Global Industrial Co (GIC) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Global Industrial's fourth 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，歡迎參加環球工業2025年第四季財報電話會議。此時，我想把電話交給普朗克特集團的麥克‧斯馬吉亞西。請繼續。

Thank you and welcome to the Global Industrial fourth quarter 2025 earnings call.

謝謝大家，歡迎參加全球工業2025年第四季財報電話會議。

Today's call will include formal remarks from Anesa Chaibi; Chief Executive Officer, and Tex Clark; Senior Vice President and Chief Financial Officer.

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。

Formal remarks will be followed by a question-and-answer session.

正式致詞之後將進行問答環節。

Today's discussion may include 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.

今天的討論可能包含前瞻性陳述。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，這些因素包括公司年度報告（表格 10-K）和季度報告（表格 10-Q）中「前瞻性聲明」標題和「風險因素」部分所描述的因素。

I would like to remind everyone that the fourth quarter of 2025 closed on Saturday, January 3, 2026, representing one additional week in the quarter compared to the prior year.

我想提醒大家，2025 年第四季於 2026 年 1 月 3 日星期六結束，比去年該季度多出一週。

This added four working days to the quarter, which covered the period between the Christmas and New Year's holiday, typically our lowest sales week of any year.

這使得該季度增加了四個工作日，涵蓋了聖誕節和新年假期之間的這段時間，這通常是我們一年中銷售額最低的一周。

In addition, the first quarter of 2026 started on January 4 and we'll have a favorable comparison from the year ago period which started on December 29 and included the impact of the New Year's holiday.

此外，2026 年第一季從 1 月 4 日開始，與去年同期（從 12 月 29 日開始，包含了新年假期的影響）相比，我們將有一個有利的比較基數。

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

獲利報告已發佈在公司網站上，並已透過 8-K 表格向美國證券交易委員會提交。

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

本次通話屬於環球工業公司所有。現在我將把通話轉給阿內薩。

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

謝謝你，麥克。各位下午好，感謝各位的參與。

Today I'm happy to share that 2025 was a year of significant progress for global industrial that included quite a bit of change to better position the company for organic growth. I'm very pleased with the way the team stepped up and embraced the changes and executed to deliver on a full year of financial results. We ended the year with good momentum across the business as average daily sales grew 7.4% in the fourth quarter, driven by both volume and price improvements.

今天我很高興地告訴大家，2025 年是全球產業取得重大進展的一年，其中包括許多變革，旨在更好地為公司的有機成長做好準備。我對團隊積極應對變化並最終實現全年財務表現的表現感到非常滿意。在銷售和價格雙雙提升的推動下，第四季平均每日銷售額成長了 7.4%，公司全年發展勢頭良好。

We delivered strong margin performance, generated healthy cash flows, and today announced an increase in the quarterly recurring dividends for the 11th consecutive year.

我們實現了強勁的利潤率表現，產生了健康的現金流，今天宣布連續第 11 年提高季度經常性股息。

In addition, during the quarter, Global Industrial repurchased approximately 326,000 shares at an aggregate purchase price of $9.3 million.

此外，本季度，Global Industrial 以 930 萬美元的總購買價格回購了約 326,000 股股票。

For the full year we delivered $1.38 billion in revenue representing growth of 4.8%. Overall, we are very pleased with the results, and text will discuss the financial performance in detail.

全年營收達 13.8 億美元，年增 4.8%。整體而言，我們對結果非常滿意，下文將詳細討論財務表現。

Most importantly, we made progress on strategic priorities that we believe will allow us to accelerate the pace of change, to grow the top-line profitably, and scale the business in 2026 and beyond.

最重要的是，我們在策略重點方面取得了進展，我們相信這將使我們能夠加快變革的步伐，實現營收獲利成長，並在 2026 年及以後擴大業務規模。

In the past year, we began the transformation of our business model and outlined core objectives. First, to become a more customer centric company, and second, to refine our go to market strategy, particularly in realigning our sales, marketing, and merchandizing teams to reframe our value propositions by industry vertical.

過去一年，我們開始了業務模式的轉型，並設定了核心目標。首先，要成為一家更以客戶為中心的公司；其次，要完善我們的市場進入策略，特別是要重新調整我們的銷售、行銷和商品銷售團隊，以便按行業垂直領域重新定義我們的價值主張。

We piloted a number of changes to refine our approach to better serve the needs of our customers and to deliver profitable growth. So what did we do? I'll start with customer centricity. Throughout 2025, we continued to reframe our approach to put our customers at the center of everything we do. By driving continuous improvement and damage reduction, quality, and distribution optimization, we maintained high service levels for our customers.

