Global Industrial Co (GIC) 2025 Q1 法說會逐字稿

Good day, and welcome to the Global Industrial Company first quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Mike Smargiassi with Investor Relations. Please go ahead, sir.

大家好，歡迎參加全球工業公司 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部門的 Mike Smargiassi 先生。先生，請繼續。

Thank you, and welcome to the Global Industrial first quarter 2025 earnings call. Today's call will include formal remarks from Anesa Chaibi, Chief Executive Officer; and Tex Clark, Senior Vice President and Chief Financial Officer. Formal remarks will be followed by a question-and-answer session.

謝謝，歡迎參加 2025 年第一季全球工業收益電話會議。今天的電話會議將包括執行長 Anesa Chaibi 和高級副總裁兼財務長 Tex Clark 的正式演講。正式發言之後將進行問答環節。

Today's discussion may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and under Risk Factors in the company's annual report on Form 10-K and quarterly reports on Form 10-Q.

今天的討論可能包括某些前瞻性陳述。應理解，由於多種因素，實際結果可能與預測結果有重大差異，包括公司 10-K 表年度報告和 10-Q 表季度報告中前瞻性陳述標題和風險因素下描述的因素。

The press release is available on the company's website and has been filed with the SEC on a Form 8-K. This call is the property of Global Industrial Company. I will now turn the call over to Anesa.

新聞稿可在公司網站上查閱，並已以 8-K 表格形式提交給美國證券交易委員會 (SEC)。此通話為 Global Industrial Company 的財產。現在我將把電話轉給 Anesa。

Thank you, Mike. Good afternoon, everyone, and thank you for joining us.

謝謝你，麥克。大家下午好，感謝大家的參與。

In the first quarter, we generated revenue of $321 million, a decline of less than 1%. This performance was significant given the soft start in January, which was impacted by the midweek timing of the New Year's holiday. Excluding the holiday impact, revenue would have been up low single digits in the quarter. Strength by Indoff and our largest strategic accounts enhanced our results. Performance improved as we move through the period, and we ended the quarter with growth in March.

第一季度，我們的營收為3.21億美元，下降不到1%。考慮到 1 月開局疲軟（受到新年假期周中時間的影響），這一表現意義重大。如果不考慮假期的影響，本季的營收將成長個位數。Indoff 和我們最大的策略客戶的優勢增強了我們的業績。隨著這段時期的推進，業績不斷改善，三月我們以成長結束了本季。

Gross margin increased 60 basis points over the first quarter of 2024. And with strong cost controls, operating income improved 4.6%. These results reflect good execution across the business, and I'm very proud of the team.

毛利率比 2024 年第一季增加了 60 個基點。憑藉強大的成本控制，營業收入提高了 4.6%。這些結果反映了整個業務的良好執行，我為團隊感到非常自豪。

Since joining Global Industrial in mid-February, I've spent a significant amount of time visiting our locations in the United States and Canada, meeting with the teams and gaining a greater understanding of the business. I've been impressed with the culture and the level of engagement of our management team and our dedicated associates. It is clear we bring significant value to the market through a broad offering of high-quality exclusive brands and vendor partner products, and our extensive product knowledge helps customers solve their problems to better operate their businesses.

自從二月中旬加入 Global Industrial 以來，我花了大量時間訪問我們位於美國和加拿大的工廠，與團隊會面，並對業務有了更深入的了解。我們的管理團隊和敬業員工的文化和參與程度給我留下了深刻的印象。顯然，我們透過廣泛提供高品質的獨家品牌和供應商合作夥伴產品為市場帶來了巨大的價值，我們豐富的產品知識可以幫助客戶解決問題，從而更好地經營他們的業務。

Our customer-centric focus is enabling our ability to deliver a frictionless end-to-end experience, and we continue to enjoy high customer satisfaction scores. These core attributes provide an outstanding foundation for growth and are a point of differentiation in the market.

我們以客戶為中心的理念使我們能夠提供順暢的端到端體驗，並且我們繼續享有較高的客戶滿意度。這些核心屬性為成長提供了卓越的基礎，並且是市場上的差異點。

Global Industrial has an exceptional platform and the ability to scale the business organically. We can and intend to broaden whom we serve by expanding existing account relationships and accelerating our growth initiatives. This will open the aperture of the total addressable market that we pursue.

Global Industrial 擁有卓越的平台和有機擴展業務的能力。我們可以並且打算透過擴大現有客戶關係和加快成長計劃來擴大我們的服務範圍。這將打開我們所追求的整個可尋址市場的大門。

We have seen good momentum and sales progression in our largest strategic accounts and GPO base. I believe we can accelerate the success going forward by being very targeted, focused and intentional in how we go to market, along with further refining our value proposition and our sales approach.

我們最大的策略客戶和 GPO 基地表現出良好的發展勢頭和銷售成長。我相信，透過在行銷中採取非常有針對性、專注性和目的性的方式，同時進一步完善我們的價值主張和銷售方法，我們可以加速未來的成功。

In this regard, we are taking steps to enhance our performance by developing an account-based marketing program and improving the alignment of marketing and sales to capture and nurture the customer relationships that we anticipate will drive growth.

在這方面，我們正在採取措施提高我們的業績，透過制定基於帳戶的行銷計劃和改善行銷與銷售的協調來吸引和培養我們預期將推動成長的客戶關係。

In addition, the implementation of our new CRM will enhance the visibility into our customers across all functions and remains on track for completion this summer. We've been pleased with the progress of these initiatives to date, and I look forward to sharing additional details on our efforts as the year progresses.

