, the 9%.

我先回答這題，Matt。我是Chris。就營收CAGR來看，他們確實有做併購，但他們的併購規模非常——都小得多。所以那個9%是有機成長的數字。

Got it. And then the rest of the question on their ability to capture price. And do you underwrite that 9% CAGR going forward?

了解。那關於他們取得價格（price）提升的能力這部分呢？以及你們是否在未來仍以9%的CAGR作為承作假設（underwrite）？

I think that they have, I'll call it, normal pricing practices. Obviously, they compete against some large other companies in that space. You probably know who they are. They keep each other honest. It's a good, I would call it, a rational-pricing environment. I think Valco has done a good job of positioning themselves into some applications where they feel like they can add a lot of value, like in particular, the corrugated packaging market.

我認為他們採取的是，我稱之為，一般正常的定價作法。很顯然，他們在那個領域要與一些大型公司競爭。你大概也知道是哪些公司。彼此會互相制衡。我會稱之為一個理性定價的環境。我認為Valco在某些應用領域的定位做得很好，他們覺得自己能提供很高的附加價值，尤其是在瓦楞包裝市場。

And we're not going into this expecting that we're going to do anything dramatically different from a pricing standpoint than what they have done historically. I think a lot of their growth has been mostly new products and market demand, their market position, I think, has improved over that five-year time period, and we really don't want to do anything to disrupt that momentum that they've got.

而且我們並不是帶著「在定價面要做出任何與他們過去歷史顯著不同的事」這樣的預期進入這件事。我認為他們的成長很大一部分來自新產品與市場需求，以及他們的市場地位；我覺得在那五年期間他們的市場地位有所提升，而我們真的不希望做任何事情去干擾他們目前所擁有的這股動能。

And then as a follow-up, just thinking about, I mean, I'm looking at the book in slide 11. In any period, you look at Expansion Markets bookings are excellent. You mentioned some timing on powder systems and Industrial, which we know can add and has in the past some volatility quarter to quarter. As we think about that oncoming Expansion Markets demand, should we be thinking about a sustained period that this business is growing double digits? Number one. And then number two, on industrial, do those powder projects favor Q3 or Q4 in terms of timing?

接著追問一下，從我的角度來看，我在看第 11 張投影片的資料。在任何期間，你看 Expansion Markets 的接單表現都非常出色。你提到粉體系統和工業端有一些時點因素，我們也知道這些業務可能會、而且過去確實會，讓季度之間出現一些波動。當我們思考即將到來的 Expansion Markets 需求時，我們是否應該預期這項業務會有一段持續的期間維持雙位數成長？第一點。第二點，在工業端，這些粉體專案在時程上是比較偏向第三季還是第四季？

Yeah. I think that my view of semiconductor is a pretty lumpy end market. You get really hot periods. They tend to run three, five-year time periods and then it can cool off all signs at this point are this is pretty sustainable. It's going to run for a while. And so I don't -- wouldn't tell you that you should run out those growth rates in perpetuity, obviously, but I do feel pretty confident that customers are interested in our products. They're talking to us all the time. They're placing orders. So in the near term, I think that there's really good momentum.

是的。我認為以半導體來說，終端市場的波動性相當大。你會遇到非常火熱的期間。這些熱潮通常會持續三到五年，之後可能降溫；但就目前所有跡象來看，這一波相當可持續。它會持續一段時間。所以我不會告訴你這些成長率可以永遠延續下去，這當然不可能，但我確實相當有信心客戶對我們的產品有興趣。他們一直在跟我們溝通。他們在下單。因此在短期內，我認為動能真的很不錯。

And it should last for sure, through the end of this year, and I would guess in the next year as well beyond that. If you look at the macro data with all the build out that's happening around AI and other things, I think you get yourself comfortable that this is going to be a multi-year favorable trend for our business as we continue to evolve and pursue that opportunity.

而且可以肯定的是，這股趨勢會至少延續到今年年底；我猜明年也會延續，甚至更久。如果你看宏觀數據，包含 AI 等領域正在進行的各種建置擴張，我認為你會更有把握：隨著我們持續演進並追求這個機會，這將會是對我們業務有利的多年期趨勢。

I think the final part of your question was the timing of the powder. We've historically seen a strong fourth quarter in powder. We expect to see that again this year. Last year, their third quarter was one of their slsowest, and we expect -- we had some slowness to start this year with the timing of the installation and completion of projects. We expect that to pick up in both third and fourth quarters here.