我們試行了一系列變革，以改善我們的方法，更好地滿足客戶的需求，並實現獲利成長。那我們做了什麼？我先從以客戶為中心談起。2025 年全年，我們不斷調整策略，將客戶置於我們一切工作的中心。透過不斷改進和減少損失、提高品質和優化配送，我們維持了為客戶提供高水準的服務。

Retention rates across our managed account base were strong as we again prioritized the customer experience and expanded upon our e-procurement capabilities. We completed the planned rollout of Salesforce for our sales, marketing and customer service teams. Having a single unified view of the customers enabled data-driven and faster decision making, helping drive efficiencies and more personalized engagement with our customers.

我們再次將客戶體驗放在首位，並擴展了我們的電子採購能力，因此我們管理的客戶群的留存率很高。我們已按計劃完成了 Salesforce 在銷售、行銷和客戶服務團隊中的推廣。透過對客戶進行統一的視圖，可以實現數據驅動的快速決策，從而提高效率，並與客戶進行更個人化的互動。

In the year ahead, we will build on these investments to move closer to the customer and further enhance the service we provide. Next, on how we reframed our go to market. As we look to be more intentional and focused in how we go to market, we completed a comprehensive analysis of our position and listened to feedback from customers.

未來一年，我們將在此基礎上加大投資，更加貼近客戶，進一步提升我們提供的服務。接下來，談談我們如何重新制定市場策略。為了更有針對性、更專注地開拓市場，我們對自身市場地位進行了全面分析，並聽取了客戶的回饋意見。

We challenged ourselves with tough questions and emerged with actionable next steps. Today we have a clearer understanding of our customers' needs and expectations.

我們向自己提出了一些棘手的問題，並最終制定了可行的後續步驟。如今，我們對客戶的需求和期望有了更清晰的了解。

By incorporating their feedback, we tested and piloted targeted solutions and are now realigning global industrial's product assortment, strategic account focus, and sales organization to deliver on our refined value propositions across multiple industry verticals.

透過採納他們的回饋意見，我們測試並試行了有針對性的解決方案，現在正在重新調整全球工業的產品組合、戰略客戶重點和銷售組織，以便在多個行業垂直領域實現我們改進後的價值主張。

On the merchandizing front, we're expanding the product assortment to ensure we are providing the right solutions and products that help customers solve their problems. This includes broadening national brand relationships to move into new product sets that we know our customers are looking for and that are complementary to what we offer today.

在商品銷售方面，我們正在擴大產品種類，以確保我們提供合適的解決方案和產品，幫助客戶解決他們的問題。這包括擴大與全國品牌的合作關係，以推出我們知道客戶正在尋找的、與我們目前提供的產品互補的新產品系列。

This really is just a natural extension of what we do each and every day. Specifically, we are expanding our assortment to include maintenance, repair, and operations, as well as consumable products. These changes create a significant opportunity to grow our share of wallet and capture greater market share.

這其實只是我們日常工作的自然延伸。具體來說，我們正在擴大產品範圍，包括維護、維修和營運以及消耗品。這些變化為我們擴大客戶錢包份額和獲取更大市場份額創造了重大機會。

While we are in the early stages of this effort, we have had success with our initial pilot programs and are encouraged and excited by the progress and the long-term potential. On our strategic account focus during 2025, we deliberately shifted resources towards strategic enterprise accounts and GPOs.

雖然這項工作還處於早期階段，但我們的初步試點計畫已經取得了成功，我們對所取得的進展和長期潛力感到鼓舞和興奮。在 2025 年的策略客戶重點方面，我們特意將資源轉移到策略企業客戶和 GPO。

These relationships tend to carry higher average order values, stronger retention, and greater lifetime profitability, and we successfully grew these accounts in 2025.

這些客戶關係往往具有更高的平均訂單價值、更強的客戶留存率和更高的終身盈利能力，我們在 2025 年成功發展了這些客戶。

As part of this effort, we launched account-based marketing programs targeting these customers. These results have been promising, and we have seen good momentum, sales penetration, and growth.