此外，我們新 CRM 的實施將增強我們所有職能部門對客戶的可視性，並將於今年夏天順利完成。我們對這些舉措迄今為止的進展感到滿意，我期待在今年分享更多有關我們努力的細節。

Turning now to the tariffs that were enacted in April. They have created a disruption not only in our business, but to the entire supply chain and our customers, impacting price and demand dynamics. Our teams remain in all-hand status, making sure we proactively manage through the current environment.

現在來談談四月頒布的關稅。它們不僅擾亂了我們的業務，還擾亂了整個供應鏈和客戶，影響了價格和需求動態。我們的團隊保持全員參與狀態，確保我們積極主動地應對當前環境。

Our focus is on what we can control, working closely with manufacturers and vendor partners, ensuring product availability and providing customers with as much visibility as we can in a very fluid environment.

我們專注於我們能夠控制的事情，與製造商和供應商合作夥伴密切合作，確保產品的可用性，並在非常不穩定的環境中為客戶提供盡可能多的可見性。

Our core attributes, which I noted earlier, specifically our customer-centric culture, along with our strong balance sheet, will serve us well as we look to mitigate the impact of tariffs on our business and for our customers. Further, I believe we are well positioned to support and strengthen customer relationships during this period of disruption.

我之前提到過，我們的核心屬性，特別是以客戶為中心的文化，以及我們強勁的資產負債表，將在我們尋求減輕關稅對我們的業務和客戶的影響時發揮良好的作用。此外，我相信我們有能力在這段混亂時期支持和加強客戶關係。

In closing, we delivered a solid first quarter. Global Industrial has a unique go-to-market platform, strong customer relationships and an exceptional team. I'm excited about the potential of the business and taking it to the next level. We remain well positioned to continue to invest in our growth initiatives and to evaluate strategic opportunities.

最後，我們第一季取得了穩健的成績。Global Industrial 擁有獨特的市場平台、牢固的客戶關係和優秀的團隊。我對這項業務的潛力以及將其提升到新水平感到興奮。我們仍處於有利地位，可以繼續投資於我們的成長計劃並評估策略機會。

I will now turn the call over to Tex.

現在我會把電話轉給 Tex。

Thank you, Anesa. First quarter revenue was $321 million, down 0.7% over Q1 of last year. US revenue was up 0.3% and Canada revenue was down 2.5% in local currency, but off approximately 9% in US dollars given negative headwinds in the exchange rate.

謝謝你，阿妮莎。第一季營收為 3.21 億美元，較去年第一季下降 0.7%。以當地貨幣計算，美國營收成長 0.3%，加拿大營收下降 2.5%，但因匯率不利，以美元計算則下降約 9%。

Revenue performance on a sequential quarterly basis improved from both the third and fourth quarters. Top line results reflect a very soft start in January, which was impacted by the timing of the New Year's holiday and, to a lesser extent, a benefit from the Easter holiday moving into the second quarter of 2025. Results did improve as we move throughout the period.

與第三季和第四季相比，季度營收表現均有所改善。營收結果反映出 1 月的開局非常疲軟，這受到新年假期時間的影響，並且在較小程度上也受到進入 2025 年第二季度的復活節假期的影響。隨著整個時期的推進，結果確實有所改善。

Price was slightly positive in the quarter, reflecting modest pricing actions taken in the second half of 2024 in reaction to increased ocean transit costs. We did not take any tariff-specific pricing actions in the first quarter and believe pull-forward demand was immaterial as average order value was in line with historical norms and volume was off modestly in the quarter.

本季價格略有上漲，反映出 2024 年下半年為因應海運成本增加而採取的適度定價措施。我們在第一季沒有採取任何針對關稅的定價行動，並認為提前需求並不重要，因為平均訂單價值符合歷史標準，且本季交易量略有下降。

Regarding tariffs, as Anesa mentioned, we have been actively monitoring the situation, which remains fluid and are focused on the management of our supplier relationships and logistics operations. We concluded the first quarter with a strong inventory position and brought in summer seasonal products earlier in the year. This provides some flexibility in price cost management in the immediate term.

關於關稅，正如 Anesa 所提到的，我們一直在積極監測情勢，情況仍然不穩定，我們專注於管理我們的供應商關係和物流營運。我們在第一季結束時擁有強勁的庫存狀況，並在今年稍早引進了夏季季節性產品。這為短期價格成本管理提供了一定的彈性。

Over the past five years, we have diversified the supply chain for our exclusive brand products. However, direct imports from manufacturers located in China remain amongst our largest sourcing channels. The multiple additional tariffs being applied to goods sourced from China are significant, and we are continuing initiatives to shift the sourcing of select product lines to less impacted countries.

在過去的五年裡，我們已經實現了獨家品牌產品的供應鏈多元化。然而，從中國製造商直接進口仍然是我們最大的採購管道之一。對來自中國的商品徵收的多項額外關稅意義重大，我們正在繼續採取措施，將部分產品線的採購轉移到受影響較小的國家。

These efforts will take time given our commitment to high-quality products, which is imperative for our exclusive brands and our customers and always the top consideration when evaluating manufacturing relationships. We anticipate these actions will mitigate some of the market risk, but in no way eliminate our exposure to the Chinese market given we have well-established manufacturing relationships.

