Global Industrial Co (GIC) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Global Industrial's second quarter 2025 earnings call. At this time, I would like to turn the call over to Mike Smargiassi of the Plunkett Group. Please go ahead.

女士們、先生們，下午好，歡迎參加 Global Industrial 2025 年第二季財報電話會議。現在，我想將電話轉給 Plunkett Group 的 Mike Smargiassi。請繼續。

Thank you, and welcome to the Global Industrial second 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. Today's discussion may include certain forward-looking statements.

謝謝，歡迎參加 2025 年第二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。今天的討論可能包括某些前瞻性陳述。

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. The press release is available on the company's website and has been filed with the SEC on a Form 8-K.

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，包括前瞻性陳述標題下以及公司 10-K 表年度報告和 10-Q 表季度報告中的風險因素下描述的因素。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)。

This call is the property of Global Industrial Company. I will now turn the call over to Anesa.

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. We delivered an excellent second quarter performance with record profitability. I'm pleased with the execution of the entire organization, specifically considering the market disruption and uncertainty from the current tariff environment. The team has done a great job mitigating the risk, enabling us to continue to serve our customers.

謝謝你，麥克。大家下午好，感謝大家的參與。我們第二季業績出色，獲利創歷史新高。我對整個組織的執行感到滿意，特別是考慮到當前關稅環境造成的市場混亂和不確定性。團隊在降低風險方面做得非常出色，使我們能夠繼續為客戶提供服務。

In the quarter, revenue increased 3.2% to $358.9 million. We grew the top line each month during the period and have seen growth continue into July. Performance was driven by our largest strategic accounts, partially offset by a reduction in our smallest and more transactional customers.

本季營收成長 3.2% 至 3.589 億美元。在此期間，我們的營業額每個月都有所增長，並且這種增長勢頭一直持續到7月份。業績成長主要由我們最大的策略客戶推動，但最小且交易性更強的客戶的減少部分抵消了這一成長。

Gross margin was a record 37.1% for the second quarter, an increase of 190 basis points over the second quarter of 2024, and 220 basis points over the first quarter of 2025. Operating income improved over 26% to $33.5 million, which represents a quarterly record for the company.

第二季毛利率達到創紀錄的37.1%，比2024年第二季增加190個基點，比2025年第一季增加220個基點。營業收入成長超過 26%，達到 3,350 萬美元，創下了公司的季度紀錄。

Operating margin was 9.3%, and we also had strong cash flow generation in the quarter. Overall, our results reflect the benefits of modest price capture and the timing of FIFO inventory. While some of this margin expansion may be temporary, we believe it highlights our ability to proactively manage the business and focus on what we can control. This includes ensuring product availability and providing the products our customers rely on us to deliver.

營業利潤率為 9.3%，本季我們也實現了強勁的現金流。總體而言，我們的結果反映了適度價格捕獲和先進先出庫存時間的好處。雖然利潤率的成長可能是暫時的，但我們相信這凸顯了我們主動管理業務和專注於我們能夠控制的事情的能力。這包括確保產品可用性並提供客戶依賴我們交付的產品。

As I noted on the last call, Global Industrial has an outstanding foundation for growth. with an exceptional platform and the ability to scale the business organically. We have an opportunity to broaden who we serve, expand existing account relationships and accelerate our growth initiatives. During the past several months, we have gained alignment throughout the organization on how we can better position Global Industrial to grow and to pursue new opportunities. We will drive simplification in how we operate and create a sense of urgency within the organization to better serve the customer.

正如我在上次電話會議上提到的，Global Industrial 擁有出色的成長基礎、卓越的平台和有機擴展業務的能力。我們有機會擴大服務範圍、拓展現有客戶關係並加速我們的成長計畫。在過去的幾個月裡，我們整個組織就如何更好地定位全球工業以實現成長和尋求新機會達成了一致。我們將簡化營運方式，並在組織內營造緊迫感，以更好地服務客戶。

We are empowering our teams to make real-time decisions and continually challenging the way we work to find creative solutions to address customers' needs. Core to our efforts will be the continued transformation of the business model to place the customer at the center of everything we do. Not just thinking about the customer and our actions but realigning and building the organization and the solutions we provide around our customers. We need to make it easier for our customers to engage and do business with us, allowing us to deliver greater value to them and become an extension of their teams. Moving forward, our growth strategy will be anchored in specialization and expansion.