作為這項工作的一部分，我們推出了針對這些客戶的基於帳戶的行銷計劃。這些結果令人鼓舞，我們看到了良好的發展勢頭、銷售滲透率和成長。

In parallel, we began to move away from non-recurring lower profit transactional web business. This has been the right decision as we look to better serve our customers and focus on profitable growth.

同時，我們開始逐步減少非經常性、低利潤的交易型網路業務。事實證明，這是一個正確的決定，因為我們將更好地服務客戶，並專注於獲利成長。

This brings us to sales realignment. As we align the organization to become more customer-centric in 2025, we have changed our go to market approach as we enter 2026.

這就引出了銷售調整的問題。為了使組織在 2025 年更加以客戶為中心，我們在進入 2026 年之際改變了我們的市場進入策略。

Our inside sales team, which has strong expertise and a tenured employee base, have been realigned in the customer verticals. This specialization will allow us to serve customers more effectively while gaining a deeper understanding of their unique needs. These targeted defined verticals that we have prioritized include industrial, commercial, retail, public sector, healthcare, hospitality, and multi-family.

我們擁有強大專業知識和資深員工隊伍的內部銷售團隊，並已根據客戶垂直行業進行了重新調整。這種專業化將使我們能夠更有效地服務客戶，同時更深入地了解他們的獨特需求。我們優先考慮的這些特定垂直領域包括工業、商業、零售、公共部門、醫療保健、飯店和多戶住宅。

During the second half of 2025, we successfully piloted an outside sales approach, and we are now building out a dedicated team.

2025 年下半年，我們成功試行了外部銷售模式，目前正在組建一支專門的團隊。

The outside sales reps will be calling on a combination of existing accounts where we have identified significant opportunities to expand the relationship as well as new account acquisition. To enable and support these changes, we've put in place a new, more targeted and intentional sales, marketing, and merchandizing approach.

外部銷售代表將拜訪現有客戶（我們已經發現有很大的機會擴大合作關係）以及開發新客戶。為了實現和支持這些變化，我們制定了新的、更有針對性和更明確的銷售、行銷和商品推廣方法。

This should position us well to effectively capture a greater share of wallet from existing accounts and identify new customers that we have not historically called upon.

這將使我們能夠有效地從現有客戶那裡獲得更大的市場份額，並識別我們過去沒有接觸過的新客戶。

We are driving change that will help us grow and evolve the business. The team is embracing these changes. There is a positive energy throughout the company and we are excited about where we are headed, building off the progress we have made in 2025.

我們正在推動變革，這將有助於我們發展壯大業務。團隊欣然接受了這些變化。公司上下都洋溢著積極向上的氛圍，我們對未來的發展方向感到興奮，並將在2025年繼續鞏固和發展我們所取得的成就。

Now I will turn the call over to Tex.

現在我會把電話轉給Tex。

Thank you, Anesa.

謝謝你，阿內薩。

Fourth quarter revenue was $345.6 million up 14.3% over Q4 of last year. On an average daily sales basis, sales grew 7.4%, double the rate of growth compared to the third quarter of 2025. US revenue was up 14% and Canada revenue improved 19.7% on a local currency. This was Canada's third consecutive quarter of top-line growth, and for the full year, Canada was up 9.2% in local currency.

第四季營收為 3.456 億美元，比去年第四季成長 14.3%。以日均銷售額計算，銷售額成長了 7.4%，是 2025 年第三季成長率的兩倍。美國收入成長了 14%，加拿大收入以當地貨幣計算成長了 19.7%。這是加拿大連續第三個季度實現營收成長，全年來看，加拿大以當地貨幣計算成長了 9.2%。

We recorded consistent growth throughout the quarter, with gains across all sales channels. As we have seen for much of the year, performance continued to benefit from price capture, but in the fourth quarter, we also generated volume improvement.

本季我們實現了持續成長，所有銷售管道均有所成長。正如我們在今年大部分時間所看到的，業績繼續受益於價格優勢，但在第四季度，我們也實現了銷售成長。

Order count growth remains strong among our largest and most strategic customers, while volume gains returned in our web business for the first time in 2025.

在我們最大、最具策略意義的客戶中，訂單數量成長依然強勁，而我們的網路業務在 2025 年首次實現了銷售成長。

As of today, we have seen momentum continue with sales currently pacing up through the first half of the quarter. We have a favorable fiscal calendar in the first quarter of 2026, which started on January 4, while the first week of Q1 2025 included the New Year's holiday.