由於我們致力於提供高品質的產品，這些努力將需要時間，這對於我們的獨家品牌和客戶來說至關重要，並且始終是評估製造關係時的首要考慮因素。我們預計這些措施將減輕部分市場風險，但鑑於我們擁有良好的製造關係，絕不會消除我們對中國市場的風險敞口。

We have taken some initial pricing actions in April and expect additional adjustments as the impact of tariffs flow through the business. While customers remain cautious in their purchasing decisions, we have seen modest top line growth in the first several weeks of the second quarter, a continuation of results seen in March.

我們已在四月採取了一些初步的定價措施，並預計隨著稅收對業務的影響逐漸顯現，我們也將做出進一步的調整。儘管客戶在購買決策上仍保持謹慎，但我們看到第二季前幾週的營收出現了溫和成長，延續了三月的業績。

Gross profit for the quarter was $112.1 million. Gross margin was 34.9%, up 60 basis points from the year-ago period and up 110 basis points sequentially. Gross profit benefited from price capture and overall freight management, including both outbound and inbound logistics. Management of our margin profile remains a key area of focus. Performance will continue to reflect the impact of strategic promotion and freight actions as part of our competitive pricing initiatives, tariff-related actions and ocean freight costs.

本季毛利為1.121億美元。毛利率為34.9%，較去年同期上升60個基點，較上一季上升110個基點。毛利受益於價格捕獲和整體貨運管理，包括出站和入站物流。利潤率管理仍然是我們關注的重點領域。作為我們競爭性定價措施、關稅相關行動和海運成本的一部分，業績將繼續反映策略促銷和貨運運作的影響。

We anticipate that there may be increased volatility in our margin rates going forward given the timing dynamics of on-hand inventory, market inflation associated with tariff-related cost increases and our efforts to continue to diversify our supply chain.

我們預計，考慮到庫存的時間動態、與關稅相關的成本增加相關的市場通膨以及我們繼續多元化供應鏈的努力，未來我們的利潤率波動可能會加劇。

Selling, distribution and administrative spending for the quarter was $93.9 million, an increase of only 0.4% from the year-ago period. As a percentage of net sales, SD&A was 29.3%, an increase of 40 basis points from last year. SD&A reflected strong general and discretionary cost control and modestly lower marketing and selling expenses.

本季銷售、分銷和管理支出為 9,390 萬美元，較去年同期僅成長 0.4%。作為淨銷售額的百分比，SD&A 為 29.3%，比去年增加了 40 個基點。SD&A 反映了強大的一般和可自由支配的成本控制以及略低的行銷和銷售費用。

Operating income from continuing operations was $18.2 million in the first quarter and operating margin was 5.7%. Operating cash flow from continuing operations was $3.3 million. Total depreciation and amortization expense in the quarter was $1.9 million, including approximately $0.8 million associated with the amortization of intangible assets related to the Indoff acquisition, while capital expenditures were $0.2 million. We continue to expect 2025 capital expenditures in the range of $2 million to $3 million, which primarily reflects maintenance-related investments and equipment within our distribution network.

第一季持續經營業務的營業收入為 1,820 萬美元，營業利潤率為 5.7%。持續經營業務產生的營運現金流為 330 萬美元。本季總折舊和攤銷費用為 190 萬美元，其中包括與 Indoff 收購相關的無形資產攤銷約 80 萬美元，而資本支出為 20 萬美元。我們繼續預期 2025 年的資本支出將在 200 萬至 300 萬美元之間，主要反映我們分銷網絡內的維護相關投資和設備。

Let me now turn to our balance sheet. We have a strong and liquid balance sheet with a current ratio of 2.1:1. As of March 31, we had $39 million in cash, no debt and approximately $120.5 million of excess availability under our credit facility. We maintain significant flexibility to fully execute on our strategic plan and continue to fund our quarterly dividend. As a result, our Board of Directors declared a quarterly dividend of $0.26 per share of common stock. This concludes our prepared remarks today. Operator, please open the call for questions.

現在讓我來看看我們的資產負債表。我們的資產負債表強勁且流動性良好，流動比率為2.1:1。截至3月31日，我們擁有3,900萬美元現金，無負債，且我們的信貸額度下有約1.205億美元的超額可用資金。我們保持相當大的靈活性，以全面執行我們的策略計劃並繼續為我們的季度股息提供資金。因此，我們的董事會宣布每股普通股派發 0.26 美元的季度股息。我們今天的準備演講到此結束。接線員，請打開電話詢問。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

（操作員指示）Anthony Lebiedzinski，Sidoti。

Good afternoon, everyone and thank you for taking the question and welcome aboard, Anesa. Nice to get your perspective on the business since you joined the company a couple of months ago. So first, I guess, as far as the quarter itself, can you just provide more color as far as the impact of Indoff? I know that's largely a project-based business, so just wanted to get a better sense of whether there was something highly unusual there, maybe some pre-tariff projects and also maybe talk about like how your core SMB clients did in the quarter as well.

大家下午好，感謝您回答這個問題，歡迎 Anesa 加入。很高興了解您幾個月前加入公司以來對業務的看法。因此，首先，就本季而言，您能否提供更多有關 Indoff 的影響的詳細資訊？我知道這主要是基於項目的業務，所以我只是想更好地了解那裡是否存在一些非常不尋常的事情，也許是一些關稅前的項目，也許還可以談談您的核心 SMB 客戶在本季度的表現如何。

Clark will take that.