我們正在授權我們的團隊做出即時決策，並不斷挑戰我們的工作方式，以找到滿足客戶需求的創意解決方案。我們努力的核心是持續轉變商業模式，將客戶置於我們一切工作的中心。不僅要考慮客戶和我們的行動，還要重新調整和建立組織以及我們圍繞客戶提供的解決方案。我們需要讓客戶更輕鬆地與我們互動並開展業務，從而讓我們為他們提供更大的價值並成為他們團隊的延伸。展望未來，我們的成長策略將以專業化和擴張為基礎。

On specialization, we will become more focused in the identification and targeting of key customers and align sales on the broader organization to serve the specific needs of each type of customer. We will reframe our go-to-market strategy to become much more intentional and how we approach and attract new customers. We see significant opportunity to deepen existing relationships, gain greater share of wallet and acquire new customers. On expansion, we will broaden the product categories we offer and enhance our overall offerings to ultimately improve our customer stickiness. We will do this focused on driving profitable growth.

在專業化方面，我們將更專注於識別和鎖定關鍵客戶，並在更廣泛的組織範圍內協調銷售，以滿足每種類型客戶的特定需求。我們將重新制定我們的市場進入策略，使其更加有針對性，並重新制定我們如何接觸和吸引新客戶。我們看到了深化現有關係、贏得更大份額和獲得新客戶的巨大機會。在擴張方面，我們將拓寬我們提供的產品類別並增強我們的整體產品，以最終提高我們的客戶黏著度。我們將致力於推動獲利成長。

In summary, we were very pleased with our second quarter performance. We have more work to do as we look to accelerate our success and mitigate the impacts of tariffs on our business and for our customers. As we become more intentional in how we go to market and operate the business, we believe we have the opportunity to open the aperture of the total addressable market that we pursue. There's a lot of positive activity across the company, and I'm excited by what the future holds. We remain well positioned to continue to invest in our growth initiatives and to evaluate strategic M&A.

總而言之，我們對第二季的表現非常滿意。我們還有許多工作要做，以期加快我們的成功並減輕關稅對我們的業務和客戶的影響。隨著我們更加有意識地進入市場並經營業務，我們相信我們有機會打開我們所追求的整個可尋址市場的大門。公司上下都在積極開展活動，我對未來充滿期待。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併購。

Finally, in September, we will host our ninth Annual National Trade Show in Orlando, Florida. This event allows us to showcase our extensive product offering of national and proprietary brands as well as the knowledge and solutions we bring to market. We look forward to connecting with our customers and vendor partners at the show.

最後，九月份，我們將在佛羅裡達州奧蘭多舉辦第九屆年度全國貿易展。此次活動讓我們能夠展示我們豐富的國內和專有品牌產品以及我們帶給市場的知識和解決方案。我們期待在展會上與我們的客戶和供應商合作夥伴建立聯繫。

Now I will turn the call over to Tex.

現在我會把電話轉給 Tex。

Thank you, Anesa. Second quarter revenue was $358.9 million, up 3.2% over Q2 of last year. US revenue was up 3% and Canada revenue improved 7.4% in local currency. Sales grew each month during the quarter, and we have seen growth accelerate to mid-single digits through the first four weeks of July.

謝謝你，阿妮莎。第二季營收為 3.589 億美元，較去年第二季成長 3.2%。以當地貨幣計算，美國營收成長 3%，加拿大營收成長 7.4%。本季銷售額每個月都在成長，而我們看到，在 7 月的前四周，銷售額的成長速度已經加速到中等個位數。

Results were strongest amongst our largest strategic accounts, which continue to see good momentum and sales progress as they grew on both total dollar and order volume basis. Price was positive in the quarter and includes some initial pricing actions implemented in April. This was partially offset by a decline in total volume which reflects an intentional effort to limit certain promotional activities that previously targeted customer segments with historically lower retention rates and ultimately, a lower lifetime value.