截至目前，我們看到銷售動能仍在持續，本季上半段銷售額持續成長。2026 年第一季（從 1 月 4 日開始）的財政日曆較為有利，而 2025 年第一季的第一周包含了新年假期。

Outside of this timing benefit, we have seen continued revenue growth in the mid to high single-digits.

除了這個時事優勢外，我們還看到收入持續保持中高個位數成長。

Gross profit for the quarter was $119.1 million. Gross margin was 34.5%, up 70 basis points from the fourth quarter last year. We remain pleased with our margin performance.

本季毛利為1.191億美元。毛利率為 34.5%，較去年第四季成長 70 個基點。我們對利潤率表現依然感到滿意。

On a sequential basis, as expected and in line with historical performance, gross margin pulled back in the third quarter of 2025 and primarily reflects product mix and peak season freight surcharges, which we chose to not pass through to our customers.

與預期和歷史業績一致，2025 年第三季毛利率環比下降，主要反映了產品組合和旺季運費附加費，我們選擇不將這些費用轉嫁給客戶。

Management of our margin profile remains a key area of focus. As we move through the current cycle, our goal is to manage to price/cost neutral. We currently expect first quarter margins to show improvement on a sequential basis and be in line with prior year results.

利潤率管理仍然是我們關注的重點領域。隨著我們進入當前的周期，我們的目標是實現價格/成本中立。我們目前預計第一季利潤率將環比有所改善，並與去年同期業績持平。

As a reminder, additional tariffs went into effect in early August, including the doubling of duties on steel and aluminum. We took a pricing action in early January 2026. Our goal is to mitigate tariff disruptions to our business and for customers, and we believe we are well positioned to do so. Our teams have done an excellent job of diver diversifying country of origin exposure, and we continue to proactively manage price.

提醒一下，8月初開始實施了額外的關稅措施，包括將鋼鐵和鋁的關稅提高一倍。我們在 2026 年 1 月初採取了價格調整措施。我們的目標是減輕關稅對我們業務和客戶的影響，我們相信我們有能力做到這一點。我們的團隊在分散原產國風險方面做得非常出色，我們將繼續積極主動地管理價格。

Selling general and administrative spending for the quarter was $99.5 million an improvement of 20 basis points as a percentage of sales, as compared to the fourth quarter last year. The increase in absolute dollars was largely due to the incremental salary and variable expenses due to the additional week in the fourth quarter.

本季銷售一般及行政支出為 9,950 萬美元，佔銷售額的百分比比去年第四季提高了 20 個基點。美元絕對值的增長主要是由於第四季度多出的一周帶來的工資增加和可變支出增加。

In addition, given the improved financial results, we recorded approximately $3 million in incremental expense associated with variable bonus and commission expenses as compared to last year.

此外，鑑於財務表現有所改善，與去年相比，我們記錄了約 300 萬美元的與可變獎金和佣金相關的額外支出。

SG&A reflected strong general and discretionary cost control, including improved leverage within our marketing expenses.

銷售、一般及行政費用反映了我們在一般及可自由支配成本控制方面的強勁表現，包括提高了行銷費用的槓桿率。

Operating income from continuing operations was $19.6 million an increase of 35.2% in the fourth quarter, and operating margin was 5.7%. Operating cash flow from continuing operations was $20 million in the quarter and $77.7 million for 2025.

第四季持續經營業務的營業收入為 1,960 萬美元，成長 35.2%，營業利潤率為 5.7%。本季持續經營產生的經營現金流為 2,000 萬美元，2025 年預計為 7,770 萬美元。

Total depreciation and amortization expense in the quarter was $1.9 million including $0.8 million associated with the amortization of intangible assets. Capital expenditures were $0.8 million in the quarter and full year capital expenditures were $3.1 million.

本季折舊和攤銷總費用為 190 萬美元，其中包括與無形資產攤銷相關的 80 萬美元。本季資本支出為 80 萬美元，全年資本支出為 310 萬美元。

We expect 2026 capital expenditures in the range of $3 million to $4 million which primarily reflects maintenance related investments and equipment within our distribution network.

我們預計 2026 年的資本支出將在 300 萬至 400 萬美元之間，這主要反映了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.

現在讓我來看看我們的資產負債表。

As continues to be the case, we have a strong and liquid balance sheet, with the current ratio of 2.2 to 1. As of December 31st, we have $67.5 million in cash, no debt, and approximately $120 million of excess availability under our credit facility.