克拉克會接受的。

Yes, Anthony, I'll go ahead and take that. Yes, thank you, Anesa. Yes, so I mean, when we think about our Indoff business, we really saw broader growth across our larger -- continue to see good growth across our large customer segments. When we think about -- you asked about pull forward, we really didn't see pull-forward demand based on different metrics that we look at within our business. So we think we've just continued to see -- we did see some strength as we move throughout the third quarter -- I'm sorry, the first quarter.

是的，安東尼，我會繼續接受的。是的，謝謝你，Anesa。是的，所以我的意思是，當我們考慮我們的 Indoff 業務時，我們確實看到了更大的成長——繼續看到我們大型客戶群的良好成長。當我們思考時 - 您詢問提前拉動，我們確實沒有看到基於我們在業務中看到的不同指標的提前拉動需求。因此，我們認為我們只是繼續看到——在整個第三季度，我們確實看到了一些實力——抱歉，是第一季。

Indoff actually was growing very nicely in the second half of last year on new order generation, and they continued that trend into the first quarter this year. So that's an area that they've just continued to execute on really core very -- pretty standard-sized projects and just getting back to what they really do well.

事實上，Indoff 在去年下半年的新訂單產生方面成長非常好，並且在今年第一季延續了這一趨勢。因此，這是一個他們繼續執行的非常核心的、非常標準規模的項目，並且回到他們真正擅長的領域。

They did have a soft prior year, but that came through. In terms of our SMB customers, we did see -- again, that was a group that also accelerated and improved as we moved from the beginning of the quarter towards March and into April. That's an area that even really all of our customer segments did grow as we got into the March period.

他們前一年的表現確實不太好，但那一年他們表現不錯。就我們的 SMB 客戶而言，我們確實看到——同樣，隨著從本季度初到 3 月和 4 月，這個群體也在加速和改善。進入三月份，我們所有的客戶群在這一領域都實現了成長。

So overall, we saw some good strength and again, nothing that's overly indicative that it was pull-forward demand. So clearly, the future is a little bit opaque in terms of what the demand environment may look like given some of the macro economy or macro tariff issues. But again, ultimately, we're here to continue to execute as well as we can and serve our customers.

因此，總體而言，我們看到了一些良好的實力，而且沒有任何跡象表明這是提前需求。因此，顯然，考慮到一些宏觀經濟或宏觀關稅問題，未來的需求環境可能會是什麼樣子還不太明朗。但最終，我們還是會繼續盡力為客戶服務。

Thank you. Got you. And then in terms of the SD&A expenses, so those were actually barely up from last year. Was there anything unusual? I think you spoke about lower marketing costs, but just how do we think about SD&A costs from here? Can you kind of sustain this type of growth on a year-over-year basis? Or will it be more lumpy? How do we think about that?

謝謝。明白了。就 SD&A 費用而言，這些費用實際上比去年略有增加。有什麼不尋常的事嗎？我認為您談到了降低行銷成本，但是我們該如何看待 SD&A 成本？您能否保持這種逐年成長的勢頭？或者會不會更加凹凸不平？我們對此有何看法？

Yes. Anthony, as we had talked about on our last earnings call, we had announced that we did take some discretionary actions in terms of head count and other cost containment measures and really focused on cost control across the business. Marketing spend -- or marketing and overall selling expenses are an area that we have to look at and make sure that we're continuing to invest into the right areas that will deliver the right return. But our goal is to continue to really try to manage that SD&A level.

是的。安東尼，正如我們在上次財報電話會議上所討論的那樣，我們宣布我們確實在員工人數和其他成本控制措施方面採取了一些自由裁量行動，並真正專注於整個業務的成本控制。行銷支出—或者說行銷和整體銷售費用是我們必須關注的領域，並確保我們繼續投資於正確的領域以獲得正確的回報。但我們的目標是繼續真正努力管理 SD&A 水平。

And also, if you think about it, our revenue continued to improve from where it was in the fourth quarter and the third quarter last year. And that really will help us as we got close to breakeven on revenue or year-over-year flat on revenue, we started getting a little bit better leverage on that. That's an area, if we can get that growth rate to sustain, we will continue to see leverage across our fixed cost structure.

而且，如果你想想的話，我們的收入與去年第四季和第三季相比繼續提高。這確實對我們有幫助，因為我們的收入接近收支平衡或與去年同期持平，我們開始獲得更好的槓桿作用。如果我們能夠維持這個成長率，我們將繼續看到固定成本結構的槓桿作用。

Got you. Okay. And then switching gears to the tariffs. So obviously, as you point out, certainly, it's been disruptful (inaudible) since early April. Can you just comment as far as how do we think about here going forward as far as like pricing and gross margins? I know it's still a fluid situation, but if you could just kind of maybe help us out as we look to refine our financial models now, any sort of advice or input would be certainly appreciated.

明白了。好的。然後轉向關稅。因此，顯然，正如您所指出的，自 4 月初以來，情況一直很混亂（聽不清楚）。您能否評論一下我們如何看待未來的定價和毛利率？我知道情況仍然不穩定，但如果您能在我們現在尋求改進財務模型時幫助我們，我們將非常感激您提供的任何建議或意見。

Yes. I guess I'll jump in, Anthony. Thanks for the question. Look, it's still moving around on us a bit, right? So we are tracking it. We've got a daily standup call with everyone that's involved in kind of being part of the decision-making within the business. And what I will tell you is we've taken the appropriate actions to mitigate the risk as best we can. We have raised some prices, but we're being very prudent and very mindful to make sure that we're in line with what's happening dynamically in real time. And we're making sure that we have the inventory in stock to be able to service our customers and to help them run their business and their operations.