我們最大的策略客戶的業績最為強勁，這些客戶繼續保持良好的發展勢頭和銷售成長，總金額和訂單量均實現成長。本季價格呈正成長，其中包括 4 月實施的一些初步定價措施。這被總量的下降部分抵消，這反映了有意限制某些促銷活動，這些促銷活動以前針對的是歷史上保留率較低且最終終身價值較低的客戶群。

The tariff environment remains highly fluid, and the cumulative impact of incremental tariffs remain significant. We continue to actively monitor the situation and are focused on supplier diversification, price management and strategic cost negotiations.

關稅環境依然高度不穩定，增量關稅的累積影響仍然顯著。我們持續積極監控情況，並專注於供應商多元化、價格管理和策略成本談判。

We concluded the second quarter with a healthy inventory position and continue to prioritize availability for our customers. We anticipate implanting additional pricing actions as inventory affected by tariffs moves through our cost of sales.

我們在第二季結束時庫存狀況良好，並繼續優先為客戶提供供應。隨著受關稅影響的庫存轉移到我們的銷售成本，我們預計將採取額外的定價措施。

Gross profit for the quarter was $133 million. Gross margin was 37.1%, up 190 basis points from the year ago period and 220 basis points sequentially. Gross profit improvement reflects both price capture and temporary favorability of inventory valuation, which flows through the cost of sales on a FIFO basis.

本季毛利為1.33億美元。毛利率為37.1%，較去年同期上升190個基點，較上一季上升220個基點。毛利的提高既反映了價格的捕獲，也反映了庫存估價的暫時有利性，它按照先進先出的方式流向銷售成本。

In addition, our gross margin rate benefited from transportation and freight cost improvements in both our small parcel and LTL environments as well as quality initiatives that reduce freight claims and customer returns. Management of our margin profile remains a key area of focus.

此外，我們的毛利率受益於小包裹和零擔環境中的運輸和貨運成本的改善，以及減少貨運索賠和客戶退貨的品質措施。利潤率管理仍然是我們關注的重點領域。

As we move through the current cycle, we have started to see the timing benefit of pre-tariff inventory decline. Our -- while our goal is to manage price cost neutral, we are seeing sequential headwinds in our margin rates given the timing dynamics of on-hand inventory, market inflation associated with the tariff-related cost increases and efforts to continue to diversify our supply chain.

隨著我們進入當前週期，我們開始看到關稅前庫存下降的時機優勢。我們的目標是保持價格成本中性，但考慮到庫存的時間動態、與關稅相關的成本上漲相關的市場通膨以及我們繼續多元化供應鏈的努力，我們的利潤率正面臨連續的阻力。

Selling, distribution and administrative setting for the quarter was $99.5 million, an increase of 3.5% from last year. However, as a percentage of net sales, SG&A was 27.7%, nearly flat with last year. SG&A reflected strong general and discretionary cost control and modestly lower marketing expenses. These savings were partially offset by year-over-year increase in variable compensation expenses with both selling commissions and our bonus pool accrual increasing compared to last year.

本季銷售、分銷和行政管理費用為 9,950 萬美元，比去年同期成長 3.5%。然而，銷售、一般及行政費用佔淨銷售額的百分比為 27.7%，與去年幾乎持平。銷售、一般及行政費用 (SG&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費用。這些節省的部分被可變薪酬費用的同比增長所抵消，與去年相比，銷售佣金和獎金池應計費用均有所增加。

While marketing CPC inflation remains, we continue to drive efficiencies in our investment and have seen some nice productivity and efficiency gains within our sales teams as we continue the implementation of our new CRM.

儘管行銷 CPC 通膨仍然存在，但我們繼續提高投資效率，並且隨著我們繼續實施新的 CRM，我們的銷售團隊的生產力和效率得到了顯著提高。

Operating income from continuing operations was a record $33.5 million, an increase of 26.9% in the second quarter, and operating margin was 9.3%. The operating cash flow from continuing operations was $31.8 million. In the quarter, we closed on the purchase of a small services company that provides a value additive service wrapper extension to one of our product lines. This company represents less than 1% of total revenue.