如以往一樣，我們的資產負債表穩健且流動性充裕，流動比率為 2.2 比 1。截至 12 月 31 日，我們擁有 6,750 萬美元現金，沒有債務，根據我們的信貸額度，還有大約 1.2 億美元的超額可用額度。

In the fourth quarter, we repurchased approximately 326,000 shares of stock, and year-to-date, we have repurchased an additional 14,400 shares for a total of $9.8 million. We currently have approximately 1 million shares available under our $2 million share buyback authorization.

第四季度，我們回購了約 326,000 股股票；今年迄今為止，我們已回購了 14,400 股股票，總計 980 萬美元。根據我們200萬美元的股票回購授權，我們目前約有100萬股可供回購。

The stock repurchase is a disciplined way to return value to shareholders, and it highlights the board's confidence in the long-term potential of the company, as we continue to generate strong cash flows, maintain a healthy balance sheet, and execute against our strategic plans.

股票回購是一種有紀律地為股東創造價值的方式，也反映了董事會對公司長期潛力的信心，我們將繼續創造強勁的現金流，保持健康的資產負債表，並執行我們的策略計畫。

We continue to fund our quarterly dividend, and our board of directors declared a quarterly dividend of $0.28 per share of common stock, an increase of $0.02 per share.

我們繼續按季度派發股息，董事會宣布每股普通股派發 0.28 美元的季度股息，比前一年增加 0.02 美元。

I will now turn it back to Anissa for closing remarks.

現在我將把發言權交還給安妮莎，請她作總結發言。

Thank you, Tex.

謝謝你，德克薩斯。

I'm proud of how the global industrial team executed in 2025. It was a year of change starting with me joining the company and then with the overlay of the challenging tariff landscape.

我為全球工業團隊在 2025 年的執行情況感到自豪。這是充滿變化的一年，先是我加入了公司，然後又疊加了充滿挑戰的關稅環境。

The team focused on what we could control and mitigated the risk of the things that were out of our control, all while adapting to a significant amount of change. We delivered strong performance and initiated a realignment of the organization for the future, one we believe will allow us to scale the business and accelerate our growth.

團隊專注於我們能夠控制的事情，並降低我們無法控制的事情所帶來的風險，同時適應大量的變化。我們取得了優異的業績，並啟動了面向未來的組織架構調整，我們相信這將使我們能夠擴大業務規模並加速成長。

We are entering 2026 from a position of strength, and we are pleased with our performance and excited about our growth strategy.

我們以強勁的勢頭進入 2026 年，我們對自身的表現感到滿意，並對我們的成長策略感到興奮。

The team will continue to learn, test, and pivot as we look to improve and optimize our performance.

我們將不斷學習、測試和調整，以期提高和優化我們的表現。

I want to thank all of our associates for their hard work and dedication. The progress we made in 2025 is a direct reflection of their commitment to our customer success and to our company.

我要感謝我們所有同事的辛勤工作和奉獻精神。我們在 2025 年取得的進展直接反映了他們對客戶成功和公司發展的承諾。

Thank you for your interest in global industrial operator, please open the call for questions.

感謝您對全球工業運營商的關注，請開啟提問環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Anthony Lebiedzinski, Sidoti and Company

安東尼·萊比耶津斯基，西多蒂公司

Thank you and good afternoon, everyone. Thanks for taking the questions. It's really nice to see the better than expected results here in the quarter. I know you said that, there was both pricing and unit volume increases. Can you provide any additional color, on those two topics, and, wondering if you could also comment on how sales progressed throughout the quarter as we went from October through December.

謝謝大家，下午好。謝謝您回答問題。很高興看到本季業績優於預期。我知道你說過，價格和銷量都有上漲。關於這兩個主題，您能否提供更多細節？另外，能否也談談從 10 月到 12 月這個季度銷售額的成長？

Yeah, Anthony, hey, thank you for the question. I think to answer your last question first, sales were pretty consistent throughout the quarter. We had a solid growth profile in each month in the quarter, and it was fairly consistent without a lot of volatility in the individual periods outside of what we talked about on the intro to call with, December having an additional week of sales, so that reflected higher, absolute growth rates, but on an average daily basis it was quite consistent within the period. In terms of your first question, pricing was still the majority of the growth rate, and it was up on an ADS basis, mid single-digits with volume coming in at low single-digits across the business, in the quarter.