是的。我想我會加入的，安東尼。謝謝你的提問。瞧，它仍然在我們周圍移動，對嗎？所以我們正在追蹤它。我們每天都會與所有參與公司決策的人舉行一次站立會議。我要告訴你們的是，我們已經採取了適當的措施，盡力降低風險。我們已經提高了一些價格，但我們非常謹慎，非常注意確保我們與即時發生的動態情況保持一致。我們確保有足夠的庫存，以便為客戶提供服務並幫助他們開展業務和營運。

So at this point, I don't know that I can give you any guidance in particular other than we are managing it daily. And what we're anticipating or watching very closely is the fact that there have been some specific headlines recently that indicate that there might be a change in the overall stance of our government or our current administration.

因此，目前，除了我們每天進行管理之外，我不知道我是否可以給你任何特別的指導。我們預期或密切關注的事實是，最近出現的一些具體新聞表明，我們的政府或現任政府的整體立場可能會發生變化。

But Clark, I don't know if you'd like to add anything to that.

但是克拉克，我不知道您是否想對此進行補充。

The only thing I'd add, Anesa, is that, again, we are in a very good inventory position. So in the short term, Anthony, we're confident in our margins. We had much of our spring and seasonal assortment already in stock. You can see that in our balance sheet with our inventory values a little bit up from the fourth quarter level. That's somewhat normal seasonal planning, but that gives us some more runway to be able to really understand what the market is doing.

我唯一要補充的是，Anesa，我們的庫存狀況非常好。因此，安東尼，從短期來看，我們對我們的利潤率充滿信心。我們的春季和季節性商品大部分都已有庫存。您可以在我們的資產負債表中看到，我們的庫存價值比第四季度的水平略有上升。這在某種程度上是正常的季節性計劃，但它為我們提供了更多的空間來真正了解市場動態。

But again, clearly, once again, the fluid or the changing tariffs kind of come into really full understanding of where they'll ultimately settle out at, that's when we'll have the best idea of exactly which levers we need to pull, which sourcing partners we need to work with and how we need to overall manage our assortment. So in the short term, inventory is in a good position, but we'll continue to monitor the overall situation.

但再次，顯然，再一次，流動或變化的關稅在某種程度上需要真正全面了解它們最終會穩定在什麼水平，那時我們才能最好地了解我們需要採取哪些措施，我們需要與哪些採購夥伴合作，以及我們需要如何全面管理我們的產品組合。因此，短期內庫存處於良好狀態，但我們將繼續監控整體情況。

Got you. Okay. And just a quick follow-up. So as you've raised prices in April, what's been the impact on unit volume demand? Have you seen much of a difference in terms of your customer behavior as you raise prices?

明白了。好的。這只是一次快速的跟進。那麼，由於你們在四月提高了價格，這對單位數量需求有什麼影響？當您提高價格時，您是否發現客戶行為有很大變化？

I'll jump in Anesa on that one.

我會加入 Anesa 的。

Yes, go ahead.

是的，請繼續。

Yes, Anthony, it's one that's been very early. And again, as Anesa had mentioned in prior remarks was there were very small changes that we've taken so far. So we're always -- when we move the price on any product, we look at what the competition is doing, what the market will absorb. So we've not seen a change in trend from what we accomplished in March to what we're seeing in April so far.

是的，安東尼，這是一個很早以前的事了。正如 Anesa 在先前的評論中提到的那樣，到目前為止我們所採取的改變非常小。因此，當我們調整任何產品的價格時，我們都會注意競爭對手的舉動以及市場對產品的吸收能力。因此，到目前為止，我們還沒有看到與 3 月相比 4 月趨勢發生變化。

Yes. And back to your original question, Anthony, on pullback, we haven't seen pullback in the context of what we're observing with our sales despite taking some small incremental price, very surgically, very targeted, very intentional.

是的。回到你最初的問題，安東尼，關於回調，儘管我們採取了一些小幅增量價格，而且非常精準、非常有針對性、非常有意圖，但從我們觀察到的銷售情況來看，我們還沒有看到回調。

Michael Francis, William Blair.

麥可法蘭西斯、威廉布萊爾。

Hey guys. Anesa, nice to meet you. First thing for me, you talked about shifting some sourcing out of China. I believe you've said in the past it's about 35% of your COGS. Can you put a finer point on maybe a goal or where you're trying to get that and give an idea of where some of that shifting is going to?

嘿，大家好。Anesa，很高興認識你。對我來說，首先您談到了將一些採購轉移出中國。我相信您過去曾說過，這大約佔您的 COGS 的 35%。您能否更詳細地說明一下目標或您想要實現的目標，並說明其中的一些轉變將會如何進行？

Yes, Michael, that number that you're referencing is probably a little bit of an older number. While we haven't disclosed our specific mix recently, it's quite a bit lower than that. And obviously, as you know, a couple of years ago, we did acquire the Indoff business. And that business obviously didn't have the same exclusive brand sourcing or direct import profile that Global Industrial had. So again, that lowered that overall mix as part of our total COGS.