持續經營業務的營業收入達到創紀錄的 3,350 萬美元，第二季成長 26.9%，營業利潤率為 9.3%。持續經營業務產生的經營現金流為3,180萬美元。本季度，我們完成了對一家小型服務公司的收購，該公司為我們的一條產品線提供增值服務包裝擴展。該公司的收入佔總收入的不到 1%。

Total depreciation and amortization expense in the quarter was $1.9 million, including approximately $0.8 million associated with the amortization of intangible assets, while capital expenditures were $1.4 million. Cash flow from investing activities includes the $4.3 million purchase price of the previously mentioned service business. We continue to expect 2025 capital expenditures in the range of $2 million to $3 million, which primarily reflects maintenance-related investments in equipment within our distribution network.

本季總折舊和攤銷費用為 190 萬美元，其中包括與無形資產攤銷相關的約 80 萬美元，而資本支出為 140 萬美元。投資活動產生的現金流量包括前面提到的服務業務的 430 萬美元購買價格。我們繼續預期 2025 年的資本支出將在 200 萬至 300 萬美元之間，這主要反映了我們分銷網路內設備的維護相關投資。

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 June 30, we had $55.1 million in cash, no debt and approximately $120 million of excess availability under the 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.

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6月30日，我們擁有5,510萬美元現金，無負債，且在信貸安排下有約1.2億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。

This concludes our prepared remarks today. Operator, please open the call for questions.

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)

（操作員指示）

Ryan Merkel, William Blair.

瑞安·默克爾、威廉·布萊爾。

Hey, good afternoon. Thanks for taking the question. I wanted to start with a big surprise, which was gross margin. And can you help us with the bridge, the 200 basis points increase year-over-year. How much of that was FIFO, and then how much of it was freight and the other things that you talked about?

嘿，下午好。感謝您回答這個問題。我想以一個大驚喜開始，那就是毛利率。您能幫助我們解決這個難題嗎？ 200 個基點年增了。其中有多少是先進先出 (FIFO)，又有多少是貨運以及您談到的其他東西？

Hey Ryan, thank you for the question. I'll go ahead and jump in there. So when we think about that expansion, a lot of times, I'd like to look back at what we saw in the back half of '21 and leading into '22 when we were going through a similar inflationary environment with the cost of ocean freight going up and we saw a similar ramp up.

嘿，Ryan，謝謝你的提問。我會繼續前進並跳進去。因此，當我們考慮這種擴張時，很多時候，我想回顧一下我們在 21 年下半年和 22 年看到的情況，當時我們經歷了類似的通膨環境，海運成本上漲，我們看到了類似的增長。

So when you think about that 200 basis points of expansion, it's -- about half of that is going to be that price timing that we looked at with pricing, with our COGS working through. And the other half of that is going to be things like we mentioned, where we were seeing favorable cost in transportation and some other areas that drove benefit into our gross profit rate.

因此，當您考慮 200 個基點的擴張時，其中大約一半將是我們在定價時考慮的價格時機，以及我們的 COGS 發揮作用。而另一半將是我們提到的那些事情，我們看到運輸和其他一些領域的成本優惠，從而為我們的毛利率帶來了好處。

So again, we have started to see that benefit that we recorded in the second quarter already start to wane in the third quarter. So we would expect some sequential headwinds into the third quarter. But again, we still think we'll be able to manage our gross margin favorability on a year-over-year basis.

因此，我們再次看到，我們在第二季記錄的收益在第三季已經開始減弱。因此，我們預計第三季將出現一些連續的阻力。但我們仍然認為，我們能夠維持毛利率與去年同期相比的良好狀態。

And on that last point, Tex, about 100 basis points, do you think comes off as we think about the second half?

關於最後一點，Tex，大約 100 個基點，您認為當我們考慮下半年時，這個數字會下降嗎？

Yeah. I mean I think that's a fair way to look at it. Obviously, there's still some unknowns out there as tariff rates are continuing to change and mix could change. We will be continue to look at market-based pricing. But yeah, I think that's a fair, fair assessment to where we stand today.

是的。我的意思是我認為這是公平的看待這個問題的方式。顯然，由於關稅稅率持續變化且組合可能發生變化，因此仍存在一些未知因素。我們將繼續關注基於市場的定價。但是的，我認為這是對我們目前立場的一個公平、公正的評估。

Yeah. Ryan, this is Anesa. Just to chime in real quick. I would just say we have numerous initiatives that are in flight, and we're watching it very closely. So we'll do -- we'll read and react as we go through, but I would say that Tex is spot on with what we anticipate at this juncture.