是的，安東尼，謝謝你的提問。我認為先回答你最後一個問題，本季銷售額相當穩定。本季每個月的成長情況都很穩定，各個時期波動不大，除了我們在電話會議介紹中提到的 12 月份多出了一周的銷售額，這反映了更高的絕對增長率，但平均每天的增長情況在該季度內都相當穩定。關於你的第一個問題，價格仍然是成長率的主要因素，以 ADS 計算，本季價格成長了中等個位數，而整個業務的銷售成長了低個位數。

Gotcha, yeah, thanks for that. And then, given the latest tariff announcements that we heard over the last few days, how should we think about the pricing environment and the impact, if any, on gross margins?

明白了，謝謝。那麼，鑑於我們最近幾天聽到的最新關稅公告，我們應該如何看待定價環境以及對毛利率的影響（如果有的話）？

Yeah, great question, Anthony. Thank you. It's very early days, real time, and it's still moving around, not unlike when we had our first quarter last year where, we knew that was potentially around the corner and it actually took effect in April. So I would say, the team has become more nimble. We've reframed countries of origin and redistributed where we source our materials, etc.

嗯，問得好，安東尼。謝謝。現在還處於非常早期的階段，一切都還在即時變化中，這與我們去年第一季的情況類似，當時我們知道這種情況可能即將發生，而它實際上在四月份就生效了。所以我覺得，團隊變得更有彈性了。我們重新定義了原產國，並重新分配了原料的來源地等等。

So, we're prepared for whatever or however this unfolds. But I, at this point we've not changed anything fundamentally and we will navigate our way through this as it starts to become more and more clear because as you're well aware if you know if you saw Friday it was 10% then there was implications or new headlines of 15% so we're waiting we're watching and waiting and then we'll do not unlike how we executed last year to mitigate the risk as best we can. But at this point, I think we're in this with everyone else that's in the same space of just dealing with how this unfolds. So I think it's just simply a little too early, to predict.

所以，無論事態如何發展，我們都做好了準備。但是，目前我們還沒有做出任何根本性的改變，我們會隨著事態變得越來越明朗而逐步應對。因為正如您所知，如果您看到了周五的數據，當時是 10%，但隨後出現了 15% 的暗示或新的新聞標題，所以我們正在等待，密切關注，然後我們將採取與去年類似的措施，盡最大努力降低風險。但就目前而言，我認為我們和其他處境相同的人一樣，都在努力應對事態的發展。所以我覺得現在預測還太早。

Got it, yeah, thanks Anesa. So then in terms of just your commentary earlier and this is something that you also talked about on prior calls as well, pivoting away from transactional costs and focusing more on group buying organizations and enterprise customers, can you share perhaps give us some colors as to how much of these larger customers, how much of this of these clients represent as a percentage of sales or and what's the typical kind of margin profile as we think about how this may impact your business going forward. Yeah.

明白了，謝謝阿內薩。那麼，就您先前的評論而言，這也是您在先前的電話會議中也談到過的，即從交易成本轉向更多地關注團購組織和企業客戶，您能否分享一下這些大客戶在銷售額中所佔的比例，或者說，這些客戶的典型利潤率是多少？因為我們需要考慮這可能會如何影響您未來的業務。是的。

I think I understand the question. I guess I'll do my best. I guess what I would say to you, the transactional customers, were more episodical once and done what have you, and we had the organization focused quite a bit of energy on that previously and I would say what we've now done is realigned our sales. Teams to go and work on the accounts where we already have access to the account it's the opportunity to gain a greater share of wallets further penetrate those accounts, the margin profile I would say is slightly higher if not improved versus the area where we want to kind of migrate away from just once and done.

我想我明白這個問題了。我想我會盡力而為。我想對你們說的是，那些交易型客戶，他們更像是偶爾購買一次就完事兒的那種，我們之前把很多精力都放在了這方面，而現在我們所做的，是重新調整了銷售策略。團隊將前往我們已經可以存取的帳戶，這是一個獲得更大份額的錢包、進一步滲透這些帳戶的機會。我認為，利潤率即使沒有提高，也比我們想要擺脫「一次性」模式的領域略高一些。

I would say we had a lot of promotional activity last year online that you know what we want to do is balance that. Out so that it shifts and with that we're chasing the right kind of profile of customer but more importantly what I would say we are doing now is leaning more into longer sustainable repeatable customers versus more transactional as a whole. So, I don't have a specific number but I'll let, I'll defer the tax to chime in as well.