是的，邁克爾，您引用的那個數字可能有點舊了。雖然我們最近沒有披露我們的具體組合，但它比這要低得多。顯然，如您所知，幾年前我們確實收購了 Indoff 業務。而該企業顯然不具備像 Global Industrial 那樣的獨家品牌採購或直接進口資格。因此，這再次降低了我們總銷貨成本中的整體組合比例。

But with that said, it is still a major source of record, so again, under that 35%. And that's an area that really, starting back in 2019, we really started taking strategic actions to start diversifying away from some of that enterprise risk of having that country of origin being as centralized in China. So we have changed into other markets.

但話雖如此，它仍然是一個主要的記錄來源，所以再次低於 35%。事實上，從 2019 年開始，我們就已經開始在這個領域採取策略行動，開始多元化，避免原產國集中在中國帶來的部分企業風險。因此我們已轉向其他市場。

And this is an area that, again, we have broad sourcing teams across the globe and really sourcing -- really looking at what different opportunities we have. So it's an area that while we haven't published a goal, it's an area that we do believe that we can continue to take down. But again, like we said in the remarks a few moments ago, that doesn't happen overnight given that we really focus on finding the right partners that can develop quality products, deliver on time and have the right products in our assortment.

在這個領域，我們在全球擁有廣泛的採購團隊，並且真正地尋找採購機會——真正關注我們擁有哪些不同的機會。因此，雖然我們尚未公佈該領域的目標，但我們確實相信我們可以繼續攻克該領域。但是，就像我們剛才在評論中所說的那樣，這不會在一夜之間發生，因為我們真正專注於尋找能夠開發優質產品、按時交付並在我們的產品系列中擁有合適產品的合適合作夥伴。

So we'll make those changes. But again, that's, again, a little bit of a longer term or midterm to longer-term strategy versus something that can happen in one month or one quarter.

所以我們會做出這些改變。但同樣，這是一個長期或中期到長期的策略，而不是一個月或一個季度內可能發生的事情。

Okay. Got you. And then I noticed in your prepared remarks, you teased expanding the TAM and talked a bit about some markets you could potentially address. Is there any sort of color you could give to that comment and maybe some low-hanging fruit that you see out there that could be a good place for you to expand into?

好的。明白了。然後我注意到，在您準備好的發言中，您提到要擴大 TAM，並談論了一些您可能涉及的市場。您能對此評論做出什麼解釋嗎？或者您認為有哪些唾手可得的機會可以作為您擴展業務的好地方？

Yes. Good to meet you, Michael. And yes, I'm the one that made the comment. So I think there's definite potential to kind of open and broaden who we target. So I believe the business over the last kind of, what, maybe four to five years has shifted focus and prioritized small, medium.

是的。很高興見到你，麥可。是的，我就是發表該評論的人。所以我認為我們確實有潛力擴大和拓展我們的目標客戶群。因此，我認為，過去四、五年來，業務重點已經轉移，並優先考慮中小型企業。

And I think there's just tremendous opportunity to broaden who we're pursuing: enterprise customers, the GPOs and the strategic accounts that we already have. So I think there's opportunity to gain greater share of wallet by further penetrating that, also looking at assortment expansion and then pursuing just broader opportunities across different sectors.

我認為，我們有巨大的機會擴大我們的目標客戶群：企業客戶、GPO 和我們已有的策略客戶。因此，我認為，透過進一步滲透，同時考慮擴大產品種類，然後在不同領域尋求更廣泛的機會，就有機會獲得更大的錢包份額。

So it's still early days. I'm just a couple of months in, and I am formulating all of that strategically so that I can share it with the organization and the team shortly, but I'm still formulating all that at this point.

所以現在還為時過早。我才幾個月的時間，我正在策略性地制定所有這些，以便我可以很快與組織和團隊分享，但目前我仍然在製定所有這些。

Okay. And then last one for me. You talked about nice growth in strategic accounts, and you just touched on wanting to grow that part of the business. Was the growth in this quarter in that business, was it more of bringing on more accounts? Was it just strong growth from those accounts you have there? Or was it a mixture?

好的。這是我的最後一個。您談到了策略帳戶的良好成長，並且您剛才提到了希望發展這部分業務。本季該業務的成長是否更多地源於增加了更多帳戶？這只是因為您所在地區的帳戶出現了強勁成長嗎？還是混合物？

Yes. It was from a lot of those accounts specifically. And then I would say it's a mix across just the diverse business that we have.

是的。具體來說，這是從許多這樣的帳戶中得出的。然後我想說，這是我們多元化業務的混合體。

Thank you so much.

太感謝了。

Matt Kaelberer, Grandeur Peak Advisors.

馬特‧凱爾貝勒 (Matt Kaelberer)，Grandeur Peak Advisors。

Anesa, great to meet you. And Tex, great to hear from you. Just a couple of ones for me. You guys talked about gross margin. Obviously, I get the pretty low visibility in terms of going forward. How much should I read into, though, just bucking the trend of sort of down gross margins and this turning around here for a couple more quarters? I mean, taking out the tariff impact, is there still room for that to go?

Anesa，很高興認識你。特克斯，很高興收到你的來信。對我來說只有幾個。你們談到了毛利率。顯然，我對未來的展望相當低。但是，我該如何解讀，才能逆轉毛利率下降的趨勢，並在接下來的幾季扭轉這種局面呢？我的意思是，除去關稅的影響，還有上升空間嗎？

Yes. And I'll jump in, Anesa, on that one. So I think, yes, if you eliminate tariffs -- I mean, tariffs, obviously, you can't eliminate it. But if you take that out of the picture, again, we do absolutely think there's opportunity to continue to improve our gross margin rate. And that's going to be through a combination.