是的。瑞安，這是阿內莎。只是想快速地附和一下。我想說的是，我們正在實施多項舉措，並且正在密切關注。所以我們會這樣做——我們會在進行過程中閱讀並做出反應，但我想說的是，Tex 對我們在這個時刻的預期是正確的。

Okay. So in my own words, 37 is little punchy. You don't expect to continue that, but you do expect year-over-year expansion to continue.

好的。所以用我自己的話來說，37 有點太有衝擊力了。你不希望這種情況持續下去，但你確實希望逐年擴張能繼續下去。

Yeah, absolutely. That's fair.

是的，絕對是如此。這很公平。

Yeah.

是的。

Okay. My next question was just on the July commentary, up mid-single digits. I mean it's a bit of acceleration. This might be hard to answer, but is that market driven? Is that price? Is that company-specific share gains?

好的。我的下一個問題是關於七月的評論，成長了個位數中段。我的意思是它有一點加速。這可能很難回答，但這是市場驅動的嗎？是這個價格嗎？這是公司特定的股票收益嗎？

Yeah. Anesa, do you want me to chip in there. Go ahead.

是的。阿妮莎，你想讓我幫忙嗎？前進。

Go ahead, Tex. That's fine.

繼續吧，特克斯。沒關係。

Yeah. I'm sorry. Yeah. I mean when we look at it -- Ryan, we're seeing a fairly broad-based. So we're seeing good growth across different customer segments, both our managed customers, our strategic customers, but the biggest growth those strategic accounts that we've been putting the most effort to really target those customers and be very intentional with how we're servicing those customers.

是的。對不起。是的。我的意思是，當我們看著它時——瑞安，我們看到了相當廣泛的基礎。因此，我們看到不同客戶群都實現了良好的成長，包括我們的託管客戶和策略客戶，但最大的成長來自那些策略客戶，我們一直在付出最大的努力來真正瞄準這些客戶，並非常有意識地為這些客戶提供服務。

So it's been fairly strong growth. We saw growth each month in the quarter during the second quarter and that has accelerated into the early part of the third quarter to four weeks in at this point.

所以說，這是相當強勁的成長。我們在第二季的每個月都看到了成長，而這種成長在第三季初已經加速，目前已經持續了四週。

So it's on all fronts, Ryan. And we've got some things that we're piloting right now strategically on go-to-market that are premature at this point but we're starting to see some incremental positive momentum, but we'll be in a better position to speak to it when the next time we have our subsequent third quarter call.

所以，瑞安，這是全方位的。目前，我們正在策略性地試行一些行銷策略，雖然現在還為時過早，但我們開始看到一些積極的成長勢頭，但下次召開第三季電話會議時，我們將能夠更好地談論它。

Okay. Maybe one more for Anesa. It's a two partner two. You mentioned being more intentional about attracting new customers. Could you be a little bit more specific what do you mean by intentional?

好的。也許再給 Anesa 一個。這是兩個合作夥伴。您提到要更有意識地吸引新客戶。能否更具體一點，您所說的故意是什麼意思？

And then am I reading this right? Or is it the new customers that you want? Are you going to be shifting more to the strategic accounts or are you equally trying to get small and medium businesses as well?

那我讀得對嗎？還是您想要的是新客戶？您是否會將更多精力轉向策略客戶，還是也同樣嘗試爭取中小型企業？

Yeah. No, thank you for the question. The intentionality is just really aligning ourselves and putting the customer at the center of what we do, and that is a pivot and a shift for us. But really trying to understand what the customer needs are across various industry segments and sectors. So we're getting very smart on understanding the behavior of our customers along those lines.

是的。不，謝謝你的提問。我們的意圖就是讓我們自己保持一致，並將客戶置於我們工作的中心，這對我們來說是一個支點和轉變。但真正嘗試去了解各行業和領域的客戶需求是什麼。因此，我們在了解客戶行為方面變得越來越聰明。

And then the second part of your question is I would say that Global Industrial in the past targeted customers that were more price sensitive or really looking for applying coupons and discounting and what have you. And it's just being very intentional on who we're targeting, where we're going to look for growth opportunities and then -- and kind of doubling down and investing in those arenas.