我想你問題的最後一部分是粉體的時點。歷史上我們在粉體業務第四季通常較強。我們預期今年也會再次如此。去年他們第三季是最慢的季度之一；而我們預期——今年一開始因為專案安裝與完工時程的關係也有一些放緩。我們預期第三季與第四季都會回升。

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc Capital Markets。

This is Mitch Moore on for Jeff. My first question, you really stepped into buybacks this quarter and have been doing more M&A recently. I was just wondering if that was purely opportunistic or moving forward, we should expect a more constructive approach to deploying cash flow and cash on the balance sheet?

我是 Mitch Moore，代 Jeff 發問。我的第一個問題是，你們這一季明顯加大了庫藏股回購，最近也做了更多併購。我想了解這是否純粹是機會性操作？或者往後我們應該預期你們在運用營運現金流與資產負債表上的現金時，會採取更積極（更建設性）的作法？

I'll let Sanjiv handle the buyback question.

我讓 Sanjiv 來回答回購的問題。

So I think from a capital allocation framework standpoint, I think our strategy or approach hasn't changed. It will be consistent. It will be disciplined, it will be balanced. And that's what we have been doing. And I think as I've stated before, we'll be investing in growth first organically, then pursuing the strategic M&A, which we have outlined to you guys. As long as they meet our financial and strategic threshold. And then we'll return cash through dividends and share buybacks to the shareholders.

我認為就資本配置框架而言，我們的策略或做法並沒有改變。會保持一致。會保持紀律，會保持平衡。而這正是我們一直在做的。而且如我之前所說，我們會先投資於成長：先以內生成長為優先，接著再追求我們已向各位說明過的策略性併購。前提是它們符合我們的財務與策略門檻。然後我們會透過股利與股票回購把現金回饋給股東。

And I think in terms of dividend, we have a very consistent history or approach. We have been returning cash to the shareholders. But in terms of share buyback, it has to be opportunistic, and that's the philosophy, we will continue to pursue. And it is basically based on the financial returns, whether it's the right play and essentially the choice between what other sources -- other uses of cash we have. So I think the bottom line is it's the same capital allocation framework, which we have deployed, and we'll continue to look at share buyback opportunities opportunistically.

至於股利，我們有非常一致的歷史與作法。我們一直在把現金回饋給股東。但在股票回購方面，必須是機會性操作，這就是我們會持續遵循的理念。基本上會取決於財務報酬：是否是正確的選擇，以及本質上在其他資金來源——或其他現金用途之間的取捨。所以總結來說，資本配置框架不變；我們會持續以機會性方式尋找股票回購的機會。

Yeah. And I would just add that, I mean, let's be candid here. I mean, we were at a $95 stock price, not that long ago. Our outlook is the same. Cash conversion is great. Business is performing well. So I think we do view the current environment as a buying opportunity for Graco. I think you've seen that here in our actions recently.

是的。我只想補充一下，坦白說。不久之前我們的股價還在 95 美元。我們的展望沒有改變。現金轉換率很棒。業務表現良好。所以我們確實把目前的環境視為 Graco 的買進機會。我想你也從我們最近的行動看到了這一點。

And then I think the other part of your question was M&A. And again, we -- our long-term view is that we'd like let's call it, a third of our revenue growth through a cycle to come from acquired businesses. And I think that the pipelines are good. M&A is opportunistic. We obviously have activities going on there all the time. It really depends upon whether it's a good strategic fit, timing of the seller, are we interested at the price that they want to sell it, those kinds of things.

另外你問題的另一部分是併購。同樣地，我們的長期看法是：我們希望在一個景氣循環中，約三分之一的營收成長來自併購的事業。我認為目前的案源管道不錯。併購是機會性操作。我們當然一直都有相關活動在進行。真正取決於是否具有良好的策略契合度、賣方的時點，以及我們是否願意以他們想要的價格買下來等因素。

But I think the point is if you were to look out over the next five years, we do feel pretty confident that we're going to be able to get that kind of contribution from M&A with our teams as focused on it as they are. And I think we've got a really good story to tell in terms of the reason we've acquired and how they're contributing to Graco overall today. We want to do more of that.