我想說，我們去年在網路上做了很多宣傳活動，我們現在想做的就是平衡這兩者之間的關係。這樣一來，情況就會有所改變，我們也在努力尋找合適的客戶群，但更重要的是，我認為我們現在正在做的是更加註重長期可持續的重複購買客戶，而不是整體上更注重交易的客戶。所以，我沒有具體的數字，但我可以先說明一下，我會延後繳稅。

Yeah, I think I'll just maybe supplement that just a bit so I think specifically on the gross margin profile. It is going to be slightly lower as you would imagine with some larger customers, but when we look at the overall profitability of the customer, that's where we see it's actually going to be a more profitable, overall long-term customer relationship, given that you're building that relationship over time versus again a transactional once and done customers when it comes once to your website that you're paying to acquire and they're having that one purchase which all typically would have been in that low average order value range as well. So when we look at total customer. Contribution and profitability, this mix is going to be a benefit to the overall, company market profile going forward in terms of ratio as the President of sales, we haven't disclosed the individual breakouts of the segments, but again this is going to be the GPOs and strategic customers are going to make up north of 20% of our volume today, but we still have a strong kind of mid-market and mid-market to large.

是的，我想我可能會稍微補充一下，特別是針對毛利率方面。正如你所料，對於一些大客戶來說，價格會略低一些，但當我們從客戶的整體盈利能力來看，就會發現，考慮到你是在隨著時間的推移建立這種關係，而不是像一次性交易客戶那樣，你付費獲取他們訪問你的網站，他們只進行一次購買，而且通常情況下，這些客戶的平均訂單價值也實際上較低，那麼長期客戶關係會更有盈利能力。所以當我們查看客戶總數時。就貢獻和獲利能力而言，這種組合將有利於公司未來的整體市場形象。身為銷售總裁，我們尚未揭露各細分市場的具體細分情況，但再次強調，集團採購組織 (GPO) 和策略客戶將占我們目前銷售的 20% 以上，但我們仍擁有強大的中端市場和中大型市場客戶群。

Mix within our sales force as well or our customer base as well.

在我們的銷售團隊內部以及客戶群中也進行混合搭配。

Well, that's very helpful color. Well, thank you very much and best of luck.

嗯，這個顏色很有幫助。非常感謝，祝你好運。

Great, thanks, Anthony.

太好了，謝謝你，安東尼。

Thank you.

謝謝。

Michael Francis, William and Blair.

麥可·弗朗西斯、威廉和布萊爾。

Hi, good quarter. Wanted to start on the ADS. I just would love to know how much of the growth was your own actions, and share gains versus, an improved market backdrop.

您好，季度進展順利。想開始做廣告宣傳工作。我很想知道，這些成長有多少是你們自身努力和市場佔有率提升帶來的，又有多少是市場環境改善帶來的。

Hey Mike, how are you doing? So yes, I mean, again, as reported, we're about 14% growth overall, 7.8% average daily sales. So when we think about what's going on in the market, I think that the market actually performed a little better than some of the expected we've seen things even continue to trend positively in the first quarter with things like the PMI expanding above 50% in January. So there is market momentum, but I think when we look at our performance and we look at different breaking down customer penetration and. Order volume, we believe that that we did take share in those areas by our actions. So yeah, we don't have a great, view of exactly what that market grow during the period, but again we do believe that we gain share through what our targeted actions were.

嘿，麥克，你好嗎？是的，我的意思是，正如報告所說，我們整體成長了約 14%，日均銷售額成長了 7.8%。所以當我們思考市場正在發生的事情時，我認為市場的實際表現比一些預期要好一些，我們看到第一季的情況甚至繼續保持積極趨勢，例如1月份的PMI指數超過了50%。所以市場動能良好，但我認為，當我們審視自身業績，並分析客戶滲透率等不同因素時，就會發現問題所在。訂單量方面，我們相信，透過我們的行動，我們確實在這些領域取得了市場份額。所以，是的，我們無法準確了解該市場在此期間的成長情況，但我們仍然相信，透過我們採取的有針對性的行動，我們獲得了市場份額。

Yeah, and Michael, what I'll add is we also were very focused on improving our operational and fulfillment execution as well and so that contributed to the progress. And having the right products at the right price to be able to capture the share.