然後，你問題的第二部分是，我想說，Global Industrial 過去針對的客戶是那些對價格更敏感的客戶，或者真正尋求使用優惠券和折扣的客戶，等等。我們非常有意識地確定我們的目標客戶，在哪裡尋找成長機會，然後加倍投入並投資這些領域。

Got it. All right, I'll pass it on. Best of luck.

知道了。好的，我會傳達的。祝你好運。

Thank you, Ryan.

謝謝你，瑞安。

Thank you.

謝謝。

Anthony Lebiedzinski, Sidoti & Company.

安東尼·萊比津斯基（Anthony Lebiedzinski），Sidoti & Company。

Good afternoon, and thank you for taking the questions. Certainly nice to see the strong profitability in the quarter. So first, I just wanted to go back to your comments about the fact that you saw your smallest accounts or SMB clients kind of being soft in the quarter. Just wondering if that changed in July as you've seen an acceleration in your sales trends?

下午好，感謝您回答問題。很高興看到本季的強勁獲利能力。首先，我想回到您的評論，您發現本季最小的帳戶或 SMB 客戶業務有些疲軟。只是想知道 7 月份銷售趨勢是否有所改變？

Yeah. Anthony, this is Tex. I'll take that one. I can thanks for joining us today. So I think that's one area that, again, as we've gone into July, we've seen, again, fairly broad-based growth, but again, it's still concentrated in those largest customers that we tend to serve. When we think about some of that intentionality and some of that targeted marketing is obviously, we pulled back promotional activities in the second quarter, which, again, in the past were a little bit higher proportion of our mix -- our customer mix.

是的。安東尼，這是特克斯。我要那個。我非常感謝您今天加入我們。因此，我認為，隨著我們進入 7 月份，我們再次看到了相當廣泛的成長，但這種成長仍然集中在我們傾向於服務的那些最大客戶身上。當我們考慮一些意向性和一些有針對性的行銷時，顯然，我們在第二季度撤回了促銷活動，而在過去，促銷活動在我們的組合（客戶組合）中所佔的比例要高一些。

And while that did impact some volume metrics that we looked at in the period. Overall, we think we drove more profitable growth and a healthier customer mix for ourselves.

雖然這確實影響了我們在此期間所關注的一些數量指標。總體而言，我們認為我們為自己帶來了更多的利潤成長和更健康的客戶結構。

Got you. Okay. Yeah. Thanks for that. And then Anesa, you spoke about having more of a sense of urgency in terms of just driving the business forward, where would you say are the greatest kind of near-term opportunities and where would you say it's something that will take longer to achieve in terms of -- I just wanted to go back to that comment where you talked about having that greater sense of urgency.

明白了。好的。是的。謝謝。然後，阿尼薩，您談到在推動業務發展方面要有更強的緊迫感，您認為最好的近期機會是什麼，以及您認為哪些事情需要更長的時間才能實現——我只是想回到您談到的關於有更強緊迫感的評論。

Yeah. No, that's a great question, Anthony. Thank you for it. What I mean by that is, I would say there are some operational elements that will enable us to be more nimble, more flexible and responsive to our customers. I would say, on the customer experience side being empowered more so to be able to make real-time decisions. If a customer calls in and need some assistance and so forth. So that's what I was referring to and implying.

是的。不，這是一個很好的問題，安東尼。謝謝你。我的意思是，有一些營運要素可以讓我們更有彈性、更敏捷，對客戶的反應也更加迅速。我想說，在客戶體驗方面，我們能夠做出更多的即時決策。如果客戶打電話進來並需要一些幫助等等。這就是我所指和暗示的。

Got it. Okay. And then as you look to grow the business, can you also speak to the addressable market opportunity that you referenced in the press release?

知道了。好的。然後，當您尋求發展業務時，您能否談談新聞稿中提到的可尋址市場機會？

Yeah. I guess I don't have a specific number in mind if that's what you're asking relative to the TAM. But I believe that there is just a tremendous opportunity. And I think during one of our last meetings, we had discussed that briefly but I would say we have been doing intentionally throughout the quarter as well as expanding our assortment and the products and the SKUs that we're taking to market, and that's also enabled us and enhanced our growth and some of the momentum we're seeing as well. So it's really honing in on that.