但重點是，如果你把時間拉長看未來五年，我們相當有信心，憑藉團隊目前投入的專注程度，我們能從併購取得那樣的貢獻。而且就我們為何併購、以及這些併購案今天如何對 Graco 整體做出貢獻而言，我認為我們有一個很好的故事可以說。我們希望做更多這樣的事。

Great. That's very helpful. And then my second question is just on Contractor. You mentioned, I think it was the first time in two years that [Pro Paint] and home center channels grew in the same quarter and -- you talked about some of the new product introductions and some of the nonresidential applications. Could you just speak to the confidence that the improvements you've seen this last quarter and in the bookings are kind of sustainable through the year?

很好。這非常有幫助。那我的第二個問題是關於 Contractor（承包商）業務。你提到，我想這是兩年來第一次，[Pro Paint] 與家居賣場（home center）通路在同一個季度都成長——你也談到一些新產品導入以及部分非住宅應用。你能否談談你對於上季看到的改善、以及接單表現，是否能在今年持續的信心？

Yeah. I guess my impression, Mitch, would be that -- and I'm hopeful that we've kind of seen the worst of the market, the macro market conditions that, that business has had to face over the last four or five years. We're starting to see in our numbers, orders, a broad-based pickup versus what we experienced a year ago.

是的。Mitch，我的感覺是——我也希望我們大概已經看到了這個市場最糟的階段，也就是那項業務在過去四、五年必須面對的宏觀市場環境。從我們的數字與訂單來看，相較於一年前的情況，我們開始看到更廣泛的回升。

It's still pretty early. So I don't want to get irrationally exuberant, but I do feel better about where that business is positioned today than I have for the last few years. And of course, the products that they're launching, so we mentioned, some of the activities that we have going on within the business units to really drive brand preference and create more demand from our customers has translated into some growth that we're excited about. We're kind of hopeful here that we've seen the worst of it, and we can grow off of the base that we have.

現在仍然算是相當早期。所以我不想變得不理性地過度樂觀，但我確實覺得，這項業務目前的定位比過去幾年任何時候都更好。當然，他們正在推出的產品——我們也提到過——以及我們在各業務單位內部為了真正推動品牌偏好、並從客戶端創造更多需求而進行的一些活動，已經轉化為一些令我們振奮的成長。我們有點希望已經看到最糟的情況，並且可以在現有基礎上持續成長。

I will say that the Corob acquisition that we did about 18 months ago. Again, like the other part of Contractor, we've seen nice order pickup there as well in the last six weeks. And so that's a nice profitable business that we expect to get in the back half that we didn't really see a whole lot of in the front half. So I feel pretty good about Contractor. I think we're in good shape, and we'll see what happens.

我想說，我們大約在18個月前做的 Corob 併購。同樣地，就像承包商業務的其他部分一樣，我們在過去六週也看到那邊的訂單有不錯的回升。因此，那是一個獲利性很好的業務，我們預期在下半年會有貢獻，而上半年我們其實沒有看到太多。所以我對承包商業務感覺相當不錯。我認為我們狀況良好，接下來就看看會如何發展。

Walter Liptak, Seaport Research.

Walter Liptak，Seaport Research。

I'll do a follow-on first on Contractor. And going to the study of the data center build-out for non-res construction. Are there new products that go into that market? Or are there specific products that you think are being sold for use in data center construction that supports the view that your business is getting a lift from that build-out?

我先針對承包商業務追問一下。再談到非住宅建築中的資料中心擴建這個趨勢。是否有新產品會進入那個市場？或者是否有特定產品，你們認為在資料中心建設中被銷售使用，從而支持你們的業務正因這波擴建而受惠的看法？

I think it's the same product. I think it's just capitalizing on these opportunities that are out there today that weren't there a year ago. So it's just paint. It's protective coatings in some of the areas in the facilities. It's the roofing applications that we get involved with. It's pavement. It's the flooring within the data centers. So all those construction-type activities that you would expect us to be involved with, we are seeing decent activity there, and the team has done a good job of capitalizing on it.

我認為是同樣的產品。我覺得只是把握今天存在、但一年前還不存在的這些機會。所以就是塗料。是設施某些區域的防護塗層。是我們參與的屋頂應用。是路面。是資料中心內部的地坪/地板。所以，所有你會預期我們會參與的那類施工活動，我們都看到不錯的動能，而團隊也做得很好，成功把握了這些機會。

Okay. Great. Has there been a way for you guys to quantify the benefit from it? Or is there too much channel in a way to see a direct data center-related sales channel?