是的。安妮莎，我來談談這件事。所以我認為，是的，如果你取消關稅——我的意思是，關稅，顯然你不能取消它。但如果拋開這一點，我們確實認為還有機會繼續提高我們的毛利率。這將透過組合來實現。

Again, we always have talked about sourcing channels being one of those vehicles, but efficiencies in our freight proposition, continued strategic pricing actions, understanding where you can take individual pricing and really continue that investment in both our CRM to know our customers better can also help us really pinpoint that right pricing for the right customers.

再次強調，我們一直在談論採購管道是其中一種工具，但我們貨運主張的效率、持續的戰略定價行動、了解在哪裡可以採取個性化定價以及真正繼續對我們的 CRM 進行投資以更好地了解我們的客戶也可以幫助我們真正為合適的客戶確定合適的價格。

So again, we do believe that there's opportunity. But in the short term, again, we know there's a lot of outside factors that we'll have to be dealing with as we -- again, in the past, we always said we want to have a cost -- price/cost neutral approach to tariffs. Obviously, with some of the levels of tariff that's being talked about, that may not be possible and may require some shifting given some of the pretty extreme numbers that have been talked about out there.

因此，我們再次相信機會是存在的。但在短期內，我們知道我們必須應對許多外部因素，因為我們——過去我們總是說我們希望對關稅採取一種成本——價格/成本中性的方法。顯然，就目前討論的一些關稅水平而言，這可能是不可能的，而且考慮到目前討論的一些相當極端的數字，可能需要進行一些調整。

Yes. And being a fresh set of eyes on the business, I think there is definite opportunity. But the wildcard is the position of tariffs and what is firmly entrenched going forward and/or if any of that gets walked back.

是的。作為一個對業務有全新視角的人，我認為這裡肯定存在著機會。但不確定因素在於關稅的立場，以及未來哪些政策將穩固確立，以及/或哪些政策將被撤銷。

Yes. That was sort of my next question. I mean these numbers are big. And I'm just curious, 150% tariff coming out of China, like what's the math on that for you? Does that mean you need a 30% -- if they were to stay the same today, would you need a 30% price increase to make any money on products you're bringing in from China?

是的。這是我的下一個問題。我的意思是這些數字很大。我只是好奇，中國徵收 150% 的關稅，您對此作何計算？這是否意味著你需要 30%——如果今天價格保持不變，你是否需要將價格提高 30% 才能從你從中國進口的產品上賺錢？

Or I'm just -- I know the ex-factory price is very different than the retail price, but just curious the price increases needed if tariffs were to stay the same from China.

或者我只是——我知道出廠價與零售價有很大不同，但我只是好奇如果中國的關稅保持不變，需要漲價多少。

Yes. I mean you can do the math. If it's 150% of the underlying cost of goods, and really probably 170% to 180% if you really think about the tariffs that were already in place from 2019, again, that wouldn't be incremental price taking. But again, they'd be big numbers. Now again, do you take the price on every individual item?

是的。我的意思是你可以做一下計算。如果它是商品基礎成本的 150%，如果考慮到 2019 年已經實施的關稅，那麼實際上可能是 170% 到 180%，那麼這不會是增量價格上漲。但同樣，這些數字將會很大。現在，您再問一遍，您是否計算了每件商品的價格？

Or do you look at it across the portfolio? And again, there's always a different mix of components and our product set. So we need to look at it as a broader portfolio versus each individual item.

或者您會從整個投資組合的角度來看待它？而且，我們的組件和產品組合總是不同的。因此，我們需要將其視為一個更廣泛的投資組合，而不是每個單獨的項目。

So there will be some margin erosion on individual items, but we just have to continue to say, do we still source that item out of our current factory? Do we offer a domestic alternative? Do we offer -- can we find a factory in again a lower impacted market?

因此，個別產品的利潤率會受到一定程度的侵蝕，但我們必須繼續問自己，我們是否仍從現有工廠採購該產品？我們提供國內替代方案嗎？我們是否可以提供—我們能否在受影響較小的市場找到工廠？

So again, this is one that, because of the real-time nature of this and maybe some of the uncertainty of where it ultimately lands, we are all hands on deck working through that and trying to manage it the best we can. But again, the pricing actions, the math, it would be a significant increase on any individual SKU. But again, how does it blend across the portfolio is what we're really focused on as well.

所以，再說一次，由於這件事的即時性，以及它最終落在哪裡的不確定性，我們都在全力以赴地解決這個問題，並盡我們所能地管理它。但同樣，從定價行為和計算來看，任何單一 SKU 的價格都會大幅上漲。但同樣，它如何融入整個投資組合也是我們真正關注的。

And are customers -- these initial conversations you've had with customers, are they pretty productive and receptive even maybe in the face of a weakening macro? Or is it different than it was with the inflation of 2021 or even the trade war in '18?

您與客戶進行的這些初步對話是否富有成效且易於接受，即使在宏觀經濟疲軟的情況下也是如此？或者它與 2021 年的通貨膨脹甚至 18 年的貿易戰有何不同？

Yes. I'll take that one as well. So I think when we look at -- so far, I mean, our customers -- as we've talked about in the past, we are a web pricing model to start and then a discount list off discount for our most strategic customers, the ones that were really managed with our account reps and really focused upon.