是的。如果你問的是相對於 TAM 而言的，我想我心裡還沒有一個具體的數字。但我相信這是一個巨大的機會。我想在我們最近的一次會議上，我們曾簡要討論過這個問題，但我想說的是，我們整個季度都在有意地這樣做，擴大我們的產品種類、產品和我們要推向市場的 SKU，這也使我們能夠實現增長並增強了我們看到的一些勢頭。所以這確實是一個磨練。

Again, back to the specialization comment, it's understanding the customer at a more intimate level to then align the organization to be able to serve it and to be able to fulfill what they're expecting from our capabilities. So that's really what we're trying to align to do.

再次回到專業化評論，即在更深入的層面上了解客戶，然後調整組織以為其提供服務並滿足他們對我們能力的期望。所以這正是我們努力要做的事。

And I'm convinced that, that total addressable market is where we're currently anchored on infrastructure, with operational type of industrial equipment will broaden to industrial equipment and supplies, MRO in a broader sense and so forth. But we're in the nascent stage of that as we're looking to further expand the assortment, the progression and everything that we take to market.

我確信，整個可尋址市場是我們目前立足的基礎設施，工業設備的運作類型將擴大到工業設備和耗材，以及更廣泛意義上的 MRO 等等。但我們正處於起步階段，因為我們希望進一步擴大產品種類、進步以及我們推向市場的所有產品。

So as you look to execute this strategy to be more intentional and more specialized, do you think you have a -- do you think you'll need to grow your sales team or other parts of the business in terms of people? Or do you think, yeah, you're in the right -- you have the right group of people to execute this strategy?

因此，當您希望執行此策略，使其更具目的性和更加專業化時，您是否認為您需要擴大銷售團隊或業務的其他部分？或者您認為，是的，您是對的——您擁有合適的人才來執行這項策略？

Yeah, I believe we will need to make some investments. And yes, we will need to look at how we go to market on the sales side. So there will be investments in the sales organization. And that's really what we're doing right now currently to do some piloting, some testing, and we'll be launching some things incrementally in various markets. So that we can quickly learn and then determine just what we'll do differently going into 2026.

是的，我相信我們需要進行一些投資。是的，我們需要研究如何在銷售方面進入市場。因此，我們將對銷售組織進行投資。這就是我們現在正在做的事情，進行一些試點、一些測試，我們將在各個市場逐步推出一些東西。這樣我們就可以快速學習，然後確定在 2026 年我們將採取哪些不同措施。

Got you. Okay. All right. And then you made a small acquisition that you talked about. What is your appetite for additional acquisitions going forward?

明白了。好的。好的。然後您進行了一次您談到的小規模收購。您對未來進一步收購有何興趣？

Yeah. No, great question. As Tex highlighted, we have zero debt or minimal debt, if at all. And so the opportunity for strategic M&A is absolutely available to us. We're going to be very mindful and prudent. And as we go through some of the piloting and testing that we're doing now real time in the back half of this year, I think that will help provide clarity on the strategic direction that we want to take.

是的。不，這個問題問得好。正如 Tex 所強調的，我們的債務為零，或者說，債務很少。因此，我們絕對有進行策略併購的機會。我們將非常謹慎和審慎。隨著我們在今年下半年即時進行一些試點和測試，我認為這將有助於明確我們想要採取的策略方向。

I already have some perspective at this point, but I want to validate a few things before really aggressively going after it. But that opportunity is there for us to scale and grow, especially along the lines of some of the broad -- being able to go after some broader MRO capabilities and to live up to the fulfillment expectations of customer base, depending on the segment or the industry or the vertical.

我現在已經有一些想法了，但在真正積極地追求它之前，我想驗證一些事情。但是，我們有機會擴大規模並發展，特別是在一些廣泛的領域——能夠追求更廣泛的 MRO 能力並滿足客戶群的期望，這取決於細分市場、行業或垂直領域。

Understood. Well, thank you very much and best of luck.

明白了。好吧，非常感謝，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。