好的。很好。你們有辦法量化從中獲得的效益嗎？還是說通路因素太多，難以看到直接與資料中心相關的銷售通路？

Yeah. It's not a number I'd be comfortable sharing with you, but our teams have a perspective on it, and we asked for data about actual buildings and construction that they're seeing, and we've got some of that information. But it's -- again, it's not like hundreds of millions of dollars, but it's enough of an uptick for that business where we thought it was worth mentioning. And we do see that activity continuing here in the near term and probably in the next few years as long as data centers continue to be built out.

是的。這不是一個我願意跟你分享的數字，但我們的團隊對此有自己的判斷，我們也要求提供他們所看到的實際建築與施工的數據，並且我們掌握了一部分資訊。不過——再說一次——這不是幾億美元那種規模，但對那項業務而言，確實是一個足夠明顯的上升幅度，所以我們覺得值得一提。而且只要資料中心持續擴建，我們確實看到這樣的活動在短期內會延續，並且可能在未來幾年也會持續。

Okay. Great. And then -- just kind of -- we're all watching for Industrial and should we continue to see improvement in the general industrial market, some of the core things like automotive for you guys or just projects, larger projects going through your channel. Are you -- I wonder if you can talk a little bit about the sort of those general industrial markets. And if some of the recent order growth is a result of better projects getting released. And then maybe are we on easier comps now? Do you think you're gaining from selling strategies? Or are we seeing market growth?

好的。很好。然後——我們也都在關注工業端，若一般工業市場持續改善，像是你們的汽車等核心領域，或是透過你們通路推進的專案、較大型的專案。我想請你談談這些一般工業市場的情況。以及近期的訂單成長是否來自於更好的專案開始釋出。另外，我們現在是否進入比較容易的比較基期？你們認為成長是來自銷售策略的受益嗎？還是我們看到的是市場本身的成長？

Yeah. I'll maybe take the second part first. So for sure, we have easier comps in the powder business in the back half of the year. And really, if you looked at the legacy Graco Industrial business. In the first half of the year, we did have growth in that part of our business, kind of in line with our low single-digit organic guide that we gave for the full year. So any of the pressure that you've seen on the organic side here in the first half has really been tied to the powder business, and those comps are going to be easier.

是的。我可能先回答第二部分。很確定的是，我們粉體（powder）業務在下半年會有比較容易的比較基期。而且如果你看傳統的 Graco 工業業務。在上半年，我們那部分業務確實有成長，大致符合我們對全年給出的低個位數有機成長指引。所以你在上半年看到的有機面壓力，主要其實是與粉體業務相關，而那些比較基期會變得更容易。

I'd characterize the growth is pretty broad-based. I think our -- we're seeing the PMI starts to turn positive. So we're seeing investments being made in machinery manufacturing, general industrial applications, pretty healthy MRO channels as well. So that activity has tweaked up a little bit for us. And of course, we've -- I've been focusing on creating the right digital assets here at Graco to be able to interact with those larger MRO partners. And I think that, that's starting to bear some fruit as well for us.

我會把這波成長形容為相當廣泛。我認為我們——看到 PMI 開始轉為正向。因此我們看到機械製造、一般工業應用的投資正在發生，MRO（維修、保養與營運）通路也相當健康。所以對我們而言，那些活動確實略有上升。當然，我一直在專注於在 Graco 建立合適的數位資產，以便能與那些較大型的 MRO 合作夥伴互動。我認為這也開始為我們帶來一些成果。

So I would kind of say broad-based across the board, nothing is really spiking it. Tempo feels pretty good here as we're exiting Q2 and we feel, again, fairly confident in that the back half of the year is going to be better than what we saw in the front half of the year.

所以我會說整體而言是全面性的，沒有什麼單一因素特別在推升。在我們走出第二季之際，節奏感覺相當不錯；而且我們再次對下半年會比上半年更好，感到相當有信心。

(Operator Instructions) If there are no further questions, I will now turn the conference over to Mark Sheahan.

（接線員指示）如果沒有進一步的問題，我現在將把電話會議交給 Mark Sheahan。

Okay. Well, I thank you all for participating in the call today. I look forward to seeing some of you on the road here in the next few months, and hope you have a great rest of the day. Thanks again.

好的。非常感謝各位今天參與本次電話會議。我期待在接下來幾個月的行程中能在路上見到各位中的一些人，也祝各位今天剩下的時間愉快。再次感謝。

This concludes our conference for today. Thank you all for participating, and have a nice day. All parties may now disconnect.

我們今天的會議到此結束。感謝各位參與，祝各位有美好的一天。所有與會方現在可以掛線。