是的。我也會選擇這個。所以我認為，當我們看——到目前為止，我的意思是，我們的客戶——正如我們過去所討論的那樣，我們首先採用網絡定價模式，然後為我們最具戰略意義的客戶提供折扣清單，這些客戶實際上是由我們的客戶代表管理的，並且我們真正關注的。

We've gotten very -- we've gotten at times proactive outreach from our customers saying, We just want to know what it's going to be, and we understand it. We understand that if we need the good that there's going to be a cost increase. So they have been receptive to that. But they want some clarity, I think the best answer is.

我們有時會收到客戶的主動諮詢，他們說，我們只是想知道會發生什麼，我們理解。我們明白，如果我們需要這些商品，成本就會增加。所以他們對此持接受態度。但他們想要一些明確的答案，我認為最好的答案是。

And sometimes I want to tell them we want clarity as well. But generally, it sounds like they are receptive and understand that we are all part of a global supply chain and there will be disruption. And our goal is to make sure we do have the right product at the right time. So trying to make sure we're in stock and have the product for their customers.

有時我想告訴他們我們也想要清晰度。但總的來說，聽起來他們似乎接受了這一點，並且理解我們都是全球供應鏈的一部分，而且會中斷。我們的目標是確保在正確的時間提供正確的產品。因此，我們要確保有庫存，並能為他們的客戶提供產品。

And again, we go back to 2021 and obviously, the significant inflation of ocean freight costs, we were able to generally pass that through, maintain margin through that time period. Same thing going back to 2019 in that first round of tariff imposition, we saw some improvement. Actually, we were able to take price on the way up on that area and maintain our margin throughout that cycle.

再次回顧 2021 年，顯然，海運成本大幅上漲，我們通常能夠轉嫁這一成本，並在那段時期保持利潤率。同樣的情況可以追溯到 2019 年第一輪關稅徵收時，我們看到了一些改善。實際上，我們能夠在該區域的價格上漲過程中維持整個週期的利潤率。

So we've had success in the past in some of these environments. With these numbers currently being discussed, those are a different magnitude. So it's going to take a different set of playbooks. And really, again, as Anesa had mentioned, all hands on deck, looking at everything from supply chain sourcing partners through to pricing. So it's got to be start with negotiating with suppliers, but also understanding what does ultimately get passed through to the customer. So it's a moving target, but we're working through it.

因此，我們過去在某些環境中取得了成功。對於目前正在討論的這些數字，它們的數量級是不同的。因此，這將需要一套不同的劇本。確實，正如 Anesa 所提到的那樣，所有人都全力以赴，從供應鏈採購合作夥伴到定價，並關注所有問題。因此，必須從與供應商談判開始，同時也要了解最終傳遞給客戶的訊息。所以這是一個不斷變化的目標，但我們正在努力實現它。

Yes. And Matt, the only thing I would add is, as part of me learning the business and coming up to speed, I couldn't speak to the historical part of your question, but I've met with some of our specific strategic accounts. And what I've observed is they're business as usual for now, recognizing that they anticipate some cost or some of their prices to go up. But we haven't seen the pullback. We haven't seen them pull forward.

是的。馬特，我唯一想補充的是，由於我正在學習業務並不斷提高速度，所以我無法回答你問題中的歷史部分，但我已經會見了我們的一些特定的策略客戶。據我觀察，他們目前一切照常，同時也意識到預計部分成本或價格將會上漲。但我們尚未看到回調。我們還沒有看到他們向前邁進。

So right now, we're just continuing to support and enable them to run their businesses. And in many cases, a lot of these strategic accounts are still growing accounts for us. So there's lots of room for getting greater share of wallet and penetrating those accounts.

因此現在，我們只是繼續支持他們並幫助他們經營業務。在很多情況下，這些策略帳戶對我們來說仍然是成長型帳戶。因此，我們有很大的空間來獲取更大的錢包份額並滲透到這些帳戶中。

That's great. And then just my last question. I know we talk about this a lot, and you can't ever give us much, but I don't know, with your balance sheet where it is, does that become a really interesting time for a deal, for an acquisition right now? Or is it sort of all hands on deck, figuring out the supply chain first before that would happen?

那太棒了。這是我的最後一個問題。我知道我們經常談論這個問題，而你卻無法給我們太多信息，但我不知道，就你的資產負債表而言，現在是否是進行交易或收購的真正有趣的時機？還是說需要大家齊心協力，先解決供應鏈問題，才能達成這個目標？

Yes. I would say that M&A is definitely part of one of our levers for growth as well. So we are looking at things actively. And I think if it's the right opportunity and it strategically fits where we're heading, I think it's all potentially in play. And we are in a very incredible cost -- balance sheet position. So that optionality exists for us.

是的。我想說，併購絕對也是我們成長的槓桿之一。因此我們正在積極地觀察事物。我認為，如果這是正確的機會，並且從策略上符合我們的發展方向，那麼這一切都是有潛力的。我們的成本——資產負債表狀況非常糟糕。因此，對於我們來說，存在這種可選性。

And again, it's great to meet you, Anesa, so we're excited to get to know you.

再次，很高興見到你，Anesa，我們很高興認識你。

Likewise. Thanks, Matt. Appreciate the questions.

同樣地。謝謝，馬特。感謝您的提問。

This concludes our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

今天的問答環節和電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。