是的，邁克爾，我還要補充一點，我們也非常注重改善營運和交付執行，這也促成了這項進展。擁有合適的產品和合適的價格，才能搶佔市場份額。

That's good to hear. And then within that growth as well, was there any sort of recovery on the SMB side of things? Was the growth more on the enterprise side of things or was it kind of broad based?

聽到這個消息真好。那麼，在這一成長過程中，中小企業方面是否出現了任何復甦跡象？這種成長更多體現在企業方面，還是有更廣泛的基礎？

Yeah, so I think one thing I would add some color to that, Michael, was we did highlight that we saw some improvement in volume in our web business overall. So, we actually had good marketing leverage and good web business, and the key was being very targeted in that that web experience overall and making sure that our sales, merchandizing and marketing teams were fully integrated in their efforts to go after the right customers.

是的，邁克爾，我想補充一點，我們確實強調了我們的網路業務整體銷量有所改善。所以，我們實際上擁有良好的行銷優勢和良好的網路業務，關鍵在於要非常有針對性地打造整體網路體驗，並確保我們的銷售、商品銷售和行銷團隊在爭取正確客戶方面充分整合。

So, that did drive some growth and we've been. Facing some headwinds in some of that web business earlier in the year that did, I'll call it fully anniversary by the time we exited Q3, so in Q4 we did return to growth in the web business but again we were very happy with the customer mix that we saw in the period.

所以，這確實推動了一些成長，而且我們一直都是如此。今年早些時候，我們的一些網路業務遇到了一些阻力，到第三季末，這些阻力已經持續了相當長一段時間。因此，在第四季度，我們的網路業務恢復了成長，但我們對這段期間的客戶組合非常滿意。

We also added to the assortment and the products that we took to market, so that also enabled us to pursue. New customers or to further, as I said earlier to Anthony's question, further penetrate and gain greater share of wallet of existing accounts that were already aligned with us.

我們也增加了產品種類和推出市場的產品，這也使我們能夠繼續發展。新客戶，或者正如我之前回答安東尼的問題時所說，進一步滲透並獲得更多現有客戶的錢包份額，這些客戶已經與我們達成了一致。

All right. And then last one for me, I know SG&A was up substantially, and you called out that the incremental compensation expense. Is there anything else to call out in there? And then the other half of this is we think about 2026, how should we think about SG&A?

好的。最後，我知道銷售、一般及行政費用大幅上漲，你也指出了新增的薪資支出。還有什麼需要補充的嗎？另一方面，當我們展望 2026 年時，我們應該如何看待銷售、一般及行政費用 (SG&A)？

Yeah, Michael, absolutely. So again, the one key was clearly as mentioned we had the additional variable compensation expense in the quarter, and that's a combination if we think about last year we had a soft quarter in Q4 2024, so we actually had a reduction of some of that variable comp both on commission and bonuses this year you had the, increase in costs, so that that relative GAAP widened just on the relative comparison between Q4 last year and Q4 this year and just again just from a pure absolute number of days periods we had an extra week of compensation, so we had that extra 14th week in the quarter.

是的，邁克爾，絕對的。所以，如同前面提到的，關鍵在於本季我們增加了可變薪資支出。如果我們回顧去年，2024 年第四季業績疲軟，因此我們實際上減少了​​部分可變薪酬，包括佣金和獎金。而今年，成本卻增加了，因此，僅從去年第四季和今年第四季的相對比較來看，GAAP 的相對值就擴大了。此外，僅從絕對天數來看，我們本季多了一週的薪酬，也就是多了 14 週。

So, all variable costs and all compensation costs, were increased in the fourth quarter simply because of, we pay people for the last week of the year. So that's a kind of normal ordinary course. So we would expect, really SG&A management, and SG&A leverage continues to be an area of focus. So think about it as a percentage of sales, shooting for kind of neutral to improvements going into 2026.

因此，第四季所有變動成本和所有補償成本都增加了，原因很簡單，就是我們要支付員工一年中最後一週的薪水。所以，這是一個很正常的課程。因此，我們預計，銷售、一般及行政費用管理以及銷售、一般及行政費用槓桿作用將繼續成為關注的重點領域。所以，可以把它看作是銷售額的百分比，目標是到 2026 年保持中性或有所改善。

All right, that's all. Good to hear. I'll pass it on.

好了，就這些。很高興聽到這個消息。我會轉達的。

Okay.

好的。

This concludes our question-and-answer session and today's conference call.

我們的問答環節和今天的電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。

Thank you.

謝謝。